Evening Star Newspaper, November 6, 1930, Page 15

_flfs NEW YORK CURB MARKET Liguidation of Power and v Light Issues Affects Rest of List. ;. BY JOHN A. CRONE. Special Dispaich to The Star. NEW YORK, November 6.—Pivotal public utilities led the downswing on the Curb Exchange today. A weak opening brought out sizable blocks of - leading securities as trading progressed. ‘_ Representative issues such as Elec- tric Bond & Share, American Super- mer, Niagara Hudson Power, Amer- Gas & Electric, Standard Oil of Indiana, National Investors, Insull Util- ity Investments, Newmont Mining, Gen- eral Aviation and Great Atlantic & Pacific Tea broke into new low ground § for the year or longer. Cities was moderately active and fractionally s tion into the financial set-up of holding companies; (2) election re- turns, which were coupled with an un- confirmed rumor that the Governor of New York would soon make public some camment about water power; (3) the market prices of these issues in rela- tion to present earnings, and (4) liquidation of some investment trust holdings of power ‘and light issues. Commonwealth & Southern's war- rants equaled their previous low as & Tesult of the Trade Commission’s probe beginning next Monday into the set- up of a subsidiary, Southeastern Power & Light. The decline in Commonwealth & Southern was directly mirrored in such issues as American Superpower, which has large holdings in the former. - ral quiz of that company would be_resumed. New York State utilities that might be directly affected’ by lef;mlve - ls crashed into new low territory the year or longer. included Niagara Hudson Power, Niagara Shares Corporation, Eastern States Power B, Associated Gas Common and A and St. Regis Paper, which has large utility ‘holdings. Central States Electric Corporation was influenced by its nine months’ report. United Light & Power improved, as a resuit of better its. Public Utility Holding Corporat of America, American Citles Power & Light A and B, Duke Power and Elec- tric Power Associates common and A - reported negotiations toward the acquisition of A. ical makers and Hazeltine Carporation, off , and a new low level ‘The gain in gasoline stocks out renewed offerings of oils. On movement Standard Ofl ing Petrol , North lumlmfl lllppedo l\lm ‘minimum marks for the year or longer, FOREIGN EXCHANGE. (Quotations mu:-_( by W. B, Hibbs & Co.) 5 s ol 1 5 i L .8 Eps :r;r‘fg resg § 235! 3 T il > i 2 2oy, ¥ § g *® EF, Ly it 3 i B 3 £ 2 aBouaebaneammBanstiEennEarmsmnan o i > 3 g L] xflé vogy: £ my e S T 1 325 g5 s sEige 35853 Sl L4 28 =, 5 L 35s 3 = 2 FEPE 0! 5 % g;: ; g e 223838! 2282882225388 8:! i -53:»: i Bl £33 & = ok o 2gaE8e! ) =nss:x:=:=sa§§=x:=ts:s e B § it : -__fl EEEESES ggf %0 2322 SErgecen 4 g 252, e avee & S e R & EsieestE e & Segzeegeniztnes 2ss3sEnsssssess 48 T0 = 1A RS B SRS 5] & S S ook 8382888333388 885! (S s A kzERZE E) b 3 L 2328 v, o) IE.E o, e S Ss385nsieSees 3 €, s Seses i 90 358 8, 3 5 CL ol b disbesndle Sz3Rses 5; RS 3 5 i 33 25, 2 w .. = 4 L e 2 & FETEE 32885828388 “'§'§§s s s 03 e anes e sgegeEge: 238! 3 FEF EE ~.s§. 2 +H 2E83E: FIRF 853538 peageR &8 siuitareazas G ‘?i“#‘ g. i 3 S 2 L IS 88853 IE B0 B st s a e s 25 ) N iee 1 164 Note—All stocks are sold those designated 55% 6% 46 " Dividend Rate. Aero Supply A (1%4) Amliated Prod 1.60 Agta Ansco pf. Ainsworth Mfg (1) Ala Gr Sou (17). 12% All AmGen Corp. .... 214 Alleghany Corp war. 6% Allied Mills (60c). 150 Aluminum Co of Am. 13 Alum Goods (1.20) 33 Am Arch Co (3) 1% Amer Austin Car 3 Am British & Cont. 5 Am Capital (B) 60 Am Cigar Co. 34% Am C P&L (A) (a3). 8% Am CP&L B (10% 15% Am Com P A (b10% 30% Am Com P B (10%).. 10 Am Cyanamld (B) 2% Am Dept Stor 814 Am Equitl . 20 Am For Pow (war) 85% Am Gas & EI (31) 104 Am Gas & El pf (6) 5% Am Invest Inc (B). 49 Am Laund Mach (4). 49% Am Lt & Trac (3%). 21 Am Potash & Ch (1). 12% Am Superpower. Am Superpwr 15t(6) 2% Asso G&E (A) dbris 11% Atlantic Secur Corp.; 5% Atlas Util Corp. 6t Auto Vot Mcv pf pi 24% Aviation Cor of Am 36 Axton-F Tob A 3.20 1% Bahla Corp. 3% Benson & He 14% Bickford's Inc (1). 28 Bjekford's Inc pf 2% 13% Bliss (E W) Co (1).. 3% Blue Ridge Cp (40c). 324 Biue Ridge cy pfad.. 9% Bower Roll Bear (1). 20% Brazil Tr&Lt(b8%). 21 Bridgept Mach (25¢) 30% Bulovacv pf (3%).., 2% Burma Corp (131c).. % Cable & Wire A rcts. 3 Cable & W 2% Cable&W pf rets 19¢. 2% Canada Marconi..... 25 Carnation Co (§1%) % Carib Syndicate..... % Cent Atlantic State: 905 Cent Ill Pub S pf(6). 19 Cent Pub Sve A al.76 12 Cent St El (k40¢).... 67 Cent St El pf (6) xw., 97 CentStEIpf (7).... 4% Centrifug Pipe (60c) * 8 Chain Stores Stock. 22% CharisCorp (13). vte. 27% Col Pict vte (f1%). 2% Com & Sou wa 8% Com Wat Sv (b6%)., 2 Consol Copper... 7 Consol Dairy Prod. 90% Cons Gas Balt (3.60). 17 ConsGas Ul A 2.20. 10 Consol Laundries(1) 9% Cont Chicago Corp. . 50 24 Cooper Bessemer (2) 44 Cord Corp. 16% Corp Sec Ch % Curtiss Wright war.. % Cusl! Mex Mining. 6% Darby Petrolmn (1 11 Davenport Hos (2).. 4% Derby Oil Refining... 1% Detroit Afrcraft....: 12 Diamond Match . 24% Dia Match cu pf (n). 7% Doehler Die Casting. 31 D R(A) (3%, 26 Dresser Mfg (B) (2), 2 _Dubilier Cond & Rad. 1 125% Duke Power (§15)...175s 12| 1% Durant Motor! 20% EastC & F Asso. 18% East St Pow B ( 5% Elsler Electric Cos 46% Elec Bond & Sh (b6). 15% Elec Pow Asso (1)..." 14% Elec Pow Asso A (1) 256% ElPow & Lt op war.. 12 Elec Sharehold (31). 30% EBSIncAn-v(2).. 2% Empire Corporation, 86% Emp G&F cu pf (7) 99 EmpG&Fcupt(8).. Emp P Ser A (a1.30) % Engineers Gold...... 1 Evans Wallow Lead. 3 Fabrics Finishing. 1% Fairchild Aviatio: 39% Fajardo Sugar... 11 Fiatrets (1.25). 83 Firemen's Fd In (5).. 18% Ford Mot Can A t1% 10% Ford Mot Ltd 37 %c.. 2% Fox Theater Cl (A) 6 ¥Franklin Mfg Co. 8% General Aviatio 1% General Baking. 27 Gen Baking pt (3). 9% Gen E Ltd rot (50¢) 16% Gen Empire Cor (1) 55% Gen GEE cv pf B (6) 28 Gen Petroleum wi... 12% Gen Theat Eq w.i...« 34% Gen Thev pt w.i.(3)« 98 Georgia Pow pf (6. Glen Alden Coal (8). 8 Globe Underwriters.. 61 85 7 106% 13 5% 258 49% 35 49 238 124 9% 9ty an 4% 2 20s 185 1 %9 25% 2% 30% @ TYSE-OPNNUPS: § JRUpREN-] » S 37 1 10 1 Contl Share cv pt (6)100s 1 10 PST N 1Y » - 0s 3 0 Ve 2% 13 7 1% 15 825 4 93 % 94 16 104% 105% 40 15% 1 B0s 3 89% 30 Gorham Incpf (3)..100s 4% 15 6% 24 Graymur Corp. 180 Grt At&Pacnv 15.2 5 Groe Strs Prod v.t. 77% Guif Oll of Pa (1%) . 1 Hartman Tobacco. 1% Helena Rubenstein 5 Hollinger Gold (60¢). Horn & Hard (2%) 2% Hygrade Food Prod.. 15% Imp Ofl of Can (50c) 21% Imp Tob Gt Brit {8%¢ 2214 Ind Ter Illu Ol (A).. 43% Insull Ut (1b10% % ). 82 Insull UIprpf(6%) 54 InsCoNAm (13).... T4 Insurance Secur 70c. % Intercontinent Petn. 13% int Pétroleum (1). 25% Internat Super (f1 4% Int Utilitles A (3%). 64 Internat Util (B).... 2% Int Util war (new). s 4% Interstate Equities., 33% Interst Eq cv pf (3).. 5 Interst Hose Mills. ., 4 Italian Superp (A). . 1% Italian Superp war.. 18% Knott Corpn (a1.60). 95 Koppers G&C pt (6). 35% Lackawanna Sec (4). 8% Lake Superior Corp.. 21 108% Long Islcupt B (6). 1 Louisiana Lan & Ex. 24% 10 MacMarr Stoes (1). 25 24 2 abhhenan - Pnis T L TR R T 50s 101 10 38% 1 6% 28y, Y 19% 10 6 24% 33% 108 109% 268 108% 51 1% 4 10 107 5% 49% 49% 23% 12% 95% 9314 % 4% 6% 15% 14% 254 12% 101 384 6% 28 T 19% 10 6 244 33% 110 108% 1% 10% 338, 1094 1084 1 10 in one hundred-share lots 10% —Prev. 1 High. 1n% 12% 920 22% 59% 2% 10% 38 4% 103 183% 102% m 39% 1% 108 11% 13 19% 10% 102% 10 1% 4% 6 107% 34% 5% 2% 21% 930.~ Stack and Low. Dividend Rate. 7 Marcontil Mar (38¢). 4 Marconipbrsh(28c).. % Mavis Béttling £ 56% Mead Johnson (t414) 10% Memphis N G (170¢). 324 Mercantile Stores(1) 15% Mer & Mfg SA (1%). 14% Mer Ch &S (1.60) 1% Mesabi Iron. % Met & Min In 2014 Mid W St Ut (1% 16% Mid Roy ev pf (2)... PL(b10%). % Mo Kan PL vte..... Moh H P 1st pf (7). Moh HP 2d pf (T)... % Montecatini deb rt: 5% Mount Prod (1.60) 35% Moody's I8 pt pf (3) 136 MountStT&T (8).. 4% Municipal Serviice.. 9% Nachman Spring.... 6 Nat American Co.... 4% Nat Aviation.. 31% Nat B & Shcp 50c... 5 Nat FamStb2%4%. 25% Nat Fuel Gas (1) 100% Nat Pow & Lt pf (6). 19 Nat PubSv A (1.60). 1% Nat Rubber Mach (1) 12 Natl S T Sec A f50c.. 26'% Nat Sugar NJ (2) 2% Nat Union Radlo. 80% Nelsner Bros pt (7). 175 25 Newberry (JJ) 1.1 48 NJZinc (12%). 2 New Mox&Ar! 52% Newmont Min (f4).. 11% Niag-Hud Pow (40c) 24 Niag-Hud Pow A w.. 6. Niag-Hud Pow B w.. 8% Niagara Sh, Md(40¢c) # Nipissing (30 = 13% Noranda Min 1 Nordon Corp Litd. % No Am Aviat A war., 8% Nor Am Util Sec. . 27 North W ev pf (3) 1% Nor Europ Of) Corp. . 95% Nor Ind Pwr Sve(6). 130, Nor St Pow A (8). 951 Nor St Pow pf (6). 95% Nor St Pow pf (7). 22% Novadel Agene t3 % Ohlo Coppe: 103 OhtoOil n cu pf(6).. 5% Oflstocks Ltd A 50c.. 2 Outboard Mot (B)... 5% Overseas Secur (1).. 28% Pac Pub 8V (1.30)... 29% Parke Davis (11.65), 1% Pennroad Cp (20c).. 12 Penn Gas&El (a1%). 17 Penn Mex Fuel (2).. 80% Pepperell Mfg (8 % Philip Morris Inc 13 Philippe (L) B t 3 Polymet Mfg (b4%). 3 Premier Gold (24¢).. 1% Prince & Whit (26¢). 12 Prince & Whit pf (3) 4% Prod Royalty (f1) 12% Prudential Invest. ... 8 Pub Ut Hold (50¢) 1%’ Public Util Hold war Pub Util Hold x.w... 98% Puget S P & Lt pf( Bales— Add > Open. 4 3 3 8 5 2 3 1 1 1 1 5 0 1 2 2 8 1 s 1 3 1 . 3 8 1 5 1 2 3 2 1 3 8 1 3 4 s 7 3¢ ) 60s 7 + Pyrene Mfg (80c)... 2% _Radio Products (2).. 4 "R RSb Corp (25¢)... 9% RR & Util Inv (A).. 2 . Relter-Foster. 8% Reliable St (b5%) 3% Rellance Int (A) 5% Reliance Manag. 7 Salt Creek Prod (2).. 11% Saxet Co. 5% Schulte Real Estate., 1% Schulte Un 5c-31 St.. South Am Alr Lines 80 Am Gold & Plat SoCalEdpfC(1%). Bouthern Corp. . SouthldRoyalty (60¢] % S W Gas Utllitie SW Bell Tel pf (7) Stand Dredging $60c. Stand Holding Corp Standard Motors Stand Ofl Ind (2% Stand Ol Ky, (f1. 53 2 8 S » SumanrosSne-Noa PY ST ) Stand Ol] Ohio (2%).100s 4 Stand O Ohlo pf (7). 1308 Stand Ofl of Ohlo(5). Stein (A) & Co (1.60) Stutz Motor Car..... Sunray OI1 (40¢)...e Swift & Co new (2)., Swift Intl (13%)..00 Taggart Corp (1). % Tampa Electric (3! Technicolor Inc. ... Texon Oll&Land (14). Thatcher Sec Corp. . Todd Syndicate (4) .. Tri-Cont Corp (war), ‘Truns Pork 8 (1.60) .. Twin 8t NG A pt (1), Ungerlelder F Corp. Unit Carbon pf (7).« Utd Chem pf (3)..... 4 Utd Corp (war)....« Unit Elec Sve (1.41), Utd Found b2-35 sh.. Utd Gas pt (7) . Utd Lt & Pow A (1) Utd Lt & Pow B (1).. Utd Lt & Pow pf (6). Utd Ret Ch pf (3%) Utah Apex (50¢) Util Pow & Lt (a1).. 3 17 HONAS HHRRE SRS NOON BB -1 Util P&L B ctfs (al). Utllity & Ind. . . Util & Ind pf 1 %). Utllity Equities. . Vi Vogt Mfg Co (2) Waitt & B'd B 1.20). 7 100% ot 29 Wheatsworth (f14) 3 Wil-Low Cafeterias % “Y” Oll&Gas.... 8 Zonite Products ). % 101% 29 Received by Private Wire Direct to The Star Office” (3 24% 7 1% 3% % 38 M % 9 Dmrunmn‘flnn—-l-unmnnb--fl-mm Day) stock. @ Pa: High. Low. Close. 9 8% 8% 4 IPORTFOLIOS SHIFT AS STOCKS DECLINE Investment Trusts Weed Out Issues When Dividends Are Omitted. BY CiIAlLES F. SPEARE. Spectal Dispatch to The Star. NEW YORK, November 6.—There are three tendencies in current investment st affairs that today operate for and gainst the market for securities. These are the shifting character of the port- folios of the management trusts as stocks with a poor future are weeded out and replaced with those having bet- ter prospects, the liquidation of some of the management trusts and the oper- ations of the fixed trusts of varlous types. It is expected that when the Degem- ber quarterly statements of the man- agement trusts whose stocks have been listed are published, they will show a decidedly different character than that of the last two quarterly periods. Not only have some of these trusts been adopting the same policy as that car- ried through by individuals, in taking their losses in order to reduce their in- come tax payments, but they have been substituting stocks with a future for those that have plainly indicated that they" were overexploited last year and will be a long time regaining their favor. Effect of Dividend Cuts. This accounts for some of the weak- ness in shares that were represented in nearly every investment trust portfolio last year. It is rather significant that out of the list of 109 stocks that were most widely purchased by the invest- ment trusts half a dozen have either reduced or passed their dividends in the last few months. This has, under the provisions of investment trust holdings, automatically eliminated them from portfolios of ‘both management and fixed trusts. There are nearly a score more in this group of 109 the continu- ation of whose dividends at the present X"Ibcs is now a subject of active discus- sion. Only one large investment trust has so far proposed liquidation. An increase in this tendency would obviously bring additional supplies of prominent stocks into the market. Undoubtedly, arrange- ments could be made for taking up por- tions of- the portfolio at, or under, the market by other trusts or groups of bankers, Where liquidation of the trust has been under consideration, one of the difficulties involved has been that of disposing of the “frozen” part of the vortfolio. This frequently represents a high percentage of the total assets owned. An analysis of the portfolios of a large number of trusts reveals the % | fact that, while they purchased many 1 | most % marketable securitles, they also involved themselves in situations that will re- quire a long period of time to work out successfully. Fixed Trusts. ‘The present popular form of trust is of the “fixed” type. There are varia- tions of this. Practically the only pub- lic demand that exists today for so- called investment trust shares is for those of companies that sell their stock against certain prescribed units of shares in a diversified list of Ameri- can securities. This has resulted in concentrating a buying dem.-nd on groups of so-called “blue chip” stocks and has held them above the market while the general average of stocks has been sharply declining. Lately there have been indications of a lull in the demand for fixed trust shares securi- ties. This has been reflected in the weakness in the stocks in their port- folios. . This situation is somewhat due to the fact that dividends on popular members of these selected groups have been re- duced or passed and to the fear that changes of the same sort may affect other members of these groups. Conse- quently, one of the strong supporting factors in the market in the last few months, namely, the buying by the fixed trusts, has been modified. One of the weakest of the speculative industrial stocks lately i« an issue that stood tenth in the rank of the 109 most widely distributed issues in investment trust portfolios. Now fixed trusts are being organized every week. For the most part they are designed to take advantage of tempo- rary conditions in the stock market. One recently announced limits its terms of operations to two years, dur\nf which { it expects to show a substantial appre- clation on the shares now placed in its portfolio, Another trust, which has been under consideration for nearly six months and may soon be projected, has the novel feature of a fixed trust “set up,” with the stocks to be purchased those of the management trusts whose current prices range about 25 per cent under their present liquidating value. (Copyright, 1930.) GRAIN MARKET CHICAGO, November 6 (Special).— The wheat market turned about and was sharply higher today under gen- eral buying and short covering caused by the strength in Liverpool and Buenos Aires. Unfavorable crop re- ports from the Argentine were back of foreign strength. December old opened 73% to 74; new, 74; March, old, 77% to 77%: new, 77%; May, old, 80; new, 80 to 79%. After the first half hour December, old, 73%; new, 74; March, old and new, 77% ; May, old, 80; new, 80%. . Corn was higher with wheat. Decem- ber, old, 72% to 72%; new, 72% to 72%; March, old, 75% to 75%; new, 75%; May, old, 8% to 7814; new, 8% to 78%. After first half hour Decem- ber, old, 72%; new, 72%; March, old, 75Y,; new, 75%; May, old, 78%; new, 8 8. Oats sold higher. December, old, opened 31, to 31%; March, old, 3315; May, old and new, 35V, After first half hour, Dgcember, old, 31%; March, old, 33'%; May, old, 34%; new, 35 Provisions were dull and easier, piEb Rl CHICAGO LIVE STOCK MARKET CHICAGO, - November 6 () (United States Department Agriculture).—Hogs, 37,000 head, including 11,000 head di- rect; active; generally steady; bulk 180~ 260 pounds, 9.15a9.35; top, 9.45; light lights, 9.00a9.15; packing sows, 8.00a 8.65; smooth sorts to 8.85 and above. Light lights, good and choice, 140-160 pounds, 8.90a9.15; light weight, 160-200 pounds. 9.00a9.25; medium weight, 200- 250 pounds, 9.15a9.4! heavy weight, 250-350 pounds, 9.15a9. packing sows, medium and good, 275-500 pounds, 8.00 28.90. Slaughter pigs, good and choice, 100-130 pounds, 8.65a9.15. Cattle, 7,000 head; calves, 2,000 head; classes strong to 25 higher; trade active, especially on all grades light yearlings; 13.75 for 863 g:und yearlings; some held at 14.00; st heavies bid, 13.00. Slaughter cat- tle and vealers, steers, good and choice, pounds, 8 pounds, 10.50a13.75; 1,100-1,: 9.75a13.50; 1,300-1,500 12.75; common and medium, 600-1,300 pounds, 6.00a9.75; heifers, good and chotce, 550-850 pounds, 9.00a12.75; com- mon and medium, 4.75a9.50; cows, good and choice, 5.25a7.50; common and me- dium, 3.75a5.25; low cutter and cutter, 2.75a4.00; bulls (yearlings excluded), good and choice beef, 5.00a6.00; cutter 0 medium, 3.50a5.65; vealers (milk ‘hoice, 8.00a10.5 a7.00. Stocker and feeder cattle, TS, good and choice, 500-1,050 pounds, 7.00 89.00; common and medium, 5.25a7.00. MILL OPERATIONS INCREASED. POLITICAL EFFECTS FEARED ~ {IN SILVER LOAN TO CHINA BY J. C. ROYLE. Bankers both coasts in close touch with foreign affairs aré going to be asked how far the United States can go in participating in an interna- tional pool to lend silver to China with- out mixing in the Chinese pelitical situation. There is in evidence in offi- cial circlés a desire to see such a loan made as & means to stimulate trade | with China. China is.on a silver basis and the loan of perhaps 100,000,000 ounces of silver would put excess silver stocks into circulation and improve the sta- tistical position of the white metal, | which now is at so low a figure as to menace the non-ferrous metal mining industry with serious losses. Might Cause Protest. ‘The feeling is that the United States should not make such a loan alone. In fact, there is not the slightest doubt that any attempt to do so would briug immediate protest from Great Britain or Prance. The proposal is for en in- ternational group to make the loan, advancing the silver as needed, under direction of a joint board, The loan would be returned in kind. It 1s be- lieved such action would restore silver prices and thereby increase. China’s purchasing power and create expanded markets for foreign goods. China has been in a Alsrunted po- litical condition for a long time. 1 the nations trading with the Ories would gladly see & state of stability established, but thé Hoover adminis‘ra- tion is leaning backward in avoiding any interjection of this country into the situation on one side or another. The bankers are giving deep consider~ ation to the problem, because they realize its importance and because they are not too happy to be singled out as “international bankers” in view of the tion of some members of Congress. China is taking a place in the modern industrial world, according to Charles K. Moser of the Department of Com: {IISS returned from a trip of investigation. Consequently it no longer offers the large, uninterrupted market for American textile and other preducts which it formerly did. Then, too, there is a tendency for China to make her purchases direct instead of through foreign business houses located in China. Mr. Moser predicts that extraterritorial rights, which shelter foreign residents and houses under the | laws of their own countries, soon will | be a thing of the past. He says that | with a return of stable conditions in | China, growing of raw cotton will be | increased and the textile mills will | multiply until there is a market only for specialties from foreign nations. Broader Markets Desired. Commercial attaches in China report | there is a growing tendency toward ing foreign corporations out of the country. There is a tremendous volume of cheap labor available in China and as this labor becomes better trained and more _intelligent, industrial plants are bound to spring up which will lower the volume of imports from Europe and America. The difficulty from the Chinese point of view lies in transporta- tion and it is along the equipment field that trade seems likely to be most brisk in _the next few years. These facts are inducing Government officials and private business men to seek a broadening of the Chinese markets and the establishment of a firm position in that country so that benefits May be reaped from future Chinese expansions. But a silver loan will not be the means chosen to bring this about, unless it can be made with- out becoming mixed with the interior politics of the republic. (Copyright. 1930.) Washington Produce Butter—One-pound prints, 44a45; tub, 42a43. ”E{gb—flcnnery. 45; current receipts, 240, Poultry, alive—Turkeys, young, 25a26; small and thin, 18a20; Spring chickens, large, 22a23; medium, 20a21; small, 22a33; fowls, large, 21a22; medium, 18a19; Leghorn fowls, 13al4; ducks, 15; roosters, 12a13; keats, young and large, 50a60; old, 25a30. Dressed—Turke: 30a35; Spring chickens, large, 27a28 medium, 25a26; small, 27a28; fowls, large, 26a27; medium, 24a2: fowls, 20; ducks, 24a25; keaf 70a80; old, 40ad5. Meats, fresh killed—Beef, 18a23; veal, 18a23; lambs, 20a23; pork loins, 28; fresh hams, 23; fresh shoulders, 20, Smoked meats—Hams, 25; shoulders, 18; bacon, 27. Lard, in bulk, 15; in packages, 1515, Live stock—Calves, 5a12; lambs, 8. Fruits—Honeydews, 2.00a2.25; oranges, California, 7.50a9.00 norm,bsn.anas.so: .25, pears, Seckels, 2.00a2.25; ;. per cranberries, '3.25; apples, ts, 50a2.00; box stock, 1.75a 3.25; pineapples, 5.00. Vegetables—Potatoes, 150-pound sacks, 3.25; Idaho bakers, 100-pound boxes, | 3.00; sweet potatoes, per barrel, 3.00a 3.25; peas, 2.50a4.00; carrots, California, per crate, 2.50; New York, bushel bas- kets, 1.00; homegrown, per 100 bunches, 4.00a5.00; beets, per 100 bunches, 4.00a 5.00; kale, 75; spinach, 75a1.00; broccoli 2.50; cauliflower, 2.75a3.50; cucumber: 2.0023.00; 1.25a2.00; turnips, 1.00a1.25. 100-pound sacks, 1.25a1.50; okra, 1.50a2.00; mushrooms, 75a1.25; onions, white, 50-pound sacks, 1.50;" Colorado, 1.15a¥.50; peppers, Flor- ida, crates, 2.50a3.00; homegrown, per busbel, 75a1.00; limas, 4.00; peas, 5.00. NEW YORK COTTON NEW YORK, November 6 (Special).— Initial cotton prices today were 1 to § points lower. Most of the activity was in distant months, as heavily committed Iongs cleared their decks for the Gov- ernment report, which is to be brought out Saturday. Ogemng prices were: December, old, 10.88, off 2; December, new, 10.88, off 1; January, old, 11.08, off 4; January, new, 11.02, off 5; March; 11.35, off 5; May, 11.48, off 5; July, 11.68, off 5, and Octo- ber, 11.89, off 1. Sy o PRI In Rome traffic regulation is intrust- ¢€d to a corps of 2,000 officers with mil- itary organization and schooled with , | well-maintained quotations are the price DEMAND FOR HARDWARE SHOWS IMPROVEMENT Special Dispatch to The Star. NEW YORK, Novemk - 6.—Practi- cally all of the principal hardware mar- kets of the country have reported that the generally belated demand for Chris mas merchandise has materialized dur- ing the past week, Hardware Age will say today in its weekly .market sum- mary. e current demand is excellent for toys, cutlery, fireplace fixtures, sil- verware, electrical - Christmas decora- tions, electric appliances, Winter sport- ing goods, hunting equipment and many kindred lines, popular as Yuletide gifts. From early indications jt appears that the Christmas volume of this year will compare favorably with last year’s. Seasonal merchandise continues to enjolvnl healthy movement. Housefur- nishings are in good demand. The call for stapleelines is only moderate, but some recent indications of' increased activity have become apparent. ‘The credit situation is rather unsatis- factory, as wholesalers in most sections characterize collections as slow. In view of nt_conditions and the resultant rather dull demand for many items, prices have retained a remarkably steady status. Almost the only exceptions to concessions being granted on staple steel and iron products. P BRI More battles, large and small, have certain USED AR SURPLS Automobile Industry Has De- pleted Large Supply of Turned-in Machines. BY DAVID J. WILKIE, Assoctated Press Stalt Writer. DETROIT, November 6.—Probably one of the healthiest omens the auto- mcebile industry has been able to point to for many months is a tremendous decrease in the inventory of used cars in dealers’ hands. Just before the stock market crash a year ago, when dealers ‘were exerting every effort to force sales up and keep abreast of production, they were obliged to accept used cars in large numbers, knowing that the accu- mulation of traded-in cars was creating a problem for the future. ‘The problem became acute for many dealers when their banks insisted upon a reduction of the used car inventory, regarded as more of a liabllity than an asset. That the dis) 1 of these traded-in cars has affected the new car sales to some extent is admitted, but sales executives of the industty point out that so far as used cars are concerned dealers are in better.shape today than they have been at any time since last Fall, Reduction Is Drastic. As {llustrating what has been accom- plished in solving the used car problem the experience of a relatively small group of dealers financed by one bank- ing institution is cited. On January 1 last this group of dealers had on hand 27,000 used cars. Today this number ?7)50 b been reduced to approximately ‘While the ratio of reduction may not hold throughout the country, the deal- ers concerned are regarded as a typical cross-section of the sales organizations of the automobile industry. Comment- ing on the improvement in the used car situation, one executive said: “This is the healthiest sign the in- dustry has seen for many months. If rl(qlgt n;w v{;‘ ;!‘rdc l}cl&: the betinnln? of Spri o beginning o Winter, E feel sure business wmg? 80 forward with a rush.” The used-car problem may be said to have come with the of mass production. A condition as bad or worse than that of early this year faced the industry 15 years , but with the war and the reduct in said the industry never again would allow the used-car situation to reach roportions that would affect the dis- ibution of new cars. A new-car pro- duction mark of 5,600,000 units in one year was not anticipated, hgwever. Bo 1929, with its nearly 500, th iction and the consequent forcing adgoty tbe peebiem covetes by b sudden e prol creal trading in of old cars for new. been fought on South Carolina soil - than in any other State. MR. MERRITT special education. / WE HEREBY ANNOUNCE THE WITHDRAWAL OF MR. WILLIAM C. LONGSTRETH AND T. COOKE, JR. FROM MEMBERSHIP IN THE FIRM OF BROOKE, STOKES & Co. ‘WE HEREBY ANNOUNCE THE ADMISSION OF MR. GEORGE H. A. ANDRESS MR.GERALD P. KYNETT MR.ROBERT G. LOWNDES of Baltimore MR.DOUGLAS V. CROKER of Baltimore TO ACTIVE MEMBERSHIP IN THE FIRM OF BROOKE, STOKES & CoO. All of These Bonds Have Been Sold and This Ad- vertisement Appears @ Matter of Reco $225,000 rd Only COLUMBIA COUNTRY CLUB Chevy Chase, Maryland First Mortgage 514 % Twenty-Year Sinking Fund Gold Bonds Dated December 1, 1930 (Closed Mortgage) Due December 1, 1950 Principal and semi-annual interest (June 1 and December 1) payable at the office of Trustee, Coupon bonds in denominations of $1,000 and $500. Redeemable in whole, or in part, on any interest date upon thirty (30) days’ notice, at 105 and accrued interest through December 1, 1940; thereafter at 10214 and accrued interest prior to matu~ rity. Callable for Sinking Fund only at 100 and accrued interest. Federal-American National Bank and Trust Co., Trustee SECURITY This issue will be secured, in the opinion of counsel, by a closed first mortgage on all the Club property, consisting of 136 Acres of land, and all improvements and equip- ment thereon, The improvements include a modern clubhouse with adequate furnish- ings and fixtures to provide for the comfortiand convenience of its members. The land alone has been appraised by Mr. Harold E. Doyle of Thomas J. Fisher & Company, Inc., at $800,000.00, and the sound valde of the improvements at not less than $250,000.00. 1 ' Application will be made to list these bonds on the Washington Stock Exchange PRICE 100 AND ACCRUED INTEREST, TO YIELD 5.50% These bonds are offered when, ds and if #ssued and received by us and subject to the approval ©f our counsel, Messrs. McKenney, Flannery & Craighill, Y. E. BOOKER & COMPANY 1508 H STREET N.W, Investment Bankers WASHINGTON, D. C, The statements contained in this circular, while not guaranteed, are based T 1Partly extra Plus B S B L TR PARIS BOURSE PRICES. Three per cent rentes, 85 francs 80 | Exchange on London, 123 francs, 69 PARIS, November § (P).—A heavy | Centimes. PFive per cent loan, 100 | centimes. The dollar was quoted at 25 fone prevailed on the Bourse todsy. francs 45 centimes. francs 45% centimes, upon information and advice which are believed accurate amd reliadle. ELKIN, N. C, November 6 (#)—The ¥ = (:11.:.!:"-’;»;1 Blankay Mills hete, have be- gun operations orders exceeding the day shift capacity, s th warrants. | o issued.