Evening Star Newspaper, November 14, 1930, Page 15

. .+ INACTIVE MARKET * Utilities, Coppers, Motors ~ and Steels Join in Up« ward Trend. 4% "F¥ BY JOHN A. CRONE, “¥ Special Dispatch to The Star. + _NEW YORK, November 14.—The Curb Exchange today pressed forward it at the outset, stimulated by the of the preceding session. The ability of the market to rally for three successive days, which is the longest continuous upward movement in two months, as well as a serles of favorable news developments, brought renewed Siric Bond & Share was up about midday_and re tucky, Goldman, Sachs and Ford Motor of Canada A. Oitles Service, which is exdividend today, registered a fractional G oppers, public utiities, motors, ship h ul les, motors, s| > and 1 shares were the first to the rd procession. The ane nouncement _of ; mld—eurt:gmer;: production plan ‘z per produce: immediately 1ifted the pi of the metal and Lhrewl’l bad fright into shorts in in the first few urities. P onse Mining & Smelting Co. 'nt on ) . Sow low and dowh ‘24 points trom its last previous sale. Trading in the forenoon was scat- tered over & wide number of issues, but the relative absence of big blocks tend- ed to reduce total volume, Wwhich amounted to only 295,400 shares, com- with 332,700 in the first two hours BUYS DRY DOCK. BAL' , November 14 (8] “)r—?m thlehem YORK, November 14 (Special). NEW ew bank which shows those stocks to be sold les— Note—AIl stocks are sold in one hundred those designated by the T4 Agta Ansco pf. 5 Alnsworth Mfg (1).. Y% Allled Allled Milis (80¢). Allison Drug 8t (A).. Aluminum Co of Am, 60% Am Capital prpf 6%. Am C P&L (A) (a3)u AmCP&L B (10%).. Am Com P A (b10%) AmCom PB (10%). Am Cyanamid (A)... Am Cyanam!d (B) Am Dept Sto: Am Dep 8t 1 Am Equities ) Am Laund Mach (4). Am lcabo. Am Natural Am Superpowe . Am Superpwr 1st(8) Am Thread pf (25¢). Am Transtor (1.40).. Ark N G ou pf (60e). Asso Dyeing&P cod.. Asso El Ind Ltd 30c. Anso G&E A (212.40) Asso GAE (A) dbrts G&EI pur ri . G & El et Laundrie: Bulova ov pf (3%) Burma Corp (t31c).. ve A al1.76 Cent & SW Ut b6%.. Cent 8t Bl (k40c| . Cen St El cv pf n(aé) Com & Sou war... Consol Copper. Laundries(1) Am Lt & Trao (2%). 5 1 8 Co Cons M &S (112%).. 50s Consol Retail Stores 10 Contl Share cv pf (6)150s Cord Corp. Cor & Rey Cosden Ofl.... Creole Petrol Cresson Consol (4¢). Crocker Wheeler.... Cuban Cane pr opt w. Cuneo Press (2%). .. Curtiss Wright war. 1 -share lots letter s (80s) (2508) in odd lots MARKET " 103 ind Rate. &Bx. 96% LaP &L pt ( 81 MacMarr Stores (1), 36 Mapes C Mfg (13%). % Mavis Bottling...... 9% Memphis N G (170¢), 1% Mesabl Iron. . 4 Met Chain Stores. Mid 8t Pet vte B, 1% Montecatin] deb rts. . 28 Moore Drop F(A)(§) 5% Mount Prod (1.60)... 6 Nat American Co. 3% Nat Aviation. 1% Nat Food Prod (B). 1) Nat St Corp (war). 26% Nat Sugar NJ (3) 1 Nat Trade Journal 13 Nat Transit (1) 2 Nat Union Radio. 1% New Brad Ofl (50c).. 88 New Eng Pow pf (6). 50 Newmont Min (£4).. 16 Newport Co (2)..... 16% N Y Hamburg (2%). 105% N Y Pow & Lt pf (7). 50% N Y Steam Cpnw.l. 9% Niag-Hud Pow (40c) 1% Niag-Hud Pow A w 4% Niag-Hud Pow B 7% Niagara 8h, Md(40¢) 18% Niles-Bem-Pnd 12%. 5% Noma EI Corp (80c). 13% Noranda Mines (2).. % No Am Aviat A war.. % Nor Europ Ol Corp.. 110 % Ohlo Copper........ Ohio Ofl n cu of(6).. 5 Ofistocks L4 B 50c. . 4% Outboard Mot (A)... 26% Pac G&E 1st pf (1%) 21% Pae Pub 8v (1.30)... % Pandem Ofl......... 2% Paramount Cab Mfg. 6% Pennroad Cp (20c).. 15% Penn Mex Fuel (1;. 4 10% Philippe (L) B t1.80. 20% Ple Bak of Am A (2). 43 Plerce Governor..... 5% Pitney B P n (20¢)..: 17% Plymouth Ofl (2).... 2 Polymet Mfg (bé%). % Premier Gold (24c).. 1 Prince & Whit (25¢). 12 Prince & Whit pf (3) 4% Prod Royalty (f1)... 10% Prudential In: 5% Pub Ut Hold (. 1% Public Util Hold 83% Pure Oil pf (6). 2% Radio Products (2). 3% R R Sh Corp (26¢) 6 Red Bank.. 1% Reiter-Foster 14% Roan Antelope Min. . 16% Rock Lt & P (90c)... 2% Rossia Int Corp..... 5% Royalty Cp pf 11.70. . 102 Safety Car H&L (8). 1% Safeway S w(2d)(C) 13% St Regis Paper (1).. 5% Salt Creek Prod (2).. Tt Saxet Co......s 5 Schulte Real Bsta 1 Schulte Un 5c-81 8t.. 3% Seaboard Util (50e) . 1 - = Se L L LT TR RS -T PSSR -3 PTE YT Sales— Deeses1008 Ohlo B Tel cu pt (7). 108 3 1 30 108% Okla Gas & El pf(7).100s Reseived by Private Wire * Direet to The Star Offie STEEL OPERATIONS SLIGHTLY LOWER|purchase o :Prices Remain Unchanged During Week—Consumers’ Stocks Low. Except that it be on a subnormal plane, steel is in a typical November market, says Steel. Production is being curtailed mildly; the railroads are pro- ceeding with their year end programs of equipment and track material pur- chases; producers séek to firm up prices to apply on approaching first- quarter inquiry. No little needed support for the in- dustry’s morale is derived from the condition of low stocks of consumers, excepting scrap, and the general im- pression that current prices about rep- resent bottom and that consumers’ re- quirements should expand, beginning early in 1931. Superficially, the increase of 57,425 tons in the unfilled tonnage of the United States Steel Corporation and the purchase of about 50,000 tons of pig iron by the American Radiator & Standard Sanitary Corporation have favorable significance, but close analy- sis vitiates this somewhat. Practically all the 1.6 per cent gain in the cor- porations’ backlog is rails for 1931 rolling. The _American Radiator took off the market most of the stock of sandcast iron of the Woodward Iron Co. Ala., which is now machine-cast iron only. The price, understood to have been several dollars under the Birmingham foundry quotation of $14, has not affected.the market. Many small buyers usually follow the lead of American Radiator and inquiry has been stimulated. As noted some time ago, producers of plates, shapes and bars are en- lea! to stand on 1.60c, Pitts- burgh, the remainder of the quarter, llmmn{oflm-qnnflgr coverage at these levels specific commitments. Gal- vanized 3.00c, Pittsburgh, for quotation pur- poses. N to the merchant trade are more generally $2, irgh- Oleveland. S , bars, alloy steels, m-l‘po and wire continue sluggish due to automotive needs. Last week’s report, sho T pig iron production down to 69,851 gross tons daily and 49.6 per cent of capacity, is supplemented by a similar revelation concerning steel ingots in Oct The daily rate of 100,756 gross tons, compared with 110,307 tons in tember and the lowest since late 1924, indicated an operating rate of 50.32 per cent. the basis of a daily average of 136,193 tons thus far, 1930 will be a 42,356,023-ton ingot ‘This com- pares y with the record 54,312,279 tons of 1929, but fairly favorably with purchase eets have broken through the 49,865,185 tons of 1928 and 43,397,- 743 tons of 1927. teel-making rations this week are glightly lower at 44-46 per cent, compared with 45-48 last week and 49 two weeks . Steel’s lnlmt composite is unchanged this week at $31.98, after declining steadily since the last week of August. | Baltimore Markets | Special Dispateh to The Bt hf:u.nuog& Md,, Nol;mber “po_ W) 00 , 1.5081.90; ....l‘?o?.m barrel, 1.50a2.25; yams, 2.25a2.75. Beans, bushel, 2.00a2.75. Beets, 100, 3.00a4.00. Cabbage, ton, 12.00818.00. Carrots, 100, 2.0084.00. crate, 2.25a2.50. Celery, crate, 1.25a2.25. , crate, 1.50a 2.25. Lettuce, crate, 50a1.25. Pep) bushel, Caulifiower, hamper, 25a50. Spinach, 80a ORGANIZED E ORT TO CHECK + DEFLATION CAMPAIGN URGED ‘Bonds by Federal Reserve Bank Declared Necessary to Stabilize Prices and Wages. ote—This fs the Afth in a series of articles on the present dusiness situation written for The Star and North American Newspaper Al Special Dispateh to The Star. NEW YORK, November 14.—Defla- tionists are in the saddle. Millions of dollars in property are being transferred almost unconsciously from the debtor class to the creditor ‘unjustl; class, y. The movement has plunged the whole | Of world into an unexampled of depression, resulting in the loss of jobs for millions of men and women and a breakdown In the business structure. What can be done to check the swelling tide of deflation? Virgll Jordan, well known economist, recently made this statement: “When the governor of a Federal Re- serve Bank stands up before a conven=- tion of investment kers, condemns the American peope for thefr presump- tion in utomobiles, radios and electrical refrigerators, and asserts that American living standards must be re- 'd’%edl lwe Al"lm d lm‘: the mnflnmenbt:l ciples of economic progress are be- ing openly challenged and the sounded for retreat—a retreat would be the most dramatic and graceful in the history.” Effects of Deflation, Make no mistake. The process uidate labor and rflacll.lvlnlvlne::‘- powerful are for it. But business men should understand this situation, face the facts and tell these night riders of defeatism they shall not pass. ‘We must not have the.delusion that le can be deceived by giving charity to them this Winter with one d and secretly cutting l:ehek standards of living with T, period 1 it dis- world's tinue. Many business leaders lwl);t ression has reduced const United States and in foreign countries. Now deflation, whether de- liberate or not, always works in ex- actly same way. It creases. yment down pno” ‘whole Mone creates this defla- tion. Pt:g mv Cassel, world au- thority on money, opens e the Autumn quarterly issue of the let- ter of the ndinaviska Kredif e~ t with these words: . “It 18 :l:tmp'z-ltale to -aum Il;! eep insig] e monetary prol m without a fra t the central bank, in virtue of its ability to control the supply of means of pay- ment, also con the power of the currency and thus the full responsibility for the value this currency. The central erc in and and of ex- this control conditions on which it puts its means of payment at the ket. Of rate is the most i rate, in the eyes of pul sentative. The * therefore, pression for the entire the wi and iently be used in this sense, if only the existence of other means for the regulation of the supply of money is duly recognized. of the mar- t, or at any as an credit policy of “PRICE CHISELERS” DECLARED MENACE Steel Association Official Decries Practice of Beating Down now lower | trade is no question that there is relationship between central banking policy on one hand and either inflation or deflation on the other. Cen- :r.l‘l banking in the Ulnted States from 1922 to 192 l‘hmu $1,500,000,000 in n United States. level did not occur. & close more than ‘W gold entered the ‘The commodlt& price . Inflation did not It was done by a process of sterilization carried on by the Federal But now the United States s in | hauls, the depths of L x ittee on Stabilization of Money Standard, in presenting to the 1 Bankers' Convention at St. Louis last May a summary of condi- ons, made this significant statement: ‘Analyeis. should seem to suggest that the proper preventive of the present de- pression was for the Federal Reserve the discount | spec: o people contend that, in and should applied would be to pur- chase more of such investments until the rpquired balance between credit volume and the needs of trade is re- stored as evidencd by a restored gen- prices.” (Copyright, 1930, by North Ameri Daber Allanees o News: HIGH WAGE LEVELS APPROVED IN STREET Financial District Prefers Cheap Money and Good Prices to 252 § Bz i i EE HE 5 i i i §¥% f § 8l i i z i g 3 H f : b g i 3 E ik % : f1aRg i g E bt ey i g ) i £ H i g £ 7 § g E ebf | 5 | ] 3 | ié B # {xa”e fl 13 ’55 i 3 g !35 i i il Fhanll i i Darby Petrolm n (1), Valu £ g L Deflated Conditions. i B PARIS BOURSE PRICES. PARIS, November 14 (#).—Prices were steadier on the Bourse today; 3 Bar ¢ B s e Delsel W GIIb (13%)+. on London, 123 fr centimes. Derby Oil Refining. . Yo ¥ dollar Detroit Alrcraft. ST RO W T Diamond Match new. Dia Match cu pf (v) Duke Power (315) 3 55% Selec In All ctfs(4%) 51% Select Ind or (5% ). . 2 Selfridge Store(27¢) 1 Sentry Safety Cont.. 214 Shattuck Den Min... 5% Shenandoah Co: . 21% Shenandoah Cp (a3). 90 Sierra E1 pf (6)..... 1 245 Singer Mg (119%). Special Dispatch to The Star. By the Associated Press. CLEVELAND, NEW YORK, November 14.—Uphold- ), November 14.—Steel- buying “price u::h!-l:lnl“ ‘were ducflbefl” > as a menace returning prosperity, in an address here toda; George H. Charls, president of the National ‘Asso- | General Motors clation of Flat-Rolled Steel Manufac- B N L T - Poultry, alive—Turkeys, pound, 25a 20a23; - 28; chickens, springers, hens.” 18033; - Wurenm, 14; 1 12a15; ducks, 13820; guinea fowls, each, L 1 4 12a15; St *Ees oatilpinnilobpecniuubie 19 ula - i 21 3 58 b1 Aty > g8 =1 a0ef 3 e K irestone C 317 Pisk Rubber Florida P & L ulf 8t Util 8 A Hood Rubber 543 1 Houst Gulf G s ndt Ol 81 Insull Utilit 6s B ‘40 92 Inv Eq 55 A ‘47 s Koppers G & € 5s ‘47 99 §Lenien P 8'as'A 2026 10270 Mead 65 A '45... 913 . 2223523 Sdgs 1 géggds! Sge ERAFRR e e doom 3 -;"nf‘f 3 B g=3= 28ssasgaty: L &4 s P 22282322 l Time Durant Motors. East C & FA: East 8t Pow B (1). Etsler Eleotric Cor Elec Bond & Sh (b6 El Bond & Sh cu pf El Bond & Sh of (6 Blec Pow Asso (1)... Elec Pow Asso A (1) El Pow & Lt op war.. Elec 8hareholdg.(1). Empire Corporation. 5 Burop E Ltd A (60c) Burop Elec deb rts. . Evans Wallow Lead. Fabrics Finishing... Fageol Motor, ...... Fairchild Aviation. . Fajardo Sugar Fandango Corp Fansteel Produc! . Fedders Mfg Co (A). Federat Cap (180c) Federat Metals t1 Fiat Stock deb rt: Flintkote Co (A) Ford Mot Can A Ford Mot Ltd 37%e. Foundation For Shs.. Fox Theater C1 (A).. Garlock Pkg (1.20) G Gen E Ltd ret (50e). Gen Empire Cor (1), Gen Firepr (123%)... Gen Theat Eq w.i.... Gen Th ev pf w.1.(3). Gilbert (AC) (1) Glen Alden Coal (8). Globe Undwritrs 30¢. Gold Seal Elec new Golden Center. Goldman Sach Gorham Inc pf (3) Goth Knitback Mcl Graymur Corp. . Gr Lakes DD n wi Guardian Invest. . Guif Oll of Fa (1%). Hazeltine Corp (2) Fecla Mining (1).... Heyden Chem (2)... Hollinger Gold (60¢) 4 Hudson Bay M & 8. . Humble Ofl ¢ . Hvdro Eleo See (2) Hygrade Food Prod. fmp Of) of Can (60c) 1nd Pipe L new(13).. Ind Ter 111u 01l (A).. Ind Fin ctfs (b10%). Insull Ut (1b10% %) Insull Util 20 pf£(8). . insCoN Am (13).., 1 rance Secur T0c, intercontinent et n Intl Hydrocvpf 3. Int Holding & Inv Co int Petroleum (1)... Internat Uti) (B). Int Util war (new) Interstate Equities. . Interst Eq ev of (3).. Interst Hose Mills. .\ Irving Alr Chute (1) Italian Superp war.. Kolster-Br (Am Bh). Lackawanna Sec (4). Letcourt Real t1.85. . Lefcourt Real pf (3). Leonard O11. Libby HuN“l" L. SnoomacmmpenT® SR ebe S PRmReaaSR® Smith (A O) (2) Sou Penn Of1 (12%) 24% SoCal Ed pf B (1%) 16% Stahl-Myer (1.20) % Standard Motors.... 35% Stand Ofl Ind (2%).. 20% Stand Of1 Ky. (1.80) 501 Stand Oil Ohlo (3%). 115% Stand O ORfo of (7).. 103 Stand Ofl of Ohlo(5). 2 Std PubSve A(b8%) 24 Starrett Corp pf (3). 4% Stein Cosmetics. ..., 6 Strauss Roth. 1 Stutz Moter Ca 2% Sunray OIl (40c) . 27% Swift & Co new (2 30 SwiftIntl (13%). 1214 Taggart Corp (1). 42% Tampa Eleetrie (3 7% Technicolor Ine. . 814 Texon Oll&Land (t4) 20 Tobacco & All Stks. . % Tobacco Pr Exports. % 107' Toledo Ed cu pf (1).. 5% Tran Con Alr Tran.. 4% Trans Lux DLPS.. 2% Tri-Cont Corp (war) 5% Triplex Safety Glass 14 Trunz Pork 8 (1.60). 3% Tubize Chatel (B)... 13 Ungerleider F Corp. 17% Un N G of Can 11 60.. 25% Union Ofl Asso (§2). % Unien Tobacco. 86% Utd Gaspf (7). 24 Utd Lt&Pow A (1). 25 46 US Playing Cards(4) 6% Utd Verde Ext (2) 1% Utah Apex (50¢c).... 8% Util Pow & Lt (al).. 7 Utility & Ind. 17 5% Utility Bauitl 59% Vacuum (14%) 29 Veeder Root (2%) 5% Vie Finan Cor (40c). 1% Walker Min (7%e¢). 1% Watson (J W) Co. 1 1% Dividend, rates i, 3 i% in or L3 " 3 with a scarcity of offerings of prime NEW YORK, November 14 (#).—Call | Paper, and rates were unchanged at 2% money renewed at 2 per cent todsy. In|to 3 per cent. Bankers' acceptances the outside market funds were available | Were dull and unchanged. 114 per cent. - @ - e S e o aen BaRN®ee s 3 B = e 5 Utd Lt & Pow of (6). 100: 251 1 s 3 - TN T P - 9 s 8 30a60; ns, pair, 20a25. l.p-’g:ed 1,279 cases; nearby,|land Ad firsts, 40a42; hennery, white firsts, 48; southern, firsts, 36a38; current receipts, 36a38. fancy Butter—Good _to 34a39; ladles, 26a30; rolls, 27a process, 31a3¥; store packed, 19a20. Live Stock Market. medium to good, 7.50a8.50; dium, 6.50a7.50; plain to fair, 5.50a6.50; to plain, 4.75a5.25; bulls, choice me; good to choice, 5.50a . to good, 5.2685.50; fair to medium, 4.75a plain_ to fair, 4.2584.75; common to plain, 3.7524.25; cows, choice to prime, none; good to choice, 5.00a5.50; medium to good, 4.25a 0% | 4.75; fair to medium, 3.75a4.25; plain to falr, 2.75a3.25; common to plain, 2.00a2.50. ‘Helfers—Choice to prime, none; good to choice, 8.5029.00; medium to good, 9%| 6,0006.50; fair to medium, 5.5086.00; plain to fair, 6.00a5.50; common to plain, 4.5025.00. “Po'rouh cows and Springers, Sheep and lambs—Receipts, 500 head; light supply, market lower. Sheep, 1.00a 3.50; lambs, 4.5089.00. ‘Hogs—Recelpts, 500 head; light sup- ply, market lower. Lights, 9.25a9.50; hea 9.0029.60; medium, 9.15a9.4 30.00a 1529.60. Calves—Receipts, 100 head: light sup- ply, market steady; calves, 5.00a12.00. Hay and Grain. - Wheat—No. 2 red Winter, export, 79%; No. 2 red Winter, garlicky, ) 9% ; November, 79%; December, z/ Corn—No. 2 domestic, ofd; 85a86; cob corn, new, 4.50a Rye—Nearby, 50a55. QOats—White, No. 2, new, 41; No. , 40. Hay—Receipts, none. General hay yellow, 4.75. ing. Drought has seriously curtailed nearby crops, chang wm entire situation. Sections here. shipping _are now ask offers of hay. Good clover mixed and timothy new hay will bring from 24.00 to_28.00 per ton. Wheat straw, No. 1, per ton, 9.00a 0.00; oat straw, No. 1, 10.¢ per tom, 9.00210.00. SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) mind in their constant striving to drive prices lower and lower, Charls sald. Prices of flat-rolled steel are approx- imately at pre-war levels, but freight rates for the materials of making pig lmn-mthnluho('wmloom uu:t higher than in 1913, Charls poinf out. “Once it was considered necessary to reduce wages in periods of depres- sion. Today the entire steel industry accepts the principle that such reduc- tions only gell:ly b:,llu return of fiw. Indus- i yers pushing for lower prices on steel should be mindful of their joint responsibility in helping the steel in- dustry maintain the purchasing power of its employes,” Charls said. CHICAGO DAIRY MARKET. CHICAGO, November 14. (#)—But- 6337, - weak; Croamery-Exiras : . gg’,éi Extras _firsts Eggs, 3590, firm, prices unchanged. ter, 314 May Declare Stock Dividend. NEW YORK, November 14. (Pr—w';“u Broposed. addressograph. Taternational pro] L pl ph. American Multigraph merger, Addres- sograph stockholders will receive a div- idend of about 15.3 per cent in com- mon on the common stock to be before completion of the merger. purpose of the distribution is believed to be for adjustment of equities of the two companies. The merger basis is one share of multigraph for each 12-5 shares .of Addressograph, ‘The gold statement of the Federal Reserve Bank of New York for thé week en November 12 shows of from Brazil and $105,000 from other Latin American There were Do exports. $5,000, Chiefly countries. STOCK AND BOND By the Associated Press. Manufacturing Co. for the quarter reported equal to ts a share, with $887.724, or 44 cents the tember quarter of 1929, ‘The Briggs September $1,001,723, pared com| share, in Quarter last year, and takes this tunity to correct the error. New life I.nmuu“xl:u production in Oc- 0,4 of 1929, — ‘The Island of Borneo is larger than the State of Texas. o GRAIN MARKET. CHICAGO, November 14 (Special.)— The wheat market was lower today under selling influenced by the weak- ness in Liverpool and Buenos Aires and the bearish Canadian government erop Dgh | report. This indieated a yield of 000,000 bushels for Western Canads, or | B 8 g g g § E and new, 6% to 76, and new, 761 first half hour: December, E i #E and ] cent below the | nait hour AVERAGES By the Associated Press. Prom Yesterday's 6:30 Edition. Two years ago. 198.5 ':lhm years ago, weekly aver. , .;:l.l i Y H !!s & 5 1 £ trou fall of ; terilizaf 2% id it s e in the American peop! hang ! Tise. % 1| d mfl':f, the umption 5 ta Reserve System. sh the I shoul alls business, 1n Vempioyment. cuts Ly Pittsbu: wer heets, 7 * * his article in - taktie- | Missour: tober. Bolage as S le nk recognition tha % Oon year. ?g carries : poorly wi ises by regulating the 9! - e f these condlf repre: ‘discoun usually regarded iy the bank, 3% 3 100 poun: 0al 2 e 35. Eggplai pers, 5 | 1.00. Tomatoes, crate, 2.00a3.50. Turnips, 'bushel, 80a1.00. Apples, bushel, 50a1.00. Grapes, basket, 12a20. Pears, bushel, 1.25a2.00. 2 Dairy Market. 6 56 08 i 88 §!?EE!!E= & Extra. : Greenway Co 5% pi.3%¢ .. Nov.18 Interim. %’g. -: e weseeee ‘Reduced.. TR s Stock. T se wanare i i £t DIVIDENDS DECLARE! NEW YORK, November 14 (@)— 1 Nov. 3 waseenn ——eiare