Evening Star Newspaper, September 30, 1931, Page 15

FINANCIA » DESPITE SELLING List Displays Steadier Tone ;. and Some Gains Are Recorded. BY JOHN A, CRONE. Special Dispatch to The Ster. NEW YORK, September 30.—After ning irregularly lower stocks on the b Exchange todsy _displayed a steadier tone and a number registered guins for the session. Publie utility holding companies were pressed for sale at the opening as & result of the resumption of the Federal Trade Commission’s hearings, but of- ferings soon were absorbed and prices firmed in the absente of any major amount of short selling in the noMP. Electric Bond & Share moved within a small range, which also was true of Cities Bervice. Standard Oil of Indiana during the forenoon exhibited greater weakness than it has shown at any time in the last fortnight. Most of the selling came Chicago, Humble Oil, Indian Illuminating B and a few 1 issues also moved into new Jow ground during ‘this movement. National Transit, with a trifling de- cline, was the only pipe line issue that exhibited a disposition to move down- ward., Hazeltine failed to respond to the decision favoring it in a tent it on receivers against Radio Corpor- ation of America. MACHINE TOOL INQUIRY IS REPORTED BETTER Special Dispatch to The Star. NEW YORK, September 30.—Lone cases of improvement in current de mand, primarily for single tools, provide the only real basis for optimism in the machiné tool industry at this time, American Machinlst reports. Septem< ber, from all indications, failed to turn out any better than preceding months, and present prospects for October have little more to offer. August exports of wer-driven, metal-working machinery ncreasel $400,000 over those of July an'i $700,000 over August, 1930, Toals now being sold are usually small and always for repiacement, the need for which arises from some order that either avertaxes or exceeds plant u’::p- ment. This would seem to indicate that onte industrial expansion begins rchasés of machine tools will come k and fast. Sentember = began well but _ended ih New York markets. Dealers optimism here is similar to t in other cities; prospects will at least talk about tools now, New Eng: land's otders are principally single tool, with: Navy bu; increasing and for- tien putiness ‘J.mu g o i jérs expect October to be ‘hical better, September was as low as August. Sales there result only ffom price slashing. Dettoit still has die and Bome cohtract jobbing shops busy, but 100l sales do well to hold ‘even. Indian- apolis réports orders from automobile actessory builders and fair buying from tadio manufacturers. Cincinnati is hanging on, achieving a single-tool order occasionally to lift its #pivits, Pacfic. Northwest holds even, with governmental purchases making up for #lmost total lack of industrial . _Canadian manufacturers &hd alers Bre hopeful, with an improve- ment noted in. industrial activity. PARIQ, tember 30 (4).—Three cent rentes, 83 francs 50 centimes. l’ll):: cent loan, 100 francs. - Exchangs on don, 98 francs 25 cent! T?a dollar was quoted at 25 hfiw ] centimes. ZEEsEbEREE > 1 o (11 ;fi SRR 203351 2 4 >u>>E; asoedy: B 58 Sesgn Sy qne:u Pow 85 ‘a6 inesu Pow §s ' n Mot Acc 8§ the 8 Raz o 4 rand Trunk 6'is round ‘Grip 63 Oil Pa 55 HEHE0000000) st 55 ° Co 55 A ‘47 w berly Cla 55 A 43 5 2026 ol )F 283525 < SEER! B ER 4 £200) e QR XRZZZZ 2L RERE| cCERCEEE R = m'fl oy 23 3, s Tr Tos8 e 333 8 i i g SR B0’ st 1.4 ® e, o S ety e warraits, issued, NEW YORK CURB MARKE Btoeks High, % Alllb':‘!nt’xnv evpts Dividend Rate. AM’-O)‘II- Afr Investors war. Afr Investors vtc. aom— Allied Mills Inc, . Aluminum Co of Am 26008 Am Arch Co (2)...ue Am City P&L (A) a3 AmCit PAL B b10%. AmCom P A (b10%) 24 Am Com Pr 1st pfA 7 708 Am Corpn (£30¢).4.0 1; . T YOO 144 & Am Corp war. Am Cyanamid Am Laundry Mch( Am Lt & Trac (2%) ‘Am St Pu Sv (a1.80)s Am Superpwr (p40e) Ark P& L pt ( 1008 1 Armstrong Cork (1).1808 Assoe Blee Ind (30¢) Asso GREL A(b2-25). Asso G & Bl war Asso G & B pur rts Asso G&E all 6t 1,60, Asso Tel Ut (b8% ).« Atlas Plywood Atlas Utll Cofpassen Atlas Utilities war. o AutoVM ev p pt B0e Axton Fish To A 3.20 Beneflefal T L (144 Bickford's (1.20). Blue Ridgé Corp.... Blue Ridge ¢v pf(al) Brazil Trae Lt&P(1) Brit A Trg 1.17 4:5¢. Buft N& E P 1st (5). Buft N&EP pf (1.60), 4 Bunker Hill & Sull.. 1255 Burco In¢uvveeesrss 1 Burco, Inc, 66nv pf. . Burma rct8 137 3-6e. Cable & Wire A rets. Cable & Wire B rets. Cab & W pf rets 19¢. Canadian Marcon. Carib Syndicat: Carnation Co (J1%) Cent 111 Pub 8 p§ (§). 108 Cent Pub Bve A BS%. 28 Ceént&Swn Ut (b7%) Cent Stat El (510% ). Centrifug (80e) Claudé Neon Lts Inc. Clev Bl 1llum (1.60). Cleéveland Tractor... Célon Ofl, Col Oi1& Gi Colum Ple v.t.c, Cmwith Edison (8)..3768 % Omwith & Sou war.. 112 Com Wat Ser g12%e. 3 % Consol Auto Merch. . 1 1% " b % #* k) * 16 83w i ] % i 5 7 aam 2 2obi (4 i 108% 2% 2 Con Gas Balto (3.60) 2 Consol Gas Util (A). 8 Cont Shares pf (B).. 808 Cont Shares ev pf. . . 400, Cooper Bessemer. .4, Cooper Bess pt (A).. Cord Corpis. ... CorpBec Ch (b6%) .. Corroon & Réynolds. Corrobh&Rey pf(A). Cosdeén Oil, ... . Créole Petroleum. Crocker Wheeler. ... Crown Cént Petrol. . Crown Cork Intl (A) Cubah Cane propt w. Cueno Press pf (61) Cusi Mex Mining.... Davenpért Hos (2) SrleequrhneBeod wBoes 5 - i Dresser Mfg B (2).. Dubliiér Cond & Duke Pow (5) Duquesne Ga: Durant Méto: Bast G & ¥ Assoc... 3 EO&T As prpf(4%). 268 Bast Bta Pow (B)... 8 Bast Ut IAvA..... KEdison Bl Bos 13.60. 10s Etsier Blectrie...... 5 Eléc Bona&Sh(b6%) 539 BleeB&Shcupfb.. 2 Ele¢ B& Shpf (6)... 6 Elec Pow Assoe (1). 12 Elec Pow Assoc A (1) 35 ElecP&Ltopwar.. 7 El Sharenoldg(bs%) 7 Elec Sharhldg pf(as) 3 Elg Nat Watch 1%.. 268 EmpG & F ou 'f('l;. 508 Emp G & F cu pt(8) . 200s Empire Pub Sve (A). Employ Reinsu 11.80 Burop Biec deb rid. .. & Faleon Lead, ... Federated Metal W Flatrets (34%c¢). 4 Florida P & L pf ( i Gen Aviation, e i » 2 14 % " " e 1 3 5o 14tn 128y 117 2 L %% 88 W % 80% % Humble 011 84 " Ford M Can A (1.20), Ford Mot Cah B 1.20. 25s Ford Mot Lta 383-56 30 Folundation For Bhs, 1 Fox Theater (A! = Gen Alloys. . - GenE Ltd res 36 Gen Bmpire (1) Qen Q&E ev pt Gen Theat Bq ey alen Alden Coal (4). Globe Underwr (182) Qolden CONter. .ivis Qo e Gold Qorham Ine A Graphas Sers (1) raymir s iLar Tay tSu&S 9 Gt AthPac Tea pE(T) Guardian Inves 1 QuifOllet Pa (i), 45 Hires (CE) A (2) Hollinger Gold( Horn & Ha Hudson Bay - eronBaraSTalnn M 12, HycroElec Bec(1.20) Hygrade Food Prod. Imp Ch Ind(10 2-5¢) . Lmp O11 ot Can (bbe) Imp'l T GtB&I(1.12). ing Ter 11y Ol B nsull InV (68%). .. Ins Co ofNo Am 2% o =3 [EPRTIPS SO TSN Int Petroleum (1)... Int Saf Ragor B(1).. Int Sumerp (11.10). .. Int Utilities A (3%). ar, uities, . uté (1) " A Interstate Irving Air Ci I Bupe ta) 1tal) Jer Cent PEL of (8), Knbtt Corp (1) i Lackawanha Se¢ (4) Lake 8hore Mines(2) Liéfeourt Real pf (3) Len Coal & Nav 1.20. Leonard Oil..... Lerner Storea (2). R ale Long 1sland Lt (80¢) (2 THE EVENING STAR, WASHING' Ah these by Jetter “5." e S g et s et Received by Private Wire Direct to' The Star Office ~Prev, 1931~ Hi Low. Btock and Sales— Hich. Low. lose. | 195% 1054 Lons Teld Lt Bt () A Sy 10 6% o ox| 2 % AT 5% Louisiand MacMarr Stores (1) Magdalena Synd. Mass Ut cv pf (2%) .+ 5O Donm wemE Mid West Ut (8% Mid Wat 8t Ut(b8 %) Mid'1d Steel Prod(2). Mo-Kan Pipe Line. Mo-Kan Pipe L (B) Miss Riv Fuel bdrts. 1 Mohawk Hud 1st(7). 768 Mohawk Hud 2d (7). 258 Mountain & Guif. 2 Mountain Prod (1).s. 20 Nat American Co. 2 Nat Aviation. . 2 Nat Bd &S Corp (1)« 3 Nat Fuel Gas (1) 17 Nat Investors... Nat Leather. 2 Nat Pow & Lt pf (6) 1508 Nat Pub Sv A (1.60).° 8 Nat Rubber Mach Nat Screen Sv (2) Nat Union Radio. Nehi Corp (60¢). 1% New Bradford Oil New Jers Zine (13).. New Mex & Ar Land. Newmont Mining..., Newport Industries. ew York Auction. . NYP&Ltpf (8)... N Y Steam Cp (2.60), NY Telpf (6%).... Niag-Hud Pow (40¢) Hud Pow A w,, # | continues light in most ‘markets, Nor Am Aviat A wag, Nor Ind Pub 8 pt (6, Nor Pipe Lin Nor 8t Pow A (8) Novadel Agene (4).. Ohi6 Copper. Ohio Oil cu‘n Otile Pow pf (8) Oilstocks Ltd (A) Outboard Mot A, Overseas Sec. . . 1 1 PacG&E1stpti1%. 17 % Pac Western Oll. 4 Pan Am Alrway. 3 Pandem Oil.... 5 Pantepeéc Oil. 1 2% Paramount Cab Mf; 8 23% Parke Davis (11.65). 2 46 Patker RustPr(3).. 4 Pennroad Corp (40¢) 49 Penn Wat & Pow (3) 2 Peoples L&Pwr (A). 8 Perfect Circle(t2%4), 1 Pertyman Electrie.. 1 Philip Morris Ifie.... 14 % Phoenix Seéur Corp.. 1 Phoenix 8Cpt (3)... 3 Pilot Rad Tube A. . 3 Pitiey Bowés (bi%) 4 Pittsburgh&LE(110)150s Plymouth Ofl (26¢).. 1 Pratt & Lambert (3) 6 4 Prod Roalty (b10%). 2 Propper McCallum 1 Prudentia) Invest Pub Uil Hold war.. Pub Ut] Hold xw... Pure O1l pt (6) : 80y Pyrene Mfg Co (40¢) Quiney Mining. Reiter-Foster Reliance Int A. Reliance Manag. ... Republic Gas Corp. Reybarn Co. ... Reynolds Invest. .. Rike Kumbler (2.20) 8 Rochester Cent Pow., 4 Rock Lt & P (90¢). .. Root Ref cv pr pf. Rossia Intl (10€).. Rubberoid (4), Ryan Consolidated. . St Regis Paper (60). Salt Creek Pro(1.40). Seaboard Utll (28¢). Sec Allied Corp (1) Begal L& H ( Selecred Indu: -Sle Ind al ctfs(5%) Slet Ind prior(5%). . Seton Leather (1)... Shattuck Dén Min. Shenandoah Corp. .. Shenandoah Corp pf. Stlica Gel ctfs. 2 Binger Mg Co (116).140; Sisto Finance Corps. Smith (A 0) (2). 20 % Solar Refining. weRam as. Southid Royalty 20c. 8 W Gas Utllities 110 N0 1S 590800 10 - i 1 Stand Of1 of 1 Stand Of1 of Ky 1.80. Stand Oil Nebr (2) . 1 Stand Ol Ohio (2%).100s Stand Pwr & Lt (2) Starrett Corp pf (3 Stein Cosmetics. Stromberg-Carl( Stroock & C Stuts Motor Car. Sun Invest pf (3) Sunray Oil (b6 % Swift & Co (2). Swift Internat’ 4 Syracuse W Mach B. Taggart Corp....... Tampa Blectric'(32). eehnieolor Inc..... Teck Hughes (60c).. Texon Oll&Land (1). % Tra Trans Lux DL P 114 Tri-Cont Corp war.. 4 Tri-Utliitie: 4 Tubizé Chatel. B. & Tung 8ol Lamp(1). 214 Ungerisider Fin Cp 11 Union Am Invest.... #% Un Gas of Canada(1) Unit Corp war Unit Blee'Bv (p1.41). Unit Founders. 8% Unit L & Pwr pf(6). Unit Shoe Mach 3% U 8 Dalry (A) (6). U B Blée Pow ww U 8 Foll (B) (50¢)... U § & Intl Secur. U B Inter Sec ist pf. Unit 8tores v.tic.... . b Uit Verde Exten (1) Utlea O & ELpf(7. .. % Ut PElitiat1.0234). Ut PRL Blat1.024). 2 Util Pwe & Lt pf(7). 1008 UHi&Ind ......000 4 Util&Indpt (1%).. 3 Venezuela Petrolm.. 24 Vick Financial (30e) 19 Walgreen Co. . 15 W Walker (M) (606). West Pwr pt (7). Wilslow Cafeterias Wil-low Cafe pt (4). Wiison Jones. ...... Winter (Benj)...... Woolworth(FWIiLtd 92 7% Wright Har (112%¢) 2 1% “YOlRGas. . 2 % RIGHTS—EXPIRE, 8% PeopGL&C.Janis 5 3% @ rates in Jast auaneriy S B A . P S 2 % [ concerned,” an s | according to variety, with barrels at estern % | points. Prices at New York City ad- WEDNESDAY, SEPTEMBER 30, 1931 PRODUCE MARKETS STILL UNSETTLED & Egg and Butter Prices Im- prove—Cotton, Corn and Wheat Lower. Under the disturbing general condl- tions near the end of Seteinber not many leading farm products could show price gains for the week or month, says the United States Department of Agri- culture, Bureau of Agricultural Eco- nomics, market news service. Egg and butter markets were helped by the light or moderate supply available and have been working toward higher levels for some time. Poultry gave way a little near the end of the month, but has held better than usual at this time of year. Cheese markets continue nearly *4 | steady. Onions hold recent gains, but most other vegetables trend lower. Peaches continued the upward slant that started near the middle of Septem- ber. Price trend of the great staple crops, cotton, corn and wheat, was still downward. The feed grains recovered a little. Mill feeds sell near lowest points,’ with demand poor. Live stock markets did not do much to change the month's slow down trend, al h cattle sold better. Wool markets hold well, < Butter Position Improving. After unsettled, unsteady condition toward the last of the month, butter markets progressed into a well sustained position, with supplies of fancy stock well cleared. Consuming demand holds at sptisfactory levels above last year, and production is decreasing below that of a year ago. Storage withdra ate heavy. Chicago freported a de- mand for fancy storage butter for ship- ment to Eastern markets. The supply of fancy quality che.er:; dealers continued to hold this class of ds firmly. Process cheese i8 steady gflprlce. with demand fair. Poultry Market Weak. The dressed poultry markets con- tinued weak and unsettled through Sep- tember, especially on cHickens of the larger sizes. hmwm lh:lpl:lne:lltl ':: rticularl; eavy. sumption fi:m. a4 with * speculative interests somewhat disturbed over the large vol- ume of poultry already accumulated in storage so early in tb2 season, opening quotations of the month worked grad= ually lower, During the month, prices on broilers weighing around 2 eased off about 2 cents; fryers averag- ing about 3 pounds each, 2 cents, and roasters weighing about 5 pounds, 5 hes prices gained further near the Egg prices gal endgu! the month, but the September market was hardly up to expectations, owing to liberal egg receipts from the farms, some selling of storage :g_fi and a rather slow consuming demand.- Fat Cattle Sell Better. The beef market improved late in the month, as fat as thé bettet grades were d competition increased between large and small killers for light cattle. While -‘l: p{zmfl:la wfi:fl in d§- mand, buyers displa; lec! pref- erence for those weighing 1,200 pounds upward or yearlings averaging 800 pounds down. Hog prices declined further. Weights scaling from 240 fo 280 ids “topped the price lllsl. hThle 3 . l!l;lelt wrp was not only the lowest for the year, but the lowest for the month of ‘ev- tember since 1899. The character of the supply continued to change with a substantial increase in weights under 220 pounds and pafticularly below 180 pounds. Fat sheep were steady to 25 cents higher, fat ewes -selling largely from $1.50 to $2, with a few at $2.25 and better. Prices 0f domestic wools showed prac- tically no chanige during the last week of Beptember, as all interests were dom- inated by caution and felt that nothing in the neéws justified any revision in prices. Potatoes, Lower. Mainé potatoes' were selling slllht“ lower in late September at 45 to cents per 100 pounds of a carlot basis | at loading stations. The f. o. b. price in Wisconsin was down to 60 to 65 cents, with Bliss Triumphs re'.uml.u‘ only 50 cénts in Western Nebraska. All city jobbing mmarkets were lower, Bweet potatoes advanced slightly on Eastern Shore of Virginia to 8$1.25 to $1.35 per barrel, or 50 cents vl‘ bushel hamper, and eltf' s)flcex of Virginia stock also were a little higher. Bulk domestic type cabbage was low- er in Western Néew York at 87 to $0 ton, with bulk Danich at $10 to 8i2. Yellow onions were selling higher in! the Rochester district at $1.85 to $1.95 | per 100-pound sack, or at 75 cents to $1.16 per 50-pound bag. Massachu« setts f. 0. b, market was about steady and rather dull. Western lettuce was wetker in city markets, but New Yotk Bti Boston stock advanced. pples in the Potomac Valle; brought 65 eents to $1.05 per area shel, $2.25 to $3 for most kinds. New York Bartlett pears advanced to $1.90 per bushel tub, f.0.b. B!‘llgpln( points, with Seckels at $1.50. Peach markets are mostly fitm and_prices h:iher as supplies decrease. Eastern grape prices wete slowly ~declinihg. Southwestern New York shippers were getting $25 to $28 per ton of 12-quart baskets 6f Wordens, with Concords at $28 to $32.50. Grain Markets Unsettled. The grain markets. were unsettled the last weck of the month, influenced largely by the uncertain European eco- | nomic conditions. Wheat declined with & moderate increase in offerings, and the reduced export inquiry following the rapid decline in British exchange. Corn weakened under a continued light demand for the larger receipts. Rye, oats and barley were fairly steady, with light offerings ecarcely equal to cur- rent trade requiréments. Flax held about unchanged, with crushers readily absorbing the smaller receipts. Most Feeds Decline. Wheat feeds tended lower during late September in a quiet market. Produc- tion &nd offerings were of fair volume but were under those of a year ueo. Prices of linseed eal considerably higher than prices of cottonseed and gluten feed. The continued down- ward trend of cottonseed meal prices tended to keep buyers out of the ma ‘meal ket except to cover their nearby re. quirements. Offerings of hominy feed were teported fairly liberal at Eastern markets. Soybean meal was lower, re- ?::3"‘ the weakness in other €oncen- othy hay markets ranged from steady to slightly stronger in late Sep- tember. The continued light offerings wefe 1 fairly good demand. at most x;nced 8bout 50 cents a Timot! erall} But other classes of hay er ton, largely sult of extrem light arrivals. teady outlet te slow sale. THREE ROADS ANNOUNCE AUGUST RAIL EARNINGS " ATLANTIO COAST LiNE. AND By the Business The Securities Markets Were Not Constructively Influenced by the Forma- tion of an Economic Al liance Between France and Germany. BY DR. MAX WINKLER. Special Dispatch to The Star. ¢ NEW YORK, September 30—The securities market paid no attention whatever to the report of the formation of an _economic alliance between France and Germany, which, according to one of France's keenest observers, represents the bmnlnl of the victory of reason and jom over the passions which have so long held sway. Under normal circumstances this development would haye been hailed as most constructive— a8 it doubtless is—and would have found ample reflection in quotations. It 18 not likely that short, selling was entirely responsible for the renewed wave of liquidation which resulted in new lows being established through« out the list, especially the industrials. ‘The weakness must be attributed to the continuance of bank failures throughout the country. Hardly a day passes by on which several banks are not forced to close down. % Securities Qnickly Sold. ‘The closings of these financial in- stitutions are followed immediately by the sale of securities, at the order of those charged with the liquidaticn of the ent ‘Ises in question. Thls, in trn, results in mueh lower levels being amlm for various seeurities, due pr lzslly to lack of demand. The de- cline is, in many cases, helped by pro- fessional selling. In this way solvent institutions find their own holdings seriously impaired as well as the loans of clients. Such conditions inevitably lead to the. em- barrassment of these institutions. Weé thus have a vicious circle, and the end cf it should come as soon as some- cmn‘ is done to stop the distressing situation obtaining in the banking field as_regards the smaller institutions. Reverting again to the foreign sifua- tion, ohe cannot emphasize too strongly the wisdom of Germany and France in burying the hatehet. This should prove of great value, not only to the two nelghbcrln{ republics, but to the rest <f the world. German difficul- ties have long been an impediment to 2 speedy rehabilitation of Europe, which plays such an important part in the economic life of the United States, It was difficult to undertake measu: of & tonstructive and far-reaching char- fctar 5o I'ng a8 unceriainty remained on the politic2] hotizon of the old con- tinent. This unummt( is th the proc- ¢33 of being removed; it seen whether it will receive all the at- tention which it desetves. Shert Selling, Rumors. are afloat to the effect that the President feels very keenly the necessity of determining whether the factlities of the country's security and commodity exchanges are not being used |, to ereats illegitimate speculation and intensify depressions. It is believed that scime cf President Hoovet's advisers are in favor of aj ving legldlation, which :nu‘k: preven ;hm selling as such uring pefln&n of emergency. 2 Towards the end of weck, New Yotk bankers called upon the President t> take action ih order to prevent de- moralization in the securities market, Bvents within the past few days would seem to indicats that nothing concrete of effective has as yet been undertaken. In this connection reference may be made to a letter by the president of the New York Btock Exchange in which it is_pointed out that the role of short selling as a cause of declining security prices was usually exaggerated. Although, under normal circum- stances, selling for short account has its good points, in times like these short selling has bt ohe purpose, and that 18 to depress prices. In addition, it tends to destroy ‘rettirhing publi¢ confidence. Such matters, however, are otdinarily regulated by the exohanges themselves, and there {5 evety rason to belleve that thy will make whatover arrangements they may find necessarv in ordet to asdist the present situation. Debt Reduction Urged. Normal business conditions will not prevail in.the United States until thers is purchasing power in Europe, South America and Asia, according to Albert H. Wiggin on his return from Basel. Reduction of intérnational debts and reparations are regarded by Mr. Wiggin as the first siep necessary to a return to normal economic conditions through- out the world. Frelght Rates. Expectation of an early favorable de- cision by the Interstate Commerce Com- mission in regard to ths increase in rates requested by the carriers is prob- ably the cause of a cetain degree of firmness in the rallway shares as com- pared with other divisions of the market. Students of the technical side of securi- ties markets are of the opinion that this action on the part of railroad shares York, f may mark the turning point, because, on previous occasions, bear markets have almost invatiably wound up when one division failed to confirm the movements otAme others. n announcement may be made as early as Ottober 17, and eéven though the requested increase of 156 per cent is not likely to be&mufl in full, any advance in 1ates should be a helpful . Antlcipating this development, l'rgglras.slvfl! 3:"‘:’»'.' umlileel;nmd m‘.be g o @ 80-cal sec railroad bonds. EE American & Foreign Power, lI!.WI'lllel %.l“_flfl n_in therlrlolu ues of iean & Foreign Power cue"chiedy 1o the ditions obtaining Al , ful analysis re- ;ull that the decline has been over- lone. Operatifig tevenue for the 12 months ending Jufie 30, 1981, shows a decline of less than 3 gr cent, as compared with the preceding 12 months. More- over, the interest on the company’s bonds were covered more than five and one-quarter times, while the dividends on the two senior classes of prefefréd were covered about four times. rn- WAL cotitied to 31 & share. the Tage W) en a share, the being cumulative, “were eqfiuhnk.:z about one-fourth the current quota- Hoihile 1 1 diffcult to' gauge the im- » BOND AVERAGES Prets. Assoctated 7 ~Pm Yeésterday's 5:30 Edition. will the mmpthymglem from the long-ra t of view, be regarded fav "?oln ! Insull’s Statement. Utilities and insurance companies need a thorough understanding or:hdr respective business, so that spurious proposals to restrict them may not suc- ceed in deluding those who d upon J. Insull, M- Tnatil adds that An attempt mad wninkemmutlhtm.elmpén:-: been singled out for attack, directed against national principles and traditions of ownership and operation of industries by the people and indi- viduals. Kreager & Toll. Weakness in the Kreuger & Toll is- sues was attributed to the suspension of the gold stafidard by Swetien and the adverse effects of this move on the affairs of the company. This interpre- tation does not appear accurate. Of the entire Swedish press, the Dagblad of Stockholm, owned by the Kreuger in- um. ‘was _ practically the only one wi advocated suspénsion of specie payments. Thus one would seem justi- fied th concluding that the move on the of Sweden will not be detrimental the Kreuger enterprises. it 1631, by the North American (OO wepaper Atliance, dne ™ INVESTMENT BANKER TURNS TO INSURANGE W. M. Canby Joins Bankers’ Life Agency After 12 Years in Finanoial Distriet. William M. Canby, well kfiown in financial circles, who for mofe than 12 years has been connected with the Na- tional City Co.'s offie Bankers’ Life Co. of Des Moines, & 52-year-old institu- tion and one of the largest insur- ance companies west of the Missis« sippl. - He has been lgpo(nted special the Washington representative , with ding. Mr. Canby at- tended Randolph e son o kK Witlian M. G Ganby and the late Wil'lam Canby of Sandy Spring, Md., whete his family has made their home for _gtenerations. He is from one of Maryland’s oldest families and is a grandsoni-of the late celn?xc.w Rust and a cousin of Harry C. & P. OF BALTIMORE INCREASES EQUIPMENT Special Dispatch to The Star. BALTIMORE, September 30.~Capi- tal expenditures for new plant and equip- ment to be added to the systém of the Chésapeake & Potomac Telephohe Co. of Baltimore City, involvi expendi- tures of $727,460, were authorized by the board of directors at its regular monthly meeting here. Intluded in expenditures s an appropriation cevering routine construcs tion work contemplated in.every sec- tion of the State during the last quar- tef of the year. ' ‘These projects bring the total amount | authoriged for additions and better- ments to the telephotie system - i tyland so far this year to_$4,449,011, according to Frederick J. Irish, gen- eral manager Projects authorized in addition to the routine construction work include the installation of additional central office equipment at Hyattaville, Salis- bury ant n; pole réplacements in Hyattsville, Belair and’ Fork central offices, and underground cable exten- sions in Catonsville. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, September 30.—The following is & summary of important corporation news pre) the Standard Statistics Co., Ine, New fof the Associated Press. News Trend. Although fevenue freight car load- ings for the Week ended September 19 were naturally due to the holiday in the previous “week, the recovery was less than the normal seasonal .increase. Actual loadings, according to the American Railway Association, totaled 742,628 ecars, which compared with 667,730 ears in" the preceding week and 952512 cars in the correspon week of 1930. All commodities con- tributed to the tise, with the exception of ore and coke. ‘The daily average crude oil produc- tion for the weék ended September 26 [ from the pre- lcult conditlons | vio the reope ¥ d are not re- , &S by Petroleum Institute, was rels, as with 2,193,350 bar- 2,201,800 bar- rels in the. preceding week, a decline of 8250 bartels, ~Gasoline stocks at refineries declined 250,000 batrels dut- the week of September 26 to 30,- 773,000 barrels. - The Companies. Associated ‘Teleph & 'Tel zh:n A“ share u’r’nplnbl:.. sx monfi“* e . ), 'C.”a"’:'“ 01, 2 sul % Diia. destroper Tor Nev: ¥t ¥ OB, P e IBETTER INSURANGE CO-OPERATION SEEN Companies and Agents Dis«. play Desire to Solve Mutual Problems. BY ROLLIN M. CLARK. Meeting simultaneously but nearly 3,000 miles apart, the two great insure ance agents’ associations—the National Association of Life Underwriters and the National Association of Insurance its—have just concluded what may ‘haps prove to be their most importe ance sales, met in Pittsburgh, while the other froup. representing more than 12,000 leading fire and casualty agents, held its sessions at Los Angeles. Era of Co-operation. Although the problems of the two types of agents are distinctly unrelated, re was ample evidence in the ad- dresses and discussions at both meete ings that an era of unprecedented coe operation between ail types of insure meompuflu and their agents i8 In the life insurance field the gquess tion of lapsation—the surrender of pole icles now in force—has become of out= standing importance and more than one speaker at the Pittsburgh gathering offered suggestions for cutting down the ‘admittedly high lapse ratio experienced this year. The underwriters were told that they themselves had a part to phx in keeping business on the books ant should not rely entirely upon the com« panies to on such conservation work. Through co-operative effort of companies and agents it is ekv that much business now being surrens dered may be kept in force. The Los Angeles convention of fire and casualty nts was marked by & manifestation of co-operation and har mony between the agents and come infes whose interests are complemental. fred Kurth, president of the Home Insurdnce Co., told the agents that “there is no single problem which can- not be solved, no culty which cannot be overcome, not an irritation that can- 1ot be allayed” through the Joint Con- ferences Committees which have been set up by company executives and the agents’ association. Mr. Kurth pointed out that in the last decade there has been an im: portant change in the attitude of many compl;:fy officials toward some of the aims the agents. He cited agency qualification laws as one example, state ing that “eénlightened compan; has under!:lu 2 in regard uch laws.” ‘Sidelines.” A that the so-called “side- lihes" of coverage sold in ads dition to fire insurance—be Gombined ‘with fire insurance Lo oive "properey owners compiete owners pr ng.mm a number of hazards one gluy, was advanced by Mr. Kurth. would have fire, wlndm::a 10 insurance mmm ough the pay of a single . Through this means, he bes ves, the cost to the insured can be reduced .and fl‘:: the same time more insurance in -Mr, Kurth declared that the issuance of such policies would be authorized “as of | in the (Copyrizht, 1981.) Grain Market By the Assoclated r‘r:;l " 4 CHICAGO, teber 30— ices here sagged early today. gr ve to M‘fldnm in wheat ed and millers had stopped buying. h wheat and corn fell to fresh bottom price records for the sea~ son. Opening unchanged to % cent lower, wheat afterward underwent general set- backs. Corn started at % off ito % up and later receded all around, Septem- bet in particular. of ine ‘e to sell creased pressuf' Canadian wheat at Live were_fice companied by word that Russian wheat export quotations had been further ree duced 3 cents a bushel. 8 tive urchasing as well as millers’ buying iverpool was described as st nil. A teason given for cessation of demand waé. that British millers' stocks of wheat were of large volume. In addi- mw the effect of such foreign ad~ ‘wheat reflected weakness shows by_the corn market. End of the month liquidating sales of September corn led to an eatly break of almost 2 cents a bushel for that delivery, Receipts of corn here were heavy, 167 cars against 95 a week ago and 58 on the corresponding day last year. Bookings of eorh to arfive were also liberal, and primary recel} totaleg 524,000 bushels, compared With 467,000 at this time last year. Osts followed corn. . Provisions advanced on account of the unusudl number of lightweight hogs reaching términal markets. New York Cotton Speclal Dispatch to The Star. NEW YORK, September 30.—Opens ing cotton prices were 3 points lower to 3 points higher today. October Wwas the only month sho! any amount of st , and covering and trede were sufficient to more than offset house liquidation. In ail other positions there was 4 detefmined dfive fof lower prites. Opehing prices were: October, 5.88, up 3; ogeemlm‘. 6.04, off 3; January, 6.14, ¥, March, 6.82, off 2; May, 6.51, off 1, and July, 6.69, off 2. VIRGINIAN RAILWAY CO. NETS $2.59 PER SHARE Virginian Railway Co. reports for eight months efided August 31. 1931, net incomne of $1,930,077 after taxes and charges, equivalent after dividend re< quirements cn 6 per cent preferted stoék to $2.59 a share on 312,715 shares of common stock. $2,718,347, or §5.11 fitst eight August $359,852 after :-Enml‘l ”emnu. #gaihst $395,327 ia tement for August and eight ménths compares as follows: August gross....41.870687 81,4360 Net oper. income, . 031, Surplus after chgs. 350,852 8 months' gross. . .10,193,642 Net oper. income.. 3,956,247 Surplus after chgs. 1,930,077 New Institute Secretary. aselits ant numd ity has m& cg.‘ ug: