Evening Star Newspaper, October 3, 1931, Page 14

THE EVENING STAR, WASHINGTO NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. - OCTOBER 3 INANCIAL 1931 BONDSIRREBULAR | o= o BONDS e URGES SHORT SALE AT SHORT SESSION BAN BY EXCHANGE UNITED STATES. O aien. Hiat, ow. Close. Foreign List Points Higher, Economist Takes Issue With but Domestic Issues Lose Whitney—Says Weak Mar- Ground. ket Hurts Business. BUSINESS TRENDS INU.S. ANALYZED Some Lines Give Indication| t# That Turn for Better i Has Arrived. Eale Hoe & Co 614534, . 1 Hud & M adj 58 '57. 77 Hud & Mrf5s'57.. 1 Humble Oil 55°37.. 3 Humble O 535 '32. Hungary 7% '44 111 Bell Tell 65" 11l Cent 43 '53 111 Cent 4% *6. 111 Steel 434 Inland St 4%s B'S1 1 Int Rap Tr5s'66.. 29 Int Rap Tr sta '66.. 64 Int Rap Tr 6532, Int Rap Tr 75 32. Int Cement 58 '48.. 2 Int Hydro Ei 65°44. 17 Int M Co 5srev'dl.. 15 Int Match Bales— Net. Add 00. High. Low. Close. Chge. 178% 6 Spicer Mfg. 6 . 5 64 6 12y Stand Brands (1.20). 90 13% 13 ~ 2 Stand Comcl Tobacca 2 2 2 81% Stand Gas&El (3%). 30 33y 31% 42'; Stand Gas&EI pf (4). 1 44% 44% % Stand Invest Corp... 6 1% 29% Stand Oil Cal (h2%). 29 29% 90 Stand Oil Exp pf (5). 2 90 287 Stand Ofl NJ (12).... 69 29% 9% Starrett(LS) (12%). 10% 1 Sterling Secur (A).. 1% 21; Sterling Secur pf.... 24 22 Sterling Sec cv pf(3) 224 4% Stewart Warner.... 6 15 Stone&Webster(m2), 1615 9 Studebaker Co(1.20) 10% 100 Studebaker pf (7)... 100 26% Sun Of) (M11)....000s 36 20 Superheater (23) 20 :% (Continued From Page 13 ~1931~ Stock and —_—_—— digh. Low. Dividend Rate. Stock and Dividena Rate. Nat Cash Reg A 1% . Nat Dairy (2.60). Nat Dist Prod (2). Nat Lead pf A (7)... at Lead pf B (6)... 8208 at Pwr & Lt (1) 33 at Radiator. 1 Nat Steel (2). 11 t Supply Co. 4 Nev Copper (80c) . 11 Newport Co (1). Y Air Brake. Y Central (4)..... Y & Harlem (5). N Y Investors. ... NY N H& Hart (4).. N YOnt & Western.. N Y Shipbuilding. ... Y Shipbldg pf(7).. Y Steam pf (6). Y Steam 1st pf(7). 1031~ gh. Low. 298 50% 364 143 1204 4 1t 58 0% 14% 207 25 1324 227 124 947 187 i 12% improve- { "2 Sates— Wet. Add 00. High. Low. Close. Chge. 7 15% 15% — 8 21% 22% T 21% 21% — Y% 140 140 115 115 14% I 208 128 5% 15 ™ 55 123 21 36% ke 8 444 977y 100 11y 121 80 4 32 22% Lib 3% s 32-47.. 48 101 13 10113 10113 L 1st4%s32-47 32 102 8 102 102 L 4th 43, s 33-38458 102 30 102 16 102 16 1. 8.381951-55 108 97 20 9716 9716 US3%s'49. 78 9912 99 4 99 9 US3%s40-43.. 65 100 20 100 12 100 16 US3%s41-43.. 16 100 20 100 14 100 16 %s43-47.. 21 100 20 100 12 100 18 %8 46-66. 150 103 25 103 16 103 16 S 44-54..., 13 105 9 105 5105 5 %847-52.. 4 109 16 108 26 108 26 Low. Close. 32 34% 91 91 b a8 38% 28 28 48, 48 7" 50 8% TB% 63 63 % 15 -99% 100 102 1024 111 111 101% 102 105% 105% 101% 102 105% 105% 95 95 95 .9 35 '35 10 a0% 40% . 40% 40 “40% 40 40%y 40 40 664 6614 56l 56% 86 86% 93% 93% 101 101 98 9BW 902 ¥0'3 7 97t 6 0 37 95 54 874, 13% 2 3154 4% c 8 29% 90 29% [ 1 21 22 ) 15% 9% 100 348 20 % 1 23 22 140 118 19% 136 115 14 .23 5 12 14 -3 u u u i ! N v 3 3 4 4 s 8 s s g Bpecial Dizpatch to The Star. NEW YORK, October 3.—Current in- dications of the trend in various divi- sicns of industry and trade are sum- marized by the Standard Statistics Co. of New York, from its first of October resume of the outlook for important lines, as follows: Advertising — Substantial ment in general trade, it is believed, | 197% must precede a sustained advance in advertising expenditures Agricultural Machinery—Perceptible acceleration in the present slow rate of collections cn_farm_receivables must await definite strengthening of both the sgricultural price and credit structures. Aircraft—A further prolonged period of readjustment is facing the entire air- craft industry before a satisfactory Jevel of earning power can be estab- lished. Apparel — Smaller _inventory _losses and an expected increase in full year sales over 1030 totals probably will off- set generally smaller profit margins in the apparel fleld. Automobiles—It is_improbable that aggregate 1931 outturn will be much, if anv. more than 75 per cent of the 3,- 510.000 units produced last year. Automobile Parts—Little stimulus for increesed activity is prospect during | the wee ~diately ahead. although | requisitions for new models shouid be- gin t7 appear by late October or early November. Automobile Tires—N»> substantial im- provement in full vear earnings is ex- pected for the great majority of pro- ducers Building—There is no basis for ex- pecting a counter-seasonal trend in construction during the Winter months, although there is inereasing evidence that the industry is approaching a stabilization basis. Chemicals—For the immediate future continued restricted profits are exvect- ed. The longer term aspects of the chemical industry are decidedly more favorable. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, October 3.—Domestic bonds were irregular today, while for- eign dollar loans were generally higher. Liquidation of dollar bonds by in- vestors of Europe seemed to have been % | virtually completed, because fresh dips % in foreign exchange quotations today bre did not bring out any ney selling of n bonds payable in New ¥ork funds. Great Britain 5l:s, for instance, sold well above their previous close during most of the session. Canadian govern- ment bonds, Canadian government guaranteed izsues, such as the bonds of the Canadian National Railways, Cana- dian Pacific issues, Canadian munici- pals and cor ate obligations, were all 1 to 3 points higher, in spite of the fact that the Canadian dollar was still quoted at a 13 per cent discount. Dealers reported a satisfactory volume of the “best kind of buying” in better grade foreign bonds. Belgium 6s and 7s, Danish 4l5s, French 7s and 7%:s, Italy 7s, Japan 5};s and 6135, Milan 6!25, Norway 6s, Rotterdam 6s and Swiss 5155 all showed gains. German gcvernment and bank de- scriptions and German industrials were somewhat higher, with every evidence of an active demand slowly getting un- der way as offerings tapered down. United States Government long-term bonds wers again in favor. Dealers re- ported a large volume of individual buying orders, especially in the higher yield Treasury 4s and Treasury 3%s The former bond yielded about 3.50 per cent at today's quotations and the 3%s #bout 3.30 per cent. | Domestic corporation issues had an u;:;cld’ed trend Rallroad bonds were steady for the most part. Chesapeake | & Ohlo 5s dropped 2 points. but this| reflected a sharp break in the road's | common stock. Rock Island refunding 4s were 2 points higher and there were fair gains in_Alleghany 5s. Denver & Rio Grande Western 5s, Missouri-Pa- cific 5125 and general 4s and other second-grade carriers. High-grade rails were firm. Industrials were irregular. ( Municipals, which have recently been marked down because of distress selling, were firmer toda: The Daily Bond Buyer estimated the total of State and municipal bond flotations in the quar- ter ended September 30 at $1.136.000,- 000. a figure which has not been ex- ceeded since 1924. Washington Stock Exchange SALES. Washington Gas 6s “A"—$200 at 100, $300 at 100. Lanston Monotype—10 at 70!,. 10 70'2, 10 at 70%:, 10 at 70%,, 5 at 70° AFTER CALL. Capital Traction 5s—$2.000 at 74 Potomac Electric 5% pfd.—10 at 111 Bid and Asked Prices. BONDS. PUBLIC UTILITY. & Tel 4135 39 Am. Tel. & Tel. ctl. tr. 38 Anacostia & Pot. R. R. 55 Anaccstia & Po'. guar. 5s C. & P. Tel. of Va. 8s Capital Traction R. R. 55 City & Buburban_ 8 Georgetown Gas st 5¢ Potomac Elsc. Cons, 5 Potomac Elcc. 6s 1953 ash. Alex. & Mt Vernon ctf ashington Gas 4'as hington Gas 5s h. s, series A h 6. series B h. & Elec. 45 MISCELLANEOUS. Sales. High. Abitibi P&P 65’63, 11 34% Ab& St53% ‘43 191 | Alleghany Cp 58°44 12 46 Allegheny 5549, .. 3844 Allegheny 65 '50 29 Am F P 582030, 50 71 6% 63 15 100 3 10214 113 102 106% 102 105% 95 95 35 40% 40% 40k 404 40% 661 57 Special Dispatch to The Star. NEW YORK, October 3—Suspend short selling of stocks and general business conditions will show almost immediate improverent. This is the opinion exprezzed yesterday by Gage P. Wright, editor of the Business Eco- nomic Digest and New York business and investment counselor. Mr. Wright asserted that whatever its academic merits, short selling tended to push quoted prices lower and thereby shake the confidence of business executives througheut the entire country. “Mr. Richard Whitney, president of the New York Stock Exchange, in & speech before the Merchants' Associa- ton the other day,” said Mr. Wright, “stressed the fact that the law of sup- ply and demand should always be per- mitted to operate, and stated further that any interference with the opera- tion of this law merely tended to pro- long any period of readjustment. Dangerous Interference. “How can the law of supply and de- mand, in the sense used by Mr. Whit- v, operate in the stock market with w b Swal PTIOTOTS- PN RPN Int Pap 6s *5! IntT&T4% Int T&T ev 4 %s'39. Int T & T 58'56. ... Italy 78 °51 Italy PubS 7s Japanese 5%s '65.. Japanese 415 Superior Steel..... 1__Symington (A) 2% Tennessee Corpa. 15's Texas Corp (2). . 20% Tex Gulf Sulphur(3) 5% Tex Pacific Land Tr. 13 Third Nat Inv(mése) 6% Thompson Prod 1 20. 2215 Thomp-Star pf (3%3) 315 Tide Water Asso Oil. 20 Tide Water As pt(6) 4 Timken-Detroit Axle 20 Timken Roller B(2). 7 Tobacco Prod A t95c 3% Transamerica Corp. . 513 Transue & Williams. 3% Tri-Contl COrp...... 53 Tri-Contl Corp pf(6) 241 Trico Products(2%). 714 Truscon Steel (60c). 315 Twin City Rap T Under EIl F! 4 4 Union Carb & (2.60). Unlon Oil of Cal (2). Union Pacific (10).. Inion Pacific pf (4). Un Tank Car (1.60). nit Alrcraft. 5 Unit Alrcraft pf (3). Unit Am Bosch. Unit Biscuit (2).. Unit Carbon. Unit Cigar Stor: Unit Corp (75¢). Unit Corp pf (3) Unit Electric Coal 321 Unit Frult (4).. 20 Unit Gas&Im (1. 96 Unit Piece DWpf 6% 67 U 8 Distributing 262 U'S Distribut pf (7). 1% US & Forn Secur.... 52 US&For Secpf(§). VU S Freight. U S Gypsum U S Indus Alcokol U'S Leather. .. US Leather (A).... U S Pipe & Fdry (2). U S Realty & Imp(1) U S Rubber. U S Rubber 1st pf U S Smtg & Ref (1). U S Smtg&Ref pf 3% U S Steel Corpa (4). U S Steel pf (7)..... U S Tobacco (4.40).. United Stores (A) United Stores pf (4). 915 Util PAL(A) et2.16 14 Vadsco Salespf.. 16% Vanadium Corp. 13 Va-Caro Chem Va-Car Chem 6% pf. Va-Caro Chem pf (7) Va Elec&Pwr pf (8). vulean Detin (4) RR. . Waldorf Sys (134),. Walworth Co. . Ward Baking (A). Warn Bros Pietures. Warner Bros pf 3.35. Warner Quinian Warren Broi Warren Bros cv p Wesson O11&8no(2). Wesson O&Sno pf (4) West Pa Elec A (7). West Pa EI pf (6)... West Pa El pf (7). .. West Pa Pwr pf (7). Western Dairy (A).. Western Dairy (B).. Western Maryland. . Western Pacific pf. .. A4% 9T 1014 11% 125 80 4% 3% Am Intl 53849 Am Metal 53383 Am N Gas 634842, Am S&R 1st bs'47. Am Sug Ref 65'37. AmTaTcv4ls AmT&T b8 65 Am T&T c tr b Am T&T b3 Amn T&T 5% Am W Wks 5. Am Wat Wk 2% 16 22 6 14 X tn (+12). Norf & Westn pf (4) orth Am Aviation. or Amer(b10% stk) orthern Pacific 3) Ohio O11 . Oppenhm Collins (3) Otis Elevator (2%).. Otis Steel. . Owens Iil Pacific Gas & El (2). Pacific Lighting.(3). Pacific Mills. : Pacific Tel&Teleg(7) Packard Motor (40c) Pan-Am Petrol (40c). Pan-Am Pet B (80c) . Panhandle P & R pf. Paramt-P(m1.62%p) Park Utah an City Sou 58'50. 10 an City Ter 45’60, 22 Kan G&E 4%3'80.. 10 Kerd5%s 48 ww.. 6 Kreug & Toll 58’59, 6 Lac G St Li5s 34 Lig & Myers 7s'44.. Leorillard 548 '37.. Lorillard 7s '44 La & Ark 55’60 Lou G & El 5552 L &N 43%52003 Lyons 6534 McKes& R 5 Manh Ry 1st 45’50, Man Ry 2d 4s 2013. Market St Marseille 6 Midvale St) 65 Mexico 55 A "45 1% =% % % W Argentine May '61. 2i Argentine 6s Ju's9, 14 Argentine 6sOc'59. 6 Argentine 65 A ‘57, 14 Argentine 6s B'58. 5 Arm & Co 4%8'39., 1 Arm Dei 5%s '43... 35 Atchisonad) 48°95. 4 86% Atchison gn 4895, 39 94v Atchiscv 4%8°45.. 23 1013 Ateh Ariz 4 3 Al C Ldst AUCLcl4s AU Ref db 5357 Australia 4gs " Aus.ralia bs Australia bs Austria is’43..... Austria 78 ‘67 ctfs, B&O4s'4s. ... B&O4%5'33.. - 175 : 118 94% 45% 24 31 » NSumuaa Sonaalon 130s 908 49 8 8 2umnBo~C0la nnunanSahineRennns » Pathe Exc) . Pathe Exchange (A) Patino Mines. Peerless Motor Car. . Penick & Ford (1)... Penney (J C) (2.40). Penn Dixie Cement. . Penn Dixie Cmt pf Penn Railroad (3)... Peoples Gas(Chi) (8) Pet Milk Co Petm Corp of Am (1) Phelps Dodge Co. ... Phila&Reading C & I Phillips Petroleum. . Plerce Ofl. Pierce Ofl pf. .. Pierce Petroleum. Pilisbury Flour (2).. Pitts Coal. .. Pitts Coal pf. Poor & Co (B).... Port Ric Am Tob(A). Port R Am Teb (B). Postal Tel&Cable pf. Prairie Oll & Gas. Prairie Pipe Line. .. Proct & Gaml ‘2.40) Pro & Refiners. ..... Public Sve NJ (3 40). Public Sve NJ pf (5) Public Sve NJ pf (6) Pullman Corp (4)... 3 selling automatically creating an artificial supply. or an artificial de- |mand? The prices of stocks, of course, Milan 658 /52 | fluctuate in secordance with the num- Mil y & L 5561 kL ¢ | ber of buyers or seilers. When more Mil EI Ry&Lt 58 *71 3 5% | people want to sell than there are M StP&SSM cn 4s. . | people who want to buy, naturally MK&T 1st 45'90.. | prices decline. and conversely, when MK&T4sB'62... { more people want to buy than want M K & T adj 55 '67. to sell, prices advance. Short selling MK&T pr In 5sA’62. creates a dangerous interference. At Mo Pac gn 4 any moment it is possible for the sup- n: g:: 2::"7‘? Egigllsk]’lcurlurf to be tremendously and cially increas: y :o;‘u a::}'}t} short lines. R o Pacrf 6581.... “Why, then, does the Stock Exchan Mo Pac5isA 4., not forbid short selling? Brokers an- Montevideo 7852 . swer that short selling is an_economic Mor&Co 1st 4% 8'39 necessity, that without it bull markets at Dairy 5% *4 would have no end and bear markets t Rad 8847 no cushions to halt their fall. There is 1 Steel 58 '5 merit in this argument. though it is open_to discussion whether similar | benefits might not be acquired without jthe risk always inherent in short 1, | selling. 12i _ “Even its blindest partisans cannot 7. | deny that short selling. though it may p bolster a falling stock when the suc- 807 | cessful bear covers his shortage, first 901, | tends to drive this stock downward and 9%, | carries on a movement which might 851 | not_have gone so far, or initiates one 48 | which might never, otherwise, have 53 | happened. 597 “This is no time to argue the eco- 1071 | nomic merits or faults of short selling 11315 | Suspension of short selling on the two days following Great Britain's aban- donment of the gold standard enabled the market to register a rise, not only | sensational. but sustained. The upward | movement was halted only when short 754, | selling was permitted again. Here is 98 | testimony of the dangerous effect of 931 | short selling in times like these, wheth- er or not it be argued that at other times there is value in the procedure. “A depressed stock market tends to depress business activity, because to- business executives throughout the e country follow the movement of quoted prices on the New York Stock Exchange more closely than is good for them. When the market is declin- ing rapidly, they lose confidence in the outlook and unconsciously tend to gov- ern their policies accordingly. Twenty years ago this was not so true, becaus few executives at that time knew, or 2 95 b4 878 92l 921 65l 66 10015 1003 A1 81 50 80 931 93% A4 B4 3 93 17 3% %0 0% 94 ® 25 6% 1 1% 35% 3 a B B B B B o B&OSwdv5s's0. BK of Chile 638 ‘57 Bk Chile 6% '61. . Batay Pet 4% Belgium 65 ‘05 » POTOTRSTAEIT PR YCRRTOTET A JOpR PR Outlook for Coal. Coal—Profits for the bituminous trade are likely to remain at current low levels during the next several at least. In the anthracite profits f-r the season are ex- pected to make a decidedly unfavorable comparison with those of a year ago. Cotton Goods—In spite of larger sales substantially more favorable in- comes f>r manufacturers appear unlike- 1y in the near term. Flectrical Equipment—Both trade. statictics and earnings reports of lead- ing electrical equipment companies con- tinue to indicate that activit and profits are at low ebb, Fertilizers — Present prospects are that the coming active season may prove even more unprofitable than that a vear earlier. Food Preducts (other than meat)— Profits are well sustained. except in several branches which are depressed | by fundamental trade weakness. Household Products—Volume of sales Is unlikely to expand from present levels until a period of increasing em- sloyment expands public purchasing power. Lead and Zinc—It is believed that gradual reversal in the downtrend of earnings of leading producers is in pros- pe~t over the next several months. Leather—For the remainder of the | year. it is quite likelv that the cyclical movement of shoe outturn will continue the moderately downward tendency al- | ready manifested for three successive Tonths. Belgium 7 Belglum Bell Tel Pabs B 48 B 1nd Loan C 65 '46 Berlin CE 63%s '5u. Beth S pm 55 '36. Leth SUTf o35 42, bolivia Bolivia solivia ¥s 47, Bordeaux 65 '34. BOSL& Me 43561, Bos &Me 53 b1 brazil 613826 Brazil 65 Brazil 7 | Brazil 8s°41. t | Bremen 78°35. . - | Bk kd gn A 5574 Bklyn Elev 6izs. .. Bklyn Man 65 65. . Bkiyn Un 1st 5550, Buenos A 6561 Py, Budapest 65 b2. Bush Ter con o8 Buen 1 Bldg os'60. Calif Packing 65 '4¢ Canada 45 by Canada 4338 § Canaua s 115 80 100° 1051, 40 N Eng T 1st 5. OT&M5%s NYCgn3%s's? N Y Cent 4s'98 N ¥ Centdb 4s'34. NY Cnrf4%s 2013, NYCrfim 582013, N ¥ Cent db 6s '35, NYC&StL 45’37 NY C&StL 4%s NYC&StL5 14 8A'T: NY C&St L 6832 Y Edisn 5s B'44., A Pure Oil pf (8)... Purity Bakeries Radio Corp......... 26 Radio Corp (B) (5).. TisuRladio-Keith-Orph A. 20 RR Sec 1C stk C¢d). 912 Raybestos-Man 1.60. Reading Rwy (4) Reading 1st pf (2 Real Silk Hoslery. .. Reis (1) & Co 1st pf. Remington-Rand. .. Reo Motor Car(40¢). Republic Stee Republic Steel pf. 'nolds Metls(1%) olds Spring. ... Reynolds Tob A (3). Reynolds Tob B (3). Richfield O1l. Rio Grande Ofl Rossia Insur (2, . Royal Dtch(m2.2789) 38% Safeway Stores (5). 80 Safeway Strspf (6). 92 Safeway Strs pf (7). 10 St Joseph Lead (1).. .. 109 71w 26 277 8Tla [ 1y 16 14 1 4 44 & . 19 Lan Nat by 472808 o4 Can Nat 4438 oi Can Nat 4435 '68 O&W 1st 48'92, Tel 4%5'39.... Sh Md 5% 60, ord 63458 '50. E Nor& Wnev 4536, No Am Co 5561 Nor Am Ed 55 C '63 Nor AmE5%s'63. NorOT& L 6s'47. Nor Pac 4s'97 Nor Pacr16s 2047, Nor St Pw 53 A ‘41. Norway 5863 Norway 5%s'65. Norway 6343 Norway 65 '44 Norway 6s '52.. Ore Sh L 55 5td '46 Amer_ Tel. Famabion » a3 atosUct 6y nNates'iv. Can Nor 448 50 Cen Nor 6135 db 4 Can Nor 7s alf 4u. . 38w fachinery—Operating results for the | ‘ull current vear will be of slight pro- sortions, at best. Meat Packing—Full vear earnings | rospects remain unsatisfactory. Metal Containers—It seems _likely hat 1931 profits of leading can manu- | ‘acturers will decline from 15 per cent %0 20 per cent below those of 1930. Wid- | »ning uses of tin containers for general | ndustrial purposes should increase de- | mand from this source upon general| business improvement. | Office equipment—A rather prolonged | neriod of restricted profits is expected throughout the trade. Paper—The full vear 1931 outlook is for a sharp reduction in profits from | 1930. | Petroleum—Profits of most com- | panies_during the final half of 1931 probably will show moderate improve- | ment over the deficit levels of the ini- | tial six months. although full year re- | turns will be entirely unsatisfactorv. | Radio—The low ebb of consumer purchasing power suggests that no more than seasonal Improvement, at best. | will be witnessed during the remainder of the vear. Railroads—Tt is now indicated that ! aggregate gross of all class 1 roads will | be the lowest this year since 1917 i Reilroad Equipment—Profits of all companies in_the manufacturing divi- | sion of the industry will be severely curtailed for the full current year. Both the signal and the car-leasing branches should be able to maintain operations at comparativelv satisfac- v levels during the remainder of the Demand for Rayon. Rayon—Recent reduction in acetate prices has widened outlets and stimu- lated demand. More healthy conditions in the viscose field are reflected in in- creasing scarcity of so-called inferior | grades. and firm prices. Retail Trade—There is little to indi- cate more than seasonal expansion of | retail transactions this Fall and holi- ( dav business is expected to be somewhat below that rectrded in 1930. Shioping—Profits of foreign coasta) and intercoastal service for 1931 will fall well below even the unsatisfactory resulis of a year earlier. Silk Goods—The earnines ontlook for | silk manufacturers is somewhat im- | proved. but profit margins remain narrow. Steel—Activity at any time between | now and the year-end will probably not exceed 40 per cent of capacity. Sugar—A relatively firm or gradual rising trend of sugar prices should prevail during coming months. | Theaters—Certain constructive fac- | s are operating to prevent a mors us depression. Far-reaching cost reductions have been made throughout the industry. Improved earnings are| expected in the final quarter of 1931, | although returns for that period prob- 2bly will not equal those recorded & year | earlier. Tobacco—FPull yvear returns for the Jeading tobacco companies will prob- | ably be somewhat above the fAvorable | STATISTIGAL STUDY R StL-San Francisco. . 12 StL-San Fran pf(6). 7 St Louis Southwn. Savage Arms (1) Schulte Retail Stores Seaboard Afr Line. . 15 Seaboard Air Line pf 6% Seaboard Oil........ 31% Sears Roebuck (21) 1% Second Natl Inv % Seneca Copper. 4 Servellne...... 5 Sharp & Dohme 40 Sharp& Dopf (3%). 12 Shattuck(FG)(11%) 314 Shell Union Ofl...... 23% Shell Union Ol pf... 1t Shubert Theaters. 10~ Simmons Co. .. 4% Simms Petroleum. .. 6 Sinclair Consol Ol 314 Skelly Oi 10 Skelly Oil pf ww 13 Socony-Vacuum 1.60 714 South Port Rico Sug 87 Sou P Rico Sug pf(8) 29% Southn Cal Ed (2)... 7 Southern Dairies(A) 50'5 Southn Pacific (6). 16'2 Southefn Rwy (m6). 3% Sparks Withing (1). o P YS IOIO I ~JUPH- PO Y. PPN~ PG -1 - ST 14 104 6 (3 3%, 14 134 Ria a1y 30% Ts 52 17% 3, Western Union (3).. Westinghse A B(2). Westinghouse (2%). Weston Elec Instru. Westvaco Chlor (2). White Motors. White Rock (1434) .. Wilcox Oil & Gas. Willys-Overland Wilson & Co. Wilson & Co ( Wilson & Co pt Woolworth (2.40). Worthington Pump. Worth Pump A (7).. Wrigley (Wm) (4).. e& Towne (2)... ellow Truck....... Young Spr&Wire(2), 21'3 Ygstwn Sheet&Tube. Zenith Radio. ...... 715 Zonite Prod Corp (1) 21% 40 53 14 1 - % XEx-dividend. - 'a| 4% In stock. fPlus 9 23, | bpavable in stock. Ziv, | nPlus 3% in stock. ) stock. © Plus 2 sLess than 100 shares. Payable in 1Plus 50c in_spect; | 3% in stock. m Paid this yesr—no regular rate. nPlus 5% in 2% in stock. 23 3 1 1 2 164 4615 21 40 53 4% 4 14 21% 1% T 16 47 21% -2 40 55 14% 4 14 218 1% Tis a w3 SR nalacannia N [ 2 2 T la tPartly extra. 3Plus & Paid last year—no regular r. Plus 8% in stoc! preferred stock. k Plus in stock. URGED BY SAWYER Federal Board Director Be-| lieves Analysis Necessary to 1 : Improved Business. | | Economists and statisticians were reported Thursday by D. A. Sawyer, director of the new Federal Employ-| ment Stabilization Board, as having ex- | perienced a trying time in convineing American business men that the treat- ment of fundamental facts, as well as current events, can contribute basic in- formation as an assurance against un- sound impulses in commercial life. Sawyer was addressing a group of | representatives of the Instiiute of Builders of Great Britain in session | here. It marked his first public speech | sinee taking charge of the newly created board, deslxned as a medium to gather complete figures of construction, co- incident with the interpretation of ex- isting barometers of business so 25 to enticipate conditions which might effect employment. Fluctuation in Industry. 1 | | He asserted that American industry s | was continuously in a state of fluctua- |jected into the entes tion to an extent that rigidity of| requirements might easily dampen the | ardor of creative genius and prove a| 'STOCK AND BOND AVERAGES By the Assoclated Press. SATURDAY, OCTOBER 3. scSTOCKS. Industrials. | B .43 . 82.8 102.7 Two years ago.... Three years ago.. High, 1931 Low, 1931 High, 1930 Low, 1930 High, 1929 Low, 1929 Today. . Previous day Three vears ago. High, 1931 Low, 1931 High, 1930, Low, 1930 High, 1929, Low, 1929 . * New 1931 low. (Copyright. 1931, Standard Statisties Co.) may be directed to reliable fields and new concept of confidence be in- As to the functions of the new Fed- eral board, the director explained that it must analyze more thoroughly than tricated. “The public dollar is in the custody of selected officials,” he said, “and if advanced plans nad been de- vised for expenditures, it is entirely feasible to release this money for use- ful public works and play an important Barber & Ross. Inc.. 6'us Chevy Chase Club 3ias Columbia_Country Club ' D, C. Paper Mfg. 6s...... . M. Cold Storage 85 STOCKS. PUBLIC UTILITY. & Tel (9) . Pot. Elec. Power 6~ pla Pot’ Elec’ Power 5'2°~ pfd Wash. Rwy. & Elec. com. (7 | Wash Rwy. ‘& Elec. ptd. 3) i NATIONAL BANK Capital (14) e Columbia (12} Commercial “stamped) (10) District (8) Fed.-Amer. Nati. Bk. & Tr Liberty (78).... Lincoln (12) Metropolitan (14) | Riggs (185) Second (9e) Washington @ as) TRUST COMPANY. Amer. Sec. & Tr. Co. (15) Contingntal Trust (8)... Natl. Sav. & Tr. (12:) Prince Georzes Bk. & Tr. (6} Union Trust (8s) Wash. Loan & Trust (14).. BAVINGS BANK. Bank of Bethesda (85) . Com. & Savings (10) East Washington (12) Potomac (10) 8ec. Sav. & Com. Bk. Seventh Street (12) United States (20) : ‘Washington Mechanics (20) FIRE INSURANCE. American (12 i Corcoran (10) iremen s (8) ational Union (18) TITLE INSURANCE. lumbia (6h). ... al Estate (6h).. MISCELLANEOUS. Col. Medical Bldg. Corp. (6) Col. Sand & Gravel :ffl o D. C. Paper Mfg pfs Dist. Natl. Sec. ptd. (7 Emer. Bromo-Selz A" (3. Federal Storage prd. (8) Fed.-Am. Co. com. (1.201) Fed.-Am. Co. ptd. (6) Lanston Monotype (7! Mer. Tr. & Stge. com. (10).. Mer. Tr. IKS!H pfd. dooaaann Mergenthaler Linotype (6) . Peoples Drug Stores pfd. (612) eal Est. M. & G. pfd. (8) curity Storage (de). Ter. Ref. & Wh. Corp. (3) The Carpel Corp. (2)..... W. Mech Mtge. com. (6) “ee Wash. Med. Bldg. Corp. (7). Woodward & Lothrop com. (1.20) Woodward & Lothrop pfd. (1).. “Ex dividend. 27 extra ks closed. ¥2'2% extra. N 37 extra Baz ‘extra. 5% extra. 310 315 28 *130 Unlisted Department. (These securities not listed under Exchange rules ) BONDS. Army-Navy Club 5s. Cosmos Club_ '35 Commercial Club 1st 5s. Mayflower Hotel 85 . ropolitan Club 4135, ess Bldg. 1st §'zs STOCKS. Anacostia Ban S Chapin Sacks 8% pld Connecticut Pie Co..... Chr, Heurich Brewery. . { Can Pac 55 48, ert- n Pacdo 4s. an Paciiic 443 Can 1'ac 45 o0 Can rac os o4, Car Clin & O 63 Cent vac 4s Cen Ry NJ g o8 ddboizses Cnes Corp as 4 C&U 4ias A", Ca&U4ins B CB&Qgen s 38, CB&Qdias C B&Q Istrf 55 °71. CB&Q Ildv $ias 4y Chisrstllosol., z Cnl@rt West 4s oy, o Chi M & St ¥ 4533, 10 Coi Mea St 4138C 10 CM&SLP 438 3y, 2 CMSWar os'75.. 5y CMa&sStiag)os.. 55 CENW 4135 C 2087, 2 Chi& NW cn 4 43 ChieNW rf 5. CRI&NW blys s Chi RI&P gu 48 ‘88, Chi Rl P rias s4 ChiRlcvains'sy. 2 ChiR1&Palas’ss 12 CTH&SE 1n 55°60. Ch1 Un Sta 4335 '63, Chi Un Sta b8 18 '63. Chi Un Sta 6435 6. Chile 65 '60. Chile b3 '61 Chile 65 '63. Chile is 4 CCU&St L 4 Clev Term 445877, Clev 1erm és 7. Colomb 6s Jan '61.. Colomb 6561 Uct. . Colo & Sou 43 Col G&ls o8 May', Col G&E cou b3 '61. 10 Com Inves 535 "4y, 22 ConG NY 4358 56 ConGN Y bia Con PwrJap 8., Con Pow Japan 7s. Cunsum Fow 5s " Copenhag o Cuba 5%s 45 Cuba R R 58 5! Cuba Nor 533842, Csecho 8 Ceecho 85 5! Del & Hud rt Del & Hud 5% Denmark 41"l Denmark 5338 '55. . Denmark 65 "42 .« 10 D& RGrends D& RG W b DRG&WssT8.. 4 Det E GER4Y 61, 12 Det Edison rf 58'49. 1 Deutsche Bk 6s°'32. 14 Dodge Brcl 6s'4v.. b Duquesne 4125'67. 8 Dutch East 1 Mar.. 3 Dutch East1Nov.. 2 Dutch East 1 65'47. 10 EastCSug 778’37 2 El Salvador 8s '48.. Erie 1st con 48 '96. Erie gen 4s. . Erfecv5s'67... Erie 98'75 46 0% 3 100, 20 9% 9 51% 73 59 514 50% 1 6 g . 43 27 b1y 5 Pac G&E b5 '42. Pac T&T rf 55'52 Pan-Am Pet 6s'34. Paramount 6s " Faris-Or 5128 '68. Pathe Exch 7s '37 Penn 435 D ‘81 Penn gn 4% 70. Penn 43,863, Penn 5564 Penn gen 5s'68. . Penn 6143 '36. Penn P&L 438 '81. Peoples’ Gas 58 '47. Peor & E 1st 45 '40. Pere M 1st 58 '56. . Peru 6560 Peru 7s'5)... Phila Co 5567 Phila Eiec 48°71... Phil & Read 6549 Phillip Pet 33539 PCC&StL 4%5s 77, P CC&StL 55 A'70 PCC&StL 5s B'T5. Poland 65 '40...... Poland 7s'47. Poland 8550 Port Gn E1 43%5'60. Por R Am T 6542, Pos Tel & C 5s'53. . Prague 74s'52,.., Prussia 6s'52.... Public Serv 45 ‘71 Pub Sv G 41867 Pub Sv G 4%s 70 Reaagn 4%s A '97. Rem Arms 65 A '37. Rem R5%s A '47. Rhinelbe 75 '46. Rnine West 65 ‘52 Rhine West 6s *53 Rhine West 6s Rhine West 7 Riode Jan 614s '53. Rio de Jan 8s '46. R Gr Do Sul 6s 68 Rio Gr W 1st 4539 RIAr&L4ls 34, Rome §1;8 '52 Roy D 4845 ww StL IM R&G 45'33. St L&SF in 45 A '50 StL&SF4%s'78. StL&SF p15s B'50 StP&KC SL 4%5'41 StL S W 1st4s'89. San A& A P4s’43. Sao Pau 7840 ret. Sao Paulo 8336 Sao Paulo8s '50 Saxon P W 6348’51, Saxon 78 '45. Seab A L ds st 5 Seab A'L adj 5849, Seab A L ev 6845, Seine 7s '42. Serbs-Cr-S1 7862 Serbs-Cr-Sl 8 '62 Shell Un Ol bs 47. Shell Un O11 58 "49. Sinclair Ol 6% '38 Sinc O Tscv A '37., SineCr O 5%s ‘38 Sinc P L 6842 Solvay Am §: . Sou Bell T&T 5s '41 bR 16 17 12 85 79 48 2914 54 70 60 R0% 501 2813 18 281 35 16% 11 5 1047 421 46 65% 854 794 20 96 941 % 102 cared, what was going on in the mar- | Ket. Sees Legislative Threat. “Che wide ownership of securities brought about in recent vears has cen- tered interest on the movement of stock prices and the business executives have more and more come to accept a de- clining security market as a forecast of poor business in the future, the ex- pectation of which tends to retard re- cove Mr. Wright added that he could see but one reason for continuing the prac. tice of short selling. and that -was t fact that it probably increased t | profits of the broker members by ap- proximately 30 per cent annually. He stated further that. in his opinion, if the New York Stock Exchange did not voluntarily abandon short selling. leg- islation which would probably be of too great a restrictive nature might be expected. Markets at a Glance NEW YORK. October 3 (4).—Stocks weak: United States Steel and rails at new ‘lows. Bonds_strong: rails and utilities advance. Curb heavy: decline resumed. Foreign exchanges irregular: sterling sags. Cotton lower; heavy hedge selling. Sugar, holiday. Coffee, holiday. CASH BUYING. NEW YORK. October 3 (Special).— While not in the proportions of other periods of market weakness. cash buy- ing has helped to absorb some of the liquidation by individuals and institu- tions in the stock market in the past few days. One important stock ex- change house with correspondents over the country stated today that its buy ing for cash in the first half of this week amounted to 125.000 shares and that each day's total was larger than that of the previous day. This demand is still going on. It is significant that every list of corporation stockholders published shows an increase in the number of sharehoiders in individual corporations, in spite of the fact that the stocks of these companies have been declining for nearly a year and many of their dividends have been reduced or omitted. Apparenily there is still'a con- siderable body of investors who have faith in the future and are willing to buy stocks at the present deflated basis to average down the cost of those purchased either prior to 1929 or during the major breaks that have occurred since then. Unit Drg v bs ' Utd King 5%s U S Rub 18t 58 '47.. UnSt W 6%s A'47. Ud St W 6158A'51.. Ud St W 5%sC'51... Uruguay 6s°60. Uruguay 6s '64 4 SW Bell T 58 A "54. 75% | Sou Pacref 4s'55 44 Sou Pac 4%s's8 1930 showing. . ! detriment rather than an accelerate in Utilities—Balances available _ for | the. production and distribution of de- common shareholders of electric light | sirable commodities for which a market Disirict Title Insurance C Franklin_ Natl. Bk..... Munsey Trust' Co. 104% 87 74 {has been customary in the past, “a part in assuaging of employment.” |great section of industry totaling pos- IR 5% 24 Fiat 7s war. . Finland 6s '45. companies for the full year 1931 prob- ably will fall as much as 10 per cent below ‘those of 1930. - Increased operating efficiency and ‘a more conservative cxpansion ° policy will maintain profits in the manufac: tured gas division and only small clines from last year will be witnessed. Aggregate revenues and profits of natural gas companies will be materiaHy | below those recorded in 1930. Aggregate telephone operating _ in- come for the whole of 1931, probably will be above the record 1930 levels. Little expansion in revenue and profits of telezraph companies is ex- pected during the early future. Woolen goods—Loom activity for the remaining months of 1931 is expected to make favorable comparison with last year. Enola, Nebr., got its name by trans- sition cf the word “alone.” which a resident of the community used when scking the Treasury Department to es- tabl a post office there. |sibly eight billion dollars in a year in ay be found. | “What sesms to be in the mind of . thinking men who advocate improved | i practices,” he said, “is self-analysis of man and business, derived from re-| sponsible ‘information underlying both | prosperity and depression periods and adaptable to industry as now r,onm-’ | m contemplated with satisfaction, little | patience is accorded those who preach self-analysis and a thorough study of all practices which may aflect a given line of activity. When facing hard times, enthusiasm fades to gloom, and the preoccupation necessary to steady | |ths boat leads to an examination of affairs.” Sawyer said a more thorough and persistent study of statistical reports should not eventuate into an atmos- |phere of gloom nor an atmosphere of soveroptimism, but rather an apprecia- tion of the genuine. in order that the, resourcefulness of the institution and | the inventive genius of the persomnel normal times.” “The board hopes to inspire” he added, “confidence by making available to the public statistics widely ' assem- bled, and .at the same time serve as a stimulant to other branches of busi- ness to employ similar policies in their |own particular fields.” He said the board is charged also with ringing abcut the advance planning of Federal public works as well as encour- aging States, counties and cities to ac- cept this example in order that projects anticipated years ahead may quickly be released in times of stress to relieve un- empl-yment. The statisca]l ph2se of the board’s activity and the planning of the work, he explained, are ccunterpari destined to perform a public service if unsatisfactory conditions are agiin ex- perienced. Frozen Dollars. The dircctor asserted that the pres- ent depression has proved that the pri- vate dollar is usually frozen and un- available for cireulaticn or s:¢ks a re- treat from wiach i is difficult to be ex- BUSINESS FAILURES. By the Associated Press. . Business fzailures. increased sharply last weck as their trend was measured by the Commerce Department. In the index that follows, the total is given for comparable periods based on repre- senting the 1923-25 average of 1! Week ended ‘September 26, Previous week . Same week last year. . September Depreciation. NEW YORK, October 3 (Special).— The depreciation in listed stocks and bonds last month approximated $10,- 000,000,000. This does not tell the en- tire story of shrinkage in security val- ues, for it was proportionately heavy on the New York Curb Market and in the stocks and bonds listed on a dozen or more active exchanges im the in- North Cepitol Savings Bank. Northeast Savings Bank. 5 Park Savings Bank. aleigh Hotel Co. hi Washington Base Bal g Woodridge-Langdon Sav. Bank. 8 . illfimon Bank Clearings. Finland 6%5'56. .. Finland 7s'50. Fram1D17% French 78 French 7148 '41. Gelsenk’hen 6s5'34. . Gen Baking 5%8°'40 3 Gen Cable 535 '47. 5 BALTIMORE, October 3 (Special) — | Gen Motors 63 '37.. 75 Bank clearings at Baltimore totaled $312,487,301 during September, as an- nounced by the local clearing house. This was only a small decrease frcm the August totel of $321,083,378, when the month w2s longer and contained no holidays. But, compared with Septem- ber last year, when the level stood at $367,056.463, the reduction was con- siderable. Clearings for the first nine months cf 1931 amounted to $2,980,511,717 as com- pared with $3,606.916,612. Debits to individuzl accounts by the clearing house banks for the five weeks ended September 30 totaled $405,009.- 321, as compared wjth $470,113,407 for ( the similar period of 1930, Gen P Sv 5%3°39.. Gen Th Eq 6840 German 5% '65 German Bk 65" Ger Cen BK 6 Ger Cen Bk 6560 0 German 7s rep ‘40 Ger Gen EI 75'45. Goodrich cv 6 Good 15t 6% '47.. Goodyr Rub 58’ 16 22 14 65 2 r GrandTr sf db 6s'36 30 Grand Trunk 78'40. Grt Nor 413876 D. Grt Nor 4%s'1TE. Grt Nor gn 548 '52 11 15 1 3% 4215 92 113% 116 52 94 54 99% 85 13% 3341 48 47 47 b5l 52 44 7 8 94 99% TN 70 26 98% st 37% 44 94 113% 1164 52 94 54 99% 85 14 34 48 47 47 574 52 44 71 8 94 99% % 70 86% 98% 53% SouP 435’6 ww. Sou Pac 434s'81... Sou P&Or4%s'77. Sou Ry &n 45’56 Sou Ry 5594 StOIINJ 6s'46... StOIIN Y 43%s8'51. Sweden 5%8°54. .. Swissd%s Tenn E1 P 6s A '47. Ter AsStL 5s'44.. Tex & Ark 5338'50. Texas Corp 53 ‘44. . Tex & Pac 58 B'77. Tex & P6sC'79 Tex & P 5s D'8 Third Av rf 4s Third Av adj 5 Toho El Pw 6s'32. Toho El Pw 78 '55. Tokio 5%s Tokio El L Tol St L&W Un Pac 1st 4s 47, Un Pac 45 ‘68 Un P 2 Un P 15t rf £4 200 74 72 87 57 9514 101% 96 97 104% 100% 102%, 80 2 % 7015 71 46 26% 93 728 841 6474 82 97% 82 8974 104 100 80 30 69 69 68% 46 26 93 2% 84 64% 82 97 82 88 103% Uruguay 8s 4 Utah P & L 55 44 Util Pw.58 '50 wwv. Util Pow 5%8 47 Vanadium St 55'41. Vert Sug 1st Va Ry & Pw 5 Va Ry 1t 65 '62. .. ! wabash'5s B'76. Wabash 5s D '80. Walworth 65 A "45. Warn Br Pic 6s'39. Warn Quin 6s 39 Warsaw 75 '58..... Wst Sh 1st 45 2341, West El db 5s "44 West Md 4s West Union 5s 60, Wes: Un 6158 WEOS5%s B Wick S cv et 75735 WII-O 1st 6155 '33. Wil & Co 18t 6841, Wis Cent gen 4s 36 Yokohama 6s'61... 14 Ygstn SET 58 A'T8. 1 Tgstn S&T 65 B'70, &