Evening Star Newspaper, October 13, 1931, Page 14

CA1S #x» FINANCIAL. THE EVENING INDUSTRY PARLEY " DISCUSSES SLUMP Steel Head Terms Wages Key to Stimulation of Buying and Business Pick-Up. B the Associated Press, LAFAYETTE, Ind, October 13.— WNecessity for considering human wel-, fare In measures adopted for Tecovery from economic dcpression were empha- sized by speaker after speaker at the Industrial Conference at Purdue Uni- versity yesterday. Dr. J Corporatio: have forgott drifted too far away from fundamentals. “It is well to go back 2,000 years to the philosopohy of the Galilean and to yemember that prosperity depends on | how we tie ourselves up with our fellow i 2 man and how we co-operate with him. Call it by the old name of brotherly Jove, if you will . “Go through the country end you will find tre people having numberles wants, which they would like to sat- 4sfv by buying the products of industry. But they lack the means of buving The kev to unlock this situation is wages, and the way to get them is by providing work for every man.” The uncertainty of the present situ- ation was emphasized by John Moody of New York, internationally known business economist, as the first obstacle to eliminate before a business come- back can start. Confidence is gone, he Before confidence can be restored there must be international ling down of war debts, revised tariff bar- ricrs, s0 nations can 1 obligations, and economies, par- ticularly 1 armaments. ‘The United States. he said, “regently has been spending more for armements than anv other nation.” “In the future” he said, “we ghall gee that the present drastic experience has been one of the best things that ever happened to us. There certainly has been a great teaching of lessons to individualz. How many men do I know in Wall Street who now tell me what fools they have been, and how they are going to’ reform! “The coming period will be far gounder. far healthier, than any that has gone before. How long will that be? The men who are young now will see a period of prosperity that will put all other periods in the shade—but not perhaps for 20 years. PROCTER & GAMBLE CO. OPENS WESTERN PLANT Epecial Dispatch to The Star. NEW YORK. October 13.— The Procter & Gamble Co. has just started operation of its new soap and edible products plant at Long Beach. Calif., the buildings for which wefe designed and_constructed by Stcne & Engineering Corporation. This newest development was made necessary by the rapid growth of business sll over the country and particularly on the West Coast. The plant covers 15 acres of ground. Broker Firm Suspended. NEW YORK. October 13 (&) New York Stock Exchange today nounced suspension of the Kountze Bros. because of insolvency. Kountze Bros., in a statement made fmmediately after the suspension an- nouncement, said: “The suspension of the firm Kountze Bros. was brought about in the main by the extraordinary depreciation in the prices for high-grade bonds on the exchange. The buying of such bonds and their sale to their customers was _the principal business of the firm. “This depreciation brought about a cash position which made it improbable that the current withdrawals could be met and the partners felt that their duty to their depositors and creditors compelled them to consent to the ap- pointment of a receiver so that the firm's assets might be conserved for their benefit.” SII;VER QUOTATIONS. NEW YORK, October 13 (P.—Bar gilver quiet and !s lower at 29%. ‘The an- INVESTMENT TRUSTS By the Associated Press. NEW YORK, October 13.—Over-the- counter market Bid. Asked A | ation. Granger Tra Gude Winm Incorp Invest de. | eN 3 & Invest Trustee S Leaders of Ind Teaders of Ind Leaders of Indus < Priced Shrs r Corps_Shrs nvest Tr Mutual Inv Tr A Mutual Manage Nation Wide Sec Natl Indust Shrs Natl hrs N Y Bk Tr Shrs Nor Am Tr Shares 4 3% Froderick, chairman of the | board of tie Continental Steel & Wire | Kokomo, Ind., said, “"We 1 the human equation and | trade and pay | Webster | firm of | of | (Continued From Page 1030 High. Low. asn 5 607a 10 191y 75 Stock and Dividend Rate. Nor Ger Lloy orthern Pacific 3 ‘orwalk Tire & €1, Ohlo O1L 13 Orpheum » 5815 201 Otis Elevatow(214) .. 16% 3% Otis Steel 118%; 106 Outlet €0 pf 547s 28w Pacific Gas & Bl (2). 35 Pacific Lighting (3). 14 9% Pacific Miils. ....... 100s 100% Pacific Tel&Teleg(?) 308 4 Packard Motor (40¢) 40 20 pPan-Am Pet B (80c). 10% Paramt-P(m1.623%p) 3 Park & Tilford %4 Park Utah 1'% Parmelee Transport. sxchange. . xchange (A). 4's PPatino Min 22 Penick & Ford (1) 2814 Penney (J C) (2.40). 1 I’enn Dixie Cement.. 207 Penn Railroad (3). Peop Drug S 1.. Peoples G Chi)(8) 20 Tere Marquette pr pf 1015 Pet Milk Co 41, Petm Corp of Am(1) 6'x Phelps Dodge Co. 4515 Phila Co 6% pf (3 3% Philag&Reading C & 9 Phillp Morris&Co(1) 39 Phillips-Jones pf (7) 4% Phillips Petroleum. . 13 Pierce Ofl.... Pierce Petroleum. . « Pillshury Flour (2) 'z Pirelll (A) (m3.13) Pitts Coal. ... Pitts United pf (7). . Tort Ric Am Tob(A). Postal Tel&Cable pf. 1y Pratrie Ol & Gas. . w 1 rie I'ipe Line. . 1 Pressed Sales Add 0. Hi 6 . | | 4 39% Proct & : 107 Proc &Gamb pt' ( H 5% Trod & Refiners pf.. i 4 515 Public Sve NJ(3.40). 90 Public Sve NJ pf (5) Public Sve NJ pf (6) Pub Sve G&E nf (5). Pallman Corp (4)... i 1 . 124 Purity Bakeries ( 10% Radio Corp. Radio Corp p! Radio Corp (B) (5).. Radio-Keith-Orph A RR Sec 1 C stk C4). Rayhestos Man(1.60) Real Silk Hosiery Remington-Tand. Reo Motor Car(40c). Itepublic Steel, Republic Steel pf Revnolds Metls(13%) Reynolds Tob A (3). : Reynolds Tob B (3). Rossia Insur (2.20) . i | | an Fran pf6). i ilte Retail Stores | eaboard Afr Line. | Seaboard Ofl. . | 312 ave (40c).. i X b ears Roebuck ( 1 & 5 <econd Natl Inv | 3% Servel Inc i Sharon Steel Hoop. | 314 Sharp & Dohme. .. | 2 8 Sharp & Dopf (313). | 2 Shattuck(FG)(t1%) { Shell Union Oil. Shubert Theaters Simmons Co...... | Simms Petroleum. i sinclair Consol Oi1 Skelly Oil. .. Skelly Oil pf ww. . nider Packing pf. | Socony-Vacuum 1.60 Solv Am pf ww(slg) South Port Rico Sug Southn Cal Ed (2)... Sowthn Pacific (6)... uthern Rwy (m6). Spald(AG)1st pf(7). Spicer Mt “picer Mfg pf (3). H 2 Stand Gas&El (3%). | Stand Gas&El pf (4). 1, 281 Stand Oil Cal (h2%). Stand Oil Exp pf (5). Stand Oil of Kansas. Stand OfI NJ (2)... Starrett(LS) (12%). Sterling Secur (A) Sterling Secur pf.... Sterling Sec cv pf(3) Stewart Warner. Stone&Webster (m2). CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. i NEW YORK, October 13.—The fol- poration news prepared by the Standard Statistics Co., Inc, New York, for the Assoclated Press: Weekly News Review. Security markets last week responded strongly to President Hoover's plan for relieving the commercial banking situ- The actual movement of the market as indicated by our price index for 90 stocks showed an increase of 13.8 oints, rising from 70 on October 5 to :83.8 on October 9. The bond market, due to the week's constructive news, was extremely Strong. itrials participated in the advance and ! foreigns, with a few exceptions, moved i forward. The Companies. British Cclumbia Power August gross off 5.8 per cent, net earnings off 8.2 | per cent, (wo months’ gross off 5.5 per i cent, net earnings off 11 per cent. Loew's Inc.—Three syndicates report- {by Film Seccurities Corporation: price understood to be under consideration } about $45,000.000, or around twice open | than original cost to Fox interests. { Nash Motors common share earning: ! nine months to August 31, $1.56 v. $2.01. ! Oilstocks, Ltd., net income from in- . ! vestments only, before loss on sale of securities of $1.448,644, in nine months {to September 30, $2.26 vs. $1.87. i Sangamo Electric Co., common share i earnings, 9 months to September 30, $2.26 vs. $1.87. Scott Paper common share earnings, nine months to September 27, $3.82 vs. ! $3.96. lowing is a summary of important cor- | All grades of rails, utilities and indus- ed preparing to bid for the 660,000 " { shares common stock of company held market quotations, but 40 per cent less STAR, WASHINGTON y 3 O TUESDAY, OCTOBER 13, 193f, FINANCIAL, Direct to The Star 18— High. Low. Divid 269" Studeba | 45%° 26% Sun Of1l 10415 89 19 13) Net. igh. Low. Close. Chge. 5 5 5 6% 15 100% — % 3514 3914 10% 10814 514 22 13 3% | | 17 4% Tex Pac | 2 5 Thatche 1| 2% | =4 314 Tide Wa 2015 Tide Wa 35 Tide Wa 4 Timken- 194 Timken 1% Tobacco 7 Tobacco 814 Transani 51 Transue 3 Tri-Cont 51 Tri-Cont 2 Union Carb & (2.60). 4 Union O « Union Pacific (10).. Stock and Sun Oll pf (6)... Superheater (234)... Superior O 2% Tennessce Corpn Texas Corp (2). 20% Tex Gulf Sulphur. 54 Third Avenue 64 Thompsoh Prod 1.20. NEW YORK STOCK EXCHANGE Received by Private Wire Office. Sales— Net. Add.00. High, Low. Close. Chge. 12 1% 115 —1% 3l 3% 31w — % 90 90 90 22% 22% 224 — % % % % 3% 3 3 18% 18 1815 — Y 25% 24% 4% —1n 6% 6 5 — % 6% 6% + ™ T % 4 29 40 5% 25 end Rate. ker Co(1.20) «11) ific Land Tr. r Mfg Co 6% 7 ter Asso Oll. ter As pf(6) £ Ol pf (5) Detroit Ax Roller B(2). Products Prod A t95¢ nerica Corp. . & Williams. 1 Corp. 1Corp 7 3 il of Cal (2). R 16 Unfon Pacific pf (4). 124 Unit Afr 40 Unit Alr 24 Unit Bis 64 Unit Car 1% Unit Cig: 10t Unit Cor, 35t Unit Cor; 3 Unit Ele Unit Fruit (4). 19% Unit Gas&Im(1.20).. S & Ko 18 Gyp: 1S Indu Leat U S I'ipe Plpe&ky enl Rub) Sint mt tee S Stee 60 U S Tob, 17 United 21 United § 91 Univ L 50 Utah Col 8 Util P&l '3 Vada ' Vanai 00ty R07a 6 70 161 13% 4415 a2, A3, 10015 281, 15 Va-Caro Va-Car Chem 6% pf. ec&Pwr pf (6). nl yis Wabash 10 Wubash Waldorf Walwor! Van Raalte 1st pf. craft. . craft pf (3). cult (2). hon ar Stores p (T5¢) ppt (3). ctric Coal. 1 1 9 1 3 9 4 178 9 0 1 srn Secur sum (1.60) is Alcohol. her (A).. & Fdry ( v 15t ty & Inp(1) ber 1st pf. 5 & Ref (1). B& Ref pf ity 1 Corpn (4). 1pf (7). acco (4.40) 1 tores (A)... 7 tores pf (4) £ Tob pf(8). pper (6). S(A) et i 1 208 708 13 124% 62 108 60x 14 4 15 60s 6 1 1008 16. m Corp. Chem. detin (4) RR R (A).. (1) th Co. Ward Bakin, Ward Baking of (7). Warn Bros Pictures. Warner Warner Warren Warren Wesson West ia West I'a Western Bros pf 3.85. Quinian. . % e i % Broscvpf3. 1 O1&SNo(2), Dairy (B).. Western Maryland 3 We W Western Western Westing Westing Wsthse Weston tern Md 24 pf. Pacific pf Union (8).. hse A B(2 house (2). EM Ist m3% 208 Westvac Wheelin w White S Wilcox ¢ Willys-C Willys-C e Motors. Steel pf ewing Mach. )il & Gax. yverland.... yveriand pf. Wilson & Co (A).... Woolwol Worthin Wrigley Yestwn Tth (2.40)... ngton Pump. (W) (4) Sheet, " Zonite Prod C; Sales of St 30 AM :30 P.M Dividend rates as givea in the above table cash payments based tians. xEx-dividend & 4% in stock. TPlus 97 b pavable in’ stock 2% in stock. ock. 1930. Trico Products earnings estimated to have covered 62! cents quarterly divi- dend requirement in_third quarter. Chicago & Alton Railroad September | surplus, after charges, $61,969 vs. deficit, |after charges, $382,870; nine months' deficit, after charges, $2300,290 vs. | deficit’ $3,094,641. Chicago Great Western Railroad has | acquired 20 per cent interest in Kansas City Southern Railroad. Chrysler Corporation first eight months’ exports increased to 19.3 per cent of unit exports of automobile in- dustry, exclusive of Ford, vs. 16.8 per cent vear ago. Collins & Aikman Corporation col mon share earnings. before profit aris- ing_through repurchase of company's preferred stock, six months to August 29, $1.30, vs. 26 cents. Goodyear Tire & Rubber building new blimp with 112,000 cubic feet gas capacity. North American Aviation subsidiary. |Eastern Air Transport, cuts New York- | Washington one-way fare to $13.25 |from $15; round-trip rate cut to $20 from $30. Sears, Roebuck & Co. sales period September 11 to October 8 off 17.3 per cent; for 10 first periods of year off 8.6 per cent. | 'Smith (Howard) Paper Mills sales about 5 per cent under a year ago; | profits covering bond interest, after de- | preciation. Century Ribbon Mills $7 preferred |share earnings, 8 months to August 31, $9.84, vs. $3.44. Lynch Corporation common share earnings, 9 months to September 30, $2.43, vs. $2.38 Saco-Lowell Shops makes moderate reduction in wage rates. Standard Oil of California to build new pipe line from Kettleman Hills to | Estero Bay_terminal. |~ Wesson Oil & Snowdrift net income, year ended August 31, $2,546.861, vs. $3,208,420. Brokers’ Comment NEW YORK, October 13.—Advices of | houses to | Stock Exchange commission cheerful, m Paid thi us 212% in st ocks on New York Exchange. 200,000 12:00 Noon 600,000 £00,000 2:10 P.M.. +1.000,000 on the latect quarterly or half-yearly deci Less than 100 sha tPartly extra 3Pus in stock. & Paid year—no Tegular rate. ‘Payable in cash or stock. f Plus 8% § Plus-30c in_special preferred stock. k Plus year—no regular iate. @ Plus 5% in common share vs. $10.30 December 31, leading steel companies and, based on! | past performances, this is entirely justi- fied. It should be borne in mind, how- | ever, that help for the railroads, the largest consumer of steel, in the form of higher rates, would undoutbedly re- lease a large volume of railroad ex- penditures for steel and new equipment and the steel companies would reap im- mediate benefit. Hornblower & Weeks—Because of the rervousness of the times we would be careful not to make our commitments near the top of a trading rally. feeling that a reaction. even though of minor importance, might shake the individual purchaser’s confidence enough to cause the sale of stock that was bought for | investment at a bargain price. | Redmond & Co—Business does not yet show any definite signs of recovery, but that will come later when confi- | dence is rastored, the hoarded money eturns to the banks and people start spending. One of the most successful market operators in the present genera- |tion, who has amassed a fortune on both sides of the market in the last five | years, recently turned bullish on the market. He informed the writer that | he took this position because he felt that many securities were intrinsically cheap. | people expect to happen seldom do,” he | saic ‘ Shields & Co.—The most benefit de- rived from the Washington happenings to date is that it has halted the un- warranted dumping of stocks resulting from pessimism being carried to an ex- treme degree. However, the investment | accumulation invited by the low prices | of a week ago is halted by such rapid | recovery as experienced. The immedi- | ate market trend will be influenced by day-to-day news developments. 'BROVERAGE SITUATION IS SHOWING STRENGTH Special Dispatch to The Star. NEW YORK, October 13.—If there has been any question as to the strength {of the brokerage situation it was dis- | pelled by last week's statement of | brokers’ loans, which brings the total the an ll‘ in stoek. | “Most of the dire things whicl®| ON PROFIT TAKING Sagging Prices Induce Trad- ers to Cash in on Re- cent Rise. BY F. H. RICHARDSON, | Special Dispatch to The Star. i { NEW YORK, October 13.—Bonds were | | actively depressed today. Railroad is- sues, affected by the suspension of a ! stock exchange house that had special- | |ized in high-grade carrier issues, drop- {Ped 1 to 5 points. This decline brought out a large volume of profit-taking by | traders who had bought speculative rail i bonds at their recent lows and caused a general withdrawing of bids. Domestic industrials were heav: Foreign dollar bonds declined sharply 1 In reflection of political developments in | Europe and the war scare in the Orient. The market was heavy at the open- ing. A hesitant tone in stocks, com- | bined with the suspension of a stock lexchange house for insolvency, served to cause the withdrawal of bids and | most issues, high grade and speculative, | | opened lower. The railroad descriptions were off 1, to 1 point because of the absence of | the expected Interstate Commerce Com- mission freight rate decision over the week end. Great Northern 7s, New H 'ven 6s and Union Pacific 4'zs_werc | | lower. TIndustrials, such as Dodge | Eros. 65 and Hudson & Manhattan Re- ! tunding 5s, also were heavy. Utilities ! were firm, |, In the foreign' list, German bonds were about a point lowe nese issues reflected the war hanging over the Orfent. | were firm, {Washington Stock Exchange | SALES. , Washington Gas 6s “A" $1,000 at 1001, Washington Gas 6s “B"" $1.000 at 1001, Capital Traction Co.—10 5, 25, 15 at 25. i Potomac Electric 6% fd. 10t o p 10 at 109, | The Carpel Corp.—50 at 15, 50 at 1. AFTER CAL | Washington Gas 6s “A"-—31,000 at 101 The Carpel Corp.—100 at 15, 100 at 15. Bid and Asked Prices. BONDS. PUBLIC UTILITY. {Amer. Tel & Te1 41, Aui. Tel & Tel ctl Anacostia_ & Put Ana& Pot. G C. d P. Tl | Capital Trac Citv & Suburb | Georgetown Gas Potomac Elec. Cons Potomac Eirc 68 1 / thre: British bonds $500 at 10015, £500 at 10015, o1 Washington | Wash Wash. Wash. Ga Rwy Elec MISCELLANEOU Barber & Ros Chevy Ck STOCKS. PUBLIC UTILITY. & Tel (91 ER Elec. Power § Wash Ruwy & Wash. Rwy NATIONAL BANK. Capital (14) Columbia (12} | Commercial tstamped) (101 | 3 L | & 3 |B 2 | 500 | v - Wash. Mechanics (20 60 | FIRE INSURANCE. American (12) Corcoran (10) iremen’s (8! National Union (15) TITLE INSURANCE. i A . Gl Estate (60, MISCELLANEOUS. Col. Medica} Bldg Col. Sand & D. 'C. Paper Dist. Natl. Sec. pf Emer. Bromo-Selz. Federal Storaze Fed.-Am. Co. cu Fed -Am. Lanston ) Mer. Tr. Mer. Tr. & Stge. pld Mergenthaler Li Natl. Mtze. & In Peoples Drug Stores pfd Real M. & G. pfd Security Stor Ter. Ref. & W The Carpel C W, an 20 | Colu 10% | Real 160 1200 extra extra. extra Woodward & Lo Woodward & Lot *Ex dividend. bBooks closed. nase extra. f30c extra. §17 extra el2% extra. 6DD-LOT BUYING. NEW YORK, October 13 (Special) — All steek exchange houses tell the sam story of a heavy inflow of odd-lot bu: ing for cash. Apparently the coun- try at large has sensed the impor-, tance of the several plans to restore| banking confidence and is showing its respect for them through the; market for securities. There has been | good buying in the high-grade-gails, in | those public utility common™ stocks | which has been extremely deflated !‘nr]_vt in the week and in the shares of the, motor, chain store, food products and tobacco companies. 3 There is not so much public interes {in iron and steel stocks or in coppers as earnings in both industries for the | remainder of the year and dividend payments are not regarded as promis-: ing. The let-up in liquidation in pre. ferred stocks has also attracted odd-lo buying to them at levels that still pro. {vide 7 and 8 per cent returns on stocks ithat normally scll between a 5 and a |5%2 per cent basis. RS . QHICAGO DAIRY MARKET. CHICAGO, October 13 (#).—Butter, | Arm & Co 4% { Bell ! Chile 65 '60 { Chile 6561 BONDS DEPRESSED | (o= o= BOND UNITED STATES, (Sales are in $1.000.) Sales. High, Low. 2:55 Lih 315 32-47.. 60 100 R 9927 9927 L 1st 4%s32-47 11 100 16 100 100 4th 4% 5 33-38537 101 6 10014 100 14 S.381951-35 96 9427 9431 U's 33849, 1. 97 95 6 95°6 US3%s40-4 99 20 9820 9820 US3%s41-4 9916 98 9816 U S3%s43-47, 99 20 98 30 9330 US3%s46-56. 101 100 100 U S 4s 44-54. 101 16 101 10316 U S 4%sd7-52, 107 106 7107 Bales. High. Low. 2:58 12 40 38% 38% 5 91 91 18 48% 48y b4 45 40 8 39 3614 14 56'% 5614 30 77 76 1% 68 48 37 153 50 24 11 21 Abitib] P&P 5553 Ab& St5% '43.... Alleghany Cp 55 44 Allegheny 55 '49 Allegheny 58 ‘50 Am F P 582030, Am ]G Chbls" Am Intl 515849 Am Metal 5%s8°3 Am N Gas 6148 " IR 1st G847, Sug Ref 6537, LT cv 414539 AmT&T 536 Am T&T ¢ tr Am T&T Am Wat Wks 65 ‘75 Argentine 55 '45. .. Arpentine 5155 '62. Arzentine May ‘61, Argentine 65 Ju'59, Argentine fs Oc'59. Argentine 8 A '57. Argentine 65 B '58. 9 Arm Del 5% s '43, Assoc Oil 6s " Atchis 45190 Atchison gn 4s Atchis AtC jauct Aust Ausi Aust Austria 78 '43..... Austria 78 '57 ctfs. B&O4s 48, B&O4Y, B&Ocvaly H&O1st B& Orf is ¢ O Toledo 45 '53 Pk of Chile 635 57 Bk Chile 6% '61., Batav Pet §4s '42. Belgium 6s 5, Belgium 61, elzium 7s Belgium 7: Bell Te! Pa ell Pa B Ind Loan C a2 100% 101 | Calif Packing 58 *4¢ ada 45 60 db 40, db 4s. . Pacific 4 Fac 4135 °50 Pac 5844 Pac is 54 | Car Clin & 0 65" {Cent 111 G Ches Corp 5s 4 CB&Q4nLs 5&Q 18t Tt Chi Ind&Lou 656 Chi M & 8 P&P 557 Un Sta 6135 '63 S & W Ind cn 4. C& W ind 5%s" 1001 17% 18 16% 2814 641 R4 Chile 6s " Chile 7s'42..... Chile Cop db 58 C&St L 4325 “&StLisD rm 48 " Clev Term 55 * Colomb 6s Jan '61 Colomb §s'61 Oct. . Colo & Sou 4138 m Inves 5155 '49. CC Md 1strf 55'50. Con G NY 414551, ConG N Y 535" Con Pwr Jap 68 Con Pow Japan 7 Consum Pow 5 penhag 4 Copenhag 58 Cuba 538 "45 Cuba R R 58 Cuba RR rf Czecho 885 Del Pwr&L 4%s 71 Del & Hud rf 45 '34. Del & Hud 528 '37. Denmark 4%s '62.. Denmark 55 ‘55 Denmark 65 4! Denver Gas 5s )& R Gren 4s " D&RG W bs DRG & W 55 Det E G&. Det Ed{son rf 55'49 Deutsche Bk 6s'32. Dodge Br cl 6s'40. . 101 Ere Eoranarna S (SPLY OFCOTTON e HSTORYS LARGES 25,000,000-Bale Total Forecast After Current Harvest. Sgles, Hien, Low. 288 Good 15t 6%8°47. .. 6% b% 75 Goodyr Rub 58'67.. 27 81 9% 80 GrandTr sf db 6s°36 35 97%4 97 97 Grand Trunk 7s'40. 48 101% 100% 100% GrtNor4%s'76D. 14 75 74% b GrtNord%s'17E. 48 79% 79 79 GrtNorgn5%s'52 4 92 a1 Grt Nor gn 7536 49 102 101 Greek 6568 5 56 55 Is Gulf Mobile 55 Hait! 63°52. . 4 80 Hoe & Co 6148'34.. 30 50 Hud & M adj 5s°'67.102 59% Hud & Mrf5s°57.. 27 90% Humble Of1 101 100% 40 105 By the Associated Press. There is now, prospectively, morc American cotton in the world than at any time in history. If farmers pick the 16,284,000 bales estimated by the Federal Crop Report- ing Board thers will be a total supply of more than 25000000 bales. The carryover is estimated at close to 9,- 000,000 bales. Only one time has there been a larger crop—the 18,000,000 bales har- vested in 1926. Some in the trade sav that at cur- rent low prices the farmers won't pick 13,000,000 bales, arguing that the larger the crop the larger the abandonment More than 1.000000 bales were left in the field in 1926 Howevar, there 1< nothing to dn with labor now except, pick cotton and old observers say that if the curren remarkable harvest weather c-ntinues the experience of five years ago may not_be repeated Thus, the anticipated 1931-32 supply | of American cotton, new crop and carry-over, is about 5,000,000 bales largzr than the 20,000.000-bale supply in 1930-31. Unless world consumption improves it promises a 1932 carry- over of 14000000 bals, an amount equal to a normal crop lly the | carry-over has been 6,000,000 bales. World consumption of American cot- ton, including domestic use, is esti- mated at slightly more than 11,000,000 bales for the 1930-31 season. Eveh if the 1931-32 consumption were to equal the highest of reccrd, 15.700.600 bales, there still would be a earry-over almost twice the normal size With this in mind 1t extraordinary that prices advanced in the face (of the Government report increasing the estimate almost 600,000 bales over the September forecast. _The average price of middling 7a- inch on_the 10 spot markets October 9 was 5.19 cents a pound compared with 5.10 on October 2 and for the week October future contraces advanced 8 points to 5.65 at New York, the same at, New Orleans and at Chicazo advanced 7 points to 5.75. 111 Cent 4% '53. . 111 Cent 4% '66. . 11 Cent 635 °36.... 1 CCStL&N 4%s.. 17 1 CCSIL&N 68 A.. 5 Inland St43%s B'81 2 Int Rap Tr s '66.. 37 Int Rap Tr sta '66..104 Int Rap Tr 6s'32 Int Rap Tr 7s 32 Int Cement 53 °48. . Int Hydro El 6544 Int M Co 5s ret’dl. . Int Match 5s 47 . Int MM col tr 65 ‘41 Int Pap s A 47 Int Pap 6s'55 5 IntT& T4%s'52.. 18 Int T&T cv 4345'33. 21 Int T & T 58°55....136 Italy 78 '51. .. 74 Italy PubS 78 '52.. 4 Japanese 5%s ‘65, 88 Japanese 6158 161 Jugosl Bnk 7s 21 Kan City Sou 38'50, Us natesis: around Kresge Found 6536 Kreug & Toll $s'39. Lac G St L 6s'34. Laciede 5%s Lake Shore 3 Lautaro Nit 6« Leh Val cv 452003, Leh Ven 41552003, Leh Valley 5= 2003 | Lig & Myers 58 ‘51, Liz & Myers 7e'44.. Loew's fs ex w 41, Lonz Is] rf 45’42 La & Ark 58 ‘60 L& N uni 45 '40 L& N 5% B2003 L & N 41352003 L&N 15t 5155 201 Lyons 65'34.. 4 McKes & R 53 %50, arket St 7540, Marseille 63 '34.... Mex 45 asstd 1904, . Midvale Stl 55 '36. . is eonsidered Washington Produce Butter—One-pound prin Eggs—Hennery, 33a35 ceipts, 20a24 Poultry, alive—Turkeys, old tom : young toms and hens, 30: chicke; |3 pounds and over, 18a22; 2 to 2l . | pounds, 18a22: broilers. 11; to 2 pounds, : hens, large, 20a23: small, 18a 120: Leghorn hens, 14a16; roost 114; keats, young. 45a50: old, 25a | Poultry, dressed—Turkey | 25a30: young toms and hen ens, 3 poundg and over, 22a35: 2 to 2! | pounds. 22a25>11. to 2 pounds, 28a30 hens, large, 25a28: small. 23; Leghorn hens, 18a20: roosters, 16ai8; Long Is- {land ducks, 18a19; keats, young, 4 1011 | 01d. 30240 | _Meats—Beef., 1 1 17: good. 15a16; fair. 1215a14: cow, 10 al2; lamb. top, 18; medium. 13al17; 404 | veal. top. 17; medium. 15a16; fair, 121, Zass | pork loins, & to 10 pounds Rez2: 10 15 112 pounds. 19a20: 12 to 15 pouNds. 17a18; amn. | fresh hams. 19: smoked hams, 21; strip %01, bacon, 23: lgrd. in bulk. 972a10: in <o | | packages, 101,%11; compound. 8a8',. o115| Live stock—Hogs, heavy, 5.00a5.70; 1001 | medium. 5.40a5.70: light. 5.25a550: &6 | DigS, 5.00a5.25: roughs. 3.00a4.00; calves, 44 | 5.0029.00; lambe, 500a7.00. 5% | Fruits — Watermelo; | crates. 1.75: honeydews 13.5025.50: lemons Pennsylvania, 2.25 bushel baskets . 37, tub, 38 current, re- MK & Tadj MK&T prin Mo Pac gn 4 Mo P'ac 5s A Mo Pac 5s F Mo Pac 55 G 7 Mo Pac 5s H '80. Mo Pac rf 5s'81. MoPac5ls A4S, . Mobile-Ohio 5s '38. Mont Pow 5s'43.., Montevideo T« " Mor&Co 1st 473839 assau Elec 45 '51. Nat Dairy 53548, Nat Steel 5. etherlands 6s'7 N Eng T 1st 58 NOT&M5is Nw S Wales Nw S Wales 55 '58. En 314897, ' Cent 45°98.... Y Centdb 45°34. 20a 63 51 100 © 2014 76 44 96% | 15a18: choice, 16%;a YC&SL5 19 8A L 6s'32.. isn 53 B'44.. 18t 6% 5°41, HE&P 4549, ¢ NH&H 4s NY NH&H 4 YNH&H Y O%W 1st Y O&W gn 4555, Y Tel 4%s ‘39 NY W&B 4345 '46.. Nta Sh Md 5145 '50. Nord 6138 '5 Norf South s '61. . Nor & Wn cv 48 '96. 0 Am Co 58 '61... or Am Ed 55 C '69 or Am E 5138 '63. or O T & L 65 '47. or Pac 3s 2047, or Pac 48 '97...:. Nor Pac r 1 65 2047. Nor St Pw £s A 41, Norway 65 °'63. Norway 548 '65... California, oranges, : grapes, Concords, Zinfandel, 1.2: Thompson _ seedles 150a2.00: pineapple 15021.75; plums, 2.5 35240 muscatels, Tokay 1 ces, les—Poctatoes. 150-pound sacks, Idaho bakers, 100-poun: sweets, per bushel two-peck S 1 tomatoes, California | 100 bunche: | bunches, 4.50a5.00; caulifiower, 1.7 string beans, 1.00a1 2 cucumbers, bushel baske t squash, Florida, bushel basket: 3.50: Winter squash, nearby, 50a60. eggplant. 1.50: celery lettuce, Ice- berg. 3 0-pound sacks, white, 1.50a2.00; yellow, 1.25. Oreg-Wash 4s '61. ., Orient dev 5135'58. Orient dev 65 '53 Pac G&E 58 42 Pac T&T 1st 55 '37. Pac T&T rf 65 '52 Pan Am Pet 6s ramount 6s Paris-Ly M 6 Paris-Ly M 7 Paris-Or 5158 '68. . Penn 4} s D '81. Penn cv 41860, Penn gn 43558 65. .. Penn 4'4s°'70 Penn 43,5 '63 Penn 55 ‘64. Penn gen 58 Penn 6345 ‘36 5 Penn O&D 4%s ‘77, Penn P&L 41881, Peoples’ Gas 7 Pere Mar 4 Pere M 1st b8 '66. . Peru 6s°60. Peru 6s°'61. Peru 7559, Phila Co 53 6 Phila Eiec 4 Phil & Read 85 '43.. Philllp Pet 535 '39, PCC&SHL 4%s 77 PCC&St L 55 B Poland 6s '40. . Poland 7s '47 Poland 8s " Port Gn El 47560, Por R Am T 6s 42. Pos Tel & C 58'53. . Prague 7145 '52... Prussia 65 '52. Public Serv 4 hell Un Oi1 hinvetsu 6lzs " inclair Oil 615538 ine O 7scv A ine Cr O Sou Bell T& SW Bell T Pac ref 4s Pac 4155 68 P4t Pac 4 9 9 wSamenmeeialrcnmns anh e Sweden 5158 54 Swiss 55 '46. Tatwan B P 54871 Tenn EI P 65 A *47. 201, 1024 102% 8415 70 70 Third Av rf 4s '60 Third Av adj 5560 Toho El Pw 65 '32. ‘Toho E) Pw s . Tokio 5158 '61 Tokio El Lt 655 40 | UnFacist4 4215 | Un Pac 45 '68. 9815 | Un Pacrf 4s 2 25% | Un Pac 4% 941, UnP1strf§ Unit Drg ev . 2 10032 | Utd Kinz 54537 | US Rub1st5s 47.. 18 Uruguay 6s'60. 2 Uruguay 6s " 70 Pub SvG 4%s'70. . Pure O11 5%4%°37... Queensland 7s°41.. Reaa gn 4%s A '97. Reading 4%s B '97. wxten Western Union Telegraph August | clients today were generally gross off 186 per cent, operating in- but some warned against reaching for come off 66.5 per cent; eight month: 116,957 (two days’ receipts) ; firm: cream- ery, specials (93 score), 34':a35; extras (92 score), 34; extra firsts (90-91 score), Rem Arms 6s A '37. Rem R5%S A *47.. Rhinelbe 7s *46. | Ut Pw 5559 ww. Util Pow 5%s"47.. Northern Secnr 01l Shares units Qld Col Inv T | outstanding amount dawn to approxi- 1 Duquesne 4148 ‘67 ! mately $1,000,000.000, compared wllhi Duteh F 1051 881y 8 Qld Col Tr Asso. Tetrol Trad A Fublic Serv Tr Repres Tr Shre econd Int Sec A Eacond Tnt ‘Sec B Fec Tnt Sec &% 1st pf Fecur Coro Gen 6 Df Income Snawmnt Svencer Trask Fund Stand Al Stand Am Tr Shrs Stand Collat Trusi. State Street invest . Super of Am Tr Al Super of Am Tr B Super of Am Tr C Super of Am Tr D! Trust Shrs of Am Trustee Stand Inv C.. . Trustee Standard Inv D.. Trustee St OIl A. 2 Trustee St Oil Shrs B Trusteed N Y C Banl Trusteed Am Bk Sh... Twentieth Cent Fixed Tr Two-Year Trust Sh...... United Fixed Shrs United Fdrs 1-70th com’. United Ins Shrs United Bank_ Tr U B & Brit Int Lid A U g &y, T 23 ot U S ElecLt & Pow A T8 B P o r .ia comman share vs. Al gross off 16.2 per cent, operating in- come off 14.4 per cent. American European Securities liqui- | dating value September 31, 1931, $11.52 $2053 June 30, 1931, and $28.60 December 31, 1930. 5 Chicago. Milwaukee, St. Paul & Paci- o 1 gross off 30 per cent; net operating in- | @me off 57.9 per cent. { Continental Can general line business about 4 per cent under year ago; fruit land vegetable orders substantially } i smaller. General Railway Signal awarded $2,317,800 New York City subway con- B | tract. Packard Electric common share earn- ings, eight months, to August 31, 29 cents vs. 47 cents. Pressed Steel Car gets order for 30 itank cars of 6,000 gallons capacity from | Continental Oil. Selected Industries net assets Sep- tember 30, 1931, $83.11 a prior preferred share. Tri-Continental Corporation net a set value September 30, 1931, $2.84 a Raiiroad preliminary September | stocks at the top of & vigorous rally and | | suggested waiting until the market had | | time to consolidate its position. .Com- ments follow: | Charles D. Barney & Co.—The ques- | tion regarding the market most . fre- quently asked now is whether the re- | | cent low prices marked the absolute | | bottom. While we are perfectly willing | | to discuss this question, we feel that i right at the moment the answer can be \of little practical value as far as imme- diate commitments for the longer range | | are_concerned. By this we mean that such commitments in general may well be deferred until the market has had| | some opportunity to consolidate its re- | | cent spectacular recovery. | | Jackson Bros., Boesel & Co.—Assum- ing that a favorable decision on the 1ra§lroul freight case will come in | the near future, we feel that the i |look for improvement in the steel in-| | dustry will be materially enhanced. There is much current pessimism re- garding the position of the $6.804,000,000 in the same week two vears ago. or a reduction of 85 per cent. It also disposes of the rumors current this week of additional embarrassments in the Street. Not in its history has Wall Street been so bailed out as it is today. Wolf Attacks Priest. Just as the muezzin of Kankaloun, Egypt. was starting to call the faithful to prayer at dawn recently he was at- tacked by a hungry timber wolf. beat the intruder to death with clubs. Wind Blows Lake Away. Summer Lake, near Lakeview, Oreg., was literally blown away recently when a strong wind swept over Lake County. Reduced to a shallow sheet of water by recent drought, the l:ke vanished com- pletely when the water was blown on the exposed bed and immediately sank from sight. The | animal bit him in the leg, and the! riest’s cries attracted villagers, who 31a32'5; firsis (88-89 score), 27-29 seconds (86-87 score), 24a26: standards (90 score centralized carlots), 38'5. Eggs. 9515 (two days' receipts): firm; extra firsts, 26; fresh graded firsts, 241,a25; current receipts, 18-23: refrig- erator firsts, 18'2; refrigerator extras, 1912220, e Light Opens Door. One of the features of the Restaurant World's Fair, at Buffalo, N. Y., is the “robot eye,” a device that makes a swinging door turn without being pushed. A beam of light closes a cir- cuit which holds the door in a closed position. The approach of a person breaks the beam and the door opens automatically. Cat Thieves Executed. Three natives of Siam were put to , death in Bangkok for steulin‘ several sacred Slamese u". { Dutch East I Nov. Dutch East 16s'47, Dutch East 165’62, El Salvador 8s'48.., Erie 1st con 4s '06.. Erie con 45 A '53. Erfe gen 4s... Erfecv 5s'6%. Erie 55 '75 Erie & Jer 6s'55. Finland 6345 '58. Finland 6%s '56. Finland 78 '50 .. . Fla E Coast 58" 74.. Fram 1 D 7%s"42.. French 7s 49 French 7%s ‘41 8 6 5 2 13 25 Gen Baking 5%s'40 2 Gen Th Eq 6s"40. German 5%s"65. German Bk 6s'38. . Ger Cen Bk §s 60 J Ger Cen Bk 6860 O Ger Gen El 78 '48 Goodrich cv 68 '45. - | Gen Motors 6s'37.. 36 25 .154 20 31 27 German 7s rep *49. 135 4 52 881y 92 9% 57 74 55 59 574 56% 97 40 51 5615 9 9074 109 109% 94 102 17 33 41 40 41 Rnins West 68 '52 Rhine West 6s 63 Rhine West 6s 55 Rio de Jan 6 Rio de Jan 85 Rich Ol Cal b R Gr Do Sul 6s '68. Rio Gr W clt 4849, RIAr& L 4%s'34. Rome 6148 '52. Roy D Sww... StL IM R&G 4s8'33.. St L&SF In 45 A '50 StL&SF 4%s'78. StL&SF p15s B'50 StLS Wist4s StL S W bs'52 St P Un Dep 5s°72 San A& AP4s’43., Sao Pau 7s'40 ret.. Sao Paulo 8s 50 Saxon P W 63 Saxon 7s"45. Seab A Lirf 4 Seab A Lev Seine 7s 42 Serbs-Cr-817s '62.. e L L R TR P i o 14 12 68 3% 66% 9% 841 52% 32 60 601 43% 107% 80% 53% 20% 31 361 q 8 105 46 60% 40% 107% 9% 50 20% 3t 34 7 8 104% 43 4215 42 421 13 197 8413 47 58 60% 40% 107% 80 53 20% 31 | vanadium s | Vert Sug 1 | Vienna 6s ° | Va Ry & Pw | va Ry 1st 5s°62.. 100 9615 30 33 31 40 31 44 104 38 833 1024 5415 60 60 99 9714 107 100 96 Wabash 5s B 76, .. 2 Wabash 5s D 'R0, Walworth 6s A "45. Warn Br Plc 65'39. | Warner Sug 7s'41. Warsaw 75 '58. .. .. Wst Sh 1st 45 2341, West El db 55 "44 West Md 4s ‘52, West Md 54877 West Pac 5 6 West Uniol 5 West Union 5s'6 Wes: Un 6%s ‘36 | Wick Scv et 7s'35. . WiI-O Lst 675 '33.. Wil & Co 1st 6341, Yokohama 6s'61... Ygstn S&T 5s A'78. Ygstn S&T 5s B'70. 38 9 3 2 AL 02737 £ 96 84 857 85 86 3 95% 821 8315 85 86 831y 85 X h 1 5 88