Evening Star Newspaper, October 13, 1931, Page 15

FIN AN 1AL, CURB SHARES SAG | ON SELLING MOVE Unfavorable Trade Reports Over Week End Result in Lower Market. BY JOHN A. CRONE. Bpecial Dispatch to The Star NEW YORK. October 13.—-A batch of unfavorable week-end news develop- ments caused the Curb Exchange to move lower today. Electric Bond & Share was down about a point near midday. Cities Serv- ice also yielded. American Gas & Elec- tric was off about 3 points and other utilities weakened as the Federal Trade Commission resumed its investigation info public utility holding compantes. Pipe line shares, which were bid up week in anticipation of cash dis- cased today on September ~ statisties, which showed a de- n aliveries, Indiana Pipe Line opened unchanged, despite its decrease of 418555 barrels. Buckeye ignored a 178.144-barrel de- cline and Eurcka opened up 133 points. Motor shares were in demand With- out bringing about any appreciable change in prices. Within the next few weeks thousands of workers will be re- called by automctive companies. ‘The 1 plan, Which ac- counts for the recent activity of the stock. It is understood that Charles M. Schwab owns or controls about 79,- 000 of the 110,569 shares outstanding. The easiness of the London matket created a softer tone at the opening. Electric Bond & Share, at 197 oft a fraction, but Cities Servic. %7«. was unchanged. Tord Motors, Ltd., despite intimations tnat the dividend already has been earned for 1931, de- clined slightly. Standard Oil of Indiana, at 20%, Tst tion ba. in its reorganizat .. Gulf Oil, ai 49':, was down Standard Oil of Ohio dropped a Hydroelectric _Securities, point to 40'; Middle West Utili- at 8';, was off ‘.. ties yielded < at 11'.. Aluminum Co. of America, at 821, advanced % . Penn- Yoad Corporation was a shade higher at 47.. Natural Gas Shares were virtu- ally unchanged. though more active than usual. Ford Motor of Canada was up ': at 12, pe Lines lagged. PARIS BOURSE PRICES. PARIS, October 13 (#).—Three per cent rentes 84 francs 30 centimes. Five per cent loan, 101 francs 35 centimes. Exchange on London, 99 francs. The dollar was quoted at 25 francs 39' centimes. . BONDS ON THE CURB MARKET. S DOMESTIC BONDS. High. 55 168 100's 5s '52102 101 Pw 5125 '33 m Com 8Am Cmwlh Pw_6s '40 3 & E 35 2028 Bales in thousands. 3 Alabama_Pow 8 Aluminum_ C Cor § : filesService S5 '3 e Service g s +Sery Pow ot leve ELDR 808 3008 Zomwh Edis 48 Ompity P&L 5% 131 8 Pow Empire O&R 5 Fairbanks Mor 5s 1 Wat 8158 NEW YORK CURB MARKET Btock and ts excent those desizmated by letter “5.” - Bale Dividend Rate. es— Add 00. Open. High. ‘Low. Close, 1 5 5 5 5 o Stock and Dividend Rate. Acme Wire. .. Affiliated Prod 1. Air Invesiors vte. Allegheny Gas Corp. Aluminum Co of Am. Alu Co of Am pf (6). ‘Aluminum Co Ltd Alum Ltd B war... ‘Am British & Cont. .. AmCit PALBb10% . Am Com P A (b10%) Am ComPr B(b10%) Am Corpn (f30¢). Am Cyanamid A Am Cyanamid B Am Dep Stri 1st ‘Am For Pow war. Am Founders. Am Gas & Elec . Am Gas& Elpf (8).. Am Invest Inc (B).. Am Laundry Mch(2) 125 Am Lt & Trac (234). Am Salamandra (2). Am Supefpwr (p40c) Am Ut{1& Gn B vte.. Am Yvette (25¢) . Anglo Chil Nitra Appalachian Gas. Arcturus Rad Tube. Arkansas Nat Gas. . Arkans Nat Gas A Ark N G cu pf (600). Asso GREI A(b2-25). Atlas Utll Corp. Atlas Utilities war. AutoVM cv pr pt 50c. ‘Axton Fish To A 3.20 Babcock & W11 (7). . 125 5 Beneficial I L (1%). Blue Ridge Corp. . Blue Ridee cv pf(a3 - 1 Trac LI&P (1) Buff P pt (1.60). Bunker Hill & Sull... Burma rets t27 3 . Butler Bros. ranadian Marconi.. arih Syndicate..... Carman & Co A (2).. Cent Pub Sve A b5%. Cent Stat E1 (b10%) . Cent West PS Aallp Centrifug Pipe (60c) Chesebrough (1515). Cities Service (g30c) 25 Cities Serv pf (6)... Claude Neon Lts Ine, Clev El Illum (1.60) . Colombia Syndicate.. High. 148 2 . 2 6 2 6 1 1 2! B 508 1 Cmwlth Edison (8)..12! Cmwlth & Sou war.. Com Wat Ser g12%c. Consol Auto Merch. . < Consol Auto M cu pf. Con Gas Balto (3.60) Cont Shares pf (B).. Cooper Bessemer. Cord Corp.... Creole Petroleum. Cresson Consol (4c). Crocker Wheeler. . .. Crown Cork Intl (A) Cuban Cane pr opt w. Cuneo Press (213) . Curtiss Wright war. De Forest Radio Detroit Alrcraft DressSR A (3%) Duquesne Gas Durant Motors. ast Sta Pow (B)... lec Bond&Sh (b6%) Elec B & Shcu pf5.. Elec B & Sh pf (6) Flec Pow Assoc (1). Elec Pow Assoc A (1) Elec P & Lt op w: . Tlec P&T.2d pf A Empire Corp. ... Fureka Pipe L (4) i Federated Metals. Ford M Can A (1.20). Ford Mot Ltd 36 Foremost Dairy pf Fox Theater (A). GenE Ltd res 36 3- Gen Theat Eq cv pf. Georgia Pw pf (6) Globe Underwr (15¢c) Goldman Sachs GUAt&P T nv (16%) Gt At&Pac Tea pf(7) Gulf Ofl of Pa (1) . Hamilton Gas v.t.c. Hecla Mining (40c Horn & Hard (233 Hudson Bay M &S.. Humble Oil (1213).. HydroElec Sec(1.20) Hygrade Food Prod. 111 Pow & Lt p (6) .. Imp Oil of Can (50¢) Indiana Pipe Line(1) Insull Inv (b8%). ... Ins Co ofNo Am $2% Insurance Sec (40c). Int Petroleum (1) Int Utilities B. . Interstate Equities. . Interstate Hosiery. Italian Superpow A Kiein (H) pt pf... RPN T L T ~ - k3 BNd AR S E NRINDE A A= 1 EY =3 o B ow Sec s D atl Salt 55 '3 1 Inte! 24 Intersta Power 5s T Intersta_Power 8 Interst PS 4lus 1 Jackson'le, Gaz 53 er Cen P&L 55 1 Kansas Pow 55 A '47 90 5Kopper G & S &5 47 1 Kresge 45 cf dep 9 4New Eng GAE 5 2 New En: Ne 14 New 2N Lake Shore M (12.50) Len Coal & Nav 1.20. Leonard Oil........ Lone Star Gas n 88c. Long Island Lt (60c) Magdalena Synd. .. .. Mapes Cons Mfg(t4) Mayflower Asso (2). Mead Johnson (15).. Meniph N Gas (60¢).. Mesabi Iron. . Mid Sta Pet vtc B.... Mid West Ut (b3%) . Midland Unit (b6%). Mo-Kan Pipe Line. Mont Lt H&P (1%) Moore Corp Ltd (1) !, 2 234% 18% 11 THE EViiniNaG ~Prev. 1931.— High. Low. 214 Mou 1% 3 nta! 1% 1% % Nelson Niag-Hi No Am Nw Parker Pender Pruden Rainbo: Nat American Co Nat Aviation. . NatDPrpf A (7). Nat Elec Pwr pf (7). 268 i Nat Fuel Gas (1) Nat Inv o b Nat Pow & Lt pf (6).300s Nat Rubber Mach. Nat Screen Sv (2). Nat Service Co. . Nat Sh T Sec A $60c 4 Nat Transit (1). Nat Union Radio Nehi Corp (60¢). New Jers Zinc (13) New Mex & Ar Lans NYP&Ltpf (7). 4 N Y Shipbuilding Cp. N'Y Steam Cp (2.60). N Y Transit (180¢c).. Niag-Hud Pow A w.. Niag-Hud Pow B w.. Niag Sh Md (40¢c)... Nor Am Aviat A war, Nor Central Texas. . North European Of1. Nor Ind Pub S pt (6) 758 Nor Ind P'S pf (7). Nor St Pow A (8) Nor St Pow pf (7)...100 Ohlo Brass (B) (2) Ohto Copper PacG&E 1stpf1%. Pandem OIl. . Pantepec Oll. Pennroad Corp (40¢) Penn Wat & Pow (3) Teoples L&PWE (A). Reiter-Foster. Rellance Int A. . Republic Gas Corp. Reybarn Co STAR,. WAbSHILGLION, Received by Private Wire Direct to The Star Office Low. Olose. 3% 3% 1 Sales— Add 00. Open. High. in Prod (1).. 1 3% 3% 2 2 1% 1% 3% 9T 75 2 estors L (Herman). ud Pow (40¢) an B - O T P T Y TP L&P (b8%). . 25n 3 & 1 s 5 gineers (1).. . 25 20% " 1 3 1 1 Rust Pr (3).. DGrA (3%) 1008 32 Plymouth Ofl (25¢).. 4 Potrero Sugar. tial Invest. | Pub SN 111(8)$100par 2. Pub Uti] Hold war... Pub Util Hold xw.... Railroad Shares(40¢) w Lum PrB.. Reynolds Invest..... Rock Lt & P (30¢)... i Rossia 145% 145 111 gl 3 ta 145 % 3% 1 Intl (10¢) s Paper (60c) Salt Creek Prod (1)., Sec Allied Corp (1).. Segal L & H (a50c).. Selected Industri Singer Mfg Co (116). Sisto Finance Corp. . s W Ga ™ 8 Fd I s Utilities. ... nd Holding Corp. tand Motors : Stand O11 Ohio (21 ).1508 ‘ 4 tand Pwr & Lt (2).. tand P& L (B) (2). Stand P& L pf (7). Stl Co, (' nLid 1 tein(A)&Co (1.60). Stutz Motor Car. Sun Invest pf (3) Sunray Swift Interna Syracuse W Mach B oil. ) Taggart Corp. . Tampa Electric (32). Technicolor Inc. .. Teck HughesGM t65¢ Texon Oil&Land (1). Thatcher Sec Corp. .. Trans Lux DLPS.. Tri-Cont Corp war Tri-Uti lities. Tubize Chatel. B Tung Sol Lamp(1 Ungerieider Fin Cp.. v fon Am Invest it Corp war. .. Unit Founders. Unit Gas Corp...... Unit Gas Corp war. Unit Gas pf (). Unit Lt & Pw A (1).. Unit L & Pwr pf(6) U S Da 1 I Utah P Utility ht oil Dividend nual payment. us 8% 11t Utl P&Lt Ut PAL B(at1.02% Util & Ind . Util & Ind pf (135) Peop G L & C.Jan 15 Tates in doliare based on last quarterly or sem! *Ex df us & Payable in cash or . §Plus 2% in stock. stock. n Plus 8% in siock. p Paid Iast y iry (A) (6)... U S Elec Pow ww Lines pf. S Playing i1t Verde Exten (1) &Ltpf(7).. 11.0233). ). Equities. Venezuela Petrolm. .. Voght Mfg Co (1)... Igreen Co. ... Watson (J W) Co.... Woolworth(FW)Ltd 1 Har (t12%¢) &Gas....... RIGHTS—EXPIRE. 6 4% % “ (Vidend. © TPartly extra P Cock. b Bazable i stock: tock. ook, ‘stock. <Adiust B Pl 1% i " Pl 15 Fesular Tate. in stock. g Plus 6% in 3 It = % in us 10% SEASONAL GAINS IN ATLANTA AREA Trade, Coal Production and Crops Reported Better in Sixth District. \ Special Dispatch to The Star. ATLANTA, October 13.—Seasonal in- creases in department store trade and in the production of bituminous coal in Alabama and Tennessee, and improve- > {ment in crop ccnditions, but decreases ir bullding and construction statistics, in pig iron production and in wholesale trade, are indicated in avatlable figures for August. Discounts by the Federal Reserve Bank of Atlanta increased over five millions between August 12 and Sep- tember 8, but loans to customers by * { weekly reporting member banks in se- Rub 6!3s 133 S Rub 6l:s '34..° 60 an Swern 65 '35 WW 3 aldcrf-Astor 7s ‘34 40% yash W & Pw 5s '60 10212 West Penn 55 2030.. 73%2 Wiscon P&L 55 E '56 98% FOREIGN BONDS. § Baden Con Mn 7s 'S 2 Buen Air Pr T'ss §Cent Bk Co € B 3 €Com Pr_Bk 5.5 '37 3 Danziz Port 61%c 14 Eur EI Cp 675 ‘65 2adag %5, 1Unit Bl ww—With warrante XW—_Without warrants. i When tasued. lected cities of the district declined 2% millions during this period. Investment holdings of these banks declined five and a half millions between August 12 and September 8, but were nearly 3 millions greater than a year ago. Department store sales increased 9.4 per cent in August over July, and aver- aged 9.6 per cent less in actual dollar volume than in August, 1930. Sales at wholesale of dry goods. hardware and shoes increased seasonally over July, but sales in other reporting lines de- creased. Cotton consumption in the United States and in Georgia, Alabama and Tennessee was greater in August than it was in that month last year, and in Tennessee there was an increase over July. Output of coal in Alabama and Tennessee increased seasonally in August but continued less than a year 7go, and pig iron preduction in Alabama declined substantially in August to the lowest level for any mcnth since Feb- ruary, 1922. Building permits and con- tract awards declined in August and continued lower than a year ago. Sep- tember 1st estimates by the United States Department of Agriculture show an increase of about 5 per cent in the cotton crop of this district over the Au- gust estimate, and other crops also improved during the month as a result of needed rains. A caulifiower weighing 261 nds Rn just been grown in Oamp:ul.ll.ts. CHICAGO LIVE STOCK MARKET CHICAGO, October 13 (#) (United States Department of Agriculture).— .+ Hoge, 19,000 head, including 2,000 head | direct; packing sows off at advance; 200-300 | pounds, 5.35a5.60; top, 5.60; 140-190 pounds, 5.00a5.35; pigs, 4.25a4.7. packing sows, 4.60a5.15; smoot® sorts, 5.25; light light, good and choice, 140- 160 pounds, 4.90a5.20; light weight, 160-200 pounds, 5.00a5.50; medium weight, 200-250 _pounds, 5.45a5. heavy ' weight, 250-350 pounds, 5.25a 5.60; king sows, medium and good, 275-500 pounds, 4.60a5.35; slaughter | pigs, good and choice, 100-130 pounds, 4.25a5.00. Cattle, 7,500 head: calves, 2,500 head; good and choice fed steers and yearlings strong: shippers active; bu: ing rather freely from 9.25 upward; lower grades slow steady to weak; most other killing classes about steady al- though grassy and short fed butcher Khelfen dull; extreme top fed steers with | weight, 10.40; light steer yearlings, | 10.00; long yearling, 9.75; steers, good and choice, 600-900 pounds, 7.25a10.2! 900-1,100 pounds, 7.00a10.25; 1,300 pounds, 7.25a10.60; | pounds,. 7.50210.60; | dium, " 600-1,300 4.00a7.50; heifers, good and choice, 550-850 | pounds, 7.00a10.00; common and me- dium, 3.00a7.00; cows, good and choice, 4.25a5.75; common and medium, 3.50a 4.25; low cutter and cutter, 2.25a3.50; ‘hullfi (yearlings excluded) good and choice (beef), 4.50a5.50; cutter to medium, 3.56a4.75; vealers (Milk fed), good and choice, 8.00a9.00; mediu Stocker and feder cattle—Steers, good choice, 500-1,050 pounds, 5.25a6.75; common and medium, 3.7585.25. * Sheep—Receipts, 16,000 head; strong to 25 higher; advance largely on better grade lambs; good to choicé nati 6.00a8.50 to packers, outsiders 6.7 some held higher; Westerns unsold; fat ewes, 1.50a2.25; lambs, 90 pounds down, good and choice, 6.00a6.85; medium, g,flfln. all weights, common, 3.50a choice, 1.00a2.50; all weights, cull and common, 75a1.50; feeding lambs, 50-75 pounds, good and choice, 4.7525.50. Driver Beats Summons. ‘When Alexander Krasinsky of Brook- lyn, New York, appeared in Traffic Court on a warrant for failure to | answer & summons, the arresting offices | failed to identify him as the offender. Krasineky had lost his driver's license and some one had been using it. market strong to 10 higher; | ewes, 90-150 pounds, medium to ! -|portant details concerning the im- |EASTERN RAILROADS ARE FIRST IN INCOME By the Associated Press. Eastern railroads have made more money this year than have the carriers of other grand divisions. As against an average annual return of 2.14 per cent during the first eight | months of the year, the Eastern district |roads' return has been at an average annual rate of 2.33 per cent. The sta- tistics were compiled by the American Railway Association. In second place were the roads of the Western district, which operated at an annual return of 2.11 per cent. South- ern district roads fared worst, operating at -tn annual average return of 1.49 per cent. ‘The actual net railway operating in- come of all roads during the eight months was $350,943,778, as compared with $556,466,261 during the corre- | sponding months of last year, B Eldridge Farms Dairy Co. BALTIMORE October 13 (Special). —The following applications have been filed with the State Tax Commission: Eldridge Farms Dairy Co. Inc., Chevy Chase, Md.; to generally engage in a dairy business; capital stock, 250 shares of common stock. no par value; incorporators, R. A. Eldridge, G. L. ‘Todd and John W. Price, all of Wash- ingtca, D. C. McLeod & Romberg Stone Co., Bladensbu: Md. (Reese E. McLeod, president): amendment to increase the corporation’s authorized capital stock | from 2500 shares, at a par value of $25 each, to 8,000 shares, at a par value of $25 each. Cavell Relic Causes Fine. For attempting to sell a document re- garding Nurse Edith Cavell to the Brit- ish Museum, Herr Brueger, a state for- ester of Meiningen, Germany, has been fined one-tenth of his year’s income. Though the document recorded unim- | prisonment of Miss Cavell, Brueger | | D. U, TUBSDAY, O STATES MAY VOTE ON CREDIT AID PLAN Many Observers Believe Legislative Action Is Nec- essary in Matter. BY C. B. UPHAM. Action by each of the 48 States as well as by Congress will be necessary to give practical effect to one of the Hoover proposals for easing the bank- ing and credit condition of the country, in the opinion of many who are close students of banking problems. The proposal in question is that arrange- ments be made for the creation of a fund to liquidate banks which have closed. ‘The President has suggested that bankers in a given section co-operate in placing depositors in closed banks in immediate funds, taking as security the assets in the closed banks, out of which to reimburse themselves when final liquidation has been accomplished. This is regarded as a temporary ex- pedient and it is believed that Congress will be asked to set up a fund of some * 26n, | $100,000,000 to serve the same purpose, | the amount to be retired out of Fed- eral Reserve Bank earnings over a pe- | riod of years. Franchise Taxes. Since the beginning of the Federal Rescrve System the Reserve banks have paid into the United States Treas- ury as a franchise tax a total of $147- 000,000. The bulk of this, however, some $130,000,000, was contributed in the years 1920, 1921 and 1922. For 11930 the franchise tax payment of the |12 banks was only $17,000. Indeed, for the first six months of 1931 each of the 12 banks showed an operating deficit, current net earnings being in the minus column. This is pointed to as a factor to be considered in the retirement of the amount originally to be underwritten by the Treasury under the proposal. There has been a good deal of liquida- tion, of the kind proposed, by the vol untary action of banks in various sec- tions. The banking commissioner of Minnesota, J. N. Peyton, has sifcceeded in getting city banks of that State to advance immediately to the depositors in the failed country banks 75 per cent of the estimated recovery from the assets of the closed banks. The depositors pay interest on the sums ad- vanced and the city banks take the assets of the failed banks as security. In Louisiana it is reported that Gov. Huey P. Long devised a similar scheme, which is rot only applicable to failed banks, but is also used to bolster up going banks which find themselves in frozen or frosty condition. The State and city banks there co-operate in at- tempting to save banks in trouble, and the record of only four bank failures so far in 1931 is pointed to as evidence that the system is of value. The same thing can be done on a national scale under the President's plai servers believe, Speeding Up Payments. Officials charged with the duty of liquidating failed national banks have been giving attention for some years to methods of :peeding up payments of dividends to depositors. The proposal that excess earnings of Federal Reserve banks be utilized as a liquidation fund for such purpose was given some con- sideration three or four years ago by & committee of bankers and business men which made a study of the Federal Reserve System under the sponsorship of the Chamber of Commerce of the United States. The objection urged against it has been that it smacks of the deposit guaranty idea and, iike other devices to that end, would lead to bad banking. ‘The answer made to this is that there would be no encouragement to bankers to resort to slipshod methods in the be- lief that the depositors would not suffer in any event, because the plan does not contemplate the guaranteed return 100 per cent of deposits. but onl quick availability of whatever eventually be realized. = A liquidation fund created by the Government would presumably be avail- able only for closed national banks, or at most only to members of the Federal Reserve System. Most of the failures have occurred among State banks not members of the system. To include them in the benefits it would seem that each State would have to act along the lines proposed for Federal enactment. A method may be devised of including all banks under the one plan through some co-operative action by the States and the Federal Government. That is the direction along which thought is being directed at the present time. To some this difficulty emphasizes the im- portance of one system of banks to re- place the present dual system. (Copyright, 1931) ol SPECIFIC U. S. PRhG;RAM ON TARIFF IS URGED By the Associated Press. ‘The Committee on Federal Taxation of the Chamber of Commerce of the United States has analyzed the Gov- ernment’s fiscal situation and the nec- essity for providing a balanced budget Wwithin a reasonable period in a tenta- ;19‘;1 report for the third quarter of ‘The committee's report raised ques- tions to be considered whenever expan- sion ef public expenditures is contem- plated as an aid to economic improve- ment. In identifying the extent to which the Government's requirements might now be financed through borrow- ing, the committee cited that since 1920, the national debt has been reduced not only by statutory sinking fund in the amount of $6,260,000,000, but by $3,- 475,000,000 additional from year end surpluses alone, made possible and amassed through maintenance of taxes at a high level. ‘While indicating that in the current situation the borrowing power can and should be relied upon to a considerable extent, short of imperiling the Govern- ment’s credit, the committee recognized the necessity of developing a specific program covering the next few years to produce revenues equal to expenditures without further dependence upon bor- rowing, 1t mentioned tentatively some possible means of obtaining additional revenues for the Government through increases of existing tax rates or the addition of new taxes as an emergency measure. With the determination later in the year of the expenditures schedule of the Government and ascertainment of Tevenues requirements, the committee ‘will present its final report. i s Tri-Continental Corp. BALTIMORE, October 13 (Special). —The Tri-Continental Corporation, in- corporated under laws of the State of Maryland, reported as of September 30 net assets, with securities at market value, equal to $119.42 a share of pre- ferred stock and $2.84 a share of com- mon. The net income for the nine months will compared .with dividends of $1,471,069 outstanding. ing the third quarter of 104,146 shares of the corporation’s preferred stock outstanding, net assets of the corpora- tion declined approximately 25 per cent between June 30 and September 30, the report said. Retirement of pre- asked $62,500 for it, and the museum declined the offer. Brueger was an offi- | cial in Brussels at the time of Miss Cavell's execution. The German court held that the attempt to sell the docu- 1 to German ment was prejudical in- ferred shares reduced the amount of this_issue. outstanding by $29,585,4C0 2nd “increased surplus $756,336. Only one foreign automobile is now sold in England where nine were dis- tWo years ago. Lok Everybody’s Business Earnings of Several Roads Expected to Be Increased if Higher Freight Rates Are Granted by I. C. C. BY DR. MAX WINKLER. Special Dispatch to The Star. NEW YORK, October 13.—An in- crease in freight rates of 7', per cent, if granted by the Interstate Commerce Commission to the American railroads, should mean additional per share earn- ings of $4.90 for Atchison, Topeka & Santa Fe, $5.10 for Baltimoré & Ohio, $9.75 for k Island, $2.25 for Lacka- wanna, $4.50 for Erie, $6.35 for Illi- nois Central, $9 for Missouri-Pacific, $4.50 for New York Central, $3 for New Haven, $3.75 for Southern Pacific and $5.25 for Southern Railway. ‘An announcement regarding a rate increase is expected to be made at an early date and, according to Senator Watson, will not be as far-reaching as the railroads desired. The Senator, however, feels that all forms of trans- portation should be placed under reg- ulation of the Interstate Commerce Commission, as are the railroads, which are uhder heavier expenses to conduct their business than the variouse com- peting systems, inciuding trucks, busses and aviation. In reference to the possibility of many securities losing ~ their legal standing through legislation and the re- sultant desire on the part-of institu- tions to liquidate such holdings, it 15 reasonable to state that no large-scale selling should be expected on that ac- count. 1906 New York Legislation. It may perhaps be recelled that, in 1906, the New Yogk Legislature decreed that’ insurance companies operating in the State must liquidate their invest- ments in common stocks, the authori- ties feeling that ordinary shares do not belong in the portfolio of an in- surance concern. Fearing & sharp reaction, the compa- nies were given five years within which to sell. In 1911, however, it was found that $80,000,000 worth of common stock was still for sale, which prompted the authorities/to extend the period for an additional five years. The same happened in 1916, and it was not until 1021 that the liquidation was com- pleted. Whatever measures may be taken that might affect adversely the status of institutions, it is safe to assert that nothing of a damaging character will be done. The banking situation in Ohio is ex- pected to improve considerably as a Tesult of a ruling by the State attorney general to the effect that real estate bonds may henceforth be pledged to secure funds of county, municipal and school districts. Prior to this ruling real estate obligations were ineligible, and it was necessary to post as security surety bonds and miscellaneous obliga- tions. Owing to the fact that many Ohio institutions‘are understood to hold rela- tively large amounts of realty issues, the above decree comes as a distinct relief and should et at rest many an unfounded rumor regarding the alleged precarious banking conditions in the tate, British Stocks. ‘The rise in British stocks, to which | attention is frequently being called, is | less encouraging than would appear on basis of a superficial analysis. ‘Whenever a currency declines t! tation of fixed . income-bearing declines, the recession theoretically corresponding to the extent of the de- preciation of the currency in question. In the case of equities—that is, com- mon shares—a rise iakes place corre- sponding to the fall in currency. A decline in the value of a currency in terms of gold means greater profits for corporations, but although trans- jated into gold such increased profits are really only imaginary. The same plies to dividends paid. It will be recalled that in the da: when the German currency deterior: tion was at its height, German shares were quoted in terms of billions of per cent, and one concern in Berlin de- clared a dividend of one hundred bil- lion per cent on shares of a par value of 1,000 marks. In actual money, the “phenomenal” dividend amounted to less than 24 cents. Declaration of an extra dividend by Swift Internacional, Latin American subsidiary of Swift & Co., is indicative of the fact that investments abroad. if carefully made, can turn out very pro- fitably. This view is also borne out by an analysis of last year's earnings of Swe- den’s industrial enterprises. Concerns whose activities are confined chiefly to domestic markets reported for 1930 a net profit of 5.3 per cent on the com- bined capital and reserves. This fig- uré compares with 6.1 per cent for 1929, 5.4 per cent for 1928, and 4.7 per cent for 1924. Swedish industrial concerns, whose activities are international in charac- ter, such as Swedish Match, S. K. F. and Ericsson, reported for the past year net profits of 7.4 per cent, against 8.6 per cent in 1929, 8.1 per cent in 1928 and 4.8 per cent in 1924, Stake in Amstelbank. America’s stake in the Amstelbank, Dutch subsidiary of the Austrian Credit Anstalt, and which has been granted an officlal moratorium, is placed at $10,715,000, ‘or about 40 per cent of the total amount involved. The British are second with $5.715,000, followed by the Dutch with $5,430,000, the Swiss with $2.285.000, the Austrian National Bank with $1,000,000, the Italians with $800,000, the French with $715,000 and Baron Rothschild personally with half & million. ‘When the varent company in Austria got into difficulties the affiliate in Amsterdam could not withstand the de- mand for funds on deposit with the bank or the withdrawal of short-term credits. ‘To protect the creditors the closing of the institutions was ordered, although it is felt that, given somewhat more normal conditions, the assets of the institutions will prove more than ade- quate to cover existing liabilities. (Copyright. 1931. by the North American Newspaper Alliance, Inc.) (Compiled by Standard Statistics Co.) NEW YORK, October 12 (#).—Of the 26 important commodities in the follow- ing table, 10 are higher in price than last week, 7 are lower and 9 remain unchanged. One of the 26 items is at its high for 1931, while 5 are at their lows: Last Butter, ¢ flats. fancy, Coffee,’ Rlo, No. 7. b, Copper, elec., Conn. val. Cotton. mid. upland, 15. Cottonseed oil. bleached, Corn, No. 2 yellow, gex, fresh firsts.’doz. our, Spring patent, bbi native stes inseed oti, 1b Petroleum, Okla., . bbl Rye, No. 2 Western. b Sitk: crack vouble extrs. b ver, ended September 30 was $1.679,497, as | S\ of the corporation’s preferred stock | Tu Giving effect to_the retirement dur. | 3| COTTONSEED REPORT. By the Assoclated Press. Cottonseed crushed in the two-month period, August 1 to September 30, was reported today by the Census Bureau to have totaled 510,472 tons, compared with 728,659 tons in the same period a!st LT year ago, and cottonseed on hand at mills September 30 was 484,374 tons, com| ‘with 700,368 tons & year ago. ' T *| Houston ¥¥% A—15 NEW REFRIGERATION{BONDS LIQUIDATED 1S SAVING. MONEY Retail Customers Expected to Benefit to Extent of $500,000,000 a Year. BY BRADLEY W. TRENT. Speclal Dispatch to The Star. NEW YORK, October 13.-—Attempts are being made to save retail customers of this Nation about $500.000,000 on proved methods of refrigeration, which will partially offset the eventual ris- ing price tendency of foods and will create sufficient additional employment to enlarge or fill now strained or empty family pocketbooks. Seveffil railroads, one harvesting ma- corporations and showcase and carton manufacturers, as well as makers of re- frigerators and special types of Tefrig- erants,’ are co-operating in this pro- ram. 15" Perishable foods represent more than 1 77 per cent of the national food supply in terms of monetary value at retail prices. Estimating the value of perish- States at $16,800,000,000, Clarence process, said today that “tHese foods are moved from producer to consumer at Tuinous cost and with loss in retail stores alone of more than $500,000,- 000 a year.” “Accurate figures are not available.” he said, ~but it is fair to assume that fully 25 per cent and probably as much as 40 per cent of all perishable food crops that reach maturity never reach the consumer. Surplus production, glutted markets, unstable prices and tremendous spoilage all the way from producer to retailer account for by far the greatest economic loss in any commercial or industrial activi Citing as an example the wasteful methods of transporiing spinach grown in Texas and consumed here, Mr. Birds- eye said: “At the source the whole spinach plants, containing about one-third waste, are packed loosely in round bushel baskets, which in turn are loose- 1y stacked in refrigerator cars. Event- ually the baskets of spinach reach re- tail stores in the East, where from 15 to 40 per cent spoils have to be thrown out. The consumer, who pur- chases the remainder, has to eliminate the inedible portions.and wash out the sand.” From the angle of meat distribu- tion, he pointed out that under gen- erally existing conditions steaks con- sumed in a small Massachusetts town may be cut from a steer fattened in Okiahoma, shipped alive to Chicago, | slaughtered and partly dressed there, ! and then shipped to Boston hung in a refrigerator car as sides or quarters. (Copyright, 1931) New York Cotton Special Dispatch to The Star. NEW YORK, October ' 13.—Cotton advanced $2 a bale at the opening of the market today, following a sharp igain in domestic cotton cloth con- { sumption as shown by the New York Cotton Exchange estimate, and favor- able results reported from the New Or- leans_conference between bankers and the Federal Farm Board October opened at 6.06, up 27;" De- cember, 630, up 39; January, 648, up 44; March, 655, up 44; May, 6.88, up 48, and July, 7.05, up 49. Grain Market By the Associated Press. CHICAGO, October 13.—Grain prices averaged higher early today influenced by scantiness of wheat supplies on ocean | passage and by hostilities between Jap- an and China. Fears were expressed that the war-like complications would eventually involve Russia. Opening % to ! cent higher, wheat afterward held near the initial limits. Corn started unchanged to % cent up, and subsequently reacted. Wheat price advances resulting from strained relations of Oriental powers led soon to enlarged selling to realize profits, and the market in some cases dipped temporarily to below Saturday's finish. Much notice, however, contin- ued to be taken of the fact that wheat supplies afloat for Europe showed al- most 2,000,000 bushels dgcrease in the last week, and more than 7,500,000 de- crease, compared with a year ago. Giv- ing impetus to curtailment of floatisg supplies en route to importing coun- tries were Liverpool wheat quotations higher than had been expected. Further bullish factors as to wheat included word of fairly good export business in North American wheat over the holiday, largely, however, Canadian wheat. There were also advices that Russian chartering of grain vessels had stopped, and that Russian wheat sow- ings to October 1 were only 69 per cent of the total planned, with the seeding date passed in northwestern and cen- tral regions. Japan's rice production was reported 2,806,969,000 pounds short of last year's total. Corn and oats were steadied by grain strength, de- spite big receipts of corn here, 417 cars. Provisions were responsive to hog market upturns. Man Has Self Barred as Driver. LONDON (N. A. N. A).—At his own request, Arthur I. Walgate of Arncld, England, has been disqualified for life (mg}]holding a license to drive an auto- mobile. TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) Rate—Maturity. 1745 Dec. 13, Dec. 15, FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks London, pound Paris, franc.. Brussels. _beigi Berlin, ‘mark Rome, lira Zurich, Athens. Madrid, Vienna, Budapest. pengo. . | Prague. crown (nom’ 345 | Warsaw, zloty. o slo. c: Stockholm, crown .. SHORT-TERM SECURITIES. (Reported by J. & W. Seligman_ & Co.) id. Offe Allis-Chalmers Co. 5s_1937. . % Chi. Northwestern R. R. 38 1 Chicago Rock Isla Cleve. Lor. & Colorado & So. Rwy. 4'.s Commercial Credit Co. 51,5 & Hudson Co 85 orp. 65 1540.... Trunk of Canada 65 E. & W. Texas 5s 1933 Humble Oil 5'4s 1932. Laclede Gas_Light C New York Cent. New York. Chi. & 8t. L. Northwestern Tel. /2 Pa. R. R Co. 6las 1936, 0! ind General Elec. 55 19: Republic Tron & s 1940 Sirclair Crude Oil Co. 5125 1938 Pacific 5s 1034 ... .. 8L LIME Ry RaG. 4 ials u nion Elec. Lig] s Ot Iflgz 25 P S e 100t 180 % & P! Union Oil Co. of Calif.’ 5t Virginia Rwy. & Power Wabagh Rwy. Co. s 1 their annual food bills through im- | chinery company, several transportation } ables consumed annually in the United | Birdseye, inventor of a quick-freezing | 10 BUY EQUITIES ;U. S. Issues Sold Freely by Investors Who Are Pur- chasing Stocks. | Special Dispatch to The Sta: NEW YORK, October 13.—The ad- vance in money rates occasioned by the increase in the New York PFederal Re- serve Bank rediscounnt rate to 2% per cent has been the sole reason put for- ward for the sudden slump in United States Government bonds. It does not, however, sufficiently ex- plain why Treasury long-term issues should drop 2 to 3 points in a single week. Tt does not explain why Tre: ury bills should drop from a price at which they yielded only 0.50 per cent per annum to a price where their yield is 0.25 per cent. Trading Volume Doubles. More than that, the volume of trad- ing in Government bonds suddenly | doubled on both the exchange and over the counter. Government bonds traded on the Stock Exchange on one day amounted to only $1,000,000 and the next day the total was doubled. A rediscount rate of 2!, per cent is still only a nominal rate, It is not high enough to attract important blocks of funds away from the security of Gov- ernment bonds. e explanation for the weakness cannot be found, either, in the wild reports exploited in Europe that the American dollar was shaky and that the United States was about to_abandon the gold standard. Undoubtedly the market is now in the reverse phase of the situation some | months ago, when securities of all kinds that were obviously destined for lower levels were sacrificed in favor of the safety and tax-exemption provisions of Government bonds. Banks which bought them for their liquid features have not sold them yet in any large volume, But many corporations with their re- serve funds in Government bonds, in- vest| concerns which have stood aloof from both stocks and bonds, and thousands of individuals who had turned their money into Government issues have sold these bonds during the past week in order to obtain money with which to take advantage of the ad- vances in the stock and jynior bond markets. Buying Power Increased. This potential buying power has long been a promise of stimulating an up- ward movement. So long as Govern- ment,_issues were yielding 3 per cent or less, it was only a matter of time before 'those receiving such a small Teturn on their money would again in- vest their funds in more speculative but much more profitable ventures. The sudden turn of the markets in the past week provided the opportunity. Presi- dent Hoover's plan for a revolving credit for frozen bank assets and his promises of other constructive steps to aid business provided the necessary re- assurance to the American investing public. (Coprright, 1931.) Baltimore Markets Special Dispatch to The Star. BALTIMORE. Md.. October 13.—Po- tatoes, 100 pounds, 75a1.10; sweet po- tatoes, bushel, 35a50; beans. bushel, 75a1.25; yams, barrel. 1.50a1.75: beets, per 100, 1.50a2.50; cabbage. bushel, 40a 60; carrots, per 100, 2.50a3.50: lettuce, per crate, 25a3.50; caulifiower, crate, 75a2.50; celery, crate, 1.75a2.75; lima beans, hamper, 60a1.75: okra, 1.50a 2.00; peppers, hamper, 25a35; onions, 5 spinach, hamper. 25a 1.00; canners’ stock. 50265 pples, bq,sshel. 40a1.25; cantaloupes, crate, 758 1.75. Dairy Market. Chickens, young, 20a22: Leghorns, 18a21; old hens, 18a24; Leghorns, old, 12a16; roosters, 12al4: ducks. 12a2 pigeons, pair, 15a20; guinea fowls, pair, 25850. Eggs—Receipts, 113 cases: current receipts, 18a24; hennery whites, 30a 32; nearby firsts, 26; Western firsts, 26. Butter—Good and fancy creamery, 32a37; ladles, 20a22; process, 23a2 store packed, 15a16. Live Stock Market. BALTIMORE, October 13 (#).—Cattle —Receipts, 350 head: market steady; steers, good to choice, 7.00a7.50; medium to good, 6.00a7.00: fair to medium, 5.50 26.00; plain to fair, 5.00a5.50; common to plain, 4.25a5.00; bulls, good to choice, 4.50a4.75: medium to good, 4.00a4.50; fair to medium, 3.50a4.00; plain to fair, 3.25a3.50; common to plain. 3.00a3.25; cows, good to choice, 4.25a4.50; medium to good, 3.75a4.25; fair to medium, 3.25 a3.75; plain to fair, 2.25a3.25; heifers, good to choice, 6.00a6.25; medium to good, 5.75a6.00; fair to medium, 5.25a 5.75; plain to fair, 4.75a5.25; common to plain, 4.0024.75: fresh cows and Springers, 30.00260.00. Sheep and lambs—Receipts, 200 head: market steady: sheep, 1.00a3.00; lambs, good to choice, 7.00a7.50; common to medium, 3.5026.50. Hogs—Receipts, 500 head: market higher; lights, 5.85a6.50; heavies, 5.50a 6.25; medium, 5.95a6.25; roughs, 4.00a 5.15; light pigs, 5.60a5.85; pigs, 5.85a 6.00; Ohio hogs 10 cents higher than quotations. . Calves—Receipts. 50 head; market steady; calves, 4.00a10.00. Hay and Grain Prices. Wheat—No. 2 red Winter, export. no quotations; No. 2 red Winter, garlicky, spot. domestic, 51%; October, 513 November, 521;. Corn—No. 2 yellow, domestic, spot, 52a53; cob corn, 2.50a2.75 per barrel. Oats—No. 2, white, domestic, spot, 31a32; No. 2, 30a3l. Rye—Nearby, 45a50. Hay—Receipts, none. New hay is starting to arrive in increasing quan- tities, but so far no official grading has been’ attempted, selling being strictly on merit. Demant for old hay slow and market is dull and quiet, with prices in buyers' favor at a range of 14.00a18.00 per ton. Straw—No. 1 wheat, 9.00a9.50 per ton; No. 1 oat, 9.00a10.00 per ton. DIVIDENDS DECLARED NEW YORK. October 13 (#).—Divi- dends declared: Regular. Holders of Date. Oct. 36 Oct. 23 Oct. Oct. Nov. Nov. Nov 2 2 3 H 5 NEW YORK BANK STOCKS NEW YORK, October 13 (#).—Over= the-counter market: BANKS, Americ Chase Chat Pht enix Commercial Naf 1 N'Y Bid. Askedw , 3712 39z i Corn Exch Empire ... Guaranty frving ... Manufacturers . jNew York Talkle theater chains are being estab- lished in Austris. 1