Evening Star Newspaper, October 15, 1931, Page 15

CURB SHARES GAIN | [NEW YORK CURB MARKET IN STEADY MARKET Trading Tapers Off, but Whole List Maintains Upward Trend. BY JOHN_A. CRONE. @pecizl Dispatch to The Star. NEW YORK, October 15—Strength was malntained in the Curb Exchange list today from the outset, though trad- “ing slackensd somewhat around midday. Among pivotal shares, Electric Bond & Share was up 2 points around mid- day, and the warrants of American & Foreign Power, its principal operating subsidiary, rose fractionally. Stand- ard Oil of Indiana gained more than a point, and Cities Service, which is ex-dividend, more than made up its dividend. Chairman Sidney Z. Mitchell told shareholders of Electric Bond & Share that bears had been circulating reports about the poor business of the com- pany's foreign subsidiaries. He said that for the 12 months ended September 30 the common showed earnings were $1.75 a share and that liquidating value of the stock at clos- ing prices of October 10 amounted to $19.91 a share. C. E. Groesbeck, presi- dent of Electric Bond & Share, said the sales department, despite the pres- ent business situation, during the first eight months of this year had secured additional commercial and industrial contracts bringing in annual revenues of $7.700,000. Great Atlantic & Pacific Tea led the uuswing of chain stores with a gain of 10 points. Selby Shoe, just a few min- utes before the regualr common quar- terly dividend was announced, sold off three points. The omission of the Benson & Hedges convertible .preferred dividend was without immediate effect on that stock. Singer Manufacturing outdistanced other higher-priced in- dustrials. Aluminum Co. of America netted several points gain on increased demand. Advances predominated at the open- ing. Electric Bond & Share, responding to | the statement of Chairman Mitchell that it had earned $1.75 a share on its common stock for the 12 months ended | September 30, quickly gained more than | a point to 19's. Cities Service at 7 lost | fractionally. but it was quoted ex- | dividend. Standard Oil of Indiana at 19'x was up slightly. Pipe lines, such as Eurcka and In- diana, were a trifle lower, but_moto: under the leadership of Cord Corpor tion, showed a rising tendency. Alu inum Co. of America rose more than a point to 76';. Dresser Manufacturing A and B shares were removed from the | Curb list today, having becn admitted to trading on the big board. Wool- worth. Ltd., common at 714 ¢nd General Electric, Ltd,, at 8 gained slightly. Canada Dry Ginger Ale. NEW YORK, October 15 (#).—Letter from the company to stockholders of Canada Dry Ginger Ale said figures for the year ended September 30 show the current annual dividend of $3 fully earned. BONDS ON THE CURB MARKET. DOMESTIC BONDS. Bales. in thousands. igh. Low. 6 Alabama Pw 4'zs | 2 Alabama_Pow 35 '68 99'4 13 Aluminum_Co_8s '52 101 Am Co; 3 3 40 46% 7 48 86 0 84'a 92 25 a1 91 40% 8 1As 8 2 G&E 528 '38 in cf Asso T & T 528 A '55 As Tel Util 5135 44 C s C 180 0 2% 0 LaP & L 5s assachu’ Gas id St Pet 625 ut A 32 3 272222227 < 412 Falls Pow 65 ' v Tnd B ATy E 0 B 1Penn 1 Penn i L, 5 -pub Gas 65 H wat 4 Stand Gas & Stand G&E cv 65 Stand & E 65 '3 '50 n Am_Inv 55 A Uni, LI&RY 65 A '52. U'S Rub 6lzs % U S Rubber 65 "33 Van Swerin 6 '35 Ww Waldorf Astor 7s '54 Webster Mill 6as '33 1Wes Pen Pw 4s H 61 4 Wes Tex Ut 5s A '57 67'z 5 Westvac Chl 5%s '37101 FOREIGN BONDS. 1Bogota Mtg Bk 75 '47 2Cauca_Valley 7s '48.. 2 3Cent Bk Co 65 B '3i 4 Com Pr Pk _5'4s 2 Europ Mtz 75 C '67 . 1Finld R M_Bk 6s '6i 8Ger Cons Mun fs '47 4 Ger Cons Mun 7 47 7 128 ! st " 81 1017 1017 i 1 97! 22 2 54 9 an 2 w 1Terni_Soc 6los A 53 54 8 Unit Ei Ser 7s '56 xw 48 ww—With warrants. Ew_without warrants., T When tesue. Shipments of U. S. Product: ps ne Loy Dividend Rate. 11% Afiliated Prod 1.60.. 70 Aluminum Co of Am. 700 Am British & Cont. 1 AmCit PALBDb10%. 7 Am Com P A (b10%) 10 Am Com PrB(b10%) 2 Am Corpn (f30¢c) 2 Am Cyanamid B. L Am Gas & Elec (31). 209 Am Gas & El pf (6) Am Invest Inc (B Am Lt & Trac (2%).. Am Maracalbo. Am Salamandra (2). Am Superpwr (p40c) Am Superp 15t (6)... Am Superp pf (6) Am Util & Gn B vte.. 4 Anglo Chil Nitrate Appalachian Ga Arcturus Rad Tu Arkans Nat GasA... 4 Ark N G cu pt (60c) . Assoc Elec Ind (30c) Asso GREIL A(b2-25). Ass0 G & El war. Asso Laundries v Atlas Utll Corp. . AutoVM cv pr pt 50c. Babcock & W11 (7)... Beneficial I L (13). Bigelow-Sanford. ... 2 Blue Ridge Corp. ... Blue Ridge cv pf(a3) Brazil Trac Lt&P(1) Buft N&EP pf (1.60). Bulova cv pf (3%) Bunker Hill & Sull Burco Inc war. Burmarcts 127 3 Canadian Marconi. Carib Syndicate. ‘Cent Hud G&E (8 Cent Pub Sve A b5%. Cent Stat El (b10%). “itles Service (£30¢c) Citles Serv pf (6)... Clev E 1lum (1.60). on Of 10il& Gas vte. Colum Pie v.t.c. 75¢. Cmwith Edison (8).. Cmwith & Sou war.. Com Wat Ser g12%¢. Consol Auto Merch Consol Auto M cu pf. Con Gas Balto (3.60) Consel Gas Ut B vic. Contl G&E pr pf (7). Cord Corp Corroon&Rey p Creole Petroleum Crocker Wheeler Cusi Mex Mining.... Dayton Alr & Eng. De Forest Radio. Derby OIl Refining. Detroit Alrcraft. Duke Pow (5) Dugquesne Gas. Durant Motors. Duva) Tex Sul wi e v oo e S &3 ol T oSS e aRend c. East Sta Pow (B). East Utll InvA..... Elec Bond&Sh(b6%) 63 Elec B & Sh cu pf § Elec B& Shpf (6)... Elec Pow Assoc (1). 2 Elec Pow Assoc A (1) Elec P & Ltop war. . i El Shareholdg(b6%) Empire Corp war.... Employ Reinsu 11.80 Eureka Pipe L (4). Europ Elec deb rt Fansteel Products. .. Fedders Mfg Co A... 4 Federated Metals Flintkote Co A. Ford M Can A (1.20). Ford Mot Ltd 36 3-5e Gen Aviation. . GenE Ltd res 36 3-5c. 4 Gen Empire (1).. Gen Fireproof (1 Gen Theat Eq cv pf.. Glen Alden Coal (4). Goldman Sachs. Gorham Inc pf. . Gt At&P T nv (16%) 2408 GulfOllof Pa (13%). 19 Hamilton Gas v.te... 8 Hecla Mining (40¢).. 3 Heyden Chem (2)... 2 Humble Oil (+215).. 3 Hygrade Food Prod.. 3 111 Pow & Lt pf (6).. Indfana Pipe Line (1) Ind P&L cu pf (6%). Ind Ter Illu Oil B.... Insull Inv (b8%). ... Ins Co ofNo Am 12% Insurance Sec (40c). Int Petroleum (1)... Int Saf Razor B(1).. Int Superpwr(11.10). 4 Int Utilitles(A)(3%2) Int Utilities B. Int Utilities war Inter Equcv pf (3).. Interstate Pw pf(7). Kolster-Br (Am Sh). Take Shore M (12.80) Leonard Oil. ... Libby McNeil & T 17% & i except those esigmated by letter “s.” d Sales— Add 00. Open. 6 15% s 76 | THE EVENING STAR, WASHINGTON Received by Private Wire Direct to The Star Office Low. Close. 9% 9% 102% 102% 93 93 ~Prev. 1031. Stock and Sales— w. Dividend Rate. Add 00. Open. Hixh. 25 7} Lone Star Gasn8Sc. 8 9% 95 112% 97 LongIsld Lt pf (7).. 20s 102% <1021, 3 Long IscupfB(6).. 265 93 93 1% Magdalena Synd..... Mapes Cons Mfg(t4) Marconl 1 M 73 2-5¢.; Mavis Bottling (A).. Mead Johnson (15).. Memph N Gas (60c).. Mid West Ut (b8%) . Mid W Ut v pf xw 6 s Mid Wst Sts U(b8%) Mo-Kan Pipe Line. .. Miss Riv Fuel bd rts. Mohawk Hud 18t(7). Mont Lt H&P (1%).. Mountain Prod (1). Murphy Co (1.60) Nat American Co. ... Nat Bd & S Corp (1). 2 Nat Family Stores. .; Nat Investors. . . Nat Pub Sv A (1.60). Nat Rubber Mach... Ni Low. Close. 15% 15% % 1% 1 2% 5 9% % 4 4 Newmont Mining. ... Niag-Hud Pow (40¢) Niag-Hud Pow A w. g Sh Md (40¢c) -Bemt-Pond (1) Nitrate Corp Chile B. Nor Am Aviat A war Nor Ind Pub S pf (6) 100s Nor St Pow pf (6)... 30s ©Ohio Copper. . Pac Western Oil Pandem Oil. Parker Rust z Pennroad Corp (40¢ Penn Wat & Pow (3) Peoples L&Pwr (A). Philip Morris Inc. ... Phoenix Secur Corp. Pilot Rad Tube Plymouth Oil (25c) Premier Gold (12¢). Pub 1/t Hold war. Pub Util Hold xw. ailroad Shares (40, c) Reliance Int B Republic Gas Corp. Reynolds Invest Rich Rad cum pf. Rock Lt & P (90c) Rossia Intl (10¢). St Anthony Gold. ... Salt Creek Prod (1) Schulte Un 5c-31 St Schulte 5c-31 St pt. Seaboard Util (28¢) Sec Allied Corp (1). Sexal L & H (a50c). Selby Shoe (1.40) Selected Industr: 4 SleIndalctfs(5%) ntry Safety Cont. . hawin W&Pwr (2). Singer Mfg Co (116). South Penn Ofl (1).. SoCalEdpfB (1%). 4 SouCal Ed pf C(1%) Southern Nat Ga 8 W Gas Utilitles. .. Stand Ofl of Ind( 1).. Stand Oll of Ky 1.60. Stand Ol1 Ohlo (213) 1 Stl Co, Can Ltd 1.75.. Stuts Motor Car Sunray Oil. . . Swift & Co (2) Swift Internat’ Technicolor Inc Teck HughesGM t Texon Ofl&Land (1). Trans Air Trans. ... Trans Lux DLPS.. Tri-Cont Corp war. . Tung Sol Lamp(1).. Unit Corp war Unit Founders. Unit Gas Corp Unit ~ Unit Gas pt (7). Unit Lt& Pw A (1 Unit L & Pwr pt(8) nit Molasses Ltd. nit Profit Sharing U S Dairy (A) (6). U S Dairy (B).. U S Elec Pow ww. U & Finishing pf.... U 8 Foil (B) (50¢c)... 3 US Playing Card 2% 50 Unit Verde Extén (1) Utl] P&LU(a11.021), Ut P&L B(at1.02%). Ut & Ind Util & Ind pf (135).. Utility Equities. . % Vick Financial (30¢) 508 75 nden Copper. . son Jones Woodley Petroleum . Woolworth (FW)Ltd RIGHTS—EXPIRE. PeopGL & C.Jan1b 6 34 % in doliare based on last quarterly or semi-an- *Ex dividend. 1Partly extra. :Plus 4% in stoek. aPavable in cash or stock. bPayable in stock. e Adjustment | dividend. {Plus 5% in stock. & Plus 6% in stock h Plus 1% in stock. JFlus 2% in stock. kPlus 10% in stock. m Plus 3% in ! stock. n Plus 8% in siock. D Paid last year—no regular rate. MACHINE EXPORTS ATNEW LOW MARK s Drop Sharply During Month of August. Shipments abroad of American in- dustrial machinery during August dropped to a new low level for recent years, although corresponding favor- ably with the period, 1922 to 1926, ac- cording to J. E. Walsh of the commerce machinery division of the Department of Commerce. ‘Walsh's report said the total of ap- proximately $10,000,000 for August is about $1,000,000 below the figures es- tablished during the preceding moalh and $5.000,000 less than total similar exports for the corresponding period of 1930. In spite of this decline, how- ever, foreign trade in industrial ma- chinery continues to be less severely affected by present conditions than commodities in general. Commenting further on industrial machinery exports, Walsh said: “Exports of metal-working machin- gain over the business of the previous month as well as the corresponding period of 1930. In fact, the total of $3,239.000 for the period under review approximates the average monthly shipments of both 1929 and 1930. Considering the extremely depressed conditions in important metal-working machinery markets, this showing is particularly noteworthy, and indicates the splendid reputation enjoyed abroad by American manufacturers of this type of equipment. “A continued decline was n:ted in exports from the United States of items comprising the power generating machirery group, not including the electric and automotive types. The total for August in this instance was $492,000, as compared with $663,000 in July. The greatest decrease of the en- tire group took place in connection with the trade in water wheels and water turbines, which amounted to only $27,- 2"81 in August, as against $133,000 in uly. “The demand abroad for American construction and conveying machinery remained at a fairly high level during August, the total cof $1,104,000 being comparable to the average monthly figure of $1,300,000 established during 1930, a year featured by particularly heavy shipments of this class of goods. “The classification comprising min- ing, oil-well and pumping machinery, dropped from $2,542,000 in July to $1,- 387,000 during August. A decline of more than $1,000,000 in foreign sales of well and refinery equ;ltpment accounted for the poor showing of his particular group. | ~ Borrowing Money| | [New York Cotton | BY GEORGE T. HUGHES. Special Dispatch to The Star. Justification for including in this se- | ,Nm‘w Y;ORK. Oc!gber ‘lz—lopemm { ri cof prices were 6 points lower to s & dissertation on methods and |3 points higher at the start today. In |means of borrow:ng money lies in the | near months trade buyers were active connection of the subject with invest-|and there was a considerable amount ment policy. Whatever program the in- | of short covering due to the strength dividual adopts it should provide for |in stocks. More distant months re- |the possible necessity of cash | acted to private crop reports. | quickly. Opening prices were October, 6.11, The ‘most _readily available fund is a2 ; probably a savings bank deposit. That may always be drawn upon in an emer- |gency. Life insurance has a loan value, assuming that the policy has been in |effect at least three years. Securities |may be sold or may be used as col- lateral. That is true, however, only if the securities have a ready market. |Banks are reluctant to loan on any |other. | It is not essential that all one's hold- |ings should be of the marketable type, |but a proportion ought to be. Of al- |most equal importance is the provision |for repaying the loan, if it is & loan, or replacing the principal if it sale of securities or withdrawal of a savings bank fund. Most of us need some sort |of incentive along this line, so it is |often better to borrow from a commer- cial bank on the pledge of a savings | bank book than to withdraw the money | |from the savings bank ftself. | This is because the note given to the commercial bank will run for a fixed |period, generally three months, at the |expiration of which time the bank will |expect the principal to be reduced. The | borrower, therefore, feels under a com- | pulsion to cut down the amount of the loan periodically. whereas he would not |make good the withdrawal of the same |amount from his savings account. | The same observation applies to & |loan for which securities are deposited |as collateral. The borrower will be re- |minded by notice from the bank that his loan is due, and he will be asked to make some payment thereon. If he had sold the securities in the ®pen market, he might, or he might not, set aside savings tc make up the loss of principal. It is particularly hazardous to borrow on life insurance without having some system for cancelling the loan, because of the loss of protection insurance is designed to give. (Copyrisht, 1931.) TREASURY CERTIFICATES. ried by J. & W. Sellgman & Cop o 15, Tog . 893833 100 . . 1931-T.D.2 99 12 100 15, 1932, 9 23 100 98 20-32 INVESTMENT SHIFTING CAUSES BOND DECLINF By the Associated Press. Investors are now witnessing the un- usual nfm of a majority of the active bonds of below par. long been & practice of for- elgn governments to purchase issues at a discount, turning them over at par in settlement of inter-govern- mental debts. This power is tempo- rarily absent during the moratorium perind. Jovernment officials scout the theory chat heavy selling pressure is being brought to bear on these issues as result of recurring rumors abroad that this country is to abandon the gold standard. Rather, they feel, many holders who normally invest their funds in Federal issues in times of low re- turns, now feel that these funds can be placed more advantageously in other channels.. This withdraws still another support from the market. GENERAL ELECTRIC. SCHENECTADY, N. Y. October 15 ().—General Electric Co. reported for the first nine months this year profit available for the common stock equal to $1.07 a share, compared with divi- dend requirements of $1.20 for the period. During the like period last year profit available for common stock amounted to $1.47 a share on 28,845927 shares periods. outstanding in both Per share on the common stock for the quarter this year amounted to 32 cents, eom&und with ::Ie.eal;u a share in the like quarter FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibb: ) NP1 Ro18" Se17 m heccs e {oda: (Re) Rate—! 17s Dec - 100 100 10-32 9 London, pound. Paris. franc Brussels, bels Au exports of pumping machinery and mining and quarrying machinery | 5 showed litt] chnnge as compared with the previous month’s totals. “Textile machinery .;na ind;ulrll] sewing machine showed slight falling Off from the total for July, while shos machinery was able to register & small increassy’ the United States Government | D. C, THURSDAY OIL TRADE LOOK FOR HIGHER PRICES Resumption of Flow in Okla- homa Not Expected to Depress Market. BY WILLIAM VOIGT, JR., Associated Press Staff Writer. ‘TULSA, Okla., October 15.—A restive mid-continent oil industry, soothed at last by a flow from Oklahoma flelds, was taking stock of the new situation today. Qugstions as to what the immediate future might bring still remained un- answered, but on the whole s more op- timistic atmosphere pervaded this region as the first week under ren pro- duei.:‘o& from flush fields of the State query, “When will we for crude?” still came with monotonous regularity from pro- ducers, principally the small ones with only & few wells from which to draw. ¥ope for Higher Prices. “Will the reopen! of Oklahoma flelds, closed two months under martial law, result in a firmer price structure?” they asked. And from those conversant with the whims and vagaries of this industry came indirect assurance that such probably would be the case. The present top is 70 cents & barrel. But it was not alone the somewhat less remote : ‘ospect of obtaining more money &t ths wells that fitted into the picture of optimism that prevailed. Other factors bore a distinctly closer re- lationship to the new outlook. The principal one was the cheery bustle of reawakened industry, the hiss of escaping gas and the gurgle of oil flowing through Oklahoma pipelines— | definite assurance for the small refiner and distributor that his source of sup- ply again was functioning. This has resulted in the dusting off of long dormant plans for construction and employment. The smaller operator knows “what's what.” It is generally conceded that Gov. W. H. (Dollar Bill) Murray, after two months of wrangling with purchasers for higher prices, will be driven to an extremity before invok- ing martial rule to shut down Oklahoma wells. The September 11 conference of regulatory bodies and cil leaders in Oklahoma City fixed the amount that would be produced W all known areas again were in operatjon. It set the maximum that the Nation might produce, and assured that this would be less than the actual consumption of petrcleum so a certain quantity would be withdrawn daily from overtaxed storage. Gasoline Market Stronger. Already the gasoline market has been strengthened. Only a few days ago the market was at the low level of 215 to 23; cents per gallon at refineries. By rapid, steady marches the prices climbed to 33 to 3% cents per gallon and U. S. Motor Standard, as of yes- terday's quotations, and indications were that the strengthening process would continue. ‘While none of the major purchasers has made any moves, it is not improl able, in the opinion of & number cf in- dustry leaders, that an ingrease of an- other cent or cent and & fraction will bring about a higher price for crude oil. Approximately 3,000 persons were put back to work. part-or full time, when Oklahcma wells were reopened. Their salaries and the distribution through | the channels of business of this money were held as the first aid to business | generally from the Governor's action in lifting the State army rule. Next in importance was the renewed activity | and strengthening of the State's banks, and the consequent easing of credits through the passing thriugh of oil money. Now if crude price increases come, from the conversation that goes the rounds where men gather in this oil center, smiles will be general once more. Baltimore Markets Special Dispatch to The Star. BALTIMORE. Md., October 15.— Potatoes, 100 pounds, 7581.00; sweet potatoes, bushel, 35a50; beans, bushel, yams, barrel, 1.50a1.75; beets, cabb:g!. bushel, 3.50; let- cauliflower, crate, 50a2.50; celery, crate, 1.75a2.7. lima beans, hamper, 75a1.10; okra, 2.00a 2.50; peppers, hamper. 25a35; onions, per 100 pounds, 1.75a2.00: spinach, bushel, 50a80: tomatoes, hamper, 25a 1.00; canners' stock., 50a60: apples, bushel, 25a1.25; cantaloupes, crate, 1.25 al.75. Dairy Market. Chickens, young. 20a22; Leghorns, 18a20; old hens, 18a24: Leghorns. old, 12a16; roosters. 12al4: ducks, 12a2 pigeons, pair, 15a20; guines fowls, pair, 25a50. Egrs—Receipts, 175 cases: current, 18a26; hennery whites, 34a36; nearby firsts, 28; Western firsts, 28. Butter—Good, fancy creamery, 32a3 ladles, 20a22; process, 23a24; store packed, 15a16. Hay and Grain Prices. Wheat—No. 2 red Winter, export, no quotations; No. 2 red Winter, garlicky, spot, domestic, 51% ; October, 51% ; No- vember, 5215. Corn—No. 2 yellow, domestic, spot, 51a52; cob corn, 2.25a2.50 per barrel Oats—No. 2, white, domestic, spot, 31a32; No. 3, 30a31. 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. Demand for old slow and market is dull and quiet, with prices in buyers' favor at & range of 14.0018.00 per ton. Straw—No. 1 wheat, 9.00a9.50 per ton; No. 1 oat, 9.00a10.00 per ton. Bank of France Statement. PARIS, October 15 (#).—The weekly statement of the Bank of France shows the following changes in francs: Gold increased 726,000,000, sight balances abroad increased 1.898,000,000: bills discounted at home increased 7 = 000, bills bought abroad increased 153.- 000,000, advances decreased 72.000,000, circulation increased 334,000,000, cur- rent accounts increased 3,045,000,000. Rate of discount 214 per cent. s ol S DIVIDENDS DECLARED NEW YORK, October 15 (#).— gk Parc Hidrsof Company. Rate. riod. able. ~ record. Scotten_ Dillon. 10¢ .. Nov.14 Nov. 6 Union Tr of B Oct.’ 20 . 1 1 i Qct. Oct. Jefterson Park Nat T ey NatRes Tav i ot 308 & Accumulated. 50 Oct. Nov. New River »f. . Nov. Disher St C pf A. Easiern Thea Ltd..50¢ Erpre Ti & Guar. $1 fcotten Dillon.....30 X 000 0O 000D O OCTOBER 15, i | around 83 ma! 1931 A.T.& T.PROVES Fl FINANCIAL STATEMENTS CORRECTLY GIVEN BY CHARLES F. SPEARE. Spectal Dispatch to The Star. NEW YORK, October 15.—One of the popular pastimes of stock exchange traders until the new regulations re- cently went into effect was selling ‘elephone & Telegraph stock “short” on the ent that the company would most certainly be com- pelled to reduce its dividend from the present rate of $9 a share. It did not matter how many times the president or directors of the corporation declared the dividend was being earned and therefore would be continued at the ex- isting figure. Wall Street thought it knew more about the affairs of the con- cern than its management and went on day after day putting out “short lines” of telephone stock and steadily un- nerving the 600,000-odd owners of it | scattered all over the world. Yesterday evidence was furnished that the officers of the company really did know more than the smart oper- ators on the exchange and that they were quite honest in their statements that the revenues of this greatest of all public utilities were sufficlent to maintain the present dividend rate. Being & wrm‘auon with the largest body of shareholders in existence, the effect on sentiment of rumors of a divi- dend reduction, accompanied by severe declines in its stock, has been pro- . Probably no incident within the stock market has disturbed so large a body of people as the decline in late months in American Telephone & Tele- graph stock from about $200 a share to its low figure last week of approximate- 1y $120 a share. Having an interna- tional market and many thousands of owners in those parts of the world ‘where economic and political conditions have lately become tense, it has not been surprising to find telephone stock reprreu:wed in the offerings for foreign coun ac . It has been readily marketable, and 80 has been almost the equivalent of cash to those who had an immediate need for cash. The stock is not only held in every State of the Union but is owned by the people of 70 foreign countries and United States possessions. Not since 1911 has American Tele- ghone stock paid less than $8 a share. ext year it will complete its first decade as a dividend payer at the rate of $9 a share. Prior to 1911, the com- pany and its predecessors paid regular dividends of at least $7.50 a share from the date of its incorporation in 1885. A corporation that adopts and ful- fills the policy of g after its shareholders and its employes is likely to draw on its reserves to make up de- ficlencies in a period of depression. ‘This has just been done by the Atchi. son, Topeka & Santa Fe Rallroad, which stands in the same relationship to the transportation industry as the American Tel one & Telegraph Co. does to the public utility field. There- fore, the availability of nearly $389.- 000,000 of cash and high-grade market- able investments, which were carried in the last published balance sheet of the company, should have more attention from those who were selling Telephone stock “short” and prattling day after day about the insecurity of the dividend on it, (Copyright. 1931.) Everybody’s Business Confidence Inspired by Credit-pool Project Ex- pected to Eliminate Bank Diffculties; Adaquate Funds Assured. Special Dispateh to The Star. NEW YORK, October 15.—The Wash- | ington administration is understood to] I be considering means of supplementing | | the benefits expected to be derived as a result of the formation of the National Credit Corporation, which is to com- mence business with $500.000,000 re- sources. In the event that this sum will prove insufficient to cope with the situation, additional funds will be forth- coming. in the opinion of Harry J. Haas, | president of American Bankers' Associa. tion. Mr. Haas adds that the difficulties which have bean facing the banks throughout the country are expected confidently to be gradually climinated, owing to the firm belief of those who have carefully studied the Hoover pro- posal that the plan will work. That it [is meritorious and should receive the support of all national banks is ap-| parent. | ‘Whenever pessimism appears to be the order of the day, constructive develop- ments_are either ignored entirely, or| they do_not receive the attention due| them. In view of the renewed selling | of railroad shares, it should be of in- | terest to point out that loading of rev- | enue freight for the week ending Octo- ber 3 was the highest for any week 50 | far this year. | Although the figure represents an ap- | preciable decline as compared with the | same period last year or in 1929, it is| encouraging to note that the increase over preceding weeks this year was due 10 & gain in the loading of all commodi- | ties. "It is not unlikely, however, that | holders of railroad shares are somewhat disappointed over the failure on the part of the Interstate Commerce Commission to make an early announcement regard- | ing the increase in freight rates. | Public-Spirited Men. ‘ Credit_is due to those public-spirited men of Philadelphia who represent the leading financial institutions of thlJ‘ city for the constructive step they have | taken in assuring the public that they are prepared to render assistance to de- | serving banking institutions which have | recently been embarrassed by heavy| withdrawals. According to an an- nouncement’ made by these men, the | plan which they adopted was prompted | solely by the desire to demonstrate | forcefully their determination to stand | by institutions which may be subjected to withdrawals because of the circula-| tion of damaging rumors. | Due to the adverse effects of general business conditions upon telegraph rev- enues, the dividend on Western Union | common will be reduced to a $6 annual | basis from the present $8 rate. An | agreement has also been reached with the company's employes providing for | a 10 per cent cut in the wages of oper- ators, maintenance, clerical and other land-line employes, to take effect No- vember 1. The company's gross earnings for the first eight months of the current year show a decline of about 16 per cegt from the corresponding period in 1930, | while net profits declined about 14 per | cent. The continued decline in the | shares from a high this year of 150 to v b2 assum=d to hav dis- counted the dividend cut, which will be effective during the last quarter of the current year. A, T. & T. Earnings. For the first nine months of the current year earnings of the American | Telephone & Telegraph Co. have ex- | ceeded dividends by $6,800,000, exclu- sive of the company’s net equity in the undistributed earnings of its subsidiaries of about $3,500,000, according to Walter 8. Gifford, president. This statement should set at rest rumors which crop up from time to time in regard to the possible reduction in the present divi- dend rate of $9 a share. r the time being there can be no question as to its maintenance. An accurate appraisal of the state- ment made by Sidney Z. Mitchell, chairman of the board of directors of the Electric Bond & Share Co., should | lead to the conclusion that the marked | decline in the company’s securities is entirely unwarranted. | The company possesses today cash, or | | STOCK AND BOND By the As Prom Yesterda: el its practical equivalent, of $55,000.000, exclusive of ownership of securities of associated companies and ownership of miscellaneous securities which are read- ily marketable. There is no funded debt, the preferred end common shares representing the only capital liability. The company is, therefore, in an ex- | cellent position to play its part in the ¢lectrical future, which, according to Mr. Mitchell, has greater promise as regards the next decade than is true of the last 10 years. ¢ Firmness of Gas Industry. The gas industry has withstood mag- #ificently the assaults made upon all indust; according to Clifford E. Paige, president of the American Gas Associa- tion and vice president of the Brooklyn Union Gas Co. Mr. Paige adds that the inherent soundness and stability of the gas in- dustry was never more effectively dem- onstrated than during 1930, a yvear of uncertainty and disturbance in gen- eral in business throughout the coun- try. He advocates the continuance of the supply of gas as economically as is consistent with a fair return on the investment involved. No one_will question the sincerity of Marshal Petain’s criticism of America's attitude toward France in regard to the latter’s behavior at the time the Hoover plan to postpone political debts | for one year was announced. However. one would seem justified in asking why the marshal is upset because of reports which are understood to have reached him to the effect that Americans are endeavoring to discredit France and the French people? Careful examination discloses that if there is any ground for criticism, it belongs to the people of the United States, because, according to all trust- worthy reports from France, attempts are made to magnify the economic crisis in America, to call attention to the alleged precarious position of the dollar. and to encourage foreign in- vestors to withdraw their holdings in American institutions. It is also definitely known that much of the short selling of securities, in- cluding even United States Government bonds, arl]bi:mud with French specula- tors. To sure, the more sober ele- ment in PFrance holds no such views, but this applies also to the moke sober element in the United States regarding France'’s economic and financial posi- tion. (Copyright, 1931 by the North American ewspaper Alliance, Inc.) Grain Market By the Associated Press CHICAGO, October 15.—Wheat aver- aged lower and corn higher early today. Liverpool wheat quotations showed more of a decline than had been e ted. Black Sea exports of wheat were larger than either a week or a year ago, with Russia asserted to be again offering wheat. Opening at 33 cents off to s up, wheat later underwent a general sag. Corn opened unchanged to 35 advance and subsequently rose all around. Acting as somewhat of an offset to augmented shipments from the Black Sea, including Russia, was a sharp ecrease of Argentine wheat exports. Tending further to bring about rallies following price setbacks were Winnipeg messages telling of wheat purchases for China. Comparative firmness of secur- ities was also a steadying factor. ‘Wheat bulls drew attention to Liver- pooi advices declaring that the max- imum pressure of wheat supplies had now probably been experienced and that European continental demand should become more important. It was added that more than one-half of the world’s wheat requirements were still | to be obtained from North America. Corn wss bearishly affected by officia reports that the Iowa corn crop was beyond any possible damage from frost and that all indications pointed to a crop of high quality. Oats eased with Provisions were firm in the absence of pressure to sell. CHICAGO DAIRY MARKET. CHICAGO, October 15 (#).—Butter, 6,518 tubs; firm: creamery specials (93 score), 34%a351,; extras (92 score), 34Y,; extra firsts (90-91 score), 31a33; firsts (88-89 score), 2713a30; seconds (86-87 score), 24a262; standards (90 centralized car lots, 3315, 2,307 cases; firm; extra firsts, ; {resh graded firsts, 25a25’ current receipts, 19a23; refrigerator firsts, 18; refrigerator extras, 19!2a20. Hampton Court is a city in British uiana, South America. AVERAGES 'd Press. 30 Edition. | corn. G STOCKS. 50 llldu:lrl:'a. ##% A—15 PRODUCE MARKETS GONTINUE UNEVEN Grain Prices Move Against Trend—Potatoes and Cabbage Weak. Products followed an irregular mar- ket course the first 10 days of October, but there were important price gains, resulting chiefly perhaps from the im- provement of the sentiment in business and financial centers, says the United States Department of Agriculture, Bu- reau of Agricultural Economics, Market News Service. Cotton advanced despite an increased production estimate. Grain showed an upward tendency on appearance of somewhat more favor- able news regarding world production nd supplies. Further declines in price of feeds were regarded as an offset to the weak markets on hogs, sheep, calves and some grades of cattle. Wool mar- kets were extremely dull and unsettled. Seasonal advances continued on eggs and butter, but most lines of dressed poultry tended lower, owing to usual rapid increase in suppiles at this season. Cheese sold lower in the country ma: ket, but holds nearly unchanged in con- suming centers. Potatoes and most other vegetables except onions declined. Apple markets were irregular, with no pronounced general trend of prices. ‘Weak Potato Market. Potato markets were generally weaker, and prices declined further except for a slight strengthening of the Chicago carlot market on Northern round white varieties. Cabbage markets were dull and weak. Domestic type was returning only $6 to $7 per ton bulk in Western New York. Celery in two-thirds crates weakened slightly in Western New York to $1.85a$1.90. The Eastern Shore of Virginia sweet potato market was in poor condition, with recent sales of bar- rels at 90 cents to $1 and bushel bas- kets at 40 to 45 cents. Barreled stock held about steady in city markets, but basket pack declined. Onion prices were somewhat irregu- lar, but more advances than declines were reported. The country grape mar- ket in Michigan and Central New York advanced slightly, with Chautauqua- Erie district about steady. The Poto- mac Valley country market for apples was lower. Grimes brought only $1.75 per barrel and Yorks $2. Bushel tubs of several varieties ranged 65 cents to $1. Pears from Eastern shipping areas were mostly lower. Seckels brought $1.50 per bushel at Western New York points. All lettuce was selling lower in consuming centers. Butter Trade Cautious. Underlying caution appears in the October butter market situation and a general disposition to test the market out. Factors in conservatism were un- satisfactory industrial conditions, pos- sibilities of imports, slight increase in production in some sections and the lack of much improvement in market quality. Markets were closely cleared of top scores and prices were well sustained. Medium scores have not shared in the strength apparent on top scores. Com- petition from storage and the fact that many fancy marks still off in quality partly explains the continued wide range of prices. Withdrawals from storage continue to exceed those of cor- responding weeks last year. Held and shelf-cured cheese is in fair demand, while fresh cheese still moved somewhat slowly. Although cheese prices declined a cent in some produc- ing sections, city cheese markets con- tinued in about the same position that they held early in the month. Demand has slightly improved mn most auarters, and prices remained generaiy un- changed. Egg Markets Irregular. Decreasing receipts of fresh eggs at the principal markets during the early part of October resulted in further ad- vance in the price of fresh eggs. The advances were not fully sustained in all markets, for the higher prices attracted more liberal shipments of extra quality browns and mixed colors from the Mid- dle West to the New York Market, and prices eased off one-half cent on most grades. The Chicago market held firm on #1l advances, owing to a sharp de~ crease in receipts because of heavy di- rect shipments from many Middle Western points to the Eastern markets. Receipts of fowl were only moderate the first half of the month, but the de- mand was hardly equal to the suppl and the market was gen-rally weak. Heavy chickens are in large receipt, and prices declined further. Consumption o1 poultry recently has been less than a year ago, leaving & heavy surplus for storage. Speculative interests, however, mnve not been inclined to store heavily, ven at the reduced prices, s0 long as receipts remain large. This hesitation has made it necessary for the trade to carry prices generally under last year's leveis in order to interest buyers for the retail trade. Cattle Supply Moderate. The cattle supply at Chicago. &l | though moderate for this season of the vear, carried more medium and good es of slaughter steers than were needed to meet current trade require- ments the first 10 days of October, the market for the dressed product having been weakened by relatively low mar- kets for dressed pork products and for dressed sheep and lamb. Veal calf prices declined from 50 cents to $1 dur- ing the week's trading under the influ- ence of a sluggish dressed veal market, lower lamb gr\cfl and an unsatisfactory calfskin trade. No great change was reported in the hog market. Sows were selling more closely to prices of butcher hogs than for some time. Most pigs brought only $4 to $4.50. Top on hogs was $5.50. The slaughter lamb market plunged to a new low level for the season dur- ing the first 10 days of October, closing prices at Chicago being unevenly 25 cents to $1 lower than a week earlier. The price break reflected weak and lower markets for dressed lambs, which in turn were influenlced by heavy slaughter the week previous. A‘smke which resulted in shutting several large worsted mills narrowed the outlet for wool in Eastern markets the first half of October and added an- other factor of uncertainty in the wool market, which has becn unsettled for several wecks, due to a quiet goods mar- ket and a confusing foreign situaticn. Mill Feeds Generally Lower. ‘Wheat mill feed prices averaged low- er with moderately light offerings meet- ing & slow demand. Cottonseed meal underwent further reductions. Linseed meal prices were maintained at North- western points, but at points where this feed came in direct competition with cottonseed meal some price reductions were in evidence. Alfalfa meal and tankage were about unchanged. Timothy hay markets averaged about steady, with moderate to_light arrivals in fairly good request. Prices on the better grades held up well at New York City, but the lower graces were affected somewhat by oversupply. Alfalfa mar- Kkets held about steady in the East and Central West. 5 Stronger Grain Market. Grain markets toward the middle of October made moderate gains from the new low prices established early in the month for the principal grains. The advance in the security markets, with the formation of a national credit cor- poration, together with smaller wheat receipts in domestic markets and reports of soome slackening in Russian grain offerings, were the principal strength- ening features in the wheat market. Feed grain futures advanced with wheat, but increased offerings of corn and a continued dull demand for most feed grains widened the discount be- tween cash and futures, so that prices ranged from unchanged to slightly lower. Rye was higher with wheat, but fiax declined slightly under a slow milling demand, resulting from the dull ofl market.