Evening Star Newspaper, October 17, 1931, Page 14

A—14 ** FIN ANCIAL. VEGETABLE SUPPLY SHARPLY REDUGED Car-Lot Shipments Much Smaller, Due to Decline in Prices. Car-iot arrivals of fruits and vegeta- bles are much less than last season, and the decrease includes most of the leading products of this kind, says the United States Department of Agricul- ture, Bureau of Agricultural Econom- i ics, Market News Service. Prices too Jow to encourage active marketing sug- gest the main reason for_ the falling off in distant shipments. Smaller pro- duction limits the movement of onions, cabbage, pears and Western grapes. In- creasing shipment by motor truck has reduced the number of car lots from some districts. There is not much in the October erop reports to affect the produce mar- kets. The estimates promise a few more potatoes than expected in September, not quite so many sweet potatoes and market apples and a light production ot Western grapes and of onions. The quality in general is about as good as usual. None of the leading lines ex. cept apples shows especially heavy pro- duction this season. The market trou- ble lies in the absence of confident dealer buying and of brisk consuming demand. Apple Market Unsettled. The apple market is going through | the interesting stage. Prices are be- coming established in the large produc- ing sections, and in the consuming mar- kets also. The harvest is well along. the movement to cold storage is be- coming active and the car-lot shipments are heavy, sometimes exceeding 1,000 cars_daily’ from all sources. Disposal of the large crop produced is one of the hard problems confronting pro- ducers and retailers all along the line. The Southern and Central apple regions each have more than doubled their market apple production, compared with last season. Theoes!lmnle for Vir- inia fell off about 10 per cent, com- ;und with a month ago, but is still Tot far from three times that of last season, and similar gains occurred in several Midwestern States. Estimated market production is some four million barrels more than last season and some five million more than the five-year verage. ¥ Horings of apples in cold storage as eompared with October, 1930, showed decreases in barrels but about the same quantity in baskets and & sharp gain in boxes, mostly in the Northwest. The Middle Atlantic region has put away | 751,000 baskets and the South Atlantic tes, 253.000. St ke appie market has no sharp trend either way. but was rather weak in the East near the:middle of October. Lib- eral supplies and slow demand de- geribed the position in most of the large central markets. New York Wealthys sell at 65 cents to $1.25 per bushel in Eastern citles, Greenings at 85 cents to $1.25, McIntosh at $1.50 to $1.75, and Yorks brought only 50 cents to 75 cents in New York. Staymans sold at $1.10 in Boston, $1.15 in Philadelphia, and 60 Ccents to 65 cents in Baltimore. Maine and Vermont MclIntosh sold as high as $5 per barrel in New York and some Jots from New York State brought $6. Demand is slow in producing sections &nd prices about steady. at 85 cents a bushel in Western New York, and Greenings from cold storage sell around $1. Standard varicties sold in the Shenandoah Valley section at 75 cents to 85 cents a bushel. Yorks in barrel pack dropped 25 cents to a price of $2.25 and a carload of Grimes sold at the same price. Grapes and Pears. The grape market showed somewhat stronger action eround the middle of the month, with firmer ton= in Central New York and other producing sections. Demand was reported improving a shipping points. New York and Penn- sylvania grapes sold at 12 cents to 15 cents per 4-quart’basket in Eastern city markets, with supply and demand g2n- erally moderate. Corditions were fairly steady at California shipping points. Haulings in the Chautauqua and Erie district of New York were heavy to the juice factories, but light to ‘packing houses and trend of prices was slightly upward in _mid-October, With juice grapes at $23 to $25 a ton. Concords and Niagaras advanced in the Finger Lakes district, with demand active and sales of Concords at $25 to $32 a ton. Steady markets prevailed in Michigan producing sections. Shipments of Eastern pears are light and supplies light to moderate in the arge markets. Prices show an upward tendency. with choice varieties $1 and $2.25 per bushel in Eastern cities. Dull markets prevailed in Western New York. Seckels brought $1.75 and New , York Kieffers sold at 65 cents to $1 in Eastern markets. Seckels brought most- 1v $1.75 to $2 in the cities. with top of $2.25 in Baltimorz and Washington. Potato Markets Weak. ‘The trend of the potato market has been downward this month nearly all the time. Probably the increase of nearly 14,000,000 bushels in the Octo- ber potato estimate compared with the month before made little difference in the course of prices. This increase may be explained by more favorable weather in several Eastern States and in the upper lakes region, where a long grow- ing season helped the crop. Carlot shipments have kept along at a rate about equal to the average consuming Tequirements, but rather light for the time of year when usually there is some buying and storing for future require. ments. Most of the large markets re. port liberal supplies and moderate de- mand. Many price changes near the middle of the menth were downward. ‘The price range of Maine Green Moun- tains, the leading line in Eastern mar- Xkets, was 85 cents to $1 por 100 pounds, but reached top of $1.15 in Washington. Pennsylvania cobblers brought 75 conts to 85 cents. The Chicago market was the strongest feature. with advance of 5 cents to 10 cents. Prices on sales for January delivery declined sligh‘ly ‘in most markets. Prices in pr-ducing s2c- pany for the September quarter are off ' Exchange President Contends Pro- | tions showed a firmer tendency in the Middle West and Rocky Mountain re- gion. but continued rather weak in Northern Maine, where sales ranged as low as 35 cents to 40 conts per ' 100- pound sack. Buyers were reported showing slightly more interest at West- ern New York shipping points. Shipments of sweet potatoes continue fairly heavy from Eastern Shore pro- ducing sections, where a dull, market prevails at 90 cents to $1 per «#barrel. Demand is slow also in the i large cities, and markets are irregular, - with most price changes downward and a jobbing range of $1.25 to $1.75 per| barrel. New Jersey sweets bring 75 <ents to $1 a bushel. Maryland and Delaware stock sells as low as 50 cents in some Eastern markets. Onion Markets Firm. Prices of onions have held better than those on most other lines of produce owing to the light supply of desirable 2tock. Production is less than half that of last seascn and about one-fourth be- low average. A large part of the crop seems to have passed into ccntrol of dealers who are holding the best siock for the later markets and disposing mainly of the smaller and less desirable grades. Carlot shipments of the main ! onion crop have been about two-thirds | those of last season to date. Average prices in the large markets are at Jeast 60 per cent higher this season. Arrivals are moderate and demand siow. New York yellow stock sold to the jobbing trade in Eastern markets at 90 cents to $1.25 per 100 pounds. Prices tended a little lower in New York and Michigan shipping sections, with a price range of 85 cents to $1.05. A large proportion of the crop is g-ing into storage. Demand for cabbage is reported show- ing improvement in the western New York producing section, although prices have shown no decided gain. Sales for Y 4 Baldwins sell | steady | THE EVENING STAR, WASHINGTO NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued From Page 13.) ' _ Stock and Bales— . Dividend Rate. 45 Southn Pacific ( i 147 Southern Rwy (m| 9 Spencer Kellog(80c) |2 6 Soyicer Mfg... . 34 Splegel-May-Stern. 121 Stand Brands (1.20). 291 Stand Gas&El (3%). 4215 Stand Gas&E! pf (4). 75 Stand Gas&El pt (7). 2814 Stand Ofl Cal (h2%). 2814 Stand O1l NJ (12) 1 Sterling Secur (A). 4% Stewart Warner. 13% Stone&Webster(m2). 9 aker Co(1.20) 1 _Svmington (A)..... 16 iexas Corp (2)..... £0% Tex Gulf Sulphur(3) 2'3 Tex Pacific Coal&Oil 4% Tex Pacific Land Tr. 2 Thermold Co. 5 13 Third Nat Invim55¢) 6% Thompson Prod 1 20, 315 Tide Water Asso Ofl. 19'x Timken Roller B(2). 313 Transamerica Corp. 3 Tri-Contl Corp. . 51 Unton Vil of Cal (2). Union Pacific (10).. Unit Afreraft.... Unit Atreraft pf (3) Unit Am Bosch. . Unit Biscut (2). 4 Unit Carbon. Unit Cigar Stor Unit Corp (75¢).. Unit Corp bt (3. Unit Dyewood pf (7) Unit Fruft (4)..... 19% Unit Gas&Im(1.20) ! 951 Unit Gas&lm pf(5).. i 96 Unit Plece DWpS 614 | "1215 1% US & Forn Secur 21% U S Gypsum (1.60 20% U'S Indus Alcohol. 384 28% Add 09. High. Low. 11 56 Low. Net. 1 Close. Chxe. 54T — 1% 18% — % 12 [ 12 6 152% 1650 4 31 114 U 8 Stecl 8 6 Va 26 bls 10 est Pa W Western Wsthse 4 Weston 4 4 Woolwo Divide | tions. . lus 3% in stock. t Pal in Dividend Rate. Add U 8 Pipe & Fdry (3). 14 U S Pipe&Fy 1at 1.20 9 US Realty & Imp nd s a8 given in above cash payments based on the latest quarterly m Patd 2% in Bales— (1) 1pt (7). 15 Univ Pipe & Rad Util PEL(A) ot2. 71% ‘32 Vulcan Detin ¢4) PaElpf (7). Pwr pf (6). Pwr pf (). estern Dairy (B).. rn Maryland.. Pacific pf Western Union (6).. Westinghse A B(2).. Westinghouse (2%). EM 1st m3% Elec Instru.. White Motor: Wilcox Ol & Wilson & Co. . Wilson & Co (A) rth (14.40).. Worthington Pump. Wright Aeronautical table or half eu Payable In cash or stock. ) Plus 50¢ in special preferred stock. F+1+1 B srscrass this yesr—no regular rate. nPius 6% in 41a U S Leather (A). Everybody’s Business Victory of Brusning Relieves Tension Over ‘Possible Political Complications in | Is- Germuny—TLeading sues Advance. BY DR. MAX WINKLER. Special Dispatch to The Star. | NEW YORK. October 17—The ten sion over possible political complic tions in Germany has been relieved through the victory of the Bruening government by what may be regarded ias a satisfactory majority, by the de- | feat of the Nationalist motion to ad- { journ the Reichstag and by the defeat | {of a Communist motion of miscon- fidence against the ministry of agri- culture. ! Chancellor Bruening has declared himself definitely in favor of con- tinuing payments on German com- | mercial debts and the maintenance of the stability of the currency. The dis- astrous effects of currency inflation are too well known and too vividly re- membered to make possible the intro- | duction of measures which might once more lead to the deterioration of the | nation's monetary system. | Events in Germany were favorably recelved In _Wall Street and found adequate reflection in a marked ad- | vance in the price of leading issues. | Sentiment was greatly helped by belief ! that constructive steps are about to be {taken in the near future in regard to the domestic situation. Prosperity Is Expected. | More prosperous conditions in the ! | United States are confidently expected as a result of the operations of the recently formed National Credit Cor- poration. It is hoped and expected that it will restore confidence suf- fictently to induce the timid public to | cease hoarding and intrust their funds | to_banking_ institutions. One of the reasons for the abnormal amount understood to have been taken cut of circulation and estimated any- | where from three-quarters of a billion | |to a billion dollars was the very low | rate which money on deposit was earn- ing. The advance in the rediscount rate should change this situation and | should also bring to & halt withdrawals | for forelgn account. which also may be assumed to have been prompted to a | large extent by the more satisfactory | money rates prevailing in European | centers. The marking up of interest rates is | expected to affect favorably the earn- | ings of banking institutions, although a | | part of the increased. earnings probably | will be employed toward paying a higher | rate on deposits. | regard to the status of rallway securi- | ties. A plan for assisting the carriers | i expected to be made public by Wash- | ington immediately after the Interstate | Commerce Commission has handed | down its decision on_the applicaticn of | the railroads for a 15 per cent rate in- | | crease. This need not necessarily imply | | an adverse decision. | { However, if only part of the increase | applied for should be granted, a favor- able statement by the administration, | accompanying or following the an-| nouncement, should have a salutary ef- | fect, upon raflway securities. Impressive | buying of so-called second-grade rafl- way bonds is definitely understood to | be going on. | Sales Holding Up. | Despite the severity of the depression, | the volume of sales of Procter & Gam. | ble has been holding up very well, ac- cording to Col. William Cooper Procter, chairman of the board. i As to business in general, Col. Proc- | {ter is rather optimictic. He thinks that | (it is ready to turn and that it will | . turn, if we can get over the depressing | fear. He rdds that orders of his com- { on'y about 6 per cent, as ccmpared with | the corresponding period in 1930, but ! are 2 per cent ahead of the same period in 1929, | With security prices less than' one- quarter of what they were two years | | ago, the liquid>tion must soon run its | | course; - according’ to* Gesrge Putnam Presmem of Incarporated . Investars, nvestment trust of the general manage- ment type | Mr. Putnam is of the opinion that | business in the United States is not | nearly so as some people wonld [ have ‘us belisve, but that it most cer- tainly lacks any vestige cf the snap that could make it be callea good. He adds that the distressed sale of sacurities by — | | the ordinary varieties held mostly 1 around $7 per ton bulk in car lots. The car-lot movement f{rom Western New |’ York is ahead cf ]ast season’s figures to date. Prices are higher in Wisconsin than in New York State, but showed 1a slightly weaker "tendency in mid- | October. Late Celery Moving. . Marketing of early Eastern, celery. is about done and movement into storage of the late varieties is becbhting ‘active, the = storage movement . having - been | stimulated by cccurrence of several itrosts in producing sections. Prices on the early varieties remain about steady at $1.85 to $2.10 per crate at country shipping points. City markets report moderate supplics and slow to fairly good demand at a jobbing rangs of $2 to $2.50. Lettuce inclined to lower prices in mid-October, with ordinary stock down to a range of 35 cents to 75 cents a crate in New York. Some desirable lots from New Jersey sold at $1 to $1.25 in Baltimore. Supplies are m>derate and demand limited in Eastern markets. Trade Reports at a Glance. By the Associated Press. NEW YORK, October 17.—Tabloid review of wholesale and retail business conditions and the state of crops, as reported to Bradstreet's this week from the following centers, on the basis of comparisons with conditions in the same areas in the corresponding week last year: ‘Wholesale Ret and job trade. Pittsburgh Quiet Louisville Cleveland . Detroit Milwaukee Sl St. Paul Duluth Omaha Des Moines . Kansas City Baltimore trade. Quiet Quiet Quiet Quiet Fair Fair Quiet Fair Fair Quiet Quiet Fair Fair tail Manufacturing and industry. Collections. Quiet Slow Quiet Quiet Quiet Fair Slow Slow Fair Slow Fair Slow Slow Slow Slow Slow Slow Slow Slow ow Quiet Quiet Comment. Pittsburgh—Glass operations at low ebb; coal and coke dull; steel continues dull. Crops. Good Louisville—Manufacturing on part-time; whole trade below normal; late crops harvested. Cleveland—Steel at 30 per cent production; cool weather has helped busiriess, but it is below 1930. Detroit—Cooler weather helps retail trade; industry slow; auto in- dustry holds back on new models. Milwaukee—Coal demand below normal; mild weather affects sea- sonal goods. Chicago—Mail order and jobbing business heavy; capacity of steel in- dustry reduced to 25 to 29 per cent. St. Louis—World series games help business; cheaper shoes slightly increased; industry quiet. Minneapolis—Retail volume up, offset by low prices; manufacturing, at low ebb, having bad effect on unemployment. St. Paul—Future wholesale trade below last year; retail trade better; groceries satisfactory. Duluth—Local merchants conducting three-day $5,000,000 “sale. Omaha—Wholesale trade confined to immediate orders; bank failures affect busines: Des Mol s Cooler weather helps retail trade; farm prices ansas City—Mining and manufacturing curtailed; wholesale orders retail business silghtly better. Baltimore—Unseasonable weather hurting trade; crops good, but rain needed. domestic and European holders has brought to American investors an op- tpox'!.\mlty that they should not-hesitate 0 use. Cuban Obligations. Dr. Virato Gutierrez, co-author of the Chadbourne plan to stabilize sugar. is endeavoring to arrange convenient means of payment for about $107,000.- 000 skort-term obligations of Cuba held by American banking institutions. | difficult to see how a_refunding ar- | rangement could be effected. Banks will therefore find it necessary to ex- tend automatically ex:sting credits until American investors. will once more be- come issues. In the meantime it is definitely | understood that Cubans are repurchas- (A B ¢ ing their own bonds at less than half the price at which American investors, not so very long ago, were invited to purchase them. ¥ The decline in security prices has been due not to short selling, but to the A better feeling seems to prevail in | Unsatisfactory business conditions and |Am deliquidation of securities, said Richard Whitney, president of the New York Stock Exchange, in a speech before the | Chamber of Commerce at Hartford, Conn. Mr. Whitney defended short selling | At | | | | NEW YORK, October | Stocks irregular; mining shares firm. States Governments firm. Curb steady; trading dull. 17 and Bonds steady; building trade off; Markets at a Glance »).— food Uni ted Foreign exchanges firm: German mark strong. Cotton higher; | ce of hedge selling. | 8 Coffee, holiday. | INVESTMENT TRUSTS inclined to purchase foreign NEW YORK, October 17 (#) | the-counter market: | Tr Swrs D C Tr Bhrs E =" Cont_Corp. . & Gen Sec A... : Ge: A B m Am Am | Am | Am | Am Am Am {Am P | Am Am Ing | Assoc ‘Sta At Sec as a source of great stability in a time | A of crisis, as a .iecessity if the exchange is to keep cpen and as a thoroughly legal practice. t seems, however, difficult to sub- | scribe to Mr. Whitney's contention that decline in prices would take place if e practice of short selling were pro- | hibited. The orderliness which has ch trading in the past few hen short selling was more care- s tully regulated supports the view that it is rather d-trimental in a time cf Ci crisis. (Copyright, 1931. by the Noj t. Newspaper Alliance, Inc. WHITNEY DEFENDS STOCK SHORT SALES hibition of Practice Will Delay -Recovery in Business. By the Associated Press. HARTFORD, Conn, October 17.— Richard Whitney, president of the New 172 ock Exchange, last night de- York fended short selling as a source of great | Mut stability in a time of crisls, as a neces- sity if the exchange is to keep open and | N: as_a thoroughly legal practice, Had there been no short interest in the market September 21. the day after N England’s suspension of th - ard, Whlmeyp.senid. Lho Stk eenn might have been forced to close for the thgfl :me in ite history. e denled, in his address be Hartford Chamber of Com:erce‘?r:'h%g; was broadcast over a Nation-wide radio hook-up, that short selling had caused a | Se decline in security prices, Instead, he sald, such a decline would certainly re- .su,_z from a prohibition of the practice. Tt also is wrong to say that a ban ness -depression,” he said. | Bansicilla Corp . ‘lelr Industry British Type Inv.. (e, s Bt | Chartered lnv!zlg“"‘“ vy | Chelse lx:h 3 | Cum | Corporate ‘Tr [Crum & Poster”. . |Crum & Fost 87 b Tth American Five-year Pix . . R Fund Tr S"\‘:IAB e Stock Exchange | Ol Col lected Am . Selected Income Sh Selected Mana, Shawmut Spencer Trask ¥u; Stand All Am Tr Shi Stand Am Shr, “When eco- | 8t nomic equilibrium in the world’s affairs | Supe is again re-estab) —¢ Rt lished—and make tion of securities will stop, bu; regain confidence and prices will rise. “The prohibition of short selling would delay and cannot hasten this Process s’dthzr our governmental su- thorities means b1 the ‘Ne'r l"ml Stock nge by means of its regulations can an; magic perform economic mlncle‘g"' i s will s s i The battlefield on which the Clan Chattan and Clan Munro clashed in gentlemen, It will be—liquidac | 5. ichange by 'n::n Y4 Bank Tr | & Brit Int Ltd Al Brit Int $3 pf. c Lt & Pow, & Pow 1454 has just been donated to the city of Inverness, Scotland. US Elec Lf Universal Tr Sh .. Others unchanged. —over- Bid Asked. 3. e aas & aSuacan FaC 0. ¥ aBacas: Faaad ES i ! Col. Band & Gravel pi B, 0., IBONDS ARE FIRMIER | AT SHORT SESSION Market Benefits by Gain in Commodities and Better Foreign News. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW . YORK, October 17.—Bonds were firmer today, as the heavy selling of United States Government issues that had marked earlier sessions this week tapered off to more normal pro- portions, ] The market was helped by.improve- | ment in stocks, a better foreign situa- tion and higher commodity prices. Time money rates were unchanged, with most 90-day loans being placed at 3% to 34 per cent. Trading was in fair volume. At the opening there was an accumu- lation of selling orders in Treasury is- sues and Treasury 3%s opened off more than a point, but they soon developed a firmer tone. Treasury 3s and 3%s opened unchanged and then 6-32 higher. Treasury 4s and 4Ys were firm. Liberty fourth 4Y%s did not open for nearly an hour and then started off at 100 6-32, up 2-32. In the last half hour there was a resumption of the selling in Treasury 3s and 345, but it did not approach the proportions of Friday's pressure. Domestic corporation bonds were generally steady. In the high-grade group seasoned issues like American ‘Telephone 5s, Atchison general 4s. Norfolk & Western 4s, New York Tele- 5128, Union Pacific first 4s and West- e Unfon 5s held within a small frac- tion of their previous closing prices. In the more speculative groups notably the junior rails, there were some gains. Among the favorites were Southern Rallway neral 4s, Southern Raflway 6l3s, Nickel Plate 4128, Illinols Central 43,s, Denver & Rio Grande Western 5s, Chicago Northwestern 4%s and Alleghany 5s. In the industrials Vanadium 5s, Dodge Bros. 6s and Internstional Match 5¢ had good gains. Some of the second- grade utllities like Columbia Gas & Electric 5s improved. . ‘Foreign dollar issues were strong, es- pecially the German, British and Italian groups, aided by a better tone on the continental bourses and a firming in foreign exchange rates. Belglan and French issues were firm. So were most other Europeans. Canadian bonds were well supported. A large Canadian house here reported that Canadians were good buyers of Dominion govern- Canadian municipals were also in favor. Washington Stock Exchange SALES. Potomac Electric Cons. 55—$1,000 at 102, $2,000 at 102, $1,000 at 102. Washington Gas 55—8$1,000 at 1013,. Wgo:lw;;d & Lothrop com —10 at 30, AFTER CALL. ‘Washington Gas 6s “A"—8$100 at 10173, Potomac: Electric 67 pfd.—5 at 1103, ‘Washington Rwy. & Elec. pfd.—10 at 95. | Bid and Asked, Prices. BONDS. PUBLIC UTILITY. Amer_Tel. & Tel. 4'as ‘39 Am. Tel. & Tel. ctl. tr. 8s.. & Pot. R. R. 5 T Traction Buburban S5 . e | Georsetown Gas 1st . | | Potomac' Elec. Cons. 5 102 | | Potomac Elec: 65 1953 . | Wash. Alex. & Mt Vérnon s ... W W | w, W MISCELLANEOUS. Barber & Ross, Inc.. 6 Chevy Chase Club $!ai Columbia Country Club D. C. Paper Mfg. 6s.... Wash. Mkt Cold Storage Ss STOCKS. PUBLIC UTILITY. Tel. & Tel (9)..... Traction Co. ¢ Gas Lt Co. (I N & W. Steamboat (12) Pot. Elec. Power 6% pid. .. Pot. Elec. Power 513" pfd Wash. Rwy. & EL com. (7). Wash. Rwy. & Bl pfd. (8).... NATIONAL BANK. Capital (14).. 5 Columbia (13 01" Gommercial (stamped) (10} District e : Fed.-Ame;. Natl Bi Tr 3 Liberty (T6)..... Al Lincoin (10) Metropolitan (14", Riggs (158)..... ond (9. Washington (13} TRUST COMPANY. Amer. Sec. & Tr. Co. (15)..... Continental Trust (6). Natl. Sav. & Tr_(131) Prince Georges Bk. & Tr. (8) | Union Trust (8e) 5 | Wash. Loan & Trust (14) | SAVINGS BANK. Bank of Bethesda (81)......... gom’ & savings Loyt { Amer | Capital Wash §5EEI0:3H08 c. Sav. Seventh United Wash . & Com. Bk. Street (12) States (30) . Mechanics (20} FIRE INSURA! e E 10y @) NCE. American s Corcora: Firemen Columbi Rey Col. Medical Bidg. Cor) o a iy Selz. [t} ce pid. (8). . (1.201) d. (8)" ). ¢ per Mig. Sec. "old. Federal Storal Fed.-Am. Co. i L 0 & Lothrop com. (1.20) . Woodward & Lothrop pfd. (7). SEx dividend. b} el (These securities not listed under Exchange ey Asked. Bid. Army-Navy Club 55 20 Cosmos Ciub_ 4128. Commercial Club 1st Mayflower Hotel 6s. Metropolitan_Club 4725 Natl. Press Bldg. st 3%as. Washini Washington Savin 3 hington ‘Woodridge-Langdon Sav. Bank. U. S. TREASURY BALANCE. The United States balance | announced today as of close of business October 15 was $456,898,591.82. Cus- toms reeel‘pu for were $16,314,670.21. ‘Total penditures were $12,695,717.16, American knit goods are becoming popular in Venezuela, and merchants have found the desire for foreign knit wear so great that they are removing labels from articles at home, SATURDAY. OCTOBER 17, 1931. FINANCIAL. ate Wire Direct to The ‘Star Office (e o BONDS o rcmr] . 01 ‘ UNITED STATES. . (Sales are in $1.000.) - sales, Low. Close. Lib3%s32-47. 4 6 99 2 99 2 L1st44832-47 26 99 30 9920 9930 L 4th 43833-38202 100 6 100 4 100 § U.8.3s1951-56 217 90 26 US3%s'49....210 91 U S3%s 40,43, 95 US3%s4l-43 95 16 % 7 9516 98 8 76 102 ' 10129 102 Sales. High. Low. Close. . 13 38 37 38 45% 39' 36 All Al All y Am Beet Sug 6 Am F P 58 203 Am1GCh Am S&R Am Sug Re: AmT&Tbs Am T&T ¢ tr 6 Am T&T 6ssf'60 3 Am Wat Wks 65 '76 Argentine May '61. Argentine 6s Ju' B & O Toledo 4559 Bk of Chile 6% phone 4125, Consolidated Gas 4';s and | Bel Belgium 78°65. .. Belgium 78 '56. Bell Tell Pa 68 Budapest 65 '62 Buft Gen El 4% #31 ment and rail securities in New York. | C: Can Nor 4345 '35 Can Nor 6345 db "4 88 88 102 102 Can Nor 7sdb '40.. o 9915 100% 601 60% 72 12 7 797 % 102 8814 85 Car Clin & O Cent 11l G&E Cent Pac 43 '49. Cert-td db 53 s " Ch. 79 101 88 9. Chi & Est 111 55'51. . Chi Grt West 48'59. ‘89, C M StP&P 585 °75.. CM&St Padjbs.. C&NW 4348 C 2037, Chi & NW en 4%s.. 26 Chi& NW 634836 1 Chi RI& P rf4s'34 b2 ChiRIcv4l%4e'60, 19 Chi Un St 584 Chile 65 °60. Chitle 63 °61. Chile 65 '63. Chile 7s42. Chin GvtRy s '51. Clev Term 58°73. . Clev Term 5% Colomb 6s Jan Colomb 65’61 Oc: Colo & Sou 4% Colo & Sou 41 Col G&E 58 May'52 ol G&E cou 5a '61 Com Inves 5% Con Pow Japan 7s. Copenhag §s Cuba 53%8°45. Cuba Nor 5% 8°42.. Del & Hud rf 43 '34. K 63458 ‘55, Denmark 6 D&RG W 5 Det E G&R4 % 5'61 Det Edison rf 5849 Det Unit 43;s " Dodge Br cl 65 Duquesne 4% Duteh East 1 68'47. Dutch East 1 6x'52. st con 48 ‘96.. @ o 85 e annBanBRan, whom Fiat 7s war. Finland 65 45. Fond J&G 413852 French 7s'49....; French 7%# Gelsenk’hen 65'34. Gen Baking 534840 Gen Cable 538 47, Gen Motors 68°37.. Gen P Sv5%s'39.. Gen Th Eq 68°40... 1 Goodyr Rub 68'57. . GrandTr sf b 65'36 2. Hungary 7%s"44.. 111 Bell Tell 58 ' Int Rap Tr 78 Int Hydro E1 63 44 Int M Co b ret’el.. Int Match 68°47... 2 Int Pap 58 A '47. Int Pap 65 66, Int Ry CA6s*12 IntT&T ¢%s'62. Int T&T cv 4%8'39. IntT&T68'56.... Italy 78 ‘61 Japanese 6348 '54. Jugosl Bok 78 '57 Kan City Sou 38'50. Kan City Sou 58'50. Kan 6 Karstadt & Leh Val cv 48 2008. Leh Valley b3 2008. Lig & Myers Tu'é¢. Sales. High. 2 92 52 98% 100% L& Nuni4s’40.,. 4%8 2003, L&N 18t 5%3 2003, Lvons 63 '34 McKes & R5%5'50. Market St Marseille 1 1 15 1 1 13 9 Mil El Ry&Lt 6 Mo Pac gn 4 Mo Pac 58 G '78. Mo Pac 55 H '20. Mo Pacrf6s'81. Mo Pac5%sA49., Mobile-Ohio 58 '38 3 N N NYCnrt4%s2012. NYCrf im 58 2013 N Y Centdb 3 NYC&StL NY C&StL 4%s'75. NYC&StLs%aA"T4. N‘C‘Slb( 2 NY Fa1st 6% u'41. NY ELH&P 4549, Nia Sh Md 5%s'50. Nord 6% 50 Nor & Wn ev 4298 Nor Am Ed 6 C 69 NorOT&L 6s°47. Nor Pacr 1 68 2047. Nor St Pw 68 A Nor St Pw 68 B - SDECLARED REATY INVESTIG SOUND Chicago Financier Says New Set of Owners Is Replacing Former Ones. BY ALVIN RESCH. | Written for the Associated Press. CHICAGO, October 17.—A refuta- |tion of the viewpoint that there is chaos in the real estate and mortgage {feld is made by Holman D. Pettibone, president of the Chicago Title & Trust Co. and a leading authority on finan- cial reorganization. Instead of chaos, there is a decided order, says Mr. Pettibone, with ade- quate machinery set up for the re- organization of a large part of prop- erties on which mortgages or bon£ are in Tdhe!lult. ere is “distress” in the real e field, he adds. only in so far ls’ce:::g owners of real estate are holders of Junior liens on realty where there is a default on a senior lien Mr. Pettibone will analyze the pres- ent situation in mortgage banking be- fore the Mortgage Bankers' Associa- tion of Americe. at its convention in ¢ | Dallas, Tex., October 28. New Set of Owners. | _“Only those who do not understand what is going on in the real estate and mortgage fleld describe it as chaos,” he says. { “What is really happening in real lestate is that a new set of owners is replacing former owners. If a bank or broker sells collateral to satisfy a borrower's debt. all that has happened is that there is a new owner of the * [ stock. Orlent dev €3 '53... Pac T&T rf bs'52.. Paramount Paris-Ly M 68 ‘53 Paris-Ly M 78 58.. Paris-Or 6348 °¢8. ., Penn 4% s D81 Penn gn 4348 6 Penn 4%s'70 Penn gen 51’68 Penn 63536 Penn P&L 4% Peoples’ Gas Pere M 1st 45 '56. .. Pere M 1=t 58 '5¢ Peru 65°60. PCC&St L §s B 75, Poland 7s ‘47 Poland 8550 z Port Gn E1 434860, Pos Tel & C 5+'53 Prague 7148 '52 Prussia 6s°52. Public Serv 4 PubSv G 4% Pub Sv G 4%s 70 Pure O1l 5% 837 Reading 4% s B 's7. Rem Arms 6s A ‘37 Rem R5%8 A 47.. Rhinelbe 75 '46. ... Rnine West 68 '52. Rhine West 63 '53. . Rhine jVest 63 ‘55 Rhine West 78 '50. . Rich Ofl Cal 63 '44. Rinde Jan 6348 '53. 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West El db West Md 4s°'52 West Unfon 53 ‘60 Wh Sew Mch 6s 40 W1I-O 18t 63833, Win R A 7%s'41 Wis Cent gen 4: Yokohama Ygstn S&T 65 A'18. 3 Ygstn S&T §s B'70. 11 TREASURY T(.) ACCEPT CREDIT GROUP’S NOTES Status of Corporation Securities as Collateral Is Same as Com- mercial Paper. . Gold. notes of the National Corporation will be accepted as Credit “That is real estate. Foreclosures of large bond issues, Mr. Pettibone says, very abruptly have created a condition of widely diffused ownership. “It does not appear to be generally understood that during the next year or two several hundred thousand people in the northeastern quarter of the United States will beccme owners of undivided interests in real estate through reorganizations of properties exactly what is going on in “ | following foreclosure of bond issues. “Soon they will begin to receive reg- ular income from these properties When that occurs these owners will speedily be in a better frame of mind. “And when the mortgage bondholder finally adds up the total he has re- ceived from the property. he will be glad he kept his bond after default in- stead of selling it for a fraction of its real worth or trading it for something of unknown value. “To the extent that these new owners of real estate were former holders of individual mortgages, these persons must now arrange for suitable manage- ment, but their problem in that regard is no different from the problem of the former owner. Management Avail “Management is available. This new owner will decide when to sell and at what price. Meanwhile he is in no trouble. He has an income-producing property, and the property is not clut- tering up any market.” In the case of bondholders, Mr. Pet- | tibone explains, this transformation | means that where three or four per- sons previously “owned” a property subject to large prior obligations, the property is now owried by a thousand persons, scattered geographically. “They, too. must look for manage- ment, but management is available The chief difficulty of an individual owner in such a situation is his ability to find a purchaser for his one-thou- sandth interest in the property. With the underwriter out of business, where shall the former bondholders go to |ren\1u on these undivided interests? “It is this difficulty which makes it 80 desirable to have a sinking fund to provide at least one market where a holder of an undivided interest may go and realize on his investment, even though the price is low. “Some securitles of this type are be- ing listed on curb exchanges. Gro: are forming to pool several sim: properties. These are helpful. But again this property as such is not overhanging the market. “An individual owner of a fractional share may want to sell, but until the required number agree the property will not be offered for sale.” Washington Produce Butter—One-pound prints, 37; tub, 36. Eggs—Hennery, 33a35; current re- ceipts, 20824 Poultry, alive—Turkeys, old toms, 20a 25; young toms and hens, 30; chickens, 3 pounds and over, 18a22; 2 to 2! ds, 20a24; broilers, 1z to 2 pounds. a25; hens, large, 20a23; small, 18a 20; Leghorn hens, 14a16; roosters, 12a u; keats, young, 45a50; old, 25a35. ‘oultry, dressed—Turkeys, old toms, 25a30; young toms and hens, 35; chick- ens, 3 pounds and over, 22a25; 2 to 212 unds. 25a28; 1', to 2 pounds, 28a30: ens, large, 25a28; small, 23; hens, 18a20; roosters, 16a18; Long Is- land ducks, 18al19; keats, young, 55a60; old, 30a40. Meats—Beef. prime. 17!2a18; choice, 16a16'z; good, 15a15'z; fair, 121zal4: cow, 10a11; lamb. top, 16; good to fair. 14a15; veal, top, 17; good, 15a15%;; fair to medium. 13a14; pork loins, 8 to 10 pounds, 21; 10 to 12 pounds, 19; 12 to 15 pounds, 17; fresh hams, 16al7: smoked hams, 20a21; strip bacon, 22a23; lard, in bulk, 9':a10; in packages, 10'za 11; compound. 8a8!>. Pruits — Watermelons, California, crates, 2.00; honeydews, 2.00: oranges, 3.50a5.50; lemons. 5.50a6.50; apples. bushel baskets. 50a1.50; box stock. fancy, 2.25a2.50. pears, 2.75a3.00: peaches, 2.00a2.25; limes, per 100, 1.75; apes, Concords, 35a40: 2.25; Zinfandels, 1.25; Muscatels, : Thompson seedless, 2.50; Malagas, 1.50a 2.00; pineapples. 4.50: quinces, 1.50a 1.75; plums, 2.50; casabas, 2.25: - nanas, 1.50a2.50; grapefruit, 4.00a5.00. ‘Vegetables—Potatoes, 150-pound sacks, 1.7521.90; Idaho bakers, 100-pound sacks, 2.50; sweets, per bushel, 50a75; tomatoes, two-peck baskets, 50a75; California 1 2.2522.75; beets, per 100 bunches, 4.00a5.00; carrots, per 100 bunches, 4.5025.00; caulifiower, 1.50a 1.75; string beans, 75a1.00: limas, 2.00a 2.25; ~ cucumbers, bushel baskets, 3.50; squash, Florida, bushel baskets, 3.00a 3.50; Winter squash, nearby, 50a60; eggplant, 50a75; celery, 2.75; lettuce, Ice- berg, 3.2523.50; onions, 50-pound sacks, white, 1.50a2.00; yellow, 1.25; okra, 2.50 23.00; mushrooms, 1.00a1.25; peppers, 75a1.00; artichokes, 4.50a5.00; kale, 50: spinach, 75; peas, 3.75; turnips, 50a75. PASSENGER TRAFFIC UP, AIR LINES ANNOUNCE Special Dispatch to The Star. CHICAGO, October 17.—United Air Lines subsidiaries, Boeing, National and Pacific Air Transport, and Varney Air Lines, flew 3,033,200 miles gnd carried 17,980 revenue passengers and 618 tons of airmail and a substantial volume of express in the third quarter, P. G. John- .|son, president of United Air Lines, an- Passengers, mail, of | press and mileage all showed an in- "e:'pfimu Un&':‘ Bl i SRS i Aare nounced today. ex- crease over the previous these items were substantially ahead of the same period last year. In Septem ber, the planes flew 965,782 miles and carried 410,017 pounds of mail and 5,507 _revenue passengers. A Hiew performance record was estab- lished during the quarter, as 9815 per cent of all mileage scheduled on the ‘Transcontinental, Middle West, Inter- mountain and Pacific Coast routes was luled on ew York- Pacific Coast Line, ‘Julmr. and