Evening Star Newspaper, October 20, 1931, Page 14

A A—14 #%¥ STRONGER WHEAT POSITION IS SEEN) Foreign Buyers May Have Overstayed Market—Russian Shipments Problematical. BY FRANK 1. WELLER, Associated Press Farm Editor. Underlying conditions in wheat seem to be strengthening and attracting broader buying interest. It is the impression in some quarters that foreign buyers have overstayed their market because of too great a reliance upon large shipments from Russia. Upon reliable advices that country has stopped chartering and it appears that production was greatly overestimated in earlier advices. f Russian shipments should fall off sharply as estimated, either through failure to make collections or other causes, it would mean that North America would be the only source that would have a liberal supply of wheat available for foreign consumers. It is evident that there is a big world con- sumption of wheat from the fact that on passage supplies are down to only a little more than a two weeks' require- ment. ‘Wheat Arriv: Abroad. It is reported that arrivals of wheat in the nine principal continental countries since August 1 have totaled 26,000,000 bushels less than during the same period last year. Regardless of the fact that Liverpool stocks are nearly 6,000,000 bushels, the European supply of wheat is admittedly light. The United Kingdom is experiencing maximum pressure of supply, but the continental demand for wheat should become more important. Russian clearances for the last week are placed at 3,480,000 bushels, indicat- ing wheat shipment from that country {from August 1 are more than 48,000,- 000 bushels, against 27,000,000 for the same time last year. How important it is that Russia may be reaching a lower level in export trade is seen in the fact that the United States since July 1 has exported only 29,348,000 bushels of wheat including flour, which leaves a ballnce of 229,650,000 still available for port. Dcmesfla bullish factors center around reports of reduced acreage in 1932, unfavorable planting conditions for the new crop and increased feeding of wheat to live stock. Despite the recent favorable rains in the Seuthwest it i said that about 15, 000,000 acres of the Winter wheat ter- ritory is off to the poorest start with the smallest moisture reserve ever known. Moisture in September was only 69-100th of an inch in Dodge City, Kans.—only one-third average. This followed half average rainfall in July and August. Moisture reserves, to get the soil in shape and carry the crop through the Winter, must come in these months. Hot, dry weather also is favorable to the activity of wireworms. This pest eats the wheat seed before it is sprouted and unless rain_comes its deprecations are effective. It has been estimated that from 50 to 70 per cent of the Winter wheat seeded in the Dodge City district has been lost through dry weather and the wireworm. May Be Acreage Reduction. Identical conditions are said to pre- vail over a territory in Western Kansas, which harvested 7,000,000 acres of wheat this year; over 1,000,000 acres in Colorado, 3,000,000 acres in Northwest Texas, 2,000,000 acres in Western Oklahoma and 2,000,000 acres in West- ern Nebraska. In addition, it has been pointed out that there may be a reduction in acreage sufficient ordinarily to produce 200,000,000 bushels of wheat. ‘With the time for successful seeding rapidly passing, live stock consumption of wheat is proceeding at a high rate. In August farmers near Dodge City could truck wheat to Arkansas for live stock feed at 50 cents a bushel, against 8 local trade price of about 28 cents. ‘They could truck into Nebraska for 60 cents a bushel and bring back pigs to feed their local wheat. Since nearly all the wheat belt except Illinois and Indiana is in a territory with a poor corn and feed crop, live stock consump- tion of wheat is making tremendous Inroads into the Nation's wheat supply. Coincidentally, commission house sentiment remains distinctly favorable to a higher level of prices. Some say that by May, Chicago May wheat will sell for at least 70 cents a bushel. Right now domestic wheat markets maintain a firm tone influenced by relatively light receipts, stronger foreign markets, better export inquiry and fairly active mill demand. The smallest movement on the crop was reported at Kansas City, where outshipments amounted to nearly twice the arrivals. Prices ad- vanced 3 to 4 cents, with ordinary protein, No. 1, hard Winter quoted in that market at 43 to 44 cents. SMALLER AUSTRALIAN WHEAT CROP FORECAST ‘The Australian wheat crop will prob- ably be 20 per cent smaller than last year, according to reports received by the Department of Agriculture. These estimates place the prospective 1931 production at between 165,000,000 and 182,000,000 bushels. The wheat acreage this year has been tentatively Jorecast at 75 per cent of the 1930 area. AGAIN ABOVE 100. NEW YORK, October 20 (Special).— Seven stocks, namely, Atchison, Auburn Auto, Coca Cola, Delaware & Hudson,' Eastman Kodak, International Business Machines and Union Pacific, which dropped below $100 a share two weeks ago, limiting the list of common stocks in the “century” class to a handful, have again moved up through 100 to a respectable premium over that figure. DIVIDENDS DECLARED NEW YORK, October 20 (#).— Stock. - Pay- Pe. Hidrs. of Compan: Rate. riod. able North Am! J Jan. 2 maund. Peatty Bros Lt Ty o Tl Cottion, Mm tanches, Co Oak Park B Ttk afied it ey vt Beo bt Bic o) Pashion Co Haiku Pine wl Mirs Cas Hdrs. of - Pay- record. ‘ Pe Gompany. Rate. riod. able. Argloominglom .54 ‘Brockton G Lt C 506 go-u %rQwLLigl onti Am Bollas P P&L 37 »f. }x ;?3 H Ut avite” T8 pi 81126 dehale n'-cme\ i FINANCIAL. NEW YORK STOCK EXCHANGE THE EVENING STAR, WASHINGTON, Recelved by Private Wire Direct to, Yhe Star Office. (Continited From Page 13.) 2o and dend Rate. 24% Mly DOD! Strs (2%4). 1% Maytag Co. 18% l\lelvmt Shoe (l). 2 Mengel Co... 2% Miami Copper. 5 Mid Continent Petm. Midland Steel (3)... Midland Steel pf (8). Minn Moline Pow. Mo Kan & Texas, Mo Kan & Tex pf (7) Missour{ Pacific. Missourl! Pac pf ( Mohawk Carpet. Monsanto Chem ( Montgomery Ward. Mother Lode. Motor Meter or Motor Products (2).. Motor Wheel (1) 4 Mullins Mfg. .. Mullins Mfg pf...... Munsingwear Inc(2). Murray Cor (2. 135 Nat Bisouit pt (7). .. 15 NatCash Reg A 1%. 201% Nat Dairy (2.60).... 19% Nat Dist Prod (2). 14% Nat Pwr & Lt (1). 1815 Nat Steel (2).. Nat Surety (2) 8 Nat Tea (1). 6% Nelsner Brothers. 5 Nev Copper (80c). 10% Newport Co (1). 3 Newton Steel. 7 N Y Air Brake. 49% N Y Central (4). 10% N Y Chicago & St L.. 15% N Y Chi & StL pf. 2 N Y Inyestors 30% NY N H & Ha 80 NYNH&HDIU).. 5% N Y Ont & Western.. % N Y Railways pf. 214 N Y Shipbuilding. 97 N Y Steam pf (6).... 1 9914 N Y Steam 1st pf(7). 10 Noranda Mines..... 2 Norfolk & Southern. 112 Norf & Westn (112). 80 Norf & Westn pf (4) 315 North Am Aviation. 26 Nor Amer(b10%stk) 41 North Amer pf (3).. 87% North Am Ed pf (6). 19% Northern Pacific3).. 42 Northwest Tele (3).. rwalk Tire & Rub. orwalk Tire & R pf 19% 6% Ohlo Ofl. 5% 1 Oliver Farm Equip. . 26 4 OlivFarm Eq prpf 6% 1% Omnibus Corp. . 581 20t Otis Elevator (33).. 16% 3% Otis Steel..... 691 16 Otis Steel pr pf. 39% 201 Owens I11 Glass (2). b4% 29% Pacific Gas & El (2). 6915 35 Pacific Lighting (3). 26% 9% Pacific Mills........ 1 131% 100% Pacific Tel&Teleg(7) 11% 4 Packard Motor (40¢) 20 Pan-Am Pet B (80c). 20% 9% Panhandle P & R pf. 50% 10% Paramt-P(m1.62%p) 21, % Park Utah.... . 2% % Pathe Exchang 8% 21 Pathe Exchange (A). 15% 4% Patino Mines... 4% 2 Peerless Motor C: 4615 22 Penick & Ford (1) 44% 28% Penney (J C) (2.40). 64 2974 Penn Ralilroad (3)... 104% 817% Peoples D S pf (6%) 250 129 Peoples Gas(Chi)(8) 80 14 Pere Marquette pf... 9214 20 Pere Marquette pr pf 10% 4% Petm Corp of Am(1) 25% 6% Phelps Dodge Co.... 3% Phila&Reading C& 1 9 Philip Morris&Co(1) 4% Phillips Petroleum. . 5% Plerce Ol1 pf......cus Plerce Petroleum. 4 Pillsbury Flour (2).. Pirelli (A) (m3.13).. Pitts Coal. 4 Pitts Terminal Coal Postal Tel&Cable pf. Prairie Oil & Gas... Prairie Pipe Line. 36% J Proc &Gamb pt (). Pro & Refiners. ..... Public Sve NJ(3.40). Public Sve NJ of (5) Public Sve NJ pt (6) Pub Sve G&E pf (5). Pullman Corp (4)... Pure Oil. IZ% Purity Bakeries (3 10% A Radio Corp (B) (E)“ Radio-Keith-Orph A. RR Sec IC stk C(4). Raybestos Man (1.60) Real Silk Hostery. .. Remington-Rand. Reo Motor Car(40c). Republic Steel...... Republic Steel pf. Revere Copper. . Reynolds Metls(1 %) 4 Reynolds Tob B (3). Richfield Ofl. . . Rio Grande Oil . 9 Rossia Insur (2.20). 42% 13% Royal Dtch(m2.2789) 38% Safeway Stores (5).. 89% Safeway Strs pf (7). 914 St Joseph Lead (1).. 6% StL-San Francisco.. 7% StL-San Fran pf(6).. 7 St Louis Southwn... 4 Schulte Retall Stores 40 Schulte Stores pf (8) % Seaboard Air Line... Add 00. High. Low. Close. Chge. b5 26% 25% 269 Net. +1% + % 11 29% % 25Fees Fyex s SR T £33 31 Superior %4 ©Q SrER 315 Tide W: 5 UnitAm 24 114% 5 22 9 13% 1% 11 USPipe 1 9 US Realty & Imp(1) 5% U S Rubb. 9% U S Rubbe: 12% U S Smtg & Ret (1) 621 U S Steel Corpn (4) U S Steel pf (7).. 1% United Stores (A)... 41% 15% Univ Leaf Tob (3).. 114 4 % Univ Pip 31 13 Vadasco 22 86 32 54 | 109 | _T1%m | 728 51 West Pa West Pa Western © 4 Wrigley 154% F I+ A LA 4 B 0 AM.. 0 P.M. 3 o & +1 ¥ FEE & Ex-dividend. 4% 1n stock. 0] b pavable i nocx. n Plus 3% %0 llock m! 1 Stock and Dividend % Seaboard Afr Line pf 5% 3eaboard Ofl:....... 31 Sears Roebuck (2%). 1% Second Natl Inv %.Seneca Copper. 3% Servel Inc. 3% Sharp & Dohme sn.nuek(FG)('llfl 3% Shell Union Ofl...... 23% Shell Union OI1 Df. 1% Shubert Theaters. 8% Simmons Co. 4% Simms Petrol 3% Skelly Oil. % Snider Pacl 12% Socony-Vacuum 1.60. 49% Solv Am pf ww(5%). .7 South Port Rico Sug. 28% Southn Cal E4 (2).. 21 Southern Dairies(B) 1 45 Southn Pacific (6).. 5730s 14% Southern Rwy (m6). 55 3% Sparks Withing (1). 121 Stand Brands (1.20). Stand Gas&El (3% ). 4215 Stand Gas&El pf (4). Stand Gas&El pf (7). 284 Stand Ol Cal (h2%). 8815 Stand Oil Exp pf (5). 81 Stand Oil of Kansas. 28 Stand Ol NJ (12) 4% Stewart Warner. 13% Stone&Wel 9 Studebaker Co(1.20) 99 Studebaker pf (7) 26% Sun O1l (1) 89 Sun Ol pf (6) 19 Superheater (23). West Pa El pf (7).. West Pa Pwr pf (6). !ah Western Wnion (6).. Westinghse A B(2).. 6 Westinghouse (2%). Wsthse EM 1st m3% Westvaco Chlor (2). 7% White Motors Worthington Pump. 3% Yellow Truck 14 Young Spr&Wire(2). 19 Ygstwn Sheet&Tube. 1 Zenith Radio....... 7 Zonite Prod Corp (1) Sales of Stocks on New York Exchange. . 400,000 12:00 Noon., Dividend rates as given in e ¢ash paymenta based on the latest Quarterly or half-yearly sless than 100 s .!Aylbll T chan or o Bales— Add 00. cnu +1 +2% + % Rate. nuh Roy. 68 . 9% BK 42% OIMO ? ssxeFEe"ssss P R T e ® ; < . 0 ter (m2) Steel 15 Symington. ‘mington (A 15 Texas Corp (2). 20% Tex Gulf Sulphur(3) 21 Tex Pacific Coal&Oil 4% Tex Pacific Land Tr. 6% Thompson Prod 1.20, r Asso Oil. 201 Tide Water As pf(6) 4 Timken-Detroit Axle 19% Timken Roller B(2). 1% Tobacco Products. .. 314 Transamerica Corp 3 Tri-Contl Corp... Tri-Contl Corp pf(6) 24% Trico Products(2%). 3% Twin City Rap Tran. 19 _Twin City R Tr pf(7) 2% Ulen & Co. ... 241 Under Ell Fisher (4). 27% Union Carb & (2.60). 11% Union Oil of Cal (2). 98% Union Pacific (10).. 70 Union Pacific pf (4). 124 Unit Afreraft....... 40 Unit Atrcraftpf (3). Bosch. Unit Biscuit (2) 6% Unit Carbon. . 1% Unit Cigar Sto: 10% Unit Corp (76¢) 35% Unit Corp pf (3). 28% Unit Fruit (4). 19% Unit Gas&Im(1.20) 95% Unit Gas&Im pf(5) 10% Unit Plece D W (2) 14 U S Express. . 1% U S & Forn Secur. 21% U 8 Gypsum (1.60) 43 US Hoffman....... 20% U S Indus Alcohol. 2% U S Leather. . 4% U 8 Leather (A)... 4 ~ Sa s s exEEsa - & Fdry (2) FeFex VR L A s e & R d.... 8 U(llP&LiA)-v"". Sales Corp. 131 Vanadium Corp Van Raalte 1st p Va Elec&Pwr pf ( Vulcan Detin (4). Wabash RR. . Wabash RR (A).... Waldorf Sys (1%).. ‘Warren Bros. .. Warren Fd&Pip, 6 Wesson O&Sno pf(4) 2 Elpf (6)...x 80s -x120s 208 Pwrpf (7). 10s Western Pacific. .. Pacific pf. .. 40 143 208 26 » S8 mmne @ (Wm) (4)..x 1l % @ @ Lo vl © K 1,100,000 - 1,800,000 100,000 the above table ai 8. tPart) t1 3P aid Tast mr_'fi'o o Tegular Tate | B 18l e kg R o HOARDING REPORTS SCOUTEDBY MoapY Investors’ Service Declares Extent of Practice Has Been Exaggerated. Special Dispatch to The Star. NEW YORK, October 20.—“Hoard- ing” of currency has been greatly ex- 5 | aggerated in some quarters and ic far less widespread throughout the coun- 5 |try than many imagine, according to an analysis made public by Moody's Investor's Service today. “From figures on ‘cash in vault’ of reporting member banks, we estimate i |that in all banks in.the country the amount of currency held in vaults, ready for meeting the demancs of de- positors, must have increased by close to $200,000,000 during the past 12 months,” Moody's states. “This amount is included in statistics of money in circulation and, of course, swell: the total to that extent. “Thus the increase in circulation il from a year ago, amounting to $950,- 000,000, must be reduced to $750,000,- 000 after eliminating the estimated gain in cash held in the vaults of banks. Yet even the latter amnum by no means represents a genera! scramble for cash. “The Chicago Reserve district is re- sponsible for nearly half this aggre- gate, and the withdrawal of deposits 4 | there can be traced to_the importunt Chicago failures last June. Another $200,000,000 increased circulation is Nova 8.31.78 00: OOD DOONOZOOOROBEOD: OLOOOD found in the New York district, but a S ipart of this money has possibly flown out to foreign countries, where the dollar is regarded as a_stable currency or hoarding medium. It is the Phila- delphia district that has lately been 6 | chiefly responsible for withdrawals of can_ b, traced currency, and this ures. Last week that trict directly to bank the increase in ‘was “Outside of the Cleveland district, which accounts for an additional $100,- 000,000 in increased circulation, the changes in the remaining districts have been relatively moderate, and were quite small in such districts as Boston, Kansas City, Minneapolis and St. Louis. Atlanta has actually shown a decrease. It is to be expected that the weak situations will be vigorously attacked and remedied by the new credit or- ganization.” (Copyright, 1931) NEW YORK BANK STOCKS NEW YORK, October 20 (#).—Over- the-counter market: Banks. Asked. 53t 34 195 America Ehat” phenix Cor mmmm Natl. First Naf Hantat Go Natl City Public ... Irving . Manufacturers New York FOREIGN EXCHAHGE. (Quotations furnished by W. B. Nominal ¢61d l-uluflcr;eclu London, pous Paris, franc Sales Gain Reported. CHICAGO, October 20 (#).—The big- gest month’s sales in three years was reported today by the American ‘Wash. ing Machine Manufacturers’ Associa- tion. ‘The ber sales exceeded the best, mon of 1929 by 2 per cent and 9 per cent. were 11.5 cent Thf’l”fl lndv:rll August, 1931, e best month of 1930 above Septem- ter than in Washington Produce Butter—One-pound prints, 37; tub, 36. Eggs—Hennery, 33a35; current re- celpu 24226, oultry, lllv&'nll’leyl. old mm 208 25 young toms and hickens, 3 pfl::ld;o lzl:db:xfi'r. 18a22 2 to ZVx une a. ers, 115 to 2 pounds, ggfl?-'! hens, large, 20a23; small, 18a 20; Leghorn’ hens, 14a16; roosters, 12a 14; keats, young, '45850; 'old, 2535, Poultry, dressed—Turkeys, old toms, 25a30; young toms and hens, 35; chick- ens, 3 pounds and over, 22a35; 2 to 2V unds, 25a28; 11 to 2 unds, 28a30; ens, large, 25a2i lmllro horn hens, 18a20; roosters, 1 1! la Is- land ducks, l!llQ keats, young, 66!50. old, 30a40. Meats—Beef, nrlme l'l‘/zlll. nholu‘ 16a16'¢; good, 15a15 cow, 10all; lamb, top, 16; g 14ai5; 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; !ruh hlml lee nhck—!{on. 1I(ht and medium, 5.5085.75; heavy, 5.0085.75; pigs, 5.008 5.50; roughs, 3.00a4.00; calves, 5/00a 9.50; h.mbl. 5.0026.50. Fruits — Watermelons, California, crates, 2.00; Persian melons. 2.50; oranges, 3.5085.50; lemons, 5.50a6.50 limes, per 100, 1.75; honeydews, 2.00: apples, bushel baskets, 50a1.50; box stock, 2.00a2.75; pineapples, 4.50a5.00; pears, 2.25a2.50; persimmons, s Woedwird & Lothrop com.— D € 30, 198 IRECOVERY IN BOND MARKET 1S BRISK Japanese Issues Prove Fea- ture, With Gains of 3 to 7 Points. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, October 20.—An over- sold market both for domestic and for- eign bonds, including Govel'nmtnt and corporation issues, mlr back today when pressure was relieved and as a result of the benefits of the more peaceful outlook in the Far East. Jap- anese issues, which had broken badly llt;o Monday, recovered from 3 to about As lmpofllnt as any development was the improvement in United States Government obligations, which had been undergoing a drastic decline for the past week. The Treasury &%s, advanced nearly a point to 103.. The uha'ty fourth 4%! which have held atively steady and have been s on which other bonds of lower nmm have been offered, were slightly higher. The 3s, after drapplng to 8912 Monday, showed a rally of % of a ml ‘The market in this department the appearance of being tempo- rarily well liquidated. Forelgn government issues were somewhat responsive to the strength in Japanese bonds. German issues were all strong. The Government 7s ad- vanced 1’; points while the 555 were up fractionally. German public utility obligations and some of the state and municipal loans were firm. Prices of Chilean issues were not affected by the default on the Mort- gage Bank of Chile issues, which orl nally were accepted as one of the u'. rl'ed credit of all South Amer- Chile government and Peruvll.n govemmem bonds were higher. It was announced that the November interest on the 6 per cent issues of Uruguay would be met, which keeps this republic in the limited list of South American countries that are i % | still meeting their obligations. The market displayed a more con- fident tone at the opening. High-grade ralls were unchanged to fractionally higher. Atchison General 4s at 89);, were up ' and Union Pacific 4s were unchanged at 923%. Utilities and industrials also were in- clined to do better. American Tele- phone 5125 were up %, the 55 up 3. Consolidated Gas 4l5s up %, and In- ternational Cement 5s up The feature of the foreign list was the Japanese 6!2s, which had declined 80 sharply yesterday. At the opening | this morning five bonds were purchased at 8315, up almost three points over Monday’s close. Other smaller gains ‘were scattered throughout the list. Washington Stock Exchange SALES. Potomac Electric 6% pfd.—5 at 1107'%. Unjon Trust Co.—5 at 197. Lanston Monotype—10 at 731, Merlen!h-ler Linotype—6 at 65!, 10 at 6! —25 at 30, 15 at 30. After Call. Washington Rwy. & Elec. at 85, 45—$1,000 Pot lomu: "Electric 6s 1953—$1,000 at 1062, $1,000 at 106 Washington Gas 6s “A"—$200 at 1003;. Woodward & Lothrop com.—25 at 30, 25 at 30. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Aper, Tel & Tel. dias ‘39 Tel. ctl. tr. Andcostia & Pot. R R. H & Pot. s % £ o of Va. 5 Sahea Trwction & City & Suburban 5s Georgetown Gas 1st 55 Potomac Elec. Cons, 5% Washington Gas 4 Washington Gas 5s. MISCELLANEOUS. Barber & Ross, Inc. 61:s... Ohevy Chase Club $tai S | Golumbia Country Chib 8735.. D. C. Paper Mig. 6s. & Wash. Mgt. Cold Storage 5s...: STOCKS. PUBLIC UTILITY. &oTels i Y . Rwy. & El pfd. (5 NATIONAL BANK. Sapital .. luns 585 Washibeion (13} TRUST COMPANY. Amer. Sec. & Tr. Co. (15). Con‘unenul Trust ¢ 33 Erince Georges Bk. & Tr. (6 nion Trust (85) ‘ash. Loan & Trugt (19). SAVINGS BANKS. Bank of Bethesds (65 - & Savings (10) ington (12) United States (30) | Wash. Mechanics (20} FIRE INSURANCE. Firemen's National ‘Union (i85 TITLE. INSURANCE. Golumbla (). Real Estate (6h) MISCELLANEOUS. Medical Bldg. Corp. (6) g & Gragel pid, (7 gm mu ec. pid. B Emer ‘Bromo-Selr deral Stor Col. {L tge. & ( X!;ux stores pid, . M. & G. pfd. ( i's{ull‘-mu { Woodward & l.ozhrop com. (1,30} Woodward 4 Lothrop pfd..(1) tEx dividend, 837 extra. SHORT-TERM SECURITIES. . & W. Sel & Co) American Chain Gor 6 931 991 98 . .25; lels, } S0 1.35; casabas, 2.25; bananas, 1.2563.00; SHptuil 400050, Vegetabl a—mws, lm-nmmd.uds, 1.75a1.90; Idaho ), peck ts, 1.00a1.50; California lucs. 2.2582.75; 100 bunches, 4.00a5.00; carrots, bunches, . 4.50a5.00; 235 string beans, 1. 10a1.25; lima, z'zs- Pa. ; cucumbers, b Ml\nsh Florida, bushel Winter - squash, nearby, 50a60; egg: plant, 50a75; celery, 2.7 lenuce. Ice» berg, 3.25a3.50; onions, 50-pound '-hlu,lWIZW yeuw.l“;oh'lflio mt 65a80; baskets, 3.50 S:III‘MM bakers, i WL gm{'fl? omrmrn ic MN--Yorkmt & H. 45 1934 8 1058 Lf;m Co. ‘85 'i934. New York, Chi, & St. L 65 1032 Northwestern Telep. m R. R. Co. 6% Cnerai ice 5 1835 1oo.t 103 E‘i{,'.i?.‘u‘.fi geas sieel 551940 5 Sinclair Crude Oil Co; 545 10: 97 Soutnern, Pacific 55 “lo3s:. ) unlon b1 10044 100 qumflmwm w“' @BONDSZI ICREDIT EXTENSION . ived by Private Wire Direct UNITED STATES. (Sales are in $1,000.) Sales. High. Low. Lib3%s32-47..138 99 6 99 L1st4%s32-47224 101 100 6 101 L 4th 438 33-38191 101 100 10 100 28 U.S.351951-55 101 91 8 8924 5 91 24 9531 96 98 16 101 20 100 16 101 20 103 20 102 12 103 16 Sales, Hich, Low. 2: ADbitibi P&Pbs'53. 60 38 37 US3%s41-43. US3%s 46-| U S 45 44-54 UE 4% 4T 4 Allegheny 55 '49. Allegheny 6s'50. .. Allis-Chalm 5s ‘37, Am S&R 1st b5 '47. Am Sug Ref 68 '37. Am T&T cv 4%5'39 AmT& T 68 '65. Am T&T ¢ tr 65 *46. Am T&T 6ss £°60.. Am T&T 5%s'43. Am W Wks 65'34. . Am Wat Wks Argentine May '61. Argentine 6s Ju's! Assoc Ol 6s '35 Atchis 45 190. Atchison gn Atchiscv 4% Atch Ariz 4% At & Danv 45’48 AtICLcl 45°52 Atl Ref db 58 Aust-nll-l%s’“.. m Australia 53 ‘55 Australia 58 '57 Austria 7s *4; Bk Chile 6% 861 Batav Pet 4%5 '42. Belgium 63 '55. Belgium 6%s49... Belgium 78 °'55. . Belgium 7s '56. B Ind Loan C 65 ‘46 Berlin Cy El 68°55. Berlin CE 6%5'50. | Beth St1 pm 55 '36. | Beth Stlrf 514542, | Bolivia 78 '5! Bolivia 8s'4 Bordeaux 6s ‘3¢ Brazil 634826, Brazil 6338 "27. Brazil 7, Brazil 8s '41 Bremen 7s '35 Bk Ed gn A 5549 Bklyn Elev 63s. Eklyn Man 6s 6 Bklyn Un 1st 68°50. Buenos A 65'61 P: Budapest 6s '62 BRE&Pitt 4%s Bush Ter con 58 ‘55 Canada 4s 'eo at4ls at4ls at 4%8°55. at 55 July'6d. Can Nat 55 Oct '69. Can Nat 5570, Can Nor 4%s'35. Can Nor 6%sdb Can Nor 7s db ‘40 . | Can Pac db 4s, Can Pacific 4 Can Pac 4% Can Pac 55 * Cent 11) G&E 58'51. Cent Pac 45 '49. . % B&Q 1st rf 58 '71 |CB&Q I av 45743, Chi& Est Il 55'51. . Chi Grt West 4s'59. Chi M & St P 4s'89. Chi M&StP 4% s E. C M StP&P 53’75 C M & St P adj bs. Chi&NW 4%s 203 C&NW 4145 C 203 Chi & NW cn 4%s. . Chi&NW rf 58 2037 Chi RI&P gn 4s '88. Chi RI& P rf4s’3 ChiRIcv4% Chi RT& P 4% C TH&SE 1n 55 '60. Chi Un Sta 58 B '63. Chi Un Sta 6% '63 C& W Ind cn 4s'52. Chile 65°60.... Chile 6s’61.... Chile 65 '63. Chile Cop db 5 Clev Term 4%8 "7 Clev Term 53s "7 Colomb 6s Jan 61 Colomb 661 Oct. Colo & Sou 4%s | Colo & Sou 4345’80, Col G&E bs May'52. ol G&E cou 6 Com Inves 5% Con G NY 4%5°51. Con G N ¥ 6%s 46, Con Pwr Jap 6%5. . Con Pow Japan 7s. Copenhag 58 '62. ... Cuba 5%8 '45. Cuba Nor %8 42 Czecho 88 *51. Crecho 88'52. Del Pwr&L 4% Del & Hud r Denmark 4% u Denmark 5% Denmark 65 4. D &R Gren 4s'36.. D&RG W bs'55. DRG& W 5s'78,. 2 Det E G&R4%5'61. 2 Det Edison rf 5549 Deutsche Bk 6s'32. Dodge Br cl 6s *40 Duquesne 4% Dutch East 1 6: Dutch East I Erle 1st con 45 Erie conv 4s B. Erie gen 4¢s. Fram I D 7%8"42. French 78 "4 French 7%s "41, Gelsenk’hen 6s'34.. Gen Cable 538 "47. | Gen Motors 65'37., Gen St Cas 53549, German 7s rep * German Bank Goodrich cv 68 °45.. Good 1st 6%s*47... Goodyr Rub 68’57, . %., | GrandTr st ab 6536 Grand Trunk 78’4 Grt Nor 43%s " Grt Nor 4817 E, Grt Nor 58 '73 | Grt Nor gn 5%s Grt Nor gn 75 '36. Greek 6568 Hud & M ad)j Il '51. Hud &M rf 6s'57.. 26 ‘Humble O11 Sales. High. Low. Hungary T%s’'44.. 2 40 16 108% 102 111 Bell Tell 58756 111 Cent 485 111 Cent rf 4 Il Cent 4% 111 Steel 4 Int Rap Tr 6s°32. Int Rap Tr 78 32... Int Cement 58’4 Int Pap 6s '55. IntT&T 4%s 2.. 69 Int T&T cv 4348’39, 39 IntT&T 68°56. Italy 7s'51. Italy Pub 8 78 '52 Japanese 5%s Japanese 635 ‘64 Jugosl Bnk 7s '57. Lautaro Nit Leh Ven 4 Leh Valley 65 2003. Lig & Myers 55 '51. Loew’s 6: . Long Isl db 5s'37. Lorillard 68 '5 Lorillard 5%s ‘37. La & Ark 58 '60. Lou G & El 55 '62. L &N uni 43°40.... Lyons 6334 McKeleBSfi(". Mex 4sastd 19 Mich Cen 43, Midvale Stl 65 '3 Milan 6%s '62. MilE Ry & L 6561 Mil El Ry&Lt 5571 M StP&SSMen 4s.. M StP&SSM 55°38. MSP&SSM 5%s'78. MK&T pr In 68A"62. Mo Pac gn 4575 Mo Pac 5s A ’CS. Mo Pacrf 5s°8. Mobile-Ohio 58 ‘38 Mont Pow 5843 Montevideo 6s '5: Mor&Co 1st 4% 839 Nassau Elec 4s°51. NY Ed 18t 63841, NY NH&H 4% NYNH&H cd 68'48. NY O&W 1at 45'52. NY O&W gn 4s'55. NY Rys inc 65 '65. . NY S&W gn 58°43. NY Tel 4348 * NY W&B 4%s "46. Nord 6%s'50. No¥f South 58 Nor& Wnev ¢ No Am Co 65 7 Nor Pac 58 D 2047 Nor Pacr1 68 2047. Norway 5%s'65... Norway 65°43. Orient dev 5% s'58. Orient dev 65 '53... Pac G&E 5s 42 Pac T&T 1st T&T rf bt -Am Pe Paramount Penn 4%3°70. Penn 4%s'63... Peor & E lnun"o Pere Mar 4% s '80. 0. PCC&StL nin '71. Poland 65’40 Poland 7s *47 Poland 8s'50 Prussia 6 Public Serv 45 '71.. PubSvG 4%s'67. PubSvG 4% 0., Pure Ol 5%5°37 Queenstana o Queensland 7 Reaa gn 4% s Read Jer Ci Rem Arms 6s A '37. Rem R5%s A M7.. Rhinelbe 7s *4 Rhine West 6s ‘52, Rhine West 65 '53.. Rhine West 65 '55. Rhine West 78 '50. . Rich Of1 Cal 6s Rio de Jan 6 Rio de Jan R Gr Do.Sul 6s R Gr Do Sul 8s'46. Rio Gr W 1st 4s'39 RIAr&L4%s'34. Rome 6%4s°52 Roy D 4s8'45 ww StL IM R&G 4533, St L&SF in 45 A ‘60 8 "43.. Sao Pau 7s'40 rel. . Sao Paulo 8s '3 Saxon PW l%lll. Seab A Seine 78°42... Serbs-Cr-S1 78 °62. Serbs-Cr-S1 83 '6: Shinyetsu 634s '52. Sinclair Oll 6% e"38 Sinc O 7scv A '37., 5s°42.. Son Bell T&T bs "41 SW Bell T 5 A *54. Sou P 43869 ww. Sou Pac4%s’81... Sou P&Orl“-'fl. Boe o e prenaled suoab-nEueason | PROBLEN SIFTED 1801 | Similar system needs. BAh 95‘/’ 4 100 104 79 82 86 85 8314 674 kst 102 Greater Care Is Urged in Survey Made by Com- merce Department. Greater care in credit extension as & means of controlling bad-debt losses is a problem of primary importance in profitable wholesaling of electrical goods, according to the Commerce De- partment’s reports of its latest cost- and - operations analysis, “Problems of Wholesale Electrical Goods Distribu- tion,” recently made public. Bad-debt losses were found to be wholly responsible for the marked in- crease in operating costs—from 16.8 per cent to 28.1 per cent of sales— shown by the business over the three- year period covered by the department’s survey. Omitting these losses, it is further revealed, cther operating ex- penses show a slight down trend in the same length of time. Operations Analyzed. ‘The study of electrical goods whole- saling was made by the Commerce De- partment at the request of the National Electrical Wholesalers’ Association. It covered the operations of a single large establishment handling a wide range of electrical goods, including construc- tion equipment, industrial goods, radio and accessories and miscellaneous ap- pliances and dealing in a trade terri- tory extending into three States. The credit difficulties of this concern were found to result largely from con- cessions of liberal credit terms allowed in an effort to build up sales volume in this territory. The classes of cus- tomers served varied more widely than 'll-h most types of wholesale houses, nflnx from contractors, retailers and dealers to industrial concerns and municipalities, and increasing the prob- lems of profitable customer selection. Forty-two different electrical com- modity groups were handled by the wholesale house, the report shows. Of these 22 showed & net profit and 20 a net loss. Commodity groups, which were responsible for a considerable par: of the loss sustained. included conduits and fittings. wiring accessories and fuses and accessories. Construction mate- rials and heating appliances were also in the loss column. The commodity 8TOUPS registering the greatest net gains were radio and accessories, safety switches, certain cables and fittings and the standard types of electric lamp. Chief Factous Given. ‘The principal factors tending to throw a commodity group into the loss column, it is shown, were, in the order of their importance, high investment and storage charges resulting from ex- cessive inventory, high cost of routine selling and clerical effort resulting from small unit sales, and in some cases extra costs of physical handling. In a few instances commodity groups appeared to fall into the unprofitable class because of inadequate gross mar- gin. Net profit was possible, however, on a rather narrow margin, since 10 out of the 22 profitable commodity groups were handled on a gross profit less than the average for the business as a whole. A serious small-order problem was found to exist, with 72 per cent of ail orders failing to return profit when charged with their share of operating costs. Seventeen other important findings are included in the report of the sur- vey results, ranging from cost of han- dling the varied commodity groups to rate of tournover and average sale for each. The study also outlines the cost analysis system employed in making the survey. which, it is held, should be of value to rchants in bullding a pplicable to their own —_— STOCK TRADING RECORD WAS MADE 2 YEARS AGO Special Dispatch to The Star. NEW YORK, October 20.—Two years ago this week the violent liquidation in stocks developed and led to the highest amount of trading on record, aggre- gating nearly 13,000,000 shares on Oc= tober 25 on the Stock Exchange, with 6,337,000 shares turned over that day on the curb market. The full impact of the liquidation, however, did not come until about three weeks later, culmi- nating in the panic of November 13 that year. How many shares were being carried by brokers for long account before the market debacle began? 'his question often has been asked, and some statis- tics now at hand on short selling, given out by Richard Whitney, president of the Exchange, may supply some sort of answer. ‘The long account at the close of last May, according to Mr. Whitney's esti- mate, was 59,000,000 shares, or about one-twenty-second of the 1,305, 5]6716 shawes listed at that time. the great market depreciation of lwcn. \t cannot be said that the long account oportionately as fast as the dzcnne in brokers’ loou Ootwn-munuhcmrlnx industries of the Netherlands have started a rational- ization movement. Sales. High. uw. 2:85. StO{INJ 68" 17 101% 1 5 Swiss5%s 46 Taiwan E P 5%'11 Tenn El P 65 A 47 Ter As StL Texas Corp Tex & P s D '80. Tex&P 1st 58 2000, Third Av rf 48" ‘Third Av adj 65 '60. ‘Toho El Pw 6s'32.. Tokio El Lt 68°53. . Tol St L&W 48 °50. Un Paé 18t 43 °47... Un Pac ¢%s Unit Drg cv 68 '63.. Utd King 5%s'37..110 U S Rub 1st 55 47 b 4 Un St W 6348 A'47.. Ud St W 6%4sA'61.. - Pw Utll Pow 5%! 47 Vanadium St 58"41. Vienna 6s 52. . Va Ry & Pw 5834, Va Ry 1st b Wabash 4%s 78, Wabash 63 B '76. Wabash s D '80 Wabash 5%s ‘7 Ol BN NSORNARANRHRR =G & West E1db 5844 West Md 4s ‘52 West Md 5‘6' 11.. 101% 101% 841 851 72 3%