Evening Star Newspaper, October 22, 1931, Page 15

(OB SHARES RCP | " TOLOWERLEVELS Losses Confined Mostly to Fractions—Some Gains Are Recorded. BY JOHN A. CRONE. Bpeclal Dispatch to The Star. NEW YORK, October 22.—Stocks on | the Curb Exchange, after opening lower today, slipped slowly to lower levels. Electric Bond & Share and Cities Bervice both dipped by fractions. Standsrd Oil of Indiana was virtually unchanged, but Gulf Oil of Pennsyl- vania was down 1l% points by midday.| ' Specific stock movements today .n| most instances reflected individual cor- .porate developments. Thus the rise in| &ilver bullion bettered American & For- | eign Power warrants, as that company owns properties in the Far East. Omis- sion of the quarterly preferred and B dividends of Eastern States Power Cor- poration caused offerings of the B shares. International Safety Razor B shares jumped nearly 2!, points after direc- tors declared a dividend of 50 cents, against 25 cents three months ago. Citles Service eased as September sul plus was put at $715241, after prefer- | red but before common dividends, against $3.048,310 ,in the same 1930 month. | Copper shares were steady, reflecting expressions by scme participants in the curtailment confersnce, that production #hould be reduced 50 p:r cent from the present rate until metal stocks are down. United States Playing Card firmed on a statement by Chairman Omwake | that third quarter operations were profitable. Ford Motor of Canada A was the only motor share to move for- ward during this pericd. American Capital Prior preferred, with a break of nearly 6 points, was the weakest trust ssue. | Singer Manufacturing at one time | was cff 3 points. Meanwhile Aluminum Co. of America and A. O. Smith ad- vanced almost that much. Swift & Co. did not immediately respond to the purchase of Sperry & Barnes. National Rubber Machinery was up more than a | point. United Gas preferred was 2 | strong spot amcng natural gas shares. Insull Utility Second preferred showed #oftness among utility investment hold- Ing concerns. Associated Rayon with 2n advance of a point outmstancec cther textile stocks. The Exchange opened slightly lower. Electric Bond & Share at 21% was | 3 Cities Service lost a fraction at_73;. Standard Oil of Indiana at 207 declined 's. Gulf Ofl at 4735 was down 1'5. The irregularity of the Lon- don market was not at once mirrored and Ford . at 8% and 7is, Tespec- were unchanged. Brazilian Traction rose 14 to 113,. Newmont Mining at 18!, was up %. Walgreen, first of the chain stores to appear, opened up 14 at 14!;. Inter- national Petroleum was a shade higher at 10l5. Pennroad Corporation was unchanged at- 43, Bank of England Statement. LONDON, October 22 ().—The weekly statement of the Bank of Eng- land shows the following changes in pounds: Total reserve increased 1, 770,000, circulation decreased 1,479, 000, bullion increased 292000, other securities decreased 1,383,000, public deposits increased 4.653,000, other de- posits decreased 8,116,000, notes reserve increased 1,794,000, government. securi- ties decreased 3,825,000, The proportion of the bank's reserve to liability is 42.90 per cent, compared with 40.50 last week Rate of discount, 6 per cent. U. S. TREASURY BALANCE. The United States Treasury balance announced today as of close of business October 20 was $349.195, . Cus- toms receipts for the month to date were $§22,265,995.86. Total ordinary ex- penditures were $15,644,670. BONDS ON THE CURB MARKET. @sles in DOMESTIC BONDS. thousands. o High. Low. Noon. 417, 41" 4 Bs A 3Int P Sec 6.5 2Int Pow Sec 7s D 8Internatl Salt 5s 3 Intersta Power 5s i T4, Tt 843" 8 o0 ! 2 B! <7, s B 601y Ko Pw & a! Nevada Calit 81 81 81§ ¥ Ene Pw o Fo Tn 3tas 48 A 63 Falis Pow 65 ' Stat Pow 4125 ‘61 In Gos & Fl 8% '30 0'G & E Alie B 160 i ' A 1 ol ol ) FOREIGN BONDS. 0 65 B 51 343 61 45 33 e i Beroes morwscrissssns Bz mrcnces EREEE PR A EE e S { economic destinies of the world, will in NEW in 100-share lots except those Stocks sold In 100-share lots « ine ~Prev. 1931.~ High. Low. Dividend Rate. 14% 4% Acme Wire. . 2414 Affliated Prod 1.60. B T 224 ‘Aluminum Co of Am 1200s 82! 102 Aluminum CoLtd... 2 28 109% Alu Co of Am pf (6). Alum Ltd B wa £ Alum Ltd C war. Am Austin Car. Am Capital prpf5%. Am Cit P&L B b10%. Am Com P A (b10%) Am Corpn (f30c Am Cyanamid B. Am For Pow war. Am Founders. Am Gas & Elec (31). Am Hardware (4) . Am Invest Inc (B).. Am Lt & Trac (2%).. % Am Maracaibo Am Natural Gas. Am Superpwr (p40c) Am Superp 1st (6)... Am Transformer.. .. Am Util & Gn B vtc.. Anglo Chil Nitrate. . Appalachian Gas. Appalachian Gas Arkans Nat Gas A Asso G&EIl A (b2 Asso Rayon. Atl Secur Corp Axton Fish To A 3 Beneficlal I L (1%). Bigelow-Sanford. ... 2 Blue Ridge cv pf(a3) Bourjois Ine (25¢). .. Brazil Trac Lt&P (1) Brill Corp A (34c)... Brit Am Of1 C (80¢c) .. Bwana M Kubwa. ... Cable & Wire B rcts. Cable Radio T vie Canadian Marcon! Cent Hud G&E (80 Cent Pub Sve A b5 % Cent Pub Sv Del Cent Stat El (b10 nt&Swn Ut (b7 Chain Store Devel. .. Chain Stores Stock. . Chesebrough (1533). Cities Service (g30c) Citles Serv pf (6)... Claude Neon Lts Inc. Clev El Illum (1.60) .+ Cleveland Tractor. .. Colombia Syndicate.. Col Oi1& Gas vte Cmwith & Sou war.. Com Wat Ser g12%c. Con Gas Balto (3.60) Covper Range. . Cord Corp.... Creole Petroleum. Cresson Consol (4¢ Crocker Wheeler Darby Petrol. Dayton Alr & De Forest Radio. Derby Ofl Refining. . Detroit Afrcraft. . Doehler Die Casting. Duquesne Gas. ... Durant Motors - " [PI0% NP TP T CTUIOIG . PR CRUIEL - [P 5 2 o O East Util Assoc ( st Util Inv A st Util Assoc ¢ Elec B& Shcupts Elec B & Sh pf (6) Elec Pow Assoc A Elec P & Lt op war.. El Shareholdg (b6 %) Empire Corp. .. Eureka Pipe L (4 Europ Elec deb rts. : Ex-cello Air & Tool.. Flintkote Co A. . Ford M Can A (1. ¥Foremost Fabrics. Fox Cheater (A) Franklin Mfg Garlock Pkg (1.2 Gen Empire (1). Gen G&E cv pf B(6) Globe Underwr (15¢) Gold Seal Ei Goldman Sachs. . Graymur Corp (1) Gt At&Pac Tea pf(7) Gt At&P T nv (16% ) Gulf Oil of Pa (1%). Hamilton Gas v.t.c. Hecla Mining (40¢ Hellinger Gold(652) . Horn & Hard (2, Hudson Bay M & HydroElec Sec(1.20) Imp Ofl of Can (50c) Imp O Can reg (50c). Indiana Pipe Line(1) Insull 1nv (b6%). .. Ins Co ofNo Am 2% Insurance Sec (40c). Intercontinent Petn. Int Petroleum (1)... Int Saf Razor B(1).. Int Superpwr(f1.10) Int Utilities B. Int Utilities w Interstate Equities. . Irving Air Chute (1) Italian Superpow A. Lone Star Gas n 88¢. 32 Louislana Lan & Ex. Magdalena Synd Mangel Stores pf Mass Util Assoc. 54 isnated by letter “s.” es— Add 00. Open. High, Low. Close. B 5 5 5 THE EVENING STAR, WASHINGTON, D. C., THURSDAY, OCIOBER 22 YORK CURB EXCHANGE Received by® Private Wire Direct to The Star Office. ~Prev. 1931~ High. Low. 2% Y 1% % 83 'l Niag-H Niag-Hi Niag-H 3l 118 34| g Northw Stock and Dividend Rate. Merritt Chap & Scott Met Chain Stores. ... Mid West Ut (b8%). Mid Wt Sts U(b8%) Midland Util A pf(7) 208 Mo-Kan Pipe Line. .. 4 Mountain & Gulf. Nat Aviation. Nat Family Store: Nat Fam St pf Nat Fuel Gas (1). Nat Investors. . Nat Pow & Lt pf Nat Rubber Mach Nat Ser: Nat Sh T Sec A $6 Newberry (JJ) 1.10.. New Eng Pow pf (6). 308 NewEng T&T (8).. New Jers Zinc (13).. New Mex & Ar Land. Newmont Mining. ... N Y Shipbuilding Cp. N Y Tel pf (6%).... N Y Transit (£80c).. Salesw Add 00. Open. High. Low. Close. 2 4 4 4 4 4 I 1 14 10% % 1 2! 63 2t 10% 7 2 1 4 8 1 3 18 vice CO.....4 oc. 1 48 508 114% 8 ud Pow (40c) 17 ud Pow A ud Pow B Niag Sh Md (40¢). .. Niles-Bemt-Pond (1) Nitrate Corp Chile B. Nor Am Aviat A war., Nor & So Am Corp A. North European Oil. Nor Ind P S pf (7) Nor St Pow A (8). cest Yeast(12 PacG & E1stpf 1 Pandem OIl. . .. Parke I Parker »avis (11.65 2 508 Rust Pr HH.' Pennroad Corp (40¢) Penn Pw & Ltpf (1) ney Bowes (b4 % mouth Oil (25¢ mier Gold (12¢). Pub Util Hold war.,. Pub Util Hold x: tellance Int A...... Republic Gas Corp. . Reybarn Co. .. Reynolds Invest Roan Antelope Min. Rock Lt & P (90¢) Rossia Intl (10c). Safety Car Heat & 1..125 Regis Paper (60c) 23 aboard Util (28¢) ec Allied Corp (1). sal L & H (ab0c clected Industrie: ntry Safety Con hattuck Den Min So Am Air Lines 1st. So Am Gold & Plat. . South Penn Oil (1).. SoCal Edpf A (1%). u Cal A SW Dai Stand Ol of PEB (1%). Ed pf C(1%) ry Products. . Stand Oil of Ky 1.60. Stand Ofl Ohjo ( Stand P & L (B) (2 Starrett Corp ). ). Starrett Corp pf (3). Sunray Oil (b5%) Swift & Co (2). Swift Internat’] 1(4) Syracuse W Mach B. Technicolor Inc. . Teck HughesGM ¢t Pexon Oil&Land (1). d Shipyard (4).. Tubize Chatel. B T'n Gas of Canada (1) Unit Gas Corp Unit Gas Corp war.. Unit G s pf (7). Unit Lt & c Pwr war. ntl Secur. . Inter Sec 1st p! J S Lines pf., . U S Pla. ying Card Unit Stores v.t.c..... Unit Verde Exten (1) Utah Apex Utll P& Ut P&L C(af1.0234) B(at1.0214). Util & Ind .. . Util & Ind pf (133).. Utility Equities Van Camp Pkg. Van Camp PKg pf. .. Vick Financial (30c) Walgreen Co Walker (H) (50c Watson (J W) Co. 621 11 12% Dividend rate. in nual payment. Winter dividend. stock. JFlus 2% in 6% Woolworth (FW)Ltd *Ex dividend. a Payable in cash or stock. £ Plus 5% in stock. Western Md pf West Mass Co (Benj) 1 12 8% 83 dolinrs based on last quarterly or semi-an- 1Partly extra. iPlus 1% in stock. bPayable in stock. e Adjustment € Plus 6% in stock hPlus 1% in stock. k Plus 10% In stock. mPlus 3% in stock. n Plus 8% In siock. D Paid last year—no regular rate. Everybody’s Business Laval-Hoover Conference Expected to Clear Way for Sound and Genuine Return to Normal. BY DR. MAX WINKLER. NEW YORK, October 22.—Although the prevailing crisis is not expected to vanish overnight as a result of the Laval-Hoover conference, it is within reason to assert that the foundations | will be laid for a sound and genuine prosperity, to which the countries of the world, the old as well as the new, are entitled by reason of their resources, physical and spiritual, and because of the energy and industry of their people. Whenever the Gallic armies were hard pressed they summoned Vercinge- torix, a natlve of Auvergne, and, ac- cordirg to Caesar, Gaul's most famous chieftain: it was he who invariably suc- ceeded in driving back the Roman in- vaders. When. modern Gaul and her neigh- bors are beset by grave economic prob- lems another Auvergnian, Pierre Laval, is summoned, and, like his famous for- bear, is expected to solve existin7 prob- lems or at least contribute ma.erially to_their solution. Plerre Laval, France's 47-year-old premier, arriving in New York today, will proceed directly to Washington, where he will confer with President Hoover. The chief executives of the two nations, who may be sald to control the all protability take up the many and varied financial and economic prob- lems, upon the solution of which de- pends an early rehabilitation of the in- dustrial world and a restoration of Grave Probicms Faced. In a way, M. Lavel may be assumed | to be returning the visit paid him and his country last Summer by United States Secretary of the Treazury Mel- lon and Secrciary of State Stimson. At this time, however, when interna- tional trade and commerce are dislo- cated, when currencies are disorgan- ized, and when fiscal difficulties con- fronting nations threaten to give rise to political complications, M. Laval’s trip to the United States is much more than a return visit. It is apparent that before discussing grave international problems the United States had to settle some of its more pressing domestic affairs. This is be- | lieved to have been accomplished through the recently formed National Credit Corporation. The country is therefore in a somewhat better position to_tackle the problems which confront others, but which, if continued, cannot but affect very definitely the status of the United States. The main problems expected to be taken up by the two executives are those relating to debts and disarma- ment and to currency and credit. As to intergovernmental debts, it is doubt- ful whether complete cancellation will | be advocated. The French are belicved to be in favor of a 50 per cent reduction, which would, theoretically at least, represent a loss to the United States of about $200,000,000. Gerniany's payments could then be reduced by such amount, leaving her with obligations in connec- tion with the so-called unconditional payments as provided for in the Young plan. Need Not Be Transferred. ‘These need not necessarily be trans- ferred out of Germany, which might tend to aggravate an already existing difficult exchange problem, but could be paid over to the Bank for Interna- tlonal Settlements, and, if considered desirable, reloaned to Germany and other countries in need of financial assistance. ‘M. Laval, as spokesman for France, will in all probability insist upon con- tinuance of unconditional reparation payments, primarily because France's reconstruction loans are based upon them. Payment, however, need not be made in cash, but could be met either in services or in kind. Relieving Germany of reparations al- together could hardly receive serious consideration in French circles, because the debt of the Reich, exclusive of reparations, is very much smaller than the debtedness of Great Britain, France or tte United States, and it would be neither prudent nor just to business in these countries if Germany's political debts were canceled entirely. However, suspension ‘of transfer, as well as substitution of payment in kind instead of cash, should enable Germany to recover from the economic and fiscal crisis in which she finds herself today. In r to compensaie the United States for the apparent loss of about $200,000.000, referred to above, France may agree to effect substantial reduc- tions in her military expenditure, and may advocate that all other nations do likewise. formed French eircles that disarmament It is intimated in well in- | will not be on a basis of equality, but | will be based upon the present budge- | tary position of the nations involved. | Gold Looms in Discussion. In return for her willingness to dis- |arm, partially at least, France might demand an_agreement on the part of | the United States that in case of politi- cal difficulties the United States will | act in concert and without delay with other powers. The maldistribution of gold, to which | are attributed many of tte world's eco- | nomic 1lls, is also likely to come up for | discussion. It is doubtful whether re- distribution of the metal will be sug- | gested. Arrangements may, however. | be worked out whereby creditor nations will agree to finance needy borrowers, provided funds so obtained will be em- ployed for specifically productive pur- poses. In this way a method may be found of dealing effectively with the huge short-term balances which the United States and Great Britain have in Europe and Latin America. That silver also will be on the agenda is taken for granted. Sound economists in France—and M. Laval probably sub- scribes to their views—hold that while stabilization of the commodity is highly desirable, the introduction of silver as a standard of value, together with gold, is not regarded as feasible, because of the abundance of the metal, its exten- sive use in industry and the wide fluc- tuations to which silver is subject. LURAY BANK INVENTORY FINISHED BY EXAMINER Special Dispatch to The Star. LURAY, Va., October 22—C. A. Stewart, bank examiner, who has been investigating the condition of the First National Bank since it closed on Octo- ber 6, has com the inventory of its assets and ilitles. Much time has been given to examin! the facts pertaining to the value of the local and corporate bonds held as securities. The bank was closed as a result of the depreciation of bonds. While no defi- nite information has been securad it is believed that plans are on foot for a re-organization of the bank, and that no loss will be sustained by the de positors. HEADS RUBBER EXCHANGE NEW YORK, October 22 (#).—John L. Julian, member of the firm of Fen- ner & Beane, has been re-elected presi- dent of the Rubber Exchange of New York, Inc. Mr. Jullan, who begins his second term of one year as president, succeeded Francis R, Henderson in that office last year. . IOIL CONSERVATION - LAW Oklahoma Statute for Prora- tion to Be Passed on by Supreme Court. BY DEAN DINWOODEY. The oil industry may now look for- ward to a final judicial determination of the legality of the proration method of Governmental regulation which has been invoked in several States to over- come the ills of overproduction that U have beset the industry. The power of g State to control pro- duction by means of proration, which admittedly constitutes an interference with an oil preducers’ business, whether fer better or for worse, has been ques- tioned in recent litigation. A decision of this legal controversy by the Supreme Court of the United States may be awaited as a result of the court’s an- nouncemer that it wiil hear and de- termine the case in which the Okla- homa ofl proration law is being tested. Authority Challenged. In this case the Champlin Refining Co. is challenging the authority of the Oklahoma Corporation Commission to rohibit it and other ofl producers rom taking from their wells more than a small percentage of their oil produc- tion capacity. The Oklahoma curtail- ment act—t' - -proration law—and the orders of ih» commission complained of are claimed to constitute an unwar- rantedt_inierference with the right of business as it deems best. The State Corporation Commission is the agency which enforces the statute extra legal means of military law to increase crude oil prices. The Oklahoma curtailment act was enacted several years ago, but not until lately has its ~constitutionality been questioned. Effective enforcement of the proration measure was not had un- til a Jarge increase in oil production brought with it a decline in prices. The law is designed ostensibly as a conser- vation measure. Waste is prohibited. The taking of oil “at a time When there is not a market demand therefor at the well at a price equivalent to the ac- tual value of such crude oil or petro- leum” is also forbidden. The Corpora- tion Commission is vested with author- ity to determine, from time to time, the actual value of the ofl at the well. Vio- lations of the law and orders of the and impriscnment. The attack on the statute in the Su- preme Court will be based principally on the ground that it is a price-fixing measure. Any governmental action de- signed to fix the price of commodities has been frowned on by the court in the ast. 2 Should the court sustain the validity of the law, it will most probably con- strue it as a conservation measure. In this connection, an interesting question arises as to the power of a State to conserve its natural resources. Texas Decision. If not considered as a conservation law, the court, to uphold the statute, must place the oil business in the class of public utilities, such as the business of furnishing electricity, transportation and the like. xhe right of regulation, including th xing of prices, would then follow as a matter of course. That tive is extremely doubtful. Texas a Federal court has re- enjoined the State Railroad ission’s enforcement of proration orders designed to prevent ‘“economic waste.” This case most likely will soon reach the Supreme Court. The high tribunal now has under advisement a case involving the validity of a Cali- fornia statute prohibiting the wastage of natural gas. o e Proncuncements _of Supreme lem of oil proration may clear the mud- dled legal situation in which the ofl industry finds itself. Washington Produce Butter—One-pound prints, 37; tub, 36. Eggs—Hennery, 33a35; current re- ceipts, 24a26. Poultry, aiive—Turkeys, old toms, 20; voung toms and hens, 25a28; chickens, 3 pounds and over, 23a25; 2 to 2!z pounds, 23a25; broilers, 1! to 2 pounds, 25a27; hens, large, 21a24; small, 18a 20; Leghorn hens, 15al7; roosters, 12a 14; keats, young, 45a50; old, 25a35. Poultry. dressed—Turkeys, old toms, 25a30; young toms and hens, 30a35; chickens, 3 pounds and over, 26a28; 2 to 215 pounds, 26a28; 1': to 2 pounds, 28a30: hens, large, 25a28; small, 23; Leghorn hens, 18a20; roosters, 16al18; Long Island ducks, 18al9; keats, young, 55a60; old, 30a40. Meats—Beef, prime, 16a16 14':a15; fair, lamb, veal, top, 17; : 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, 92a10; in packages, 10%2 11; compound, 8a8Ya. Live stock—Hogs, light and medium, 5.5085.75; heavy, 5.0085.5 igs, 5.00a 5.50; roughs, 3.00a4.00; ves, 5.00a 9.50; lambs, 5.00a6.50. Fruits — Watermelons, _California, crates, 2.00; Persian melons. 2.50 oranges, 3.50a5.50: lemons, 5.50a 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, 1.50a1.75; grapes, . Concords, 12-quart baskets, 35a40; 15: ‘Tokays, 2.0022. Zinfan- | dels, 1.25a1.50; casabas, 2.25: bananas, 1.50a2.00; grapefruit, 4.00a4.50. Vegetables—Potatoes, 150-pound sacks, 1.75a1.90; Idaho bakers, 100-pound sacks, 2.50; sweets, per bushel, 50a75; tomatoes, two-peck baskets, 1.00a1.50; beets, per 100 bunches, 4.00a5.00; car- rots, per 100 bunches, 4.50a5.00; cauli- flower, 2.00a2.25; string beans, 1.25: limas, 2.50; cucumbers, bushel baskets. 3.50; squash, Florida, bushel baskets, 1.75; eggplant, 50a75; celery, 2.75; lettuce, Iceberg, 3.25a3.50; onions, 50-pound sacks, white, 1.50a2.00; yel- low, 1.25; okra, 2.50a3.00; mushrooms, 65280; peppers, 50a75; artichokes, 4.50a 5.00; kale, 50; spinach, 75; turnips, 50a broccoli, 5.00; parsnips, 1.25; peas, ; cow, to__fair, ca 7 3.50. ITALIAN SILK REELERS BENEFIT BY U. S. TRADE Activity among Italian silk reelers during the past month has been main- tained largely by orders from the United States, the Commerce Department has been advised by Trade Commissioner Elizabeth Humes at Rome. Although the trade complains that present prices are unremunerative, the trade commissioner said, the reeling in- dustry has taken advantage of the vol- um? of American orders to avoid the native of spinning for warehouse. ember purchases by European mills were reporied continuing on a “hand- to-mouth basis.” United States imports of raw silk from Italy during the first eight months of 1931 amounted to 2,283,513 pounds, which was slightly less than the record preportions of the 1930 raw silk pur- chases from Italy. Last year’s im- ports from that country were nearly thre~ times as large as the average for the preceding five years. i the refining company to Carry on its| when Gov. Murray is not using the | commission subject operators to fines| the court will adopt this latter aiterna- | Court in the near future on the prob- | 1 818,000 bushels increase a year ago. 1951, LAVAL'S VISIT MAY PUT END TO SHORT SELLING OF DOLLA AWAITS TEST|p...;. Speculators Have Binbarrassed Gov- IN UPWARD TREND ernment Officials by Their Recent Attack &gy #rie FINANCI on Amcrican Currency. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, October 22.—The arri- val here today of Premier Laval of Prance and the presence in this coun- try of two of the highest officials of the Bank of France may be the begin- ning of an understanding that will clear up the causes and effects of the recent heavy withdrawals of gold by France from the United States and put a quietus on the operations of a group of Paris speculators who have been short-selling the American dollar. No episode in the series of dramatic events since England went off the gold basis has occasioned more comment or has produced so much alarm as the attack on the value of the dollar which appears to have centered in France and from that country spread into other -European nations. It followed the announcement that a $500,000,000 banking pool would be formed to assist weak American institutions over the present crisis. At once the idea devel- oped abroad that this was the begin- of a period of currency inflation in the United States and that it would lead to the same depreciation in the dollar that had taken place in the cur- rencies of Germany. Belgium, France, Ttaly and Great Britain. Burgess Quiets Fears. The arrival in Basel of Deputy Gov- ernor Burgess of the Federal Reserve Bank of New York shortly after the banking pool was announced and his strong argument to the heads of all of the central banks of Europe in defense of the dollar quieted the anxiety in influential money circles. It cid not, however, check the speculative cam- | paign against the dollar. This was car- | ried on by the same group that had | previously forced down other European | currencies and who used the argument | to influence the public that, as the | Bank of France and the French Gov- ernment had sustained a loss of 20 per cent in the value of the sterling which they held and in the credits | which they have of late advanced to | Great Britaih, they cid not propose to run the risk of a depreciation in the | American dollar. ‘There have been many curious and contradictory stories concerning the | official action of the French banking | group following the introduction of the National Credit Corporation scheme into the American banking system. Prob- ably most of these are untrue. The | French are among the world’s| shrewdest bankers. They realize that | they stand .to lose as much by a de- | basement of the dollar value, in its effect on sentiment throughout the | world, as any other nation. They had large credits here. howe These they Lave been steadily withirawing in the form of gold and have until lately been selling acceptances and remitting the proceeds back to France in gold | or ear-marking gold for future for-| ward delivery. Speculative Activities. The French financial advisers have { been considerably embarrassed by the operations of the Paris clique of spec- ulators; also by the ougbursts of the French press against the dollar. These incidents have not improved the | atmosphere in which the conference be- | tween Premier Laval and President Hoover is to be Leld. It is recognized | in Great Britain. that in every country today the philos- ophy of the individual is one of self- preservation. There is no sentiment in his market or commercial o) tions. If the Frenchman thought dollars were sounder than francs he would change his francs into dollars, though it is doubtful if the American would ever change his dollars into francs. The Englishman has been changing his Found sterling into dollars, while be- ieving that sterling is still bound to be the outstan monetary unit of the world. So, when Frenchmen, at the height of the campai against dollars. 10 days ago, took their Amer- ican currency to their domestic banks and demanded the equivalent in French money, they had in mind their experien consideration entered their heads. France still has about $600,000,000 remaining in the United States in credits. At one time the total was said to have been about $3,000,000,000. ‘Whether or not these remain here will depend entirely on the business prin- ciple of making capital earn as much as it can; in other words, will the American banks holding these deposits pay a rate of interest sufficiently high to retain d its? If not. the French are likely to take them home and look for a more satisfactory in- vestment. If the rate is satisfactory they are quite willing to leave them here, believing they are as safe in this country as in France and preferring always to haie a good-sized credit at their disposal outside of Paris. U. S. Money Policy. This situation is a phase of the dis- cussion that is every day becoming more active and which is expressed in a query: Is the United States adopt- ing a money policy which eventually must result in inflation? Bankers claim that inflation is not a necessary effect from the operations of the Na- tional Credit Corporation. Economists are inclined to differ with them. They see in the operations of the Federal Reserve Board a distinct tendency to- ward an inflationary movement, either conscious or as an accident of the emergency measures. It is pointed out that the volume of Federal Reserve notes is expanding rapidly. In tke past year it has in- creased $1,372,000,000. The total of bill and security holdings of the Fed- cral Reserve, as of the last report on October 14, was $2.104,000,000, an in- crease of over 100 per cent in 12 months. text, the veteran editor of the Com- mercial & Financial Chronicle, a rec- ognized authority in banking circles, in this week’s issue says: “In the last analysis it cannot be denied that in its main characteristics the state of things now prevailing in the United States bears a remarkably close resemblance to the state of things prevailing before the unfortunate up- heaval in Germany and the still more unfortunate upheaval that came later We have first a large outflow of gold: secondly consid- | erable credit inflation, and thirdly, we have the of balancing budget.” The egitor of the Chronicle has been a persistent and consistent critic of need the early days of its operation, but his judgment of its policies is entitled to much respect. (Copyright. 1931.) Grain Market By the Associated Press. | CHICAGO, October 22.—Grain prices averaged lower today after an irregular | start. Liverpool wheat quotations | showed comparative weakness despite Teports that by the end of this month Ttaly would allow millers to use 25 per cent admixture of foreign wheat, com- pared with 5 per eent at present Opening !4 off to !4 up. wheat later sagged all around. Ccrn started at ’s | to 1, decline to Y gain and subse- quently held near the initial limits Resistance to price setbacks in wheat déveloped in_connection with trade re- | ports that Russia was now expected to ship 40,000,000 to 80,000,900 bushels less than last year and that world de- mand might exceed last year by 80,- | 000,000 bushels. It was not expected | that shipments from Russia would | cease abruptly. but a gradual decrease | was looked for World's available sup- | plies of wheat increased only 165,000 | bushels in September, against 37,293,000 bushels increase during August and 74,- | For the first time in some years world wheat available supplies fell below those of a corresponding period of the previous year. A September de- | crease in United States stocks of wheat | and n the amount of wheat afloat for | importing countries was an offset for increases in Canada and Great Britain. Russian wheat shipments this week to- taled 4,040,000 bushels, compared with 3,408,000 last week. Corn and oats were governed largely by wheat action. Provisions responded to firmness of hog values. C. & 0. NET COMPARED WITH 1930 FIGURES Statement of the Chesapeake & Ohio Railroad for September and nine months compares as follows: 1931, 11,049,005 4.047.01 . 3316193 | giiesesns 5. _— PARIS BOURSE PRICES. PARIS, October 22 (#).—Three per cent rentes 84 francs 80 centimes. Five per cent loan, 101 francs 95 centimes. Exchange on London, 100 francs. The dollar was quoted at 25 francs 393 | centimes. New York Cotton Special Dispateh to The Star. NEW YORK, October 22.—Opening prices on the Cotton Exchange today were 1 to 4 points higher on & moderate vilume of hedge covering and trade buying. The South offered a few con- tracts. Opening prices were: October, 6.68 up 2. December, 6.80 up 4; January, 6.90 up 4; March, 7.07 up 2; May, 7.23 up 1; July, 744 up 3. REDUCTION IN SUGAR OUTPUT MAY AID PRICE Special Dispatch to The Star. NEW YORK, October 22.—The pros- pect of a sharp reduction in beet sugar production throughout Europe during the coming Autumn and Winter con- stitutes most encouraging evidence of the progress of the sugar industry in its attempt to eliminate overproduction | and excessive stocks, says the Standard Statistics Co. of New York, in & cur- rent survey which continues in part as follows: “Fortified by increasing confidence in the Chadbourne agreement, producers are now marketing sugar with more careful regard for the price structure, | while Cuban producers, in_particular, are withholding substantial quantities of the commodity, despite the risk of carrying over a sizeable volume into next year. In view of the co-operation of sugar producers in curtailing pro- duction, we continue to believe that a gradual and moderate upward trend of sugar prices is likely to be experienced. “Despite a level of sugar quotations in recent months considerably above the lows of last May, most producers during their recently concluded fiscal Years un- doubtedly experienced entirely unsatis- factory profits, while Cuban producers quite probably incurred sizeable deficits. Earnings of the majority of refiners for 1931 also are expected to be consider- ably reduced from last year, as a con- sequence of increased competition and a smaller volume of deliveries. Pro- vided raw sugar prices continue to dis- play the gradual strength which we now expect, however, earnings of sugar com- panies should register material improve- ment in 1932. SIL_VEB. QUOTATIONS. NEW YORK, October 22 (#).—Bar silver easter and ! lower at 29la. AND BOND AVERAGES By the Assocl _From Yesterda: ted Press. 's 5:30 Edition. STOCKS. 50 Industrials. 8 Year ago.... Two years Three years ago. High, 1931. High, 1929. Low, 1929. 20 Utilities. 127.1 (Copyright, 1931, Standard Statistics Co.) FE SRS —— in 1926. Probably no other ; Taking these figures as his | | though the AT #5% A_[5 < PRODUCE MARKETS es Firm—~Potatoes, Apples and Onions Are Higher. Prevailing trend of prices on farm procucts was upward in October, as measured by the importance of further gains on such leaders as wheat and cotton, says the United States Depart- ment of Agriculture Bureau of Agri- cultural Economics, Market News Serve ice. Mill feeds and butter also tend- ed higher around the middle of the month. In most other lines the mar- kets are irregular, with changes both ways. Cattle prices were stronger than those on hogs and lambs. Cheese declined. Egg markets continue rather firm. Potatoes and apples acvanced a little in the West and declined on some varieties in Eastern sections. Main tendency of the onion market continued upward. Potato Markets Unsettied. City potato markets were slightly weaker on Maine Green Mountains, but were somewhat stronger on all other kinds of potatoes. The Chicago carlot market held steady on Northern Round Whites and advanced a little on other receipts. Celery advanced in Western Naw York to $2 per two-thirds crate of 4 to 6 dozen stalks, but smaller sizes were lower. Practically 2ll arri- vals of Eastern and North Central pears were slightly higher in consuming cen- ters, but Western fruit held steady. Market supplies of barreled apples were lighter than a year ago because of the delayed harvest. Apple values held well at most shipping points. Po- tomae Valley quoted barrels of best Grimes at §: , Yorks and Ben Davis at $2.25, Staymans at $2.50 and Wine- saps at $3. New York shipping points quoted barrels of Baldwins at $2.75. City prices of grapes advanced. South- western New York Concords advanced to $25-$30 per ton and Niagaras brought $35. Butter Market Acts Well. Although the butter market has shown fairly good action this month, the dealers are still cautious, appar- ently because of further gains in pro- duction, the arrival of a few cars of Canadian butter and the uncertainty as to future consumption. Medium and under grades improved in position owing to lighter receipts and better de- mand. The price range has narrowed, particularly in Eastern markets. The approaching end of the grass season brougnt some late speculative demand for heavy cheese in producing sections, thus contributing to a healt! ier market situation on these styles. Cheese prices in consuming markets were lower around the middle of Octo- ber, following the recent reduction in country prices. On the whole, con- suming demand is reported good, al- inquiry from Southern markets has been disappointing owing to local supplies in that region. Slow Egg Markets. Egg markets ruled slightly irregular during mid-October. The rapid ad- vances in prices in late September and early October, especially on closely se- lected fresh stock, developed a slower % Posistent and consistent critic of | demand in some retail quarters. and supplies ‘began to accumulate in re- ceivers’ hands. Also many of the leading chain stores are featuring cold storage eggs at popular prices, leaving a larger cupply of fresh eggs to go on the open market for competitive sale. Supplies of dressed poultry hove been kept moderately cleared a° - evailing prices, with occasional pre ums being realized on some of the beiter pri- vate marks. Receivers also have re- cently sent considerable siock to cold storage rather than accept prices below their costs at country buying points. Some Gains in Live Stock. Sharp upturns in market values of good and choice grades of fed steers and yearlings, and on fat lambs, fea- tured the mid-October live stock trade at Chicago. Receipts at important market centers showed increases of hcgs and sheep. Price of lambs made a sharp advance at Chicago near the middle of the month, but the gain was scon lost under heavier receipts. The Boston wool market was slightly more active than early in October. but trading was confined to a relatively few houses, and the market, as a whole, was slow. Uncertainty c.or the out= come of the strike of ‘workers in wool manufacturing plants was an impor= tant factor holcing back trade in wool. Delayed ordering of spring goods ac- counted for the absence of many buyers from the wool market. Stronger Feed Markets. Moderate offerings of wheat feeds were in slightly better demand in mid- October. Price advances in markets east of the Rocky Mountains of from 25 cents to $125 per ton were also influenced by the strength in the wheat and security markets. Cottonseed meal was relatively firmer than other feeds, with advances ranging from $1 to $3 per ton. This was the first material ad- vance in this feed since last April. Prices of timothy hay were some- what irregular, ranging from barely steady to somewhat lower in the East and South to slightly stronger in the Central West. ‘Wheat Market Continues Firm. Domestic wheat markets maintained a firm tone around the middle of Oc- tober, influenced by relatively light re- ceipts. Foreign wheat markets strength- ened slightly. Feed grains were barely steady, with demand generally dull and hardly sufficient at some markets to absorb the moderate offerings. Rye was firmer with wheat. Flax held about unchanged with crusher inquiry du!‘]’ be{.use of slow demand for lin- seed o CONSUMPTION OF MEAT DECLARED ON INCREASE By the Associated Press. NEW YORK, October 22.—John W. Rath of Waterloo. Iowa, has been elected chairman of the board of the Institute of American Meat Packers, ‘William Whitfield Woods of Chicago was re-elected president. Five vice chairmen were rechosen: E. A. Cudahy, Jr., of Chicago; B. C. Dickinson of Phil- adelphia; J. C. Hormel of Austin, Minn.; Chester C. Newcomb of -Cleve~ land and George A. Schmidt of New York. Harold Meyer of Cincinnati was clected treasurer. T. G. Lee of Chicago was appointed to the Central Adminis- trative Committee. Economic conditions have hot affected meat consumption adversely, Woods told the convention. With lower price levels the quantity of meat used in the United States so far this year has in creased, he sald. NEW YORK BANK STOCKS NEW- YORK, October 22 (#).—Over= the-counter market: 0 y f America . Budfr. M!«(f'd . Chase . i Chat _ Ph lonal N ¥. n Co.