Evening Star Newspaper, October 25, 1931, Page 66

o SRS BONDS IRREGULAR INLIGHT TRADING Foreign Group Displays Uni- , form Strength—U. S. Is- | sues Steady. BY ALEXANDER HENDERSO! Associated Press Financlal Writer. | NEW YORK, October 24.—Bonds ex- ( perienced the quiet trading typical of a short session today, although the| price trend was higher, if irregularly so. Foreign loans were almost all higher. The gains among them were principally fractional and uading was concentrated in the better known issues. Belgian %s of 1956, German 5!,s and 7s, Ger-| men central agricultural bank 65! of October, 1960, and Italian s of 1951 | jumped from fractions to about 1 point | on a sizable turnover. Uruguayan 6s| of 1960 were 3 points higher at 35 at one time, but sales of them were few. Moderate strength developed in Aus- tralian 55 of 1957, Brazillan 6'is of 1926-57 and French 7s and 7'ss. | United States Government loans were usually quiet. The majority of these issues were unchanged. Domestic corporate bonds were frreg- | ular on moderate sales, but a rising ! tendency prevailed among them. Atchi- | son general 4s continued active and! turned steady. Canadian Pacific deben- ture 4s, Erie 5s of 1975, St. Louis-San Prancisco 4!,5 of 1978 and Southern Rallway 4s of 1956 gained fractions on active trading. Illinois Central 4%;s of 1966 and New York Central 5s of 2013 dropped about 1 point on a few sales Public utility obligations were about as active as the rails, but imost of them showed no change from yester-| 's final prices. American Telephone 5s of 1960 and of 1965 were two of | the most active of the group and held steady. Xnfl’;ull‘lll and stock privilege bonds were less active than the others. Such issues as were traded were higher as a rule, howevu;. Ch):e Copper 5% jum; about 113 points. :llnrd"crt scored by Shell Union Ofl 5s, United States Rubber 5s and West- | ern Electric 5s. i Alleghany 5s were about 1 point higher among the issues with conver- | sion privileges. Atchizon general 4':s. | International ‘Telephone 4!3s and Lautaro Nitrate 6s gained fractio Baltimore Markets Bpecial Dispatch to The Star. BALTIMORE, Md, October 24.Ai‘ With continued light receipts the €88 | market holds very firm under another | advance of 2 cents a dozen this week: i good fresh laid stock scarce and wanted | at a permium in price when buyer is | satisfied with size and quality. Strictly | fresh hennery whites that have the size and weight, 55 pounds to the case, are especially wanted and meet with ready sale at top prices, but pullet eggs are hard to move even at the lower prices qucted. The egg exchange has again notified shippers not to hold their eggs, but to ship in single-case lots in preference to holding for larger shipments, as the eggs become stale and will not make the grade under the can- dle. The market closed today at 38 cents a dozen for hennery whites and 30 for nearby candled firsts, but cur- rent receipts will not bring over 27 and 28 and small pullet eggs are slow sale at 18 to 20. Poultry Prices. ‘The live pmlltlg market holds steady lally shown an improvement and this 1 of stock meets with ready sale. Medium to large Springers are bringing 20 to 23 cents a pound and Leghorns 18 to 20, but bare backs, as well as all poor, thin fowl, are hard to move at 14 to 16. Old hens, medium to large, 4 and over, sell mostly 22 to 25 and Leghorns, 16 and 17, but poor, thin, light fowl are neglected at 13 and 14. Old roosters in ample sup- 1.)3'!01- the demand and generally slow at 12 to 15. Market for young ducks holds steady under light receipts and a fairly good demand for the white variety, 42 pounds and over, at 16 to 21, but black | ducks are discriminated against, espe- cially old drakes, and small poor stoci moves very slow at 12 and 13. Guinea fowl and pigeons holding steady at 25 to 55 each for the former, while the | latter shows an advance of 10 cents & pair and 25 to 30 for both young and old. Live turkeys made their first ap- pearance of the season on the market this week, but the demand is limited at 28 to 30 for young turks, 8 pounds and over, with old selling mostly 25 to 27 and only small shipments are ad- visable. ‘The markét for white potatoes shows no change from last week under fairly liberal receipts from all sections and it takes well graded No. 1 stock to bring log values of 75 to 90 per 100 pounds, while No. 2 potatoes are not wanted at any price. Sweet potatoes and yams continue in liberal receipt and the mar- ket rules easy and a shade lower at 1.00 to 115 per barrel for the former and 1.00 to 1.25 for the latter, but mixed ungraded stock will not bring over 75 | to 90 { Other Prices. Native and nearby garden truck con- | tinues in liberal receipt and prices are | mostly in buyers' favor at the following | quotations: | Stringless green beans, 175 bushel: beets, 1.50 to 2.50 hundred: car- rots, 250 to 3.50 hundred: lima bear 1.50 to 2.50 bushel: onfons, 175 to 2 per 100 pounds; oyster plants, 5.00 to 6.00 hundred; peppers. 25 to 35 hamper; pumpkins, 3.00 to 6.00; Savoy cabbage 40 to 60 bushel; spinach, 20 to 60! hamper. The live cattle market continues gen- erally dull with only choice cattle in | demand and movement on other grades | very draggy. Receipts generally light | on the wharves, but ample at the stock yards and consequently market on the | wharves rules easy at the following quo- | tations | Bee! cattle, first quality. pouni 6 to | 7: common to medium, 4 to 5: bills, as to quality, 3 to 5; cows. choice to fancy, 4 to 5; common to fair, 2 to 3. Oxen, as to quality, 3 to 5. Calvcs, veal, cholce, 9 to 915; large, fat, 7 to 8: large, | rough, 5 to 6: common 3 to 4. Sheep. 1 to 2 ofce, T fair to good. 5 to 6 ight. 6: sows. 5: stags, 3 to 4. Live pigs, 12 to] 14, Shoats, 10 to 12 G Closing gr 2 red Winte: 59, bid: Octob: vember delivery, 59 low, domestic. spot, 54 r 1.75a1.90; oats. No. 2 white, dom spot, 3¢; No. 3 white, domestic, spot,| 33; rye, nearby, 40a50 INSURANCE STOCKS. the-counter market Aetna Gas ‘Agricultural Amer Home . Amer Surety ‘Boston, City of New York Conn _General Life Fid & Del i) Firemen's * Insurance Glen Palls Globe & Rui over i ford Pire jome Insurance ... s Clty ... 4 4 | extent Hieh. Low. 10228 98 10316 9920 105 5 100 10316 9416 10318 9428 10722 98 109 22 100 114 8 10128 =1031 High. Low, 88 o 60 734 Biy a8 105'% 102 135% 1091 | 109%: 100 2 Atch T& S Fead) 43 108% 991, 101% 109 104% : Belrium 63°65. ... 1021, 106 108% 102% 1025 1021 Fractional | ; 116% 110% 92% T1% 105% 91 86 10 5% 55 101% 79 1095 100 111% 1005 78 20 84'% 6 54% THE SUNDAY UNITED STATES GOVERNMENT, Stock and dividend. High. Low. Close. bed 9816 996 X 9930 1012 +1.04 1006 1011141 9416 9610 9428 9616+1. 9816 9928+1 1004 1028 +2.02 102 104184218 Net | Low. Close. Chge. | “1h 16 Italy US3%81943-47 US3%s1946-66.... U'S 45 1944-54 ..1022¢4 US4Ks1947-62.....106 3 High. Stock and dividend. E 92 Abram & Straus 6% s'43 Allezhany Co cv 6844 Am Chain 6s 1933. Am 1G Chm 6481949 Am Internation 5148 Am Natural G 6% Am Sm & Ref 1st§ Am Sugar Ref 63’37 Am Tel&Tel cv 4% Am Tel & Tel s f bs. Am Writ Pap 6s '47 Argentine 68 June ‘59. Argentine 6s A ‘67 Armour & Co 438 Armour of Del 5% Lehtgh Liggett Market Mexico Milan 6 58% B8y BRI 100% 6% 48 MY Atch T & S F gen 48’9 Atch To & S Fe 4%s 4 Atlantic C L 18t 4s '6: N Austria 7s '43. B & O gold 48 B&Ocv4ks Balto & Ohio b B&Oref 68'95..... 13 & O ref 68 D 2090, Balto & Ohlo 63 S5 B&OPLE&W Vad 1B &OS W Div 68 50 Fancor & Aroos 4s ‘51 iank of Chile 6% 8 '57. Hank of Chile 6% s 1961, 921 100 83 N N N N 31% N R41 10214 96 Y ¥ ; 4 Y Y N N Bell Tel (Pa) ref bs ‘48. Reth Steel p m 68’36 : Bolivia 78 Rurdeaux s '34. .. ioston & Maine 58 Rrazil 615 1926-67. Hrazil 8s'41. ... .o Broadwv & Tth Av 65 '43. 3rookiyn Manh st 68 A . Brooklyn Union 58 ‘€0 Canada 5s 62.. i Canada National 4148'54. Canadian Nat) 4148 ‘57, Canadian Natl 4745 ‘68 Can Nat July 5s'69...... “anadian Natl b5 '6y Oct. nadian Pacific deb ¢ Centra: Pacific 48 "49. Centrai Pacific 5s 1960 Certain-teed 5145 1948 Chesapeake Corp 53 '47. Ches & Oh gen 414892, Ches & Ohio 4%s 03 A. Ches & Ohlo 4% s B '95. ChiB&Q4%s B 7., ChiB&Qref5s'7l.... Ch & East 111 gen 65 '51... Chi Great West 48 °69. ChM MStP&PG6s'75. Chi MSt P& Padj§ Chicago&Nwn cv 4 Chi& N W 6%s3'36 Chicago Rys 58 ‘27 Chi R | & Pac ref 4s'34. Chicago Rock Isl 414s Chicago RI4%sA. Chi Union Station 4y Chi Union Station 6% Chi & West Ind con Chi & W Chile Republic 6s 1960 Chile Copper 68 *47. CCC&StLrf4%sE'T7. Cleveland Term bs B ‘73 Cleveland Terminal 63 Colombia 6s 1961 Jan. Colon Oil 6s°38..... Colo & Sou ref 4%s 'L6. Columb G & E deb 5s ‘52 Comm Invest 5148 4! Con Coal (Md) 1st ref b Copenhager: 5s 52 Cuba R R b . Cuba North b%: Czechoslovakia 8s Del & Hudson 6%s '37 NY R: y 9915 101'% R0 93 100 Ore Wa = Paris O 4 Penna F 5% 85 Phil&R Philips Poland Rome 6 SLIM 9814 1001y St Lou; Den & R G West 63 Detroit United 4 %48 Dodge 63 °40. . Duquesne Dutch East Indies 6s°47. Dutch East Indles 65 '62. . t Cuba Sug 7%s '37.. Southn Southern Ry gen 43 ‘66 Southern Ry 18t 68 '94. Southern Ry gen Finland is'50 i Flor East Coast Y 121% 108% 127 4% % Gen Motors 6s '37. 5 Illinois Cent ret 4 Illinois Central Si% Inter Gt Nor 4715 Inter Ry Cent Am 63s. .. MORTGAGE BANKERS SEEK NEW FACTS Flow of Capital Into Real Estate Investments Is Special Con- Special Disp CHICAGO, October that a free flow estate investmen the next business revival the Mortgage Bankers' of of Amer gather in cor fon Octobe 0 {ments in finance seocedure. “The Fu [is the theme c presented be Sleeper of | the assoclation. Life insu vested in real estate mortgages to the of seven billion will be represer: viewpoln! Westbr Tneurer “Admin Title & Trust Co. Mortgage describe pla to protect real e to place this form of finan permanently_stabilized basi Harry H. Roge NEW YORK, October 24 (#).—Over- | National Bank, Tulso. president of Rotary International Asked. | a leading banking authority, | principal guest speaker of the coaver- 3! tion and will deliver an addr “Look title pecociation. 1,,|of improvement in mortgege b 3™ curing 1932-37. Hiram S. Cody. vice president Cody Trust Co., mortgage surveys being conducted by 8% the “President’s Conference on Home Bullding and Home Ownershi] which he is a member, m of an .| Kester of Chicago. secretary FondaJ &G 4%8'52 French 78’49 French 7%s'41. Gelsenkirchen Min 6s '34 General Cable 6345 1947 Ger Gov 538 '65 wi. German Bank 6s 193! German 7s '49. . Goodrich (B Goodyear Rub 58 1957 rand Trunk s f deb 6! rand Trunk 7s '40. reat North 4%s ‘7 Nor gen 5%s '52. North gen 75 '36. Greek 63 1968. Havana Elec Ry 5% . Hudson & Man adj 68'57. . Hud & Man ref 68'57. Humble O & R 5% 404 43 | Union ¥ Jn Pac Unfted Us 90 100% 53 12 570% 874y 100 5614 52 86 55 54 Utilitie Vienna Inter Rapid Tre Inter Rap Tr § Irter Rapld Tr: Inter Rapid Tri Inter Cement 5 '48 Inter Match bs 47 Inter Mer Marine 6s '41 Inter Paper 58 A '47.. Wester) Wilson 10114 10315 What Things Cost (By Standard Statistics Company). NEW YORK, October 24 Of the 26 important commodities in the following table, 10 are higher in price than last week, 11 are lower, and five | remain unchanged. Four of | ttems are at their lows for 1931. This vention Topic. ot Last Unit 4 Butter. creamery. extra ¥ “fancy h to The Sta 24 —Recognizing of cavbital into real will be a factor in week week 50325 $0.3528 1% 14 0818 0825 07 7 Cottor. mid. up} Cottonseed oil. bleached e No. 2. vell fresh ' firsts ) at Dallas, Texas 2 study improve- ture of Mortgage Bankirg" the meeting. whizh will an_address by J. Topeka, Kan., president of £ el bars. Pittsburgh .. ince companjes have in- carlots vice president the Heme president speaking on Opportunity® will are being affected Ba s s “The Investment Methods of Savings Banks as a Guide to the Individual In- vestor” will be the subject of an ad- dress by Howard Biddulph, president of the National Association of Mutual Savings Banks, to be delivered over a Nation-wide radio chain on the eve- ning of October 28, Biddulph will be the guest speaker on the Helsey, Stuart & Co. program The speaker has plaved a prominent part during the past 25 years in dev ing ways and means for the improve- ment and medernization of the admin- istrative and investment policies of sav- ings banks. The member banks of the of Chicago. will describe the | National Association of Mutual Savings ‘B!nks re&;'oaem 13,020,000 depositors and $11,000,000,000 of deposits—ap- proximately 40 per cent of the total savings deposits for the country. upon a , president Exchar Okla., frrmer and is the nunder of the He will present a prozra i STAR, Stock and dividend. Int Tel&Tel cv ¢ 9 Japanese 6348 "5 i Kan City South Kan City South &8 ‘50 Kan City Ter 1st 43 Kan Gas & E Kendall 6165 '48 (war). Kreug&Toll bs ct wi " Lackawanna Steel 58 Laclede5%s D '60 i Lorfllard 6% Louls & Nash unt Midvale Steel 68 4 MIIEIR & L 18t re Mo Kan & Tex 1st 4 Mo Kan & Tex adj bs . Mo Kan & Tex pr In 5sA. Mo Pacific gen s Mo Pacific 58 A Mo Pacific 5s I Mo Pacific 63 G Missouri P . 4 Montana Power 5s 1943. . Nassau Elec 4851, vat Dairy Prod 5% Netherlands 6s72. New England Tel N ¥ Cent deb 6s'35. NY Chicago & StL 414878 48% YCh& SLret5%sA.. Chi & StLouis 6s '32. Edison 15t 6%s H& Hart 4%s H H 6: NY Wes & Bos 4 Norfolk & W cn North Amer Ed North Pacific 3: North Pacific 48'97. . North Pacific 58 D 2047... North Pacific T 1 63 2047 .. Northern States Pow b Norwav 6%s. .. Orfent Dev b%s '67. Para-Fam-Lasky 6s Paris-Lvons-Med 6s '5! Penna cn 4165 1960, Penn gen 4148’6 Penn 4% s Penn 55 1964. ... Penn gen 5s'68. Penn 63%s '36. Peru 68 Peru 7s... Philadelphia Co & Pireili Co of Italv 78 '52. . Pittsbgh& W Va ¢%s C 60 4 Postal Tel & Ca Queensland 65 '47 Queensland 7. Reading 4% Reming-Rand 6% Rhinelbe 7. Rhine Wi 4 Riode Janeiro 85'46..... Rio Grande Do Sul 65 ‘68, Rio Grand West col 4 RIArk &L 4%s'34. 43'33.. StL&SF prin4s A 0., StL&SF 4% . St L & San Fr 58 B 6 StPKCS Line 4% Sao Paulo State of 8s Seaboard A L ref 4s ‘59 Seaboard A L con 6s°45.. Seine Dept of s. . Serbs.Croats&Slavis'é2. . Serbs Croats Slov 8 5 Sinclair Ol 78'37. . 3 Sinclair Crude Oll 5%s Sinclair Pipe Line bs '42 Southwes Bell T South Pacific col South Pacific ref South Paclfic 4% Southern Pac 4% '69 ww Swiss 5%s 46 Tenn Copper 6s B Texas Pacific 58 B'77. Texas Pacific 58 C 79 Third Ave 1st ref 43 Utd Kingdom 5%s '37. Rubber 1st & ref bs. . Uruguay 6s 1960. . Utan Power & Light bs Va Ry & Power §s ‘34 Virginia Ry 1st ash 4148 1978 Walworth 68 *45 Walworth 6%s'35..., Warsaw 7s 1958 . West Shore 1st 4s 2361 West Maryland 4s°53.... West Maryland 6%s 77, Western Pacific 53 '46. Yokohama 6s Youngstow the 26 | On that date Mr | WASHINGTON, D. C., OCTOBER 1 25, Net 931—PART SIX. (Continued From Page Two.) Righ. Low. Close. Chee. . 6T B9 66N +TW 0% + % 8 - 4 63% -1% ——1031— Stock and ) Low. Dividend Rate. Add 00. 14% Thompson (J R) (1). 6% Thompson Prod 1.20. 1% Thompson Starrett. . 19 Thomp-Star pf (3%4) 314 Tide Water Asso Oil. 20% Tide Water 35 Tide Wat Oil pf (5) 4 Timken-Detroit Ax! 19% Timken Roller B(2 1% Tobacco Products. 7 Tobacco Prod A 1 9015 86% 98 65 C 414 Val cn 4s 201 &M 7 34 Transamerica Corp 5'a Transue & William 3 Tri-Contl Corp. 81 Tri-Contl Corp p£(6) 24% Trico Products(2%). Truax Traer Coal Co ruscon Steel (60c). in City Rap Tran. y R Trpf(7) 2608 % Ulen & C . 24!y Under EIl Fisher (4). 105 Und Ell-Fish pt(7) 27'% Union Carb & (2.60). 11% Union Oil of Cal (2). 98% Union Pacific (10 70 Union Pacific pf (4). 1814 Tank Car (1.60) 124 Unit Afreraft. . Unit Afreraft pf (3). Unit Am Bosch Init Biscult (2). Unit Biscuit pt (7).. Unit Carbon. ... StRy Ts A'40.... 431904 %8°62.... flc PRI Unit Corp (T6e) Unit Corp pt (3). Unit Dyewood. Unit Electric Coal. Unit Fruit (4)... Unit Gas&Im(1.20) 95'% Unit Gas&Im pf(5).. 10% Unit Plece D W (2 ’nit Piece DWpf 6% 62 & H clt 6 & Hcv deb s ‘65 . i & Forn Secur. ... J 8 & For Sec pf(6) .. U S Freight . US Gypsum (1.60) Hoftman........ Indus Alcohol. .. Leather. . S Leather ( Leath vr pf ( Pipe & Fdry (2). Pipe&Fy 1st 1.20 U S Realty & Imp... S Rubl S Rub] ot... Smtg & Ref (1). Smtg&Ref pf 3% 2 28 3 526 vwennne 82 811 65% 100% 1 102 aaa wrRB® sh 1st ref 4s'61 o @ nw (-1-1-1 vleans 5= 1968. . United Stores (A). .. United Stores pf (4) Univ Leaf Tob (3) Univ Leaf Tob pf(8). Univ Pic 1st pf (8) Univ Pipe & Rad Univ Pipe & Rad pf.. RR s 3. 208 108 % ™ 10 60 508 TURN IN BUSINESS CALLED UNDER WAY Bank Review Declares Needed Readjustments Now Nearing Completion. '60. - W ead C&1 63 wi'49. Petrolm 6348’ 8s°50. .. 1 oo e tphalia 68 '52. . Special Dispatch to The Star. developments in the financial and busi. ness situation seem to indicate that deflation and readjustment is rearing completion, and that here these proc- esses have been fully accomplished and activities already are beginning to quicken, says the Union Trust Co. “Lack of confidence and courage, any other thing, delays ac. It is for this son that the President’s recent proposal for the organization of a National Credit Corp., which may enable the banks to convert into immediate cash assets not now rediscountable at the Federal Reserve, is of special im- portance. Some of the recent favorable devel- opments in business, it is pointed out by the bank, included an increase in car loadings, higher volume of building awards in September, a decrease 'in commercial failures for September, and reports from various sections of the country of a large volume of retail busi- ness whenever retail prices have been cut to conform to wholesale price levels. Concluding, the bank says “Let us hope that from now on peo- ple will pay less attention to rumors and more to established facts and sta- tistics, that business men will spend less time on and more time on work, and that we may recover in the near future a well grounded faith in the ability of the banks and the industrics of this country to emerge successfully from tris depression. just as they have emerged successfully from every de- pression in the past and as they will do this time. Trade Trends By the Associated Press. Air trafic—Passengers carried over the Nation’s air lines this year will exceed 400,000 by a wide margin, ac- cording to an estimate by the Aeronau- tical Chamber of Commerce of America. ‘The number of passengers carried in the first eight months this year totaled 286,088, or 2,695 more than for the corresponding period of 1930. %s '52 &SR s § W con Pac Ore 4345 '77.. acific 45 *68 ific ref 4x 2008 Drug s °6 SP& L6%s 47 65 1952 n Union Tel 6%, & Co 1st 63 '41, 1 Electrical equipment — The week reached its close with central station and Government buying quiet for the moment in the electrical equipment fleld, Electrical World reports. New England reported an increase in elec- trical orders, with small motor sales and appliance business better. Buying continues uneven in the Eastern. dis- trict. 81% 'GOLD PRODUCTION | GAINS IN CANADA Output Again Shows Uptrend Dur-! ing Half Year—Second as World Producer. 81% +1% Furniture—With buyer registration in the New York furniture market showing s substantial increase over the previous week, the trade was stimulated somewhat by.a number of fair-sized orders for fill-in goods, Teports from selling agents indicated. A better volume of business also was placed on novelties for holiday promotion, chiefly in the popular priced ranges, although interest in this type of goods has been delayed and orders are behind those of the corresponding period last vear, it was said. Although retail turnover has been only fair, stocks of goods are so low that immediate replacement is necessary, agents sald. Special Dispatch to The Star. MONTREAL, October 24.—Canadian gold production is on the upward trend again in 1931, with 1,273,303 fine ounces recovered during the first six months of this year as compared with 976,235 fine ounces during the first six months of 1930, says a bulletin just is- ::wd m;i tém] D;‘pnfl.mem of Immigrd- on and Colonization of the Canadian Pacific Railway. “Figures just made public for 1930 reveal that Canada’s gold production exceeded that of the United States,” the bulletin says, “and already for the first six months of 1931 further ad- vances are being scored. In 1930, Canada’s production was 2.102,068 fine ounces, valued at $43,453,601. ‘This compared Wwith 2,053,659 fine ounces in the United States and with 1,928,308 ;e ounces produced in Canada’ during Lumber—With no marked change in the production level, lumber orders rallied from the slightly unfavorable ratio of the previous week and were approximately 2 per cent above the cut during the week ended October 17, reports from 811 leading hardwood and softwood mills to the National Lumber Manufacturers' _ Association indicate. Shipments of these mills were 6 per ceni above their production of 17 869.000 feet for the week. A weel earlier 834 mills reported crders 3 per cent below and shipments 9 per cent above a_combined production of 175, 799,000 fect. Geld held second place in point of | value among Canada’s mineral prod-| gyubber—Crude rubber shipments by the Dutch East Indies during Sept- tember amounted to 21,667 tons, com- pared with 22,437 in August, advices to the New York Rubber Exchange s ucts in 1930, representing 15.5 per cent of the total mineral production. The ' tate. Shipments during September last | year amounted to 20,240 only mineral exceeding it in value was coal. | “As a world producer of gold, Can- ada ranked second in 1930, ns- | vaal being first and the United States | third. | “Ontario,” the bulletin concluded. “led the eastern provinces in value of gold recovered. ritish Columbia was the foremost gold producer among the western provinces.” Silver—Bar silver finished the week easler, sagging a quarter of a cent in New York to 293 cents an ounce, and an eighth of a penny in London to 17 3-16 pence. pe = Steel—Operations of steel plants in Merger Plan Vote Ordered. s % NEW YORK, October 24 (#).—The Eank of America, National Association | of New York, has called a special meet- | ing of stockholders for November 34 to vote on the plan for consolidation of the bank with the National City Bank of New York, be at 30 per cent of capacity, a gain of 7 per cent over the past week, Dow, Jones & Co. reports. Higher ingot pro- duction in Warren and Yo wn Corporation account for the in- crease in valley operations. . High. 16 CLEVELAND, October 24.—Recent | the Youngstown district next week will | Ros -hearth departments of Republic Steel & Net. Low. Close. Onge. 6 16 FINANCIAL, Net. High. Low. Close. Chre. 18w 1% 13 41 - W an Raalte 1st pf. 3 Va-Caro Chem.. Va-Caro Chem pf (7 Va Elec&Pwr pf (6). 1308 Vulean Detin (4). ... 760 48 86 i ) 771 Vulean Detin pt (7). 5la 10 1% 219 Wabash RR. . Wabash RR (A) Waldorf Sys (1%).. Walworth Co. .. Ward Baking (A)... Ward Baking (B). Wi Whi 12% 385 14 19 i 7 Zonite _aivie a5 1wk R bpavabie in 3% in stoek. stock- D Plus Western Pacific. . Western Pacific pf Western Union (6 Westinghse A B(2 i Westinghouse (214). Wsthse EM 1st m3% 110s Weston Elec Instru.. 6 tvaco Chlor (2) Wheeling Steel Wheeling Steel pf ). 'hite Motors. White Sewing Mach "hite Sewing Ma pf. cox O & Gas. ... cox Rich A (213). Willys-Overland. Wilson & Co. . Wilson & Co (A). Wilson & Co pf. Woolworth (t4.40) .. Worthington Pump. Worth Pump A (7). Worth Puinp B (6 50% Wrigley (Wm) (4). (ale & Towne (2) ellow Truck.... Young Spr&Wire(2). Ygstwn Sheet&Tube. Zenith Radio sLess than 100 shares. 1Plus 9% t Ward Baking of Warn Bros Plotury rner Quinlan ‘Warren Bros Warren Bros son Of1&Sno(2). on 0&Sno pf (4) t Pa Elec A (7).. Vest Pa EI pf (6) Vest Pa El pf (7)... Vest Pa Pwr pf (6). st Pa Pwr pf (7). estern Dairy (A).. Western Dairy (B).. 1004 111 17 4 10% 10% P 91 986 18 s 4 P (1) 223 n 1n the above table the sanual ed on the latest quarterly or half-yearly declara- in stock. RAIL POOL TRIED BY FRANCE; PLAN HAS PROVED SUCCESS (Continued From Pirst Page.) departments or other public bodies, and all roads earning a surplus over charges as provided for in the law must turn that surplus over to the joint fund. Any road which fails to earn its charges may draw on the fund for the defi- fency. If in any year the revenues of the joint fund are not sufficient for its pur- poses, temporary advances may be made to it by the French treasury. It is pro- vided that the treasury shall be reim- bursed for all such temporary advances through the issue of notes or bonds by the roads, the,state aranteeing the ;n.m;? ::1’ floflhflt:n of such obli- ed for such purpose. The rallroad tariffs shall concurrently be increased, so as to provide revenues sufficient to retire these obligations and repay to the state any sums advanced in respect of its guaranty thereof. Charges for interest and amortization of obligations issued in respect of ad- vances made by the state to the joint fund shall not be paid by the individual roads, but from the fund itself. New Lines. Expenditures for the construction of new lines and on other capital account are to be covered by the issue of new stocks or bonds, which must carry pro- Vvision for amortization within 60 years. The interest and amortization of ‘these securities will be the direct obligation of the road concerned, with recourse upon the joint fund for any deficiency, but neither principal nor interest of such bonds be guaranteed directly by the French government. Should the gov- ernment, however, purchase or take over the property of any road, such ob- ligation will be assumed by the gov- ernment. | Each year the financial law of the | republic fixes the amount of the ad- vances which the treasury will be au- thorized to make to the joint fund. The same law also fixes the iotal amount of bonds or other obligations which any road may issue for any purpose, includ- ing those issued to reimburse the treas- ury for advances, the nature of which is referred to above. This 1921 agreement arose from the increasing burdens on the Prench gov- ernment resulting from the old guar- minimum return on the capital stocl the various transportation l;’sfem. Pilgll' to the passage of the act the operation of the French roads was subject to earlier agreements, especially those of 1859 and 1883, which were drawn up in order to permit the government to com- plete its system of railroads with the use of private capital, thereby avoiding 2 heavy burden on the national budget, Guarantee Against Loss. Whenever new and less remunerative lines were planned it became necessary to utilize both the experience and the credit of companies operating the old ing upon the latter a large share of the expense of constructing and opening | new lines. | To compensate them for this burden, the government guaranteed them against loss on the capital employed for this purpose. Each carrier joining the plan received a guarantee of interest at the rate of 4 per cent per annum for a period of 50 years, and amortization at the same rate on the capital employed. If in any year the net income of a carrier was not sufficlent to tover the interest and amortization on its bonded | debt and the stipulatea rate of dividend |on its common stock, the French gov- | ernment provided the company with the amount necessary to make up the de- ficlency. Amounts so advanced were scheduled to be repaid with interest out of any surplus reported by the company, after charges and distribution of dividends on its capital stock. It was further provided that if at any time prior to the end of the com- pany’s concession the government should repurchase the property of the company and take over the operation of the lines the government would pay the railroad annuities not less than the aggregate amount required for interest and sink- ing fund charges on its bonded debt, as | well as dividends on the common stock, to run to the expiration of the date of the concession under which the com- pany was operating. Following the war these ::T"emmu proved rather burdensome, which led to . by the North American er Alliance, Inc.) FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) N Dell ‘mark 1 lines. This was accomplished by plac- | | | | | | | antees of railroad obligations and of a | M | closed strong, 1! WHEAT PRICES SOAR TO SEASON'S RECORD Heavy Volume of Trading Accom- panies Rising Market—Other Grains Also Advance. BY JOHN P. BOUGHAN, Afsociated Press Market Editor. CHICAGO, October 24.—All future deliveries of wheat rose rapidly today on & huge wave of buying and outdid the seascn’s high-price record. Trade was of such heavy volume that - dividual operations were largely lost sight of, but indications pointed to activity on the part of a formerly con- spicuous Eastern speculator, who was reported to be in the market as a bull after being absent for several years. On the new advances, wheat went 1o 13% cents above prices current less than three weeks ago. Fresh export business in wheat from North America was estimated at 1,000,000 bushels. The maximum overnight rise in wheat was 23; cents a bushel. Wheat 2'; cents up; corn, Ssalls advanced; oats at a3 gain, and provisions varying from 10 cents setback to a rise of 5 cents. us i Cash and secondary r ANKS INLOUDOUN IMPROVE POSITION Cash and Reserves Have Shown Increases During Last 10 Years. | 8pecial Dispatch to The Star. LEESBURG, Va.. October 24.—Pub=~ lished statements showing the condi- tion of Loudoun banks at the close of business on September 29 shows strength and wise ent. Their combined statement, made pursuant to a call from the controller of the currency, shows total deposits of $4,903723.36. Of this amount there ;:;:,geen loaned to customers $3,934,- Increase in Deposits. During the 10-year period, 1921-1931, total deposits have increased 339 T cent, whereas loans and discounts ave increased only per cent, in- ydl\‘llln‘ that the banks have steadily built up their primary and secondary reserves. Banks in Loudoun. a composite state- | ment also reveals, have $886,091.74 in surplus and undivided profits. Cash on hand and in other banks amounts to $576,007.86. They owe in bills payable and redjscounts only 65,1266 ‘They have deposits amounting to $6,903,- 723.36. They have a cash and sec- | ondary reserve of $1,564,614.92. A perusal of statements made by Loudoun banks to con! of the currency in 1921, & year of wide- spread deflation and dej lon, re- vealed additional illuminating statisties. "!;h!v show banks it:mh to be far stronger to cope wi the depression now gripping the country than they | were 10 years ago. | In 1921 Loudoun banks had resources ot ‘0.93.?7‘1621'1-.1. a'l‘gdl they have re- | sources of ,178,652.19, an increase | $1,240,380.92. . Capital, surplus and undivided profits in 1921 amounted to $722,832.05. Today they total $886,091.74, an increase of $163,259.69. Cash and Reserves. | In 1921 cash on hand and in other banks totaled $408,409.13. Today this account emounts to $576,007.86, an in- crease of $167,508.73. In 1921 banks in Loudoun owed in bills payable and rediscounts, $245,- 202.16. Today they owe $65,126.61. eserve accounts in 1921 totaled $974,790.36. Today total is $1,564,614.92, an increase $589,824. § Deposits in 1921 amounted to $3,860, The 078.61 figure today fis 3 o 723.36, & climb of tl,zu,mfm“m' CORPORATION REPORTS corpo n news prepared Statistics Co., Inc, New York, for the Associated Press. News Trend. ‘The mercantile agencies report was some further improvement in trade sehtiment this past week ity in commodity prices comparative September were smaller than in period. the like The Companies. American Equities Wheat bulls stressed assertions that B the world’s available supply was now well below last year's total. The fact that a large portio in North America received phasis as indicating that the States and Canada would be called upon to furnish liberal quantities to meet the requirements of importing countries. Talk continued also regard- ing need of rain in Western Kansas, Nebraska and Oklahoma and of pro- spective reduced acreage of domestic Winter wheat. Commodity Price Changes of Week BY H. N. McGILL, Editor McGill Commodity Service. AUBURNDALE, Mass,, October 24 (#)—Commodity prices have continued to show marked resistance against a downward movement. For four con- secutive weeks, the index of all com- modities has remained practically sta- tionary, which presents a materially different picture as compared with the rapidly declining price trend of a few months ago. Out of 14 individual groups, 7 advanced, 4 declined, and 3 remained unchanged. Commodity prices have had an ample opportunity to discount international financial complications. ~ While the period of low prices will undoubtedly bs prolonged because of the unfavorable position of general business, there are many economic assets that should grad- ually prove directly beneficial not only to general business but to commodity prices. Latest data show production in alignment with conservative demand and producing costs have been cut so that there is not a marked differential between selling price and actual costs. Replacement demand 1is steadily grow- ing. Hoover's plan to alleviate frozen credit has been recognized as a con- structive move. In considering the fu- ture aspects of commodity prices, it is advisable to keep in mind pre-war price levels as a standard of compari- son and not the inflated level noted during the decade just closed. All Commodities. ‘The seven groups that advanced dur- wages 10 per cent. Pennsylvania Railroad clerical work- | ers agree to take off more time in order to prevent further cut in force. Poor & Co. third quarter sales re- ported nbm:tlnpeteenc;mhl( 4 cent. Louis-San Francisco Rallway 9 months to September 30, $1,- ,553, vs. net income, $4,260,235, equal to $3.13 a common share. Southern Pacific Co., net {income off 55.5 per cent; 9 months 42.6 per cent. ‘Western Canada Flour Mills common share earnings, year ended August 31, R T —— n . cl Dzaonuu to September 30, $2.63 va Century Ribbdn Mills common share earnings, 9 months to September 30, ."Cm vs. 6 cents. 1A Corp. common share m 9 n&cnflu to September 30, $3.70 va $4.5 / Chrysler Corp. ccmmon share earne ing, 9 months to September 30, 85 cents vs, 56 cents. Corn Products refining common share earnings, 9 months to September 30 $2.47 5. $3.50. Eaton Axle & Spring common share - earnings, 9 months to September 30, 68 cents vs, ’(l:é"se ki e inccme 16 xmlf cent; 9 months, H Siine & Webster Inc—galary @it ne ebster Inc. eul of 5 to 20 per cent and leaves of ab- sence without pay put mto effect. Caterpillar Tractor—Declared 50 cents dividend; paid 75 cents formerly. Chain Belt Co.—Declared 40 cents . dividend; formerly paid 62!2 cents . quarterly. Chlufo & Eastern Illinois Railway— Cuts salaries and wages of cther than contract workers 10 per cent; employes receiving minimum wage scales i TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) e Maturity. Pt ing the week were industrial, building | 3> materials, hides and leather, paint ma- terials, textiles, fine and coarse, and vegetable oils. The four groups that declined were agriculture, live stock, non-ferrous metals and ferrous metals. Industrial Commeodity Prices. Industrial commodities were frac-| tionally higher. With production still declining and this also being true of inventory stocks, the statistical posi- gradually worki: stronger position despite mand. Agricultural Prices. Agricultural prices were fractionally lower, but holding above the price level at the first of the month. Heavy sup- plies moving slowly into consum- ing channels, the greatest handicap be- ing limited purchasing power from the leading foreign consuming _countries. comparable to the extreme low reached A3 this Summer, non-ferrous ‘were lower. Other metals fluctuated within & narrow range. Pronounced strength was recorded by fine and coarse textiles, tand well above the lows earlier in the month. Vegetable Oils. Vegetable oils were also higher. The three that remained un- changed vmmehemhll.u fuels, paper and pulp. Most important price dw in McGill weekly commodity m” Low prices will forcefully affect acre- age in 1932. Non-Ferrous Metals. Featured by & drop in lead prices, . Q28,31 Qe 18,3 Abpscmmepities ... 48 Industris 7. s, b