Evening Star Newspaper, October 26, 1931, Page 15

FIN CURB SHARES DROP AS LEADERS FAIL Declines in Bond & Share and Cities Service Weaken the Market. BY JOHN A. CRONE Special Dispatch to The Star. NEW YORK, October 26.—Opening lower, stocks on the Curb Exchange to- day continued their downward trend as the session wore on. Electric Bond & Share was down more than a point around 21. Cities Service was off fractionally around 7'z Standard Oil of Indiana, after opening higher, slipped The cheerful tone of dealings in Lon- don was not mirrored here in British shares. General Electric, Ltd., was up a half point, and British Celanese was a trifle firmer, but Brazilian Traction, Ford Motor, Ltd, and other British issues pointed lower. Specialtics moved irregularly. Sheaffer Pen declined a point, as Mead Johnson rose more than that amount. The en- trance of a few of the larger Canadian copper execufg#es into the world cur- tailment corfference contributed to a firm tone in copper shares. Motors were uniformly lower, with Ford Motor of Canada A and Stutz Motor register- ing the widest losses Specific corporate developments brought about movements in individual issues. Niagara Hudson Power ylelded slightly as its third-quarter ‘report showed 11 cents a share, against 12 cents a share in the same period & year 8go. rssoctated Gas & Electric A was off a shade as its earning statement for ~the 12 months ended September 30 showed $45,033,002 against $47,811,699 in the same period of 1930. American Gas & Electric preferred was up more than a point while the common moved in the opposite direction Imperial Oil of Canada was up & small amount. It was estimated that its 1931 ecarnings would approximate the 72 cents a share profit of 1930. A rise of one-quarter cent an ounce in silver bettered the demand for Bunker Hill-Sullivan Mining. International Superpower showed the widest range in the utility holding com- panies as it opened at 10'3, compared with a previous close of 137. Great Atlantic & Pacific Tea stood out strongly in the chains. American Yvette, among the lower-priced spe- cialties, advanced on an estimate of in- creased sales. The company operates a chain of beauty shops. National Rubber Machinery was off about a half point. Declines predominated an the open! Electric Bond & Share, at 22, was 5, and Cities Service was off slightly & 7%, but Standard Oil of Indiana was . Brazilian Traction lost Ford Motor, Ltd., at 7'z, rt at 9, ged. Aside from the trifiing gain in Roan Antelope, the Coppers were dull and unc] Pennroad Corporation, at 45, was up 1. Shaeffer Pen, at 26, declined a point to a new low for 1931, General Electric, Ltd,, at 914, gained 2. American Yvette, among the lower- :filcefl specialties, advanced fraction- . ‘Western Maryland Rwy. BALTIMORE, October 26 (Special).— Operating _revenues of the Western Maryland Railway Co. in September to- taled $1,159,838, compared with $1,502,- 016 in the like month last yar. Total ‘operating expenses were $742,832, against. $932,590. in the like month last year. Net income amounted to $64,673, com- pared with $207,685 in September, 1930. For the nine months ended Septem- ber 30 operating revenues aggregated 811,273,843, compared with $13, 5. ‘Total operating expenses were $7,432,- 535, against $8,799,498 in the like mont! it year. Net income amounted to $721,325, compared with $1,522,812 in the corresponding period a year ago. BONDS ON THE CURB MARKET. Bales in thousand; 20 Alabama Pow 4 1Alsbama Pow DOMESTIC BONDS. i . Low. Noon. s o7 B8% B35 " % 55 99" 99 9§ 50 5 Citles Service 35 '65. 5 t Gas Sios 42 517 i3 s 52 E 60 81 1Gatneau Pw $Gen Mot Acc 5: 5 Gen Motor Acc 21 Georgia Power 55 /6 s Riv § Mont L H& s 35 ww 38%% n Ss 2030.. 68 POREIGN BONDS. W NCIAL THE F\ INT NG STAR. WASHINGTON, D. C NEW YORK CURB EXCHANGE Received by Private Wire Direct to The Star Office. Stocks sold in 100-share lots except those desismated by letter “5." ~Prev. 1931~ High Low. 1% 1% 6 Dividend Rat Aero Supply B. Afmitated Prod 1.60.. Ainsworth Mfg Allied Mills Inc 1 Aluminum Co of Am 675s AluCoof Ampt (6). 4 Alum Ltd Bwar..... 9 Am Austin Car. . Am Cit PAL Bb10% . Am Com P A (b10% ) Am Com Pr B(b10%) Am Com Pwr 1st 615 . Am Com Pr 1st pfA Am Corpn (£30¢) Am Cyanamid B... Am For Pow war Am Founders Am Invest Inc (B). Am Invest war. . Am Lt & Trac (2% % Am Maracaibo Am Natural Gas. ... Am Superpwr (pd0c) Am Superp 1st (6)... Am Uti] & Gn B vte Am Yvette (25¢c).. Anglo Chil Nitrat. Appalachian Gal 4 Arcturus Rad Tube Arkans Nat Gas A Assoc Elec Ind (30c) As30 G&EI A (b2-26). Asso G&E all ct 1.60. Ass0 G & Elct (8). Asso Rayon. . At] Secur Corp. Atlas U't] Cor) Atlas Utilities wi Bell Tel of Can (8).. ; Beneficial J L (1%) . Blue Ridge Corp.... Blue Ridge cv pf(a3) Brazil Trac Lt&P(1) Brit Celanese rets. .. Buckeye P L (4). Buff N& EP 18t (5). Buft N&EP pf (1.60). Bunker Hill & Sull. . Burma rets 27 3-5c.. Butler Bro Cable & Wire B ret: “anadian Marconi. Carnation Co (J1%). Carrier COrp........ Cent Hud G&E (80c) Cent 111 Pub S pt (6). Cent Pub Sve A b5% . Cent Pub 8Sv Del... Cent Stat E1 (b10%).. Cities Service (g30c) Cities Serv pf (8) Cit 8v pt BB (6) . CitSyP &L DL (7).. Claude Neon Lts Inc. Colombia Syndicate Col Oil& Gas vtc. Cmwlth Edison (8 Cmwlth & Sou war. Consol Copper.... Cooper Bessemer Copeland Pr Inc (n). CordCorp..euvsssan Corroon&Rey pf(A). Creole Petroleum. ... Crown Cork Intl (A). Curtiss Wright war.. Darby Petroleum Dayton Alr & En, Deere & Co. De Forest Radio. Dubllier Cond & R: Durant Motors. East Sta Pow (B) Eisler Electric. . Elec Bond&Sh(b6 % ElecP & Lt op war.. Emp G & F cu pf(7).150s Empire Pub Sve (A). 1 Europ E Ltd A (60c). Europ Elec deb rt. Ford M Can A (1.20). Ford Mot Can B 1.20. Ford Mot Ltd 3 Foremost Fabrics Fox Theater (A).... Galena Oil Corp Gen Aviation. . ' GenE Ltd rcs 36 3-5c. Gen Empire (1) Gen Theat Eq ¢ Gilbert (A C)pt 3% Globe Underwr (15¢ Goldfield Consol. ... Gold Seal Elec new.. Goldman Sachs. . Goth Knitback Mch. . Gt At&P T nv (16%) 40 Groc Strs Prod vtc. . Gulf Oll of Pa (1%) .. % Hamilton Gas v.t. Hazeltine Corp (1) Hecla Mining (40¢) .. Hollinger Gold(65¢). Hudson Bay M & S Humble Oil (1233) Hygrade Food Prod., Imp Oil of Can (50¢), Imp O Can reg (50¢). Insull Inv (b6%).... 3 15 10 258 eSS ene @ -0 NN MW A ~Prev, 1931~ High. Low. 10 Int Supe Int Utilities B Int Utilities war Irving Air Chute (1) Kolster-Br (Am Sh). Lake Shore M (12.80) akey Foundry. Libby McNeil & L Lone Star Gas n 88c. Long Isld Lt pf (7). Louisia Magdal Marconi I M 73 Mavis Bottling (A).. Mead Johnson (15).. Met Chain Stores. ... Mid West Ut (b8%). Mining Mo-Kan Pipe Line. Mon W Mounta MountStT&T (8).. Nat Aviation at Bd at Inv Nat 8h Newmo: Niag-Hi Niag-H Novade Ohio O nnry % Perrym Plymou! ». 1 PubUtl Reliancy R Segal L. 8 Sle Ind eaffe S W G Sunray Tubize Un Gas Unit G Unit Lt US Ele USFin U 8 Foil Unit St Utll P& Utility o Util Eq . L 46% - 1% H 4% 5% 284 1% 3% Wilson 2% % “¥"oill 5% 2% Peop G 104 9% 12% 10% % 12% 12 S stoek. Stock and Dividend Rate. 2% Insurance Sec (40¢). 7% Int Petroleum (1) at Family Stores. . at Fuel Gas (1)...+ at Rubber Mach. at Service Co. . New Eng Pow pf (6). 2 New Mex & Ar Land. N'Y Transit (1806 .. Noma Elec ( Nor Am Util S Nor St Pow pf (7) Ohto Copper. . PacG & E 1stpf 1% Pantepec Oil eoples L&PWr (A). Philip Morris Inc. Pilot Rad Tube A. Pitney Bowes (b4 %) Premier Gold (12e).. QRS-De Vry...ouu0e Roan Antelope Min. . Rock Lt & P (90c)... St Regis Paper (60c) Seaboard Util (28¢) Sec Allied Corp (1 Unit Verde Exten (1) Utll & I . Util & Ind pf (134).. on (J W) Co. ... Coal & Coke Woolworth (FW)Ltd Dividend ra in nuslpariient & ai Fard eash” o Plus 3% in stock. Plus 8% in stock. p Sales— Add 00. Open. High. Low. Close. 4 Lo “~ 101 10%y 101 12% 3 10% 12% erpwr (1.1 . * 5% 1% 1% » - {9 na Lan & Ex. ena Synd e Corp of Can. PPSpl1% in Prod (1).. s & S Corp'(1). estors. . T Sec A £600. 3 nt Mining. ud Pow (40¢). ud Pow A W.. o @ 3 1 Agene (4).. Lcu pt (6)... a Corp (40¢) » o WO 00 N R R T SR D R OIS AN S AW AN B B A DA 93 RABN N tric. . th Ofl (26¢).. 1 Hold xw. o Int A & H (ab0c) elected Industrie; alctfs(5%). r(WA)P(13). Shenandoah Corp. Silica Gel ctfs. . South Penn Ofl (1).., Southern Nat Gas s Utilities. Stand Ofl of Ind( 1).. Stand Ofl of Ky 1.60. Stand Pwr & Lt (2).. Stutz Motor Ca oil. Swift & Co (2) . Swift Internat’l (4). Technicolor Ine. Teck HughesG) e Texon Ofl&Land (1), Trans Air Trans. ... Tri Utilities pf. Chatel, B of Canada(1 Unit Gas Corp. Unit Gas Corp BE(T)..... & Pw A (1 Unit L & Pwr p(§, c Pow ww., ishing pf. ... 1 (B) (50¢) 4 U 8 Inter Sec 1st pf, ores v.t.c..... Lt(at1.02%). nd .. ' Equities. . uity p£(5% )., 508 1 4 Jones. .. . 1 26 S uass. 1 RIGHTS—EXPIRE. L&c.Janis 2 8% 8% dollar; last quarterly or semi- Vidend. "arily v o ’Il:’"" iPlus 4% in tock. ¥ in stocl Adj e, SO B 25 RO Paid lnst e Fertlar Tate. Ar—no regular rate. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS, lowing is & summary of important cor- poration news prepared by the Stand- ard Statistics Co., Inc, New York, for the Assoclated Press: Weekly News Trend. The stock market, under the influence of the freight rate increase, gave a good account of itself, Prior to the publica- tion of the Interstate Commerce Com- mission marked strength was shown, whije immediately following, the gen- eral list, with the exception of the rails, declined only slighty. Standard Sta- tistics Index for 90 stocks showed a gain of 3.4 points, rising from 82.4 at tober 23. Improvement was shown in industrials and utilities, while rails de- clined slightly. ‘The bond market advanced from low levels of Monday and reacted when the rate plan was made public. However, prices generally remained above Mon- day’s lows. The Companies. Erie Railroad September net operat- ing income of system off 59.6 per cent; 9 months off 16.2 per cent Industrial rayon—Adyances price pop- pular_ grade rayon yam 10 per cent ne deniars cut 10 per cent to 1§ per cent. International Great Northern Rafl- road September net operating income $168,046 vs. $349.686; nine months, 286,829 vs. $592.835. Missouri Pacific Railroad September net operating income off 21 per cent; nine months. off 11.6 per cent. National Standard Co. earnings in past fiscal year per common share; in preceding fiscal earned $4.01 a share. ew Orleans, Texas & Mexico Ra September net operating deficit, 45 vs. net operating income, $205,. nine months net cperating income 12,824 vs. net operating income, $2,- 832507 Sherwin-Williams Co. common share carnings, year ended August 81, $3.62 vs. $4.14. United States Pipe and Foundry— Maintenance of $2 common dividend Tate expected. Zenith Radio deficit, quarter ended July 31, $58511 vs. deficlt, $6.902 Briggs & Sratton Corperation com- mon share earnings, nine months to September 30, $1.09 vs. $2.74. Chrysler Corporation, unit sales, 102812 u nine months. 241,251 v Detroit Aircraft'—Two receivers ap- pointed for company by Federal Court, Detroit, on petition of certain stock- holders and creditors. Fuller (George A.) Co. net income, nine months to September 30, $563,773. Northern Pacific Railway September net operating income off 57.7 per cent; nine months, off 57; per cent. Union Carbide Carbon common NEW YORK, October 26.—The fol-. the close on October 17 to 86.1 on Oc- | estimated at over $4 | share earnings, nine months to Septem- | ber 30, $1.54 vs. $2.22. American Bank Note common share earnings, nine months to September 30, 22 cents vs. $2.68. Caterpillar Tractor common share earnings, nine months to September 30, 87 cents vs. $3 (M. A.) Co. common share | earnings, nine months to September 30, 43 cents vs. $1.04. Rellance Manufacturing (Ill.) com- mon share earnings, nine months to September 30, $1.57 vs. 2 cents. Republic Steel——Warrane furnaces at 55 per cent of urmy. with 24 tin mills operating vs. 13 last week. Stutz Motor Car of America—Prices of new 1937 models show reductions | ranging up to $1,000. h( ndvrwolod El&ou H:ll;:r—-common share earnings, nine months to Septem- ber 30, $122 v, 8381, Virginia Iron, Coal & Coke—Net in- come. nine months to September 30, $85317, equal to 10 cents & common share, vs. deflcit $110,501. Western )ng'hnd Rallway—Surplus after charges off 68.8 per cent. William Ofl-O-Matic Heating—Dollar sales volume for third quarter up 21.2 chor Cap—Common sl earnings, ;‘Zfle&) months to September 30, $2.49 vs. Artloom tion—Deficit, nine months to ber 30, $380,134 vs. deficit $34,920. Boston & Maine Railroad—September urplus after charges off 43.9 per cent; ; s some round-trip fares up to 45 per ce Montgomery Ward & Co. deficit, 9 months to September 30, $2,692,687 Vs, deficit $2,848,991. New York, New Haven & Hartford Railroad _September surplus after | charges off 36.9 per cent. | _ New York, Ontario & Western Rail- | Way September net operating income | off 22.3 per cent, 9 months up 73.2 per cent | American Zinc, Lead & Smelting $6 | preferred share earnings, 9 months to | September 30, $4.05 vs. $3.51. | | initial quarterly dividend of $1.37)2 on $5.50 preferred stock; consolidated net carnings of system in 12 months to September 30 off 6 per cent. Monsanto Chemical Works common share earnings, 9 months to September | 30, $2.41 vs. $191. Rl S | Stock to Be Retired. NEW YORK, October 26 (#).—No- tice has been received by the New York Curb Exchange that directors of Ru- dolph Guenther-Russell Law, Inc., have authorized the purchase for retirement, out of surplus, of 17,000 shares of its stock at $5 a share. . PARIS BOURSE PRICES. PARIS, October 26 (#).—Three per cent rentes, 83 francs 75 centimes; 5 | per cent loan, 102 francs 25 centimes. | Exchange on London, 99 francs 69 centimes. The dollar was quoted at 25 | francs 39 centimes. | { s N celebrated Gothic cathe- dral, Notre Dame de Rouen, has just been cleaned for the first time in 150 years, & vacuum pump being used to Temove the grime. - BETTER ASSEMBLING OF ORDERS SUGGESTED B the Assoclated Press. i ‘The Commerce Department believes Tetall grocers may, in many instances, effect important savings in costs and increase their net returns through more efficient handling of the work of as- sembling orders for delivery. A survey of the department disclosed that order assembly at present is not efficiently conducted in a large propor- tion of ery stores. The cost of this single function in one important city surveyed was found to run as high as -prmxlmnely 5 cents in each $1 of sales. Clerks were generally found to be working diligently, but under condi- tions denying possibility of low cost. In every case studied order assembly was being performed from the regular di glly and retail stock of the store. , the report sald, is faulty in many cases, particularly among the larger size stores. Order assembly is held by the department to be essentially out- turn from storage. Clerks assembling orders get in the way of those serving customers, it says, with confusion re- :lexmng, wor: slowing up and incon- lence and annoyance being out 1o the stores customers. © o0 el SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & to;, Allis-Chalmers Co. 5s 1937..... 85 90 American el " Fer's 135 a3 108 108 3 96’2 7 Amer.“Wat. ‘Wis. & EI. 33 103 Baltimore & Ohio 4155 1933 Beiding Hemingway Co. 6s 1936 Associated Gas & Electric—Declares | G; Humble Ol ‘5 : Laclede Gas Light Co. 55 1934 New York Cent. & H. 4s 1934 New York, Chi. & St. L. 6s 1932 Borthwest’ Telep, 4'3s 1934.. ias 19 a. R_R. Co. 8ias 5 Ftland General Elec. 85 1935 . epublic Iron & Steel 88 1940 nclair Crude Oil_Co. Sias 1938 uthern “Pacific Ss 1934, Bt. L. LM S. Ry, R. Ution Kiee L& & Bow' 8¢ 1833 nia Rwy. bl Avy & NEW YORK, October 26 (#).—Rail- roads reporting today net operating in- come for September, with comparisons with last year, include: 1931, 1930. $2,420,337 $5,375,134 1,451,442 2,041,828 861,960 1,120,489 146,601 188,991 1,803,272 1,269,658 4.956 34,215 Great Northern N.Y,N.H & H. Boston & Maine .. N. Y. Ont. & West. Burlington 8t. Paul Seaboard . Minn, & St. Louis. 2,852,851 407,904 251,533 SILVER QUOTATIONS. NEW YORK, October 26 (#).—Bar silver firm and !4 higher at 30, 5 | * | pressi '|the price of wheat. 2,883794 | TU01C (COMMODITY GAINS ARE BUSINESS AID Recent Firmness ‘in Markets Augurs Well for Trade Rioovery. BY CHARLES W. STORM, Editor the News Service of Wall Street. | Special Dispatch to The Star. 3| NEW YORK, October 26.—Much has been said about the good expected to come out of the Hoover-Laval confer- ence, but perhaps the most important | underlying factor making for better- | ment in the general financtal and busi- | ness situations is the recent upward movement in the prices of commodities. ‘This has been particularly empba- sized in the wheat market, where prices . | have advanced abcut 10 cents a bushel from the recent low levels. down- ward movement in the price of wheat was one of the most Important de- r;!nnuences on the security mar- kets. The depreciation in the price of this commodity was also a Vi tant factor in contributing to ness depression, owing to the contraction which it forced in the pur- c?ann: power of the farming commu- nities. Further bettermrent in the price of wheat is expected by the more specu- lative economists, and some of the big- gest operators in commodities and stocks are reported to have made large speculative commitments for the rise in Names heard in (the street as those Interested in | the upward movement in wheat are | Livermore, Rockefeller, Howell and Cut- { ten. All four have reputasions for iheir ability to diagnose commodity markets, Copper Improvement. One of the scattered sources of im- provement in industry is found in cop- per, where purchases of the red metal the last week have been the heaviest for many weeks. A firmer tendency in prices is evident. This betterment in the demand for copper has accompanied the inforenal conferences being held among f ; and domestic producers for further cur- tailment of production, but these con- versations have had little or nothing to do with the greater inquiry for the metal from consumers, who have pur- sued the policy for more than a year of buying from hand to mouth. Artificial Steps. One of the topics of discussion apro- | pos of the reported improvement in business is that the steps looking to. ward stabilization have been artificial and will result in another period of in- flation. Wall Street's students of po- litical economy state that the law of luppli and demand should be allowed to take its course. One contention is | the commodity markets will be the first ;’ufixve expression to expected in- ation. While it is admitted that the initial steps taken to stabilize ing and industry were of an artificial nature the psychological effect resulting from !it has had a beneficial influence. A little more of this sort of “inflation” would undoubtedly be most welcome. There also much doubt as to whether any inflation has really started. this rd Moody's Investors’ Serv- “We do not see how this ‘in- could begin immediately. It could not of itself restore confidence, for pumping credit into a frightened world is like pouring water into a bot- tomless well. It can be built up only on the basis of restored confidence.” ndlnnum::lbll;‘;l(na mm:u that colr!n- ence restored, especially among the lmpor!&m banking and busi- ness leaders. Important Sign. ‘The outlook with regard to the resto- ration of the credit of the railroads % seems brighter than it was, notwith- standing the supposed displeasure ex- pressed by the transportation execu- tives over the details of the small rate increase offered by the Interstate Com- | merce Commission. ‘There probably will be many more conversations on the subject, but the railway executives, especially those of the big roads which have been the largest money makers, will eventually “condescend” to accept the commis- e Gac, that importan e fac some t bank- ing interests are known to have been sellers of some stocks the latter part of last week puts a rift in the wave of optimism which had started to sweep over the stock market. Knowled; the character of this selli has caused some of the bigger operatofs to take & position on the side lines. (Copyright, 1831 by the North Amerig ewspaper Alliance, Ine.) il New York Cotton Spectal Dispatch to The Star. NEW YORK, October 26—Cotton prices were 8 to 14 points lower at the opening today. There was an ac- cumulation of realizing sales over the week end and, in addition, some pro- fessionals switched their market posi- tions to the short side. Opening prices were: December, 6.77, off 8; January, 6.85, off 11; March, 6.98, off 13; May, 7.16, off 14, and | July, 7.32, off 14. Grain Market By the Associated Press. CHICAGO, October 26.—Grain prices turned downward early today, influenced by Liverpool wheat quotations relatively unresponsive to recent advances on this side of the Atlantic. Notice was also taken of Paris official disciaimers of re- romd plans that France would make large purchases of United States Gov- ernment sponsored wheat. Opening 'sal cent lower, wheat con- tinued to sag. Corn started '4a and subsequently receded further. Tending to rally wheat from early price setbacks were Kansas unofficial reports that in 16 southwestern counties not to exceed 15 per cent of the acre- ;|age has been seeded and that much of what was seeded has been destroyed by worms. Acreage reduction in that section, it was asse: , would be 50 per cent if there were no moisture by November 1 and the outlook was for 25 per cent curtailment of Kansas wheat acreage as a whole. There were also advices that Italy had revised her mill- ing regulations and would now permit grinding of 25 per cent of foreign Durum wheat, compared with only § per cent previously. { An increase of 4,232,000 bushels in the | amount of wheat afloat for Europe as compared With a week ago was an- | nounced. The new total, however, re- mained 3,000,000 bushels less than was the case a year ago. Offering of future ge]hzfles in Chicago passed into strong ands. NEW YORK BANK STOCKS NEW YORK, October 26 (#).—Over- the-counter market: id. Asked. F: 13 America hase o Chat_Phen(x 8% 57 Ya 373 vi Manufacturers New YOrk «.evsvme OCTOBER _ 26, |BUILDING AND LOAN STATISTICS | SHOW STABILITY OF ASSETS| orelgn | gt of ¢ | the Cotton Textile Institute. Two weak 1931 United State S League Reports Stcady In- ’ crease in Investments, Despite Recur- rences of Busin Speeial Dispatch to The Star. : CHICAGO, Tl October 26.—Building and loan association statistics available | for four complete business cycles show | steady gains in assets in all four phases | of every cycle, according to analysis made by officers of the United States Building and’ Loan League, meeting in Chicago last week. The results of the analysis were released to the league’s 1,700 member associations yesterday. On January 1, 1932, the associations will pay out nearly $250,000,000 in dividends to their 12,000,000 sharehold- ers in this country, the league officers said, emphasizing the constancy of divi- dend payments to shareholders as one of the reasons for the consistent gains made by these institutions, regardless of | the business cycle phases. Stability of Mortgages. Another reason advanced for these gains was the essential stability of real estate first as compared to other in ternatives. Since 1893 the associtions' total assets have increased $8,335.474471; of this $1,414,844,523 was gained during de- pression phases of the cycle, it is point- ed out. From 1893-95 the gain in building and loan assets was $106,.490,311; in 1907-08 $111,046,555; in 1914-15 $235.- 726,136; in 1921-22 $832,615,982, and in 1930, $128,964,939. All of these years represent depression phases The league recalls comments on a financial page in 1893 in its glance back over the business cycle: “The result will be to increase the in- fluence of these associations, and they have already shown their stability. Members are well aware of the fact that they are partners; that their moneys are invested in the best securi- ty—first mortgages on small homes.” ‘William E. Best, Pittsburgh, Pa., pres- ident of the United Btates League, sees certainty of the Nation's recovery from economic stringency in the the past history of such savings institutions. “In every past case the increased capital created by the savings in these | heme-financing institutions contributed to the Nation's progress from the de- | pression to recovery phase of the | cycle,” said Mr. Best. “History re-/ ess Depression. peated itself in the $120,000,000 in- crease in building and loan assets last year and we are justified in expecting this in to result as it has in the past ss to recovery. This money will be used for home purchase and home construction. Revival of construction brings new purchasing power into the fleld: first it steadies prices and then contributes to their rise, which is essential to recovery. “Savings in building and loan asso- clations are invested in mortgage loans on small home occupled by their owners. The stability of residential | real estate is usually impressed upon the minds of savers when a depression phase augments the fluctuations in other securities. This partially ac- counts for the l\:nln building and loans enjoy in these times. Only a few days ago the Tax Commission in one of our most populous States reported a slump of 34 per cent in the value of other investments in contrast to a mere 115 per cent drop in residential real estate values in 1930. ““The stability of the home owner as & borrower also contributes to the soundness of building and loan invest ments. These home are amor- tized, with the result that the equity of the owner-occupler continues to in- crease, fostering his ambition to own the home outright. and our experfence has shown that the home owner will make greater efforts to keep up his home payments than to discharge any other debt. Constancy of Return. “Safety, so widely sought in a de- pression phase, is associated with con- stancy of return in the case of build! and loan associations. Semi-annual and, in some cases, quarterly dividend dates, during the t hundred years of building and loan history, have never found the associations r‘ll g divi- dends. Nearly half a billion dollars was paid out in dividends to share- holders during 1931. On January 1, 1932, nearly a quarter of a billion dol- lars dividends will be declared, accord- to present indications. “The dividend rates paid by build ing and loan associations have never been subiect to wide fluctuations, rarely moving more than 1 per cent up or down from the normal.” GAIN IN AUTOMOBILE |LIVING COSTS END REGISTRATION SEEN R. L Polk & Co. Estimates Sep- tember Sale of New Cars at $125,000. By the Associated Press. DETROIT, October 26.—An early es- timate of R. L. Polk & Co, of the total registration of new automobiles during September has been revised up- ward on the basis of additional reports received from 45 States, These reports, Polk & Co. say, indicate a total sale of new cars during September of approxi- mately 125,000 units. ‘The same States for the same month » year g0 reported 170,018 new-car reglistrations. The September five-year average is 241,341 units. ‘The Polk figures show that during recent months approximately 75 per cent of new-car sales were accounted for in the low-price field; a little more than 22 per cent in the medium-price bracket and htly more than 2 per cent in the high-price range. GOooD COTTON PROSPECT SEEN IN TRADE CIRCLES By the Associated Press NEW YORK, October 26.—Depending on the maintenance of the sound statis- tical position of the cotton textile in- dustry at the present time, prospects for a good year im 1932 were seen by mill executives attending a meeting of spots in the trade, however, were point- ed out, these being the tendency of a few mills to uce, and the lack of price strength in the primary selling market. Brokers’ Comment NEW YORK, Oetober 26.—Brokerage house commentators felt today that the stock market rally could go further, although some counselled against fol- lowing rallies. Prazier Jelke & Co.—We believe the near term trend will be regularly uP- ward, but we would confine commit- ments to a trading basis. The most bullish development so far has been the improvement in the economic and political situation in England. As &r as we can see, there is no genuine ini- provement in the German situation, which remains a potential menace. Hornblower & Weeks.—The market gave an excellent account® of itself dur- the short session Saturday and we continue to feel that this phase of the advance will carry considerably further before meeting with important ‘opposition. Jackson Bros., Boesel & Co.—Subject to nominal reactions, we look for higher prices for industrial stocks and believe that the current phase of the market's improvement warrants ctations of a her gain in the industrial aver- nfi Rallroad stocks may w] on technical conditions, would not be surprising to see further general liquidation in the rail group as a t of favorable earnings and unsolved financial problems. Redmond & Co.—We would be in- clined to take trading profits on any further sharp rise, as a secondary re- action is likely by the middle of the week, and would await the market's response to this selling before extending or renewing long commitments. Shields & Co.—Investment absorption has been halted and until the list DOWNWARD TREND Index Has Remained Stationary During Past Month, Review Indicates. Special Dispatch to The Star. ‘MINNEAPOLIS, October 26.—After declining steadily throughout the de- Er.euinn. the cost of living has finally lted its downward movement, and has remained ludnnlri for the past month, according to the latest Con- sumer Index just issued by Investors’ Syndicate of Minneapolis. Further changes significant of a re- versal of economic trend are shown by the Index. Security investments have suddenly turned upwards, after many months of disappointing results. Sav- ings continue on their upward course. Such representative expenditures as home bullding and auto buying, how- ever, are still far below normal. The Syndicate Index registers a decline from last month in retail buying, al- though continues relatively mrmmdnmmal&flm cle 3 Average Consumer. Per cent change from Last Your —25.4 income. —11 Outgo— Retail buying Cost of living Auto buying . Home building Progress— Security investments. Insurance Savings INCREASE IN COTTON GINNING REPORTED Census Bureau Figures Reveal 9,- 498,041 Bales Packed to October 18. —15.2 —10.3 —37.6 —44.6 By the Associated Press. Cotton of this year's crop. {lnned prior to October 18 was reported by the Census Bureau today to have been 9.- 498,041 running bales, counting 319,073 round bales as half bales and including 3,909 bales of American-| ian. ‘To October 18 last 9, 968 bales were ginned, including 274,571 round bales and 7,308 bales of American- Egyptian. Ginnings this year by States to Oc- tober 18 were: Alabama, 946,184 bales: Arizona, 24, 150; Arkansas, 701,737; California, - LIVE STOCK PRICES IN UNEVEN TREND Choice Steers and Yearlings Are Higher—Lower Grades Sell Off. BY FRANK 1. WELLER, Associated Press Farm Editor. By a combination of extremes and paradoxes, the live stock market has worked itself into a position where al- most anything can happen. Very scarce choice steers and year- lings are plunging through the roof while the lower grades and grassers bump along in the cellar; hogs have lost about all of their advance from the bottom and again fat lambs have dene an about face from the season's high point to the low. The 1lid blew off dry-lot steers and yearlings at Chicago for an advance ef fully 50 cents—in instances 78 cents— and before buyers could clamp it back the top had gone to $11 on steers and $10.85 on yearl! the prices since last March. of value to sell at $9.50 upward were carried alol with the kinds, the run; market on xm.a lift- ing in-betweens far out of line with their actual worth in beef. Shipper Market. It was purely a shipper market, her demand inspiring the upturn. ern orders exceeded the supply of available cattle. Shippers hot upper crust and filled out with of the lower, grades. While hty steers were out in front, yearlings made the big advance. :(;1?1?1" ‘l,:lh:: n:"w t“ lll.::lta 'lfli'll WO wel or $9.25 to llb,u. s ‘There had to be a setback somewhere and it fell chiefly on shortfeds weight. Everything selling m“: tumbled into such a churned Kz markes :s to c°§luf .b:yer- and alike. spread of 100 Veloped between sthictly mateet toppers and plain shortfeds as grainfed eattle strode forward and grassers held steady or worked lower. Common :;lxung around $4.75 E;% mm ead as compary toppy fed offerings bringing $10.75 to $11. The average cost of steers and year- lings, exclusive of straight grassers, is around $8.75 at Chics $6.68 in May and 7,86 kosk Ea: around 30 cents, while loins and lambs of comparable quality are turn- ing around 15 cents, Hogs and Lambs. However, hogs and lambs are run- Sepiamber and o Wt i Orens b and so the shortest in years. > o.258 i daily attempts to costs, which in turn resulted narrow price spread. Thers siderable difference in weight of lambs, whicl cents apart at Chi 3 supply of natives raf cat e ] The wholesale price worked 50 cents to $1. was semi-demoralized, ;3':! lower, :hlou('n‘“.‘ll'w“ T, por ) were w“xu‘lbd Baltimore Markets Speclal Dispatch to The Star. BALTIMORE, Md., White potatoes, 100 sweet potatoes, bushel, 35a50; beans, bushel, 1.26a2.25; barrel, 1.00a 3 r 100, 1.50a2.50; cabbage, ; carrots, per 100, 2.50a 3.50; lettuce, per crate, 2.75a3.50; cauli- flower, crate, 1.00a1.75; celery, crate, .50a2 lima 3 .50; _okra, X 00; peppers, hamper, 25a65; onjons, per 100 pounds, 1.75a2.00; spin= ach, bushel, 40a60; tomatoes, ham 25a75; canners’ stock, 1.5082.25; box apples, bushel, 50a1.25; cantaloupes, crate, 1.25a2.50. Chickens, Dairy Market. , young, 20a23; Leghorns, 18a20; old hens, 19a25; Leghomns, old, 13al17; roosters, 12al5; ducks, 12a20; pigeons, pair, 25a30; guinea fowls, pair, 25a55. October 26 unds, 75a1.1 065; Florida, 38818; Missouri, ' 87,072; New Mexico, 23,266 North Carolina, 453,527, Oklahoma 551,172; South Carolina, 657,782; Te: nessee, 203,758; Texas, 3,384,047; Vir- ginia, 18,598, ail other States, 2,382, Reichsbank Statement. BERLIN, October 26 (#).—The Reichsbank statement as of October 23 shows the following changes in reichs- | marks: Gold and bullion decreased 11,- 11,391,000, reserve in foreign currencies increased 4,750,000, bills ‘of . exchange and cheques decreased 162,641,000, sil- ver and other coins increased 24,932,- )0, notes on other banks increased 2,986,000, advances decreased 69,612~ 000, other assets decreased 2,758,000, notes in circulation decreased 153,907,- 000, other maturing obligations de- creased 66,882,000, other liabilities in- creased 7,055,000. meets & real selling test it will be dangerous to climb for stocks or follow rallies too far. ‘Total gold holdings, 1,144,572,000. Note coverage 29.4 per cent. Rate of discounts, 8 per cent. ‘Receipts, 866 cases; current, hennery, 38; firsts, 30; Western firsts, 30. Butter—Good and fancy fl”fl?. 31a35; ladles, 20a22; process, 25a26; store packed, 15a16, Live Stock Market. Cattle—Receipts, 2,000 head; extraor- dinary pply; market dull, with no prices on steers, bulls, cows and . Sheep and lambs—Receipts, 4,800 head; good supply; market steady; sh;len. 1.0:':3.?0'; ];l’g:: !.5g!7.00. ogs—Receipts, 3, ad; good su) ply, market stead: hfiu. 5%75a6.00; heavies, 5.6026.10; medium, 5.85a6.1 roughs, 4.00a5.10; light pigs, 5.60a5.85; pigs, 5.8586.00. ‘alves—Receipts, 600 head; moderate aup}:i)"‘.‘ market lower; calves, 3.5088.00; no b Eggs—] 18a28; Hay and Grain Prices. ‘Wheat—No. 2 red Winter, export, no quotations; No. 2 red Winter, garl spot, comestic, 58%; October, 58%; November, 58%. BANKERS VIEW H OOVER-LAVAL PARLEYS AS CONSTRUCTIVE By the Assoctated Press. NEW YORK, October 26—While speculative quarters in Wall Street were somewhat inclined to regret the lack of more results from the confer- ences ':tmbbmm Laval and President several prominent bankers said the results were highly constructive. while mfif official com- 3 ined informally that danger of the two strongest countries working {to cross pu: had undoubtedly been averted, which in itself should remove an_important source of uncertainty. While there has been a strong feeling in Wall Street tha further action on mhl expressed hope ve France would take the initiative in the next move. The Hoover-Laval sgree- should be taken, some leading | been payiny the that 4 expiration of the Hoover moratorium met with aj wval in at least some high g circles. The announcement of intention to maintain the gold standard in France and the United States, and to study means of maintaining stability of inter- national ex pressed banking progress. Dr. W. - h Burgess has recently conferred representatives of the Bank of France in Paris, and two representatives of the bank are in New York, and have frequent visits to the ment, therefore, that initiative should | hed European in mak- be taken o ing some Corn—No. 2 yellow, domestie, spot, 53a54; cob corn, new, 1.75a3.00 barrel. Oats—No. 2 white, domestie, spot, 331;a34; No. 3, 3215a33, Rye—Nearby, 40a50. Hay—Receipts, none. New hay is starting to arrive in ine quanti- ties, bt 80 far no oMCial gra been attempted, selling on merit. Demand for old slow dull and and market is quiet, with in buyers’ favor at a range of r w—No. 1 W] , 9. .50 " per ton. P o No. 1 oat, 8.5029.00 FOREIGN EXCHANGE. (Quotations furnished by W, B. Hibbs & Co.) London, Paris, Br