Evening Star Newspaper, October 28, 1931, Page 15

I " INNARROW RANGE Domestic Shares Decline, but Foreign Group Shows Com- parative Strength. BY JOHN A. CRONE. @pecta] Dispatch to The Star NEW YORK, October 28 Exchange was relatively wi on_domestic cr foreign issues ‘The market Jeader, Electfic Bond & Share, at 19% around middsy, was off mare than a point. Cities Service at 7Y was off %. Standard Oil of Indiana Standard Of . lower. Some of the specalti broke widely in the forenoon. The Conservative victory in the Brit- sh ] elections was mirrored here Tise of British issues, which carried along with them Ca- of Kentucky were & jes. . common was the early feature in the upswing of English It was followed by Pord Motor, Itd., which company, it is felt, should benefit from the situstaion resulting from the sion of the gold stand- ard. The Pord stock. however. met :flry- which quickly erased most of ear) The s victory in the British general elections strengthened virtually all British shares at the Ford Motor, Ltd.; Woolworth, Ltd., common; General tric, Ltd., and similar shares were ve and slightly higher. Brazillan Traction opened unchanged. Electrio Bond & Share at 20% was off 3;. Citles Bervice at ¥3; was down Standard Oll of Indiana at 20'; NEW YORK, October 28 (#).—Rail- roads reporting today net operating in- for ber, with comparisons S sk year, ncluded: 1931, 19%0. g e Giie 227,004 i FOREIGN EXCHANGE. tons ed by W. B._Hibbs & Co.) oo A bal §aid "'“‘;‘f« checks a SHORT-TERM SECURITIES. (Reported by J. & W. Seligman oy e R Amer Wt e B o 4 labama P § Alabama Pow 8 31 Aluminum_Co_8s r El Pw 6 A_‘ i T BEII28283IB2. Lz 4655 % & RIRELEN 489858 The Curb | or com- { . parstively firm today, depending upon | ‘whether the observer was commenting Aero Underwriter; Hated Prod 1.60. Allted Mills Inc Aluminum Co of Alum Ltd B war 24 54 224 60 60 . Am Com Pr B(b10%) Am Corpn (130¢) . Am Cyanamid B Am For Pow war. Am Founders. ...... Aw Gas & Elec (11). Am Invest Inc (B).. Am Lt & Trac (2%). Am Maracaibo. ..... Am Natural Gas. ... Am Superpwr (pd0e) Am Superp 1at (6)... Am Util & Gn B vte. Appalachian Gas. Appalachian Gas wr. 214 Arcturus Rad Tube. 24 Arkansas Nat Gas 2 Arkans Nat Gas A 3% Ark N G cu pf (60c). 3 Art Metal Wks (60c) 5% As80 GREI A(b2-25) 42 As50G & Elct (8) 4% 1% AsS0GA&EIAdbr 4% 3 Atlas Plywood 8% 3% Atlas Ut Corp..... 19 813 Benefielal J L (1%) 6% 1'4 Blue Ridge Corp.... 38% 20 Blue Ridge cv pf(al) 104 100 Bohack (HC)1stpf 7. 28% 7 Brasil Trac LI&P(1) 27% 22 Buft NAEP pf (1.60). 88 23y Bunker Hill & Sull.. B 2% % Cable Radio T vte... 14 % Cable & Wire A rets, ~ % Cable & Wire B re! 4%~ 1% Canadian Marconi... 26 18 Carnation Co (J13). 108 100 Caro Pw & Lt pf (6). 25 14% Carrler Corp........ 19% 214 Cent Pub Svo A b6%. 1213 2 Cent Stat El (b10%) 1l 6% Chain Stores Stock. . 20% 5 Cities Service (g3de) 84% 35% Citles Serv pf (8)... 10% 1% Claude Neon Lts Inc. Col Oll& Gas vte.... Cmwith Edison (8).. Cmwith & Sou war, . Conwol Auto Merch. . Consol Copper...... Con Gas Balto (3.60). Consol Gas Util (A). Consol Retail Stores 1 Cont Shares cv pf... 225s Cont Shares ptf (B)..100s Cooper Besspf (A).. 1 C . . ¥ Corp Sec Ch (b6%).. 1 Corroon&Rey pf(A). Darby Petroleum. Dayton Alr & Eng o5 1% W Driver Harris new Durant Motors. .. EastG & F Assoc. East Sta Pow (B) Eisler Electric. . Elec Bond&Sh (b6 % )¢ 53 Elec B & Sh cu pfb.. Elec B & Sh pf (6)... Elec Pow Assoc (1). Elec Pow Assoc A (1) ElecP & Ltop war. . Elec Sharhldg pf(a6) Empire Corp........ Empire Pub Sve (A). Europ Elec deb rts. .. Evans Wallow.Lead. Fedders Mfg Co A... Federated Capital. .. Federated Metals. ... Ford M Can A (1.20). Ford Mot Ltd 36 360 Foremost Fabrics. .. Fox Theater (A).... GenE Ltd res 36 3-bc Gen Empire (1). Gen G&E cv pt B Gen Theat Eq cv pf. Glen Alden Coal (4 Globe Underwr (15¢) Godfield Consol 0 om0 e e webEen nklomen naelmwnrnea~ GUA&P T nv (16%) Groe Strs Prod vto. , Guenther Law (1)... GulfOflof Pa (1%). Hamilton Gas v.t. ndy . Hazeltine Corp (1 Hecla Mining (40¢ Hudson Bay M & 8 Humble Ol (121 HydroElec Sec(1.20) Hygrade Food Prod. Imp Ofl of Can (50c) Indlan Ter 11lu Ol A Insull Inv (b6%)... Insurance Sec (40¢). Int Petroleum (1). .. Int Superpwr(t1.10) Int Utilities B ) Italian Superpow A. Kolster-Br (Am Sh). Lakey Foundry Letcourt Real pf (3) Lone Star Gas n 88c. Long Isld Lt pt (T).. Magdalena Synd. ... Marconi I M 87 1-10¢ Mavis Bottling (A). Mead Johnson (15). . Melville Shoe 15t-(6)\ 258 9 102 CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, October 28.—The fol- 3| lowing is & summary of important cor- poration news prepared by the Standard | Statistics Co., Inc, New York, for the 2 4% i 6l 8le [ 8% 83 3% g8 803, 9%y 8413 ® 1Y 281, b PEay 8 e s Associated Press News Trend. The dally average crude oil produc- tion for the week ended October 24 was 2,381,250 barrels, against 2,437,000 barrels in the previous week, accord- |ing to the American Petroleum Insti- tute. The 55750-barrel decline was | principally due to curtailment in Okla- |homa and East Texas -output. Gaso- line stocks at refineries increased 382.- 000 barrels to a total of 31,218,000 bar- e 7 Revenue freight car loadings for the week snded October 17 were sligh below the preceding week. Actual lo ings, sccording to the American R: way Associstion, totaled 761.719 which compares with 763.864 cars the previous week and 931,105 in corresponding week of last year creases were reported in all commo | ties with the exception of miscellan ight, ore and merchandise 1 car lots The Companies. Atlantic Coast Line Co. common share earnings. vear ended June 30 $9.07 versus $10.48. Crosley Radio defickt, six months o eficit 8 " | September 30, $60,952 8 '*| §3.95 against $5.86 before non-recur- i i [ Segemeesuy gs92apsogensy 82 | §523.478 Electric Autolite common share ea: nine months to September char and Pederal taxes. " Hancock 01 of ¢ quarter ended Sep- ings. tember 30, 21 cents. Inland Steel declared 50 cents quar- elly months to September 30, $66.774: | net income of $214,662, equal o 6 cc a common shere in quarter.ended S tember 30, 1931 Midland ‘before expense, Federal taxes. nine months %0 Septem- ber 30, $811,455, against net income be- | \cq:a 0 $3.53 a preferred _ Chicago, D. NEW YORK CURB EXCHANGE by Private Wire Direct to The Star Office. ev. 1981 Low. Dividend 54 Memph N Gas (60¢). 8 Mid West Ut (b8%). §9 Mobawk Hud 1st(7). 25s Nat Service Co. Nat Sh T Sec A 19% Newmont Mining. . 9% N Y & Hond Ros 2 NYTe 5% N Y Transit (18 6% Niag-Hud Pow (40¢) W Nor Am Aviat A war. 80% Nor St Nor St Okia Nat Gas pf. Outboard Motor B. 39% Pepper: Low. Close. 6 6w N N 10% L P e S 1pr (83%). el cviuitive a9 Pow A (8) Pow pf ( z RS PN o BoSulbun nTon ell Mfg (4). % Perryman Electri 3 Philip Morris Inc % Phoeni. 2% Pilot Rad Tube A. . 28 Pitney 19% Pittsbgh Plate G (2) 2815 Pratt & Lambert (3) 415 Prudential Invest 1 Pub Ut % QR S-De Vry 115 Quaker Oats pi 1% Railroad Shares(40e) 2% Reliance Manag....e 2% Republ! % Reybarn Co... 14 Reynol 18% Rike K: 3 Roan 9 Rock Smith ‘outh Penn Ofl (1).. % Sta 4 Motors....... 1011 of Ind(1).. Oflof Ky 1.60. & Pwr & Lt (2).. 15% Stax 18% Sw 18% St 74 Stand \ Stand 4\ 'lver & Lead 1l Starret¢ Corp.. 4 Starret 10 Stein(A) 4 Syracuse W 27 Tampa 2% Technicolor Ind - 4 Teck HughesG! 214 Texon Oll&Land) (1). 14% Tobacco & All ld 3% Trans Alr Tra 1% Trans Lux DL 5% Triplex Y Tri-Oti 23 Tubize 4% Tung 73% U 8 Inter Sec ist pfy. # U S Rubber Reclaim. % Unit Stores v.te.... Ul & I 214 Van Camp Pkg. % Venezuela Pets 5 Voght Mfg Co 12 95 Walgre, Antel Lt& P (%0e). 1 Roosevelt Field Inc & St Anthony Gold..... 5 St Regis Paper (80c! 33, Salt Creek Prod (1).. Sol Lamp(1)... 815 Unit Car Fast (40c) x Secur Corp. Bowes (b4%) il Hold xw - v o010 0000 B0 800m o ic Gas Corp. ds Invest. umbler (2.30), Min, - muRananan (A0O) (2). Soamwawn - & L pt (7).. 150 t { "orp BT Co (1 Electr\,* (32). t65¢ Sa lithe . Chatel. B. - - 1000 BB 0 O b0 S 000 8900 B e B - o e B Buomwanmenes nd .avee BT en Co. .. West Pwr pf (7). 2 Wil-low Cafeteria: 5% Woolworth(FW)Ltd 63 1% % *T"on 6 16% L4 5% 2% Peop G Dividend rates in nual payment. 9 | 102% % 7| . 102 102% % 54 80 1% 54 80 | dividend. _f Plus 8% stock. ) Plus 2% In *Ex dividend. tPartly emtra. | a Payable in cash or stock. | stock. nPlus 8% in stock. b Paid last year—no &Gas....... 61 RIGHTS—EXPIRE. L&C.Jan16 6 3% 3% doliare based on last quarterly 1Plus b Payable in stock. & Plus 6% in stock. stock. k Plus 10% In etock. 3% 3% somily 0= in stoy K djustm e 1t b Plus 1% 3 m Plus 3% Tate. or “" A in stock. ns Manufacturing net income, onths to September 30, $101,588, share, against $31,240. Ik Southern Railroad—Septem- operating income off 312 per months off 31.8 per cent. utstanding, 12 months to Sep- 0, $3.64 against $4.81. Ivania Coal & Coke deficit, onths to September 30, $225,328, deficit $58,718. Railroad Shares’ liquidating value J 0. $7.06 a common share, against 0 December 31, J i Railways & Electric of Balti- ptember net loss $133,449 vs. ne $10,050. an Railway—September net op- % income off 0.3 per cent; nime s, 13.1 per cent. Marylgnd Railway—8$7 arnings. ne mon! 30, $4.07 v $858. .. A.) Spring - earnh , nine months to 50 vs. $3.05. —Common share months to May 31, 10 Atlan Line Railroad—Sep- tember net operating deficit $508.351 va. operating income $170.855; nine hs' m:no‘pu-m: income $4,567,326 4,395, %% Paul Minnespalis & —September net operat- Rx::x“y.wo vs. $358,141; nine $252,966 vs. $1.853.620. nine months, off 47.7 per cent. Pittsburgh Terminal Coal deficit, | nine months, to September 30, $546,099, R I e way— | September net income, $29,- 026, against $119,526; nine months, 31"’;5,!‘!, $1,277,191. ber operating dfifl:l‘b’ $114,927, e s ae St L g Def e 310296, against ‘achels 3581375, Preferred 3 to September 30, $1.57, against $1.76. | Dominion Steel & Coal—Wages and salaries reduced 10 to 20 per cent. Inland Steel—Common share earn- ings nine months to September 30, $1.25 | vs. $5.10. | Intertype Corporation—Common share earnings nine months to September 30, | 63 cents va. $1.52; not to declare any further dividends on common lto'zl this ber net operating income Off 612 per cent; nine months off 47.1 per cent. e .6 per cent; nine | months off 55.8 per mt.w Savage Passed common divi- | gend: pasa 35 gets September 1 and cents quarterly prior thereto. Roebuck & Co. share earnings, before Federal taxes, 40 weeks to October 8. $1.87 vs. $2.12. Atchison, m:a& Santa Fe Rail- ‘way—September net opersting income off 48.7 per cent; nine months off 23.8 per cent. Canadian National Railway—Septem- ber net operating income off 64.5 per | cent; 9 months off 82 per cent,. Colonial Beacon Deficit nine months to September 30, $1,881,029 deficit $1,576,360. onwealth & Southern common share earnings, 12 months, to - ! ber 30, 45 cents, vs. 64 cents. i L net operating income, off 37.8 per ocent; ‘ Eastern Rail - | high £hs, | of wheat | ~ FARN BOARD SAVE (0LLAPSNG CREDT Business Magazine Believes Federal Agency Was Boon to Farmers. Bpecial Dispatch 10 The Star. NEW YORK. October 38 —A review | of the record of the Federal Farm Board |is presented in the November issue of Fortune. the business magazine. which lists many disappointments, but credits it with two important achievements which have heretofore received com- paratively little public attention: 1. In two years the Parm Board has put the co-operative stamp on a greater commodity tonnage than the tives alone were able to a national panic. Against these two successes Although Fortune finds the position of the farmer worse today than when the board was organized, it believes that the board is guided by a thorough knowledge of farm finances, ives, world price. “Wheat that da y was selling at 693 A f n bered that co-operatives exhausted lo- cal credit before appealing to the Farm had pledged their wheat as thefr security. and the value of ‘the :;nmodity collateral was daily shrink- ered by 40,000, would be called if wheat declined an- other few cetits a bushel. It was con- ceivable that a conttinued recession in s | wheat prices would totally undermine the already tottering stgucture of rural credit. The issue was ldrger even than that of the survival of the co-operatives which the board had worked so hard to establish, and to whose continued ex- istence it was so definitely committed. The Farm Board members saw before them the possibility of a major coliapse in agricultural credit—a ccllapse which carried with it the definite prospect of & natiomal panic. an emergency and here the men whose duty it was to meet it Rember that not Mr. nor Mr. Stone nor Mr. Hyde nor any other Farm | Board member was debating or should have been debating the question of whether the Government ought to have gone into the grain business. The wolf was in the flock, and it was up {to the nine shepherds to take some steps. 2 “So, some time before the sun came n’s extensive assort- dings, the gentlemen Er\fl. meant calamity, power (and the dollar) of the Farm Board must be ex- mmllded that calamity might be fore- Pegging Wheat Price. or, in Chi- % ge Sparks Miln cago, head of the Grain Stabilization went the order to buy and on the 17th of November Mr. Milnor went into the wheat pit and offered 73 cents a bushel for December worth of wheat per day. first onslaught had subsided Mr. Milnor had collected about 20,000,000 bushels wheat. And throughout the pegged price. Through dull er of 1930 and the gloomy Spri 931 the price of grain in CI 2 'mxseentelbnge:hepdmo ‘wheat it Winnipeg and in the other exchanges of ', the world. “A\s an of _manipulative legew femain, the Farm Board accom- liskw 1ent was sufficiently extraordinary. o i ep the wheat price in er than the wheat prices - out the World was precisely as remark- able (¢\y'd as contrary to natural law) to make in a tumbler full of wW ter one section of the water's level riser.and remain higher than the rest. Evcp\V farmer who sold & bushel ‘tween N , 1930, and May, 1931, y\7ot for it at least 25 cents more than e cept for the \Farm as Mr. Milnov certainly did not buy all the wheat tiwt was sold during this period, the Urw'ed States farmer prob- ably made mor.+.0n #w tnn.s;:t;o&vihln the United Statys Treasury on it. And the d\aaster that threatened in November was' averted.” DECREASE IN' TOBACCO EXPORTS 5 REPORTED By the Associated Press. Exports of leaf tobiW\'co during | first_nine months of 19\ amounted says, the average per 100 pou: A e .65, agal .55, ar - ! the periods of 1930 arwl 1929, | respectively. ‘The total return for all o bacco exported during the 1931 ‘nder | review was $70,790.988, sh Commonwealth & Southern declared | Indijan Motor Cycle deficit, 9 months | the- 1930 and 1929 periods by .al)out common dividend; formerly paid A —September net operat income cf Delaware & Hade Haiosd Corporation off 479 per cent; nine months d:’ 37 per :-nL Tilinois Central Rafiros - mon dividend: p>id $1 September 1. L:ng Isiand Railroad—September BED k" E PhNESL R 30, $73,188, vs. deficit September net income $8,809,533, Steel 1J i equal to $9.94 a | TREASURY CERTIFICATES. A 3 W. Sell o 2 i3 Dec 18 1931°TD3 1% 333 15 1 1931-32 1932 $15,000,000. BELIEVES DEPRESSION BOTTOM LONG PASSED C., WEDNESDAY, OCTOBER 28, 1931 STOCK AND BOND AVERAGES B the Assoctated Press. Prom Yesterdar's 5:30 Bdition. i § § g ;-1 P 1314 = RISING MONEY RATES CREATE PROBLEM IN U. S. FINANCING Treasury May Have to Offer 4 Per Cent Interest if Long—Term Bonds Are Sold in Near Future. BY CHARLES F. SPEARE. (@pectal Dispateh to The Star. int ‘banking an situation, a third advance in eral Reserve rediscount rate, raise this to a 4 per cent level this week or in the first part of No- i HELE Frshel liscount rate subsequently been to 312 per cemt ‘dg:er, The June ve meanwhile gl it i ? that becomes f i § w58 sums, ways and g : i months obvious that, with interest and well away from the levels at the end of Sum- L g ] = L H i i i proposed long- and confine its opeg- i | £ HE? i E 5 i z 5 i: i i it i : H sé h L] g g their holdings of Government terially it changed ma in the three weeks. % long , effective in 1982, | atter one as they | pasis at a lower cou- | credits, (Copyright, 1931.) Everybody’s Business U. S. Steel Maintains $4 Dividend on Common Stock in Face of Re- duced Earnings. BY DR. MAX WINKLER. lod. p‘;‘t would seem that corporations which have large undistributed profits owe it fends Tn petods when' carmings e st when earn: are low ebb, the surplus position permits such action, and providing they view the future with sufficient op- u.n{-m. ‘The United States Steel man- belongs to this category, and tion of $1 was not unex- lly if one recalls the out- | spoken optimism of the corporation’s executives and other steel men at the recent meeti of the American Iron S epective . of " eriticism _ launched ive __of the Hoover-Lavel meeting, & examination the | first nine months of this year, amount- after taxes, and 2 hange therefore at today's dividend meeting. Special Sales Impost Be- lieved Best Way to Meet U. S. Deficit. BY VICTOR EUBANK, Associated Press Financial Writer, i E 34 i i £ 5 i i H it E;;! i i £ g & 8| the 12 months ending August 31, the road | try reported $2.46 a share. its 3 according to Kenneth R. A president of the Standard m California. California Oil Sound. Mr. Kingsbury further calls attention to the fact that the California ofl situ- ] 4 i i i k g | it g : zgg 4l 13 L i i £ T J | ,i il L § EEE??!%?! ratk i i g .5 85382 R gzifi geisf H Efig‘