Evening Star Newspaper, October 29, 1931, Page 15

FINANCIAL. | {088 RALLY TS DOWN EARLY L0 THE EVENING STAR, WASHINGTON, NEW YORK CURB EXCHANGE Received by Private Wire Direct to The Star Office. Stocks soid in 100.abare lots except these desisnaied by letter “o.~ ~Prev, Stock and Sairs— Dividand Rate. Add 6. Oven. Bieh. l.n“. . e @39 15 Acme Steel (2) 50, Market Leaders Show Signs| ,.* of Recovery as Buying Is Increased. BY JOHN A. CRONE. @oecial Disvateh to The Star K. October 29.—A rally | Cu ol “A" and & few other pivotal tssues behaved similarly w?r-xnm aganat public utilities coppers, increased de- mand for the olls, larity of in- vestment trusts, and a trend the motors were the outstanding fes- | tures of the forenoon session. United Light & Power. at and Middle West Utiities, at 104, y. . lost % at 7%. Wool- ~point loss in Wednesday's Aluminum Co. of America had fractional loss at 76%. at 4%, gal UTILITIES CORPORATION IS PLANNED IN ITALY By the Associated Press. pmoce Sorporation, With & €apital ot m, with a capltal o $260,000,000, is to be organized shortly o public utilities in Italy, it pesns2zegusaeie, nasTgnngss 5 a0 sette o 23 P2 52 s tmlS. & 2582023288888 2! 285 R222 282 323285,838388 3 i 222 22828828 IL2%9RTILI8Y {2t ogengey 235, & 5 mich 2 5';“8:2:!33;‘:3:3!::28:!888 = B Sonce 3 A0 0 58 e A 15 NS 113 O 1 0 U0 A AR e b R T £ . % P 283402328, 2938858 3! e s9d55g - - 4 455a968. B [ X dggat $52465288 2333y 25 s 2355 2352858856285 s ELE 24 109% © 10 Am Com Pr B(b10% Am Corpwar...... Am Cvanamid B. Am DT NJ cv pt(7). Am Equities. ....... Am For Pow wi Am Founders . Am Gas & Elec (11). | ™% Am Invest Inc (B).. ) Am Lt & Trac (2%). Am Maracaibo Am Natural G : Am St Pu Sv (a1.60). Am Superpwr (p40c) Am Superp 15t (6).. Am Utl & Gn B vee. Appalachian Gas.... Appalachian Gas wr. Arkans Nat Gas A Ark N G ou pf (80¢) . As80 GREI A (b2-25). Asso G & El war Asso Rayon. .. Atlas Uth) Corp. Auto VM cv pr pt(2). Bell Tel of Can (8).. Beneficial I L (134). Bigelow-Sanford. Blue Ridge Corp. . Brazil Trac Lt&P(1 Brill CorpB...... Buckeye PL (4).. Bunker Hill & Sull Buf N& E P 1st (). Burma rets 127 3-be. Canadian Marconi. .. Celanese pf (7 Cent Hud G&E (80c) Cent Pub Sv Del. ... Cent Pub 8ve A b5 %. Cent Stat El (b10%) Chain Store Devel. .. Cities Service (30¢) Cities Serv pf (6). Cit Sv pt B (60¢). ... Claude Neon Lts Inc. Claude Neon El 1.60 Clev EI Ilum (1 Col Oi1& Gas vte ) 5 258 1 - - R P e B e - F - & ' wis SenhnannelaloncmmahinSnsmss Creole Petroleum. Crown Cork Intl ( Cuban Cane pr opt w. Cusi Mex Mining. Darby Petroleum. Dayton Air & Eng... - East Sta Pow (B)... 10 Bast Util Assoe (2). 1 Elec Bond&Sh(b6%) 373 5 Europ Elec debrts. . Fedders Mfg Co A. Federated Metals. ... Ford M Can A (1.20). Ford Mot Ltd 36 3-6¢ Gen Aviation. . GenE Ltd rcs 36 Gen G&E cv pf B($) .1 ‘Gen Theat Eq ev pf. . Georgia Pw pf (6)... Glen Alden Coal (4). Globe Underwr (15¢) Goldman Sachs. Graymur Corp (1)... Groce Strs Prod vte. . Gulf Ofl of Pa (1%). Hazeltine Corp (1).. Hecla Mining (40¢).. Hudson Bay M & S.. Imp Ofl of Can (50c) Imp O Can reg (50¢). Insull Inv (b6%) . Insull Util 2d pf (6 Insurance Securit: Int Petroleum (1) Int Utilities B. . Inter Bqu ev pf (3 Interstate Hosiery Irving A Chute war. Lakey Foundry Lefcourt Real pf (3) Lone Star Gas n 88c. Long Isld Lt pf (7).. Ludlow Mf Assoe 10. Magdalena Syhd. ... Mangel Stores. ..... Merconi I M 87 1-10¢ Mnss Util Assoc. ... Mass Ut ev pf (2%). 268 Clese. Dividend Rate. Mavis Bottling (A). Meniph N Gas (80¢). Met Edtson pf (6). Metal & Mining Inc.. Mid Sta Pet vc B. Mid West Ut (b8%), Midland Unit (56%) Baies— Add 00. Open. High. 1% 6l Mid Wst Sts U(bS%) Mo-Kan Pipe Line. .. Mohawk Hud 1st(T). 25s Moss Gold Mines. ... Mountatn Prod (1) Nat Av Nat Ei Nat Family Stores. . Nat Fuel Gas (1) Nat Pow & Lt pf (6). Nat Pu Nat Rubber Mach. Nat Service Nat 8h Nat St Corp wa . Nat Union Radio Nauvheim Phar . Neptune Meter A (2) New Bradford Ofl. .. New Eng Pow pf (6). 1 New Jers Zine (13).. N Y Transit (80¢).. Newmont Mining. . .. New Mex & Ar Land. Niag-Hud Pow (40¢c) Niag-Hud Pow A w.. Niag-Hud Pow B w.. Niag Sh Md (40¢). .. Niles-Bemt-Pond (1) ssing. . Nor Am Aviat A war fation. . ... Pow A (1.80). DSV PL (T)uee Co. T Sec A 1606, Senmmnaan - » EL I LI Tepaee) Ohlo Brass (B) (2).. 268 1 Ohio Copper. ... 1 Ohio Oil cu pf (6)..n PacG&E1st pf1%. PacG & Epf1374%.. Pac Western Oil Pantep: ecOfl. ... Paramount Cab Mfg. Parker Pennroad Corp (40¢) Pjtney Pittsbgh Plate G (2) Polymet Mg. ... Pub Utll Hold xw. Republic Gas Corp. Reliance Int A.. Reliance Manag. Rossia St Regis Paper (60c) Salt Creek Prod (1).. Seaboard Util (28¢). Seeman Bros (3).... Sesal L & H (aé0¢).. Selected Industries. . Sle Ind Sentry Shenandoah Corp. Silica Gel etfs. ... Smith (A Q) (2) South Penn 0il (1) SoCalEd pfB (1 Southern Nat Ga: Spanish & Gen (B). . Spieg May Stern pf.. Stand Oil Ohio (234). Stand P& L (B) (2). Tampa Un Gas Utility Swift Internat’l (14) Taggart Corp....... Technicolor Ine. . ... Teck HughesGM t65¢ TransLux DL PS.. Tung Sol Lamp¢1) Unit Gas pf (7). Unit Lt & PwA (1).. Unit L & Pwr pf(6).. Unit Milk Prod of... U S Elec Pow ww... U S Foll (B) (50¢) % US& Intl Secur..... U S Inter Sec 1st pf. . U S Playing Card 2% Ul P&Lt(at1.02% Util & Ind . Util & Ind pt Van Camp Pkg. . Venesuela Petrolm. . Walker (H) (50¢)... Watson (J W) Co. Wenden Copper-...... Woolworth (FW)Lta “Y" Oll & Gas. Rust Pr (3)..100s 32 vat & Pwr(3). A. Bowes (b4% ) Intl (10¢) » - aelionh Ak anm B aletfs(53%).. Safety Cont.. - s Forn B mroror g g D e T L Tt royes ooy Electric (32). of Canada(1) % Equitle BIara an s inst quarteriy or semi-an- extra’ ’.q‘{‘.l. Sock. atock o men stoek. u-"'x‘; T m Plus 3% in Tate. Ty = in stock. BALTIMORE TROLLEY CO. | HAS $133,448 DEFICIT Special Dispatch to The Star. BALTIMORE, October 2. — The United Railways & Electric Co., which controls the trolley system of Balti- more, reported a net deficit for Sep- tember of $133,448.86, compared with | & net deficit of $180,963.2¢ in August, | and net profits of $10,050.17 in Sep- | tember of last year. | The company's gross income, after | all operating expenses, taxes and de-| preciation, was $146,660.32, while re-| quirements for the fixed charges were $233,451.52, making a deficit for fixed interest of $86,782.20. Interest re- quirements for income bonds in addi- tion, to the above fixed charges totaled $46.666.66, raising the deficit to $133,448.86. Passenger revenue for the month was $1,070,609.96, a decrease of $178,- | 530.50 'from the like month a year | ago. Expenses were $705,130.05, as compared with $742,685.60 in Septem- | ber, 1930. The total number of revenue passengers hauled during the mon! was 11,197,731, compared with 13,144.- 821 a year ago. For the nine months of 1931 the company reports that its gross income was $2,070.228.83 after expenses, de- preciation and taxes, or $37,787.19 less | than was required for fixed interest | charges. In addition to this the nine | months' requirements on the income | bonds total $420,000, making a deficit of $457.787.19. Passenger revenue for the ninth months totaled $10479.032.57, & de- crease of $1,593,231.27. The number of Tevenue passengers hauled 19,478,008 in the period. ool A . NEW YORK BANK STOCKS NEW YORK. October 29 (#).—Over- the-counter market Banks. ] o Asked % 48 America Chi Sty 8. Trast Companies. bL 248 ¥ 3 %0 in 2 Manufacturers 0, New York 03 Suuliyasells &2 t TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) RateBaturicy e i B i iiroa B S P o e =u§ The Doc 18 il o B Tk Sepi. 18, 1933..0..0 38 00 Brokers’ Comment NEW YORK. October 29.—Some brokerage house commentators took & negative attitude toward the stock mar- ket today, pointing out that the a erages were drifting toward levels where support should appear. Hornblower & Weeks.—We expect in- vestment and speculative sentiment to- ward the market to gradually improve when the full force of the plans now being formulated to improve the finan- cial and industrial conditions begin to make themselves felt. Redmond & Co—The action of the market suggests that some other ad- verse development was hanging over it, the nature of which is not yet ap- parent. The tape seems to indicate lower prices, and we see little incentive in buying stocks until either effective support develops or it becomes apparent that what looks like necessitous liqui- dation is completed. Jackson Bros., Boesel & Co.—The in- dustrial averages have now receded as far as they should recede if the which started last week is nothing mo than a technical retracement of the ground gained since the announcement the Hoover ecomomic program on October 5. Smith, Graham & Rockwell—There seems to be so little in sight that could bring a sustained recovery that it is probable the market will continue to seek lower levels. Shields & Co—The manner in which prices faded away on heavier offerings early yesterday evidenced the very dangerous technical position of the market that necessitates a highly cau- tious trading policy. With no bad news over the next few days, however, re- sumption of the rally would seem likely. E. F. Hutton & Co—We are inclined to be hopeful, though not confident, to- ward the market. FOREIGN EXCHANGE. by W. B. Hibbs & Co.) Quotations furnighed o) value ey .86 ::.x % Farrryy | MACHINE TOOL TRADE REMAINS UNCHANGED Special Dispatch to The Star. | NEW YORK, October 20.—By and |large, the situation in the machinery and machine-tool field remains un- changed from last week, American Machinist reports. Occasional indica- tions of betterment are noted. Most of the present buying is being done by the | Federal Government. School buying | seems ended for the year, and munici- pal governments share the seeming | apathy of industry. | New York reports a total of around $50,000 from Lycoming, continued hold- up on the orders for subway equipment and a few Government sales. Indus- trial demand is lacking; used tools do not go even at sacrifice prices, and in- quiries, with one exception, are un- changed. Cincinnati also has one source of cheer in another in orders, but the great proportion of | builders and dealers and some hope of fe business and the possibility that the Government will take still more. San Francisco also has sold some tools to the near future. Chicago feels optimistic, but has little to back it _except increases in: small- tool sales. Detroit is some sales |to tool and die sell automobile builders when g:.zu new models take hold = | small tools best situated, sales being to small machine airports, radio | builders and other ordinary minor sources. SHORT-TERM SECURITIES. (Reported by J. & W. Selisman & Co.) o 95 108 1 Co. s T Einac o X Be! h Canadian A | Chl. weipiil P sn28E sxusisansE u:; % 53 s ", o8 sor v r Il Low. Close. 19 14 6% 73 | i D. C, THURSDAY, OCTOBER 29, 1931 MASS PRODUCTION METHODS UPHELD Lo o » | Engineer Says Defects Are 10% 1n Due to Regulation and Adjustment. duction methods have become apparent nt depression, but they ment only and not fundamental weak- nesses of the systém itself, says R. E. international pression. a greatly lessened urge for the rapid expansion familiar in recent years a greater need to adjust tion cut down, birth rate lower, foreign trade off and much of the initial development of the country done, domestic markets will expand much less rapidly than they have been expanding for the last 25 or 30 years,” Baker writes. “Faced with these changing condi- both in domestic and foreign markets, it would seem that the task of industry is going to be one of or- | ganization and correlation rather one of limitless expansion. It is & which will require the utmost in busi- ness ability, but its performance will prospe! more n of ‘some of our years of rapid expansion. “Business, I believe, needs a new ad- viser, who may be as the economist, who will com- economic knowledge of past performance thorough information of ‘what the future in the way of industry and its consumers ve paid a staggering price for obsolescence. In S e pET S ve paid for progress. If, as lieve, we have reached a period in which market ex| ion is to be much less rapid, we will have to weigh each new improvement on 'the scale of eco- nomic advantage and thep look ahead to see what new things will in turn threaten its continued usefulness. “This means that ' administration must be as soundly advised on tech- nology as it is on history and statistics. Admin! on the basis of istered such knowledge, mass production will be ad- justed to the needs of the country and the weaknesses now so apparent will cease to exist.” Grain Market By the Assoclated Press. CHICAGO, October “29.—Grains de- clined early today under f: influenced wwhflt b} unchanged to Js lower and subsequently sagged futther. Predictions of augmented shipments of wheat from Argentina proved cor- rect, this week's total being 1,617,000 bushels, compared with 1,045,000 the week previous and 725,000 a year ago. Black Sea wheat exports were 4,384,000 wheat export business overnight was of liberal volume. It was estimated that 1,500,000 bush- Special Dispatch to The Star. NEW YORK, October 29.—Cotton prices were 1 to 8 points lower in active | tra. today. March futures were subjected to heavy pressure by hedges and commission house offerings. December and January, trade buying checked the decline. Opening prices were: December, 6.59, off 1; January, 6.63, off 3; March, 6.T: i May, 7.00, off 4, and July, 7.15, - RADIO PRICE LEVELS WORK STEADILY LOWER Special Dispatch to The Star. NEW YORK, October 29.—In a spe- cial survey R. G. Dun says “During the current year, judging from the course of demand during the first nine months, it is estimated that sales will dre the total d value in 1030, due| chiefly to the lower price level. Unit doubtless, will far less in their margin of beca was decrease, use of the growing popularity of the m‘dfi sets, which sell at a fraction of console ; it these e ma) portion o7 the sales In 1020 ‘and 1500, | l“'l'heb drop has been in the sales of more expensive sets, as| Gov- | moderate-priced radios now are pre- cover ernment and has some hope for the|dominately in demand. During the last ' and | six_months, prices have been declining | steadily, the average drop in the case of well known makes being approxi- mately 40 per cent. As the uses of the radio are being extended continually, and the average life of a set is not more than five years, the potential field of expansion induces authorities to believ that the industry's outlook is promising.” i o ALLEN HEADS CHILDS CO. | NEW YORK, October 29 (#).—Wil- liam P, Allen of n, Del., yes- terday was elected president of Childs ., chain restaurant operator, a vacancy which has March, 1929. . _Allen yvice president of E. 1. du Nemours & Co. to devote his major activities to Childs Co. as a member |of the board of" directors and of the | 'lnm&l:;r Committee. Bank of France ‘Sntment. PARIS, October 29 (#).—The weekly | statement of the Bank of Prance shows | the following changes in francs: Gold increased 1,730.000.000, sight balances | 10 to 40 per cent from ' cent. Everybody’s Business Suceess of British National- ists Viewed With Favor Both o Home ond favor, not only Great Britain, but also from that of If the opposition had been victorious it is reasonsble to sssume that they would have resorted to various kinds of ‘economic and ‘would Great Britain’s com- mercial or cial relations with her neighbors. ppointment was than| Some disaj registered ‘task | following the reduction in the Pennsyl- vania dividend to $2. tinuance of the regular and extra pay- ments by the Norfolk & Western. Pennsy Cut Explained. On careful analysis, however, the ac- vania board is as much as is within its power to do so. The pronounced rise in the price of wheat is attributable largely to the be- lief that France is. ne with the American Farm Board for the purchase | of 20,000,000 bushels. Although it is generally believed the deal will go through, it should be borne in mind it certain obstacles are bound to arise which, at leagt, may block the transaction. For instance, French 1 interests may pro- test against the importation of wheat large a volume. Only recentl: ported wheat through a higher duty on the commodit; o 5 y. ‘The attitude of some of France's al- lies also will have to be taken into ac- count, notably Rumania, one of the leading wheat-producing countries on the continent. heavy | Santa Fe immediate very opti- the shares of .. With between 15 and 20 per cent from 1930, the out cannot be viewed is | deficit $562,05: in so A French farmers it D all th | e e FINANCI g"mofl w&: Railway "eomje oft 7! : per cent; cent N“w Le Mur Co. net “: II»AW 31, $1,429, us'l"ur net ting income of ‘systemn, m| , $248.840, $92,406; 9 months, $1,- 709,567, vs. $1,777,368. Ainsworth Manufacturing common share earnings, 9 months to September :o,A2 cents, vs. $2. utosales Corporat 9 months to ber 30, $12,736, equal to 36 cents a $3 preferred share, vs. deficit $19,958. Central net income not including stock: dividends, ended September 30,- $153,849. ‘Western Pacific Railroad $9.31. mcomas.'lp«'ent; off 36 cent. Wakefield: Co. B?hlllul‘ 30, ‘!Mt.m,’nfi nine months 5 Sepiesmber 30, $1 31 v » Inc, deficit nine $206,900 vs. chocoiate INTERNATIONAL BUSINESS ’fl:‘mfl«l’m light an some a competent steel au- 5 Hel}:opoix:’u;unmthgm occur it woul very impres- ive, the usual course is down- ‘ward at this time of the year. view seems to be borne out by & Chamber’ of Commerce report show- ing improvement in-business conditions, nau:g in the steel industry, with some , including Carnegie Steel and Weirton Steel, rzportlng increases in operations ranging from 3 to 10 per In response to inquiries as to -whether Holland contemplates abandoning the lfldmedwdllfl, the Netherland Bank intends to unconditionally, that tion of the currency, that none is ex- pected and that the the Central Bank is ever was before. ‘The Dutch guilder is d by a MACHINES NET H Special Dispatch to The Star. w Tk This is an increase of $154,699, per cent over net of $5, 426 for the first nine months of 1930, which were equivalent, to $8.17 a share on_the nt protecte c!::d,om. silver, foreign excha; its held ~broad, aggregati quoted parity of 40.20 cents. (Copyright. 1931, by the North American Newspaper Alliance, Inc.) STOCK AND BOND AVERAGES By the Associated Press. Prom Yesterday's $:30 Edition. I8 !?_fs i L Al !ht lines Vi eight months to August 31, $1.46 ys. AL. | | i i | §u8kE 'Eggi 32!;55 .iii i | a | i t § but i 18 ? = 5 ¥ G i per 100, 15823, E ir. crate, 2. 3 bets, 1000400, toes, 3 2.0082.50; 1.25; cantaloupes, IGHER 155, 25, 25a55. ot § e g 83 E & ] o Ha B 3 L) iii us! Eg ¥ i 5 g i § s E I i £ol i H i j § I § i i ¥ 8 i | : ;%5’; agf § § i spot, ber, 61%,