Evening Star Newspaper, October 30, 1931, Page 15

FINANCIAL. CURB SHARES SAG IN LIGHT TRADING . Leaders Yield Fractionally. Oil and Utilities Is- sues Firm. BY JOHN A. CRONE. Specisl Dispateh to The Btar NEW YORK, October 30 —After & firm opening today prices on the Curb Exchange drifted toward lower around midday without, however, bring- | ing out increased offerings Electric Bond & Share ylelded frac- tionally and so did Cities Bervice Standard .Oll of Indiana and Gulf Ofl of Pennsylvanig were firm spots in their respective gre Duke Power was up | 4 points and Commonwealth Edison meintained its quotations Flectric Power & Light option war- rants weakened in sympathy with the common shares over on the big board, due, it was said, to selling emanatnig from Canada. A more probable cause, however, was the widespread belief that the company would offer rights to new common stock, which may be offered to shareholders around §15 & share. Northern Pipe Line. with an advance of more than 3 points, was prominent in that group, as its directors recom- mended the reduction of capital stock from $2,000.000 to $1,200,000, with a corresponding reduction in the par v-lue of the shares from $50 to $10, probable recommendation of a euh dlltrbuuon of $20 a share. Among the specialties Mead-Johnson and Pllkt‘r Rust Proof opened higher, then reacted. Continental Corporation of Chicago, with a decline of nearly 4 Ppoints, was the widest mover in the in- vestment holding company issues. United Gas was rather heavily offered, one block of 4300 shares changing hands at 3, but the preferred advanced 2 gn‘l flway & Light Securities moved els | THE EVENING STAR, WASHINGTON, .. BOND BUYING NEW YORK CURB EXCHANGE | Aere Underwriters. . Alnsworth Mfg y Gas Corp. Aluminum Co of Am 9508 AmCit PEALBbIO% . 9 AmComP A (b10%) 14 Am Corpn (£30c) 3 Am Cyanamid B. Am Equities. .. Am For Pow war.. Am Founders. .. Am Gas & Elee (1), Am Lt & Trae (2%). Am Maracaibo Am Natural Gas Am Superpwr (pdidc) Am Utfl & Gn B vte. Am Yvetie ( Anglo Chil Nitrate. , Appalachian Gas Appalachian Gas wr. 16 10 Atlas Utiltiles war Bell Tel of Can (8 Bickford's (1.20) Bickfords pf (2 Blue Ridge cv p Brazil Trac Lt& Brill Corp B. .. Buft N&EP pf (1.60) Buff N & EP 1st (5). Bunker Hill & Sull. . Burma rets t27 3-5c. Cable Radio T vte Cable & Wire Brets Canadian Marcont. Carih Syndicate. . ... Cent Pub Sve A b5% . Cent Stat E! (b10%). Cenirifug Pipe (60c) Chaln Stores Stock. . Cities Service (g30¢) Citles Serv pf (§) Cit Sy pf BB (6). Clev EI Ilum (1.60). Colombia Syndicate. Colon Ofl.. Col Oi1& Gi ses e Cmwlth Edison (8)..225; 81 2 ahead more than a point at one period. Garlotk Packing firmed. Melville Shoe first declined again. At times Aluminum Co. of America was up nearly 3 Dnlnu Singer Manufacturing lost a ,ro Franklin l‘nnuflc'.ur!ni !ercd M Motor of Canad: though Ford Motor Ltd., ‘u Crocker Wheeler Elec- wn slightly on a fow offer- "‘E’.c tric Bond & Share $6 preferred and Middle West Utilities preferred with warrants were down 1'; and 4 nts, respectively. United Light & wer _convertible preferred, moving long with the common shares, sold up )l.bout 2 points during the first several ours. Curb prices were firm at the open- Citles Service at 7', was frlr.-tlonnny higher and there were similar” im provegents in Standard Oil of Indi- ana at 204, and other oils. Electric Bond & Share was unchanged at the start, but in the first few minutes thereafter advanced to above 20. Small nlted Light & Power A. Industrials were quieter, Aluminum Co. of America jumped nearly 3 nts to 79'(. Hiram Walker and St. Paper were firm. In the trading corporations, United Founders was off a shade at 3. Mine shares were un- ch‘aln(ed. Pennroad was higher in the ratls, Ford Motor of Canada at 12!, was ightly hu’)zer Cord gained fraction- ally to Aviation stocks were Appalachian was the most active lu\u, but its price wa$ unchanged at 113, United Gas was steady at 35, were quiet. FRENCH GOLD RESERVES REACH NEW HIGH MARK By the Associated Press. NEW YORK, October 30.—Gold re- serves of the Bank of France reached & new peak in the week ended October 23, above the $2,500,000,000 level. in uence of a net increase of about $60,200,000 In the period. In the in- terval Ilu went off the gold mndu-d from this count: export movement of gold has exceeded $700.¢ 000,000, and the of the metal has been taken for French account. The Bank of Prance, however, has increased its gold reserve in the aggregate by only $172,360,000, indicating that a very mmn 1 portion of the metal tioned for French account found B Gtads the vaults of the central bank. Presumably France has something of a hoarding probiem of its own to guard against. i ey SKDR;I‘ SELLING. NEW YORK October 30 (Special) — The premiums being paid to borrow popular industrial stocks suggest that the short interest is steadily increasing and that it is today probably larger than when Presdent Whitney made his talk on short selling, at Hartford, two weeks ago. BONDS ON THE CURB MARKET. Bales in‘thousands Am Camwih Pv_ 65, 13 Amer P 13 Amer Rol ppa DOMESTIC BONDS, Hsh Low. Negn. ot 33 um TP e PR ) uouou.—3;ou'4u R 1 Lony fiiana Lt (IR & Metro_Edi i} 10 Miss Biv PUss o 2eRRLIIT et 33 10 pa e a1 w8, i+ | months to September 30, $4.154.7 Cmwith & Sou war. Consol Ajreraft Consol Copper. Con Gas Balto (3.60) Contl Chicago Corp. . Cord Corp..,.... Corp Sec Ch (b6%) Corroon & Reynolds. Corroon&Rey pf(A). Creole Petroleum. ... Curtiss Wright war. Cust Mex Mining. .. Dayton Air & Eng. De Forest Radio. Deere & Co. ... Derby Oil Refining. Detroft Afreraft. 10% 51% 3% 1% 21 81 4 . 6 8% 145 East G & F Assoc Eisler Electric. Elee Bond&Sh (b6 %) Elec B& Sheupf§ Elec B & Sh pf (6). Elec Pow Assoc A ( Elec P & Lt op war. Elec P&L2ApLA T Elec Sharhldg pf( Elg Nat Watch 1%.. Emp G & F cu pf(8). Empire Pwr pt(2.24) Europ Elec deb rts. .. % Europ E Ltd A (60c). Fiat rets (343%c). . Flintkote Co A. Ford M Can A (1.20). Ford Mot Ltd 36 3-5¢ Foremost Fabrics Fox Theater (A). FranklimMfg. Garlock Pkg (1.20). 4 Gen Aviation. i Gen G&E cv pf B(8). Gen Leather kY 184 12 ki) 6% 31% 100% 60 2 W 11% 260 122% 6. Georgla Pw pf (). .. Glen Alden Coal (4) Golden Center. . G GUAt&P T nv 4 Gt At&Pac Tea pf(7) Groe Strs Prod vte. . GulfOilof Pa (1%). Hecla Mining (40¢).. Hudson Bay M & S. Humble Oil (12%).. 7% Imp Oil of Can (50¢c) Indiana Pipe Line(1) Insull Inv (b6%) . Insurance Securit Int Petroleum (1) Int Safety Razor (2). Int Superpwr(t1.10) . Insull Utll 2d pf ( % Interstate Equities. . Stosts octf o Sutars f6is eucis (hse dhstennied by Setter - Add 6o Open. High. Low. Close Dis Kolster 16 5% 16 18 Lone Sta Louista TLake Shore M Received by Private Wire Direct to The Star Office. B (AmEh) 12.80) rGasn 88c. a Lan & Ex. AtShT Sec A wwc Nat §11 ¢ Y Tel pf (6 Y T ewmon ag-Hu Nor Am or Am t Mining d Pow (40c) Aviat A war Ul 8 Nor Pipe Lin Ohto Copper. . PacG&E Pac Ligh c Wes 1stnf1%. tpf (F) tern Oil an Am Alrway ndem O11. ntepec Oil K Parke Davis (11.65). 4 Parker R Pender I t Pr(3).. ) Gr A (313) Pennroad Corp ( Pilot Rad Tube A. Pittsbgh Prod Roalty (b10%). 1 Prudenti Pub U1 Pub Util Rwy & Lif Reiter-Foster. .. Republic Gas Corp. . Rock Lt & P (90c)... St Regis it Creek Prod (1).. Schiff Co Schulte Real Estat. Seaboard Util (28¢) Sec Allie Selecred Shattuck Den Mi Shenandoah Corp. 4 Sherwin Shreveport Elec D. Singer Mfg Co (116). South Pe % SoCalEdpf B (13%). Sou Cal Ed pf C(1%) Southern Nat Ga: SW Dairy Product: Southld Royalty 20c. Stand Ofl of Ind( 1).. Stand Ofl of Ky 1.60. Plate G ( al Invest Hold w; Hold xw. t Secur (13) 100s Paper (60c) 1 (2).. PN aD T mone B st d Corp (1 Industrie: 3 1 1 Wil (1432).. 50s 1 288 nn Ol (1).. 2 1 4 1 1 6 41 4 Stand Oil 0£ O pf (5). 208 1 4 Starrett Corp. . Starrett Corp pf (3). Stutz Motor Car. Sunray Ofl. . Swift & Co (2) Swift Internat’ Technicolor Ine. Teck HughesGM 165¢ Trans Ai Tri-Utili Trunz Pork Strs (1). Tubize C! % Ungeriel 1 2 20 1 1 6 3 r Trans.... 1 ties. ... 1 408 hatel. B.... 2 der Fin Cp. . - Un Gas of Canada(1) Union Of Unit Che; Unit Gas Unit Gas UnitL & U S Elec Utility E Venezuel Walker ( West Ma; 4+ Woodley “Y"Oll & Gas....... d rates in doliars based o “Ex dividend. ' Blus 3% :.'.":o:x.""‘tp B o 1a° stock: n Plus 8% in siock. ty & your 2 1 Assoc (2 Union Tobacco mical. Unit Corp war. Corp war DL (7). Unit Lt & Pw A (1).. Pwr pf(6).. Unit Milk Prod pf... U S Dairy (B)... Pow ww. U 8 & Intl Secur..... U S & Overseas war. . Unit Verde Exten (1) Utll P&Lt(at1.02%) quities. ... a Petrolm. . Walgreen Co. ... H) (50¢)... ss Co(2%).. Petroleum. 1% 1 iast quarterly or semi. vrmly xtia. | iPlus 4% s stock ¢ Adiustment i Stock. D Elus 1% in D Pald Iast year—no resuiar rate. CORPORATION || REPORTS ; TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, October 30.—The fol- lowing is & summary of important cor- #boration news prepared by the Standard Statistics Co., Inc., New York, for the Associated Press. News Trend. Brokers' loans continued their down- ward trend, dropping $15.000,000 dur- ing the week ended October 28 to a total of $869,000,080, the lowest since December 7, 1921. Al divisions de- creased, with the largest decline_re- ported in loans made by New York member banks for their own account September railroad carnings reported to date indicate a decline in aggregate net operating income of 46 per cent from September, 1930. This is the largest decrease this year, with the ex- ception of the 54.2 per cent drop in Februkry and compares with a 418 per cent decline in August The Companies. American Metal Co. Ltd. deficit, nine months to September 30, $353.491 vs. net income $1629,926, equal to $1.52 & common share. Bendix Aviation common share earn- | ings include non-recurring income, nine months to September 30, 85 cents vs | 81 cents. Bethlehem Steel unfilled orders Sep- | tember 30 s operations currently at cent of capacity vs. 32 per cent f third quarter, 41': pfer cent in pre- ceding quarter and 546 per cent a year ago. Consolidated Cigar common st earnings, nine months to Septemb: $3.51 vs. $385. McGraw-Hill Publishing share earnings. nine months tember 30, $1.53 vs. $2.62. Mid-Continent Petroleum deficit commeon to Sep- nine Vs net income $3.987446, equal to $2.15 a common share. New York Railways net income be- fore adjusiment bond interest. nine mon! ‘15 to September 30, $265.726, vs Pmpm Drug Stores common share carnings, nine months to September 30, $1.80, vs. $2.06 Superior Steel deficit, nine months to .September 30, $381.349, vs. deficit $278.621. Warner Quinlad Co. deficit. nine months to September 30, $120,162, vs. deficit, $285,060. Wheeling Steel deficit, niné manths to September 30, $1.935.755. vs. net in- come $2,655,955, equal to $1.68 a com- mon share. rectors. decide to omit dividend usually | paid November 15, paid $2 August 15. Eastern Utilities Associates conver- tible share earnings, 12 months to Sep- tember 30, $1.01, vs. 75 cents. [ Electric Autolite—Maintenance of $4 | dividend rate indicated. neral Cable deficit, nine months to September 30, $2,506,881, vs. deficit | $1.211.214. | Melville Shoe to open fifty new | m McCan units by Spring; has 478 | tores in operation. | Tennessee Electric Power net income, | months to September 30, $3,431,038, $3.906,925. 1 Afmliated Products common share gs, eight months to August 31,/ vs libama Power net income, 12| ths to September 30, $4,931,032 vs. 47 hlehem Steel $7 preferred share 1gs, nine months to September 3, | vs. $21.55. on Jackson Co. deficit, wcnths to September 30, §$129,008 net income $489,404, equal to $1.37 a common share. Georgia Power net income. 12 months to September 30, $6417354 vs. $7- nine | lard (P) Co. making 12- e packages of Old Gold at 10 roducers & Refiners Corp. deficit, nonths to June 30, $1.509,892 vs. t $820,511. Hamilton Watch — Passed quarterly common dividend; paid 15 cents Sep- Terminal common share earn- nine months to September 30, vs. $2.56 ] Motor—Reduces minimum wage a day from $7. ork Dock common share earn- nine months to September 30, nts vs. $2.10. ips Petroleum _deficit, nine to September 30, $2.410.253 vs $7.4 ,768, equal to $2.28° Bus B 49 to tember 30, $111,653. Petroleum 9 months to common share September 30, ited Alrcraft & Transport common e earnings, 9 months to September 89 cents against $1.31 /ard Baking ~$7 preferred 42 weeks to October 17, share $6.19 Westvaco Chlorine Products de- ared 40 cents quarterly dividend; formerly paid 50 cents. rown-Zellerbach Corp. declared div- idends totaling 75 cents each on series A and B preference stocks, payable 3713 cents each on December 1, 1931, lnd March 1, 1932; in preceding ters dividends of 75.cents each were | disbursed, prior to ‘which $1.50 each | was paid. National Tea common share nrn-’ ings, 9 months to September 30, 64| cents against $1.05. Blumenthal (Sidney) & Co. common | |LOAN RESTRICTION PQI.ICY IS STUDIED Cleurmg House Association Con- siders Plan to Ban Account of “Others.” B By the Associated Press. NEW YORK, October 30.—The New York Clearing House Association has | before it a proposal to ban brokers' loans for the account of “others” in the call money market. The decision is in the hands of a committee which is expected to meet {soon and draw up a rule forbidding member banks to accept funds from | non-banking interests for employment in loans to brokers. Should the proposal be adopted. it would greatly restrict call loan facilities available to corporations and wealthy persons that at one time in 1929 had nearly $4,000,000,000 in the call money market. Corporations and others still would be able to place their funds through private banks and non-clear- ing house institutions, although it was believed that some institutions outside | of the clearing house might follow the | lead of clearing banks. The placing by corporations and other non-banking interests of funds in the call money market through large New York banks was enormous during ! the bull market, when call money rates soared as high as 20 per cent. At the high point, October 9, 1929, such loans totaled $3.941,000,000 of the total of $6.713.000.000 of all loans to brokers reported as of that date The break the last two weeks of October, 1929, “others” had reduced their loans to brokers by $1.432,000.000, throwing the burden of carrying the loans upon the banks. Subsequently further amounts were called by non-banking lenders, reducing their accommodations to rokers from the middle of- October to the end of November, 1929, by nearly $2.000,000,000. In the opinion of bankers, the cur- rent low volum> of “others” make it possible, with a minimum of | incoftvenience, to end the practice of | arranging such loans. TREASURY CEBTIHCATES (Reported by J. & W. Seligman & Co. Rate_Maturity Ofter. 15, 1931 9 3132 10093 as Dec. 15, 1831.-TD3 90 31-37 100 133 125" Mar. 180 99 24-32 99 38.32 ., B B 190 100 332 100 832 1%s Sepi. 15. 1932 98 20-32 99 Pln\flc Lighting common share earn- based on average number of American Writing Paper deficit, nine share eamings, 9 months to September | shares outstanding, 12 months to Sep- 4+ | nine months to September 30, $130,390, \s net income $209,755, equal to $2.3 ferred_share o ® Bentral Railroad of New Jdercey a » 30, 10 cents against 3 cents. I 5 Pacific Gas & Elec. common share | earnings, 9 months to September 30, | 209 against $349. tember 30, $4.11 against $4.49. United Gas Improvement common share earnings, 12 months to Septem- bex 30, §1.49, same as yoar ago. - tock. | Government October crop report. The in the market was fol- | New lowed by calling of the loans and in |8 loans will | D -C. 'BY BANKS RESUMES { O Purchases of Government Securities Increases During the Last Year. P. SHAEFFER, ess Business Writer. government _securities 1 banks of the Federal reased §124,975,000 during the Jast ye: The amount of their investment stood at $727.004.000 on October 21 latest reported week. This increase is attributed to the Government policy of pening credit in its efforts to spur | business to greater activity. During last Spring these banks lowered rates in the short-term market to un- remunerative levels, which tended to turn funds into long-term issues, with a resultant strengthening of the bond market. In late weeks. however, with redis- count rates of the central banks show- ing a stiffening tendency, their, pur- chases of Government securities have fallen off, the last reporting period showing a $37.000,000 decline, as com- pared with the previous week. This declining market {urnished by the reserve banks has contributed to the present unusual spectacle in the bond market where seven of the twelve United States Government issues are selling below par. Government econ- omists, however, point to this fact as an encouraging feature. It indicates, they contend. that investors feel they can employ their funds in more re- munerative channels, through loans and industrial obligations, than in the haven offered by Federal paper. In ad- | dition, funds so placed are aiding in business expansion and economic re- covery. It is cited that the moratorium re- moved the best customer for Govern- ment securities. Foreign creditor na- tions took advantage of the low market in this country as a medium of meet. ing their periodic payment in ds which were accepted by this Go ment at par. New York Cotton Special Dispateh to The Star. NEW YORK, October 30 —Opening cotton prices today were 2 points off to 1 point higher. The firmness cal from an even balancing of hedge cdv- ering orders and commission house liquidation. Trade buyers were fairly active. Opening prices were: December, 6.58, off 2; January, 6.66, unchanged: March, 6.79, unchanged; May, 7.00, up 1, and July 7.16, off 1. Grain Market By the Associated Press. CHICAGO, October 30.—Grain prices tended upward early today, influenced by Liverpocl reports of scarcity of wheat sellers. Offerings of wheat at Liver- pool, it was stated, were confined to tenders of shipments from North America. Opening unchanged to cent higher, wheat continued to point up- ward, corn started at ! advance and subsequenuv rcse furl.her. Wheat bulls laid stress on Russian advices that Vral grain deliveries to October 20 were only- 12.2 per cent of the expected total. It was further re- ported that Russia’s 1931 adverse trade balance, January to August, was 211,- 000,000 rubles, compared with 87,000, 000 rubles during the same period of 1930. Bearish traders made much of Winnipeg advices that any announce- Xp{:t of the new British government’s mtions to carry out promises of protection to British growers and great- er preferences to the British colonies would be bearish on United States wheat, especially when advances such as recently have been witnessed. Corn displayed relative strength much of the time as compared with wheat. Demand for corn west of the Missouri River was reported to be keen owing to partial crop failure over large areas. An authoritative unofficial crop sum- mary issued today covering the corn belt as a whole put 1931 production at 2,680,000,000 bushels, compared with 2,703,000,000 officially forecast in the 4-3% merchantable quality in the seven lead- ! g States was given as 80 to 95, against 55 to 92 for the same States last year. Oats held about steady. Provisions were responsive to hog market setbacks. BANK CLEARINGS DROP BELOW 1930 FIGURES By the Associated Press. NEW YORK, October 30.—Bank clearings are again -greatly reduced. The total this week at all leading cities in the United States, as reported to Dun’s Review, of $5,497,168,000 was 31.3 er cent below that of the same week { last year. At New York City the amount Wwas '$3,670,099,000, a reduction of 30.8 per cent, while the aggregate amount for cities outside of New York of $1,- 827,069,000 was 32.2 per cent below a year ago. The reduction from last week was also quite heavy, amounting to no less than $740,000,000. It is necessary to go back to the last week of August to find an amount near- ly so low as that shown for the final week of October. Furthermore, August bank clearings customarily are at the low point of the year. It seems apparent that certain extraneous circumstances present at this time are accountable for & part of the loss in bank clearings. Bank clearinge this week, as reported /to R. G. Dun & Co., showing decreases |85 comapared with same period a year | ago fellow: (Totals in thousandsr a3 3 1912020 e h3es reo3caceD B SRR Baltimore . | Bittsburen | Buffalo . | Chicago oit Cleveland Sincinnati | lnsns ity aha Mmm.nnm Richmond | Atlanta | Louisitie | October. to date September August . Seond” auarter Pirst quarter .. SECURITY GAINS SEEN IN BRITISH ELECTIONS That the British elections mark the besnning of improved economic and i7al stability everywhere is the view | expressed in a special letter just issued by Hofnbhwer & Weeks. believe that the result of this election will lead to a broad recovery in all invest- ment securities presently, and primarily to be felt in prices of bonds and other investment securities of sound Ameri- can_corporations. “The _establishment of an upward trend in- American securities prices,” they state, “seems to us to be inevita- ble.” FRIDAY, OCTOBER 30, 1931. a Everybody’s Business International Credit Corpo- ration to Convert German | Short-Term Credits Into { Longer Obligations Be- lieved Perfected. | BY DR. MAX WINKLER. Special Dispateh to The Star NEW YORK, October 30.—Plans | are understood to have been per- fected for establishing an internation- | al credit corporation, whose princi- pal aim will be to convert German short-term credits into obligations run- ning from three to five years. It is! quite possible m.t the plans for the | formation of this bank were taken up in Washington in the course of the | Hoover-Laval conversations, It is generally felt that the French | will not oppfifie the Dro]('ct l‘sp(‘c\l“y because France's short-term ments in Germany are memy nomlnl-l ’ While a funding operation will resulh in tying up fundsefor a longer period, | it shotild be remembered that it should | exert a most favorable influence upon | German economic conditions, which in | turn cannot but prove beneficial to| Germany's neighbors. After the sensational events of the lagt few weeks, especially Great Brit- | l(&'s suspension of the gold standard, | it should be apparent to every sensible | American that the administration at | Washington will be prepared to receive | with an open mind any fresh debt pro- | posals of a constructive nature that emanate from the governments of Eu- | rope, according to Thomas W. Lamont. Hoover Receptive. ! ‘The Mot President ver himself has given | clear intimation of this fact in his re- cent and notable statement that had | to do with unified measures to meet | America’s economic difficulties. Despite poor earnings, Bethlehem Steel declared a dividend on its com- mon amounting to 50 cents a share. ‘The outlay which such distribution calls for is not likely to'prove a strain, especially in view of Bethlehem's un- usually strong financial position. It is| felt that payment was prompted chiefly by the desire to create a generally more confident feeling. the grounds that the Cenlnl» Railroad of New Jersey El already in dividends so !lr thi yelr a total of $8 a share, the quarterly pay- ment of $2, due November 15, will not be made, according to an official state- ment by the company. Non-Dividend Rails Grow. The list of non-dividend paying rafl- | road shares is ingreasing steadily. There | | are few indeed who would have ex- | pected the Jersey Central to take so drastic a step. Since 1849 payments have been made l‘:rlllfly. with the ex- ception of 1858, 1877-82 and 1885-88. Since 1909 stockholders have received each year not less than $10 a share, while during 1922-30 $12 was paid an- nually, of which $4 represented extra distributions. Omission of the dividend'is likely to | affect, among others, the com- pany, which owns about 53 per cent of :h:l outstanding shares of Jersey Cen- ral. Economies Reflected. Economies already effected by Ameri- can Type Founders should be reflected in increased profits long before the re- turn of sales to former volume, accord- ing to Joseph F. Gfllick, president. Al- though earnings for the year ended Al t 31 were not sufficient to cover mv!dend requirements, payments were made partly out of surplus, since it was the belief of the management that the regular dividends on both preferred and common could be paid without impair- ing the financial structure of the com- pany. ‘I{e increase in earnings of Monsanto Chemical Works in the first nine months of this year over the same period last year is due largely to the fact that the third and fourth quarters of 1930 were unusually poor, accort Edgar M. Queeny, president. The relatively unsatisfactory showing last year, continues Mr. Queeny, was the result of non-recurring losses and write-offs, so-that the company is now in a position to receive the benefits of about $5,000,000 invested in plant dur- ing the past three years. Kelly-Springfield Shows Profit. ‘The Kelly-Springfield Tire Co. has been able to report a net profit for each month since May 1 of this year, accord- ing to William H. Lalley, president. e affairs of the company are show- ing & progressive improvement, con- tinues Mr. Lalley, who adds that despite general business conditions sales have held at a steady level and that ship- ments to dealers for the first nine months of 1931 have exceeded those for the same period last year. To those who view foreign invest- ments with skepticism, the activities of International Business Machines should be very interesting. European sales of the company’s tabulating division in September showed an increase of 245 per cent over the September, 1930, fig- ures, and rep‘menud a new high record. Despite the world-wide business de- pression, the company has been able to make a good showing, as evidenced from the fact that earnings in the first nine months of the current year were sufficient to cover by a most adequate ma) the entire year’s dividend of $6 a share. Earnings for 1931 are expected to exceed 1930 figures by about $250,000, according to a very authoritative source. Faith in Spain Shown. American capital is beginning to evince faith in the Spanish situation. This is evidenced by the formation, un- der the laws of Spain, of a company with a capitalization of 20,000,000 pese- tas, for the purpose of ereeting a plant and co-operating in the electrification | of the Spanish railways. The necessary capital is furnished by the General Electric Co., the German | General Electric, in which the Ameri- can company isvheavily interested, and :h‘e French affiliation of General Elec- ric. Fhe material required for the pmxl’lm will be supplied by the German and | French companies on the basis of 3 to 2. | This plan is expected to aid the Ger- man General Electric Co. and through | it the American concern. (Copyrisht; 1931 by the North American Newspaper Alliance. Inc I | tion in FINA |Advertising Drive For Refrigeration To Cost $3,000,000 Special Dispateh to The Star. NEW YORK. October 30.—The Ex- | ecutive Committee of the I'k'clflt Re- ition Bureau, | National Electric Light chhuon | announced today that it will spend ,000.000 in newspaper and magazine advertising in a co-operative campaign telling the merits of électric refrigera- 1932. The bureau estimates | that it and various manufacturers will spend a total of $18,000,000. J. E. Davidsan of Omaha, chairman of the bureau, rw “‘Our co-ope! e advertising and anfi vxperlrnce.s during the current vear have proved to us that intensive advertising and selling can produce re- sults in spite of the present economic stress.” e NEW TURKEY CROP DECLARED LARGER 5= | Smaller Percentage Will Be | Ready for Thanksgiving Market, However. By the Associated Press. CHICAGO, October 30.~Turkew will be less plentiful for the Thanksgiving | 'S an spokesman adds that Menu this year. but will be in greater|a program supply for Christmas. Figures supplied by the Government Bur:zau of Agricultural Economics showed that the 1931 turkey crop was slightly larger than in 1930, but that a aller percentage would be ready for arket by Thanksgiving. Increase in Birds. ‘The .’.'Q"'@}’;" gl turkey- on farms was approximately t larger ‘han last year, but mufi:r u\ln in 1929. The increase was due greater numbers in the Pacific ! Btl'u lnd in Texas, which offset decreases in North Central and Rocky Mountain sum y 457 per cent of the crop will be lvllhble for the Thlnh‘\fln. holi- day, now less than a month away, whereas last year 51.5 per unc ‘were ready. For Christmas, though, 59.9 per cent will be in condition to be shipped | to market, while last year dn)y 37 pe\‘ cent of the crop was ready to Yuletide tables. Conditions were favorable for the rais- ing of young turkeys in most of the area west of the Mississippi River and the proportion raised to marketable size was above average. East of the Mis- nulppl hatching conditions were less favorable, but a greater of young turkeys was saved. Turkeys were aj tly in m than average condition on Qctober 1 mz in some States in i.he ‘Western t area. Grasshoppers have furnished a valu- able food lupply for the turkey crop in many localities where other feed scarce. ‘The North Dakota crop is 7 per cen smaller because of poor hatchings and depredations by dogs, crows, coyotes and weasels. Blackhead, a disease particu- larly fatal to turkeys, was also prevalent. Towa showed the greatest Lnereue in production this year, 12 per cel ‘txl‘un in 1930. - creases were: Minnesota, 5 Tex':s 7 per cent, and Arizona, cen EASTERN ROLLING MILL HAS $2,040,748 CAPITAL Special Dispatch to The Star. BALTIMORE, October 30.—Report of the Eastern Rolling Mill Co. for the third quarter shows net loss of $124,- 104.85 compart edwluznmlmof $152,330.27 l.u the Bfll‘ffim last year. Surplus afte: for q was $511,808.51. The report did not include a balance As of January 1, 1931, the cur- rent assets “!um at $2,190,999 and current_liabilities at $150,251, giving net working capital of $2,040,748. ‘The volume of uwa it lue principally to nae widespread slump in the automobile industry. Any expan- sion in activities by the automobile this Fall manufacturers and Winter would probably be reflected in lm: ;;Eho! operation at the Eastern CLEVELAND, Ohio, October lo (P).— ‘The board of directors of the Van Bwefln[en Corporation has authorized proposal for the retirement of its ouunnd.lng $30,000,000 five-year 6 per cent gold notes maturing May 1, 1935. offer provides for paymenc of $500 in cash along with 20 shares of o'-:-r common stock for each $1,000 nof The Van Sweringen Corporation will purchase approximately $15,000,000 of the notes and Van Sweringen interests will acquire approximately the same amount. NEW YORK BANK STGCKS NEW YORK, October 30 (#).—Over- the-counter market: America Chase Chatham 'Phenix ers Broskisn Contral Ha : | Gnemicat Bank a 'nun o) Corn Exchange Empire Guaranty ing Manuactis New York -STOCK AND BOND AVERAGES By the Associated Press. Prom Yesterday' 's 5:30 Edition. STOCKS. 50 Industrials. - 78.0 Three years ago. Five years ago. pEgese (34444 H - (Copyright, 1931, Standard Statistics Co) * NCl1AL. 2 Hay—Receipts, 280 |mnln¢ to arrive in E} sx3 A—I5 IEXPORTS MAY GAIN | BY LAVAL'S VISIT e | Premier’s Assistants Dis- cussed Grain and Cotton Prices While Here. BY LOU E. VAN NORMAN. One of the practical results of Pre- mier Laval's visit to this country may be a stimulus to America's foreign sales of wheat and other agricuiture staples. ~ During the conversations between President Hoover and other American oflcnh and Premier Laval, advisor to the Pr wot up with the Federal Parm Board the question of export credit looking puuculnly to the purchase by Prance o( Arnnlcm whuz and enuon Pnnu said to ‘n_the mar] wards o( soooom Imshell of Ih!'!l from abroad, her domestic crop having been by unfavorable weather con- dlfltm‘ Otml as Agent. nmh egotiations are now in prog- It is belleud that in this matter the French government fs. merely act- ing as agent between the French millers and the Farm Board, while the millers themselves will be the actual pur- chasers. Now that the “stabilization” stage of the Federal farm activities has ad- uflcuh.uul preducts all ovzr the world oming more and m ore impressive. ring the Spring the Boar ing with fore! governments !or various commodities, %Luu with surplus American wheat. first deal was with the of Brazil for 25,000,000 bushe! in rebam for 3 lz'wm of which Brazi us. This 'eek the p Grain Stabilization nounced that 2,000,000 bushels of !Inn Board wheat had been delivered and that u:noo: mo( m& had been placed in eleval l: coun try by~ the Brazillan nt, 'flu Farm Board, will ‘l:g,fl;o off the market until lnwlba. The next China. Ne tionalist government, com Taiils” ot ‘whebl: mmose of whieh ‘the chm-uthnrmuuy'llluu-fltur of distress caused = gL Valley. Of ered to chlu during o Follo such in ufficient stocks. Dm‘sh t more Other sme- lho"-l‘ll’ per can wheat for deli next 'fll:’ year. tion tion, through mmmmu luch-rurh Special Dispatch to The Sta: BALTIMORE, Md, ‘White potatdes, 100 sweet potatoes, bushel, 2.00a3. per 100, hamj 2.0084 ¢ a 15823; Chickens — Young, 18a20; old hens, 13a18; roosters, pigeons, pair, 25a30; guinea fowls, nlr, 25a55. | store nlcked. 15a16. Hay and Grain Prices. ’ Wheat—No. 2 red Winter, export, no quotations; No. 2 red Winter, garlicky, Com—No 2 yellow, domestic, spot, :lfib’. cob corn, new, 1.75a2.00 per rrel Oats—No. 2 white, domestic, spot, a34'5; No. 3, 33a33%. » Rye—Nearby, 45a50. none. New hay is increasing nu but so far no dull prices in buyers’ favor at a range of 14.00a17.50 per ton. Straw—No. 1 wheat, 8.5039.00 per ton; No. 1 oat, 9.00a10.00 per Live Stock Market. Osttle—Recelpts 300 head; fair sup- ply: market mcw Steers—Choice to m. none; good to choice, 7.25a7.50; medium to 6.00a7.00; fair to medium, ; plain to fair, 4.75a5.50; common to pllln 4.0084.75. r,ochulcenonemhnnw'md .00a. 4.50; fair to medium, 3.5084.00; plain to fair, 3.25a3.50; common to plain, g.‘l.. 3000: 25. ws—Choice to m to choice, none; (25 fair to medfim, 3. 155 faif, .25; to plain,