Evening Star Newspaper, October 31, 1931, Page 15

FIN CURBISSUESNOVE NNARRON RANE Leaders Fail to Respond to Constructive Developments in News. BY JOHN A. CRONE. @osciai Dispatch to The Star NEW YORK, October 31.—A budget | constructive news developments was of greeted by curb exchange stocks in- differently today. The market was dull and trendless. Electric Bond & Share and Cities Bervice were both off fractionally at the end of the first hour, which was true also of American & Foreign Power | Warrants, though Standard Ofl of Ir . Regis Paper, Deere & Co American Cyanamid B and few other leaders during the same period pointed higher. | American Light & Traction was up slightly, following the announcement that jts subsidiary. Detroit City Oas, | was negotiating with Columbia Gas & | e g natural gas into Detroit. Pirmer bids were reported for Melville Bhoe preferred, after the com- y announced that it would open new Thom McAn units by Spring, | thereby making a total of 528 stores n_operation. ‘The easiness of shares in London was mirrored here in General Electric, Ltd ; Brazilian Traction and a few less ac- tive British issues. Ford Motor, Ltd ;Agunvu. pointed upward in the first T Lerner Stores opened down several golnu, though Walgreen was a shade igher. Parker Rust Proof at times firmed. A rise of nearly 3 points in | Cumberland Pipe was the early feature | in that division, where Indlana Pipe Iater recovered. | Gulf Ofl, with a gain of more than 2 | points during the first hour led the Miscellaneous . oils, but later some of the Jow-priced issues moved ahead. | Pratt & bert, made one of its in- frequent tape mnnce& at 28%4. American ders and _United Founders softened, later being followed by Goldman Sachs, but Ungerleider financial and Blue Ridge convertible !nlm ‘were & trifie better. The only wo active higher priced industrials, Aluminum Co. of America and Singer Man: , braced. Natural gas “.llnr- ‘were moderately active, but lit- Gains predominated in the motors. which was also true of the coppers olls. In the latter the causes were the temporary suspension of drilling ANCIAL. NEW YORK CURB EXCHANGE Received by Private Wire Direct to The Star Office. | Stocks sold in 100-share ~Prev. 19) i an " Dividend Rate. Aluminum Co of Am 2508 AmCom P A (b10%) 42 Am Corpn (f30¢). 16 Am Cyanamid B 10 Am For Pow war. Am Founders. ... ... Am Gas & Elec (31). Am Lt & Trae 123%). Am Natural Gas. ... Am Superpwr (pdbe) Am Util & Gn B vte. Am Yvette (25¢) Anglo Chil Nitrate. . ?7:';s; - R PP | Arkansas Nat t Ga Assoc Elec Ind Aswo GEE] A (b2 Awso G & El war Atlas Utf] Corp Atlas Utilities war Beneficial I L (1%). Bive Ridge Corp Blue Ridge cv pf(a3) Buff N&EP pf (1.60). Cent Pub Sve A b5 %. Cent Stat El (b10% ) Cent West PS Asll Citien Service (g30c) Cities Serv pf (6). Col Of1& Gas ve Cmwith Edison (8).. Cmwith & Sou war. . Consol Copper. . .. Consol Gas Ut B vt Zont Sharescv pf. .. Cont Shares pf (B). . Cord Corp.... ..... Corp Sec Ch (b6%).. % Corroon & Reynolds. Creole Petroleum. .. Cresson Consol (4¢). Cumberland P L (2) Cus! Mex Mining Darby Petroleum. Dayton Alr & En Decea Record. Deere & Co. ... De Forest Radio. Derby O1l Refining. Dow Chemical (2) Driver Harris new Durant Motors. . Eisler Electric Bond&Sh (b6 % ) ElecB&Shcupfb.. Elec B & Shpt (6)... Elec Pow Assoc (1). Elec Pow Assoe A (1) Elec P & Lt op war. . Europ E Ltd A (60c). Ford M Can A (1.20). Ford Mot Ltd 36 3-6¢ Fox Theater (A) GenE Ltd res 36 3-5¢ Gen G&E cv pf B(6) . Gen Theat Eq v pf. Gen W Wks & EI A.. Globe Underwr (15c) Goldmen Sachs. ... Guif Oilof Pa (1%). by LY 5% 23% srne 5) lots exeept (hose desigmated by letter "5~ o Saies— Adé 60. Open. 52 ‘ 1 s ® 1 THE EVENING 1931~ Low Prev Hig Low Clox 5 High. “ 4 e “ o Rwn PEFETEEGTE o o 2 BBl o o1 Pac Wes Long I Mountain Prod (1).. 115 Nat American Co Nat Family Stores. . Nat FuehGas (1 r Am Aviat A war | Baies Add 00. Open. High. Low. Close | v . | 241 . 108 1041 1043 and Lt ( 245 2 a 1041 104% ! t Mining 4 Pow (40c) d Pow A w.. h M4 (40c). Corp Chile B sropean Oil. | producers TURDAY, O( PRODUCE MARKETS |BANK SEES TRADE | TRENDS ARE MIXED Increase in Prices of Some Products Offset by De- clines Elsewhere. Gains in prices of some staple farm in October were offset by v as many declines, says the U. 8. | Department of Agriculture, Buresu of Agricultural Economics, Market News Service. The same mixed trend of prices is seen in the fruit and vegetable m: Potatoes, onions, field beans, | and Western grapes advanced or re- covered during the month. Cabbage, Eastern grapes and sweet potatoes de- clined. Celery prices were fully main- tained at levels fairly satisfactory to and there was little net average change in the still irregular | and unsettled apple markets. lcu pt (6 stern O1l. Pandem Ofl. . Pennroad Corp (40c) Philip Morris Inc. .. 1 Reiter- 1's Rep Shattuck RQen Min. singer Mfg Co (116). 7 tand Of nd Oil Ohio (215).100 tz M wift & 5 20% 4 30 ring Un Gas Union ¢ 2 Unit Ca Unit Founders Unit Gas Corp war.. Unit Gas pf (7). Unit Lt Unit L & Pwr pf(6) blic Gas Corp. . Rock Lt & P (30¢). k HughesGM t65¢ rans Lux DL PS.. Ungerieider Fin Cp.. . 1 1 4 ton Co (3% ) 288 otor Car Co (2). of Canada(1) i oc (2). r Fast (40c). &PwA (1) | crop was large or small | vailing levels, Weekly carlot shipments of fruits and vegetables have continued 20 to 25 per cent less than they were a year ago, and the decrease applies to most of the leading products, whether the Growers have been slow to harvest and sell at pre- mostly very low com- pared with last season. Recent price gains on potatoes were holding fairly well the last week of October. Onions advanced further in a few markets and celery still sells at | prices much higher than those of a and to have been smaller than in August year ago. Sweet potatoes, Eastern grapes continue weak features. Cranberries sell as low levels for that fruit. Apple markets are irregular, with general market conditions un- changed. Hesitating Potato Markets. Potato markets were nearly steady at the end of the month after having made net gains of 5 to 15 cents per 100 pounds in preceding weeks. Ship- ments have been decreasing lately, but track holdings continue heavy in large market centers. Supplies are reportcd { moderate to liberal in most Eastern cities and demand rather slow. Prices have been fairly well maintained the last week of October. Maine Green Mountains, the leading line at present, follows a jobbing range of 85c to $1.26 per 100 pounds. New York Round Whites range 90c to $1.15. Pennsyl- vania stock was mostly 90c to $1. The Chicago carlot potato market advanced about 5c, and Midwestern markets were somewhat stronger than those of the East. Country potato markets in Northern Maine subsided after the gains of the week before, but the tone was more ON BETTER BASIS September Conditions De- clared More Favorable Than These Prevailing in August. By the Assoeiated Press. tinued to be reported in the sales groveries, shoes, paper, hardware, stationery and Jewelry sales also ained ably with a year ago than in August. It was also found that the sales of silk goods, reported by the Silk Asso- ciation of America, in yardage rather than dollars, ';:’:r,mm than ln_ ber increase was comparatively small. Orders for machine tools were reported and less than half the volume of F 2 year ago. September sales of department stores, says the review, were 12, per cent less than last year, the same decline as occurred in August. At the same time sales of leading apparel stores in this district were about 12 per cent below the year, as compared with a 20 per cent drop in August. ‘The report adds that weather conditions apparently aided the big department stores in New York City, and these, for the first 13 shopping days of October, showed only an 8 per cent decline from the same period in 1930. Chain stores in the district reported cent smaller than with & 3 per cent ess Notes NEW YORK, October 31. — Retail trade has shown some improvement thus far this week, buf consumer pur- chasing continues notably spotty and CHAIN STORE REPORT IS DUE IN DECEMBER By the Associated Press The Pederal Trade Commission is expected to make a comprehensive report in December covering cen- trally owned chain stores. A similar report covering co-operative chain stores was made public last Summer. ‘The forthcoming report was made to determine the extent to which the chain store movement tended to create & monopoly for concentration and trol of the distribution of com- modities, It also sought to reveal any Ppetition - """if: on or ouy vantages of cl compared with other types of distribu- tion, as shown by costs, profits and margins; the quality of f and services rendered by chain stores and whether or not quantity prices consti- tute a violation of the jeral trade, or other anti-trust acts. The, survey is expected to show also what tion should be enacted with reference to such quantity prices and how far a rapid increase in the chain store system of distribution is based on actusl savings in cost of management and operation and how far upon quantity prices available only to chain store distributors. UTILTIY DOLLAR PAYS | 10.2 CENTS IN TAXES| By the Associated Press. National Electric Light Associa- tion declares the electric light and power companies of the United States padd qut for taxes in 1930 10.2 cents out of every dollar of revenue from sales to consumers. Statisics recently compiled by the association show the increase in its in- dustry’s taxes for last year amounted to $16,000,000, or 8.5 per cent. In a period of 29 years, from 1902 to 1930, inclusive, the taxes paid per | dollar of gross revenue have trebled, the associition said. It added that during the period from 1912 to 1930, inclusive, gross revenue from domestic service incrvased about 700 per cent, with taxes in the same period increas- ing 1,450 per cent. In 1930 the ratio of total taxes to revenue from domestic service was 34 per cent. @he Foening Htar COUNTRY STORES HOLD HIGH RATING Small Retail Establishments Ranked Fifth in Merchan- dise Outlets. BY CHARLES P. SHAEFFER, Associated Press Business Writer. ‘The country store, with its familiar cracker barrel, continues in the front rlrllk ,n( Ameu‘rlmn Tetail trade outlets. n fact, this type of merchandisin, establishment is ranked fifth in . portance by the census of distribution of the Commerce Departmert. It is exceeded only by grocery stores, grocery stores with meat markets, department stores and motor vehicle sales and :;:1‘25: m:;: Sliu“i\ 1929, latest sus period, amounted to approxi- mately $2000,000,000. o The bureau established that more than half, or 52 per cent, of the people of the Nation are found to be residents of areas served by retail establishments located in cities of less than 10,000 population. In these towns are located 45 per cent of the 1,549,188 retailers. There are 87,683 general stores locat- ed in smaller cities, towns and open country, and their sales represent about 4 per cent of the entire retall trade of the country. The mfia‘:‘ of u’am retail sales represen es of general stores in various States less ebraska, Dakota and 18 per cent in Miss! 1. In 32 States the percentage of retall business done by general stores exceeds the national average of 4 per cent. General stores do 13 per cent of the total retall business in the smaller towns. New York Lawyer Dies. NEW YORK, October 31 (#).—Wil- liam A. , 80, veteran New York lawyer and member of the Pennsylvania House of Representatives from Phila- galnhll 45 years ago, died here yester- ay. ADVERTISENEN ReceIvED HERE in Texas and the progr i snd o 9 Soupe Hollinger Gold(65¢) . Hudson Bay M&S.. Humble Ofl (12%).. Hygrade Food Prod. Imp Ol of Can (50¢) Imp O Can reg (50¢). confident and growers were digging some fields which they had intended not to harvest at the low prices pre- vailing earlier in the month. Most of | the Maine crop is sheltered sufficiently to withstand temperatures below the { reflects mainly a response to heavy pro- | motional offerings of merchandise, re- | ports in New York indicate. Buying of regular lines is still conspicuous by its | absence, the season in this respect being Unit 1 USE U S Elec Pwr war. .. Unit Verde Exten (1) Util & Ind pf (1%).. L& Pwr B (1) | fife ] das 3 tERE I3 - L g""” Hild ?;i :"f"‘- £i58 an»;'ifl‘ i - o gfsgddps aEwgy. Sflg g i | ! i 1 i 6egeii 292 28 9, 3 o Indfana Pipe Line(1) Insull Inv (b6%) . Insull Util 2d pt (6 Int Petroleum (1 Int Utiliti Int Utiliti Italian Superp Kleinert Rubber. . Kolster-Br (Am Sh). Lakey Foundry . Lefcourt Realty Util Equity pf(5%). Ul P&. Walgreen Co... Walker West P in dividend. a Payable in cash or £ Plus 8% in dividend. | stock j Plus 2% in 5 | stock. nPlus 8% in 49% 4y 125 3% 96 s on last quarterly or semi-an- fPartly extra. IPlus 4% in stock. bPavable in stock. e Adjustment & Plus 6% in stock. hPlus 1% in k Plus 10% in stock. mPlus 3% i © Paid last year—no regular rate. Ltat1.02%). (H) (50¢) wr pf (7). doliars based Everybody’s Business ness in Financial Cir- cles Traced to Possibility of British Tariff Levy on Imports—Some Concern Unwarranted. BY DR. MAX WINKLER —Apprehension over the possibility that Great Britain may levy a tariff on im- rts is said to be responsible for a eeling of uneasiness in business and fnancial circles. NEW YORK, October 31 (N.AN.A). | % Sw0alt a0 2> B4 3 orwssSunot ' EEE =E 2 4 & "I [~ SEETHIEY tiif s scanSmSuar. et 299! £5522 3 5 34 H ot o L grgzy = wns i 5ER e Mid St Pet 61:s A 4 Mid West Ut 5s 'S5 cv | Minn @ & Lt 028 30 4] 8L 1413 w Bhil G&E 4'%s O b D N Eraliy PEAEM 84 Calif Bd 5s 1004 Cahif Ed Ss 9%, FHHH est_Penn 5S¢ 2030 o3 Tex Ut 5s A ‘3T POREIGN BONDS 75 '52 38 Tias 4T & s, {to Great Britain While it is premature to make any | predictions as to the extent of such measures and the effects upon world commerce, it may be of interest to call attention to Great Britain's chief | sources of supply, as furnished official statistics. According to these figures, | the Irish Free State heads the Ilist, | selling over 90 per cent of its exports | Denmark ranks sec- | ond with about 56 per cent, followed by Australia with 38, Argentine with | 32, Norway with 26, Canada with 25, Sweden ith 24, Holland with 21 Switzerland with 20, Belgium with 18, United States with 16, France with 15 and Germany with less than 10 per cent. In other words, the countries which are reported to be most concerned, seem to have less ground for worry than others which have not been men- tioned quite so prominently. Rail Wage Discussed. The trading fraternity was inclined to attribute the rally in the market to the report that the New York Cenral was discussing & voluntary wage re- duction with its employes. which had a favorable effect upon leading rails The firmness soon spread to the other divisions of the market. including in- dustrials and public utilities. It has long been felt that carriers were successful it put! the in ng per cent. such a step would be of marked importance in strengthening the credit position of the various rail- Toad svs'ems. The effects of such a move certainly would be much mare than the effects of the recent de- on of the Interstate Commerce Com- mission in regard to the request for an_ increase in freight rates Tecovery in business has begun in general, but quite active in many instances,” ‘according to J. Lewis Benton, general secretary of the National Association of Manufacturers Bottom Believed Reached. This statement is based upon replies to a Questionnaire sent out to & n view | ber of representative industries through- out the United States. They reveal a number of factors which would seem to indicate that the low point of the | depression has been passed. | |low inventories, Chief among these factors are the pletely cleaned of products dence that as soon as general esumed. the plants will be ed to increase forces and produce apacity in order to hold their slight improvement in employment and some improvement in business are the other factors referred to by Mr. Benton. The world is in the final phase of this unprecedented depression, accord- |ing to R. Howard Bland, president of 1rhr United States PFidelity & Guaranty Company of Baltimore. Surety Profits Nil. Mr. Bland adds that, owing to un- usually heavy losses caused by present abnormal conditions, few surety com- panies have made any profits in 1930 and 1931. His own company, he con- tinues, paid dividends in the last two years out of its surplus. If. however, normal prosperity is restored in the United States in Canada, the bene- fits to the company should include an increase in premium value. a decrease in losses, and a sharp appreciation in the value of securities. In the of fairly uniform firmness in the securities market, ghe recession in Electric Power and Light, one time favorite in the utility group, was some- what surprising. The issuance of rights to stockholders was given as the reason for the decline in the price. It is curious 1o note that only two years are sufficlent for the same cause to produce entirely different effects. In 1929, the mere hint that rights would be issued sufficed to send stocks sky- rocketing. Today the issuance of rights produces the opposite effect, Discounts Rail Benefit. Increases accruing to the United States transportation systems as a re- sult of the recent decision by the Inter- likely to benefit the carriers to any ap- preciable extent, according to John J. Cornwell, general counsel of the Balti- more & Ohio Railroad. If the procgeds were not required to | be pooledy Mr. Cornwell belicves, | amounts, Telatively small though they | may be, would enable the stronger lines | to call back furloughed men and pre- | vent further deterioration of properties. | He also thinks further curtailment of expenditure may be necessary, which cannot be viewed with favor as regards general business conditions. In this connection, it is of interest to call attention to the view held by the Iron Age to the effect that the railroads are so plainly disappointed over the commission’s decision in the freight rate case that the extent of their Fail purchases is in -doubt. British Paid in Gold. the depreciation in the value ind sterling, the interest on the 7 portion of the German 51 per cent loan, as the Young bonds. is bemng paid in gold sterling This decision has been approved by the board of directors of the Bank for In- ternational Settlements. Repc in Brazil are not likely to have any appreciable effect upon Brazilian securi- ties. Most of the loans held by ins vestors default quoted a dicative The m gover | does Des; either in n w | through a wage reduction of about 10 ' doubtl econom Copy Spe. B Wh swe bu: er 100 pers, ha 3.50a4 22.00 5.00a6.¢ h, bu matoes. hamper, 40a1.00; boxes apple turkesy: Receipts. 22a30; h arby firsts, 3 Sood _and FIRM BUYS $1,000,000 OF PREFERRED STOCK By the Associated Press. NEW ORLEANS. October 31 —The Standard Fruit & Steamship Co. an- nounced net earnings of $434,195.93 for the nine months ended September 30. 1831, as compared with $237,874.08 for the same period last vear. Stockholders were informed the company has purchased for retirement $1,000000 par value of its own pre- ferred stock. reducing preferred cap- | ital from $15.000.000 to $14.000.000 and adding $729.243.04 to its surplus | account. state Commerce Commission are not | the | of fresh political difficulties | CREDIT POOL FITS NATIONAL NEEDS Guaranty Trust Asserts Plan' | Will Restore Banking ’ Balance. The Guaranty Trust Co., in its cur- rent business survey, says that Presi-| dent Hoover's plan for a Nation-wide | credit pool, to release non-liquid bank assets, is particularly well adapted to| the needs of the present situation. “The country’s banking system,” bank states, “considered as a_whole, is (in a strong position. It could hardly | be otherwise, with nearly half of the world’s gold 'in _American bank vaults, | with the gold reserves of the Federal Reserve banks far above the legal minimum, and with the use of Federal Reserve credit, both in the form of re- | discounts and of open-market bill and | security holdings, at a low level. “There has existed for some time, however, a curiously unbalanced posi- tion as among individual banks. For the most part, the large banks in the | leading financial centers are in an ex- ceedingly well fortified condition. Fail- | ures in this group of institutions have | been very rare, and the vast majority of the suspensions have taken place among smail banks in rural districts. Wide Difference In Causes. The causes of the difficulty vary widely. In a decentralized system of unit banking, with thousands of indi- vidual nstitutions scattered throughout the country, it was inevitable that the advent of depression, with its drastic shrinkage of values, should have found some banks inadequately prepared. | ny of the banks that have closed eir doors during the last two years | were of recent origin; some were in a ult position even before the de- ssion began; some were outgrowths | T te and investment houses, | entitled to the name of bank All banks have been affected e extent by reduced earnings, du e general business situation and est rates. | s recognized. however, that the ' of mafy banks which have been’ € 10 close were essentially sound | that the banks might have been aved if the borrowing facilities at | eir disposal had been better fitted to | their needs. Federal Reserve Banks | are authorized to lend their funds to| member banks only on self-liquidating | commercial and agricultural paper and | on United States Government obliga- ! tions. Banking trends in this country recent years have been such as to e the proportion of bank resources fall within these categories. | Trend Forecast by Mellon. “Many banks have been forced to seek employment for their funds in invest- ments of various kinds, instead of plac- money in commercial paper of | gible type. Several years ago, tary Mellon pointed ~out this adding that it was gradually re- 2 liquidity of banking assets as le. Events of the last two years that his warning was justi- | Huge volumes of banking funds are now invested in high-grade securities which, under ordinary conditions, would convertible into cash. But ‘mally depressed values now for ‘almost all types of in- The National Credit Corporation is designed to place the surplus funds of the stronger banks at the disposal | of the weaker, | less sacrifice of values.” Rubber Plant to Reopen. CHICOPEE FALLS, Mass., October 31 —The plant of the Pisk Rubber Co., | which closed 16, will reopen Monday, it was announced. operating on a 5-dav week as previously and em- ploying 1.600 hands. No wage changes are contemplated. | fore cold weather. freezing mark, although there is some stock that will have to be moved be- Conditions also look better in Western and Central New York, where growers are receiving mostly 25 cents per bushel in bulk. Many growers who had sold part of their crop were unwilling to sell any more, preferring to hold for possibly better prices. Carlot sales were made on a basis of $1 to $1.10 per 150 pounds in the Rochester district. Sales of potatoes for January delivery show ad- vance of about 3 cents per 100 pounds. Dull, fairly steady markets prevail in Midwestern producing sections. Sweet potatoes show fairly steady market conditions following the declin- ing trend of previous weeks. About half the country’s recent carlot supply is from Virginia. Demand is slow at Eastern Shore shipping points; haul- ings light and market dull and sales | at 75 cents to 90 cents per barrel. This stock is quoted mostly at $1 to $1.50 in the large Eastern jobbing markets. Maryland and Delaware sweets of the Jersey type sell at irregular prices, without much change in the general level at 40 to 60 cents a bushel. Onion Markets Sfow. Supplies of onions are moderate in Eastern markets, but demand continues generally slow. Prices are being well maintained at the higher level reached earlier in the month. New York yellow onions follow a jobbing range of $1 to $1.35 per 50-vound sack. Markets in Eastern producing sections are nearly steady. Some of the onion dealers in Eastern and Ceniral New York report improvement in the demand, and are inclined to advance the price. Sales in 50-pound sacks, the more popular package this season, range 95 cents to $1.25 in the Rochester district. Most of tHe remaining New England stock is in stcrage or being disposed of locally, and the greater part of the choice Midwestern onions are reported bought and stored by dealers. Cabbage shipments have been too liberal for the limited demand, and price levels have been maintained with some difficulty. Western and Central New York is the principal source of Eastern supply, especially in such large markets as New York, Philadelphia and | Baltimore, and the distribution is wide- spread, extending into Florida, as far south as Cuba, and into most of the | Southern States. Growers are receiv- ing mostly $6 per ton in bulk and | dealers get $7.50 to $9 at shipping points. Demand is slow in producing | sections and in the large cities. There | is little recent price change in Eastern cities, which quote $10 to $18 per ton in bulk for the long-keeping varieties. Midwestern markets are about steady, at a slightly higher level than prevails in the East. Much Celery Stored. ‘The season's storage movement of | celery was hea: sections. The shows 474,380 crates in Western New York storages, an increase of 140,000 ver the week before, and 37,000 crates more than were held a year ago. After this week, new storage and withdrawals will be more nearly balanced. Although demand was limited, the country mar- kets held about steady for celery of good quality. Top prices in the Roch- ester district are $2 per two-thirds crate, holding four to six dosen. Some sales the last week of October indi- cated an advancing tendency. Supplies are moderate in most city markets, demand fair, and prices well maintained at a jobbing range of $2 to $3 per two-thirds crate. Midwestern | markets showed little change. Apple Shipments Heavy. Carlot shipments of apples were ac- | tive in late October, aithough still god- erately below the movement of a'year ago Recent incremses were mostly from the Eastern and Midwestern producing sections. Total some days exceeded 1.300 carloads. There is little change in the price situation, although some quotations indicate a rising trend on standerd varieties as the harvest season ' raws near the close. Baldwins at 85 the most unique in more than a decade, retail executives in New York said. The situation was held responsible for the increasing pressure now noted in the wholesale markets for promotional Dry goods jobbers confined their orders during the week to fill-in goods, with no disposition shown yet to place advance business on Spring lines, cording to reports in New York whole- sale circles. Jobbers said they expected to wait several weeks before making any commitments on Spring merchan- dise, as the current business situation is too uncertain and prices too unstable to warrant any advance orders. While the bulk of the Fall business on sweaters has been placed, mills are being kept busy by frequent small re- peat orders, and in several instances wanted delivery dates have been diffi- cult to fill, selling agents report. Among the numbers in demand, women's fan slipovers, with lace and corduroy fects to retail at around $2.95, have been outstanding. While reaction to the new lines of sSpring silks has been good, actual buy- ing is slow in getting under way. The current between-seasons character of operations in the trade ‘promises to continue for a while, owing to the tendency on the part of the cutting-up trades to defer action on early Spring lines., EMPLOYE SFBSCRIPTION TO STOCK HELPFUL The object of employe stock-sub- scription plans are really two-fold. They are designed to promote a better Tela- tionship between capital and labor and to promote thrift on the part of em- ployes. Have they failed? The em- the American Telephone & Telegraph Co. at 130 and 150, and the empioyes of the International Telephone & Tele- graph and the United States Steel Cor- poration at 50 and 140, respectively. In every instance the present market price of the company’s stock fell below the employes’ subscription price. But_ also in each of these instances the employes have the right to withdraw their de- posits with interest and many of them must have done so. Does this constitute fallure? On the face of it the answer is yes, but it must be remembered that the mere break- down of the various plans has not pre- vented the achievement of their ob- jects. Indeed, in many years these have been better furthered than had the plans been successful. Thrift has | been encouraged and employes have lost nothing. Nothing inimical to the rela- tionship between capital and labor has taken place. And above all labor has learned a very valuable lesson without cost to itself. It must surely realize by now that the way of capital is not always smooth, that the owner of a big business has his troubles like every one else and it must have learned also something of what it means to bave dividends reduced, the | magazine concludes. MONEY RATES FIRMER. By the Associated Press. Money rates strengthened sharply last week and for the first time in more than a year exceeded the levls prevailing dur- correspol period of 1930 Averages for both classes of funds fol low, for comparable periods, as calcu lated by the Department of Commer: ‘Time. Call Week ended October 24 . 342 2.50 Previous week. . 3.00 2.40 than they would have been except for the short production in California. Shipments from all sources have been cents per bushel bring nearly the same price in Western Michigan as in West- ern New York, and sell close to the price of Staymans in the Shenandoah Valley of Virginia. Lowest price was in Southern apple sections, where Yorks, Biack Twigs and other varieties sell | at $2.10 to $2.50 per barrel and 70 to 85 cents per bushel Western New York | quoted slightly higher prices on Bald- | wins and Greenings, with Greenings as high as $1.20 per bushel. Growers in that section are still busy storing the There is not mueh demand the end of October. Grape Markets Slower. The recent activity in the grape ship- ping sections has been sl down somewhat more than one-half those of last season. The largest markets re- near the end of the month, h the shipping season will continue later than usual in the East. crop was good in quality and quantity. Prices were low, but more sa B o You can get just the type of hebp you want through a A Star Classified Adv. F you will go into details in a Star Classified Advertisement as to the kind of a position you have open—amnd the requirements necessary for one to fill it efficiently—youwll bring applications from just the type of man or woman you are seeking. Star Classified ads are read eagerly by tho: seeking positions—not only those out of work; but those employed wanting to make a change. Copy for Star Classified ads may be left at con- venient authorized Branch Offices —assured of prompt insertion in the- first available issue. There are no fees in connectian with Star Branch Office service; only regular rates are charged. In the Northwest 11th and Park rd.—Arm- strong’s Pharmacy. 14th and P sts.— Day’s Pharmacy. 1135 14th st. — Marty's Cigar & Magazine Store. 17th and Que sts. — Ken- ner’s Pharmacy. 15th .k‘.fl U sts—G. O. Broc| 2912 14th st.—Colliflower Art & Gift Co. 3401 14th st. — Bronaugh’s Pharmacy. 14th and Buchanan sts.— Hohberger’s Pharmacy. 14th st. and Colorado ave. —OQ’Donnell’s Pharmacy. 3209 Mount Pleasant st.— Mount Pleasant Cigar and News Shop. 1823 Columbia rd. — The Billy Shop. 2162 California st. — Co- lodny Brothers. Wardman Park Pharmacy. 215 N. Y. ave. — Sanitary Pharmacy. 1st and K sts. Pharmacy. 7th and K sts—Golden- (time clerk’s 7th and O sts. — Lincoln Drug Store. 7th st. and R. L ave.—J. French Simpson. 1ith and M sts.—L. H. Forstér’s Pharmacy. — Duncan’s In the Southwest 10th st. and Va. ave. — Herbert’s Pharmacy. 316 43 st. — Harris’ Drug Store. 4% and L sts.—Columbia Pharmacy. In the Northeast 208 Mass. ave. — Capitol Towers Pharmacy. 4th and H sts. — Home Drug Store. 4th and E. Cap. St.—Paul’s Drug Store. H st.—Garren’s Music Store. 12th and Md. ave.—Luck- ett’s Pharmacy. 7th and Md. ave.—Louis F. Bradley. NorthCapitol and Eye—Ken- ealy’s Phar- macy. 20th and R. L ave. — Collins® Pharmacy, W 3500 12th st. — Brookland Pharmaey, kland. Brool 4th and R. L ave. — John G. Biggs’ Phar- macy. Chesapeake ction — Dr. F. L. Wight, jr. 5. There's One 9th and U sts—M. H. Huntow’s Pharmacy. (Ga. ave. and Upshur st— Petworth Pharmacy. 221 Upshur $t. — Monck’s Yharmacy. 59%6 Ga. ave.—Brightwood armacy. 6224 Urd st. -flmw'- Pharinacy. 1905 Mass. ave. — Dupont Pharmacy. 18th. and Fla. ave.—Bern- stein’s Prug Store. Fla. ave. and 1st st.—N., Reiskin. . North Capitol st. and R. L ave. — Parker’s Phar- macy. 1742 Pa. awe. — J. Louis Krick. 21st- and G sis.—Quigley’s Pharmacy. 25th st. and Pa. ave, — Herbst’s Pharu 3315 Conn. ave. — Joll‘s Newsstand. Wisconsin ave. ami Macomb st.—Harry C. Taft. 4231 Wisconsin ave.—Mor- gan Bros.” Phnrnxq. Takoma Park, 359 Cedar st. ttingly Bros? Phar- macy. In Georgetown 30th and P sts.—Margan Bros’ Pharmacy. 30th and M sts.—Brace’s Pharmacy. 3411 M st—Moskey’s Phar- macy. 1834 Wisconsin ave— Haney’s. Wisconsin ave. and O st— Donahue’s Pharmacy. 35th and O sts.— Sugar's Drug re. 5104 Conduit rd. — Modern Drug Store. In the Southeast 3rd and Pa. ave.—O'Don- w‘ = eller’s 8th and Fealy’s 1907 'I“.Il ave, Anacostia —Healy’s Drug Near Y