Evening Star Newspaper, November 2, 1931, Page 14

"TA-14 wx% F1 MARKETS REFLECT TRADE OPTIMISM Favorable Aspects of Busi- ness Situation Emphasized in Traders’ Policy‘ BY CHARLES W. STORM. Baitor the News Service of Wall Street @pecial Lispaten 1o The Star NEW YORK, November 2—Intensi- fied national effort is beginning to bave & marked influence for the better on the stock market. Traders have been en- deavoring to reflect this phychological improvement, but are again meeting with difficulties in the shape of selling growing out of the “whispering cam- palgn,” which is once more under way as part of & new bearish movement ose who had stocks but had to sell are believed to have been “bafled out” in the course of the recent bear cam- aign. Weak stockholders are believed a) have disappeared practically and this seems to be registered in the brokers' loan figures which are again down to new low records. Dealings in the stock market have reached a cash basis. Spec- ulation on margin has proved costly in the last two years so that those optimists who still have a shred of confidence in the ability of .he country 1o come back are buylng what they can on a hand-to-mouth basis and pay- ing for it. This is eMOwn In the rec- ord-breaking number of shareholders reported by the big corporations from time to time. Inevitable Triangle. Price irregularity in the market at this time is due to three influences, two of which are operating against the other one and give the market a show of strength. The two favorable influ- ences are the probability of the rafl- roads inducing their employes to take THE EVENING STAR. WASHINGTON NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued Prom Page ~ Stnck and Low Dividend Rate 201 Owens 11) Glass (2) . 2w Pacific Gas & BI (2) .. 35 Pacific Lizhting (3). 914 Pacific Mills. . o Packard Motor (40¢) Pan-Am Pet B (10c) . Panhandle Pro&Ref. Panhandle P & R pf. Paramt-P(m1.62%p) Park & Tilford. ~—1921 Hien 39% Baty 694 26% % 3615 4 Penick & Ford(11%5) Penney (J C) (2.40). Penna Rallroad (2).. Peop Drug Strs (1), Peoples D 8 pf (673) Peoples Gan(Chi) (8) Pere Marquette pf 208 Pere Marquette pr pf 1108 Petm Corpof Am(1) 52 Phelps Dodge Co.... 1 Phila&Reading C&1 1 Phillips-Jones Co. .. Phillips Petroleum. Plerce O11. . Plerce Ofl Port Ric Am Tob(A). Port R Am Tob (B).. 01l & Ga Pips Lin Pressed Steel Car Pressed Steel Car pf. Proct & Gamb ¢2.40) Pro & Refine . Prod & Refiners pf.. Public Sve NJ(3.40). Public 8ve NJ pf (5) Public Sve NJ pf (6) x 4 Pub Sve GEE of (5). 4 Pullman Corp (3).... 18 5 PureOil.. 6415 Pure Oil pf (8). 121 Purity Bal e 38 10% Radio Corp.... s+ N 43% Radlo Corp pf A 3%. 1 25'% Radio Corp (B) (5).. 10 Radfo-Keith-Orph A. 182 Raybestos Man(1.60) 2 108 a 10 per cent reduction in wages for a year and the gratifying advance in the price of wheat which touched new high prices for this movement last week agd represented an appreciation of mote than 25 per cent from the recent low levels, This -pmclnunn when viewed from the purchasing er of the farming community should be regarded as significant. ‘The movément looking toward a re- duction in the wages of rallroad em- ployes is gathering momentum. The absence of bitter opposition cn the part of, the railway employes is gradually molding public sentiment to the point ‘where the railroad unions are expected to_accept the inevitable. The importance of a 10 per cent wage reduction to the raldroads, even if only for a year, may be gathered from the fact that the railroads paid out in wages in 1930 a total of $2,550,544,277. Ten Ffl' cent of this would be approxi- mately $255000,000, which is equal to at Jeast dalf the bonded interest of all the common carriers. Authorities have estimated that the recent small increase in freight rates, offered conditionally by the Interstate Commerce Commission, would expand the revenues of the transportation com- panies_from $100,000,000 to $125,000,~ 000. If the railroad employes volun- tarily agree to take a reduction in the total savings from this source and the increased revenue of the latest rate advances would enrich the rail- roads by $300,000,000 to $375,000,000 and would materially enhance the credit of the carriers and enable hold- ers of bonds desirous to dispose of them on an advancing market instead of on & declining one. - Unfavorable Influence, unfavorable influence hovering over the market and the one which is to a great degree nullifying the effect of the other two is the German situa- tion. Already apprehension is being expressed as to the ability of the Ger- mans to take even part of the short- term credits, which are held principally in the United States and Prance. There seems to be little question but what those credits, which expire in February, will have to be extended. That would also account for the efforts being made both by politicians and bankers to bring about a reduction in reparation pay- ments and further reductions in inter- national debts. Improvement in the German phase of the international situation undoubtedly ‘would find quick and favorable expres- sion in the stock market. The favorable results at the English general elections and the announcement that the Bank of England is ready to pay 40 per cent of the $250,000,000 credit extended by France and the United States toward the stabilization of the pound sterling rior to the abandonment by Great ritain of the gold standard would seem to indicate improvement in British finances. Confidence Returning. ‘There were also innumerable devel- opments the last week denoting the gradual return of confidence on the Prt of the American public. These ave found reflection in a reduced tendency by people to hoard money. ‘There was also a substantial reduction in business failures announced by the trade reviews. A marked shrinkage in the number of bank closings also has occurred and further betterment in this direction is expected with the beginning of operations shortly by the National Credit Corporation. (Copyright, 1931, by the North American Newspaper Aliiance, Inc.) Washington Produce Butter—One-pound prints, 37; tub, 36. Eggs—-Hennery, 35a38; current re- ceipts, 28230 Poultry, alive—Turkeys, voung toms and hens, 23a25; old toms, 20 old hens, 22a25; chickens, 3 pounds and over, 18a20; 2 to 2!, pounds, 20a22: Spring broilers, 24; hens, large, 18a20: small, 15a17: Leghorn hens, 13a15: roosters. 10a12; keats, young, 40845; old, 25a35. Poultry, dressed—Turkeys, voung hens and toms, 31a33; old toms, 28; old hens, 31a33: chickens, 3 pounds and over, 21a23; 2 to 2'; pounds, 23a25: Spring broilers, 27: hens, large, 21a23. small, 18a20; Leghorn hens, 16al8; roosters, 13a15; Long Island ducks. 19a20. Meats—Beef, prime, 17: choice, 16a : good, 14a15; cow, 9a10; veal, top, medium. 13a14; fair, 118121, packages, 10i5a11; compound, 8a8'; Fruits — Watermelons, _ California, crates, 2.00; Persian 250; persimmons, 'per 1.50a3.00; gra Malagas, 1.50a2100: Muscatels 3 Cornichons, 1.65. Zinfandels. 1.35; ap- bushel baskets, 50a1.50; fancy, pears. 3.00: oranges, 4508550, limes, 100, 1.50a1.75; bananas, 1.50a2.00: pine- apples, 3.50a4.00; grapefruit, 3.00a3.50 Vegetables— Potatoes, 150-pound sacks, 1.7581.90; Idaho bakers, 100-pound sacks, 2.50; sweets, per bushel, 50a75; beets, per 100 bunches, 4.0085.00; ca rots. per 100 bunches. 4.5085.00; cauli- | Bacvs per | w, Reading Rwy (4)., Real Silk Hosiery Remington-Kand. Rem-Rand 1st pf (1) Reo Motor Car(40¢) . Republic Steel, 5 Republic Steel pf..., 351 Reynolds Tob B (3) 74 Richfield Ofl. . 214 Rio Grande Ofl. 6 9 Rossia lnsur ( 42% 13% Roval Dich(m: 6915 38% Safeway Stores (5).. 1081 89% Safeway Stra pf (7). 30% 9% St Joseph Lead (1).. 614 StL-San Francisco. . 714 StL-San Fran pf(6).. 4 Schulte Retai] Stores % Seaboard Air Line 514 Seaboard Oll... 31 Sears Roebuck (23%). 3% Servel Inc.......... 11 Shattuck(FG)(t13%) 9% Shell Tra(m1.73 1-5) . 31 Shell Union O1 23% Shell Union Of! 8% Stmmons Co 4% Simms Petrol 5% Sinclair Consol Ofl. 314 Skelly Oil. <10 Skelly Oil pf ww. 2 12% Socony-Vacuum 1.60. 147 7 South Port Rico Sug. 12 87 Sou P Rico Sug pf(8) 30s 28% Southn Cal Ed (2)... 2 7 Southern Dairies(A) = 1 45 Southn Pacific (6)... 14% Southern Rwy (mé). 24 Southern Ry pf (5).. 314 Sparks Withing (1) .. 9 Spencer Kellog(80c). 20% 123 Stand Brands (1.20). 124 118 Stand Brands pf (7). ¥8% 29% Stand Gas&El (3%). # Stand Invest Corp. 284 Stand Oil Cal (h2% 8813 Stand Oil Exp pf (5. 81 Stand Oil of Kansas 284 Stand Ofl NJ (12) 9% Starrett(LS) (12%). 214 Sterling Secur pf. ... 21 Sterling Sec cv pf(3) 4% Stewart Warner..... 13% Srone& W r(m2), 9 Studebaker Co(1.20) 99 Studebaker pf (7) 26% Sun Ofl (f11)... ] » Ba e L T T & <32 53ulada = e =V [OPIPS - For 1T P ey ! 454 00 2% 13.) Superior Oil Superior 15% £ 26 11's Sweets of Amer (1) 7% Tennesses Corom Texas Corp (2) High. Low. Close. Chi ~ B ° 1% e 20% 8 8 1% 1% - 3e 108 + Steel. w " Tex Gulf Sulph Tex Pacific Coal&O1l. Tex Pac Thi ific Land Tr. her Mfg Co The Fair pf (7) Third Avenue. Thompson (J R) 1)’ % Thompson Prod 1.20. Thompson Starrett. . Tide Wa Tide Wa Tide Wa Timken- Timken robacco Tobacco ter Asso Ofl. ter As pf(6) t OIl pf (5).. Detroit Axle Roller B(2). Product Prod A t9ic 2% 1 -1 Transamarica Corp Transue Tri-Cont Tri-Cont & Williams. “ B0 .o -.v . 1 1Corp pre6) 3 24% Trico Products(214) Union O 1of Cal (2). Union Pacific (10)... Un Tank Car (1.60).. Unit Afreraft Unit Am Bosch Unit Biscuit (2). Unit Business Pub Unit Car bon . Unit Cigar Stor Unit Cor Unit Cor P (76¢). D DL (3). Unit Fruit (4). ' Unit Gas&Im(1.20)., U S & Forn Secur. ... U 8 Gypsum (1.60) U S Hoffman. . U S Indu; U 'S pipe s Alcohol ; & Fary (2 SPipesFy 1st1 U S Realty & Imp. U S Rubber U S Rubber 15t pf. U S Smtg & Ref (1).. U S Smtg&Ref pf 3% -2 ~14 | 6214 114 1% 60 1 9 17% United 8 & FEEF F¥er 515 Wabash Waldort Warn Br Warner W w W West Pa West Pa West Pa FE FE FEE ¥ Western Westing! 4 Westing| Westvac | 106% B0% 154 Sk 1 14 Worthin 50% Wrigley FES % 10:30 A.M. | 1:30 P.M. | @ FrEdy tions. 4% 1in stock. b le in stock. ¥ OEF m Pai | stoek. © Plus 2%% in 3% Yellow Truck....... Zenith Radio........ 1 7 Zonite Prod Corp (1) RIGHTS—EXPIRE. 3% Peop G L & C.Jan 15 Sales of Stocks on New !ogk Exchange. i Plus 50c in_special prefe o Shis Tearno TeRuidr rate b Pia U 8 Steel Corpn (4). U S Steel pf (7). U S Tobacco (4.40) tores (A). E Vulcan Detin (4).. 77t Vulcan Detin pf (7). RR..... Sys (1%) Walworth Co Ward Baking (B). Ward Baking f (7 os Plcture: Bros pf 3.85. arner Quinian. Warren Bros. . . yarren Bros cv pf 3. son O&Sno pf(4) Elpt (7)... Pwr pf (6). Pwr pf (7). Union (6) hse A B(2).. house (2% ). Wsthse EM 1st m3% 0 Chlor 1.60, Wheeling Steel pf 3). White Rock (14%) White Sewing Mac!| Wilcox Ol & Gi Wilson & Co (A. Willys-Overland ‘Woolworth (4.40 B5% 29% 684 5 1% 8 gton Pump.. (Wm) (4) 671 1% 2 8% 2 4% 4 “ 300,000 12:00 Noon 0 P.M. 700,000 Dividend rates as given in the above table are the cash payments based on the latest quarterly or half-yearly deciara- xEx-dividend. sLess than 100 sha: 1Partly extra. 3Plus BN o0& 1% stock. ‘s pald st 7 Bo Fesuiar ocl year—no r 1 Plus 8% in stock. CANADIAN OUTLOOK BECOMES BRIGHTER Dominion's Business Interests Have More Cheerful View of Pros- pects in Trade. Special Dispatch to The Star. JRONTO, November 2.—In the re- sults of the Britisn election Canada sees an assurance of improvement of the whole world’s financial health, com- parable to that already furnished by President Hoover's moratorium negotia- tions and by the release of the frozen credits of the banks of the United States. While the effect of the devaluated pound and of the tariff, for which the Brilish people have now given their mandate, may shut out from the United Kingdom many manufactured products of the United States and Canada, it is felt here that the ultimate result of Britain’s adoption of a protectionist policy will work to the advantage of this continent. For the increase of em- ployment in the British Isles will mean an increase of purchasing power in one of the most important markets to which North America has in recent years sent its agricultural products. This prospect comes at a time when the Dominion has taken initial steps to grapple with one of its conspicuous problems, the decreased traffic for its railway lines. In the maritime prov inces the Canadian Pacific Rai'way Co. and the Canadian National System have SALES. Mergenthaler Linotype—10 at 63, 6 at 63, 2 at 63, 6 at 63. AFTER CALL. Georgetown Gas 55—$500 at 101 Notice—This exchange will be closed tomorrow, election day in New York. Bid and Asked Prices. BONDS. PUBLIC UTILITY Bid. Asked 4% 3. 1T ctl. tr. 5s R_R 3¢ ss c 55 Capital Traction R. R City & Suburban Ss Georgetown Gas st Cons S5 5s Potomac Elec 5° Potomac Elec. 6s 1983 10 h.. Alex. & Mt Vernon ctf shinglon Gas $as Washington Gas 8s.. ash Gas 8s. series A Wash. Gas 8s series B Wash. Rwy. & Elec. 45 MISCELLANEOUS. & Ross. Inc. 8'as flower, 2.00a2.25; 3.00; limas, 2.00a: baskets, 3.50; squash. Florida. bushel baskets, 1.75; celery, 2.75: lettuce, Ice- berg, 3.25a3.50: onions, 50-pound sacks, white, 1.50a2.00; yellow., 125; okra, 2.50a3.00% mushrooms, 60a85. peppers, 850a75; kale, 50; spinach, 60: turnips, 50a76; broccoll, 5.00: parsnips, 1.35; peas, 3.25a3.50: tomatoes. home growns, 2-peck baskets, 1.25a1.50; California Jugs, 2.2522.50, string beans, 1.50a VER QUOTATIONS. 3 NEW YORK, November 2 (P).—Bar ! sfiver steady and 3 higher lf‘l‘ 50; cucumbers, bushel | B "G5 Storase s STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel (9 Capital Traction Co. (4 Wash. Gas Light Co. ( N. & W. Steambost (1 §SEs2E Pot. S Wash. Rwy. & Wash. Rwy. & §e8535 -Amer. Natl Bk & Tr Liderty (18 now arranged to co-operate in order wl secure the shipment of freight by the | most economical route, an agreement | that the elimination of un- | necessary duplication of services in the other provinces. | At the same time the wheat outlook | appears more encouraging for the Do- | minion. The reduction of the wheat | acreage in Australia by approxmately | 33 per cent and the decrease of that in the Argentine by 19 per cent, added to the prospect of heavy sales by the Farm | Board of the United States to Prance | and Germany, encourages Canada in | the hope of securing higher prices than those at present obtaining for the re- | mainder of her exportable surplus, espe- cially as the stocks of this grain in North America are at present 40,000,- | 000 bushels lower than at the same | | date of last year. And Great Britain is ,cemln now to increase its imports of | Canadian wheat. The flour industry in the last quar- | ter has already shown a striking im- | | provement as compared with last year, | | when, however, it experienced very great difficulties. s ‘The statisties of industrial activity in | | the Dominion are only now beginning’ | to show the improvement that was ex-. | pected to occur when comparison was | made with 1930 instead of with 1929. | (Copyright, 1931.) When Capt. Cook returned to Eng- | land from his explorations in the South | Seas he had hardly a good word to say | of the new Continent of Australia he | had«discovered. But a botanist on the | expedition pleaded for the colonization of the new world on the plea that a country which had such beautiful flowers must, he thought be a good country. WASHINGTON STOCK EXCHAN QUOTATIONS AND DAY’S o | Lincoln_(12) Metropolitan Riges (188) Second (8e) Waskington (13) | TRUST COMPANY er. Sec. & Tr. Co. (15) St b ) Yo & T (135 Pilnce Geofues BE. & T4 (8 nn Trust (8s) Waon Toan &"re iai | FIRE INSURANCE. American (12) 5 Cotcoran. (10} Rtmea) ‘onion 1i8i":* 1 | — SAVINGS BANK | Bank of Bethesda (61 55 | TITLE INSURANCE. Jumbia (6 P S MISCELLANEOUS. Col. Medical Blds. Corp. (§ nd & Gravel pfd. (1) ts_pt Sec. { 3 ® 1.201) romo-Selz. Gl Storase pid Co. com. sn5y Suf ¥e8.8.288a STEEL TRADE GAINS MORE CONFIDENCE Survey by Magazine Indi- cates Factors for Early Improvement. By the Associated Press. CLEVELAND, Ohio, November 2.— Gradual but unmistakable progress is being made in restoration of confidence w! , D. C, MONDAY, iDemand Puts Many Issues in Higher Range—Interest Payments Help. | BY F. H. RICHARDSON. Special Dispatch to The Star NEW YORK, November 2 —Bonds moved higher in active trading today. | The chief factor in the investment mar- | ket, apart from the generally more opti- | mistic attitude displayed in all markets {today, was a strong reinvestment de- | mand. Maturities, bond calls and dividend and interest payments today amounted to well over $1,250,000,000, and dealers are inclined to believe that almost all of that amount will find its way into the | bond market. The strength of United | States Government bonds. which ad- vanced 4 to !z point at the start and { were turned over in large amounts near the day's best prices, was evidence of the trend in the demand. ‘The sharp break in sterling, ascribed to the movement to import wheat and other articles against which a tariff may be erected by the new British government, did not cause any undue unsettlement in British securities. With the pound at 3.7515, off 713 points, British government 55s were still sell- ing around 98, or near their best price on the recovery. Canadian dollars were firm and Canadian securities were in demand and higher with the general list. Canada 413s, Canada 4s, Canadian Pacific 4s and Canadian National Rail- ways bonds all improved. German dollar bonds moved up to new highs on the recovery. Young plan 51,8 crossed 40 and Dawes reparations 7s at 64 showed a recovery of 9 points from their low. German Central Bank bonds, municipals like Cologne 6l2s and Berlin 6s and industrials such as Ger- man Generlll :»'vlecktr'lcc?; and 7snmd United Steel ol 128 were * French, Belgian, Ttalian and Du'chal- scriptions were p fractionally. Rotter- dam 6s recovered part of their recent decline. Austrians were off at the open- ing, but later firmed. Scandinavian is- sues were higher. In the South American list Am- tine 6s moved narrowly higher. # narily the strength displayed in wheat prices would have had a strong reflec- tion in Argentine bonds, but the immi- nence of the elections in that country has unsettled the market. Brazil issues ‘were unchanged. Domestic honds were generally firm. 1 Strength in stocks buoyed up the junior list and higher grade bon benefited from the reinvestment demand. Atchi- son general 4s, Norfolk & Western 4s American Telephone 5s, Consolidated Gas 4'.s, New York Telephone 4lis, New England Telephone first 5s and many other high-grade bonds are sell- ing at prices yielding 412 to over 5 per_cent. Higher-yield bonds of an investment character rose 1 to 3 points, including Northern Pacific 6s, Baltimore & Oh! 4155, International Telephone 55, Texas Corporation 5s, Sinclair Ofl 7s, Va- nadium 5s, National Steel 5s, Lorillard 5155, Dodge Bros. 68, American & For- glgn Power S¢ and Armour of Delaware a8, Bonds were firm at the opening. Domestic issues of a junior character were inclined to follow the opening up- turn in stocks, and, as a consequence, there were fractional gains in second- grade rails like Chicago Great Western 4s. Chicago & Northwestern 4%s and Southern Pacific 4158, .and in indus- trials, such as Dod? Bros. 6s, Interna- tional Match 5s and Brooklyn Manhat- tan Transit 6s. But it was oil com- g took place. Texas Corporations 5s, Sinclair 7s and Standard Oil of New Jersey 5s were all higher. Foreign dollar issues advanced, with the exception of the Brazilian group. Japanese 6l3s gained a point. Milan 6125, Lyons 6s, French 71;s, Belgian 6l2s and British and German govern- ments were firm. INVESTMENT TRUSTS NEW YORK, November 2 (#).— Over-the-counter market: A B C Trust Shares A A B C Trust Shares Amer & Cont Corp.. Amer & Gen Bec * Amer & Gen Sec * Amer & Gen Sec 33 pf. Amer Br & Cen 6% pf. Comp Trust Shares Fisn 12 Fotnger? it o 1-40th Bid. Asked. 3% 4 in the steel industry, says the maga- | Bansi zine Steel in its weekly review. Automotive buying is coming along, struotural steel requirements are gain. ing ‘moderately, railroad orders are. fairly good, steelworks operations are steadier and softness in raw material prices is more pronounced, the maga- | & zine say: Chrysler plans shortly to go on a four-day week and continue on that basis through December and January: Do Ford has scheduled production of 65,000 Depor by January 1 and 70,000 in Janua: Chevrolet in some departments is.pro- ducing for 1932 assembly, and Willys- Overland is stepping-up output, As a result of demand in tHe auto- motive industry weakness has devel- oped in the price of hot rolled strip failing to hold the advances of 60 da ago. On heavy finished steel small co sumers are Jess inclined to question the 1.60 base price. Foundry iron has been Diversis : mnm%fi % Eauity Invest .. Eaquity Invest reduced $1 a ton in Eastern Pennsyl- P\n g vania, where price softness in raw m: terial is most noticeable. Steelmaking operations advanced fractionally last week to 28 per cent, with a further gain to almost 30 per cent indicated for this week. Youngs- town and Pittsburgh are chiefly respon- sible for this lift, the former spurred by the automotive situation and the New York. Steel's iron and steel composite is down 4 cents tc $30.64, and the scrap composite is down 25 cents to $8.25. Finished steel remain $48.22 Structural shape awards for the week amounted to 21,042 tons. 4opped with 7400 tons for New York's West Side clevated highway. In plates, 5000 tons are to be placed soon for Colombian steamship vessels to be built by New- port News Shipbuilding & Dry Dock Co. Dividend Dates Changed. NEW YORK. November 2 (). —After payment of the monthly Curtis Publishing Co. on December 2 the company proposes to pay common dividends on a quarterly basis, with dividends payable March 5, June 5, September 5 and December 5. The change, the company said. has been re- quested from time to time by & con- siderable number of stockholders. Pre- ferred dividends will continue to be paid gn January 1, April 1, July 1 and Octo- T 1. METAL MARKET. NEW YORK. November 2 ~l: m&- per guiet; electrolytic, spot X |7. Tin easy; moy&“md nu"y. 22.30; future. 22.50. Iron barely steady: No. 2, | f.0b. Eastern Pennsylvania, 14.75a16.00; Buffalo, 14.50a15.00; Alabama, 11.00a lhu' St. Louls, spot & Antimony, 6.50. latter by the scheduling of structural | material for the Radio City project in M dividend of | 8t 1st pf Secur Corp Gen 36 pf Selected Am Sh Selected Income Sh Selected Manage Trust Shawmut Bank Spencer Trask Pund Stand All Am Tr Shrs Trust Shrs of Am Trustee Stand Ipv C Trustee Stand Inv D Trustee St Oil A NOVEMBER IN AGTIVE TRADING UNITED STATES. 9 BONDS ARE HGHER | Core o 1931. BONDS soexreonvar] | Private Wire Direct to The Star Office (Sales are in $1.000.) Sales Lib 3% 5 32-47.. 20 Lst 4%s32-47 10 L 4th 4145 33-38230 U. 8. 35 1951~ US3Ws 40, US3INs41-43. USaksd3-47. US3Kn46-56. U S 48 44-5. US4yusdr-52. Abitibi P&P 5s Adams Exp 48 Alleghany Cp 58 44 Allegheny 5549 Allegheny 58 '50 Allis-Chalm 5 '37. Am Chain 65°33., Am F P 582030, AmIGCh§? Am N Gas 6148 Am S&R 1st b5 Am Sug Ref Am TT ev 434839 Am T & T 5885, High 99 30 101 10 1012 101 12 101 15 101 17 93 4 31 Low. 2:58, 99 26 101 5 99 12 93 93 24 93 4 9924 9924 101 24 10117 10117 105 15 105 Am T&T ¢ tr 65 ‘46, 1 Am T&T 5n s £'60 Am T&T 5% Am W Wks K Am Wr Pap 6s'4 Arpentine 534 s Assoc Ofl 6s Atchis cv 418 48. . Atchison gn 4895, AtCLecl48'62.... Australia 4148 ‘56 Australia 58 ‘55, Australia 6867, Austria 7 O Toledo 4s O P&WYV 4841 Bk of Chile 6343 '57 Bk Chile 6%5'61. . Batav Pet 4148 42, Belgium 6s ‘55 Beigium 6%s "49 Belgium 78 '55 Belgium 7s '5i Bell Tel Pa 5 Bell Tell Pa 5 Berlin Cy El Berlin CE 6 Bolivia 75 ‘58 69 Brazil 6% Brazil 6%s'27.... 30 82% 7 28 56 37% 20 784 90 96 8 9815 Buenos A 6s'61 Pv. 2 Budapest 65 '62. Buff Gen El 41, Bush Ter con 5. io | Calif Packing 5s 40 60 Canada 4s 60, Canada 438 '36. Canada 5s '62. Can Nat Ry 4%48'66 Can Nat 5s July’s Can Nat 58 Oct Can Nat 58'70...., Can Nor 4%s'35. .. Can Nor 6% s db 46 Can Nor 78 db "40. . Can Pac db 4, Can Pacific 4 Can Pac 4%s rlny bonds in which the heayiest trad- |, n, Ches Corp 58 '47. ... C&Ogen4%s’0z C&O4%sB"95. C B&Q 1st rf s '71. Chi & Est 111 55'51. . Chi Grt West 48'59. Chi M & St P 4589, Chi M&SP 4% E.. CM&StP 4% C M StP&P CM&StPadjhs..140 14 Chi & NW gn 45 '87. C&NW 4%s C 2037, Y Chi UniSta 4348 '63. Chl Un Sta 55 B'63. C& W Ind cn 45'52. Chile 7s *42 Chile Cop db 65 '47. CCC&St L4 %s E'TT CCC &St L 5s D '63 Clev Term 6%s ‘72, Colomb 6s Jan '61.. Colomb 65'61 Oct Col G&E cou 5s Colon O11 6s°38.. ... Colo & Sou 4148°35. Colo & Sou 415 '80. Col G&E 58 May’'52. Com Inves 5%s 49 C C Md 1st rf 58'50 Con G NY ¢%s°51. Con Pwr Jap 6% Con Pow Japan 7s. Copenhag 4%s '53. Copenhag 58 '52. Cuba RR 6s ctf '36. Cuba R R 58°52.... Cuba Nor 5%8'42. . Czecho 8s . Del & Hud rf 4s'34. Del Pwr&L 4%s 71 s Denver Gas 5 D&RG W G855 DRG & W 6518 Det E G&R4 % s'61. Det Edison rf 58’49 Det Unit 4%s . Dodge Br cl 6 Duquesne 4% Dutch East 168’47, Dutch East I East C Sug 77 Erle 15t con & Erie con 4 A Finland 53s '58. Finland 51,,5‘5: J French T%s Gen Baking 5%s 40 Gen Cable 5%3 47, Gen Motors 68'37.. Gen St Cas 5%5'49. Gen Th Eq 63'40. .. German 5%8'65. .. German Bk 68'38. . Ger Cen Bk 6560 J Ger Cen Bk 63'60 0 German s rep '41 German Bank 7s 50 Ger Gen E178"45. ., Goodrich cv 65 '45.. Good 15t n/.-'cs‘l', 0 | Goodyr Rub & O3Tr 8t ab 683 Srand Trunk 7640 Grt Nor 438 1T E Grt Nor gn 7836 Hav El Ry 5%s 51. Hud & M ad) 58 '57. Hud & Mr£58'57... Ofl 53°37.. Humble 01l 55 31, - Tl Cent 4% [11 Cent 645 '36. 111 CCStLEN 63 A« 111 Steel 43840, Inland St 4%s B’ 1t 4 67 4 934 2102 5 74 1 664 5 74 25 T84y 4 95% 74 54 5414 12 96 5 60 53 35 1 1 12 2 13 1 3 23 69 105 15 102% 11614 10214 62% 1014 101% 91 7% 4815 9% | Orient dev & 111% 111% 115% 116 95 96 60 60 100 100 61% 614 111 39% 49% 494 48% 63% 3 79" 19 101% 101% 10 10 59 59 86 86 100 100 100% 24 48 # 4zy, Int Rap Tr 58 '66. . Int Rap Tr sta '66. . Int Rap Tr 7s 32 Int Cement nt Hydro El Int M Co s ret’d1.. Int Match b Int MM col tr Int Pap 5s A " 5 Italy Pub § Japanese 5148 ‘65, . Japanese 634s '54. . Jugosl Bnk 7857 Kan City Sou 58’50, Kan City Sou 3s'50, Kan City Ter 4860, Kan G&E 414280, rstadt 6s ‘43 d5%s 48 w Kresge Found 6536 4 Kreug & Toll 58°69. 25 Lac G St L 68 "84 Laclede 614s C'53. Laclede 5135 D '60. Lake Shore 3145 '87 Lautaro Nit 63 54. Leh Val cv 4s 2003, Leh Ven 4155 2003, Leh Valley 58 2003, Lig & Myers 58 51, Lig & Myers 78'44.. 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Tex & P53 C'T9 Third Av adj 5 Third Av rf 138 3 o Tokio El Lt 65 Un Pac1l Un Pac 4 Un Pac 4436 Utll Pw 9 Utll Pow 5%8'47. Vanadium St 5s'¢1. Vienna 6» 52. Va Ry & Pw 5 Wabash 4%s 78 Wabash 58 &'76 _Wabash 55 D°80,.. 4 364 9114 1% 1017 T2 10115 83% 238 56 68 660 561 plicity is not the *| Particular] VIRGINIA TOBACCO SALES SHOW GAIN |Warehouses Dispose of 916,« 596 Pounds During Sep- | tember. : By the Associated Press. RICHMOND, Va, November 2.— Virginia tobacco warehouses during September sold 916,569 pounds for an |an Increase of more than 300,000 pounds over Sepiember, 1930, sales, fig- | ures made public in the fifth Fegeral Reserve review of credit, business and agricultural conditions, disclosed. Tobacco sold in Virginia markets during Septembter was of inferior grade. Weather was favorable for harvesting and 98 per cent > the crop was in by October 1. The October forecast of 114,112,000 pounds is above the 1930 short crop, but below the last five-year average. North Carolina Leads. North Carotina le¢ both in Septem- ber sales and a\'c:: price recetved, Wwith 93,355,542 pounds sold on auction floors at an av-cage price of $9.56, as against 111,800,158 pounds at $11.84 in September, '1930, South Carolina in September sold price 28,271,959 pounds at an ave of $9.37, compared with 36,306,991 pounds at $13.15 in September, 1930, Maryand's prospective yield for 1930 of 33,000,000 pousds compares ably with the 1230 production of 19, 040,000 pounds, and a five-year aver- age of 24,423,000 pounds. rmv‘t";;:: Vi ln"a's toh::m h:ecllm-d in on during 'mber, but October 1 lon'cuts:r 6,044,000 ;2: exceeds 5,040,600 pounds grown in 1930 and is nearly equal to the five-year average of 6,130,000 pounds. In Virginia a large part of the corn crop also had been cut by October 1, and throughout the State was reported the best ever grown. Total uction is forecast at 47,833,000 bushels, com- 731,000, and the Be-yees aversge o g g , an: e five- 44,077,000, b gk el Oat Crop Outlook. ‘The oat crop forecast is a) 1y double last year's 831,000 bushels. Al cline was noted dus sweet potatoes, is forecast at last. 1t o some de- ber in -YEAT average. All frult Crope wete. un this season, but the mp declined in condition in Buying & Bond BY GEORGE T. HUGHES. Analysis of a bond begins with amination of the position of the oblie Firing thas e S o s e is inder consideration, 1y at Teast, all asuen. ape alike as far as security 1s concerned. That is {hmtiully as well as e United States it standing their claim to paymen being secured on ”:.' being simply corporaf priority is all y has However, wi bonds E:mr of com) we needm only one bond 80 no further, but Tuie. 2g285 B et 1 fi i way the better ones are by first lien on main iine mileage on valuable terminal property. A sec- ond, third or even fou may be sound investms on earning capacity, but these junior liens never comiand as high a market price as those to which they are sub- ordinate. It is the same way with public utility bonds. The best issue 1s the first mort. gage on the “rawer houses and other essential equipment. that granted priority of claim on and assets, it is unimportant resent purpose wl or secured. d is mo some of the strongest of America: dustrials have only debenture bonds outstanding, debenture meaning a gen- :ln.l obligation not carrying a mortgage en. When a debenture is preceded a ] 5 | mortgage bond, the case is quite er- ent, the former taki the lower rating and selling on a ‘gf‘her yield basis. While then a first mortgage bond occupies the highest place in the capi- tal set-up of any one corporation, it does not follow that the first mortgage It is only in comj obligations of the same organization' that we are concerned with here. (Copyright, 1931.) WAR RISK INSURANCE INTEREST NOT REQUIRED Supreme Court Decides in Favor of Government in Suit on Installments. By the Assoclated Press. The Supreme Court decided today the United States is not required utggy in- terest on installments due war risk insurance policies. The case arose from Northern New York after the death of Hugh Gordon Campbell of Binghampton, whose broth- er, Frank B. Campbell, also of - hampton, was beneficiary of the $10, war risk insurance policy he carried. The United States admitted the pol- icy was in force at the time of Hugh Campbell’s death, but refused to pay in- terest on accrued monthly ins its which were due. The lower Federal Courts held that the Government must pay interest on the intsallments from the time they became due. Papua or British New Guinea, an Australian ion, employs a gov- ernment anthropologist to assist ~the government to understand the native point of view, e — Bales. High. 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