Evening Star Newspaper, November 2, 1931, Page 15

- THE EVENING STAR WASHINGTON D. C., MONDAY. NOVEMBER 2, 1931. CURB SHARES RISE | ON BUSIESS GAN Market Works Higher Follow- ing Publication of Better Trade News. ~Prey Mieh 4 2 224 BY JOHN A. CRONE, @pecial Dispateh to The & NEW YORK, November 2.—A budget of favorable week end news sent the Ourb Exchange session today on an i upward path. The market leader. Elec- | tric Bond & Share, rose nearly a point. | Btandard Oll of Indiana was up mnv-! than a point. Citiés Service was vir- tually unchanged. United Light & | Power A was up only a shade, though | the convertible preferred opened up | more than 2 points | Great Atlantic & Pacific Tea was the leader of the store shares. Walgreen braced. Mead-Johnson, however, turned downward. Armstrong cork wasupnearly 2 points and Parker Rust Proof forged ahead. The rise in wheat was mirrored immediately in Deere & Co. and the ad- vance in silver bolstered American & Forelgn Power warrants, Earnings of $8,086,466 for the 12 months ended Sep- tember 30, 1931, against $11,107822 in the same 1030 period, were not reflected | at once in the quotations of American | Light & Traction. | Segal lock & Hardware falled to forecast marketwise the announcement by President Louls Segal that the com- ny had paid off all its bank loans, ling $560,000. ger Manufactur- among the higher-priced indus- trials, showed a firmer tendency, ‘Three oll issues stood out in early trading. They were Gulf Oil, up al most 3 points; Humble Oil, up 2'., and Standard Oil of Ohlo, up a point. Ohio Oll cumulative preferred ad- vanced a point. Declaration of the usual 25-cent common quarterly divi- dend by Standard Oll of Indiana was in line with expectations and had been forecast Iy that lssue. ‘The advance in ofl and gasoline prices in the m'd-Continent, Kentucky and other sections—which were not off- set by the reductions announced by South Penn Oil and other producers of Pennsylvania crude, as at is a apecial type of oll—along with the progress made by the big Standard Oil companies in forelgn marketing and merger plans brought buying into the petroleum shares today. | first nine months of this year caused an advance in that issue. British shares were rather quiet because of the holi- day in London, but Brazilian Traction, Woolworth, Ltd., and Ford Motor, Ltd., remained firm Aluminum Co. of America, Aluminum. Ltd., and Newmont Mining early point- ed upwards in the metal group. - A. O. Bmith Corporation, with a rise of nearly seven points, was one of the best g:und gainers during this period ver-Harris opened up a half point and American Beverage rose more than point. Stimulated by the abundance of favorable week end news the Curb mar- ket advanced actively at the ogenlnl. Electric Bond Share at 20 Slocks sold in i%0 NEW YORK CURB EXCHANGE .. || Received by Private Wire Direct to The Star Office. to! 1991~ Stock and Low Dividend Rate. 1% Aero Suppl Am Beverage....... y Phls (A) a3 AmCit PAL Bb10% Am Com P A (b10%) Am Corpn (f30e). Am For Pow war. Am Founder s & Elec (11). » & Elpt (6 Am Invest Inc (B Am Utll & Am Yvette (25 Blue Ridge Corp.... Blue Ridge cv pf(al) Brazil Trac Lt&P(1) Buff N&EP pf (1.60) . Bunker Hill & Sull Burco Ine war Burma rcts 12 Cable Radio T vte. .. adian Marcont nt Pub Sv Del. ... ent Pub Sve A bi%. tent Stat El (b10 ex Service (§30c) lev I 1llum (1.60). 1 O11& Gas vte. ... 4 Consol Auto M eu pf. Con Gax Balto (3.60) Consol Gas Utll (A). Consol Retail Stores Cont Shares cv pf. .. Cord Corp. ... Creole Petroleum. Creason Consol (4¢). Cueno Press pf (6% ) ° Cusi Mex Mining. ... Darby Petroleum. .. 4 Dayton Air & Eng. . Deere & Co De Forest Radio Derby Oil Refining. . Detroit Alreraft. . Driver Harris new Dubilier Cond & Rad. Dugquesne Ga: Durant Motors East Sta Pow (B). ) Elec B& Shcupf6.. Elec B & Sh pf (6)... Elec Pow Assoc (1). Elec Pow Assoc A (1) Elec P & Ltop war. . El Shareholdg (b6 % ) Emp'Corp ev pt (a3) Europ Elec debrts. . Fairchild Aviation. . Florida P & L pf (7 Ford M Can A (1.20). Ford Mot Litd 36 3- Foremost Dairy P Fox Cheater (A) GenE Ltd res 36 3-be. Gen Empire (1)..... Gen Theat kq ev pf.. Glen Alden Coal (4). Globe Underwr (15¢) 10 Add 00, 1 zeept those desigmat Bajes— » Open. fa Mid Wat St Mid Sta Pet vic A 22¢ Mid West Ut (b8%). Mountatn Prod (1).. Mount St Pow pf (7) at American Co at Family Store % %l t Fuel Ga: t Investors Nat Pow & Lt pf Nat Pub Sv pf (7 6 e St Qecvice Ov. .o > .‘]r‘f the fine, fat fed steers and yearlings. t Transit (1)...., eptune Meter A (2) Newmont Mining. New Mex & Ar Land. 1 iag-Hud Pow (40c) r Am Aviat A war or Central Texas. , North European Ofl. or Pipe Line (14). or St Pow pf (). Nor St Pow pf (7). New Eng Pow pt (6). N Y Hamburg (213 NYP&Ltpf (6) N Y Transit (180c) Ohio Copper. .. Ohio Oil cu pf (6) Oilstocks Ltd (A) PacG & E 1st pf 1%. Pac Western Oil. Pan Am Afrwa; Pandem Oil. . Pantepec Oi1, Parker Rust Pr (3)..150s Pennroad Corp (40¢c) Penn Wat & Pwr(3). Peoples L&Pwr (A). Perryman Electric. . Petrol Corp war. Philip Morris Inc Pilot Rad T Fitney Bo: Pittsbgh Plate G (2). Plymouth Ofl (25¢) .. Prod Roalty (b10%). Pub Ut!l Hold xw. Pure Ol pf (6). QR S-De Vry. d Shares (40c) Reiter- Reliable Stores. .... Republic Gas Corp. . Reybarn Co. Reynolds Invest. St Anthony Gold.... b St Regls Paper (60c) 2 Salt Creek Prod (1).. Seaboard Util (28¢).. Sec Aliled Corp (1) Sexal L & H (as0c) Selecred Industrie: Sle Ind al ctfs(5% Shenandoah Corp Singer Mfg Co (11 Smith (A 0) (2).... Southld SW Bell Tell pf (7)..1008 Stand Ofl of Ind( 1). Stand O1l of Ky 1.60. Stand Oil Ohio (2% ) 400s Starrett Cor, Stutz Motor Car Swift & Co (2) Swift Internat’l (14) Stock and Dividend Rate Massey Harris Mavis Bottling (A) Mead Johnson (15) Meniph N Gas (60c).. Mercantile Strs (1). Baies— Add 00. Open. High. i 4% 2% 5ia Low. Close ™| hine (2).. U(b8%) 3} 73 1% a 78 56 | 10 3 1 164 L 1 2% 34| * 14 be A (b4% ) oster. Royalty 20c. 77 16 40 | 14 4% | 22% 314 | | panic of 1907. PRIGES OF STEERS CONTNUE PHARD Fine Quality Beef Sells 25 to 50 Cents Higher at Chicago. BY FRANK 1. WELLER, Associated Press Farm Editor, The ever-increasing spread between the cream of the beef cattle offerings and the ordinary run is packed with potentiality. For another week now declining num- bers and the competition of shippers for choice meat had boosted the price The gain of 25 to 50 cents sent the top at Chicago to $11.50, a new high mark for the season. In the meantime, however, common and medium kinds continued down at {the same rate of speed—25 to 50 cents Even the upward action of toppy stock could not pull the in-between grades more than $1 above the low spot, al- though buyers scrambied for everything that would sell from $9 up. Grass-Fed Cattle. Whereas as strictly dry-lot steers and yearlings galloped along at $11 to $11.50, the heaviest and best of the shortfeds wouldn't bring more than $8.50 to $10. Grassers and ordinary short-feds sold as < [low as $4.75 Lo $T. It is this swarm of grass-fed cattle * | that is supplying the bulk of receipts, and these steers that have a little grain that are predominating the dry-lot of~ ferings. The dressed market has been a repe- tition of that a week ago, the wholesale price on fop grades of beef holding steady and the lower ones losing 50 cents to $1.50 in direct keeping with the action of the live market. All other markets experienced about the same trend in cattle as Chicago, where the lower grades dragged new lows at one time, and cows and heifers, losing 25 to 40 cents, were at the low- est level of the season when trading closed. Omaha and Kansas City advanced the market leaders 25 cents for a top of $10.65 at the latter and a running price of $8.25 to $10.40. Shortfeds sold Tor $5.50 o $7.50 and grassers for $3.25 to $5.25 under a decline of 25 to 50 cents. Common and medium kinds were 25 cents lower at Omaha. The hog market took a distinct dis- like for the light stuff that seems to be running wild. It looks as if the average price for the weck at Chicago is going to be less than $5 a hundred pounds—the lowest Fall price since the While the top for the week was $5.35, the late top was $5.05, which is exactly the average price paid for hogs in March, 1908. Receipts Heavier. Both open and direct receipts were heavier than last week and prices slid off 15 to 25 cents at Chicago, while pigs and packing sows lost 25 to 35 cents. * | Packing sows and heavy hogs had been holding up well. Underweights lost most in the steady ta 15-cent lower market at Kansas City, where packers were good bu: dition o 15-cent decline at Omaha and the loss of 25 to 40 cents on lights and packing FINANCI1 DOMESTIC BUSINESS SITUATION REVEALS ENC i OURAGING SIGNS Reports From Various Sections Show a More Confident Tone Has Appeared in Many Branches of ]ndustry. BY MAURICE F. DUHAMEL, Associated Press Staff Writer, NEW YORK, November 2—A| brightening of the business skies is seen | in encouraging reports gathered by the | Assoclated Press from all sections of the United States. Improvement in the industrial and banking situation was discicsed in every | major area. In some the acceleration | was marked. while in other rzones a | | strong confident undertone was found. | In New England, official _reports showed some indications of a business upturn and much cf the industrial ac- tivity that normally pervades that re- | glon. The boot and shoe and hat in- dustries have averaged constderably bet- ter than last year. Southern Conditions. | Decided signs of stimulation were recorded in the South Atlantic tobacco and cott"n oreas. Florida hotel opera- tors reported prospects of a good sea- son with some expansion of their inter- ests. In the Middle South stmilar condi- | tions were found. The attitude was de- | cidedly optimistic tcward impending re- cpening of banks closed during the | | worst of the slump. In the Middle States, industrial oper- aticns received a quickening message with the weekly statemens of the maga- zine Steel, which reports that automo- tive buying is coming along, structural | steel requirements are gaining mmer-} ately, rail crders stand fairly good, | steel works operations are steadier and | softness in raw material prices is mcre | pronounced. The review forecas some four-day weeks among automobile manufacturers, but notes gains in orders and an aver- | age stepping up of production in the i automotive list. ‘These reports tallied with others from the Western States, where _utilities, crude ofl and wheat had launched themselves upon a fairly active upward trend. Dollar wheat or better was be- lieved by Chicago experts to be in sight after a general advance of 37 per cent in four weeks, as [oreign buyers bid for American ain. The price caused hopeful smiles among the agricultural | sections, Bank Statement Optithistic. Coupled with Lrighter news from New England, the National City Bank of New York forecast better times on the basis of the re%trn of public confidence in banking power and credit. Harry E. Mackenzie, gState director of the United States Employment Service in Connecticu, reported slight upturn of business, with velvet and silk plants making women's hats working overtime. The clock industry, too, he reported, | showed resumption to normal levels, | with some overtime production, The | major proportion of industry in the State, he said, remained on curtailed | schedules, witn private building below normal. The monthly New England review of the Federal Reserve Bank of Boston | reported for the third quarter of this year a 16 per cent gain over last year's same quarter in the boot and shoe out- put, A major Massachusetts industry Milis reported a 281 per cent greater consumption of raw wool in the first nine months than last year's corre- sponding period, with the volume stead- ily improving Rhode Island manufacturing plants increased thelr pay rolls slightly, the review stated, and New Haven, Conn reported the impending enlargement of a firearms plant and the addition of andiher employing 100 persons. Employment Conditions Better, Maine reported employment condi- tions improved in some localities in Oc- tober. Pittsburgh reported between 3,000 and 4,000 men would return to their jobs to- morrow in the Edgar Thompson ,Steel Works, a U. §. Steel subsidiary, on rail orders. The Monongahela Railroad re- ported it needed 2,600 more cars in Oc- | tober than September to haul coal and coke in the Pennsylvania and West Vir- ginia areas. The Chicago area ylelded gains in activity of numerous kinds. An increase since October a year ago of 6.3 per cent in electrical consumption in 5,000 com- munities in 31 Middle Western, Eastern and Western States was reported by Mtddle West Utilities. ‘The increase has been a steady one since January. All lines of merchandise in Chicago showed decided buying stimulus last week, the Association of Commerce re- port stated. A special session of the Illinols Legis- lature will be called this week to con- sider, among other things, downward revision of property taxes. Any such legislation would be expected to have a buoyant effect on real estate securities. A new plan for stabilizi railroad credits is expected to be considered this week at a meeting in Chicago of the Association of Railway Executives. Plans to be discussed are considered bg some railrond leaders more comprehensive than the Interstate Commerce Commis- sion plan for pooling revenues, One proposal contemplates a eredit pool, similar to the Natfonal Credit Corporation, backed by stronger roads for the purvose of making loans to ‘weaker lines. In California the survey disclosed an increase in farm labor employment, with other work helding its own. Lumber Oytput Galns, Increased lumber production was one of the encouraging signs. Northwest mills reported greater output and a de- crease in the number of logs on hand, which spells a lvying season in the woods next Winter. The exports of Portland, Oreg., t forelgr; lands inceased $1,372,0 in October over Scptember, ‘Western utility corporations continue to pay dividends, Southern California Edison announcing a quarterly distribu- tion of 431-3 conts a share and Pacific Telephone &, Telegraph earnings on common stock cf $6 thus far this year, against a total of $6.04 for the entire year of 1930. - AL »a» AI9V WHEAT PRICE GAIN ENCOURAGES WEST Value of Grain Has Advanced 27 Per Cent in 30 Days. Special Dispatch to The Star. KANSAS CITY. Mo., November 2— A touch of encouragement came into the farm country last week with the upward turn of wheat. In the month the price has advanced 27 per cent from the low level; corn and oats have advanced 18 per cent. To be sure, the market is yet very low, butgany turn helps ‘to steady the meftal a tude of the producer, a most essential factor at this time. Courage and some sort of collateral that gives promise of a return are needed to enable the farm country to make progress. Cash Assets Heavy. “Scores of good banks are holding reserves in cash and sight exchange that should be working.” said a na- tional bank examiner this week. “I find banks with practically the same deposits as a year ago, but carrying heavy cash assets. Many a country bank could, and perhaps should, lend $100,000 more to customers and enable them to use up their grain on the farm through feeding operations and thus market it to advantage. The banke: are afrald. They are less afraid of the farmers’ ability to pay than of an emer- gency, and, with banks being closed be- cause of withdrawals while liquidation of notes is difficult, they want to be on the safe side. In consequence, the banks’ earnings are lessened, the rural residents are losing in the marketing of their roughage and grains, and busi- ness is affected in the towns.” Car loadings in the interior are well below the seasonal figures due to the small movement of grain and the less- ened merchandise activity. The rail- 5014 freight-rate decision has aroused ar less interest than some news re- ports have indicated. The average man is not worrying so much about rates as he is about a general increase in price levels. The loud protests that arise when railroads abandon a branch line indicate that rails are yet needed. Land Value. An interesting item on the land value condition came last week from a life insurance company, with a la part of its assets in farm loans. r};‘nld: “The vast majority of our loans is in excellent condition. More than 40 per cent of the real estate acquired under foreclosure has been sold under con- tract. Of the balance, 85 per cent ?z“u rented&r:‘ln attractive basis.” reported another company, rhaps the largest holder of farm loans, will return to the field January 1, after having withdrawn for nearly a year. Farm realty values are considered 0 |at the bottom, and plans made on pres- ‘;nt land markets have little chance of 0ss. Autumn has made little a business way, but it has at some steadiness through acceptance of condi- tions and readjusting of affairs on the new basis of values. Ev turn, even the carfies “?‘m’d and hopefulness. ton;flni‘ 1931) | try's position in trade and for perpetulty. ey . cbre 0 Grain Market .Repayment by Great Britain of 40 per cent of its credit arranged through | py the Associated Press. rose %. Citles Service at 1% was off shade, but more than made up its ini- tial decline in the next two trades. Standard Ol of Indiana at 213, ad- vanced 1. Imperial Ofl, Ltd, at i1 showed a rise of 3. Ford Motor of Canada A at 13% ad- Golden Center. Goldman Sachs. Gorham Inc pf. # Goth Knitback Mch. i Great At&Pac(1612). 508 172 Grier Stores pt 1508 8 e e | SOWS. 3%~ Pork was weak from the opening at | New York and the loin trade after mid- | week experienced the lowest demand 4|in many years, The price broke $2 S%tto 98 . Efforts of Western sheepmen to drive Taggart Corp. . Tampa Electric ( Technicolor Ing Teck HughesGM Texon Oil&Land (1). Trans Lux DLPS.. Everybody’s Business 83 b2 vanced %. Brazilian Traction at 107 Mas up Y. Pennroad Corporation was IIP slightly at 4. Consolidated Gas of Baltimore at 741, climber 21;. minum, Ltd., at 32 gained 2 Deere & mirroring the wheat, was up ' at 15, Aluminum Co. ©f America at 811 was up . ki MARYLAND TOBACCO SALES, BALTIMORE, N:vember 2—Receipts of Maryland leaf tobacco last week to- taled 353, agiinst sales of 349 hogs- heads, leaving & stock in State tobacco warehouses of 16475 hogsheads. Good cigarette grades continue in ac- tive demand at former prices The first few hcgsheads of 1931 ground leaves came to market last week, and showed only fair color, but rather thin leaf of good burning quality. Quotations today for Maryland leaf per 100 pounds: Frosted and inferior, 3.00a6.50; sound to good 7.00a20.00; medium to g-od, good to find red, 40.00a oy, - 54.50255.00. Seccnds, | medium, 6.00a50.00; good to | gn-. 31.00a44.00. Upper country bur- | 'y nominal. BONDS ON THE CURB MARKET. les in ousands 38 Alabama Pw 41 20 Alabama Pow' 55 3 Aluminum Co DOMESTIC BONDS. High. Low. Noon 81n 8870 881 997y TRENDS AND PROSPECTS OF Guit Ol of Pa (1%). Hamlilton Gas v.t.c. Happiness Cand. Hartford Hazeltine Corp (1).. Hecla Mining (40¢).. Hellinger Gold (65¢) . Hudson Bay M & 8. Humble Ofl (1215), . HydroElec Sec(1.20) Hygrade Food Prod. 111 Pow & Lt pt (6) .. Imp O1l of Can (5vc¢) Indlana Pipe Line(1) ind Ter Ilu Oil B... Insull Inv (b6% ) . Insull Utll 2 pf (6). Ins Co ofNo Am t2 Insurance Security. . Intercontinent Petn. Int Petroleum (1)... Int Utilities B. Int Utilities war Interstate Equities. . Italian Supervow A Italian Superp war.. Jer Cent P&L pf(7). Lakey Foundry..... Lefcourt Realty 1.60 Letcourt Real pf (3) Leonard Oil Lone Star Gas n 88c. 11 ! 1 1 Long Island Lt (60c) 3 Long Is cu pf B(6).. 4 Louisiana Lan & E Magdalena Synd REPORTS LEADING ORGANIZATIONS. 1 Ltd 2% . 26s, © CORPORATION 100s 100 1 NEW YORK, November 2—The fol- |lowing is a summary of important cor- ! poration news, prepared by the Stand- ard Statistics Co., Inc, New York, for . | the Associated Pres Influenced by the early part of the week, the stock Weekly News Trend. unfavorable news in imnr'.:rx moved to lower levels. However, 1 Fisk Rub 81,0 81 1Florids P &'L 3s 1Gen Mot Acc 85 - EH 0 : | covery was brought 981, 904 RRLL ., 0 the decline was abruptly halted toward | the end of the week, and a general re- bout, mainly due to the announcement that York Central was negotiating with its employes regarding a voluntary 10 per | cent reduction in wages for one year | The Standard Statistics price index for { 90 stocks declined 4.1 points during the {week to 828 on Octoper 30. Irregu- iarity ‘characterized trading in the bond | market. Weakness appearéd among | the rails, largely second grade, as a re- sult of unfavorable earnings, and car | loading reports, together with the ad- b £ 100 § o' any 32 i o vania and Tllinois Central ns The Companies. Colorado & Southern September net come, including Fort Wort and Wichita V r cent; nine mon verse Penn dividend a Ratlway, P off 129 per cent Centinental Oil marks up Kans Oklahoma crude oil 15 cents & b Florida East Coast Railway Se. ber net operating deficit $202.739 operating deficit $169.283: nine month net operating income $560.995 vs. oper- ating incom: $895941 Isle Royal Copper cuts wages 20 per - cent and operatng rate 25 per cent further to thres-day week Calumet & Hecla Consolidated Cop- per deficit after depreciation and de- pletion. nine months to September 20 $1.970.M7 vs. net income $356,504, equai | to 17 cents a common share. | _Atlas Tack deficit. nine months to September 30, $30,088 vs. deficit $84.- 3 | Byclrus-Monighan Co. class A share | earnings nine months to September 130, $3.15 vs. $2.72 Canada Bread Co., Ltd., declared 50 icents dividend on class B preferred stock: paid $1.75 on July 2 Columbia Railway, Power & Light $6.58 preferred B share earnings 12 months to September 30, $44.44 vs $51.52 Consolidated Chemical _Industries class A and B share carnings nine months to September 30, $1.23 vs. 81 half run Gult, Moblle & N Aot o ek et o e i | Union Oil Assoc (2). Unit Am U Unit Car Fi Unit Founders % Unit Gas Corp . Unit Gas Corp war.. Unit Lt & Pw A (1).. Unit L & Pwr pf(6).. Unit Milk Prod. U S Elec Pow ww ec Pwr Inter Sec Lines pt Playing Tnit Stores v.tec..... Unit Verde Exten (1) Utility Equitie: : Ul P&Lt(at1.02%). Ut & Ind .. . Util & Ind pf (1%).. Venezuela Petrolm. . Walgreen Co. Walker (H) (5| tson Wil-| % Dividend rates in nual ppyment. dividend. ock service employes agree to accept 10 /1,100 pounds, per cent wage cut. Loew's, Inc., common share earn- ings vear ended August 31, $7.43 vs. $9.65. National Railways of Mexico @ugust net earnings off 33.6 per cent; eight months, off 18 per cent. Schulte-United 5cent to $1 Stores— Company’s chain of department stores acquired by Retail Department Stores of America. Secord (Laura) Candy Shops com- mon share earnings, before deducting depreciation on investment in 1931, of $79,207, equal to $1.38 a_share; nine months to September 30, $5.22, vs. $6.61 South Porto Rico Sugar common share earnings year ended September 30. $1.20 vs. $1.49. United American Bosch deficit nine months to September 30, $354,074 Vs deficit $57.182. American Light & Traction common share earnings, 12 months to September 30, $2.95, vs. $3.72. Crown Cork International class A share earnings, six months to June 30 28 _cents, vs. 50 cents. Baltimore & Ohio Rallroad cuts sal- aries 10 per cent of employes earning $380 a month or more. Curtis Publishing common dividend to be paid quarterly instead of monthly Gabriel Co. deficit, nine months to September 30, $64,015, vs. deficit of Power & Light combined ted share earnings 12 months to $12.85, vs. $14.65 Glass common share 12 months to September 30, eel deficit, nine months to 30, $986.190, vs. net income $976,547, equal to 44 cents a com- mon share. CHICAGO LIVE STCCK MARKET CHICAGO. November 2 (# (United Departmesnt of Agriculture) — 50.000 heed, including ~21.000 t; slow, steady with Priday: 220- 300 pounds, 4.80a5.00; top, 5.00: 170- 210 pounds. 4.60a4.75; 140-160 peunds, 44024 60; pigs, 4.00a4.50; light light. good and choice, 140-160 pounds. 4403 60: light weight, 160-200 pounds, 4.50 medium weight, 200-250 pounds, 5.00: heavy weight, 250-350 pounds. 475a5.00. packing sows, sdium and 2 pounds, 4.00a4.40 ug D! 2nd choice, 100-300 pounds, k Cattle, 22,000 head; calves, 4.000 mostly steady on all classes; few loads strictly choice steers, firm to higher; 11.65 having been paid for 1.234- pound averages; several loads, 11.40a 1150 inbetween and grasser o ng: market fully s;s-aywv‘r;dk:‘n; alie to sen at 1000 upward, 00 feeders: evenly steady to 25 higher; about one- 1 Western grassers. Slaughter and e Pump pt (). ow Cafe pf (4) . Woolworth (FW)Ltd Oil & Gas.. El Pw & Lt, Nov. 10 *Ex dividend. & Pavable in cash or stock. £ Plus 6% in stock. JFlus 2% in stock. k P) Pl in sock. b Paid last v | lities. .. | st (40¢) . | i @ CISTUSOPGSITee; L. JOISIORor T | (J W) Co [P P ITRTIN 258 12 30 RIGHTS—EXPIRE u5 % 1 doliars based on Iast quarterly or semi-an- Partly extra.” IPlus 4% in stock. bPayable in stock. e Adjustment € Plus 6% In stock. hPlus 1% in lus 10% in | 8.50a11.50; 1,100-1,300 pounds, 8.50a11.75; 1,300-1,500 pounds, 8.50a11.75; common and medium, 600- 1,300 pounds, 3.50a8.50. Heifers, good and choice, 550-850 210.50; common and me- 5a6.75; cows, good and choice, common and medium, 2.75a .50; low cutter and cutter, 1.75a2.75; bulls (yearlings excluded), good and choice (beef), 375a4.50; cutter to me- dium, a4.00; vealers (milk fed), good and choice, 6.00a7.75; medium, 5.00a6.00; cull and common, 4.0085.00; stocker and feeder cattle: Steers, good and choice, 500-1,050 pounds, 4.75a 6.75: common and medium, 3.25a4.75. | Sheep, 25,000 head; mostly steady | with Friday; choice lambs, 10a15 higher in instances: good natives, 5.7586.00; closely sorted load, 6.50a6.75; choice Westerns scarce; fat ewes, 2.00a2.50. Lambs, 90 pounds down, good and choice, 5.756.75; medium, 4.50a5.75; all weights, common, 3.25a4.50; ewes, 90-150 pounds, medium to choice, 1.25a 275 all weights, cull and common, 1.00a1.75; feeding lambs, 50-75 pounds, good and choice, 4.50a5.25. Consolidated Gas of Bnl}imore. BALTIMORE, November 2 (Special) —Gross operating revenue of the Con- solidated Gas Electric Light & Power Co. of Baltimore for the quarter ended September 30, was $6,413,380.51, an in- crease of $60.693.74 over the corre- sponding period a year ago. Net operating revenue was $2,104,- 21931 a gain of $100,127.13, compared with the 1930 quarter Dividends, including the preferred, for the three months amounted to $1,331,- 174.6: crease of $6.249.92. The er of common shares out- standing w the quarter showsd an in- crease of 3524 shares over the 1930 quarter. Shares of common stock outstanding | on Scptember 30 totaled 1,166,846 com- | pared with 1.163,519 at the end of the corresponding quarter a year a Fixed charges for the period amount- ing to $7715043, an inerehse of $51,- 998.43 compared with the same quarter last year it CHECK TOTAL DROPS. By the Associated Press Checks cashed on individual bank ac- counts in leading cities of the Federal Reserve System showed a decrease of 19 | per cent during the week ended October 28 as compared with the previous pe- riod. Total debits, for comparable weeks, follow, as calculated by the Re- serve Board b Wesk ended October 28.. $7,562,957,000 Previous week....... $9,282,041,000 Same week last year.... $11,215,225,000 Pt e e Our word goes back fo the rest Latin “testum,” an garthen used for trying metals. - | roughs, 3 their slaughter stock in before snow blocks the ranges and mountain passes has put an excessive supply of thin lambs on the market. There was some late regain of loss after the price of fat lambs tumbled 15 to 75 cents around the circuit. Feeding lambs dropped 25 to 50 cents at Chicago, where stockmen could get them for $4.50 to $5.10. The bulk of both na- tive and range lambs went at $5.50 to_$6.25.- Large supplies, low prices and slow demand resulted in considerable freez- ing of lamb carcass in wholesale channels. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., November 2.— ‘White potatoes, 100 pounds, 75a1.10; sweet potatoes, bushel, 35150; beans, bushel, 1.50a2.50; yams, barrel, 1.00a 1.25; beets, per 100, 1.50a2.50; cucum- bers, hamper, 2.00a3.50; Brussels sprouts, per quart, 10a20; cabbage, bushel, 40a60; carrots, per 100, 2.50a 3.50; lettuce, per crate, 2.25a3.25; cauli- flower, crate, 1.00a1.75; celery, crate, 1.2582.00; lima beans, 1.00a2.50; okra, 250a3.00° peppers, hamper, 25475, eggpdants, crate, 3.50a4.00; onions, per 100 pounds, 1.75a2.00; oyster plants, per 100 pounds, 5.0088.00; spinach, bushel, 20a60; tomatores, hamper, 40a1.00; can- ners' stock, 2.00a2.50 lug boxes:; apples, bushels, 50a1.25; cantaloupes, crate, 1.5022.25. Dairy Market. Chickens, young, 19a21; Leghorns, 17a18; old hens, 17a24:; Leghorns, old, 13a17; rocsters, 12al4; ducks, 12al9: pigeans, pair, 25a30; guinea fowls, pair, 25a55; turkeys, 25a30. Eggs—Receipts, 761 cases; current receipts, 22230; hennery whites, 38a40; nearby firsts, 32; Western firsts, 32. Butter—Good and fancy creamery, 31a35; ladles, 20a22; process, 25a26; store packed, 15a16. Live Stock Market. Cattle—Receipts, 1,000 head; supply; market duil. Steers—Choice to prime, none; good to choice, 7.25a7.50; medium to good, 6.00a7.0; fair to medium, 5.50a6.00; plain to fair, 4.7585.50; common to plain, 4.0024.75. g Buils—Choice to prime, none; good to_choice, none; medium 1o good, 4.00a 4.50: fair to medium, 3.50a4.00; plain to fair, 3.25a3.50; common to plain, 3.00a3.25. Cows—Choice to prime, none; good to choice, none; medium to good, 3.75a 4.25; fair to medium, 3.25a3.75; plain | to fair, 2.50a3.25; common to plain, | 1.50a2.50. Heifers—Choice to prime. none; good to choice, 5.50a5.75; medium to good, 5.25a550; fair to medium, 4.7585.25; plain to fair, 3.754.75; common to plain, 3.25a375. Presh cows and springers, 30.00a60.00. Sheep and lambs — Receipts, head; light supply. market higher; sheep, 1.0023.00; lambs. 3.50a7.25 Hogs—Receipts. 2,000 head; light sup- ply, mark teady; lights, 5.45a5.70; heavies, medium, 5.50a5.80 light pigs, 5.40a5.60 good | 2,500 70. 3 Receipts. 200 higher; pigs, 5.0085 Calves - supply, market 8.50; no extras. Hay and Grain Prices. Wheat—No. 2 red Winter, export, no quotations: No. 2 red Winter. garlicky. . domestic, 641:; November, 641;. Corn—No. 2 vellow, domestic, spot, 55a56; cob corn, new, 2.00 per barrel. Oats—No. 2 white, domestic, spot, 35 a36; No. 3, 34a35 Rye—Nearby, 45a50. Hay_—Receipts, none. New hay is starting to arrive in increasing quanti- ties, but so far no official grading has been attempted, selling being strictly on merit. Demand for old hay slow and market is dull and quiet, with prices in buyers' favor at & range of .00a17.50_per_ton. f e 1 ‘wheat, 8502900 per ton; No. 1 oat, 9.00310.00 per ton. g head; calves, light 3.50a | eichteenth century English where these birds carefully trained and trimmed and fit- ted with little steel spurs. were set on to attack each other, amid wild excite- spectators. ment and betting from the | H. Wiggin is one of the clearest-think- i e R S. Profits by Loans to | | Foreign Countries Sup- | | ported by Export Data. Wheat Price Rise Ex- pected. By DR. MAX WINKLER. | Special Dispatch to The Star. NEW YORK, November 2.—Albert ing economists in the United States. | Few men have such a complete grasp of both national and international finance as he has. To his skill and | diplomacy is due the arrangement re- | garding Germany’s short-term credits, | | which may be said to have saved the | |world from a cataclysm that would have been as disastrous as was the assassination of an Austrian archduke 17_years ago. In testifying before the La Follette | committee of the United States Senate Mr. Wiggin has called attention to the fact that the future of American for- | eign trade to a large extent dépends on | a resumption of lending to foreign countries, adding that the large export trade of the United States, ich reach its peak in 1929, was due di- rectly to loans made by American in- vestors abroad. Supported by Figures. ’ Mr. Wiggin could have purqduced figures to prove his contention eon- | clusively. American investments abroad during the period 1914-1929 were al- | most exactly equivalent to the aagre- | gate excess of exports over imports dur- ing that period, indicating that the excess production was disposed of at a | substantial profit to the American pub- | lic by means of loans and credits on | behalf of America’s foreign customers. | It also must be admitted that the era | of America’s pronounced prosperity ran | parallel with America’s large loans abroad, and that the cessation of for- eign investments synchronized with the beginning of hard times in the United States. | Those who maintain that America is | self-sufficient and that foreign com- | merce represents only a small part of the country’s total business are in- formed by Mr. Wiggin that it is the last 10 per cent which makes business prcfitable or unprofitable. “It {s my firm conviction that before | trading in May wheat is over, it will have broken above the 85-cent price,” | says Arthur Cuttef,, one of the most | formed regarding wheat. | It is_also of interest to find very | wheat, about which one heard so much only a short while ago. A price of 85 cenis for May wheat, as compared with a current quotation of 65, is not unreasonable. That a rise in quotations will do much to improve economic conditions throughout the world is manifest. Hope of Copper Industry. The real hope for the future of the copper industry lies in the recognition of the folly of attempting to maintain | an undue margin of profit, in the opin- | ion of Arthur Notman, director of United Verde Extension Mining Com- pan: Such attempts. continues Mr. man, always have attracted and always will ‘attract new capital into the in-| dustry at a rate faster than the growing | needs of the world requirs. They als tend to leave the industry prostrate until the actual nowtlh has again caught up with the supply. Mr. Notman concludes, his obser- | vations by stating that the reluctance | on the part’of the public to put capi- | tal into the development of new sources of copper supply should restore the balance of supply and demand nndi & normal margin’ of profit to the in- ustry. . The United States can point to o mere record. It possesses today | world's largest steamship combig#tion, controlled by the Roosevelt-Imferna- | tional Mercantile Marine-Dollaf-Daw~ son_interests | *The ‘consoiidation of America'dighip- ping interests places the United on an equual with for wJfl’:”ém tors n ¢ coun- | L vyear by failure of railroads to allow him Segal, | (quotations furnished by W. B. Hibbs & Co.) astuts observers, who is understood to |R spend huge sums to keep himself in-|Z little talk as to the great surplus of Edu e | Gen the Federal Reserve Bodrd and renewal of the remainder of $150,000,000 for a period of thre mcnths would seem to indicate that the stabilization of the pound is not likely to be effected be- fore the-entire credit is repaid. It is within reason to state that both the board and the Bank of France are anxious to withdraw from & transac- tion which has failed to achieve its original objective, and which moreover ;1‘:): proved more expensive than help- As soon as conditions are ripe, an at- tempt, doubtless, will be mlz: to range for a stabilization loan, which is expected to be sold to the inve public. This, expec to take place until the - tions question is somewhat cla 5 ’s short-term debt at the be- ginning of the current year gated 1,205,000,000 pesos, equivalent to | 42,324 about $386,000,0t tes of exchange. Of the total, 199,000,000 pesos represented the governmental defi- cit in 1929, instead of 29,000,000, which Wwas at that time given out officially. The deficit for the past year reached 352,000,000 pesos, to which must be added unpaid bills for the state rail- ways, amounting to 102,000,000 pesos. - The Provisional President anticipates considerable improvement as a result of drastic economies and the introduction of a system of direct tazation. He pre- dicts a surplus for the first quarter of 1932. In this, he would seem to be somewhat overoptimistic. (Copyright, 1931 by the North fewspaper Al g Hearing on Suit December 7. By the Assoclated Press, The Interstate Commerce C - sion_today set December 7 for r?fl?n‘:. at Washington on the complaint of Henry C. Stuart, former Governor of Virginia, that he was damaged last drought relief vty oy rates on feed for his Stuart, a large live stock breed asked $10,000 damages, asserting fi!{s total losses for the year were $100,000. Firm Pays Off Debts. NEW YORK, November 2 (#).—Louls president of Segal Lock & Hard- ware Co., said the company has paid off all of its debts to banks, totaling approximately $560,000, FOREIGN EXCHANGE. ominal gold Selling checks val. ny. London, pound aris, franc . drachma Madrid, ‘Deseta Vienna, schilling zloty ... Copenhagen. —crow Oslo. crown Stockholm, crown.... TREASURY CERTII;;CATES. (Reported ate—M 1 1932 . 1931-32.°. 15, 1932., SHORT-TERM SECURITIES. s 15 Mar. 15 31is Dec 1t4s Sept, Wat. E Baltimore & Ohio 41z Beiding Hemingway Co lehem Steel Corp. Canadian Nor. Rwy. 41as Chi. Northwesiern CHICAGO, Nbvember 2.—Grain prices jumped today to fresh -price rec- ords, influenced by ity of wheat offerings at Liverpool and by rust dam- | age prospects in Argentina. Some dis- patches recelved said Russia would ex- port no more wheat this year or noxt. Opening %a% T, wheat con- tinued to rise. Corn started unchanged | to ' advance and later held near the intial range. m however, is not | Gt at_only 36,305,000 acres and expert at but 33,288,000, 000 acres seeded e lt.l“l year, urned relatively ¥ receipts of corn hmm,' 2:0““ e S mpatiod vt grin visions sympat strength. i New York Cotton Special Dispatch %0 The Star. NEW YORK, November 2. cotton prices were 4 to 6 points today, with a brisk demand in all positions. Trade buyers were ac- tive, but in the distant months the im- provement represented fairly heavy hedge covering. The new October con- tract opened at 7.55. Opening prices were: Decemher, 6.67, up 4; January, 6.75, 5; March, 6. up 65; May, 7.11, up 6 and July, 1. up in; Brokers’ Comment NEW YORK, November 2-—Brokers' comment was cheerful today and a maintenance of the better tone was predicted in many quarters. E. F. Hutton & Co.—Good news, real or imaginary, permanent and tempor- ary, is mu:k. ':n increasingly ready Tes) 3 m| '&?z;::‘:u" seems o be in markets. _ Frazier Jelke & Co.—The only con- sideration that deters us from taking a bullish stand in regard to the nearby stock market outlook 1is uncertainty concerning the domestic situation in Germany. Redmond & Co~—The rise in wheat apparently has supplanted international cevelopments as the most potentially constructive influence on the securities markets. It looks as though the rally in stocks may carry somewhat further, Hornblower & Weeks.—We would ex- pect an increase in ouf ollowing . R, Chicago Rock Island 4s Cleve. Lor. & Wheeling 55 Colarado & ‘So. Rwy. 4las Commercial Credit Co. 5" Delaware & Hudson Co. 83 I Denver & Rio Grande 4'.s 19 Mot Accen. Corp: ds General Petroleum COrp, 55 1940 General Public Service Gt . Northwestern Telep. 41 Pa. R. R Ci 1934 0. Portland Genera! Republic Iron & Sinelair Crude Oil_Co. Southern Pacific 55 1 IMS. Ry R fec. Lt & Union Co, wy. Wakah