Evening Star Newspaper, November 6, 1931, Page 14

A—14 »¥» “CANADA LAUNCHES FARM CREDIT PLAN Minnesota’s Rural Financing Operations Are Followed by Dominion. = t ; n BY DANIEL ROCHFORD. Bpecial Dispatch to The Star. NEW YORK, November 6.—Credit “eorporations have become the financial .fad. Eight years ago the Northwest oshowed the way by organizing the high- “1y successful Agricultural Credit Corpo- , Taiton at the instance of Frederick E. Murphy, publisher of the Minneapolis =iribue, and it decelerated the rate of _bank failures in the Northwest and :then stocked the farms with better live- “stock in a revolutionary farm selective diversification program. There was the ..3aboratory test for credit co tions. Then came the Nllé;)ox:l e %‘5’1“ al = ,S:;go rr{‘é!o‘?::r' t‘g‘f 1::“1‘53 had a hand in starting the Agricultural Credit “'Corporation in the Northwest. Northwest Plan Copied. Now follows Canada with its Do- minion Agricultural Credit Co. which, Mr. Murphy pointed out here, is &n exact copy of the Agricultural Credit Corporation of the Northwest. Mr. urphy predicted a great success for R{ in reducing Canadian wheat acreage -and lifting the level of Canadian farm prosperity by stocking farms with bet- ‘ter live stock. ! Detalls of the new Dominion Agri- \cultural Credit Co. were made public ‘here today by representatives of the anadian organizers. 2 The chief !Canldhn banks, railroads, Ansurance companies, and industrial _and commercial groups have lubecfl?ed its five million dollars capital and the fund is to become active in the very P r future. ne’:‘he money will be used as a revolv- “fng fund for loans to enable Canadian rain and cash crop farmers to buy an wersification in farm products. ‘The four States of anewt.n':hms Dakotas, an average of $1,679 per nced in.the. shift were finance e o g;’:::’ by the Agricultural Credit Corporation of Minneapolis, organized in 1923 by Publisher Murphy with the o-operation of President Coolidge, retary of Commerce Hoover, Eugene Meyer of the War Finance Corporation, Thomas P. Cochrane of the J. P. Morgan Co, of New York and a group of Western bankers and railroad men Jed by C. T. Jaffray and E. R. Decker N%:nn&%og of the Minnesota Plan attracted the interest of the Saskatche- “wan provincial government and the methods were applied there with cop® siderable success. President E. W Beatty of the Canadian Pacific Railway “ghen pr the creation of a Cana- “Hlan fnancing eroup, POBL s tne e e & the Canadian National eight years, -rm‘? from 1921, i ' Co., Mutual Life Assurance of E::lalndl. Gockshutt Plow Co., Interna- ogional Harvester Co., General Mogs “'Corporation, Og! lls .y .Canada Cement Co., Canadian “Fouse Co., Canadian Car Co., Southam Publishing Co., wof Canada, Canadian Industr “ma Steel Corporation, Northern 1iCo,, James Richardson & Sons, “others. Hopes for Success. The Minnesota plan was widely pub- S t of the $5,000,000 had been edegr. one-tty efle::ud tg:n‘;rnnl- { the permanent com| A m ver}?e hopeful,” he said this ‘week, “that the results of the Dominion _Agricultural Credit Co. will be as suc- “cessful as those of the so-called Minne- “ Mrgmh most of the loans of the new company are expected to be made in the Western Provinces, most of the capital has been raised in the East. Lieut. Gov, J. D. McGregor of Manitoba, who, like Publisher Murphy, is himself a practical farmer on a large scale, has _been named president of the Canadian «Credit Co. H. O. Powell, formerly with -the Weyburn Security Bank, has been Tnamed vice president and managing di- rector and will open headquarters for ‘the fund at Regina, in Saskatchewan. ‘Directors include James Richardson of ‘Winnipeg, A. E. Whitmore of Regina, Allen 8. Bond of Winnipeg, Thomas Wood of Elm Creek, Manitoba; Robert _Cruickshank of Moose Jaw, Robert ‘Shannon of Saskatoon, Col. J. H. Wood of Calgary, C. M. Bowman of Waterloo, .Ontario, and J. W, Spears of Montreal. Washington Produce Butter—One-pound prints, 36; tub, 35. Eggs—Hennery, 38a40; current re- “eeipts, 28a33. Poultry, alive—Turkeys, young toms .end hens, 23a25; old toms, 18a20; old hens, 20a22; chickens, 3 pounds and over, 18a20; 2 to 2%, pounds, 20a2: ~®pring broilers, 24; hens, large, 18a2! small, 15a17; Leghorn hens, 13al5; ~roosters, 10a12; keats, young, 40a45; old, 25a35. Poultry, dressed—Turkeys, young hens and toms, 31a33; old toms, 26a28; pld hens, 28a30; chickens, 3 pounds and wover, 21a23; 2 to 2! pounds, 23a25; .8pring broilers, 27; hens, large, 21a23; small, 18a20; Leghorn hens, 16al8; Foosters, 13a15; Long Island ducks, >#9a20. Meats—Beef, prime, 17; choice, 16a 4; good, 1212al3; medium, 9all; 13a8; lamb, top, 14; medium, 10a ; ‘fair, 7a9; veal, top, 13; medium, 11 .a12; pork loins, 8 to 10 pounds, 13; .10 to 12 pounds, 10%: 12 to 15 pounds, 20; fresh hams, 10 to 12 pounds, 13; 48" to 20 pounds, skinned, 9; smoked hams, 20a21; strip bacon, 22a23; lard. in bulk, 9':210; in packages, 10%3all; compound, 8a8l5 -~ Live stock—Hogs, light, 4.75a5.00: mnedium, 4.7585.00: heavy, 4.75a5.00; pigs, 4.7585.00; cal.es, 5.00a8.00; lambs, ..$.0026.00. - Fruits — Oranges, California, 3.50a _5.50; Florida, 250a3.00; lemons, 4.50a /5.50; limes, per 100, 1.75; honeydews, 2.25a2.50; grapes, Concords, 25a35; Zin- fandels, 1.10a1.25; Muscatels, 1.10a1.25: Tokays, . 1.50a1.75; Malagas, 1.50a2.00; pples, bushel baskets, 50al.50; fancy, X, 2.00a2.75; pears, Anjous, 2.75a3.00; g j)osc, 3.00a3.50: pineapples, Cuban, 3.00a B.50; cranberries, 1.75a2.00; quinces, 1.00 81.25: grapefruit, 2.5023.00; ©1.00a2.00: persimmons, 2.00. Vegetables — Potatoes, Maine, 100- pound sacks, 1.25; Idaho bakers, 2.25; sweets, bushel baskets, 50a75; onions, Jpickling, 50-pound sacks, 1.25a1.50; “articheke, 4.50; string beans, 1.50a2.00; limas, 2.50a3.25; turnips, bushel baskets, 75, bunched, per 100, 4.00; beets, per 100 bunches, 4.00; carrots, per 100 ~bunches, 4.00; okra, 3.50; salsify, per one dozen bunches, 75; squash, 3.00a bananas, 90% 57 35% 60% 1% 0’ 58% 2 11% FINANCIAL. NEW (Continued From Page 13.) 8% Montgomery 68 Morris & Essex(37%) 100: 15 Motor Products (2) 6% Motor Wheel (1) s 2 15% Nash Motors (2).... 30 Nash Chat &St L(3) 3% Nat Acme Co....... 4 Nat Air Transport. Nat Bella Hess. ..... Nat Biscult (2.80)... Nat Cash Reg A 1%. Nat Dairy (2.60) Nat Dept Strs 18 Nat Lead pf A Nat Pwr & Lt (1). Nat Ry Mex 2d pf. Nat Steel (2) :n Supply Co. 47% N Y Central (4)..... 30% NY N H& Hart (4).. 5% N Y Ont & Western. . 24 N Y Shipbuilding. ... 99% N Y Steam 1st pf(7). 10 Noranda Mines. . 112 Norf & Westn (112). 3% North Am Aviation. 26 Nor Amer(b10% stk) 41 North Amer pf (3).. 5 Nor Ger Lloyd m2.56 19% Northern Pacific 3). . 3 Norwalk Tire & Ru 613 Ohio OfL. . 1 Oliver Farm Equip. . 13 Orpheum Circult pf. 204 Otis Elevator (2%4). 3% Otis Steel. ... - 16 Otis Steel pr pf 20% Owens I1l Glass (2 29% Pacific Gas & El (2).. 35 Pacific Lighting (3). 100% Pacific Tel&Teleg(7) 4 Packaré Motor (40¢c) 10% Paramt-P(m1.62%p) C: 22 Penick & Ford(t1%) 28% Penney (J C) (3.40).. 90 Penney(JC) pf A ( 29% Penna Raflroad (2).. 129 Peoples Gas(Chi)(8) 18% Pere Marquette pr pf 10% Pet Milk COvvuvrnnns 4% Petm Corp of Am(1) 6% Phelps Dodge Co....2970s 8% Phila&Reading C&1 3 4% Phillips Petroleum. . % Pierce Ofl. . 5% Plerce Ofl pf....... % Plerce Petroleum. 20% Pillsbury Flour (2 6 Pitts Coal. 85 Pitts Coal pf. 30% Pitts Steel pf. % Pitts Termina| 2 Port Ric Am Tob(A). % Port R Am Teb (B) 8% Postal Tel&Cable 5% Prairie Oil & G 7% Prairie Pipe Lt 13, Pressed Steel Car. 39% Proct & Gamb ¢2.40) 114 Pro & Refiner: 4% Prod & Refiners pf. 51% Public Sve NJ(3.40). 87 Public Sve NJ pf (5) 97 Public Sve NJ pt (6) 112 Public Sve N J p£(7) 1343 Public Sve N J pf(8) 97 Pub Svc G&E f (5). 22 Pullman Corp (3). % Punta Alegre Suga: 5 PureOll. 55% 12% Purity Bakeries llz: 27% 60 24% 10% Radio COrp...ee...s 25% Radio Corp (B) (5).. 5% Radlo-Keith-Orph A. 15 RRSecICstkC(4). 9% Raybestos Man(1.60) 45 Reading Rwy (4). 3% Real Silk Hosfery. .. 13% Real Silk Hoslery pf. 4 Remington-Rand... 45 Rem-Rand 2d pf (8). 3 Reo Motor Car(40c). 5% Republic Steel...... 15 Republic Steel pf.... 7 Reynolds Metls(1%) 2% Reynolds Spring 35% Reynolds Tob B % Richfleld O1l. 2% Rio Grande Oil. . 9 Rossia Insur (2.2 13% Royal Dutch of NY.. 38% Safeway Stores (5).. 89 Safeway Strspf (7). 9% St Joseph Lead (1).. 615 StL-San Francisco 40 Schulte Stores pf (8) % Seaboard Air Lin: 5% 3eaboard Ofl. . 315 Seagrave (40¢) . 31 Sears Roebuck (2%4). 33 Second Natl Inv pf.. 1% Seneca Copper. . 3% Servel Inc. 3% Sharp & Dohm 1 Shattuck(FG) (t1%) 3% Shell Union Ofl..... 23% Shell Union Ofl pt... 1 Shubert Theate: 815 Simmons Co. 4% Simms Petroleum. .. 5% Sinclair Consol Ofl. . 314 Skelly Oil. 10 Skelly Oil pf w 12 Sloss-Sheff Steel pf. 123 Socony-Vacuum (1). 7 South Port Rico Sug 87 Sou P Rico Sug pf(8) 28% Southn Cal Ed (2)... 45 Southn Pacific (6). .. 14% Southern Rwy (m6). THE EVENING YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. High. 83 18% ittt 41+ ESSSE FEFL +:-l ® ELEEIIS +) EREES RS & - 4 2 5 K 3 HHEEE s e 1444 FEFEFFD 2 sepsseds 1 S 2 EREFEEEST P T R I I JUNE MR Qe om W g FEE EEF LT ¥ 10:30 1:30 Fht 4t + 1 o cash Da; tio 4+ & 4+ e & B 3% in stock. Dividend rates ai ns. xEx-dividend 4% 1n stock. 1Pl b payable in stock. B Plus 2% in stock. jPlus 50c 1 m Pald this year—no regular rate. n STAR. WASHINGTON, D. C. FRIDAY, CER 6, 1931. Stock and Bales— Low. Ditidend Rate. ~Add 00. 24 Southern Ry pf (5).. 2 95 Spald(AG)1st pf(7). 31 Sparks Withing (1).. 6 Spicer Mfg...... 31 Spiegel-May-Stern. . 12% Stand Brands (1.20). 29 Stand Gas&El (3%). 4215 Stand Gas&EIl pf (1;4 9% Starrett(LS) (12). 1 Sterling Secur (A).. 21 Sterling Sec cv pf(3) 4% Stewart Warner.... 13% Srone&Webster (m2). 9 Studebaker Co(1.20) 99 Studebaker pf (1) 89 Sun Oll pf (6).. 19 Superheater (23)... 15 Superior Oil 31 Superior Steel Texas Corp (2). 20% Tex Gulf Sulphur(3) 215 Tex Pacific Coal&Oil 4% Tex Pacific Land Tr. 5% Third Avenue....... 13 Third Nat Inv(m55c) 6% Thompson Prod 1.20. 1% Thompson Starrett. . 19 Thomp-Star pf (3%) 3% Tide Water Asso Oil. 2015 Tide Water As pf(6) 9% Tide Water Oil(60c). 4 Timken-Detroit Axle 19% Timken Roller B(2) 1% Tobacco Products 7 Tobacco Prod A 19! 314 Transamerica Corp. . 515 Transue & Williams. 3 Tri-Contl Corp...... 51 Tri-Contl Corp pf(6) 241 Trico Products(2%) 2% Ulen & Co. 5 2415 Under Ell Fisher (4) 3 2714 Union Carb & (2.60), 6650; 11% Union Oil of Cal (2). 5 Union Pacific (10) Unit Afrcraft. Unit Aircraft p! Unit Biscuit (2).... Unit Biscuit pf (7).. 4 Unit Carbon. . Unit Cigar Store Unit Corp (76¢) Unit Corp pf (3).... Unit Fruit (4)... Unit Gas&Im(1.20) % Unit Gas&Im pf(5) Unit Paperboard. Unit Plece D W (2) [YSTIOTEPS, 11 PARAY ®wwn 7 208 11 Pipe&Fy 1st 1.20 J S Realty & Imp Rubber. ... qgacaaca Smntg & Ref (1). Smtg&Ref pf 3% Steel Corpn (4). U S Steel pf (7). U S Tobacco (4.40). 4 United Stores (A) Univ Leaf Tob (3).. Univ Pic 1st pf (8).. Uti) P&L(A) e12.15. 13 Vadasco Sales Corp. nadium Corp 7 Van Raalte. .. 22 Van Raalte 1st pf % Va-Caro Chem. 86 Va Elec&Pwr pf (6). Va Iron Coal & Coke. Vulcan Detin (4 accac a2 308 1008 60s Wabash RR (A). Waldorf Sys (1%).. Walworth Co. . Ward Baking (A) d By 108 908 308 West Pa Pwr pt (6). West Pa Pwr pf (7). Western Dairy (B) 4 Western Maryland. % Western Union (6). Westinghse A B(2) Westinghouse (2%). Wsthse EM 1st m3% 208 Weston Elec Instru., 1 Westvaco Chlor 1.60. & White Motors 3 White Rock (t4%). 1 Wilcox 01l & Ga: 1 Willys-Overland. ... Willys-Overland pt., 1 Wilson & Co. .. Wilson & Co (A). ‘Wilson & Co pf. ‘Woolworth (14.40). 7 Worthington Pump. Worth Pump A (7 1 Wrigley (Wm) (4).. 1 3% Yellow Truck....... 13 Young Spr&Wire(2). 19 Ygstwn Sheet&Tube. 7 Zonite Prod Corp (1) 7 RIGHTS—EXPIRE. % KJec Po&Lt..Dec 4 92 3% Peop G L & C.Jan1s 6 15 3 2 3 2 3 4 4 1% 4% 6% 5 +5 6% 16 424 46 35% 9474 12 36% 10 1% 23 % bl tetd 4 hAy P+ Sales of Stocks on New York Exchange. AM.. P.M. 200,000 +1,100,000 12:00 Noon 10 P.M. yments based o sLess than 100 sha: in stock. Paid I, or us 3 Payable 1n cash n_special stock. © Plus 3%2% in stock. glven in the above table are the latest quarterly or half. 600,000 ,400,000 the sanwal iy decisrs- tPartly extra. 3Plus year—no reguiar rate. ock. f Plus 8% in stock. preferred stock. K Plus Plus 6% In 94, Washington Gas 10014, $500 at 1001, Washington Rwy. SALES. 65 & Electric pfd.—5 at 10 at 94. AFTER CALL. Capital Traction 55—$500 at 71. National Mtge. & Inv. pfd—100 at 4, 100 at 4, 100 at 4, 100 at 4, 100 at 4. Washington Gas 6s “B"—$500 at 10214. Potomac Electric 5%% pfd—10 at 107%, 10 at 107%,, 5 at 10714, Mergenthaler Linotype—10 at 64, 10 at 64, 5 at 64. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer, Tel. & Tel. 4128 '59..... m: Tel & Tel. ctl. tr, 5500 I Anscostin & Pot. R. R 55.... na, & Pot. Guar.'Ss C i P. of V. Gapital T Geargetown. eargetow Potomac Elec. Cons 8% Potomac_ Elec, 85 1053... Wash.. Alex. & Mt Vernon ctf Washington Gas 4'25.......... Washington Gas 5s.. . Wash Gas 65, series A . Gas 65, series B . sh, Rwy. & Elec. 48 7 MISCELLANEOUS. Barber & Ross. Inc. 6's. Chevy Chase Club §iss.. 10 Columbia Country Club 8iz. . .'C. Paper Mfg 8........... 2 W. M. Cold Storae 55 STOCKS. PUBLIC UTILITY. Wi 3.50; peas, 3.75a4.25; cucumbers, 5.00; lettuce, Iceberg, 3.00a3.50; kale, 50a75; spinach, 50a75; celery, 2.00; tomatoes, | N 1.50a1.75; California lugs, 2.50; peppers, | Pt 1 baskets, 1.00; | Pot 2.5082.75; nearby bushel ets, 75; asparagus, ¥, 3.50; extra fancy, Company Buys Own Steck. NEW YORK, November 6 (®).— - Alaska Juneau Gold Mining Co. re- Li ‘ cently hased 40,000 shares cf its “Siock, there shares in by reducing the number of t the hands of the public to 1.460,000. Ruy. & EI. com. (1 Rwy. & EL ptd. (5). TITLE INSURANCE. SR oL ® NATIO Capital (14) FEEEH ¥E nd (9e) L5 Washington (13). WASHINGTON STOCK EXCHANGE QUOTATIONS AND DAY’S SALES ! TRUST COMPANY. At | Amer. sec. & Tr. Co. 1 A"—$1,000 at | Continental Trust (8 Natl. Bav, & Tr. (121} Union Trust (8s) Wash. Loan & Tr. (ié)! SAVINGS BANK. | Spectal Dispatch to The star. | NEW YORK, November BROKER LOAN TOTAL AGAIN IN DECLINE|: | Decrease of $20,000,000 Revealed | in Weekly of United States Reserve Bank. 6.—The | weckly statement of the Federal Re- | Wi | | Col. |B'c. 0. . & Com. Bk, (17). (12). FIRE INSURANCE. American (12)... 5 Corcoran (10) Firemen's (8).. National Union MISCELLANEOUS, Col. Medical Bldg. Corp. (6). Sand & Gravel pfd. (7) T Mig p(d,. .. Emer. Bromo-Selz, Federal Storage pid. (8) Fed.-Am. Co. com. ( Fed.-Am. Co. pfd. ( Lanston Monotype (8). Mer. Tr. & B Mer. Tr. & Stge. DI Mergenthaler Linot: 3 Natl. Mtge. & Inv. pfd. (8} rug Stores pfd. (613 Beal Est. M. & G. ptd. @)... curity Storage (4e). ... 3 Wh. Corp. (3) 3y Mech. i6) Wash. Med. Bide. Corp. (Ti.25 90 Wodward & Lothrop com (1.30) 30 Woodward & Lothrop pfd. (1).. 107 *Ex. dividend. 2. bBooks closed. §i% 5% extra. el%a% ex FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Belling checks | serve on brekers' loans showed a de- crease of $20,000,000 during the week cnded November 4 to a total of $849,- | 000,000, & new low record since Decem- ber 7, 1921, when the figure stood at £831,820,000. This compares with the | previcus 1931 low of $869.000,000, made | last week, and with $2,454,000,000 on | November 5, 1930. I/ans for own account gwere $383,- | 600,000, compared with $504,000,000 a | week ago. Loans for out-of-town banks were unchanged at $97,000,000, and | loans for account of others amounted | to $169,000,000 contrasted with $178.- 000,000. Demand loans constituted | $594,000,000 of the total against $606,- 1000,000 'a week ago, and time loans were $255.000,000 against $263,000,000. |~ The New York Federal Pescrve dis- trict rediscount rate remains unchanged at 3'z per cent. | POTATO MARKET. CHICAGO, November 6 () (United States Department of Agriculture).— Potatoes—Receipts, 83 cars; on track, 260; total United States shipments, 667; duli, trading rather slow; sacked, per hundredweight, Wisconsin Tound whites, 70a85; Minnesota, North Dakota, Red River Ohio's, 80-95; Idaho Russets, No. 1, 1.25a1.35; few 1.40al.45; No. 2, 1.0 105; commercials, 1.10; Nebraska Tri umphs, 1.00a1.10. Bond Price Reduced. BALTIMORE, November 6 (Special). —Price of the City of Baltimore $4,- 500,600 4 per cent bonds, maturing Oc- tober 1, 1948, to 1964, inclusive, has been reduced by the original syndicate making the offering to a level to yleld 4.15 per cent. This issue was awarded to a group headed by the Chase-Harris- Forbes Corporation in September. BONDS IRREGULAR = = 2, ON LIGHT TURNOVER, 100 100 4 4 List Improves After Selling Ctuses Early Decline in Market. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, November 6—Owing to a reaction in wheat and a break in German bonds. today's bond market presented an frregular picture. But the undertone was still firm and a cut in bill rates in New York was followed by a sharp upturn in United States Governments and other high-grade securities. Before the opening it was apparent that the buying of the previous four sessions had exhausted a large propor- tion of the offerings in the market. This was shown by the wide spread in bid and asked prices. In some issues, notably Electric Power of Germany 6%s, this extended to as much as 35 points and in most foreign municipals there was a spread of 2 to 4 points. In junior domestic issues there were gaps of 1 to 3 points between bid and asked quotations. As this revealed an overbought condition, there was a fairly large volume of offerings after initial firmness. ‘The market absorbed the selling with- out much unsettlement and the con- tinued advance of silver and other com- modities, together with a measure of recovery in wheat, resulted in a general upturn after the first hour. One feature was a sharp advance in Argentine bonds. An order for a large block of Argentine 6s of various ma- turities was executed at 66!z, bringing the price from 212 to 5 points above the previous close and more than 30 points above the recent low. Subsequently it fluctuated irregularly, but most of the gain was held. ‘This upturn, directly reflecting com- modity price gains was followed to a lesser degree by other South Americans, such as Caldas 7'4s, Chile Mortgage Bank 6s and 6%s, Cordoba City 7s, Cundin'marca 6128, Lautaro Nitrate 6s, Montevideo 7s and Uruguay 6s. Chile Copper §s were more than a point high- er. The obligations of Australia, Cana- da and other raw material producing countries were firm. German bonds broke from 2 points in Young Plan 5':s and Dawes Repa- rations 7s to as much as 5 points in the case of Prussian 6s. German mu- nicipals, Central Banks bonds and in- dustriais, which had had large gains this week dropped 2 to 6 points. Bremen 7s, for instance, which gained over 13 points on Thursday, lost 5 points today. Much of the recent buy- ing was attributed to German interests and today's reaction was interpreted merely as profit-taking by local specu- lators. United States Government bonds ad- vanced about a point. Bill rates here were cut another %, per cent and time money quotations also were lower. New York State 4s were marked higher and other municipals improved. Jer- sey City failed to get a bid for its $4,359,000 of serial bonds offered today, but later reports were that the issue had been placed privately at a satis- factory price. Corporation issues of the highest grade moved ahead. Junior railroad bonds hesitated at the start but later scored advances. Bonds, notably the foreign dollar de- scriptions, pursued an upward course at the opening. Argentine issues extended their gains of 4 to 7 points made on Thursday. Brazilians, Uruguayans and other South Americans were bought for the same reason—the continued improvement in commodity vrices. German dollar bonds were well supported, with initial ad- vances of 1 to 2 points in German Cen- tral Bank descriptions and more con- servative improvements in German Government, 515s and Dawes Repara- tions 7s. British 5125 were firm. Other Europeans improved uniformly. In-the domestic list attention was centered on speculative rail issues such as Erle 5s, Missouri-Pacific 55 and In- ternational Great Northern Adjust- ments. High-grade bonds, especially United States Governments and prime municipals, were active at firm prices. SILVER QUOTATIONS. NEW YORK, November 6 (#).—Bar silver strong, 1'4 higher at 34, on con- tinued speculative buying. INSURANCE STOCKS NEW YORK, November 654 B O Tr Shrs “D" A B C Tr Shrs "E Am (P)— a) Inv. Bansicilla Corp . Basie Tndustry nv. b Equity Invest Equity Invest pf Eaquity Trust Shrs Five-Year Fixed Tr. Fixed Trust Sh A. Fixed Trust Sh B. Fund Tr Shrs A Fund Tr Shrs B General Equity A Granger Trade ... Gude Winmill Trad Incorp Investors Incorp Invest Equit . Independ Tr Shrs, Int Bec Corp Am A Invest Trustee Sh Leaders of Indust Leaders of Indust Leaders of Indust Beines s Sec Natl Indust Shrs Natl Tr Shrs_. N Y Bk Tr Shrs Nor Am Tr Shares Northern Secur . Oil Shares units Old Col Inv Tr Qid Cop Tr A S Repres Tr Shrs . Second Int Sec A .. Second Int Sec B ... Sec Int Sec 67 1Ist'pi . Secur Corp Gen 36 bt S 2 Za8uS0, g s 2Zwas. By rmoBulbuanas Wire Direct to The UNITED STATES. (Sales are in $1.000.) Sales. High. Low. 32:55. 32-47.. 95 10 100 100 5 L1st4%s 32 16 101 16 181 9 10116 L 4th 435 33-38 732 101 25 10118 101 25 U.S.3s1951-56 34 9328 9310 9318 US3%s’49.... 29 9424 9416 3 97 10 97 21 98 100 14 100 28 103 4 102 8103 4 107 106 8107 Sales. Hich. Low. 2:55 2% 92 92 43 71 4914 Ab& St5% "43.... Abitibi P&P 5s°53. Adams Exp 4s Alleghany Cp 58 '44 Allegheny 5s "4 Allegheny 6’5 Am Intl 5%s8 49 Am Metal 5% Am N Gas 6% Am S&R 1st Am Sug Ref 6s'37. AmTST cv4%e3d 3 | Argentine 6s B '68. Arm & Co 4%s'39. Arm Del 53843 Atchison gn 4895 Atchiscv 4348 '48.., Atch Ariz 43562, AtICLecl 48°52.... AtICT 1st 48 °52 At Gulf 5859 At] Ref db 58°37..., Australia 4%«"66. Australia 5s°55. 6 5814 88 927% Bk of Chile 6%s ‘67 Bk Chile 6% Belgium 6s '65. . Belglum 6%s 49 Belzium 78 '55. . Belgium 7s 5 Bell Tel Pa 55 B Bell Tell Pa §s B Ind Loan C 6s *46 Rerlin Cv El 68 '55. Berlin CE 6%s 50, Beth §t] rf 514842, Bolivia 7s'58. . Bolivia 78 '69 Bolivia 85'47 . Bost & Me 4% s '61. Bos &Me 58 '67 Bk Ed en A 5 oo Bklyn Elev 6%s. .. Bklyn Man 6s'6%. . Bklyn Un 1st Fa'50. Yiyn Un 58’45, ... Buenos A 6261 Pv. BR&Pitt 4%4='57. Budapest 68 '62. Calif Packing 53 ‘40 Canada 4= ‘60 34 Can Nat 434857 Can Nat 4% s 6| Can Nat 4% s 5 Can Nat s Jul: Can Nat 5s Oct Can Nor 4%s 25 Cnn Nor 6% s dh *46 Can Nor 7s ab 40. . Can Pac db 4s. Can Pac 414560, Can Pac fis '54. Cert-td db 5= Ches Corp 5s°47 C&Ogen 414="92, C&O04%sB'95... Chi & Alt 3s. . CB & Q zen 45 '58. CB&Q T11Av 4s’49. Thi & Est 11 58'51. . Chi Grt West 4x'59. 31 Chi Ind&Lou 6s'66. 2 Chi M & St P 4s'89. 10 Chi M & StP 43%%C C M StP&P 58°75 CM&St Padibs.. C&NW 4145 C 2037, Chi & NW en d%s.. Shi & NW 6%5°36. . ‘34 o Chile Cop db Christiana 63 '54. .. CCC&St L 4% E'T1 CCC & St L 55 D '63 Clev Term 58 '73... Clev Term 5%s ‘72, Cologne 6%5°50. Colomb 6s Jan '61.. Colomb 6861 Oct Colo & Sou 4%8°35. Colo & Sou 41880 Col G&E b8 May'52 Col G&E cou bs "61. Com Inves 5% '49 CC M4 1strf Con G NY 4% ConG N Y 53%s8'45. Con Pwr Jap 6%s. . Con Pow Japan 5. Copenhag 434" Copenhag 58 '52. Cuba 5%8°45...... Cuba RR 6s ctf'36. Cuba Nor 5%s'42 Del & Hud rf 4s Del & Hud 5%8°37. Del Pwr&L 4%s 71 Denmark 4%s '62.. Denmark 53855, Denver Gas 58 °51.. D& R Gren 4831 D&RG W 68’55 Det E G&R4%s'61. Det Edison rf is'49 Det Unit 435 '32. .. Deutsche Bk 68 '32. Dodge Br cl 63"40.. Duaquesne 4% s Dutch East 16547, Dutch East I Mar.. Dutch East I Nov.. Frfe gen 4s. Erle cv 6867 Erle 55'75. - wanSuvsnmitaaSuReanusmnanalten oo =i R TP Ny French 78 Bales. High. Low. 2:55 Hait] 6s'52. . gud & M adj FINANCIAL, EXCHANGE Star Offics 5 Humble O 5%s 32, 19 100% 1 50 Hungary 7%s 111 Bell Tell 5 111 Cent 4s *52 111 Cent 43 '53 . 11l Cent rf 48 °55. ... 111 Cent 4% '66. Il CCStL&N 4%s. . Inland St 4%s B'S1 Ill Steel 4%s *40. Int Rap Tr 53 '66 Int Rap Tr sta '66 Int Cement 5s 48 Int & G N ad 6s °5: Int Hydro El 65 44. Int M Co 5s ret'41.. 46 Int Match 5s'47. Int Pap 55 A *47 Int Pap 6s 55 52., 20 Int T&T v 414539, Int T& T 58'55 Italy 7s ’51. Italy Pub § Japanese 614565, 37 Japanese 615 '54.. 38 Jugosl Bnk 7s '57., Kan City Sou 3s°50, Kan City Sou 58'50. Kan City Ter 45'60. Kan CFtS&M 4s'36. Kan G&E 4 Karstadt Kend 51548 ww. Kresge Found 6s'36 12 Kreug & Toll 5 Lackaw St 58 ‘G0, Lac G St L 5s 8 Laclede 51 C' Laclede 5%s D'60.. 3 Lautaro Nit 6s'54.. 31 Leh Val cv 4s 2003, Lig & Myers 68’51, Lorilard 68 '51. ... Lorillard 5%s '37. Logllard 7s "44 La& Ark 58’60 LouG&El 6s’52... 1 L&N 1st 5432008, 1 Lyons 6s'34. McKes & R 5% 50, 14 Manh Ry 1st 45'90.. 1 Market St 78°40... 2 55 67 EE TN T Y 10: 97% 6 101% 6614 40% 8814 Marseille 6s°34.... 10 101% 04 3 Mex 4s asstd Midvale Stl Milan 63%s '52. MilERy & L 68’61 M StP&SSM 5s°38., MK&T4sB'62... MK & T adj 5s '67.. Mo Pac gn'4s'76... Mo Pac 5s A '65. Mo Pac 5s F'*77 Mo Pac 58 G *78. Mo Pac 5s H '80 Mo Pac rf b: Mo Pac 538 A " Mont Pow 5s 43 Montevideo 6s°59.. 1 Montevideo 78 *52.. 13 Mor&Co 1st ¢%#'39 5 Nassau Elec 45'51. 6 Nat Dairy 6% s 48. 25 Nat Steel 53°66.... 37 N Eng T 1st 58 '52.. NOT&Mb5s B '54. NOT&M5%s 54 wBlnatramnnusne 2 4 NY ELH&P 5% '48.. NY NH&H 4%3 67 N NY O&W 1st 45'92. NY O&W gn 45 '55. NY Tel i%s ‘39 NY W&B 4%8'46 Nia Sh Md 5%s 'S Norf South 58 '61 Nor O T & L 65 '47. Nor Pac 33 2047. Ner Pac 4s ‘97 Nor Pacr 1 68 2 Nor St Pw 65 A *41. Nor St Pw 6s B'41. 3 N 10 Norway 6 Norway 6s'52... Oreg-Wash 4s ‘61 Orient dev.5% Orient dev 68753~ Pac G&E 58 "42 Pac T&T 1st 6537, Pan Am Pet 6s *40.. Paramount 6s *47 Paris-Ly M 6s ‘68 Paris-Ly M Paris-Or 5% ¥ 1 Penn 4%s D Penn cv 4% . Penn gn 4%s'65. Penn 4%48°70.... Penn 5s '64 Penn gen 55 '68. Penn 635 '36. Pere Mar 4%s'80 Peru 6s°60. Peru 6s'61. Phila Co 55 °67. Phila Elec 4571 Phil & Read 6s " Phillip Pet 5%s '3: Pillsb F M 63 '43 PCC&StLESA | Poland 6s 40, Poland 7s '47. Poland 8s'50. 42.. Pos Tel & C 5s'55. Prussia 6s '52 Pub Sv G 4%s'70 Pure O15%5'37... g Queensland 7s"41.. French 7%s '41 1senk’hen 65'34. . g:n Baking 5%8 40 Gen Cable 5%s '47. Gen Motors 6837, 12 Gen PSv56%s'39.. 1 Gen Th Eq 6s'40... 11 German 5%s '65. lgg Reaa gn 4%s A '97. Read Jer Cn 4s’51.. Rem R 5%s A"I’l. *46. Rhine West 7s 50 Rfo de Jan 6345 ' Rio de Jan 8s " R Gr Do Sul 6s RIAr& L4%s 34, Rome 6%s '52 Roy D 48’45 ww 5 StL IM R&G 4s'33. 2 St L&SF in 4s A’50 27 StL&SF 4%s'78. 65 StLS W 1st 4s'89. St P Un Dep 55 '72. Sao Pau 78’40 Ll s Seab A L cv 6s°45. Sea All Fla 6s.A'35. 19 Sea All Fla 6s B '35 Seine 7s '42. Serbs-Cr-S1 Serbs-Cr-S1 Shell Un Of} Shell Un O11 68 '49. Shinyetsu 6%s '52. Sinclair Oil 6%8'38 Sinc O 7scv A '37.. Sinc Cr O 5%s'38 Sinc P L 58’42 Soissons 63 * Solvay Am 5. 6 9 .. B Sou Bell T&T 63’41 6 1 44 103% 103% SW Bell T 6s Al Sou Pac col 4s’49.. 11 5.y | Sou P 4%8'69 ww. 10 81 Talwan EP5%#71 . el 13 105% 8 49 105 90 20 85% 13 102% 1 103 7% 87% 43 34 821 87 04 2% 84 76 6% 0% 1. . CAN FURNISH OWNPOTASH NEEDS Recent Experiments by Bu- reau of Mines Reveals Large Ore Supply. 9 79 61% 62 88 g 100% 49 104 68 54% 61 50 51% 86% 99 . 57% BY LOUIS E. VAN NORMAN. A display in Philadelphia a few days ago of samples of the first potash mined in the United States in commercial uantities has directed attentjon to the act that, potentially at least, this coun- try is now ‘ndependent of foreign sources of potash. In commenting on these samples, Wwhich are from the New Mexico fields, the Geological Survey announces that “there appears to be sufficient potash available here (in New Mexico and Texas) to supply the American de- mands, even with a greatly increased consumption, for many decades.” The Bureau of Mines has been con- ducting an investigation into potash production for the past few years through diamond-drill exploration of the Texas-New Mexico fiels non-metallic minerals experiment sta- 2:" 1‘:»{1"' Brunme{k. N. éh&fld has veloped processes for pre e~ fined potash salts from pol hll.lu‘. the crude form in which much of the Amer- ican potash lahlmrlxld.k & , s is well known, is essential for manufacturing ultural fertil- , as well as in the munitions ingustries, phosphates, potash is a plant food. It is, however, soon exhausted by inten- sive cultivation and is not replaced by nature. For many years the American supply came chiefly from Germany and France. From sources now known it is believed the world can draw sufficient to meet its requirements indefinitely. The reserves of Germany alone are said to be enough to supply the world for from 1,500 to 250,000, years—if the present rate of consumption continues—nearly 15,000,000 short tons of crude salts a year. In fact, so large were the known German reserves, including those of Alsace, before the war that it was the generally accepted view that the mans had an unbreakable monopoly in this essential mineral raw material. Attempts were made to break the mo- nopoly, and owing to post-war condie tions some were at least partially suc- e Ge e German and French duction has been operated underm!:x l,:s: tual agreement since the war and has virtually controlled the world market. Roughly speaking, Germany has been allocated 70 per cent of the American market and France 30. There is evi- dence that the American farmer has heretofore been compelled to pay an unfairly high price for his potash o to the monopoly control of this essen- P to the war the principal lies u!gomn in the United States '.wfiu brine of several lakes in the Far ‘West, Sl amownt aise came. oo mmisa amount al &At?é:rrynwl.nL o ve years of invest tion the Geological Survey and the“{!.ure-u of Mines, working in the flelds of New Mexico and Texas, ha in demonstrating that potash can be pro. duced in the United States in commer. cially profitable quantities, notwithe standing the transportation chayges, Which are, of course, much higher than those which must be met by the Ger- man and French producers. = According to Bureau of Mines figures, con- sumption of potash in the United States in 1928 was 391,000 tons, 85 per cent of which came from abroad. (Copyright, 1931.) BANK CLEARINGS DROP FURTHER DURING WEEK By the Associated Press, NEW YORK, the 32 5% | 22 920 90% this week being L cent A wmewh:lg“ | the o lent larger o BRI ma NI RRRRRARY roit Cleveland Gincinnat! & s, Kansas Cf aha Minneapolis Richmond Atlanta Loulsyille 'w Orlean: Dallag San Pran Portland Seattle . 3 Total New York'© Total all. TRRERY F XR FRRENRRNEVRY xas Corp 55 ‘44. Tex & P 65 C*79. Tex & P 53 D ‘80 1 605" 60% 867 9714 Un Pac 4s 86% ( Un Pac rf 4s 2003.. Un Pac 1st 4847, Ud St W 634 sA'61.. Ud St W 5%sC'51. | vanadium st swa1. 13 : 25 63% 63 63 2 100% 100% 100% Va Ry 18t 5 T 94% 93%: 94% Wabash 4%s T8 Wabash 1st 6839 ‘Wabash 2d 5s°39.. Wabash 6s B *76. Wabash 65 D80, .. Walworth 68 A *45. Warn Br Plc 65'39.. Warner Sug 78 41 Warsaw 7s '58. ?‘ Sh 1st 45 2341, est E1 db 5844, 17 West Md 5%5°77... ‘West Union 5s '51.. ‘West Union s '60. Ygstn S&T Ygstn S&T 55