Evening Star Newspaper, November 7, 1931, Page 13

FINANCIAL. THE EVENING STAR, WASHINGTON, D. C. SATURDAY, NOVEMBER 7, 1931 WILLISIS AGAINST |~ NEW YORK STOCK EXCHANGE | |STRENGTHINSTOCK ND_BOND_A Recelved by Private Wire Direct to The Star Office. SATURDAY, NOVEMBER 7. Hieh. low. Dividend Rate. Add 00. High Low. Close. Chee. 7% Eaton Axle & Spr(1) + % 14% 2% Abltibl Pwr & Paper, 10 o“% 35 Eitington-Schild pf. 3 52 5 Abitibl Pwr&Pap pf. 20 KElec Auto Lite (4)... +3% "Economist Declares Present| 3., 3 e avtoLitept(h) 7 ms Express (1 9 24 Elec&Musical Instru Y 22% 167 Elec Pwr & Lt (1)... ! 33 I i Rased oo Siruggles, | o s ‘ EE FINANCIAL. CIGARETTE PROFIT EXPECTEDTOGROW Tobacco Industry Predicts Present Prices Will Con- STOCK AND BOND AVERAGES i List Pushes Through to New Tops Since the October. anun TENINSS 1t - [ ¢ of Past 40 Years. : " BY EDWARD C. STONE. 109% B2 Air Reduction(t43). 5% 80 Endicott-Johnson(3) 20 7 Alaska Juneau (40¢), 12% 8% Allegany Corp.....,~ 59% B8 Alleg Cppf 330 ww., 56y Alleg Cp pf x §30 w. 828 Allied Ch&Dye (n6). % ‘Allis-Chalmers (1). 2114 Eng Pub Svc (1.60) 10% Erie RR. 1314 Erie RR 18t pf (4)..: o RR 2d pf.. change Ruffet (1 s y¥sa + 44+ H41+ - : 4 1 1018 Decline. 1531 J tinue Two Months. 3 BY GEORGE T. HUGHES. Special Dispatch to The Star. BY CHAS. P. SHAEFFER. Associated Press Business Writer. . Parker Willls, former Washing: tonian, now a New York economist and | 23 Amerada Corp (2) special adviser to the Glass subcom. 20% 5% Am Agri Chem(Del. mittee of the Senate Committee on |j 62% Am Bank Note (13) mnk!nf and Currency, was recently % asked for his views on the National [ 38 & NEW YORK, November 7.—No longer content to play a secondary role, the market. today developed independent Clgarettes, the main division of the tobacco industry, are expected to re- strength, aided, of course, by rising turn more profits to their makers this commodities, but moving ahead now on year despite a decline in mption. tum. Stocks opened % This statement, which been higher and, to the accompaniment of grestly increased activity, pushed through to new peaks since the low of the bear market in early Octobe: average price level for the four The industrials were 1453 cigarettes is now ecalculated to be $2. rails or the utilities, but every part 80, 9. m 1,000 after Government tax and of the list shared more or less in the 0.0 e ts. advance. It was the oll stocks, how- The tax which the cigarette carries is ever, that took the lead at the start. $3 per thousand under Federal legis- Standard Oil of New Jersey, Union Oil lation, plus an additional amount of from 1 cent to 5 cents in 24 States of of California, Atlantic Refining and Ohio Oil, a varied assortment, were (Copyright, 1831, Standard Statistics Co.) NORTHWEST FARMERS GAIN |-mmcvict: BY RISE IN DAIRY PRODUCTS | &5ttt i e bkt - Fed Wat Svc A(1.20 ::Mé)el;‘t’su;l (25¢) id Ph re In(2.60). Credit Association relief plan and the | 120% 8 3 {;}::;:g:z ; :n"p;}a) . -y - - v First Natl Strs (2%) the Federal Re; 86 4:“ :m g-r# Fdy pf (1 To Trust - m Al m,,.'fi'f.. Maga- 81% Am Chicle (13)...... sine he said in 3 5 Am Comel Alcohol. .. Foster Wheeler (1).. Teply: 9 Am European Secur. 1 Fourth Nat Invm6b P hat part of 10% Am & For Power.... 218 x Film (A) ° the plan which has 40 Am & For Pwr pf(8) - to do with quicker 45% Am & For Pwr pf(1). redemption of the 25 Am & For Pwr 24 pf. Tisbilities of failed 84 Am Hide & Leath pt. banks by other 37 Am Home Prod 4.20 Banks, through 108 Am Jce (2)... Gen Asphalt (2). urchase of those 6 Am International 9 Geh Baking (2) Phsets that have 8 % Am La France&Fom. 5 Gen Cable pf. toe. is in line « 8 Am Locomotive (1).. Sl Gen Clgar (4). ... with what is 59% Am Lo’motive pt (7). 2 Gen Cigar pf (7). Meeded. 16 Am Mch & Fay 1.40 Gen Electric (1.60).. “3, That part of Gen Elec spec (60c) .. ‘hich . ‘ i Gen Food Corp (3)... :Inllah 1$l:1he ;mb. H. Parker Willis 21 Am Metals pf. Gen Gas&El A (e30c) F ¥ PFEEF Fisk Rubber 1st pf “ollonsbee Bros. SLE440 4 £14144 L Gamewell Co (3).... 1 Gen Am Tank Car(4) 55 nothing new in market seemed convinced that despised petroleum shares were now at- tractive mediums for speculation for the rise. "5 "res - hment of a national credit corpora- ¥l‘on seems to me to have done good ajgeady by showing that the banks can induced to work together and col- rate, instead of weakening one an- other. Its success will depend upon the extent of the participation and the ab- sence of undue or han-;plcrlng restric- S U} the making of loans. " 3. Poat part of the plan which calls for the re-establishment possibly of gsomething like the War Finance Cor- ‘poration is needless. : . That part of the project which alls for the discounting of notes at {Reserve banks based upon bonds ( ¥ a] or railroad, or both) is hazard- to the last degree, and in violation "of every principle of liquid banking laid down during the struggles of the past 40 years. It is mot to be thought of. It is, besides,uncedless, since the banks have ample eligible paper to get from the Reserve banks all the credit the latter can grant. All that is needed is # pooling of this paper, and that might be accomplished through the new credit corporation,” concluded the former Treasury expert. Opinion Resuming Normal Tone. This week’s review of financial and market conditions by Henry Clews & ‘Co. declares that whatever may be thought of the slowness of “the price advance, the fact remains that such movement as occurs seems to be gen- erally in the right direction. This is rly true with respect to bonds, ‘Which for the first time in weeks are now beginning to find a more stable market. The best opinion is to the effect that a slow, steady climb upward is starting in securities generally, and that the fear and hysteria that have prevailed for so long are on the decline and in a fair way to disappear. In this improvement of feeling the advance in ‘wheat has furnished no small part of the motive power. Many issues are now recognized as remarkably cheap, and the picking up of ks around current qno(gunm is obviously to be recom- mended to all who have any faith what- ever in the stability of American busi- Dess,” the review concludes. Mail Swindling Methods Exposed. ‘The average investor who buys worth- less stock by mail pays at least two- thirds of his money for postage and lurid literature, llil ‘Willlam vitt Stoddard in his book, “Financial Rack- eteering," published by Harper & Bros. 1% Am Natural Gas pf. 14% Am Pwr & Lt (21). 213 7 Am Radiator (80¢).. 150 Am Radiator pf (7) 37% Am Rolling Mill 66 Am Safety Ragor (5) 9 2 Am Seating. cesns 1 58'5 19% Am Smitg&Ref (1%) 147 102% 61 Am Sm&R 2d pf(6).. 2 45 % Am Solv & Chemical. 2 11% 1 AmSolv&Chempf.. 1 31% 7% Am Steel Found (1).. 4 113 70% Am Steel Fdry pf(7). 60s 60 33% Am Sugar Ref (5) 14 49% 201% 121% Am Tel & Teley (9).. 252 145% 128% 95 71% Am Tobacco (16). 'l 1 7 107 1% 40 43% 26% 36 13 Anchor Cap (2.40) 19% 6% Andes Coppe: 18 8 Archer-Daniels (1).. 102 95 Archer-Dan pt (7) 72 20 Armour of Del ptf (7) 4% 2% 47 10% 28% 29% 9% Associated Dry G(1) 203% 97% Atch To&S Fe (10).. 0 52 AtlCoast Line (7) [ O T LT 7 23% 9% Atlantic Refining (1) !g ;gfi 20% Atlas Powder (4). 84% Auburn Auto (£4) 201 139% 28 16% Austin Nich pf A (3) 100s 6% 2% Aviation Corp (Del). 9 27% 6% Baldwin Locomotive 60 104% 36 [dwin Loco pf (7). 10s 87% 28 Balto & Ohio ¢) 137 Bamberger pf (6%). 200s 100 3 314 66% 26 Bang &.Aroos (3%) 14} 4% Barnsdall Corp'n.... 180 90 66 BayukCiglstpf (7). 20s’ 81 37 BeatriceCream (4).. 10 62 37% Beech-Nut Pkg (3).. 3 6% 1% Belding-Hemingway. 13 80% 62 Belg NRptpftasi. 1 25% ' 12% Bendix Aviation (1). 117 46% 24% Best & Co (2). . A 70% 22% Bethlehem Steel (2). 208 128% 76 em Stl pf (7) 43 20% Bohn Alumn (1%) 37 Borden Co (k3). 8 Briggs&Stratton(2). 69% 31'% Bklyn-Man Tran (4). 13% 6% Bkiyn & Queens;.... such scheme analyzed by the| 129% 80% Bklyn Union Gas (5) In one writer 41 letters, 39 sensational circu- lars and 52 faked newspapers, a total of 11 pounds of mail, were sent to one rflpecllve customer. In this case a 100 transaction, the sale of 200 shares, meant a selling cost of $31.24, and the oters ted $66.76 for every of shares sold. Dr. Stoddard states that racketeering activities, far from being totally checked 45% 32% Brown Shoe (3)..... 15 3% Brunsw-Balks...... 9% 2% Bruns Term & Rwys. 20% & Bucyrus-Erl “ 34'% 7% Bucyrus-Eriecv pf.. ‘:% 2 Budd (EG) Mfg. 23 15% 4% Bulova Watch (80¢c). 85 22 BurnsBrospf(7)... 32% 10 Burrough A M(t1%) Gen Gas&El pf A(8). Gen Gas&E cv pf(6). Gen Mills (3).. Gen Mills pf (6). Gen Motors (3) Gen Motors pf (5). Gen Outdoor Adv(A) 10%4 Gen Prig Ink (2%).. 4% Gen Public Service 224 Gen Ry Signal (5)... 17 Gen Realty & Util pt. 15 n Refractories (1) 16 Gen Steel Casting pf. 114 Gen Theatre Bquip.. 91 Gillette Saf Rasor. 3 Gimbel Bros. 434 Glidden Co... 48 Glidden Co pr pt 3% Gobel (Adolf). 18 Gold Dust (2%) 5 Goodrich (B F) 16 Goodyear T& R (8). 57% Goodyear 1st pf (7). 3% Gotham Silk Hostery 174 Graham-Paige. 5% Granby Con Min (1). 3% Grand Silver Stores.. 7 Grand Unfon....... 14% Granite City Steel(2) 25% Grant (WT) (1).... Great Northn pf(4 12 Great Northn Ore(2) 5% Great Western Sug. . 80l Great Wn Sug pf (7) 1% Grigsby Grunow. 14% Guif Moblle&Nor p! 2% Hahn Dept Store: 25! Hahn Dpt St pf(6%) Hall (WF) (1.20) Hanna pt (7).. Harb & Walker (1).. Hartman Corp (B).. Havana Elec Ry pf.. Hayes Body Corp. .. 4 Hercules Pow pf (7) Hershey Choc (5)... Hershey Choc pf (16 Holland Furn (12% ) Hollander Sons. ... Homestake M ( Househld Fin pf 4.20 Houston O11 7% Hudson Motor (1). 3% Hupp Moto: 8% Illinois Central. 1% Indian Motor Cycle Indust Rayon (4)... Ingersoll Rand (4), Inland Steel (2).. ¢ Inspiration Copper Insuranshares Del Interboro Rap Trans Interlake Iron.. . Int Bus Machine(né) Int Cerpent (4).. Int Combustion Int Comb pf ctf: Int Combustion pf. Int Harvester (2%). Int Hydro E1A (e2). Int Match pf (4). 44 A4 +4+ ¥ » FEEFIFE ¥ FEF FomBanonman o 3 cafopa oo s .2 JOPHIT - 44+ +14 sexxes £5 288 wEx o - alanaabanan -t High Shots. Motor stocks were represented by General Motors, which sold at the best of the recovery, taking Du Pont along with it, also at & new high on the movement. Shorts in these issues helped along the advance by their cov- ering operations. Chemical stocks were active and strong, with Allied Chemical up at one time nearly 4 points. Allied By the Assoctated Press. trail back to better times in the ;‘i%nh- west. ‘Wheat, with climbing prices, beats the drums in the hopeful parade, but the lowly bovine is credited with doing the business at the cash windows. wheat and its cereal cousins Chemical even at today's price Was| grg selling less than 10 times net income last year and only a shade above its book ‘value. Meanwhile it gave a yield, :'. the present dividend rate, well cent. stocks comprised another strong group, with tically all of them at the best of the rally. National Biscuit, Corn Products and Borden deserve mention in this connection. Sugar Refining continued its rise to a level where it was selling 8 points above the close a week ago. In this case the yleld at the current dividend is over 10 per cent. Of the standard stocks, United States Steel above 71, American Telephone around 144, American Can at 85 and General Electric above 33 all helped give the market its buoyant appear- ance. Bethlehem Steel went along with United States Steel and Westinghouse Electric with General Electric, the shorts in both being plainly w Change in Situation. pace was so fast that the tape fell 4 minutes behind. Realizing in large volume was well absorbed, with only minor recessions, and the pro- fessional traders began to suspect that the public, so long missing from the scene, was taking & hand. This always upsets calculations. The changed situation in the mar- ket was best illustrated by the way it ignored the reactions in wheat and in silver, both of which commodities were responsible for the rise in stocks find their way to market instead of being used up on farms because of the changed price trend. Butter, Reserve bank showed, has treaded its way back from a low mean price in July of 20% cents a pound to 29%; cents in October, with the rise still on. These 9 cents mean from $3,500,000 to $6,000,000 more monthly to the farmer, depending on production volume, which varies through the year. Further Increase Expected. While confidence is expressed that the prices will advance further, manu- facturers estimated that the increase, in the first place. Silver was lower | posif at the opening and wheat reacted after mak! new highs, but that brought no selling into stocks. Bonds were strong from start to finish. CIGARETTE OUTPUT DROPS FIRST TIME IN DECADE With the single exception of 1920, production of cigarettes will show a de- crease this year for the first time sthoe the industry became important, it is pointed out by the Brookmire Economic Service, Inc., which expresses the opin- jon that higher cigarette prices are a more important factor in the decline than the business depression. An inter- esting featufe of present tobacco sta- tistics, it is observed, is the rather large increase being shown now in the con- NEW YORK, November 7.—Demand for furniture upholstery fabrics fell off slightly in the New York market this week. Furniture producers are rted stocks to an goods for later use at this time. Up- holstery mills have leted sample showed betterment for the period. Marketings of dairy products in Oc- tober were lower in volume than July, |of _g\:m v & normal change, but farmers f estima lue to manufacturers That. while It Yook 6041311000 pounds of | Of this year's expected production with butter to produce an_income of $12,- | Present prices prevailing ing the re- ‘We _make ral _loans "'"M by stooks, fln.m‘r‘nn or mm;..‘"'.s;...m-*., i ety Lowest Rates of Interest and Commission Thomas J. Fisher & Company, lac. started T teboetia s ttselt e cf lust: and to the increase in the cons;’mpuun mainder of the year will be about $325,~ 000,000, the industry eflcumu. 3 u. with $316,000,000 at last year’s her production and lower price level, peonl 10 Lo80 ee Vil S sbwe Saul Building e 925 15th St. N.W. One Large Office at $52.50 per mo. Suite of 4 rooms at $02.50 per mo. All outside rooms, assuring abundance of light and air. Excellent service. In the heart of the financial district. | B. F. SAUL CO. National 2100. 925 15th St. N.W. D. H. MOORE Southern Building Phone Natienal 1506 First Mortgage Loans Columbia Building Association 716 11th St. N.W. Under Government Supervision Member United States Building and Loan League Pays 5% Sompounded Money Available for Real Estate Loans - No Commissions Charged 23 Years' Successful Business Without the Loss of a Dime I44444 +44+444 +1 £ FrEEES % {nt Merchant Marine. Int Nick of Can(40¢) Int Nick Can pf (7).. 9% Int Paper & Pwr pf. 3’ the depression, have merely been ected into new channels. 31 15% Bush Terminal(234). In obtaining data for the book he re- | 104 52 Bush Term deb (T).. ‘eeived much valuable information from 2% 1% Butte Copper & Zinc. 33 several better business bureaus. 20% 42 Booker Attending Convention. —_— Y. E. Booker, head of the local in- T s U westiment house of Y. E. Booker & Co. | 10 g Chliners Hetla.r.. o has gone to White Sulphur Springs, W.| 11 18" Ganada Dry G A (3).. 32 Vi, to attend the annual convention of | 4y 11 Ganadian Pacifo1%. 35 the Investment Bankers' Association,| 25" 17 Cannon Mills (1.60). 3 which opened today. Paul V. Keyser| 1g i Capital Admin (A).. t':mpuun of snuff and of manufactured baccos. Snuff, which moved up to a new high i level in 1922, the first year following nt Printing Ink. ... the post-war depression, has seen more Int Printg Ink pt (6) . consumption each year since that time Int Salt 3) % | than in any year prior to 1932. §m !ss"\er 36% Manufactured tobaccos, as distin- Inll'].‘ A 405 guished from cf ettes, declined prior 1: D! ls‘c )( to and during post-war depression t Dept Store: and have never since reached their pre- | qone on these goods. Interstate DS pf(7). : and have ne of this city is the association's counsel. | 131, 381 Caso (J I) Co. Interst DS pf xw(1) > e MANY FACTORS NEEDED | (ard containing 78 shades mh will “The association plans an unusually im-| “go\0 713 Caterpillar Trac @ e t meeting. One of the leading| ;g 4 Celanese Corp. 2914 Johns-Manville (3) QUL Card Association, Bright medium tones TO PUSH UP STOCKS | of blue having a slight purple cast and the marine and light navy tones are features of the program will be a com-| 13, 1% C 8 3 3 3 105 Johns-Manv pf (7). lete discussion of the status of foreign | o 15 ° 99 _Jones & Laugh pf(1) Special Dispatch to The Star. n . Significant from s th NEW YORK, November 7.—Although | St wandpolnt are light beige s T tin 8 ® SIS Y The Maximum Number of Shares of General Gas & Electric Corporation $6 Preferred Stock - ~which may be ted for exchange under existing offers ($ %,ooou uidation value) has nearly been reached. e offer may, therefore, close prior to November 12, 1931, on which date it will otherwise expire by time limitation, FELRE 28 ™ I 4444 1 4+++ +h424+ 4444+ & £ & o ds, which are so widely held in this | 330 * 83 Gent R R of N J - country. About 38 committees are to| * gy 3214 Century Rib Mil e vepiatrach) the recent rise in gran prices has pro- isque tints. Vided & smulus for the current sq. | Dl and bisaue e et DI IS Ao aNce (L 4 . . 24% 814 Kayser (J) & Co (1). "% K vance in certain stocks, there was, in Retail turnover in men’s wear was Rapid Transit Income Lower. 4 % Keily-Spring Tire According to the September state-| > iy g th e " bk Kelly-SprT8% pf.. i Corp (i 5 E: addition, & strong technical posi- | spotty during the week, following brisk tion favoring an advance, according to but was stimu- ment of the Washington Rapid Transit 31a Kelsey-Hayes Wheel Buchanan Tyson, economist. The two Co. filed with the Public Utilities Com- factors coincided nicely, Tyson states in mmission, net income for the month 20 Kendall Co pt (6) a bulletin issued by Neill-Tyson, Inc., 10% Kennecott Copper(1) 20% 10 Kinney (GR) Co.... Kinney (G R) Co pf. + ottt showed & deficit of $8.522.50 against| gy tP & Pac oDe of $4,637.13 in September & year| 1on 2y oot Ml Btp & Pac vt ago, & difference of $3,885.37. For the first nine months of 1931 net income revealed a deficit of $28,- 41072 as compared with one of $21,- 37625 for the like period in 1930, an increase of $7,034.47. Company of- ficlals lay the falling off in earnings to the cut-rate taxicab service, which has also hit the street car lines hard. Financial District Notes. Secretary Mellon _announces that tenders for the $75,000,000 91-day “Treasury bills, dated November 9 and maturing February 8, totaled about $301,633,000, according to reports from the Federal Reserve Banks. The low- est bid accepted was 99.458, equivalent to an interest rate of about 2.14 per cent on an annual basis. The total amount of bids accepted was $75,173,- 000. The average price of Treasury DBills to be issued is 99.492. The average rate on a bank discount basis is about 2 per cent. TOBACCO OFFERINGS ARE WELL ABSORBED| By the Associated Press. OXFORD, N. C.. November 7.—To- bacco offerings yesterday at Oxford, Henderson and Fuquay Springs were heavy in volume. Medium to lower leaf and lug grades composed most of the offerings at Oxford, including a fair ercentage of cutters and lugs and ese grades were in strong demand. Offerings at Henderson and Fuguay Springs consisted chiefly of medium to Jow leaf lugs. Average price as compiled by the to- bacco market service of the United ‘Su,tea Department of agriculture fol- ow: Lemon leaf—Fourth quality, $15.90; Aifth, $10.80; sixth, §5.80 Orange leaf—Fifth quality, $9380; sixth, $4.80. Lemon cutters—Fifth quality, $23.90. Lemon lugs—First quality, $23.60; second, $15; third, $10.20, Orange lugs—Second quality, $17; third, $10.30; fourth, $4.90. Canadian Trend Improved. OTTAWA, Ontario, November 7 (#). +—A continued favorable trend in Can- ada is shcwn by government statistics jssued this week, the department of trade and commerce said last night. Figures show, it reported, the first 40 ChiRI&Pacpf (7). 8 Childs Company. 25% 11% Chrysler Corp (1) 37% 26'; City Iee&Fuel (. 90 664 City Ice&Fuel of 6% 50 34% 16% Cluett-Peabody (3). 2 9714 Cocoa-Cola (18). .. 2 P (2%) 7% Collins & Alkma: 7% Colonial Beacon 814 Colo Fuel & Iron 111% 33 Columb Carbon (4) 23% 8 Comm Credit (1.60). 35% 20 Comcl CreditA (3).. 34 154 Comcl Inv Trust (2) 90 70 Comm Invevpf(et). 21% 9% Comel Solvents (1). 12 4% Comwlth & Sou(30c) 86 100% 68 Comwlith&Soupf(6) 3 34% 14 Conde Nast Pub (2) 3 14% 6% Congolm-Nairn (1) 2 30% 7' Congress Cigar (1). 2 73 46 Consol Cgrarpfé%. 10s 80 56 Consol Cigars pf (7). 108 15 3% Consol Film. . b 18% 7% Consol Film of (2).. 2 109% 61 Consol GasN Y (4).. 153 107 9% Consol 15% 9'3 Consol Laundries(1) 80 5% Contl Baking (A)... 3% % Contl Baking (B). 77% 40 Contl Baking pf (8) 1 4% Cont Diamond Fibr 51% 19' Cont Insur (2.40)... 4 1% Contl Motors. .. . 4% Contl Oil (Del). 14 Contl Shares. 86% 364 Corn Products (3). 16215 126 Corn Prod pf (1). 18 3y Coty Inc. . . 34'5 20 Cream of Wheat $23 15% Crown Cork (2.40).. 2 Crown Zellerback 22 Crucible Steel 45 Crucible Steel pf (7 13 Cuba Cane Produet. 2 Cuban-Am Suga 2 14 Cuban-Am Susar pf. 2808 29 Cudahy Packing (4). 2 35 Curtis Publish (4).. 6 #5 CurtisPublishpf (1) 1 1% Curtiss Wrignt, 13 2% Curtis Wright ( 12 _Cutler Hammer. advance in the wholesale price index since August 1, 1929; increased output of hydro-electricity; a continued 4 Davison Chemic 18% Deere & Co pf (1.40). 93 Delaware & Hud (9). 29% Del Lack & Wn (2) 12%4 Diamond Match (1). 6% Dome Mines (1) 11 Domn Stores (1,20). 10 Doug Afrcraft(+1%) 124 Dr r Mfg B (2). 42% Drug Corp (4). 53% Dupont de Nem (4) Kresge (S 8) (1.60).. 3315 Kress (SH) Co (J1).. 5% Kreuger & Toll 1.61). 18 Kroger Grocery (1). Lambert Co (8) Lee Rubber & Tir Lehigh Valley Coal Lehigh Valley RR Lehman Corp (3) Lehn & Fink (3). Libbey Owens Gl Liggett & Myers(15) Ligg & Myers B (15) Lima Locomot (m2). Link Belt (1.60)... TAquid Carbonie (2). Inc (3). 3514 Loose-W 10 Lorrillard (P) Co. 20 LouGas&ElA (1%). 30% Louis&Nashville(s). 51u Ludlum Steel McCall Corp (2% 4 McCrory (B) (2). 12 Melntyre Pore M(1), 3815 McKeesport T P (4). {esson & Rob (1). 2% MclLel 15% MackTrucks (2). 53 Macy (ItH)& Co(n3 2 Madison Sq 7% Magma LCovp 10 Mallison & Ct 9% Manhatkle 6 Manhattant Shirt(1) 13 Maracaibo Oil Exp. . 1214 Marine Midld (1.20). 117 Marlin-Rockwell (2) 1ts Marmon Motor Car.. 134 Marshall Field (23) 14% Mathieson Alkill (2) 2415 May Dept Strs (2%) 2 Mengel Co. 4315 Mengel Co pf (7) 24 Miami Copper. 5 Mid Continent Petm. 7 Midland Steel (3)... 35'% Midland Steel pf (8). 21 Minne & Hon Reg (3) 1% Minn Moline Pow M StP & SSm 1sd 9 Mohawk Carpet 16% Monsanto Chem(1%) 8% Montgomery Ward.. 15 Motor Products (2). 8% Mullins Mfg. 22 Mullins Mfg pf Corp. SER EEEFE B LSEFEFr rERe P N R e FEEEREERE REF ++ +44 B s5e s Frese Fs = 4+ bt ® but alone they cannot be expected to and it must be U. 8. TREASURY BALANCE. ‘The United States Treasury balance announced today as of close of business November 5 vas $264,413,922.20. Cus- toms receipts for the month to date were $3,836,375.63. Total ordinary ex- penditures were $12,839,524.72. stores k low-priced neckwear and m‘ml&hma “‘wer:' revqr!‘,und by most re- tallers, and as a result turnover on these items was fairly good. , —_—— SILVER QUOTATIONS. ’umNDON. November 7 m“::: ver, 20d ounce; money, cent. Dhcl;mt rates: Short bills, 5% per‘unt; three months, 5%-5% per cent Trade Reports at a Glance. By the Associated Press. NEW YORK, November 7.—Tablold review of wholesale and retail business conditions and the state of crops as reported to Bradstreet's this week from the following centers, on the basis of comparisons with condi- tions in the same areas in the corresponding week last year: Wholesale an Job trade. Pittsburgh . Quiet Louisville Cleveland Detrolt : Milwaukee . Wifuds? Sons Quiet Slow Quiet Slow Quiet slo’: Slow Fair Slow Quiet Pittsburgh—New credit corporation aiding business; plate glass better, but below last year. Louisville—Conservative buying marks wholesale trade; department store sales up; building at low level, Cleveland—Auto plants releasing orders; steel around 30 per cent; coal improving; cooler weather helping retail trade. Detrojt—Industrial activity low; cool weather stimulates activity in drugs volume equal to 1930; unemployment bad. —Holiday lines on par with last year; no change in trade; ul dairy industries favored by weather. Chicago—Wheat price advanc wholesale holiday sales uj last St. Louis—Retail 20 fifr duced time, though demand for low e thenm all trade; employment up; ar, cent below 1930; flour mills on re- grade increasin; lis—Advertising and_continuous - “sajes” stimulate Tetall ¥ wew FERFS o ing slow; unemployment worse. St. Paul—Dry goods and hardware slow; millinery fair; furniture active; auto accessories quiet. Dujuth—gndustries on limited schedul tall trade; cheaper merchandise in fair volums Omaha—Advanced prices improve wheat market; cool weather stim- ullusD::t.:&lmmde; #ldnuhcmrefin operating on short-time bass. nes—Trade generally slow; manufacturing low last year; future orders light; unemployment increasin, e - Stof,kholdm intending to do so are urged to de- posit their shares promptly with the Transfer Agents for General Gas & Electric Corporation, $6 Preferred Stock, Room 2016, 61 Broadway, New York, N. Y. Full terms and particulars with respect to the offer may be obtained from your security dealer, bank or the Transfer Agents. CONSIDER A careful consideratign of their safety and income will convince of the desirability of our 6% FIRST MORTGAGES as an estate-building investment, Over & Third of a The'principa[ is._secured by con- servatively appraised improved Washington real estate, and the interest won’t vary throughout the Fos term of the mortgage, : Century Without a May be purchased in amounts from $250 wup. B. F. 8AUL. CO; National 2100 925 15th St. NNW. nsas City—Unem) 3 Jead "(n"d nm:c;t\ ,Y"ma:yc’]fl;.na Worst in years; business volume small; I timo; e weather improving trade: iron, steel and tin THERE IS NO SUBSTITUTE FOR SAFE' situation hurting business. AFETY 106 Du Pont de N pf(8) Bal plate inactive; ailks and eotton quiet; banking Eastern Roll Mill Eastman Kodak ( 14 31+ 44 +hl+tta4+10 up- ward swing in industrial and pubfic utility common stocks on Canadian and increased production of coal, petroleum and other minerals. »r _— (Continued on Page 14.) 45 4y 120 1141 +84