Evening Star Newspaper, November 7, 1931, Page 15

FINANCIAL. THE EVENING STAR, WASHINGTON, D C., SATURDAY. NVOVEMBER 7, 1931. CURB SHARES GAIN INBRISK TRADING Market Becomes More Active as Leading Issues Score Gains. BY JOIIN A. CRONE. @pecial Dispatch to The Star. NEW YORK, November 7—Main- taining the strength in evidence at the opening today, the Curb Exchange picked up activity on the upside. Electric Bond & Share ran up nearly & point. Citles Service was virtually unchanged. S‘iaudard Oil of Indlana was up a half point as Standard Ol of Nebraska rose a peint. Standard Oll of Ohio and Standard Oil of Kentucky also advanced. Public utilities, oils, coppers and the higher-priced industrials were the chief beneficlaries of the strongest first-hour market seen on a Saturcay in the last two months. American Gas & Electric duling this period was up almost 3 points. Higher prices for gasoline announced by Standard Oil of Ohio and others stimulated the advance of the oils while the assurance of some sort of agreement on copper curtailment aided the red metal snares. Traders began to move the motors on the appearance of new models and in anticipation of the annual shows. Strength of olls, especially the Stand- ard group, reflected not only basic strength in the commodity, but con- structive developments in the way of mergers, marketing plans and proration, details of which may come out at the American Petroleum Institute meeting next week. BONDS ON THE CURB MARKET. sy i thousands. 38 Alaba: 91 Alaba w 00~ 100 Alabama Pow 5s 090% 99% 99% 100% 100 1% [ 4 68 9% 97 EEEEE;"““:"’:““’“ Sg R 0% 0 n 9 Tel Can 55 C '60 94% 159 88, 88 '35 100% 100%5 1 xw 13 TR 1] d i 2 s sEa85583828a i 10; 13 23 ag F5E 8 e W e 335388325832 3 s 3 1% g ling P%{ ; iz P ‘;l Ser 5 k o4 48 o oA i v gt S0 & i H i i R 3 i 99800001 30 < s-' & & 11030 00 S DU e b0 2 R H £ gl‘ EEELTE = e e Fa FE 285 B2 PSRN sezsy - Feey EEL) H & g t1 g‘;t 5 2 5 5 g1z £ £Eva0u g g jih SRR wolousoop-allost, ERREE 13 Het 20, :Efl ErReo; 543 £ =5 % EEEE g: o Bi B Q] 22HBI8! t B 8 223 338 ows b s oS urwsminBeRineudS s asat ot Soa PRI L) vovflzg 243, 50 L33 SE>00sE3u" > e 283 i 28288 v F B3 2322883 3 # Sae L . % Wertents iv;‘;lilmll % e Improved NEW YORK CURB EXCHANGE Received by Private Wire Direct to The Star Office. Stocks sold in 100- ~Prev. 1931.~ d idend Rate. DY Ainsworth Mf, Allegheny G: orp. 2 % Aluminum Co of Am 1900s Rg\y 8 9 Alu Co of Am pf (6). !7 Am Beverage. Am Capital A. Am Capital B. Am Cit P&L B b10% Am Com P A (b10%) Am Cyanamid B..... Am Equities. . . Am For Pow war.... Am Founders....... Am Gas & Elec (11). Am Gas & El pf (68).. Am Lt & Trac (2%) Am Maracaibo Am Natural Ga: Am St Pu Sv ( . Am Superpwr (p4le) 10 Am Superp 1st (6) 0 3 Arkans NatGasA... Ark N G cu pf (60c). Art Metal Wks(b8% ) Asso G&E] A(b2-25). Auto VM cv pr pt(2). Atl Lobos. .. Atlas Utl Corp. Bell Tel of Can (8).. 258 B ) Bohack (HC)1st pf 7. 75s % Bourjols, Inc (50c).. 1 Brazil Trac Lt&P(1) 29 4 Brit Am Ol C (80c). 1 Bunker Hill & Sull. . 1008 Burco Inc war. . 4 Burma rcts t27 3-5c. Cable Radio T vte Cable & Wire A rcts. ‘able & Wire B rcts. Canadian Marconi... Cent Ind Pw pt (7).. 108 Cent Pub Sve A b5%. Cent Stat El (b10%). Cent West PS Aall Chain Store Devel. .. Cities Service (g30c) 171 CitSvP &L pf (7).. 608 Claude Neon Lts Inc. 1 Clev El Illum (1.60). Colon Oil . Col Of1& Gas vte. ... Colum Pic v.t.c. £75¢. Cmwith & Sou war.. 1 Consol Copper. ..... Con Gas Balto (3.60) 8 Con Min & Sm (£2%) 10s Cont Shares cv pi 258 Cooper Besseme: 4 Cord Corp.... Corroon & Rey Creole Petroleum. ... Cresson Consol (4¢). Crown Cork Intl (A). Cueno Pres: . Curtiss Wright war. Cust{ Mex Mining. ... 4 Dayton Air & Eng. Deere & Co....... De Forest Radio. . Derby Ol Refining. . Detroit Alrcraft Doehler Die Cast: Dow Chemical (2) Driver Harris new. . Duke Pow (5) Durant Motors. EastG & F Assoc. 6 East Sta Pow (B)... & Esler Electric...... 2 Elec Bond&8Sh(b6%) 431 ElecB&Shcupfb.. 2 ElecB&Shpf (6)... 1 Elec Pow Assoc (1).. 4 5 Elec Pow Assoc A (1) 16 Elec P & Lt op war.. 17 Emp G & F cu pf(7). 50 Emp G & F cu pf(8 Europ klec deb rts. Fairchild Aviation. . Ford M Can A (1.20). Ford Mot Frn 37%ec.. Ford Mot Ltd 36 3- Foremost Fabric Fox Theater (A) Garlock Pkg (1.20).. Vi 40 3 5 5 1 7 7 Gen Empire (1)..... Gen G&E cv pt B(6) .200s Globe Underwr (15¢) 1 Goldman Sachs. . 8 Graymur Corp (1) Great At&Pac(16%). 10 Gt At&Pac Tea pf(7) 40s GulfOllof Pa (1%). 43 Hazeltine Corp (1)..170s Hecla Mining (40c. 1 Helena Rubenstel; 1 Horn & Hard (2%).. 1 Hudson Bay M &S.. 10 Humble O1l (t2%).. 10 Hygrade Food Prod. 1 Hygrade Sylvania(2) 2 111 Pow & Lt pt (6)..100s Imp Ol of Can (50c). 17 Ind Ter lllu Oil B. 1 Insull Inv (b6%) . Insull Util 2d pt (6). Intercontinent Pet n, Int Holding & In Co. Int Petroleum (1) Int Safety Razor ( Int Superpwr(11.10, Int Utilities B. Interstate Equities. . Interstate Pw pf (7). 150; Irving Air Chute (1) Italian Superpow A.. Jonas & Naum cm pf. 3 s signated by letter “gt ~Prev. 1931~ | Righ. Low. [ 331 34 2 37 128% 274 1% 25 364 112% 2 i O Kleinert L % 1% 118% 124 Mid W T Mo-Kan Mohawk Hud 24 (7). Mohawk Mining (1). Nat B & S Corp (1). Nat El Pe Nat Family Stores. . Nat Investors Nat Pow & Lt pf (6). Nat Service Co...... Nat Sh T Sec A $60c. Nat Sugar NJ (2). Nat Transit (1).. Stock and Dividend Rate. Kolster-Br (Am Sh). Lackawanna Sec (4) Lake Shore M (12.80) Len Coal & Nav 1.20. Louisiana Lan & Ex. Magdalena Synd. Mead Johnson Meniph N Gas ( Mesabi Iron. ....... Mid Sta Pet vtc B Mid West Ut (b8%). Jtev pf xw 6 Bales— Add 00. Open. High. Rubber. ... 4 Ban 1% 1% 291 2615 16% % 10 261 16% 3 10 2414 Sommmuon - = d Lt pf (7). 15). 0c). Pipe Line. .. 2 R a0 0 ow A (1.80). o -y S0 e r New Eng Pow pf (6) 1008 New Mex & Ar Land. 1 Newmont Mining, N Y Shipbuilding 25 1 N Y Steam Cp (2.60). 1 N N Y Transit (180¢c).. es-Bemt-Pond (1) {ssing. S itrate Corp Chile B Nor Am Aviat A war. North European Oil. Nor St P 5 Nor St Pow pt (7)... 109% 102°% Ohlo O11 6 Pandem Pantepec Oil. 5 Parker Rust Pr (3). Pennroad Corp (40c) Penn Wat & Pwr(3). 1 Perryman Electric. . Phila Co new (1.40; ow A (8) cu pt (6) Overseas Sec. oll. {1508 26 11 1 Philip Morris In Pilot Rad Tube Pitney Bowes (b4%) Pittsburgh&LE(110) Plymouth Ofl (25¢).. Premier Gold (12¢).. Prudential Invest. .., Pub Util Hold war... Pub Utl] Hold xw. . .. Puget Sd P&L pf (5) Rellance Manag. Reliance Int B % Relter-Foster, ..., Republic Gas Corp. Reynolds Invest. Ryan Consolidate St Regis Paper (80c) Selected Starrett Starrett o Shenandoah Corp pf. Silica Gel etfs. ...... Singer Mfg Co (116). 50s Smith (A 0) (2). South Penn 011 (1). Stand Ofl of Ky Stand Oil Nebr (2).. Stand Ofl Ohfo (2%) 200s Stand Silver & Lead. Salt Creek Consol. .. Salt Creek Prod (1).. Sec Allted Corp (1) Segal L & H (a50c) Industrie: 15 2 - 1408 21 t 2 (1. 1.60. 5 Corp..ee..e 1 Corp pt (3). 25 St Co, Can Ltd 1.75 Stein Cosmetics Stutz Motor Car. Sunray Oil. Switt Internat’l (14) Swiss-Am El pt (6).. 50 Tampa Electric (32). Taggart Corp.. Technicolor Inc Teck HughesGM ‘Texon Oll&Land (1). Tebacco & All Stks. . sLuxDLPS., Tri-Cont Corp war. .. Tri-Utiliti, Tubize Chatel, B. Un Gas of Canada(1) Unit Corp war s Unit Founders ] 4 Unit Lt & Pw A (1 Unit Profit Sharing. U S Elec Pow ww.. U 8 Elec Pwr war, U S Inter Sec 1st pf. U S Lines pf. . Unit Verde Exten (1) Utan P & Lt pf (7).. Utll P&Lt(at1.02%). Utility Equitl Van Camp Pkg. Venezuela Petrolm. Walgreen Co West Mass Co West Pwr pf (7) Wil-low ‘Woolworth (FW)Ltd “Y” Oil & Ga ratez in doliars based nt. *Ex a in cash or JPlus 2% in stock. kPlus 10% in stock | stock. n Plus 8% in stock. D Paid last year—no ividend. ~ 1Partly extra. Cafept (4). 258 14 9 Iast quarterly or semi-an- iPlus 4% in stock. Payable in stock. e Adjustment € Plus 6% in stock. hPlus 1% in m Plus 3% in sular rate. on stock. Everybody’s Business Rise in Bonds Expected to Result Advance in Stock Prices—Better Other in Feeling to Shares. as BY DR. MAX WINKLER. NEW YORK, November 7.—From the | standpoint of securities prices, one of | the most encouraging signs is the im- pressive rise in the %\‘munon of bonds, | especially those of the so-called “‘sec- ondary category.” It has been main- tained right along that a genuine ad- vance in stock prices would have to be preceded, or at least accompanied, by a rise in fixed income-bearing se- | curities which have served and con- tinue to serve as the backlog of the various financial institutions through- out_the country. The improvement is particularly | marked in the case of Zoreign bonds, with German and Argentina issues | lendlnf. ‘The latter should benefit even | more from the advance in the price of | wheat, The country’s exportable sur- plus of 154,000,000 bushels represents an additional value of over 830.000,0001‘ as a result of the recent advance. As to Germany, the situation should be helped materially by the better feel- ing in banking circles in regard to an early adjustment of the various prob- lems pertaining to the country’s in- debtedness, political as well as com- mercial. The recent rise in German bonds traded in on the New York market possibly foreshadows favorable action in this connection. Auto Share’s Hope Rises. A somewhat better feeling seems to prevail in regard to automobile and automobile accessory shares. Produc- o beginShordly i preperation for the preparation national show season scheduled to open shortly after January 1. Observers point ‘out that the reopening of quan- tity output should stimulate the busi- ness o automobile accessory com- panies. It should also help steel con- cerns and producers of other materials employed in the manufacture of auto- m 4 Owing to larger movements by the Chicago & R"n,ck Island System of | cash amounting approximately to $4,- wheat and cotton as with a the position of the rosd has schieduled {0 meet shortly Tor dividend action on the 6 and 7 per cent pre- ferred stocks. It is reasonably certain that earn- ings for this year will fall short of dividend requirements. Whether the management is sufficiently impressed with the outlook to jistify their utiliz- ing the road's cash for dividend pur- poses, one cannot state with any de- gree of definiteness. Both classes of stock are cumulative up to $5 a share. The recent advance in wheat has been too rapid to be healthy, accord- ing to Dwight K. Yerxa, vice president of Pillsbury Flour Mills Co. Referring to his own enterprise, Mr. Yerxa pointed out that it was now operating at between 75 and 80 per cent of capacity and that the wheat storags houses are well stocked, not be- cause of a surplus, but because it is customary to buy all the wheat pos- sible and ship it to Buffalo, N. Y., be- fore December 5, when the Great Lakes close to navigation, i Sound Wheat Advance. Mr. Yerxa's observation on the ad- vance in the price of wheat is 0 & certain extent sound, but it should also be borne in mind that the decline had gone entirely too far. Viewed from the standpoint of the economic life of the Urited States, Mr. Yerxa expresses the opinion that the rise in wheat will help the farmer first, that the influence Wil then spread to other industries, and finally to the country at large. While the earnings of Nationai Cash Reglster are still rather unsatisfactory, the financial position of the company is exceptionally strong. As of Septem- ber 30, the ratlo of current assets to current liabilities was 9.8 to 1, with 000,000, as compared with less than | $1,800,000 a year ago. The company is thus in a good position to take ad- | vantage of whatever improvement will | occur in the business situation. As it is very unlikely that railroad earnings for the balance of the year | will change materially, it is reasonably | safe to assume that a number of car-| riers in the United States may nof earn their fixed charges. However, this need not imply that default wili occur in (¥ Tegard “to their various obligations, largely because such asw:ngtln are confdently expected to be taken care %ngy the recently created revolving The transportation systems which fall within this class include the West- ern Pacific, the Wabash, Norfolk & Southern, Pere Marquette, the 800 Line and the Gulf, Mobile & Northern. Further Silver Advances. With silver futures quoted around 37 gents, many incline to the belief. that in view of the pronounced rise in the price of the white metal, further ad- vances are not likely to take place. Those holding this view overlook t86 fact that the cost of production to most of the American producers, in- cluding those in the United States, Canada and Mexico, is around 40 cents an ounce, so that from the economic point of view, a quotation in excess of the cost of production would seem fully warranted. ‘The effect also should be felt by the various silver producing companies. It is believed that one of the chief beneficiaries should be international silver, which normally carries an in- ventory of over $6,000,000. At prevail- ing prices, the company is selling in the open market for about half of its net current assets alone. It has been intimated that if changes in reé)lmlions payments are to be ef- fected, such changes should be based on the actual war damage done. In this connection, it is estimated that France's expenditure for the rebuilding of devastated regions amounted to 100,000,000,000 francs, or about $4,- 000,000,000, as compared with 18,500, 000,000 marks (gold), or about $4,500,~ 000,000, which she has received thus far on account of reparations. In German circles it is feared that France, as its price for reparations re- vision, will set the same kind of con- ditions as were presented in connection with Chancellor Bruening's request for credits on his visit to Paris. It is also felt that acceptance of these condi- tions will mean the end of the Bruen- ing administration, which has done more in the interest of European peace and stability than any successor gov- ernment is likely to be able to do. (Copyright, 1931 by the North American Newgpaper Alliance, Inc.) NEW YORK BANK STOCKS NEW YORK, November 7 (#).—Over- the-counter market: Asked. America . 2748 Chase Chat _Phenix Commercial Natl. Natl N Y. y Public ... Bankers ... Brooklyn rving .. Manufacturers New York ..... Corn Duty Reduced. MADRID, November 7 (#).—The gov- Srom 10 pesetas per uiokal 1o ] pescias rom 10 pesetas per qui 3 The pal supply comes from Ar- gentina. . AIRMAIL SUBSIDY NEAR §20,000,000 :Annual Government Appro- priation Not Held Excessive by Aviation Interests. BY BRADLEY W. TRENT. Special Dispatch to The Star. NEW YORK, November 7.—As the War Department emulates the Navy in paring down its budget for the next fis- cal year, leaders in the aviation field are wondering today whether the Post Office Department will apply the knife to airmail appropriations in joining dhe move for governmental economy. Considering the growth of America's airways. the aviation interests contend that the cost of developing the airmail service in the United States and thus fostering commercial aviation, has not been excessive. Figures available here today show that the Post Office De- partment has spent $66,397.486 for the airmail during the last 14 years, or an average of $4,742,677 a year. Of course, the expenditure has been in- creasing each year. First Subsidy Small. During the first years of the devel- opment the airmail subsidy was very small, but in the last few years it has grown to the point where this country now spends approximately $20,000,000 a year for airmail transport. During the first six months of 1931 the Post Office Department paid domestic air line operators $9.160,260.88 for carry- ing the mail. This amount is exclusive of the mail payments for foreign serv- ice, which virtually is monopolized by Pan-Americap Airways, operating down both coasts of South America. In the first six months of this year the total payments in the foreign fleld were $3,464,772. If the same rate of increase in air- | mail payments continues during the next few years, the contractors will be drawing annually what was paid over the first 14 years of development. In- creased mileage and increased pound- age have brought the cost of operation to_the present figure. ‘The Postmaster General already has made cuts in the airmail appropriations for the remainder of the current fiscal year, but_the operators, large and small, are vitally interested in the budget for the fiscal year beginning July 1, 1932. Naturally, some differences bave arisen among the operators themselves over the division of the airmail cos tracts, and it is known that the inde- pendents throughtout the country have collected operation figures to sent to Congress when it convenes De- cember. They will demand an airin, of the methods of Postmaster General Walter F. Brown in awarding airmail contracts, “Big Four” Systems. Excepting $044,176.69 awarded ‘five of the smaller operators, all airmail expenditures fcr the first six mcnths of 1931 went to thte big systems known as the “big four.” These psyments were as follows: ‘United Air Lines, $4,070,857.50; 'Trans- continental & Western Alr, $681,607.54; Western Alr Express, ~$550,518.90; American Airways, $1,943,950.16, and Eastern Air Transport, $969,120.09. | Three of these lines have coast-to-coast systems, and the fourth operates along tm Atlantic Seabcard. ‘The other five operators who received a share of the Government subsidy were: National Parks Airways, operat- ing 483 miles between Salt Lake City and Great Falls, $162,770.98; Pennsyl- vania Alrlines, Inc., operating 310 miles between Washington and Cleveland, $61,182.16; Transamerican Alrlines Cor- poration, operating across the Great Lakes, $275,858.40; Northwest Airways, $433,858.95, and United States Alrwiys, operating between Kansas City and Denver, $11,315.20. (Copyright, 1991.) New York Cotton tch to The Star. NEW ORK, November 7.—After holding extremely steady during the greater part of the session and ad- vancing to the best levels of the week, the cotton market today came under week end realizing toward the close, which left the list with a loss of 4 to 6 points on the day. Professional operators were inclined to liquidate in advance of Monday's Government crop estimate, but a large quantity of contracts was again taken from the market by commission house interests. Final quotations were the lowest of the day. Spots were reduced 5 points to 6.70. Cotton range: Spectal Dis, Hi December Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md, November 7.— ‘White potatoes, 100 pounds, 75a1.00; sweet potatoes, bushel, 35a50; yams, barre], 1.00a1.25; beans, bushel, 50a 2.00; beets, per 100, 2.0083.00; brus- sels sprouts, per quart, 10al5; cab- bage, 35a50; carrots, per 100, 2.50a3.5¢ caulifiower, crate, 1.25al.75; celery, crate, 1.5023.00; cucumbers, hamper, 2.50a4.00; lettuce, crate, 2.00a3.00; lima beans, hamper, 2.00a3.00; okra, bushel, 1.50a2.00; peppers, hamper, 25a75: pumpkins, per 100, 3.00a6.00; eggplants, crate, 3.50a4.00; onions, per 100 pounds, 1.7582.00; oyster plants, per 100, 5.00a 6.00; spinach, bushel, 30260; squash, bushel, 1.50a2.25; tomatoes, hamp 40a1.00; turnips, hamper, 15a20; ap- ples, bushel, 50a1.50; cantaloupes, crate, 1.50a2.25. Dairy Market. Chickens, young, 16a20; Leghorns, 16a17; old hens, 17a23; Leghorns, old, 12a17; roosters, 12al4; ducks, 12a19; pigeons, pair, 25a30; guinea fowls, pair, 25a50; turkeys, 20a25. Eggs—Receipts, 221 cases; current re- ceipts, 22a30; hennery, whites, 35a38; nearby firsts, 30a32; Western firsts, 30a32. Butter—Good and fancy creamery, 28a32; ladles, 20a22; process, 24a25; store packed, 15. STOCKS FAIL TO BREAK THROUGH OCTOBER MARK Special Dispatch to The Star. NEW YORK, November 7.—8ix times now the stock market has approached the high level of the October recovery and then dropped away from it. From the standpoint of a bull operator, this is not a good sign. It indicates that there is stock for sale at the high level and not enough absorbing power to remove it from the market and allow prices to go through the former figure. The trouble lies in the railroad and public utility is- sues, which are lagging behind the in- dustrials. The rails particularly are sluggish, reflecting all of the bad news and showing no response to favorable developments. ‘The professional element also has been impressed the past two days by the lack of sympathy stocks to the rise in commodities. This can be explained by the fact that the speculative element, for the time being, has shifted its ac- tivities to the grain pit and is also “taking a ride” in the markets for silver and other active' commodities. FINANCI AL. =2y A—-IS ISUDDEN JUMP IN SILVER PRICE IS BOON TO HALF OF WORLD Bullish Traders in White Metal Market Ascribe Advance Partly to Drastic Cut in Production. BY VICTOR EUBANK, Associated Press Financial Writer. | NEW YORK, November 7.—The lIl-i ver lining on the cloud that has dark- | ened and depressed the purchasing | power of more than half the world's population has taken on a more pro- nounced gleam. In other words, spot silver has sold for 323 cents an ounce, upmu/, cents and the highest price of | 1 ‘Why there should be a small boom in the metal is somewhat of a mystery to the general public, and Wall Street experts and brokers served out diversi- fled opinions as to the upturn. Cut in Production. In some quarters the price advance was attributed to pure speculation, in- duced by the increased interest in com- modity quotations. Optimistic observ- ers, however, attributed the movement | to a cut in world production of some 20 g:r cent, the suspension by England of e gold standard and large and steady accumulation by Chinese sources which believe that much higher figures are in the not far distant future. Silver hit its low for all time on February 16 this year, when it sold for 25%; cents an ounce. Its record hign price was $1.371; on November 25, 1919. Thursday’s futures for October, 1932, closed at 36.94 cents. The volume of sales—5,450,000 ounces—was a record for the National Metal Exchange, which has been in existence less than wo years. Some brokers are predicting a price of 50 cents an ounce before many ‘weeks, but others belleve a reaction is inevitable. ‘The bullishly inclined cite the fact that the world’s production of silver for the first half of 1931 declined 21,873,000 ounces compared with the output for the same period of last year. They also call attention to the fact that the rupee of India, because of England's going off the gold standard, has fallen to such an extent that the Indian holder of silver will not redeem it with the lower- valued currency. India, it must be ve- membered, is one of the world’s great- est users of silver. . Chinese Buying. China, the other great silver-using country, also is given some credit for the recent advance in price. Shrewd Chinese traders, whose forbears have been dealing in silver exchange for centuries, have come into market as buyers of futures, according to rumors in the trade. As China is be- lieved to hold some five billion ounces of silver, this report, if true, would have considerable significance. i Foreign silver currencies, apparently in sympathy with the bar metal price, FINANCIAL WRITER JOINS STATISTICS CO. STAFF 8. Palmer Harman, ntwspaper man and contributor of financial material to leading magazines for the past years, has joined the Standard Statisti .Co. of New York, as editor of its Stand- ard Facts and Forecasts service. Following graduation from Washing- ton and Lee University in 1913, Mr. Harman was with the Wall Street Jour- nal for two years. In 1915 he joined the financial department of the New York Evening Post, serving as assistant to Alexander Dana Noyes, then finan- cial editor, and continuing with the Post for five years. Mr. Harman entered the financial ad- vertising fleld in 1920 and after a.con- nection with several firms opened his own office. During this time he did much financial writing, contributing to zines and metropolitan newspa- . More recently he has been finan- cial editor for Scribner's Magazine, Markets at a Glance NEW YORK, November 7 (#).— Stocks: Strong; pivotal issues in b demand. Bonds: Strong; rails advance. Curb: Strong; olls lead brisk rally. Foreign_exchanges: Irregular; sterling easy. Cotton: Barely steady; Southern selling. Sugar; Firm; increased out- side buying. Coffee: Higher; Brasilian buying. - PARIS BOURSE PRICES. PARIS, November 7 (#).—Three per cent rentes, 85 francs. Five per cent loan, 101 francs 82 centimes. Exchange on London, 96 francs 62 centimes. The dollar was quoted at 2! francs 441 centimes. CLEARING HOUSE FIGURES. ‘Washington clearing house figures for today, $3,885,517.01. CHICAGO STOCK MARKET CHICAGO, November 7 (#).—Follow- ing is the official list of transactions in stocks on the Chicago Exchange today: Sales. 50'Acme Steel. 1l Sec Ind Pwr bl Pub Serv t West Investors. oudaille-Her B Il Cent R 7900 Insull Ut .. : 550 Insull U pt 3d ‘Ser. 10Ktz Drug - T cum’ 30 Libby mcwefil 30 Lion Oil et ich * Corp 200 Marshall Fiel agir e Thursday showed an extremely strnng" tone at the close, the Mexican dollar | being up 1 cent to 39.12 cents, while the Shanghai tael was up % of a cent to 34 cents. The fall in the price of silver after its abnormal rise from 1914 to 1920, aside from a natural reaction, is at- tributed to several causes. Amon_ these are the large offerings of th> metal in the market at inopportune times by leading countries that had to raise funds: the changing of India in 1926 from a gold exchange to a gold bullion standard; the uncertainties re- garding the political outlook of China and the possibility that that country might adopt a gold standard. India, like China, was supposed to possess about five billlon ounces in | hoarded silver wealth and otherwise. To effect the change from a gold ex- change standard to a gold bullion standard, the rupee exchange rate was raised from 16 pence to 18 pence. This induced the holders of rupees to re- deem them with the Indian govern- ment. For each rupee they received 36 cents worth of gold or its equivalent. But with the drop in silver prices, the government found itself a steady loser. Sometime prior to England's suspen- sion of the gold standard, it was esti- mated the government of India had | gathered in 200,000,000 rupees and sold | in the open market some 100.000,000 ounces of silver bullion out of about 500,000,000 ounces which it proposed to sell to complete its program of reducing silver reserves. This, combined with the steady sale by other countries, was blamed for the breaking of the market. Drop in Buying Power. Some observers figure that the decline | in buying power of India, China and other silver countries, because of the | drop in price of the metal, totaled al- most_$1,500,000,000. India and China, under normal con- ditions, imported about 35 per cent of the world’s annual silver production estimated at 250,000,000 ounces. In these countries for centuries the metal has been hoarded, used in the arts and industries and as money. The chiaf silver markets of the world are in Shanghai, Hongkong, Bombay and London. In the economic sense, silver is viewed as commodity, although 80 per cent of all production formerly was used for monetary purposes. GAIN IN HARDWARE SALES REPORTED Better Business Expected During Closing Months of Present Year. The production of hardware has been showine a downward trend for more than five years. After reaching a peak record of $225.053.000 in 1925, output of shelf hardware has declined steadily, until in 1930 it barely reached $190,- 000,000. Conservative cstimates, says R. G. Dun & Co. place the 1931 pro- duction at $175,000,000. The bulk of this recession is attributed to the lack of activity in the building trades, and during the past three years to the waning interest of general manu- facturing industries, particularly furni- ture, automobile and farm implement makers. On account of their poor earn= ing condition, railroads have been buy- ing little equipment in the hardwere fleld, and purchases by shipyards have | been light. Sales at retail for the current year are about 20 per cent under the unit volume for the 10 months of 1930 and nearly 30 per cent under the doilar value for that period. Some of the distributors that handle radios, house- hold appliances, sporting goods and kindred items report a fair business, in some cases exceeding the sales totals of last year. During the last three weeks, retail business has been more active, end the proximity of the holiday season, with preparations for Winter business, are making the prospects encouraging for the ensuing two months. In nearly all departments, for cheaper grades of merchandise lead the demand, with articles used as gifts, such as toys, -wagons, sleds and cutlery receiving the bulk of the attention. Up to about a month ago, general prices were weak and unsettled, with & steady decline noted in some items. Since that time, however, there have been a few unimportant advances, with the balance of the quotations showing firmness. It is generally felt ihat the lowest level of prices has been reached, and that any moderate improvement ml demand will bring an increase in prices. Manufacturers’ stocks are rather de- pleted, and jobbers are carrying only 70 to 80 per cent of their normal supe plies. Orders for future requircments are being placed sparingly and, with the low inventories, deferred buying for Christmas needs may result in a short- age of some items. No doubts No wonder No worries One filling of radiator GLYCERINE lasts all winter Volatile anti-freezes are like fickle friends: they’re never there when you need them most. End all your radiator worry and bother and danger! Fill with genu- ine G.P. A. Radiator Glycerine! Early! NOW! One filling of G.P. A. lasts all winter. It won’t evap- orate—won't “fade away” on you. Costs a little more to begin with but is cheaper in the long run...No unpleasant or dangerous fumes either! Absolutely safe and dependable . . . 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