Evening Star Newspaper, November 8, 1931, Page 70

FINANCIAL, IBANK STOCK YIELD 2 HIGHEST INT1 YEARS o -3 13 Stockholders Reveal Rapid Increase as Market Has Broadened. 4 FINANCIAL BOND PRICES RISE - IN AGTIVE MARKET Railroad Issues Prominent on Side of Advance—Con- vertibles Higher. (Continued From Second Page.) Btock gnd Bates— Divigend” Rate. Add 00. High. Low. Ologe. 2% Ulen teaseianas 28 3% 3% 3% 24% Under 11 Fisher (4). 38 31% 61 Union Bag & Pape: 10% 9% 1 UNITED STATES GOVERNMENT. Stock and dividend. High. 1 100 and Sales— Low. Dividend Rate. ~Add 00. High. 7734 Vulcan Detin pf (7). 20s 81 5% Wabash R R. 51 10 sh R R 27%_17% Waldort Sys (1% “15 2% Walworth €0. . d Baking (A). rd Baking (B). Net Low. Close. Chge 9912 100 11+1.11 100 10122 +.12 10112 10180 +.21 9620 9824+128 9624 98314208 9916 101 9+1.28 10116 103 8+1.26 105 107267+.26 . Stock and dividend. Int Tel&Tel cv 4 %! Low. Close. Net. 1 1 Chse. + % 1 27% Union Carb & (2.60). 5639508 11% Union Ofl of Cal (2). 140 98% Union Pacifie (10).. 83 70 Union Pacific pf (4). 1 18% Un Tank Car (1.60).. 16 87 Kan City South 6 Kan City Ter 1st 4 Kan Gas & Elec 4%s80... Kendall 5348 '48 (war Kreug&Toll 63 ct wi Lackawanna Steel Lacleds D Lehigh Val cn +1 52 +13% 6% — 4 21% +2% 3 + % +1% +4 + % | By the Associated Press. +1%| NEW YORK, November 7.—The -3 |stockholders of 16 leading New York + % | City banks and trust companies now -8 | number 322,286, against 21,869 in 1920, +1% | an increase of 1374 per (lzent. ac + % 109 22 114 8 Stock and dividend. Abram & Straus 638" Alleghuny Co cv b Am Beet Sugar 6s 35 xm; Unfit Alrcraft p: Unit Am Bosch. Unit Business P Unit Biscuit (2) Unit Biscuit p? 6% Unit Carbon. . 1% Unit Cigar Sto: . 27 Unit Cgr Strs pf(6). 10% Unit Corp (76c). 85% Unit Corp pt (8).... 3 Unit Electric Coal 28% Unit Fruit (4)...... 19% Unit Gas&Im(1.20). 95% Unit Gas&Im pf (5) 2 Unit Paperboard. 10% Unit Plece D W (2). BY ALEXANDER HENDERSON, Assoclated Press Pinancial Writer, NEW YORK, November 7.—The bond market continued to advance today and trading was more active than usual for & short session. The upturn was just as inclusive as earlier this week. Railroad {ssues scored many of the larger gains. Ad- vances of about 1 point occurred in Canadian Pacific debenture 4s, Chicago & Northwestern 4345 of 1949, New York Central 5s of 2013, Nickel Plate 4lis of 1978, Pennsylvania series D 4!3s, St. Tiouis-San Francisco 4!>s of 1978 and Union Pacific 4s of 1968. Iilinois Cen- tral 434s of 1966 werc more than 2 points higher at one time. Atchison general 4s of 1995 touched 921, a new high level for the recovery. Fractional gains were numerous. United States Treasury and Liberty loans were generally higher. The Treas- ury 4s of 1954 and the 3%s of 1940-43 and of 1941-43 were the strongest. The first and fourth Liberty 4'4s were the most active. Strength in Argentine obligations continued to feature the foreign group. Gains in them ranged from 1 to 213 points and several of these issues Teached the highest prices in a month. The upturn in foreign loans on the whole was not so regular as in the rails. However, & number of issues such as Austrian 7s of 1957, Chilean 6s of 1960, French 7!:s, Italian 7s and Uru- an 6s advanced about 1 point. 61 WestPaElecA (7).. 65 WestPaElpf (7)... 61 West Pa El pf (6). 118% 90 West Pa Pwr pf (6). 120 100% West Pa Pwr pf (7). 44% 14 Western Dairy (A).. 10% Louis & Ni Market St Ry 73 A *40.... 190 . 4 @Western Dairy (B).. 5% Western Maryland. . 6% Western Pacific pt 73% Western Unlon (6).. 16 Westinghse A B(2).. 391 Westinghouse (2%) . 75% Wsthse EM 1st m3% 64 Weston Elec Instru. . 81 Westvaco Chlor 1.60. Wheeling Steel...... 86 Wheeling Steel pf3). 7% White Motors....... 22% White Rock (1414).. 1% White Sewing Mach. 3 Wilcox Oll &Gas. ... 18% Wilcox Rich A (2%), 1% Willys-Overland. .. g 14% Willys-Overland pf. % Wilson & C. 15 Wilson & Co pf 1% Wilson & Co (A).... 4215 Woolworth (14.40). 20 Worthington Pump 40 Worth Pump A (7).. 50% Wrigley (Wm) (4).. 3% Yellow Truck....... 17% Yellow Truck & C pt. 19 Ygstwn Sheet&Tube. 13 Young Spr& Wire(2) 1 Zenith Radio. 7 7 Zonite Prod Corp (1). 80 RIGHTS—EXPIRE. %863, MilEIR & L 18t ref + 3| exception of the public utility group, + % | has experienced such an increase in ~—1% | stock ownership. + %| The market value of the outstand- +4%3| ing shares of the 16 banks, the firm —3% | points out, is at present approximately +1% | '$2,114,720,000, which total compares +1% | with $638,978,500 in 1920, and with an . leeruge valuation of $9,063,045,000 in 43 1929 +3% The yield of the 16 stocks on the 48 laverage makes a very interesting show * ing. " The present yield is approximately 6.25 per cent, virtually the highest for any period in the past 11 years. In 1921 the yleld was 6.10 per cent and in 1929 went as low as 2.11 per cent. ‘The present yield is considered more g significant because of the abnormally % 1114 |low money rates prevailing during 1931, 42w, | compared with the high rates of 1921. Gy Commenting upon the above figures % the firm states that “one of the most significant developments of the past + % |decade has been the emergence of New +2 | York City bank stocks as popular in- + vestments. Twelve years ago bank +1 |stocks were owned only by the weaith- — % | fest people, but reduction in par values, — % |creating moderate-priced issues ac- cessible to the general public has re- sulted in a wide distribution of stock 68%+18% % 85%-+10% —1% +2 +8 +1% +1% 53 313768 24 9 9 . 2578 Atch To & S Fe 4 AtlanticCL 18t 4 Atlantic Ref deb 68 °37... ralia 68 '56. . Austria 78°43.... B & O gold 4s* B&Ocvi% . Balto & Ohio bs *48. B&Oref 68’9 B&Oref 58 D 4+ Balto & Ohio € B&OS W Div 68 ‘60 Bank of Chile 6%8°57.. .. Bank of Chile 6% 8 1961.. Relgium 6s '55. 4 Bell Tel (Pa) ref Beth Steel pm b8 Bolivia 7s ct 69 Bordeaux 68 '34. . Boston & Maine 68 °6 el 2 North Amer Ed 68 ‘57, Broadwy & Tth Av 6843, North Paetfic 35 2047. : 7. Brooklyn Manh 1st s 95 9 b North Pacific r | 68 2047 EroakiyAit o Northern States Pow 68 Missouri Pacific 5s H 'l Montana Power 58 194 10% U S Freight. 21% U 8 Gypsum 3] 7. . Leathet (A) Pipe & Fdry (3) Pipe&Fy 1at 1.20 Realty & Imp. Rubber.... Rubber 18t pf. Smtg & Ref (1). 35 USSmtg&Refpf3% 62) U S Steel Corpa (4). 114 U S Steel pf (7) 60 U S Tobacco (4.40). 1% United Store: 21 United Sto 15% Univ Leaf Tob (3).. 24 Univ Pic 1st pf (8) 8 Ul PEL(A) ot2 dasco % 14 Vadsco Sales pf. 13% Vanadium Corp. +1% - % + % +1 - aoaman %l coagacaaca nRwRRRE® ¥ +2% - 2489 x b 15% 76 8 29 5% 14 8% B Public utility and industrial issues were generally higher, but the indi vidual gains were not so generous as a rule as in the rails. Outstanding strength_appeared in Consolidated Gas of New Yark 51,5, American Telephone 55 of 1960, International Telephone de- benture 5s, Pacific Gas 5s, Chile Cop- per 5s, Goodyear 5s, Sinclair Oil 612s and Lorillard 5's. Stock privilege loans were almost uniformly higher, but most of the gains were fractional. Texas Corporation 5s were active and higher. Atchison 4155 of 1948 held firm on large sales. Bpecial Dispatch to The Star. BALTIMORE, Md. November 7.— Due to an increase in receipts and a slackening in demand, owing to the higher prices, the egg market is not so firm as the past week and values show 2 decline of 2 cents a dozen. Hennery whites, which have size and freshness, weighing 55 pounds and up to the case, move better than any other ck, sometimes at a premium in price. but small pullet eggs are hard to move even at the lower prices quoted. Market closed today at 30 to 38 cents a dozen for hennery whites, 55 pounds and up, and 30 to 32 for candled firsts, but current receipts will not bring over 28 to 30 and small pullet eggs move slowly at 22 to 25. Poultry Prices. »* The live poultry market has an easier tone under fairly liberal receipts and values on most lines show a de- cline of a cent or two a pound from last week. Demand for turkeys con- tinues light, it being a little too early { for any active movement and values show a decline of 5 cents a pound at 23 to 25 for young turks, 8 pounds and over, and 20 to 22 for old. Only large, fat young chickens attract at- tention at 16 to 18 for med large, with Leghorns bringing a cent or two less and all poor, thin fowl, as well as bare backs, neglected at 13 and 14. Demand for old hens hold- ing up fairly well but centered on stock weighing 4 pounds and over at 20 to 23 and 17 to 19 for 3!, to 4 pounders, but Leghorns must be large and fat to bring 15 to 17, as all poor, thin fowl 1s neglected at 12 and 13. Old roosters in ample receipt for the limited de- mand prevailing and generally slow sale at 12 to 14. Choice fat young ducks in fair demand at 15 to 19, but poor, undersized stock is hard to move at 12 and 13. Geese made their first appearance of the season this week and are mecting with fairly good sale at 18 to 22, with Kent Islands bringing top pricks. Market for guinea fowl and pigeons holds steady, but the former show a decline of 5 cents at 25 to 50 each, while the latter shows no change from last week at 25 to 30 & pair for | both young and old. White potatoes in only moderate re- ceipt, but market continues dull and prices are mostly in buyers’ favor at 75 to 1.00 per 100 pounds, with No. 2 stock not wanted at any price. Sweet potatoes and yams holding steady and prices are unchanged from last week at 1.00 to 1.15 a barrel for the for- mer and 1.00 to 1.25 for the latter, but ungraded mixed stock will not bring over 75 to 90. Receipts Fairly Liberal. Receipts of native and nearby gar- gen truck continue fairly liberal, but prices with few exceptions are holding steady at the following 'quotations: | Green beans, 50 to 1.25 bushel; beets, | 2.00a3.00 hundred; carrots, 2.50 to 3.50 hundred; lima beans, 2.00 and 3.00, bushel; onions, 1.75 to 2.00 per 100 pounds; oyster plants, 5.00 and 6.00 hun- dred; peppers, 25 to 30 Mamper; pump- | kins, 3.00 to 6.00 hundred; spinach, 30 | to 50 bushel; tomatoes, 40 to 1.00 hamper, and washed turnips 15 to 20 hamper. Live Stock Market. ‘The live cattle market cn the wharves continues quiet under only moderate demand and centered on choice fat stock, receipts being mostly of common | undergrades, which are Lard to move ; even at inside prices. ! Quotaticns today at Light street | wharf: Beef cattle first quality, pound, 6 to 7; common to medium, pound, 4 to 5; bulls as to quality, pound. 3 to 5; cows, cheice to fancy, pound, 4 to 5; common to fair, pound, 2 to 3; oxen as to quality, pound. 3 to 5: calves. veal, choice pound, 7 to 8; large fat, pound, | 6 to 7; large rough, pound, 413 to 5; | common thin, pound. 3 to 4: sheep. pound, 1 to 2, old bucks, pound, (noth- ing); Spring lambs, choics, pound, 5 to 6: fair to good, pound, 3 to 4; hogs, straight, pound. 5 to 6; sows, pound, stags, pound. 3 to 4: live pigs. pound, 12 to 14; shoats, pound, 10 to 12. POTATO MARKET. CHICAGO. November 7 (P\.— (United | States Department cf Agriculture).— | Potatoes, 59; on track, 223; total U. S.{ shipments, 770; about_ steady, trading | fair; sacked per cwt: Wisconsin Round Whites, 70-80; few. 85 Minnescta, North Dakota' Cobblers, 75-80; Red River Ohio’s, 90-95; Nebraska Tri- umphs, 1.05-1.20; Idaho Russets, No. 1, 125-140; few higher, No. 2, mostly 1.05; Commercials, 1.10. Dividend Situation Improve: NEW YORK, Novemb:r 7 ().—Un- favorable dividend changes this weel were the smallest for any similar period aince ine first week in August, Stand- ard Siatistics Co. reports. Decreased dividends numbered 11 and passed divi-, dends 9, a total of 20, compared with 48 in the preceding wek. Favorable changes numbered 14, the same as the week before. Two initial dividends were declared and 12 exiras. SILVER QUOTATIONS. NEW YORK, November 7 (#)—Bar silver firm and % higher at 34% on continued speculative purchases. i Canada 53 °'52... Canada National 4% Canadian Natl 4148 Canadian Natl 41456 Can Nat July bs '69 o 4 Canadian Natl 5369 Oct Canadiar Pacific deb ¢s.. Centra: Pacific 4s *49. Central Pacific 5s 1960. Certain-teed 5% s 1948. Chesapeake Corp bs 47 Ches & Oh gen 4% Ches & Ohfo 47193 3 Ches & Ohlo 4%s B ‘9! 4 ChiB&Q4%sB 17, Chi B & Qref 1 Ch & Eas: 111 gen 6. Chi Great West 45 '59 Chicago&Nwncv 4% s'49. Chi R 1& Pacref 4s'34 Chicago Rock Is] 4148 '60 Chicago RI4%sA. Chi Union Station 4 4s. Chi Union Station 6%s Chi & West Ind con 4: Chi & West Ind 5%s'63. . Chfle Republic 63 1960. .. Chile Copper 65 *47.. ... CCC&StLIf4%sE"TT CCC&StLEsD, Cieveland Term 6s B*73.. 4 Cleveland Terminal 6%s. Colombia 6s 1961 Jan Colon Oil 6s°38. . Colo & Sou ref 4%s *3b... Columb G & E deb 68 '562. Comm Invest 5% . Con Coal (M4) 1stref Copenhagen b Cuba R R 68 '6. Cnba North 5%s *42. Czechoslovakia 8s 51 Del & Hudson 5% '37. Denmark 5%s 1956 Denmark 6s°'42. . Den & Rio Grande cn 4 Den & R G West 5s '65. Den & R G West 68 78... 90 Detrolt United 4%s '32 91 Dodee s '40. . Duquesne 415 1967. Dutch East Indles 6s ‘47 Dutch East Indies 6s 6! East Cuba Sug 7%s ‘37 Erie 18t con 4s " Erfe gen lien 4s'96. Erie ref 53°67 Erle 53'75 Finland 0 Flor East Coast s 'T¢. French 78°49... French 73s"41. Gelsenkirchen General Cable 5%8 1947.. Gen Motors 6s '37 1 ier Gov 5348 '65 wi. terman Bank 6s 1938 German 7= '49 Goodrich (B F) 614 Goodvear Rub 58 1957 : Grand Trunk s f deb 6s. rand Trunk 7s *40 Great North 4%8 *7 5 Great Nor gen 5%8°62... Great North gen 78 °36... Greek 651968, ... Havana Elec Ry 5%s. Hudson & Man adj 68’ Hud & Man ref §s ‘57 Humble O & R 5%s '32 Illinots Cent ref 4s 5| 4 Illinojs Central 4% s '66. . Inland Steel 4381978 Inter Rapid Tran 58’6 Inter Rap Tr 6s sta '6/ Inter Rapid Tran 6s 32 Inter Rapld Tran cv 7s Inter Cement s '48 Inter Gt Nor ad) '65. Inter Match bs 47 Inter Mer Marine 65 41. Inter Paper 58 A '47 G P2 Pac| Pal Pa Peru Peru 7s Phil&R Philips « Rome 6 Penn 43863 Penn 6s 1964 Peunn gen 6s ‘68, Penn 638 ‘36 fic Tel & Tel 68'62... merical -Fam-Lasky Paris-Lyons-Med Paris Orleans §%s 1968 Penna cn 4% 1960... Philadelphia Co d C&1 6a,w! Petrolm 8% '35 Queensland 7 Reading 4%8°97... Reming-Kand b% Rhinelbe 7s.... . Rhine Westphalia 6562, . Rio de Janeiro §x '46. Rio Grande Do Sul 6s Rio Grand West col 4s RIATK & L 43834 148 °52.... Seaboard A L con Seine Dept of 8. Serbs Croats Slov Sinclair ONl 78'37.... 4 Sinclair Crude Ol 5% Sinci Southern Ry gen 6s °l Bouth Ry dev 635’56 Stand O1l N J 8. Stand Ol N Y ¢%s 51 Swiss5%s 46, Tenn Copper 6s B "44. Texas Pacific 68 B ‘17 Texas Pacific 5s C '79l Toro Elec Pwr 13 Union Pacific 1st 4 Union Lacific 4 RIS ‘68 Un Pacific ref 4s 2008 United Drug bs ‘53 Utd Kingdom %3 '37 C S Rubber 151 & ref 8. Oruguay 63 1960 Utan Power & Light b3. Utllitles P& L 5%8°47. Vienna 63 1952 Va Ry & Power Virginia Ry 1st Wabash 4148 197 ‘Wabash 1st bs Wabash 5%s Walworth ’39, 976, 5 *48, Warsaw 7s 1958 West Shore 1st ¢s 2361, West Maryland 4s ‘563 Wert Maryland 6 %s ‘77, Western Pacific ts '46 Western Union Tel 6% Wilson 101% 1034 Vokohama 6s ‘61 Youngstown Steel bi 1051 851 7% 8213 & Co 1st 6341 B4y 4% 5% Trade Trends By the Associated Press. Lumber.—With lumber mill production continuing on a low level, new business received during the week erded October 31 exceeded the cut by 16 per cent, telegraphic reports from 806 l-ading hardwood and softwood mills to the National Lumber Manufacturers’ Asso- ciation indicate. Shipments of tbese mills were 21 per cent above produc- tion, which emounted to 156932600 fect’ A week carlier 825 mills reported orders 2 per cent above and shipments 8 per cent above a cut of 163.219,000 feet. Metals.—Total stocks of lead a smelters .and refineries in the United States increased during September to 202,563 short tons as of October 1. as ompared with 199,443 tons September 1, and 145,011 tons Oetober 30, 1930, the American Bureau of Metal Statis- tics reports. The Malayan government has purchased the 3.500 tons of tin that constituted its excess ouput above the quota agreem-nt at the cnd of September. Reduction of its ex Septemb-r already had reduced the ex- cess 1.200 tons from the original 4,700 tons excess as of Scplcmber 1 Petroleum —The average price of crude petrcleum at 10 representative producing ficlds was highe: last wesk from the preceding week at 87.1 cents barrel, against 85.4 cents. The aver- age at this time a year ago wes $1.241% a harrel, according to the Oil, Paint and Drug Reporter. Average gasoline prices at four refining centers were higher last week at 4.8i cents a gal- lon, against 4.562 cents a gallon & week ago. The average at this time last year was 5.625 cents a gallon. Railrcad equipment.—The Alaska Railroed is inauiring for one locomotive of type 4-8-2, Railway Age reports. ‘The Nortolk & Western will build 10 locomotive tenders and will mak> ex- tensive repairs to 500 steoel coal cars. Steel.—Operations of stcel plants in the Youngstown district this week will increase 6 per cent to 37 per cent of rated capacity, Dow, Jones & Co. esti- mates. Swelling orders for automobile steel will advance Republic Steel Cor-|a4. district to poration’s operations in the 38 per cent, an increase of 6 per cent. Mahoning Val'ey Steel Co. of Niles, Ohio, manufacturers of cold rolled and polished sheets for forming, stamping and enameling, will resume operations lon a 75 per cent basis at its Niles, “Ohia, plant after a week's idleness. | Six out of eight mills will begin rolling | November 8. i iy - /CHICAGO LIVE STOCK MARKET CHICAGO, November 7 (#) (United States Department of Agriculture). — Cattle—Receipts, 200 head; compared | week ago, ctrictly grain-fed steers and | up most; lower grades very uneven, but mostly steady: price range on Kkilling steers widest in trade history; top ad- | vancing this week to 12.00 and com- mon grassy kinds selling at 3.50a4.00; best long yearlings, 11.75; mixed year- |lings, 11.50; best slaughter westerns, |6.00; stockers, 6.50; stocker and feeder | trade steady to 25 higher; she stock, 25-50, mostly 50 cents higher; bulls weak and vealers, 50a1.00 higher; ap- proximately 15,000 rangers in seceipts; bulk being replacement cettle and she Sheep—Receipts, 7,000 head; today's ! market nominal; for week ending Fri- day 239 doubles from fesding stations, 30,700 dircci; most classez nnevenly steady to 25 lower; sheep unchanged; choice lembs became scarce and showed almost complete reccvery as the weok closed; native and fed Western lambs, 5.50a 6.25; closely sort>d nativngs, oz,lg:d.(a: 5.00; fal ewes, range feeding black-faced kinds, 4.75a4.90, Hogs—Receipts, 16,000 head. includ- ing 13,000 direct; active, 15a25 higher; pacl sows, 10 higher: 210-240 | pounds, 5.0025.20; top, 5.20; 140-210 | pounds, 4.7525.10° pigs, 4.2584.50; pack- ing sows, 4.23a1.50; compared week 2go, 15a25 higher; shippers took 2.530; esti- mated holdove 1,000; light lights, good and choice, 140-1€0 pounds, 4.75a 5.00; light weights, 160-200 pounds, 4.85a5.10; medium weights, 200-250 pounds, 4.8585.20; heavy weights, 250~ 350 poundld. 0.00-5:.2:; ki AL medium and good, 275- unds, 4. 60; pigs, and fllofcoe. 100-130 e | yearlings, 25-50 conts higher; heavies | late bulk good and choice | $13,189,850 IS ADDED TO INCOME FROM OIL | Average Increase of 15 Cents a I Barrel Cheers Producers in Mid-West. BY H. STANLEY NORMAN. Special Dispatch to The Star. FORT WORTH, Tex., Noverber 7.— ‘The average increase of 15 cents a bar- rel for crude ofl posted in the mid- continent and Southwest this week added approximately $13,189,850 to the monthly income of producers in the fa- vored States of Texas, Kansas, Okla- homa, Louisiana and New Mexico. ‘The bulk of the increased income was accorded Texas, its production averag- ing just under 1,000,000 barrels daily. Considering the production from this | State at 993,700 barrels daily, the esti- | mate last compiled by the American | Petroleum Institute, Texas will receive |in the neighborhood of $19,427,150 monthly frem its ofl production alone. | Prior to the increase in prices, the rev- | enue from oil production grossed about $13,414.950 :ronthly. Oklahoma and Kansas, produting more than 600,000 barrels caily, will re- ceive 2bout $2,700,000 monthly more for their o!l than under the previous price hedule. Business observers who have followed the trend of affairs in the Southwest and the midcontinent for a period of years have repeatedly asserted that the oil industry is the most reliable indica- tor of conditions, due to the rapidi with which it yields to adjustments. Assuming that past history is a true guide to the future, business leaders in this section are ruch heartened by the crude oil price increase as a reflection of better conditions in other branches of trade. 5 | s¢ (Copyright, 1931.) CAR LOADINGS UP. Local loadi; Norfolk & Western Rauw.ay m :)rll:wber totaled 92,599 cars compared with 83,360 in Septem- lrm' and magu & year 'u‘?u?fi'w rom connections ,270 cars against 17,451 in u"m”lc month, snd 97 & year ago. . e ty | Inc., 7 Van Raalte. 22 Van Raalte 1st p 'a-Cora Chem. . . Elec&Pwr pf (6). 2908 Va Iron Coal & Coke. 1008 Vulcan Detin (4).... 5208 1% 4% 3% Peop G xEx-dividend. 4% in stock. YPlus b Pavable in stock. n “stock. 20 42% +3% % Elec Po&Lt Dividend rates as given in the above table payments based on the latest Guarterly or hal sLess than 100 shares. % in stock. L € Payable In cash or siock .~ m Pald D Plus 2%2% in st L&C. 4 1Py a Paid last Tegul te. s 8% in stock. preferred stock. - k Plus 3 Plus 50c in spec this year—no regular rate. nPlus 5% in BANKDEBISDROP | OUTSIDE NEW YORK Weekly Survey of Current Business Shows Reserve Loans Are Smailer. Weekly business indicators available to the Department of made public yesterday for the week end- »’ ing October 31 show that bank debits, outside New York City, decreased 15.8 were 18.1 below the corresponding week of last year. “Total loans and discounts of Federal Reserve member banks were fractionally under the previous week and were 19 per cent under the corrsponding week & year ago. Interest Rates. According to the survey, interest rates on call money were the same 25 for the the week being 60.6, lowest for the year. Time money retes increased for the sixth consecutive week, reaching a new high for the year. The average price of repressntative stocks decreased slightly from the pre- ceding week, but were 3.4 per cent above the average low quotation recorded dur- ing the gflt week of October. Bond rices continued the decline which has geen under way since the second week in July, reaching the lowest quotation for the year. Number of business failures, as re- ported by R. G. Dun & Co., decreasd slightly as compared with the week previous, but were still 5.5 per cent over gainst 36.4, the same week last year. Wholesale prices, as measured Ly Fisher's composite index of 120 com- modities, remained the same as for the previous week, or fractionally above the year's low. Prices of agricultural products declined slightly. following a rise during the previous week. Prices of non-agricultural products were the same as for the preceding week and were 13 per cent under the same week last year. The price of cotton middling decreased slightly, while the price of electrolytic copper remained “at the same level as for the preceding week. The composite iron and steel price for the' week continued to decline, reaching a new low for the year. For the week ending October 24, in- creases occurred over the previous weei in bituminous coal production, cattle receipts, freight- loadings, hog re- ceipts id wheat receipts, while d clines were recorded in electric cur- rent production. lumber production and petroleum production. duction was the same as for the pre- ceding week. the New York Times Composite Index of general business activity showed a | decrease of 0.2 point and the Business Weea Composite Index decreased 2.6 Business Indicators. ‘The following is the Weekly Busi- ness Indicator Table: (Weeks ended Saturday. Wholesale pricesr 20— 100 rices— Pisher's Rfldex (1926--100). Al commodities 120). .. 63" gricultural ‘products (30} on-agricult. products (90 electrolytic ... gotton, middline, Key ron and steel composits .. ... Wheat No. 2 red. Kansas City. Financial— debits outside N. Y. C. weekly average, 2 8.5 543 708 Oct k loans and discounts ank s Bond ¥ 33 38233 S2W5343. rrSativi=giv st i byt 48222 42N Baaina Lamen P e oo "prices Time deposits . Sg359s aBe5e waya 28353 SHOE OUTPUT GAINS Dur!ngnthe period, January 1 to Sep- | O tember 30, output of boots and sho:s in the United States increased 5.3 per ceat | to a total of 253,046,551 pairs as com- pared with 240,359,773 pairs in the cor- responzing period of 1930. During Sep- tember, boot and shoe output totaled 31,554,532 pairs against 33,474,733 pairs in August and 29,334,302 pairs in Sep- tember, 1930. These figures represent activities in 1,165 factories throughout the ccuntry. JOINS NEW FIRM. Milton A. Condit has been elected as- sistant to the president of Neill-Tyson, investment counselors of New York City, according to an announce- ment by Humphrey B. Neill, author and stock market analyst, president. Mr. Condit was until "recently executive j sales and advertising manager of Wet- sel Market Bureau, Inc. J. C. Penney Co. Sales. NEW YORK, November 7 (/P).—Octo- ber sales of J. C. Penney Co., totaled $17,968,473, a decrease of 9.62 per cent from $19,881,040 reported for the like month of 1930. les for the first 10 X cent from 81 - 168 during the ding period Commerce | % | through the survey of Current Business per cent from the previous week and | week previous, the average index-for | | the number of failures reported for tae | 3 For the same period | BY CHAS. P. SHAEFFER, Associated Press Business Writer. The Government'is busily engaged in determining its policy on the question of balancing the national budget. The excess of expenditures over re- celpts for the fiscal year to date is more than $675,000,000 with the period but slightly more than four montns old. Last year the deficit was $903,000.000, the first time expenditures have ex- ce>ded receipts in the last decade. The Government is faced with the condition of dwindling income, while the outgo has continued to expand. Income Figures. Federal income for ths present fiscal year up to November 4 been cut | $259,000,00, as compared with the cor- responding period of last year. classified the comparison in million dol- lars as follows: 1932 1931 Income taxes 340 3584 Customs receipts .. Stiscellaneoss Teceipt The decline in income taxes as shown above reflect the shrinkage that has |occurred in the roturn to corporations |and to incivicuals. This item previ- ously has supplied more than half of Inasmuch as these taxes follow actual income by an entirc vear, a return to | normal conditions in 1932 would not be | reflected in the Government's book- keeping until the following year. This point will be considered in what- ever fiscal policy the Government an- nounces for the future. GOVERNMENT EXPENSES GAIN WHILE INCOME IS DWINDLING ‘The | current Treasury Department statement | 38| tures has been due to the accelerated all receipts accruing to the Government. | In the meantime Federal expendi- tures for the fiscal year 1932 up to November 4 were $233,000,000 in excess of money paid out during the corre- sponding period of last year. The prin- cipal changes have been an increase of $215,000,000 in general expenditures, a rise of $25,000,000 in postal deficiency and an increase of $60,000.000 on ac- count of the Federal Farm Board. These items, however, are partly offset by an | expenditure of $65,000,000 made in the fiscal year 1931 on account of the sink- ing fund whereas this year no provision has been made to that end. General Expenditures. ‘The latest Treasury report on de. tailed general expenditures of the Gov. ernment during the present fiscai year, which covers the quarter ended Sep- tember 30, gives the principal changes as follows, in millions of dollars: 1932 1931 Trensury Department............ 88 ' 47 Agriculture Department. 55 Veterans' Bureau... 166 The increase in Treasury expendi- building program, which has been speeded up to aid unemployment. The | same applies to the Department of Agriculture, whose Federal aid high- construction has_been ‘expedited, le the Veterans' Bureau expenses Fave been mainly on account of meet- ing liberalized provisions for military and naval compensation. It is conjectural as to ways and me; which will be employed to meet the | | deficit. There are only three alterna- | tives, namely: A decrease in expendi- tures, an increase of revenue, or by an | addition to the public debt. { INVESTMENT TRUSTS NEW YORK, November 7 (#).—Over- | the-counter market: Bid. Asked 4 A m | 21 Sec ps | At | Atl & Pac au | Basi | Briysh Type 1 Century “Tr_Shrs. | Chain ‘& Gen Eauities. Chartercd Invest Chartered Inv pf. | Ghelsea Exch A. Chelses Exch B, | Cumulative Tr & Corp Tr AA.. Corporate Tr Corp Tr Accum Se Crum & Foster. Crum & Fost & Crum & Fost Steel ingot pro- | Depos Diversifi . Diversified Tr D! | Diversified A | Eauity _Tnves Equity Invest | Equity Trust Sk hFive Year Fited Ti | Pixed Trust 8h A | Fund Granrer Trade. Gude Winmill Trad.. ncorp Investors. | Incorp Invest | Independ_Tr Shrs, | Tnt Sec Corp Am AL | Int Sec Corp_Am Int Sec Am 6 Df. | Int Sec Am 6! | Tnv Tr N Y Coll | Invest Trustee 1. Leaders of Tndust I3 11 Rzn Tr. Publle Serv e« Tr Shrs. Eelon Tat Fec A ki an Selected Tncome Shiecien Manace Tro Shawmut_ Bank. e Track Wi Srana 'Am. Tr Shre Super Enurr R : ;‘l{'a&:: H!nnd"lnv D. TREASURY CERTIFICATES. ted by J. & W. ateRatarity, T Dec: 18, 103 e 38 o Dar. 18, : . ] i 16 2! only three declined. Commodity Price Trends of Week BY H. N. McGILL, Editor McGill Commodity Service. “SAUZUFPNDALE, Mass., November 7 (). —Commogity priccs during the past week have experienced marked strength, and have registered an upturn which | bas not been equaled in any one week | since August. 1930. Even during the | rally which took place in June. com- modity prices did not advance in any | one week to the extent of that in the rast week. All Commodities. All commodities advanced 14 after showing a sidewise trend with fluctua- | tions within a very narrow limit during the whole of October. Advances oc- curred in seven of the 14 individual groups, four remained the same, and Increases were | registered in industrial, agricultural and live stock groups. Industrial Prices. An advance was registered by indus- trial prices. falling just short of one full point. Sentiment in regard to business conditions and commodity prices seems | to have shown some improvement. Dur- ing October the pronounced downward trend of industrial activity which was s0 much in evidence in August. and September was halted. Although very little tangible evidence is available of great improvement in the major lines, yet confidence seems to be slowly re- turning. Steel operations have shown a slight increase, and with the volun- tary offer by railroad employes of re- ductions in salary in prospect, increased buying of necessities by the railroads may become more pronounced. Auto- mobile companies will soon be working on the production of new models for the coming vear, which should also be a help marketwise. ' Agricultural Prices. Agricultural prices were the center of interest in the market activity during the past week. Under the sensational * | leadership of wheat, the grains, includ- ing corn, oats, barley and rye. all reg- 4 | istered material advances. Chairman Stone of the Farm Board declares that due to reduced acreage in all parts of the world, unfavorable weather condi. tions and crop shortages, the world sur- plus of wheat will be removed by the end of next year. Warning is given in some quarters that the rise has been purely speculative and that trouble is brewing from the reaction. Undoubtec- ly the rise has been too rapid, and there will be reactions, but all of the gain should by no means be canceled. The outstanding advances during the week, were recorded by silver, petro- leum and the grains. Other commodi- tles affected by the price of silver also recorded favorable increases. The ef- =2 | fect of enforced restriction in the mid- continent section has again increased Bt et price changes in the ice changes McGill weekly commodity price indices ans Nu‘} Ll ‘This week, Pre week, Nov. 6, 1931. Oct. 30. 1931. All Eoo Agricultural Fuels Hides snd leather Live stock . BALTIMORE STOCKS. Special Dispatch to The Star. BALTIMORE, November 7.— STOCKS. Sales. ration. 1 Oorporstior 200 Arundel imore Trust 108 B 4"E “relephone, Bail 7 ercial Credit pid. 1 Consolidated Gas_com. § New _Amsterdsm Oas. @Pa. Walsx & POWEIweoe, & ownership, “The result of this large public own- ership has made bank stocks more readily marketable. Twelve years ago bank stocks were quoted with wide spreads between bid and asked prices and quotations on some leading issues were even nominal. Today they com- mand a well organized and extremely active market where thousands of shares are bought and sold daily.” CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, November 7.—The fole lowing is today’s summary of important corporation news prepared by Standard Statistics Co., Inc., New York, for the Associated Pre: News Trend. Steel ingot production in October increased by 44,774 tons, although the average operating rate declined slightly, according to the Iron and Steel In- titute. Actual production for October totaled 1,592,376 tons, which compares with 1547602 tons in September and 2,602,539 tons in October, 1930. The Companies. Addressograph Multigraph common share earnings, 9 months to September 30, 67 cents. American Sugar Refining reduces refined sugar price in non-guaranteed territory 5 points to 4.50 cents a pound: price in guaranteed territory $4.55 per 100, with allowance of 5 cents. Foote-Burt Co. deficit. 9° months to September 30, $164.711 vs. net inccme $58.880, equal to 60 cents a common share. Gulf States Utilities ccmbined pre- ferred share earnings, 12 months to September 30, $12.91 vs. $17.46. Hiram Walker-Geoderham & Worths, Ltd.—Common share earnings before income tax, year ended August 31, 40_cents vs. $1.04. International Cement president es- timates 1931 net at $2,250,000 vs. actual $4,539,509 for 1930; Rio de Janeiro plant with capacity of 1,000,000 barrels to be completed next year, ultimately, it is expected South American business will be sufficient to cover dividend re- quirement. Liquid Carbonic sales in fiscal year to September 30 off about 30 per cent. Murphy (G. C) Co. October sales u» 5.7 per cent; 10 months up 15 per cent. National Bellas Hess October gross receipts off 232 per cent: 10 months off 6.6 per cent; October decrease was recorded largely in mail order business, retail sales declining only 2 per cent. Tidewater Oil advances gasoline price in tank car lots 1> cent to 6 cents & gallon. United States Steel—Unfilled orders as of October 31 expected to show moderate decrease from 3,144,833-ton total reported for September 30. Van Raalte Co. declared $1.75 divi- dend on 7 per cent cumuletive first preferred stock; last payment on this issue was made September 1, 1927; $7 preferred share earnings on estimated lsnlcggne. nine months to September 30, Associated Gas & Electric class A share earnings on average number of shares outstanding, 12 months to Sep- tember 30, $1.49. Barnsdall Corporation, deficit, nine months to September 30, $2.538,551, against net income, $4.710,607, equal to $2.09 & common share. Grand Union dollar sales, four weeks to October 31, up 2.1 per cent; volume up ‘19 per cent. Lincoln Printing common share earn- ings. nine months to September 30, $2.33 against $2.46. McLellan Stores October sales off 14.1 per cent; 10 months off 8.8 per cent. Revere Copper & Brass deficit, nine months to September 30, $639,49t against deficit, $1,931,621 before appl: ing $2,600,000 reserves to cover inven- tory losses. Virginia Electric Power $6 preferred share earnings, 12 months to Septem- ber 30, $20.81 against $19.94. Waco Aircraft deficit, nine months to September 30, $54,023 against deficit, $36,918. Lame Bryant October sales off 26.7 per cent; 10 months off 9.5 per cent. Morison Electrical Supply October sales off 30.8 per cent; 10 months off 4.9 per cent. Penney (J. C.) Co. October sales off 9.3 per cent; 10 months off 9.4 per cent. Kaybee Stores October sales off 11.3 per cent: 10 months up 0.8 per cent. Melville Shoe October sales off 2.5 per cent: 10 months off 5.5 per cent. National Tea October sales off 7.6 per cent; 10 months off 8.9 per cent. SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co. Allis-Chalmers Co. 5s 1 American Chain Co. 6s ¥g;' American Tel. & Tel. 5. Amer. Wat, Wks. & EL b3 19 Baltimore & Ohio 4%s 1933, Belding Hemingway Co. 8s 15 Bethlehem Steel P, Ca lian Nor, Rwy. Chi. Northwestern K. R, Chicago Rock Island . Commereial Credis o, 8 m rédit Go, Sibs e & Hudsor 1933 1935 1935 General Public Servi Grand Trunk of Ca: Houston E. & W. Humble Oil "5ias 193: Panes Laciede Gas Light Co. 55 1934 New York Cent. & H. 4s 1934 New York. Chi, & St. L. 6s 1933 Northwestern Telep. '4ias 193¢