Evening Star Newspaper, November 9, 1931, Page 13

3 FINANCIAL, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. RETAIL SALES GAIN IN FIFTH DISTRICT Expansion of Business Re- ., borted by Federal Re- " serve Bank. o BY EDWARD C. STONE. Noticeable gains in retail sales in the fifth Federal Reserve district in the last part of October and early Novem- ber are revealed in preliminary reports received in the past few days by the Federal Reserve Bank of Richmond. Th pick-up is due to the delayed movement in Fall and Winter goods on account of the warm weather. The cooler weather now prevailing has caused a gratify- ing turn 4 The increase in the price of wheat is helping the fifth district conditions. In Virginia alone the potential in- crease in values amounts to $1.200,- 000. Other Teports indicate a slight improvement in the ! employed situation and most of the | industrial news is_proving more op- timistic, while the fine weather is per- mitting the continuance of highway oconstruction which means so much to hundreds of workers Business conditions in the Atlanta Reserve district are also reported as considerably better. Both department store sales and construction have re- cently increased, while Georgia is soon to give out contracts for road work which will keep a very large force of men busy until March. Merchants are putting in large stocks of holiday goods. Joshua Evans, Jr. Business Sentiment Toned . In its current summary of business the District National Bank said today that the month of October was marked * by a substantial toning up of business sentiment, and there are some evi- dences of actual business improvement. The panicky feeling which has pre- vailed during September and October and which resulted in hoarding and increasing pressure on the weaker banks appears to have been checked, at least in substantial part. The plan for & $500,000,000 fund for the support of the banking structure has met with ex- cellent response. In the international fleld the out- | standing factor has been the with- drawal of foreign bank deposits in the United States, resulting in an_outflow of gold of over $650,000,000. There is no real concern, however, on the part of high banking authorities over the maintenance of the value of the dollar, for the resources available are ample to meet any demands that might con- ceivably be made. Meanwhile the agree- | ment reached between the President of the United States and the premier of France that the maintenance of the gold standard in both France and the United States s a consideration of major importhnce is of very real signifi- cance, as is also the agreement that | something further will have to be done | about reparations and interallied debts. The outcome of the British elections is also a favorable development of inter- national significance, the bank survey adds. President Joshua Evans, jr, of the District National, was back at his desk foday after his recent operation and rapid recovery at George Washington Hospital. Higher Prices Reduce Yields. Average yield on the 318 active cash- dividend paying common stocks listed on the New York Stock Exchange amounted to 9.72 per cent on November 2, according to _the monthly computa- tion issued by Moody'’s Investors' Serv- jce today. This compares with 1154 percent at the end of September and 12.04 per cent at the recent low point of the market on October 5. The cur- Yent yleld average is close to the 1921 peak of 9.92 per cent and is about mid- Way between the levels of September 1 and October 1 of this year, the analysis states. “All of the 42 individual groups of stocks shared the yield decrease regis- tered during October,” Moody's com- ments. “One of the smallest changes was noted in the case of 18 ralls, where the average return fell from 10.66 per cent to 10.59 per cent. Widest changes were shown by three agricultural im- plement companies, with a yleld de- crease from 17.59 per cent to 12.34 per cent, and 11 department stores, whose composite yield fell from 1435 per cent to 9.64 per cent.” Mr. Larner Seriously TIL. ' The many friends of John B. Larner, president of the Washington Loan & Trust Co., are expressing great regret over his continued iliness and his fail- ure to make the improvement desired since his recent return from his country residence near Miffiintown, Pa., where he passed the Summ The Secvetary of the Treasury gave notice foday that tenders are invited for Treasury bills to the amount of $75,000,000, or thereabouts. They will be 91-day bills and will be sold on a discount basis to the highest bidders. Tenders will be reccived at the Ped- eral Reserve Banks. or the branches thereof, up to 2 o'clock on Friady, No- vember 13. Tenders will not be re- ceived at the T v Department. The Treasury bills will be dated No- vember 16, and will mature on Febru- ary 15, 1932, and on the maturity date the face amount will be payable with- out interest. They will be issued in bearer form only, and in amounts or denominations of $1.000, $10,000, $100.- 000, $500,000 and $1,000,000 (maturity value) Today's Trading on Exchange. | The week's trading on the Washing- ton Stock Exchange started off with a $1,000 Washington Gas Light 6, series A selling at 100. Washington Gas 6s, series B, also appeared on the board, 1wo baby nging hands at 102 small transaction in Power 5': per cent the same price as on Three small lots of & Trust Co. stock last_previous sale Secretary Y. E. Booker of the Wash- ington Exchange has sent out the no- tices of the annual meeting, which takes place following the regular trading ses- sion on Wednesday, November 18. As the annual election of officers takes ! place at this time, a full attendance of all the members is urged It is the fecling among the members of the Exchange that the coming vear wiil see greatly increased trading on the local board. Business been good this year considering business and se- curity conditions, but a substantial rurn in volume is expected soon Heard in Financial District, W. W. Keck, assistant treasurer of | the American Security & Trust Co., will Jeave here tomorrow for a two-week motor trip through the South, Florida being one of the important objectives. T. Rowland Slinglufl has become as- sociated with G. M.-P. Murphy & Co. in the stock department of the firm's | Baltimore office Postal receipts for October at 50 se- lected cities amounted to $28,617,961, against $32,279,258 in the corresponding month last year, a decrease of 11.34 per cent, as compared with $26,334,654 for September this year October sales of Safeway Stores, Inc., including MacMarr Stores, amounted to $23,751,473, & decrease of 5.9 per cent from $25,241,504 for the like month of 1030, Sales for the first 10 months this ' year aggregated $238,369,343, a decrease of 6.2 per cent from the corresponding period last year. E Hign. 14% (303 27% ks sold In 100-share lo 31— Low. 214 3% 8 41 31% 5 9 10% 40 tock and Dividend Rate. Add 00. Abltibi Pwr & Paper, Abitibl Pwr&Pap pf. ‘Adams Express (1) Affliated Prod 1.60. Alr Reduction(t4%), Alaska Juneau (40c) Allegany Corp Alleg Cp pf 330 Alleg Cp pf w 340 w. Allied Ch&Dye (n§). Allis-Chalmers (1).. Alpha Port Cemt (1) Amerada Corp (2)... Am Agri Chem(Del), Am Bank Note (13) Am Brake Shoe(2.40. Am Can Co (15)... Am Car & Fary (1).. Am Car & Fdy pt (7) Am Chain.... Am Chain pf (7). Am Chicle (13).. Am Comecl Alcohol. Am European Secur. Am & For Power.... Am & For Pwr pf(6). Am & For Pwr 24 pf. Am Home Prod 4.20 Am Jce (2) Am Ice pf (6).. Am Internatio Am Locomotive (1) Am Lo'motive pf (7) Am Mch & Fay 1.40.. Am Metal Co. . Am Metalspf..... 5 Am Natural Gas pf Am News (13%). Am P&Lt pf A st(5). Am Radiator (60¢).. Am Republies. Am Rolling Mills. .. Am Safety Razor (5) Am Seating. . Am Shipbuildin 23 12% 13 Am Smitg&Ref (1%) Am Sm&R 2d pf(6) Am Snuft (13%) Am Snuft pf (6) Am Solv & Chemical. Am Solv & Chem pf.. Am Sugar Ref pf (1), Am Tel & Telex (3) Am Tobacco (16).. Am Zinc & Lead of.. Anaconda Copper. . Ancbor Cap (2.40) 4 Andes Copper-... .. 20 3% 4 3% 90 52 94 84% 1% 2! 6% Archer-Dan pf (7)... Armour of Del pf (7) Armour of I11 (A) Arnold Constabl Artloom Corp. . Associated Apparel.. Associated Dry G(1) Atch To&S Fe (10). . Atch To&S Fe pf (5). Atl Coast Line (7)... Atlantic Refining (1) Powder (4 Stores (1) Auburn Auto (£4) Autosales pf... Aviation Corp (Del) . Baldwin Locomotive 10415 36 Baldwin Loco pf (7). 87% 28 Balto & Ohio4). 8013 481 Balto & Ohio pf ( 107 66% 991 26 Bamberger pf (6% Bang & Aroos (3% 113 86 Bang & Aroos pf (T). 4% 33 90 81 1 62 25% 464 T0% 123% 21 43 7614 30% 22% 5% 26 9% 94% 129% 15 94 20% 34% 5% an 19% 66 37 93% 3715 12% 24% 22% 75 15 20% 37 ™ 8% % 2% 3% 673 80% 3% 2% 5 ke } % Barnsdall Corp'n. Bayuk Cigar (3).... Bayuk Cig 1st pf (7) Beatrice Cream (4) Beatrice Crm pf(7). Beech-Nut Pkg (3).. Bendix Aviation (1). Best & Co (2)....... Bethlehem Steel (2). Bethlehem Stl pf (7) Bloomingdale Bros. . 3ohn Alumn (1%) Borden Co (k3). Borg Warner (1). Briges Mg (11%).. Brockway Mot Trk. . Brockway Mot Tr pf. Bklyn-Man Tran (4). Bklyn-Man Tr pf (¢) Bklyn Union Gas (5) Brunsw-Balks. .. Bruns Term & Rwys. Bueyrus-Eri Bucyrus-Friecv pf.. Budd (EG) Mfg Budd Wheel (1) Bullard Co. Bulova Watch (80c). Burns Bros pf (7)... Burrough A M(11%) Bush Terminal(2%). Bush Term deb (7).. Butte Copper & Zinc. %« Butte & Superior. 4% Butterick Co 69% _12% Bvers (A M) 53 1% 1i% 45% 116 52% 16 14% 13% 25% 230 81 304 35 23% 4615 Bala 274 8 15% 10% % 3% % 14 11 1% 5% 53 1% 4 2% 1 15 82 2% 9% 2% 11 3% 23% 14% 3 12 2 3% Callf Packing (2) Callahan Zinc & Ld Calumet & Hecla. Camp W&C Fdy (1) Canada Dry G A (3) Canadian Pacific 1% . Cannon Mills (1.60). Capital Admin (A). Caterplllar Trac (2). Celanese Corp Celotex Co Celotex vte ¢ Cent Aguirre (1%) Cent RRof NJ Century Rib Mills Cerro de Pasco (1).. Certain-teed Prod Certain-Teed pf Checker Cab Mrig. Ches & Ohio (234). Chesapeake Corp(3). Chi Great Western. Chi Great Westn pf 1 Mil StP & Pac Chi Mil StP & Pac of. 4513 1213 Chi & Northwest (4). 15 35 65'5 90 10t 32 45% 111% 231 357 257 25% 92 34 8 90 211 1 100% 341, 148, 8T% 73 15 187 109% 107 4215 1% 3 30 11% 2614 B 16% 33 15 55% 151 4 70 94 4t 68 14 674 20 4 3y (LN 61 93 20 ~ 5 % 40 31 4 1% 1 Pneu Tool...... Chi Pneu Tool pf. . Chicago R 1&Pacific. Chi R1& Pacpf (6). 1 R I & Pac pf (T). i Yellow Cab (3).. 11ds Company. ... Chrysler Corp (1). City Ice&Fuel (3.60) y Ice&Fuel pf 6% City Stores abody (3). 1a (18).. ... al-P (2%). Collins & Alkman Colonial Beacon Colo Fuel & Iron. Columb G & E (1%). Columb Carbon (4).. Comm Credit (1.60). Comel Credit A (3).. Comcl Crea pf (1%). Comcl Cred pf B (2). mcl Cred 15t(6%) Comel Inv Trust (2) Comel Iny T war sta. Comm Inv cvpfie6). Comel Solvents (1). Comwlth & Sou(30¢) Comwlith&Sou pf () Conde Nast Pub (2) .. Congolm-Nairn (1).. Consol Cigars (5). Consol Cgr pr pf 6% . Consol Film..... Consol Film pf (2) Consol Gas N Y ( . Consol Gas NY pf(5) ConsolRwys pf (8) Consol Textile Contatner Corp (B). Contl Baking (A)... Contl Baking (B) Contl Baking pf (8). Contl Can (2%) . 40, Contl Oil (Del). Contl Shares 86% 36% Corn Products (3). 1521 18 126 3% 2 22 4 Corn Prod pf () Coty Ine. ... Crown Zellerback. Crucible Steel. Crucible Steel pi 14 Cuba Cane Products. Cuba Co. Cuban-Am Sug 14 Cuban-Am Sumvpt. 2 16 2 40 4 L] 808 High. 5 “ THE EVENING STAR, WASHINGTON, D.- C. MONDAY, s exeent those desigmated by letter “s. Bales— e w. Close. Chee. 4% B+ % 24 + % 2% i ~——1931 High 487 100 22 157% 105 107 124% 8% 217 69 4 4% 110 9% 608, 126 3 18 52y 5% 260 1034 17 Stock and Bales— Low. Diviaend Rate. _Add 00. 29 Cudahy Packing (4). 11 35 CurtisPublish (4)... & 85 Curtis Publishpf (1) 1 1% Curtiss Wright....., 21 Curtis Wright (A). 12__Cutler Hammer 4 Davison Cnemical. 137 Deere & Co pf (1.40). 93 Delaware & Hud (9). 2913 Del Lack & Wn (2) 9 Denver & RG W pt. Detroit Edison (8). . Devoe & Ray A(60c). Diamond Match (1).. Diamond Mtch pf 1% Dome Mines (1)..... Domn Stores (1.20).., Doug Alreraft(t1%) Dresser Mfg B (2)... Drug Corp (4) . 3 Duplan Silk pf (8)..; % Dupont de Nem (4) Du Pont de N pf(6) Eastman Kodak (18) laton Axle & Spr(1). 36% 80 106 4). 2lec Auto-Lite pf(7) Elec&Musical Instru Elec Pwr & Lt (1)... Elec Pwr & Lt pf(6). ec Storage Bat (4), Bmerson-Brant (A)., Emporium Capwell. , Erie RR....... Erie RR 1st pf (4). Evans Auto Prod. ... change Ruffet (1). irbanks-Morse. .. Fashion Park Asso Fed Mines & Smelt Screw Wks. . F Fid Ph Fire In(2.60). Filene's Sons pf 6% .. Firestone T & R (1).. Firestone T&R pf(6) First Natl Strs (234) Fisk Rubber........ Fisk Rubber 1st pf. Florsheims pt (6) . Foster Wheeler (1).. Foundation Co..... . Fourth Nat Inv m65o Fox Film (A).. Freeport-Tex (3) Fuller pr pf(+7.11) 14 briel Co (A)... 20% Gamewell Co (3).. * Gardner Motor. 2% n Am Investors 38'4 Gen Am Tank Car(4) 9% Gen Asphalt (2). 14% Gen Baking (2). 3% Gen Cable... 6% Gen Cable (A) 17 Gen Cahle pf. 25 Gen Cigar (4). 24% Gen Electric (1.60) 11'4 Gen Elec spec (60c).. 30% Gen Food Corp (3) .., 2!y Gen Gas&El A(e30¢) Gen Gas&E cv pr(6) 3314 100% 6 15m 5314 Gen Motors pt (5). 5% Gen Outdoor Adv(A) 10% Gen Prtg Ink (2%) 4% Gen Public Servic 22% Gen Ry Signal'(5)... 1% Gen Realty & Util. 17 Gen Realty & Util pf. 15 Gen Refractories (1) 1% Gen Theatre Equip. 9% Glllette Saf Razor. 3 Glmbel Bros...... 3614 Gimblel Bros pt (7).. 4% Glidden Co.........y 48 Glidden Co prpf (7). 3% Gobel (Adolf)...... 18 Gold Dust (2%) Goodrich (B F). Goodrich (B F) pt. Goodyear T & R (3). Gotham Silk Hoslery Grabam-Paige. ..... Granby Con Min (1). Grand Silver Stores Grand Stores pf 6% . nd Union . Granite City Steel(2) Grant (WT) (1).... Great Northn pf(4) .. Great Northn Ore(2) Great Western Sug. . Great Wn Sug pt (7). 1% Grigsby Grunow.... 14% Gulf Mobile&Nor pf. teel. Hacken Wat pf A 1% Hahn Dept Stores. Hahn Dpt St pf (6 Hall (WF) (1.20).... 7% Harb & Walker (1) Hartman Corp (B Hayes Body Corp. .. Hercules Mot (80c) Hercules Powder(3), Hercules Pow pf (7) Hershey Choc pf (15! Holland Furn (12%) Homestake M (7.30). 3 Houdaille Hersh 5214 Househld Fin pf 4.20 Houston Oil........ Houston O11 (new) 4 Howe Sound (2). Hudson & Man (3 55 Hudson Man pf (5) 7% Hudson Motor (1). 26% 2% 18% Illinois Central. . Ilinois Cent pf (6) 4 Indian Motor Cycle Indust Rayon (4) Ingersoll Rand (4) Inland Steel (2) Inspiration Copper Insuranshares Del 4 Interboro Rap Trans 4 Intercontl Rubber. Interlake Iron In. Agriculture Int Agriculture pf. Int Bus Machine(né) Int Carriers,Ltd 50c. Int Cerpent (4). 4 Int Combustion, Int Harvester (23).. Int Hydro E1 A (e2). Int Match pf (4). {nt Merchant Marin Int Nick of Can(40c) Int Nick Can pf (1) Int Paper pf. Int Paper & PWr (A) Int Paper & Pwr (B) Int Paper & Pwr C. Int Paper & Pwr pf. Int Printing Ink. Int Salt (3). Int Shoe (3). Int Silver. Int Silver pf ((7) int Tel & Tel (1). Iat Dept Stores (2) Investors Equily. .. 24 Jewel Tea (4) 2915 Johns-Manville (3) 105 Johns-Manv pf (7). ¥1e kansas City Southn. 715 IK'mann Dept Strs(1} $1; Kayser (J) & Co (1). pring Tire. 5l Kell .. % Kelsey-Hayes Wheel Kelvinator Corp.... 10% Kennecott Copper (1) 10 Kinney (G R) Co. 19 Kresge (S §) (1.60).. 101% Kresge (SS) pt (1) 51a Kreuger & Toll 1.61). 18 ocery (1) 97 Laclede s pf (5). 40% Lambert Co (8) 1% Lee Rubber & Tir Leh Port Cement..., 82 Leh Port Cmt pf (7). 3% Lehigh Valley Coal.. 1743 Lehigh Valley R R. 35 Lehman Corp (3) 18% Lehn & Fink (3) 7 Libbey Owens Glass, 40 Ligg & Myers B (15) 16 Lily Tulip Cup(1%). 15 Lima Locomot (mZ). 15% Liquid Carbonic (2). 275 Loew's Inc (3). 70 Loew's Ine pf (6 25 Loftlnc. ... oo Loose-Wiles . 3% Loome-Wiles ist (7). 10 Lorrillard (P) Co. 1% Loutsiana Oil. . 20 Lou Gas&ElA (1%), 30% Louts&Nashville(s) 514 Ludlum Steel. . 2114 Ludlum Steel pf. 14 MeCrory (B) (2).... 12 © Melntyre Pore M(1), 3 3815 MoKeesport TP (4). /37 7 McKesson & Rob (1). 25 ——— (Continued on Page' 14.) 37 35 1085 15% 10%, Net. High. Low. Close. Chee 3 + % | ADVANCE IN STOCK PRIGES CONTINUES Market Absorbs Selling by Professionals and Resumes Upward Trend. w BY GEORGE T. HUGHES. Special Dispatch to The Sta: NEW YORK, November 9.—Despite the rampant skepticism of a majority of professional traders, the stock market continued its advance today. There were minor reactions from time to time, but_invariably activity fell off on the set-back and increased when the rise was resumed. The opening was slightly irregular, but the buying movement gained head- way very shortly, with many new highs, Then followed a moderate reaction as timid traders took profits, and that was succeeded by another wave of activity on the upside. Market Tone Good. Censidering the doubt with which the recovery was viewed in brokerage offices, the Wnarket gave a surprisingly good account of itself. It was argued that there was no justification in the business outlook for the wains already scored and that th: foreign uncertainties were too great to permit of any real bull market in stocks at this time. It was flatly asserted that “the real people” were mot buying stocks, but over against all these opin- jons was the undeniable fact that there was no large supply of stocks in the market and it took only a few hundred shares to put prices up in active issues. Stocks had to contend with a sharp reaction in wheat at the opening of trading in that market, but silver forged ahead for a gain of over a cent an ounce. The silver shares were in active demand under the leadership of International Silver, which added from 3 to 4 points to its gain of over 10 points last week. The preferred issue jumped 5 points on a single sale, Food stocks were Very strong, espe- clally National Biscuit, although the report of a contemplated merger with Loose-Wiles was denied in well-informed quarters. General Foods, National Dairy Products and, to a lesser degree, Borden shared the improvement. In the higher priced group Eastman Kodak, opening lower, recovered all the loss and by noon was up 3 points on the day. Kodak was reported to have large inventories of silver, on which, of course, at the present it could count a profit. Colum- bian Carbon and Allled Chemical were favored. The action of United States Steel was not so decisive, although during the morning it did duplicate the high on the recovery made in the previous session. Probably the buying here was, in part, short covering. At the same time, news from the steel centers was more encouraging. The magazine Steel declared that producers were “increas- ingly confident that October represented the low point of the depression.” Opening Is Steady. ‘The stock market opened firm in ac- tive trading. ‘Week end news at home and abroad was of a constructive nature, and in addition the continental markets were higher for both securities and commod- ities. Trading here was in fairly large blocks. International Nickel opened on & 4,500-share deal at 11';, up fraction- ally. An example of the active demand was shown in the long strings of pur- chases of General Electric, which ran up to 34% shortly after the opening. About 5000 shares were bought in a few minutes. There was a similar de- mand for Public Service of New Jersey, fractionally higher at 673;. United States Steel was off a fraction, The rails were quiet and slightly lower, but the trend here was offset by the sharp advances in Bordens, General Foods, Standard Brands, Woolworth and other stocks directly benefited by the rise in basic commodities. In the motor list, Auburn, General Motors and Dupont were firm. ~ American Telephone was higher at 1143;. Olil shares, such | as Standard Oil of New Jersey and | Barnsdall, were unchanged, NEW YORK BANK STOCKS - NEW YORK, November 9 (#).—Over- the-counter market: NOVEMBER 9, 1931. BUSINESS UPTURN PROSPECT IS SEEN Month’s Dew)elopments Justify Hope, Says Weekly Finan- cial Magazine. Special Dispatch to The Star. NEW YORK, November 9.—Prospects of a general and vigorous upturn in business early next year have been strengthened almost to certainty by underlying developments in the past month, says the Business Week in its weekly summary just released. The devastaiing process of commodity price deflation appears definitely to have ended as credit expansion sets in in speculative channels and sharp reduc- tion of supplies in some lines locms up for next year. is, together with re- turn of hoarded currency to circulation and cessation of gold exports, has eased the banking strain, lightened the pres- sure for security liquidation, and put the banks in a better positicn to sup- port the inevitable reir fation. ‘The coming session of Congress, close at hand, is certain to supply further inflationary stimulus in all its 57 va- rieties by special financial relief meas- ures. The British elections have opened the way to improvement in England, and France will obviously be obliged to offer financial first-aid to Germany before February. Year-end, new-model automotive activity and belated rail- road buying have given some unsea- sonal stimulus to steel production. October residential building and cur- rent carloadings show encouraging strength. There are evidences of spo- radic _employment in coal, shoes, silk, canning, and, of course, a strong up- swing of “sentiment” under the stimu- lus of strength in security and com- modity markets. The end of October, with busipess 32 per cent below normal, may prove to be the low point of the depression, but expectations of imme- diate or material pick-up before the end of the year may be discounted and the possibility of set-backs in specula- tive sentiment under discouraging news from abroad during the next two months must be kept in mind. Its preliminary index for the week ending October 31, according to the Business Week, stands at 68, as against 81.9 registered on November 1, 1930. The revised index for the week ending October 24 reads at 68.4. TU. 8. TREASURY BALANCE. The United States Treasury balance announced today as of close of business November 6 was $256,251,743.62. 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