Evening Star Newspaper, November 9, 1931, Page 15

i 18 GURB SHARES GAIN INLIVELY TRAI]INGI;_ Reaction in Wheat Offset by Reports of Better Busi- ness Tone. BY JOHN A. CRONE. NEW YORK, November 9.—After opening siightly higher, stocks on the Curb Exchange today moved forward at a quickened pace as trading widened around midday. The rise in silver, along Wwith the Bino-Japanese develcpments in Man- churia, and the better tone of some lines of business tended to offset the re- action in wheat and a few other com- modities. Electric Bond & Share was up fractionally and so were American & TForeign Power warrants, United Light & Power A and Electric Power & Light option warrants. Citles Service was unchanged. The early decline in wheat was at once mirrored in Deere & Co., which | at times was down almost 2 points. During this same period an advance in silver to new high prices for the year put Bunker Hill-Sullivan Mining up about 4 points. Softness of preferred shares was an Sutstanding feature in early trading. Adams Millis preferred declined 2%, General Gas & Electric B preferred was off 2%, and Minneapolis-Honeywell pre- ferred dropped 62, while other prefer- Teds were down small fractions Tnis heaviness in preferred issuef was an exception to the general upward trend. Gains of a point or more were scored before mid-day by Brillo Manu- facturing, Hecla_Mining, National Bond & Share, New York, Honduras & Ro- sario, one of the'inactive silver issues, Sherwin-Willlams and Standard Oil of ©Ohio. Great, Atlantic & Pacific, first of the store shares to appear, opened off 2 ints. Neither the food nor the pacl g shares were in demand during th first several hours. Aluminum Co. of America was un- usually active, fluctuating within a range of 2 points or so. Singer Manu- factoring came in for a wider demand later. A. O. Smith opened off about a point. Pan-American Airways was a strong t in the aviation division. Pennroad :E;pcd on increased offerings. Motors were irregular, Ford of France and Ford Motor of Canada A tending lower as Ford Motor Ltd. tried to ‘move forward. Eureka Pipe Line opened sharply high- er and both New York Transit and Missouri-Kansas Pipe Line were 1 trifle firmer. Ohio Oil cumulative preferred made the best showing in the petroleum preferred issues. Imperial Oil braced, as did International Petroleum. The natural gas shares, under the leader- ship of Lone Star, National Fuel and Dh?tad Gas, were stronger than they have been in several weeks. Electric Bond & Share at 223 was fractionally better. There were small ins in other utilities, such as Amer- Superpower, Electric Power & Light, United Light & Power A and Niagara Hudson Power. Cities Service started off lower, but quickly made up the loss. Standard Oil of Indian: Standard Oil of Kentucky and Stand ard Ofl of Ohio were actively higher. BONDS ON THE CURB MARKET. DOMESTIC BONDS. ‘High. 913 100 3 bama Pw 4%2s 8 i SEEEEECE 3 Y EEx a 98Y% 98'% 28889 o oy o woton S ot s S B 43 4 46 451 50 50 9 i Dis El 4 e Bervice Ss Setv Fow 128 9 S a0 2, 0! 0! sk 0! '81 88, 88Ya i 1081 108! 10818 198 Yo a8, Bonarsrenmsnsrsnmenis’ Y, &1 a; 9299000 96 p 851a 830 38 10 Indnaj 8 Intern Sec Am 55 47 5 7 Intersta Power 55 '57 P&L Putilic 6 B 40 Sec 6las 54 & 2 Massachu Gas 1 Mass Gas 8ias &N & L 425 67, 05% 95 95 2 Niag Falls Pow 65 '50104'4 104'% 104 s C '66 96 ' 96 = 96 9412 941 9 94%a 9611 9134 b Serv Idorf-Astor s '5¢ 38 ash W & Pw 53 '60 100% FOREIGN BONDS. 152 R 5% 47 3 n—New. wi—When issued. FINANCIAL, tocks sold 19! 1 Acme Steel (2)...... 258 Allegheny Gas Corp. Allied Mills Inc..... 2 2 54 Aluminum Co of Am 3150s 91 Alu Co of Am pf (6). Aluminum Co Ltd. Am Beverage Am Capital Am City P&L Am Cit PAL Bb10%, Am Com P A (h10%) Am Corpn (£30¢c). Am Cyanamid B, Am Equities. Am For Pow wa Am Founder: Am Gas & Elec (31)., Am Gas & EI pf (6).. % Am Invest Inc (B). Am Invést war...... 1 Am Laundry Mch(2) 125 Am Lt & Trac (235), Am nnpc-}lgk Am Natural Gas 5 Am Superpwr (p40c) 216 Am Superp 1st (6) Am Util & Gr B v: Am Yvette (25¢). Anglo Chil Nitrat Appalachian Ga; Arkansas Nat Arkans Nat Gas A . Ark N G cu pf (60¢). Art Metal Wks(b8%) As50 GEE A( Ass0 G & El war..... Asso G&E all ct 1.60. Ass0 G & Elct (8). Atl Fruit & Sugar. Atl Lobos pf. Atlas Utl] Corp Atlas Utilities war. . Baumann (L)pf(7) Bell Tel of Can (8). Beneficial I L (1%). Bliss Co(EW) (b8%) Blue Ridge Corp.... Blue Ridge cv pf(a3) Bourjols, Ine (50c). . Bower Roll Bear (1). Brazil Trac Lt&P (1) Brillo Mfg (60c).... Brit Celanese rets. Bunker Hill & Sull.. 175 Burma rets 27 3-5c. Bwana M Kubwa. 0 s f 4 Ca 1 Cent Pub Sve A bo %« Cent Pub Sv Del. ... Cent Stat El (b10%). Cent Sta El pf (6) ww Chain Store Devel... Cities Service (g30c) Citles Serv pf (6)... Claude Neon Lts Inc. Clev El Illum (1.60). Colombia Syndicate Colon Oil. Consol Copper. Con Gas Balto (3. Consol Royal (20¢).. 80 Cont Shares cv pf. .. 1008 Cord Corp..... 51 Corp Sec Ch (b6%). . Corroon & Reynolds. Corroon&Rey pf(A). Creole Petroleum Crocker ler. Curtiss Wright war. Cusi Mex Mining. Dayton Alr & Eng. Deere & Co. De Forey Radlo. Detroit Xircraft..... % Doehler Die Casting. Driver Harris new. . Duke Pow (5. Dugquesne Gt Durant Motor: East G & F Assoc. East Sta Pow (B) East Util Assoccv.. Edison Bros St(50c) . Elec Bond&Sh (b6 % ) ElecB& Shcupf Elec B & Sh pt (6). Elec Pow Assoc (1). Elec Pow Assoc A (1) Elec P & Lt op war., Eureka Pipe L (4)... Europ E Ltd A (60c). Europ Elec deb rts. .. Evans Wallow Lead. Falcon Lead Fedders Mfg Ford M Can A (1.20). Ford Mot Frn 313%c.. Ford Mot Ltd 36 3-bs 14 Foremost Fabrics. Fox Theater (A). Gen Aviation, . GenE Ltdrcs 36 3-5c. 1 Gen G&E cv pf B(6).5508 Gen Theat Eqcv pf.. 11 Glen Alden Coal (4). Globe Underwr (16c) 1 Great At&Pac(16%).140s Gt At&Pac Tea p(7) 60s Groc Strs Prod vte.. 8 Gulf Oll of Pa (1%).. Hamilton Gas v.t.c... Hecla Mining (40¢).. Hollinger Gold (85¢) . Horn & Hard (2%).. Hudson Bay M & §.. Humble O1] (1244).. HydroElec Sec (1.20) Hygrade Sylvania(2) 4 Imp Oil of Can (50¢) Indiana Pipe Line(1) Indian Ter 11lu Oil A. Insull Inv (b6%)... Insurance Security .. Intercontinent Petn. Int Hydrocv pf3%.. Int Hydro El A war.. Int Petroleum (1)... 4« Int Utilitles(A) 3%) Int Utilities B 4 Int Utilities wi Interstate Equit Interstate Pw pf( Italian Superpow A.. Italian Superp war Jonas & Naumburg. Klein (D E) Co (1) Kolster-Br (Am Sh. Kress SH sp pf 60c.. 4 Lake Shore M (12.80) Lakey Foundry Leonard Oil Libby McNe! Lone Star Gas n 88c. Long Island Lt (60c) Long Isld Lt pf (7) Loufsiana Lan & Ex. - = MmN E aRe R e o - S ore Mok M R » EIY Brokers’ Comment NEW YORK, November 9.—Some brokerage houses were recommending profit taking today on the theory that the market's rapid rise had weakened the technical position, although many thought the rally had further ground to_cover. ‘Theodore Prince & Co.—The specu- lation in wheat, the strength in the commodity markets, the improvement in bonds and the sold-out condition of the stock market itself ‘have pro- vided a good background for construc- tive operations in stocks, ‘We would not be surprised to see the market step up to higher trading levels this week. As soon as individual stocks present vari- tions from the general market pattern, however, we would reduce g.:?ams commitments on a selective Redmond & Co—The rapidity of the advance undoubtedly has robbed the mar- ket of much of its technical strength and we would be inclined to take trad- ing profits on any further bulge and await more favorable buying Oppor- tunities later in the week. the general trend for the time being ap- pears to be upward, due to the change in market psychology, foreign and do- mestic economic _conditions ~contain sufficient uncertainties to justify a cau- tious trading and investment policy. We still believe it is too-early to state the bear market is definitely over. Hornblbwer & Weeks—We expect, mm:‘lrhln of the advance in ind section of the list will followed by a secondary reaction by way of consolidating recent , and in this respect we would look fof signs of the in 100-share lots excent these designated by letter “s.” Stock and Sales— Dividend Rate. Add 00. Open. High. 178 4 Adams Mill 1st pf(7) 258 851, 2415 103 103' 1 1% THE EVENING STAR, WASHINGTON, NEW YORK CURB EXCHANGE Received by Private Wire Direct to The Star Office. ~Prev. 1931.~ High. Low. Low. Close. 178 17 854 854 [ 17 85% LY Mid Wi Mining Stock and Dividend Rate. Magdalena Synd. ... Merconi I M 87 1-10c Mass Pow & Lt..... Mass Util Assoc Bottling (A).. ayflower Asso (2).. Mead Johnson (15).. Meniph N Gas (60c). Mesabi Iron. .. Mesta Machine (2). Mid West Ut (b8%). Sales— Add 00. Open. High. 3 o Sts U(b8%) orp of Can. Minne-Honey pf (6). Mo-Kan Pipe Line. .. Miss Riv Fuel bd rts Mohawk Hud 2d (7). Mohawk Mining (1). Mon WP PSpf1%. Moody’s I Spt pf (3) Mountain Prod (1).. t BA & S Corp (1). Nat Family Stores. . Nat Fami Stores pt Nat Fuel Gas (1). Nat Sh T Nat Tran (elson (Herman)... w Eng Pow pf (6) 1008 New Jers Zinc (13).. 3 3 New Mex & Ar Land. 1 Newmont Mining. ... N Y & Hond Ros (1). 29 Y Tel pf (6%4).... 1758 114% N Y Transit (180c).. Niag-Hud Pow (40¢) Niag-Hud Pow A w Niag Sh Md (40¢c). .. Niles-Bemt-Pond Nipissing..... # Nitrate Corp C Noma Elec (40c). ... Nor Am Aviat A war North European Ofl. Nor Ind Pub S pf (6) Nor St Pow pf (7 Nor St Pow A (8). Ohio Ofl cu pf (6). Oilstocks Ltd (A Outboard Mot A . Outboard Motor B. .. PacG& E 1st pf 1%, Pac Western Ol Pan Am Afrways. Pandem Oil Pantepec Of . Paramount Cab Mfg. Parke Davis (11.65). Parker Rust P(1315) 1508 Pennroad Corp (40c) 1092s Peoples L&PWr (A). Perryman Electric. . Phila Co new(11.40) Philip Morris Inc. Pilot Rad Tube A . Fitney Bowes (bi% Pittsburgh&LE(110) 50 Plymouth 01l (25c Towdrell & Alex (2 ). Premier Gold (12¢).. Prod Roalty (b10%). Prudential Invest. .. Pub Util Hold war. Pub Util Hold xw. Raythieon Mfg. Reiter-Foster. Rellance Int A Rellance Mana Republic Gas Corp. .. Reybarn Cos .. Reynolds Invest. . it 2% % 614 12% 5l 3w 1% MU % Dividend nual payment. 2 14% 333, 12% dividend. stock. Reeves (D) (1%). Roan Antelope Min. Rock Lt & P (30¢)... Rossla Intl (10c) . St Regis Paper (60c) Salt Creek Prod (1). Scovill Mfg (2). Seaboard Util (28¢) Sec Allied Corp (1 L& H (as0c).. Seiberling Rubber Selected Industries. . Indalctfs(5%). Shattuck Den Min. .. Shenandoah Corp. Shenandoah Corp pf. Sherwin Wil (t4%). Silica Gel etfs. ... Singer Mfg Co (116). 90s 192 Smith (A 0) (2).. South Penn 011 (1).. SoCalEAptB (1%). 1 Sou Cal Ed pf C(1%), Southld Royalty 20c. SWG&ERL (7). Stand Ofl of Ind( 1 Stand Ofl of Stand Oii Nebr ( Stand O Ohio Stand Silver & Starrett Corp pf (3). Stein Cosmet 50s 4 i 2008 y 1 Swift Internat’l (14) Swiss-Am El pf (6)..100; Sylvanite Gold Mines Technicolor Inc. Teck HughesGM 16 ‘Texon Oil&Land (1). Tob Prod Exp (10c) Trans Air Trans Trans Lux DL P Tri-Cont Corp war Tri-Utilitles. ... Tubize Chatel, B Un Gas of Canada(1) Unit Chem pt pf (3). Unit Corp war...... Unit Founders. . Unit Gas Corp. Unit Gas Corp war, Unit Gas pf (7). Unit Lt & Pw A Unit L & Pwr pf(6 Unit Milk Prod. U 'S Elec Pow ww. U S Inter Sec 1st p: Unit Stores v.t.c..... Unit Verde Exten (1) Utll P&Lt(atl Utility Equitie: Util & Ind .. Van Camp Pkg. . Vick Financial (30¢) Venezuela Petrolm. . Walker (H) (50¢)... Walker Mining. 1 Williams R C (70c) Wil-low Cafe pf (4). 150. Woolworth (FW)Ltd Wright Har (+12%c). “Y" Oll & Gas. ates in dolin *Ex dividend. !Partly exira. Payable in cash or stock. b P LPius 8% 'in stock. Pl Plus 2% in stock. 'k Plus 10% stock. 0 Plus 8% in 8i0CK. D Paid Iast year—no regillar 1ate. 3% 22 o 221y 9 2 % 2 based on last quarterly or ayable” in- stock-" &4 up 8% in_stock. n semi-an- in_stock. «© Adjustment. hPlus 1% in m Plus 3% 1o increased activity and strength in the rail group, believing that speculative attention will switch from the in- dustrials to the rails, while the former are digesting their sharp advances. ‘Thomson & McKinnon—The action of the stock market since October 5 has been truly significant. Despite dis- agreeable earnings reports and _im- portant dividend casualties, stocks have recovered considerable lost ground. All this, we believe, reflects a crystallized public opinion with a new and conse- quently optimistic perspective. Shields & Co- echnical restrictions prevent bad news from having normal influence on the stock market and per- mit bullish rumors and activity to have exaggerated effect. As a result the long side continues to offer best trading op- portunities but the weakened technical structure carries constant danger of a sharp drop whenever unexpected bear- ish developments occurs. E. F. Hutton & Co.—We see no signs that the force of the current improve- ment in the markets is waning. While to some the advance already achieved may seem large and abrupt, still, consideration is given to the declines which gnceded. the movement to date is hardly a ripple. Whether it will prove the real “turn” no one really ;1'1: know until perhaps six months too Hentz & Co.—As indicated, the mar- ket is now breaking away from its ac- cumulation range and having crossed previous resistance points, expect the averages to establish about a further 5-point gain before any sizable reac- tion ‘The time occurs. he definitely favorable for extensive pool operations. Paine Webber & Co.—Stock market has now been in a generally rising trend for seven trading days. In Satur- day's session, after a sharp run-up in leaders, price changes became rather abrupt and erratic in several cases. This may be interpreted as first technical evidence of toppiness in the market. Consider it advisable to accept trading profits, particularly in event of further strength, believing that some sort of reaction is nearby. Many stocks are likely to meet Tesistance to further ad- ;T‘n;’:; at levels just above Saturday’s GENERAL RAILWAY WAGE PARLEY MAY BE HELD By the Associated Press. NEW YORK, November 9. = sentatives of the principal uanfi??{i tlon systems of the United States, who will attend a meeting of the Raflway Executives' Association in New York next Friday, are expected in Wall Street to consider a proposal of rail- way labor leaders for a general confer- ence on wages and working conditions. If the rail officials view the labor proposal favorably, it is considered g;nb!b]! that a national committee will appointed to confer with union heads. Some of the executives have approved the idea of a joint conference which all the railroads and their employes would be represented, Railway officials, who for some time have been advocating a voluntary wage reduction by the unions, attach consid- erable significance to the fact that the proposal for a general discussion of the situation came from the workers them- selves. . s Approximately 200 types of sofl are found on Alabama's al,ggs,ooo acres. / . MONDAY, NOVI WHOLESALE PRIGES ARELOWER ABROAD ‘]Suspension of Gold Standard by Britain Did Not Up- set Markets. Great Britain going off the gold standard. with the consequent influ- ences on price levels, did not appreci- ably affect the September average of the indices of wholesale commodity prices, according to E. Huntley Omo- hundro of the Commerce Department’s division of statistical research. The indices of the wholesale prices in 15 of 18 foreign countries were lower in September than in August, as was the index of wholesale prices in the | United States, Omohundro said. Japan Leads in Decline. He said the sharpest drop in prices occurred in Japan, averaging 4 per cent. Wholesale prices fell about 3 per cent |in France, Belgium and the Nether- lands, and price declines of from 2.5 to nearly 3 per cent occurred in Czecho- slovakia, Poland and Finland from Au- gust to September, 1931. Of the re- maining countries in which wholesale prices were lower in September, 1931, than in the preceding month, prices were from 1 to 2 per cent Jower in Can- ada, Germany, Sweden ard British India, and less than 1 per cent lower in the United Kingdom, Italy, Latvia and China. No change in prices oc- curred in Denmark and Peru from August to September, and prices rose 3 per cent in Chile during that period. Declines in prices occurred in 26 of the 42 groups of foods in 18 foreign countries, 14 groups advanced, and 2 groups remained unchanged from Au- gust to September, 1931. Of those showing declines, 20 groups dropped 2 per cent or more. Prices of animal products in Canada and Poland, of vegetable products in Prance and Sweden, of cercals and tea in British India, and of all foods in the Netherlands, dropped from 3 to 5 per cent. Decreases exceeding 5 per cent from August to September, 1931, oc- | curred in prices of vegetables in Czecho- slovakia, animal products in Latvia, agricultural products (mostly foods) in Finland, and cereals and vegetables in Japan. Among the advances, prices of vege- table foods in Denmark, and animal foods in Czechoslovakia rose 2.5 per cent and 2.9 per cent, respectively. The greatest advances in prices of foods from August to September, 1931, oc- curred in cereals in Chile, 5.7 per cent, and in meats and fish in’ Japan, 8 per cent, Prices of industrial raw materials and manufactured goods in most instances were lower in September, 1931, than in the preceding month. Of 104 groups of commodities other than foods, 62 groups declined in price, 17 advanced and 25 remained unchanged. In nearly one- half of the 62 groups of declines the fall in price was less than 2 per cent, but in 25 groups the drop in prices ranged from 2 to 5 per cent. \ The sharpest decline in prices, rang- ing from 5 to nearly 18 per cent, from August to Septemrber, occurred in Tex- tiles in Germany, Belgium, Czecho- slovakia and Peru, in fertilizers and fats in Belgium, in fuel and ofl in Sweden and in hides and skins in British India. Index Numbers. tember, 1930 and 1931, index numbers of wholesale commodity prices in 11 of the principal countries: United States, 1926—100 Canada, 1926 United Kingdom. 1924 1913100 France. Belgium, = 1914100 Germany, 1913100 1913. 1 1931 aly, Austria Netherlands, Japan, 1920 | China. 1926 *Gold prices. Baltimore Markets Special Dispatch to The Sta: BALTIMORE, Md., November 9.— White potatoes, 100 pounds, 75a1.00; sweet potatoes, bushel, 35a50; yams, barrel, 1.00a1.25; beans, bushel, 50a 2.00; beets, per 100, 2.00a3.00; Brussels sprouts, per quart, 10a15; cabbage, 35 250; carrots, per 100, 2.50a3.50; cauli- flower, crate, 1.25al.75; celery, crate, 1.5023.00; cucumbers, hamper, 2.50a 4.00; lettuce, crate, 2.00a3.00; lima beans, hamper, 2.00a3.00; okra, bushel, 150a2.00; peppers, hamper, 25a75; pumpkins, per 100, 3.00a6.00; eggplants, crate, 3.5084.00; onions, per 100 pounds, 1.7582.00; oyster plants, per 100, 5.00a 6.00; spinach, bushel, 30a60; squash, bushel, 1.50a2.25; tomatoes, hamper 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, 12al pigeons, pair, 25a30; Guinea fowls, pair, 25a50; turkeys, 20a25. Eggs—Recelpts, 781 cases: current receipts, 22a30; hennery, whites, 35a 38; nearby firsts, 30a32; Western firsts, O er—Good _and fancy creamery, 28a32; ladles, 20a22; process, 24a25; store packed, 15. Live Stock Market. Cattle—Receipts, 1,000 head; fair sup:;ly: market strong on choice cattle. Steets — Choice_to prime, 8.00a8.50; good to chgice, 7.25a7.50; medium_to good, 6.00a7.00; fair to medium, 550a §.00; piain to fair, 4.75a5.50; common to_plain, 4.00a4.75. Bpulls—Chmco to prime, none; good ito choice, none; medium to good, 4.00a 450; fair to medium, 3.50a4.00; plain to fair, 3.25a3.50; common to plain, .00a3.25. 3 25 Choice to prime, mone: good to choice, none; medium to good, 3.75a 425; fair to medium, 3.25a3.75; plain to fair, 2.50a3.25; .common to plain, 1750a2.50. H:uers—cho(ce to prime, none; good to choice, 5.50a5.75; medium to good, 5.25a5.50; fair to medium, 4.75a5.2; plain to fair, 3.75a4.75; common to plain, 3.25a3.75. Fresh cows and Spring- 00260.00. erghggp and lambs—Receipts, 3,000 head; fair supply; market steady; sheep, 1.0023.00; lambs, 3.50a7.00. Hogs—Receipts, 3,000 head; moderate supply, market higher; lights, —5.70a 5.95: heavies, 5.2585.75; medium, 5.70a 5.95: roughs, 4.0085.00; light pigs, 5.50a 5.75; pigs, 5.7085.90. Calves— Receipts, 250 head; light sup- ply, market steady; calves, 3.50a9.00; no extras. Hay and Grain Prices. t—No. 2 red Winter, export, no qu?)‘l’x}alains: No. 2 red Winter, garlicky, spot, domestic, 69%; November, 69%;; ember, 707 De(c:o'r';ana. 2 yellow, domestic, spot, 59a60; cob corn, new, 2.00a2.25. s—No. 2 white, domestic, spot, 15 No. 3, 36a36!3. Rye— Nearby, 55260. Hay—Receipts, none. New hay is starting to arrive in increasing quanti- ties, but so far no official grading has been attempted, selling being _strictly on merit, Demand for old hay slow and market is dull and quiet, with prices_in huyerst' favor at a range of .00a17.50 per ton “g:’r.nwANge 1 wheat, 8.5029.00 per ton; No. 1 oat, 9.00a10.00 per ton. PARIS BOURSE PRICES. PARIS, November 9 (#).—Three per cent rentes, 84 francs 70 centimes. Five per cent loan, 101 francs 75 cen- times. Exchange on London, 95 francs 94 centimes. e dollar was quoted at 25 francs 43% centimes. The following table contains the Sep- | CMBER 9, 1931 AFTER RECENT Special Dispatch to The Star. NEW YORK, November 9.—The robust rally with which the stock market closed last week inflyenced sentiment in Wall Street, but not suffi- | ciently to quiet the doubts which a majority of the active traders harbor with regard to the future. To say that a third of them are friendly toward stocks is to put it strongly. Probably the percentage of constructionists is much lower than that. It is safe to say, however, that skepticism varies inversely with the number of years of activity the in. dividual trader has seen. It may or may not be significant that those who feel most friendly toward the market are those of the longest experience, those {who have seen more than one depres- sion and have witnessed the hesitating and discouraging way in which recovery begins. But let us take the doubters’ | side first, Obstacles Cited. There are three obstacles in the path revival which the objectors visualize. First there is the credit situation, par- | [ tsenlarly in Europe. If there is a plan | [ta meet the difficulties with which the {reparations and international debt problems are surrounded, it has not been presented in any manner reas- suring to this faction. Secondly, they emphasize the railway crisis, if anything 50 long drawn out can properly be called a crisis. Granted that the railway executives and the heads of the brother- hoods come to an’ agreement, the process of putting that agreement into effect is, they argue, sure to be a tedious |affair. Up to very recently they have been professing discouragement over | the action of the bond market, but that outlook has been improved by the pro- nounced recovery in fixed interest- bearing securities during the last few days. of FINANCIAL. !STOCK MARKET FACING TEST RAPID ADVANCE If Averages Push Through Former High Levels the Recovery in Prices May Go Much Higher. ‘This leaves the commodity situation as the only possible offsetting influence and even here there are those who assert that the recovery in wheat, in | silver and in other material markets has had no better foundation than that of speculative manipulation. It is fair to say that only a few of them put it as strong as that, but there are many who declare that commodity price im- provement has outrun any real better- ment in supply and demand. There is some logic in all these argu- ments, but there is also something left out. The point overlooked is that practically everything adverse in busi- | ness, in finance and in the commodity field was discounted and overdiscounted long before there was any improvement in either stocks or commodities and that, even after all the recovery that has taken place, prices are still ab- normally low and discount a great deal that is unfavorable, actual or potential. Test Due This Week. Moreover, much of the discourage- |ment and distress in the commodity markets and in trade is the effect and not the cause of the collapse in securities and the lamentable absence of banking leadership. Markets and business have been caught in a vicious circle from which there was no escape unless and until there was a turn in one of the other, no matter how it was brought about. The test will come this week in the market itself. If the averages are able to push through, their old highs on the rally from ' the early October margin, to the accompaniment of in- creased trading activity, the percentage of optimists will be reversed from that given at the beginning of this dispatch. The party in the minority now express great confidence that they will be in the majority, and that in the not distant future. (Copyright, 1931.) HOARDING OF CASH SLESS EXTENSIE Burst of Strength in Markets Laid to Loosening of Purse Strings. BY CHARLES W. STORM, Editor the News Service of Wall Street. Special Dispatch to The Star. NEW YORK, November 9.—A definite let-up in the hoarding of money, as well as a better feeling in banking cir- cles with regard to the French and Ger- man situations, was the reason for the burst of strength which appeared in the market for stocks and bonds the !last week. * Much of the revival in confidence in the stock market is also attributed to | the sharp rise which has occurred in [ the prices of wheat and cottcn since higher prices for these commodities chasing power—of the farming com- munities. Experts estimate that the enhancement in the quoted market values of grain and cotton on the of upward of half a billion dollars in the buying power of the farmer and | planter. Confidence Replaces Fear. Confidence is steadily replacing fear the average price of 30 industrial stocks has advanced from a low of 86.48 re- corded on October 5 last to a high of slightly more than 115 registered at the close of last week. This advance is also vividly replected in the reduced | yield obtainable on cash-dividend pay- . | ing stocks. According to Moody’s Investors Serv- ice the average yield on 318 active cash- dividend paying common stocks listed on the Stock Exchange ampunted to 9.72 per cent on November 2, which compares with 11,54 per cent at the end of September and 12.04 per cent at the recent low point of the market on October 5. The advance in the general stock market has been so marked that some of the important operators are now sell- ing stocks short because of a belief that the rise has been too rapid and that the market will have a substantial re- action even if it is in a definite major upward movement. Business Outlook Better. Improvement in the securities markets and the betterment in the prices of commodities have enhanced the pros- | pects of a vigorous upturn in business early next year. Betterment in the operations of the steel plants is already reported and further expansion in that industry is expected this week, accord- ing to steel experts. 9 Much of the hope for further im- provement in the steel industry is founded on the belief that considerable expansion may be looked for in the motor industry, which is on the point of bringing out new models. Expansion in the motor industry is also calcu- lated to have a most stimulating effect on business in general. 0il Industry Better. Another gratifying development 1s the improvement in the oil industry. Prom- inent officials in some of the biggest oil companies say that present condi- tions are now better than they have been for more than seven years and are expecting_higher prices for crude oil and gasoline. General realization of the material change for the better in the oil industry began to find reflection in higher prices for the oil stocks late last week. Most of the ofl shares have been thoroughly deflated, according to important people in the industry, and speculation in mean a material increase in the pur- | present movement equal an expansion | as may be gleaned from the fact thaty iy, marked with material expansion in the activity and demand for the oil shares. Banking Situation. ‘The banking situation is daily becom- ing stronger, owing to the revival of confidence, which has caused a per- ceptible contraction in the withdrawals of cash from those institutions. This change in sentiment has stopped neces- sitous selling of securities by the banks. In many instances national banks are now appearing in the market for bonds, which contrasts sharply with the urgent selling by banking institutions early last month. Announcement that the National Credit Corporation is ready to receive applications for loans should also have a most favorable influence on sentiment and result in fewer bank closings. The plight of the railroads continues to be a source of anxiety and is acting as a restraint on speculation, but hops is running high that the i>presenta- tives of the employes of the common carriers will make overtures for a down- ward revision of wages in a spirit »of helpfulness to the general recovery in economic conditions. Announcement of favorable news in connection with the transportation companies would undoubtedly have a beneficial influence on the stock market. (Copyright. 1931, by the North American Newspaper Alliance, Inc.) STREET CAR INTERESTS IN RESEARCH CAMPAIGN By the Assoclated Press. Research has an important place in the work of American trade associa- tions. Some of it is technical and some is market research. Faced with increasing motor bus com- petition, the street railways making up American Electric Railway Associa- tion announce that exhaustive tests will be made of the operation of different | types of trolley cars. A number of cars of the most modern type will be tried out in Brooklyn, and the outstanding advantages of each will be noted with the object of developing improvements and conveniences, such as better riding qualities. Manufacturers of street cars will co-operate in this effort to improve the competitive position of the street car industry. The Silk Association of America has under way the most comprehensive pro- gram of research ever undertaken by the industry. The purpose is to obtain all facts relative to equipment, pro- ductive capacity and markets, so as to put the industry on a better foating. As a result of a recent survey the National Knitted Outerwear Association finds that much machinery now used in the industry is obsolete. I points out that rapid style changes make necessary the procurement of newer and more up-to-date equipment. ————— MARYLAND TOBACCO PRICES. BALTIMORE, November 9 (Special). —The market for Maryland leaf tobacco continues inactive, with sales of only 249 hogsheads reported, compared with receipts of 535 hogsheads, leaving a stock in State tobacco warehouses of 16,261 hogsheads. Most of the offerings, however, are of inferior grades for which there is little demand. Of the 1931 crop of ground leaves 30 hogs- gg;:i.l ga}'e b‘e!eln ofl;lieu with only a fair n e to best unqto ";3“0‘;; "l medium grades uotations today for Maryland I tobacco per 100 pounds: l’nn‘ad and ffif ferior, 2.00a4.50; sound to good com- mon, 5.00815.00; medium to gaod, 15.00 235.00; good to fine red, 35.00a54.00; fancy, 54.50a55.00; seconds, co medium, 5.00a22.00; seconds, mfl '63 fine, 23.00a42.00; upper country, burley, :%nss.l; ground leaves, 1931 crop, 4.00 DIVIDENDS DECLARED NEW YORK, November 9 (#).— Regular, Bulova Watch pf.87%c Q Dec. 1 Nov.17 stocks this week is expected to be Hercules Motor. Kobacker Stor i 20c Q Jan' 1 Dec. 18 3175 Q Dec. 1 Nov.14 BY J. R. BRACKETT, Associated Press Staff Writer. WHITE SULPHUR SPRINGS, W. Va., November 9.—Sacrifice of foreign securities by American investors is not warranted, despite the fall in market values, the Foreign Securities Commit- tee of the Investment Bankers' Associ- ation reported. Hysterla has brought about an almost ccmplete demoralization of the foreign bond market, it said, and present prices are for that reason not Indicative of basic values. American investors hold more than $7,000,000,000 of foreign bonds. Latin American bonds to the total of more than $1,500,000,000 are held here and these latter have decreased 8.5 per cent from that face value. A Protective Bondholders' Committee, not associated with the investment bankers, has esti- mated Germany stands at the top of the list, with about $3,500,000,000 of her bonds held in America. The report offered by Col. Allan M. Pope, president-elect cf the association and executive vice president of the First Natlonal Old Colony Corporation of New York, explained the causes of the adverse economic situation, empha- & SACRIFICE OF FOREIGN BONDS IS DECLARED NOT WARRANTED slz“hu the falling price level. ‘Whereas,” the report said, “the ef- fects of trade depression inevitably take time to be cured, the remedial meas- ures already applied in countries in de- fault should have a tendency to over- come these effects much more rapidly than would otherwise be the case. “The development of world trade of itself necessitates the maintenance of international credit upon all countries engaged in international trade, and for | T this reason alons repudiation of ex- ternal obligations is n%lll to be thought of by an exporting country. “The inevitable hysteria which has been evidenced in the foreign bond market as a result of the lowering of the credit of certain foreign countries has brought about an extraordinary lowering of foreign dollar bond prices. “The general public has falled to realize that the quoted of the securities of many foreign countries do not today represent . actual values. Rather they represent the absemce of any real market dem: “When prices fall at the rate they have in certain foreign securities in re- cent months, the public, which is the normal purchaser, does not buy.” *¥* A—1S FED STEER VALUES SHARPLY INLATED Prices on Other Grades Are Mixed—Hog Quotations Show Gain. BY FRANK 1. WELLER, Associated Press Farm Editor. ‘The current inflation on fed steers seems to have gone beyond all bounds. Never in trade history has the market on slaughter steers been more uneven, unstable and confusing to buyers and sellers alike. It presents the curious spectacle of one lone and very sparse class of steers averaging $3 per 100 pounds above the average cost of that great bulk on which the Nation depends for beef. Strictly good and choice offerings, now as scarce as the proverbial hen's teeth, adced another 25 to 50 cents to the steady upturn in this bracket to top at $12 for the week in Chicago— a figure the trade would have gaped at last Summer. The scramble on East- crn account for weight and high finish regardless of weight sent practically everything of that nature to $11.25 and up. Average Price $9. Right alongside, the bulk of slcughter steers merely floundered around some- where between $4 on the low end and $10.50, which was paid for some of the best shortfeds with weight. The ave- rage price was only $9, exclusive of Western grassers, which sold from $4 te_$5.50. It just shows how far shipper com- petition has aggravated the uneven- ness of the general trade since it got behind grain-fed steers a month ago. Even on what is termed a generally steady market, similar steers frequently sell far part. The lower grades ccn- tinue more in line with hogs, lambs and other agricultural commodities. The average cost of hogs at Chicago i= around $4.65 and lambs for the week are expected to average about $5.75. For outstanding cattle, however, the end did not appear to be in sight even after the top had reached $12 and mme‘ bellevteud t't.lhey would keep on ad- vancing un e light supply was com- pletely absorbed. oy ‘There is no doubt toppy cattle are in- fluencing the lower brackets to a de- gree. Little grassy and shortfed butcher heifers in instances showed a gain of 50 cents, while fat cows worked 75 cents to $1 above the low time last week. They could do that, however, and still not be anywhere. The rank and file of the run is made up of shorifed steers, liberal grass offerings and stock hastily warmed up with 1 little grain. Apparently the country is not gbing to be stampeded by the relatively fine showing of the market Jeaders as lon as the most of the stock it has to sel is dragging. It refused point blank to follow the upturn in stockers and feed- ers and insisted on buying at least the lower grades close to last week's which were the lowest of the season. Hog Market. A little light has crept into the hog market after prices dragged along with no net change from the sharp drop late last week. Chicago_advanced about 10 cents on Friday. Receipts at the 12 markets were 16 per cent lower than a week ago and 4 per cent less than for the same week last year. Fewer under- weights arrived. Increased shipping de- mand counterbalanced the weakening influence of low fresh pork prices. The latter may be benefited in the shift to_cooler weather. There now seems to be a tendency among feeders to hold underweights if practicable. Packing sow receipts, too, have diminished in response to lower prices, but the cut seems not to have stimulated demand because of the in- crease in medium weight hogs. At least one optimistic feature at- price dfop. hes ‘curtailed Tecelpts and price curtaile an the late trend of values “r’ee“epbm at Chicago. The stagnation which followed the early spirifed advance was caused by heavy receipts, those at Chicago being equal to the season’s record, and by warm weather and other conditions which took elasticity from the dressed outlet thin range lambs continued too numerous for trade requirements and in addition the corn belt market fed westerns in earnest. Grain Market /| By the Associated Press. CHICAGO, November 9.—Except rye, all grains tended downward early today. Rye scored a quick advance of 1 cent. Bears laid stress on Liverpool reports of heavy sales of Auscralian wheat to Europe and on prospects of drought relief in United States Winter wheat territory in the Southwest. Rye strength was_ascribed to possibilities ‘that the market would catch fire in case of sud- den large export purchases. Opening %-2 cents lower, wheat afterward rallied somewhat. Corn started %-1% off and subsequently held near the initial limits. At first sellers of wheat far outnum- bered buyers, but a resumption of ag- gressive purchasing was witnessed on declines to below 70 cents for May delivery. Much of the wheat selling waS of a profit-taking character, and was based on opinions of trade experts that material price reactions were like- ly in view of big recent advances. A rallying influence, however, was word of frost in Argentina threatening to impair wheat yields, owing to the fact that over large areas the Argentine lcrop was now coming into bloom and was especially susceptible to frost in- jury. ‘The amount of wheat on ocean pas- sage was announced to have decreases more than 500,000 bushels the last week, notwithstanding that world ship- ments had increased about 3,500,000 bushels. This was taken to indicate heavily augmented consumer demand overseas. Significance was also at- tached to reports that the highest pre- miums yet this season were being paid for domestic wheat available to export at the Gulf of Mexico. Corn and oats swayed with wheat. Provisions developed firmness, helped by rallies in grains. New York Cotton Spectal Dispatch to The Star. NEW YORK, November 9 —Cotton prices were 7 to 11 points lower at the opening of the market today. This reflected a lower tone at Liverpool. There was active hedging and profes- sional liquidation in advance of the Government report which will be out today. Opening _prices were: Decembe! 6.55, off 7; January, 6.60, off s March, 6.75, off 9; May, 6.93, off 10; July, 7.06, off 11, and October, 7.33, pal s gt i CHECK TOTAL GAINS. By the Assotiated Press. Checks cashed on individual bank ac- counts in leading cities of the Federal Reserve system totaled 5 per cent in excess of the previous week during the period_ended November 4. ‘Total debits for comparable periods follow, as calculated by the Board: Week ended November 4, $7,954,582,- Previous week, $7,564,8 68,000. Same week last year, $11,415,040,000, Lumbermen of PBrazil may ask for government aid. .