Evening Star Newspaper, November 10, 1931, Page 15

Il } FINANCIAL, CURB SHARES SAG ON LIGHT TURNOVER Leaders Decline Slightly as Break in Wheat Prices Occurs. BY JOHN A. CRONE. Special Dispateh to The Star. NEW YORK, November 10.~Open- ing lower, today's Curb Exchange ses- sion continued that trend, with volume diminishing as prices declined Electric Bond & Share sold off about 8 half point and Cities Service was a ade lower. A sudden break in May wheat in Chicago just at noon sent| Deere & Co. duan a point. bar silver was higher in London today, silver shares lire were subjected 1o some profit-taking during early deal- ings. Bunker Hill-Sullivan Mining opened down 2 points, but this could be e plained by the company’s September report, which showed net before depre- ciation and depletion of $140,664, | against $231319 in the same 1930 month, and net for nine months of $1.- 037,034, against $2,002,334 in the same period a year ago. Mine shares, however, did not move logically in response to earnings. Teck Hughes eased, though net per share for the fiscal year was above the 1930 period. Copper range ignored the re- port that about 1,250,000 pounds of metal monthly were being produced in the Michigan district. Bids for Roan Antelope for a time firmed, but that may have been caused as much by brighter prospects for world copper curtailment as by the treatment of 204,000 tons of ore in October averag- ing 3.28 per cent copper. Hecla Mining softened. New Jersey Zinc apparently had discounted t September quarter net profit of cents a share, against 53 cents a share in the 1930 third quarter. Nine months’ net of $1.27 a share, compared with $2.11 a share in that period a year ago, the latter showing being better than anticipated in the trade. Opening higher, the Curb Exchange after the first few minules of trading showed some irregularity in price trends. Electric Bond & Share at 213; was up a shade, only to lose that eain and more in the next few ‘rades. Cities Bervice at 8'i was off '4. Standard Oil of Indiana at 23!, was unchanged Ford Motor, Ltd., was unchanged, but ‘Woolworth, Ltd., common yielded % Ppoint on the first two sales. ‘The coppers failed to respond im- ‘mediately to the probable world pro- duction curtailment of that metal. American Cyanamid B was active and unchanged at 6. Deere & Co. at 19!5 was off %. Great Atlantic & Pacific ‘Tea opened up 3 points at 189. Pan- American Airways rose 1 point to 2015 Ford Motor of Canada A moved up slightly and so did Aluminum Co. of America. Standard Oil of Ohio was a trifle firmer at 45 BONDS ON THE CURB MARKE' ig] S Alabama Pw 4'ps '67 01 1 3 Pow 156 100 1Alabama Pow 55 '68 99 * 5 As Tel Util 5 1 Bell Tel Can 13 Bell Tel Can 8 Consum P 1 Continen $Bet' i Brae 1BeE 10 Betss A s Fx 3 Eiee » L‘-’m A 20: Intern Sec Am 55 Intersta Power 55 Intersta Power 65 Inves Co 55 A '47 ww Jowa-Neb L&P 55 5 Massachy Gas 5% E 1 1 Nor Stat Pow Bius '40 943 7 Nor Stat Pow 4x ‘61 8412 2 Peoples L & P 55 2 Ebila Elee 8l 8 Rub 65 an Bwerin 65 b Serv 85 Stocks sold in 100-share lots except ~Prey. 1931~ Stock and High. Low Dividend Rate. 5% Adams Mill 15t p£(7) 258 Allegheny Gas Corp. 1 Allied Mills Inc.. 3 ‘Aluminum Co of Am 9 Alu Coof Am pf (6). Am Austin Car. .. Am Beverage Am Cit P&L B b10% . Am Com P A (b104%) Am Com Pr B(b10%) » Am Am Am Am Am Am Am Invest Inc (B). Laundry Mch(2) Lt & Trac 1214). Mf Co pf (5). Natural Gas. uperpwr (pd0e) 4 Am Superp 1st (6)... Am Util & Gn B vte., Am Yvette (25¢).... 4 Anchor Post Fence 4 Anglo Chil Nitrat, Appalachian Gas. & Arcturus Rad Tube.. kansas Nat Gas. kans Nat Gas A. Ark N G cu pf (60¢). Art Metal Wks(b8%) As50 GEEl A(b! 4 Asso G & El war. Asso G & Elct (8). Atlas Ut Corp Baumann (L)pf(7) Benefictal I L (1%) Blue Ridge Corp.... Blue Ridge cv pf(a3) Brazil Trac Lt&P(1) Brill Corp A (34c)... Buff N&EP pf (1.60), Bunker Hill & Sull. Burco Inc, Burco Inc war Canadian Marcon} Cent Fub Sve A b5 %. Cent&Swn Ut (b7%) 1 Cent Stat El (b10%). 11 Chain Store Devel... 5 Cities Service (g30c) 11 Citles Serv pf (6)... Claude Neon Lts Inc. Clev Bl Illum (1.60). Col Oi1& Gas vtc. Cmwith Edison (8) Cmwlth & Sou war. Com Wat Ser g12%e¢. Comstock Tunnel Consol Auto M cu p Consol Copper Con Gas Balto (3.60) Consel Gas Ut B vte. Consol Royal (20c) Cont Shares cv pf Cooper Bessemer-. ... Cooper Bess pf (A).. Cord Corp. .... Creole Petroleum. ... Cresson Consol (4c) . Cusi Mex Mining. ... Darby Petroleum. ... Dayton Air & Eng. Decre & Co. .. De Forest Radio. .... Diesel Wem Gilb (1). Detroit Atrcraft, . Duke Pow (5) Duquesne Gas. 4 Durant Motor: East Sta Pow (B). East Util Assoc cv. Eisler Electric. .. Elec Bond&Sh (b6 %) ElecB& Shcupfb.. Elec B & Sh pt (6)... Elec Pow Assoo A (1) Elec P & Lt op war.. Emp G & F cu pf(7). Burop E Ltd A (60¢) Europ Elec deb rts, .. Fageol Motor. Falcon Lead. Federal Baking Shop Ford M Can A (1.20). Ford Mot Can B 1. rd Mot Frn 37%c. Ford Mot Ltd 36 3-5¢ Fox Theater (A). Galena Oil Corp GenE Ltd res 36 3-5¢ Gen G&E cv pf B(6) 2508 Gen Theat Eqevpf.. 5 Glen Alden Coal (4). 4 Globe Underwr (15¢) Gold Seal Elec new. . Goldman Sachs. ... Gorham Mf vte ( # Goth Knitback Mch Great At&Pac(16% Groc Strs Prod vte. . Guif Oil of Pa (1%)., Hamilton Gas v.te... Hecla Mining (40¢).. Helena Rubenstein Horn (A C) 1st pf. Hudson Bay M & S Humble Of1 (12%) HydroElec Sec(1.2 Hygrade Food Prod Hygrade Sylvania(2) 4 Imp Ofl of Can (50c) Indiana Pipe Line(1) Insurance Security. . Intercontinent Pet n, Int Petroleum (1). Int Utllities B. Int Utilities war. Interstate Pw pf(7). Kerr Lake Kleinert Rubber. Kolster-Br (Am $h). Lake Shore M (12.80) Leh Coal & Nav 1.20. Leonard Oil Lone Star Gas n 88c. Louisfana Lan & Ex. Magdalena Synd. Mangel Stor. 2 Mangel Stores pf.... 50s IO g s o S o R T L R LI T T T ] Ar A 250 those designated by letter “'s Sale: s— Add 00. Open. Hich. 86 5% 9214 82 6l i THE EVENING S TAR, WASHINGTON, D. C., TUESDAY, XNOV JEMBER. 10, 1931. | ~Prev. 1031.~ | High. Low. Low. Close. | 315 2 86 % A Mesabi I “ Mid W U o-Kan NEW YORK CURB EXCHANGE Recgived by Private Wire Direct to The Star Office. Stock and Dividend Rate. aning Bow (A)... Mapes Cons Mg (t4) Mavis Bottling (A).. Mead Johnson (15).. r Michigan € 5 Mid West Ut (b8%). tev pf xw 6 L : ¥ Mid Wst Sts U(b8%) Pipe Line. .. iss River pr pf (8). 60s Mohawk Mining (1), Mon W PP S pf 13 Moss Go 1d Mines. at Aviation. .. Nat Fuel Gas (1). Nat Investors.... Nat Pow Nat Pub Nat Pub § Nat Service Co & Ltpf (6). v pt E B (1 t Sh T See A $60c. Transit (1). n ( wherr: Herman y (JJ) 1.1 JJ pt(7)..100s w Eng Pow pf (6). 258 1 New Jers Zine (+3). Newmont Mining. . N Y Tel pf (6%).. Niles-Bemt-Pond (1) Nip ning. .. Nitrate Corp Chile B. 1 oma Elec (40c). or Am Aviat A war. orth European Oil. or Am Util Sec.... Nor Ind Pub S pf Nor Ind P S pf (7) Oilstocks Ove: Pac ea Ltd (B) s &BE1stpf1%. 4 I'an Am Alrways. Pandem Oil. Pantepec Ol rarker Rust P(t Pennroad Corp (40c) Peoples L&PWT (A). Perryman Electric. . i 1y Philip Morris Inc. . Pilot Rad Tube A. ... Pliney Bowes (b4 %) Pittsbgh Plate G (2). 15¢ Premier Plymouth Ol (25¢c).. Gold (12¢) Prudential Invest. Propper M, Pub Util Hold war... Pub Util Hold xw. ... Rainbow Lum Pr A Reiter-F oster Reltance Int A Reliance Manag Republic Gas Corp. . Rock Lt & P (90¢) Ryan Consolidated. St Anthony Gold. Salt Creek Prod (1) St Regis Paper (60c) Scovill Mf caboard Util (28¢c). c Allied Corp (1).. Sesal L & H (a50c). Selecied Industries Skenandoah Corp. .. Shenand; Silica G oah Corp pf. mith (A. O.). outh Penn Of s 4 Southern Nat Gas buthld ftoyalty 2 SW Penn P&l Stand Oll of Stand Ol of Ky 1.60. 4 Stand Oil Nebr (2).. Stand 011 Ohio (2 Stand Pwr & Lt (2).. and P & L pt (7).. and Silver & Lead. Starrett Corp pt (3). ein Cosmetic utz Motor Sunray Oil. . Swift & Co (2) Swiss-Am El pf (6 Taggart Corp. Technicolor Inc Teck Hu ghesGM 165¢ 4 Texon Oil&Land (1). Thateher Trans Air rans Trans Lux DL P'S.. Triplex afety Glas: Tri-Utilities Tubize Chatel. B.... Tung Sol Lamp(1).. Un Gas of Canada (1) Unit Elec Sv (p1.41). Unit Founders. .. Unit Gas Corp Unit Gas Corp war.. Unit DL (D). UnitLt& PwA (1 Uni hoe Mach 13 % U S Elec Pow ww. ., U S Elec Pwr war U 8 Foil (B) (50¢). U 8 & Intl Secur. U S Inter Sec 1st pf. U S Play. Unit Verde Exten (1) g Card 2% 955 4 Utah Apex. . % Utll P&Lt(atl. Utllity Equitfes..... Util iquity pf(5%). Util & Ina - Venezuela Petrolm. 11 12 508 508 Walker (H) (50c) 8 Wenden Western Air Exp. Woolworth (FW)Li Oil & Gas....... rates in doliars based on last quarter -an- nusl payment. *Ex dividend. B mmian . 5% 10% | Dividend able in cash or nd, Everybody’s Business Recent Decline in Bank Failures Indicates Im- provement in Financial World—Advance in Rail- road Stocks Considered Good Market Influence. BY DR. MAX WINKLER. Special Dispatch to The Star. NEW YORK, November 10.—Con- siderable encouragement may be de- rived from the pronounced drop in bank failures in the United States. While still abnormally large, the total fell to 67, as azainst 166 for the first week last monts Since bank closings undoubtedly added considerany to the exist nomic and finar difficulties, withn reason to ass decrease in failures, together with the reopenings of iustitutions, is a fairly dependable indication that business is on the up grade. Action of Rail Stocks. It may be recalled that the first se- vere break in securities prices in the Fall of 1929 was ccnfined almost ex- clusively to ind:ictrials and public utili- mune. Market comracntators at that time contended that the liquidation would in the general downward move. This took place in ti:e late Spring of 1930, when the decline in the market as- sumed a uniform aspect and when rail- road shares continued to register new lows each day. The process of rchabilitation appears to be similar. Rails seem to recover after the upward movement has started in the general list. The impressive ad- vance in rails ia the course of yester- n—Nev. Wi—When issued. ln:‘:l nveruue Bril.bh family is spcnda‘ cents a week on newspapers an periodicals, i Gay’s trading thercfore may be regarded as’ a favorable indication from the stndpoint of the market as a whole. Canadian Improvement. With the anticipated increase in the purchasing power of Canada as a result of the advance in wheat, a somewhat better feeling is noticed throughout the closings in the first week of this month | ties. The rails remained relatively imp4 15 enacted. comy be over only alter the rails had joined | 1 Plus 5% in stock. JFlus 2% in stock. stock. n Plus 8% in siock. Copper 1 6 12 fPartly extra. iPlus 4% in stock. bPayable in stock. e Adjustment & Plus 6% in stock. hPlus 1% in kPlus 10% in stock. mPlus 3% in regular rate. stock. country. Canadian Pacific directors, | who doubtlcss share this view, areslikely to declare the regular quarterly divi- dend at today's meeting. The move- | ment of freight last month was the| heaviest in nearly a year, with gains| | not confined to any particular class of | merchandise. It is particularly gratifying to ob- | | serve that each week is now revealing | | @ppreciable improvement in traffic over the corresponding week in 1930, Ca- nadian Pacific shares are still yielding | around 9 per cent on the basis of the prevailing dividend rate of $1.50 a share. Far East Unsettlement. Difficulties in the Far East, a short rice crop in Japan, smaller plantings in the United States, poor crops in Argen- | tina, unsatisfactory harvest prospects in { Europe, a disappointing Russian crop ‘?nd expectation that Russian news will Trom [OW on be more bullish than iefirlsh‘ are considered optimistically Tom the standpoint of future move- ments of wheat prices. Despite the re- cent marked advance in the commodity, A further rise is predicted. and $1 wheat is not regarded as entirely illusory. Certain European_ observers, ~how- ever, especially ‘in France, incline to attribute the "advance to speculation and consider it, therefore, diffienlt to Jl?’;ll‘e"nynblo forecasts regarding dura- nd scope - oty Ope of the unward move e Common Stock Law, aw is about to be introduced in | | Canada which will tend to regulate the | purchase by Canadian mnsurance com- | panies of common shares, If this law panies will not be per- mitted 10 invest more than 25 per eent ot their ledger assets in common stocks. In order to prevent the dumping of shares by insurance companies u'glch already hold a large amount of com- mon shares, the proposed law provides that companies will have an ir definite | period within which to dispose of their common stock holdings. Aunother measure which is expected h} be proposed will restrict the purchase o hlcc(;]m;r’:c‘nlbshnres in those companies istribute in at least $500,000. AR Legislation of the above character ‘wlll apply notably to the Sun Life In- surance Co. of Canada, which at_the beginning of the current year held common shares with a book value of close to $300,000.000. Although it is not definitely known whether much of these have been dis of, & great deal of the company’s funds during the course of the current year is under- stood to have been place g grade bonds. Bl Railroad Buying, One of the most favorable pre shown in business just now i the e crease in the potential purchasing mands of railroads, according to Arthur Curtiss James, director of the Great Northern Railroad, as well as of other corporations and 'reputed to be the largest owner of railroad stocks in the world. In normal times, Mr. James, 00,000 tons In the last two years amount todk care of two years' pur- chases. The fact that potential demand is increasing is regarded by him as an indication that the railroads can con- { vert their hopes into actual business transactions. The rise in silver is attributable large- 1y to speculation according to Walter Palmer, leading Mexican silver mine owner. Mr. Palmer is of the opinion would be unwise to rron?r{’lhc l\'lt:‘xaxz;r‘\( silver mines in the near future. He also poipts out that as the value of the silver peso improves, producing prices must increase, and as Mexican currency be- co?}:‘s flr’mer the dollar must drop. here is consequently little optis in Mexico over the continuation olxm.ssi‘l': ver at the present price, although it is realiged that if it should remain at this prlcen Xl)ll]‘ ]nny length of time, it will greatly help one of the 'y's mos manrtanth industries e ormally, Mexico produces well Ve 100,000,000 ounces of silver yenxllyo‘g that the recent advance in the metal means an additional i e than $10,000,000. £ o ot (Copyright, 1931. by No a 5 paver ‘Alllance, fomyrican News- FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co,) Nominal gold Selling checks London, pound Y Prague. crown (noj Warsaw _zloty Copenhagen, Oslo, crown. Stockholm, m.j In the past 100 years 1‘\‘;““0‘ has lived through five aiterati; prosperity and hard tlmes.n' Vefieceot #{sallon applied in Florida and 5-cent 1L INTERESTS SEE | GAIN FGR INDUSTRY Recent Price Advances May Be Followed by Further Upswing. BY OWEN L. SCOTT. Special Dispatch to The Star. CHICAGO, November 10.—A note of | cheer is heard among leaders in the | Nation’s $12,000,000,000 petroleum in- dustry, here for the opening today of the annual cessions of the Amer] n Peiroleum Institute & Oil is the third of hte commodity tri-| umvirate that recently has thrilled | much of the world with its price te -‘) | dencies. Along with grains and with silver, crude ofl has moved sharply higher in the price scale since Midsum- mer, after nearly two years of steady deflation Advance Has Been Rapid. With nearly billion-barrel annual production, tne price improvement that has carzied crude oil from approxi- mately 40 cents to a top of 85 cents means scores of millions to the South- r 4 Pacific Coast producticn areas. same time it saves oil companies ity of settirg down in- osses that would have played with 1931 earnings statem while happy over these impor- developments, the industry's in cautious about the fu- re awaiting the decision of States’ Supreme Ccurt on | 5 involving the legality of agreements to control pro- sut "hey » United prorating | duction. Likewise there fs concern among executives of some of the largest con- cerns over the attitude taken by the coming Congress on oil tariffl proposals. | Independent producers are demanding tarifl protection against Mexic: South American oil. Likewise, the spectacle of military control still being exercised over the East Tcxas oil ficld is described as rather galling to the pride of the in- dustry. ~ Martial law has ruled the oil fields of both Oklahoma and Texas dur- ing a portion of the year in order to force producers to curtail sufficiently to bring prices from 25 cents a barrel to approximately an 80-cent top. Amendment fo the Sherman anti- | trust law to permit consolidations on | a broad scale in basic commodity in- | dustries, means of fostering unit de-| velopment of oil ficlds in place of pres- s with attendant wider application of in- | dustry's code of ethics as a means of | better regulated distribution, and gaso- line tax evasion problems, are subjects receiving much attention. Gasoline Taxes. The oil industry, which has seen | gasoline taxes increase in size until| they now vield approximately $500,000,- | 009 a year, with a tax of 7 cents a | taxes kecoming not uncommon, now is becomirg aroused over the situation. Until now _declining gasoline prices have kept the public from feeling the | effect of increased gas taxes, but with @ period of advancing prices in sight, | the tax will be felt mere poignantly | and, the industry's leaders think, may affect_consumption. During the past year, with the use of gasoline and other oil products run- ning ahcad of a vear ago, and at a record high level, the industry has seen its profits shrink to the vanishing point. The present meeting of the American_Petroleum Institute is con- cerned with remedying some phases of that situation. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., November 10.— ‘White potatoe: 100 pounds, 7521.00; sweet potatoes, bushel, 35a50; yams, barrel, 1.00a1.25; beans, bushel, 50a2.00; | beets, per 100, 200a3.00; Brussels sprcuts, per quart, 10al5; cabbage, 35a 50; carrots, per 100, 2.50a3.50; cauli- flower, crate, 1.25al.75; celery, crate, 1.50a3.00; cucumbers, hamper, 2.50a 4.00; lettuce, crate, 2.00a3.00; lima beans, hamper, 2.00a3.00; okra, bushel 0 hamper, 253 4.00; onions, per 100 pounds, | 1.75a2.00; oyst<r plants, per 100, 5.00a 6.00; spinach, bushel, 30a60; squash, bushel, 1.50a2.25; tomatoes. hamper, 40a | 1.00; turnips, hamper, 15220; apples, busicl, 50a1.50; cantaloupes, crate, 150 a2.25. Dairy Market. Chickens—Young, 16a20; Leghorns, ; old hens, 17a23; Leghorns, old, | Toosters, 12a14; ducks, 12al9; a30; Guinea fowls, pair, , 20a25. pts, 194 cases; current re- hennery, whites, 35a3¢; 30a32; Western firs Recei , 22a30; nearby firsts, 30a32. Butter—Good and fancy creamery, 28a32; ladles, 20a22; process, 24a25; store packed, 15. Live Stock Market. Cattle—Receipts, 150 head; light sup- ply; market strong on choice cattle. Steers—Choice to_ prime, 8.00a8.50; good to choice, 7.2527.50; medium to good, 6.00a7.00; fair to medium, 550a 6.00; plain to fair, 4.75a5.50; common to plain, 4.00a4.75. Bulls—Choice to prime, ncne; good to_choice, none; medium to good, 4.00a 4.50; fair to medium, 3.50a4.00; plain to fair, 3.25a3.50; common to plain, 3.00a 3.25. Cows—Chcice to prime, none; good to choice, none; medium to good, 3.75a 4.25; fair to medium, 3.25a3.75; plain to fair, 2.50a3.25; common to plain, 1.50a2. Heifers—Choice to prime, none; good to choice, 5.50a5.75; medium to good. 5.25a5.50; fair to medium, 4.75a5.25; plain to falr, 3.75a4.75; common to plain, 3.25a3.75. Fresh cows and Spring- ers, 30.00a60.00. Sheep and lambs—Receipts, 500 head; light supply; market steady; sheep, 1.0023.00; lambs, 3.50a7.00. Hogs—Recelpts, 500 head; light sup- ly, market lower; lights, 560a5.85; eavies, 5.15a5.65; medium, 5.70a5.95; roughs, 4.00a5.00: light pigs, 5.40a5.65; pigs, 5.60a5.85. % Calves—Receipts, 50 head: light sup- ply, market steady; calves, 3.5029.00; no extras. f Hay and Grain Prices. uotations; No. 2 red Winter, garlicky, gpot, domestic, 67%; November, 6734; December, 69. Corn—No. 2 yellow, 56a57; cob corn, new, 2 Oats—No. 2 white, 37237 ; No. 3, 36a36%%. Rye—Nearby, 50a55. Hay—Receipts, none. New hay fs 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 buyers’ favor at a range of 4 7.50 per ton. l‘sofrlllw—-Ng.el wheat, 8.5029.00 per ton; No. 1 oat, 9.00a10.00 per ton. Auto Production. NEW YORK, November 10 (#)—The National Automobile Chamber of Com- merce announced that production in the American automobile industry in October amounted to 86,328 cars. On this basis the month's output was 40 per cent under September and 46 per cent under the production for Octo- ber, 1930. The industry’s production for the first 10 months of 1931 was estimated 2,283,018 vehicles, or .29 per cent under last year. domestic, spot, .00a2.25. domestic, spot, Wheat—No. 2 red Winter, export, no | 1 STOCK AND BOND AVERAGES FINANCIAL. l By the Associated Press. From Yesterday's 5:30 Edition, STOCK 50 Industrials. . 8 Five years ago High, 1931. High, 1926 Low, 1929 Today g Previous day Werek ago Month ago. Year ago. Two years Three years ag High, 1931. 1931 Low, High, 1929. Low, 1929. Wall Street Opinion Rise in Price Reach Higher Level. BY LEMUEL F. PARTON. Special Dispatch to The Star. NEW YORK, November 10.—Down among the metal mongers, below Wall Street, one hears talk of “sycees” these days, and that means that silver takes the world stage. The sycee is the shoe- shaped bullion unit of Chinese silver, and the Shanghal speculator is to the silver market what the groundhog is to Occidental weather. He was long on silver before the spectacular rise of this , Week, and he's_getting longer. In Bombay, London and New York, silver merchants concede that the Chi- nese are the shrewdest speculators in the world. The National Metal Ex- change here has heeded and watched these inscrutable goings-on in the by- ways of Shanghai, and it profitably rode silver’s rise from the low of 25% cents an ounce to today's 34, the high- est of the year, Opinion Ts Divided. /The main question is whether a con- tinuing rise in silver will let light into abandoned sumps out in Utah, Mon- tana and Arizona, start new scratch- ings and delving among the tailings of crumbling stamp mills and pour a new UNFILLED U, S. STEEL ORDERS SHOW DROP By the Associated Press. NEW YORK. November 10.—Unfilled orders of the United States Steel Cor- poration decreased 25401 tons in Oc- tober to a total of 3,119,432 as of Oc- tober 31. In September a decrease of 24,624 tons was reported. ‘The backlog as of September 30 was 3,144,833 tons. On August 31 unfilled orders aggregated 3,169,457 tons, against 3,404.816 tons on July 31. On October 31, 1930, unfilled orders amounted to 3,481,763 tons. Wall Street had looked for little change in unfilled orders. There had been some guesses that a small gain might be recorded, but these were dis- counted in other circles, where it was said an increase would be unusual in view of conditions which existed in the steel industry last month, when produc- tion was kept at a low point. New York Cotton Special Dispatch to The Star. NEW YORK, November 10 (C.P.A).— Opening cotton prices today were 1 to 4 points higher, with active demand in all positions. Trade buyers absorbed moderately large offerings in near months, while hedge covering served to support distant months. Opening prices were: December, 6.76, up 1; January, 6.88, up 3; March, 7.00, up 1; May, 7.18, up 2; July, 7.37, up 4, and October, 7.59, up 4. Grain Market By the Associated Press. CHICAGO, November 10.—All grains turned downward early today, influenced by pre-holiday profit taking and by a let-up in aggressive speculative pur- chasing so conspicuous of late. Trade readjustments in advance of the United States Government crop report due after the close were also & bearish factor. “Opening at 1-cent setback to 14 gain, wheat later receded all around. Corn started 14-73 off and then continued to sag. More than 2 cents a bushel tumble in rye quotations did much to unsettle the entire grain list, although scarcely a dozen brokers were present in the rye pit, compared with hundreds in the wheat and corn crowd. An air pocket developed on the buy- ing side or rye, and with increased sel ing pressure on the part of recent pur- chasers, the market gave way fast. More than 11, cents rebound, however, for rye quickly followed with an influx of néw buying. Oats underwent a sud- den smash, but also rallied soon about 115 cents. Execution of numerous stop loss selling orders was a feature of the oats trading. POTATO MARKET. CHICAGO, November 10 (/) (United States Department of Agriculture) Potatoes, 85; on track, 283; total United States shipments, 685, trading rather slow. Sacked per hun- Wisconsin Round Whites, sota, North Da- 5-95; ocea- 1.40; few higher; No. mercials mostly 1.10. (Copyright, 1931, Standard Statisties Co.) CHINESE SPECULATORS REAP HARVEST FROM SILVER BOOM A—15 SWEDISH BUSINESS IN HOPEFUL MoOD Suspension of Gold Standard Meets With Approval in Financial Circles. ¥EY BY WILLIAM H. STONEMAN. Special Dispatch to The Star. STOCKHOLM, Sweden, November 10. | —"A blessing in_disguise” is tre gen- Divided on Whether of Metal Will and energizing tide of wealth into the anemic business life stream. Divided councils rule among inter- national metal dealers here. One group | insists that, for some reason not clearly understood, silver is the inlallible in- dex of commodity prices and that. in the long run, securities range up or down with silver quotations. Good times come as the demand for silver rises, they insist. They cite the bull market of 1922. Eight days before it started, there was a sharp rise in sil- ver. Charts show, they maintain, that upbound silver is the harbinger of pros- perity. Another group weighs all factors and finds no basis for higher silver prices in the world situation. Representative of this group is the president of one of the country’s leading firms dealing in silver. To this writer he outlined his views, as follows: “It is apparent that there is some relation between silver and commodity prices. It is quite possible that the rise in wheat, whether economically or | speculatively motivated, has been re- ected in silver prices. Second, the critical situation the Far East, as it involves China and Japan, might very reasonably have the same effect. In times of crisis Oriental people are given to hoarding money. When India went off the gold standard there might have been even greater drops in sil- ver had it not been for the Chinese, unsettled by revolutions and disorder, gathering in silver. Third, there has been recently an opportunity for specu- lation in silver, and I believe that speculation largely accounts for the in- creasing price. U. 8. Silver Output. “This opportunity was opened up June 15 of thgo year, when the National Metal Exchange, which before that had dealt only in base metals, provided for trading in silver. They kagan buying calls and selling puts and silver be- came an effective medium for specula- tion. With the lethargy in movements of base metals, there was a considerable volume of money ready for a fling in the silver market, and this activity re- cruited a considerable following. “The American silver output was about 61,000,000 ounces in 1929, 50,000,000 last year, and we estimate it at about 33,- 000,000 this year. A long and steady rise would, of course, stimulate min: in the silver-producing States, but just when and to what extent is a matter of the widest conjecture, depending upon the cost of production and many other factors. “It is true that Shanghai has been long on silver and short on_sterling. Tke Chinese traders know silver and speculators do well to watch them. “In my opinion, any sound estimate of the silver situation cannot be sep- arated from general world economic conditions—in long view. China and India are the world’s greatest buy- ers of silver. They take it in exchange for their raw materials and manufae- tured goods. The price of these goods governs such imports. Until there are higher commodity prices abroad, whick will enable them to build up gold credits, I do not see any sound warrant for higher silver prices. Stabilization Plans. “In economic discussions there has been much consideration of plans to stabilize silver, which, exact, means to boost its price. This hint of something comparable to the old free silver movement has, I believe. also been contributing cause of higher pr"xc*i? . heaviest sil e heaviest silver production in the United States is in pULuh Montana, Arizona, Idaho, Nevada and Colorado, with Utah leading with 19,000,000 ounces last year. During the last two years, falling prices have considerably stimulated the use of silver in the arts and industries, with a notable increase in this demand. (Copyright. 1931.) Money to Loan Secured by first deed of t: ured by 6 84 on Toal estate. Joseph 1. Weller &8ssk & & Tran Money on Hand to Loan en First Deed of Trust 6% Interest Reasonable Commission and Prompt Replies to Applicztions JAMES F. SHEA 643 Indiana Ave. N.W. RN r 1st, 2nd or 3rd Trust Duef MR, FRIEDM! 416 5th St. N. ‘Roo NORTH AMERICAN TRUST SHARES Two New Issues Nats 1955 Maximum Accumulation Nats 1956 Maximum Distribution An Attiective Exchange Is Offered for Your Old Shares KNAPP &7 Co., INC. INVESTMENT SECURITIES Washington Office 8horeham Building 'Phone Metropolitan 1522 eral opinion of Swedish business men and financial experts with regard to Sweden’s suspension of the gold stand- ard six weeks after the government took this drastic step A most unexpected and welcome de- velopment in the Swedish situation since the gold standard suspension has been the tendency of living prices to Temain at the old level instead of taking an upward trend as they did in Great Britain immediately after the drop in sterling. Due to this fact tte Swedish Internal situation remains virtually un- affected and at the same time export- | ers are given the benefit of the.lowered value of the currency. There is now a very definite feeling against a return to the old gold stand- | ard system and there apparently is no | intention to make the Swedish crown “follow the pound” when its value is eventually re-estabilized. When the decree suspending the gold standard expires November 30, it is planned to extend it to January 10. when Parliament will be in session, and it is very likely that Parliament will move to extend the suspension indef- initely What steps will be taken by Norway * and Denmark is not” decided. though the dependence of those two countries upon Great Britzin as a market to a great extent than Sweden may dictate an almost complete “follow the pound” policy. Sweden’s greatest cause for preoc- cupation at the present moment is Ger- many, which has been her best cus- tomer next to Great Britain during the post-war period and upon which she depends to a large extent for the sale of her iron ore. Any economic catas- trophe in that country would give Swedish exporters a blow on the jaw from which recovery would be difficult. Apparently Sweden is rot planning to resort to any such protective tariff measures as those adopted by other European countries which still have their money on the gold basis, in order to adjust her now unfavorable trade - balance. The lowered value of the crown, it is hoped, will automatically prevent the purchase by Swedes of many foreign products which they have bought in recent years and will simul- taneously give export trade new life. (Copyright. 1931. by the North American Newspaper Alliance. Inc.) GENERAL MOTORS SALES. NEW YORK, November 10 (#).—Total October sales of General Motors cars to dealers, including Canadian sales and overseas shipments, were 25,975 cars, compared with 28,253 units a year ago, the monthly report reveoled. Sales to American consumers last month amount- ed to 49,042 units, against 57,757 in Oc- tober, 1930, while sales to American dealers totaled 21,305, compared with 22,924 a year ago. Office Space Saul Building 925 15th St. N.W. Desirable Two to Six Room Suites For Rent Lease to Suit Tenant at Reasonable Rental. B. F. Saul Co. 925 15th St. N.W. Nat. 2100 WHEN NEED A LOAN ON IMPROVED REAL ESTATE In the District of Colum-~ bia or Nearby Montgom- ery County, Md. CONSULT OUR MORTGAGE DEPARTMENT 5%% INTEREST QUICK ACTION—LOW CHARGES BOSS & PHELPS Realtors 1417 K St. Loan Correspondent John Hancock Mutual Life Insur- ance Co. of Boston, Mass.