Evening Star Newspaper, November 11, 1931, Page 14

; - A—14 wxx FI FARN LOANBANKS N 00D CONDTON Reports of Twelve Federal Institutions Show In- crease in Profits. BY CHAS. P. SHAEFFER, Associated Press Business Writer, Financial institutions coming under | the jurisdiction of the Federal Farm Loan Burcau are shown to have been | in good shape at the end of the third} quarter of the ! The combined 12 Federal Land Banks on Scptemi 30 was $65,054,172, & decrease of $250 000 during the quarter. Special re- rves against real estate, delinquent o alments, etc., was built up $109,000 to an sgeregatc of $18789.407, while g other reserves s Leaml 0™ 0 513,208,032 Undivided profits increased by $257,000 during the Quarter to $3,307.398. ' ‘Total capital Stock, reserves and undivided profis fncreased $41,000 to $101.3 3 Increased $hd of the quarter the Joint stock land banks hed clo 642 Tons nggregating $897.668,163, in T a $851,746 over the o T ¢ ontstand- ing on the .” ‘y. ‘S(:‘f\l 735 less pe pre : \lfwa\u\m.u": d principal )‘.nl\f N Iofaled §552,072,466 or $13,897.210 ¢ han at the close of the previous quar: ter.” These outstanding loans included Y278, amounting to $6.971,647 in twe Joint, stock land Banks in recelvership. otal amount of foint stock land bank bonds outstanding on Sepiember 30wt $850,456,340, including $3.581,060 heid By issuing banks. These figures do no Nclude any bonds matured or calied, e the bonds issued or assume d by the Joint stock land banks in receivership. Were 49 institutions | oonr€1¥in* voluntary liquidation, ‘and 3% receivership at the end of the quarter. Loans and Intermediate Credit E jzation to September newals, aggre amount outst was $130.390. 000 over the prev COPPER PRODUCERS STILL IN CONFERENCE! S SR, WVarious Interests Reported Near Agreement, but Differences Are to Be Adjusted. S of “the | tember | apital stos than quarter iscounts of the 12 Federal K it Banks from organ- 30, 70, a_decrease of §6,550, fous quarter e Assoclated Press. ,rr;::w YORK, November nflnu;\;- pational copper BrOUEEES, o ere onferen 3 {gr:yalu;dcrstwd in copper "adPL c)orr-l cles to be nctarirr\g ‘;r,xm::grecmcn ment of Ol 1 ks that prices and stocks can be properly adjusted if a limit is set for each coun” try of 55000 tons monthly. ‘ ‘c’or- sentatives of Katanga, the ‘Belg! ]‘:ln{he\\‘ Poration, have thus far withhe it epproval of this limit on the g‘;ou‘r‘\nn that their proportion of Te uc'.he' would be greater than that @f other countries. Differen: small producers opinion among the ey r(-r;ardmg mur?llfll"!u:: d other problems are still to glm:%i::ltd, and until this \‘s dol;ewxil]c‘b i conferee: general meeting of theproducfl'.s Buil t three we%cks. rolytic copper continu un- chE:legc:d l{t 7 cents a pound for do- mestic shipment and 7}2 cents to Ham- burg, Havre and London. Construction Contracts. NEW YORK, November 11 (#).—Con- struction contracts awarded in the metropolitan area of New York during October totaled $89,518,000, W. Dofigc Corporation reports. This compares with $60,053,300 in the like month last year. Non-residential building _contributed $48,701,600 to last month’s total, which was largely accounted for by the new Radio City development contracts. TRUSTS 1n @— Bid. Asked 35 INVE”STMENT NEW YORK, November Over-the-counter market. C Tr Shrs Hered 17 helsen Exch Eheisea Ex Eorporate T Elim & Fostes Eim & Eo “*|the general rise in Far Eastern com- | further, but a resumption of the ad-| estors 4 depend _ Trusl Sec Corp Am nt Sec Corp Ame nt Sec Amer © ner 6 Etand Am Tr_Sh Trustee €t Ol Shrs *Two Year Trust Sh Unit Pdrs 1-70 Com United Ins Shrs “United Bank Tr U 8 & Brit Int l,vdnr} 3 8 88 3.80 3te 53 3 1 &, 5 b I = ¢ Am e Peegey o | and ! the ;| for the latest week is 67.8, compared 5,00 | prices for grains. foodstuffs, cattle and o8| 11 NANCIAL. (Continued From Page 1 Bales— Add 00 2 —1931— Stock and Hish Low Dividend Rate. 16% 4% Phillips Petroleum 113 % Plerce Ofl. 23% b Plerce Oil pf 3% 7 Plerce Petroleum 37 204 Pillsbury Flour (3) 28% 6 PittsCoal......e 5 " Pitts Terminal Coal 3914 84 Postal Tel&Cable pf. 20% bis Prairie Ofl & Ga 2615 7% Prairie Pipe Lin: T 1% Pressed Steel Car 39% Proct & Gamb (2.40), 517% Public Sve NJ(3.40). Public Sve NJ pf (6) Pub Sve G&E of (5). Pullman Corp (3)... Pure Of1 12 Purity Baleries (2). 107 Itadio Corp 5 43% Radio Corp pf A 3%. Radio Corp (B) (5).. dio-Keith-Orph A Rand Mines(m2.429) Raybestos Man (1.60) Real Silk Hoslery Real Silk Hosiery pf. Remington-Rand. Reo Motor Car(40c) . Republic Steel. . Republic Steel pf. Revere Copper pf(7). Reynolds Metls(1%) Reynolds Spring. ... Reynolds Tob B Richfield O1l. .... Rio Grande O11 Rossia Insur 1 Dutch of NY Stores (5).. afeway Strs pf (7). St Joseph Lead (1).. StL-San Francisco. . StI Savage Arms 4 Seaboard Ofl. Seagrave (40c). Sears Roebuck (234). 4 Servel Inc Shattuck (FG) (t1%) Shell Unfon Ofl. Sinclair Consol Oil.. Skelly Ol . ocony-Vacuum (1). South Port Rico Sug Sou P Rico Sug pf(8) Southn Cal Ed (2) Southn Pacific (6) jouthern Rwy (m6). Southern Ry pf (5).. Sparks Withing (1). Spencer Kellog (86¢) Splegel-May-Stern. . Stand Brands (1.20). Stand Gas&El (3% ). Stand Gas&El pf (5). tand Invest Corp. Stand Ol of Cal (25 Stand Oil Exp pf (5) '« Stand Oll of Kansas Stand Ofl NJ (12). ... Starrett(LS) (12%). Sterling Secur (A).. Sterling Sec cv pf(3) Stewart Warner Stone&Webster(m2). Studebaker Co(1.20). Sun Ol pf (6).. Superior Steel. Sweets of Amer (1).. ymington (A). 12% Telautograph (1.40). 2% Tennessee Corom. 15 Texas Corp (2). 20% Tex Gulf Sulphur(3) 4% Tex Pacific Land Tr. 5% Third Avenue. o e @ BravwPawniuntlan 364 B65% 1% 15% Hig [ THE EVENING NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. ——193— High. _ Low. 18 8% 34y 9 g Divias Net. Low. Close. Chge. ™ M - % % & 9 1% 27% 9 1% 11 8% h. & 314 Tide W 201 Tide W 19% Timken 1% Tobacco 3 241 Trico Pre Tri-Cont Union Of FLLHLIEI+00) FEIERESRERE Unit Alr, Unit Bis Unit Business Pub. . Unit Cigar Store Unit Cor Unit Cor Unit STAR, WASHINGTON, Stock and 6% Thompson Prod 1.20. 1% Thompson Starrett. . 1815 Thomp-Star pf (3%) 314 Transamerica Corp. 315 Twin City Rap Tran. Ulen & Co. .. Union Carb & (2.60) Union Pacific (10).. Union Pacific pf (4). Unit Afrcraft Net. High. Low. Close. Chee 9y 9y 9% 2 e 2 19 181 184 45 4 35 354 2415 254 3 4% 34 4 an 4% 20\ 295 4 du 3% 3% 38 38% 164 17 1111 1121 7 16% 167 - Eales— Add 00. 4 12 3 41 4 17 end _Rate. ter Asso Oil. er As pf(6). oller B(2).. Products. .. 48 1Corp. . oducts(2%) 59 s 23 1 107 1 of Cal (2). craft pf (3). cuft (2) 105 3 D (75¢). D pt (3) Tuit (4). Unit Gas&Im(1.20). Unit Gas&Im pf(5) U S & Forn Secur. U S Gypsum (1.60). . U S Hofty U S Indu: U S Leatl U S Pipe U S Real U S Rubber...... U S Rubber 1st pf... U S Smtg & Ref (1). 4 U S Steel Corpn (4). i - % | 152% el 150 9% 31 6% 3 19 8 7% 32 26 51 2T% 98% 8 571 20%, 401 U S Steel nited S| 21 United Si 8 18% Vanadiu "a-Cora rC 11 Wabash Wabash Waldorf Walgree! ‘Warn Br Warner Warren Warren Wesson West Pa West Pa West Pa Western Western Western Western Westing Westing Westvac White R 5 15 12% 61 65 100'5 4 61y 7% 16 39% AR N EEE Wil Woolwo: Worthin Wrigley 15'% 78 5% 14 19 1 7 Zonite Ps pth Sales of St 10:30 A.M. 0L 400 | xEx-dividend. s 4% in stock. {Plus 3, b Payable 1n stock. e b Plus 2% in stock. 3% in ‘stock. % Elec Po&Lt Dividend rates as given jn | payments based on' the latest’quarterly or half-ve m Paid this year—no regular rate. stock. p Plus 21a% 4n stock 'man. . s Alcohol her (A).... &Fary (2). ty & Imp 1pf (7). tores (A). .. tores pf (4) Utl] PEL(A) 12.16. ™ Corp Chem...... Chem 6% pf. »etin (4) RR RR(A).... Sys (133).. npt (6%)... Ward Baking (B). Ward Baking pf (7). os Pictures, Bros pf 3.85. Bros % Bros cv pf 3. 0il&Sno(2). Elec A (7).. Bl pf (7) Pwr pf Dairy (B).. Maryland. . Pacific pf. . Union (6).. hse A B house (21 co Chlor 1.60. ock (1412). . 308 [ 108 60 1108 1 34 2 22 3 168 White Sewing Mach. Dverland. Wilson & Co (A). Wilson & Co pf . rth (14.40).. gton Pump. . (Wm) (4) 3% Yellow Truck....... YgEstwn Sheet&Tube Zenith Radio. .. rod Corp (1) 8 8% RIGHTS—EXPIRE. ..Dec 4 66 1a ocks on New York Exchange. 200,000 12:00 Noon. n n the above table a the annual cash rly declarations. Less than 100 shares. tPartly extra. tblus ‘o in stock. a Paid last year—no reguiar rate. Payable in cash or stock. {Plus 8% in stock. 1 Plus 50c in special preferred stock. k Plus nPius 5% in MARKETS INPROVE ON THREAT OF WAR Many Minor Trading Institu- tions Become Active on Far East Reports. BY BRADLEY W. TRENT. Special Dispatch to The Star. NEW YORK, November 11.—Whil ticker tapes have been telling the pub- | lic of advancing quotations on powder | and steel shares, and on cotton, silk are affected by the war talk arising from the Manchurian situation, there are dozens of minor markets here that have moved upward on each report from | China or Japan the last few days. | In the metals list dealers in anti- | mony anxiously read every cable from the Far Eest, as that commodity is | largely exported from China, Tin, an- | other commodity from the Orient, has Over in the list of vegetable oils, China wopd oil in shipmeht costs and the rise in silver, | has moved ahead. Japan wax, weak dull only a few days ago, has turned active and higher, and o has Japanese menthol. About this time of the year activity in the nut market picks up, becaus2 of | the holiday c¢emand. but scme com- mentators regard it as rather unusual | that Manchurians are quoted lower at this time. One of the results of the Sino-Japanese crisis in the dried fruit | market is the sharp firming up of | prices on apricot kernels, due to the | belief that there will be none exported | from the Orient 1 ‘The Far Eastern conflict has had no noticeable price effect on the rice mar- ket to date, but over the last week ex- | port demand has widened and quota- | tions have been maintained because of | bank and Farm Board support. | | Neitker Chinese nor Japanese brands | | of tea thus far have been influenced by | moditics, but this is probably due to | slow tea dealings generally and to some | ght gain in Indian tea offerings. In the canned foods such products as | ab meat, a much advertised Japanese oduct, and frozen eggs, a little adver- cd Chinese export, have not been af- cciod by the military events in the Orient. One of the most interested groups in the entire Manchurian situation are the | oii exporters here. They are watching every move, because of the markets in- volved and the_large investments in properties there. Soviet Russia’s recent invasion of that selling territory also has presented problems, aside from those arising from the Sino-Japanese confifct. oy PRICE INDEX]N LARGEST GAIN FOR MANY MONTHS | eht, 1931) The_weekly wholesale price index of National = Fertilizer Association, based on 476 price quotations com- | puted weekly, showed the largest gain |in many months. The index number with 666 for the preceding week, a gain of 1.2 points. “A month ago the | index number stood at 66.4 and a year ago_it stood at 819, The rise in the index number was due chiefly to sharp advances in the | petroleum. = While spot cotton at New Orleans showed a slight gain in price | Anacostia, & Pot silver, rubber and wheat, all of which |c | Gity & Subi | Columbia_Country Cl owing to the advance | D. C. Paper Mfg. WASHINGTON STOCK EXCHAN 4 QUOTATIONS AND DAY’S SALES SALES. Lanston Monotype—5 at 75, 5 at 75. Mergenthaler Linotype—10 at 64, 5 at 64. Pot. Elec. Cons. 55—$1,000 at 102, $1,000 at 102. ‘Wash. Gas—4!,5—$1,000 at 99, $1,000 at 99, $1,000 at 99, $1,000 at 99, AFTER CALL. Capital Traction 55—8$500 at 71. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Bld. Asked. 119 1025 [ 90 & Tel. 4135 '39 & Tel. ctl. tr. 55 RR 85 Ana. & Pot. Guar. 5s... & ‘P._Tel. of Va. 5§ Capital Traction R, R. & s 1st 53 'Cons. 5% 65 1953, Amer_ Tel Am. Tel Georgetown Potomac Ele Potomac_Elet Wash.. Alex. & Mt Vernon ci Washington Gas 438 Washington Gas 5s... . Wash Gas 6s, series A Wash. Gas 6s. series B Wash, Rwy. & Elec. 4s. MISCELLANEOUS. 1 been bid up. | Barber & Ross. Inc. 6%ss.. P Tub 552 [ W. M. Cold Storage 55.. STOCKS. PUBLIC UTILITY. Amer Tel. & Tel (9) ‘apital Traction Co. (4) V/ash. Gus Light Co. (18, w NATIONAL BANK. Chevy Chase Club 5 gapital (4) ... Commercial (stamped) (10 District (8) o . |Mer. Tr. & Stge. com Fed.-Amer. Natl Bk. & Tr. | Liberty (78) | Lincoln (12) @. 1 Metropolitan | Riggs (155) Second (9e) Waskington (13) | TRUST COMPANY. Amer. Sec. & Tr. Co. (15). | Continental Trust (6)..... Natl. Sav. & Tr. (12i) ] Prince Georges Bk. & Tr. (6) Union Trust (8s)..... Wash. Loan & Tr. (id) s SAVINGS BANK. Bank of Bethesda (6§). Com. & Savings (10) East’ Washington (12) Potomac (10)..... Sec. Sav._& Com. BK. (1 | Seventh Street (12) United States (30) Wash. Mechanics (20) FIRE INSURAN( | American (12 Corcoran (10) Firemen's (8) v National Union’ (i3} TITLE INSURA | Columbia_(6h) .. Real Estate (6h). MISCELLANEOUS. Col. Medical Bldg. Corp. () | Col_ Sand & Gravel ptd. (1) D. C. Paper Mfg. pfd : | Dist. Natl. Sec. ptd. Emer. Bromo-Selz. Federal Storage pid Fed.-Am. Co. com. (14 NCE. ‘| Fed -Am. Co. pfd. (6) Lansion Monotype (9" | Mer. T & i ora (30 Mer. T & B Sr (3 | Mefgenthaler Linotype (87 | Natl Mtge. & Inv. pfd_ (8) Peoples Drug Stores pfd. (6'z) Real Est. M. & G. ptd. (... Security Storage (4e) . Ter. Ref. & Wh. Corp. (3)... The Carpel Corp a1 | BN Mge® com.isi ashe Med Bide Corp Woodward d Lothrop com (1.30) ‘Wobdward & Lothrop pfd. (7) | *Ex._dividend 827 extra bBooks closed. ¥212% extri | n28¢ extra war? Tie extra 117 i R NEW YORK, November 11.—Brok- erage houses today pointed out that the technical reaction in stocks should carry vance was generally looked for after the pleted. Redmond & Co.—The reaction in the industrials may carry somewhat fur- we anticipate that an effort bt ‘b meade to Keep it within technical proportions, preparatory to another at- tempt to bring about a general ad- vance. Much will depend upon news developments in the next week or 10 days, but we have not changed our opinion that another testing out of the October lows 15 likely before the market enters upon a major and sustained up- swing, although it may not come until December, or possibly after the turn of the year. Hornblower & Weeks.—In all proba- bility we have witnessed one half of the corrective movement to which the mar- ket is entitled, following its advance into new high territory. We are not expecting the current reaction to carry beyond technical proportions and feel that following a consolidation of recent gains, the market should again be in a favorable position to resume its advance. Jackson Bros., Boesel & Co.—We look for a consolidation of the recent sharp advances in industrial and railroad stocks during the next few market ses- sions. This implies backing and filling and a reaction to a moderately lower Jevel and does not alter the opinion that stock prices, as measured in the averages, will reach considerably higher | levels later on. | spot cotton at Galveston showed a slight drop Of the 14 groups comprising the in- acx, four advanced, six declined and the remaining four showed no change Ohio Bank Closed. NEW LEXINGTON, Ohio, November (#).—The Citizens' Natfonal Bank here closed at the order of its directors due to heavy withdrawals of deposits and frozen "assets. It had + ' capital of $75,000 and resources of ap- . proximately $1,500,000. Shields & Co—Important grain ex- | changes are closed today so the stock | market is left without the bullish en- thusiasm engendered by wild specula- tion there. Any favorable news would | be exaggerated, however, and bring re- | sumption of the rally so that the most | advantageous trading policy at the | moment appears to be to purchase on | reactions. The Walnut Strest Theater, Phila- delphia, known as the dean of Ameri- can play houses, was first opened as an indoor circus in 1808. corrective movement had been com-| | NEW YORK, November 11.—A gain in the number of buyers registered in the New York wholesale merchandise market during the week ended Tuesday was noted as compared with the pre- ceding week and the corresponding pe- riod Jast year, according to lists pub- | lished in ‘the’ New York Times. The | total for the past week was 728, as against 596 listed for the previous week and 676 for the like week of 1930. Special offerings in gift and toy lines are beginning to attract a fafr volume of early Christmas shopping, retail executives in New York report. While in a number of instances these depart- ments will not be given their full holi- day space for another 10 days or so, they have been expanded somewhat to develop consumer interest. The trend toward specials at this time, it was said, is probably significant of what will feature shopping when it gets into | full swing. | Orders for copts continue to come in | briskly, reports in the New York market indicate. Not only is business being placed through resident offices, but a larger number of buyers have person- ally come into the market than is usual for this time of the year. Most of the re-orders are for immediate delivery, for selling this month and the early part of December. Credit executives in the hardware manufacturing industry have appointed a committee of seven to devise a defl- nite plan whereby bad debt losses in the industry can be curtailed. The plan will be submitted at a meeting in New York November 19, to be followed by a general conference of the industry on December 10. Gang Tax Case in Lupay. Lupay, Batangas, in the Philippines, has its own gang-leader tax case. Per- fecto Limbo, head of the Veteranos de la Revulucion, and 27 others affiliated with that organization are being in- vestigated by local authorities for re- fusing to pay taxes to the government. Limbo also is being questioned as to his reason for organ! the gang. He is said to have 170 followers and police have found that most of them keep prohibited arms and receipts s:rmlpoud 10 have been signed by Gen. Ag ido. D. =% | C., WEDNESDAY, ICORPORATION BOND ' (=ex o= BONDS PRICES ARE FIRM Foreign List Fluctuates Irreg- ularly—Selling Orders Ab- sorbed at Opening. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, November 11.—While there was considerable irregularity in the bond market today, dome: cor- poration bonds showed firmness and some of them extended their rally. It | as the ninth successive market ses sion in which these descriptions showed improvement Foreign dollar bonds fluctuated on both sides of the previous close, with Japanese issues generally higher and Germans staging some recovery after their dip on Tuesday. At the opening the market met an accumulation of selling orders, but these were readily absorbed. Wall Street took the view that the reaction in com- modities was merely technical after the sharp advance and that liquidation of bonds just now was unwarranted. In large part the selling was attributable to_profit taking Probably the most significant devel- opment was the strength of the spec- ulative railroad group. Advances of 1 to 2 points occurred in ‘Alleghany Cer- ., St. Paul 5s, Rock I d +s. Erie general 4s and 5s, Misson Pacific 5s, Frisco 4'.s. Wabash 5! ern Maryland 5'ss. Better- railroad obligatior such as Pennsylvania general 4'2s and South- orn Pacific 4'.s, were also strong. There were dips of 1 to 1!, points, however, in Nickel Plate issues. Industrial descriptions that improved included American Water Works 6: National Steel 5s, Sinclair Oil 6! McKesson & Robbins 5'5s, Inland Steel 41, Youngstown Sheet & Tube 5s, Standard Oil of New Jersey 55 and many others of similar quality. High- grade corporation issues that ordinar- ily move with money rates were firm United States Government bonds were little changed. Time money was steady. Bonds opened lower in quiet trading. The foreign list, still disturbed by the Manchurian situation and the w ness of German securities, was frac- tionally lower. German government is- sues dropped small amounts and Ger- man (Central Bank Bonds were from 12 to'11, points lcwer. British govern- ment 5!,5 were firm. Japanese issues opened lower. The sole spot of strength in the foreign dollar group was in Aus- tralian descriptions, which opened from 1 to 21; points higher Domestic bcnds were dull. In the railroad group Pen lvania General 41,5 were higher, but juntor obligations, like Missouri Pacific 5s, Erie 5s and International Great Northern adjust- ments were off. grade Buying a Bond l BY GEORGE T. HUGHES. Divers reasons influence holders of securities to sell them in the open mar- ket. The investor may believe that his stock or bond is over-valued and that he can do better by exchanging it for ething cls>. He may think that the outlook for that particular corporation is unfavorable or that the general sit- uation in business and in finance makes it more profitable to hold casl than securities In times of market excitement when prices appear to be melting away the average observer puts the worst con- struction on the motives back of the selling. But it may be that the seller | has no choice in the matter. He may | be forced by cirmumstances beyond his control to liquidate his investments re- gardless of pricc. As a matter of fact that is a common situation in long bear movements. These observations apply particularly to the bond market at present. Quota- tions have been representing not value or any approximation of value but the necessities of the sellers. Holders, both individual and institutional, in’ their overwhelming desire to preserve a liquid condition have thrown on a market unable to absorb them great blocks of securities with resultant declines un- warranted by any depression in business or loss of earning power, actual or pro- spective. This is not necessarily true of foreign issues where it may be admitted that currency depreciation in the home country or the borrower and political | disturbances of varying degree of seri- ousness may have justified a consider- able degree of market price readjust- ment but of domestic issues where none of thes factors apply This is not to suggest that the reader enter the bond markct simply because prices seeny low. It is to advise em- phatically against disposing of hold- {ings previously acquired simply because other people are disposing of theirs. It |15 sometimes said that in the sceurity markets one shouid not buy price, meaning one should not pay a high fig- ure for something because it is the fash- fon to do so and it looks as if a profit were sure to accrue. It is just as true | that one should not scll price, meaning that one should not throw securities - mply because others are oing it. Only temporarily Talon theerond R (Copy ht. 19313 MACHINE TOOL TRADE SHOWS BETTER TONE Special Dispatch to The Star. NEW YORK, November 11.—One or two ‘bright spots appear in the ma- chinery and machine tool market as a new week gets under way, American Machinist reports. Detroit developed cheerful news in the week just closing, one outstanding factor being a Stude- baker order for a $250,000 cylinder block tool line. Metal-working ma- chinery exports for the first nine months set a new high recorti and ex- ceeded last year's total for the same period by & million dollars, Chicago had an October gain after a poor September, the upswing being chiefly in small tool sales. Cleveland ealers confidently expect Ford's in- quiries for accessories to start a chain of others. New York sees no change for the better, although in one or two cases inquiries are up and one dealer had an exceptionally good week. Orders in Detroit included a few lathes and boring machines and nu- merous inquiries started to come in from automobile builders. Indianapo- 1is sells a tool here and there to radio cabinet and furniture builders and hopes for some good out of $25,000,000 expenditures for new roads next Spring. Cincinnati hears rumors that the Gov- ernment is planning additional pur- chases there. New England=October totals gave no indication of tool sale progress. Fa- vorable fdttors in the closing week included small tool, aircraft, automo- bile body, clock and radio builders. The Pacific Northwest, while optimistic, reports mainly municipal orders. New Offerings Off Sharply. CHICAGO, TIl, November 11 (Spe- clal).—New security offerings reached a 13-year low in October, according to the monthly review of Lawrence Stern & Co., investment bankers of Chicago and N L 4th 435 33-38 |Am Metal 5%s lcM&stPad)ss.. 23 New York. = S Grain Supply Increases. NEW YORK, November 11 (4).—The Vvisible supply of American grain shows the following changes in bushels: Wheat increased 1,597,000, corn increased 685,- 000, oats increased 207,000, rye incre d 66,000, barley decreased 2.030. et OVEMBER 11, 1931. Received by Private Wire Direct to The UNITED STATES. L (Sales are in $1.000.) Sales. High. Low. 2:55 Lib 3%s 32-47. 76 100 99 28 100 L 1st 414s32-47 22 101 9 101 6101 9 66 101 14 101 10 10113 21 9326 9318 9326 47 9426 9424 9424 8 9824 98 24 9824 69 9828 9820 9828 10 98 24 9824 9824 11 101 101 101 50 102 28 102 19 10228 10 107 107 107 Sales. High. Low. 2.55 3 4T AT 4T 6 17 Japanese 6igs '54. . Jugosl Bnk 7s '57.. Kan G&E 4%s'80 Kend 514548 ww Kresge Found 6s'3 Kreug & Toll 55'59. LacG StL 6534 Laclede 63%s C'53. Lautaro Nit Leh Val cv 4s 2008. Lig & Myers Ts'44 Loew's 65 ex w *41 Lorillard 5%s'37. Long Isl db 5 °37. La & Ark 5: Lou G & El 55 '52. L & N uni 4s*40. Lvons 65 '34. McKes & R 514 %50, Manh Ry 1st 45'90. Marseille 6s '34. Mex 45 asstd 1 Midvale Stl 5s '3 Milan 6145 '52..... Mil E Ry & L 55 61 Mil El Ry&Lt 6s *71 MK &T 1st 45'90. . MK & T adj b 67 Mo Pac gn 4s ‘75 Mo Pac 58 F '17. Mo Pac 55 G '78. Mo Pac 55 H Mo Pac rf b8 Mo Pac5%s A 49 Montevideo 6s 59 Montevideo 7s ‘52 Mor&Co 15t 4% Nassau Elec 45 ‘51 Nat Datry 5% Nat Steel 5. Netherlands 6s'72. NEng T 1st 68 '52. NOT&M5Y Nw S Wales Nw S Wales NYCgn3s'9r. N ¥ Cent db 45°34. N Y Cent 4345 2013, NY Cnrf4%s2013. U. §. 38 1951-65 U'S3%8"49 US3%s41-43. US3%s40-43. US3%s43-47., US3%s46-56.. US 48 44-54. ... US 418 47-52.. Abitib] P&P 6363, Ab& St5% '43.... Alleghany Cp 68 Allegheny 584 Allegheny 58 ‘50 Am Chain 6 AmF P5s2 AmIGCh5las Am Intl 51%s 49 93 5015 431, 93 50 4315 B81a 93 59 74 815 100 102% 116 102t 103% 102's 1074 96'y 92 61 60 6545 659 Am N Gas 6%s Am S&R 1st 5847, Am Sug Ref 6537, Am TET cv 4%5'39 AmT&T 5365 Am T&T c tr 65 Am T&T b3 s £60. Am T&T 6%s '43... Am W Wks 65'34.. Am Wat Wks 6575 Argentine 5s "45... Arpentine 5%s '62. Argentine May '61. Argentine 63 Ju'59. Argentine 6s Oc'59. Argentine 6s A '57. Argentine 6s B '58. Arm & Co 4% Arm Del 5 Atchison adj 4s" Atchison gn 48 '95. Atchiscv 415848, 32 At £5s'59 At Ref db 5837 Australia 4%8 ‘6 Australia 68 '55. Australia 5567, Austria 75 "43. Austria 7857 ¢ B&O4%s'33, B&Ocv4%s'60 B&O 1st 53 48, B&O 6s'95 NY C&StL 438 7] NYC&StLE% NY C&StL 6 NY Ed 1st 6%s'41. NY NH&H 3% s '56. NY NH&H 43567, NYNH&H clt 6540, NYNH&H cd 68 NY Rys inc 6s'65 NY Tel 43539 NY W&B 4348 "4 Nia Sh Md 53850, Nord 615 '50. Nor & Wn cv 4896, No Am Co 58 '61. .. Nor Am Ed 55 C '69 Nor Am E 6%s'63. NorOT&L 6s'47. Nor Pac 3s 2047 Ner Pac 48°97. . Bk Chile 635 61.. Batav Pet 4%s '42. Belgium 6s ‘55 Beigium 6%s ‘49 Belzium 75 ‘55 Belgium 7s '5 Bell Tel Pa 68 Bell Tell Pa 58 C'60 B Ind Loan C 6546 Nor Pac 4%s 2047.. Nor Pacr 168 2047. Nor St Pw 58 A 41, Norway 5%s '65. Norway 6s Norway Norway 6s ‘62 Oreg-Wash 4s ‘61 Orient dev 538’58 Orient dev Bolivia 7369 Brazil 6%s°26. . Brazil 6148 27, Brazil 85 '41. Bklyn Elev 6% Bklyn Man 65 '68. Biklyn Un 1st 58'60. Buenos A 6s'61 Pv. Budapest 65 '62 B R & Pitt 4%8 Bush Ter con 5 Bush T Bldg 58'60.. Calit Packing 53 '40 Canada 4s ‘60 Canada §s '52 Can Nat Ry 4% 856 Can Nat 4348 '57 Can Nat 44568 Can Nat 4%s'55... Can Nat 5s July’69 Pac T&T rf 53 Pan-Am Pet Paris-Ly M Paris-Ly M 7s '58 Pathe Exch 75 '37 Penn 4%s'70. Penn &n 4%s '65. Penn gen 55 ‘68, Penn 6343 36. Penn O&D 4%s 77 Penn P&L 435 '81. Peoples’ Gas 53 *47. Pere Mar 4%s '80 Peru 6s 60 Pern s '61 Peru 7s '59. Phila Co 68 Phila Eiec 4571 Phil & Read 6549, Phillip Pet 5%s '39 Pillsb F M 65 °'43. Poland 6s "40, Poland 7s 47 Poland 8s'50. Port Gn El 4%'60. Porto Alegre 8s'61. Can Nor 7s db 40. . Can Pac db 4s. Can Pac 4%s'60. .. Cent J11 G&E 58'51. Cert-td db 515 s '48. Ches Corp 55 '47 C&Ogen 414892, C&O4%SB"95... B&Q 111 dv 4549, Chy & Est 11 5551, Chi Grt West 48'59. Chi M&StP 4% CM&StP 4%s Chi M & St P C M StP&P § Prague 7348 '52.... Prussia 6s'52 Public Serv 4 PubSvG4% 3 3 9 Chi&NW g 3%s '87. 2 W 4145 2037, C&NW 4%s C 2037, Chi & NW cn ¢ ChiRI&Pre4 ChiR Icv4%s'60. Chi RI&P 434352 Chi Un St 58"44.... Chi Un Sta 58 B '63. C& W Ind cn 4s'52. C& W Ind 5%s'62. Chile 6560 Clile 85 '61. Chile Cop db 55 °47. Clev Term 4%s'77. Clev Term 53 ‘T3 Cologne 6%5 50 Colomb 65 Jan '61. Colomb 68’61 Oct.. Colon Ol 63'38. ... Colo & Sou 4%48°35. Colo & Sou 4348 '80. Col G&E bs May'52. Col G&E cou 68 61, CCMdistreG Con Y 4% ConG N Y 6%s 45, Con Pwr Jap 6%8.. Con Pow Japan 7s. Copenhag 4148 '53. Cuba Nor 5% Del & Hud rf Denmark 4%s '62.. Denmark 5%8 '55. Denmark 63°42. ... D& R Gren 48 ‘36, D&RG W 68’55 DRG& W 55718 Det E G&R4%5'61. Det Edison rf 55'49. Deutsche Bk 6332, Duquesne 448 '67 Dutch East 1 63'47. Dutch East I68'62, Erfe gen ds.. Erfe cv 5867 Eris 53 Fiat 7s ex war '46... Finland 5%s '58. Finland 78 ‘50 Fram I D T%s42.. French 73°49.... French 7%s Gelsenk’hen 6s'34.. 11 Gen Baking 534840 2 Gen Cable 5%5"47.. 1 Gen Motors 6s'37.. 1 GenP Sv5%8°'39.. 13 Gen StCas5%s'49. 1 Gen Th Eq 6s°40. German 5%s8'65...174 German Bk 6 Ger Cen Bk Ger Cen Bk 63 60 0168 German Bank 78’50 10 German 7 rep '49.. 59 Ger Gen E178"45.., 2 Goodrich cv 68 °45.. 12 Good 15t 6% '47 Goodyr Rub 58’67 . GrandTr sf db 6s'36 Grand Trunk 78'40. Grt Nor gn 5%8'52 Grt Nor gn 75 ‘36 Greek 6568 Hait! ssl*lsz av El Ry Hos & Co 634534, . Hud & M adj 58 '67. Hud & M L5 Hungary 7% 44 111 Bell Tell 58°56.. 111 Cent 45 ‘52 111 Cent rf 4 111 Cent 4% '66. 111 Cent 6% '36 11 CCStL&N 4% Int Rap Tr 58 '66 Int Rap Tr sta '66.. Int Rap Tr 65°32 Int Rap Tr 1832, « Gr Nor 53 '56. Int & Gr Nor 6552 &G Nad6s'52. Tnt tiydro 1 68 44 Int M Co bs ret’¢1.. Int Match 68 47 Int MM col tr 6841 Int Pap 55 A 47 Int Pap 6s ‘66 Int T & T 4% Int T&T eV & Int T&T 58 Ttaly 78 '51. Italy Pub 8 Japanese 5%s '65.. Rem Arms 6s A '37. Rem R5%s A "47. Rhinelbe 7546 Rnine West Rio de Jan Rio de Jan R Gr Do Sul R Gr Do Sul RIAF&L 4% Rome 6345 '52. Roy D 4s"45 ww StL IM R&G 45'33. St L&SF in 48 A 50 StL&SF 4%s'T8. StL&SF p 158 B'50 St P Un Dep 55 ‘72, Sao Pau 78'40 ret.. Sao Paulo 8s'50. .. Saxon 78 '45 Seah A Lev Sea All Fla 6s.A'35. Seine 75 *42 Serbs-Cr-S1 7s Serbs-Cr-S1 85 '632... Shell Un Ofl 6847, Shell Un Ol 58°49 Sinclair Oil 6% 838 Sinc O 7sev A '37. Sine Cr O 5%s'38. Sinc P L 6842 Skelly Of1 %8 '39. Sou Bell TAT 58 *41 SW Bell T 58 A '54. Sou Pac col 4549, Sou Pac ref 4s'55. Sou P 435’69 ww. Sou Pac 4%s's1... Sou P&Or 4%8 77, Sou Ry zn 45 '56 Sou Ry 6%s'56 StOIIN J68°46... StONN Y 438 '51. Sweden 5%/ Swiss 5% 54 Tatwan E P 5%871 Tenn EI P 6s A 4. Ter AsSt L 4s°53.. Tex & Ark 5%8'50. Texas Corp 58 '44.. Tex & P 65 C 19 Third Av rf 4 Third Av adj Toho El Pw 6 Toho El Pw 78 '56. Tokio 58 ‘62 Tokio 5% Toklo El Lt 6 Un Pac 18t Un Pac 4 %8 '67 Unit Drg ev 5 Utd King 5% U'S Rub 1st 68 "47. UnSt W 648 A7, 1 Ud St W 6% 8A'51.. Ud St W 53%sC'51... Uruguay 6s'60 Uruguay Utl] Pw 5859 ww. Util Pow 5%8"47.. Vanadium St 58’41, Vert Sug 1st 7842, Vienna 6s 52 VaRy 18 Va Ry & Pw 5s '34. ‘Wabash 4%8°78... Wabash 1st 58°39.. ‘Wabash 5s B'76... Wabash 5s D 80... Wabash 5%s ‘75 Walworth 6s A "45. Warn Br Pic 68'39. Warner Sug 78 "41. Warsaw 7s ‘5! West E1db 5s'44.. West Md 45°62. ... West Pac 58 West Union 6 West Union bi Wes: Un 6 WEOGB%s’'37T ww. WinRA T%s 41 Yokohama Ygstn S&T . ¥gstn S&T b3 B'70. EZ-.‘ 148'39 5 ‘54.. 39 8 PITTITEE T Y JO- PNy PAPY 1 SN -5 FINANCIAL. Sales. Hish. Low 90 5 928 9% 51 49 897 894 65 641 98 98 60 5914 9915 9915 92 9% 161 14% 66 66 1194 119 9215 9215 100 100 9315 934 49ty 484 1034 103% 93 93 101 10115 67% 6% 40 40 10115 101% 5 4 25 12 ——a - 2580 RanlRSane e nnl oo 3 29 11 41 10 29 9614 9614 -82% 81 821 814 91 90 440 43% 55% 55 597% 587 105 105 111% 111% 66% 6674 81 BO% 99 98y 10214 102 1% 154 102 101% 68 68 95 9% 10215 10215 95% 955 9215 91 9% 918 9913 9914 102% 102% 60 5974 R4y R4 80 80 96 95% 10115 10115 80% 80% - 90 89 8814 82 65% 681 1025 « 104% 101% 101 103% IR e RonabcnwlounnSe anm—wanmannmannem— 9= 58 5% 63 T4% 214 46 49% 9814 35 9315 99 85% 85% 76 8574 8514 88 61 44% 55 54t 54 19% 34 16 35 75 74 81 87% 43% 34% 334 5214 52 102% 102% 63 62%4 37% 37 40% 40% 2 % 2% 2% 10515 1054 5314 -52 58 57% 5% . 5% ki3 T4% 851 85 90, 90 100 99% 981 98% 621 614 104 103% 1047 104% 78 78 8815 881, 8% 1% 78 77 89 88y 604 60 791 7814 102' 102 a7y 97 93 9015 102% 10215 654 65 104% 104% 82 82 76 5% 834 8T Ta% Tan 48 48% 31 3014 89 89 T% 45% 67 60% 954 9214 95% 99 55 35% 35% 35% 481 50 724 58% 61 21 16 62 9614 100% 361 20 42y 40 43% 46 43 105 42 103 60y 651 54 96 955 494 9815 3314 93% 98Y 857 65% 76 85% 851 88 61 2% 52 51% 52 184 34 15% 35 75 8% 81 87% 431 921y 9614 1 55 13 36% 34 361 13 36 4 52 17 52 6 724 67 60 12 62 3 T 3 16 14 63 4 96% 4 100% 10 37% 2 90% 2 43 24 41y 3 434 2 46 49 46 8 105% 1 42 1 103 20 6114 17 66 7 54 19 971 7 96 2 106 105% 1 101% 101% 1 61% 61% 5 74 8% 2 8 81 18 81 o ] i EXCHANGE i B Star Office | 285 | 95% 9215 102% 597% 8415 80 96 101% 80% 90 89 884 82 6615 69 102% 1041 101% 65% 76 857 8515 8 61 42% 5 3% 81 87% 4315 33% 52 1027 627% 37 40% 7 25, 1051 52 574 5% T4Y 85 90 100 9814 6114 103% 104% 78 8815 78% ki 8814 60 7915 102 7Y 9015 10215 65 104% 82 T5% 87 74% 484 31 89 673 4515 6714 61 954 3 95% 100% 55 36 3514 357 48Y% 50 7254 59% 61 7 16 6215 9614 100% 3614 90% 42 4l 43 6 OND PRICE GAINS: PLEASE INVESTORS Bankers Note Activity Market on Long Side. Advances Steady. J in BY VICTOR EUBANK, ".ssociated Press Financial Writer. NEW YORK, November 11—Wall Street investment bankers, who watch bonds much closer than they do stocks, appeared at their offices this week with more checrful countenances than usual For bonds recently seemed to have taken a new lease on life and started to climb out of the basement. The activity of the bond market on the long side, say the observant bankers, is one of the' best indications that busi- ness sentiment is slowly but surely im- proving. During the past 10 days United States Government loans showed quiet strength, and some foreign issues gained as much as 15 points in one week. In addition to a better feeling all around, bonds generally are said to have ?neoeg":ne;prfg"by the advance in com- and a ey d an improved credit Flotations Few. Few bond flotations have been an. nounced in recent weeks o:‘m' to ::P fact that buyers were absent. One great railroad company is said to have beer forced to seck additional financing 'élg‘l;f])‘;lgh tbant!‘lllsmns because it felt it not pu obligati mggvt. igations on a feeble e of the sharpest dr in prices on record occurndwd!urtnlmt,llns past six months. High-grade securities joined the medium and low grade issues In the downward route. A virtual short position was forced on many banks Which, in order to maintain a greater liquidity, had to sell excellent obliga- tions on the market for what, they would bring. In this respect, some big losses were taken. The same banks, however, according to financial observers, have recently been “covering” their sales and getting back into their vaults, at higher prices, the bonds whi to unioad. ch they were forceo 44 105 42 103 6015 66 54 96 95% 106 101% 61% United States Government bonds, to- getber with the highest grad and utility loans, sank ‘L; leevi?.ldu;thyllc.}: many traders regarded as ‘“sacrifice” prices. . One reason for the slump in these sccurities, was the fear that there ]‘;)?lydi Ilée l:h mzney “pincl” and that leld obligations wouls xtreme poor paying xlm;nm&'i.‘ i Y e reversal of the gold export - ment and an easing of the shartl?':'r:n money market, investment experts say, brought the high grades back into LA; dlngd lvvhlle 1:; of them have made eir losses, are higch!'l‘uflffl‘l%dhk ey at least on autious bankers, although - aged by the action of bcndl'ln ::l:g"ll point out that the market i not yet out of the woods” and tkat there are problems both national and interna- :’leelx;l T;hich .bc:u l}ave to be overcome e it can said that has arrived. P Difficulties Summarized. uecs)ne banker summarized the difficul- “England, off the gold standard. has the question of tariffs nnddlnl;& on her hands. Manchuria, with the Japanese and Chinese at each -other’s throats, might bring a cloud out of Russia, or anything might happen in that country where the Orient, even at war, maintains its mysticism of cen- turies. Tren there's Germany with her big financial and political questions. And at home the railroads and their troubles are waiting for a definite solu- tion. All of these dramas may, end happily—and there are reasons for be- lieving that they will. But at the same time one situation or another may rub the bond market on the wrong side. “Notwithstanding -the ifs and the ands, there is no question that un- usually attractive long-term investment opportunities are present today. But the situation here, as well as abroad, can be expected to bring fluctuations from time to time, no matter how sound the basic structure.” Increased vitality in the bond market is expected to bfi:ll!nml! new munieipal and corporate offerings. Baltimore Markets Closed for Day. . Special Dispatch to The Star. BALTIMORE, November 11.—Banks and other financial institutions are closed today in observance of Armistice day, a legal holiday in Maryland. The Baltimore Stock Exchange and . the Grain Exchange and all municipal and State offices are cloeed. i BUILDING AND LOAN COUNCIL WILL DINE Officers of U. S. League to Be Spe- cial Guests at Annual Gathering. ‘The District of Colunfbia Council Building and Loan Association will hol its annual dinner at the Willard Hotel on December 1. The council will ha as its guests officers and .directors the United States Building and Loan League and other building and loan men of national prominence, who will be in the city at that time to attend President Hoover’s conference on home ownership and construction. This conference will open on the eve- ning of December 2 at Continental Hall with an address by President Hoover, and will continue in session until De- cember 5. Officers of the United States Building and Loan League, who will be the guests of the local council, are William E. Best, Pittsburgh. president; Ward B. ‘Whitlock, Springfield, Il., first vice pres- ident; Philip Lieber, Shreveport, La., second vice president; H. F. Cellarius. Cincinnati, secretary-treasurer, Directors of the national league are Ernest A. Hale. Boston: John Warren, Jersey City: Willlam P. Siegert, Phila- delphia; L. P. McCullough, Cclumbus, Ohio; George R. Wooten, Hickory, N. C.: George R. McKinnis, Shawnee, Okla.;: Carl J. Weber, Fort Wayne, Ind.: Lee C. Stidd, Portland, Oreg. Ameong other distinguished guests will be George R. Bliss, jr., New York City. president of the American Savings. Building & Loan Institute: R. Hallby Myers, L-s Angeles, Calif., and H. Morton Bodfish, Chicago, executive manager of the na- tional league. The committee in charge of dinner arrangements is composed of C. Clin- ton James, chairman; Chapin B. Bau- man, William S. Quinter, Carl Berg- mann and Edward C. Baltz. POTATO MARKET. CHICAGO, November 11 (#).—(U. 8. Dept. Agr.)—Potatoes 82, on track 261, total U. 8. shipments 574; about steady, trading just fair; sacked per cwt: Wisconsin round whites 70a80; few 85° Minnesota, North Dakota Red River Ohio’s 85a95; Idaho russets No. 1, 1.25a1.40, few higher; No. 2, 1.00a1.05; commercials 1.10. gt Revenue Freight Loadings. lezl:dmoclll!d Press. ings of revenue freight totaled 740,363 cars gwuflml the w";k ended parable periods, as measured by lous week, 760,673 cars; same year, 934,715 cars,