Evening Star Newspaper, November 11, 1931, Page 15

FIN CURB SHARES SAG 2INDRAGEY MARKET nUtilities, Oils and Coppers Prove ‘Weakest Groups on Board. BY JOHN A. CRONE. Bpecial Dispatch to The Star. 1 NEW YORK, November 11.—Dull and | lower from the start, today's curb ex- | e n steadily slipp>d as trad- | re at times was x omt and Cities Service was ¢ a ¢ tion.Public utili- ties, oils coppers were ths sirst grours to work lower. but .ter other | sections of the list weakened Outstanding in p: activity and | for its_early ance was Common- wealth Edison, which plans the issuance sof tdcitional common stock to holders of record December 15, at $100 a share, in the ratio of 1 new share for each 10 now held. Public Service of Northern Illinois, also an Insull utility. which plans on the » date to offer new shares to pre holders in the ratio of 1 new for res held. at $100 a share. did not se e fore- noon _today the curb, e it is usually rather inactive. Edison Electric_Illuminating c ton quick 5 Bos- s doubt about the successful conclusion cf the world curtailment conference here Saturday moon, as they eased off, with Newmont Mining and United Verde Extension leading the descent. Motors were al- “most uniformly lower despite some pick- up in manufacturing centers, incident 40 the bringing out of new models. Ford Motor of Canada A, Ford Motor Ltc. and Cord Corporation led the decline. Cleveland Electric Illuminating had previously discounted the 12 months earning report, which showed $2.48 on the common, against $3 for the same period ended September 30, 1930 Curb stocks were inactive at slightly Jower prices at the opening. Electric Bond & Share at 21'4 was off 3;. This set the level for utilities such as American _Commonwealth Power, Central States Electric and Ni- agara Hudson Power. B , Cities Service opened off slightly at B81;. Other oils were inactive. Indus- trials, such as Aluminum Corporation, Driver Harris and Swift & Co., were Jower. In the mine group Anglo- Chilean at !, and Newmont at 19% both lost fractionally. Pennroad opened lower at 43;. Gas company shares were dull, with small declines in Ap- alachian and Arkansas Natural Gas. United Founders sold off a shade to 3. Other trading corporation equities were unchanged. BONDS ON THE CURB MARKET. DOMESTIC BONDS. High '67° 90 % A 2028 n nds labama Pw 415 Py b g, Nogn 1 1 1Am Cmw| 367 4 Amer Bl B 65 50 1Amer G&E_ 55 202 2 Appalach Gas 5 1 Appalac Gas 6s B_'45 4 Arkans P&L 58 '56.. 7Ass0 G&E 4'25 49 C 11 Asso Gas&El bs '50.. 13 Asso Gas&El 5s | 34sso G&E 5las 'T7 3 As Tel Ut 5'ss '44 1Bell Tel Can 55 A 7Bell Tel Can ¢ B 1Bell Tel Can 55 C 97 2 Boston Con G 55 /47101% 4Can Nat Ry 4155 '36 84 3Cen Ariz L&P 55 '8 1Cn Il P S 4lus F Cen Il P § 55 G 6 Cent Pow&Lt 55 3Cent Pb Ser 5' Cent 8t P&L 5i3s ' Chi Dis El 4128 “70 36 Cities Service 55 50. +10 Cities Service 55 '66 97 97 101 201 8% 8 T ) 2 Comwh Edis 4s P 81 Consum Pow 415 '58 Gont G&E 55 A '58.. 1Crane Co 55 40 96 1Cudahy Pkg 51.5 37 8% 88% Duquesne Gas 65 45 8 8 Edis Ei Boston 5s '33 10114 1014 10i% El Paso N G 6iss '38 81 81 8 §Empize Q&R 515 orida P & L £s '5: 5 Gatineau_Pow 55 ' 16 Georgia Power 55 ' 8 Goeb B 6lz5 A '35 1Gulf Oil Pa 5 '37... 4Guif Ol Pa 55 47 1 Hous Gulf G 6s A '43 2 Hous L&P 4lus B 81l Pow & Lt 68 A 21U Fow & Lt 55 G 9 ndnap PLL 83 A nsull Utilie 6s B " o owa-Neb L&P 88 er Cen P&L 5s B 47100 opper G&C 5'as '50 957a high P S 65 2026. P& L 58 ST,.... cCord Rad 65 '43 etro Edison 45 ‘71 id West Ut 55 '32 jan P & L 45 is River Pw 55 ut P & L 55 B ew Eng G&E 55 47 ew Eng G&E 55 '48 ew Eng Pw 5las Y P & L 4las 67 No Con Ut 51,6 A ‘48 0 Ohio P&L 5125 '5 or Stat Pow 41.s hio Pow 55 B '52 ia_Gas & EI 55 acific G&E e 3 o e SR DA 22222 ZRRRE TR ARSI g s RSB T 272, 903 2°9°979'9°9°9°03 2522 u c ath s ithern N°G 6 s & E 65 E 65 14 0 G e R 000 0 gz 9 e < acag 58 311 50 51 80 b 201, en UlVlDENDS.DéCLARED NEW YORK. November 11 (#).— Reduced. Pay- able Dee Noy Dec Sen United F; Jan Stock. Corp Sec of Chic.1'a% Dec. 20 Due Dec. Due Ja. Due Nov. Chicago Inve Uppenheimer (B) Co Trimount Dred Pt A.80c Q Rexular. Assoc Co (N J).....40c City of Paris Dry Goods 15t pf Consol Paper Co nbfl - r‘P x;l 5 ATy RYs DI A Kensack Water | e Copf.§ t Aiie: ascot Ol Co [atson Navigation §1 9r Nat' Su Newberry (3 J), G Qnio oIl Co b hio Pow Co 6 %ckm‘e Macs e EE R E 00O0DOBI0D POOROLD OO & rocter & festern Auto o B 5 white Mot Sec bt 51 Dec s Brokerage Worker Killed, PRESCOTT. Ariz, November 11 | 224 | ANCIAL. THE EVENING STAR, WASHINGTON, D. C., NEW YORK CURB EXCHANGE Stocks sold in 100-share excent those des! ~Prey. 1931.~ Stock and les— High. Low Dividend Rate. Add 00. Op W39 15 Acme Steel (2) . 288 1 4 1 Ansco 11v 8% All Am Gen Corp... 70 Aluminum Co of Am 925, 25 Alumintm Co Ltd. 4% Am Beverage... Am Capital B. .. . Am City P&L (A) a3 Am Cit PAL Bb10%, Am Com P A (b10%) Am Com Pr B(b10%) 1 Am For Pow war. Am Founders. ...... Am Gas & Elec ($1). Am Gas & EI pf (6). Am Laundry Mch(2) 50s Am Lt & Trac 1214). 3 Am Mfg Copt (5)... Am Superpwr (pdve) Am Superp 1st (6).. Am Util & Gn B vte. Anglo Chil Nitrate Appalachian Ga Arkansa Arkans NatGas A. Ark N G cu pf (60c). Assoc Elec Ind (30c) 258 19 it 10 Ass0 G & El war. . Asso G & El ct (8) Atlas Utf] Corp... Atlas Utilities war. . Beneficial I L (1%).. Blue Ridge Corp. Blue Ridge cv pf(a3) Brazil Trae Lt&P(1) Brill Corp A (34c) Bunker Hill & Sull. Cable & Wire A réts. & Cable & Wire B rets. Canadian Marconi. Carman & Co A (2).. Carnation Co (J13). Carrier Corp Cent Pub Sve A b5 %. Cent Stat El (b10%). Chain Store Devel. .. Citles Service (g30c) 131 Citles Serv pf (6)... Claude Neon Lts Inc. Clev EI Illum (1.60) . Colon Oil. .. Col Ol1& Gas vte. ... Columb Pletur (f7ic) CmwIith Edison (8)..3008 Cmwlth & Sou war.. 41 Comstock Tunnel. 43 Con Gas Balto (3.60) 1 Consol Gas Util (A). 1 Contl Chicago Corp. . Cont Roll & Steel Fy 4 Cont Sharescv pf. .. Cont Shares pf (B).. Cord Corp. . ceeee Corp Sec Ch (b6%).. 4 Corroon & Reynolds. Crocker Wheeler Curtiss Wright w Cusi Mex Mining Deere & Co De Forest Radio..... Doehler Die Casting. Driver Harris new Duquesne Gas. Durant Motors. .. East Sta Pow (B). East Util Assoc cv. Edison El Bos 13.60. Elec Bond&Sh(b6%) 252 ElecB&Shcupfbs., 1 Elec B & Sh pf (6) Elec Pow Assoc (1). Elec Pow Assoc A (1) Elec P & Lt op war. . Empire Pub Sve (A). Employ Reinsu t1.80 Europ E Ltd A (60c) Europ Elec debrts. . Evans Wallow Lead. Falcon Lead. .. Fedders Mfg Co A Flintkote Co A Ford M Can A (1. Ford Mot Ltd 36 4 Foremost Dairy pf. Garlock PKg (1.20).. Gen G&E cv pf B(6). Gen Theat Eq cv pf.. ieorgia Pw pf (6)... Glen Alden Coal (4). Globe Underwr (15c) Goldman Sachs. .... 256 fe Goth Knitback Mch. 2 Great At&Pac(1614). 108 Gulf Oillof Pa (13). 10 Hecla Mining (40c). Helena Rubenstein. . Horn & Hard (23).. Hygrade Sylvania(2) Imp Ofl of Can (50c) Indiana Pipe Line(1) Insull Inv (b6%). .. Insull Utll 2d pf (6).200s Ins CoofNo Am t23% 1 Insur Security (40c), 1 Intercontinent Petn. 20 Int Petroleum (1).., 11 “62: 1 3 4 8 1 189 ) 181, E] 10 8R1y 36 6l 27 3u an, ~Prey. 1031.~ High. Low 11 ignated by letter es. Hich 18 3 u Lake Lone St ¥ Long I Ludlow Miss Ri 4% Irving Air Chute (1) 11, Italian Superpow A.. Kolster-Br (Am Sh). hore M (12.80) Lefcourt Real pf (3) Louisiana Lan & Ex. Magdalena Synd. Mercantile Strs (1). Michigan Gas & Oil.. Mid West Ut (b8%). Mo-Kan Pipe Lin; Received by Private Wire Direct to The Star Office. High. Low. Close. [ 2 1% 261 17 10 r Gas n 88c. and Lt (60c) Fomarne Mfg Co (6).. S PY=1oree-y ver pr pf (6). Mohawk Hud 1st(T) Mountatn Prod (1).. at Am at erfcan Co el Gas (1) Nat Pow & Ltpt (6) . Nat Puh Nat Rub Nat Ser h Sv B ( pber Mach. vice Co. . Nat Sh T Sec A 16; ew Jers Zino (13).. Newmont Mining. ... Niag-Hud Pow (40c) Niag-Hud Pow A w.. ag-Hud Pow B w.. h Nor Am Ohio OIl cu Overs Pan Am Pantepec Ofl. Parker Rust P( Md (40¢c). Aviat A war it (6). Atrways. 315) Pennroad Corp (40c¢) Perryman Electric P'hila Co new(11.40). T'hilip Morris Inc Pilot Rad Tube A.... Pittsbgh Plate G (2). Plymou th Ofl (25¢).. Premier Gold (12¢).. Prudential Invest, ... Pub Util Hold ww Pub Ut 1 Hold war Pub Util Hold xw. Reiter-Foster. Relianc e Manag. Republic Gas Corp Richfield Oil Cal pt. Rock Lt & P (90c) St Regis Paper (60c) alt Creek Prod (1).. aboard Util (28c).. c Allied Corp (1).. Seeman Bros (3) sal L Selected Indust Slct Ind f1pd & H (a500). . es. . 5%4).. Shenandoah Corp. Shenandoah Corp pf. uthern Nat Gas. .. Spanish & Gen rets. . Stand Motors. .. Stand Ofl of Ind(1). Stand Ofl of Ky 1.60. and Ofl Ohlo 5 ) nd Silver & Lead. utz Motor Car. . 4 Sunray oil. Swift & Co (2). . Syracuse W Mach B. Tampa Electric (32). echnicolor Inc. Tish Re alty & Con Trans Air Trans Trans Lux DL P S.. v nt Corp war.. Tung Sol Lamp(1) Un Gas Unit Founders. of Canada(1) Unit Gas Corp. nit Gas Corp war. . Unit Gas pf (7). Init Lt &PwA' (D)., Milk Prod Unit Stores v.t.c. Dal ry (B). 5 Elec Pow ww. Univ Ins (1 ) Utll PELt(at1.02%)" Utility 508, Equities. Util Equity pf(3%).. 613 1 1% 30% 1% 81y 13 4814 40 3 Vick Fi Walgre Walker Y 011 Dividend ra nual payment. & Pavable in "cas) dividend. 111 | stock. j Elus 2% in Ul n Plus 8% in West Mass Co( Woolworth(FW)Ltd Venezuela Petrolm. . nancial (30¢) en Co Minin, “ .. 25 2 & Gas 36 in doliars based can- oo doliars on last quarterly or semi-an. or_stock. 1 Plus 8% in stock, Partly extra. 1Plus 4% In stock. b Payable in st o Adjustment € Plus 6% in st hPlus 1% in stock. k Plus 10% 1n stock.” m Plus 3% 1o k. pPaid last year—no regular rate. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, November 11.—The fol- lowing is a summary of important cor- ard Statistics Co., Inc., New York, for the Assoctated Press News Trend. Revenue freight car loadings for the week ended October 31 totaled 740,363 in the previous week and 934.715 cars in the corresponding week of last year. according to the American Railway As” sociation. The decrease of 29,310 cars was only slightly in excess of the nommal seasonal decline. Decreases were re- ported in all commodities except grain and grain products. The daily average crude oil produc- tion for the week ended November 7 was 56,800 barrels, compared with 2,431,- 50 barrels in the preceding week, an increase of 25,550 barrels, according to Ithe American Petroleum Institute. The only gain of any size was the 15899- barrel increase in the Oklahoma output. Gasoline stock at refineries totaled 71,000 barrels, which was 626,000 previous week. The Companies. placed with company for 500 subway cars to cost about $10,700,000. American Steel Foundries passed quarterly common dividend; paid 25 cents September 30, El Paso Electrie combined preferred share earnings 12_gonths to Septem- ber 30, $27.77 vs. $83.66. General Electric—New York Board of Estimate approves contract placed with com for subway equipment cosking §: 5 Kuppen] (B) & Co. takes no action on semi-annual common divi- dend; paid $1 July 1 Reeves (Daniel), Inc., October sales off 9 per cent; 10 months, off 8 per cent cover dividend requirements on com- mon stock of 25 cents quarterly. Truscon Steel—Operations at Cleve- Jand plant advanced to 50 per cent of capacity vs. 35 per cent formerly. nine months to October 1, $167,955 Granite City Steel common share earnings nine months to September 30, $1.16 vs. $2.36. Hires (Charles E.) Co. common share earnings, year ended Scptember 30, $2.79 vs. $5.15, Motor Wheel declared 12!, cents common_dividend; paid 25 cents Sep- tember 10. Thompson (John R.) Co. 1931 net at about $3 per common actual earnings of $3.73 a shars in 1930. United Business Publishers $7 pre- ferred share earnings, nine months to Scptember 30, $1.90 vs. $8.78. United Fruit declared 75 cents com- mon dividend; formerly paid $1 quar- rly. ly injured in an automobile acci yesterday and died shortly after- (Bpecial).—Sidney Loeb, an employe of mi His mother was also injured. Hutton & Co., brokerage firm, was ward. United States Steel ingot production averaging about 34!; per cent of ca- pacity vs. 32!y per cent in preceding week and 47 per cent & year ago. Bangor Hydroelectric net income, 12 poration news prepared by the Stand- | cars, which compares with 769,673 cars | arrcls greater than at the end of the | American Car & Foundry—New York | Board of Estimate approves contract | Sun Oil earnings to date more than | Chapman Valve Manufacturing deficit | months to September 30, $858,654 V. $848,807. Pennsylvania Railroad, subsidiary of Pennroad Corporation, mcquires control of Commerce Freight; latter to be con= solidated with five other units into new forwarding company. ’ | Texas Corporation tank car gasoline | price advances ! cent a gallon to 6 cents. Tidewater Associated Oil $6 preferred share earnings, nine months to Septem- ber 30, 24 cents vs. $10.76. Congolcum-Nairn Inc. reduces lino- leum prices 5 to 30 per cent and felt- | base products 15 to 35 per cent. | Motor Wheel deficit, nine months to ‘Sf‘pu mber 30, $37,707 vs. net income of $1,032,024, equal to $1.21 a common | share. Warner Bros. Pictures deficit, year ended August 29. $7,918,605 vs. net in- come of §7074,621, equal to $2.27 a common share | . American Products deficit, year ended 30, $41,445 vs. net income 1to 94 cents a common Steel Foundries _deficit, nine months to September 30, $155.707 vs net income of $2,720,369, equal to $240 a common share. s & Electric reported more than $1.200 per annum arc 1 compelled to invest 16 per cent of their salaries in utility employes securities to provide cash that could not be raised in open market and to avoid wage cut Associated Oil common share earn- ings, nine months to September 30, 81 cents vs. $2.01 American MONEY MARKET. NEW YORK, November 11 (4).—Call money renewed at 2'; per cent today |and' held steady in the official market. Funds were lending in the outside mar- ket at 2 to 2!, per cent, agalnst 2 per cent flat previously. Federal funds were unchanged at 2'; to 23, per cent. Bar acceptances were inactive because of iday in various States. Asking re stcady and un- rcial paper was mod- i good demand ex wurities and the supply limited, p arly in short-term con- tracts. Rates were unchanged. Time money was inactive and unchanged. SHORT-TERM SECURITIES. (Reported by J. & W. Co.) J. & W. Scligman & Co) Allis-Chalm 921e 95 9213 107 96 erately acti ing for m: rs Co. 58 1037...... Co. 65 1933, & Tel. 51as 1043 ks. & ‘El_53 193¢ Ohio 4128 1933, ... iwway Co. 6x 1936 1 Corp.” 85 1038. . Rwy. 41,5 1938 hwestern R R.“5s 1033 . %0 Rock Island 4s 1034 & Wheeling 55 1933 o Rwy. 414s 1035 ! Credit Co. 8135 1938 93 8 100% Accep 121 Pet. ole 10013 100% 100 961e 101 1044 9912 & N Northwesters orthwestern Tele Pa. R R°Co. 8iix 1036 | Portiand Gencrai” Elec | Bepublic Tron ‘& gieri inclair Crude 01 Co, 81 | Southern “Pacific s ia3s’". SLL IMS Ry R &G 45 1933 Union Elec. Lt & Pow %A xfig it mion Oil Co. cf Cailf. Wabasa Rwy. Ge, &s 1939.. 1 2 Virginia Rwy, & Power a 1l PER CAPITA FARM INCOME ESTIMATED ‘Agriculture Department Cal- culates Return Last Year Was $598. 1558 BY CHAS. P. SHAEFFER, Associated Press Business Writer. Calculations by the Agriculture De- partment indicate the net per capita farmer income for 1930 was $598. The gross income during the year amounted to $9,347,000,000, from which expenditures of $5,597,000,000 were de- | ducted, leaving & net of $3,750,000,000 |to be divided among the 6,271,000 per- | sons plying agricultural pursuits during | the year. The value of the five principal crops, | namely, corn, hay, cotton, wheat and oats, amounted to $4,133,000,000 or | about 60 per cent of the total value of all_crops, which was $6,964,000,000. Direct income from crops, which ex- | cludes that part of the harvest which is fed to live stock and used for seed, amounted to $4,032,000,000, or 42.9 per cent of total farm income. The bal- anee of total income, or 57.1 per cent, was derived from live stock. In the table that follows the various {crops and live stock products are ranked in order with their percentage return as a source of direct income to the farmer in 1930: Product products Poiatoes, White Farm gardens Tobacco Cor Hay Sheep | Onts SaoooomrmminuuassannDE! ChauammanwemsaRSS 1503 | Stgar beers Wool | ! FOREIGN EXCHANGE. (Quotations furnished by W. B, Hibbs & Co.) Sweet Potatoes Others product Total | Nominal gold Selling checks London, pound. Paris, franc. ... Brussels. beiga mark lira franc drachma . peseta . vienna. schilling Budapest pengo Prazue. crown (nom. Warsaw zloty ... crown. . Stockholm, crown 21.38c | TREASURY CERTIFI(;ATES. | creported by 3. & w. Seligman & Co) M tate - Maturity Bid. T Mar. B 2 3 |AUSTRALIAN TRADE OUTLOOK IMPROVES Better Wheat and Wool Prices Are Aid to Busi- ness Confidence. ‘The Commerce Department has been advised that the Australian outlook has been improved considerably during the past week by better wheat prices and the firmness of wool. Sales held at Brisbane showed a hardening tendency in prices with gen- | eral competition keen and clearances good, according to Trade Commissioner James E. Peebles at Sidney. Strike Reported Settled. The seamen strike, which spread to all vessels at Sydney having Australian crews, was reported by Peebles to be settled. The Australian wheat development added another bright spot in the de- partment’s weekly report of world economic conditions based on cables and radio reports received from its representatives abroad. Further rise in cereal prices, the report said, has caused a continued good outlook and an easier exchange situation in Argentina. The general feeling in the interior of the country has improved somewhat, |the report said, although imports and the distribution of trades of Buenos Aires have not os yet reacted favorably because importers are awaiting the out- come of the national elections which take place today. The Bolivian Congress is considering a new increase of imports duties on flour and wheat in order to protect the national Industry, a cable from that country stated. Business conditions there, however, were reported as un- favorable and the emergency law of September 23, suspending gold pay- ments, was extended by executive de- cree for another month. Improvement in sales of seasonal mer- chandise in Quebec, British Columbia and the prairie provinces featured busi- ness in Canada. Steady rise in grain prices created an optimistic tone throughout the provinces. Although the fundamental economic position of Chile apparently nas been improved by the continuance of a fa- vorable trade balance, neither the out- put of industries, the credit position nor retail trade show any substantial betterment. Military movements have caused China's immediate commercial outlook to be extremely clouded, ac- cording to advices from Shanghai. Lire Exchange Stable. ‘The department was advised that during October there was no definite improvement in the adverse economic conditions that have prevailed for sev- eral months in the Dominican republic, while British industry and trade during the last month were dominated by financial and political developments. Trade circles reported that the victory of the National government at the gen- eral election offers a strong stimulus to business confidence. The assured stability of lire exchange and the belief that the new program for public works will meet adequately the Winter employment problem have caused a slightly more optimistic out- look during the latter part of October in Italy. Gold shipments from Japan during the past month totaled 135,000, 000 yen, but despite this loss of specie the Bank of Japan still has a coverage of 49.2 per cent for the note issue. The report said loans and the note issue continue to increase in Japan, causing renewed agitation in some quar- ters for the removal of the gold em- bargo. Government and financial lead- ers have issued statements, however, re- iterating Japan's ability to maintain free gold. New York Cotton Special Dispatch to The Star. NEW YORK, November 11.—Cotton prices were 1 to 5 points lower at the Cpening of the market today. Trading was in small volume. Opening prices were: December, 6.62, off 1; January 6.68, off 3, March 6.85, off 3. May 7.02, off 5: July 7.19, off 3, and October 7.43, off 4. CHANGES IN BANKING SYSTEM CONSIDERED U. S. Chamber of Commerce Com- mittee Maps Out Legislative Suggestions. By the Associated Press. 8ignificant changes in the banking system were considered at a recent meeting of the Committee on Banking of the Chamber of Commerce of the United States. The committee laid out a broad pro- gram of inquiry covering questions of Federal legislation affecting the Fed- eral Reserve system and National Banks, and the relations between National and State banks. Strengthening and unify- ing the banking system as a whole were the objects in v A number of important trends are reflected in the statistics which the committee considered. During the first nine months of 1920 42 bank mergers involved more than one-sixth the bank- ing resources of the United States. If to the number of banks eliminated through mergers there is added the de- crease brought about through suspen- slons, voluntary liquidation and other causes, it is found that from a total of 30,812 in 1927 the number of banks have declined to 20,903 on June 30 last, an average of 900 a year, or about three per day. While there have been vari- ous bank suspensicns, less than 5 per cent of the bank deposits of the coun- try were involved. Of the 7.252 National banks on June 30, 165 or 2 per cent operated branch banks. The 652 State banks possessing branches were 4 per cent of the 16,- 827 total. However, these 817 banks which operated branches, or 34 per cent of all banks, had $25,161,000,000, or 43.1 per cent of the total loans and investments of all banks in the country. Hardly less significant is the number of group and chain banks, which on June 30 included 2,144, or 9 per cent of all banks in the country. These banks had $12,019,000,000 of loans and investments, which repre- sented 20.6 per cent of the loans and investments of all banks. Of the dupl cations between branch banking s, tems and chain or group systems be eliminated, it is found that the 12 per cent of the banks in the country which are affiliated with branch, chain or group systems control more than one- half of the loans and investments of all banks. e Protective Committee Formed. ‘BALTIMORE, November 11 _(Spectal). —Formation of a Protective Committee to act in the interests of holders of American Solvents & Chemical Cor- poration of Maryland 6! pef cent 10- year sinking fund gold debentures, Gen- eral Industrial Alcohol Corporation con- vertible 6'2 per cent sinking fund de- bentures and Rossville Commercial Al- cohol Corporation 20-yeer sinking fund 6 per cent convertible debentures has just been announced. The City Bank Farmers Trust Co. of New York has been named as cepository. The American Solvents & Chemical Corporation of Delaware, which has as- sumed the three issues of debentures, defaulted in payment of interest cou- pons maturing September 15 last on the American Solvents of Maryland deben- tures, and on November 1 on the Gen- eral Industrial Alcohol debentures, WEDNESDAY, NOVEMBER 11, 1931. STOCK AND BON FINANCIAL. AVERAGE By the Assoclated Press. From Yesterday' 's 5:30 Edition. STOCKS. Today. .. Previous day Week ago.. Month ago. Year ago.... Two years ago Five years ago... High, 1931 Low, 1931, High, 1930 Low, 1930, High, 1929 Low, 1929. | | i | Previous d Week ago. Month ago. | | Year ago S | | Two years ago | | Three years ago. High, 1931. ... Low, 1931 High, 1930 Low, 1930 High, 1929 Low, 1929 | 69.7 94.9 83.3 3 90.4 Millions of Sha Reducing Flo BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, November 11.—An| analysis of Stock Exchange transac-| tions during October, taken from the | records of commission houses and' those of firms that make a specialty | of “odd lots,” indicates that the small| investor has once more been the main | element of support during a period when heavy liquidation was taking place for the account of institutions land for that of wealthy individuals | who had gotten in beyond their depth | in operations of a distinctly specu-| lative character. | The purchases of “odd lots” for cash | in October ran up into millions of shares. One firm alone, that does only a normal amount of this business, bought and transferred to its cus- tomers last month over 640,000 shares. Others did even more. This buying went on quietly. While it was in| progress it seemed to have little effect on prices. It was not nearly so large as in the months of October, November and December, 1929, when all the world apparently thought that, after the tre- | mendous break at that time, stocks had reached a bargain level and that he| who had money to buy them would | make a quick fortune. It has, however, been an important influence since stocks | turned upward a few weeks ago, for the volume of it has been large enough to affect the floating supply and to make it difficult for “shorts” to cower when they sensed the change in sentiment | and in the technical position of the market that had slowly been developing over a period of weeks, A Low-Priced Issues Popular. The small investor has been buying quite generally through the list of ac- | tive common stocks. As a rule he has shown a preference for shares of low | market value. There is a strong opin- | ion among this class of buyers that the issues selling in the range between $10 | and $20 a share offer the greatest spec- ulative opportunities during the antici- pated period of business and market recovery. It has been possible to buy for $100 lots of five to ten shares of stocks which would only have covered | the purchase of one to two shares in | 1929. There has been, however, a strong demand for stocks in the higher- price brackets. Among the most popu- lar have been American Telephone & Telegraph, Consolidated Gas, General | Motors, General Electric, Electric Bond | & Share, United States Steel, Atchison | and New York Central. Most of these are to be found in the portfolios of the ' 20 Utilitles. 129.7 132.1 121.6 122.3 154.3 169.3 102.0 203.9 101.5 281.3 146.5 \SMALL INVESTORS BOLSTER MARKET DURING LIQUIDATION 'Buying of O;dmLots for Cash Reached res in October, ating Supply. fixed trusts waich made up their in- vestment lists a year and a half ago. In purchasing “odd lots” for cash many investors ha s ¢rawn down their deposits in commercial banks and in savings banks, not only to obtain a higher rate of return on their capital but to be in a position to gain from any future appreciation. In this buying a considerable amount of “averaging” is represented. For instance, the indi- vidual who had bought 10 shares of a stock at $50 a share now buys 10 or 20 shares more of the same stock at a third of the original cost, bringing down the average of the entire investment to a level which he feels is a reasonable adjustment to a decline in the earn- ings on the stock and possibly to a reduction in its dividend. Shareholders Increase. It is a striking fact that with all the liquidation that has taken place in stocks "in the past two years the total number of shareholders in American corporations has steadily increased. This is pretty well explained by the sale of lots in units of from 100 to 5,000 shares, held by one individual and subsequently split up into *odd lots,” representing an increase of many hundred per cent in the ownership of | the original shares. During 1930 there was an_ increase in the stockholding body of 50 American industrial and public utility corporations of about 25 per cent, or in numbers 850,000. This year practically every one of these same companies shows a gain in the number of its owners over 1930. In spite of the universal bearishness on American railroad stocks, the records of the largest carriers indicate the same in- crease in shareholders as has taken place in the other two corporate divisions. ‘The five corporations havi the greatest number of stockholders, in the order of their rank are American Tele- phone & Telegraph, Cities Service, General Motors, Pennsyl\'avflu Railroad and United States Steel. As a group the fastest growing companies with respect to stockholders are the public utilities. Not only have they made important additions to their lists of preferred stockholders thrau%{l popu- lar selling campaigns, but have at- tracted to themselves a new body of in- vestors in their common stocks, owing to the remarkable stability shown in thelr earnings during the period when the revenues of so many industrials and of practically all the raiiroads have been “shot to pieces” by the general business conditions. (Copyright. 1931.) By the Associated Press. NEW YORK, November 11.—The in- vestment bankers of the country are meeting in convention at White Sul- phur Springs this week in an atmos- phere contrasting with that which sur- rounded the deliberations of the mem- bers of the American Bankers’ Associa- tion at Atlentic City a month ago. In the meantime sentiment has improved, a | moderate degree of confidence has been | restored, bank failures have tapered off | sharply and markets for securities have | gone from a state of extreme depression to one of considerable buoyancy. Rebound in Bonds. ‘The fact that relieves the convention at White Sulphur Springs from dupli- | cating the dullness and despair char- acterizing the sessions at Atlantic City is the rebound that has taken place | since the beginning of this month in | foreign dollar bonds and in junior rail- | Toad issues. There has also been enough of an improvement in municipal bonds jand in Government issues to spread a feeling of optimism for the future of their business among those who under- write and distribute securities. Prob- ably the greatest change, and the one that has come most unexpectediy and at the swiftest pace, is that which has taken place in the Government and cor- poration issues of overseas borrowers. ‘ This has been the most striking phase reflecting the general change in inve: ment sentiment. It has been even mor sensational than the 50 per cent re covery in wheat and the stirring rise | in the price of silver. In the bonds of | the Argentine government, the largest | borrower in dollars in South America, | an appreciation of just 100 per cent | has occurred since these issues sold at | about 35 cents to the dollar last month. Nearly as great a gain has taken place | in Brazilian government loans. In the | issues of the Chilean Republic. which | went as low as 10 cents on the dollar | in October, the recovery has amounted to 150 per cent: even more in some of the issues of the Chile Mortgege Bank | whose interest has recently been sus- pended. The 6 per cent bonds of the Republic of Colombia have advanced over 100 per cent; those of the Repub- lic of Peru, which almost faded out of sight, are up more than 200 per cent. Various state and municipal issues in Bouth America have joined in a move- ment that has carried them from nom- inal to more respectable values, and one city loan has advanced over 200 ber cent. Public Confidence Improved. At the same time the leaven of pub- lic confidence has been working in | other parts of the foreign dollar bond | list. It has been conspicuous, for in- | stance, in German issues, whose re- | bound has been largest next to that of | South Americans. In one German pub- lic utility it amounted to nearly 100 per cent. In most others it has ranged from 40 to 70 per cent. After Great Britain suspended gold payments and this same policy was adopted by the Scandinavian countries the obligations of Norway, Sweden and Denmark fell abruptly. While they are still many points below their h%&;‘ Erlces of the year, they have gone back as a group more than half way toward the start- ing peint, There have also been sub- stantial recoveries in the bonds of Ital- lan government and Itallan muniel- | | | | INVESTMENT BANKERS CHEERED BY REBOUND IN BOND MARKET palities as well as those of Austria, Poland, Greece and Hungary. The general recovery in foreign dol- lar bonds has lifted part of the load from the shoulders of investment bank- ers. It has not in the least relieved them of the responsibility for surround- ing clients who have purchased these bonds with the maximum of protection during the years before these issues reach maturity. There has been a conspicuous ab- sence of information and of advice from the sponsors of foreign dollar bonds in behalf of the individuals and institutions that bought them in the heyday of the foreign doller bond boom. 'There is, now that these bonds have reilied materially, a disposition on the part of those who sold them—it has “already appeared in statements coming from White Sulphur Springs— to criticize bondholders for losing their heads and selling their bonds below their actual values. The reply of the bondholder may well be that, in his moment of crisis and of indecision, he had no one to guide him or to urge him strongly not to sell his South American or German issues. As a matter of fact, he was frequently urged “to get out of them at any price” by practically the same people who had advised him to get |into them when they were originally | issued and were selling at a premium over the subscription figure. Information Sought. ‘The weakness of previous reports on foreign dollar bonds submitted at the annual conventions of the Investment Bankers' Association has been realized, Efforts are now being made to develop a fund of information that will steer the holder of such bonds along a proper course in the future. To be worth while this must not only follow | affairs in countries that are now in default, but be so well grounded on conditions in Germany and in South- | castern Europe that it can represent ! an opinion entitled to respect by the | American holder of foreign bonds when he faces up to the many confused situ- ations that are likely to develop abroad in the next few years. g (Copyright, 1931.) NEW MORRIS PLAN HEAD. NEW YORK, November 11 (#).—Wal- ter W. Head, chairman of the board of the Nebraska Power Co. and former president of the Omaha National Bank and the Foreman State National Bank of Chicago, became president yesterday of the Morris Plan Corporation of America, nationally known industrial banking organization. Mr. Head succeeds Austin L. Bab- | &ck, who becomes executive vice presi- dent’ of the corporation. The corpos tion is_the central organization for Morris Plan Bank: COAL PRODUCTION. By the Associated Press. Production of bituminous coal fell off slightly during the week ended October 31, as compared with the previous week. The total output for comparable periods follows, as calculated by the Bureau of Mines: Week ended Oct. 31. 8,022,000 tons Previous week..... 8,144,000 tons Stme week last yea 10,145,000 tons | Advancing #¥3 A—15 PRODUCE MARKETS INMIXED TRENDS Grain Prices Prove Feature of Irregular Quotation Movement. Aside from the strong leadership of advancing grain prices, the markets on farm products were irregular the first |10 days of November, says the United | States Department of Agriculture, Bu- reau of Agricultural Economics, Market News Service. Gains and losses, were fairly weil balanced in the general list. Choice cattle advanced, but most live- ck showed rather w market action. Poultry is in heavy supply and seliing below last season’s level. Egg markets tend higher. Butter prices re- covered a little from the month’s low- est points. Not much change occurred in the fruit and vegetable markets. Vegetable Prices Fairly Steady. The Western New York price on round white potatoes was up to 73-75 cents per 100 pounds. North Central States showed practically no change at 50-60 cents. Little change was re: ported in Eastern jobbing markets ex- cept for a firmer tone on Main Green Mountains. Sweet potatoes still re- turned 80-85 cents per barrel at East- ern_Shore of Virginia shipping points. New York Big Boston lettuce declined, while New Jersey stock advanced in the New York City market. By the last of October about 524,000 crates of celery were in Western New York storage houses, or cnly 1,000 less than at the same time in 1930. The f.o.b. market for cold storage celery was slow and dull, with prices a little weaker. Onions were still unsettled. Western New York yellow varieties declined to 1.05 per 50-pound sack, fob. Bulk Danish type cabbage weakened in West- ern New York to 7.00a9.00 per ton, while sacked stock strengthened to & range of 10.00a11.50. Apples closed somewhat lower in the Potomac Valley area. Best Yorks in barrels were bringing 2.15a2.35, with Staymans at 2.00. Cold storage Rhode Island Greenings brought 3.75 per bar- rel at New York loading stations. Bulk apples, mostly for cider manufacture, ranged generally 15a20 cents per 100 pounds. Eastern grapes were higher in city markets, but were lower in Southwest- ern New York. Butter Production Sustained. Production cf butter has held up re- markably well. Conditions in produe- ing regions have shown but little change except for freezing weather in some sections. Prices declined further in early November, but recovered part of the loss. Higher mill feed prices may lessen extra feeding to some extent, but there is ample rcugh feed and home- grown grain. Jobbers and chain stores in practically all of the large centers of population report a continuation of the heavy consumgtlfln of butter, which started during the Summer months. Retail prices have been reduced in line with the previous decline in the whcle- sale markets. Cheese prices were lower in most city markets in line with country replace- ment costs, but buyers limited orders mostly to immediate needs in anticipa- tion of the decline on country boards. Butter prices still continue more favor- able than cheese prices and the diver- slon of milk from cheese factories to creameries continues. Egg Markets Strengthen. The improvement in the fresh egg markets that developed during the lat- ter part of October gained additional strength in early November. Receipts of fresh mixed colors from the Middle West were comparatively light and were closely cleared at an advance of 1 cent on the lower grades. Quotations on the better qualities, which were in more liberal supply, however, remained un- changed in the face of a light consum= ing demand. The consuming demand for poultry within recent weeks has been disap- pointingly low, and with fairly heavy stocks of poultry of all classes already in storage, the market has found but little support from speculative interests. Very few fancy broilers or fryers are ncw being received, but In spite of the light receipts, the market is weak and unsteady. Likewise, the recelfit of fowls has been light, but with a falling off in demand, the market on fowls is no n.ore than steady. The market on fowls since the low Midsummer prices, how- ever, has shown quite an tmprovement. Quotations on the New York market are now about 25 cents, only 1 cent lower than prices a year ago. Live Stock Irregular. The competition in Chicago for fin- ished cattle emphasized the uneveness of early November trade in 1-wer grade offerings, steers of similar quality often selling at widely varying prices, repre- senting a wide difference of opinion to values of such kinds. sm:vgy choiee cattle had an outlet at 11.50 upward, :‘:,l‘l)le the bulk sold anywhere down to The hcg market recovered partly after declining prices earlier. Recei) at 12 large markets the first week of Novem- ber were around 71,000 head less than for the preceding week, but the drop in receipts was relatively less at Chluglz than at other markets. Fewer ligl weights arrived, indicating a tendency on the part of feeders to hold back un- finished kinds as long as possible. Sheep and lamb receipts decreased. Prices tended slightly lower. Very few of the range lambs offered were suf- ficiently finished to grade above me- dium. A rather broad inquiry for wool wasan encouraging feature of the trade at Boston, although much of the business was confined to sample lots. Bids were made cn a large variety of wools, but the bulk of these offers were rejected. Grain Rise Extended. Prices of all grains made further ad- vances during the first 10 days of No- vember. Active trading mn the futures markets advanced wheat prices 5 to 8 cents per bushel and was reflected in moderate advances in feed grains. Continued dry weather in parts of the domestic Winter wheat belt, a further slackening in offers of Russian wheat and increased export demand for grain from Ncrth America were the principal strengthening features. Cash prices mostly followed the advance in futures. Rye had some independent strength as a result of the short suppiies and in- creased export inquiry from Europe. Flax advanced along with grains, but the market was helped by higher prices for linseed oil and meal. Feeds Sell Higher. ‘The small offerings of wheat feeds fcund a ready outlet during the first week of November and prices advanced from 1.00 to 450 per ton. Cottonseed meal was in urgent demand and prices advanced from $1 to $3 per ton. Demand was good in the Southeast and Middle West, but was only fair in the East. Gluten feed and meal prices ad- vanced 50 cents to $2 per ton and hominy feed was unchanged to $2.50 higher. Better inquiry, light offeri: and high corn prices strengthened the market. ‘Timothy hay markets averaged about steady. The continued light offerings seem equal to the present market re- quirements at iuosy points. The New York City market was reported barely steady. The moderate offerings at Chi- cago were in good demand and prices on the better grades of timothy and light colver mixtures advanced 50 con's per ton, Argentina Peso Higher. BUENOS AIRES, Argentina, Novem- ber 11 (#).—Jumping nearly 10 points in two days since the election, the gold peso was quoted yesterday at 165.5 per $100. only half a point from the limit fixed by the Exchange Control Com- mission. The paper peso rose 25 cents on Satyrday to 26.5 cents .