Evening Star Newspaper, November 12, 1931, Page 15

FINANCIAL. CURB STOCKS SAG AFTER EARLY GAI Market Turns Dull on Decline, With Leaders Fraction- ally Lower. BY JOHN A. CRO! Bpecial Dispatch to The Star. NEW YORK, November 12.—Stocks e the Curb Exchange, after opening scuve,~ and strong, slipped around mltday. Trading slowed down on the decline. The marzes eader, Electric Bond & Bhare. was virtually unchanged st mid- day after showing fractional gains at times. Citles Service was off 3. Im- perial 01‘1’ and Standard Oil of Indiana also eased. Electric Bond & Share stockholders meet December 7 to consider cancelling the plan adopted July 1, 1929, for the sale of common stock to employes at $40 a share and to retire 590,000 shares involved under the plan. This would mean a refund to employes and officers of about $3,000,000. tn connection with the offering of Electric Power & Light common stcck at $15 a share, it was pointed out that Electric Bond & Share owns slightly more than 33 per cent of the former's common stock and 58 per cent of its option . warrants. Therefore _Electric Bond will have to spend $8,517.675 for the new Electric Power & Light com- mon stock. Should Electric Bond subscribe to its full share of Electric Power & Light stock, proceeds of which are being used to pay for United Gas preferred, it will own control of two affiliates, Electric Power & Light and American & Foreign Power, the latter being its principal foreign subsidiary. As copper stocks slowly slipped to lower levels, it was reported that aer- tain groups of the red metal producers were mal a ‘“desperate” effort to reach a curtailment agreement. ‘Whether producers curtail or not, tar- iffs will be much discussed at the com- ing congressional session, and interna- tional bankers belleve a world copper cartel will be formed not later than next Spring. Encol:n'l‘ed by firmness of the Lon- don market, stocks opened actively tric Bond & Share at 203, was up %. Cities Service opened lower, but then recovered to its previous clos- ing level of 8%. Imperial Oil, Ltd, and Standard Oil of Indiana led the upswing in oils. Woolworth, Ltd., at 9 rose frac- Goldman-Sachs opened at )2, after its 45 per cent gain of the day before. American Gas & Electric at 49%; was off 115, thereby an_exception to the general d of public utilities. NEW YOR.Kl November 12.—Retail sales have continued to gain this week and indications are that results for the first half of this month will show up substantially better than those of the first half of October, according to trade - York. seasonal gain fcr the perjod has been heavy and retail executives in New York expressed confidence that the dollar volume would not be greatly behind the figures of the oorresponding time a year agp. Resident offices in New York are re- celving many calls from store clients for promctional suggestions for holiday selling. Special lists of items suitable for $1 promotions are especially sought, refl the strong interest expected to be displayed by consumers in this price range. Resort and “in-between™ lines of mil- linery are being rapidly completed and will be shown the trade by some hcuses in the early part of next week. New materials are an outstanding feature of the mphuu in and straw . Crystal bindings in colors and black and white are regarded with much confidence. Reductions cn wholesale shoe prices have become mcre prevalent during the ‘week, with some producers making dras- tic cuts in order to move goods, reports in the trade in New York indicate. One {airly manufacturer was said to have e cuts ranging d4s high as 17 per cent. A men’s staple number, priced at $3.15 a pair, was reported to have been cut to $2.60. This was the largest reduction, however, cther styles being revised downward about 5 to 10 per cent. -sa'80 o0t oot 2028 91% 91% 1% 90 90 oS e 3- ESESS geanssaSeRsiaen e A A A A AN T80 oene e cntorors ol o s i §§§=§1 9%; 2o e A9 e RSN . ® e 10 Tri Ut 55 79 cv. 4 Union E & P 5 es! Bs 2030.. 7 1Wes Tex Ut 65 A 57 r Pr Tlzs '47 Mg B 7 47 38 r BusEu85838% ith warrants. T Without | warfants. .:‘:in issued. exeont ted by letter “5." Btecks sold in 100-shase lete w b.-.ll:l!" Close. % ~Prev, L~ and Fien Low " Dividend Rate. Add on, 14 Acetol Prod A, 1 2'% Agfa Ansco. aee 15 Allied Int Invevpt3 3% Allled Mills Inc..... 1 ‘Aluminum Co of Am n:: Ed 4% AmBeverage....... 2 2% AmCit PALBb10% . 3 AmComPA (b10%) 4 Am Com PrB(b10%) Am Com Pr 18t pfA 7 % Am Corpn (£30¢). 3% Am Cyanamid B. 5 AmDep Strs1stpf A 1% Am Equitie 4% Am For Po: 3214 Am Gas & Elee :31). 20% Am Lt & Trac (2%).. % Am Natural G; o 5 Am Buperpwr (p40e) 61'% Am Superp 1st (6)... % Am Util & Gn B vte.. % Anglo Chil Nitraf 1 Appalachian Ga 2% Arcturus Rad Tu 244 Arkansas Nat Gi 2 ArkansNatGasA 13 Armllronfi Cork (1). 15 3 26 2 8 11 508 3 Art Metal (b8%) 2% Assoc Elec Ind (30c) 5% Asso GEEI A(b2-25). & Asso Laundries vte 3% Atlas Uti] Corp. 815 Beneficlal IL (1%) 13 Blue Ridge Corps... 20 * Blue Ridge cv pf(at) 6% Borne-Scrymser.... 50 7 Brazil Trac Lt&P(1) 2 24 Brit Col Pwr (A)(2). 268 39 BuckeyePL (4)...., 1 22 Buff N&EP pf (1.60), 10 87 BuffN&EP1st (), 2 231 Bunker Hill & Sull.. 300s 1 BurcoInc.y........ 6 14 Canadian Marconi % Carnegle Metals. . 16 Cent Hud G&E (80c) <2145 Cent Pub Sve A b5%. 2 Cent Stat El (b10%). 50 Cent St El pf xw(6). ' Chain Store Devel. ., 180 Ch!B&QRR (10)... 5% Cities Service (x30¢) Serv pt (6)... 1% Claude Neon Lts Inc. 26% Clev El 1llum (1,60). 2% Cleveland Tractor... 2 1 2 1 20 2 1 2 s 44 Colum Pie v.t.c. 130 Cmwith Edison (8). % Cmwith & Sou war.. Y% Comstock Tunne! 2% Consol Afreraft. .... % Consol Auto Merch. . 1 Consol Copper...... 60% Con Gas Balto (3.60) 1% Consol Royal (20c).. 8% Cooper Bess pf (A). 4% Cord Corp. . % Cosden Oil. % Cresson Consol (4c). 1% Crown Cork Intl (A) % Cuban Cane pr opt w. & Cusi Mex Mining 2 Darby Petroleum. # Dayton Air & Eng. 8% Deere & Co....... o o o s RN UM L NN N OR NN e 7% Driver Farris new.. % Duquesne Ga: % Durant Motors. .. 10 EastG&F Assoc... 3% East Sta Pow (B)... 14% Elec Bond&Sh(b§%) 63 ElecB& Sheupfhb.. 75 [Elec B& Shpf (6)... 6 Elec Pow Assoc (1). 5% Elec Pow Assoc A (1) 7% Elec P & Lt op war. . 39% Emp G & F cu p£(7). % Empire Pub Sve (A). 3 EuropE Ltd A (80¢) % Fageol Motor. 8% Ford M Can A (1.20). 19% Ford Mot Can B 1.20. 4% Ford Mot Frn 37% 5% Ford Mot Ltd 3§.3-1 1% Foundation For Shs. 14 Fox Theater (A) 2% Gen Aviation. 9 3 » S @ 3 80'% Georgia Pw pf (6) 5% Globe Underwr (15¢c) 8 Golden State Co Ltd. 2% Goldman Sachs. . % Goth Knitback Mch. 3 Grand Rapids Vr 50¢ 160 Great At&Pac(16%). 108 116'; Gt At&Pac Tea pf(7)100s 38 GulfOllof Pa(1%). % Hamilton Gas v.te. % - ROANAN AR o AR B~ INE N EE AN R aN® % Helena Rubenstein. . 3% Hollinger Gold(65¢). 28% Horn & Hard (23%).. 2 Hudson Bay M&S.. 2% Hyarade Food Prod. 29 Hygrade Sylvania(?) 7% Lmp Ofl of Can (50c) 7% Imp Tob Cap (35¢). . 5% Indiana Pipe Line(1) 7 Insull Inv (b6%)... 35% Ins Co ofNo Am 123 2% Insur Security (40c). 4 Intercontinent Petn. THE EVENING STAR, WASHINGTON, D. C, THURSDAY, NOVEMBER 12 NEW YORK CURB EXCHANGE Received by Privste Wire Direct fo The Star Office. ~Prev. 1031~ High, Lew. 88 n Btock and Sales— A Dividend Rate. Add 00, Open. High. Low. Close. 49% Interstate Pw pf(7). 5O 59% 59% 4% Irving Air Chute (1), 69% Kruskal & Kruscal Lone Star Gas n 88c. Long Island Lt (60c) 18% 61 9 4 110t 107% 3% 2% | 8% 13% 29% 1% % 21% 5 1% % 1 5% 1% 3% 3 20% 114 ™ 9 12% 39% 3n * 11% 3 W 6214 33% 12% £ 2% 40 12% 519 1% % West M. nusl payment. Margay.. Mnss Util Assoc. Mead Johi . Mercantile Strs (1).. M3d Sta Pet vtc A 22¢ Mid West Ut (b8%) .. s MIdW Utcvpfxw6 Mock Judson Voehr. i0-Kan Pipe Line. .. $lon W P P S pf 1%, 2508 Mountain Prod (1)... Nat Aviation. . Nat Bd & S Corp (1). Nat Fuel G Nat Investa i Nat Pow & Lt pf (6).100s Nat Sh T Sec A t60c. Nat Standard Co (3). Ludlow Mfg Co (6).. % Magdalena Synd..... Marconi I M 87 1-10c. on (15) as (1) 8 N Y Hamburg (2%) . N Y & Hond Ros (1). NY Steam Cp (2.60). Niag-Hud Pow (40c¢). Niag-Hud Pow A w.. Niag Sh Md (40c). 615_Niles-Bemt-Pond (1) % Nipissing..... 4 % Nitrate Corp Chi & Nor Am Aviat A war., Nor Ind Pub S pt (6) Nor St Pow pf (6)... Nor W cv pf (3). Nor Pipe Line (4) Ohto Copper. PacG&E lstpf1 Pantepec Oil. Paramount Cab Mfg. Pennroad Corp (40c) Penn Wat & Pwr(3). Peoples L&Pwr (A). Perryman Electric Philip Morris Ine. ... Phoenix Secur Corp.. Pllot Rad Tube A.... Plymouth Oil (26¢c).. Potrero Sugar. Premier Gold (12¢).. Prod Roalty (b10%). Pub Util Hold xw.... 4 Rainbow Lum Pr A.. Rainbow Lum Pr B.. Reybarn Co..... Richman Br Richfield Oil Rock Lt & P (90¢c). Salt Creek Consol. Seeman Bros (3) Segal L & H (a50c) Selected Industries. . Sle Ind al ctfs(5%) Shattuck Den Min. .. Sherwin-Williams (4) Singer Mfg Cas(116). 50 Southld Royalty 20c. 1 SouCalEd pf C(1%) - Southern Nat Gi Sou Pipe Line ( SW Penn P&L (1). Spanish & Gen rets Stand Ofl of Ind( 1).. Stand Ofl of Ky 1.60. Stand Silver & Lead. Stein(A)&Co pf 6% . 1008 Stutz Motor Car. 3 Sunray Oil. Swift&Co (2)...... 1 Swift Internat’l (t4) 1 Swiss-Am EL pf (6).. 50s Taggart Corp Tampa Electric . Teck HughesGM 165¢ Tenn El P 1st p£(7).. Thatcher Sec Corp. . 8% ~Trans Air Trans. .. Trens Lux DLP S Tri-Utllities. ... Ungerlefder Fin Cp Un Gas of Canada(1) Union Oi1 Assoc (2) . Unit Corp war. Unit Founders. Unit Gas Corp. 1 1 1 b 5 1 2 1 s 2 1 3 1508 4 35 2 6 ! UnitEt& Pw A (1).. Unit L & Pwr pf(6). 8 U S Playing Card 2% 1258 Unit Verde Exten (1) Urll P&Lt(at1.02%). Util Pwr & Lt pf(7). Van Camp Pkg pf. .. Venezuela Petrolm. . Vick Financial (30¢) lgreen Co. ... Walker (H) (50¢). Wenden Copper. 31 9 50s Co(2%). Wil-low Cafe pf (4). Woolworth (FW ) Ltd Wright Har (112%c) “Y"Oll&Gas....... Dividend rate3 in doliars based on last quarterly o 2 14 *Ex dividend. Everybody’s Business New Financing Is Given as R¥ason fortRecersion in R. K. O. Shares—Gug- genheim Points to Neces- sity for Stabilized Money. BY DR. MAX WINKLER. Special Dispatch to The Star. NEW YORK, November 12.—Reor- ganization of ihe capital structure of the Radio-Keitn-Orpheum Corporation, involving the 4ssuance of about $12,000,- 000 debentures to be used for working capital and the repayment of bank loans, appears ic have been responsible for the recession in the shares of the corporation and those of allied enter- prises, notably the of America. The Radio Corporat i believed to own 500,000 shares of Radio- Keith-Orpheum and, if the capital stock is reduced, as is generally ex- pected, a certan pressure on its own spock may follow. Stable Money Needed. Before world trade can be restored, entirely irrespective of tariffs and in- ternational debts, the trading countries of the world must have a monetary system of stabilty and a system in which those who do business with them may have conudence, according to S. R. Guggenheim 5f Guggenheim Bros. In his remarks Mr. Guggenheim re- fers particularly to the position of sil- ver, stating that in order to improve the position of South American and Central Europ=an countries, which have great need of . stable monetary sys- tem, it is necessary that there be a re- turn to the pre-war basis for the white metal. While sounding a note of cau- tion against too wide a speculation in silver, Mr. Guggenieim has every confi- dence in the ultimate rise in its value. Rail Statement Expected. Relative strength in the raflroad group is generally believed to fore- shadow the publication in the near fu- ture of a statement of a favorable na- ture. This statement may relate to a voluntary wage cut rather than a plan to adjust wages at a national con- ference. If the voluptary wage reduction is adopted it will bring immediate rellef to the carriers, whereas in the case of national parleys, the matter of wage adjustment is bound to be sub- Ject to protracted negotiations. Rej that the Baltimore & will ‘shortly follow the lead of New York Central, I to v:nwt:; untary cut in wages on e workers, 15, Snother which ©Ohio the brings the railway wage question closer to actual consideration. Reaction in Wheat. ‘The reaction in wheat - be re- garded as the natural recessi after & continued rise, which carried the commodity more than 70 per cent above the low for the year. It is hardly ible that the decline was caused by reports to the effect that Russian exports this year will be sub- stantial, despite earlier statements that Russia would be out of the market. As the rise in wheat was only to & very small extent helped by the news from Russia, it is reasonable to say that the Soviet policy is not likely to exert a very pronounced influence upon the future price smovements of the commodity. It might, perhaps, be add- ed that, because of the drought in Eastern Siberia, the Southern Urals and other sections in Russia grain collections are considerably below the previous level, so that shipments in any event will fall below the volume achieved last ye: ‘The erection of abnormally high tariff walls, resulting from the.transfer of large stocks of gold from one nation to s | @nother, is an unnatural esonomie phe- nomenon and constitutes a serious im- pediment to the world's return to pros- perity, in the opinion of Ramsay Mac- Donald, head of Great Britain's Na- government. Mr. MacDonald adds that such policy is bound to result not only in the im- verishment of the nation that hands out the gold, but ultimately, if not im- n.ediately, in the impoverishment of the nation receiving it. He places the high- est importance upon the recent visit of the French prime minister to the Amer- ican President and expresses the hope that it will lead, first, to an understand- ing between France and Germany and, ultimately, to an understand! among all the nations concerned, whic] make possible arrangements by which the world will be able to extricate itself Tom the absurd economic entangle- ment in which it has fallen. Profit-Tpking in Bonds. The decline in German bonds after a material advance should be attributed chiefly to profit-taking. (Copyright, 1931 by the North American Newspaper Alliance, Tnc.) —— Business Defaults Fewer. NEW YORK, November 12 Business defaults for this week declined Tather sharply from the preceding week, Bradstreet's reports. The total number for this week was 471, the smallest total recorded since the week of September 18, and compares with 596 in the pre- ceding week and 394 in the lke weel last year. There were 315 insolvencies among retailers this week, constituting 669 per cent of the total, as against 375, or 61.2 per cent in the preceding week. o 8ilk production in Shanghal, China, has doubled in $he last few months. 112125 ‘cow, 7! should | Washington Produce Butter—One-pound prints, 36; tub, 35, Eggs—Hennery, 38a42; current re- ceipts, 28a33. Poultry, alive—-rurkeys, young toms and hens, 23a25; old toms, 18a20; cld hens, 20a22; chickens, 3 pounds and over, 18a20; 2 fo 2!, pounds, 20a22; Spring brollers, 24; hens, large, 18a20; small, 15al Leghorn hens, 13al5; roosters, 10a12; keats, young, 40a45; old, 25a35. dressed—Turkeys, Poultry, young hens and toms, 31a33; old toms, 26a28; | old hens, 28a30; chickens, 3 pounds and over, 21a23; 2 to 2!, pounds, 23a25; Spring broilers, 27; hens, large, 21a23: small, 18a20; Leghorn hens, 16al8; roosters, 13al5; Long Island ducks, 19a20. Meats—Beef, prime, 1615: choice, 15%;a16; good, 14al4!y; fair to 8, lamb, medium, top, 15; medium to good, 12!;a13; veal, top, 14: fair to good, 11a12';; pork loins, 8 to 10 pouncs, 13; 10 to 12 pounds, 11} 12; 12 to 15 pounds, 10a10',: fr hams, skinned, 18 to 20 pounds, 10; 12 to 14 pounds, 13; 8 to 10 pounds, 15 smoked hams, 19; strip bacon, 222 lard, 50-pound tins, 9; in packages, 10: compound, 7a7%. Live stock—Hogs, heavy, 4.75a5.25; light and medium, 5.20a5.40; pigs, 5.00a 5.25; roughs, 3.50a4.00; calves, 4.00a 8.50; lambs, 3.00a6.50. Fruits—Oranges, 4.00a5.00 4.00a5.50; bananas, 1.50a2.00: fruit, 2.50a3.00: honeydews, 225a3.00; apples, pushel baskets, 40 to 1.50; box stock, fancy, 2.00a2.75; pears, 3.00; grapes, Emperors, 2.25; Malagas, 1.75: Tokays, 1.75, Cornichons, 1.28; Con- cords, 12-quart baskets, 35a50; pine- apples, 4.0 catels, 1.25; bananas, 1.50a2.00. Vegetables — Potatoes, Maine, 100- pound sacks, 1.25; Idaho bakers, 2.25; sweets, bushel baskets, 50a75; pickling, 50-pound sacks, 1.25a1.50° artichoke, 3.50: string beans, 1.00a3.00: limas, 3.50a4.50; turnips, bushel baskets, 35a1.00; bunched, per 1 ; beets, ger 100 bunches, 4.00; ca: unches, 4.00; okra, 3. one dozen bunches, 75; 3.00; peas, 3.00; cucumbers, 5.00; lettuce, Iceberg, 3.00a3.50; kale, 40a50: spinach, 50a75; celery, 2.00; tomatoes, 1.5081.75; California lugs, 3.00; pepper: 2.5082.75; nearby bushel baskets, 1.0 eggplant, 4.50a5.00; parsnips, 1 mushrooms, 50a75; easparagus, Cal lemons, ‘grape- k | fornia, choice, 2.00: fancy, 3.50; extra fancy, 4.00; peas, 4.00a4.25. There is an absence in classic Greek literature of romance in the relations between men and women of that civi- lization, but their literature is replete with stories of passionate friendship be- tween men. *|instance exceeding the business of both persimmons, 75a1.50; Mus- | IMACHINERY EXPORT TRADE IMPROVING Commerce Department Re- ports Upward Tendency in September Business. ‘The Commerce Department today reported a renewed upward tendency in exports of industrial machinery. Compilation of September exports have been completed by the industrial machinery division and for that month exports were valued at $13,282,000, which was a considerable gain over Au- gust's figures of $9,926,000. The total in September, 1930, was $15,215,000. Officials explained that the gain over August is cited as another example of the inevitable fluctuations which occur in the industrial machinery trade. In this connection they pointed out that undue emphasis should not be placed on monthly returns of this nature in determining year trend. Stabilizing Tendencies. Nevertheless, a review of the month- to-month totals during 1931, they said, would seem to indicate the influence of stabilizing tendencies. In nearly every case beginning with February, the statistics show, a decrease in monthly totals has been offset by a gain during the following period. ‘The most noteworthy development of foreign trade in industrial machinery during the nine-month period of the present year has been the continued activities in sales abroad of metal- working equipment. For the period Jan- uary to September exports of this class of goo:s exceeded similar shipments for the corresponding period of 1930 by more than $1,000,000. This performance is particularly com- mendable when it is considered that the annual figure for 1930 established a record for recent years, and since that time exports of commodities in general have been falling off consistently. Dur- ing September, 1931, this business reached a total of $5548,000, a con- siderable increase over the totals estab- lished for both the previous month and September, 1930. Sheet and plate metal working machinery was the leading item of this classification, followed by forg- ing machinery, gear-cutting machinery and drilling machinery. An improvement was also noted in connection with the trade in mining and quarrying machinery during the period urfder review, the figures in this the previous month and the correspond- ing period of last year. Exports of pumping machinery continued to de- cline, and amounted to only $223,000. Commodity Exports. Exports of commodities comprising the textile, sewing and show machin- ery group showed slight increases over the total for August, but failed to reach the figures established for the similar period a year ago. The drop from $2,952,000 in sale of items included in the “miscellaneous” classification dur- ing August to $2,698,000 in September was the only important decrease noted during the period. Special Dispatch to The Star. BALTIMORE, Md., November 12.— White potatoes, 100 pounds, 75al.15; sweet potatoes, bushel, 35a50; yams, barrel, 1.00a1.25; beans, bushel, 5(]&. 2.00; beets, per 100, 2.00a3.00; brussels sprouts, per quart, 8al5; cabbage, 35a 50; carrots, per 100, 2.50a3.50; cauli- flower, crate, 1.25a1.75; celery, crate, 1.50a2.75; cucumbers, hamper, 3.00a 425; eggplant, crate, 3.00a4.00; let- tuce, crate, 2.00a3.00; lima beans, ham- per, 3.00a4.00; okra, bushel, 1.50a2.00; ! peppers. hamper, 25a75; pumpkins, per 100. 3.00a6.00; onions, per 100 pounds, { 1.75a2.00; oyster plants, per 100, 4.00a 5.00; spinach, bushel, 30a60; squash, bushel, 1.25a2.75; tomatoes, lug boxes, 1.75a2.50; turnips, hamper, 20a25; apples, bushel, 50a1.25. Dairy Market. Chickens—Young, 16a20; Leghorns, 16a17; old hens, 17a23; Leghorns, old, 12a16; roosters, 12al4; ducks, 12al9; pigesns, pair, 25a30; guinea fowls, pair, 25a50; turkeys, 20a25. Eggs—Receipts, 594 receipts, 28a30; small 25; hennery, 'whites, 34a36; nearby firsts, 30a32; Western firsts, 30a31. Butter—Good and fancy creamery, 28a32; ladles, 20a22; process, 24a25; store packed, 15. i Live Stock Market. | Cattle—Receipts, 600 head; light s 1p- ply: market strong on choice cattle. Steers—Choice to prime, 8.00a8.50; good to choice, 7.25a7.50; medium to go0d, 6.00a7.00; fair to medium, 5.50a | 6.00; plain to fair, 4.75a5.50; common to_plain, 4.00a4.75. Bulls—Choice to prime, none; 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—Choice to prime, none; good to choice, none; medium to good, 3.75a 4.25; fair to medium, 3.2523.75; plain to fair, 2.50a3.25; common to plain, 1.5022.50. Heifers—Choice to prime, none; good to choice, 5.50a5.75; medium to good, 5.2525.50; fair to medium, 4.75a5.25; plain to fair, 3.75a4.75; common to plain, 3.25a3.75. Fresh cows and Spring- ers, 30.00260.00 Sheep and lambs—Receipts, 500 head; light supply; market steady; sheep, 1.00a3.00; lambs, 3.50a7.00. Hogs—Receipts, 600 head; light sup- i ply, market steady: light, 5.60a5.85; | heavies, 5.1525.65; medium, 5.7085.95; | roughs, 4.00a5.00; light pigs, 5.40a5.65; pigs. 5.6025.85. Calves—Receipts, 50 head; light sup- ply, market steady; calves, 3.50a9.00; no ‘extras. Hay and Grain Prices, ‘Wheat—No. 2 red dw‘xslmt- Exmrlt, Jno otations; No. 2 re nter, garlicky, :]‘:nl, domestic, 66; Novembe ,%6; De- cember 67'%. . o Corn—No. 2 yellow, domestic, spot, 56a57; cob corn, new, 2.00a2.25. Oats—No. 2 white, domestic, 36a37; No. 3, 35!:a36. Rye—Nearby, 50a55. Hay—Recelpts, none. New hay is starting to arrive in increasing quanti- ties, but so far no official grading has been attempted, selling being strictly | on merit. Demand for old hay slow and market is dull and quiet, with | prices in buyers' favor at a range of a17.50 per_ ton |“£t0r;lu‘imly. 1 wheat. 8.50a9.00 per { ton; No. 1 oat, 9.00a10.00 per ton. | | CHICAGO DAIRY MARKET. | CHICAGO, November 12 (A).—But | ter, 12.054 (2 daysy receipts), stea creamery—speclals (93 score), 30-301}; extras (92 score), 201.; extra firsts (90- 91 score), 28-28'%; firsts (88-89 score), 261,-27; seconds (86-87 score), 24-25; standards (90 score centralized car- lots), 281;. Eggs—Receipts, 2,877, firm; extra firsts, 29-30; fresh graded firsts, 27-28; current reciepts, 23-26; refriger- ator firsts, 18-181%; refrigerator extras, 1814-20. casés; current pullet ‘eges, 22a spot, Bank of France Statement. RIS, November 12 (#) —The week- 1y etatément. of the Banic of Prance | shows the following changes in francs: Gold increased 2,932,000,000: sight balances abroad decreased 1.482,000,000; | bills_discounted at home decreased 1,- | 949,000,000; bills bought abroad de- creased 1,692,000,000; adjances in- creased 154,000.000; circiflation de- creased 843,000,000; current accounts decreased 1.003,000,900. Rate of discount, 2 per cent. Plato in his 80th year was still touch- ing up his Dialogues. ! Week ended Noveruber 7. | Previeys week. . RETIRING RAILROAD EXECUTIVE HAS HAD CO Patrick E. Crowley Began Work as Messenger at 14 Years of Age. Rose Steadily to Presidency of New York Central—Had Employes’ Respect. Special Dispatch to The Star. NEW YORK, November 12.—Patrick E. Crowley, known widely among rail- road men as old “Pull Eighty Cars,” a nickname inspired by his initials and ability to keep things moving, has re- signed as president of the New York Central Rallroad, it Was learned yes- terday. The resignation will take ef~ fect on January 1. His office has been offered to Frederick E. Williamson, president, of the Chicago, Burlington & Quincy Railroad. Mr. Crowley, noted for his demo- cratic attitude toward all employes of the railroad and for his square dealing with them, is one of the most colorful figures in current railroading in this country. Started as Messenger Boy. With the advantages only of a com- mon school education in his native town of Cattaraugus, N. Y. he joined the Erie Railroad as a messenger boy of 14 years in 1878. He successively served as telegrapher, station agent and dispatcher with the Erie until 1889, when he became a dispatcher for the Central. This road and its sub- sidiaries he served consecutively ag| dispatcher, train master, division su- perintendent, assistant general superin- tendent, general superintendent, general manager, vice president and president, Personally he has been one of the most_popular railroad executives in the history of the business. He stated upon' taking office as president of the Central in 1924 that if any man or woman in' the road’s employ, from scrubwoman and car cleaner up, had any complaint or suggestion to make, the latchstring of his presidential of- fice was always hanging on the outside of the door, This declaration was no mere blather. He meant it and lived A) LORFUL CAREER PATRICK F4 CROWLEY. up to it. As a result internal dissen- sion has been at a mum in the Central organization since he tonk over its management. No reason for his resignation was given, but it was stated that Mr. Crow- ley will continue to serve the road in an advisory capacity and as a director. A “Cinder Railroader.” Dispatches from Chicago, following announcement of Mr. Crowley's resigna- tion by the board of directors of the New York Central, stated that Ralph Budd, president of the Great Northern, which, with the Northetn Pacific, con- trols the Chicago. Burlington & Quincy, has been selected president of the lat- ter road, indicating that Mr. Willlamson will be released to head the Central. Mr. Willlamson, like Crowley, is an i “cinder railroade; having gone through many grades of appren- ticeship after his graduation from Yale University in 1898. He beglan his service with the Central, which he served for 27 years until 1925, when he was drafted by the Great Northern as vice president in charge of operation and maintenance. He comes back to the Central after having served as president of the Chicago, Burlington & Quincy for three years. (Copyright. 1931.) R-K-0 FINANCE PLAN TO BE VOTED UPON| Stockholders Will Be Asked to, Approve $12,000,000 Bond- Issue of Corporation. By the Associated Press. NEW YORK, November 12.—A spe- clal meeting of stockholders of the Radio-Keith-Orpheum Corporation is expected to be called within the next | few weeks to vote a reorganization of the capital structure, which will involve the issuance of about $12,000,000 debentures. The proceeds of the financ- ing will be used for working capital and for the repayment of bank loans. Plans involve, it is understood, the reduction of the capital stock by about 75 per cent and the issuance to the subscribers of the debentures of new shares that will replace those cancelled. It also was said that the Radio Corporation of America, which -holds 500,000 class “B” shares, will under= write the issue. As of December 31 last, the corpora- tion had outstanding 2,328,250 class “A" shares and the 500,000 class “B” shares held by the Radio Corporation. On that date the corporation and its subsidiaries had outstanding $40,351,000 funded debt, of which $2,517,650 was due to mature in one year. WHOLESALE PRICES. By the Associated Dress. The weighted wholesale price index | maintained by the Department of Com- merce showed a slight recession dur- ing the week cuded November 7 as com- | pared with the previous period. In the | totals that follow the selling price in- | dex is given for comparable weeks, | based on representing the 1926 average | as 100. In addition, the selling price | of a ton of conbusite steel products .s | given for like periods: All com- modities. 68.3 68.5 *82.2 Steel. | $30.64 $30.68 $31.98 | Same week last v Bank of England Statement. LONDON, November 12 (#).—The weekly statement of the Bank of Eng- land shows the following changes in | pounds: Total reserve increased 1,589,- | 000, circulation ~ decreased 1,662,000, | bullion decre2sed 72,000, other’ securi- ties decreased 1,808,000, public dep-sits decreased 734,000, other depcsits de- creased 2,341,000, notes reserve in- | creased 1,670,000, government securities decreased 2,830,000, The proportion of the bank’s reserve | to liability is 33.60 per cent. compared with 31.44 last week. Rate of discount 6 per cent. TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) Rate—Maturity Bid. 17ss Dec. 15. 1931 100 1 . 1931-T.D.2 100 15, 1932, .. 100 15" 1931:3200 100 4-32 Ll 99 16-32 FOREIGN EXCHANGE. (Quetations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks -32 15, 1932. 99 24-32 London, pound Madrid, Vienna. Bu zloty Copenhagen. ~cro Oslo. crown. ..... Stockholm, crown. STOCK AND BOND By the Associated Press. From Yesterday's 5:30 Edition. STOCKS. Month ago. Year ago. Two years ago Five years ago. High, 1931. Low, 1931 High, 1930. Low, 1930 High, 1929. Lo Two years ago. Three years ago. High, 1931 90.4 Low, 1929, % (Copyright, 1931, Stant | dimmed 1ts prestige and, in a few in- | helping hand to cotton and wheat, but | —The Baltimore and Oio Railroad GOTHAM LEADERSHIP IN FINANCE DISPUTED, Wall Streeters Debate Whether Business Center of U. §. Will Soon Be Changed. Special Dispatch to The Star. NEW YORK, November 12.—Will New York or some other city in this country, Ppogsibly Chicago, be the financial center of the United States in the future? This question is being seriously dis- cussed by Wall streeters of the non- provincial type and by outsiders. It is pointed out that such banking and in- dustrial leadership as was shown dur- ing the depression came from quarters: outside of Wall street. Furthermore, such cities as Cleveland, Detroit, Chicago, St. Louis ana San Francisco, to mention but a few, insist that fundamental business conditions in this country today are much better than elther New York City or its financial .district realizes or will concede. Some Western business leaders assert that lack of leadership in the pressnt | financial center of this country has stances, has caused it to lose business. The real rise in commodities recently did not originate here, ous in Chicago. It is true some New Yorkers lent a only after outsiders took the initiative, Likewise it is contended by financiers wino have a national, rather than a ‘Wall street point of view, that consider- able financing from now on will ema- nate from centers other than New York. Wall street may get additional in- ternational business that rormcrly went to London, but the slow development of international financial machinery here mak-s this development douotful. Financial historians of course would not be surprised to see the money center of the country leave New Yurk. At one time Fhiladelphia and at anotaer period Boston was the financial center of the United States. (Copyright, 1931.) B. & 0. Earnings. BALTIMORE, November 12 (Special). earnings for the 12 months ended Sep- tember 30 are computed to be equiva- lent to $2.53 a share on the common stock as compared with $7.44 a share earned for the wealendar year 1930. While these earnings did not cover the dividend, if a $4 rate is to be main- tained, the road’s fixed charges were covered 1.2 times over as compared with 1.7 times in the 1930 period. SHORT-TERM SECURITIES. (Reported by J. & W. !Qllmln!fi C%! Allis-Chalmers Co. 55 1 American Chain Co. 93 American Tel. & 20704 963 **% A_]§ STABILITY IN OIL PRICES EXPECTED Warring Factions of Industry Are Ready to Declare Armistice. N By the Associated Press. TULSA, November 12.—Armistice day looked to the midcontinent oil industry considerably like a real time for stack- ing arms and getting down to the busi- ness of peace-time competition and hustle. As the industry's leaders sat about the council table in Chicago, at the annual meeting of the American Pe- troleum Institute, the junior executives, Jjust plain hired hands and others left behind, parked their feet on the near- est desks, mulled over the events of the last few months and tried to take ; ‘tu’tumnpecl peep into the immediate uture, The recent past has brought to & close, for the time being, anyhow, that war between the producers and pur- chasers for higher prices for crude oil. Advance Seems Permanent. The 15-cent general advance for crude of last week appears permanent and has caused the caiamity howlers among the small producers, who al- leged they were “losing their shirts,” to pucker their lips once more in a smile. With these should be classed the roy- alty holders, too, to whom the price of crude is all important. There has been a steady strengthen- ing of the refinery market, the tank- wagon price of gasoline has gone up a cent, and the buying public has not so f‘r complained at the price at the P mp. In the recent past there has come an end, except technically, of the mili. tary regime in the flush flelds of Okla- homa and East Texas. With this, came the broadest stabill~ zation }’“‘""‘ yet attempted—the State-enforced agreement to hold the midcontinent flow with the national Frodllcum to a level that would assure he withdrawal of a considerable volume of oil daily from heavily over burdened stor These rage. and the avowedly ex- cellent statistical condition of the in- dustry to which they contributed, ap- parently pointed to a more nearly nor- mal Fall and Winter season than the oil world has known since the great Oklahoma City oil field was discovered, nearly three years . What steps the chiefs in Chicago would take to make permanent present favorable factors and eliminate a num- ber of vexing conditions still existent, could not be forecast. Question of Arbiter. Matters before the A. P. 1. of broadest importance are subjects that have been discussed so far with velvet tongues. Whether the ofl industry should take the praise or blame for seeking repeal of the anti-trust laws t6 permit more orderly, economical and, eventually, more extensive recovery of oil from future pool discoveries, is one of these. Whether the industry should have an umpire or arbiter is another. Some ob- servers here have taken the stand that California’s proposed experiment along that line would result in precedents and experiences that would aid the industry nationally if and when it felt the time Tipe for appointment of a “czar” for the entire United States. And there’s that troublesome tariff question. Whether to follow Wirt Franklin, the independents’ leader, and E. B. Reeser, the A. P. I president, in an intensive campaign for a tariff, rely upon importers to be careful not to up- set domestic markets, or to pass the subject up as relatively unimportant basically at this time, is a question only the final vote will answer. But regardless of what the meeting accomplishes or brings to light, the in- dustry admittedly is in vastly better condition than it was last Armistice day, and many elements are peaceful now that were raging in bitter strife only a few months ago. Grain Market By the Associated Press. 3 CHICAGO, November 12.—Graln prices underwent sharp new downturns early today, influenced by weakness of the Liverpool wheat market and by unexpectedly enlarged wheat shipments from Russia. Black Sea exports of wheat for the week were almost double those of the week previous and in- cluded 2.480.000 bushels from Russia. Opening 34 to 215 cents lower, wheat afterward held near the initial limits. Corn started 33 to 1! off and showed but little power to rally. Surprised over Russia’s big wheat exe ports for this week, 2,480,000 bushels, against 1,160,000 the week before, gave a jolt to wheat bulls and led to heavy general selling. Numerous stop loss orders were executed, and the wheat market fell to more than 6% cents under the recent high price, with corn simultaneously showing 5 cents setback from top prices of late. The bearish showiag as to Russian wheat exports overwhelmed at least temporarily all the effect of bullish advices, including reiterated crop damage reports from Argentina. Disturbance of Argentine exchange rates resulting in largely halting wheat exporis from Argentina was the reason ,”’hscrlb:d for the trade ignoring frost 93 Wheeling 55 1933 94 & So Rwy. 4'as 1935 9414 Commercial Credit Co. 5'>s 1935 Delaware & Hudson Co. 8s Denver & Rio Grande 4'as Gen_ Mot, Accep. Corp s General Petroleum Corl 1 General Public Service Grand Trunk of Canad: G ight Co. Louisyille & Nashville New York Cent. & H. Northwestern Telep. 4las Pa. R. R. Co. 625 1936, Portland General Elec. 55 Republic Iron & Steel 55 1940 Ot Co, 9125 1038 88 1 55 ds 1 S Sinclair Crude Southern Pacific 55 1934 = St. L LMS. Ry. R. & G. 4'1933 Union Elec. Lt & Pow. 5s 1933 Union Oil Co. cf-Calif. Virginia' Rwy. & Power Wabash Rwy. Co. 55 1939 888SpsEnst AVERAGES- ,dun"e reports. ! the bearish influence of the On the other hand, increased Russian wheat shipments was luz- mented by announcement that in the Jast week has also exported 2,355,000 bushdls of rye and 1,650,000 bushels of barley. Corn and oats re- flected wheat weakness and also the bearish aspects of the Government crop report as to 1931 corn production. New York Cotton Special Dispatch to The Star. NEW YORK, November 12.—Open- ing cotton prices today were 2 to 6 points higher, with the best improve- ment in near months. Trade buyers were active. Opening prices were: December, 6.59, up 4; January, 6.69, up 6; March, 6.85, up 6; May, 7.02, up 5: July, 7.17, up 3, and ‘October, 7.42, up 2. POTATO MARKET. CHICAGO, November 12 (#) (United States Department of Agriculture).— Potatoes—Receipts, 79 cars; on track, 252; total U. S. shipments, 506; mar- ket dull trading rather sio per hundredweight, Wwhites, 70a80, few 85; Minnesota, North Dakota Red River Ohios, a95; Idaho 223 - 295255 uss 88822232358 434344444 1 dard Statistics Co.) 85 Tussets, No. 1, 1.25a1.40, few higher; No. 2, a1.05; commercials, 1.10: Nebraska Triumphs, unclassified, 90a 1.00; fancy higher. Paper Production Increases. NEW YORK, November 12 (#)—Ac- cording to identical miil reports to the American Paper & Pulp ~Association from members and %mm, zations, the daily av of paj production in September M per cent over August, but was 6 cent under September last year. -fl: daily average wood pulp production in September was 6 per cent above Au- gust, but 7 per cent below September. of 1930. PARIS BOURSE FRICES. PARIS, November 12 (#).—Three cent rentes, 8¢ francs 45 centimes. per cent loan, mum francs 80 R g v i 8 ive