Evening Star Newspaper, November 13, 1931, Page 14

NSTAR, WASHINGTON, 1) cRIDAY, NGV AL FINANCIAL. BONDS DEPRESED | o= == BONDS s N QUET NARKET Bearish Rumors on Dividends Tend to Depress Rail Issues. BY F. H. RICHARDSON. Special Dispatch to The Btar. NEW YORK, November 13.—Bonds were heavy with the exception of a few foreign descriptions. The market was depressed by gloomy reports re- gal ln(f1 the outlook for important rail- road dividends. This caused a reac- tion in speculative carrier descriptions and prevented high-grade rail bonds from following the narrow advance of United States Governments and muni- cipals. In the foreign department, German government bonds were off & point or more, with smaller losses in German municipals, industrials and utilities. Their comparative steadiness was en- couraging to Wall Street, which has been hearing all kinds of bearish prophecies regarding Germany's finan- cial position. Japanese issues were fractionally higher in spite of continued reports of fighting in Manchuria and charges by Tokio that Soviet Russia is actively aiding the Chinese irregulars. Japaneses 5155 and 6145 were unchang- ed to a point higher.” Tokio 558 and Yokohama were firm. Japanese utility issues were unchanged. Rail bonds of a more volatile type dipped sharply. Nickel Plate 6s, due next year, dropped to a new low under 49. Nickel Plate 4155 and 5ls were | Australia 6865 also lower. Losses of 1 to 2 points oc-+| Australia 5s 57 curred in Missouri-Pacific 5s and 51js, The road's serial 5%s, which were is- sued to refund indebtedness incurred in the purchase of the shares of the New Orleans, Texas & Mexico Railway, have recently been around 35 bid, but today the December 1 maturity was 98%, bid—indicating beyond doubt that the maturity will be met. The issue matures serially in amounts of a little nv_e;k:soo,oon yearly until 1956. FINANCIAL, THE _EVENING NEW YORK STOCK EXCHANGE UNITED STATES. m-tr. are in 91,000 ios. Migh, 208 #3247, 49 1005 1008 1003 WA 3247 10 101 30 1016 1018 1483330468 101 19 101 16 101 18 In 198156 271 B4 4 9320 043 49....425 959 964 99 10 994 Miah Low 188 se— Stock e L Bien i) "t N'MI.; oal g Ohae | 1090 45 Southn Pacifie (8). | 66% 14% Southern Rwy (mé), Y| 138 8 Sparks Withing (1).. 18 Ypicer Mfx pf (3) 314 Splegel-May-Ster 12% Stand Brands (1.20) 118 Stand Brands of (7). 2 Stand Comel Tobacce 29 Stand Gas&El (3%). 28w Stand Ofl of Cal(21g) 814 Stand Oil of Kansas. 81 Stand Ofl NJ (12) 214 Sterling Secur pt. 204 Sterling Secur cv pf. 4% Stewart Warner. 13% Stone&Webster (m1), ana 0 womy [ L) ) :i::n‘(:awalty Companies’ Solu- @ | tion of Problem May Be Bl baw A% R 1 AT -8 164 164 K 4 1 19 5 5 MA. 15 e 1194 2 2 387 387 -2% 34 1 344 124 — % 3B - % o ™ - — “ . ‘ Consensus of Observers Is That Business Depres- sion Has Ended. 00 Migh. Low. Close. e S 148 24 1824 Eey Newton Steel N¥Y Central (4). N ¥ Chicago & St L. ' N ¥ Chi & StLof.... 304 NYNH& Hart (4).. ~ . SUL&N 4348 1l CCStL&N b8 A . . Inland St 4158 A'78 Inlund St 4348 B'S1 Int Rap Tr 5. . Int Rap Tr sta ‘66 Int Rap Tr 6s°32. . Int Cement 68 *48. Int & Gr Nor 6; Int &G N ad 6s '52. Int Hydro EI 68 '44. Int M Co 5s rct’s1 Int Match 5s 47 Int MM col t Int Pap 53 A Int Pap 6s ‘55 INtT&T 4%s Int T&T cv 4145'39. Int T&Tbs'55.... Irish Free St 55 '60. Haly T8 81. . ... ... & Italy Pub § 7s'52.., Japanese 5%’s ‘65 Japanese 634 s '64. .21 Jugosl Bnk 7s '57. . Kan CFtS&M 45'36. Kan City Sou 38'50. Kan City Sou 58’50, Kan City Ter 4 103 2 10229 103 2 107 12 107 12 107 12 Sales. Hich. Low. 288 12 46% 46 46! 93 aaaa mRRBRED . T Pppepepapere oy womduBaanBueanie BY ROLLIN M. CLARK. Definite control of the cost of acquir- ing business by casualty companies, & problem which for years has been en- gaging the attention of company execu. tives. agents and State supervisory .offi- clals, seems assured as a result of action Just taken by a group of 70 leading “Throush their cont acquis rough their conference on 1 tion and field supervision cost, they have filed with the New York Insurance De- partment, under the insurance laws af that State, a schedule of maximum ccmmission allowances to various classés of agents and producers. Commissions Largest Item, ‘This was done in recognition of the fact that commissions represent _the largest single item in the amount al- lowed for expenses in the computation of premium rates, and that inasmuch as rates are subject to regulation by the State .of New York, commission scales likewise should be regulated. In taking this step the insurance carriers bave abandoned to some extent . their previous contention that control over acquisitions costs was a matter of sclf-regulatien of the business itself, to be encoutfged lh;‘;\;‘gl’t} lc};:-opeutmn of the State. 2t they are now proposing in’éffect is this: “We desire wpgete:mirig'”;u: ourselves what commissions should" be paid to brokers and agents, recognifing, of course, that the amount must: be reasonable and adequate, yet mot so high as to threaten insolvency of any of the companies. Our difficulty in the past has not been so much in agreeing upon proper commission scales, but in enforcing them. Therefore we are will- ing to have commissions filed undef the New York insurance law as part of the rating structure. This will enable the State superintendent of insurance. to 4 95 N Y Steam pf (6). 10 Noranda Mines. 8% 2% Norfolk & Southern.. 217 112 Norf& Westn (112). $3 76% Norf & Westn pf (4) 1 3 North Am Aviation. 90% 26 Nor Amer(bl10% stk) 57 41 North Amer pf (3) 60% 19% Northern Pacific 3 85% 5 Nor Ger Lloyd m2. 2 1% Norwalk Tire & Rub. 18 8 Norwalk Tire & Rpf 19% 5% @pecial Dispatch to The Star. NEW YORK, November 13.—The busi- s over and the United “'-un wm arte upon the - along this path has not continued Emmummmkememnve- :“ment convincing. This, according to “"Gage P. Wright, New York business ~“counselor and head of the Business Eco- “‘nomic Digest, is the consensus of eco- ce which, Mr. Wri 3 the d indeed indi- /ieates to some observers that the return 2o times may even be rapid. “It must be remembered,” said Mr. “that the turning » a5 Am1G Ch53%s 4. % 16% o Am Metal 6%834.. 11% Sweets of Amer (1).. 1% 1% % %y % Syminston 2% Tennessee Corp 15 Texas Corp (2)...... 20% Tex Guif Sulphur(3) 32 Texas & Pacific (5).. 215 Tex Pacific Coal&Ofl 4% Tex Pacific Land Tr. 815 The Fair1).. 87 The Fair pf (7). 5% Third Avenue. . 6% Thompson Prod 1.20. 3% Tide Water Asso Oil. 20% Tide Water As pf(6) 4 Timken-Detroit Axle 19% Timken Roller B(2).. 1% Tobacco Products. 7 Tobacco Prod A t95c. 3% Transamerica Corp.. 3 Tri-Contl Corp...... 24% Trico Products(2%). 19 Twin City R Tr pf(7) 2% Ulen & Co. . 24% Underwood-EIIl-F (3 1 % 105 Und BMI-Fish pf(7).. 108 27% Union Carb & (2.60). 4062s 113 Union Oil of Cal (2). 2 981 Union Pacific (10).. 2750s 124 Unit Afrcraft. 50 5 Unit Am Bosch. 24 Unit Biscuit (2) 1% Unit Cigar Stores. . 10% Unit Corp (75c) 35% Unit Corp pf (3).... 37 Unit Dyewood pf (7) 3 Unit Electric Coal, 28% Unit Fruit (4).....; 19% Unit Gas&Im(1.30) e 1% U S & Forn Secur.... Y% Am S&R 1st 58 '47. Am Sug Ref 6s'37. Am TET cv 4%58'39 AmT& T 5s'65 Am T&T c tr 6s Am T&T 6ssf'60.. Am T&T 5%s'43... Am W Wks 53 '34. . Am Wat Wks 6s 75 Am Wr Pap 6s'47.. ELSE Y 7. 6% Ohio Of1. 3 1 1 Oliver Farm Equip. . 14 Oppenheim Coll (2). 9 Orpheum Circuit pf. 20% Otis Elevator (2%).. 3% Otis Steel. ., 16 Otis Steel pr pf, 55 42 Outlet Co (4) 3 the | 113% 106 Outlet Co pf through the twilight zone in|_39% 20% Owens Ill Gla: "‘gummer time. At one moment it i8|“Fqr 29v Pacific Gas& E1(2). 10 =ill light, presently it is dark. The| 1313 100% Pacific Tel&Teleg(7) 10s “fnoment of transition cannot be noted. :41)% 13“ ;“n_rd Motor (40c)x 49 Reversal % ar-Pub (b10% stk). ‘In '.:e_nme w-yl :: :::n:;n el e . % Park Utah... E ‘business trend reverse itself, though, if 4% 114 Parmelee Transport. he is sufficiently acute in observation,| gy 21, Pathe Exchange (A). he may sense the change after it has| 315 41 Patino Mines. occurred. In the present instance 1 ghare the opinion that the turn has been made because I discover that con- “ditions which affect the business cycle | "64 have—cne might say surreptitiously— | 3515 “settled into a relationship which long | 250 .-observation has taught me must precede | ~ 91 “ reversal of the business cy In| 17y . other words, the very conditions which | 10% "7 and many other students of business| 255, economics were forecasting as likely to roccur presently as precedent to a busi- ‘ness revival have suddenly come into “existence. “Among these may be mentioned the ..altered senitiment of our people. 4 1108 3 2 1808 108 2 75 +LL++1 & ELESgyE 1 9 5 3 2 L F Argentine 65 A Argentine 6s B Arm & Co 4%85'39.. Arm Del 5%8 4 Assoc Of1 65 35.. .. Atchison adj 4895, Atchison gn 48 '95... Atchis cv 4% AtICLcl 4s'52 At Guif 5869 At) Ref db 58 Australia 4%’ | FERERFEERSE I SLEFF FEF LI LERLL Y 4 Kreug & Toll 55'59. 58 Laclede 5%sC'53., 2 Laclede 5%s D '60. 4 Lake Shore 3148’97 7 Lautaro Nit 6s'54. 10 Leh Val cv 4s 2003, Lig & Myers 5s '51. Loew’s 63 ex w "41. Long Isl db 58 '37 Lorillard 5s '51 Lorillard 5%s Lorillard 7s "44. Lou G & El 5552, La & Ark 6s°60. Lyvons 63'34. . McKes & R 53450, Manh Ry 1st 4s'90 Market St 75’40 ] @ 7 4615 44 100% 22 Penick & Ford(11%) 281 Penney (J C) (2.40). 90 Penney(JC) pf A (6) 29% Penna Rallroad (2).. 20% Peop Drug Strs (1).. 129 Peoples Gas(Chi)(8) 4 Peoria & Eastern. 10% Pet MIIK Co.....0v.s 4% Petm Corp of Am(1) 6% Phelps Dodge Co. ... 3% Phila&Reading C & I 9 Philip Morris&Co(1) 4% Phillips Petroleum. . 39% Plerce-Arrow pf (6). 7 Plerce Petroleum. ... 204 Pillsbury Flour (2). x 261 Pirelll (A) (m3.13).. o 2 107% 107% 8 102% 102 6 48% 48 9 101% 101% 2000, .., w 10 67 6o 6 PittsCoal. .. 3% Pittsbgh Screw & B. . 2 Port Ric Am Tob(A). common stock of the New Or- leans, Texas & Mexico, which is de- posited as collateral behind the 51s to an equal par amount, was today quoted punish violators, just as he ma; scribe penalties for the writing & % | surance at improper rates.” The irclusion of commission costs as 8% Postal Tel&Cable pf. Milan 6%s 52 MIERy&L Mi) El Ry&Lt 63 ' MK & T adj 55 '67. Mo Pac gn 4s'75. Mo Pac 58 A "65.. Mo Pac 5s F'77. Mo Pac 55 G'78 Mo Pac 53 H '80 Mo Pac rf 55 81 Mo Pac 5% A ‘49 Mont Pow 55 '43. Nassau Elec ¢s ‘51 Nat Dairy §% Nat Steel & Netherlan Nw S Wales b NYCgniys 3 N Y Centdb 4s'34. 63 N Y Cent 4s oo 59 N Y Cent 4%s2013. 34 NY Cn rf 4%s 2013.100 NYCrfimb5s2013. 39 89 8615 N ¥ Centdb 6s'35. 95 1025 102% NYCLScl3%s'98. NY C&StL 4%s 7 NYC&StL5 % NY C&St L 6 N Y Edisn N Y Fd 1st 6%8'41, 1 NY NH&H 4s°'55. 93 offered, with no near bid. Dips of 1 to 3 points were shown in Alleghany Corporation 5s, Chesapeake Corporation 5s, Chesapeake & Ohio B 4155, Chicago Great Western 4s, Erie 5s, Missouri-Kansas-Texas Adjustments, Frisco A 4s, Southern Railway 615, Wabash 55 and Western Maryland 4s. Aside from a drop of a point in Canad- ian Pacific Perpetual 4s, the Canadian rail list was little changed. Argentine E;)vemmenl issues were up 1 to 2! points. This was a natural development following the recent sharp reaction of about- 10 to 11 points. Uruguayan bonds mirrored firmer ex- change quotations. Brazilian and Chilean descriptions, however, contin- ued heavy. Australians were quiet. Few fluctuations were noted in the rest of the foreign list. In the domestic market the most im- portant development was the heaviness of junior railroad issues. Reports that New York Central. with earnings in 1981 sharply reduced, would have to come into the market for mwoney with which to meet bank loans were con- strued as indicative of the situation not only in Central, but all through the rallroad industry. - Losses of a point or ore were registered by New York Cen- tral 4}5s, and bonds of a comparative investment character, such as Southern g::;fl'c;“l.‘,gts, ‘E”llfl.l{nlzze & Ohio 41s, 8 4Y,s, k. - lns:l and New‘s}hvcn ll‘,i]:.nd B nds were firm at the opening. 3:::1:13 was in moderately active vol- gl’tbeot the l’::dlnlhstnmm is_certain appro y Geor 8. Schaick, the New Yore. m-ur:n'; superintendent. Before the recent meeting of the National Convention of Insurance Commissioners at L, Ore, he said, “If a company files: its acquisition eost rules at the time it gets approval of its filed rates, there is rea- sor b say that adherence to those riles becomes a fixed and legal duty, that a deviation therefrom is as much a rate violation as direct rate-cutting itSelf.” Plan May Be Extended. .. While this solution applies ‘w casualty insurance it is I&’ely m‘m', to the surety business and fire iHSur- also 68 U S Leath pr pf . 11 US Pipe & Fdry (2). e Bell Tell Pa 68 C'60 Berlin Cy El 68 '55. Berlin CE 6%s '50. Beth Stl pm b Beth Stl rf 5348 '42. Bolivia 7s ‘58 Bolivia 7869, Bolivia 8347 Bordeaux 6s 1+100011+1 FEFFESIFSE ..States. Even a layman can imagine the weffect upon business which would follow ..a complete resumption of confidence ~rand the resultant production and ex- spenditure of a sum as vast as this. At & single stroke it would oucasion a busi- ness 3 “This return of confidence is prob- due, in large measure, to the for- 5 Pure Ofl m‘:{m of the National Credit Corpora-| 101% 64% Pure Oil pf (8) he tion and President Hoover's plan for re- | 556% 12% Purity Balkeries (2). Jeasing $1,500,000,000 now ‘frozen’ in | 7. 108 Radio COrpe........ real estate mo; , largely on small| g)" 251 Radio Corp (B) (5).. 5 . Great ‘s recent election | 341, “41 Radio-Keith-Orph A ~“undoubtedly its part, too, for| 29, 91 Raybestos Man(1.60) ““there was fear in the United States| 971, 45 Reading Rwy (4) -"that England might be definitely turned 34% Reading 18t pf (2)... -to Communism. 84 Reading Ry 2d pf(2), “Other factors affecting the general 3% Real Silk Hoslery. “@ituation include the stabilization of L B 4 Remington-Rand. .. E prices, ppea Rem-Rand 1st Dmmofll y T o i 20 Rem-Rand 1st pf (7) tent 3 Reo Motor Car(40c). upward after months of decline; ction, 1.:‘ many hau';oes,doi Te- stail prices to what ma; ‘med irre- ‘:l‘sut?l:l levels—that ls,yw'ela at which a stern Dairy (B).. !purchaser cannot refrain from buying 5% Western Maryland. . g:«ue of the offered; the A 3% Western Pacific..... 67% Western Union (6).. 39% Westinghouse (2%). 8% Westvaco Chlor 1.60. 7% White Motors. . 3 “Wilcox Ofl & Gas. % Wilson & C.. 15 Wilson & Co pf.... 421 Woolworth (14.40). . 89% Proct & Gamt /2.40) 1% Pro & Refiners. 51% Public Sve NJ(3.40). 87 Public Sve NJ pf (5) 97 Public Sve NJ pf (6) 112% Public Sve N J pt(7) 22 Pullman Corp (3).... & Ref (1), 623 U S Steel Corpn (4). 114 U 8 Steel pf (7). 9% 1% United Stores (A) 110 93 Univ Leaf Tob pf(8) 60 9% Univ Pipe & Rad pf.. 31 8 Utll P&L(A) et2.16. % Vadasco Sales Corp. % Vanadium Corp 3% Va-Cora Chem...... 86 Va Elec&Pwr pf (6). 5% Wabash RR... 17% Waldorf Sys (1%).. 2% Walworth Co....... 6% Ward Baking (A)... 2 Ward Baking (B)... 4% Warn Bros Pictures. 52758 20 Webster-Eisenlhr pf 40s 12% Wesson O11&Sno(2). g 65 West PaEIDf (T)... 508 90 West Pa Pwr pf (6). 102!4 West Pa Pwr pf (7). | 2 68'% % 119% 119% 2% 9 21% 18% 66% 5414 4101 101 1 5 50 43 95% 91% 16 81 80 72, 10 10214 1024 6 52 . 51 21% 13% SrarumSulvsSonansnurnoneSSonomBunnonommd s 8 146 10 126 ® 6% 13! 3% 109 26 % 19% 1 93 6% 284% 4% 15 2% Brazil 634826, Brazil 6 hich {nlounnee regul -and wl > rates are lated a they may follow New York's lead in.de- claring that commissions also are sub- Ject to regulation because cf thelr’ di- Tect relationship to premium ratss. This was attempted in Texas last year, but was unsuccessful dus to an adverse ruling by the State Supreme Couvt. The Supreme Court of the Unitad a New Jersey law lmitin agents’ cémmissions H Bklyn Un 1st 58'50. RKiyn Un 58°45. Budapest BR& Pitt 4%s'57 Bush T Rldg 556! Calif Packing 68 "40 Ci d: Canada 4s V. 3 111% 111 n Nat 4345 54 7 N %867 5 9% 77 Can Nat Ry 4%#s'66 NYNH&H cd 6s°48. 23 102:: lolz 102 Can Nat 438 '57. v 5 A Can Nat 435 NYNH&H clt 65°40. g:u 45 Can Nat 65 July g 23 102% 102 102% 5 68 67 - 67 t, not to ceedv.":u: rld e amount, no ext . 3n; other agent of the emnm: i&’.v.h: State, was constitutional. (Copyright. 1931.) 9 Rossia Insur (2.20).. 42% 13% Royal Dutchof NY.. 60% 88% Sateway Stores (5).. 108% 87% Safeway Strs pf (7). 30% . 9% St Joseph Lead (1) 6% StL-San Francisco. . B B T has sel ,‘ucthn"l‘d nhm.pimm m say trl: - s 3 least, unexpected. Can Nat 58 Oct Can Nat 55 '70 =<corner. +will , to ad of that commodity in the United tates. “The United States has turned the Our progress toward prosperity depend upon events of the next few months. It may be slow, but it can “FENNER & BEANE CO. -~ FIGURES IN MERGER _Firm With Washington Office Consolidates With Unger- leider & Co. By the Associated Press. NEW YORK, November 13.—Consoli- ‘dation of the prominent stock and cot- commission houses ton of Fenner & /Beane and Samuel Ungerleider & Co. ‘was announced toda; y. Negotiations for consolidation have ‘been completed and the actual merger 4s expected to take effect around De- ’gumnu Co., cember 1. The ed firm will have | Associated Press. offices throughout the South, Middle ““West and Southwest, and will be the ~gecdnd largest wire house in Wall Btreet. - Fenner & Bean is one of the lead-|000,000. This is the tenth consecutive _Ang cotton commission houses in the | week that a decrease has been reported ‘United States, and is also @ member of | and brings the total to the lowest fig- e and |ure since November 9, 1921. 1 office is | member banks for their own account “the New York Stock Exchangs other exchanges. Its princi “4n New Orleans. It has offices in sev- eral cities in the South, as well as in | the account of out-of-town banks rose ‘New York and Paris, France. Fenner & Beane has maintained an for many years. office in Washington It is located at 1430 K street northwest. “CAROLINA TOBACCO " Drop of $4.99 Per Hundred Pounds Reported in Market at Raleigh. ‘“ducers’ tobacco ehlnpz?d hands on ‘North Carolina markets in October at an average «pounds, which was $4.99 per hundred b ds less p:"g for 142,094,665 pounds in October, The Federal-State crop service in its October summary, an- nounced yesterday, lists a total of to November 1 at an average of $9.99, compared with $13.37 to the same date “last year. Prices were re] “Jow” in the old belt. Monthly averages for tobacco this | fers action on dividends on $3.50 and |\ have been: August, with sales ‘oont to_the South Carolina belt, $12.44 per hundred; Septem! sales on in other belts, $9.56 per hun- “The tobacco situation in North Caro- lna is rather unusual this year,” the report said. ‘““Weather condittons have been out of the ordinary, while the eco- nomic situation is resulting in a con- siderable proportion of the crop not ‘being sold after reaching the market.” PAl—IS— ;OTIBSI PRICES. PARIS, November 13 (#)!— Three cent rentes, 84 francs 50 centimes. times. 101 francs 70 cen- Exchange on London 96 francs 37 ‘The dollar % centimes. was quoted PRICES ARE LOWER! | airrail and commercial cargo totaled | ice of $9.93 a hundred |1, and $12,532,000 a year ago. than the average of $14.92 , share earnings, six months to June 30, reporting ing mills | ed “distressingly ing prices 5 to ber, with cents on $3 series September 1, 1931, | | 7% StL-San Fran p£(6).. 5 Savage Arms. 4 Schulte Retal] 5% Seaboard Ofl. 3 3% Seagrave (40c 63% 31 Sears Roebuck 1% % Seneca Copper. 11% 3% Servel Inc..... 18% 4 Sharon Steel Hoop 21 3% Sharp & Dohme..... 29% 11 Shattuck(FG)(t1% 10% 3% Shell Union Ofl...... 78 23% Shell Union Ofl pt... 23% 8% Simmons Co... . 11 4% Simms Petroleum. .. 16% 5% Sinclair Consol Oil 108 77 Sinclair OIl pf (8). 12% 3% Skelly Ofl.... 62 10 Skelly Ofl pf ww. 4% % Snider Packing...... 2w Socony-Vacuum (1). 95 49% Solv Am pf ww(5%) 17% ' 7 South Port Rico Sug CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, November 13.—The fol- Jowing is a summary of important cor- ition news prepared by the Standard Inc., New York, for the News Trend. Brokers' loans declined $18,000,000 in the week ended November 11 to $831,- Loans of declined $30,000,000, while loans for $19,000,000, and for the account of others dropped $7,000,00. ‘The Companies. Art Metal Construction, deficit nine months to Sgptember 30, $286,329 vs.| net income $325,724, equal to $1.01 a | common share. Pan-American Airways — Passengers carried in first nine months numbel’edk 31,202, passenger miles totaled 9,300,728, | 1,338,831 pounds. Alabama Great Southern Railroad de- clares semi-annual dividends of $2 each on® preferred and common_stock, but omits extra dividends usually declared at same time. ‘Atlas Powder—Current year's sales off about 18 per cent. Baldwin Locomotive Works October consolidated shipments, $1,655,000 vs. $4,568,000; 10 months $19,533,000 vs. $50,448.000; unfilled orders, October 31, totaled $8,638,000 vs. $8,831,000 January Chain Stores Development common 30_cents. Follansbee Bros.’ five Toronto rough- resumed operations aiter throe-week shut-down. | & General Motors October retail deliv-| 241,701,828 pounds sold in the State up eries of Cadillac-La Salle cars tota’ed | 1.227 units, up 16 per cent over Septem- | g be: T, Paraffine Companies cuts flopr cover- 55 per cent. fid Rallway and Utllities Investing de- $3 serles preferred stocks; paid 43% cents a share on $3.50 series and 37 Starrett Corporation — Unfinished business as of November 10, 1931, about $19,000,000 vs. $23.724,973 June 30, and $31,195,196 December 31, 1930. Underwood, Elliott Pisher declared 75 cents common dividend; paid $1 Sep- tember 30 and $1.25 quarterly prior thereto. Betnlehem Steel—Chairman reporte: negotiating for control of Pittsburgh St=ecl through exchange of stock. California_Packing passed quarterly common dividend; paid 50 cents Sep- | Wash. tember 15. Radio ition—Attorney General 50% Wrigley 1 10:30 AM.. Dividend rates as 1PI tock. stock. % in stock. » Plus 2%a% payments based on' the SEx-dividend: st e Payabic in oush m Patd i 20 Worthington Pump. , 7% Wright Aeronautical (Wm) (4),. 124 Yale & Towne (2) 3% Yellow Truck. . . 17% Yellow Truck & C pf. 19 Ygstwn Sheet&Tube. Zenith Radio 7 Zonite Prod RIGHTS—EXPIRE. % Elec Po&Lt 3% Peop G L &C..Jan 15 Sales of Stocks on New York Exchange. 1% 8% 1% - W 8% ..Dec 4 190 2 % 3% % 3% - Y% 3% - % 200,000 12:00 Noon.. 900,000 2:10 P.M.... iven in ‘the Satene Gunrtey o el 700,000 1,100,000 Tel 3 or stock. 1 Pius 8% in sigck. Plus 50c in_special prefer; this Sear—no Tesuldr rate. nPits 8% in discussing sale of Brunswick Radlo, sub- sidiary to American Record. Long Bell Lumber deficit, nine months to September 30, $3,296,003 vs. deficit $1,299,610. MacAndrews & Forbes common share earnings, nine months to September 30, $1.61 vs. $2.02. New. England Telegraph and Tele- tember gross up 0.9 per cent, up 9.9 per cent; nine 0ss up 0.4 per cent, net earn- ings up 5.9 per cent. Norwalk Tire & Rubber net income, year ended September 30, $98,508, equal to 18 cents a common share vs. deficit $194,460. Durham Hosiery Mills net income, nine months to October 3, $24,017, equal to 73 cents a preferred share vs. deficit $46,238nine months to September 30, 1930. General Steel Castings—Deficit, nine months to September 30, $2,003,125 vs. net income $859,465, equal to 89 cents a common share. Great Atlantic & Pacific Tea of America—Dollar sales, five weeks to October 31, off 54 per cent; tonnage volume up 8.9 per cent. . castor bean plant grew to a height 6 feet at Colmbus, Ohio, A of. 1 PROFESSIONAL SELLING CAUSES STOCK DECLINE |4 Special Dispatch to The Star. NEW YORK, November 13.—The de- German dollar issues made frac gains on reports of rapid dmc::o l:l.; of difficulties in the way of the Franco- German rapprochement. The market Was as much impressed, in so far as do- mestic bonds are concerned, with the decrease in circulation as shown by the Federal Reserve, the firm tone of money rates and the steady tone of stocks. Railroad obligations were firm, in spite of the bad break in carrier stocks near the close Thursday. Missouri Pa- cific 5s, Erle 5s and Nickel Plate 41,5 were unchanged. Atchison General 4s, Norfolk & Western 4s and other prime issues were a shade firmer. !qud States Government bonds were steady. Industrials remained inactive, ——— INVESTMENT TRUSTS NEW YORK, November 13 »P)— 5% " cline in the #tock market average from |AD In the amounted to 5 points when trading was resumed today. Industrials had experienced a ‘Teaction of nearly 9 points. Both the rails and public utili- ties had lost a fair portion ®f last week's rally. down from their high prices. Alto- gether, the market was again in a testing position. o Practically all of the selling on which | & the market has reacted this week has come from the professional element. high point of Monday had Al Commodities were well Cl wii Bac Ini com “ww Atl & Pac of wa Bankers Nat In Bansicilla Corp . Basic Industr. British T nesgnv 5 entury Tr Shr Chain & Gen E tered Invest . Chartered Inv pf.. Chelsea Exch A Chelsea E; tl Sec Atl & Atl & Liquidation has been in small volume. [ B¢Bo There is no emergency stock hanging over the market. Technically it is strong. Many brokers believe the re- cent rally has been rather fast and would prefer to see t}jé market become | E: quiet and move evenly around the present level, g WASHINGTON STOCK EXCHANGE QUOTATIONS AND DAY’S SALES SALES. w:érl\;nmn Rwy. & Elec. 45—$1,000 at Potomac Electric 5% % ptd.—S at 107. Bank of Bethesda—10 at 55, 10 at 5 Merchants’ Transfer & Storage pld.—5 at 90, 10 at 90. A Mergenthaler Linotype—10 at 63, Bid and Asked Prices. BONDS. PUBLIC UTILITY. . Tel, & Tel 4128 139 Tel & Tel, ctl Amer T i R_R. 5. : P, Tel Caphtal Traction K. Suburb: 'MISCELLANEOUS. Barber & Ross, Inc., 6 Chevy (Ghase Club %l/n W. M. Cold Storage 85 STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9) Caplia! T.action Co. i Yegh Gug Li 2 y. & El. com. (7). wy. & El pId. (8) holds lol?h for settlement out of court. anti-trust suit against com- o Peimer Bros Pictures—Reported b Capital (14). B e Liberty (74) Lincoin (10) Metropolitan Riges (1 Wash. Loan & Trust (id) SAVINGS BANK. Wash. Mechanics (20) ... . FIRE INSURANCE. co liremen’s (8). . ational Union (i3} TITLE INSURANCE. Columbia (6h). Real Estate (6h) Col. Medics! Bids. Corp. (8 ol Bai Vel prd. (1) W com. Stge. ptd. (7) r Linotype (8) e. & Inv. ptd (8! rus Stores pfd . & G. pfd. ( e e com. Wash. Med. Bids. Cor, Woodward & Lothrop ‘Woodward & Lothrop P l"I‘)‘.' b $a. 5., T prrd CHpam 2LBL5E323-3B5785382: extra. extra. n: e BE2 Shrs General Equity A Granger Trade NatiTndust ‘s f Natl Tr ghn ." 170 ] 6% “laia 1334 4% € Can Nor 4%s 3 Can Nor 6%s db Can Nor 7s db "40 Can Pac db 4s. Can Pacific 4 ¢ Can Pac 435 '60, Can Pac 58 54. Car Clin & O 5531 1+ Cent Pac 45 '49, Cent Pac 5s 6 Cen Ry NJ g8 Ches Corp 63 '47. C&Ogen4ts’9z. C&O 4%sA'93 95, No Am Co §s 61 Nor Am Ed bs '57. 47 Nor Pac 3s 2047 Ner Pac 48 '97 Nor Pacr1 6s 204 Nor St Pw Es A *4. Nor St Pw 4 Norway 68 Norway 5%s Norway 6543 Norway 6 Norway 6s ‘52 Ore Sh LL 65 gtd 46 CB&Q 1st rf 6571, CB&Q I1dv 3%s'49 Chi & Est 111 58°51. . Chi Grt West 4559, Chi M & St P 4589, Chi M&StP 4% 8 E. CM&StP4%s'89,. 1 C M StP&P 55'75.. 83 C M & St Padj 5s..274 Chi&NW 4% 2037, C&NW 4335 C 2037, Chi & NW en 4%s. . Chi & NW 6%s'36.. Chi RI&Prf 4s ChiRlcv4% ChiRI&P ¢ C TH&SE 1n 6! Paris-Or 5%s"68. ., Pathe Exch 7s '37 1 Penn gn 4%s'65 Penn 424570, Penn 4% s '63. n 64 (3 CCC&St L 4%8 E'T7 Clev Term 58'73. .. Clev Term 65%s ‘2. Cologne 6% 50 Colomb 65 Jan ‘61 Colomb 65'61 Oet.. Colon Ofl 63 Colo & Sou 4% '80. 5 Pere Mar 4% Pere M 1st b Peru 6s 60, Peru 6s 61 Peru 7s '59 'hila Co 58 Phila Eiec eom Col G&E Gs May'52 Col G&E cou 68 '61. CC Md 1st rf 5850, Com Inves 534s ‘49, Con G NY %851, Con G N Y 5% 46, Con Pwr Jap 6%s. Con Pow Japan Consum Pow 68 '62. Cubg R R 6852, Cuba®b%s 45. Cuba Non5%8 42 Czecho 88 51 . Del & Hud rf 45'34. Del & Hud 5% '37. Denmark 4%s'62. . Denmark 5% Denmark 68 *4; D& RGren D&RG W 58°55.. Det E G&R4% 561, Det Edison rf 58'49 Det Unit 4%s'32. .. Deutsche Bk 68 ‘32 Phil & Re: . Phillip Pet 5% 39 Pillsb F M 6s°43... P C C&StL 53 A '70. Poland 6s ‘40 Poland 75 '47 Poland 8550 14 | Port Gn E1 4%s'60 Por R Am T 68 '42.. Pos Tel & C 65'53. . Prussia 68°52.. .. Public Serv 4s"71. PubSv G 4%s'67.. Pub Sv G 4%s70.. Sure Ol 5343 3T, Queensiana 65 *47.. Queensiana 7s 41, Reaa gn 4%8 A '97. s B'9T. o e T T =g ) S PP N T o » " oo Duquesne 4%s '67. Dutch East I Nov.., Dutch East I 6s'47, Dutch East I 68’62, East C Sug 7% R Gr Do Sul 8s*46. Rome 6%s '52. StL IM R&G 45'33 Eriecon 48 A '53 Erfe gen ¢s. StL&SF ¢%s'78. 50 StLS W bs"52. St P Un Dep 58 San A & A P 4s’4 Suo Pau 7840 ret. Sao Paulo 85 '36. Sao Paulo 8s '50 6%8'51. TN =TTONVTRH S TR SSTCERon, - an e Erie & Jer 6855 Finland 6%s ‘58 Finland 6%s ‘66 Finland 78 '50. Fla E Coast 68°74. Fram | D 7%8'42., French 78°49. French 7%s 41, Gelsenk’hen 65'3: Gen Baking 5% Serbs-Cr-S1 83 '62.. Shell Un Oil 58 '47. Shell Un Ofl 58 °49. Shinyetsu 6%s8 '5: Sinclair Ofl €%4s" Sine Cr O 5% Sinc P L 58°42... Skelly O11 6%s'39. Solssons 6s '36. .. Solvay Am bs Sou Bell T&T ell T 5 Sou Pac ref RDHHONAR ROARANSD ~ man Bk 68'38. . GerCen bk 68’607 9 | Ger Cen Bk 63600 14 German 78 rep 49. 112 | german Bank 78 ‘50 8 Goodrich cv 6845, 23 Good 15t 6% 47, Goodyr Rub 58° and Trun ¥ g:l or4%s'17E. 3 \or g1 53852 s u 4% Sou Pac 4%s ‘81 Sou P 4%s '69 5 80% 80 10 102 1024 18 94 93% 11 92% 921 12 93% 93 271 92 9 7 84% 83 7 9% 954 05% 105 24 3 5 3 89 4 104% 104 9 83 82 14 68% 66% 4 M T 5 102% 1027% 1 i04% 104 1 20% 20% 1 74 T4 3 101% 101% 1 103% 103% 18 1004 100% 2 8% T8 85 84 98% 89 TT% 90% 97 102% 65 3 14% 16% 24% 95% 9% 95% 93% 7 56 25 62% 2 102 3 99 3 59 23 58% 9 16 74% 13 3% 93 991 10 99 7 85 2 70 22 80 14 85% 23 85 8415 69 % 85 93 3834 31l 5 52 52 3 102% 1 2 8t 15 63 4 45 0274 79 62 444 2 34% 3415 3414 | Utah P& L 5844, 3215 3214 | Ut Pw 58 '59 ww. 29 34 18 41 395 -1 % TR R . 73 105% 105% 106% 50% 49 53 15 72% 71 3 65 3 60% 58 2102 102 1 89% 89 sgy ' Warner Su 80 102% 93% 92y 93 91% 1 102% 102% 102 5 59 59 59 83 951 6 101%5 100% 100% 105 9 81 104 82 68% ks 102% 104 20% 74 101% 103% 100% 8 84 98% 89 7% 90% 97 102% 65 3 14% 16% 24% 951 93% 84y 69 80 85 o 4 SUL&SF in 4s A'60 15 4215 - 41% 413 | Utd King 5%s l‘!'.. l: 1 311 52 - 13 434% 40% 404 1027 79 62 45 40 49 53 73 102 OUTSTANDING CREDIT: ITEM SHOWS DECLINE Decrease of $79,000,000 Revealed in Report of Federal Re-.. serve Banks. g By the Associated Press. The dally average volume of Federal Reserve Bank credit outstanding. dur- ing the week ending November a8 reported by the Federal Reserve was $2,095,000,000, a decrease of-$798, 000,000 compared with the preceding’ week and an increase of $1,062,000,000 :m&%ed with the corresponding week On November 11 total reserve bank credit amounted to $2,664,000,000, & de- crease of $45,000,000 for the week.. This decrease corresponds with decreases of $26,000,000 in money in circulation and $23,000,000 in member bank reserve balances and an increase of $35,000,000 in monetary gold stocx, offset in. part by an increase of $18,000,000 in ynex- pended capital funds, non-membef de- posits, etc., and a decrease of $21,000,- in justed. bills” in- creased $5,007.000 at the Federal Re- serve Bank of >hiladelphia and declined $10,000,000 at San Francisco, $8,000,000 at New York, $7,000,000 at Chicago and $21,000,000 at all PFederal Reserve Banks. The system's holdings of; bills bought in open market declined $45,- 000,000, while holdings of Unlbednzawl securities were practically unchanged. SIS e ST rette tax netted almost Ohio _cif its first 60 days of opera- $1,000,000 tion. Sales. High. Low.. 2'55. Sweden 5%s '54. 2 90% 90% - 90% Swiss 5%s '46. 11 102% 102'% [102% Taiwan EP 5%#71 Tenn E1 P 68 A *47. Ter As St L 4s’63.. Tex & Ark 5%s'50. 6 83 Texas Corp 5s°44.. 15 884 Tex & Pac 58 B'77. 13 75w Tex & P5sC'79. 5 T4% Tex & P 65 D '80. T4% Third Av rf 4 47 Third Av adj 6860 2 8 69 69 69 7 104% 104% 104% 82" 82 82 0y 2 Ulst & D 5s ct "28 Un Pac 1st 4547 5 Unit Drg cv 65 °53.. 31 00“ B4% 5% . 54% 35 3147 31% 8 U S Rub 1st 51 Un St W 6348 A'47.137 Ud St W 6%48A'51.. 58 Ud St W 534sC'51 Unit SS Cow 63 '3 Uruguay 6s60. Uruguay 8s 46 4 70 Util Pow 5%s°47.. 13 Vanadium St 58°41. g Va Ry 1st §s°62 Va Ry & Pw 53 '34. Wi 9. Wabash 63 B'76... Wabash 5s D " '45. Warn Br Plc ll’i’. 4 10415 1037 1043, | Warsaw 75 58 5 104% 1041 1 87% 874 9 19 8 1 95% 9b% 74 74% T4% Yokohama 14 102% 101% 101% ¥ 11 97 96% 96% Y 104% 87% 78 76 ki 59 95% “ West E1db 55 44.. Wst Sh 1st 482341, 31 West Md 4s '52. West Pac 68 "4/ West Union s West Union 5s 60 Win R A 7%s°41 Wis Cent gen 4s oS o ‘36 13 43% 10 76% SRTEANIG 6% Ry