Evening Star Newspaper, November 13, 1931, Page 15

FINANCIAL CURB ISSUES DROP IN LIGHT TURNOVER !_Iéiume of Trading Decreases as Leading Shares Sell Off. BY JOHN A. CRONE. Bpecial Dispatch to The Star. NEW YORK, November 13.—Stocks on the Curb Exchange today continued their lower trend, in evidence at the outset, as the session progressed, but trading again slackened on the price decline. ‘The decrease reported in electric con- suniption was reflected marketwise in ublic utilities, such as Electric Bond & hate, Consolidated Ghs of Baltimore, Middle West Utilities, American Gas & Electric and Niagara Hudson Power, Standard Oil of Indiana and Cities Service also eased in the oil division. Corporate and trade news afYected individual issues rather than group or merket trends. Thus the nine-month profit of $149,630, or 28 per cent less than in the same 1930 period, reported Pitney-Bowes Postage Meter Co. jlight heaviness in that stock. nscontinental Air Transport was active as the September mall tonnage report showed a decline from that of August. Detroit Aircraft sold off fol- lowing its statement of a deficit of $233,433 for the first six months of the current fiscal year. H&e lines Jgnored corporate develo] ments. Thus Cumberland Pipe Line, majority of whose stockholders today to a dissolution of the company, did not appear on the tape during the forgnoon. Northern Pipe Line rose a point. Missouri-Kansas Pipe Line eased. Great Atlantic & Pacific Tea reported & decline of 5.4 per cent in dollar sales for the 5-week period ended October 31 and_a drop of 2.6 per cent for the 35 ‘weeks of the year, but gains of 8.9 per cény, and 11.8 per cent, respectively, in tonnage sales in those periods over 1930. The preferred issue softened. "The oils were not impressed by pro- posals for a world oil curtailment pro- , which the trade insisted could not.be undertaken here because of the Government's attitude toward such a step. American Utilities & General Com- mén’ turned heavy on the omission of the- quarterly dividend on the $3 cumu- latlve preferred, the last payment of which was 37}, cents on September 1. Goldman ‘Sachs in the first few hours was churned about an unconfirmed rumors of its acquisition by another fiz‘i-.u be the state of prog - ver may e state of prog- ress in the copper curtallment discus- e COJ stocks were wildest losses the South African during the first three hours, although United Verde Extension hit a new low at the same time. . Bunker Hill-Sullivan was up a point despite the simultaneous decline in sil- ver . In_the Teacted after early im iprovement. quotations were mixed, but of the active leaders pointed downward. Eléctric Bond & Share at 20% and Citles Service at 7% were each off 1 d of Indiana, which dealings, e similar trans- actions on the big board, were at Jowered levels, bul most of the active Curb coppers were issues of foreign rather than Am:rican companies. Aluminum Co. of America eased. Goldman-Sachs resumed its rise. Mid- dle West Utilities and Niagara Hudson Power were active, but pointed lower. 3,400 Recalled to Work. NEW YORK, November 13 (&) — Fashion Park Associates has recalled 8,400 vu{km. who_will hl':nunb'l; wl%’ik ‘within a few days. They have been idle for .the last month. @ 0%z 3 3 Cities Service 5 A, 49 85 " Cit Serv Gas Slas '42 oS omse i RS e o BB g v v 58 '34 v U 5s '35 108 - - IS ) 2] 2g! DE:Q" cE08f>e: g " i22g80, 2! & St .l_:a-S‘ doga® . 2 e AlF Brovtt A B 53 3 B § s asnoo SEBLAEANTZ THE EVENING STAR, WASHINGTON, D. C, FRIDAY NEW YORK CURB EXCHANGE Recelved by Private Wire Direct to The Star Office. tocl id in 100-share lots excent those desigmated by letter “5.” Seeer. toat. ‘Stock and Dividend Rate. Add 00. Open. Hirh. 3% Ala Pow pf (6). Alexander Indust Allied Mills Inc ‘Aluminum Co of A: Alu Co of Am pf (6). Aluminum Co Lte Alum Ltd B war. Am Austin Caj . Am City P&L (A) a3 Am Cit P&L B b10% Am Com P A (b10%) Am Com Pr B(b10%) Am Corpn (f30¢).... Am Cyanamid B..... Am Equities. Am For Pow war. Am Founders. . Am Gas & Elec (11). Am Mfg Co pf (5). Am Maracaibo. Am Natural Ga Am Superpwr (p40c) Am Superp 1st (6)... AmUt]l & Gn B vte.. Am Yvette (2be) Anglo Chil Nitr; Appalachian Ga Arkans Nat G: . 208 10 2 13508 Asso G&E all ct 1.60. Asso G&Elct (8)... 258 Ass0 G & El war. Atl Secur Corp. Atl Atlas Utilities war. Auto Voting Mach. .. Bell Tel of Can (8) Benefioal 1 L (1%).. Blue Ridge Corp. Blue Ridge cv pf( Brasil Trac Lt&P(1) Brit Celanese rcts Bunker Hill & Sull. Bwana M Kubwa Cable Radlo T vtc. Canadian Marconi. Carnation Co (j1%). Cent Pub Svc A b5 %. Cent Stat El (b10%) Cent St El pt xw(6). 4 Chain Store Devel. Childs Co pf (7). Cities Service (g3 Citles Serv pt (6) » Claude Neon Lts Colon Ofl. Comstock Tunnel. .. Consol Copper. Con Gas Balto (3.60) Cosden Of1. Creole Petroleum Crocker Wheeler 4 Cumberland P L (2). §0s Curtiss Wright war. Cusi Mex Mining. Desre & Co. ... De Forest Radio. Detroit Afrcraft. % Driver Harris new. . Dubilier Cond & Rad East G & F Assoc East Sta Pow (B)... Utll Assoc ¢ Eisler Electric. Blea Bond&Sh( Elec B & 8h cu pf b Blec B & Sh pf (6)... Elec Pow Assqe (1) . Elec Pow Assoc A (1) Elec P & Lt op war. . Empire Pwr pt(2.24) Europ E Ltd A (60¢) Europ Klec deb rts. . Fiatrets (94%e). Florida P & L pf (7). 26s 4 Ford M Can A (1.20). 12 Ford Mot Can B 1.20, 25s Ford Mot Ltd 36 8- 9 Fox Cheater (A Franklin Mf, Garlock Pkg (1.20 Gen Aviation. GenB Ltd res 36 5 Gen G&E cv pf B(6).300s Gen Theat Eqevpf,. 12 Golden Center 3 Goldman Sachs..... 36 % Goth Knitback Mch. 2 Great At&Pac(t63%). 708 Gt At&Puc Tea pt(7) Guardian Invest. Gulf Ofl of Pa (1%4). Happiness Candy Hecla Mining (40¢) Hollinger Gold(8ic) . Hudeson Bay M & S. Humble Ofl (12%).. Hygrade Food Prod. Hygrade Sylvania(2) Imp Ofl of Can (50¢) Indiana Pipe Line(1) Indian Ter Illu Ofl A Industrial Finan ctfs Insull Inv (b6%). .. Ins Co ofNo Am 123 Intercont Power (A) Int Cigar Mach (2%) Int Hydro ev pf 334 .. 50: Int Petroleum (1). Int Utilities B. Int Utilities war, Interstate Pw pf(7). 208 Irving Air Chute (1) ‘1 Kerr Lake. Lackawanna Sec (4) Lake Shore M (12.80) Lefcourt Real pf (3) N NONREEO RARB NS B~ 2Ee 3 1 1 3 5% ~Prev. 1951.~ Low. Close. 9 93% 93% [P 5% 80% % Long Is| Long Is] Memph Mesabi Mid We: Mid W Mounta Nat Am Nat Avi: Nat Ser: Nat Uni, New En Y Tel Nitrate Nordon Nor Am Nor Pipi Ohto Coj Pandem Pennr Penr Peoples Plymout Pub U] Pub Utl Puget S Quaker Rellanc: Relianci Republi Sec Alll Bexal L Seiberli Shattucl Sierra I Silica G Souther: South P pieg M, 8 Stand Of & Stand S Strombe Stutz M Technic Un Gas Unit Ko Unit Ga: Unit Ga: Unit Ga: Unit Lt U § Dal. Unit Ve, Walker West M Y” Ol Comwlt] Dividend rate. in nusl payment. o Stock and Dividend Rate. Add & Leonard Ofl.... Libby McNeil & L.\ Lone Star Gas n 88c. Magdalena Synd. Mavis Bottling ( Mead Johnson (15).. Mercantile Strs (1).. Mid W Ut cv pf xw 6 Mo-Kan Pipe Line. .. Mo-Kan Pipe L (B). Mohawk Hud 1st(7). Moss Gold Mines. Nat Family § Nat Fuel Gas (1).... Nat Pub Sv A (1.60). Couv.ne 8h T Sec A g60c. t Sugar NJ (2) ag-Hud Pow (40c) Niag-Hud Pow A w,, Niag Sh Md (40c)... Niles-Bemt-Pond (1) Nipéssing. Perryman Electrie. . Starrett Corp pf (3). -Am El pt (6). . Taggart Corp. Teck HughesG. Wil-low Cafeterias. . Wil-low Cafe pf (4).125s 5 % 1 10% land Lt (60c) 2 23 1d Lt pf (7)., 108 107 T 104 22% 107 & 14 61% [ 18 N Gas (60c).. Iron. i st Ut (b8%) . 105 671 15 24 » t Sts U(b8%) 0 ) 00 3300 1 1O O 50 B 0 T8 e 3 i in Prod (1)... erican Co. ation. Vi on Radlo. .. & Pow pf (6) 808 Newmont Mining. .. 7258 & Hond Ros (1). 13 Pf (6%4)....1508 18 Corp Corp Ltd Aviat A ¢ e Line (14).. 50¢” Nor St Pow pf (6)... 4 Nor St Pow pt (7) pper. .. Pac Western Oll. . o1l Pantepec O Parker Rust d Corp (40c) ar & Pwr(3). L&PWr (A). (11.40, Philip Morris Ine. Phoenix Secur Corp. Pilot Rad Tubs A. ... Pitney Bowes (b4 %) th Oil (25¢).. Prod Roalty (b10%). Prudential Invest. .. 1 Hold war. 1 Hold xw. d P&L pt (5) Oats pf (6).. Rallroad Shares(40c) Rainbow Lum Pr A. Reiter-Foster. o Int A e Int B c Gas Corp Roan Antelope Min. . Rubberoid (4) St Regis Paper (60c) Salt Creek Prod (1).. Seaboard Util (28¢). ed Corp (1).. & H (ab0c).. ng Rubbe: Selected industr . SleInd al ctfs(5%).. Sentry Safety Cont.. k Den Min. .. Shenandoah Corp. .. Shenandoah Corp pf. Sherwin-Williams(4)2008 4 ’ac El pt. el ctf: 1 Singer Mfg Co (116). 50s n Nat Ga: enn Ol (1) ay Stern p! 11 of Ind( 1 6 ilver & Lead. 15 3 crg-Carl(1%) 3 otor Car. 3 1 100s olor Inc. Texon Oil&Land ‘Trans Air Trans Trans Lux DL P Tri-Utllitie of Canada(1) Unit Car Fast (40c) . unders, s Corp. . s Corp war.. S DL (T)....s &PWA(1).. ry (A) (6) U S Elec Pow ww. U S Inter Sec 1st pf. U S Playing Card 2% 2258 rde Exten (1) 10 Utll P&Lt(at1.02%) Van Camp Pkg pf..., (H) (50¢)... ass Co(2%). 254 &Gas....... 10 » RIGHTS—EXPIRE hEd..Dec1s 9 3y {olints based on iast quarteriy or semi extra’ b Earabls’ in- stock $ Everybody’s Business Baruch's Suggestion of Remedy for Depressions Involves Creation of Two New Groups for Super vision of Industrial Con- ditions. BY DR. MAX WINKLER. Special Dispatch to The Star. NEW YORK, November 13.—As 8 remedy for depressions, Bernard M. Baruch, former chairman of the War Industrics two new groups of men to take charge | of industrial conditions, one of which | shall be advisory and the other exec- utive. ‘The members of the Advisory Coun- cil, according to Mr. Baruch, should be chosen not because of their political affiliations, but because of their ability. Such a group might be helpful in the study of taxation, unemployment and the making of tariffs. Acting for the Government, says Mr. Baruch, such a body could lessen the labors of all those devoting themselves to the service of Government, and make easier the task of the lawmakers. Mr. Baruch’s plan unquestionably has a great deal cf merit, but is it not true Board, suggests that the come to date approximates $385. United States Government shall create | fealizing, he would have received $992.80 | sume that an American investor was prevailed upon to buy $1,000 par value of the Brazilian 8 cent loan in 1921 at 97%. Let us assume that he retained the bond until the sus- pension of cash payments by the Bra- zillan forernment, and then disposed of his holdings at the current market of 37),. The entire transaction shows he received by way cf interest a total of $880, to which should be added the pro- ceeds from the sale of bonds, giving & total of $1.255. Deducting the original outlay of $975, the net balance is $280, equivalent to about 2.60 per cent per annum for the entire period. To be sure, the return is small, but the in- vestor has received all his money_back and a reasonable income besides. There are many domestic investments which have worked out less satisfactorily. How much better would the most conservative American investor have fared? Assuming he had purchased, in 1921, the world’s premier investment, United States Government 313s, at the then prevailing price of 101.65. His in- on and on deducting the original invest- Missouri Pacific. Holders of Missour| Pacific preferred are somewhat disappointed at the fail- ure of the board to declare the regular quarterly dividend of $1.25. However, this does not mean that no payment will be made covering the last quarter of this year. In 1930 the direc- tors declared the final dividend at the November meeting. In 1929, however, R:{d early in December. the dividend is not payable until D: cember 31, so that disbursement may that there sre already too many bodies | still be orcered at next month’s meet- and groups functioning presumably for the purpose of devising ways and means of ending the present economic depres- sion? Losses in Foreign Bonds. Attention is being directed to the spectacular losses incurred by Ameri- can investors in foreign bonds, espe- cially Latin American issues. In order to portray as gloomy a picture as pos- are based u the sible, the ipon low quotations registered during 1931. But there is no good reason for refus- ing to take into consideration the fact that many Latin American loans, with- in a very short period of , have registered spectacular gains which, in some cases, amounted to as much as 200 per cent. The concern over the “duped” American investor became es- pecially marked when Brazil announced | 17} that she would hencef:rth meet the service on her d-bt in scrip. ‘Those who will take the trouble to analyze situations rathes draw unut.ha:l mdul:onl statistical compliations, might make some inter- esting disco ing. At prevailing prices, the stock ylelds well over 13 per cent, assuming of course continuance of dividends which are cumulative up to $5 a share per annum. Divide Prears aggregate about $48 K inie et International Nickel. The International Nickel Co. g}m" e increase earnings from the sale of “et:g.; DA:{ the company’s Lt ore. according bert C. Stanley, president, Vb Earnings for the first three quarters of the current year were equivalent to about three times preferred dividend requirements. After allowing for the disbursements on the preferred, the bal- ange available for the common w2s only 4 cents. This leads to the beljef that the prevailing quotation of the shares 18 based on the outlook for the future, Which is viewed optimistically, rather than on present earnings. Commenting on the decrease in the the Mr. of 3 ited out that was due veries. Let us, for the sake of argument, as- cash position Stanley poin to the final payment made during ment, his net income would amount to $361. equivalent to about 3.32 per | | cent per annum. ment was declared at a meeting current year on capital account in con- nection with an expansion and modern- ization program started in 1924, ad ing that no further outlays of this nature are contemplated for some time to come. Copper Confererce, Those who have hoped that the con- ference of leading copper producers would settle the various problems with which the copper industry is faced will be keenly disappointed at the failure of the session after three weeks of ne- gotiations. There is still a possibility that conversations may be resumed in regard to gl’dposa)s for the reduction of output and the stabilization of markets. As there is fear that the breaking uj of the conference may lead to the im- portation into the United States of a rather large amournt of copper, it is quite likely that agitation will increase for a tariff on the metal. Net profits of the Interstate Depart- ment Stores for October were highly satisfactory due to various economies, according 'to Leo G. Federman, presi- dent. Business for the current month to date is most gratitying, with stores reporting food farmer buying for the first time In over a year. Mr. Federman looks forward to a very profitable November and Decem- ber. Gross business of the company for the first ten months of the current year shows a gain of 1.7 per cent as compared with the same period in 1930. October figures show a shrinkage of about 9.6 zlu cent, due largely to the reduction the price of merchandise. Copyright, 1331 by the Nortn . ‘Newspaper Alliance, nc.) AT Ie80 Heads Safe Deposit Association. BALTIMORE, November 13 , (Spe- clal) —Andrew H. Troeger, Safe De- | posit & Trust Co., was elected presi- dent of the Maryland State Safe De- posit Association at the annual meet- ing. Mr. Troeger was formerly treas. wrer of the luoclluoln.mceor(e M. 2 Bank, was elec ident, and Gerald J, the Park and treasurer. 3 held the position of 2 tiring_officers were Charles O. Kieff- 3 fi.;lun;orgr 'l‘nutd %:.,1 president, an n. 8. Townsend, vice president. e Reserve Ratic Rising, NEW YORK, November 13 (Special). | —There has been a steady advance in the ratio of Federal Reserve Bank re- tober. This was u | week, but at 625 with over 81 per cent a year ago, A ‘ s | \ -~ | o o] OHOSEN CONSULS ?1tional, Branch; Anne P. Crawford, Mc- 1 | Lachlen Banking Corporation; Willard | chapter. | | | serves to deposits since the end of Oc- | Mad P & full point this | §:eAns: Der cent compared | b TOWH ... An average of two whistlers a th | Stocknolm, crown. seek radio auditions with N. B. %MA hundred soprancs aspire s in haberdashery is becoming it aspire 1o trials in the American JUNIOR BANKERS Institute Members Keep Up Educational Spirit Among Students. J. Earle McGeary, of W. B. Hibbs & Co., who is chief consul of Wash- ington Chapter, American Institute of Banking, has appointed his assistants for the present year. A new departure this year is the appointment of two associate chief consuls because .the work of this big committee has been so expanded, making it advisable for the head consul to have two associates upon whom he can call at any time. These associates are Paul _Seltzer, Ameriean _Security & Trust Co. and Kenneth Bergfeld, Riggs National. The other appointments include the follow- ing junior bankers: List of Appointments. George Lingebach, American Security & Trust Co.; Roane Clary, American Security & Trust Co. Branches; Miss Eugenie Horak, Bank of Brightwood; Lewis Dennis, Bank of Commerce & Savings; George H. Acton, Chevy Chase Savings Bank; Grant D. Sim- mons, Columbia National Bank; George M. Hakins, Commercial National Bank; Arthur E. Meade, Departmental Bank; Frank C. Cook, District National; Miss Pauline Garber, East Washington Sav- ings: Miss Vivian E. Stokes, Federal- American National Bank & Trust Co.; Rudolph Coldenstroth, Federal-Ameri- can Branches; Ellsworth Moyer, Frank- lin National; Joseph J. Flaherty, W. B. Hibbs & Co.: Ralph J. Collins, Liberty National; Martin Walls, Lincoln Na- tional; Nelson M. Stokes, Lincoln Na- G. Barker, Morris Plan Bank; Lincoln H. Phillips, Mount Vernon Savings; Wm. F. Russ, Munsey Trust C ward P. O'Connell, National Bank of Washington; George R. Flemer, Na- tional Metropolitan Bank; Scott D. Morris, National Savings & Trust Co.; Lloyd H. Johnson, Northeast Savings; J. Stone Noyes, Park Savings: Stanley W. Gates, Potomac Savings; Robert M. Poole, Riggs National; Lawrence W. Engelman, Riggs National, Dupont Branch; Kenneth Collins, Riggs Na- tional, Columbia Branch: Miss Eva Ricker, Riggs National, Farmers & Me- chanics Branch; Louis E. Purnell, Riggs National, Park Road Branch; Joseph R. trick, Second National; Os- wald Lehman, Security Savings & Com- mercial: Kent L. Dyer. Seventh Street Savings; Norman Glasco, Union Trust Co.; Charles J. McDowell, United States Savings; William H. Laughlin, Wash- ington Loan & Trust Co.;, William B. Mehler, Washington Mechanics Sav- ings: A. R. Terneak, Washington Sa ings; George Schultze, k. F, Saul Co.; E. Wallace Schriner, First National Bank, Alexandria, and Valentine R. Smith, Citizens' National Bank, Alex- andria. Duties of Consuls. It is the duty of the consuls to co- operate with the board of governors and various committees by keeping in close touch with the personnel of their respective banks and dispensing in- formation regarding activities of the They also assist in the matter of collection of dues and tuition from chapter members throughout the dif- ferent banks, and this year's board of consuls has been selected carefully with the view to having on the board only bank employes who have secured the chapter’s standard certificate, or at least have taken some interest in chapter: study courses. Baltimore Markets Special Dispatch to The Star. Baltimore, Md., November 13.—White potatoes, 100 pounds, 75a1.15; sweet potatoes, bushel, 35a50; yams, barrel, 1.00a1.25; beans. bushel, 50a2.00; beets, .00; brussels sprouts, per quart, Bal5; cabbage, 35a50; carrots, wer 100, 2.50a3.50; cauliflower, crate, 1.25a1.75; celery, crate, 1.50a2.75; cu- cumbers, hamper, 3.00a4.25; eggplant, crate, 3.00a4.00; lettuce, crate, 2.00a3.00; & beans, hamper, 3.00a4.00; okra, bushel, 1.50a2.00; peppers, hamper, 258 75; pumpkins, per 100, 3.00a6.00; onions, per 100 pounds, 1.75a2.00; oyster plants, per 100, 4.00a5.00; bushel, 30a60; squash, bush tomatoes, lug_boxes, 1.75a2. hamper, 20225; apples, bush: Dairy Market. Chickens, young, 16a20; Leghorns, 16a17; old hens, 17a23; -Leghorns, old, 12a16; roosters, 12al4; ducks, 12a19; pigeons, pair, 25a30; guinea fowls, p-u,; 25a50; turkeys, 20a25. | Eggs—Recelpts, 1,072 cases; current | receipts, 28a30; small pullet eggs, 22a 25; hennery whites, 34a36; nearby firsts, 30a32; Western firsts, 30a31. Butter—Good and fancy creamery, 28a32; ladles, 20a22; procgss, 24a25; store packed, 15. Live Stock Market, Cattle — Receipts, 1,600 head; light supply; market strong on choice cattle. Steers—Cholce prime, 8.0028.50; good to choice, 7.25a7.50; medium to good, 6.00a7.00; ‘fair to medium, 5.50a 6.00; plain to fair, 4.7585.50; 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. good to choice, none; medium .75 4.25; fair to medium, 3.25a3.75; plain to fair, 2.50a3.25; common to plain, 1.50a2.50. - Heifers—Choice to prime, none; good to choice, 5.50a5.75; medium to good, 5.25a5.50; fair to medium, 4.75a5.25; plain to fair, 3.75a4.75; common to plain, 3.2583.75. Fresh cows and Spring- ers, 30.00a60.00. Sheep and lJambs—Receipts, 500 head; light supply: market steady; sheep, 1.00a3.00;_lambs, 3.50a7.00. Hogs—Recelpts, 300 head; light sup- ply, market steady; light, 5.60a5.8" heavies, 515a5.65; medium, 5.70a5.! roughs, 4.00a5.00; light pigs, 5.40a5.65; pigs, 5.60a5.85. Calves—Receipts, 50 head; light sup- ply, market steady; calves, 3.50a9.00; no extras. “Cows—Choice to prime, none; good, Hay and Grain Prices. ‘Wheat—No. 2 red Winter, export, no quotations; No. 2 red Winter, garlicky, spot, domestic, 655 ; November, 65%; December, 66% Corn—No. 2 " yellow, domestic, spot, 00a2.25. domestic, spot, Rye—Nearby. Hay—Receipts, 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 rices in buyers' favor at a range of .00a17.50 per ton. ‘Bnt“‘l'l'—Ns,e 1 wheat, 8.5029.00 per ton; No. 1 oat, 9.00a10.00 per ton. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling chegits t London, pound Paris. franc els. bl Berlin, mark ome. lira .. 2 . schilling. st pengo. .. rague, crown (nom) Wa agen, Crot Sosmers zloty ... wo.. popular in Norway. NOVEMBER 13, 1931 |FINANCIAL COMMUNITY PLEASED FINANCI AT CHANGE IN SENTIMENT But Wall Street Obse Trvers Are Concemed Over Outlook for Germany—Stock Liquidation Believed Completed. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, November 13.--When the markets for securities anc com- modities were buoyant the first of this week, the writer met in Wall street a man who some years ago was the head of one of America's largest banks. hold the bulk of these German credits have been conf dll.lox and trying ”ns:{."&?n‘%“‘m" st & the Reiche: to ber 1. Some of be at least Asked for his views on the situation = he sald’ that he was impressed by the change in sentiment, especially since the drain on our gold supplies had ceased, and thought that gdefinite im- provement in domest| occurred. He was, wever, worried over the prospects abroad and especial- ly with respect to Germany, whose out- look, he said, was most confused and disturbing. Opinion/ Divided. This f{llustrates the two points of view that are to be found today in the financial district. Members of stock exchange houses find evidence in the attitude of their clients that liquida- tion has been completed and that the public 18 now more in a mood td buy stocks when they are reasonable in price than to sell them. The sur. roundings of the commodity markets have entirely changed in the past 30 days. There is a better, though an irregular trend to the bond market The possibility of another advance in the Federal Reserve rediscount rate has disappeared and time money and acceptances are lower. The weekly total of bank failures has been de- creasing since the end of October. Shortly the National Credit Corpora- tion will begin actively to function. It was learned today that subscriptions to this organization approximated $600,000,000. '1‘ When one approaches e interna- tional banker, however, one finds a conditions had | redug the corr regions of the coun pa; to an advantage more than equivalent to the minimum inal agreement. The other acute situation applies to Hungary, whose short term credits maturing next month are understood to be approximately $125,000,000. These do not especially involve American banks, as the creditors are bankers in Germany, Switzerland, Holland France and England. The reaction however, from & default on these credits would be felt here as well as through- out other international banking cen- ters. Austria 1s also in a serious posi- tion, as she has lately been refused mco’l:m;.odl either be\tam;e :: cred PoOT or as & penalty for adventure in the customs different mood and the setting up of | jaat another group of conditions than those prevailing in this country and which hz insists must be corrected before thert is any permanent or substantial im- rovement in the industrial life of the nited States. Like his former busi- ness associate in the New York banking world, he is greatly worried over Ger- many, as well as over Hungary and Austria. The immediate problems he has to deal with are the short term credits, which begin to expire in De- cember and which must be paid off in whole in February or indefinitely ex- tended at the end of the six months’ period for which they were negotiated under the so-called “stand-still” agree- ment of last Summer. This week a group of half a dozen bankers representing the largest insti- tutions in New York and those which Since the speech of Premier MacDonald in London Monday night, in which he emphasized the seri ness of the Conf and urged that imm action be taken to forestall any le defaults. there has been more attention given to this phase of finance by Wall street. It has been the most important factor in slowing down speculation, following the recent uplift in stocks, bonds and commodities. Serious as the outlook in the Far East may be, it is a minor incident in international “banking af- fairs compared with that which is in- volved in the credit situation in Ger- many and in Central Europe and over which strenuous efforts are now being mn:: to reach a satisfactory adjust- ment. (Copyright, 1931.) CANADIAN GOLD MINE INDUSTRY IMPROVES Bulletin Says Trade Is Enjoying Most Prosperous Condition in Its History. Special Dispatch to The Star. MONTREAL. Quebec, November 13. —At least one Canadian industry— gold mining—is enjoying the most prosperous condition in its history, says a bulletin recently made public by the | Spring Department of Immigration and Col- onization of the Canadian Pacific Rail- wa; y. “A comprehensive review on gold mining in Ontario and Quebec, Can- ada’s most important gold-producing provinces, reveals that this industry ‘was probably never before in so pros- gero\u a condition as it is today,’” the ulletin points out. “Hon. W. A. Gor- don, minister of mines for the Do- minion, ‘is author of the review, which also reveals that many gold mine ex- ecutives , throughout Canada are pre- paring to. embgrk immediately on pro- ams expansion involving large capml expenditures. “The prosperity of the gold mines can be attribu very largely to the fall in prices of much of the ma- terial used in the production of gold and to the premium now being paid Canadian gold miners on their product.” Ontario’s gold output for the first half of 1931, the bulletin asserted, was valued at $20,608,206. Quebec’s output was valued at $3,047,442, making a total for these two provinces of $23,655,648 as compared with a valua- tion - of $26,321,508 for the whole of Canada in the same period. Inci- dentally, the latter figure compares with $20,180,568 in the first half of 1930, | pi which means that Canada's total out- put of gold gained more than $6,000,000 during this single six-month period. New gold fields - are almost weekly heing discovered in sections never be- fore known to contain the perclous metal, the bulletin concludes, and it may not be unlikely that Canada will shortly become the world’s foremost gold producer, having already passed the United States in this respect and now holding second place among the countries of the world. South Africa still holds world leadership. LOANS TO BROKERS IN SHARP DECREASE Special Dispatch to The Star. NEW YORK, November 13.—In the past 10 weeks, during which there has been an uninterrupted decline, brokers’ loans have decreased $535,000,000. The downward movement is gradually ebb- ing out, as this week'’s loss of $18,000,000 | is one of the smallest since the move- ment set in at the end of August. It is expected that next week the | item of loans “for others” will show the | effect of the new policy of the clearing | house which prevents its members from | handling loans of this type. Such loans Washington Produce Butter—One-pound prin Eggs—Hennery, 38a42: ceipts, 28a33. Poull try, alive—Turkeys, toms and hens, old m%; cld 23a25; hens, 20a22; chickens, 3 pounds and over, 18a20; 2 to 2}; pounds, 20a22; Spring broilers, 24; hens, large, 18a20: small, 15a17; Leghorn hens, 13al5; ;(;t:s;.;u, 10a12; keats, young, 40a45; old, Poultry, dressed—Turk oung hens and toms, 3133; ol toms, 30038, old hens, 28a30; chickens, over, 21a23; 2 to 2% pounds, i 27; hens, large, 21a23 P P TO0Os! H 19820, i Meats—Bee: f, prime, 16 15%;a16; good, 14a14%; fair 11a1213; cow, 713a8; ts, 36; tub, 35. current re- 12; choloe, to medium, loi: 12 to 15 pounds, lg:‘l‘gl/; hams, skinned, 18 to 20 pounds, 10; 12 to 14 pounds, 13; 8 to 10 pounds, 15; smoked hams, 19; strip bacon, 22223 lard, 50-pound tins, 9; in packages, 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 4.00a5.50; bananas, 1 X grape- fruit, 2.50a3.00; honeydews, 2.25a3.00; casabas, Z.fig;mgplu‘ bushel baskets, 40 0 1.50; box , fancy, 2.00a2.75; pears, 3.00; grapes, Emperors, 2.25; Malagas, 1.75; Tokays, 1.75; Cornichons, 1.25: Concords, 12-quart baskets, 36a50; pine- apples, 4.00; persimmons, 75a1.50; Mus- catels, 1.25; nanas, 1.50a2.00. Vegetables — Potatoes, Mains 100- pound sacks, 1.25; Idaho bakers, 2.25; Sweets, bushel baskets, 50a75; onions, ic) , 50-pound sacks, 1.25a1.50; artichoke, 3.50; sf beans, 1.00a3.00; limas, 3.50a4.50; turnips, bushel baskets, 35a1.00; bunched, per 100, 4.00; beets, 1 carrots, Binchies, 400; okra, '3 50 saisly. pov , 4.00; '7‘5 squash, 2. 3.00; peas, e 4 lettuce, Icel spinach, one dozen bunches, 2 d , 300; cucumbers, 5.00; berg, 3.00a3.50; kale, 40a50; 0a75; celery, 2.00; tomatoes, California lugs, 3.00; peppers, . .75, nearby bushel baskets, eggplant. 4.50a5.00; mushrooms, 50a7: fornia, choice, 2.0 CHICAGO DAIRY MARKET. CHICAGO, November 13 (#).—Butter, receipts, 9,568 tubs; i ‘creamery, specials (93 score), 30a30%; extras (92 score), 29%; extra firsts (90-91 score), 28a28'%; firsts (88-89 score), 26%a 27%3; seconds (86-87 score), 24a25; standards (90 score centralized carlots), 28%. Eggs, receipts, 1,394 crates; firm; extra firsts, 31a32; fresh-graded firsts, 20a30; current receipts, 24a27; re- frigerator firsts, 18al8%;; refrigerator | extras, 181:a20. y |18 by no means representative AL FOOD GROUP LEADS IN RETAIL SALES More Than 22 Per Cent of American Dollar Spent for Victuals. \ BY CHAS. P. SCHAEFFER, Associated Press Business Writer. Consumer demand - in the differént regions of the country makes the American retall dollar a flexible coin. es developed by the census.of distribution indicate the division of the dollar between the different groups .of stores for the United States as a whole *he try. The comparisons show that the faur try ~ where e highest percentage of the dollar is it in the food group are -of Eastern States, while the four where the m(he::n percentage of ing, in order, is the Middle Atlantic division with '25.96 per cent, and East North Central division with 23.3¢ per cent. - ‘Under the country’s average for fopd then follows the South Atlantic divi- slon with 2187 per cent; Pacific division with 20.82 per cent: Mountain division 19.64 per cent; East Central division 19.04 per cent; South Central division 18.10, while West North Central division accounts for the minimum expenditure of 1867 per_cent. > In the automotive group, however, is almost reversed. in this group, the West South Central division with 23.71 d’w cent, followed by the Mountain division with 23.60 per cest, the Pacific division with 23.14 per cemt, the West North Central area by 2193 per cent, East North Central with 19:48 a‘er cent and the East South Central th 19.32 The Sout tlantic division is fthe tinder The” general averager with 1638 Inder e gene) average, ), followed by New England with 1723 per cent, and the Middle Atlantic:is the last with an average of 1432 per cent. + 8peoial Dispatch to The Star. ¢ NEW YORK, November 13.—Ootton prices were 2 to 6 points higher at the opening of the market today. Ac- m"'nda buying held Opening prices were: December, 6.57, up 5; January, 6.67, up 3; mfi. 16.85, up 6; May, 7.00, up 4: July, 7. up 4, and October, 7.4 ,Dup 2. ?" CHICAGO, November 1: .- :g averaged lowexrem.v wdgy‘ (.Ml.nnue 3 pounds and | ge! 23a25; iteration. A more tw offi o ission viet Dictator Joseph Stalin. ) Some Chicago grain trade authorit! m'uh the inference that the o pa modic exports Russia would the figure in the international wheat trade this year that was earlier ex- pected. On the other, reports of rains in parts of Texas and tended to stimulate wheat as indicating a betterment -of domestic crop pects. Corn and oats followed wheat. Provisions were neglected, 278 CHAIN STORES LISTED IN MEN’S WEAR FIELD By the Associated Press. i Commerce Department calculations show that there are 278 chain systems ,in the men’s wear field, of which 168 are classified as men's clothing chaims, 58 men’s furnishing chains, 32 men's hat chains, 20 men's made-to-order - ' clothing chains. These systems, which operated 2,943 stores or units in 1929, did a total business that year of $263,145,539, or an average of $89,410 per_store. Of these multi-unit organizations, 165 are classed as local chains, 88 as sectional 1,098 973; and net sales of $80,961, stores and the national chains had 775 sales totaling $80,124,782. The department explains that not all multi-unit organizations can classed as ‘cl . An independent store which adds one or two branches becomes in reality a local multi-unit TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) Rate—Maturity Bid. Offer. are now $162,000,000, or 20 per cent of the total of all brokers’ qunsl? 17s Dec. 15. 1931 ..... 100 100 3-32° 1%s Dec lS,'}gSl-T.D.Z 100 100 ; 1932 100 100 3- 100 4-32 100 7-32 Mar. 15, 3las Dec. 15, 99 16-32 99 24-32 19 1%s Sept. 15, 1932. STOCK AND BOND AVERAGES By the Associated Press. From Yesterday's 5:30 Edition. STOCKS. 50 Industriald. Two years ago. Five years ago High, 1931. Low, 1931, High, 1930. Low, 1930 igh, Month ago Year ago. Two years ago Three years 2go High, 1931... independent rather : than a chain. Similarly if a small group of stores is built around a large central parent store, and the stores are merchandised largely from the stocks of the parent tore, it is not a chain, but merely a ocal branch system. A store system becomes a chain when the number of its branches is increased to the point where it is no longer le to mer- nflb a central les - during 1930, :1‘&{“:‘3‘; sal ] n chains of $100 of all leased. the men’s wear in owned premises. penses of the stores were reported to be about $30.77 for each $100 of sales. SHORT-TERM SECURITIES. (Reported by J. & W. Seligmin & Cg.) » Bid Offer. 832SEe e R 3 SR Laclede Gas Louisyille & New York C jew York. Chi, : Northwestern ‘Telep. Pa. . 6ias 1 al Elec. 88 1935 Bteel 85 1 : =:°¥§ Ege &