Evening Star Newspaper, November 16, 1931, Page 14

e e —— NOVEMBER 16. 1931. FPINANCIAL. [ o BONDS o] AR EAST EXPORTS " OF UL S.INCREASE UNITED STATES. s gt Tow |Gain in September Over i1 August Reported by Com- merce Department. D, % 21 IBONDS AR LOWER IN ACTIVE MARKET Manchurian and German Sit- uations Result in Further Price Breaks. STAR, WASHINGTOXN, MONDAY, FINANCIAL.. THE EVENING NEW YORK STOCK EXCHANGE I Recelved by Private Wire Direct to The Star Office. ~ A~14 #xx CHANGE IN CREDIT CONTROL IS URGED Sules. Hich. Low. 258 4 105 105 1 6015 a8 4814 85 50 Net. High. Low. Close. Chge. Bates— Add 00. 31 12 E 80 ! 1930 Stock and High.. Low. Dividend Rate. 55% 20% Tex Guif Sulphur(3) 6'a 2'3 Tex Pacific Coal&Oil 17% 4% Tex Pacific Land Tr. 23 813 TheFair1).. . 9 2 Thermoid Co.... . E: . 2 \ | 15% 51 Third Avenue 35 14% Thompson (J R) (1), 1R 6% Thompson Prod 1.20. K13 Thomp-Star pf (3%) Tide Water Asso Oil. Tide Water As pf(6) Timken Roller B(2).. Tobacco Products. Tobacco Prod A t95c. Transamerica Corp. . Tri-Contl Corp. 4 i Trico Products( 2 - 1x| were irregularly lower today in active trading. The developments over the week end in the Manchurian and German situa- tions were not calculated to change the [ Am Intl 515549, market attitude of traders, but the ad- | Am Metal 5148 | vance in wheat in early trading today | Am N Gas 6l%s [lent an encouraging tone. A sharp|Am S&R 1st 5s'47. break in silver prices, together with un- | Am Sug Ref 6s'37. settlement in the stock market, were |Am T&T cv 43539 {also factors that could not be ignored. [Am T & T 5565 As a result, domestic issues had a sag- | Am T&T ¢ tr 6s ging tendency. Am T&T 63 8 f 60 The largest losses were in the rail- [Am T&T 5%s'43 road group, especially in such descrip- | Am W W/ tions as Alieghany Corporation 5s, Ca- | Am Wat Wks nadian Natlonal Railways 55, Baltimore | Am Wr Pap 63°47.. & Ohio first 5s, Chicago Great West- 5t *{ ern 4s, Erie A 4s, Tllinois Central 4355, | Arcontine o3 s { Kansas City Southern 5s. Missouri- | Argentine May Pacific general 4s, Nickel Plate first 4s | Argentine 65 Ju’ land 41.s, New York, Westchester & | Argentine 65 Oc'S | Boston first 4lis and Western Mary- | Argentine 65 A 57. land 4s. Argentine 6s B '58. High-grade carrier bonds, including | Arm & Co 413’39 Atchison general 4s, Norfolk é: Western | Arm Del 534 *43. 4s and others, together with the prime ! Atchison gn 4s '95 utilities, like American Telephone 55 | Atchis cv 438 '48 and Utah Power & Light 55, eased as a | 4t] C L 1st 4 result of a tightening in money rates. | Atl G L ol 4s Time loans were unofficially aquoted | At Gulf 58 ‘59, from 14 to 15 point above the official | At! Ref db 5837, rates, and Wall Street was again lean- | Australia 4% s '56 ing toward expectation of another re- | Australia 5s discount rate increase. United States | Australia 5s 57 Government issues reflected the same | Austria 7s 43, opinion, with declines of 8-32 to 16-32. | Austria 7s ‘67 ctf; Treasury 345 were particularly active . and about 3 point lower on the day. |5 &0 4348 Japanese government bonds were 15 to 1 point higher in early trading and while these gains were partially can- celed later strong undertone was mani- fested by this group. Tokio 5'5s, Tokio Electric 65, Yokohama 6s and other Nipponese descriptions were also firm. German _descriptions moved lower, reflecting a similar trend in London. Progress in the Franco-German nego- tiations is still blocked by the French insistence on reparations payments having priority over commercial debts. 11! Bell Tell 5 1 Cent 4s 111 Cent 43 3 111 Cent rf 4s * 111 Cent 4% '66. (Continued From Page 13.) ass. % o 2 60 Lib 3145 32-47. 100 99 5 1L 1st 4% s 32-47 100 16 100 5 L 4th 4% s 333 101 15 1018 1S 38 1951-5.. US3ts'40. 3 M 41- 238 40-43, S3%s 43-47. 182 30 100 6 10112 Net. Close. Chge. 1% + % 29% — % 21 1% Stock ane Sales— Dividend Rate. Add 00 Penn Dixie Cement 1 Penna Rallroad (2).. 105 Peoples DS pf (635). 208 Pere Marquette Ry.. 6 Pere Marquette prpf 108 Petm Corp of Am(1) 5 Phelps Dodze Co.... B 14 Phila&Readinz C& I T Philip Morris&Co(1) :i11ips Petroleum lishury Flour Pirelli (A) (m3.13 Pitts Coal. 5 Pittsbgh Screw & D Pitts Steel pf Pitts United Corp Poor & Co (B)... High. Low 1% 1% 30% 291y 92 1519 — His Decentralized System Advo- 13':“ cated in Possible Amend- - ments to Reserve Act. 95 11 99 10 a9 10 Inlana Inlund § Int 102 10216 102 17 106 24 106 20 106 24 Sales. High. Low. 2:55 e T 2 Sharp increases in shipments from ithe United States of raw cotton, to- bacco, wheat and flour to the Far East~ ern countries during September, as compared with August, were practically cutbalanced by this country's lighter { purchases of sugar, tea, burlap and other Orlental staples, the Commerce : | Department! announced today in a re- 2 | port compiled by Janet H. Nunn of the | Far Eastern section of the Bureau of | Foreign and Domestic Commerce. Theé report said, as the result, the combined export and import trade be- tween the United States and the Orient totaled $73.182.000, approximately the |same as in August. Exports, however, 4| advanced by $3.474.000, or 12 per cent, { from $28.405.000 to $31.880,000, while, | in contrast, imports declined from s44.- 1774,000 to $41.302.000 a loss of $3,712.- {000, or 7 per cent. Shipments Reduced. Compared with exports for Septem- | ber, 1930, valued at $41.010.000, how- ever, this country's total shipments to the 'Far East for September. 1931, |showed a reduction of approximately 22 per cent. Imports, according to the report, were 32 per cent bzlow the total of Sep- tember, 1930, $60.745,000. while the combined imports and cxports showea a decline of 25 per cent compared with the total of $101,755,000 for the 1930 66+ | Period. {"In an analysis of the exports and imports, the report said Japan, China as a whole, Ausiralia and Siam were the only countries in the Orient pur- chasing more American staples during September than for the preceding month, while purchases of every coun- try fell below those of September, 1930. This was due, however, to some de- cline in prices as well as in volume. On the import side, Japan and Aus- |tralia each supplied American markets with 7 per cent more of their native products; Netherland East Indies, 23 per cent, and Indo-China, 18 per cent. a0 The shares of the remaining coun- 05 | tries, however, showed reductions in Int Cement Int &G Int Hydro Int M Co 5s ret’41. . Int Match 55 °47... Int MM col tr 6s 41 IntPap 5s A * Int Pap 6s'55 Int T 475" Int T Int T & T o% Irish Free Italy 7 i 904 Italy Pub S 7s'52.. § & Japanese 45 '65., 4 Japanese 635 '54..167 BY F. H. RIC] S ONS Abitib! P&P §s'53. ipecial Dispateh to The Star. Alleghany Cp 58 "44 NEW YORK, November 16.—Bonds|Allegheny 5s'49. | Allegheny 58 '50. Allis-Chalm §s "37. Am Beet Sug 6s°35 Am F P 552030 AmIGCh5ls The three essential obiectives which ghould be kept in ming in making anj amendments to the Federal Reserve act are protection of depo: provision of more adequate and elastic credit fa- | cilities for in and trade in all| Dty parts of the c y and p tion of | i ; Postal Tel&Cable pf. a more democratic and decentralized Prairie Ol & Gas. syst ' tico he Bus Prairie Pipe Line system of credit co the Bu: RN e ness Week Proct & Gamb /2.40) All th Prod & Refiners pf.. neasur Public Sve 40). "fr the Pullman Corp (3) inadequ act, 2415 Underwood-E 614 Unfon Bag & I 5 27!3 Unfon Carb & (2.60).. Union Oil of Cal (2). Union Pacific (10). Init Alrcraft. . 1 Init Alreraft pf 12 Init Biscuit (2). 208 18 19 a a pu in cor implicit in the_establishme eserve system, but they ely implemented in tr d hay bheen submerged, sidetracked or frusirated by ordinary _developments durix » 1014. That they are of the mportance ble progre 1 demon- 5 of this de- | Unit Corp ¢ Unit Corp pf (3). 2 Unit Dyewood ) : | Unit Fruit (3).. Unit Gas&1m(1.20) U S & Forn Secur reiz . ypsum (1.60) Hoffman. Pure Ol i 1, Purity Baleries (2). 10 Corp. ... alo Corp pf A3%. 1, Radio Corp (B) (5).. dio-Keith-Orph A. 3 Kan City Ter 45'60. 13 Karstadt 6s'43 Kresge Found 6: Kend Kreug & Toll La w St 58 Lac G St L ealty & Imp Rubber. U S Smtz & Re eel Corpn (4) eel pf (7). United Stores (A). 1'nited Stores pf (4) '3 Univ Pipe & Rad. Util P&L(A) e12.15, man | s con- | which | epend | Republic | Republic . Reynolds Metls(13%) x Reynolds : Reynolds Tob A (3). but these cou i }:\fioi;ifls(’)l“rlm B(@3). anc rma ving habits « Richfiel 2 ance of normal \)u\l:z‘“!‘\'\ml S hof Lautaro Nit 6s Leh Val cv 4s omong ¢ 72 nd disem- 1008 H 1004 106% | 467 101% 101 Logillar Lokiliard Lorillard L Ak Lou G & Lvons 65 34. 1007 McKes & R 5150, 6674 Manh Ry 1st 45'90. 38 ] Market St 7s '40. 8915 Marsellle 65 ‘34 10115 Midvale Stl bs . 990 Milan 63%s '52 69 Mil ERy & L. a9 Mil EL 93'y MK & T adj 55 '67. 51 MIK&T pr In 65A'62 80 Mo Pac gn 43’75, .. 44% Mo Pac s F 17 6315 Mo Pao rf 5381, 64% Mo Pac 5135 A 49, Mont Pow 653’43 Montevideo 6: Montevideo 2.. Mor&Co 1st 43839 ribute to this 10015 1075 ELITY 1ce the safety = pen this confidence is shaken by wide- d b pensions, iot only is o58 pa but the whole credit ire upon which modern_ec jety rests is threatened. If tion against unemployment is important to maintain consumption urance ogainst loss of savings is far s0. w 1w tL-San Fran pf(6). 8958 o Retall Stores 7 Scott Paper ($1.40).. 708 Seaboard Afr Line... 6 ard Air Line pt Seaboard OIl.. . crave (40¢).. ears Roebuck (2%). Seneca Copper Servel Inc.. 4 Sharp & Dohme. Shattuck (FG) (t1%) Shell Union Oil. Shubert Theaters. Simmons Co. 20 9115 67 1001 Ward Baki Warn Jire en 1 tor-Tisenihir pf Wesson Oil&Sno(2) Wesson O&Sno pf(4) West Pa 131 pf (6)... West Pa 1 pf (7) West Pwrpf (6). West Pa Pwr pf (7). s Western A) Western B) Western ) Western “ictures 100% Importance to Business. it But business itself is directly con- cerned with the stability and smooth Tunctioning of our banking system. The gense of insecurity which banking in- stability creates is not confined to the consumer. Business concerns can also lose confidence in our banking instit ticns, corporations can hoard as well as & O Toledo 4859 Bk of Chile 63s '57 Bk Chile 6% 61. .. Batav Pet 4345 '42. Belgium 65 '55. 101 individuals and such hcarding can para- lyze economic astivity as effectively as ny other kind. It prevents intelligent Flanning, intensifics uncmployment and wage reductions, dries up demand for raw materials and retards repiacement and improvement of productive equip- ment. All this arises at bottom from the in- edequacy, inelasticity, uncertainty and uneven distribution ¢f the credit facili- ties required for continuous production end distribution of goods. Although the Reserve system was designed to allevi- ate these alternations of financial feast and famine, credit stringency and sur- plus from time to time and place to place, it has not done so. It has not been able to because a arest proportion of the banks themselves have suffered from the same sort of in- sccurity to whith their business custom- ers and their depositors alke have been subject. They have not had equal op- portunity or privilege of access to Re- serve resources, because of artificial and | often arbitrary discrimination against | the assets they have held, due to differ- imms Petro Sinclair Consol Oil. kelly Oil elly Oil pf ww. Socony-Vacuum (1). outh Port Rico Sug 15 Southn Cal £4 (2).. x 4 Southn Pacific (6). 69 Southern Rwy (m6). 16 Southern Ry pf (5).. 1 Spalding (AG) (1).. sparks Withing (1). pear & Co..... piegel-May-Stern. Stand Brands (1.20). Stand Gas&El (3%). tand Ol of Cal(2%) Stand Ol Exp pf (5) tand O11 NJ (12). . Starrett(LS) (1234 ). 9% Sterling Secur cv pf. 4% Stewart Warner. 133 Stone&Webster(m2). 9 Studebaker Co(1.20) 89 _Sun Ofl pf (6) ‘Telautograph (1.40). Tennessee Corpi Texas Corp (2). 26 10415 1% 91, 36% 15 19% Western Westinghse A B( Westinghouse ( Wsthse EM 1st m3 Wheeling Steel, . W hite Motors. ... Willys-Overland. Wilson & Co (A) Woolworth (4.40). Worthington Pump. Wrizley (Wm) (4). 121 Yale & Towne ( % Yellow Truck. . Union (6) 5 17 Zonite Irod Corp (1) 3 8% RIGHTS—EXPIRE. Elec Po&Lt ..Dec 4 11 & 4 Peop G L&C..Jan15 1 Sales of Stocks on New York Exchange. 10:30 AM. 200,000 130 P.M. 1,000,000 vidend T payments ba XEx-G1v 4% 1n stock | b Payable i stock. ‘e P: in cash or stock. f Pl h Plus 2% in stock oc in_special preferred stock 3% in ‘stock. m Pald this year—no legular rate. n Plus 5 stock. D PIu3 21a% in stock 16% 18% ences in the nature of the local indus- try and trade out of which their busi- ness arose. They have therefore be- come increasingly dependent upon the arger, more liquid metropolitan mem- Ber banks, which have performed th: real functions of the Reserve banks»lni this respect and _exercised effective | control_over general credit conditions and policies. CORPORATION ‘ REPORTS ’ | | i TRENDS AND PROSPECTS OF : Centralized System. D This control has not always been in LEADING ORGANIZATIONS. the rcal interest of general business sta- | biity or of the individual banks them- | NEW YORK, November 16—The fol- selves, and it has left many of em | g cor- only the alternative of extinction or ab- | 1OWing is a summary of lmp:;tax:h - sorption. In any case, it has made for | poration news prepared by the Stan a more highly ccr&:mlwe%, 1cssh d(‘;l;m-[nrd Statistics Co., Inc.,, New York, for | cratic system of independent banking | 4. sy Then is adapted to the diverse and dy- | ® Assoclated Press: ! namic needs of modern business in a | Weekly News Trend. i country like this. The reconstruction of our Reserve| Although the stock market turned | system must be keyed to these basic | downward last week, the decline was | considerations. | not unexpected, as a technical reaction | was entirely in order. No untoward in- | cidents occurred in the domestic in- | dustrial and financial situation to af- fect the trend of prices one way or the other. The actual movement of the market. as indicated by our price in- | dex for 90 stocks, showed a decrease of 5.2 points, dropping from 90.3 on | November 7 fo 851 on November 13, e alive—Turkeys, young toms | Fitl sll thres groups moving to lower and hens, 23a25: old toms, 18a20; cld| ™ rrhe pond market also experienced an s ns, 3 pounds and|aqiustment of prices. United States 18a20: 2 to 2!z pounds, -0222; | Government 1ssues reacted on Monday, lors, 23; hens, large, 18220; 1 )though the general list continued for 17; Leghern hens, 13al5: | another day the steady advance that , 10a12; keats, young, 40a43; 9ld, | haq been in evidence for over a week. | This decline eliminated only a small dressed—Turkeys, YOUDG | part of the recent gains and leaves the hens and toms, 31a33; old toms, 26228 | general level of prices still substantially 28a30; chickens, 3 pounds and | §pOCtt Ve o0 B Svear. to 2!, pounds, 23a25: | The Companies. 30; hens, large, 'Ivmfg.{ ghorn hens, 16a18: | Ganapnan Zine-Lead—Deficit before Long Island ducks, | gopreciation and depletion, nine months G | to_ Sepetember 30, $45,079 vs. deficit 17; choice, 16: | ¢35 770" ) ow. 81229, veal { ""Generals Motors—October retail sales b, 15. medium, 14a15; lJamb. top. 16, | py Chevrolet dealers to consumers to- jum, 14al5; pork leins, 8 10 10| taled 37,921 units vs. 38,674 in Septem- s, 15216; 10 to 12 pounds, 12':a|per and 37,674 a year ago; Buick cur- | 13; 12 to 15 pounds, 11a12; fresh hams, | rontly producing 425 units daily for | 8 to 10 pounds, 15; 20 to 25 pounds.|five and one-half daysa week: indicated 10; strip bacon, 3; lard, 50-pourd | November output around 9,000 cars vs. tins, 9; in packages, 10; compound, 7a | 5012 in October. s | " Louisiana Oil Refining—Deficit, nine Fruits—Oranges lemons, | months to September 30, $1,521.728 vs. | 4.0025.50; bananas, b~ | net income before Federal taxes, $77,188, | fruit 3.00; hone equal to $1.93 a preferred share. | cesabas i apy Pittsburgh & Lake Erie Railroad— | hox stock, fa .| Common share earnings. nine months . Emperot Malagas, | to September 30, $2.54 vs. $5.94. 1.45; nichons, 125, | Rutland _Raiiroad — Deficit, 12-quart baskets, 35a50; pine- | months to SepteTber 30, $48.8 apples. 400; persimmons Mus- | income $240,112, equal to $2.6 catels. 125! bananas, 50a | ferred share. Vegetables - 100- | Ceco Manufacturing —Current opera- pound sac 25; | tions reported on profitable basis; out- sweets snions, | put about 15,000 tubes daily. pickling, rnational Paper & Power sub- ry, International Paper, mentioned ts, | in reported merger negotiations with bects, | Consolidated Paper, Canadian Power & per 100 | Paper and other Canadian newsprint per rns: plan_ for _segregation of 50a | United States Water Power properties 300; cucumb 5.00: | of International Paper. Iceburg, 3.00: kale, 40a60; | Southwestern Gas & Electric net s 75a1.00; celery s, | earnings _ before retirements, three 1.50a1.75; California 00a2.50; | months to September 30, $728,087 vs. | peppers, 2.50a2.75; nearb; rel bas- | $447.874; 12 months, $2,161,409 vs. $1,- kets, 1.00; eggplant, 4.50: : parsnips, | 465,120. mushrooms, 50a75; asparagus,| Standard Oil of Kentucky marks up California, choice, 2.00; fancy, 3.50; |price of gasoline 1 cent a gallon,| extra fancy, 4.00; peas, 4.00a4.25 throughout Northern Kentucky | Warner Bros' Pictures _arranging | SECURITIES. contract with American Record for ' Sel Washington Produce Butter—One-pound prints, 36; tub, 35. Eggs—Hennery, 38a42; current re- 2833 2583 Poultry, Beef, prime, fair to good, 12'3al4 75 pears nine | vs. net a pre- | Concords, one bunches, 3.00 manufacture and distribution of Bruns- | wick records. heretofore made by Bruns_ wick Radio, a_subsidiar Central & Southwest Utilities Octo- ber electric sales (KWH) off 5.4 per SHORT-TERM (Repy J & W an & Co.) Bid. 94 933.0. 9218 1043 107 ed WASHINGTON STOCK EXCHANGE QUOTATIONS AND DAY’S SALES SALES. Potomac Electric 67 pfd.—4 at 11115, Potomac Electric 5!5% pfd—10 "at 107%, 10 at 10733, 10 at 107%, 10 at 107%. AFTER CALL. Washington Gas 6s “B"—5100 at 100%}. Washington Rwy. & Elec. 45—$1,000 at 8614, $1,000 at 8614, $1,000 at 86!,. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer, Tel. & Tel. 4145 '39.. Am. Tel. & Tel. tr. 55 Anacostia & Poi. K. R Ana. & Pot. Guar. 5s C. 'd& P._Tel. of Va. 5 Capital Traction R. R. 8 City & Suburban 5s Georgetown Gas st 55 . Potomac Elec. Cons. 575 Potomac Elec, 65 1953 5 Wash.. Alex. & Mt. Vernon ctf Washington Gas 4's... 5 Washington Gas 5s . Wash Gas 6s, serles Wash. Gas 6s, sei Wash. Rwy. & Elec. 4s... MISCELLANEOUS. Barber & Ross, Inc. 61is Chevy Chase Club 5ias Columbia Country Club 5iis. . D. C. Paper Mfz. 65 Y W. M. Cold Storage STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9) Capital Traction Co. Wash. Gus Light C N. & W. Steaml Pot. Elec. Power 67 Pot. Elec. Power 5'% Wash. Rwy. & El. com. Wash. Rwy. & EI pfd NATIONAL BANK. CIRpital (80 o oensnsesns Columbia (137, 5 Commercial (stamped) (10} District (8) 5 S TOWN CRI TITLE INSURANCE. bin (6h) Real Estate (6h) : EOUS Al B I3 70 100 100 25 9 Co. com. Co pfd.” (61 Monotype (8) & 5).. DEVELOP POTASH MINES New Mexico Now Shipping Fertil- ERS SCARCE izer by Carloads. CARLSBAD, N. M. (P).—Potash mining here has progressed to such an extent that shipments of the fertilizer have been going out in train loads. Presence of potash in the earth was discovered when oil tests were being made several years ago. Since then de- velopment work has been going forward and an organization for distributing the potash has been built up here. The unrefined potash is shipped di- Tectly for use as a ferttlizer. REST SPEEDS BLOOMS Hooded Flowers Ac;;\nced From Three to Five Weeks. ZANESVILLE, Ohi> (#).—An experi- ment with black “hoods” over chrysan- themums by florists here resulted in the blcoms being advanced from three to five weeks. Acting on a s on from Ohio State University, the florists covered Stentorian Tones Required to Hold Picturesque Post in British Hamlets. LONDON. — Several hamlets and towns in England recently have found it difficult to replace the town crior, the picturesque factotum whose job was a highly important one in the days when Merlin even did not have the temerity to suggest anything in the nature of broadcasting. If the town crier is now more of an ornament than a necessity, there is nevertheless a disposition to do honor to him as a traditional institution. But a chief requisite is a lcudspeaker voice. There is no room in the profession for whispering baritones or tenors. Yet any number of applicants for these jobs when they become vacant are incapa- ble of saying “oyez” or reading off the terms of a proclamation in the ex- pected stentorian tones, When the borough of Great Torring- ton recently chose a new town crier, mining and | 100% 1 earnings, 12 months to September 30, | 93 ago Rock Isiand 45 1934 Lor. & Wheeling 55 1933 o & So. Rwy. 4'.5 1935 ercial Credit Co. 515 Delaware & Hudson Co. 55 Denver & Ri> Grande d'ss Jen. Mot. Accep. Corp. &5 neral Petroleum COrp, 55 neral Public Service §':s Grand Trunk of Canada 8s Houston E & W. Texas 58 1033 umble Oil 8%a8 RS Laciede Gas Licht Co. '$s 1934 Touisville & Nashville 5s 18370 New York Cent & H. 45 195¢ New York. Chi_ & 8t. 1, 6s 1932 ) Telep, dTis” 1034 R. R. 618 i Portland General Flec. 5s 1935 Republic Iron & Steel S5 1940 Sinclair Crude Oil Co. 8':s 1938 Southern Pacific 55 1924, .. 8L IMS Ry R &G. 45 933 Union Elec Lt & Pow. 8¢ 10 Virgimia Rws. & Power s 1934, wabi Unior O Co. of Calif 8 msh Rwy, Co, bs 1999, cent Federal Water Service class A share 2.97 vs. $3.83. Real Silk Hosiery Mills—Plants op- erating at 90 per cent of capacity. “Truscon Steel—Omission of customary 6 per cent annual stock dividend fore- cast; business to govern cash disburse- ment. 130% 20 per cents Vadsco sales deficit, 8 months to September 30, $97,339 vs. deficit $96,520. Western Auto Supply October sales off 15.2 per cent; 10 months off 10 per cent. Coty Incorporated common share earnings, 9 months to September 30, 40 _cents vs. 86 cents. Detroit Edison common share earn- ings, 12 months to October 31, $8.92 vs. $8.91. Fashion Park Assoclates October net sales off 15.7 per cent; 10 months off the mayor and other members of the town council gave the three finalists in the competition for the job an out- door tryout. An audience cf 200 towns- | people “watched the novel proceedings. The winner was Herbert Waldron, and he clearly demonstrated that he was not in the whispering baritone cate- | gory. | (Copyright, 1931) Gains in Insurance. By the Associated Press. The annual rate of increase of or- dinary and group life insurance in force since 1926 still is greater than it was during the period from 1920 to 1926, analysis by the Stock Exchange firm of Wood, Struthers & Co. says, despite the fact that there was a 9.1 decrease in the amount of new in- surance paid for in 1930 and a 15 per cent decrease for the year ended June 20, lashy Z the plants with black cloth three hours bef-re sunset each day and kept the covers on until two hours after sun- rise the next d Giving the plants a longer period of rest each day brought about the earlier blooming, the florists said. The flowers were as large ond richly colored as those cut in midseason. bfiin. Construction Awards By the Assoclated Press. | A 33 per cent gain over September in October construction contract totals in the metropolitan area of New York | is reported by F. W. Dodge Corpora- tion. Contracts in three units of the | Radio City development in New York | City accounted in large part for the | increase. The total for the district was $89,518,600, of which $23,017.700 went to residential building, $48.791,600 to non-residential building and $17,- 709,300 to public works and utilities. Young plan 5l.s were off 11: points and Dawes reparations 7s, which rank as a commercial debt, lost & point. German Central Bank issues were 2 to 4 points lower. German municipals |like Berlin 6s, Leipzig 7s, Bremen 1Ts, Sgxon 71zs. Prussia 6s, Frankfort 615s, Cologne 6155 and Nuremburg 6s all were weak. German corporation issues also declined. German and Japanese dollar bondsboth were a point or more under their Satur- day's closings at the opening of the market. The former reflected the Fascist victory in the Hessian elections and the latter the Sino-Japanese sit- uation in Manchuria British 5'%s were unchanged and most other foreign bonds were steady. In the domestic list fluctuations were few and unimportant. The rails showed a better tone after the recent decline, with unchanged prices quoted for such izsues as Erie 5s, International Great Northern adjustments and Chicago Great Western 4s. Prime issues were unchanged. United States Govern- ernment bonds were inactive. INVESTMENT TRUSTS NEW YORK, November 16 (#).— Over-the-counter market: Am & Gen Am & Ge Am & Gen | Am 3 Sec See B Int un c com PORPIRE | DI i 314 o ald_Col Tr Petrol T Public Collat treet T Am Am Am Am ‘rustoe Trustes Trusteed rusteed 7m Bk Sh . 0th Cent Fited Tr Two Year Trust Sh . United PFixed Shrs Unit Fdrs 170 Com United Ins Shrs . Tnited Bank Tr versal Tr POTATO MARKET. CHICAGO, November 16 (#) (United States Department of Agriculture) — Potatoes, 129; on track, 259; total United ' States shipments Saturday, 604; Sunday, 22; firm on russets, about steady on other stock: trading slow; sacked per cwt.: Wisconsin whites, 0a85; Minnesota, North Dakota Cob- blers, 75a80; Idaho russets, No. 1, 1.35a 150;" commercials, 1.10. Chain Store Sales Decline. NEW YORK, November 16 (#)— Forty-seven chain stcre companies, in- cluding three mail crder concerns. showed total sales of $337,373,449 in October. a decrease of 825 per cert from $367,714,487 for the like month last year, a compilation by Merrill, Lynch & Co. says. Excluding the mail order concerns, 44 chain store companies showed sales of $285,185,654 for the month this year, a decline of 4.65 per cent from A ysal ago, _ .. 0| Chi T H inc 6s '60 | Copenhag 5s ‘52 Belgium 7s ‘56 Bell Tel Pa 55 Bell Tell Pa 55 C'60 Berlin Cy El 68 '55. Beth Stl pm 53 '36. Beth Stl rf 534842, Bolivia 75 '58. Bolivia 7569, Bolivia 8s°47....., Bordeaux 6s Brazil 614826 Brazil 615527 Brazil 8s ‘41 Eklyn Elev 6%s... 3 Bklyn Man 6s '68. . 100 Bklyn Un 1st 55'50. 21 Buenos A 6s'61 Pv. Buff Gen El 413831 Bush Ter con 5s '55 Bush T Bldg 55'60. Calit Packing 5840 Canada 4s ‘60 Canada 4%s Canada 5s'52...... 5 Can Nat Ry 4335’56 Can Nat 438757, .. Can Nat 4%s'55. .., Can Nat 5s July'69, Can Nat 5s Oct '69. Can Nat 5s'70 1007 69 n Pacific 41546 n Pac 5s 44 Can Pac 58 '54 Car Clin & 0 6 Cent 111 G& Jent Pac 55 '60 Cert-td db 513s 43, Ches Corp 55°47.... {C&Ogenqigaraz, {C&O4KsB 5 |CB&Qgen CB&Q4ks C B&Q 1St rf 5371, CB&Q 111 dv 4549, Chi & Est 111 5. e C M StP&P 537, CM&StPadis | Chi & NW en 45 757 | 1&NW 41452037, NW 4135 C 2037, Woen4%s. NW rf 5s 2037 NW 6%s i RI&P gn 45 88, Chi RI& P rf 4s8°34 Chi RTcv4lss " ChiRT&P 4% e wRamarampramn=BRaS3, Ch n Sta 4%s 63, | Ch Un Sta 615 '6 | €& W Ind en 45" & W Ind 5l4s Chile 65 '60 Chile 6s'61 Chile 6s'63 Chile 75 *42 Chile Cop db 5. Christiana 6s '54 Clev Term 4145 7 Clev Term 5s ‘73 Clev Term 5%s * Colomb 6s Jan "61 Colomb 61 Oct. . Colon Oil 6s '38, Colo & Sou 4% '80 Col G&E 58 May'52 ! Col GRE cou 55 61. Com Inves 5s *49. |ccMd st r 5y | Con G NY 4%s ConGN Y 5%s 45, Con Pwr Jap 6% Con Pow Japan 7s. S rarnh mawncalaZacSe Cuba 5%s'45. Czecho 8s Del & Hud rf 45 ‘34, Del & Hud 5%s ‘37, Denmark 4%s Denmark 5145 '55. Denmark 65 ‘42 D& R Gren 4s ‘36 D&RG W 58" DRG& W 55°78.. Det EE G&R4 Y Det Edison ri Det Unit 4%s '32. , Deutsche Bk 6s Dodge Brcl 6340, . Duaquesne 4%s '67. Dutch East I 65'47, Dutch East I 65’62, st C Sug 778 ‘37 e con 4% A '53 ie conv 4s B Erlecv 5367 Erte 53'75. Fiat 7s war. . Finland 7s '50. Fla E Coast 5s'74 Fond J&G 4%s'52. French 75 '49 French T%s '¢1. Gelsenk’hen 6s'34. Gen Baking 514540 oSS SRamne BSuwa me Gen Motors Gen St Cas s German Bk 6: Ger Cen Bk 6560 J Good 15¢ 6% Goodyr Rub b8 GrandTr sf db 6536 16 Grand Trunk 78'40. 7 100% GrtNor4%s'76D. 5 18 GrtNor4%s"7TE. 3§ 177 Grt Norgn5%s's2 3 95 Grt Nor gn 78'36.. 21 1034 Greek 6568, 9 651 Hait! 65°52 10 82 Hud & M ad. 10_63 Hud & M rf58°57.. 107 891y Humble O 6%8°33.. 3 100% iry 5% at Steel 53 '56... . Netherlands 6s'72. NOT&M5%s"54. w S Wales 58’57 w S Wales 5. NYCgn3%s's7.. N Y Cent 4325 2013. NY Cnrf4%s 2013, NYC rf im 532013, Y Cent db 6s '35, NYC& St L 4537, Y C&StL 4%s'78. YC&StL5 12 SA'T4. NY C&St L 63°32.. 15t 614541, ILH&P 4" H&P 55 "48. H&I db 4857 H&H 4% ‘67 H&H clt 65°40. Y O&W gn 4s'55. Y O&W 1st 49'92, Y S&W gn 5s 43, Y Tel 41%4s°39.... Y W&B 43%s°46.. ord 6%s'50. . r & Wnev 4896, 0 Am Co 55 ‘61 or Am Ed 55 C or Am E 5%s '63. Nor Pac 33 2047... or Pac 41%s 2047 or Pac r 1 63 2047, or St Pw £s A "41. or St Pw 6s B '41. Norway 65 '43. Norway 63 "44. Orlent dev 5%s'58. Orient dev 6s'53-.. Pac G&F 53 4! Pac T&T 1st b8 Paramount 63 '47.. Paris-Ly M 65 '58.. | Paris-Ly M 7s58.. Pathe Exch Penncy 4%s 60, Penn gn 415 '65... Penn 43570, | Penn 55 '64. | Penn gen 5s Penn 61gs Penn P, Peoples as 58 4T, | Peor & B 15t 4540 Pere M 1st 4s'56.., Pere M 1st §s '56 Peru 6564, Peru 6561, Peru 7s'59 Phila . Phila Eiec 43 . Phil & Read 6s'49. Philllp Pet 5% 39, Philippine R 45’37, Pirelli 7s '3 P&WYV 4l Poland 6s ° Poland 7s’47. FPoland 850 Port Gn E1 415560, Porto Alegre 8561, Por RAm T 6s'42, Pos Tel & C 55 Pure O11 5145 '37... Queensiana 6s "47 Queensiand 7s41.. Read Jer Cn 4s'51.. eaa RN 1%8 A 97, Reading 4%s B '9 Rem R5%3 A *47.. Rnine West 65 °52. . Rhine West 63 °53., Rhine West fs '55.. Rhine West 7s 50 Rio de Jan 6145’53, R Gr Do Sul 6s "68.. Rio Gr W 1st 45’39 Rome 6145 52 Roy D 4545 w StL&SF 4%s'78. StL&SF p15s B'50 StS W en 45 '32 s KC SL 47 San A & A P 4343, o Pau 7s'40 ret. a0 Paulo 85 '36 Seab AL 4ss eab A L cv 65 '45. seine 7s 42 17562 E S183 62 Shell Un Of} 58 '47. Shell Un Oil Gs Shinyetsu 6%s ‘52 Sinclair O11 6% SincO7scv A inc Cr O 5% '38 Sinc P L 58 Skelly OF Sotssons 65 '36. | Sou Bell T&T s *41 SW Bell T 53 A '54. Sou Pac col 4349 Sou Pac ref 4s'55 Sou Pac 4%s'68 Sou Pag 4%s 81 Sou Ry &n 4s '56 Sou Ry 6%s '56. StOIIN J 5846 StOIIN Y 4%s'51. Sweden 535 Swiss 5% 46.... Tatwan E P 5%871 Tenn EI P 63 A '47. Tex & Ark 5%5'50. Texas Corp 58 44. . Third Av rf 48 '60 Third Av 1t 55 '37. Third Av ad) 5860 Toho El Pw 2. Toho El Pw 78 Tokio 58 '52 Tokio 535 "61. Toliin El Lt 6852, Tol St L&W 48°50., St L&SF In 4s A 50 3 TS =T e S !ratios ranging from 12 per cent for 9'4 | China and New Zealand to 31 per cent {for the Philippines. Compared with September, 1930, Indo-China, whose trade is of little relative importance, was the only country which increased its shipments to the United States. Notwithstanding the depression, pre- liminary returns show that the United States sold the Orient 276,000 bales of raw cotton during September, an in- crease of 140 per cent over the preced- ing month and 40 per cent against Sep- tember, 1930. Exports of wheat totaled 12,103,000 bushels, an advance of 100 ™ | per cent compared with August and of | more than 200 per cent compared with September, 1930. Other shipments in- | cluded 138,000 barrels of flour, a gain of 50 per cent for the month; 8,062,000 pounds of leaf tobacco, a rise of 150 per jcent, and 81.210,000 cigarettes, 80 per cent of which were sold to Philippine traders. In addition, this country consigned to Oriental countries 564 barrels each of kerosene and gasoline, approximately 5,500,000 yards of cotton cloth, a loss of 20 per cent against August; 51,000 auto- mobile tires and 62,000,000 feet of soft- | wood lumber from the Pacific Coast. |Exports of machinery showed little 7, | change at $2,131,000, but losses were 'noted in iron and steel, canned milk, copper and aircraft equipment. In return, the United States bought €.705,000 pounds of raw silk, an advance of 4 per cent: 33,152,000 pounds of bur- lap, a decline of 20 per cent, and 79,- 760,000 pounds of crude rubber, a rela- tively small gain, besides 55,000,000 pounds of cocoanut products and 68, 240,000 pounds of sugar. Other Shipments. Greatly increased shipments of raw cotton, wheat and lcaf tobacco auring September accounted largely for a gain of 48 per cent in United States toial exports to Japan, which amounted to $15,025,000, compared with $12.370,000 for the previous month. This was, how- ever, 17 per cent below the September, 1930, total, due largely to lower prices. imports advanced by $1.203,000, or 7 per cent, from $16,052,000 to $17.255.- 000. This gain resulted largely from heavier purchases of raw silk and ton. Nctwithstanding the general depres- sion and domestic difficulties surround- ing Chinese traders, United States ex- ports to the whole of China, amounting to $8,098,000, were 4 per cent greater than the August total of $7,778,000 and less than 1 per cent below that of Sep- tember, 1930. While the major part of the increase is attributable to heavy sales of raw cotton, a considerable share resulted from China's requirements for food products, especially wheat and flour. She also bought more jeaf to- bacco, refined mineral oils, iron and steel, machinéry and automobiles, but less lumber and cigarettes. Imports of Chinese products into the United States amounted to $3,491,000, 12 per cent be- low the August total and 50 per cent lower than for the 1930 period. ‘BELL FIGHTS TARDINES! ¢ R A Tolls Lazy Students to Action on Hamline College Campus. ST. PAUL, Minn. (#)—Unable to awaken students with electric buzzers, Hamline University here has resumed the use of an old bell hung in a cam- pus tower. Tt rings for breakfast and for classcs and has resumed duties it was given a half century ago when Dr. George Henry Bridgman, a new president of the young school, came here from Genesee, N. Y., and, being lonely, he sent for it to keep him company. It cured his nostalgia. Now it is curing an epidemic of tardi- ness! By closing 102 streets to traffic and using them for playgrounds, Salfor England, has recuced its strest fatal ties nearly one-half in the last months. - S Sk . Hish. Low. 9% 79 96'% 9574 & 8415 91 91 94 991, 255 79 96% 85 a 04 991, 30 31d 5 6714 Un Pac 4s Un Pac 18t 43 * Un Pac rf 4s 2003.. Un Pac 4%s '67 Unit Drg cv s '53.. Utd King 5%s '37.. UnSt W 6%s A'47. Ud St W 6% 8A'51.. Uruguay 6s Uruguay 8s "4 Utah P & L 63 "44 Util Pw 58 '59 ww. Util Pow 5%8°47 Vert fug 1st 7s Vienna 6# 5: * Va Ry & Pw 58 '34. Va Ry 1st 6s '62. Wabash 4% Wabash 5s B '76. Wabash 6s D80. Warn Br Pic 6839, Warsaw 7s ‘58 Wst Sh 13t 4s West E1db 5 Pac5s46.... Union 58 *51. West Union 5s'60. Wes: Un 638 '36. Wil & Co 1st 63 '41. Wis Cent gen 45 '36 Yokoham 7ty 604 13 62 1003 95% 3414 3714 37 4214 43 80 103 6415 52% 90 90 104% 85 434 7 103 65 52% 941 9214 10413 85 434 78 81, 95 603 12 62 100'5 95% 3414 3% 37 426 45 80 103 6118 52% 90 90 1041 85 4349 8 8l