Evening Star Newspaper, November 16, 1931, Page 15

FINANCIAL. NEW YORK CURB EXCHANGE Received by Private Wire Direct to The Star Office. [uRB ISSUES SAG INDRAGGY TRADING Leading Shares Sell Off Slightly, but Trend Con- tinues Downward. BY JOHN A. CRO: Special Dispatch to The Star. NEW YORK, November 16.—Stocks | on the Curb Exchange today maintain- ed the downward trend in evidence at | the opening, but trading slackened its | Ppace after midday. | Electric Bond & Share, which de- clared its regular common quarterly dividend as expected, was off about a half point. Cities Service was a thade lower. American Commonwealths Power A and B shares and Electric Power & Light option warrants reached | new minimum prices The sharp decline in silver was mir- rored in some of the silver shares, no- tably New York. Honduras & Rosario, | which lost nearly 2 points on the first few trades. The rise in wheat during the forenoon period firmed Deere & Co. Improvement in the price of the heavier chemicals was reflected in Dow Chemical, up more than 4 points, and a slight firming in American Cya- namid B. In the aviation division, E. W. Bliss, with the gain of a point, was the feature on the upside. Buying a Bond BY GEORGE T. HUGHI Continuing our discussion of the qualifications laid down in the New York State law affecting Government securities legal for savings banks, it is only bonds of public utdlity companies incorporated and doing business in the United States which are admissable, The reason for this limitation has been made very evident by events in the last few months. As far as the neces- sary character of the service rendered is concerned a public utility supplying gas, electric or telephone service is the same in Europe or in South America as it is in the United States. It is financial institutions located in New York, how- ever, to which the law applies, and these institutions are obligated to pay their depositors in United States money. A public utility operating outside the teritorial limits of the United States, say even in Canada, where the field is probably just as remunerative as it is on this side the border, would neverthe- less collect its income in Canadian funds, and in the event of a discount on Canadian currency would not offer as desirable an investment opportunity. An exception might be made in the case of bonds of Canadian companies the in- terest on which is payable in American or in Canadian currency at the option of the holder, although the law does not give banks that choice. But with public utilities operating in Burope or in the continent to the south the disadvantage in the matter of curremey used became glaringly plain when Great Britain su pended gold payments and sterling ex- | chlange declined so sharply from its par value. Of course, it is conceivable that the shoe might be on the other foot—that is, that the American dollar might some day be at a discount, improbable as that now seems—but all this introduces a speculative element into what is meant 10 be as near pure investment as pos- sible. Probably the individual investor for some time to come will do well to re- strict his commitments along the same lines as the savings banks are compelled by law to restrict theirs. This is not to say that speculation in the obligations of foreign utilities may not often be profitable. but simply that it does not look that y now. (Copyright, 1031.) .CHECK TOTAL DROPS. By the Associated Press. Thecks cashed on individual bank accounts in leading cities of the Fed- eral Reserve system declined 10 per cent during the week ended November 11, as compared with the previous ‘week, which included many disburse- ments on account of monthly bills. Total debits for comparable periods follow, as measured by the board: Week ended November 11, $7,191,- 730,00 ,000. Previous week, $7.954,582,000. Same week last year, $11,408,394,000. BONDS ON THE CURB MARKE' les in ousands. Cmw! 65 '40 3 1Amer El Pow 85 A 57 5; 5Amer P & L 65 2016 2 Amer Seating 6s '36. 45 8Appalac Gas 6s B 45 8Ap 156 2 vt 29 28 eorgia Power 55 illete 8 Raz 55 ' B L R B =m0 355 ) s a > ndnap P&L 55 A insull “Utilit 8s &YX P‘ll‘lu Po; nd B 8 S S el 0 0 000 s 0 e 1901 009894805 209 K 11 R34 1A 440 s 1305 Sitn cant £ uth Cal Stand Gas & N T 18 Van Bwerin v ‘Waldorf-Astor 7s '54. =w!ll Penn 58 2030... FOREIGN BONDS. "MB Alr Pr 7% Sof"ag iz B 10 m“ T Bk 5.\ ¥ fsm ESLU 3 Bt [ s EW—Without T When tssucd. 100-share lots exeedt these designated by letter “5.” Stacks seld tn 100-share lots o Add 00. Open. Hich. 10s 102' 102: ~Prev. 1931~ High Low. 115% 112 Dividend Rate. Ala Pow cum pf (7). % Alexander Indust... 5 Aluminum Co of Am 6758 Am Capital B Am Cit P&L B b10% Am Com P A (b10%) Am Com Pr B(b10%) Am Corpn (f30¢). Am Cyanamid B Am Equitfes. . Am For Pow war., Am Founders. . Am Gas & Elec (1), Am Gas & El pf (6).. Am Invest Inc (B).. Am Maracaibo. Am Meter (3). Am Natural Gas ‘Am St Pu Sv (a1.60). Am Superpwr (pdde) 8 Am Superp 1st (6). .. Am Util & Gn B vte.. Anglo Chil Nitrate. . Appalachian Gas. ... Appalachian Gas wr. s e a80alSaaRem T wen Elec Ind (30cY Asso GREL A (b2-25) . Asso G & El war Atl Lobos pf. . Atlas Utf] Corp. ... Atlas Utilities war. . Bliss Co(EW) (b8 %) 350 Blue Ridge Corp.... Blue Ridge cv pf(a3) Brazil Trac Lt&P(1) Brit Am Oil C (80¢). . Brit Celanese rets. .. Buff N& E P 1st (5). Bunker Hill & Sull.. 200 Bwana M Kubwa. Cable Radio T vte Cable & Wire B rets.. Canadian Marconi. Carman & Co (B) Carnegie Metals. Celanese 1st pf Celanese pf (1) Cent Hud G&E ( Cent Pub Svc A b5 %. Cent Stat El (b10%). Centrifug Pipe (60c) Chain Store Devel. .. Cities Service (g30c) Cities Serv pf (6)... Cit Sv pf B (60c).... Claude Neon Lts Inc, Clev EI Illum (1.60) ¢ Colombla Syndicate.. Colon Oil,..... Col O11& Gas vte. ... Cmwlith Edison (8) Cmwlth & Sou war. . Com Wat Ser g12%a. Consol Copper- Con Gas Balto Consol Royal (2! Copeland Pr Inc (n). Cord Corp. . . Cosden Oil pf. Creole Petroleum. Cust Mex Mining. Dayton Alr & Eng. Deere & Co. . . De Forest Radio Detroit Afrcraft Dow Chem pf (7). Duke Pow (5) 4 Duquesne Ga Durant Motors. East G & F Assoc. .. Edison Bros St(50c) . 4 Educational Pic pf.. Etec Bond&Sh(b6 %) ElecB& Shcupf5.. Elec B & Sh pf (6) Elec P & Lt op war. . Eilg Nat Watch 1%. . Emp G & F cu pf(7).100s Empire Pub Sve (A). Employ Reinsu 11.80 Europ E Ltd A, (60c) 4 Evans Wallow Lead. Falcon Lead. . . Federated Metal Ford M Can A (1.20). Ford Mot Can B 1.20. Ford Mot Ltd 36 3-50 Fox Cheater (A).... Gen Empire (1)..... Gen G&E cv pt B(6). Goldm: s. .. Gorhath Inc pf.. Graymur Corp (1).. Gt A&P Teanv(16%) 1 Gt At&Pac Tea pf(7) 20s Groc Strs Prod vte.. 1 GuifOflof Pa (1%).. 3 Hecla Mining (40c)., 1 Humble Ofl (12%).. 2 HydroElec Sec(1.20) 12 111 Pow & Lt pf (6). . 225, Ind Ter Illu Oil B... Insull Utll 2d pf (6). i Insur Security (40c). Intercontinent Pet n, Int Petroleum (1), .. % Int Products. .. Int Utilities B . Interstate Pw pf(7). Italian Superpow A.. Koppers G&C pf(6) o Kruskal & Krus Kolster-Br (Am Sh), Leh Coal & Nav 1.20.. Long Island Lt (60c) Mapes Cons Mfg(t4) Margay. .. s 1 508 2 32% 2% 16% 22% 3% 4 THE EVENING STAR. WASHINGTON, 3 N B MONDAY, NOVEMBER 16, 1931. FINANCIAL, 3 A—15 ~Prey. 1931~ High. Low. 12% 5% 1% Low. Close. 1021 & 77 % 34 801y " 31 3 4 Mo 'l 5% 2% 8 1% 4613 stock and Dividend Ra Meniph N Gas ( Mesabi Iron Mid Sta Pet Mid West Ut (b8 Mid W Ut cv pf xw § Minne-Honey pf (6). 60s n Pipe Line. Miss Riv Fuel bd rts. 1 Miss River pr pf (6). 30s Nat American Co Nat Family Stores Nat Fuel Gas (1) Nat Rubber Mach. Nat Service Co...... Nat Sh T Sec A g60c. New Eng Pow pf (6). Newmont Mining.... N Y & Hond Ros (1), NYP&Ltpt (6). Niag-Hud Pow (40¢ Niag-Hud Pow A w.. Niag-Hud Pow B w.. Niag Sh Md (40c).... Niles-Bemt-Pond (1) Nipissing. .o Nitrate Corp Chile B. Nordon Corp Ltd. ... Nor Am Aviat A war, North European Oil. Nor Ind P S pf (7)... 2 Nor St Pow A (8) Nor St Pow pf (6)... Nor St Pow pf (7). Ohto Ofl cu pf (6). PacG & E1stpf 1%. Pac Western Ol..... Pandem Ofl.., Pantepec Oil. . Paramount Cab Mfg. 12 Parke Davis (11.65). Parker K ust (3% ) Pattersoh Sarg ( Pender D rA Pender D Gr B. Pennroad Corp (40c) Philip Morris Inc. Pilot Rad Tube A Pittsburgh&LE( Plymouth Ofl (25¢).. South 3 5815 14| 80 5 1% | 164 225 315 4 4% & 16% e 22% 3% 4 16% 22% 3% ayabi dividend. 4 1 stock. Unit L& Pwr B (1) Unit L & Pwr p£(6) % Unit Profit Sharing. Unit Profit Shpf(1). U 8 Dairy (A) (6). U S Elec Pow ww.... U S Inter Sec 1st pf.. USLinespf........ U 8 Playing Card 2% 100, Unit Verde Exten (1) Utah Apex.......... Utll P&Lt(at1.023%). Util & Ind pf (1%) Utility Equities Van Camp PRg pt Venezuela Petrol: Walker (H) (50c)... Wil-low Cafeterfas. . Wil-low Cafe pf (4). Woolworth (FW)Ltd “X" Oll & Gy . A RIGHTS—EXPIRE % Comwlth Ed Rad-K-Orph..Dec 21 Premier Gold (12c).. Prudential Invest, Pub Utl Hold war. Pub Uti] Hold xw. .. Pub Ut Hold cu pf(3) Pure Oil pt (6) Relter-Foster. Reliance Int A. Rellance Manag. Reybarn Co. .. Reynolds Invest. Rock Lt & P (30¢)... Royalty Corp pf. V t Anthony Gold t Regis Paper (60c) Seaboard Utll (28c).. Sec Allled Corp (1).. Segal L & H (a50c) Seiberling Rubber. Selecied industries. . 4 SleIndalctfs(53%).. Sentry Safety Shenandoah Corp pf. Silica Gel ctfs. 3 Singer Mfg Co ( Smith-C nt ‘orona vte ol Pwr A Southern Nat G SW Bell Tell pf (7).. Spanish & Gen rcts Stand Ofl of Ind( 1).. Stand Oil of Ky 1.60. nd Oil Nebr (2).. & Stand Silver & Lead. Starrett Corp Sunray Oil. .. Sun Invest pf (3) Swift & Co (2). Swift Internat’l (14) Tampa Electric (32 ‘Technicolor Inc. Teck HughesGM 165¢ 4 Texon Oil&Land (1). Tcbaceo & All Stks. . Trans Air Trans. ... Trans Lux DL P § Tri-Cont Corp war... Tri-Utilities Tubize Chatel, B...., Un Gas of Canada(1) Uanit Corp war. Unit Founders. . Unit Gas Corp. = e SrolRe MRl o e R e TR Ra e 5 6 52 3% 4% * Dividend rates in doliars based on last quarterl 1 nual payment. *Ex dividend. UE s 4% e & Paykble in-cash’ or stock. b Earable in stock- ) TPartly extra. 3Plus 1Plus 8% in stock. Plus 2% In stock. s - stock. 1 Plus 8% in stock. D Paid last year—no regular ratel 10% in stock. m Plus 3% Everybody’s Business Hoover Home Loan Plan Is Viewed as Constructive Proposal Bound to Thaw Out Frozen Funds Tied Up in Real Estate Proj- ects. BY DR. MAX WINKLER. Special Dispatch to The 8 NEW YORK, Noveml 16.—Presi- dent Hoover is about to take one more step toward the financial an¢ economic rehabilitation of the United States. The Chief Executive will ask Congress, when it convenes next month, to approve the creation of a mortgage banking system patterned along the lines of the Federal Reserve and Federal Land Bank sys- tems for rediscounting loans on homes advanced by banks, building and loan associations and other financial insti- tutions. It is reported that these loans will be limited to the rediscounting of paper backed by individual mortgages of not more than $15000 each and in an amount of 50 per cent of the unpaid balance on unamortized or short-term mortgage loans or 60 per cent on amortized long-term mortgages when such mortgages are not in default. The President’s move is doubtless highly constructive because it is bound to result in the thawing of huge sums of frozen credits—that is, funds tied up in various real estate and housing projects throughout the country. It also should help materially the financ- ing of home building, which, in turn, should affect favorably issues of com- panies in the building field. Steel Rationing Proposed. An overextended industry under & system of untestrained competion can be drawn into committing serious eco- nomic waste, especially during periods of temporary business declines, according to W. M. Wood of Decatur, Ill, director of the American Institute of Steel Con- struction. In order to eliminate such econqgnic waste, Mr. Wood proposes a system of rationing the steel business under a live-and-let-live plan. nhi i:helm melnumi:; the demand di;:r ee! proving"in many ulun, - tricts and in several important items. Needs of consumers have been accu- mulating for several weeks, but, owing to uncertain conditions, purchases have tponed. The improvement, clight Taough i s the K nifcan: becatse thi 1 the time ot the ht = can! year when wish to keep their stocks light for the ap- proaching inventory period. ‘Western Maryland Gains. ‘The Western Maryland railroad is de- riving substantial ‘benefits from the extenslon connecting the line with the Pittsburgh and West Virginia, accord- ing to George P. Bagby, president. Mr. Bagby also points out that the Tesults for the past month will make & more favorable comparison with Oc- tober, 1930, than preceding months have made with corresponding months last year. Although loadings have shown a decline so far this month, as compared with October, the shrinkage -.co:xrd.lnx to Mr. Bagby is largely sea- sonal. Baldwin Puts Credit First. Bhould France insist upon repara- tions ranking ahead of commercial ob- ligat! , any's credit would be destroyed letely, in the opinion of Stanley Baldwin, conservative leader in_Great Britain. ‘These loans, continues Mr. Baldwin, were not spesulative, but represented the best type of security in known markets. It is therefore obvious that the security for these advances must not be endangered by political debts. Furthermore, should " these debts be subordinated to political obligations, it will result in the undermining of the economic structure of Germany for many years to come and destroy any future prospects of reparations. Holland-America in Default. ‘The only European bond issue sold in the United States during the post- war period which is in default is the Holland-America Line 6 per cent de- bentures. It is reported that holders have agreed to a proposal by the board of directors to postpone payment for six_months. ‘Whether American holders have been invited to agree to the plan, one has reasons to doubt. In any event, the committee of bondholders was given the right to claim payment of the deferred interest at any time after a period of three months and to ap- point a managing director representing the bondholders, while the company agreed to fix a security of 720,000 gullders in favor of the bondholders, this security serving to cover the claim of holders in respect of deferred interest. As the company possesses ample liquid funds to pay interest on the debentures, the default came as a dis- tinct su . An early adjustment is confidently expected. than 9.3 per cent on the outstanding capitalization of 145,530 shares of £100 par value. For the six months ended August 31 profits showed a loss as com- pared with the same period in 1930 of less than one-half of 1 per cent. The declaration of the regular semi- annual dividend of 6 per cent was ac- companied by a statement by Sir Ernest Harvey, who presided, that he hoped to have as good a report at the next meet- ing, despite the difficulties through which the nation is now passing. (Copyright. 1931, by the North American Newspaper Alliance, Inc.) Brokers’ Comment NEW YORK, November 16.—Stock market commentators today expressed mixed opinions of the current position, but the consensus was that technical influences were holdmg the trend and that meanwhile fundamental improve- ment _had taken place. E. F. Hutton & Co.—The week opens with the market in a far less vulnerable position than was the case last Monday. The market is so well liquidated that the pressure of additlonal offerings should be relatively light. While irregu- larity in stocks may continue a little longer, we think this is the time to study the quotation page for attrac- tive buying points. Paine Webber & Co.—But for the possible poor action of rails, industrials are technically entitled to meet support at close by levels and rally for a trading turn. Redmond & Co.—The action of the rails is very disappointing, and the av- erage is now sufficiently close to the October low to indicate an early testing out of that level. Shields & Co—The market still ap- pears to be a day-to-day trading af- fair with price swings influenced by immediate news happenings. Techni- cal considerations rather than outside factors may for the time being continue to influence the direction of the Mar- ket. However, we continue to feel that the present time represents a favorable opportunity to accumulate issues on an earnings and yield basis appear at- tractive for holding in anticipatin of more tangible evidence of improving conditions than are apparent now and which we confidently feel are taking place. Japanese Books Collected. EVANSTON, IIl, (P).—Northwestern University boasts the largest collection in the world- outside Japan of books and documents in the Japanese lan- guage on Japanese law and politics. , Australia, 15 to have an export trade department to devel business with China, Java and Ml.h:lp |VALUE OF EXPORTS REDUCED BY FRANK 1. WELLER, Assoclated Press Farm Editor. er reaching a new top of $12.15 steer and yearling market caved {in last week as quotations tumbled | from 50 cents to $1 under Monday's best time. The smash was almost purely a Chi- cago affair. Elsewhere prices on ex- tremely good offerings were steady to 50 cents higher than a week ago. It Was as if many of the other markets were trying to follow Chicago's recent | practice of inflating choice beef while the bulk of the supply gradually weakened. Range of Quotations. At the wind-up Chicago had at least three sets of markets in progress—the strictly grainfeds selling at $11.25 and up, the shortfeds and warmed over kinds elling at $6.50 to $10 and the grassers running from $4.50 to $6.50. In a way the decline was overdue. Shipper competition for the starva- tion supply of heavies had carried in between grades erratically upward until the glut of 60 to 120 day fed and yearlings it attracted gave an opportunity buy these Kinds more on their merits. They prob- ably figured the supply of strictly grain- fed steers with weight is about cum- pletely exhausted. P Nct in years has a cattle run of this week's size_carried so few well finished bullocks. While shippers indicate they still will pay $12 and better for the right kinds of heavies, it is the trade opinion that if the supply disappears the late top may be sliced off and the good heavies now selling at $9 to $10 con- stitute top kinds. As the steer market now stands only strictly grain-fed weighty bullocks are steady. Just as an expanded supply of short-feds deflated the Chicago mar- j ket, medium natives and Westerns sold off ‘25 to 50 cents at East St. Louis, 25 cents at Kansas City and 25 to 50 cents at_Omaha. For three consecutive da | vearlings sold for $11 cholce 32| a new high level since Replacement Demand. Although thes trade believes that grass runs will show prompt abridgement from now on in line with seasonal abatement, the country does not seem inclined to follow the upturns in re- placement cattle. The early advance of 50 cents at Chicago was cut to 25 cents. Shipments of stocker and feeder cattle from the 12 major markets into the seven principals feeding States from July to October this year was 20 per cent smaller than the 5-year average. The lighter weight hogs led an up- turn cf 25 to 35 cents at Chicago, while gains of 10 to 25 cents were being re- corded at Kansas City and East St. Louis.. Pigs ruled 35 to 50 cents higher on the latter market and 20 cents higher at Omaha. Packing sows ad- vanced 15 to 25 c2nts a Chicago. There is some indication that a bet- ter dressed market, which did not ex- tend to other meats, helped hogs. Pork loins gained $2 to $3 at Chicago, where the lower grades of steer beef dropped 50 cents, veal $1 and lamb 50 cents to $1. Choice beef was steady to 25 cents higher. The principal feature of the lamb trade was its stability. Choice fed lambs sometimes advanced 10 to 15 cents at Chicago and were steady to 25 cents higher elsewhere around the Circuit. Packers exhibited a devermined stand, however, against any material advance at Omaha. Better grades of natives and fed Westerns turned at $5.50 to $6.25 at Chicago with a week's top price of $6.60. Advances, even though small, were noteworthy in that they length- ened the spread between fat and feeder lambs. Only recently the margin fell below $1.50 apd feeder prices started to slip as a résult. Baltimore Markets Bpecial Dispatch to The Star. BALTIMORE, Md., November 16.— White potatoes, 100 pounds, 75a1.15; sweet potatoes. bushel, 35a50; yams, barrel, '1.00a1.25; beans. bushel, '1.00a 2.00; beets, per 100, 2.00a3.00; brussels sprouts, per quart, 6al5; savoy cab- bage, bushel, 35a50; carrots, per 100, 250a3.00; caulifiower, crate, 1.40a2.00; celery, crate, 1.50a2.75; cucumbers, hamper, 3.00a5.00; _eggplant, crate, 3.5084.00; lettuce, crate, 2.00a3.00; lima beans, hamper, 3.00a4.00; okra, bushel, 1.50a2.00; pBppers, hamper, 25a75; pumpkins, per 100, 3.00a6.00; onions, per 100 pounds, 1.75a2.00; oyster plants, per 100, 4.00a5.00; 'spinach, bushel, 30a60; squash, bushel, 1.50a 3.00; tomatoes, lug boxes, 1.7582.50; turnips, hamper, 20a25; apples, bushel, 50a1.25. Dairy Market. Chickens, young, 16a20; Leghorns, 16a17; old hens, 17a23; Leghorns, old, 12a16: roosters, 12a14; ducks, 12a19; pigeons, pair, 25a30; guinea fowls, pair, 25a50; turkeys, 18a26. Eggs—Receipts, 986 cases; current recelpts, 28a30; small pullet eggs, 22a25; hennery whites, 34a36: nearby firsts, 30a32; Western firsts, 30a32. Butter—Good and fancy creamery, 28a32; ladles, 20a22; process, 24a25; store packed, 15. Hay and Grain Prices. ‘Wheat—No. 2 red Winter, export, no quotations; No. 2 red Winter, garlicky, spot, domestic, 62%; November, 62%; December, 63%. Corn—No. 2 yellow, domestic, spot, 55; cob corn, new, 2.00a2.25. Oats—No. 2 white, domestic, spot, 361,a37; No. 3, 3512236, Rye—Nearby, 50a55. Hay—Receipts, none. New hay is starting to arrive in increasing quanti- ties, but so far no official grading has been attempted, selling being strictly on merit. Demand for old hay slow and market is dull and quiet, with prices in buyers’ favor at a range of 00a17.50 per ton. léshraw—)l:el wheat, 8.50a9.00 per ton; No. 1 oat, 9.00a10.00 per ton. Live Stock Market. BALTIMORE, November 14 (P).— Cattle receipts, 300 head; market steady. Steers-—Choice to prime, 8.00a 8.50; good to choice, 7.50a8.00; medium to good, 6.25a7.00; fair to medium, 5.50 86.50; plain to fair, 4.70a5.50; common to plain, 4.0024.50. Bulls—Medium to good, 4.00a4.25; fair to medium, 3.50a 4.00; plain to faiwr, 3.25a3.50; common to plain, 3.00a3.25. Cows—Medium to good, 3.75a4.25; fair to medium, 3.25a 3.75; plain to fair, 2.50a3.25; common to plain, 1.50a2.50. Heifers—good to choice, 5.35a5.70; medium to good, 5.25a 5.50; fair to medium, 4.755.25; plain to fair, 3.75a4.75; eommam to plain, 3.25a3.75. Fresh cows and Springers, 30.00a60.00. Sheep and lambs—Receipts, 2,300 head; market steady. Sheep, 1.00a3.00; lambs, good to choice, 6.50a7.00; fair to medium, 3.50a6.00. Hogs—Receipts, 4,000 head; market steady; lights, 5.45a5.70; heavies, 5.25a 5.15; medium, 5.65a5.90: roughs, 3.75a .00; light pigs, 5.40a5.65; pigs, 5.50a 5.75; Ohio and Western hogs 10 cents higher? g:n]vea——necelpts, 250 head; market steady; calves, 3.5029.00. PARIS BOURSE PRICES. PARIS, November 16 (#).—Three per cent rentes, 84 francs 95 centimes; 5 per cent loan, 101 francs 80 centimes. Exchange on London, francs 19 centimes. The dollar was quoted at 25 francs 53 centimes, LOWER AT CHICAGO Market Registers Sharp De- cline—Quotations Else- where Are More Stable. Commerce Priee reductions caused the value of United States foreign trade, during the third quarter of 1931, to slump below the valuation of the quarter immediate- !ly preceding, the Commerce Depart- ment announced today. In a report drafted by Miss Grace A. Witherow of the division of statisfical research it was pointed out that im- ports dropped about 5 per cent in value, despite the fact that this country's quantity purchases showed a slight in- crease, and the value of exports fell off about 13 per cent. Reductions in Prices. In comparison with the corresponding period of 1930, the report said, the de- ciine of 23 per cent in the value of total imports was entirely attributable to reductions in prices, while the de- crease of 40 per cent in the value of exports resulted from a 24 per cent reducticn in prices, as well as from a smaller_physical volume. It was brought out that merchandlse exports exceeded merchandise imports during the quarter to the amount of $14,000,000. The steady flow of gold throughout the quarter brought total imports up to $127,300,000, while actual exports amounted to only $29,800,000, the report said. However, net earmarkings for for- eign account of $324,800,000—chiefly after England’s suspension of the gold standard—resulted in a net loss of monetary gold, it was pointed out. The department’s statistical expert asserted that the declines in value of both exports and imports since the latter part of 1929 have been due not only to a reduction in volume of trade but also in a large part to continuous recessions in commodity prices. Miss Witherow's report said the fin- ished manufactifes, amounting to $255,300,000, constituted 49.5 per cent of this country’s export in the third quarter. This group showed a de- cline of 39.6 per cent in value, as com- pared with the third quarter of 1930, while semi-manufactures fell off 37.7 per cent. D Among the indiviGual finished ar- ticles, it was pointed out, exports of advanced manufactures of wood, silk manufactures, rubber manufactures, office machinery, automobiles, includ- ing parts; kerosene, leather manufac- tures, iron and steel, printing machin- Department Survey Reveals Cause for Drop in Dollar Return on Goods Shipped Abroad. , gasoline and sagricultural imple- ments showed declines In value Tang- ing from 35 per cent to T4, Other Exports. Exports of electrical apparatus, in-| dustrial machinery, tobacco mnnulu-l tures, cotton manufactures and photo- graphic goods decreased in value from 23 to 28 per cent, while the value of chemicals and related products fell off on 15 per cent. Miss Witherow said these declines in value were result of reduction both in physical volume and in_prices. ‘Within the machinery ps, the report added, the q}“unnty of this coun- try’s exports of household refrigera- tors and radio receiving sets and the value of metal-working machinery showed an increase. Declines in quantity of leading individ- ual semimanufactured articles were as follows: Gas and fuel oil, 12 per cent: lumber and timber, 24 per cent, heavy iron and steel, 45 per cent. and copper 39 per cent. For each of these articles the decline in value was reported con- siderably greater. A substantial part of the 47 per cent decrease in value of crude material exports was also due to the lower level of prices. Quanity exports of unmanufactured cotton fell off 29 per cent; those of unmanufactured tobacco dropped 27 per cent, and coal and coke decreased 24 per cent. Fruit Exports Gain, The reduction of 42 per cent in crude food exports and of 32 per cent in manufactured foods was due in part to the reduction in prices ac- cording to Miss Witherow, and in part to smaller shipments of grain, flour, meat products and animal fats. Exports of both fresh and prepared fruits in- creased considerably, the report showed. In comparison With the third quar- ter of 1930, the respective changes in quantity of leading individual import commodities for the third quarter in 1931 varied widely from the decreases in_value. Imports of manufactured foodstuffs. which are dominated by sugar, increased 5 per cent in value. Cane sugar im- ports amounting to 2,071,000.000 pounds, showed a gain of nearly 40 per cent in both quantity and value, but the value of imports of meat products, bran and other mill feeds, molasses and vegetables fell off considerably. Grain Market By the Associated Press. CHICAGO, November 16.—Unex- pected sharp upturns in Liverpool wheat quotations gave a decided early hoist to all grains today. Adverse crop re- ports from Argentina were a bullish in- fluence, together with relative meager- ness of supplies of wheat afloat for importing countries. Opening 1-27; cents up, wheat after- ward rose further. Corn started at %-1% gain and subsequently held firm. In addition to crop damage from Ar- gentina, totaling in some districts 10 to 50 per cent, there were also esti- mates indicating 15,000,000 bushels cur- tailment of wheat production in Aus- tralia. A large wheat trade was re- ported between Australia and the Orient. Liberal export business in North Amer- ican wheat over the week end was also announced. Warlike developments in Manchuria acted as a further stimulus to buyers of wheat futures, and notice was taken of authoritative statements showing the Japanese rice crop 62,000,000 bushels short of last year and China’s rice crop also diminished. It was further as- serted that in three months of this sea- son Japan and China had imported 70 per cent more wheat than in the cor- responding months of last season. Dur- ing the whole of last season, Japan and China imported about 67,000,000 bushels of wheat. Corn and oats were respon- sive to wheat strength and to rainy weather in the corn belt. Provisions derived steadiness from upturns of cereals. CHICAGO LIVE STOCK MARKET CHICAGO, November 16 (#).—(United States Department of Agriculture.)— Hogs—Recelpts, 65,000 head, including sales 15a25 off; 170-200 pounds, 4.60a 0a4.75 pigs, 4.00a4.35; packing sows, 4.0024.35; light light, good and choice, 140-160 pounds, 4.50a4.75; light weight, 160-200 pounds, 4.60a4.85; medium weight, 200-250 pounds, 4.60a4.85; heavy weight, 250-350 pounds, 4.50a4.70; pack- ing sows, medium and good, 275-500 pounds, 4.0084.35; pigs, good and cholce, 100-130 pounds, 4.0024.50. Cattle, 16,000 head; _calves, 3,000 head; strictly good and choice fed steers with weight 25-50 higher on shipper account; comparable grade yearlings strong to 25 higher, but all other grades slow; undertone steady to 25 lower; weighty kinds all grades bringing a pre- mium, however, undertone weak on most grades and classes she stock; bulls strong; vealers unevenly lower. Slaugh- ter cattle and vealers: Steers, good and choice, 600-900 pounds, 7.50a11.75; 900- 1,100 pounds, 7.50a12.25; _1,100-1,300 pounds, 7.50212.55; 1,300-1,500 pounds, 7.75a12.55; common and medium, 600- 1,300 pounds, 3.75a7.75; heifers, good and choice, 550a850 pounds, 6.00a 19.25; common and medium, 3.0086.50; common and medium, 3.00a4.00; low cutter and cutter, 2.00a3.00; bulls (yearlings excluded), good and choice (beef), 3.75a4.50; cutter to medium, 2.2504.00; vealers (milk fed), good and choice, 5.00a7.00; medium, 4.50a5. feeder cattle: Steers, good and cholce, 500-1,050 pounds, 5.25a7.25; common and medium, 3.50a5.25. Sheep—30,000; mostly 15a25 lower; | very little done; good to choice native | \l]ambs, 5.5026.00 to packers; closely sort- | ed kinds, bid 6.25 to outsiders; white- faced feeders, 4.5024.60. Lambs, 90 pounds down, good and choice, 5.25a 6.50; medium, 4.50a5.25; all welghts, common, 3.50a4.50. Ewes, 90-150 pounds, medium to choice, 1.25a2.75; all weights, cull and common, 1.00a 1.75. Feeding lambs, 50-75 pounds, good and choice, 4.5025.00. COAL TRAFFIC DEMANDS MUCH COLDER WEATHER “Coal traffic throughout the country has been adversely affected by the un- seasonably warm weather, and Chesa- peake & Ohio’s coal loadings so far in November have shown a slight decline,” said J. J. Bernet, president of the Chesapeake & Ohio. “However, coal yards are bare of coal, and with any cold weather there should be a pick-up in shipments which would benefit Chesapeake & Ohio substantially dur- ing the closing seven weeks of the year. “C. & O. is making progress on its improvement program in Virginia and ‘West Virginia, involving reconstruction and enlargement of tunnels and in some cases building new tunnels to permit passage of larger motive equipment. The progsam should be completed next Summer or early next Fall.” Bonds Are Redeemed. AKRON, Ohio, November 16 (#).—8ix per cent gold debentures of the Seiber- ling Rubber Co. amounting to $750,000, which matured on November 15, have 28,000 direct; opened 10al5 lower; later |3/ 4.75; few 4.80; top, 4.85; 140-160 pounds, | B cull and eommon, 3.0084.50; stocker nnéT New York Cotton Special Dispatch to The Star. NEW YORK, November 16.—Open- ing cotton prices today were 2 to 5 points lower in a fair volume of trad- ing. Trade buyers were active, but of- Wi ferings increased on the downturn and tons. offset the market's supporting factors. Opening prices were: December, 6.31, off 3; January, 6.42, off 4; March, 6.58, off 5; May, 6.78, off 3; July, 6.96, off 3, and October, 7.22, off 2. STATE AND MUNICIPAL BOND OFFERINGS DROP By the Assoclated Pre. NEW YORK, November 16—New | State and municipal bond offerings scheduled for this week total $9,872,599 and represent the needs of 37 com- munities, the Daily Bond Buyer re- ports. The total for last week was $19,695,- 813 and the weekly average of new offerings in this class to date is $34,- 359,515. Among the larger issues scheduled are $1.000,000° Ramsey Coun- ty, Minn., and $2,450,000 various 4l g;r cent improvement bonds, bids on th of which will be received Monday, and $1,250,000 Tarrant County, Tex., water control and improvement dis- trict No. 1 obligations scheduled for Tuesday. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks vi y. London, Paris, franc russels Beriin. Rome. Zurich, h mark irs en, crow; Stockholm, TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) Rote—Maturity. Bid. 1ps Bec. 13, T8 crown. ECONOMY IN STEEL TRADEGUTS COSTS Industry Has Passed Through Leanest Nine Months in Its History. By the Assoclated Press. CLEVELAND, Ohio, November 16— After nine of the leanest months in the history of steel, during which profits averaged 87,100 of 1 per cent and production 41 per cent, the indus- try is in fighting trim in the matter of cpstfi, says the magazine Steel this week. Not even the most sanguine steel executives entertain any illusions of a genuinely profitable era immediately at hand, the magazine says, but, with the npglh:-uon of lower wage fates and other economies, it is estimated that when the industry crosses the line of 45 to 50 per cent capacity produc- tion 1t will again make money. Profits vanished for the industry as a whole somewhere near the turn of the last quarter of 1930, when produc- tion ranged between 50 and 58 per cent. But profits now are belleved possible at 45 per cent. Five Firms Report Earnings. Last week the operating rate com- piled by Steel was 31 per cent. It has not been so high as 45 per cent since the second week in May. Of eight leading steel producers Tepresenting 51,000,000 of the 66,000, 000 tons of steel-making capacity in the country, only five returned any- thing on capitalization of $3,837,376,- 000 in the first three quarters of 1931. On this capitalization the eight earned $33,365,495 in nine months this year, :asocompmd with $178,779,824 in all National Steel leads all producers for the first three quarters of 1931 with an estimated earning of 3.2 per cent, Inland is second with 1.55, Beth- lehem third with 1.11, United States Steel fourth with 1.01 and Youngstown fitth with .54. Republic, Jones & erican Rolling Mill reported deficits. Indications are that there will be another fractional gain in operations this week, the from the automotive industry, delay by Ford and Chevrolet in pushing new models causing other manufacturers to hesitate. The gain, despite lack of such assistance has convinced - ducers late November will see prog\:o- tion established at a higher rate. Fresh structural steel inquiry and immediately pending work total 46,300 tons. Rail orders are extremely slow. Large Pipe Award. Pipe is featured by one of the larg- est awards in months, 23,700 tons of 20-inch seamless for a 100-mile line to be rolled at Lorain, Ohio, for an unnamed interest. A Standard Oil subsidiary is maturing plans for a 700-mile 10-inch line from Oklahoma to ‘oods River, Ill, to take 52500 ‘The composite Lgflu of finished steel holds at $48,22, though concessions are being offered on bolts and nuts; shapes and plates are softer in the East, and prices of structural shapes and rein- forcing bars are being shaded drasti- c-}gl in Some u'::uncu. e s works scrap composite re- mains $8.25 and the iron and steel composite also is steady at $30.68. RSN A GASOLINE PRICE RAISE IS REPORTED ON COAST By the Assoclated Press. SAN FRANCISCO, November 16.— The Chronicle said today San Fran- cisco retailers of gasoline produced by independent companies had been or- dered to advance the retail price to 162 cents gallon, which is now being obtained by major companies. The independent price has been 13 to 15 cents a gallon. Distributors for refineries, the Chron- icle said, issued an ultimatum stating that unless the orders were complied with the supply would be cut off. Service station men heralded this move as a precursor to an advance the retail price of gasoline distributed by the majors, with 17!, cents a gal- lon as possibly the next goal. The Chronicle quoted a spokesman for the independents as saying the major oil companies had forced the hand of the independent refiners by refusing crude oil supplies to those who refused to 1ift the retail price. The refiner will not benefit by the increase, the paper said, but it will go to the service station operators. Finland Increases Tariffs. HELSINGFORS, Finland, Novembgr 16 (#).—Increased duties on wheat, rice, sugar, benzine and zgpl!fl. which are expected to add 150,000,000 finnish marks (about $3,000,000) to the coun- try’s revenue, were annoi by the government. from wet feet A slight cold may lead to serious illness, ‘That is why prompt action is advisable. There is nothing so effective as in Cellophane LOOK FOR THIS paid, it was announced today by F. A. Seiberl®g, president of the con- cern, et i U] SIGNATURE Quinine combined with a gentle laxative, as in Bromo Quinine. Merit alone has made it the standard treatment for colds all over the world. Insist on this safe, proven remedy. LAXATIVE oOmo QUININE IT IDENTI & G’k&mbuu BROMO cornml'