Evening Star Newspaper, November 17, 1931, Page 14

a—14 »¥» PURCHASING POWER OF DOLLAR GAINS| - Further Decline in Wholesale Markets Increases Cur- rency Value. The American dollar continues to ex pand in purchasing power in the whole sale market, the Labor Department a nounced today as wholesale prices kept up their downward march through Oc- tober. A report drafted by the department's Bureau of Statistics places the current pumhnmf power of the dollar at ap- tely $1.45, a total of 27 cents mher than the dollar’s retail purchas- ing power. ‘The index number, which includes 550 commodities, declined from 69.1 in September to 68.4 in October, a de- crease of a little more than 1 per cent. When compared with October, 1930, with an index number of 82.6, a de- crease of 17 per cent has been recorded. Equals 1914 Level. Back wecords of the bureau also re- veal that the wholesale purchasing power of the dollar is of the same value as that of July, 1914, when the Ger- man army advanced into Belgium at the mlnnmx of the World War. “Decreases in the price of corn, cows, hogs, cotton, peanuts, lemons, oranges, white potatoes, tobacco, and wool,” the report said, “caused farm products as a group to average 23 per cent lower in October than in September. On the other hand, the prices of oats, rye, wheat, eggs, hay and onions were higher than in the month before. “Among foods price decreases were re- ported for lJamb, fresh pork, bacon, ham, dressed poultry, cured fish, corn meal, rice and vegetable oils, resulting in a decrease of about orfe-half of 1 per cent for the group as a whole. Butter, fresh and cured beef, lard, oleomargarine, rye FINANCIAL. THE EVE NING STAR, NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. (Continued From Page 13.) Sales— Add 90 me Lozv Closs. Chas. 1 52 Stock and Dividend Rate. 214 Radio-Keith-Orph A. 45 Reading Rwy (4)... 33% Reading Ry 2d pf(2), 31 Real Silk Hosery. .. 13% Real Silk Hoslery pf. 4 Rémington-Kand.... 20 Rem-Rand 1st pf (7) 5% Republic Stes! 15 Republic Steel pf. 7 Reynolds Metls(1%) 215 Reynol ing. 35 Reynolds Téb B 7% Richfleld Ofl. . 214 Rio Grande Ofl 11% Ritter Dent Mfg 9 Rossia Insur (2.20). 13% Royal Dutch of NY ‘eway Stores (§ 75 Safeway Strs pf (6). Net. % 52 +1V: 341 % -% + % +1 +1 - 3 1% 1 Stock and Bnles— i Dividend Rate. ~Add 00. 244 Underwood-EII-F (3) : 27 Union Carb & (2.60).. 47 11% Union Ollof Cal (2). 15 97 Unilon Pacifie (10).. 71511- 6314 Union Pacific pf (4).. 12% Unit Afrcraft....... 40 Unit Alreraft pf (3). 24 Unit Biscuit (2). 101 Unit Corp (76¢) 3514 Unit Corp pf (3). 28% Unit Fruit (3). 19% Unit Gas&Im (1.20) 951 Unit Gas&Im pf(5) 107 Unit Piece D W (2) 1% U S & Forn Secur 213% U 8 Gypsum (1.60 4 USHoffman... 20% U S Indus Alcohol. 44 U S Leather (A).... E WASHINGTON, L4410 and wheat flour and bananas averaged higher than in September. “A marked Jccline in the gen: average price of hides and skins and leather during October forced the hides and leather group as a whole down slightly more than 3 per cent. Boots and shoes and other ther products showed little or no change from the month before. “In the group of textile products cot- ton goods, woolen and worsted goods, silk and rayon and other textile prod- ucts showed jurther price decreases from September to October. The textile group as a whole declined about 2% per_cent. “With gasoline and crude petroleum advancing slightly and with minor de- creases nponed for anthracite and bi- tuminous coals, guucmy no change was shown in the fuel and lighting group as a whole, Coke remained at the same level as for the month betore “Lumber, cement, paint materials and other building materials continued their downward movement in October. No change was shown for structural steel, with a minor increase for brick. The group as & whole showed & decrease of less than 1 per cent. “Further price recessions during Oc- tober for chemicals, mixed fen.uhen and fel materials caused the chemicals and drugs group to decline about 1 per cent. No change was shown for drugs and pharmaceuticals. Both furniture and furaishi in the group of housefurnishi.g continued to decline in the month. “Raw materials as a whole a lower than in S meer, a8 dld tho semi-manufacture uhg ptr:ducu 3 & e group o non-mflcu! tural commhfifilu. inclu ar- ticles other than farm , ;mong all ?M showed & downward movement rom those'for the month before. tember and October de- place in 104 instances, in- creases in lflO instances, while in 256 instances no change occurred.” Price The following table shows price com- arisons based Lo an average prices ?ar 1926 as 100.0: ™ Cautaeta. ‘metal Broducts Bmldm: materials s:',====su=s==g::;a=s==;;;::s roiture Furnishings Miscellaneous. Rubber Raw materials ur-ctured ‘mi-man: Finished product Non- uncunuux “comimodi: et British Railway Budget. By the Associated Press. Expenditure of about $50,000,000 dur- 1ng the coming Winter is contemplated by various British railways. Reports to the Commerce Depart- ment indicate present plans call for the electrification of considerable stretches, the providing of additional tracks, the extension of color-light signal systems and the construction of additional sid- gs. e DIVIDENDS DECLARED NEW YORK, November 17 (#).— Reduced. Pay- Hldrs. of . able. record Dec. 1 Nov. 21 .33 8 Nov.28 Nov.2s Omitted. .25 Q Deferred. Wood Newspap Mach pr Bl L7 Inter Secur A. Alum Ltd 67 Am Bakeries' A an’e Fow i Do. $6 pf . Am Hoslery H 55 & s H SR #REE: & B 5 Bentwond meee e S Seen G © pp OOOOOD DOOO DOO o0omp ZOOO OOO ® OO O OO LOPEOOOOD & $58 REEY RH¥ ERRFEZ 0 | Allis-Chalmers Co, 55 9% St Joseph Lead (1).. 614 StL-San Francisco. . 71 StL-San Fran p£(6).. 5 Savage Arms. 4 Schulte Retal % Seaboard Air Line 5% 3eaboard Of1 314 Seagravé (40c)... 31 Sears Roebuck (2% 1% Second Natl Inv. 1 Seneca Copper 3% Servel Inc. .. 314 Sharp & Dohm 11 sn-nuckurm('nfi 3% Shell Union Oll. 23% Shell Union Ofl pf. 81 Simmons Co. . 4% Simms Petroleum. .. 51 Sinclair Consol Ofl. . 12% Socony-Vacuum (1). 7 South Port Rico Sug. 28% Southn Cal Ed (2)... 43 Southn Pacific (6) 4% Southern Rwy (m8). 23% Southern Ry pf (5). 31 South Ry M&O ct(4) 29% Stand Gas&El l!* Do 4214 Stand Gas&EI pf (4) 2814 Stand Oil of Cal(2%) 8814 Stand Oil Exp pf (6). 281 Stand Ofl NJ (12). 1 Sterling Secur (A).. 19% Sterling Secur cv pf. 4% Stewart Warner..... 13% Stone&Webster(m2). 9 Studebaker Co(1.30). 16 Texas Corp (2) 20% Tex Gulf Sulph 4% Tex Pacific Land Tr. 26 ‘Thatcher Mfg pf 3.60 2 Thermold Co... 13 Third Nat Inv(mbse) 6% Thompson Prod 1.20. 1% Thompson Starrett. . 18 Thomp-Star pf (3%) 3% Tide Water Asso Oil. 20% Tide Water As pf(6) 4 Timken-Detroit Axle 19% Timken Roller B(2). 1% Tobacco Products. .. 7 ‘Tobacco Prod A t95¢. 3% Transamerica Corp. . 5% Transue & Williams. 51 Tri-Contl Corp pf(8) 45% 243 Trico Products(2%) 21% 2% Ulen&Co... .. o E o O nt S ResaNEaNRRENS © 11 21 24 &3 3 109 26 bla Wabash FEEEEAEEL L+ SEFFER 215 Walwor! % o 2 24 a~ 5 1 ¥ ‘Warren Wesson 65 19 ,Ygstwn % Elec Po 3% Peop G Dividend rates payments based on ti XEx-dividend 4% in stock. {Plu; b Pavable i} stock, B Pl stoci stock. D Plus U S Pipe & Fdry (2). 14 U S Pipe&Fy 1st 1.20 114 U S Steel pf (7).. 1% United Stores (A). United Stores pf (4) 15% Univ Leaf Tob (3).. Univ Pic 1st pf (8). 1 Univ Pipe & Rad. 8 Util PEL(A .,, Vadasco Sales Corp. nadium Corp Cora Chem. 86 Va Elec&Pwr pf (6). 71% 32 Vulcan Detin (4). Western Dai: Western Maryland. . Western Md 2d pt Western Pacific pf. Western Union (6). Westinghse A B(2)... ‘Westinghouse (2%). Westvaco Chlor 1.60. Wheeling Steel pf 3). 1% Willys-Overland. ... 141 Willys-Overland pt 5 Wilson & C 4215 Woolworth 20 Worthington Pump. 50% Wrigley (Wm) (4). 3% Yellow Truck. ... 7 Zonite Prod Corp (1) Sales of Stocks on New York Exchange. 3% m Patd mu yen—no Tegular rate. 3 2%% in stoc HIEE iy e+ sEe e | ¥ RR 17% Waldorf Sys th Co. ‘Ward Baking Ward Baking pf (7). Warn Bros Pictures. Bros. Oi1&Sno(2). West Pa El pf (7) - (B).. || | - @ FEF ffi#?f‘; Lx3 Sheet&Tube. 25% 8% + ot AR A RIGHTS—EXPIRE. &Lt ..Dec 4 247 % L&C..Jan15 1 4 i+ b3 £00,000 21,000,000 ++1,200,000 iven in the above table are the anpual eash e latest quarterly or halfvearly declaratio Less than 100 shares, " tPartly extra, " 3Pl a.Paid Iat year_no reguiar rate. Stock, TPlus 8% in stock ¢ 15 special prefeired stock " & Bius nPlus 5% in [ U. 5. MAY BENEFIT BY CHINA BOYCOTT But Ban on Japanese Goods Has Not Yet Aided Amer- ican Exports. A suggestion that American manu- facturers might increase their exports to China because of the spread of the boycott against Japanese goods was re- celved by the Commerce Department today from its representatives in Man- churia, Japan and China. Published reports that the boycott was already booming American business in China were denied by department officials. Exports figures available to the department do not indicate an in- crease, they said, and if there is a de- mand for American goods it will require at least two months before such would show to any advantage in trade circles. Cotton Goods Trade. Japan’s principal export commodity to China is cotton goods, and depart- ment officials expressed the opinion that should the boycott spread and last for any length of time British and Ger- | P& would replace | man textile centers Japan in this trade. The only benefit to American business arising from the boycott would be an increase in spe- clality goods, officials said. Unconfirmed reports to the depart- ment are that the boycott has already saturated 75 per cent of the Japanese trade in the Shanghai area and that inroads have been made in both North and South China. American shipping may benefit to some extent, according to officials, be- cause some of the larger Chinese merchants have ordered restrictions of shipment on vessels flying the flag of the Rising Sun. American trading with China is con- fined principally to gasoline, kerosene, | oil, sugar, wheat and lea! tobacco. Chinese traders were quick in taking advantage of the low raw cotton mar- ket, which accounted for the major portion of the increase in September exports. The increase amounted to 4 per cent over August and brought the total up to $8,098,000, which is less than 1 per cent below that qf September, 1930. October’s exports figures are not yet available, Japan’s Trade Declines. Meantime a cable from Commercial Attache H. A. Butts at Tokio informed the department today that the foreign trade of Japan declined during Octo- ber to the lowest point recorded this year. Adverse conditions in China and India, according to Butts, were re- sponsible for the decline. Exports totaled approximately $49,000,000, against $50,- 250,000 in September, while October imports were valued at $38,700,000, compared with $47,000,000 in the pre- vious month. The October export excess of $10,- 300,000 reduced Japan's unfavorable trade balance for the first time in nine months to $27,750,000, a decline of $29,- 800,000 compared with the unfavorable balance for the same period last year. Butts reported that imp of raw cotton dropped 50 per cenf from the September figure, but this decline was more or less seasonal. SHORT-TERM SECURI™IES. (Reported by J. & W. Seligman & Co.) 1937, Y 93 107% 7 923 Gen. Mot. Accep. General Betroleum Cor, 8 oemm Pubiic Serviee 5108 158 d Trunk of Canada §s 1936 Texas ss 1933 1932 Li Nas| vllle 55 1831 4s 193 ol 4725 1 11936, 4 | Amer_ Tel, Am. Tel CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, November 17.—The fol- lowing is & summary of important cor- poration news prepared by the Standard Statistics Co., Inc, New York, for the Associated Press. News Trend, Automobile production still continues at a low level, although a slight in- crease was repemd for last week. Ac- cording to Cram’s sutomotive reports, actual output for the week ended compares with 8,592 units in the pre- vious week and 43,194 units in the cor- responding week of last year. The Companies. Bulova Watch common share earn- ings, six months to September 30, $1 against $1.93. Loblaw Groceterias, Ltd., net income, 20 weeks to October 17, $33,661 against $354,182. Blaw-Knox Co. declared 12% cents common dividend; paid 25 cents Sep- tember 2 and 372 cents quarterly prior thereto. Chicago, Burlington & Quincy Rail- road—President expects usual $5 semi- annual dividend to be declared;: esti- mxug 19!1 earnings between 8 and 83 Kenh-Albe-Orpheum net income be- fore subsidiaries preferred dividends, nine months to September 30, $668,417, vs. $1,392,063. Northern States Power (of Delaware) net income before depreciation, etc., 12 months to September 30, $11,734,451, vs. $11,109,138. | Orpheum Circuit deficit, nine months to September 30, $255,740, vs. net in- come $586,286, equal to $9.18 a preferred share, Real Silk Hoslery Mills' deficit, six months to June 30, $172,589, vs. net in- come before Federal taxes, $600,619, equal to $2.62 & common share. Shattuck (Frank G.) Co.—Sales about 9 per cent under year ago. sengers carried by United Air Lines, | SALES. Capital Traction Co. 55—$1,000 at 71, $2,000 at 71. Potomac Electric Cons. 55—$2,000 at 102%, $1,000 at 102, Washington Gas 6s “B"—$500 at 103};, Powmlc Elec(rlc 6% pfd. —‘2 at 111, 2| at 111. Potomac Electric 5!2% pfd—5 at 1074 Washington Rwy. & Elec. 45—$1,000 at | 8674, | Real Estate Mtge p1d.—100 at 6 | at 6%, 50 at 6 A"EB CALL. Washington Gas 6s “A"—$300 at 100%, $1,000 at 100V, Washington Rwy. & Electric 45—$5,000 at 86%. American Security & Trust Co.—2 at 300, 6 at 300, 2 at 300. City & Suburbln 55—$1,000 at 63, $1,000 at Anacostia & Pov.omlc 55—$1,000 at 63, $1,000 at 63, $1,000 at 63. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Bld. Asked. Tel, & Tel, At ‘30 age” ilisl v el Gtl. ir R Beamm i St vemon ctf! Washington Gas 4'as s 6. series . Gas 6, series B b Rwy % Bleces KISUILLANEOUS. rber & Ross, Inc. 6las. Chevy Chase Club Coluranla Country Club $is ¥, Si. ‘OO storase i1 STOCKS. PUBLIC UTILITY. () s el & A0 Traltion . November 14 totaled 9,156 units, which | J|was for a fortnight in London and United Afrcraft & Transport pas-|2s WASHINGTON STOCK EXCHANGE QUOTATIONS AND DAY’S SALES subsidiary, in October totaled 4,430, vs. 5,507 in Sptember; mail poundage was 425,537, vs. 410,017, Erie Railroad reduces pay of unor- ganized employes 7' per cent. Walgreen Co. common share earn- ings, year ended September 30, $2.05. Columbian Carbon common share | earnings, nine months to September 30, $2.61, vs. $4.09. International Paper & Power $7 per- ferred share earnings, nine months to September 30, $2.04, vs. $2.46. Walworth Co. deficit, nine months to September 30, $1,459,379, vs. net in- come $457,367, equal to $1.25 a com- mon share. SUSPENSION OF TERM SETTLEMENTS ANALYZED Bpecial Dispatch to The Star. NEW YORK, November 17.—One of the interesting features of recent Euro- pean finance has been the suspension of the term settlement system in Lon- |don and Berlin, but its retention in Paris. The New York Stock Exchange, whose trading is on a daily settlement bula makes the following comment: “This is by no means the first occa- sion when term or account dealings have been suspended. The move was general during the war. “Before the war the term account Paris, and for a month in Berlin. In all three cases it was a fortnightly ac- count which was resumed after the war. But subsequently the Berlin account was once again made for a month. nly in New York is the regular cash settlement for so short a time as a single day. Also, cash settlements in the European markets permit of con- | siderable delays under certain circum- stances in delivering securities and even in paying for them, and are not as defl- nite as in New York. In London_the cash settlement is ordinarily for 3 or 4 days, in Paris for as long as 10 or 15 days, in Berlin for 2 days to a week and in Amsterdam about 4 days. Am- sterdam, likes New York, has never | adopted the term settlement system.” TREASURY CERTIFICATES. (Reported by J. & W. Sellgman & Co.) Rote Maturity o0 O 15 oa1. 15 18l 10 13 193 100 ’u.x Best. 13, 1032, 100 % % 8 %5 Wash. Gus Light Co. (18). Sgeambogt '(12) .Pm Elec. Power 8¢ ot. Elec. Power o nlu | Wisn Sy & 1 o [Wash. Buy: & & ofd™is) | NATIONAL BANK. Fed.-Amer. | Liberty (78 Lincoin (12)" | Metropolitan | Riggs (155) Second (3e)’. | Washington (i3} TRUST COMPANY. (14 Amer. 1 8gy. i Tr C1ap) . | Brince Georges Bk. & Tr. (6. Union Trust (8s y " | Wash. Loan & Trust (14} SAVINGS BANK. Bank of Bethesda (64).... i 30) Wash. Mechanics (20} FIRE INSURANC! American (12)....... 280 Corsoran (10). Firemen's Nationai Union” (i) TITLE INSURANCE. Columbia (6h). Real Estate (6h) MISCELLANEOUS. Col. Medical Bldg. Corp. (6) Col._Sand 1. (7) Am . Fed. Co. pfd." (). z..nmn “Moriotype (8) 1 Est. el 5 Security ‘Stor: Ref. & 6. Bldg. Coip. (7 Woodiward & Lothirop com. (1.30) Woodward & Lothrop pfd. (7). SEx. dividend. Books closed. 20 30 107 e1%% extia. D. C, TUESDAY, NOVEMBER 17, 1931. FINANCIAL. BONDS ARE STEADY | [(osex vomx BONDSsroexsxcmwna] [V(LUME OF WHEAT. INLIGHT TRADING Pressure on Rail Issues Con- tinues, but Market Holds Firm. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, November 17.—Though subjected, like other security markets, to continued pressure on railroad issues, the bond market today again presented a strong front and the general list maintained & firm price level. ‘While there was little change in the Franco-German deadlock over commer- cial debts and reparations, and ap- parently no diminution of the serious- ness of the Manchurian situation, for- eign dollar bonds were supported be- cause of other factors. Wheat resumed its advance. Silver was higher in for- eign markets, though it declined in New York. Germany's export trade was reported at a record high level. It was unofficially reported that German cred- its not included in the ‘“standstill” agreement and due here November 15 were partially paid and partially re- newed. Advances of 1 to 2 points occurred in German government 5l,s and Dawes reparations 17s by midday. Germman Central Bank 6s improved 2 points. Steadier prices prevalied for German municipals and corporation issues such as United Steel Works 6':s and Sie- mens & Halske 6!2s. Indirectly, the same factors caused a firmer tone in Kreuger & Toll 5s, whose foreign gov- ernment loans were considered just so much more secure, and in various Euro- pean government oblibations. Great Britain’s imposition of a tem- porary tariff to prevent dumping, in anticipation of a revenue tariff next Spring, was not considered_altogether bearish. There are many in Wall Street who believe no radical change in Eng- land’s traditional open-door policy will be made. British 5',s hovered around par. The possible effect of the anti- dumping duties on inter-empire trade, however, caused fractional losses in Canadian and Australlan securities. Canada’s plans to float a $150,000,000 internal lDln split into 5 and 10 year bonds caused a slight shading of inter- nal Canadian bonds, but no difficulty is anticipated in placing all of the new bonds. The five-year bonds will be sold on a 5.17 per cent yield basis and the 10-year on a 5.13 per cent basis. This compares with a 5.05 to 5.11 per cent basis for outstanding internal bonds of the Canadian government, Japanese bonds were firm. South Americans were irregular, with small losses in the Argentine group and a firm tone in Brazilian and Uruguayan is- sues. The domestic railroad list was upset chiefly because of the continued liquida- tion in rail stocks, with losses generally ranging from %, to 2 points. Industrials were inactive. nghAmde issues, in- cluding United States Governments, were steady. ‘The ofltfinfi of $3,434,000 Ohio Public Service 5%s today at 93, to yield over 6 per cent to the 1961 ‘maturity, revealed the current market for such emission. Bonds were firm at the opening. Domestic issues displayed a fraction- ally higher tendency, influenced by a stronger stock list and the resumption of the buying in evidence at Monday's close. Foreign dollar issues reflected a number of favorable factors. German Government 5)2s and Repa- rations 7s were both strong on Ger- many’s export trade figures, which showed a new high level of activity for all time. British 525 were a shade higher at par, mirroring the firm stand taken by the national government against excessive import dumping in anticipation of a higher tariff. South Americans were above their Monday lows because of a better tone in ex- changes and commodity markets. United States Government issues were inactive and little changed. Canadian government issues were !> to 1 point lower on the announcement of a $150,- 000,000 internal loan. HE;DS FOX FILM Co. NEW YORK, November 17 (#). Edward R. Tinker, president of Inter- state Equities Corporation, was today elected president of the Fox Film Co- poration, succeeding Harley L. Clarke, who became chflrmln of the board. INVESTMENT TRUSTS NEW YORK, November 17 UP) Incord Invest B s Independ 7" shrs. | D Am Int Sec Am 6% bt ex div.: jat Sec Am 6i4 bt ex di Iav Tr N Y Co Invest Trustee Sh... aders st A Leaders of Indust B Leaders of Indust C Low-priced Shrs .. (U oanBusd 3 e ey 2238, IS 2ot BEE o 5 of Trustee Stand v g Trustee Stand Inv D. Trustee 8t Oll A Trustee St Ol Snis: C Bani 887, Trusteed N aoma st sl e oo waEBuna_wl I3 UNITED Sales I Lib 3148 32-47. . L 1st 4% 32-47 2! L 4th 43,5 33-38 67 7S 38 1951-5... US3%s’49 US3%sM41-3 US3%sJT 40-3, U S3%s43-47..116 USs Abitibl P&P bs | Alleghany Cp Allegheny 58 '50. .. Am F P 552030.... AmIGChb%s"49. Am Intl 5%s'49. Am Metal 5%s'34.. Am N Gas 618 '42.. Am S&R 1st 53 "47. Am Sug Ref 6s'37.. STATES. 2:55. 10: 101 18 101 10 lm 10 941 93 24 9518 952 912 99 9912 99 9910 992 100 28 101 10219 103 106 21 1069 10619 Sian, Low. 2: 101 103 Am T&T cv 4%5'39 A 1 Am Wat Wks 6575 Arpentine 5148 '62. Argentine May '61.. Argentine 63 Ju'b9. Argentine 65 Oc'59. Argentine 6s A '57.. Argentine 6s B '68.. Australia 68’55 Australia 5s ‘67 Austria 7s '43 Austria 78 '57 ctf; B&O 45’48 » P e T T LT 1Y =T OPUPR-- 1SR PPI) FENR -y ISR Belgium 78 °55. Belgium 7 Bell Tel Pa 68 B 48 Bell Tell Pa 55 C'60 B Ind Loan C 6846 Berlin Cy El 68 '55. Berlin CE 6% '5! Beth Stl pm 653 °36. Beth Stl rf 53 Bolivia 7s 58 Bolivia 7869, Bolivia 85" Bklyn Man 6s ‘68 Bklyn Un 1st 58'50. Bkiyn Ur6s’45. Budapest 63 '62 Buff Gen El 4% #'31 Bush T Bldg 55'60.. Calif Packing 58 'u Can Nat Ry 4%#'66 Can Nat 434 Can Nat 5s Oct '69.. Can Nor 4%s'35... Cen Nor 6343 db "46 Can Nor 7s db ’M Car Clin & O 58 Car Clin & O 6s '5: Cent Pac 5560 Cent 111 G&E Cert-td db 53s '48 Ches Corp 5347, C&Ogen 43892, C&O4%s5B'95. Chi & Alt 38 CB&Q4% CB&Q 1st rf bs CB&Q 11dv 3% 8'4| Chi & Est Il 55'61 Chi Grt W ut da'E) C M StP&P bs ‘75, CM&St Padibs C&NW 43%s C 2037, 53 Chi T H inc 68 '60. . Chi Un St 5844 Chi Un Sta 53 B '63. Chi Un Sta 6%s5 63, C& W Ind cn 4s'52. Chile 65 °60. Chile és Chile 65 °63. Chile 75 *42. Chile Cop db CCC&St L 4%, Clev Term 4% Clev Term 6s '73. Colomb 6s Jan '61. ., Colomb 6861 Oct. Colon Ofl 63 '3 Colo & Sou 4348 Col G&E 58 May'62 CC Md 1st rf 658’50, Col G&E cou 58 '61. Com Inves 5%s *49. Consum Pow bs '62 Con G NY 43%8°51. ConG N'Y 5%s "4 Con Pwr Jap 63%s Con Pow Japan Copenhag 4%s°53.. Copenhag 58 °62. Cuba Nor 5%s Del & Hud rf 48 '34. Denmark 4%s ‘62, Denmark 5%s '56 Deonmark 6s ‘42 D& R Gren 4536 D&RG YV 6855 DRG & W 6s"18 Det E G&R4% s’ Dot Edison rf & Deutsche Bk Dodge Br cl Duquesne 43 Dutch East I East C Sug 78 '37 Erie 1st con 48’9 Erfe gen ¢ Erie cv 58 '67. Erie 58'75 Fiat 7s w: Fla E Coast 58°74.. Fram I D 7%s'42 French 78 "4! French 7%8 ¢1 Gelsenk’hen 65'34 Gen Baking 53%s 40 Gen Cable 5%5 *47. Gen Motors 68 °37.. Ger C Bk 3| Ger Cen Bk 6s Good 15t 6%48°47. .. Goodyr Rub 68'67 GrandTr sf db Grand Trunk 1: Greek 6568 Hud & M adj 58 Hud & M rf 58’5 Humble Of] Humble O 53 Hungary 1%s 44 111 Bell Tell 58°56... pRunae~ah pRs~RSanamnnnmaanm R e Ao a0 o © N, A N 19 RO St on s 190000 i i 01 5 5 0100 B ~309.5 b 1 59 1t 0100 1t 1 03t i 1t 00 10 1 S e o o BN NeRwSN HOmrva NERO~ 16 46 40 33 5714 79% 7% 8% 9915 104% 941 9518 99 12 99 12 99 10 46 40 33% 5T1a 9% T4 T4 8% 99% 114% 45 105 Sales. Hich. Low. 2.55 111 Cent rf 48 '55 111 Cent 4% 66 1 CCStL&N 4% 111 CCStL&N 58 A 111 Steel 4348 40 Inland St 43 s B'S1 Int Rap Tr 6a Int Rap Tr sta ' Int Rap Tr 6s°32. Int Rap Tr 78 32 Int Cement 65 "48. . Int & Gr Nor 6s°52. Int & G N ad 6s°52. Int Hydro El 6844 Int M Co 6s ret'41 Tt Match 6s 47 Int MM col tr 6s Int Pap 63 A "4 IntT&T4%s Int T&T cv 4%’ Int T & T 5855, Ttaly 7s°51. Italy Pub S 78 '52. Japanese 6%s°65.. 9 Japanese 6145 54. .11, Jugosl Bk 78 '57.. 1 Kan CFtS&M 4s'36. % Kan City Sou 3s'50, Kan City Sou 58'50. Kan City Ter 4560, Kan G&E 43 s ‘80 Karstadt 6s *4; Kresge Found 6s'36 Kreug & Toll 5s'69. Laclede 5%s C'53.. Lautaro Nit 6s *54. Leh Valev 45 2003. Leh Vcn 4352003, Lorillard 7s *44. La & Ark 556 Lou G & El 58'52. .. L&N 1st 5%s 2003, Lvons 6s'34....... McKes & R 5% 50, Marseille 65 '34. Mex 45 asstd 1904 Midvale Stl 6s '3 Milan 6148’52 MIIERy & L 6861 Mi) El Ry&Lt 53 M StP&SSM 58 gtd. MK & T 1st 45°90. . MK&T prin 53A’62, MK & T adj s '67.. Mo Pac gn 4s°76.., Mo Pac 58 A "65. Mo Pac 68 F'17. Mo Pac 53 G'7 Mo Pac rf 5881 Mo Pac5%s A "49 Moblile-Ohio 55 '38. Mor&Co 1st 4% 8’39 Nassau Elec Nw S Wales 63 '58. NYCgn3ks'sz.. N Y Cent db 48 '34. NY Cnrf 4%8 2013, 45 NYC rf im 68 2013, N Y Centdb 6s°35, N¥C& St L 4s'37 NY C&StL 4%s'78. NYC&StL5%8A'T4. NY C&St L 68'32.. N Y Fd 18t 6%s'41. NY ELH&P 48'49.. NY NH&H db 45" s'l NY O&W gn 4s '55. NY S&W gn 5543, NY Tel 4148 3 Nia Sh Md 5%s '50. Nord 6% '50. Nor & Wn cv 48 '96. No Am Co 5s ‘61 Nor Am Ed 68 co Nor AmE 5% NorOT& L sn-47. Nor Pac 4145 2047.. Nor Pacr 1 63 2047, Nor St Pw b8 A *41. Nor St Pw 6s B *41, Nor Pac 5s Norway Norway Norway 6: Oreg-Wash 45 °61. Orient dev 5% s'58 Orient dev 68 53-.. Pac G&E 5s '42 Pac T&T 1st 5 Pac T&T rf 5s Pan-Am Pet Paris-Ly M Paris-Ly M Paris-Or b%s na Peru 65°60........ Phila Co 5567 Phila Elec Phillip Pet 5% s Pillsb F M PCC&StL 4 %877 P C C&StL 55 A '70. PCC&St L 58 B '75. P&EWYV 4% 3C'60, Poland Pos Tel & C 5!’58 . Pressed St C 5 Public Serv 4s'71 PubSv G 4%s'70.. Pure onsv.n'n... Huuannma 7841 Reaa gn 4%s A R Rio de Jan 6% R Gr Do Sul 6s R Gr Do Sul 8s"46. Rome 6%s '52 Roy D 4345 ww StL IM R&G 45'33. StL&SF 1n 48 A '50 StL&SF 4%s'78. StL&SF p15s B '50 StLSW l!lll ts. Sao Pau 78 Sao Paulo 8s Serbs-Cr-Sl 8s '6: Shell Un Of} 65 *47. Shell Un Ol bs 4 Shinyetsu 6348 '62. Sinclair O1l 6%8'38 Sinc O 7scv A '37.. Sine Cr O 5%s ‘3 Sinc PL 68’42 Soissons 6s ‘36 Sou Bell T&T 68 41 SW Bell T 58 A’;S(. %s St OfI'N J 68 StOIIN Y 4%s8 Sweden 6%s ‘54 Swiss 5%8"46. Taiwan E P 6% 871 Tenn EI P 68 A 47, Ter As St L 4s’53.. Tex & Ark 5%48'50. Texas Corp 68 '44. . &P 1st 65 2000. Tex & P6sC'79... Toklo El Lt Ulst & DGsct28.. Un Pac 18t 48 '47 Un Pac rf 43 2003.. Un Pac 43 '68 Unit Drg cv 586 P A 56 uus 56 AB'n EXPORTS WATCHES g;u m Market Observers Interested 5314 3¢ 70 78 66 29 6214 2% 54 36 70 78 66 29 62% 2% % 8% 93% 94 48 48 74 T4 €5 65 73 72 8815 88% 89 89 31 - 32 98 98 59% 59% 92 92 85 91% 9% 100% 100% 106 106 46 46 101% 101% 9% 9Th 101% 101% 66 66 1014 1017% 3%, 9914 49% 49% 95 954 80 80 102 102 52 52% 51% 52% 51 53 73% 73% 95% 95% 954 95% 55% 554 7% 16 9% 99y 100% 100% 4 44 50 50 101% 10114 80 80 102 102 941 94 9l 9% 90 90 98% 983 103 103% 8T 8T% 81% 81% 101% 101% 102% 103 103% 103% 101% 101% 101 101 103 103 102% 102% 2% 83% 981 89 76 954 981 99 103% 103% 92 92% 14 14% 95 95% 9215 9214 6% 61% 83’6 981 89 76 954 5 1021 103 0 90 90 99 99 99 9 667% 66% 80% 80% 86% 86% 40 40 29% 29y 49% 50 54 40 101% 80 8% 9% in Character of Foreigh Cereal Purchases. ° BY FRANK I. WELLER, Associated Press Parm Editor. ‘The technical position of wheat seems to have been improved by the scale down, and it now remains to be seen whether foreign countries will bee\uu more active buyers. Many believed the reaction whith car- ried away 12 cents of the 24-cent = vance from the season’s lows was long overdue, and look for renewed bufing at around 65 cents for the May- de- livery. Numerous stop-loss orders were uncovered on the way down, but Chi- 0 pit observers said there has been ev idence of buying on scale orders on every cent down. The setback attracted & better class of support, and wheat @p- peared to be moving from weak to strong hands. Bulls Are Confident. ates Bulls do not seem to have changed their opinion that future prices will“be higher, but for the present believe..the market should hold around current levels until export demand is broadened. Unquestionably the pit crowd got Jong on wheat on the rallies, and the market reacted quickly when leading brokers started to sell. The original bulls who took t.h'lr profits, at around a 10-cent advamce and walted on the side lines are said to be ready to reinstate their l’w)dlnn on any further break. ‘While speculation seemed to me ‘Tor the time, particularly in the absence of any aj pl’ecllble effect of higher grain and_other commodity prices on the ¢ wholesale and retail trade. fundamental causes of the market’s reaction seem to have been less active support of thefu= tures, some slackening in exports "atid failure of Liverpool to continue muu- ing the domestic advance. Russian and Danubian lhlm came back unexpectedly strong, 4,344, 000 bushels, compared with 2,632,000 t week ago. Argentina has begun cutting, and the harvest will be in full swingut the end of the month. Should anything serious happen to the Argentine “and Australian crops it could cause a wave of foreign buying of domestic eash wheat, but as long as good crop is fowrable foreign consumers appar- ently are not going to follow upturns. ‘There have 'n stories that imports, that the Rumanian surplus has been absorbed, making Greece .and neighboring countries potential buyers of American wheat; t France will ne=d about 60,000,000 bushels of forefgn wheat and that frost has damaged 10 gy, PeT cent of the Argentine sown acreage. a 110% 110‘# Balkan Shipments Large. A Because Balkan shipments have béén very large some do not believe the sup- ply there can hold up much longer, and Russia is almost 10,000,000 bushels ahead of her heavy shipments this lel {last year. While scattered showers hel ter wheat in the Southwest, 1t a il too dry in Western Kansas, moisture is needed in Oklahoma and Texas and.ab- normally dry weather continues in-the Southeast from Kentucky southward and from Arkansas eastward. = A private Kansas repon uyx the t.rld' is not fully aware of the condition west of Hu'.chlm and Inl- ley. Men who have been in that coun= try 40 years say it never has been so dry below the surface. They estimake a* 30 per cent reduction in acreage-in their territory and place the condition of wheat at only 25 per cent of normal. n looks like a blank next year, they say, in this big wheat country. One thing the break seems to have done is put to American wheat more on a parity with Argentine grain:- A week or so ago it was almost 12 cents a bushel out of line. Canadian Estimate Raised. ‘The estimate of the Canadian ' has been raised 33,000,000 bushels, ing North America about 380,0 sm bushels for expol’t Since only 132,000, 000 has gone out. there is 248.000,000 buxhcl.u left to ship in the next seven. and & half months. Unless the rate of export increases, the North American carry-over may be as heavy on July 1, 1932, as in 1931, Corn has lost about 8 cents fromthe high and rye 11 cents, but they seem to be worl toward a stronger position. The West is paying about 11 cents mdre’ than Chicago for corn and country is holding. Primary receipts are lm\&‘ 3,000,000 bushels under &-year ago. BANK STOCKS REACT; YIELD GOES HIGHER Sixteen Nev: York Issues Drop 5 Per Cent in Week—Sell at’ 15.3 Times Earnings. : A reactionary tendency prevailed in New York City bank and trust com- pany stocks during the past week,. as indicated by the Dollar Index figytes compiled by Holt, Rose & Troster. Six- teen leading issues as of Nwembehll. yield an average of 6.10 per cent cam- pared with a high yield of 7.82 per cent recorded at the low point touched:on October 5. and with s yield of 5.7 Centyon November 7. > 2 &= open market value of the 16 issues now aggregates $2,214,900,000 compared with $2,338,916,000 on ‘No- vember 7, indicating that the stocks. as & group declined $124,000,000 or 5 per cent during the week. upon the November 14 figuges, the 16 issues are now lel!lw at 163 times their known current earmings against 162 times on November 7, and 11 times known earnings on Octaber 5. the low point for the year. The current market value of the 16 stocks is 1.06 times known book value against 1.12\on November 7, and on 0.81 on October. More than, 100 talkin; ictu: i1 be produced In France this vear m ‘d —_— Sales. High. Low. 2.85. Utd King 5%8'37.. 69 100% 100 = 100 US Rublst5s'47.. 6 Un St W 6348 A'47. 23 Ud St W 6%48A'51.. 16 Ud St W 63%4sC'51.. 8 b Utah P& L 5844 Util Pw 55 59 ww. 112 Util Pow 6%8°47.. 4 Vanadium St 58’41, 10 Vert Sug lll 18 3 Vienna VaRy 1st 6l ll. Wabash 4%s°78... 12 Wabash 1st 58°39.. 2 9.. 20 4 Walworth 6s A "45, 2 Warn Br Pic 65'39. ;a W EO5%s ‘37 ww. Wil & Co Ist 68 41, Yokohama 6s ¥RStn S&T 68 A Ygstn S&T 63 B' soon might put an embargo on Russian -% IS