Evening Star Newspaper, November 18, 1931, Page 15

D. C, WEDNESDAY, NOVEMBER 18, 1931 BANKING ROSTER — | SHOWS REDUCTON 60 60 10 10 |Controfler's Report Reveals .| Recent Changes in National B Institutions. 37 25 " 15% 3 1% 3% 1% THE EVENING STAR, WASHINGTO NEW YORK CURB EXCHANGE Recelved by Privale Wire Direet to The Star Office. ‘STOCK AND BOND AVERAGES By the Associated Press. Prom Yesterday's 5:30 Edition. IPRODUCE MARKETS IN UNEVEN TREND. Better Prices Noted for Egis and Cabbage—Cotton Values Sag. Stock and Bales— Dividend Rate. _ Add 00. Open. Mia Wt Sts UB8%) 1 1% Mid West Ut (b8%). 106 10% MiaWUtevpfxwé 3 60 Mid'1d Steel Prod(2), Miller & Sons. . Mock Judson Voehr. % Mo-Kan Pipe Line. .. Mount St T&T (8).. Nat American Co. INDRAGEY TRADING e Degline i Commodities Is Followed by Selling of Securities. Stocks sold In 100-share lots exoent those desigmated by letler “s.” | ~Prev, 1931~ ~Prev, 193 Stock and Bales— High. Low. u Dividend Rate. Add 00. Open. Hih. Low. Close. | @25 1% Ala Pow pf (6) 108 91 91 9 8 & Alexander Indust... 1 3% Allled Mills Inc..... 70 Aluminum Co of Am 700s AmArchCo(2)..... 1 Am Capital B. Am Cigar Co.. ‘Am City P&L (A) a3 AmCit PALBD10% . 3 Am Com P A (b10%) 13 Am Com Pr 1st pfA 7 258 Am Corpn (£30c).... Am Cyanamid B. Am Equitlies. . Am For Pow war..., Am Gas & Elec ($1). Am Gas & EI pf (6).. %« Am Invest Inc (B).. Am Lt & Trac €2%). Am Natural Gas. High. 1% 10% 60 10 4% 4 94 5 2 08 122 2 Ity 4% 254 15 164 3 12% 3% 1% 2% 28 5% 12 Changes in prices of farm products around the middle of the month include it of Agrieul- ture, Bureau of Agricultural Economics, Market News . Recovery in but- ter markets, higher prices of eggs and cabbage, and sustained levels on many lines of cash products were all more BY CHARLES F. SPEARE. Special Dispatch 1o The Star. YORK, November 18—Dealing with one of the most critical periods in American banking life, the controller of the currency reviews the changes taking place between the national bank call of June 30 and that at the end of BY JOHN A. CRONE. Bpecial Dispatoh 10 The Star. NEW YORK, November 18.—Lower from the outset, partly because of the declie in such commodities as cop- per, silver and wheat, and partly as a | Tesult Of the inertia of traders, today's ¥ Exchange market slowly slipped ! Nat Sh T See A $600., Nat Sugar NJ (2)... Nelson (Herman). Neptune Meter A (2) 20 ustrials. 2! % e 6.2 5% 12 Ind - (4 - > e session progressed. Electric Bond & Share sold off about & paint. Citles Service eased fraction- ally. Standard Oil of Indiana was off | & trifie and Consolidated Gas of Bal- | timare lost 2 points. American Gas & Electric was one | of the first of the medium-priced utili- 10 move toward lower levels. This decline took place immediately after it was polnted out trat earnings for the 13 months ended September 30 | smounted to $399 on the common , or about 11 per cent less than in the corresponding 1930 period. Barlier in the year the system’s output ‘Was less than 5 per cent off from the 1930 period, but in recent weeks the has widened somewhat, 8o that November figures may show a decrease of almost 7 per cent. Decline of a point in Middle West UNtilitles was directly traceable to the snncuncement that the Federal Trade OCommission would inquire into the company's affairs on December 1. Copper stocks declined as a resilt of | & Iast-minute break-up in the world curtailment conference without reach- ing any agreement on plans for stabili- sasion of the industry. The exchange opened fractionally lower. Mlectric Bond & Share at 18% was off 15, Cities Service at 7% off ' and Middle West Utilities at 10 off %. The irregular character of the London market was mirrored here in the de- clines of Brazilion Traction and other British issu es. During early dealings copper shares, ite the break-up of the curtailment ce, failed to appear on the tape. Public Utility Holding Corpora- tion of America warrants were un y active. The oils were exceed- dull. Standard Off of Indiana, one _of the first Standard issues to @appear, opened up ' at 21%. Alumi- num Go. of America was the only wctive high-priced industri: 2,300 MILL WORKERS " NOW ON FULL TIME @pecial Dispatch to The Star. MARTINSBURG, W. Va., November 18.~“Interwoven - Mills, manufacturing men’s hose, has put its m‘::"ret (lmez 30%1 * werkers, numbering eppro::imately 2,300, Dack at full-time work (‘e and a half déys & week) in the exrectation that ‘'the ‘schedule will hold at least until Ohristmas, it was sald here officially. ‘The plant, including a branch at Berkeley W. ‘working , . Va., has been at four days a week as & maxi- murk and for some departments less than that ‘THe snnouncement also told of a re- ‘duction in prices of the product, be- “eause of advantageous buying on silk oontracts. The lowest range for the I'pfoduct has been 50 cents. The new ‘86416 provides the same sock, three pairs for $1. Other higher-priced stock is re- dticed in propertion. o e * FOREIGN EXCHANGE. . B & Co.) {Quotations 1umu,¥:t'|u Wb "!“."i"a e 7 mn In DOMESTIC BONDS. O 8 8 A§ Yousa et 3 Aluminum Co 90% 100% 100% " R Gas Dt 85 A 143 s n' Pow 4128 '58 hy ;le‘lill: “ » mpire Dist EI 5s '53 E M 55 53 3=ITTS 308 e % [ 3o, A 0 075 22 being at least, 8914 los 3 iron and steel in some form. i |ceeding 100 per cent on the value of Am Pneumatic Sve. . Am Superpwr (pdle) Am Superp 18t (6)... Am Yvette (25c) Anglo Chil Nitra Appalachian Gas. Arcturus Rad Tube Arkans NatGasA... Ark N G ou pf (60c). Ass0 G&EBI A (b2-25) . Ass0 GRE all ct 1.60. Atlas Utll Corp. ... Auto Vot Ma cv pr pt Bickford's (1.20).... Bickfords pf (234).. Blue Ridge cv pf(a3) Blumenthal (S)..... Brazil Trae Lt&P(1) Bright Star Elec (B) Brillo Mfg (60c). ... Brit Celanese rcts. .. Buff N&EP pf (1.60). Buft N& E P 1st (5). Bunker Hill & Sull Butler Bros. .... Cable Radio T vte. Cab & W pt rets 19¢. Canadian Marconi. 3 Carib Syndicate. ‘arnation Co (j1%). Zarrier Corp., .. Cent Pub Bva A b6 % . Cent Stat Bl (b10% ). ain Btore 1.0 Bervice (g30c) CitBv pt B (80c).... CitBy P& L pf (6) Claude Neon Lts Inc. Clev EI Illum (1.60). Colombia Byndicate.. Col O] vic. Commwlith Edison. % Cmwith & Bou war. . Com Wat Ber g12%c Comstock Tunnel. . Consol Auto Merch Consol Copper...... 1 Congol G B pf A (5). 1008 102 L1 Gas Balto (3.60) 1 72 Consol Gas Ut B vte. 4 Cord Corp. Corp Sec C! Creole Petroleum, Crocker Wheeler. Curtiss Wright wa Cusi Mex Mining. . Deers & Co. . De Forest Radio. Detroit Alrcraft, .. Duquesne . Durant Motors. . Bast Sta Pow (B)... Eisler Electric. ..... 2! Eles Bond&Sh(b6%) 389 18" Blec B& Shpf (6)... 1479 Elec P & Lt op wa ¥y Elec PAL2dpfA7.. 1 50 Emp G & F cu pf(8). 5008 60 Bvans Wallow Lead. 1 Fajardo Sugar. .....200s Ford M Can A (1.20). Ford Mot Ltd 36 3-6¢ Fox Theater (A). Gen Aviation. Theat g e pt Glen Alden Coal (4) Goldman Sachs. . Gold Seal Glec new Graymur Corp (17:. 1 18 GUA&P Ten nv(t612) 60s 180 Ground Gripper. Guif Ollof Pa (1%). Hecla Mining (40c) Hudson Bay M & S Humble Ol (123%), Hygrade Food Prod. Imp O11 of Can (60c) Insull Inv (b6%). .. Ins Co ofNo Am t2% Insurance Security. , Intercontinent Pet n Intercont Power (A) % Int Petroleum (1)... 5 16 z perpow A, Kolbter-Br (Am Sh). Lone Star Gas h 8se. Long Island Lt (60¢) Mass Util Assoc. Mayflower Asso ( Mead Johnson (15) Meniph N Gas (60c, Mesabi Iron Michigan G: Mid Sta Pet vte B., « New Eng Pow pf (6). 10s New Jers Zine (18) .. Newmont Mining.... 6415 2974 187% 2 Niag-Hud Pow (40c) Niag-Hud Pow A w.. iag Sh 1 Mda (40c). Nordon Corp Ltd. ... Nor Am Aviat A war. Nor St Pow A (8) Ohio Copper. .. Ohio Oil cu pt (6)... PacG & PacG & Elstpf1y. Ept137% Pac Western Ol Pandem Pantepe o1l c O Parke Davis Penn Wat & Pwr(3). Pennroad Corp (40c) Peoples L&PwWr (A). Philip Morris Inc Phoenix S C pf (3 Pilot Rad Tube A. Pltney Bowes (b4 % Pittsbgh Plate G (2) Plymouth Oll (26e).. Pub Util Hold war, Pub Util Hojd tw Pub Ut Hol Quincy Mining Reliance Int B. Reliance Manaj Rossia Intl (10¢) St Regis Paper (00¢) Bait Croek Brog (1).. Sec Allled Corp (1) al L 8 81 Ind al otfs(b% Sentry Safety Cont. Y% 81 125 % 6% % 3% 1% 4“4 & H ( Shattuck Den Min. Shenandoah Corp. .. Shenandoah Corp pf. ) 2 Sherwini Wil Silica Gel ctf! o Singer Ltd rete(28c) South Penn Of1 Stand O1l of Ind( 20 1 Stand Oil of Ky 1.60. Stund Oil of O pf (5) . Starrett Corp pt (3). Stuts Motor Car. Sunray Oil. Syracuse W Mach B. 3 ;;;a-n Corp. . 27 ‘ampa Blectrio (32, 2% Technieolor Ine. ... 4 Teck HughesGM 165, Texon Ojl&Land (1), ?".cb-ceo & All Bths, . ra ) 5% K] 245 14% 81 I 1 * 2% 4% % *2'ri-Conl * 25 % 4 p tCorp war. Tei-Utilitie Tubize Chatel. B...., Tung Sol Lamp(1). Unit Corp war, .. Unit Elec 8v (pl41). Unit Founders. Unit Gas Corp. Unit Gas Corp w: Unit Gas pt (7).. ¢ Unit Lt & Pw.A (1) U8 Blec Pow ww.. U S Finishing. U S Lines pf. % US & Intl Secu: U S Inter Sec 18t pf. . U S Playing Card 2% 4 Unit Btores v.tc..... Unit Verde Exten (1) Utah P& Lt pt (7).. 4 Ul PhLtat Utility Equiti o Util Equity pf(5%). 150s Vick Financial (30e) Waitt & Bond A Walgréen Co. . Western Air Exp W Va Coal & Coke. Williams R C (70c).. 02%). 1 y 6 5 1 1 1 1 Wil-low Cafe pf (4). 50s Woolworth (FW)Ltd YY" 01l & Gi 84 Comwith Ed..Dec 15 43 Pub 8ve * Dividend rat 5: ), barment 114 B | &%, # Rad-K-Orph..Dec 21 in doliars mm.né. kil Stock. i Plus 8% in siock. ® Paid last 2 Gy RIGHTS—EXPIRE 2 3% 1 27 % & 1-s u bhsed on last quatderl; Early exira S oF S b Payable in 2 Adjustment i B Plus 1% in ock. m Plus 3% in year—no regular rate. iy 34 NII .Feb 1 5 lus 6% 10% 1 Everybody’s Business Probable U. S. Tax Increase and British Tariff Face Markets Two Biggest Factors at Present. Securities as BY DR. MAX WINKLER. Special Dispatch to The 8: NEW YORK, November 18.—The se- | curities markets have at this moment | to contend with a number of factors, | among which two rank prominently. ‘These comprise the probability of an increase in taxes to cover the budgetary deficit of the United States Govern- | ment. No indications are as yet forthcom- ing as to the specific measures which the administration will recommend to Congress when it convenes next month. Competent observers maintain that, al- though many representatives previously had been opposed to adding to the tax bturden, it is now felt that, with the heavy deficit, with the presidential campaign on hand and with a strong tendency in Congress to propose all kinds of measures that would make Iarge drafts on the Treasury, there is no doubt there will be something in the way of tax legislation at the com- ing session. British Tariff Looms. The other factor relates to the im- pending British tariff. A bill is ex- pected to be introduced immediately in the Mouse of Commons granting the Board of Trade the power to issue or- ders imposing an import duly not ex- articles to which the orders apply. This measure, which would, for the time do away with Great Britain’s traditional policy of free trade, is not expected to include agriculturai products, but will deal mainly with manufactured articles and also with It is t00 u:e‘{ 0 gently the effett of the above upon American securities, although it is rea- sonable to assume that the prevailing Guilness is attributable to the uncer- tainty in connection with Great Brit- 2in’s latest move. | The coal industry is fundamental to | the prosperity of the American Nation, | notwithstanding the apparent great losses resulting from the progressive de- velopment of competitive sources of en- ergy, such as hyaroeicctricity, gas and ofl, and from greatly increased efficiency from coal uf tion, according to My- PFinance ot ©, Btates Steel the fact that coal still remains the primary source of power and heat, ac- counting in the United States for over 58 per cent of the energy utilized, 8 shown by figures for the last full year for which Federal statistics were avail- able. German Exports Rival United States. There is a possibility that Germany may replace the United States as the world's greatest exporting nation. For the first nine months of this year, Ger- man exports were only $96,000,000 be-| low those of the United Btates for the same period. Due to the marked in- crease in October figures, the differ- rlmx-le is expected to be reduced mate- rlally. For the first 10 months, the Reich's | excess of exports over imports reached the record total of $562,000,000, of on account of reparations. Of the re- mainder $141,000,000 constitutes the proceeds from sales to Russia, which should accrue to German finances in the course of 1933. The remaining $338,000,000, together with the country’s invisible income, should be sufficient to take care of German commercial obligations The amount does not, however, suffice to support both political and private debts. Holders of defaulted real estate bonds distributed throughout the United Co. are being offered a plan which, un- der existing circumstances, may be re- garded as reascnably equitable. It is contemplated to issue to holders fixed interest debentures and common stock voting trust certificates in exchange for outstanding obligations. As soon as market conditions warrant, new loans will be negotiated so that bondholders may receive partial cash payment. ors would 86 el e exmene aogbold examine each case on its own merits. Silver Use Urged. If siiver is reintroduced into the monetary system cf the world, the pres- ent depression would end and prices could be made comparatively stable on their higher level, according to Sir Rob- ert Horne, chairman of the Bilver As- Sociation chanoellor of the €x- e Lloyd George coall Bovernment. e Brit- Sir Robert maintains that a mu of communities, such as pire and the United States, can do much to mitigate the worst effects of the world-wide monetary fluctuations and brlnh'hme fluctuations under its control. He urges that prompt consid- eration should be given to the sugges- I :lon that the British government should onvene or agree to participate in &n international conferene on iver, with | B vlew to its re-introduction into the world's menetary system. The insurance accounts of the Gen- eral ition, wholly sul are running sati amm‘&"?fi- Commiittee of the Mr, Taylor further calls attention to vestment income has which $83,000,000 represénts paymenis | States by the firm of S. W. Straus & | ing to' E. H. Boles, president of Gen- eral Alllance. Commenting on the reduction in the dividend from a $1.60 annuai basis to 60 cents, Mr. Boles stated that the re- duction is effected in order to build up en extra supply of reserve funds and to keep them in thoroughly safe and liquid condition against any and all adverse events. Another reason for the decision to lower the rate was the desire to avold the necessity which might arise of selling securities in an exceptionally low market. (Copyright. 1931, by 1) N Newspaper Al o ce, Inc.) WHEAT PRICE JUMP BENEFITS FARMERS Northwest Holders of Grain Reap $10,000,000 Through Recent Market Advance. American By the Associated Press. SPOKANE, Wash,, November 18— Officlals of the Farmers' National Grain Cotporation and North Pacific Grain Growers, Inc., said today that Pacific Northwest agriculturists with faith enough to hold their wheat had benefited by approximately $10,000,000 when the price recentl; 18 to 3‘9 cents a bushel over ili'mdum- ions, 7 The 40,000,000 bushels still held in Washington, , Idaho ai the fn oné-thi of Montana constituted about haif of the 1931 crop. Farmers who sold about 3,000,000 | bushels at the peak of tbe current mar- | ket between Novembér 2 and Novem- ibel‘fl 12 made $1,000,000, these officials | said, Bankers and business men figured that the cash received, added to the of ‘would 3 do W 70 per cent more Palouse Hard than 65 per net price to the farmer during the last thrée mon the Federal organization and co-operatives said, while Western white and soft white boomed nearly 60 per cent. High protein mill 75 per cent higher August 1. Pacific Northwest wheat prices were from 4 to 6 cents a bushel higher than Chicago prices, due chiefly, grain offi- clals said, to the 15,000,000-bushel sale of wi :II to China, which cleared the area Northwest e&'m{'oe ts higher Iwes! ), cenf feak of the wheats were y than on bee: ht! = AL - n only slightly than Chicago’s at the week, wheat market last 4 occurred in the deposif September. It was within this time that conditions developed in the bank- ing world, bringing to a head the ne- gotiations preliminary to the formation of the National Credit Corporation. ‘The survey of the controller is limited, of course, to the banks under his juris- diction. It does not deal with the changes in the so-called “non-member banks,” in which the largest number of failures has occurred this year as well as in 1930. Therefore, only a part of the story of banking conditions in this country has been told. The report, however, gives a good picture of the shifting in the items of deposits and securities and reflects the general de- crease in banking resources that has recently taken place. Reduetion in Banks. The reduction tn the number of na- tional banks from June 30 to September 29 was 147, or from 6,805 to 6,658. In the 12 months’ perfod from September, 1930, the decline in the number of re- “porting national banks was 539. Not all of this decrease was due to failures, for in the period there were numerous consolidations as a part of the en- deavor to strengthen the banking sit- uation by merging weak banks with those having larger resources. There were also some withdrawals from the national banking system. (The wt:tl delcrbeui.ln the resources of the national banks in the - ber quarter is given by the controfer of the currency as 634,000, or slightly over 7 per cent. The rate of reduction was much swifter in this period than in the previous three quar- ters, for in the entire 12 months to September 30 the reduction in resources was $2,632,619,000, or about 10 per cent. The same general ratios of decrease t item, which de creased $1,818,856,000 in the tember quarter and approximately $2,102,000,- 000 for the 12-month period. An analy- sis of the shift of these deposits would show that a considerable Tt went from national or commercial into savings banks; also that while the de- pesits of both “member” and ‘“non- member” banks were decreasing, there was a rapid increase in the amount of the deposits of the postal savings system, which now shows the highest deposit item in its history. Some part of the loss of de was also due leposits «| to the withdrawal 6f currency which was_subsequently hoarded, but which is now gradually’ coming out of its hid- ing places. Loans and Discounts. ‘The loans and discounts of the na- tional banks apparently decreased at & more rapid rate in the September quar- ter than the average reduction for the 12 months. The figures for the quarter and for the year show losses in this item, respectively, of $69%,550,000 and $2,173,143,000. This is in line with the showing of the weekly figures published by the Pederal Reserve Board. It may be said that the same tendencies have continued since the end of September, produc of October and for the first half of November. With respect to the holdings of secu- rities of the national banks, the trend | has not_been similar to that in other items. This is mainly due to the fact that in order to become highly liquid while there was nervousness among bank depositors, it was the policy of national as well as all other ks, to increase their holdings of Government securities. This item in the September quarter rose about $33,000,000, at the same time that the hoidings of securi- ties other than Governments decreased $38,553,000. For the 12 months, the national banks gained nearly $73,000,000 in their total holdings of all classes of securities. Extent of Suspensions. The report submitted closes at the 4 | date when the number of bank suspen- slons throughout the ccuntry was reach- ing the highest weekly totals in history. The suspensions in the first week of October were larger than for any simi- lar period in the past two years and amounted to 166. The total for the month of October was the largest for any month on record. Aceordln! to the American Banger, no less than 1,806 banks have suspended since Jan- uary 1, with deposits approximating $1,525,000,000. (Copyright, 1931.) REAL PRICE VALUES BRING PROSPERITY Merchants and Manufacturers Said to Be Doing Great Work in Quiet Way. The world always wants new goods, better goods, cheaper goods, The dras- tic reduction in costs made this year in the face of decreased volumes and de- clining commodity prices by leading American corporations, says the Ameri- can Bankers' Journal, is most impres- sive and points the only sure way back to sound and profitable conditions. Once costs have been brought under control and prices stabllized any increase in volume may be éxpected to bring about a much more than proportional rise in profits, because of the relatively nar- row margin on which practically every industry operates. Whet{ thp:present depression is looked back upon as history, it may be recog- nized that the progress which the lead- ing industrial and merchandising com- panies have been making, in a quiet and businessiike way, has done more to readjust conditions to normal than i all of the committees and surveys and nature stimulation and have been based urging the public to purc! for the purpose of “restoring pros perity” rathér than for réal values, the basis upon which human nature has always acted in the past, the Journal WHOLESALE .PRICE INDEX LOSES PART OF GAINS For the week ended November 14, the weekly wholesale index of the Ni tion a small part of the shown for the previous week. During the week the index declined four fractional points, while during the preceding week the index advanced more 1 full point. ‘The gain of the previous Week was the largest shown in many months. The index number for the latest week is 67.4; a month ago it was 66.7, while & year ago it stood at 81.4. Two years ago it was 94.8. The declln:.km the dindexfll’;:\l‘nbel’ IZI; the latest we was due principally the of the in_the for foods, graihs-feeds and live m ‘These are the most heavily welghted groups in the index, @ copsiderable reduction for | { ¢ | Maryland hase goods | N Two years ago. ‘Three years ago. High, 1931 Low, 1931 High, 1930 Low, 1930. High, 1929 gameesasesy BhwbuaDmNn (Copyright, 1 MARYLAND TOBACCO GROWERS ARE IN FAVORABLE POSITION Two-Thirds of Present Crop Brings Aver- age of 30 Cents a Leaf Demand Good. Special Dispateh to The Star. ANNAPOLIS, Md., November 18— ‘With two-thirds of the present tobacco crop, raised in 1930 sold for an aver- age of approximately 30 cents a pound, and an unusually large crop being cured for the 1932 market, the eco- nomic Arundel County and the other tobacco- raising sections of Southern Maryland is considered extremely favorable by those in touch with agricultural condi- tions of the section. Approximately 29,000 hogsheads of tobacco, weighing from 600 to 700 pounds per hogshead, have been mar- keted by the Southern Maryland coun- ties this year. The third cf the crop remnlnln’ unsold is of the heavy type of leef, for which the demand is re- ported sluggish. Poorer Grades Neglected. The falling off of the demand for the lower grades of tobacco is said to be an innoévation in the State market. Stan- ley E. Day, county agent, pointed out that in past years France and other European countries usually absorbed this grade of leaf. Now, it is said, efther because these former customers have obtained supplies from some other sources m;h are buymc“k !;I the competi- tive Southern m: 3 grades of local tobacco have become something of a drag on the market. The tobacco sold in the Maryland market between May and October 1, it was pcinted out, brought considerably better than the normal price consider- ing the crop as a twhule, vm.g the aj roximately 30-cent per pound average. ?Mr, Day said that the tobacco still haed would likely go for something below this peak average, therefore tending to reduce the average pound price for the year. Reports from the State Board of Agflcnlhlre show that during October 139 hogsheads, or 1,191,280 pounds. of tobacco, .were sold on the Baltimore market for- an average of .2687 per nd. i POMY Day pointéd out that if the third crop still unsold was completely as a factor in calculations the high price brought by the two-thirds crop disposed ot would give the average price of about 20 cents per pound for the entire 1930 crop. This, he declared, was about 100 per cent better than the present market in the Southern cigarette section where leaf is sel to from 6 to 11 cents per pound or t & 10-cents-per-pound average. 'l:heubummg qualities of the Southern tobacco together with its lightness and bulkiness create 2 demand for good type bright leaf. Up to the present time, it was said, the supply of this high-grade leaf has never equaled the demand, the State growers ap- parently gaining & market at the cx- pense of the Southern cigarette area growers. Bright Tobacco Demand. “The whole trend of the market shows that the tobacco grower must exercise more care than ever to develop a higher percentage of bright tobacco, Mr. Day said. “Every tobacco grower knows that he doesn't have the indi- vidual power to produce 100 per cent high quality tobacco. There are certain things he can do, however, to increase the proportion of bright leaf. 981, Standard Statistics Co.) ronluon of the growers of Anne |Was the pOOTer | forpad 2233338 : Sehbhuba EX Y 22 23 wio Pound—Bright Mr. Day, who declared that his fig- ures on the sale of the 1930 crop and the Southern market prices been supplied by J, C. Brown, manager the Maryland Tobacco Growers’ Asso- it Doknd e Sapaciy af the seems to be curing tory manner, - oo D quality crop he continued. le weighty crop handled, it is light in texture - thaf ;1 htn, o ightness ma the estimal res.” In normal years the tobacco sections of the State are said pro- duce a crop worth between $5,000,000 and $6,000,000. The 1930 census places the figure at $5,697,000, for that year. Figuring ori the present m: prices 11:1' the lm tt:x’m; 1:11 nplg’e:’n that_there S TS o e crop. bring- ing at least $7,00,000,000 when sold. “The past history of the present market condition seem to indicate that Maryland tobacco has in fasoee tte ,” “Mr, ‘Despite the period of de- pression, the growers got higher prices for the two-thirds of the crop sold than the 1929 crop sold for in 1930. There is every reason to feel en- couraged over the condition, especially with the aid of the cosoperative—the &rylaufl ‘Tobaceo Qrowers' Associa- n.” Crop Ranks Tenth, ‘The .tobacco crop in the State is listed tenth in the list of crop values, the gross income heing listed in-eighth place and .the income occupying the same position. . -Anne: Arundel County tobacco grow- ers stand fifth in the State production, Mariand otop. T 1630 X crop. e census gives ?‘h:r‘mmt 5,100 m:‘flo:lr'l lanhd, with: a production of 2,916,170 pounds. Prin County is with ce Georges 9,354 acres and 5,962,067 pounds; Cal- vert, with 6, acres and 4,006,450 pounds; Charles County, with 6,174 acres and 4,277,482 pounds, and St. County, with 5439 acres and 4.2,1 ,67¢_ poun . Holmes, in charge of the seed laboratory of the experiment station of the University of Maryland, today pointed out that many farmers delay having tobacco seed tested for germina- tion and rurm. causing & congestion at the university. The service is ren- dered free, " “For the last two or three years so many samples of tobacco seed have been received at the laboratory during January and February that it has been impossible to handle all, of them promptly,” Mr. Holmes continued. “We like the cleaned seed and the result of the germination test to reach the farm- ers in the shortest possible. time after the seed feaches us, but we cannot do such. work hurriedly, for the reason that we will not take even a remote chance on. not returning the identical seed the farmer sends us.” New York Cotton Special Dispatch to The Star. NEW YORK, November 18.—Ootton prices were 1 to 6 points ‘higher at the opening of the market today. Trade buying was in good volume and in dis- tant ?wfiltiona there was some buying inst hedges. morenln: prices were: December, 6.35, up 6; January, 6.45, up 3; March, 6.63, up 3; May, 6.79, up 2; July, 697, up 1, and October, 7.24, up 2. —_— DIVIDENDS DECLARED NEW YORK, November 18 (#).— Hidrs. of record. Pe- Pay- Company. Rate.riod. able .y .15 504 15 ~Dec. Oct. 13 . 18 1 5 Initial. Auburn & Cayush 3 "Nat B & Fr 4100 Q@ Oct. 15 Reduced. Century orth Jersey Title In: Regul. Pé- ew Pl M e. Mrecord. Jec.” 1 Nov. 20 Dec. Nov. 20 m Dep R for Ord Rage 1435 Can_ Cpiient 1.620% Cons Gas et Bilt.90c i Bk & Tr (; Speclal Dispateh to 0| NEW Y representing 9 | per cent of the public utilif Grain _Mnrket By the Associated Press. CHICAGO, November 18.-<Prices of all grains underwent decided early set- backs today, influenced by unexpected downturns in Liverpool wheat quota- tions. ‘The bearish action of the Liver- pool market was ascribe to an offielal Teport saying crop conditions in Ar- gentina were generally favorable except in parts of Pampas Province, where some districts frost damage might be 50 per cent. | Opening 1a1% cents off, wheat after- ward s: further. Corn started 3 | the crops and | d important to some farmers than the sagging grain and cotton markets, al- though the course of these staple prod- ucts tends to affect the general market position. Live stock lines, except hogs, maintained prices fairly well. Turkeys sold higher in Southern producing sec- tions, Early receipts were light in orthern markets, and the unseason- ably warm weather unsettled the out- look. Mill feeds held most of recent price advances. Potato markets showed ld last month’s gains of cents per 100 pounds. Potatoes Fairly Steady. mutue, bm”mxofgt.s x?a‘ the mid to jol aroul - dle of the month. North Central - toes held about steady in the CI car lot market, but Nebraska Triumphs were weaker, and Idaho Russets stronger. “Futures” for January de- livery showed a slightly lower position for Idaho Russets and Maine Green Mountains, but a somewhat stronger tone for Round Whites. Prices of most sweet potatoes were somewhat higher in terminal markets. F. o. b. sales of barreled stock on the Eastern Shore of Virginia held about steady at 75 to 85 cents, but the bushel pack advanced to a range of 40 to 45 cents. markets were selling week in bushel tubs 85 3 Baldwin les brought 85 cents per bushel and $2.50 per barrel at shipping points. Butter Markets Firm. ‘The mid-November butter markets showed considerable stre Price ad- vances were recorded at all points. Buy- ing of butter in New York by Phila- o Joca Stuation. Other. casters to the local situation. Other markets ruled full steady t6 firm but the dealers in general were inclined to rate rather cautiously, confining immediate require- little or no attempt to needs. Reductions in October in the entire country were 23,988,000 pounds, which Were 2,145,000 pounds greater than the reduction dur- ing October a year ago. The milk flow has been well maintained in practically all sections. After the sharp declines the second week of November, in line with lower country costs, the tone of the market on fresh cheese was easy to steady. Ad- vancing kutter. prices also contributed to a more stable cheese market gitua- tion. The make of cheesé in New. York, which dnTl late months had been unusually Beavy, largely due to heawy diversions 6f milk from the fluid mar- ket and creamerles to cheese, is somewhat reduced &mme milk is be- ing redirected into regular channels. Turkey Receipts Light. Very few turkeys were reaching the terminal markets in mid-November, there being ohly about enough to sup- ly curtent requitements. Increased prices have supplied & basis for higher prices at 'nmmgv- ing than were generally indicated a few weeks ago. A somewhat steadier sentiment ap- peared in the dressed poultty markets the middle of the month, fresh-killed chickens from West. Receipts at the principal mar- kets for the half of the month, rtwuhr? on_roosters, were relatively fi:hc, and although no improvement occurred in the demand for consump- tion, more activity was displayed by speculators, who, attracted by the low ces, took on some very large sized locks for storage. Egg Market Strong. Owing to lighter fresh supplies the egg market showed marked improvement during the first half of November. Prices of top grades of Middle Westérn mixed colors advanced approximately 4 cents during that period, while the lower grades advanced around 2 cents. An even larger advance was registered in the quotations on white eggs from nearby " Eastern areas and the Pacific Coast, the increase ranging from 2 to 3 cents on the lower grades and 6 to 7 cents on the top grades. Heavy stocks of storage eggs still in warehouses, com- bined with stock, markef s weak class of eggs. Live Stock Prices Mixed. Recent price changes in the Chicago cattle market were largely in the way of readjustment, medium and good grades ‘of short fed cattle having worked out of line from a besf merit 1% down and subsequently held near | standpoint. the initial limits. In addition to the Argentine official |. crop report, which was not as bullish as had been expected, sellers of wheat found incentive in British trade esti- mates that Europe’s 1931 wheat crop, exclusive of Russia, was 36,800,000 bushels more than last year. This would be 11,800,000 bushels larger than shown in latest figures received by the United States Department of Agriculs ture. Asserttons that ' wheat holdings of | American Government sponsored agen- | cles amounted to 194,000,000 bushels, on September 1, acted also as a weight on the market. Traders who professed not to have lost faith in an ultimate good e demand for Unite@ States wheat the most oul large domestic supply. Corn and oats weakened with wheat, despite. persistent scan of rural omflw of corn. Provisions were neglected. GAS UTILITY REVENUES DROP IN SEPTEMBER | The Star. panies serving some 13,636,251 and about 90 ity distribu- tion of manufactured and hatural gas. Revenues of the manufactured gas companies aj ted $29,247,367 for the month, a drop of 2.9 per cent from a year ago. The natural utilities reported revenues of $15,335,172, which were about 8.4 per cent under the fig- ures for September, 3 Sales of manufactured gas reported 409,654,000 t, while - month ‘were 43,778,580,000 cubic e Gome BA%, 0000 ‘Woolf Br 7% o 8138 cline of 7.6 per centy & de- been ‘The spréad in prices of hogs mar- rowed at Chicago around the middle of the month and became about as small as it has been at any time in trade history. The great bulk of good and choice hogs of all weights between 160 and 325 pounds were selling within the narrow spread of $4.756 to $4.85. All classts of sheep and lambs were selling at prices fully as high as these prevailing eéarly in the month, choice fat lambs showing moderate price gains. Volume of sales in Bastern wool markets during the second week of No- vember was larger than for some weeks previous. Sales included practically all grades of domestic wools, ‘and prices tended toward strength. A fairly large volume of 58s, 60s and 56s, strictly combing fleece wools, moved at 23 to 24 cents in the grease. Feed Market Higher. ‘Wheat feed prices advanced sharply the first half of November, the heavier feeds showing a greater advance than bran. Corn feed markets strengthemed along with the advance in wheat feeds and concentrates. Cottonseed meal dlso sold higher. Timothy and clover hay markets held Shout equal io m’fm et Tequite: mar] e- ments. terminals Were over- stocked and some pressure was reported to effect a more ready movement, but harese. Thading o New Tork Gity cl I few* Yorl ity was of relatively small volume. Wheat Lower. Domestic wheat markets declined sharply during the second week of No- vember, influenced by a less active sup- port of the futures markets, some slackening in export demand and the failure of Liverpool to follow the ad< vance in American markets. Feed grains sagged with the drop in wheat es, but were influenced also by & coni slow industrial and shipping demand for corn. A K a0 “Pligrim's Progress” i still the best sellers of the world, translated mto 126