Evening Star Newspaper, November 19, 1931, Page 15

Ns” f FINANCIAL. CURB ISSUES MOVE -IN NARROW RANGE Leaders Show Only Frac- tional Changes in Small Turnover. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YOl.lK, November 19.—Stocks on the Curb Exchange, after opening Jower today, shuttled back and forth within extreniely narrow price ranges. Electric Bond & Bhare most of the time ranged within a quarter point. ‘This also was true of Cities Service, whose October net earnings were above those of September, but less than those | of October, Cities Services B preferred on a small turnover jumped more than 9 points. Carrier Corporation gained a point, but Pittsburgh & Lake Erie and Penn- Road Corporation both eased off as the conference to discuss a railroad - wage cut got under way. o Niagara Hudson Power, despite the common quarterly dividend declaration of 10 cents, was offered somewhat freely shortly after the an- nouncement. Aluminum Co. of Amer- ica formed the bulk of higher-priced industrials dealings, but moved within & 2-point range. ‘The euler tone of the London mar- ket, along with the record low price of copper and a series of unfavorable earnings reports, caused the exchange to open lower. Trading was active Electric Bond & Share at 17% was off a fraction, as was Cities Bervlce at 735. The latter's October earnings ‘were a trifle above those of September. Standard Oil of Indiana opened un- changed, but Standard Ol| of Nebrnkl opened up % at 26. Motor Lt eased off after openlnz hl;her NI tional Fuel, the most active of the nat- ur-l m group, moved within a marrow A block of 6,400 shares of Goldman Sachs, which ned at 2%, off 4, featured early investment trust dnl- ings. American Commonwealths Power A at 2%, off. 3;, was the first of the utilities to move into new low ground for the year. NATURAL GAS PIPE LINE PROJECT IS COMPLETED @pecial Dispatch to The Star. BALTIMORE, November 19.—The Columbia. Gas & Electric Corporation, in a letter to l@ockho!ders. announced th-t t.hc natural gas pipe line from the Kentucky and West Virginia W!“ Virginia, Virginia and d to connect with !xixtlng pipe in Eastern Pennsylvania, now oon;pleta “This line,” the letter said, “is al- ready supj natural gas to the Wi n nght Co., Washington, and to the :mu of Lexington, Coving- ton and Cli me in Virginig, and Harford in Maryland. Piping for retail distribution is progressing rapidly in other commumflu in Virgina und wm Vrginia, which service be Inaugurated berore the end of tha year. Bank of France Statement. PARIS, November 19 (#)—The week- statement of the Bank of France, the following changes in francs %, unchan ht \-B!?noellbrold 6% 12 104 29% 62% 10% 19% % in 000 000; advances decreased_66,000,000; circula~ lation decreased 519,000,000;. current sccounts increased 436,000,000. Rate of discount 23 per cent. BONDS ON THE CURB MARKET. ©. ‘%ma. Low. 80Ys mo 1 % les in Noon. 80, 100 8 s 22825 IBINBESTEBG! 2 Saewa & e e 9 .. 61% €1% 6 ; 1033 10330 6 36 ;33101 101 101 633, §§'§ ~Prev. 1031\ High. Low. THE EVENI VG STAR, WASHINGTON, D. C.. NEW YORK CURB EXCHANGE Received by Private Wire Direct fo The Star Office. Sincks s0ld in 100-share lots excent these desismated by letter “s.” Btock anc Sales— ] Dividond Fate. AdS 00 O—n High. 15 Acme Steel (2) - 158 Ala Pow pf (8) Allted Mills In Aluminum Co of Am Austin Car, Am Capital A. Am City P&L (A) a3, Am Cit P&L Bb10% . Am Com P A (b10%) Am Com Pr B(b10%) Am Corpn (£30¢) Am Cyanamid B, Am Equities. Am For Pow war. Am Gas & Elec ($1).. Am Invest Inc (B).. Am Invest war. Am Lt & Trac (23%).. Am Maize Prod (2).. Am Mfg Co pt (5). s Am Superpwr (pd0e) Am Util & Gn B vte,, Am Yvette (25¢).. Anchor Post Fence. . Anglo Chil Nitrate Appalachian Gai Arkans Nat Gas Ark N G cu pf (60c).. Atlas Util Corp. Atlas Utilitles Auto Voting My Auto Vot Ma cv pr Aviat Sec of N Eng. . Babcock & Wilcox (4 4 Beneficial I L (134).. Bliss Co(EW) (b8%) Blue Ridge Corp. ... Blue Ridge cv pf(a3) Brazil Trac Lt&P(1) BritATcou P 1.13 3-§ Buft N&EP pf (1.60, Bunker Hill & Sull Butler Bros Cable Radlo T vtc. Cable & Wire A rcts. Canadian Marconi. Cartb Syndicate. Carnegie Metals. Carrier Corp. Celluloid Corp. Cent Pub Svo A Cent&Swn Ut (57%) Cent Stat El (b10%) 4 Chain Store Devel Cities Service (g30c: Cities Serv pt (6) Cit Sv pt B (60c) Cit 8v pf BB (6). Clev El Illum (1.6 Cleveland Tractor Commwith Edison (8 Cmwith & Sou wa: Com Wat Ser g12 Consol Auto Merch Consol Copper. Con Gas Balto (3. Cord Corp... Corp Sec Ch ( Cosden Oil. Creole Petr Curtiss Wright war, Cus! Mex Mining Deere & Co..... De Forest Radio. Detroft Afrcraft. Doehler Die Casting. East Sta Pow (B) Bast Util Assoccv.. Eisler Electric...... Elec Bond&Sh (b6 %) ElecB& Shcupf5.. Elec B & Sh pf (6)... Elec Pow Assoc (1).. Elec Pow Assoc A (1) Elec P & Lt op war.. Elec P&L 2d pt A 7. .400 Elec Sharhldg pf(a6) Europ E Ltd A (60c). Fairchild Aviation. , Fedders Mfg Co A... Flintkote Co A..... Florida P & L pf (7). Ford M Can A (1.20), Ford Mot Can B 1.20, Ford Mot Frn 37%c. Ford Mot Ltd 36 3-50 4 Forpmost Fabrics. .. 4 Fouhdation For Shs. Fox Theater (A).... Gen Capital Corp GenE Ltd res 36 3-5c. Gen G&E cy pt E(6).1508 Gen Theat Eq cv f.. Globe Underws (1065 _ 2 Goldman Sachs. .... 9796 Goth Knitback Mch., Gray Tel Pay S 13%.. Groc Strs Prod vte. Hamilton Gas v.te... Hecla Mining (40¢).. Hudson Bay M&S.. Humble O1l (12%).. Hygrade Food Prod., Imp Ofl of Can (50c). Ind P&L cu pf (6%). Insull Inv (b6%). .. 4 Ins Co ofNo Am 123 Insurance Security.. Intercontinent Pet n, 4 Int Petroleum (1)... Int Superpwr(11.10). Int Utilities(A) (3%) Int Utilities B. Int Utilities was Interstate Equllle!< . ~Prev. 1931~ High. Low. Low. Close. 10 1T% 1T% 90 90 5 5 3 & 3 27% 3k 2% 3% 1 1M 3% 4% Siny aual pevment. R s ol ggggsm A Ty un uuu G 85 A B M&S 65 Pow & Lits A Pow & Lt o5 C :58 HETRO0O! E¢ REE 5! Sit Ersz,-psu*ysg i1 5 333333 e BY 35 @ 30; el NEW studying Great measures porary. prreny 2 ¥BuuranaomanommaneBuliuSaoneanlomaummmen SEEo sumatnashe. s = 32 R g’ 121 Great Bri pected to ) SesadsasazazaSansanas 28333332 Careful however, that no adopted. oYY, 979432 dividends £50° ) au®s T 8, thermore, producers Eg,_g w2 z 2755 ra®®8 <" E Py 2 ] g= not impo: o’ : o %2 0, 3 ERaL Beneen g 11> 2 gy 1388 "y ' 4 | be borne sales to e modities. S ol ‘The bul ain from ES. 2 s §s=:=~ F 5! cotton, T Beuiiuiat et autbs rnrt of onies, it the time hension. e x S oseBroninonua i | 4 3 37 e 5:, L 4 ; HEETS 5 Belief was W arrants, rs Jssued, eommon, Everybody’s Careful Afalysis of Tariff Brings Conclusion That No Will Be Adofted. Britain's to provide a remedy for the recent rush of foreign goods from all countries into , | Viewed with a certain degree of alarm | by foreign manufacturers and exporters. is a creditor nation to the extent of about $20,000,000,000. paid largely in goods and services. Fur- rials, and any unnecessary hindrance to imports would make it difficult, if , | thetr oblflgntlons to Great Britain, As m the possible effects of a high tariff upon the United States, it may 4 | $678,100,000, only about 25 per cent, or 17.6 per cent of America’s total exports, were composed of manufactured com- amount was represented b) on which there is alre: duty of 33 per cent. raw materials and foodstuffs, notably leaf tobacco, meat products. While a considerable rom the dominions and overseas col- amount will be substantially in excess of previous years' figures, so that, for pers need not entertain undue appre- C. & N. western Rallroad may not earn its fixed charges for the current year pxoblbly Business uation in Britain Drastic Measures DR. MAX WINKLER. YORK, November 19.—In the British tariff situation present protective must be regarded as tem- They are designed primarily itain. Permanent duties, ex- be adopted next Spring, are | analysis of the situation, will lead to the conclusion drastic measures will be ‘To begin with, Great Britain Interest and on this huge sum must be+ the nation’s chief debtors are of foodstuffs and rawsmate- ssible, for them to discharge . S. Sends Raw Products. in mind that of last year's Great Britain, aggregating of an appreciable motor_cars, ly an import 1k of shipments to Great Brit- the United States consists of petroleum and these items will be imported is doubtful as to whether the belng at least, American ship- W. Passes Dividends. that the Chicago & North- ible for the on both the pu.ferud And ‘The former is non-cumula- stock and Dividend Rate. Inter Equ cV pf ( 14 Kerr Lake. Lene n Loll Isld Ltpf (7).. 30' Mass Utcv pf (2%). l!il Mavis Bottling (A).. Mead Johnson (16).. Meniph N G 4 Michigan Gas & Ofl.. Mid West Ut (b8%). Mid'1d Steel Prod(2), Mid Wst Sts U(b8%) Mo-Kan Pipe Lin Mock Judson Voel Mountatn Prod (1) Murphy Co (1.60). Vat American Co. Aviation........ Nat Bd & S Corp (1). Nat Fuel Gas (1) Nat Pow & Lt pf ( Nat PubSv pt (7). Nat Servyice Co. Nat Sh T Sec A Nehi Corp (60c: Newlerry (JJ) 1. New Eng Pow pf (§) 10 Rock Lt & P (90¢)... Safety Car Heat & L. 76s St Regis Paper (§0c) Sec Allied Corp (1).. Shattuck Den Min. Shenandoah Corp. Shenandoah Corp p: Silica Gel ctfs. s M1g Co (116! South Penn O1l (1) Southern Nat Ga: Stand Oll of Ind( 1).. Stand Ofl of Ky 1.60., Stand Oil Nebr (2)..: Starrett Corp pf (3).. Bwift&Co (2)...... Switt Internat’l (14). Bwiss-Am EIl pf (6).. ‘Technicolor Ine. Teck HughesGM e ‘Texon Oll&Land (1). ‘Tcbacco & All Stks Todd Shipyard (4) ‘Trans Air Trans...., ‘Tri-Cont Corp war... & Tri-Utilitles.... Tung Sol Lamp(1).+) UBGIIOQCIMGI(X) 3% Comwith Ed..Dec15 1 4% PubSve NII .Feb 1 1 i % Rad-K-Orph..Dec 21 Dividend rateg ia «uni based on last quarterly or semi-an- B e Sales— Add 00. Open. High. 8% 13% 10 Mo o0 9% 95 102% 102% 28% 2:% L3 5% 2 10 10 1% 1% 3 (80¢).. R et B rc 0000 (o1 FOTSPCTN- Nitrate Corp Nor Pipe Line (t4) Nor St Pow pf (6). Ohto Copper. Outboard Mo ol Pantepec Ofl Pennroad Corp (40¢) Penn Mex Fuel(76¢). 1 Penn Wat & Pwr(3). 2 Perryman Electric. Philip Morris Inc. Phoenix Secur Corr.. Phoenix 8Cpf (3)... Pilot Rad Tube A Pitney Bowes (b4 %) Pittsburgh&LE(110) Pittsbgh Plate G (2). Plymouth Ofl (25¢)... Pratt & Lambert (3). 2 26 Pub Utll Hold xw. Quaker Oats pf (6)..124s Reliance Manag..... Republic Gas Corp. . 116 24 1% L 116 24 1% W 35 36 12 12 264 26% 6% 6% % 3% 1% 2% 2 18 1 - s o Se e HHEnRaNE MR- BNE S e o 8% | sp! rour.s. S Inter Sec 1st pf.. U 8 Playing Card 2% Unit Verde Exten (1) Utah P& Lt pf (7). 3% Utll P&Lt(at1.023%). Ut P&L I(l'l 02%). Utility Equis . Util Equity DI(S%) «« B0 Utll & Ind pL (1%).. Vick Financial (30¢) Voght Mfg Co (1). T% Wilson Jon B% W'rth(FW. 1% Wright Har (112%c) 10% 8y 2% 5 s . 1 2 4 1 6 b RIGHTS—EXPIRE 3% % 17 % TPartly et Pl o8 in stosk, stock. b Payable © Adjustment tive, and has been paid each year un- interruptedly since 1864, with' thy ception of the years 1866-67, ll’l‘-'lfi and 1877, Dividends on the common have been paid since 1878, when $3 was paid, after which year the annual rate never has been less than $4 a share. In May of this year it was announced that after the June payment of $1 the common would be returned to a $2 annual basis. Action by the Northwestern and by the Southern Pacific, which reduced its rate to $4 after ha paid $6 annually since 1907, would seem to foreshadow unfavorable action on divi- dends by & number of carriers sched- :l:sd !.odmm ahor‘tnli ‘This mt\l!‘lld! lepressing influence upon rail- road shares and the market as a whole. Ger-n Debts to Be Aired. %m a committee of experts wm examine Germany's upum to pay replrnlons According to the provi- sions of the Young plan, ma; request revision of the annuities to the Bank for International Settle- ments for the account of the various [ houses. creditors of the Reich. It is understood that the investiga- tion, to be conducted under auspices of the bank, will be confined to the question of reparations without directly referring to Germany's debts, which, if taken up, woul sible disputes as to which is prior to the other with respect to the limited foreign exchange available for external payments. The preliminary confer- ences between President Hoover and Prémier Laval, M. Francqui and For- eign Minister Grandi are generally ex- pected to have the effect of smoot some of the difficulties which are bound to arise in discussions of this kind. The question of private short-term debts, aggregating about $2,000,000,000, is expected to be taken up by a er committee, in which Americans are to predominate, ely because of the relatively greater stake which Unfted States interests have in German short- term obligations. Coppe Parleys Ended. copper pto%ueen. headed by n group Wi to t.he vmua‘m !ag {::n. m discussing wit producers nn una means of remedy- xng the rather unsatisfactory conditions ich exist in the ind have de- cided to leave for home without = ent results after almost four weeks of discussions. It is, however, not im| ble that some sort of adjustment be worked out satisfactory to all, chiefly use a settlement of the problems canlront- ing the copger interests is the only way ustry can get anywhere aurma‘tlh- next five years or more of ovcrproducunn whn-_h it ap- to be and which has harassed the ln dnu the war, exapt;grmtvommd 1928 It is hoped and expected that the 'fu’n. .&:"‘ 5‘“. i B '_f industry will rise to the necessities of the occasion, and finally, setting aside the desire for special concessions, ar- rive at a real and lasting solution, Advocate French Branch, One of the principal causes of the banking crisis in the United States is |the ease with which under existing laws, both State and national, larger numbers of banks have been formed in the past, largely as a matter of course and with only perfunctory approval, according to Thomas J. McCarter, pres- ident of the Public Service Corporation of New Jersey. Banks, continues Mr. McCarter, have grown up like mushrooms, in many cases without any proper justification, ;2#5 to rival well established and mi institutions. In many instances banks have had in- adequate capital and often too much of that locked up in expensive banking Mr. McCarter concludes his remarks by advocating further extension of the principle of branch banking, which should in the long run tend to the survival of the fittest and the building “n or '"Q’.x"f financial institutions. that a plan will be nlbmlM lborfl to the &mmununrdtou:el o! country’s telephone system for a 50 ‘The inf International Telephom & legraph Corporation. connoct.lon v:ler.g :.:u transaction nunnry expec recelve !ram American banks a fair sized credi wmch will in all likelihood be uflllud to pay off some of the pressin term obligations. This her polmul w ch are traded in on the American markets. bl st (Copyrig] fiow Wmu‘am)lumn Freed in Fumigation Deaths, LOS ANG N — pog A, s Darby, mayor of the suburb of Wood, testifled it was probable e 3 u{-uu of Earl W;m, 22, and Gene, , were caused DO‘SOIIUII.I lumes which Darby used on the bqum;’. Smith Keeps Old Sketches, poratton. 9% CORPORATIO REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, November 19.—The fol- a summary of important cor- repared by the Stand- & lnc New York, for The c-pm-. Chicago & Northwestern Ry. passed fmed and common dl\dd!ndl paid rre“ and $1, respectively, June 30. ‘Hormel (George A) & Co. deficit, 53 weeks ended October 31, $608,779; had net income in 52 weeks ended October 25, 1930, 31 246 290, equal to $2.33 & common Ktlvln hr Corporluon common share ‘y;;r ended September 30, lu vs. $1.35, ' Neptune Meter declared qu‘mrly‘dll vidends of 30 cents each on class and class “B” common stocks; formerly paid 50 cents quarterly on each issue. Publlc Service of New Jersey October surplus after charges up 8 per cent; 12 months up 5.2 per cent. Southern Pacific Co. declared quar- terly dividend: formerly paid $50. Amerlcln Gu & Electflc common earnings, em- be'r 30 $3.97 vs. N CI ld]\lned for sub- sequent stock dividends. American Safety Ragzor common |1 , nine months to Sep- prices for manufactured carn prod marked ud | the about 5 per cent las (W. L) Shoe dulmfl $1.75 back dividend on preferred Liquid Carbonic common shlre earn- % | ings, year ended September 30, $3.17, vs. 5.22. % Stone & Webster defers action on common dividend until January, 1932. payment date changed from January 16 to February 15; paid 50 cents October 15. American La France & Foamite def- icit, nine months to September 30, % { $225,950, vs. deficit $116,486. Associates !nvutmlm common share earnings, ”02 vs. $9.89. ities Service October surplus, after preferred dividends, but before depre- clation, $941,487, vs. $2763738; %2 months, $17,438, 354, vs, $42,879,028. Evans lucts deficit, nine months to september 30, $6,965, vs. net in- come $98,344, equal to 41 cents a com- mon share. Fuller (George A.) Co. gets contract for new United Bum Eupmne Court Bullding; to cost $8,33: General Capital uqulflltl.nl value September 30, $30.28 a common share, vs. $43.92 December 31, 1930. International Hydroelectric System class A share earnings, 12 months to September 30, $2.98, vs. $4.58, May Hosiery Mills declared 50 cents qunmrlly preference dividend; formerly New York Transit declared 10 extra dividend and l dividend of 1 cents on capital stoc! Park & Tilford amcn 9 months to tember 30, $225,732, vs. net income $154,045, equal to 71 cents a common # | share. United Electric Coal Co's. common share earnings, quarter ended October 31, 19 cents, vs. 4 cents. Merchants & Manufacturers securities class A share earnings, 6 months to tember 30, 67 cents, vs. $1.17. tone g{ weh.u;c eon}mon ;h.::e eal lore prol or loss on e mings P 30, $1.91, vs. $3. Weston Eiectrical Instrument com- mon share earnings, 9 months to September 30, 21 emu vs. $2.70. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md, November 19.— | vi White- potatoes, 100 u’nba:w 75a1.10; eel y ;. yams, barrel, mb; beans, bushel, 1.008 2,003 beets, per 100, 2.0083.00; brusse ge uart, 6a15; savoy cabbage, bu a50; carrots, 250! !00 " caulifiower, 2. crate, 3.00¢ hamper, 3. ISMW D'DPIE&I;. umpkins, Per 100, 4.0085.00; & , bushel, lug _boxes, 1.502.25; t\lrnipl, hamper, 2‘:)‘116 apples, bushel, 50a1.25. Dairy Market. Chickens—Young, 16a20; Leghorns, 16a17; old hens, f’llfll' Leghorns, old, 12a16; roosters, 12al4; dueh 12al! , pair, 26a30; guinea fowls, pair, 5850, turkey!. 18a27. Eggs—Receipts, 1,520 cases; current receipts, 28a30; small pullet eggs, 22a 25; hennery whites, 34a36; nearby 30a32; Western firsts, 30a32. Butter—Good and fancy, creamery, 28a32; ladles, 20832; process, 24a25; store packed, 15. Hay and Grain Prices. ‘Wheat—No. 2 red Winter, export, no quotations; No. 2 red Winter, nrl.u:k 3 spot, domestic, 64%; November, 64 December, 65%. Corn—No. 2 yellow, domestic, spot, 56a561,; cob corn, new, 2.00a2.25. Oats—No. 2 white, domestic, spot, 36a36%; No. 3, 35a35%. 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 14.00a17.50 per ton. Straw—No. 1 wheat, 8.50a9.00 per ton; No. 1 oat, 9.00a10.00 per ton. Live Stock Market. c-me——necelpu. 150 head; light supply, market dull. uer-—chdu pnme 8.00a8.50; good to choice, 0 8.00; medium_to uwroo tnr to medium, 5.50a6.50 P 1 4.75a5.50; common to plain, 400 Bulls—Medium to ood 4.00a4.25; fair to medium, 3.50a4.00; plain to fair, 3.25 23.50; common to pll.h. 3.0023.25. Cows —Medium to good, 3.75a4.25; fair to medium, 3.25a3.75; plain to I a3.25; common to plain, Heifers—Good medium to medium, 4.75a5.2 4.75; common to 50a6. head; lig] 500 tht sup. lights, 5.30a5.55; E!y, mnrl::rlgl;he Ill, 625‘& 10 Ohio and Western hogs 0 cents higher. Calves—Receipts, 75 head; market steady; gflves, 3.50a8.50. Bank of England Statement. LONDON, Nanmm 19 (M —-m weekly statement of the Bank of land shows ,585,000, government securi- 3,990,000. roportion of the bank’s reserve to lhbxruy is 35.57 per cent compared with 33.60 last week. Rate of discount, 6 per oent. plBtsios so i hatvaihones Stockholders Increase. NEW YORK, November 19 (#).—The number of common stockholders of Cities Service increased 8,057 from Oc- tober 15 to November 15 and now ex- ceeds 506,000, THURSDAY, NOVEMBER 19, ~ | [CHEAPER FOREIGN CURRENCIES compared | Radiaf 0 vm.h 3021 cars with 12, mooo bu-nsl- 1931. AFFECT U. S. Suspensions of Gold FINANCIAL. EXPORT VALUES Standard Result in Smaller Payments From Countries Do- ing Business With Own Money. Reports of business revivals in Eu- South America and the Far East are believed by th» Commerce Depart- ment to be the basis for numerous in- quiries now beinx recefved by its Bu- reau of Foreign and Domestic Com- merce from American exporters con- cerning trade procedures in coun where the gold standard of payments has_been suspended. The department said today that as & result of the fall in the dollar value of currencies of countries which have abandoned gold payments, American exporters holding contracts payable in these currencles will receive fewer dol- lars than before. Advice to Exporters. If the proceeds of such ymnu should be temporarily c‘arrhr is no foreign ex- restriction. “With regard to future contracts” the department said, “the American exporter who wishes to foreign exchange tive of either raising the price of the goods sold in terms of the importer's currency or of requiring payments in dollars, thus placing upon the im ‘porter the burden of exchange depre- ciation.” ‘The department warned, however, that in this step the exporter must be guided by his competitive position, which may be lost to htm if he should demand that the importer bear the loss arising from devreclnuon. ‘This, offi- clals explained, would ‘ lmrdm ‘which would be rehuvely nn! the period of internal prlco M’j were ndvmd that in the mmm 's countr BANKERS TO STUDY TWO VITAL ISSUES Investment of Trust Funds and Legal Activities Placed on Conference Program. Special Dispatch to The Star. NEW YORK, November 19.—The thirteenth annual Midwinter Trust Conference of the Trust Division, Amer- ican Bankers’ Assoclation, will be held February -16, 17 and 18, 1932, at the Hotel Commodore, New York City, it is announced by Thomas C, Hmlnp. president of the division. The two major problems of trust companies and banks with trust departments that will be given particular attention by the conference, Mr. Hennings says in his announcement, have to do with the investment of trust funds and the lphlu of legal activities in the fiduciary fleld. “I feel.” he says, “that there are two great problems for eannd-ntwn during the coming year which must be et. One l-l t.hlltnl the investment of "mmm«mm Wee} ew 15 8 subjéect which can be considered by the s eonurm- with profit. iother-problem is an old one, aris- ing from the differences of opinion be- tween two sets of lawyers, on one hand the staff lawyers represen trust companies, and on the ocher law- yers who do not represent trust com: R T sphere of legal ac uciary field.” ier.| LARGE SHORT INTEREST DEVELOPS IN MARKET Special Dispatch to The Star. NEW YORK, November 19.—Traders have been selling in the stock market on all rallies, which they may do with- out violating Stock Exchange rules, and have developed an extensive short ac- count. This is believed to be much larger than the latest figures reported by President Whitney in his Hartford Tba borrowing demlnd for stocks in the loan trowd is again active, with houses that ordinarily lend freely hav- ing large commitments of this sort. One firm said today that it was lend- as much on the of present prices as it had ever loaned in its his- tory. ‘There is no evidence yet that the short interest is nervous or is dis- ¥o-ed to cover. Not only have the pro- lessionals been selling short, but a good many of the same kind of operations have been indulged in by the public, which has tried many times during the past year to recoup its losses as an owner of by profits in stocks which it did not own, but which some day it will have to cover. — s REMARKABLE INCREASE IN GRAIN SHIPMENTS Special Dispatch to The Star. , Manitoba, November 19. —A remarkabie lncrme in the mave- ment of grain from Western Canada in the four-week period from October 15 is- shown in a recent report issued by the Canadian National Railways, ‘when marke more than responding period in 1930. Car load- ings during this time totaled 23,341 cars with 33,248,000 bushels, case of contracts yable in doflln and entered into prior to th sion of gold payments, they would glln an advantage except in so far as they may be faced with possible cancella- tion or such action Iry the im) as may ire some form of arbitra- requi trjes | tion or legal settlement, with conse- quent delay in payment, possible loss of good will or forced concessions. Payments in Dollars. ‘The American importer, contract recently removed from i zhe gola stagdard, is held by the department to have gained an advantage in that fewer dollars than before are required to make payments. ‘The department further held that this advan may, of course. coh- tinue for a time after the ful- ace except in whose position strengthened by the aqmcumn of hu eu%:,:ry‘dmcyt id it is im ent sal pos- sible to any general rules that would apply in the case of all export- ers_and This was said to true in the case of those ness tn countries ap- plying some form of gold-export re- ntrlct n or of foreign exelmnxe control. ‘Whether or not remittance can be made from such & country to the Unlud States, it was explained, w & number of circum- lflnl.. most important one of which 1s mvhb the nature of the comm. ofluflma. ‘and whether for the pur- chase of luxuries or for necessities. NEW YORK, November 19.—Most brokerage house comment today agreed that some constructive news was needed to change the stock market’s trend, al- though some short covering might take place toward the week end. Thomson & McKinnon—It is possible | of the raiirdad conference or the financiall g situation abroad may furnish develop- ments that will check the current liqui- dation of securities and reverse the downmd ma. lower & Weel ‘Weeks—The inability n! the mrke! murq-y to further the period will have to await some uvelop- mnt of a favorable nature to e necessary mmulnnt for . ununp- uon of constructive activities. Jackson Bros., Boesel & Co—I? con- structive developments are lacking we would look for a drift in the rail group’ to still la'or levels and a uenmu test- ing by the industrials of resistance level. Redmond & Co—The extént of the “l.'lll'rlnt reaction 1l depend news, with some consideration nllnflvm!ouun.o(menwnmm- in part, by_the bor- short covering may be a factor, butin iBe absence of any outstanding con- structive news, we would be inclined to nical E. F. Hutton & clined to pay less ’lzll.m of the aver througl f ro ts” to the oversold E:: ition of the market, wherein lies the of a worthwhile technical nu,v Paine Webber & Co Co.—Industrials as p are now at what might be a very critical ‘ (e sell O iy oo o sharp downward testing of bear market bottom. Con- venely, it lmfllly is to grow out of the e, Sup] should be evi- dgnt meeduuly Owing to continued poor action of ‘rails, probabilitles are that industrials will not hold. John Mulr & Co—The railroad sit- uation is discouraging in that. tne wace reductions (if it materializes at an early date) is after so much cmg'.l to be derived de].ly thl:ul 'h;. 3 of questionable tmm a nearby point of View, Th e cult! the raiiroads e of the list yester- the clou. G’enenl discour- dly, p-rmululy at lgad and 'lth %elmh net - mu:mbl&g demwn':mt:' :: ':: ’E:n esent deciin Tun its course. P? Eh Building Expansion. NEW YORK, November 19 (Special). —Looking “about industry thai might lead the wa Iar ot it flhlml"’:(? bufi re would not be a general build- such as followed the war, as one of the troubles ot the real estate -uu‘n n" has been overbuilding in the up stocks like American Johns-Manville, al win suu.mbw: Mon'gomery STOCK AND BOND AVERAGES By the Associated Press. From Yesterday's 5:30 Edition. ISOVIET MANGANESE EMBARGOIS SOUGHT American Producers Expect- ed to Renew Efforts for Ban on Imports. BY LOUIS E. VAM NORMAN., American manganese producers will rensw their efforts in the coming ses- sion of Congress to obtain an embargo on imports of manganese from Soviet Russia. This became known definitely when it was announced that the gram of the American Manganese ducers’ Association will be supported by Senator Oddie of Nevada, chairman of the Senate Committee on Mines and Mining, and by aepre-enuu" Willlam- son of South Dakot: At the same time repom from Ameri- can diplomatic and consular points in Eastern Europe indicate that the Rus- slan Soviet authorities plan a heavy reduction in the output of manganese ore during the present mining season. Mellon’s Ruling. Just before the adjournment of the last Congress in March, Secretary Mel- lon ruled, without mentioning the quu— tion of law, that there had been “dumpin;" of Russian manganese m in the United States and that, there. fore, no embargo against this commod= ity was justified. Amenun manganese ucers had contended that ship- ments of Russian ore were bejng sold in this country at unfair prices. On the. other hand, opposition to an embargo had come from the American steel ln- dustry, which desires the continuation of imports of manganese from Soviet Rul-!ifl, the chief source of the world's lupp r’ifl of essential mineral raw has since . the dumping of began. Many plants have been l.huz down, causing 'Iduqmud ‘unem- ployment. _ Representative Williamson du:lnm, “It is not to bo |xpmd that industry will resume omnuon until m dumping of !nvm ores is swppod American nothing short of an embargo un‘msevln manganese will enable the industry here to resume operations. U. 8. Imports. More than 90 cent of the output h-l'l'ldem"‘:r u(?“u in the mi En‘u chiefly Montana and New Mexico. Accord- ing to the Department of Commerce there are considerable potential man- n; r:-erv- tIn‘mt.hu country, al- at present erican production is only from 22 to 26 per cent of the world output. (Copyright, 1931.) Grain Market By the Associated Press. CHICAGO, November 19.—Grain Vs T wheat price Opening at cents gain, wheat afterward ruu%l-uz‘mn cz‘m started 8% up and wndnu.d to mount. ors that Russia had outstanding feaf a {nouncement that corn was being iward thrust and an early | chased in Towa, ine leading corn e a-ecaiie o OWI to the proverbial dbx nl coals to N e at- tracted lespread attention. The rea- son given was that adequate lies of corn could not be State. New York Cotton Special Dispatch to The Star. NEW YORK, November 19. ing cotton ices today were 2 points lower in active trading. mission offerings were heavy in all - positions and served to offset a small amount of trade buying and specula- P pri : December, 6.19, off 3 JuRuBy, 6.26, of off 6; ) 6.45, of 3 May, 652, off 5; July, 6.83, off 3, and October, 7.1, prerrs s i, TEMPERATURE CONTROL INDUSTRY IS GROWING BY the Assoclated Press. Nzwmx, N. J.,, November 19.—Air ditioning, one of the outstanding new industries on which economists and ears. On this basis he has | ges 3 regulation of ra- ture and humidity indoors; and l‘l” al-