Evening Star Newspaper, November 20, 1931, Page 14

A—14 wx% FIN AUTO TRADE SEES BETTER PROSPECT Industry Expects Stimulation in Sales on Introduction of New Models. BY DAVID J. WILKIE. (Written for the Assoclated Press.) DETROIT, November 20.—The un- ! dercurrent of optimism that has taken possession of the automcbile industry during the last few weeks continues to grow as the production programs for 1932 get actively under war, Through- out the industry talk centers on the | new cars and the part they will play in the complete restoration of pros- perity. The faith of the motor car industry in the yltimate restoration of normal business ‘conditions has been strikingly demonstrated in the expenditure of millions of dollars for the retooling of plants in preparation for new car pro- Guction. It expects to spend still more money in advertising campaigns and promotion work_designed to bring the new models definitely before potential buyers. New Models Awaited. Following Buick, which brought out the first of the new models under the plan of the industry to introduce them during the latter months of the year, at least one other volume producer is expected to present a new mocel before the end of the current month. Early December is expected to see the great- est number of the new car announce- ments. The work of cleaning up deal- ers’ stocks has held up new car intro- | ductions in some cases. Reports from dealers in several sec- tions indicate that to some extent the disposition of floor stocks has been slowed down somewhat by a dispositicn of potential buyers to await the pres- entation of the new models. Sales ex- ecutives, however, realize that the clos- ing months of the year are not natural buying periods, and are disposed to await the clearing out of current stocks before presenting their new cars. The Michigan Manufacturers’ Finan- cial Record looks upon prospects in the motor car industry at pgresent as bfi:‘ghwr than they have been for some time. Bright Prospect Seen. “The automotive industry today pre- sents probably the brightest picture of any within the Natlon’s economic fold,” it says. “With plants getting into pro- duction of next year’s models, from now on, through the national automobile shows in January, millions in cash are flowing to contract supplies, while em- ployes are being recalled to their benches in ever-increasing numbers. “Recent statements of the individual motor car companies for third quarter earnings revealed that cash balances have grown from around $475,000,000 at midyear to well over $700,000,000. This is due to inventory contraction during the last year, the companies permitting cash to accumulate instead of putting it into production materials. With the beginning of production of new models, much of this enormous h accumulation will soon find its way iffto the buying channels for steel, lumber, copper, glass and the like.” Motor car makers make no secret of the fact that 1931 fell far short of their expectations at its start. Throughout the industry it had been looked for- ward to as the “recovery year.” The industry’s leaders, however, are not now concerned a great deal over the short- comings of 1931. All are looking for- ward confidently to a steadily rising production and sales curve in the early monthe of 1932. They point out that while output for the present year prob- ably will compare unfavorably with any 12-month period during the last —-eight or nine years, has resulted in the restoration of a “balance” to the industry that it never before enjoyed. ‘The reduced inveutories, strong cash position, strengthened dealer organiza- tions and the elimination of almost all surplus stocks as the new year arrives is almost without parallel in the indus- try’s more recent history. Buick, which has been turning out 400 cars of its new line daily, plans this month to increase the daily output to 800 units. Hudson has recalled a num- ber of workers, presumably in prepara- tion for new model production. Its new cars are not expected, however, until early in January. The Lincoln division of the Ford Motor Co. is un- derstood to be planning a new 12-cylin- der model and a smaller eight-cylinder type. Plans Watched. ‘The plans of the Ford company con- tinue to arouse considerable specula- tion. It is generally believed in auto- motive circles that presentation of the much-talked-of new model is awaiting a definite cleaning up of cars in deal- ers’ hands. One report, lacking official confirmation, is that new model pro- duction will begin shortly after Decem- ber 1, with deliveries expected abcut January 1. EXCHANGE 1S WATCHFUL IN SHORT SALE INQUIRY By the Associated Press. NEW _YORK, November 20.—The New York Stock Exchange hes moved to keep closer tabs on the short account. Some time ago the exchange re- | quired members to make a full state- | ment daily on all short sales until fur- ther notice, but more recently exempt- ed odd lot dealings from this regula- tion. Today, however, member firms were informed that they would again hive to report each day on small short transactions as well as on sales of 100 shares or more. CHICAGO LIVE STOCK MAEKET CHICAGO, November 20 (#) (United States Department of Agriculture).— Hogs—30,000 head, including 10,000 di- rect: st,udy to weak; 170-210 lbs., 4.55a top, 4. 220-300 lbs., 4.45a4.5. 140-160 Ibs., 4.5024.65; pigs, 4.00a4. packing sows, 3.85a4.15; light good and choice, 140-169 lbs., light weight, 60-200 medium_weight, 200-25 welght, 3.75a4.15; choice, 100-130 1bs.,’ 4.00a4.40. Cattle—Receipts, 2,000 head 600; slaughter steers and yearlings fully steady; quality plain; beef cows steady to weak; low cutter and | cutters active and firm; bulls and veal- ers steady. Slaughter cattle and veal- good and choice, 600-900 5a11.75; 900-1,400 pounds, ;. 1,100-1,300 pounds, 8.25a 1.300-1,500 pounds, 8.00a12.7 common and medium, 600-1,300 pounds, 4.00a8.25; heifers, good and choice, 550-850 pounds, 6.50a10 and medium, 3.50a7.00; cows, 0 choice, 4.0025.25; common an3i medium, 3.5024.00; low cutter and cutter, 2.50a 3550; bulls (yearlings excluded). good and choice (beef), 4.00a4.75; cutter. to medium, 2.75a4.25. Vealers (milk fed) good and cholc 5.25a700; medium, 4.00a5.25; cull and common, 3.00a4.00. Stocker and feeder | cattle: Steers, good and choice, 500- 1.050 pounds. 5.50a7.25; common and medium, 3.7525.50. Sheep, 13,000 head; killing classes firm with yesterday's advance; feeders nominal; choice fed Western lambs, 6.00a6.25; best held higher: desirable natives mostly 5.7586.00; clipped come- 6.25: fed yeariings, 4.50a25.00. 90 pounds down, good and choice, 5.2586.50; medium, 4.50a5.2 ANCIAL. NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. (Continued From Page 13.) Bales— Adaon. Stock and Dividend Rate. 6% Motor Wheel (50¢) 8% Mullins Mfg. . . 22 Mullins Mfg pf 5 Murray Corp. 20 Myer (F E) & Br 15% Nash Motors (2) 3% Nat Acme Ce 10 2% Nat Bella Hess 83% 37% Nat Biscuit (2.80). 153'% 1331 Nat Biscuit pf (7). 393, Nat Cash Reg A 1%.. 4 Nat Dairy (2.60). Nat Dist Prod (2). Nat Pwr & Lt (1) Nat Ry Mex 2d pf. Nat Steel (2) Nat Supply Co. Nat Surety (2). Nat Tea (1)...... Neisner Brothers. Nev Copper (80¢) Newton Steel. . N Y Central (4) N Y Chicago & St L.. N Y & Harlem (5). N Y Investors....... NY N H & Hart (4) % N Y Ont & Western N ¥ Shipbuilding. N Y Steam pf (6) Noranda Mines Norf & Westn ( North Am Aviation Nor Amer(b10% stk Nor Ger Lloyd m2.56 cific 3) 4513 40% 10% [ 1 Oliver Farm Equip 1% Omnibus Corp. 14 Oppenheim Coll (2). 7 Orpheum Circuit pf.. 20s 201 Otis Elevator (2%).. 7 3% Otls Steel.... 1 16 Otis Steel pr pf. . 10s 42 Outlet Co (4 10s 5. w Pacific & El (2 12 6915 35 Pacific Lighting (3). 18 1'11'. 100% Pacific Tel&Teleg(7) 200s Packard Motor (40c) Pan-Am Pet B (80c). ndle Pro&Ref. ub (b10% stk) . Park Utah. .. Pathe Exchange. Patino Mines. . Penney (J C) (2.40). Penney (JC) pf A (6) Penn Dixie Cmt pf... Penna Rallroad ( Peoples Gas(Chi) (8) Pet Milk Co....... Petm Corp of Am(1)’ Pmma Dodge Co. ... Phila Co 6% pf (3).. Phila&Reading C & I Philip Morris&Co(1) Phillips-Tones Co 4 Phillips-Jones pt Phillips Petroleum. . Plerce-Arrow pf (6). Pierce Oll. . Plerce Ol pf. Plerce Petroleum Pitts Ft W & C pf(7). % Pittsbgh Unit pf(7). @ Zorenm =3 won SR~ R annn > H Port Ric Am Tob(A). 4 Postal Tel&Cable pf. Prairie Ol & Ga Prairie Pipe Ling Pressed Steel Car Proct & Gamb (2.40). Proc &Gamb pt (§).. Pro & Refiners. ..... & Public Sve NJ(3.40). Public Sve NJ pf (5) Public Sve NJ pf (6) Pablic Sve N J pf(7) 5815 Pullman Corp (3) 115 B PURSON, o0 svess 101% 64% Pure Oil pf (8) 55% 12% Purity Bal.eri: 8ls Kadio Corp. 23% Radlo Corp (B) (). 215 Radio-Keith-Orph A. 118 15 RRSecICstkC(4). 1008 Rand Mines(m2.429) 100s 4 Raybestos Man(1.60) Reading Rwy (4) Real Silk Hostery. Remington-Rand. .., Reo Motor Car (40¢) . Republic Steel. .. Republic Steel pf Revere Copper. Reynolds Metls(1%) Reynolds Spring. ... Reynolds Tob B (3).. Richfield Oll. ... 2% Rio Grande Ofl.... 11% Ritter Dent Mfg 1% . 9 Rossia Insur (2.20) 13% Royal Dutch of NY 38% Sateway Stores (5).. 75 Safeway Strs pf (6). 877 Safeway Stra pf (7). 9'% St Joseph Lead (1).. 64 StL-San Francisco. . 715 StL-San Fran pf(6). 15 St Louis Southwn pt 4 Schulte Retall Stores 88% Scott Paper (31.40). % Seaboard Alr Line. 54 Seaboard Ofl... 35 Seagrave (40¢) . 31 Sears Roebuck (2%) 1% Second Natl Inv Seneca Copper. Servel Inc. Sharon Steel 4 Sharp & Dohme. Sharp & Do pt (3%). Shattuck (FG) (1134) Shell Union Ofl...... Shell Union Ol pf. Shubert Theaters. Simmons Co. .. 4% Simms Petroleum. 5% Sinclair Consol Oil, 77 Sinclair Ol pf (8 314 Skelly Oil 10 Skelly O] % Snider Packing 1201 139% 35 % 208 3 29 High. Low. Close. Chge 2 8 8 8 — 4 % THE EVENING - 1931 Low. Net. = ine 11 sSpang-Cl 9% Starrett 1 Sterling 1974 Sterling 4% Stewart % Tenness. » Tex Pac 13 14% 31y Tide Wa 2015 Tide Wa 35 Tide Wa 1% Tobacco 7 Tobacco A 45% Unit Ele 4 Unit Fru & Unit Ple U S Frel S Gyp! Rub! Rub nanndnunnn @ =11 ol U S Steel 22 86 abash Walwor Warner ‘Warren ‘Warren 4 Wesson Wesson 5 Wsthse 4 Woolwo 12% 13 19 Yastwn 1 Zenith F 7 Zonite Pi % Elec Po Sales of Stocks on New York —2% | 4% 10 stock. 183 Plylbl! in stock. e — 15| hP tock. lu3 2% i Stock and Dividend Rate. 121 Socony-Vacuum (1).x 48 South Port Rico Sug. 28% Southn Cal E4 (2)... 4 405 Southern Pacific (4). 14% Southern Rwy (m6). 18 Spalding (AG) (1).. 315 Sparks Withing (1). 12% Stand Brands (1.20). 2 Stand Comcl Tobacco 2914 Stand Gas&El (3%). 4215 Stand Gas&El pf (4). 75 Stand Gas&EL'Df (7). % Stand Invest Corp. .. 281 Stand Oil of Cal(2%) 8815 Stand O1l Exp pf (5). 81 Stand Oil of Kansas. 2814 Stand Of1 NJ (12) 26% Sun Ol (1). 88% Sun O1l pf (6). 19 Superheater (2%) 13 Superior Oil. 314 Superior Steel Texas Corp (2). Tex Gulf Sulphu 214 Tex Pacific Coal&O1L w, The Fair 1). 5 Third Avenu Third Nat Inv(mbic) Thompson (J R) (1). 6% Thompson Prod 120. 4 Timken- 19' Timken Roller B(2).x 315 Transamerica Corp. . Tri-Contl Corp 243 Trico Products Underwood-ElI-F (3) Union Carb & (2.60) .. Union Oil of Cal (2). 4 Union Pacific (10)... Union Pacific pf (4). Uit Afreraft. Unit Am Bosch. Unit Biscuit (2) Unit Carbon. Unit Cigar Sto; Unit Gas&Im(1.20). U S & Forn Secur. U S & For Sec pf(6).. D PlDakFy 1st1.20 Realty & Imp. Smtg & Ret (1) Smtg&Ref pf 3% U S Tobacco (4.40). . United Stores (A)... United Stores pf (4) 4 Univ Plpe & Rad.... 1 Ut P&L(A) e12.16. 15 % Vanadium Corp. 7 Van Raalte. .. Van Raalte 1st pf. va-Cora Chem . a-Car Chem 6% pf. l Va Elec&Pwr pf (6). ulcan Detin (4 Waldorf Sys ( Warn Bros P! West Pa Elec A (7). ‘West Pa El pf (6) West Pa El pf (7) Western Dairy (A). Western Dairy (B).. Western Maryland Westinghouse (2 Westvaco Chlor 1.60. Wheeling Steel. V- hite Motors. Wilcox Rich A (235) Willys-Overland. Wilson & Wilson & Co (A). Worthington Pump. Wrigley (Wm) (4). Yale & Towne (2) 3% Yellow Truck. Young Spr& Wire. | S s giv T & | payments Sascd o the Snteat cuuun Ex-dividend. sLess than “Plus 9% In stock. \3'1 L " Fatd . P WASHINGTON, D. C. FRIDAY, STAR, Met. Buh 171' Close. Chi Sales— Add 00. .| INDRAGEY TRADING Unfavorable Prospect in For- eign Situation Emphasized by Market Action. 1 23 ‘halfant. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, November 20.—Bonds continued their downturn today in quiet trading. The market was lower at the open- ~ 7 | ing, with little in the news to affect (LS) (12%). it. The seriousness of the Manchurian Secur (A). . situation, the unlikelihood of any clear- Secur cv pf. ing up of Germany’s financial problems aier for some weeks and the nervousness of continental markets contributed to the heaviness. At home railroad securities reflected the market's skepticism as to the outcome of the wage conference between the railroads and their em- Pl ited sta i nite tes Gove: ent long-term issues were 3-32 to 17-32 lowergon a fairly active turnover. Time money were not changed, though there were unofficial quotations for 90-day bills at a shade over the market rate. High grade corporation issues were also heavy, with small losses shown from time to time by Atchison General 4s, Norfolk & Western first 4s, Union Pacific first 4s, Great Northern 7s, Chi- cago, Burlington & Quincy 4s; Ameri- can Telephone 5s and 5'%s, Consolidat- ed Gas 528, New York Telephone 6s and General Motors acceptance 6s. Railroad bonds were again outstand- ingly weak. New York Central bonds were under heavy pressure, the 5s of 2013 drnppmg 2 points and the refund- ing 4Ys over a point. Southern Pa- cific 412s were off a point. Northern Pacific 6s lost a point. Rock Island refunding 4s. Canadian National 5s, Ca- nadian Pacific 4s, Boston & Maine 4%s and Baltimore & Ohio 4!2s dipped 1 to 2 points. More speculative descrip- tions such as St. Paul 5s, Alleghany 5s, Erie B 4s and 5s of 1975, Illinois Cen- tral 4% Missouri-Pacific 55, Mobile & Ohio 55 and Nickel Plate 428 and 6s slumped heavily. Bonds were heavy at the opening. The domestic list, particularly the rails, reflected a lower tone in stocks. Dividend cuts and prospective dividend readjustments were direct causes of de- clines in Erie 55, New York Central re- funding 5s, Nickel Plate 4%,s and % | Southern Pacific 4.s. In the indus- trials, American I. G. Chemical 5%s, National Steel 5s and Texas Corporation 5s were a point or more lower. Foreign dollar bonds also were lower, with losses of 2 to 1 poin: in Barzilian and other South American descriptions, and slightly lower quotations for Sweden 5%,s, Austrian 7s, Greek 6s and other Europeans. British 518 were firm. Austrnllam nlneu narrowly. DIVIDEND DATES MOVED BY STONE & WEBSTER Special Dispatch to The Star. NEW YORK, November 20.—At a meeting held today the directors of Stone & Webster, Inc., voted to change dividend payment dates from January 15 and quarterly to February 15 and quarterly. This change will make avail- able to the directors each year's full earnings before considering the decla- 10s ration of the first dlvldend for the 90s ensuing year and will enable the pay- 6 15 | ment of dividends in the same year in 2 which they are declared. The directors - will meet in January to consider divi- dend action. Net consolidated operating income of the corporation, including subsidiary companies, for the 12 months ending September 30, 1931, amounts to $4,014,- 640, equal to $1.90 per share on 2,104,500 shares outstanding. e Cor ific Land Tr. ter Asso Oil. ter As pf(6) t Oll pf (6).. Detroit Axle Products. .. Prod A t9be. ctric Coal it (3). . ce D W (2). ght.... sum (1.60).. ber. ber 18! 1 Corpm (4). 1Df (7)...00 10s .x 20! RR th Co : tures. Quinlan Bros. Bros cv pf 3. O11&Sn0(2) . 0&Sno pf (4) 2 247 2 1,000 to Resume Work. NEW YORK, November 20 (#).—A section of the Union Pacific Railroad shops, at Omaha, Nebr., which has been closed for several weeks, will reopen Monday, giving employment to 1,000 men. EM 1st m3% s INVESTMENT TRUSTS NEW YORK, November 20 (#)— Over-the-counter market: Tr_Shrs v rth (14.40). Sheet&Tube. tadio Tod C RI(:HTS—EXPII(E &Lt ..Dec 4 186 Bansicilla Corp Basic Industry . British Tyne Inv Century 1r 8I Chain & Gen Euume: . Chartered Invest % Chllr‘ebuefl‘ Inv ADX Payable in cash or slock. {Pius helsea Exch Plus 50c in special Drt{!"ld l(fltl s | Chelsea Exch this year—no tegular rate. nFius 8% in | Sumulative ' sh n stock. ZCorp Tr AA 200,000 1 1,100,000 ven in the 00 Noon. M. re uai cash Searly declarations. 2Plus a finlu TPty extr Business Notes NEW YORK, November 20.—Retail collections in October declined 3 per cent, as compared with the same month a year ago, according to index figures based on roports by 20 New York City stores and issued by the Credit Bureau of Greater New York. This represents a slight improvement over September, when the decrease was 3.45 per cent. Eighteen of the stores showed decreases, the remaining two having increases of .81 and .33 per cent, respectively. The good reaction of buyers to new | lines of printed silk dresscs, particularly the $10.50 ranges being currently shown, has greatly improved the early outlook for printed silks and is likely to produce a greater volume of business than was expected at this time, it was reported in the trade in New York. Novélty woven silks, however, continue in a strong po- | sition, particularly for resort wear, and nothing has developed which dims_the expectation of an active season in these fabrics. Notion departments, making s special bid for holiday trade this year, are pur- | chasing a heavier percentage of novelties of all kinds than in any previous holi- day season, manufacturers report. At- tentlon of buyers, they added, has been directed to items related to sewing ac- tivities in the past two weeks, and sales of needlework kits, sewing baskets and similar articles have gained steadily. Orders for men’s holiday goods slack- ened considerably this week, buying of- ficss reperted, with only a few purchases for fill-in purposes being made. Some store representatives turned their atten- tion to merchandise for January pro- motions, but the fact that very few re- tailers have moved goods in any vol- ume recently and that stocks are com- paratively hlgh is ha]linx pur(‘hues EASTERN ROLLING MILL EXPANDS ACTIVITIES Special Dispatch to The Star. EALTIMORE, November 20.—Plans all 'le!.lhh common, 3.50a4.50; ew: 99-150 pounds, medium to choice, 1.250 hts, cull and common, ling lambs, 50-75 pounds, ood lnd choice, 4.50a5.00. e el T WFour-fifths of the generating capacity nllled ‘m Italian power stations is hy- ectric, for extensive diversification of the pro- duction of the Eastern Rolling Mill Co. were revealed in an announcement that on January 1 the company will bej to manufacture galvanized iron sheets, Of the company's total capacity of 100,000 tons, approximately one-fourth will be devoted to the lvanized sheets division, President A. Hazlett stated. SALES. Potomac Electric 6% pfd.—5 at 1101;. 107%. AFTER CALL. Washington Gas 6s “A"—$100 at 1001}, Federal-American Co. pfd.—10 at 90. | Potomac Electric 55% pfd.—5 at 1077 Mergenthaler Linotype—2 at 63, 3at 63 Capital Traction 55—8$500 at 71. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer, Tel, & Tel #%s '3 | Am. Tel. & Tel. ctl Anscostia, & Poi. R. Ana, & rot Guar, S5, Captial ‘Traction Ko R85 | City & Suburban 5s. | Georgetown Gas_1st | Potomac Elec. Cons. Potomac, klec, Wash. Rwy. & Elec. 4s.. MISCELLANEOUS, Barber & Ross, Inc., Chevy Chase Club §'ss. Columbis Country” Club 5 D, Paper X . MEC" Cold Storase b STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9) 3 " NATIONAL BANK. Capital (14). Columbia (12 Commercial ( District (8). WASHINGTON STOCK EXCHANGE QUOTATIONS AND DAY’S SALES Potomac Electric 6s 1953—$1,000 at | M % [ ol sand & Gravel pfd D. Fomo-de] - | Fedeval exarave vid, (8). Fed.-Am. Co . |Tm Caroet Corp. ) Zorporate ‘irust Zorp Tr Accum Ser Srum & Foster Crum & Fost 8% pi.. Crum & Foster Ins Crum & Fost Ins 7 pi Depos Bk Shrs N Depos Bk Sh N Y Depos Ins Shes Diversified Tr A Diversified 1r B Equity Invest Equity Invest pi . Bauity Trust Sors Sk er e e wauen B | Wathihston TRUST COMPANY. 2 Independ Tr | 37 5 Erince Georges BR800 i Sec Corp Am A Union Trust (8s) | Wash. Loan & Trust (i4). SAVINGS BANE Bank of Bethesd (61)..... Wash. Mechanics (3 FIRE !Nsx,vmmc'! | American (13 2 National Unio TITLE INSURANCE. Columbia (6h). Real Estate (6h) MISCELLANEOUS. Medical Bldg. Corp. (8) ZuEEY Col. lr& “3E8venc i m. (1.20f Fed.-Am_ Co. ptd.’ (8). Lanston Monotype (6) Mer. Tr. & Stge com. Mer. Tr. & Stge. pfd. (7 Mergenthaler Natl. Mtge. & Inv. pfd Peoples Drug swm gm s Real Est. M. Security sumn g er. Ref. & Wh. Corp. 2 Belected Income Shares Select k A Standard All Amer Trust Standard “Coliat Trust e ttanes s Mecn. Mige ‘com. (6] | Wash. Med. Bldg. Cors Woohiward & Totlircs com. (120} Woodward & Lothrop pfd. (7).. S28x08323.2 *Ex. dividend. bBooks closed. 5c ex 52% extr ¥21a% extra. 3%, extra. 47 extra 5% extra. elia% extra. The additional line will be marketed under a special trade name. Heretofore the Eastern Rolling Mill ;u.s d:pendedmln a wv;;r%uooml er?ble legree Upon the automobile manufac- turers for its outlet. Officials believe that diversification enable them to stabilige earnings over a period of years. P, ‘Buddha taught that all evil was owing to igncranct HUGE TURTLE CAUGHT Six-Foot Sea Monster Placed in Zoo in Italy. A giant sea turtle whose back meas- ured more than 6 feet was fished from the waters at Chietti, Italy, It has been placed in & zoe. ‘woman of Alexandria, Egypt, lplecauxmuuum;u Because he actions to her huahnu‘ who buz Mr. clipped UNITED [ Eet s smesr 26 L,4th 43,5 33-38157 Abitibl P&P 6s°'53. Alleghany Cp 53 '44 Allegheny 5s°49 Allegheny 58 '5/ Allis-Chalm 58 '37. Am NGIICV.I'GZ. Am S&R 1st 6347, Am Sug Ref 6537 Am T&T cv 4%8'39 AmT& T 6s'65.... Am T&T c tr 6s'46. Am Wat Wks 65 " Arpentine 6% s Argentine May Argentine 6s Ju's9. Argentine 6s A '57. Argentine 6s B '58. NOVEMBER 20, 1931. BOND PRICES DROP | (o e some BONDS oo enava] IRAIL BOND LOSSES STATES. in $1.000.) High. Low. 2:55 100 2 99 31 100 101 100 26 100 26 1018 1015 1015 9327 934 9310 95 95 9816 9816 9820 98 20 9821 9821 100 28 100 12 100 12 102 18 1024 10210 106 16 1058 1058 Arm & Co 4%s8'39. A Arm De) 5148 "43 Assoc Ofl 6s'35 Atchison adj 43 Atchison gn 4 Atchis cv 44848, Atch Ariz 415862, AtICL 1st 48'52.. Australia 4 4 Austria 7 B&O4%s'33 Bk Chile 6% s Ratav P Belgium s '65. Beigium 6%s "4 Belglum 7s ‘56. Belgium 7s 1 842, 3 a1 Bell Tel Pa 68 B 48 Bell Tell Pa 58 C'60 Berlin Cy El 68 '55. Beth Stl pm 6 Beth Stl rf 53 Bolivia 1865 Bolivia Bost & Mo 433 61 Bos &Me 55 '67. Brazil 638 '26. Brazi] 6%48°27... Bklyn Man Bklyn Un 1st Budapest 65 °63. ... Buenos A 6s'61 Pv, BR & Pitt 4% '57. Bush Ter con bs ‘55 Bush T Bldg 55°60.. Can Nat Ry 434 #'6 Can Nat 48 '57... Can Nat 4%5"68. .. Can Nat 4% '55. .. Can Nat 55 July’é9. Can Nat 58 Oct ‘6! Can Nat 5870, Can Nor 4348 Can Nor 6%s di Can Nor 7s db "40. . Can Pac db 4s. Can Pacific 4348 *46 Can Fac 68 '54. Car Clin & O 65 '52. Cent Pac 45'49. ., .. Jent Pac 6360, Ches Corp 5347, C&O 4%sA's3 C&O4%sB'95..., C B&Q 1st rf 5571, | CB&Q 11 dv 3% 849 Chi& Est Il 65'51. . Chi Grt West 4s'59. Chi Ind&Lou 6566 Chi M & St P s '89. Chi M & StP 4345 C. C M StP&P 55°75.. C M & St Pad) 5s. Chi & NW gn 4s'87. Chi&NW 4%s 2037, C&NW 4%s C 2037, Chi & NW en 4%s. . Chi RI&P gn 4s Chi RI&Prf 48 Chi Un Sta 4%s 'la Chi Un St 58°44 B C& W Ind 5%!'(2 Chile 65 '60. Chile Cop ab 58 47. Clev Term 5%s 7. Cologne 6%s'50. Colo & Sou 4% Colo & Sou 4% s 'lO Col G&E 58 May'52 Col G&E cou 53 '61. 4 Con Pwr Jap 6%s. Con Pow Japan 7s.. Czecho 8s'51. Del & Hud rf 4s'34. Del & Hud cv 58 '35 Del & Hud 6%s'37. Denmark 6s°42. ... D & R Gr cn 4s'36.. D&RG W 6855, DRG & W 5378 Det E G&R4%8'61. Det Edison rf 58’49 Deutsche Bk 6s'32. Duquesne 4% Dodge Br cl Dutch East I 6; Fast C Sug 7%s"37. Erie 1st con ¢s'96 Erie conv 4s B. Erfe gen 4 Eriecv 53’67, Erleis'T5.. Finland 5335 '58 Finland 73 °60 Fisk Rub 8s 41, French 7s°49. .. French 7%s'41. Gelsenk’hen Gen Baking Goodrich cv Good 15t 6%8 " Goodyr Rub 68°67 GrandTr sf db 6536 - PO =R o P e T P PPN o ETI ChI&NW g 3%s'87. 1 BSe~ 19 St BeamBame o EASTAOP At~ Y. TSIorereTey N o e R T T Lo £ S o RaBalrSaerel womamans e EYEE 4 113% 118% Grand Trunk 7s'40. 1 Grt Nor gn 78 Greek 6568 Hav El Ry 5%s '51. Hock Val 4%s " Hud & M adj 5867, Hud & M rf 68’57 Humble Ol1 Humble O 5 Hungary T%s ¢4.. 111 Bell Tell 5866, 111 Cent 4’5 111 Cent 4% * [1] CCStLEN 4%, 111 CCBLLAN 63 A Inland St 4% 1Int Rap Tr 58 '8! Sates, mieh, Low. 3. 58 Int Cement Int Hydro El Int M Co 58 ret’41 Int Match 5s 47 Int MM col tr 6341 Int Pap 53 A *47.... 11 Int Pap 6s '5 IntT & T 4%s'52 Int T&T cv 4%5'39 Int T & T 5855 Irish Free St 55 °60. Italy Ts'51... Italy Pub S 7s'52 Japanese 5%4s ‘65 Japanese 614s ‘54 Jugosl Bnk 7s ‘57 Kan City Sou 5850, Kan City Ter 45'60. Kan G&E 4%s'80.. Karstadt 6s ‘43 Kend 5% '48 w Kresge Found 6x'36 Kreug & Toll 58'59. 25 Lackaw St 55 '50. Lac G St L 5s'84... Laclede 5%s C'53 Lautaro Nit 65 '54. Leh Valley 51 2003, Lig & Myers 58 '51. Lig & Myers 7s'44.. Loew’s 65 ex w '41.. Lorilard 5%s '37 Lorillard 7s *44 La & Atk 5360 Lou G & Fl 585 L& Nuni4s'40..., L&N 1st 5143 2003, Lyvons 6s'34... McKes & R 54 %50, Manh Ry 1st 45'90. Market St 7s ‘40. Marseille 6s ‘34 Midvale Stl §s '3 Milan 63852 Mil E Ry & L 58 '61 Mil El Ry&Lt 68 '71 1 7 M StP&SSM cn 4s., MK & T 1st 48'90. MK&T pr In 5 Mo Pac gn 4s'75. Mo Pac 53 A '65 Mo Pac 6s F '77 Mo Pachs G ‘78 Mo Pac 58 H '80 Mo Pacrf 5s'81 Mo Pac5%s A "49 Mobile-Ohio 5s ' Mont P db 5s A Montevideo 6s Montevideo 7s Mor&Co 1st 4% t Datry 6% Nat Steel 55 51 Netherlands Gs '72., NOT&MGs B'54. Nw S Wales 5: - Nw S Wales 58 '58. N vcznsurn . NYC rf im 58 2013. N Y Cent db 6s '35.. CLS cl 3%s '98. 37 NY C&St L 63'32.. N Y Edisn 63 N Y Fd1st 6% NY NH&H 4348 67 NYNH&H clt 6540, NYNH&H cd 68 NY O&W gn 48 '55. NY O&W 1st 4%'92. NY S&W 1st 5337, NY St Ry 61562, NY Tel 4%s 39 NY W&B 4%s Nia Sh Md 5% Nord 6%s'50. Nor & Wnev 4s No Am Co 55 ‘61 9 Nor Am E 5%s 63, Nor O T & L 65 "47. Nor Pac 3s 2047. ... Ner Pac 45°97.. Nor Pac 5s D 2047.. Nor Pac r16s 2047, 15 Nor St Pw 58 A "41. Nor St Pw 6s B "41. Norway 6%s 65 Norway 6s 43 Oreg-Wash 4s Orient dev 5% Orfent dev 68 '53.-.. 23 Pac G&E 58 '42 Pan-Am Pet 6: Paris-Ly M 6s ‘68 Paris-Ly M 78 " Paris-Or 55 '68. Pathe Exch 7s ‘37 Penn 4s '48 s Penn 414s D Penn cv 4%s 60 Penn gn 435 '65. Penn 47570, Penn 4% '63. Penn Gs ‘64. Penn gen §s Penn 6%s '3 Penn O&D 4448 7 Penn P&L 4188 Peoples’ Gas b Peor & E 1st 4 Pere M 1st 68 Peru 65 '60 Peru 6561 EoRnonveadae Philllp Pet 5% 839, 2\ PCC&StL5sB'75. 8 P&WV4%sC60. Public Serv 45 Pub Sv G 4%, Pure Ol 53537, Queensland 7s *41 Read gn 4%s A Reading 435 B '97. Rem Arms 6s A "37. Rem R5%s A "47. Rhinelbe 7s '46. Rhine West 6s ’53 hi Rich Oil Cal Rio de Jan 8s R Gr Do Sul 6s R Gr Do Sul 85 '46. RIAr&L 4%s'34. Rome 6%8°52..... 18 Roy D4s'45 ww... 4 StL IM R&G 4s'33.. 5 St L&SF in 48 A '60 11 StL&SF 4%s'78. 38 StL&SF p 155 B '50 StLS W 1st 4s " StS Wen 4s'32 StLS W 65’62 StP&KC SL 4148’ Sao Pau 75’40 ret.. Sao Paulo 83°'60... 25 Saxon 78 '45. 12 Seab A L rf 4s Seab A L cv 634! Shell Un Oil 68 Shell Un Oil Gs Sinclair Oil 6% Sinc O 78 cv A SincCrO65%s'38.. 8 Skelly Ol 6%8°'39. 2 Soissons 63°36.... 18 Sou Bell T&T 5841 2 SW BellT5s A'54. 6 Sou Pacref 4s’65.. 11 23 Sou Ry 58 '94. Sou Ry 65 '56 StOIIN Y 43861, Sweden 5%s '54.... Swiss5%s'46..... Taiwan E P 5%4s71 Tenn EI P 6s A ‘47 Tex & Ark 5% 8’5 Texas Corp 58 '44 Tex & P 55 D '8! Third Av 1st 55°37. 25 Third Av adj 53 '60. 15 ‘Toho El Pw & 41 32, ‘Toho El Pw 78'66.. 3 Tokio 58 '52....,0. § FINANCIAY. 65 7% 61 101% 101% 211 100% 103% 100 63 HAVE BEEN LARGE Reductions and Omissions of Dividends Have Affected Many Securities, ™+ 1 BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, November 20.—The holder of American railroad stocks views with deep interest the negotia- tions which began yesterday between representatives of railroad capital and rallroad labor in an effort to come to an understanding on the future of rail- road wages. He is somewhat shell- shocked at the rapidity and the extent to which the return on his invest- ments in railroad securities have been falling in the past six months and is alarmed over the outlook for the in- come from this source as the momen- tum of dividend reductions and omis- sions suddenly increases. An analysis of the changes in the dividend status of 25 railroads shows that with those that have recently been ordered the decrease in the amount, compared with a year ago, ap- proximates $150,000,000. This is more than shippers will be asked to pay #f the proposal of the Interstate Com- i merce Commission under the pooling plan goes into effect. It is equivalent to about 6 per cent on the existing pay roll of all American railroads. It amcunts to about 30 per cent of the total of all dividends declared and p:;loi on American railroad stocks in 1930. Further Adjustments. ‘That it will be even larger than $150.000,000 is evident, in view of ad- Justments of dividends to earnings in the last quarter of 1931 likely to be made by the directors of a number of important railroads beforc the end of the year. From present indications it is not improbable that railroad divi- dends in the first half of 1932 will be at about the same rate as those de- fllz?d and paid in the years 1922 and Under such circumstances the holder of American railroad stocks fecls that he has taken a substantial cut in his wages on the railroad capital invest- ments and that therefore, concessions should be made by that portion of railroad labor receiving the same basic rates of pay when net operating in- come of the carriers is about 50 per cent lower as it did in 1929. i ‘There are now only three large rail- road systems in the country that are holding to the same dividend rate on their common or capital stocks as had been paid by them over a period of years. These are the Atchison, Union Pacific and Burlington. The Missouri Pacific has retained the 5 per cent divldend on its preferred stock. Two of the smaller systems in the East, thé Delaware & Hudson and the Bangor & Aroostook, have been able to maintain the previous dividend status. Nearly half of the 25 roads reviewed have passed dividends on common stocks, ant reror them, the Chicago & North- western, New York, Chicago & St. Louis and Pere Marquette, have omitted payments on both common md pre- ferred issues. It is expected that the St. Louis-San Prancisco will shortly be in the same class. Effect of Reductions. % ‘The effect of the reduction or omis~ sion of railroad dividends is not limited to the income of railroad stockholders, It has had a close relation to the de- cline that has taken place in recent . months in the junior bonds of systems whose earnings have compelled a policy of economizing in order to protect their fixed obligations. This effect is lim- ited to a depreciation in the market value of bonds, for there have been no defaults among any of the roads that g“;s reduced or omitted their divi- lends. Examples of the bearing of dividend changes on junior bond issues are the. decline of 25 pcints in the New York Central 4l;s since this issue was brought out last Spring, of nearly the same amount in the Pennsylvania Rafl- road 4%s which were sold at the same time, of 52 points in Chicago & North- western 43s, of 59 points in Illinois Cetntral 4%s, 20 points in Louisville & Nashville 5s, about 25 points in Scuth- ern Railway 5s, 37 points in Great Northern 5s, 23 points in North Pacific 6s, 63 points in Frisco 4'2s, 35 points in Rock Island 41.s and about 29 points in Missouri-Kansas-Texas 5s. Recent Issues. A majority of these bonds are of comparatively recent creaticn. The New York Central 4l5s were sold just before the dividend on the stock was reduced from 8 ?er cent to 6 per cent, and the Pennsylvania 4}4s when this stock was paying 8 per cent. The Northwestern 4%s were brought out in 1929 at par as a medium for financing v:oh:ih was eventually to be done by st The Frisco 4%s and the Rock Island 41.s came when the cne road was pay- g 8 per cent on its common and the other 7 per cent. Illinois Central sold 4% per cent bonds when its 7 per cent dividend seemed reasonably cer- tain to have a permanent status. It was the fact that all of these roads were paying dividends on their common stocks at substantial rates that prompt- ed the investment of individuals and institutions in their new junior bond issues. Fortunately, the latter seem to have about discounted the effect of the change in their rating which has come about through the elimination of divi- dends on stocks. (Copyright, 1931.) MONEY MARKET. NEW YORK, November 20 (#).—Call monzy steady, 2!; per cent all day. Time loans, steady; 60 days, 315 per cent; 90 days, 3%-4 per cent; 4-6 months, 4 per cent. Prime commercial paper, 3% per cent. Bankers’ u:cepunees unch-nged. A high-bicycle race was held at Herne Hill, !.‘n'llnd recently. Tokio 5% Toklo El Lt Un Pac 43 '68 Utd King 5%s '37.. U S Rub 1st 58 '47.. Un St W 6348 A'7. Ud St W 6148A'51.. Uruguay Uruguay Uruguay 8s ‘4 Utah P& L ll 4 Util Pw 5 Util Pow ‘Vanadium St 58", Vert Sug 1st 78 "42. Vienna 6s 52. @ 5 aSanmmoren 3 Va Ry 18t 63 "62, Wabash l'fi "l. Wabash b f\w’lhllh 5 %l "Ii. Roows moaa - 005 or e o1 115 30 %8°41. Wis Cent gen 4s ‘36 l Yokohama 6s°61... 30 Ygstn S&T 58 A'T Ygstn S&T §s B'T