Evening Star Newspaper, November 20, 1931, Page 15

FINANCIAL., NEW YORK CURB EXCHANGE Received by Private Wire Direct to The Star Office. CURB SHARES SAG ! IN SMALL MARKET Further Decline in Commodi- ties Leads to Renewed Selling. [ F BY JOHN A. CRONE. &pecial Dispatch to The Star. NEW YORK, November 20.—Declines in commodities and the irregularity of the London market, which offset favor- able corporate developments, caused stocks on the Curb Exchange to slip steadily from the opening gong today. Although trading was quiet and losses for the moest part were small, the de- clines wére sufficient to bring many of the leaders to within a fraction of their Octeber low levels. Electric Bond & Share was off about a point, as was Standard Oil of Indiana, but Cities Service eased only fractionally. American Gas & Electric, whose nine months’ earnings were off about 52 cents a share from the same 1930 period, lost almost a point. Consoli- dated Gas of Batlimore declined about 2 points. While the market was in this down- trend, there was a disposition on the part of traders to ignore all favorable corporation developments. When Stand- ard Oil of Ohio advanced the price of gasoline the stock opened off about 3 Ppoints. Two farm implement companies should have benefited from Soviet pay- ments, but Deere & Co., which received payments that materially improved its cash position, ‘and the Massby-Harris Co., which was paid $1,500,000 by the Russian government, failed to appear on_the tape during the forenoon. Pet Milk Co. directors announced their intention to resume common di- vidends, omitted three months ago, at the rate of 25 cents, but’the stock ignored the statement. A semi-official prediction that Memphis Natural Gas would earn 70 cents a share in the cur- nl:“ quarter fell equally flat market- wise. British-American Tobacco B, Libby, McNeil & Libby, and Spiegel May Stern preferred were weak spo's in their respective divisions. A gain of 4 points in Standard Pow- er & Light preferred was an exception to the general trend of the group. A. C. Smith with a loss of 32 points was ty?ical of specialty movements. Phila- delphia Co. was the softest of the low- er-priced utilities, a position held in the higher-priced aviation issues by Pan-American Airways. Opening prices were lower. Electric nd & Share at 17% was off slightly, but Cities Service at 73 was unchanged. Standard Ofl of In- diana at 20% lost %4, as did Interna- tional Petroleum at 11. showed little change, traders being con- lowered red metel prices and London cables indicating eventual agreement on world curtailment of the metal output. Babcox & Wilcox opened slightly higher at 57%, only to decline to 56%, off % on the next sale. A. O. Smith was m itely active. Aluminum Co. of America declined 2 points on the first few trades. Reserve Official Honored. ‘BALTIMORE, November 20 cial) —Hugh Leach, mani director of the Baltimore branch of the Federal Reserve Bank of Richmond, was the guest of honor at the monthly meeting of the Baltimore Bank auditors’ con- ference held last night in the Emerson Hotel. Arthur Burbett, controller of the First National Bank made the principal ad- dress, his subject being ‘“Preparation of Bank Call Statements.” H. Sadtler ::l:;' president of the conference, pre- (Spe- BONDS ON THE CURB 2 ':‘-u- EEZEEE?_E 08! S,E: e VLT L) ;;i: Sersfay q-oa- £IE pepni] 21 £ 37884981 Hodh &) 3 E s Eguu—..s‘:. 3 2 o £ S S, iz 3230 9 £3 530t 3 =) go28e S BonimsidoB o 989%%3&? i E St 8, 5 a 3 .‘ Et 2 3 2SS oreenainy 3 o y ,}HEE_ 2, o &, CF] 3 b e 55855 B 28 Im5000000! 3900502 & S3RERGN 5 590000000 0 0 e 00 e s om0, o} 2835 0900772 3 3 '3 Ser 55 kla Gas & El 55 '50 90 acific G&E 4'as | o o PETT R TEY 42583 8t L Gas 1 "35 X% 58, gehate RESe 'l £¥ i NN 131095 rres ot uthw G SSEgEsEaE 23 2 SuasgussEte 8sa3n:280x, ggggcecy: 2% &, Seupese S EE ihr s ww—_With_warranis. Zw_Without warrants, . Wwi—When issued. | tead pout Stocks sold in 100-share lots except those desigmated by letter “'s.” ~Prev. 1931, Stock and Dividend Rate. Add 00. Open. l.l:n. T, 6 Acetol Prod A. .. 2 All Am Gen Corp Allied Mills Inc. . 3 Aluminum Co of Am 21508 AluCoof Ampf (6), 3 Aluminum Co Ltd... 3 Am Arch Co (2) Am Cigar Co. Am Cit P&L B b10%. Am Com P A (b10%) Am Cyanamid B. Am Equit Am For Pow Am Founders, Am Gas & Elec Am Superpwr (pd0c) Am Superp 1st (6)... Appalachian Gas wr., Arkansas Nat Gas. ., Arkans NatGasA... Ark N G cu pf (60c). ATk P&L DL (7).... Art Metal Wks(b8%) Ass0 GEE1 A(b2-25). Ass0 G & El ct (8). Atlas Utll Corp...... Auto V Macv prpt 2 Babcock & Wilcox (4 Beneticial I L (1%).. Blue Ridge Corp. Blue Ridge cv pf( Borne-Scrymser. ... b Brazil Trac Lt&P(1) Bright Star Elec (B) Brill Corp B. .. Brillo Mfg (60c). Brit A T reg 1.13 3-5, Bulovacvpf (3%).. Burma rets 127 3-5c.. Cable Radlo T vte. . Cable & Wire A ret Cable & Wire B rc 0 » k3 Sve A b5%. nt Pub Sy Del. ... Cent&Swn Ut (b7%); Cent Stat El (b10%). 4 Cent West PSAall% Cities Service (g30c) Cities Serv pt () Col O11& Gas vtc. % Columb Pictur(£75¢) Commwlth Edison (8 Cmwith & Sou war. . Com Wat Ser g12%e¢. Consol Auto Merch. . Consol Copper...... Con Gas Balto (3.60) Consol Retall Stores Cont Sharescv pf... 1758 Cont Shares pf (B).. Copeland Pr Inc (n). Cord Corp.eucvecnnn Corp Sec Ch (b6% ) Cosden Oil. .. Creole Petroleum Cresson Consol (4c) Crown Cent Petrol. .. Crown Cork Intl (A). Cuban Cane pr opt w. Curtiss Wright war.. Cusi Mex Minin, Darby Petroleum = g M PS-TTOTOSS - JOpaes 08 - [OPUPINOTO: JOPAOTEL. TS De Forest Radio..... Derby Oil Refining. . Detroit Aircraft..... Doehler Die Casting. Duke Pow (5) - » & East Util Assoc cv. .y East Sta Pow (B)... Eisler Electric...... Elec Bond&Sh (b6 % ) ElecB&Shcupfb., Elec B & Sh pf (6)... Elec Pow Assoc (1).. Elec Pow A550c A (1) Elec P & Ltop war.. Employ Reinsu 11.80 Europ E Ltd A (60¢)., Falcon Lead. .. Federated Metals Ferro Enamel, A (2). Flintkote COA...... Ford M Can A (1.20). Ford Mot Ltd 36 3-be Fox Theater (A). Franklin Mfg. ... Galena Ol1 Corp en Aviation GenE Ltd re: Gen Empire (1) Gen Theat Eq ¢ Globe Underwr (15 Goldfield Consol. Goldman Sach: Graymur Corp (1 1% 4 38 % o o - Gulf Ofl of Pa (1%). Hamlilton Gas v.te... 7% Heyden Chem (2) 3% _Hollinger Gold(65¢) . 2 “Hudsor Bay M & 8.\, 47% Humble Ofl (12%).. 7 HydroElec Sec(1.20) Hygrade Food Prod.. 111 Pow & Lt pt (6).. Imp Ol of Can (50c). Imp'l T GtB&I(1.12), Indiana Pipe Line(1) Insull Inv (b6%).... Ins Co ofNo Am 12% Insurance Security. . Intercontinent Pet n, Int Cigar Mach (2%) Int Petroleum (1)... Int Superpwr(t1.10). Int Utilities B. .. Int Utilities wa Intersta ‘quities., 2 Interstate Pw pf(7). 10s Knott Corp (1)..... 330s Kolster-Br (Am Sh)., 2 Lackawanna Sec (4) 17% Lake Shore M (12.80) 1% Lakey Foundry #& Leonard Oil... . - Rowerand anolEnm 0nee S oo mo Hoeeom e ko S RS 068 00 5 B oo N - NoomS-N 26 9 1 2 2 THE EVENING ~Prev. 1931.~ High. Low. Close. 3 Mesta Pan Am Penn Peopl Soputhld Stand P Swift& Youkon Stock and Dividend Rate. Libby McNeil & Li. Lit Brothers. ... Lone Star Gas n 8! Long Isld Lt pf (7).. 20s 10215 Merconi T M 87 1-10c. 1 May Hoscum pf (4). 2 Mead Johnson (15).. Meniph N Gas (60c).. Merritt Chap & Scott Mid West Ut (b8%). Mid W Ut ev pf xw 6 Paramount Cab Mfg. Pender DGr B...... Perinroad Corp (40c) Penn Pw & Lt pf (7) 1008 104 Sunray Oil. % Rad-K-Orph..Dec 21 in_ stock, 2 Plus 8% in stock. p Paid last year—no regular rate. STAR, WASHINGTON, Bales— Add 00. Open. High. Low. Close. 10 7w T 6w 6% 3 2 i3 9% 9% 9% 9% 4 1023 1021 6% 20 55 5% 4 9% 59% 1 M Mohawk Hud 1st Mount 8t Pow pf (7) 208 Murphy Co (1.60) 1 Nat American Co. . Nat Aviation. . Nat Bd & S Corp 1 Nat Family Store Nat Fuel Gas (1) Ni N Y Merchandise (1) N Y Shipbuilding Cp. N Y Transit (+80c) Niag-Hud Pow (40c Niag-Hud Pow A w Niag-Hud Pow B w. Niag Sh Md (40c) Nitrate Corp Chil Noma Elec (40¢) North European Nor W cv pf (3). Nor 8t Pow A (8) 1 Nor St Pow pf (7).. 1004 Novadel Agene (4).. Ohio Copper..... Ohio Ol cu pf (6) PacG&E 1stpf1%. Pac Western Oil. Alr) % 4 10 3% & Pwr(3). L&PWr (A). Phila Co new (11.40). Phoenix 8 C pf (3)... Plerce-Governor. Pilot Rad Tubs A.... Pitney Bowes (b4 %) Plymouth Oil (25¢).. 4 Prudential Inve: Pub Util Hold w: Pub Util Hold xw Pyrene Mfg. Reliance Int % Rellance Man: Reynolds Inv . Rhode Is P 8 pt (2) Roan Antelope Min Rock Lt & P (90c). St Anthony Gold. St Reégis Paper (80c) Salt Creek Prod (1).. Sec Allled Corp (1) Shenandoah Corp pt. Sherwin-Williams(4) Singer Mfg Co (116). Smith (A.0.)....... SoCalEdpfA (1%). South Corp Southern Ni Ga Royalty 20c. 8 W Gas Utilities Spanish & Gen rcts Spleg May Stern pf Stand Otl of Ind( 1) Stand Ofl of Ky 1.60. Stand O11 Ohjo (2% ).100s Stand P & L (B) (2). 1 &LpL(7)... 60s -Stand Screw (4). Co ‘Tampa Electrie (32). Technicolor Ing. . ... Teck HughesGM t65¢ Texon Ofl&Land (1) Tcbacco & All Stks. ‘Tri-Cont Corp war Tri-Utilities Unit L& Pwr B (1).. Unit L & Pwr p£(8) U 8 Foil (B) (60¢). .. U 8 Playing Card 3% U S & Intl Secur. U 8 Inter Sec 1st pi Unit Verde Exten (1) Utllity Equities. Util Equity p1(6%).. Utll & Ind pf (1%).. W'rth(FW)Ltd (36c. Gold “X" Oil & Gas. RIGHTS—EXPIRE L %% on iast quarterl -an- {';.,..x:".?"::z{‘;':'""‘ia’:':m o o ey Plus 6% in siock. h Flus 1% Ia us 10% 2 v n m Plus 3% CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, November 20.—The following is a summary of important corporation news prepared by the Standard Statistics Co., Inc., for the Associated Press News Trend. Brokers’ loans declined $56,000,000 in the week ended November 18 to a total of $775,000,000, the lowest figure since October 11, 1931, and the eleventh consecutive week that loans have de- creased. Due to the recent wling of 3n the New York Clearing House, loans for the account of member in- creased $70,000,060 and loans for out- of-town ~ account were $24,000,000 greater., - . The Companies. Austin, Nichols & Co.—$5 prisr A share earnings, 6 months to October 31, $1.53 against $1.58. Hayes Body deficit, 9 months to S;blember 30, $269,696, against deficit Raybestos-Manhattan, Inc., common share earnings, 9 months to September 30, 99 cents against $1.41. American Smelting & Refining cuts ices 10 poings to 3.95 cents & @hicago Yellow Cab declared 50 cents uarterly dividend: formerly paid divi- ids monthly at rate of 25 cents. Copeland Prodicts receives order for 4,000 electric refrigeration units from A Ciries Weighs Corporation defit - Wri on nine months to September 30, $2,139,388 vs, deficit 87,159,255, Erie Rallroad red: New York, | g ers to take 10 o ‘wage bugmu llmpm:r ent, cut until lormel (George A,) sales in 53 'flh‘ o per cent. Lehig] Co.—Volume to October 31 up 1.4 alley pessed quarter! - gr,nd dividend; paid 1; eenulyfi- 1, Louisville & Nashville Railroad de- clared $2 dividend; paid $2.50 August 10 and $3.50semi-annually prior thereto. May Department Stores—Dollar vol- ume of all units off about 5 per cent. National Lead declared 35 cents elmd and $1.25 quarterly common divi- h Vi Sweets °1°|5 olin Amlc:n ‘common lhrlt on! ‘October $120 vs. $1.02. e United Aircraft & 'Pnn?on subsid- iary, Chance Vought, received $1,744,- 311 order from Navy Department. United Carbon deficit, 9 months to i’:&murp:gfit‘"'ofll vs. net income, on sale of capital as- sets, $676,443, equal to $143 & com- mon share. 3 U o 199 vs. deficit $217,469, 2k Virginia Iron, Coal & Coke action on Semi-annual preferred dividend to be :’xl;nln December meeting, paid $2.50 Norwalk Tire & Rubber—Unit sales of tires and tubes up 88 per cent and mlz morper cent, respectively, in past Tennsylvania Water & 8 Power com- , ® mont 8 cents va. 93 cents, .|~ Waukesha umm‘-_mg:m uarter- ly dividend ul'u cents to be gullnd me 3 Y “ohlnuo ellow : share Cab common earnings, nine mon! Septem! 30, $2.44, vs. $3.15. e . Crown Cork & Seal common share carnings, nine menths to September 30, $1.66, vs. $2.59, after adjustment for 10 per_cent stock dividend. Cuba Co.—Net income before subsid- laries preterred dividends and inventory interest, quarter ended September 30, $66,686, vs. $236,533. Cubs Railroad preferred share earn- ings, quarter ended September 30, $3.17, Sherwin- Williams of Canada, Ltd.— $7 preferred share earnings, year ended August 31, , vs. $18.27. lidated Railroads of Cuba—Net income (parent company, New York), m’mdod September 30, $2,116, vs. Crx Carpet deficit, year ended June 30, $184,308, vs. deficit $25,904. Connecticut Electric Service common share earnings based on average num- ber of shares outstanding, 12 months to October 31, $3.75, vs. $3.64. MARYLAND BANKS VOTE $6,089,109 FOR LOANS Special Dispatch to The Btar. BALTIMORE, November 20.—Eighty- two banking institutions in Maryland have subscribed a total of $6,089,109 to | E. Rieman from John M. to debentures of the National Credit ration to date, it is understood. A call for 10 per cent of the sub- scriptions received by the Maryland unit shortly, according to |17 telegram received yesterday by Charles Miller, jr., of Richmond, director of the corpora- tion, from the Federal Reserve i POTATO MARKET. CHICAGO, November 20 (#) (United States nt of Agriculture).— Potatoes—56; on track, 170; total United % |a16; 1 | cows and springers, 30.00a60.00. D. C. FRIDAY, NOVEMBER 20, 1931. COAL PRODUCTION ESTIMATE IS LOW More Modern Fuels and Methods Have Hit Bitu- minous Industry. BY CHAS P. SCHAEFFER. Associated Press Business Writer. Displacement of bituminous coal by, more modern fuels and methods, cou- pled with the low business activity, expected by C. E. Bockus, president of the National Coal Association. to result in the lowest production in 1931 for the last quarter of a century. Bockus estimates the year’s output will be not more than 394,759,000 tons, as compared with 461,630,000 tons last year. and with a peak production of 580,000,000 tons in 1918. Remedies Suggested. Tracing the present low estimate of the industry, Bockus said the curtailed production ‘of more than 30 per cen, coupled with output per miner per day increased, “must mean closed mines, ruinously short running time, a large' number of mine employes either out of work entirely or being given slight op- portunity for employment, lower wages and cutthroat competition in coal sell- ing.” There are two roads open to meet the situation in the opinion of Bockus. First, a continuance of the existing “financially ruinous policy” of selling 14 | much of the coal mined at less than cost in the attempt to maintain run- ning time, and second, reasonable co- operation in the industry for a sensible restriction of output to demand. ‘The former policy, he said, would gradually but slowly decrease produc- tion by the clesing of operations that can no longer meet their labor and ma- terial bills, while the latter would be fraught with legal and managerial stumbling blocks, such as conflict with anti-trust and other State and Federal laws and the ailocation of districts which would be sacrificed in tonnage. Combustion Improvements. Improvements in combustion effected a saving of about 70,000,000 tons of coal last year, Bockus said, while re- placement by other fuels ir”the same period was estimated at 60,000,000 tons. Bockus sald that as long as we have oil and gas as competitive fuels and hydro plants as rivals in power produc- tion, tgcm can be no forcing of coal prices to high levels. He insisted, how= ever, that sane and economic limitation of production might insure prices that would be a “decided improvement over the ruinous ones now ruling.” Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., November 20.— White potatoes, 100 pounds, 75a1.10; sweet potatoes, bushel, 35a50; yams, barrel, 1.00a1.25; beans, bushel, 1.00a 2.00; ts, per 100, 2.00a3.00; brussels sprouts, per quart, 6al5; Savoy cabbage, bushel, 35a50; carrots, per 100, 2.50a 3.00; cauliflower, crate, 1.40a2.00; celery, crate, 150a2.75; cucumbers, hamper, 3.0005.00; eggplants, crate, 3.5084.00; lettuce, crate, 2.00a3.00; lima beans, hamper, 3.00a4.00; okra, bushel, 1.50a 2.00; peppers, hamper, 25a75; pumpkins, per 100, 3.00a6.00; onions, per 100, 4.00a 5.00; spinach, bushel, 30a60; squash, bushel, 1.50a3.00; tomatoes, lug boxes, 1.50a2.25; turnips, hamper, 20a25; ap- ples, bushel, 50a1.25. Dairy Market. Chickens, young, 16a20; Leghorns, 16 | e a17; old hens, 17a23; Leghorns, old, 12 roosters, 12 ducks, 12a18; pigeons, pair, 25a30; guinea fowls, pair, 25a50; turkeys, 18a27. Eggs—Receipts, 626 cases; current receipts, 28a30; small pullet eggs, 22a 25; henpery whites, 34a36: nearby firsts, 30a32; Western firsts, 30a32. Butter, good and fancy, creamery, 28 232; ladles, 20a32; process, 24a25; store packed, 15, Live Stock Market. Cattle—Receipts, 900 head; light supply, market higher. Steers—Choice to prime, 8.00a8.50; good to choice, 7:50 a8.00; medium to gocd, 6.25a7.00; fair to medium, 5.50a6.50; plain to fair, 4.75a5.50; common to plain, 4.00a4.50. Bulls—Medium to good, 4.00a4.25; fair to medium, 3.50a4.00; plain to fair, 3.25 23.50; common to plain, 3.00a3.25 Cows—Medium to good, 3.75a4.25; fair to medium, 3.25a3.75; plain to fair, 2.50 23.25; common to plain, 1.50a2.50. Heifers—Good to choice, 5.35a5.70; medium to good, 5.75a6.25; fair to medium, 4.75a5.25; plain to fair, 3.751 4.75; common to plain, 3.25a3.75. Fresh Sheep and lambs—Receipts, 700 head; light supply, market steady; sheep, 1.00a3.00; lambs, good to choice, 6.50a7.00; fair to medium, 3.50a6.00. Hogs—Receipts 400 head; light sup- ply, market lower; lights, 5.30a5.55; heavies, 4.90a5.30; medium, 5.3085.55; roughs 5a24.00; light pigs, 5.10a5.45; pigs, 5.25a5.40; Ohlo and Western hogs 10 cents higher. Calves—Receipts, 75 head; market steady; calves, 3.50a8.50. Hay and Grain Prices. ‘Wheat—No. 2 red Wintcr, export, no quotations; No. 2 red Winter, garlicky, spot, domestic, 623;; November, 62%; December, 63%. Corn—No. 2 yellow, domestic, spot, 56; cob corn, new, 2.00a2.25. Oats—No. 2 white, domestic, spot, 36a3612; No. 3, 3583515, 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 buyer:;’ favor at a range of 14.00a17.50 per ton. sth—Ng.el wheat, 8.50a9.00 per ton; No. 1 oats, 9.00a10.00 per ton. o AMERICAN-LA FRANCE TURNS LOSS TO PROFIT Special Dispatch to The Star. NEW YORK, November 20—Amer- ican-La France & Foamite Corpora- tion reports for the third quarter end- ed September 30 net fit of $14,235 after all charges, inclut interest, de- preciation and taxes. is compares with a net loss for the previous quarter of $107,623. As of October 31 the company re- ports net current assets of $4,941,188, against current liabilities of $614,947, a ratio of better than 8 to 1. The com- y also reports an increase in un- led orders. X"’, a meeting of directors H. 8. Snod~ grass, who has been with the company for several years in charge of produc- tion, was elected a vice president. TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) : " “Ster. e oo 15, 1o 99 3132 100133 18! 131 90 31532 100 1-32 i 108 030 100 502 BB W ' 1t FOREIGN EXCHANGE. W, B. Hibbs & Co.) (Quotations furnished by W, B allie e States shipments, 536; about steady; | Z°7 ed, bundred- t, isce D":Ill.. 710280, few 85; Minnesota, North Dakota Red River Ohios, 80a85, car 90; Idaho Russets, No. 1, 1.35a1.50; com- meldAll.” iy 1.10a1.15; Nebraska Triumphs, 81.15. . Warsa Gopennagen, Oslo, crown.. Stockholm, crown. FINANCIAL. g *x¥ A—I15 |SHORT TERM CREDIT SITUATION AFFECTS GERMANY'S RECOVERY Necessity for Reducing Commodity Prltces and Checking Drain of Gold Also Stressed in Attache's Cable. ‘The German situation, which is being closely watched these days in American financial centers, is now dependent on the solution of three major problems— the necessity of reducing commodity prices, of stopping the drain of gold and foreign exchange and of arranging an is | agreement on short-term credits. ‘These questions, Acting Commercial Attache Douglas Miller at Berlin said in a cable to the Commerce Department, “are receiving the earnest attention of the Government, and the resulting de- cisions will determin: the course of business developments in Germany dur- ing the next year.” The announcement that Germany and France were in agreement that the former should invoke the provision of the Young plan for a re-examination of her capacity to pay reparations by an advisory committee of the Bank of In- ternational Settlements was today re- ceived in Washington with gratification and as a step which would aid recovery Ifum the world-wide economic depres- slon. The Young plan provides for Amer- ican resentation on the committee, and it is assumed that some prominent banker will be selected for this purpose. By the terms of the plan, no Govern- ment official or an official of the Fed- eral Reserve system will be eligible. There was no infication here today as to the selection. Cost of Living. The Commerce Department’s corre- spondent confined his telegraphic report to outlining the major issues. He de- clared the problem of reducing the cost of living involves three main elements— prices, wages and interest rates. The government is discussing methods of price reduction by emergency de- crees, including the dissolution of the Cartel price agreements, Miller ex- plained. But, he added, German ob- servers believe it is doubtful whether the mere dissolution of such agreements would be effective as long as the pres- ent purchasing power of the public is maintained and goods are actually salable at’ the present prices. Miller said trade union opinion is unanimeus on the necessity for the re- duction of prices simultaneously with or before wage reductions, and the re- cent arbitration decision in the metal workers’ wage dispute affirms this d mand, but there is evidence of incre: ing pressure against the present wage rate which will probably lead to the downward movement despite the pro- test of the trade union. ‘The second problem confronting the government, Miller explained in his cable, is the drain of gold and foreign exchange, which he sald will continue despite the “standstill” agreement and the emergency legislation, and partly accounts for the reduction in the gold ratio of the Reichsbank to 269 rper cent of the total circulation at the beginning of November. Recent Regulations. ‘The commercial attache said recent attempts to stop these leaks include regulations prohibiting the exports of prooeeds from sales of dollar bonds and the new emergency regulation of November 11 prohibiting: “First, the sale of German securities by foreigners and the removal of the proceeds out of Germany. “Second, the purchase by Germans of German securities originally issued in foreign currency. (This applies to dollar bonds.) “Third, the purchase by any one in Germany of foreign securities quoted on German exchanges without permis- sion of the Reichsbank.” These measures, Miller explained, should help stop the drain on gold and foreign exchange, but will affect the quotations on German bonds abread, which have been extensively purchased up to this time by Germans desiring to retain a portion of their capital in foreign currency. Miller said the third problem is the most difficult of all and is concerned with the necessity of arriving at a ‘workable agreement with foreign credi- tors on two points—short-term indebt- edness, now covered by the “standstill” agreement until February 29, and pay- T\e;\:;zunder the Young plan after July New Agreement Likely. “It is becoming increasingly appar- ext,” Miller informed the department, “that these two questions must be at- tacked and settled together as neither one can be regulated by itself.” In this connection Wall Street financial leaders have heard, according to unofficial advices reaching Wash- ington today from New York, that P. Abbot Goodhue, chairman of the American committee in charge of working out details of the “standstill” agreement, would soon start for Euro to enter into direct negotiations for the creation of a new agreement. when the present one expires. BROKER LOAN TOTAL SHOWS FURTHER DROP Special Dispatch to The Star. NEW YORK, November 20.—The weekly statement of the Federal Reserve on brokers' loans showed a decrease of $56,000,000 during the week ended No- vember 18, to a total of $775,000,000, a | new low record since October 11, 1921, when the figure stood at $768,402,000. This compares with the previous 1931 low of $831,000,000, made last week, ;gd"v?oth $2,185,000,000 on November Loans for own account were $653,000,- 000, compared with $553,000,000 a weel ago. Loans for out-of-town banks to- taled $140,000,000 against $116,000,000, and loans for account of others amount- to $12,000,000 contrasted with $162,- 000,000. This item of “loans for ac- count of others” will continue to ap- pear weekly in the loan statement and, as soon as time loans of corporations and individual lenders expire, will rep- resent loans made non-member banks in New York City. Demand loans constituted $560,000,000 of the total, against $594,000,000 a week ago, and time Joans were $215,000,000 against_$237,000,000. ‘The New York Federal Reserve dis- trict rediscount rate remains un- changed at 3% per cent. S PRODUCTION OF STEEL ALLOYS IS INCREASED By the Associated Press. CANTON, Ohio, November 20.—Re- cent increases of production of alloy and stainless steel in this district was seen by leaders in the industry today as a strong contributor to a “general upward steel trend.” It was announced the Massillon plant of the Republic Steel Corporation will add 75 to 100 men for the construction of a new strip mill there. Its cost was unofficially estimated at a half million dollars. and it was said to be the largest capital investment by Republic this year. The Timken Roller Bearing Co., has placed a 100-ton open hearth in pro- duction, increasing alloy output 7,000 tons a month. B. & 0. ELECTS OFFICERS. BALTIMORE, November 20 (Spe- cial) —Daniel Willard was re-elected president of the Baltimore & Ohio Rallroad at a meeting of the board of directors in New York City. The meeting followed the last elec- tion of the board at a session of stock- holders in Baltimore. Other executive officers were re-elected as follows: George M. Shriver, senior vice presi- dent in charge of operations and main- tenance; Golder Shumate, vice presi- dent, in charge of freight traffic; H. B. Voorhees, vice president, executive rep- resentative in Chicago; George F. May, secretary; E. M. Devereux, treasurer; J. J. Cornwell, general counsel. —_—ee PARIS BOURSE PRICES. PARIS, November 20 (#).—Three per cent rentes, 84 francs 50 centimes. Five per cent loan, 101 francs 60 centimes. Exchange on London, 95 francs 69 centimes. The dollar was quoted at 25 francs 55% centimes. NEW YORK, November 20.—Pend; more definite information as to whu:‘t may be accomplished at the railroad conference, the stock market is likely Sccording o mhoss broerage hotns e most er - mentators. e Jackson Bros., Boesel & Co.—One plece of consecutive news of major im. portance, we belleve, would force a vig- orous rally. This might logically take i the form of an announcement from | Washington that emergency legislation | would be sponsored in the coming Con- gress for aiding the railroads. Hornblower & Weeks.—With the dis- position on the part of those bullishly inclined to await further developments on the I C. C. rate increase plan and the labor question before buying stoeks again, the market at the moment lacks any worthwhile sponsorship for a re- sumption of constructive operations. Redmond & Co.—The immediate trend of the market is likely to be gev- erned by developments at the railroad wage conferences now under way here. Obviously, a voluntary and uncondi- tional wage reduction on the part of railway labor would be a bullish factor of great importance, but we would be inclined to await an official decision, and would not put too much credence in the many rumors now in circulation. E. F. Hutton & Co.—Irrespective of whether the market chcoses to gloss over the excellent Federal Reserve statement, we would not minimize its constructive implications. Pending further rail-labor conferences, the rail shares are expected to give a listless exhibition, which will probably influ. ence trading in other sections share market. Oliphant & Co.—While the first ses- sion of the International Committee for investigating German debt ca- pacity is expected around the end of next week, inquiry will doubtless run along for many weeks before generally agreeable decisions are reached. Mean- :g’e“ her‘eblfi: hu;ne n':ehmson is against possibility of much recovery apepar- ing in business even should cung\el‘l’ons warrant it. On the other side of the picture is the market deflation shown by shrinkage in broker loans for 11 con- secutive weeks, and for all but five of 35 weeks since March last. Morrison & Townsend—The short side of the market is steadily losing its at- tractiveness, and traders should be pre- pared for a possible rally of some sharp- ness. Lamborn Hutchings & Co.—Well in- formed grain interests continue to view the grain situation with favor, stating that the technical position has again become strengthened due to the recent corrective reaction. Particularly in corn is a hopeful feeling entertained, of the based on the theory that corn futures will be unlikely to long disregard the decided improvement in cash demand. CHICAGO DAIRY MARKET. CHICAGO, November 20 (#).—B: ’ 11,157; unsettled. cl’um:g .up::::.l‘; (93 score), 3115a32; extras (92 score), 31; extra firsts (90-91 score), 29a30; firsts (88-89 score), 261,a27);; seconds (86-87 score), 24a253; standards (90" score, centralized carlots), 281. Eggs, 2,961; steady; changed. STOCK AND BOND AVERAGES By the Associated Press. Today. .... Previous day. Month ago. Year ago... Three years ago. Five years ago. High, 1931 Low, 1931 High, 1930 Low, 1930, High, 1929 Low, 1929 Low, 1929 5:30 Edition. (Copyricht, 1931, Standard Statisties Co.) AIRPLANE TRAVEL GROWING RAPIDLY Industry Reports Large In- crease in Business for Recent Months. BY BRADLEY W. TRENT. Special Dispatch to The Star. NEW YORK, November 20.—How formidable air transport has become as a competitor for passenger traffic with rallroads and steamships is clearly shown in figures released in a report issued by the Aeronautical Chamber of Commerce of America, national trade association of the aircraft industry. The report covers operations on the 36 major air lines in the United States during the first nine months of 1931. While travel by land and sea has fallen off sharply compared with 1930, the air lines have actually shown an increase in passenger traffic. Report Shows Gains. Air transport lines carried 348,507 passengers during the first nine months of 1931, as compared with 327,211 in the same period of 1930, an increase of 6.5 per cent. Class 1 railroads carried 128,464,000 intercity passengers during the first seven months of this year, as compared with 161,595,000 in the same period of 1930, showing a decrease of 20.5 per cent. The roads reported com- muter traffic off 11.3 per cent for the period. Transatlantic steamship lines operating from American ports carried 175,994 westbound and 288,316 east- bound passengers during the first eight months of 1931, as comj with 314,03¢ westbound and 354,405 east- beund in the corresponding period of 1930. This represents a decrease of 43.96 per cent in westbound traffic and 18.8 per cent in eastbound traffic. American air transport lines also have recorded an increase of 47.1 per cent in mileage flown during the first nine months of this year. The total was 31,366,383 miles. Air express ship- ments in the same period increased 212 per cent to a total of 683,845 pounds, and airmail rose 13.2 per cent to 6,983,281 pounds. . Recent Pick-up. A marked pick-up in business was recorded in the third quarter, for in "~ the first half of the year the passen- ger traffic was below the figures (me same 1930 period. Air passenger c* set a high monthly record in Septem- ber, when 62,419 pessons were carried on American air lines. The final quar- ter also is expectéd to siow a sharb seasonal increaze in the numbemof pas- sengers, bringifg the annual total well fl;l;gd of ihe 385,910 figure attained in 1 (Copyrignt, 181) Special Dispatch to The Star. NEW YOREK, November 20.—Opening cotton prices today were unchanged to 2 points higher. Tradaing was slow. There was a_firm demand in all posi- tions from the trade and from hedge covering. Opening prices were: December 6.17, unchanged; January 6.30, up 2; March 6.48, up 2; May 6.66, up 2; July 6.84, up 1, and October 7.10, up 1. Grain Market By the Associated Press. CHICAGO, November 20.— Grain prices here went downward early today, ‘Weakness of the Liverpool market was ascribed to reports that despite frosis and reduced acreage Argentine wheat production this season promised to be only a little below last year and of better quality. Opening 1%-1% cents off, wheat af- terward sagged further. Corn started -1 down and continued to decline. Selling of wheat futures in large volume developed and the market dropped rapidly at times, with nu- merous stop-loss orders forced into execution. Downturns in securities ac- celerated the momentum of grain price I.umbl!sx. A}%fll’;&hfle }:.ncmudt > offer- ings of entine wheat to Europe were announced, ther with word that Australian firms were selling dis- tant future deliveries at Liverpool. About 2'; cents a bushel was clipped from the value of wheat and 2 cents from corn before comparative steadi- ness was restored. Much of the pressure on corn came houses that yester- day were conspicuous on the buying side of the market. Corn price set- backs were in the face of unfavorable weather and of continued scantiness of corn ry receipts, 453,000 bushels today, against 566,000 a week ago and 702,000 at this time last year. Oats receded with corn and wheat. Provisions were responsive to the bearish action of cereals. . OBSTACLE TO DIVIDEND PAYMENTS IS REMOVED By the Associated Press. YOUNGSTOWN, Ohio, November 20. —Release of $1,100,000 in Youngstown Sheet & Tube Co. common dividends withheld from opponents of the now abandoned merger with Bethlehem Steel Corporation came a step nearer realization today with the dismissal of 19 actions pending in Common Pleas Court here. The suits dismissed were filed by merger opponents, who asked the court to set a fair cash value for their shares. After the merger was canceled by Beth- lehem, Sheet & Tube announced it was ready to pay the withheld dividends as soon as the suits were dropped. About $600,000 in withheld dividends previously had been released by the withdrawal of suits which had been filed by Cliffs Corporation and John H. Clarke. The suits withdrawn today had been filed in behalf of several hundred dissenting stockholders. Today's action cleared the common pleas docket of litigation engendered by the merger proposal. An appeal by Sheet & Tube from an injunction against the merger still is pending in the Appellate Court. The company has asked that the appeal be dismissed, but a decision has been de- layed by the application of merger foes for their expenses and counsel fees. Testimony on this subject is being taken by a referee. HOOVER CREDIT POOL CALLED CONSTRUCTIVE By the Associated Prass. NEW YORK, November 20.—Silas Strawn, chairman of the board of Montgomery Ward & Co., said that some psychological uplift in business is perceptible, but there is nothing yet to become enthusiastic about. “I feel that business improvement in this country is tied up more or less with European affairs,” he said. “We cannot prosper over here until finan- cial difficulties are straightened out abroad. There is no use in g new 1 we can do is to go ahead along well tried lines, doing the best we can. The $500,000,~ 000 pool organized under the direction of President Hoover\was a constructive, thing and will prove helpful, I be- Mr. any lieve.” Regarding his own company, Strawn said it is doing as well as other company.