Evening Star Newspaper, November 21, 1931, Page 13

FINANCIAL, THE EVENING STAR, WASHINGTON, D. C. SATURDAY, NOVEMBER 21, 1931 STOCKS ARELONER AT SHORT SESSION Market Sells Off in Final NCIAL. BANKERS TOPUSH ||~ NEW YORK ms:l:omglgr.__r;}gmcz YEARS PROCRAN == s 3 Add 00. mn Loy, Glase Chon 14% Lo Dividend Rate. i 214 Abitibl Pwr & Pa 2 + Caouncil of Administration|, 1% Trade Reports at a Glance. By the Associated Press. NEW YORK, November 21 —Tabloid review of wholesale and business conditions uzdm.uuotcmpu to week n'nu the following centers, on the basis of in the same areas in the corresponding week Wholesale i Job trade. —198— Btock and Hish low. Dividend Rate. 15% 114 Gen Theatre Equip. 38% 9% Gillette Saf Raser. e 76% 45% Gillette Saf R pf (8 i 16% 414 Glidden Co. 9% 3% Gobel (Adoif). un-nn 4 Department of Cofimroe 2 1615 AMliated Prod 16% 7 Adams Express (1) 7\‘ 7‘« - 2 Adv Rumley... 3 34 Plans for Carrying Out » Usual Activities. BY EDWARD C. STONE. With Vice President C. H. Pope of thei'District Bankers' Association, pre- siding, the Council of Administration held a special meeting yesterday after- noon at headquarters, following an- nouncement of the startling death of Edward .J. McQuade, the association’s president for the present year. In addition to. Mr. Pope, the other officers are: George O. Vass, vice presi- dent and cashier of the Riggs National Bank, second vice president; Frederick P. H. Siddons, secretary of the American Security & Trust Co., secretary, and Albert S. Gatley, vice president of the Lincoln National Bank, treasurer. The present Council of Administration includes the above mentioned officers. also Francis G. Addison, jr.. Thomas J. Groom, Edward L. Hillyer, C. F. Jacobsen, Lanier P. McLachlen and Claude H. Woodward. ‘The work of the association will go on without interruption. This vear's standing comfnittees were appointed several months ago and have been func- tioning since that time. The deceased presidemt. had the operating units of the association in such fine working order that the remaining activities of the year can result only in success. Why Sentiment Is Better. Noting a marked change for the bet! in sentiment among Washington and all over the country, a local financier asks just what has chafiged the outlook and spread so much more optimism_about. ~Here is whaf, the American Bankers' Journal #ays..on the subject: “§n the newspapers there are numer- ous_ditems mppearing every day of & picksup in business in certain industries and certain cities from one end of the country to the other. At the same timg, it would not be correct to say that general business has made any appre- clable #recovery, inasmuch as business in the aggregate is still held down by curtailed operations in the basic in- dustgies. It would appear only & mat- ter M time, however, until the aggre- ate” will begin to rise, following the eadership of the lines that have already star forward. “fildere is not sufficient space to dis- euss 4n detail these scattered evidences of vement, for an_entire issue of !hl& journal could be filled with the items of the past month citing an in sales and employment by lndeull concerns making cotton, silk,*woolen and rayon goods, clothing, leather and shoes, hoslery, millinery, shirts and bedspreads, radios and other electrical appliances, bakery products, soft''drinks, flour, refined sugar and other foodstuffs, glass, chemicals, lin- seedvoil, aleohol, cigars, aircraft, office equllnent and moving pictures. ‘Some of the automobile manufac- turers are doing better, also those ‘making aceessories for replacement, and the tlre companieés, gasoline refiners, gervice stations and finence companies. A number of chain stores, restaurant chains and department stores report improvement.” Bafikers' Meeting Dates Set. Ex¥cutive Manager Fred N. Shepherd ennzunces that tbe 1932 Spring meeting of tHe executive council of the Ameri- can Bankers' Asscciation will be held ot the Greenbriar Hotel, White Sulphur Springs, W. Va., April 25 to 27. The xur muun; is to be one day shorter thar' usual, ending with a dinner on ‘Wednesday evening, April 27, the spes cial ¥, tral leay; ‘White Sulphur shorfly after” midnight on the 28th. ‘Thigrmeeting will be attended by sev- eral*local bankers who are members of various mittees and commissions which will make half-yearly reports at thatrtime. The Spring session is always considered of great importance, the limited - attendance being more con- duciwe to hard work than when several thoysand bankers are around, as is the case at the conventions. Morris Plan Board Enlarged. Indrease of the board of directors from:7 to 17 memm and the formula- tion pf plans for the further national d!‘lelg yment of the Morris Plan of In- rdustrm Banking was announced today by Walter W. Head, presMlent of the Mo Plan Corporation of America. A number of outstanding Morris Plan bankers have been elected to the board, ‘Thomas Coughlin, president Cleveland; Thomas C. Boushall, president Morris Plan, Bank of Virginia; Arthur A. Blu- meyes, St. Louis; Robert O. Bonnell, Baitimore; Ralph W. Pitman, Phila- delphia; F. Earl Wallace, Boston; Wal- lace -D. llnl‘tn executive vice presi- dehk,l(nrrk Plan Co. of New York, and , chairman of the bolrd Mm'fll Plan Co. of Minneapolis. TInstitute Commitiee Named. dmt A\lhe 0. Dooley of Wash- n erican Institute of 3 umoum:u the appointment ommittee on Public Affairs and Education, as follows: A. BSoper, Lincoln National : chairman; T. Hunton Leith, Becurity Savings & Commercial Bank; Richard A. Norris, Lincoln National and 1. J. Roberts, Riggs National. The committee plans and supervises wisits to local industrial plants, ar- ranges for speakers before clubs, schools end civic groups and for radio programs connected with the institute. Notes in Financial District. Loew’s, Inc., declared an extra divi- dend of $1 on the common stock and the regular quarterly dividend of 175 cents, both payable December 31 to stock of record December 12. Postal savings deposits on October 31 amounted to $527,130,150. according to the Post Office Department. A month previous they totaled $460,000,- 000. Postal savings deposits of more than $527,000,000 are the highest ever recorded Lessing A. Rosenwald, vice chairman of Sears, Roebuck & Co.. states that recent reports thmt negotiations have been resumed between Sears, Rmbuck! & Co. and Montgomery Ward & Co. | are without foundaticn \ Action on preferred dividend of Vir-| ginia Iron. Corl & Coke Co. will b(" taken at the December meeting. Con- | sideration of the semi-annuzl payment | of $250 was due this month but has| been postponed U. S TREASURY BALANCE. By the Associated Press Treasury receipts for November 19 were $5,867.895.56; expenditures, $9,726,- 593.92; balance, $175,583639.74. Cus- toms receipts for 19 days of November were §17, 975 408.03. CLEARING HOUSE FIGURES Washington clearing house Agures for today, $3,769,792.78 NEW YORK BANK STOCKS NEW YORK, November 21 Over-the-counter market: o BANKS. Amer| ameas Chu:‘ . . Chat_ ey Commercial I ! ®).— Bid. Asked 36, 38 730 47 13 52 Alr Reduction(t4%). 61 1% Afrway Elec Appl. 7 Alaska Juneau (40e) 3% Allegany Corp. .. 75 Alleg Cp pf §30 ww, 78 Alleg Cppf w340 w., 7 AllegCopfz830w., 68 Aliled Ch&Dye (n§). 14 Allis-Chalmers (1).. 13 Amerada Corp (2)... 171 Am Bank Note (13). 4 Am Beet Sugar pf... 21 Am Brake Shoe(2.40, 921 Am Brake Sh pf (T). 718% Am Can Co 115), ..., 9 AmCar & Fary (1) 615 Am Chain 5 Am Comel Aleohol. 10% Am & For Power 454 Am & For Pwr pf (1) 23% Am & For Pwr 24 nf. 27 Am Flome Prod 4.20. 10'% Am Tce (2). 5 Am Metal Co. Am Metals pf bas Am Rolling Mills Am Safety Razor (F) Arf Shipbullding (5) 19% Am Smitg&Ref (1%) % Am Solv & Chemical. 1 Am Bolv & Chem pf.. 23% Am Sugar Ref (§). 44 Am Sumatra Tob. ... 1214 Am Tel & Telex (3). 71% Am Tobaceo (16).... 74% Am Tobacco B (16).. 28% Am Water Wks (3).. 22 Am Wat Wks cfs(3) 3% Am Woolen Co. 20 Am Woolen Co p! 2% Am Zine & Lead 12% Anaconda Coppe: 18 Anchor Cap (2.40 1 Armourof Il (A) % Armour of Il (B) 3% Arnold Constable 4 Artleom Co 9% Associated 9715 Atch To&S Fe (10). 90 Atch To&S 474 Atl Coast L 10% Atl Gulfaw 9% Atlantic Re 8414 Auburn Auto (14) 2% Aviation Corp (D 2 = [FLETOL R PVRIOL. PN Balto & Ohlo Df (‘) . Barker Bros Barnsdall Corp'n. ... Beatrice Cream (4). ing-Hemingway ix Aviation (1). Best & Co (2) Bethlehem Stee] (1). Bethlehem Stl pf (7) Blaw Knox (50¢). ... 3ohn Alumn (1%).. Borden Co (! Borg Warner (1). Briges Mfe (11%).. Bklyn-Man Tran (¢) Bklyn-Man Tr pf (§) Bkiyn & Queens Bkiyn Union Gas (5) Brunsw-Balks. Bruns Term & Rwy Bucyrus-Erie. ... Bucyrus-Tirle cv pt. 4% Bulova Watch 10 Burrough A M % Butte & Superior. 123 Byers (A M) Co 10% California Packing. . 7% Camp W&C Fdy (1). 14 CanadaDryG A (3).. 11 Cenadian Pacific 1% . 5% Capital Admin (A).. 33% Cane (JI)Co....... 11%5 Caterpillar Trac (2). 4 Celaness Corp 2% Celotex Co 9% Cerro de Pasco (1).. 315 Checker Cab Mrfg.. 231 Ches & Ohlo (23%) 14% Chesapeake Corp( 3% Chi Great W 12 ChiGreat Westn p: 2 ChiMilStP&Pac... 8% Chi M1] StP & Pac of. 9'4 Chic & Northwstn. .. 25% Chi & Northwestn pf 17 Chicago R 1&Pacific. 24% Chi R1& Pac pf (6). 25% Chi R 1 & Pacof (7). 8 Childs Company.... 11% Chrysler Corp (1) 261 City Ice&Fuel (3 #1 City Stores 97% Cocoa-Cola 28 Colzate-Pal-P % Collins & Alkman 814 Colo Fuel & Iron. 16% Columb G & E (1% 33 Columb Carbon (4).. 8 Comm Credit (1.60). 554 Comel Cred 18t(63%) 15% Comel Tnv Trust (2) 99 Comel Inv Trpf 63%. 9% Comel Solvents (1). 4% Comwlth & Sou(30¢) 67 Congolm-Nairn (1).. 7% Consol Film pf (2). 61 Consol GasN Y (4) 20 ConsolRwvs pf (6 14 Consol Textile. 5% Contl Raking (A) % Cont] Baking (B) 3114 Contl Can (2%) 19% Con’ Insur (2.40) 114 Contl Motors. 415 Cont1 01l (Del) 1% Contl Share 864 Corn Products (3). 3% Coty Ine. 10% Crex Carpet 22 Crucible Ste: 45 Crucible Steel pt ('l) 2 CubaCo 1% Curtiss Weieht. 214 Curtia Wrieht (A) Davison Chemical. .. Deere & Co pf (1.40). Delaware & Hud (8). Del Lack & Wn (2).. 121 Diamond Mateh (1) €% Dome Mines (1). 11 Domn Stores (1.20). 10 Doug Alreraft(1%) 42% Drug Corp (4) 3% Dunont de Nem (4)., D" Pant Aa N nf(6). astman Kodak (18) astman Kod vt (6). itineton-Schild of . ec Auto Lite (4). ectric Boat .. ec&Mustcal Instru ec Pwr & Lt (1). Pwr & Lt pf(6). Storaze Bat (4) k Horn Coal pf ‘alrhanks-Morse. . . achion Park As pf. Fed Lt & Trac nf (6) Fed Mine&Smeltg pf. Eed Water Service A F1d Ph Fire Ini2.60). Firestone T & R (1). 50 Firestone T&R pf(6) 41 First Nat1Strs (24) 10% Foster Wheeler (1). 18 Fourth Nat Inv mbso 5 Fox Film (A). ex (1) 's Ga-rewell Co (3) 54 Gen Am Inv pf (8) 38'% Gen Am Tank Car(4) 9% Gen Asphalt (2).... 41 Gen Cable. 6% Gen Cable (A). 17 GenCable pf.. 100 , Gen Cigar pf (7).. 24% Gen Electrie (1.60).. 114 Gen Elec spee (60¢). 30% Gen Food Corp (3).. 213 Gen Gas&El A(e30c) 32 Gen Mills (3) 92 Gen Mi -pt 2214 Gen Motors 10% Gen Prig Ink (2%).. 4% Gen Public Servic Ry Signal 1% Gen Realty 3 17 Gen Realfy & UUT bf. FEFEFEEER FEFS THI+ 14441 PRERESE FE BERE & FEREFIER EF & +1 -1 —25 - % 424 20% 13 91 § 57% Goodyear 1 69% 28 8Ty 80% 126 12315 18 Gold Dust (3%). 5 Goodrich (BF). 16 Goodyear T&R (3). pf (7). 1% Graham-Paige 7 Grand ('nion 21% Grand Union pi 26% Grant (W T) (1) 20 Great Northn pf(4).. 12 Great Nnrlhl\ Ore(2) Wastern Sue. 2% Hi 25' Hahn Dpt St pf(6%) 60 Helme (GW) (17). 2 Hoe (R) & Co 81 Homestake M (1.80). ° 2 Houdaille Hershey 5214 Househld Fin pf 19 Houston Oil, 4 Honston Oil (new) 7% Hudson Motor (1). 3%, Hunp Motor, 76 1liinofs Ceatral 1'% Indian Motor Cyele. 1% Indian Refining. 21 Indust Rayon (4) 3814 Ingersoll Rand (4).. 31s Inspiration Copper. . 7 Insuranshares Del A 4 Insur Sh(Md)(28e).. 7% Interboro Rap Trans 14 In. Agriculture 7 Int Agriculture pf. 92 Int Bus Machine(né) 31 Int Carrlers,Ltd ' Int Combustion. 22 Int Harvester (2%). 10 Int Hydro Kl A (e1). 19 Int Match pf (4).... 7% Int Nickel of Can 20¢ 1% Int Paper & Pwr (A) "4 Int Paper & Pwr (B) 914 Int Paper & Pwr pf. . 40 Int Printg Ink pf (8) 2% Int Rys Cent Am.. 254 Int8alt (3)..... 42 Int8hoe (3),., 18 IntS1 18% Int Tel & Tel (1). 10 Int Dept Stores (2) 24 Jewel Tea (14%) 261 Joh! nnvm- 105 Johns-Manv pt 9 Jnnn&Llu[h pffl) 28 Kan City Sou pf (6). 8 K'mann Dept Strs(1) % 13 6 Kelvinator Corp. ... 10% Kennecott Copper (1) 23 Kimberly Clark 23.. 19 Kresge (8 8) (1.60). 614 Kreuger & Toll 1.61). 3 18 Kroeer Grocery (1). !(7‘- 18% 10115 61 69% 91% b5 19 26 b8y 16% [ 691y 31% 1% 0% 2% 2% 161 4% 464 44 29 64 104% 250 10% 25% 12% 144 16% 37 Tlie 461y 10215 581y 117% 1017 564 27 10% 26% b4 22% 541y 434 404 Lambert Co (3). 64 Leh Port Cement 82 Leh Port Cmt pf 17% Lehigh Valley R R. 35 Lehman Corp (3).. 40 Ligg & Myers B (15) 15% Liquid Carbonic (2). Loew's, Inc (14).... Loew's Inc pf (6%). LoftInc....... Lorrillard (P) Co Lou Gas&ElI A (1%). Louisville & ) Ludlum Steel .. Mcint; % MackTrucks (2). Macy(RH)& Co(n % ManhatElev mod fll l!w Marine Midld (1.30), 1% Marmon Motor Car.. 13% Marshall Field (234) Mathieson Alkill (2) Maytag Co pf (3) Maytag Co 1st pf. Melvilie Shoe (2 Mid Continent Mo Kan & Texa Mo Kan & Tex pf 3 urf Pacific. 5 %nurl Pac pf ( 164 Mbnsanto Chem (1%) 8% Montgomery Ward.. 6% Motor Wheel (50¢) Murray Cor sh Motors (1).... 10% Nat Supply Co. 8 NatTea (1). & Nev Copper (30¢). 3 Newton Steel. . 36% N Y Central (4). 120 N Y & Harlem (5). 28/ NY N H & Hart (4) 5% N Y Ont & 24 N 'Y Shipbuilding 112 Norf & Westn 314 North Am Aviation.. 26 Nor Amer(b10%stk) 41 North Amer pf (3 19% Northern Pacific 3) 63 Ohlo Ofl. . . 204 Otis 8% Otis Steel. . Zo% Pacific Gas & K (). 35 Pacific Lighting (3). 100% Pacific Tel&Teleg (7) 4 Packard Motor (40¢) 10% Par-Pub (b10% stk). 1% Park Utah... & Pathe Exchang; 43 Patino Mines. 2 Peerless Motor Car.. 22 Penick & Ford(11%) 2814 Penney (J C) (2.40). 6 Penn Dixfe Cmt pf 27% Penna Rallroad (2).. 8174 Peoples D 8 pf (635) 129 Peoples Gas(Chi)(8) 4% Pet Corp of Am (1) 64 Pheips Dodge Co.... 3% Phila&Reading C & I 10 Phillips-Jones Co. ... 4% PhLillips Petroleurn 204 Plllsbury Flour (2).. 55 Pittsbgh Unit pf(7). 2 Port Ric Am Tob(A). 1% Pressed Steel Car. $9% Proct & Gamb /2.40) 51% Public Sve NJ (3.40). 87 Public Sve NJ pf (§) 22 Pullman Corp (3). 5 PureOll. 6414 Pure Oil 12% Purity Radio Corp. 23% Radlo Corp (B) (6).. 215 Radjo-Kelith-Orph A. Peading Rwy (4). 4 Remington-Kand 20 Rem-Rand 1st pf (1)’ 3 Reo Motor Car(40e). - 5% Republic Stesl. . 15 Republic Steal pf. 7 Reynolds Metls(1%) “3513 Reynolds Tob B (3).. 214 Rio Grande OH...... 9 Rossia Insur (2.20). ue ' cBaaet¥aundaabacTiatious - = Banw - B overnmummee campnanmn » Barw 2. Bu mwel TN PSToToT 280 < eRrE ueBRARAN = EI=TIST S - s Ononnudiveow —mn awn PO 1 JOPI 1y 13's Royal Dutchof NY., | 877 914 St Joseph Lead (1) 61 StL-San Franeisco.. 744 StL-San Fran pf(6). 4 Schulte Retail Stores 40 Schulte Stores pf (8) % Seaboard Alr Line. .. 513 Seaboard Ofl. 314 Seagrave (40¢c) 31 Sears Roebuck (). 1% Second Natl In: 3% Servel Ine... 10% Shattuck (FG) (11%) 31 Shell Union Oil 813 Stmmons Co. . . 513 Rinclair Consel Ofl. . 10 Skelly O1l pf ww. ... 1214 Socony-Vacuum (1). 7 South Port Rico Sug 87 Sou P Rico Sug pf(8) 283 Southn Cal £4 (2)... 40% Southern Paeific (4). 14% Southern Rwy (m§ 18 Spalding (AG) (1).. 314 Sparks Withiog (1). 881 Spear & Co pf (7). (Continued on Page 408 Seea = + 1410 FEF ESS P8 F FIEF +1 FFE FFEF EF FFE EF FEFEF I EHL I GRS 11+ srssEs - FEEE FREF FEL F FFEEFE Dealings After Early Advances. BY GEORGE T. HUGHES. Bpecial Dispatch to The Star. NEW YORK, November 21.—The trend of the stock market today was unchanged the overnight develop- ments. A rally at the opening, carry- ing prices up 2 to 3 ts, proved shortlived and new lows on the reac- tion were reached in the second hour. It is doubtful whether the Man- churian situation was a factor in the operations today. The hes, as ‘Wall Street received them, were con- tradictory, although the latest informa- tion seemed to indicate that the peace plan would evéntually be accepted. The opening rally in 'hnt was like- by mn although it was the wide-open break in grain that vu blamed for the slump in stocks Friday. Information from the wage confer- ence between the railway executives and e unions, indi- it & little covering into the rails in the early cndtu but that improvement, too, lost when the rest of the list started downward. ‘The action of United States Steel was typical of the market as a whole, It opened a point higher and d still another point on taking in of contracts for the decline, but when these pur- chases had been effected it dropped back again and at $60 a share sold at the lowest in 16 years. The Steel Trade News was mildly optimistic, but pro- fessional Wall Street today was just as sure that there was only one way for stocks to go, downward, as it was that they must continuously go higher in the “new era” period of 1928 and 1929. Another conspicuously weak stock was Consolidated as, although it held well above its former lows, as did the utilities in general. American Tele- phone & Telegraph went to a new low on the movement after a show of strength. Auburn auto )umpod around in characteristic fashion, up potnu in first hour and '.hm all the gain and more, mumnun went to a new low on the movement. Volume picked up as stocks sold off toward the close. but it was not large at any time. The bearish contingent rraremd to expect Investment Trust iquidation. There was, however, none of that selling from mm.lrod margin accounts that used to follow severe breaks in the stock market. There are almost no margin accounts susceptible of being impaired, so that if short con- tracts are to be closed out at a profit the supply must come from outside. Washington Produce Butter—One-pound prints, 36; tub, 35. Eggs—Hennery, 38a42; current re- ceipts, 28a33. Poultry, alive—Turkeys, young toms and hens, 25a30; old toms, 23; old hens, 22a25; chickens, 3 pounds and over, 18a20; 2 to 2! pounds, -0a32: Spring broilers, 23; hens, large, 18a20; small, 15a17; Leghorn hens, 13a15; ;l;(:s,l:n, 10a12; keats, young, 40a45; old, Poultry, dressed—Turkeys, young hens and toxs, 36a38; old toms, 28a30; old hens, 29a81; chickens. 3 pounds and over, 21a23; 2 to 2% pounds, 33a25; Spring broilers, 30; hens, large, 21i small, 18a20; Leghorn hens, 16al8; mm1 m!:n. 13a15; Long 1Island = ducks, Meats—Beef, prlme 17; :holee, u fair to good, 12! top, 15; medius medium, 15a1 pounds, 16a17; 14; 12 to 15 pounds, 12a13; 8 t 10 pounds, 15; 20 to 25 pounds, 10; strip bacon, 22a23; lard, M-Wllnd tl.ns 9; in packages, 10; compound, 7a its—Oranges, 3.00a5.50; lemons, 4.0024.50; grapefruit, 2.50a3.00; nmu. per 100, 1.50a1.75; casabas, 2.50; ap- les, bushel baskets, 25a1.50; box stock, ‘ancy, 2.00a2.75; pears, 2.50a3.00; grapes, Emperors, 200; ‘Tokays, 32.00a2.25; Cornichons, 1.25; pineapples, 3.50a4.00; bananas, 1.25a2.50; pcnlmmnm. 58 1.50; honeydew: 3.0083.25. Veceuble& mwu Maine, 100- pound sacks, 12 New York, 150-pound bakers, String beans, 1.7583.25; 82.00; peppers, Florida, caulifiower, 1.75 Quiet Fair - Quiet Fair Quiet Fair Fair Quiet Quiet Quiet 3 Quiet 8t. Paul ..... Quiet Fair Quiet PFair Fair Fair Quiet Fair Quiet Pair %%E%%ézfl%%fi pgrssnanenontl Comment. Chicago—S8teel business improved, but mills at only 35 per cent; em- ployment better; weather unfavorable to trade. Cleveland—Auto orders keep steel at 35 per cent; industry on reduced schedule; general business only fair. Detrolt—Actlvity of auto man retail trade better; careful Jufacture aiding marks whol-nk trade. conditions; lnulsvflle—.ll’tn( conservative Ind below last year; druu. etc., below m)‘(‘u department stores doing well. ukn—l-pun- to Christmas displays light; lhon mnulummu beuel' little bullding going Pittsburgh—Better d-und for coal st wholesale: no imrmmt in bullding; steel operations optimistic, m output \lnl.n- and corn Dfl ‘Moines—Wheat efl. convention aids retail trade. m—o:-: advances aid business; automobile its ended November 16. le trade up slightly; zinc and lead prices rising, with tood dn!nd live stock Minneaj lis—Retail sales dnmtnunl. merchants - optimistic, how- \pol ever; community fund fully subscril Oma) ha—Wheat movement heavy; industry on short-time basis; whole- sale and retail trade slow. trade 8t ‘cent below last Baltimore—] 8t. Louls—Convention aids hotel business; iron and steel quiet; shoe Murlnwholuhdvm holiday goods 20 per ":Mlquhm AN il trade. holidey preparation evident, FIVE DISORDERS PREVENTING RECOVERY, SAY ECONOMISTS Frozen Assets, Farm Situation, Railroad Crisis, Weakness of Pound and Uncer- tain Foreign Outlook Affect Business. Special Dispateh to The Star. NEW YORK, November I1.—<Five outstanding disorders must be corrected before there can be lasting recovery of business, in the opinion of the Brookmire Economic Service, Inc. They mlmm lnclnm 2. The lnmblluy of hfihnd as lymbonud by the d sterli 5. Instability on the nn::; of Europe, especially in Germany France. At the best, considerable time must elapse before mflmc. of improve- ment in un oome into T l’or tha beginning of recovery, ¢wi som> reason to anticipate delay until after the el in November. Raussian Exports. Recent uwunnu of improvement, according to Bmokmlre has not been convincing an mmmee ct !.he events that hl transpired has overestimated. In wheat, it is pdnud out, there has been no shortage of world supplies, “and if in pronoun fashion, ‘Agricultural Mllt "hl'l reached & D.Il where- & substantial part of QM 010 ooo 000 m farm earnings m 30 lnw, wuent and pocuve. that ng:m of interest eatened. ‘The only im- pwnn means of relief “that seems available to the railroads is e cuts. ‘These would not be entirely adequate, still, they are likely to be Dmdl have de; threatens the ultimate mlvency of sav- banks, insurance companies and 4.00; 'mushrooms, 50a1.00; beets, perlllo paired.’ bunches, 3.00; carrots, per 100 bunches, 4.00; bushel 'baskets, 1.325; tomatoes, | i California, lugs, 1.75a2.50; hfl\lce, Ice- berg, 3.25a3.50; bunches, 75; cel.r! watercress, 1.25; turnips, 50; eggplant, 4.00a4.50, —_— INCREASES IN SALES SEEN IN DECEMBER | tion. The better sentiment following the recent upturn in commodity prices and the improved situation in bnnklnl will operate in favor of salesmen in De- states the United Business Service of Boston. The major annual point in the automobile l.ndul- Iry will be taking place. Chain stor: and department store sales will be l! their yearly peak. Many other indus- tries will step up activity 4 December. Markets at a Glanc: NEW YORK, November 21 (#).— Stocks heavy; United States Steel sag- ged to a new low. Bonds heavy; Lib- ertys ease in dull trading. Curb irreg- ular; changes ow. Forelgn ex- changes irregula terling sags. Cot- ton barely steady; heavy zlnnlnx fig- ures. Sugar _stead Cuban buying. Coffee quiel Brazilian lllppafl. qu ourrency troubles -hund “The financisl troubles abroad pre restored | and_ultimatel . exports, (2) | course, 65; | & reduction in unm (3) loans from ‘The first depends the United States. on recovery some stimulus, but no sufficient one, may r&ml& from depreciation 012 v‘,’!fi currencies. ‘The third expedi , for an indefinite period, out of thi ‘K& . The ucond one means a ndul:- in the standard of living; it raises the question of revolution, e-pecmly in Germany. Revolution would, of course, Tesult in & decline of imports but would probably, also, cause a slump in ex- ru lo that stable government would 1o be restored before improvement eould be expected.” Suggestions for Recovery. Nature of the needed readjustments in the situation are outlined as follows: e way “’:"‘:m»med proved earaings of. Tall- e way of earn! rail- roads agriculture, or eventually Govzrnmmt action may be forced. The question is so critical that conceivably . | & Government guarantee of underlying certain raillroad bonds and, under con- STOCK AND BOND AVERAGES By the Associated Press. . SATURDAY, NOVEMBER 31. STOCKS. . ditions, real estate mortgages (both farm and urban) might be found the emly solution. Such & step is not by any means here advocated; but the possi- bility of its being found unavoidable is Tecognized. It is preferable, as a solu- tion, to the remonetization of silver Aiding in Effort to Reduce Insolvencies. well under way in three cities of the country, the Department of Commerce announces today. ‘The ;z H I E igeEs i i ESEE bzt < i | § i B o i i ; I which is to be proposed by the farmers | rel and which may the country at least until after Fall i1 fefigzifii t uhle lndlllmhlldl) m(l) lndh mufln of ability of England Germany to kan-fll(vueb.d ”hm SILVER QUOTATIONS. LONDON, November 31 ;:_. irregular and a-m ~Bar sil- ot 18%d PTIRST i '} g8 2§ 13 3 2 il g2 i i 7 I INCE 1899 MONEY TO LOAN Consult WELCH Realtor ©.. Lean Specialist m.a& 3 First Mortgage Loans tieg | Lowest Rates of Interest and Commission | in | Thomas J. Fisher & Company, Inc. 925 15th St. NW. One Large Reom at $51.50 per me. Suite of ¢ rooms at $92.50 per mo. B. F. SAUL CO. National 2100 925 15th St. N.W. MORTGAGES YOU CAN COUNT ON DEFINITE RETURNS from an investment in our 6% FIRST MORTGAGES The security back of them isv: ample — being conservatively appraised improved Washington real estate—and the yield ‘will be 6% continuously. May be purchased in amounts . from $250 up. B. F. SAUL CO Natiomal 2100 925 lSth st. THERE IS N SUBSTITUTE _FOR__