Evening Star Newspaper, November 23, 1931, Page 15

FINANCIAL CURB SHARES SAG ONLIGHT TURNOVER Changes in Leading Issues Are Only Fractional—Utili- b ties Featured. BY JOHN A. CRO! Brecial Dispatch to The Star. NEW YORK, November 23.—The Curb, Exchange ‘moved lower from the opening gong today, but the volume of diminished as prices declined. ‘The market leader in point of activ- ity, Electric Bond & Share, moved with- in a fractional price range. Cities Service was unchanged at midday, but Standard Oil of Indiana was slightly lower and so were United Light & Power a and Niagara Hudson Power Corporation. A further decline in Brazilian milreis exchange in terms of the American dollar largely contributed to the de- crease in net earnings of Brasilian ‘Traction, Light & Power, whose Oc- g‘ of $1,611,844 contrasted with 199,785 in the same 1930 month, Wi 10 months figures of $18,191,500 compared with $23,368,228. ‘The larity of the London mar- ket, as well as the earnings statement, helped bring about a decline in Brazil- isn Traction. Ford Motor, Ltd., and Roan Antelope likewise eased, but Woolworth, Ltd., during this period ‘was unchanged. ‘The opening on the Curb Exchange was lower todey, reflecting unfavorable ‘week end developments. Electric Bond & Share opened un- changed at 1614, but essed on succeed- trades. Citles Service opened at 7 and Standard Oil of Indiana at 1 both off 15. Irregularity of the London market was mirrored here in opening transactions of Brazillan Traction, which at 101, was off 1;; Roan Antelope at 73, off 14, and other foreign issues, which 'd smaller losses. Pennroad Cor- poration was unchanged at 3%. Mead Johnson d" H;".. 11&& |::.‘ !nvutm:fil; trusts and natural gas shares gener: moved downward. BEARISH SENTIMENT INCREASES IN STREET Bpecial Dispatch to The Star. NEW YORK, November 323.—The ‘week in the stock market opened today with a more bearish trend to sentiment than in some time. The definite rejec- tion by the railroad brotherhoods of the proposal for & 10 per cent cut in wages took from the situation one cf the potential bull influences. It was immediately in as compélling necessity for further reductions in rail- road dividends. rt at the end of last week and the large number of stocks that have broken through pre- vious levels gave the market an un- favorable technical character. Rails have now touched a “double bottom.” In the reckoning of Wall Street this means that the industrials and public utilities are likely to follow, though there is evidence that both are making a strong attempt to shake themselves {ree from the influence of the persist- ent decline in ralls. The greatest de- g::. of improvement this month has in the banking situation. The most disappointment arises from the fallure of business to .show .more life, }.!.l"‘:l:' of the efforts to assist it to its BONDS ON THE CURB MARKET. 1 les DOM! ONDS. TAl w h Pw 65 40 E 55 2028 N i 3 & 0000pY Sigiiy 99988 328: ::g:::::::fi:fig:::::::?zs 900 5n 0! FYyyegesse b 818 31 cod Sat Pow o cc 58 '33 Power 55 | 5500 1 8415 841a 10013 10044 93 * o3 u Gt & reat Db 39 ev i Miss RIiv Fl 65 44 ww 2222222 Faaaas 22222 el 2855 2% gy 3. B crte > > 32 65 2025 xw 8411 u_Caiif Edis Ss ‘54 10 uthern NG 65 44 38% thw G&E 8s A ‘57 B Na 5 dgg583d88 4880 2 s 20eaD: S £z NEW YORK CURB EXCHANGE Recelved by Private Wire Direct to The Star Office. Stocks sold in 100-share lots excent these desigmated by letter s~ ~Prev, 1981~ High. Low. 224 1008 and Sales— Dividend Rate. Add 00. 76 AluCoof Ampf (). 1 10 Alum Goods (1.20). 1 2% AmCom P A (b10%) 3% Am Cyanamid B, % Am Dept Stores, 1% Am Equities. .. 324 Am Gas & Elec (21).. 2% Am Invest Ine (B).. 20% Am Lt & Trac (234) % Am Maracaibo. 5 Am Superpower 3% Atlas Utll Corp. 10 Aviation Securities 1% Blue Ridge Corp. ... 20 Blue Ridge cv pf(al), 7 Brasil Trac Lt&P(1) 3 Brill Corp B . 24 Brit Col Pwr 39 Buckeye P L (4) 15% Bulovacv pf (3%)... % Cable Radio T vtc 1 Cable & Wire B rets. 14 Canadian Marconi 18 Carnation Co (J13%). 25 Celanese 1st pf (7).. 214 Cent Pub 8vo A b5%. 8 CentPubSvDel..... 2 CentStatEl (b10%). 16 Cent WestPSAall 3% Centrifug Plpe (60c) i Chain Store Devel. .. 6% Chain Stores Stock. . 70 Childs Co pt (7) 5% Cities Service ( 36% Citles Serv pt Cit Sv pf BB (. 26% Clev Ei Illum (1. 1 Col Oil& Gas vtc.... . 8 180 Commwith Edison (8 % Cmwith & Sou war.. 136 % Consol Auto Merch. . % Consol Auto M cu pf. 1 Consol Copper, . 5% Cont Shares cv pf... 200s 5% Cont Shares pf (B).. 268 8% Cooper Bess pf (A).. 2 4% Cord Corp. - 20 5 CorpSecCh (b6%). 3 1% Creole Petroleum. 3 % Cresson Consol (4¢).. 10 § Crocker Wheeler. 2 18 Cueno Press (2%) % Curtiss Wright war, & Dayton Air & Eng.. 8% De Co. Draper Corp (4) 69 Duke Pow (5). % Duquesne Gas. % Durant Motors. 313 East Sta Pow (B. Utll Assoc ev.. 14% Elec Bond&Sh(b6%) 63 ElecB& Shcupfh.. 756 Elec B & Sh pf (6) 6 Elec Pow Assoc (1).. 5% Elec Pow Assoc A (1) 49% Elec Sharhldg pt(aé) % Empire Pub Sve (A). 3 KEurop E Ltd A (60¢c). 2 Fedders M{gCoA... 1 Federated Capital 7 Fe ed Metals 8% Ford M Can A (1 5% Ford Mot Ltd 36 % Foremost Fabric: 1 Fox Cheater (A). 4 GenE Ltd res 36 . 20% Gen G&E cv pf B(6). 1% Gen Theat Eq cv pf. 80'4 Georgia Pw pf (6)... 24 Glen Alden Coal (4). 5 Globe Underwr (15c) 2% Goldman Sach: 160 Gt A&P Tean ) 116% Gt At&Pac Tea pt(7) % Ground Gripper 38 Gulf Oll of Fi 3% Hollinger Gold 170c. 28% Horn & Hard (2%).. 2 Hudson Bay M&S.. 47% Humble Ofl (123%).. 7 HydroElec Sec(1.20) 7% Imp Ofl of Can (50¢) 7 Insull Inv (b6%). 28 Insurance Security. Intercontinent Pet n 7% Int Petroleum (1) 10 Int Superpwr(t1.1 2% Int Utilities B. % Interstat % Kerr Lake. ... 3% Kleinert Rubber. 17% Lake Shore M (12.80) 1% Lakey Foundry..... Lefcourt Realty 1.60. < P L L N L LTI L N r S P o =3 111 3 2 16 wnnENNaS 5o S NN ENEE - 38 2% Lion Oll & Refining.. % Loulslana Lan & Ex. % Magdalena Synd..... 69 Aluminum Co of Am. §00s 71 208 177 208 121% 5 46 b 1 30 2% 52 10 1% 2% % 10% 11% 2% ~Prev. 1931~ High. Low. 2 Mai 23% 22 4% b4 High. Low. Close. 1 70 T0% 80 80 1. n kel “ 2% 2% an Mood Moss G Nipi % 1% % 15% 18 ¥ il US Da 1% Nat Pub Sv A (1.60). Nat Rubber Mach. ... Nat Service Co. Nat Sh T Sec A $60c., Nat Sugar NJ (2)... Nat Union Radio. New Bradford Ol New Eng Pow pf (6), 20s New Mex & Ar Land. N Y Merchandise (1) N Y Steam Cp (2.60). NY Telpf (63%).... 2258 Niag-Hud Pow (40¢). Niag-Hud Pow A w Niag-Hud Pow B w Niag Sh Md (40c).... Niles-Bemt-Pond (1) ing Nor Am Util S North European O Nor Pipe Line (t4) Ohto Copper. Outboard Mot A. Pac Western O1l. Pandem Ofl1. Pantepec Oil. Paramount Cal . Parker Rust P(1314) Pennroad Corp (40¢) FPenn Wat & Pwr(3). 4 Pepperell Mfg (4). .. Perryman Electri Phila Co new(11.40). Philip Morris Inc Phoenix Secur Corp.. Plerce Governor. Pllot Rad Tube A. ... Pitney Bowes (b4 %) Plymouth Ofl (26¢).. Potrerq Sugar. .. Premier Gold (13¢) ... Pub Ut Hold cu pf(3) Pub Util Hold war.., Pub Utl Hold zw. Reliance Int B. Rellance Manay Republic Gas Corp. Reybarn Co..... Roan Antelope Min. . & 8t Anthony Gol . 5% St Regts Paper (60c) Salt Creek Prod (1).. Seaboard Util (28¢) Sec Allled Corp (1).. Secu Corp Gen (40¢). Segal L & H (ahoc) Selected Industries. Shattuck Den Min. Shenandoah Corp Shenandoah Corp Smith (A. 0.). South Penn O11 (1). So New Eng Tel (8) Southld Royalty 20c. SWG&Ept (7). _Spleg May Stern pt Stand Motor Stand Ofl of Ind( 1) Stand Ofl of Ky 1.60 Stand Pwr & Lt (2).. 1 Stand P& L (B) (2). 3 Stand P& L pf (7). Stand Screw (4).... Starrett Corp pf (3). Stuts Motor Car. Sunray Oil... Sun Invest pf (3) 4 Swift & Co (2). Swift Internat’l “Technicolor Inc. . Texon Oll& Land (1 Unit Gas pf (7). UnitLt& Pw A (1).. Unit L & Pwr pf(6). Unit Preit Sharing. .175s Unit Shoe Mach 13%. iry (A) (8). % US & Intl Secur... U S Inter Sec 1st pf. U S Radiator. 4 Unit Verde Exten (1) Utica G & E1 p£(7... % Utl] P&Lt(at1.02%), Ut P&L B(at1.02%). Utllity Equities. . Util & Ind pf (1%4). Walkez (H) (50¢c) Western Air Exp, Western Md pf...... W’rth(FW)Ltd (36c) Wright Har (112%c¢) 1 & Rad-K-Orph..Dec 21 vidend rates in_doliary nuslDarmment. * oEx dividend. " IPRrIY m:m'"'x'r'gfl' vy ey IRt S, i b 5 B lus 8% in stock. b Paid last Btoex and Sales— Dividend Rate. Add 00, Open. High. Low. Closs. Util Assoc. Mass Utev pf (2 4 2% !t).flfll (2 2 15).. Mid West Ut (b8%).. Mo-Kan Pipe Line. .. ‘. jold Mine: Nat Aviation. Nat Bd & S Co Nat Fuel Gas (1) In Sve pt pt. 213 27% 1% 14 62% 29 1 3 RO AR - i 1 1 9 9 1 56% B5% 114% 114% 114% T T Th 1 21 1 1 2% 4 2% 2% 4 10% 1 al b B3 919 » S e - BaB MnSan NaS~Nu~Rs ou—a e nmen 2 . 08 2 508 258 2 1 2 1 8 D 1 8 1 1 0 1 4 1 1 2 26 13 3 17 1 T 1 1 3 10, 30: 1 1 2 4 1 s 5. 2 5 1 3 1 . 9 2% 2% RIGHTS—EXPIRE 13 % % * - 87able in s .’ d‘!‘\’nlnlnl SR lar rate. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, November 23.—The fol- lowing is & summary of important cor- poration news prepared by the Standard Statistics Co., Inc., New York, for the Associated Press. ‘Weekly News Trend. The stock market continued its down- ward trend, losing approximately as much ground as last week. News for | the week was not favorable and even the markets which seemed ta have turned for the better showed reactionary tendencies. Wheat, which had risen 231, cents since the first part of Octo- ber, declined 12%; cents, the price of copper broke to a new low, and freight car loadings continued at ut 19 per cent below 1930. The actual movement of the market, as indicated by our price index for 90 stocks showed a decrease of 6 points, dropping from 84.2 on Novem- ber 14 to 78.2 on November 20, with all three groups moving to lower levels. Although the bond market was re- actionary, there appeared to be no great pressure of offerings, as in the previous week. The most pronounced weakness was in the second-grade rails, prompted by several unfavorable dividend actions. ‘With the exception of the better grade utilities, other sections of the domestic list, together with the forelga group, were generally and irregularly lower. The Campanies. American Commercial Alcohol deficit, nine months to September 30, $262,828, vs. net income, $70,186, equal to 18 cents a common share. Atlantic Coast Line Co. declared $1 common dividend; paid $1.75 Septem- 3 | ber 10, and $2.50 quarterly prior thereto. Kansas City Public Service—Total Teceipts January 1 to November 1, $6,- 673,815, $6,996,437. Onei ‘ommunity, Ltd.—Action on &mrly common dividend deferred to ember meeting. s g, | Sylvanite Gold Mines, Ltd.—Produc- s tion, three months ended September PFOREIGN BONDS. Sin 50% ) ST ¥ Ew_Without warrants. wi—When issued. 30, $232,115; nine months, $677,569. Brazilian Traction, Light & Power October gross off 27.8 per cent; net earnings off 26.5 per cent; 10 months' gross off 24.3 per cent; net earnings Off 2.2 per cent. Stanley Co. of America net income, year ended August 29, $1,711,254, vs. $1,366,993. Wisconsin Central Railroad October net loss, $322,679, vs. net loss $112,336; 10 months’ net loss, $2,232,601, vs. net lu.- $1,645 124, wedish Match — Manufacturing in United States may result from pro- posed acquisition by Vulcan Match, subsidiary, of control of Federal Match Corporation. . ‘Texas & Pacific Railway—Proposes cutting passenger rate to 1% cents a mile to meet bus competition; present rate 2 cents a mile; regular rate on ‘Texas line s 3%; cents a mile. Canadian Hydroelectric Corporation, Ltd., first preferred share earnings, 12 l'x;gn‘t:m to September 30, $16.15, against Delaware, Lackawanna & Western Railroad October net operating income Off 35 per cent; 10 months off 34.2 per cent. Philadelphia Electric—Denied author- ity to buy three utilities from United Gas Improvement, Rochester Gas & Electric combined preferred share earnings, 12 months to September 30, $14, aga $16.90. lemens & Halske, A. G.—Obtains $2,000,000 Uruguay telephone construc- tion contract in competition with Inter- national Telephone & Telegraph and other companies. United Gas & Electric declared $ common dividend; distributed $15 & share November 20, 1930. Kansas City Power & Light preferred share earnings, 12 months to October 31, $112.16, against $101.34. MOTOR CAR SALES. DETROIT, November 23 (#).—R. L. Polk & Co., which compiles official registrations of motor cars hout the United States estimates the total sales of new passenger cars during Oc- tober will reach between 98,000 and 102,000 when final figures are available. The estimate is based upon complete reports from 38 States. The five-year aver, r is 230,066 cars, OO = SHORT-TERM SECURITIES. (Reported by J. & W. Seligman_& Co.) Bid. ~ offer. Allis-Chalmers Co. 55 193 b 2 Ameiican Chain Co. 83 1033 9913 930 American Tel. & Amer. Wat, W aitimore & Ohio 41u Bethlehem Steel Corp. I""lfi}l Canadian Nor. Rwy. 4! Chi. Northwestern R. R. Chicago Rock Island 4 Cleve. LOI&&" eelin, o . Rwy. Cémmercial Credit Co. }.g Delaware & Hudson Co. 55 1935 Denver & Rio Grande 4';s 1936 im Cor General Public Srenyfletv!‘ 1539 Grand Trunk of Canada 8 198 Houston E. & W. Texas 5s 1933 Humble Ofl 5';s 1932, ..... Leclede s Light Co. 8s Louisyille & Nashville 85 New York Cent. & H. 4% 1094 New York. Chi. & 8t. L. 6s 1932 ::HR nltg 'l;!‘lln. 4 1934 5 3 . 8138 193 Portland rflllll Elec. 88 r e Co. 5las 1938 Southern”Pacific 55 t. L 1MS. Ry 3 § 9% St . 3 G. ¥ Ba s Ah A Wabash Rwy, - ¢ inia” Rwy. Powe: A 86 CHICAGO LIVE STOCK MARKET CHICAGO, November 23 (#) (United States Department of Agiiculture).— Hogs—55,000 head, including 25,000 direct; 5-10 lower than Friday's aver- age; 170-210 pounds, 4.40a4.50; top, 4.55; 220-300 pounds, 4.35a4. 160 pounds, 4.25a4.45; few pigs, 3.75g l.Dr?i gc=1?: Eli:ls,h 3.155341!0: smooth 80t .15, ight light, good and choice, 140-160 pounds, 4.25a4.50; light weight, 160-200 pounds, 4.40a4.55; medium weight, 200-250 pounds, 4.35a 4.50; heavy weight, 250-350 pounds, .2584.45; packing sows, medium and good, 275-500 pounds, 3.7584.15; pigs, ‘luod“ and choice, 100-130 pounds, 3.75a Cattle—Receipts, 22,000 head. Calves, 3,000; choice steers with weight only, a few loads here; strong to 25 higher; 13.00 paid for 1,282-1,286-pound aver- ages; middle - grades predominating; nothing done; biddng unevenly lower; toppy yurlst steady; best, 12.25; oth- ers weak to lower; generally slow and weak to 25 lower on most other killing classes. but not enough done to make a market. Slaughter cattle and veal- ers—Steers, good and choice, 600-900 pounds, 7.75811.75; 900-1,100 pounds, 8.00a12.25; 1,100-1,300 pounds, 8.25a 13.00; 1,300-1,500 pounds, 8.00a13.00; common and medium, 600-1,300 pounds, 4.00a8.25; heifers, good and choice, 550~ 850 pounds, 6.50a10.25; common and medium, 3.50a7.00; cows, good and choice, 4.00a5.25; common and me- dium, 3.50a4.00; low cutter and cutter, 2.5083.50; bulls (yearlings excluded), good and choice (beef), 4.00a4.75; cut- ter to medium, 2.75a4.25. Vealers (milk fed), good and choice, 5.0027.00; medium, 4.00a5.00; cull and common, 3.00a4.00. Stocker and feed- er cattle—Stes good and choice, 500- 1,050 pounds, 5.50a7.25; common and medium, 3.75a5.50. Sheep—Receipts, 25,000 head; mostly steady with lower undertone; choice native lambs, 6.25a6.35 to city butchers and small killers; packers bidding 6.00 down. Lambs, 90 pounds down, good and choice, 5.25a6.50; medium, 4.50a 5.25; all weights, common, 3.50a4.50; ewes, 90-150 pounds, medium to choice, 1.2522.75; all weights, cull and com- mon, 1.00a1.75; feeding lambs, 50-75 pounds, good and choice, 4.50a5.00. FOREIGN EXCHANGE. {Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks e London, pound. Paris. franc. LIVE STOCK PRICES IN UNEVEN TREND Choice Steers Are Only Class Holding Steady During the Week. BY FRANK 1. WELLER, Associated Press Farm Editor. choice steers were the only live !lo‘ibkr{n hold up under the unseasonably warm weather of the last week. They were so scarce and the Eastern demand for them so strong that the price spread between best offerings and the end of the run attained the staggering figure of $9. Strictly grain-fed steers and yearlings gained 25 to 50 cents for a season's high top of $12.75 at Chicago, compared to the extremely good top of $12.15 a week ago. Although common kinds were strong to 25 cents higher because of the stimulating influence of keen com- petition foj prime beef, bottom grades fell as low as $3.75. Heavies Lead Advance. The fact that heavies led the advance was due to their scarcity, but part of the gain as well as the upturn in com- mon steers and the strong to 25-cents higher market for cows and heifers was attributed to the approach of the inter- national live stock show early in De- mber. :fie show, whereas the ordinary demand continued. ‘At Kansas City best-grade steers were scarce and prices held steady, while shortfeds met a slow trade and steady to weaker prices. Most steers went at $5.25 to $7.50. A carload of grand champlon steers from the American * | royal live stock show sold for $15.25, or $3.25 above the week's top for the n market. op!Medium to good steers formed the bulk of offerings at ‘where prices finglly worked 25 cents higher. Heavies gained 50 cents for a top of $12.50, the nearest approach to Chicago of any market on the circuit, Year- lings topped at $12.35, chiefly because there had been a ;mck ah.w'whltch sent er classes to the open mi . up;:uc St. Louis had a break of 26 cents in almost all steer classes exchpt the very best. The bulk sold at $5.60 "|to $7.50, while fat steers brought as high as $9 and topped at $10.50. Heavies scored $8. A decrease of 24,000 head in receipts probably is the real reason cattle prices in the lower brakets dropped no more than they did. “The nearness of the % | holiday season turned more attention to poultry in the dressed markets and buype‘;s or!y live stock carcasses held the advantage over sellers. The few loads of show steers and lambs commanded premiums, but steer meat generally lost 50 cents to $1.50 wholesale. Last week's firm pork mar- % | ket fizzled and loins dropped $2 to $4. Buyers were slow and cautious in New York. Liberal supplies of beef brought a gradual decline in prices and forces sales caused concessions in less de- sirable cuts. Cow meat was 50 cents higher and mutton strong at Chicago. Hog Receipts Gain. An increase of 108,000 head in hog receipts, hot weather and a lower dressed market carried hogs off 35 to 50 cents at Chicago to bring the average cost for the week around $4.50, com- pared to $4.92 last week—a new low for the year. Top prices gradually worked from $4.85 to $4.50. Omaha recorded the narrowest price range of the season between lights and heavies, the bulk go- ing at $4.25 to $4.40. Fat lambs regained most of the 15 to 25 cents. break at Chicago and Omaha, closed about steady at East St. Louis, but Jost 26 to 35 cents under pressure | at Kansas City. For the entire circuit Westérns and the bulk of fed lambs went for $5.50 to $6.25. Comebacks made a top of $6.40 at Chicago, while feeders generally sold for $4.25 to $4.75. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., November 23.— ‘White potatoes, 100 pounds, 75al.l sweet potatoes, bushel, 35a50; barrel, 1.25a1.75; beans, bushel, 2.00; beets, per 100, 2.00a3.00; Brussels sprouts, per quart, 6al5; savoy cabbage, bushel, 35a50; -carrots, per 100, 2.50a 3.00; cauliflower, crate, 1.50a1.75; cel- ery, crate, 1.50a2.75; cucumbers, hamper, 3.0004.50; eggplants, crate, 2.5024.00; lettuce, crate, 3.00a4.25; okra, bushi 2.00a2.50; peppers, hamper, 25aT pumpkins, per 100, 3.00a6.00; onions, per 100, 2.00a2.50; spinach, bushel, 30a 60; squash, bushel, 1.50a2.00; tomatoes, lug_boxes, 2.50a2.75; turnips, hamper, 15a35; apples, bushel, 50a1.25. Dairy Market. Chickens, young, 20a22; Leghorns, 17a20; old hens, 17a22; Leghorns, old, 12a16; roosters, 12al4; ducks, 12al9; pigeons, pair, 25a30; guinea fowls, pair, 25a50; turkeys, 18a28. Eggs—Receipts, 1,468 cases; current receipts, 28a30; small pullet eggs, 22a 25; hennery whites, 34a36; nearby firsts, 30a32; western firsts,.30a32. Butter—Good and fancy creamery, 29a34; ladles, 20a22; process, 24a25; store packed, 15a16. Live Stock Market. Cattle—Receipts, 500 hea light supply, market steady. Stgers—Choice to_prime, none; good, to choice, 8.00a 8.75; medium to good 7.00a8.00; fair to medium, 5.50a6.50; plain to fair, 4.50a5.50; common to plain, 4.00a3.00. Bulls—Medium to good, 4.00a4.25; fair to medium, 3.50a4.00; piain to fair, 3.25 a3.50; common to plain, 3.00a3.25. Cows—Medium to good, 3.75a4.25; fair to medium, 3.25a3.75; plain. to fair, 240a3.25; common to plain, 1.50a2.5¢ Helfers—Good and _choice, 5.35a5.7 medium to good, 5.75a6.25; fair to me- dium, 4.75a5.25; plain to fair, 3.7524.75; common _to plain, 3.25a3.75. Fresh cows and springers, 30.00a60.00. Sheep and lambs—Receipts, 1,800 head; moderate supply, market higher; sheep, 1.00a3.00; lambs, good to choice, 6.50a7.25. Hogs—Receipts, 2,200 head: light supply, market lower; lights, 5.30a5.5: 4.90a5.30; med 5.30a5. pigs, 5. 10 cents higher. Calves—Receipts, 150 head; market higher; calves, 3.50a8.50. Hay and Grain Prices. ‘Wheat—No. 2 red Winter, export, no quotations; No. 2 red Winter, garlicky, spot, domestic, 60%:; November, 60!3; December, 61. Corn—No. 2 yellow, domestic, spot, 55a56; cob corn, new, 2.00a2.25. Oats—No. 2 white, domestic, 35,a36; No. 3, 3415235, Rye—Nearby, 50260. Hay—Receipts, none. New hay i« starting to arrive in increasing quantis ties, but so far no official grading has been attempted, selling being strictly on merit. Demand for old hay slow and market is dull and quiet, with prices in buyers’ favor at a range of 14.00a17.50 per ton. Straw—No. 1 wheat, 8.5029.00 per ton; No. 1 oats, 9.00a10.00 per ton. — Cement Shipmen.tl Gain. CHICAGO, November 23 (#).—Theo- 'dore. G. Dickinson, president of the Marquette Cement Manufacturing Co., said cement shipments for October were 25 per cent greater than for the same month of 1930. The largest amount ever handled by the Marquette Co. in a single day was on October 3, a total of 55,000 barrels. October vol- ume of business, Dickinson said, was 17 per cent above that of September. The Marquette Co.'s plant at Sall I, is the largest single unit cement spot, *| plant in the industry. ‘Winter e India’s rice acreage is larger than a year ago. 7 Stock has been held back for | Grain Market By the Associated Press. CHICAGO, November 23.—Grain prices tended sharply downward early today, influenced by a tumble in Brit- ish exchange rates. The acute weak- ness a'zmrung was utx‘tum mflhegl? sales to cover payments on goods whic! have beéen rushed into Great Britain before new tariffs become effective. Opening %-1% cents off, afterward fell further. Corn started at Y, decline to !, advance and subse- quently receded all around. Setbacks in British exchange car- ried the rate down to $3.65 from $3.7213, and led to increased selling pressure on wheat future delivery con- tracts here, as well as to curtailment of buying. Bears put stress also on United States Department of Agricul- ture reports of an increase of 38,996,000 bushels in_the wheat crop of the Northern Hemisphere, bringing the total to 3,114,412,000 bushels, exclusive of Russia. The change was attributed to an increase of 27,000,000 bushels in Canada and 12,000,000 in France. Contriputing to bearish sentiment as to graln was at least temporary ab- sence of new export business in wheat from North America. Overseas demand since Saturday was apparently restrict- ed to & few boat loads, altogether Ca- nadian. Wet weather over domestic wheat regions that have been com- plaining of drought acted as an addi- tional weight on wheat prices. Corn and oats sagged with wheat. Provisions showed some firmness on account of scattered buying for previous speculative sellers. New York Cotton Special Dispatch to The Star. NEW YORK, November 23.—Opening prices on the cotton market were 8 points lower to 1 higher today. Trad- ing was active. Near months benefited by trade ‘buying, but hedge selling pressed down distant contracts. Opening prices were: December, 6.01, up 1; January, 6.08, off 4; March, 6.24, 4; ‘May, 6.40, off 8; July, 6.61, off 5, and October, 6.89, off 3. MARYLAND TOBACCO SALES. BALTIMORE, November 23 (Sperial). With both receipts and sales of Mary- land leaf tobacco showing a decline again last week, the former totaling only 161 hogsheads and sales of 151 hogsheads reported, the market con- tinues dull and inactive, and conse- quently stocks in State tobocco ware- houses now total 15,187 hogsheads. With very little more desirgble to- bacco of the 1930 crop rcmalmnq to come to market, new offerings will be very small until the 1931 crop comes in. Quotations today for Maryland leaf tobacco per 100 pounds—Frosted and inferior, 2.00a4.50; sound to .good com- 5.00a15.00; medium to good, 15.00 good to fine red, 35.00a54.00; fancy, 54.50a55.00; seconds, common to 5.00a22.00; good to fine, 23.00 upper country, burley, nominal, leaves, 1931 crop, 4.00a20.00. PARIS BOURSE P!leS, PARIS, November 23 (). —Three per cent rentes, 84 francs 15 centimes; 5 per cent loan, 191 francs 30 centimes. Exchange on Tondon, 93 francs 50 ground centimes, The aullar was quoted at 25 francs 57% centimes. FIN DECREASE IN GAS SALE IS REVEALED Association Reports- Show Steady Drop During Month of September. BY GEORGE E. DOYING. NEW YORK, November 23.—The de- | cline in the revenues of manufactured and natural gas utilities in September, as compared with the same month last year, was four times as great as the decrease in revenues from consumers of electricity, it was disclosed by a com- parision of reports just issued by the American Gas Association and the Na- tional Electric Light Association. Sales of manufactured gas in Sep- tember showed a decline of 3 per cent and natural gas 7.6 per cent, while the Tevenues of all gas utilities were down nearly 5 per cent, the total being $44,- 582,539. The total revenue of the electric utilities from ultimate consumers in September amounted to $156,913,400, a decrease of 1.2 per cent as compared with September, 1930. Decline Was General. The decline in gas sales volume ap- peared to characterize practically all| sections of the country, although not | to the same extent. In New England September sales were 3.5 per cent un der a year ago, while in the Middle Atlantic States the decline amounted to less than 2 per cent. ‘The most marked curtailment manufactured gas sales occurred in the East North Central States, comprising Illinois, Indiana, Michigan, Ohio and ‘Wisconsin. Total sales for September were down more than 6 per cent, the result in large part of a drop of some 16 per cent in sales to industrial-com- mercial users. In Kansas and Oklahoma natural gas sales for domestic uses registered increases of 5 to 8 per cent, but this was offset by curtailed sales for in- dustrial uses. ‘The electric utilities showed de- creases in sales to ultimate consumers of all classes, excepting domestic serv- ice, which increased 8.7 per cent in September, and municipal street light- ing, which increased 2.7 per cent. Municipal and miscellaneous sales to- gether, however, decreased 13.5 per cent, while the total of sales to all ultimate consumers decreased 4.4 per | c shown in sales to ultimate consumers for the 12 months ended September 30, the actual figure being 4 per cent. Revenue from these consumers, how- ever, for the year decreased only 0.6 er cent. This may Be accounted for y the facy that the average annual consumptiol, for domestic service (resi- dential use) increased from 538 kilo- watt hours in 1930 to 572 in 1931, a gain of 6.3 per cent. monthly bill per domestic consumer was $2.80 fhis year as compared with $2.74 the Vreviqus year, an increase of 2.2 per cent. - 1%e average revenue per kilowatt hour, rowever, decrsased 3.8 per cent, from 6.11 cents in 1930 to 6.88 in 1931. . New_customer business for the elec- | This is theo ASSOCIATED SYSTEM @ Sixteen major and 104 other companies . . VCIAL in | ent. Practical’y the same decrease was | The average | as A 15 tric utilities are looking forward to many new developments that are ex- pected to produce millions of dollars annually in new business. Among these prgspective sources of additional rev- enue are the machine tool industry, ultra-violet radiation, air conditioning, television, color-photography, the photo- electric cell and Thyraton L Important developments are expected also in the chemical, tr communication and building (Capyright, 1931.) SOVIET TO REDUCE MANGANESE OUTPUT Commerce Department Hears Sharp Curtailment Has Been Ordered in Ore Exports. The Commerce Department teday was advised that the Soviet Russis &u- thorities have planned a heavy reduc- tion in the output of manganese ore during the current year. In the fiscal year 1929-30 Soviet Rus- sia produced 1,444,166 tons, roughly 44 per cent of the total for the world. The planned output for the calendar year 1930 was 1,583,000. The output for 1931 has been set at 960,000 tons, a reduc- tion of 623,000 tons; or about 40 per cent. The department was advised that this planned reduction amounts to 43 per cent of the sctual output in the fiscal year 1929-30, the last 12-month périod for which definite production statistics are available. Trade observers state, according to a cable received by the department to- lay from Indreth M. Harrison, third secretary of the American légation at Riga, that this reduction 1a she plaunéd output appears highly significant, es- pecially since Soviet Russia is making | great efforts to increase production in almost every iine and since the domestic consumption of manganese is increasing rapidly, due to the expansion of the | Soviet steel industry under the five- | year plan. | _ Exports are of vital importance to the Soviet Union n providing & means to pay for the imports necessary for the industrialization intended by the five~ year plan, it was said at the depart- ment, and manganese ore is the most important in the group of mineral ores exported. 1t comes from two rich de- posits which are located comparatively close to shipping points, so that ex- ports make a minimum demand upon the labor supply, transportation facil- ities and industrial organizations. ‘The plan of the Soviet authorities comes within a week after an an- nouncement was made that American manganese producers would renew their efforts in the cocming session of Con- gress to obtain an embargo on imports of manganese from Russio. The Améri- can Manganese Pioducers’ Association, supported by Senator Oddie of Nevada, chairman of the Senate Committée on Mines and Miniag, and Representative. Williamson of South Dakota, is reported to be behind the movement. ‘The American manganese industry, according to th: producers’ association, has been “prostrate” since dumping of Soviet ores began. Many plants have been shut down, causing widespréad unemployment. The protection to American manga- nese in the present tariff, according to the producers’ ciaim, has been over- come by Soviet “dumping.” In their opinion, nothing short of an embargo on Soviet mangunese will enable industry here to resume operations. . . . supply- ing electricity, gas and other utility services in 7 major cities (over 100,000 pop‘ulation), in 45 sizeable commu- nities (10,000 to 100,000),and in 3,035 other communities « + + 6,215,000 population . . . 1,447,700 customers . . . —these constitute the AssWciated System Important Places Served by the Associated System NEW YORK Rochester « Binghamton Elmira Auburn Lockport Ithaca Hornell Endicott Geheva Corning Cartland, Jahansan City Plattsburg Oneonta Staten Island, New York City PENNSYLVANIA Reading Lebanon Warren g Punxsutaw'iey Clearfield MASSACHUSETTS Worcester Cambridge Framingham Northbridge Somerville Dedham Natick Fairhaven Needham New Bedford Erie Johnstown Easton Hanover NEW JERSEY Phillipsburg Dover . KENTUCKY Owensboro Bowling Green Frankfore Hopkinsville vOHIO Portsmouth Conpeart Ashtabula INDIANA Terre Haute Richmond NEW HAMPSHIRE SOUTH CAROLINA FLORIDA TENNESSEE ILLINOIS SOUTH DAKOTA LOUISIANA Portsmouth, Columbia, Orlando, Clarksville, Bloomington, Y Sioux Falls, Lafayette, The 7 major cities—Rochester, Cambridfe, Worcester, New Bedford, Keading, Erie and Stateq Island (Bor- ough of Richmond, New York City), and many of the 45 other citi*s and communities, fQunded in colonial day‘s, parallel the i-lis(ory civilization. 285 Indust and growth of Americap es Served In variety and manitude the industcies served parallel those of the country as a whole. Among the customers , of the Associated System are outstanding business en- terprises in their respective industries—shoes, soap, cameras, candy, typewriters, hosfery, textiles, metal— to mention only a few of the 285 industries served in * these communities. This variety of communities and industries combined with active, progressive management in developing business opportunities, accounts for the unusual growth in electric output by the recent years. Associated System during Associated Electric Output . . Near Projected Normal During the first nine months of 1931, Associated electric output ‘was only 6% below the amount that would have been expected had growth been norma®. Electric output for the country as a whole was 12% below projected normal. Both the System’s electrie and gas output have practically held their own with 1930 and 1929 during the present difficult year. 8.7% Gain in Residential Use The business of the Associated System is growing— 27,400 new customers were added during the twelve months ended Sept: ember 1931—use of elec- tricity per residential customer increased 8.7%, off- setting almost entirely the smaller industrial use— 19,485 registered security make a total of 231,055. holders were gained, to All these constitute the Associated System, one of the [first eight major utility systems in the United States. For information about facilities, service, rates, write ASSOCIATED GAS & ELECTRIC SYSTEM 61 Broadway New York City