Evening Star Newspaper, November 24, 1931, Page 14

THE EVENING NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. STAR, WASHINGTON, D. C. TUESDAY, NOVEMBER 24, 1931 VAL BONDS WEAK | (o e BONDS ] ADVANCE N HONEY N QUET MARKET RATE LEVEL NOTED UNITED STATES. e e I 1N jForeign Dollar List Also|: Rediscount Charg'es Have Sags—Far Eastern Situa- Kept Pace With Increase tion Closely Watched. : in Other Directions. 1001100 100 © A 14 enw FINANCIARL, FINANCIAL, ISURANCE FRWS | "N G000 PLSTION Bales. 4 9% 84% 84 51% 51 50 60 22% 71 60% 68% Hich. Low. 2:58 5 45 991 99% 847 847 8415 84% 49% 51% 49% 501 50 . 50 60 60 22% 22% f o | 77 59% 60 66 68 6084 Net. Low. Clpse. Che 28% 30 3% 4 +3 214 e [ 34 4 A 111 CCStL&N 53 A 111 Steel 435 '40 Inland St4%s A’ Inland St 4% s B'S1 Int Rap Tr Int Rap Tr sta Int & Gr Nor 5 Int & Gr Nor 63'52. Int & G N ad 6s'52. Int Cement 5. i Int Hydro El 6: Sales— Add 00. High. 2 30 1 44 Stock and Diviaend Rate. 4 Tlde Water As pf(8) 35 Tide Wat Ol pf (5 19% Timken Roller B(2).. 1% Tobacco Products. 7 Tobacco Prod A t5e. 315 Transamerica Corp. . 3 Tri-Contl Corp. % Truax Traer Coal Co 1 T eel (60c). % Ulen & Co. . 1% Underwood-ElI-F ( (Continued From Page 13.) —1931— Stock and. Hizh. Low. Dividend Rate. 39% 2615 Pireili (A) (m3.13) 87 304 Pitts 15 2 Pitts 45 Pitts United pf (7) 3 Poor&Co(B)...... 2 Port Ric Am Tob(A). % Port R Am Tcb (B).. 814 Postal Tel&Cable pf. 513 Prarie Ol & Gas Sales— Add o0 High. Low. Close 28M, 284, 2R 30% 30% 100 28 100 23 100 23 1015 1013 1014 9320 93R 938 9419 948 949 9816 984 984 98 11 986 986 98 11 985 985 12 1005 1006 12 1022 1026 10 105 1056 Large Capital Structures i | Provide Margin of Safety * in Slack Business. 52 an 1§33 46- TS 45 4455 102 105 63 BY ROLLIN M. CLARK. Although there has been criticism in the past that the fire and casualty in- surance business was overcapitalized, the margin of safety provided, by such extra funds is proving its value today. The shrinkage in value of securities owned by the insurance companies has made inroads on their surplus accounts and in some cases the decrease has be- come serious. Fortunately, however, many com- panies with reduced surplus find them- selves with more paid-in capital than is necessary for the conduct of thelr | business. If the necessity arises it is a comparatively simple matter through Vote of the stockholders to reduce the capitalization and transfer the dmer«l ence to surplus. Several companies of Jate have announced they will llkt; this step. Contribution to Surplus. Another alternative in such cases is to arrange for an additional contribu- tion to surplus by the shareholders. In ordinary times it would be possible to sell more stock at two or three times par value, using the excess above p as a surplus aceretion. But the pres- ent time is not propitious for such action. Still another method adopted in some instances is to merge two or more com- panies. This is being done by some of the so-called “fleets”—groups of com- panies operated under single manage- ment. By mcrging some of the weaker units with the stronger, economies are being effected and the policyholders’ interests are being safeguarded. It is a noteworthy fact that there have been few fallures among insurance companies in the last two years. Even in the fire and casualty field, where the pinch has been felt because of pa- per losses in common stocks in which a part of the assets has been invested, an outstanding record of solvency has been maintained. Life insurance companies, whose in- vestments generally comprise first mort- gages. Government bonds, railroad and public utility bonds, and policy loans, have not been forced to take heavy Josses. While their rail holdings rep- resent about 17 per cent of their assets, these bonds, if amply secured, are car- ried on an amortized basis unless in aefault. Factors in Situation, Several factors contribute to the fa- vorable situation in which the life in- surance companies find themselves. “Their rates are based on an assumption that the interest return on their invest- ed reserves will be 3 or 3'2 per cent. Actually it has averaged more than 5 per cent. Likewise their rates are predi- cated on a mortality table which makes ampie allowarnce for the number of death® likely to ofcur in a given vear. The actual mortality experience has been between 50 and 60 per cent of the expected. It is from these gains that the so-called participating com- panies are nblfi ]tg pay large dividends to_their policyholders. Fire and casualty confpanies. how- ever, do not have the prospect of such savings. Their sources of profit are in underwriting and from investments, but both have been resulting in losses. Higher rates would help them. but with the exception of a few branches of in- surance the rate level is actually lower this year. It is seldom that both un- derwriting and investments prove un- profitable, but, having realized the pos- sibility of such a contingency, most companies find themselves well prepared for it with an unusually large surplus or more capital than is actually needed heir business. 1n thelr busiges ient, 1031 CONSTRUCTION RECEIPTS FOR RECLAMATION GAIN 1931 Collections Amount to $4,- 337,611, or an Increase of $1,- 266,863 Over Last Year. The Interior Department’s Bureau of Reclamation said in a recent report that construction collections during the fiscal year 1931 amounted to $4.337- 611.14,” an increase of $1266,863.71 as compared with the fiscal year 1930. Repayments of operation and main- tenance charges amounted to $1,32 05328, a decrease of $199,575.96 as compared with 1930, However, this reduction is due mainly to the general Jowering of operation and maintenance costs, as the total delinquency as of June 30, 1931, is only $29,515.78 greater than it was for the same date in 1930. Total payments for the fiscal year amounted to $7.409.723.84 and disclose a substantial increase over the fiscal vear 1930 of $1.396,05157. BANK EXPANSION PLANS 0.K.'D BY STOCKHOLDERS 7% Prairia Pipe Lin: 39% Proct & Gamb ¢2.40). 517 Public Sve NJ(3.40). Public Sve NJ pf (5) Pub Sve G&E pf (5).. 22 Pullman Corp (3) 5 PureOil... 6415 Pure Oil pf ( Purity Bal Radio Radio Corp pf A 3% % Radio Corp (B) (5).. Radio-Keith-Orph A. Raybestos Man (1.60) Reading Rwy (4).... Real Silk Hosfery Remington-Kand Republic Steel. .. Republic Steel p Reynolds Metls(1%) 9 Reynolds Tob A (3). 4 Reynolds Tob B (3) Rio Grande Oil. .. Ritter Dent Mg 1% . Rossfa Insur (2.20). Royal Dutch of NY Rutland RR pf Safeway Stores (5) Safeway Strs pf (7). St Joseph Lead (1) StL-San Francisco. StL-San Fran pf(6) Savage Arms.... Schulte Retall Stores Schulte Stores pt (8) Seaboard Air Line Seaboard Ofl. . Seagrave (40c). Sears Roebuck ( Seneca Copper. Servel Inc..... Sharp & Dohme. Shattuck (FG) (t1%) hell Union Ofl. hell Union Ol pt Shubert Theaters Simmons Co. Simms Petroleum. .. Sinclair Consol Oil. . Skelly Oil. Snider Packing pt Socony-Vacuum (1). South Port Rico Sug. Southn Cal Ed (2)... Southern Pacific (4) x Southern Rwy (m6). Southern Ry pt (5) Spalding (AG) (1). 4 Sparks Withing (1) fipicer Mfg pf (3) 12% Stand Brands (1.2 Y% Stand Gas&El (3%). 4215 Stand Gas&El pf (4). 28% Stand Oil of Cal(2%) 8813 Stand Oil Exp pf (5). 28% Stand O11 NJ (12) 1 Sterling Secur (A). 214 Sterling Secur pf.. 19% Sterling Seeur cv pf. 4% Stewart Warner... 13% Stone&Webster (m2). 9 Studebaker Co(1.20). 99 Studebaker pf (7) 18 Superheater (2%4)... 13 Superlor Oil 97 12% Telautograph (1.40). 15 Texas Corp (2). 20% Tex Gulf Sulphu; 213 Tex Pacific Coal&Oil 4% Tex Pacific Land Tr. 5 Thatcher Mfg Co. 2 Thermold Co 515 Third Avenue. 6% Thompson Prod 1.20. 1% Thompson Starrett. . 18 Thomp-Star pf (3%) 314 Tide Water Asso Oll. Union Carb & (2.60).. Unjon O Union P; Union P: il of Cal (2). acific (10). acific pf (4). Cnit Afreraft. Uait Carbon. .. % Unit Cigar Stores, Unit Corp (76c) Unit Corp pf (3). Unit Dy Unit Elec Unit F "nit Gas&Im (1. Unit Ga Unit Pie 4 U S Frel, U S Gyp: U 8 Indu U Leather. ewood pt ic Coal. .. it (3) 14 18 2 108 Bes s&Im pr(5).. ce DWpI 6% ght..... sum (1.60) us Alcohol. U S Leather (A). Us ipe & Fdry (2). ] S Pipe&Fy 1st 1.20 U S Rea U S Rubl U S Rub U S Smt, U S Smt U S Stee! Ity & Imp. ber. .. ber 1st pf. .. & & Ref (1). g&Ref pf 3% 1 Corpm (4).. U S Steel pf (7)... United Stores (A). United Stores pf (4). Unlv Pic 1st pf (8) Univ Pipe & Rad. Univ Pipe & Rad pf.. Utl] P&L(A) o12.15. 76% TI1% 46% Va-C 109 86 Vall 71% 32 ro sh Waldorf & 18t Vanadium Corp. . Chem pt (T) ec&Pwr pf (6). Vulean Detin (4). RER s (13 worth Co. . % Warn Bros I W n Webster Wesson West Pa 4 West Pa 'wr pf (6). t Pa Pwr pf (7). Western Dairy (A) ‘Western Maryland Western Pacific pf. Western Union (6) Westinghse A B(2). 10015 141 i f1g 51% 16 36% Westi 751 Wsthse /14 W Wheelir Wheelin W hite Motors Willys-C YA K3 Bros....... ) enlohr + no(2). 16% 70 8 1038 110 14% i “ 0il&: 108 1208 10 2 house (2 1M 15t m Westvaco Chlor 1.60. teel. ... .. i Steel pf3). Iverla Wilson & Co (A). : Woolwo rth (14.40) Worthington Pump.. Wrigley Yale & 3% Yellow 'l 13 19 7 13 20 78 Ygstwn 1% % Elee Po Zonite D (Wm) (4) owne (2). Truck. Young Spré& Wire (2 Sheat Tod Corp (1) RIGHTS—EXPIRE. &Lt ..Dec 4 62 % Sales of Stocks on New York Exchange. 30 P.M. ; ~vidend 1. | Payments based on the lalest Guarterly or half-yearly declarations. bonds eased along with Canadian gov- il xEx-dividend. sl '“ | 4% in stock. - 1% | b Pavable | b Plus 2 3% in stock. stock. b Pl stock in’ stock. 2%% “Plus 9% in stock m Pald this year—no regular rate. 500,000" 000,000 nuai cash 200,000 700,000 2: given'in the above tabl Partly extra :Plus ear-no reguiar rate, Pavabla in cash or stock. f Plus 8% in tack. i Plus 50c in special preferred stock. K Plus nPlus 5% in Less than 100 shares. a Paid I n stock Buying a Bond BY GEORGE T. HUGHES. | It is one of the fundamentals of in- ‘4 vestment that seasoned securities take | precedence over those in the develop- | ment stage. It is this rule which is applied in the New York law regarding | public utility bonds legal for savings | banks. The law requires that a bond to qualify must e that of a corporation | in existence for a period of not less than eight fiscal years. “The theory, and it is sound, is that | only over a period of time can the | stability of any industrial unit be estab- lished sufficiently to admit its securities to an investment rating. The individual | investor too often overlooks this essen- tial in his anxiety to reap the profits consequent upon investment in an en- terprise at its organization. The fallacy lies in 1gnoring the record which shows that a very small proportion of new ventures make any profits at all. The test of time must be applied and while that may rule out speculative gains it does make for conservatism in invest- ment. The New York law further requires that during the eight fiscal years which a corporation must have been in ex- istence it shall have paid promptly and regularly principal and interest on all its funded debt, direct, assumed, or guaranteed, as they fell due. It is not | enough that the company in question has operated the minimum number of ears, but that during this time is must have met obligations punctually. Carrying the standard a step higher it 15 next demanded that for five fiscal By the Associated Press NEW YORK, November 24 —Stock- holders of the National City Bank of New York have approved the plan for acquiring assets and business of Bank of America, National Associe. . As- | senting stockholders of the latwr will receive six-tenths of a share of Na- tional City stock and 40 cents in cash for each share of their Bank of Amer ica_stock National City's capitalization is to be increased f{rom $110.000000 to not more than $124.000.000 Charles Mitchell, chairman of National City, said that more than 95 per cent of the Bank of America stock had been deposited. Current earnings of the City Bank, he said, were “very satisfactory.” A Farnings for the first 10 months. he reported, were “just about what they were last year” and he thought the year's total would be “fully as large” as for 1930. November Lows. NEW YORK. November 24 (Special). ~-While the bulk of the new low prices so far this year were those of October, there have been in November 116 stocks that have sold under the low quotations previously made in 1931. This represents between 15 and 20 per cent of the stocks listed. The new lows are most numerous in the railroad group. COAL PRODUCTION. By the Associated Fress. Production of bituminous coal dropped_off sharply during the week ended November 14 as compared with the previous period. Total loadings, for comparable weexs, follow, as calculated by the United S'ates Bureau of Mines: ‘Week ended November 14 7,553,000 tons Previous week. ... 7,690,000 tons Same week last ye 9,718,000 tons FOREIGN EXCHANGE. tions furnished by W. B._Hibbs & Co.) e Nomina gold Selling checks e London, pound Paris, franc, W e Stocknolm, erown. years preceding the investment the net earnings of the corporation under analysis must have averaged annually not less than twice the average interest | charges on its entire funded debt. This, of course, is an arbitrary ratio, but it serves as a guide to the private in- vestor. A bond may be entirely sound Af interest is earned only one and one- half times, or even less, and the interest |may and’ often is paid when the | earnings for any onc year are not | sufficient for the purpose, the corpora- {tion drawing on surplus for the deficiency. Even under the rigid test set up by the law it would be possible for a bond to be legal if in one year earnings fell under the “twice over” requirement provided the results over the longer period were satisfactory and provided that charges were covered twice during the year immediately preceding the in- vestment. (Copyright. 1931.) CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIO! NEW YORK, November 24.—The fol- lowing is a summary of important cor- poration news prepared by the Standard Statistics Co.,, New York, for the Asso- ciated Press: y News Trend. Automobile production last week to- taled 8,709 cars and trucks, which com- pares with 9,156 units in the previous week and 42,858 units in the corre- sponding week of last year, accorgding to Cram’s automotive reports. Thé de- crease from the preceding week was less | the normal seasonal decline. Although an increase in activity was reported, it was not reflected in last week’s tota). Nevertheless it is felt that greater production shortly will be in evidence as the number of employes at the lead- ing automobile factories has increased in the past few weeks. The Companies. Cables & Wireless, traffic receipts of Imperial & Interna- tional Communications, Ltd. $454,279 vs $446.097; 10 months, $3,960,544 vs,] $4.526,268. Delaware, Lackawanna & Western | Anacostia ‘& Pot 1c. &P, Capital Traction R. R. 58 City & Subur | Georsetown Ga: Py Wash. Rwy. & El WASHINGTON STOCK EXCHANGE QUOTATIONS AND DAY’S SALES SALES. Washington Gas 6s “B"-—$300 at 10214, $200 at 10214, $200 at 10214, Washington Rwy. & Elec. 45—$1,000 at 867z, AFTER CALL, Washington Gas 6s “A"-—$100 at 1003, Bid and Asked Prices. BONDS. PUBLIC UTILITY. Bid. Asked, & Tel. 4135 '30 e & Tel. ctl. tr. 58 R. R.'S Guar. 5s... of Va. 55.. Amer,_Tel Am. Tel . & Pot Tel Potomac Elec Potomac Elec | wash.. Alex. washington Gas 4’25 Washington Gas 55 . Wasn. Gas 6s, ser Wash, Gas 6s. series B Wash, Rwy. & Flec. 4s MISCELLANEOUS. Barber & Ross, Inc.. 6' evy Chase Club 5'us. Solumbia _Country Club D. C Paper MIg. 65..... Wash. Mkt. Cold Storage 55.. STOCKS. PUBLIC UTILITY. Tel. & Tel () rrastion Co. (4) ht pid T 120% D 21% (8. 110 1165 +110 =107 Amer pita ashington Gas Li N & W. Steamboa Pol.” Eiec.” Power 6 ¢’ Power 5'z v. & El com “420 pid. 1t NATIONAL BANK. Wan R 2. Rv 6 250 425 200 210 50 210 Capital (14) Columbia (13 s . Commercial (stamped) (10) DUStrct (8). ... ie. Fed.-Amer. ‘Natl Bk. & Tt Liberty (78) R. R.—Round-trip tickets to Newark and New York roduced to about cost of one-way ticket “Technicolor, Inc.. 1931 at over 29 cenis a share 1930 A. P. W. Paper common share earn- ings exclusive suosidiary quarter ended September 30 35 cents, Vs. 60 cents. American ssmelting & -Refining_cuts lead price 10 peints to 3.85 cents a pound, New York. Foster-Wheeler Corporation takes no action on comm-n dividend: paid 25 cents October 1 and 50 cents quarterly theretofore. Nehi Corporatisn dividend; paid 1 showing for I first six mon:h New York, Ci preferred shace eainings 10 months to October 31 $1.12, vs. §8.06. Robbins & e, ended August 3. $514,319, $149.655. Thompson-Starrett Co—Uncompleted work as on Octoner 29 totaled $11,282,- 293, vs. $16,824,451 October 30, 1930. Beston Woven Hose and Rubber de- clares 50 cents quarterly common di- vidend; paid $1 in previous quarter and $1.50 prior thereto. Columbia Pictures — Arranges for showing of pictures on four additional circuits. Sherwin-Williams of Guces paint prices 15 cents a gallon fur- ther to lowest levels in years. Western Unidn Telegraph—Rates for new printer service for firsi three min- utes to be twice charge for 10-word telegram to same place and for each additional minute one-third of ini- tial rate. Gillette Safety Razor—Proposes re- ducing stated value of capital stock from $177.465,767 to $35.164,221, trans- ferring difference to capital surplus; also plans writing down of asset valua- tion to more conservative figures; changes would remove obstacle to re- sumption of common dividends. Insuranshares Corporation of Dela- ware liquidating value November 20, net estimated vs. $1.31 for quarterly common cents Sepiember 1: half expected to equal deficit year vs. deficit cembér 31, 1930. Thompson - Starrett share_earnings, 6_months 29. 17 cents, v8. 97 cents. . common to October United Wall Peper Factoriés defers | present time. .| D. © Paper Mfg " | Peoples Driug Stores pid. 2go & St. Louis R. R. | Canada—Re- | | Lincoln (10)., . 400 | Metropotitan (145 Riggs (158). ... | Second —19e) | Washington (12) ‘ TRUST COMPANY. Amer. Sec. & Tr Co. (15).....! | Continental “Trust (8).... Natl. Sav. & Tr. (120)....""" Prince Georges Bk. & Tr. (6 | union Trust (8s) 5 | Wash. Loan & Trust (i4)1.0 SAVINGS BANK. Rank of Bethesda (6%) Com. & Savings (10) | East’ Washington (12} | Potomac (107 ... sec. Sav._ & Com. Bk ventn Sireet (12). .. | United states (30, | Wash. Mechanics (20} | FIRE INSURANCE. American (12) Corcaran (10) Firemen's (8) z ational Union’ (i3} TITLE INSURANCE. Columbia (6h) Real Estate (6h ‘0 MISCELLANEOUS. Medical Bldg. Corp. (§) Sand & Gravel pid. (7) 1d Dist. Natl: Sec. pfd..i1). Emer. Bromo-Selz, “A” '{ | Federal storage pid. (8. | Ped.-Am. Co. com. (1.20() Fed.-Am. Co. pfd.” (6).... | Lanston Monotype (6) .. er. Tr. & Stze com. (i0. er. Tr. & Stge. pfd. (7) ergenthaler Linotvoe (8) atl. Mige. & Inv. pfd. (81 ] 615 Real Est. M. & G. pfd. (8) Securify Storage (de)... .. Ter. Ref & Wh. Corp. {3} The Carvel Corp. (2)........ W. Mech. Mize. com. (6} Wash. Med, Bldg. Coip. (7). | Woodward & Lothron com. (1.20) | Woodward & Lothrop nfd. (1) “Ex. dividend 52% extra. bBonks closed, 327,00 exira, n2sc extra. 372 exira. f30c extra. 4, extra: 5% extra. Col. g quarterly dividends on prior preferred and $7 preferred stocks: paid $1.50 and $1.75, respectively, September 1. Cresson Concclidated Gold Mining & Milling net gain quarter ended Septem- ber 30, $7.641. Great Western Power of California combined prefrired share carnings 12 months to September 30, $2249 vs. Perfect Circle common share earn- ings 10 months to October 31, $4.95 v §351; president cstimates 1931 earn- ings at $5.60 a share. First National Stores common share carnings six_months to September 26, | | $2.76 vs. $2.53 | ~Foundation Co. deficit nine months | to September 30, $327,073 vs. deficit $59.441. Atlantic Refining increases gasoline prices 1 cent a galion in Eastern Penn- sylvania. |~ Oppenheim, Coliins & Co. net sales three months’to Gctober 31 off 23.5 per cent, New Manager Named. NEW YORK, November 24 (#).—Boyd Fisher of the ‘Irving Trust Co., New York, has been elected general manager of the National Machine Tool Builders' Association, with headquarters in Cin- cinnati, Ohio. Mr. 'Fisher has resigned from the Irving Trust and will assume his duties | with the Machine Tool Builders' Asso- cation December 15. He said today that he first would go to the headquarters |of the association and soon thereafter | would spend some time traveling among | the members. The association is an | organization of companies manufactur- | ing machine tools, which have plants located in 19 States. Mr. Fisher succeeds Ernest Du Brul, | whose " resignation was effective last ‘snurdny. | SRR Ly i Voluntary Wage Cut Considered. BALTIMORE, November 24 (Special). —Organized employes of the Baltimore Ltd.—October | $12.53 & common share, vs. $20.30 De- | & Ohio Railroad Co., other than train- men, are considering a voluntary wage reduction. Officals of the road ad- mitted this was true, but have nothing U | further to say on the subject at the i 4[to the belief that Japan will not halt 7| In the domestic list railroad bonds | BY F. H. RICHARDSON. | Special Dispatch to The Star. | NEW YORK, November 24.—Railroad | bonds continued their slump today in {quiet trading. The influence of this! weakness was felt to some extent by every part of the list, though the de- | clines in high-grade utility and_indus- {trial bonds were negligible. Foreign dollar bonds were generally lower. The market was steady at the open- ing, but the few bids that served to prevent opening losses were quickly translated into sales or withdrawn, and (later offerings found a soft market. | The investment market must be sal fied as to a number of situations befofe |there can be any improvement. The | Manchurian muddle still commanded {attention, and London advices inclined | short of her objective—complete recog- | nition of her.treaty rights by China. Franco-German affairs were still un- | certain, the hopeful aspect of the situ- iation today being the Reichsbank's | consent to the withdrawal of sufficient “devisen,” on holding of foreign cur- rencies, to pay $6,000,000 of matured German _Buliding and Land Bank bonds. The issue was due August 15 ! last, but was extended to November 16. It will be paid off in three installments, on November 25, February 25 and May 25, interest at 7 per cent to continue on the notes until redeemed. The issue was guaranteed by the German gov- ernment. Foreign dollar issues in many cases had losses of 1 to 3 points. German| ! government 5',s and Dawes Repara-| tions 7s were little changed, but de- | clines were sharp in German Central | Bank issues, industrials like United Steel Works 61%s and Siemens & Halske 16158 and utilities such as Westphalia | Electric 6s and Berlin City Electric obligations. Austrian 7s lost 3 points. So did Poland 7s. British government 5158 declined a point because of the heaviness of Sterling Exchange. French and Belgian issues were firm. Japanese government bonds were a point lower. Japanese municipals and utility bonds lost 1 to 3 points. Taiwan 51,5, the most recently issued Japanese loan, dropped a point to a discount of | more than 24 points. South Americans were off a point or more, especially the Argentine s and Uruguay 6s and 8s. Australians were also heavy. were outstandingly weak. While the | employes of the Georgia & Florida, who are members of the Big Four unions, accepted a 10 per cent wage reduction, the market did not take this as indica- tive of labor's general attitude. ‘The Georgia & Florida is in receiver- ship. Sharp declines occurred in Nickel | Plate 6s, Frisco B 5s, Wabash, 412s and | D 5s, Missouri-Pacific 5s, Alleghany 5s, | Atlantic Coast Line 1st 4s, Baltimore & Ohio first 5s, Chicago & Northwestern | 4%s and Big Four 4':s. Canadian Railroad issues were also| lower, Canadian Pacific 5s of 1954 drop- ping 4 points and the Perpetual 4s a Ipoint. Canadian National Railway ernments because of tae weakness of the Canadian dollar. The New Canadian government loan was reported about half subscribed today. Bonds were steady at the opening. Trading was small in small volume. Firmer prices in stocks and the ab. sence of any new bearish domestic de- velopments served to check selling. In the foreign department, however, | some weakness resulted from the Man- |churian news. Japanese government | 6155 were off fractionally. Taiwan 5155 dropped a point and Tokio Electric 6s were fractionally lower. South Ameri- | ! cans were soft. British 515s gained | slightly. Belgian and French descrip- tions were firm. Railroad bonds were disposed to hold their levels in spite of persistent liquida- tion. Prisco 4'zs, New York. Westches- ter & Boston first 415s, Erie 5s, Mis- souri-Pacific 55 and St. Paul adjust-| ments sold at unchanged prices. Indus- | trials, such as Dodge Bros. 6 and Texas Corporation 5s, also held well. CHICAGO DAIRY MARKET. CHICAGO, November 24 (#)—But- ter, 15314 'tubs; steady, prices un-| changed. Eggs, 4,092 cases; steady, prices unchanged. NEW YORK, November 24 (/).— Bid. Asked. & Gen Sec “A", e & Gen Sec B Am & Gen Sec 53 pi. Am Br & Con 6% pf Am Comp Tr Shrs. Am Fdrs 6% pi. {Am Fdrs 7' pf. Am Fdrs 1/70 ‘com Am Fdrs cv pf cts Am Fdrs 1/40 com Am Ins Stocks.. . Assoc Stand Oil At gec pf..... Atl Sec war Atl & Pac Tnt ity Atl & Pac com ww Atl & Pac pf war Bankers' Nat Inv Bansicilla_Corp.. Basic Tndusiry British Type Inv Gentury “Tr Shrs Chain & Gen Eauities Ghartered Tnvest. Ghartered Inv pf. Chelsea Exch A Cheisea Exch B, Cumulative Tr 8h Corp Tr AA. Corporate Trust Corp Tr Accum St Crum & Foster Crum & Fost 87 pf Crum ‘& Fost Ins.. . Crum & Fost Ins 7 Depos Bk Sh N'Y “A" Depos Ins Shrs A" versified Tr A.. e sified Tr B e 3 Diversified % © 1..10000000 304 | Diversified Tr D Eauity Invest Equity Invest pf Equity Trust Shrs " Five Year Fixed Tr . Fixed Trust Sh_A Fixed Trust Sh B . Fund Tr Ehrs A Fund Tr_Shrs B Granger Trade e Gude Winmill Trad 1.l Incorp Investors incorp Invest Eauif Independ Tr Shrs nt Bec Corp. Am A nt Sec Corp Am B Int Sec Am 6 pf Int Sec Am_6'. ol Inv Tr N'¥ Coll Invest Trustee Sh Leaders of Indust Leaders of Indust Leaders of Indust Low Priced Shrs . Major_Corp Shrs Mass Invest Tr . Mutual Tnv Tr A Mutual Manage . Nation Wide Sec Natl’ Indust Shrs Natl Tr Shrs ... N ¥ B Tr8hrs ..ol Nor Am Tr_Shrs 1655, Nor Am Tr Shrs . Nor Am Tr Shrs 1956 Northern Secur. ... Ol 'Shares units Old Col Toy Tr ! Old_Col Tr Assoc Petrol Trad A Public Serv Tr Repres Tr Shrs Second Int Sec A Sccond Int Sec B 5 Sec”Tnt Sec 6 ‘st i Secur Corp Gen 36 Bf Selected Am Sh .. Selected Income Sh Selected Manage Trust Shawmut_ Bank Spencer Trask _Fund Stand Am Tr shrs Stand Al Am Tr Stand Collat Trust ' State Sireet Invest Super of Am Tr A . Super of Am Tr B Super of Am Tr G Super of Am Tr D Trust Shrs of Am | Trustee Stand Inv G. Trustee Stand Inv D Trustee St Oil A .. Trustee St OJl Shrs Trusteed N Y_C Bank Trusieed Am_BK Sh . Tr Am Bk Shrs A Two Year Trust Sh . United " Fixed Shrs Am Am g A B - Sozeteo Y a BN 25 g2od e ! Bank Tr g e § & Brit Int Lid 8 & Brit Int 33 U 8 Elec Lt & Pow U S Eiec Lt & Pow B Universal Tr Sh .. 2305 (i 3% | Duauesne 47 Sale: Abitib] P&P 5s°53. 17 Alleghany Cp 5344 Allegheny 5549, ., Allegheny 58 °'50. .. Am Chain 6533 Am F P 552030.. .. AmIGChbl%s 40, Am Intl5% Am Metal 56345834, . Am N Gas 6%s 42 Am S&R 1st 5847, Am Sug Ref 6s'37, Am T cv4%839 AmT&T 6365, Am T&T c tr 6s "46. Am T&T 638 £'60. Am T&T 5% 843, .. Am W Wks 55 '34., Arrentine 5148 '62. Argentine May "61. Argentine 6s Ju's9. Argentine 65 Oc’59. Argentine 65 A '57. Arm & Co 4%5°39. Arm Del 5145 *43 Atchison adj 4s°95, Atchison gn 439 Atchiscv 4%s 48, AtICLecl 4852, AtICT 1st 48’52 At Gulf 58 °59 Australia 43 Australia 68 Australia 5557, Austria 7s43.. Austria 78 '67 ctf |B&O 43%s'33 B&Ocv4%s 60 B&O 1st 5548 B&Orf5s’95 B&OSwdv & O Toledo Bk of Chile 6% s ‘57 Bk Chile 635 61. . Batav Pet 438 '42. Belgium 65 55 Beiglum 6l%s Belgium 7855 Belgium 7: B Ind Loan C 6346 Bell Tel Pa 55 B'48 Berlin Cy El 68 '55 Berlin C'E 615 '50. Beth Stl pm 55 '36.. Bolivia 78°58. ... Bolivia 75 '69. Bolivia 834 Bordeanx 6s '34. Bost & Me 4% 5 6. Bos &Me 5567, Brazil 614826, Brazil 614827, Brazil 7s. Brazil 85’41 Bk Ed gn A 5549 Bklyn Elev 6% Bklyn Man 6s ‘68 RYiyn Un 55°45 Bklyn Un 1st 5s Buenos A 6s'61 Pv. Budapest 6s'62 Buft Gen El 4348’31 Calif Packing 5540 Canada 43 ‘60 | Canada 4% 36 Canada s ‘52 Can Nat 4%s Can Nat Ry 4138'56 Can Nat 4%s57... Can Nat 43%s "6 Can Nat 5s July’'69, Can Nat 55 Oct Can Nat 55 '70. Can Nor 4%s '3 Can Nor 6%s db Can Nor 75 db 40 Can Pac db 4s Can Pacific 4% '46 Can Pac 435 '60. .. Can Pac 58 '44. Can Pac 58 '54 . Car Clin & O 55 '38. Car Clin & O 6552, Cent 111 GRE 58'51. Cent Pac 55°60. ... Cen Ry NJ g 55 '87. Cert-tddb 5% s "48. Ches Corp 55°47.... C& O gen 4% C&O 4%sA'03 C&O04%s B0 Chi & Alt 3s. CB&Qgen4 Chi & Est 111 5851, Chi Grt West 45'59, Chi M & St P 4589, Chi M&StP4%sC. C M StP&P 58'75.. CM&StPadj5s.. C&NW 413s C 2037, Chi& NW en 4%s.. “hi & NW 6145 '36.. Chil RI&P gn 45 "88, ChiRI&PTrf ‘34 ChiRTcv4%s 60, Chi Un Sta 435 '63. Chi Un St 58"44.... Chi Un Sta 55 B 63, Chi Un Sta 6145 '63. C& W Ind en 45’52, C& W Ind 5%s'62. Chile 63 °60. Chile 6561, Chile 6s°63. Chile 7542 & Chile Cop db 59 '47. 2 CintnTrust c s B Clev Term 5s°73 Clev Term 5% '72. Cologne 6345 °50. Colomb 65 Jan '61.. Colomb 6861 Oct Colo & Sou 4%5°35, Col GRE 55 May'52 Col G&E cou 53 '61. Com Inves 513 49, CC Md 1st rf 55'50. Con G NY 4%5°51.. Con G N Y 535845, Con Pwr Jap 6%s.. Con Pow Japan 7s. Consum Pow 5s '52. Copenhag 4% Copenhag 53 °5. Cuba 5% Cuba Nor Caecho §5 51 Czecho 8s8'52. Del & Hud rf 4 Denmark 4%s Denmark 5%s '55. . | Denmark 6s°42. ! Denver Gas 58'51.. D& RGrends'36.. D&RG W bs'55. DRG& W 5s'78. Det E G&R4%s'61. Dodge Br cl 68'40.. Dutch East T6%'62. Dutch East I Nov.. Brie 1st con 4896 Frie gen 45 Eriecv 5 Erie 53’7 Finland 613856, .. #inland 78 '50. Fla E Coast 58'74 Fram 1 D 73842 French 7s'49. French T%s'¢1. Gelsenk’hen 65'34 Gen Baking 515840 Gen Motors 6837, 3 Gen Th Eq 6540 German 5%s "85 German BK 6: Ger Cen BK 65 °60 Ger Cen Bk 63600 6 German Tsrep ‘4. 21 German Bank 7s ‘0 Goodrich cv 68 "45.. Good 15t 6%8 "47. .. Goodyr Rub 68'67. . GrandTr sf db 65'36 Grand Trunk 7s'40. Grt Nor 4%5°76 D. Grt Nor 4%s'77 E. Grt Nor gn 6%s°52 Grt Norgn7a " Hait! 6552, Hock Val 4%8'99.. Hud & M ad) 63’57, Humble O11 53 '37.. Humble O 5% '32. Hungary T%s 44 { 111 Bell Tell 53758 101 Cent 43 '53. 111 Cent 4% ‘66 1] Cent 6% '3 451 4415 37 31 43 4% 37 2914 9214 541 76 5% 649 8 995 102% 113 1017 1025 1023 106 98¢ 47 5214 54 534 530 3% 62 83 91 99 83% 84% 55% 9813 72 80 s. High. Low. 2:5§ 45 441 37 a1 55 76 75% 6414 8 100 102% 113 1021 103 102% 106% 96 41 54 54 534 5314 74 6215 83 9114 99% R4 844 56 9814 ! Mo Pac 53 F 17 72 80 8T, 23 34 80 888 9615 Rl 105 27% 31 9914 1% 1% 1415 102 70 73 6619 79 75 93% 79 101% 100 82 84 1015 16 88% 93y 88 8515 491, 907% 1% 52 61% 671 2815 Int Ry C A 5872, IntT&T4%8'52 Int T&T cv 43 Int T & T 58 '55. Italy 7a 51 2 Italy Pub S 78’52, Jugosl Bnk 7s '57. Kan City Ter 45'60. Karstadt 6s'43. Kend 5%s "48 ww Kresge Found Kreug & Toll 5: Lackaw St 58 '50. Laclede 534s C'53. Laclede 5%s D '60 Lig & Myers 53’51, Lig & Myers Ts'44.. 5 Lorillard 58 ‘51 Lorillard 5%s'37. La & Ark 55'60. ... Lou G & El 55 '52. .. Lvons 65 '34. McKes & R 51 « 51 Manh Ry 1st 45'90 Marseille 63 '34. . Midvale Sgl 5s ‘36 Milan 6%s '52. . MilERy & L 5 M StP&SSM cn 4s M StP&SSM 5= 38, MK&T4sB " MK & Tadj 5567 MK&T prln 53A'62. Mo Pac gn 43 'T6... 1 1 4 4 3 1 9 4 ¥ 4 2 1 Ed 7 4 2 4 5 1 4 6 2 3 3 1 1 1 4 3 2 10 2 Mo Pac 53 G 78, Mo Pac 55 H '30. . Mo Pacrf 68’8 Mo Pac5%sA’49., 43 Montevideo 65°59.. | Mor&Co 1st 4% #'39 18 Nat Dalry 5% s "43.. 16 t Steel 5s '56. 4 Vetherlands 6s'72. 5 Nw S Wales 58'57.. 5 Nw S Wales 58°58.. 5 NYCgn3kse's7.. 3 N Y Centdb 4s°'34., 21 N Y Cent 45°98. 2 NYCent4482018, 7 NY Cnrf4%s2013. 14 NYCrfimbs2013.. 7 N Y Centdb 6s°'35.. 15 NYC& St L 45°37.. 13 NY C&StL 4 33 NYC&StLS 6 NY C&St L 6s'32.. 16 Y Fdist6%s'41. 2 NH&H 45 . NYNH&H cd 65'43. NY O&W 1st 45'92. NY Rys6s A'65 'Y Tel 414839 NY W&B 4348 "4 Nord 6% '50 Norf South 5 NoAm Co5s’61... 6 Nor Am Ed 68 C *69 Nor Am E 5% Nor Pae 3s 2047, Ner Pac 4597, . 5 Nor St Pw 53 A "41. Norway 5%s ‘65 Norway 6s°43.. Norway 68°44. . Norway 6s°52. Oreg-Wash 4: Orient dev i Orient dev Pac G&E 5842, Pac T&T 1st 5837 Pac T&T rf 5. Pan-Am Pet Paris-Ly M 6: Paris-Ly M 7 Paris-Or 514868, Penn 4% s D81, Penn gn 4%s'65 Penn 4% Penn 58 ‘64 Penn gen 58 Penn 634s'36 . Penn P&L 4%s ‘81 Pere Mar 4%3 '80. Pere M 1st 58 Peru 63'60. . Peru 6. Peru 7s 59 Phila Co 53 67 Phila Eiec 4571 Phil & Read 65 °49.. Philllp Pet 5%s 39, 15 Pilisb F M 6543 3 PCC&StL5sB'75. 2 P&W Y 4%sC60. 10 Poland 65°40...... 2 Poland 7s 47 4 Port Gn E14%'60. 14 Porto Alegre 8s'61. 3 Por RAm T 68'42.. 9 Pos Tel & C58'53.. 11 Prague 7% '5! Pressed St C 58 Prussia 6s ‘52 Public Serv 4 Pub Sv G 4%s°70.. 19 Queensiana 6s "47.. Queensland s "41.. Read Jer Cn 4s'51. Heaa gn 4%s8 A '97. Reading 4%3 B '97. Rem Arms 6s A '37. Rem R56%s A "47.. Rhinelbe 75 °46. Rnine West 65 ‘52 Rhine West 65 '53 Rhine West 65 '55. Rhine West 7s '50 Rich Oil Cal 65 '44. Rio de Jan 6%4s '53. R Gr Do Sul 65 '68. R Gr Do Sul $5'46. RIAr&L4%s'34. Rome 6%s°52..... 12 StL JM R&G 4s°33. 17 St L&SF in 43 A 50 35 StL&SF 4%s'78. 39 SIL&SF p156sB'50 3 StS Wends '3z, Sao Pau 78'40 ret.. Sao Paulo 8536 1 Saxon P W 6348'51. 11 Saxon 7s '45. D1t 3 4. 9 1 3 2 2 5 Seab A L adj 5549, Seine 7s "4 o5 Serbs-Cr-S17s'62.. Serbs-Cr-S1 8s '62.. Shell Un Oil 5s *47. Shell Un Oil 68 °49. Sinclair Ol 634838 Sinc O 7scv A'37.. | SincCro5% Sinc P L 68 42. . Skelly Oil 5%s Sotssons 6s "3 Solvay Am 6s Sou Bell T&T 5. SW Bell T 6 Sou Pac col 454 Sou Pac ref 4s'5i Sou Pac 4%8'68. Sou P 4%8'69 ww. Sou Pac 4%s'$1... Sou Ry 6% ' St OIl N J 6848 3tOIN ¥ 4%861. Tatwan E P 5%8'71 Tenn EI P 68 A *47. Third Av rf 4s Third Av adj 68 Toklo 58 '5: Tokio 5%3 Un Pac 4%3'67 Unit Drg cv 68 '§8.. 20 Utd King 5%8°37..118 U S Rub 18t 68 °47.. UAd St W 6%8A'61.. Uruguay Utah P & L Util Pw 58 nadium SF6s'41. 44.. 3 ww. 43 h 7915 101% 501 51 314 921, T 72 2% 8214 9l /7% 32 39 40% 111 69% 971 4T% 42 101% 64% 102% 24 92% 8914 1215 1 21% 93 9215 45 60 10215 96 61 59 57% 0% 16 44 46 99 5 28 w2 99y 628 8% 8274 81 R0ty 85 59 39 42 41 4115 561% 17% 16% 1215 28 63 7318 83 36 25% 10 584 61% 45% 47 50 61 57 0% 73 78% 93% 4“ 87 26 6114 9714 54 % 88 885 103% 118% 90 88 101 441 1011 101% 42 643, 24 92 90 89 9715 59 82 83 100% 9 85 85 854 77 1% 4% 1011 102% 103% 101% 100% 104 100 82 94 86 86 93 94 1024 9114 55 58t 61% 45% 47 50 61 57 201 73 78% 94 1007% .19 85 85 854 7 T1% 4% 1017% 102% 103% 1021 100%; 104 100% 82 94 86 86 23 94 102% 9% 55 60 12% 12 21% 9214 9214 45% 59 102% 98 58 101% 91 | Bhi0 103 104 3 8414 70 70 1 8515 51 921 6813 0% 102 95 83 & 103 69 1037% 86% 6915 45 31% 49% kit 63 945 7% 84 884 94 98% 53 301 39% 62 2% b4 LH) BY CHAS. P. SHAEFFER, Assoclated Press Business Writer. With the last month or so money rates have been adjusted upward to & more nearly normal level. In this period the rediscount rates have been adjusted upward to a more nearly normal level. The rediscount rates of 11 of the 12 Federal Reserve Central Banks have been increased from their exceptionally low levels to 3% per cent, with the sin- gle exception of the Richmond mem- ber which maintains a rate of 4 per cent. Minneapolis alone remained un- changed, but this was because her rate of 32 per cent was not touched in the cutling that became general in other parts of the system. Recent changes, it was intimated at the Treasury, were made more to stem [ 4| the outward flow of gold from this country rather than to meet additional demands of business. The unusually low rates maintained by the central banks since the latter part of 1929 failed to stimulate business expansion in the degree anticipated, while little material help was rendered the bond market or long-term investments, as | surplus funds have, in a majority of cases, remained idle or found their way into short-term paper. Other interest rates have followed the trend established by the Reserve banks. Commercial paper rates have risen to 4 per cent, or double the level of a mon l{fl. Prime bankers' ac- ceptances, eligible for rediscount at the ! central banks, have risen from 1 per 4 | cent to 3 per cent. In like measure, the demand for gold by foreign central banks has been an imj it 1y InPlrheu ll'l.!es. I evailing averages are held to insufficiently high to retard bllfln:fi demands, but at the same time will enable banks and banking institutions to realize some profit on their trans- actions, which was almost impossible under ‘the artificially low ratgs pre- vailing some months ago. Y, Business Nolés retail trade during the past week induced many stores to begin their holi- day promotions earlier than usual, there filoin p{um?omly = epeciar 5 1 events the New York wholesale markets. bulk of Christmas buying has completed, however, and stores are no turning their attention to merchandise for January sales events. ‘To determine the success with which some stores are fixing a definite selling cost of merchandise, a questionnaire fixed salary, but wi count. DIVIDENDS DECLARED NEW YORK, November 24 (#).— Extra. Pe. Com) A L Nationa1 Shares AL 3% a drawing ac- Det Grey 1ro Fary .. Merchants Mfg Reduced. Col Bldg & Loan..3250 S Dec. 1 Nov.30 Omitted. . Cent States Inv Tr Foater Whecier 1 5F A Interstate Eqit env pi ‘West Boylston Mg pf. Do. pf ... Chic Dist Eiec Gen §6 pf_.... Lowell 8% & Cookvitie Co LAA i Dempster Ml Mf Copt . EEE 2 Co, . Lex Ut 6is Mob & Bi Nassau Ltg_pi Nat Casualiy Nat Fin of Am. Northport Water LT e Northwest Util 7% of . el 72 Peerless’ Woolen ' Mills, Pioneer Gold 'Mines. 3¢ Pitts Fort Wavne & Chic_ .. L3178 P, B Eoatia =5 i 3As a Wat pf. $1.7 Sherwin Wms ‘Lid. 40¢ T5. pf 5175 United G & of Conn Do. ‘p{ PR RVIP R =83 oy Sales. High. Low. 615 6115 1015 101% 95 921 30 28% 851 85% 3l 30m 30 30 36% 36 34% 34n 325 321 38 37 105% 105% 78 18 100% 100% 574 - 87 61 60% 50 49 801 79 8% 174 95% 95 102 102 9415 94 83 83 617 60 & 4% 9% 79 &0 78 258 611 101% 9215 30 Ritg 301, 30 36 34% 5 Wabash 4%8 78 Wabash 1st 58 ‘3 Wabash bs B 7! Rws Walworth 6s A "45. ‘Walworth 6%s '35, 9. Warner Sug 7s "41. Wst Sh 1st 45 2341, West E1db 5s°44.. West Md 45’52, West Union 58 ‘5i.. West Union 55 °60. Wes: Un 6348 '36. . WEOG5%s 37 ww. W11-O L5t 6%5 '33.. Wil & Co st s 41, WinR A T3s'41.. Wis Cent gen 45 ‘36 Yokohama 6 5 Ygstn S&T 58 A'78. Yistn S&T 5s B'70. BRSEnnarne~an (R T Y