Evening Star Newspaper, November 24, 1931, Page 15

FINANCIAL/ CURB:SHARES SAG IN ACTIVE TRADING Utilities Again Prove Feature . of Market—DOil Issues { Improve. BY JOHN A. CRONE. Epecial Dispatch to The Star. NEW YORK, November 24.—Opening dull, but firm, today's Curb Exchange session quickened its pace around mid- day, when prices were inclined to slip. Electric Bond & Share moved back and forth within a half point. Citles Service was virtually unchanged. Amer- ican Cyanamid B was off Jg. Standard ©il of Indiana gained % point and ‘Humble Oil was up 14 points. B A series of dividend declarations an- mounced in the first hour, with the ex- ception of the Humble Oil regular pay- ment, were without market effect. Welch Grape Juice, declaring an extra payment of 25 cents a share, opened off a small fraction. Oil statistics, along with crude and gasoline price advances, were responsi- ble for the improvement in the petro- Jeum division, where Creole Petroleum ‘was up a point and other Standard Oil issues gained proportionately. The early decline in Nehi Corporation forecast the omission of the 15-cent common quarterly payment due at this time. Minneapolis Honeywell preferred recovered about 2 points. David Pender Grocery A made the best showing in the grocery chains. Roan Antelope and some other Rho- desian copper mine shares turned more active as cables indicated that the Rho- desian region is stepping up metal pro- duction to capacity in an endeavor to | surpass Congo production. Canadian gold mine shares continued in demand on the showing of the yellow metal ontput in that country for Sep- tember, which at 240,220 ounces reached new h monthly record and com- ed with 235,630 in August and 178,291 n September, 1930. Recent heaviness of the Dominion copper group can be traced directly to red metal production, ‘which in September amounted to only 24,887,931 pounds, compared with 27,- 159,496 in August and 26,044,280 in Sep- ‘tember, 1930. The opening was dull but firm. Electric Bond & Share at 17!s was up }4. Cities Service at 675 was off s Cord Corporation at 7 gained '4 and Humble Oil, at 52'%, gained 1'4. Standard Oil of Indiana and Stand- ard Oil of Kentucky at 19% and 16's, respectively, were both a shade lower, but Electric Power Associates, at 8%, Commonwealth Edison, at 144, and Con- solidated Gas of Baltimore, at 70%, ringed from fractions to more than & point higher. Aluminum Co. of America early en- & 3-point spurt. Insull Utilitiy at 11 was up %. Investment trusts Efl natural gas shares were extremely TEN BANKS REOPENED DURING PAST WEEK Special Dispatch to The Star. NEW YORK,: November 24.—Bank reopenings reported last week reached 10, while the number of bank closings was at & new low figure of 18, accord- ing to the changes for the week listed dally in the American Banker. e number of closings is the small- est and the number of reopenings the largest since the beginning of the epi- NEW Stocks seld In 100-share lots ~Prev. 1931 Stock an: High. Low. Dividend Rate: 95 754 Adams Mill 1st pf(7)100s i% % AlrlInvestorsvtc.... 1 9 4% AirInvestorscvpf.. 2 224 8008 7: 1 &l 69 Aluminum Co of Am 10 Alum Goods (1.20).. % Am Austin Car. 19% Am City P&L (A) a3, 21 AmCit PAL Bb10% . 2% Am Com P A (b10%) 314 Am Com PrB(b10%) 20 Am Com PristpfA 7 50; % Am Corpn (f30¢c) 3% Am Cyanamid B. 2 Am Founders. .... Am Gas & Elec (1 Am Gas & El pf (6) Am Invest Inc (B) Am Invest war. Am Lt & Trae ¢ Am Maracalbo. Am Superpower. 4 Am Superp 18t (6)... Anglo Chil Nitrate. . Appalachian Gas. Appalachian Gas wr. Arkansas Nat Gai Arkans NatGas A. Ark N G cu pf (60c). ArkP&L DL (7).... Armstrong Cork (1). Ass0 GEEI A(b2-25) Ass0 G&ELpf (5).. AssoTel Ut (b8 %) Atlas Utl] Corp. ... .- Auto V Ma cv prpt 2 Blue Ridge Corp. ... Blue Ridge cv pf(a3) Brazil Trac Lt&P(1) Brit AT reg 1.13 3-5 Buff N&EP pf (1.60)., Burna rets 127 3-5c.. Cable Radio T vtc. .. Cable & Wire B rets Carib Syndicate Carnegie Metals. Celanese 1st pf (7). 4 Cent Hud G&E (80c Cent 1il Pub S pf (6). Cent Pub Svc A b5% ent Pyb Sv Del. ... nt Stat El (b10%). 4 Chain Store Devel. .. Cities Service (g30¢c) Cit SV pt BB (6).... Clev El Illum (1.60). Cmwlth & Sou war. . 4 Consol Auto M cu pf. Con Gas Balto (3.60 Corroon&Rey pf(A). Cosden Oil. .. Creole Petroleum. Cumberland P L (2). bt Derby Oil Refining. . Doehler Die Casting. Duke Pow (5 Durant Motors East G & F Assoc Fast Util Assoc (2 Edst Utll Assoc cv. . i Elec Bond&Sh(b6 %) Elec B & Shcu pf 5. Elec Pow Ass0¢ A ( Elec P & Lt ap war. . Elec Sharhldg pf (aé) Kurop E Ltd A (60c) Fageol Motor. Fajardo Sugar. Federated Capital Federated Cap cu pf. Fiatrets (9434¢) . Flintkote CoA...... Florida P& L pf (7). Ford Mot Ltd 36 3-6¢ Foremost Dairy Pr.. Foremost Fabrics Foundation For S Fox Cheater (A). GenE Ltd res 36 3-5c Gen Empire (1)..... 3 Gen G&E cv pt B(6) .250s Glen Alden Coal (). 11 Goldman Sachs. ... 2343 # Goth Knitback Mch. 3 4 Gt At&Pac Tea pf(7)150s 12 Groc Strs Prod vic.. 24 2 6 35 08 excent those designated by letter * a les— Add 00. Open. High. 2 THE EVENING STAR. WASHINGTO YORK CURB EXCHANGE Received by Private Wire Direct’ to The Star Office. Low. Close. 5 ¢85 85 % 4 4% 3 1 Mass Ut 414 734 11 P 3 215 2% 315 Mid W U Mo-Kan Mounta &tock and Dividend Rate. Margay.. 1 3 Mavis Bottling ( Meniph N Gas (60c Mesta Machin: * 5 Mid West Ut (b8%). Ttevplxw g Minne-Honey pf (6). 10s Pipe Line... 10 Miss River pr pt (6). 10s n Prod (1)... 6 Nat Bd & S Corp (1). Nat Foor d Prod A Nat Investors. t Sh T Sec A 160e. t Union Radlo : Nehi Co! rp (60c). + New Eng Pow pf (6) 10 New Jers Zinc (13).. New Me: x & Ar Land. Newmont Mining..., New Process Co. ... N Y Steam Cp (2 N Y Tral Niag-Hu ). nsit (t1).... ud Pow (40c) Niag-Hud Pow A w.. Niag-Hud Pow B w.., ag Sh Md (40c)... les-Bemt-Pond (1) Nitrate Corp Chile B, Nordon Corp Ltd. ... Nor & So Am Corp A. North uropean Oil, Nor St Pow A (8). Ohlo Copper. .. Ohio Oil racG & cu pt (6). Elstpfi%. Pac Western Oll. ..., Paramount Cab Mfg. Parke D avis (11.65). Tender D Gr A (314) Pennroad Corp (40c) Peoples Pet Milk (7) L&Pwr (A). Philip Morr Phoenix e Secur Corp. Pilot Rad Tube A Pittsburgh&LE(1]0)240s Plymouth Oil (25 Prudent ial Invest. Pub Util Hold war. .. Pub 17til Hold xw. .. Pub Ut Hold cu pf (3) & Rainbow Lum Pr A.. Rainbow Lum PrB., Republic Gas Corp Reybarn Co . Richfield Of Roan Antelope Min.. St Anthony Gola St Regis Paper (60c) Sec Allied Corp (1).. Segal L & H (ahi0c).. Sentry Safety Cont.. Shattuck Den Min. .. Shenandoah Corp. ... Shenand; Singer Mfg Co (116). Smith (A.0))...... Sou Cal Ed pf C(1%) Southld Starrett Starrett Swift In Thatche Trans A Trans L Tri-Utll Tung Sol Union O! & 1% US Elec U S Foil Stand Ol of Ky 1.60. 15 Stand O11 Ohio (2%) 1508 Stutz Motor Car. Sunray Oil. . Swift & Co (2).. Technicolor Inc..... Un Gas of Canada(1) Unit Corp war. Unit Dry Docks. Unit Gas Corp. URit Gas Corp war. Unit Lt& Pw A (1).. Unit L & Pwr pf(6).. U $ Dairy (A) (6)... U 8 Elec Pwr war. L TR P oah Corp p! s B Royalty 20c. 15 COrp..iasze Corp pf (3). Bawn ternat’l (14) T Sec Corp ir Trans. uxDLPS itles. 1 La i1 Assoe (2). o Pow ww (B) (50¢ CHINESE BOYCOTT Textile Industry Especially Affected by Recent De- cline in Orders. ‘The Chinese boycott against Japanese goods is becoming so effective, the Commerce Department was advised to- day, that the Japanese textile trade is now depressed severely. In a cable to te department, Com- mercial Attache Halleck A. Butts at Tokio said that October shipments of cotton piece goods to China amounted to less than 400,000 square yards, as against 4,600,000 for the corresponding month of last year. ‘The Indian boycott against Japanese goods is also doing severe damages, ac- cording to Butts, who cited figures howing cotton plece exports to Indian in October of this year totaled only 8.- 500,000 square yards, compared with 25,500,000 for the like month of 1930. Leading cotton manufacturers, ac- cording to Butts' cable, have expressed the opinion that the recent increase in curtailment of spinning activity will prove adequate for this year since I stocks of yarh and textiles are not con- sidered excessive. Butts said October production of cot- ton yarn by mills belonging to the Japan Cotton Spinners’ Assocation, which includes about 98 per cent of the spindles in Japan, was reported as 224,- 000 bales of 400 pounds each, or the same as in the preceding month, but considerably larger than the 197,000 bales produced in October, 1930. October exports of cotton yarn amounted to 4,000 bales and stocks of cotton yarn at the end of the month aggregated 13,000 bales, according to preliminary trade figures. In a recent cable from Shanghai, the department was advised that a number of Japanese-owned textile mills had been forced to close, throwing out of employment some 60,000 Chinese. Although faced with a depressed tex- tile activity, Japan is reported to be getting some comfort over its growth i the world rubber footwear production trade. Trade Commissioner Paul P. Stein- torf at Tokio, in a report to the Com- merce Department, said Japan was one of the leading producers in this line in the world, and second to none in the export field. Footwear Production. Steintorf explained that conditions peculiar to Japan have made it possible to produce rubber footwear at a price much below that in other countries and the influence of Japanese competition has been felt by exporters of all na- tionalities. Originaily Japanese export trade was confined to the nearly Far Eastern markets, but within the last four years activities have been widened to include all of the Far East, notably India; also South America, South Africa, Europe and, in the past year, even the United States. The comparative simplicity with which rubber footwear may be manu- factured lends itself to extensive pro- duction in countries such as Japan. Evidence of this fact, according to the { trade commissioner, may be found in the large household industry, turning out some 5,000,000 pairs of tennis shoes annually. Brokers’ Comment NEW YORK, November 24.—Al- D. C. TUESDAY, NOVEMBER 24, 1931. | COMPROMISE IN RAILWAY WAGE FINANCIAD DISPUTE IS NOW HOPED FOR |s FEI-T |N ]APAN Carrier Executives and Brotherhood Offi- cials Do Not Show Any Disposition to Bring on a BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, November 24.—The only comforting view that Wall Street could get from the rejection by the railroad brotherhoods of the 10 per cent volun- tary cut in wages was that, as this in- creased the credit poblems of the car- riers, it might have the effect of bring- ing the Interstate Commerce Commis- sion around to an acceptance of the railroads’ argument that the proceeds of the proposed freight rate increase should be used as a loan and not as a gift to those lines in need of it. The action of the brotherhoods was an additional shock to holders of rail- road securities, who had maintained a certain degree of confidence in the suc- cessful outcome of last week's negotia- tions. It resulted in many new low prices today for railroad shares. It was realized that it would have an impor- tant bearing on the decision of railroad directors in tkeir dividend policies dur- ing the remainder of the year. Long Delay Anticipated. The effort to bring about a voluntary | reduction in wages was made in order to obtain the benefits of such a reduction in time to bolster up the credit of the | weak carriers and to avold the long- drawn-out negotiations necessary in putting the wage question through the series of tribunals that in turn must review the merits of the case. On the basis of past experience, a decision is not likely to be reached within six months at the earliest. The proceed- ings may lengthen out to nine months or a year. Eventually they may come to a culmination in a strike. It is be- lieved, however, that, as present rela- tions between the men who have been handling the case of the railroads and those who represent Yailroad labor are | so much more friendly than in any other similar situation, the elements of bitterness and discord which have pro- | longed arbitration and mediation in the past will not again be present as a | disturbing influence. ‘The first body that in such emer- gencies considers the facts in a wage dispute is a board of mediation. If this is not able to reach a solution of | the question it is within the right of either interest to request arbitration. In the event that arbitration is not agree- able and is rejected, it then devolves upon the President of the United States to appoint an emergency board, which Final Break. also reviews the facts in the contro- versy and whose deliberations are Iikely to be long drawn out. Compromise Is Possible. It is confidently believed that the present wage situation may come to the point of an acceptable compromise before going to this court of it re- sort. There is no present disposition on the part of organized railroad em- ployes or their leaders to revolt openly. The experiences of the 1922 shopmen's strike are still bitterly remembered by those who suffered from it. One of the arguments on which a re- Jjection of the wage-reduction petition is based is that the income of railroad employes should not be cut to pay dividends on railroad stocks. At it was put in the statement of Chairman Rob- ertson of the Rallway Labor Executive Association, “Labor cannot be called upon to pay a dole to idle capital.” This is not an altogether new philoso- phy. It is presented in modern terms. In previous periods of railroad distress it has been stated by representatives of railroad organizations that “the money of receivers was as good as any other money.” This inferred that railway wages will always be a first lien upon operating revenues, and whether it was paid by a system that was insolvent or solvent made little difference to the recipients. There has already been a reduction in_railroad dividends amounting to $150,000,000, compared with the y- ments in 1930. As this is only about one-third of the total dividends dis- tributed in recent years, the view of the rajlroad labor representatives is that until the railroad stock holder has had his income reduced to a minimum, the carriers are not justified in exacting a | smaller rate of pay from their organ- ized employes in order to maintain dividends. This will undoubtedly be one of the main issues around which the wage negotiations will center. Demand Is Surprise. ‘The fact that it has been used so pointedly indicates that those roads which may have felt they could not justify existing dividends while they were asking their organized employes as well as their clerical staffs and their officers to take substantial cuts in their salaries, did not reckon on a demand such as is now being made and which apparently involves the sacrifice, not of a portion of dividends, but of percentage of them. (Copyright. 1931.) Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., November 24. White potatoes, 100 pounds, 75a1.10: sweet potatoes, bushel, 35a50: yams, barrel, 1.25a1.75; beans, bushel, 1.50a 2. beets, per 100, 2.00a3.00; brussels sprouts, per quart, 6al5; Savoy cab- bage, bushel, 35a50; carrots, per 100, 2.50a3.00; caulifiower, crate, 1.50a1.75; celery, crate, 1.50a2.75; cucumbers, hamper, 3.00a4.50; eggplants, crate, 2.50a24.00; lettuce, crate, 3.00a4.25; okra, bushel, 2.00a2.50; peppers, hamper, 25a 75: pumpkins, per 100, 3.0026.00; onions, per 100, 2.00a2.50; spinach, bushel, 30a | 60; squash, bushel, 1.50a2.00; tomatoes, lug boxes, 2.50a2.75; turnips, hamper, 158 pples bushel, 50a1.25. Dairy Market. New York Cotton Special Dispatch to The Star. NEW YORK, November 24.—Open- ing cotton prices today were 5 to 8 points higher, with the heaviest buying in distant months. Trade buying was in fair volume. Opening prices were: December, 6.05, up 5; January, 6.18, up 6; March, 6.37, up 8: May, 6.56, up 8: July, 6.75, up 8, and October, 6.97, up 7. Grain Market By the Associated Press. CHICAGO, November 24.—Grains | volums CASH WHEAT SALE 5 REPORTED BRIK Speculative Market Appar- ently in Stronger Position. Prices Low. BY FRANK 1. WELLER. Associated Press Parm Edior. Speculative wheat seems again to be in the buying zone. Neither corn nor cash wheat followed last week's sl break in futures. The cash demand very brisk in all the grain markets,. country offerings are light and farmers show a tendency to hold their supplies. This strength in actual grain is ex- pected to encourage reinstatement of speculative lines heayily liquidated on receipt of erroneous jnformation that China and Japan had agreed to an armistice in the Manchurian dispute. Stop-loss selling at times seemed to demoralize wheat futures. Extent of Recovery. At present levels grain has had a considerable recovery m _the low point, and it might require a little time to adjust the market. There recently has been small buying by the large interests, which originally were so con- spicuous. Many prefer to buy now only on the breaks, because they con't wish to see wheat prices in the United States leave an export pasis again. ‘Those who continue bullish on wheat say the promise of scarcity in the dis- tance is magnified by present prices being below production costs. The new crop now being harvested in Australia is estimated at more than 40,000,000 bushels less than last year’s, and private sources say as much as 1,200,000 acres of the new Argentine crop has been damaged by frost. A decrease of about 8 per cent was re- ported in the area sown to Fall wheal in Canada up to the last of October. A special report by the Kansas Board of Agriculture indicates a decrease of 18 per cent in the acreage seeded this year, with the condition of the Kansas crop only 67 per cent of normal. Rains snow have benefited Winter wheat in parts of Central Kansas, Eastern Nebraska and a good part of Texas and Oklahoma, but in some instances they- fell too late to save wheat that sprouted early and died of drought. ‘World Import Requirements. The Department of Trade and Com- merce of Canada says world import re- quirements for the present crop will be at least 825,000,000 bunm ‘With Russian, Australian and Argen- tine supplies in question, it appears N America may become the next two mont estimates In the exporting countries, it would seem that to meet import de- mand accumulated stocks will have to be drswn upon before July 31, 1932. The immediate situation in corm the period to date last year, when the crop was unusualiy short. Moderate off of country corn and the general tightening of the cash situation have begun to'alarm shorts. Tor the time being corn seems to be in a class by itself, with strength prom- ising to stay under the market at least until the new crop moves in larger e. At about 25 cents delivered to rafl- way tracks at points in Iowa for oats and about 44 cents for No. 3 yellow corn, teed grains are hard to get from Jowa farmers. Oats are getting very scarce, and on top of the f de- demic of suspensions which reached its the first week in October when 166 banks closed. Weekly totals since then have shown the following declin- | showed an early trend upward today, ;mfluenced by freezing temperatures in | domestic Winter wheat territory and though a trading raily was believed in prospect, many brokerage house market commentators today felt that an upturn Chickens—Young, 20a22; Leghorns, 17a20; old hens, 17a22; Leghorns, old, 12a1 roosters, 12al4: ducks, 12a19; U S & Intl Secur. U S Inter Sec 1st Unit Stores v.t.c. mand that will exist all Winter for oats it will not.be long: until there will be very heavy demand for seed, larly in the drought-swept N Hecla Mining (40¢c).. Hudson Bay M&S.. Humble Ofl (123).. west. ing trend, 119, 112, 79, 67, 34, and last ‘eopenitigs and reorganizations of the defunct banks which had all but come to a standstill during the height of the bank closing period are definitely under way again, 10 banks having opened their doors last week. Towns ‘which have been without banking facili- ties, because of the failure of their banks have evidenced the more opti- mistic feeling which has spread over the country and are making every effort 'h.ic either reorganize their defunct bank- banks. les in DOMESTIC. BONDS. ands. High. Low. Noon. §‘Alabama Pow 55 '68.. 95 91 98 10 Aluminum_Co_5s '52 997 e 222 Am wih 25% 13 Amer G & E 5 3 Amer Roll Miil 55 '48 672 lnch, Fow S5 136 33 2Ass0 G & 48'; 1] Asso G&E Asso Gas & Asso Gas & 4 As G&E B':Bl‘ ‘38 o8 on Gas Ut 6125 1 Consum Pow 4155 13 Continen Oil 5145 1 Edis EI 85 '33 101 P A 2030 627, Tas 8 37 6 2 Insull Utilit 6s B '40 2 Intercon Pw cv 6s '48 &Int Pw Sec 6'zx '55 C 8 Inter Pw Secis E '57 5 Intersta Power 55 1 Kansas Pow 55 A 913, 4910 6934 80 £9% 8 92% ! 2 TrRa L) w32 atipee t4) SR 222205 > sf?» > 2 35 ww & Public Serv 65 ' 46 FOREIGN BONDS. Com Pr Bk 528 '37. anish Con 513 '8 ur B1 Op 815 165 xw & n} 301 kit institutions or to charter n!w& Hygrade Sylvania(2) Imp Ofl of Can (50¢c) Imp'l T GtB&I(1.12). Ind Ter 11lu Oil B, Insyll Inv (b6%). .. Insurance Security. . Intercontinent Pet n. Int Petroleum (1)... Int Utilitles(A) (3%) Int Utilities B Inter Equ cv pf (3).. Irving Air Chute (1) Kolster-Br (Am Sh). Kress SH sp pf 60c. . Lackawanna Sec (4) Lake Shore M (12.80) Len Coal & Nav 1.20. Libby McNell & 1, Lone Star Gas n 8 17% 124 6la T UtibP&Lt(a Ut P&L Utility Equities. .. Util & Ind pf (13%) Venezue! Walker, Watson Welch Gr Julce ( Wrth(F Youkon “Y" Ol & Gas 3% * Dividend rate. in oual parment. *Ex 4% di ¥ stock. n Plus 8% in & Rad-K-Orph. . Dec 21 dividend. k. 1.0234). B(at1.02%4). 1a Petrolm H ( . W) RN AN SN B EONESHANN AN =8 2508 TW)Ltd(36c) 14 Gold. = RIGHTS—EXPIRE son.. L — 2 34 18 k3 » doliars based on iast quarterl; [Pty enlu' Yo% iy e in g 10% 1 lock. p Paid last yen Everybody’s Business Movements of Prices on the New York Securities Mar- kets Are Apparently Re- Aicting’ Both Domastio and Foreign Problems. BY DR. MAX WINKLER. Special Dispatch to The Star, . NEW YORK, November problems, one international and one domestic, seem to dominate the New York securities market. Movements of prices continue to reflect developments as regards these questions, one of which appertains to Germahy's obligations, both commercial and political. The other refers to the United States rail- roads. Concerning the international prob- iem—that of Germany's obligations— the forthcoming discussions may be viewed with a certain degree of op- timism. This feeling is based primarily upon the belief that a settlement is the only alternative to_a continuance of economic chaos in Europe, which can- not but affect very seriously the eco- nomic status of the rest of the world. Investors Obliged to Sell, Regarding the domestic problem, the American railroads have been in a rather precarious condition for some time. Important systems have already reduced disbursements on their junior capital. In many cases dividends have been omitted. Due to the continued de- cline in earnings, fixed charges in sev- eral other instances will not be earned, resulting in the removal of a number of raflway bonds from the legal list. Many investors who have held onto 24.—Two 1 | their rallway shares\and bonds for some time largely because of the income have been obliged to dispose of them be- cause of the reduction or elimination of dividends and interest. In addition, fixed and management trusts have charters, to dispose of th their portfalio, & - s In this way, many issues are driven down t5 levels which are unjustifiably low. Resumption of short selling has also been a contributory factor in the downward trend of prices of railway Tg:ru, which spread to the rest of thé Tarift and Trade. Inquiry of Silas H. Strawn, presids of the National Chamber of cgmmer':et. for his opinion of the effect the new British tariff will have upon American trade, " brought this response: "1 am not enough of a prophet to have any dependable judgment on this. My guess would be that unless rates are prohibitive, the British will continue to buy such of our goods as they have been accustomed to buy from us.” Rail Wage Meeting. A better understanding has been ar- rived at concerning many matters of mutual interest as est M the con- ference between the Com of Rail- road Presidents and epresenta- found it necessary, by reason of their | tives of railway employes, according to | | Daniel Willard, head of the Baltimore & Ohia Railroad and spokesman for the | railway executives, The mecting, designed to reach a | compromise on a 10 per cent wage cut, | { has ended in disagreement, largely be- | cause “the suggestion was mot coupled | with any assurance that the money | | saved would be aplied either to increase employment or even to stabilize existing | employment.” | Each individual rai) | road is now ex- | Pected to take up the question of wages | | With its own employes, but the outlook | |for an early agreement cannot be re- | | Barded as particularly promising. This | scems to be borne out by the market | action of railway securities. | German Credits, [ | ©Once again, Albert H. Wiggin, head | of the Chase National Bank, will be | summoned to help solve the German | problem pertaining to commercial obli- gations. A meeting is called for Dr-‘ | cember 10, in the course of which it 1s | hoped that plans will be worked out for | the treatment of private credits ex- | | tended to the Reich wnen the stand- | | still agreement, which is now in effect, | terminates on February 29, | | It is intimated that the new arrange- | | ments. which will go into effect March | { 1. will be drawn up among Germany's creditors, who would contract with each | other to withdraw funds at stipulated | amounts or percentages at set intervals. | | As head of the new committee, which |includes, besides himself, George W. | Davison, F. Abbott Goodhue, Charles E. | Mitchell and William C. Potter, Mr. | Wiggin expressed the belief that other | American banks will join vith the New York banks in support of this commit- tee, as has been the case in the past. Funded Debt Reduced. Net sales for the current yeat of Wil- son & Co. are below those of last year, due to the decline in prices, according to Thomas E. Wilson, president, who adds, however, that the financial posi- | tion of the company is excellent. The funded debt, he points out, has teen reduced appreciably, bank loans nave been paid and the cash position is better than it has ever been. It is par- ticularly interesting to learn from Mr. Wilson " that his company's operations .in South America have been profitable, although they have naturally been af- fected by the declines in the value of Sr)ulh American and British curren- ces. Sees Better Business. The first quarter of next year will be | & good one for the Borg-Warner Corpo- ration, according to C. S. Davis, presi- | dent. | As a result of new models being | brought out by the various automobile companies, some improvement is taking | Flace in the business of accessory con- |cerns, Mr. Davis continues. He also points out that present indications are both November and December will be |better months than October, which, from the point of view of automobile production, registered a low point for some time, The Borg-Warner board will meet for | dividend action within the next few days on both the preferred, on which 87 is being paid, and the common, Wwhich is now on a §1 annual basis. what in excess of dividend requirements for that period. McKesson & Robbins, Earnings this year of McKesson & Robbins, manufacturers and distributors of a broad line of drugs and medical | products, are officially reported to be running at a rate equai to that of 1930, and may slightly exceed last year's profits. .It is also stated that the com- pany has been taking advantage of the low "quotation of its bonds by antici- pating next year's sinking fund require- ments If the above statements are accurate, as they doubtless are, the $3.50 preferred shares of McKesson & Robbins, quoted on the New York Stock Exchange at prices to yield almost 14 per cent. would not seem olervalued. In 1930 dividends on the preferred stock were earned by a margin of more than $1,000,000. (Copyright. 1931, by the North American Newspaper Alliance, Inc.) CHICAGO STOCKS DROP $56,000,000 IN VALUE Special Dispatch to The Star. CHICAGO, November 24.—Fifty rep- resentative stocks listed on the Chi- cago Stock Exchange at the close of business for the week ended November 21 had a market value of $1,208,508,- 991, which compared with $1,264,897,214 | at the close of the preceding week, ac- cording to_a compilation by Paul H. Davis & Co. This represents a de- crease during the week of $56,388,223, or 446 per cent. The analysis shows further that at the close of the corresponding week a year ago the same 50 stocks had a market value of $2,.265826064, cating a_decrease during the year of $1,057,317,073, or 46.66 per cent. SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) Bid Allis-Chalmers Co. 53 1937..... 901¢ American Chain Co. 6s 1933 . 9213 American Tel. & Tel. 5'ss 1943 1064, Amer. Wat. Wks. & EI 55 1934 96 Baltimore & Ohfo 4'as 1933.... 86 Bethiechem Steel Corp. 5s 1936 9914 4vas 19350 9013 an Nor. Rwy. 8 901, 931% 87 991 & 8. Rwy. 4'4s 4 Commercial Credit Co. 5ias 1935 Delaware & Hudson Co. 55 1935 Denver & Rio Grande 4’as Gen. Mot. Accep. Corp. 6s General Petroleum Corp. 5s Northweste A, Co. 625 1931 Portlund General Elec. 55 1935, Republic Tron & Steel 55 1940. Sinclair Crude Oil Co. S'as 1938 Southern "Pacific 55 1934....... St. L. LM 8. Ry. R. & G. 431933 Union Elec. Lt. & Pow 55 1933 1 Union Oil Co. of Calif. 55 1935. Virginia Rwy. & Power 8s 193¢ Wabash Rwy. Co. TREASURY (Reported by J. & W. Seli . Rate--Matnrity. Har © 17%s Dec 15, 1 17%s Dec. T Earnings available for the common dur- ing the first nige months were some- ' 15/ 15, Ma 3'25 Dee 1931 1ts Sept 1932 indi- | could only be temporary in view, of ex- isting international unceriainties, such 2| as German reparations. Cusick Kent & Co.—In view of the { small volume of transactions during the past two weeks, it seems to us that the downswing has been actuated more by the lack of buying than by the selling that has rezlly appeared. With the market so well liquidated, a selling | climax may not_be necessary, with a rally developing subsequent to the dry- ing up of selling orders. We believe the | internal structure of the market is suf- { ficlently solid to justity a technical turnabout from current levels, which could develop after moderate weak- ness. Paine Webber & Co.—While technical indications point to an ecarly testing of old lows, and probable establishment of new lows, yesterday’s market action was such as to provide possibility of a minor upturn before continuation of the downswing. It should be followed only for quick trading purposes. Morrison & Townsend.— The action on security prices indicate an oversold condition which could cause a sharp technical rally. Frazier Jelke & Co.—On the whole, there is nothing that points the way to any thing more than a dragging business situaticn during the current Winter. Any recovery, uniess accom- | panied by a rise in commodity prices, will be of moderate proportions. Shields & Co.~—Unless an entirely un- expected powerful influence develops, the most important market question i where a real bottom will be reached. Only the market itself will give the an- swer, and until there is evidence of such level being approached, there is no rea- son to change trading policy based on belief the main pricetrend is definitely dewnward. Redmond & Co.—We consider the question of inter-government debts, par- ticularly German reparations, as well as Germany’s commerclal debis to for- eigners, as the crux of the world’s financial problems and the real ob- stacle to general recovery in business. If these debt problems can be satisfac- torily adjusted in a spirit of co-opera- tion, we feel that the groundwork will be laid for & world restoration of con- fidence and a return of prosperity. Un- til these questions are settled, or there is reasonable assurance that they will be. we do not believe that any broad and sustained upturn in securities will develop. Hornblower & Weeks—Both the ex- tent and duration of the decline alone suggests the likelihood of a sharp trad- ing rally developing shortly, and we would watch for just such a develop- ment. Jackson Bros., Boesel & Co.—We ob- serve that there is a distinct difference in the caliber of the selling noted in the rails and that noted in the industrials. Wall Street is barren of railroad stocks and the professional short interest is not large. The selling is coming from investment sources and is being ab- sorbed gradually by other investment sources. ‘The principal long account re- maining in brokerage houses is in in- dustrial stocks and the total short ac- count is unquestionably large when measured in terms of the floating sup- ply. We regard the short interest in certain pivotal industrial stocks as large enough to warrant expectations of a sharp rally in the near future on tech- nical grounds alone. Theodore Prince & Co.—On the as- sumption that the unfavorable news has been largely anticipated, it is pos- sible that the market may be getting into an oversold condition which might provide a corrective rally for technical reasons. Those who try to follow the long side at this stage, however, may be disappointed unless they utilize stop protection. We would not look for any upturn of importance until after a period of greater increased activity on the downside. ‘Two-way shirts, with the front and back exactly alike, are making a hit -32 with quick-dressers in London. pigeons, pair, 25a30: guinea fowls, pair, 25a50; turkeys, 18a38. ° Eggs—Receipts, 948 cases: receipts, 28a30; small pullet eggs, 22a 25; hennery, whites, 34a36: nearby firsts, 30a32; Western firsts, 30a32. Butter—Good snd fancy creamery, 20a34; ladles, 20a22; process, 24a25; store-packed, 15a16. Live Stock Market. Cattle—Receipts, 75 _head: light sup- ply, Market steady. Steers—Choice to prime, none; to choice, 8.00a 8.75; medium to good, 7.00a8.00; fair to medium, 55026.50; plain to fair, 4.50a5.50; common to plain, 4.00a4.50. Bulls—Medium to good, 4.00a4.25; fair to medium, 3.50a4.00; plain to fair, 3.25 a23.50; common to plain, 3.00a3.25 Cows—Medium to good, 3.75a4.25; to medium, 3.25a3.75; plain to fair, 2.5023.25; common to piain, 1.50a2.50. Helfers—Good and choice, 5.35a5.70; medium to good, 5.75a6.2: dium, 4.75a5.25; plain to fair, 3.7524.75; common to plain, 3.25a3.75. Fresh cows and springers, 30.00260.00. Sheep and lambs—Receipts, 500 head; light supply, market steady: sheep, 1.00a3.00; lambs, good to choice, 6.50a7.25. Hogs—Receipts, 500 head; light su ply, market lower; lights, 5.10a5.3t heavies, 4.75a5.10; medium, 5.10a5.3f roughs. 3.65a4.00; light pigs, 5.1025.45: | pigs, 5.10a5.30; Ohio and Western hogs, | 10 cents higher. | Calves—Receipts, 25 head; higher; caive:. 3.50a8.50. Hay wnd Grain Prices. | Wheat—No. 2 red Winter, export. no | guotations; No. 2 red Winter, garlicky, spot, domestic, 59)2; November, 5! December, 60 | Cormn—No. 2 yellow, domestic, spot, | 55a56; cob corn, new, 2.25a2.50. Oatse—No. 2 white, domestic, spot, 35';836; No. 3, 34'5a35. Rye—Nearby, 50a55. Hay—Receipts, none. New hay is starting to arrive in increasing quanti- | ties, but so far no official grading has | been attempted, selling being strictly on merit. Demand for old hay slow and | market is dull and quiet, with prices in | 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. current market B. & 0. GETS—PEBiflT. | The Interstate Commerce Commis- sion has authcrized Baltimore & Ohio to operate the lines of the Buffalo, Rochester & Pittsburgh Railway un- der an operating agreement. L fair to me- | by firmness of wheat quotations at Liv- | erpool. Price advances, however, were checked by official announcemént that United States Government-financed wheat holdings on November 1 totaled 189,656,187 bushels. Opening 1323 higher, wheat after- ward rose further, corn also started 3a 34_up and continued to mount. Price setbacks that quickly followed official acknowledgment of the huge amount of unsold wheat in the hands of Farm Board allies more than blotted out today's early enhancement of val- ues, The bearish effect, however, was minimized owing to recent heretofore total holdings at about the correct figure. Official confirmation neverthe- less was generally regarded as a dis- tinct bearish factor, and led to general selling. In the downward .swing of wheat | prices, July contracts went to a dis- | count under May, as compared with a premium that had been the rule of late. Corn and oats gave way with wheat, and were also sold on account of opinfons that cold weather would put the corn crop in better condition. On the other hand, Western points re- ported keen demand from feeders, and no corn offered. Chicago arrivals of corn totaled but 71 cars. Provisions sagged, responsive to de- clines both in hog values and in grains. - Public Short Selling. NEW YORK, November 24 «i 1. —The element of short selling by the public—or, as it is called, “amateur short selling”—has become a prominent influence in depressing the market, brokers declare. A good many people who were buying stocks at the hlnh prices of August and September, 1929, they say, are now selling /them at levels representing a deflation apywhere from 50 to 80 per cent from the earlier fig- ures. A considerable part of this selling has been in odd lots. . POTATO MARKET. CHICAGO, Novenwer 24 (#) (United States Department of Agriculture) — Potatoes, 43 carleads: on track, 215 | carloads; total United Statés shipments, 465 carloads; adout steady; trading slow; sacked, per 100 pounds, Wiscon- sin round whitss, No. 1, 80a90; un- graded, 70a75; Minnesota, North Da- kota Cobblers 80a85; few, 90; Red River Ohios, 40a85; Idaho Russets, No. 1, 1.35a1.50; mostly 1.40a1.50; commer- cials, 1.10a115; few higher. STOCK AND BOND AVERAGES By the Associa Prom Yesterday Pros. 's $:30 Elition. STOCKS. 50 ’ Industrials. . Utilities. . 5.0 ! Three years ago.... Five years ago...... 20 1155 20 20 Rails. Utilitfes. 79.1* unconfirmed reports which had put the | Coarse Grains. Traders say coarse grains are in mueh better position to advance than wheat, although there is evidence that corn, oats and rye futures have been influ- enced by the bread grain. Demonstrat- ing the holding rrntnm in corn, Chi- cago experienced the phenomenon of =hipping the yellow cereal to Iowa in- dustries last week—practically into the -producing heart of the greatest corn- area in the world. Washington Produce Butter—One-pound prints, 36; tub, 38, Eggs—Hennery, 38a42; current re- E N roih. sy s Y. eys, young and hens, 25a30; old toms, 23; old hens, 2a25; chickens, 3 pounds and over, 18a20; 2 to 22 pounds, -0a22; Spring broilers, 23: hens, large, 18a20: small, 15a17; Leghorn 23a25; ens, large, 21a23; ghorn hens, ~ 16al18: ;gmz':n' 13a15; Long Island ducks, 220. Meats—Beef, prime, 16; choice, 15a 15%; good, 13al4; cow, 814a9: vea top, 15; medium, 1 15; fair, 13a14; pork Spring broilers, 30; small, 18a20: Le 50-pcund tins, 9; package, 10; com- pound, 7a7% Live _stock—Hogs, glh and medium, 4.2 graj apples, bushel baskets, 50a1.25; fancy box stock, 1.50a 2.50; 2.7(’;1. pineapples, 3.00a Potal Maine, 1.25; N ork, 150-pound sacks, 1.75; Idaho bakers, mo-mnu sacks, 2.25; sweets, per bushel, 75; string beans, 1.50a2.00; limas, 5.00a 5.50; eggplant, 4.00a4.50; artichokes, 3.00a3.50; 50; spinach, 50a75; broccoli, 3.75a4.00; lettuce, Iceberg, 3.501 New York, 50; cucumbers, celery, crates, 2.00a2.50; bunches, tomatoes, 3-pan crates, ;..2,5 ’&nn!omll lugs, 3.00; .7583.00; carrots, r 100 bun 400; crates, 3.5004.00; beets, per- 106 IWHOLESALE PRICE GAIN REVEALED FOR MONTH By the Associated Press. is Pt e 14 4 main com| index, 5 leneefl%lm‘