Evening Star Newspaper, November 27, 1931, Page 12

D. C, FRIDAY, NOVEMBER 27, 1931. FINANCIAL, BONDS DEPRESSED | e o BONDS ok scms] [ADVERTIING HELD TONEW LOW MARK| CHEF TRADE HELP Averages Forced Down to THE EVENING STAR. WASHINGTON YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. FINANCIARg NEW (Continued From Page 11.) Stock and Dividend Rate. Mullins Mfg of. 11% Munsingwear Inc( I A—12 was PRODUCTION DROP | ' INOCTOBER NOTED Sales. High. Low 2:58 8 104} 104% 104% 52 52 62 36 UNITED STATES. (Sales are in $1.000.) Sales. High. Low. 2:55 Lib 3145 32-47. 410 9931 9927 9928 1st 414 32-47 103 100 26 100 18 100 23 h 438 33-38481 1013 101 206 932 Net. High. Low. Close. Chge. 102% 101 101 —1% 32% 32% — W 3115 —dk -2 15 -3% 111 Bell Tell 58 111 Cent 43 '53 v 111 Cent 4% "66.... 111 CCStL&N 68 A 111 Steel 414840 Stock and Sales— Low. _ Dividend Rate. Add 00. 87 Sou P Rico Sug pf(8) 40s 28% Southn Cal Ed (2)... 12 3114 Southern Paclfic (4). 49 10%4 Southern Rwy (m6). 30 Sates— Add 00. High. Low. 50s 28 28 - 4% 14% - % 7 K ~—1931— 3 45 High Low. MNet. Close. Ohse. 2% 22 28 97 Monthly Bulletin of Federal | Reserve Board Reports [ on Trade. Production and employment in manu- facturing industries declined further in October, says the Federal Reserve Board'’s monthly bulletin, while output of minerals increased more than is usual at this season. There was a con- siderable decrease in the demand for Reserve bank credit after the middle of October, reflecting a reduction in member bank reserve balances and, in November, an _inflow of gold, largely from Japan. Conditions in the money market became somewhat easier. Total output of manufactures and minerals, as measured by the board’s seasonally adjusted index of industrial: production, declined from 76 per cent of the 1923-1925 average in September to 4 per cent in October. Output of steel remained unchanged at 28 per cent of capacity in October, although it usually shows an increase for that month; in the first half of November activity at steel mills increased some- what. Automobile production declined sharply in October; production of shoes and woolens decreased and cotton mill activity showed little change, although an increase is usual at this season. Output of bituminous coal increased seasonally, and there were large in- creases in the output of anthracite and petroleum. Employment Declines. Volume of factory employment de- elined substantially from the middle of September to the middle of October. At woolen mills, where an_increase in employment is usual at this season, there was a large decrease. In the au- tomobile and shoe industries reductions in employment were considerably larger than usual, while in the canning in- dustry the decline was wholly of a sea- sonal character. In the silk goods and hosiery industries employment in- creased by more than the usual sea- sonal amount. The November cotton crop estimate of the Department of Agriculture was 16,903,000 bales, 600,000 bales larger than the October estimate and 3,000,000 bales larger than last year in spite of a reduction in acreage. ; Data on the value of building con- tracts awarded in_ the period between September 1 and November 15, as re- rted by the F. W. Dodge Corpora- jon, showed a continuation of the downward movement. In_this period value of contracts was 29 per cent smaller than in the corresponding period of 1930, reflecting smaller Volume of construction and somewhat lower building costs. Total volume of freight-car loadings remained unchanged in_October, while Joadings of merchandise decreased Department store sales increased by somewhat more than the usual sea- sonal amount. The general level of wholesale prices declined from 69.1 per cent of the 1926 average in September to 68.4 per cent in October, according to the Bureau of Labor Statistics. Prices of grains, cot- ton and silver, after showing a rapid rise beginning early in October, de- clined considerably, but in the third week of November were still above their October low points; prices of hides and petroleum were also higher in the mid- dle of November than in early October. During this period the prices of live stock and meats declined rapidly, re- flecting in part developments of a sea- sonal character. Bank Credit. Reserve bank credit, which hadgin- creased rapidly between the middl¢ of 2 September and the third week of Octo- ber, declined by $265,000,000 during the following four weeks. This decline re- flected a large reduction in member bank and other balances at the Reserve banks and also an inflow of gold, chiefly from Japan. Demand for currency, which had been on a large scale during September and the first three weeks of October, showed relatively small fluctu- ations after that time and in the sec- ond week of November declined by somewhat more than the seasonal amount. Loans and investments of member banks in leading cities continued to decline during recent weeks, and on November 18 the total volume was $500,000,000 smaller than five weeks earlier. This decrease reflected sub- stantial reductions in loans on securi- ties and in other loans, as well as in the banks' holdings of investments. At the same time deposits of these banks also declined with a consequent reduc- tion in the reserve balances which they were required to hold with the Reserve banks. Money rates in the open market, which had advanced sharply during October, declined somewhat early in November. Rates on _prime com- mercial paper declined from a range of 4%, per cent to a range of 3% per cent, and rates on bankers' acceptances from 3% to 27 per cent. Washington Produce Butter—One-pound prints, 36; tub, 35. Eggs—Hennery, 38a42; current re- ceipts, 28a33. Poultry, alive—Turkeys, young toms and hens, 22a28; old toms, 20; old hens, 19a22; chickens, 3 pounds and over, 18a20; 2 to 2!, pounds, -0a22; Spring broilers, 23; hens, large, 18a2 small, 15a17; Leghorn hens, 13al roosters, 10a12; keats, young, 40a45; old, 25a35. Poultry, dressed—Turkeys, young hens and toms, 34a37; old toms, 27a29; old hens, 30a32; chickens, 3 pounds and | over, 21a23; 2 to 2!, pounds, 23a25; Spring broilers, 30; hens, large, 21a23; small, 18a20; Leghorn hens, 16al8; roosters, 13a15; Long Island ducks, 19a20. Meats—Beef, prime, 16; choice, 15a 1512; good, 13al4; cow, 8l.a9; veal, top, 14; medium,’ 11al2; lamp, top, 13; medium, 10all; pork loins, 8 to 10 pounds, 12; 12 to 15 pounds, 10all; fresh hams, 14al15; smoked hams, 19a 20; strip bacon, 19a20; lard, 50-pourfd tins, 9; package, 10; compound, Live stock—Hogs, heavy, lslght and medium, 4.25a5.00; pi 0 .00 roughs, 21.adiy; calves, ) Florida, 3.7524.00; lambs, 314a6.00. Fruits—Oranges, California, 3.50a4.50; lemons, 4.00a4.50; tangerines, 1.75a2.75; grapes, Emperors, 2.00a2.25; Tokays, 1.75a2.00; grapefruit, 2.75a3.00; apples, bushel baskets, 50a 125; fancy box stock, 1.50a2.50; pears, 275a3.00; pineapples, 3.00a3.50; ba- nanas, 2503.00 Vegetables — Potatoes, Maine, 100- pound sacks, 1.25; New York, 150-pound Idaho bakers, 100-pound sweets, per bushel, 50a75; 1.50a2.00; limas, 5.00a 4.00a4.50; artichokes, 50; spinach, 75; broccoli, lettuce, Iceberg, 3.50a4.00; York, 50; cucumbers, 5.00; celery, crates, 2.00a2.50; bunches, 75: tomatces, 3-pan crates, repacks, 2.25; California lugs, 3.00; peppers, 2.75a3.00; carrots, per 100 bunches, 4.00; crates, 3.50a4.00; beets, per 100 bunches, 4.00; mushrooms, 75; aspara- 5.75; turnips, per bushel, 50; peas, salsify, per dozen bunchcg, old, 3lea gus, 5. 3.50a3.7. 75; cabbage, new, baskets, 150; sacks, 1.00. 1% 1 5 Murray Col 15% Nash Motors (3). Nat Dist I’rod (2 Nat Enam & Stam Nat Lead pf B (6) Nat Pwr & Lt (1). Nat Steel (2). Nat Supply Co Nat Supply pf (7) Nat Surety (2). NatTea (1)u..e.en Nev Copper (80c) N Y Central (4).. N Y Chicago & St L, N ¥ Chi & StL pf. N Y & Harlem (5) N Y Investors.. NYNH&Hpf (1) N Y Ont & Western N Y Shipbuilding. N Y Shipbldg pf(T) N Y Steam pf (6).. Noranda Mines. . . 112 Norf & Westn (112). 315 North Am Aviation. . 26 Nor Amer(b10%stk) 41 North Amer pf (3)... 871 North Am Ed pf (6) 19% Northern Pacific 3) 1 Oliver Farm Equip. 4 OlivFarm Eq pr pf. .. 7 Orpheum Circuit pf., 20% Otis Elevator (23).. 33 Otis Steel. ... 14% Otis Steel pr pf. 42 Outlet Co (4). 2015 Owens 111 Glass (2). 1t Pacific Coast 24 pf.. 29 Pacific Gas & El (2). 35 Pacific Lighting (3). 1 Packard Motor (40c) 29 Panhandle Pro&Ref. 1 Par-Pub (b10% stk), 72 1 Park Utah....co.oco 1 Penick & Ford(t1%) 2 Penney (J C) (2.40).. Penn Dixie Cement. . 4 Penga Rallroad (2).. Peoples D S pt (63%) Peoples Gas(Chi) (8) Pere Marquette pf. 18% Pere Marquette pr p: Pet Corp of Am (1) Phelps Dodge Co. Phila Co 6% pf (3).. Phila&Reading C& I Philip Morris&Co(1) Phillips-Jones Co. . ., Phillips-Jones pf (1) 4 Phillips Petroleum. . Pierce Ol pf... 30 Plerce Petroleum 3 Pittsbgh Screw & B 1 Pitts Steel pf.... 508 Pitts United pf (7)... 10s Poor&Co (B)....oo. 1 Port Ric Am Tob(A), 10 Port R Am Tcb (B).. 3 Postal Tel&Cable pf. 11 1 1 108 9 Pro & Refiners. % Public Sve NJ (3 Public Sve NJ pf (5) Public Sve NJ pt (6) Pullman Corp (3) Punta Alegre Sugar Pure Ofl. . Pure Oil pf (8). Purity Baler] s Kadio Corp. Radio Corp p! % itadio Corp (B) (5).. Radio-Keith-Orph A. Raybestos Man (1.60) Reading Rwy (4) Real Silk Hostery Real Silk Hoslery pf. Remington-Kand. ... Rem-Rand 1st pf (7) Reo Motor Car(40¢) . Republie Steel. 81 1 11 08 20 35% Reynolds Tob B (3) % Richfield Ofl. 1% Rio Grande Oil. 38% Safeway Stores (5) 877 Safeway Strs pf (7). 9% St Joseph Lead (1).. 6 StL-San Francisco.. 714 StL-San Fran pf(6).. Schulte Stores pf (8) % Seaboard Air Line. 513 Seaboard Ofl. 315 Seagrave (40¢; 81 Sears Roebuck 3% Servel Inc. 315 Sharp & Dohme,. Sharp & Do pf (3%). hattuck (FG)(113%) Shell Trading & Tran 908 Shell Union O, g %2 Stmmons Co. . Simms Petroleum. .. 4 Sinclair Consol Oil. Sinclair OIl pf (8) Skelly Oil..... Skelly Oil pf ww. Sloss ShefTield Stee Snider Packing pf. ocony-Vacuum (1). Solv Am pf ww (5% ) South Port Rico Sug 45 23 35% 4% Pacific Tel&Teleg(7) 320s 107 % 17% 1 1% 40% 15% 26 ™ 1% 40% 15% 26% 115 Spencer Stand Br o Stand Of Stand O} Stand Of! Sterling Sterling Sterling Stewart 19% 4% 124 9 26% 154 31 Superior 1__Symingt 20, Tenness 15 9% 364 4% Tex Paci 8% 12 59 44 14 18 1% 3 45% 24% Trico Pro 10 19% Timken 1% Tobacco 7 Tobacco = b | i o o5 | ..1>;KI 62 : —%|7m 2 214 1 105 Und 6'4 27 5 ; 118 19 11- 2% Unit B Unit Cor Dnit Cor, Pipe Rubl u us us Us Us us us us U S Stee Univ Pip 2 15 Vadasco 76% 18! 3% 1% 32 26 ) 1% Wabash Waldorf B Warren Warren Warren 4 Wesson West Pa West Pa West Pa West Pa Western Western Western Western Western 4 Western Western & FE EP FEZEE FE s Westing! & = Wheelin 42% 20 50% Worthin; Wrigley 13" Young Si 78 19 Ygstwn | 5% % — | 17 ¢ 10 —u| 4% M — % 5% — % 6% 7 -1 4 —% 16— 9% + 4% 3y -1 |4 12% -- % | b 5314-10% 10 Zonite P 1% 4% 10:30 A.M. 1:30 P.M. | Dividend rates a: | payments based on the xEx-dividend. t (Plus Payable 1n stock. e Plus 2% in stock. 3% in “stock. — % | stock. 15 Southern Ry pf (5) 18 Spalding (AG) (1) 3% Sparks Withing (1).. Stone&Wel Studebaker Co(1.20). I Sun Ofl (1).. . uperheater Corp 27 Ulen & CO.- ... derwood-| Wsthse E. Westvaco Chlor 1.60. 3% Yellow Truck. .. s} % in stock. (Plus Dle m Patd D Plus 2%2% in ot B Kellog(80¢c). Spicer Mfg. “picer Mfg pt (3) ands (1.20). Stand Gas&El (3%). Stand Gas&EIl pf (4). sStand Invest Corp. .. 1of Cal(2%) 1 of Kans: 1NJ (12) Secur (A) Secur pf. ... Secur cv pf. Warner. er(m2). Steel. .. on (A) Corom. Texas Corp (2) 55% 20% Tex Guif Sulphur(3) ific Land Tr. 5 Thatcher Mfg Co. 5% Third Avenue. . 13 Third Nat Inv(mbbe. 6% Thompson Prod 1.20. 1% Thompson Starrett. . 34% 18 Thomp-Star pf (3%) 9 3% Tide Water Asso Oil. 4 Timken-Detroit Axle Roller B(2).. Product: Prod A t95c. 314 Transamerica Corp.. Tri-Contl Corp. oducts(2% 23, Truax Traer Coal Co Twin City R Tr pf(7) () Fish pl(7).. Union Bag & Paper.. Unton Carb & (2.60) .. Union Oil of Cal (2) 1 Union Pacific (10)... ‘ Unlon Pacific pt (4). Un Tank Car (1.60).. Unit Afrcraft cutt (2 Unit Cigar Store D (76c) ppf (3). Unit Electric Coal. Unit Fruit (3). i Unit Gas&Im(1.20) Unit Gas&lm pf(5).. U S Gypsum (1.60).. S Indus Alcohol. Leath pr pf (7) & Fdry (2). Pipe&Fy 1st 1.20 Realty & Imp. Rubber 18t pf. Smtg & Ref (1).. U S Smtg&Ret pf 3% U S Steel Corpm (4).. 1L (T)enene United Stores (A)... United Stores pf (4). Univ Leaf Tob pf(8). Univ Pic 1st pt (8).. pe & Rad pf.. Utd) P&L(A) e12.16. Sales Corp. Y V Vulcan Detin (4) RR..oo.0 Sys (1%) Walworth Co. ... Ward Baking (B) . Ward Baking pf (7). Warn Bros Pictures. Bros. . Bros cv pf 3. Fd&Pipe(2). Webster Eisenlohr. . 0&Sno pt(4) ELpt (6). ELpt (7)... Pwr pt (6). Pwr pf (7). Dairy (A).. Dairy (B).. Maryland Md zd pf. Pacific. Pacific pf... Union (6). . Westinghse A B(2).. house (2% ). 1st mi% g Steel White Motors. S White Sewing Mach. Willys-Overland. ... Woolworth (14.40).. gton Pump.. (Wm) (4).. pré Wire (1) Sheet&Tube. Zenith Radlo. rod RIGHTS—EXPIRE. 14 Elec Po&Lt 2% Peop G L&C..Jan 15 Sales of Stocks on New York Exchange. 1,400,000 given 1n the above t e latest Guarterly or ss than 100 in stock. ~ a Paid Payable in cash or stock ) Plus 50c in special preferred stock this year—no resular rate. nPlus stoc] last year—no reguiar rate. 1 Plus 8% in stock. k Plus 5% in CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, November 27.—The fol- lowing is a summary of important news prepared by the Standard Sta- tistics Co., Inc., New York, for the As- sociated Press: The Companies. Associated Gas & Electric gross reve- nues, including other income, 12 months to October 31, off 0.7 per cent; net, be- fore interest and subsidiary preferred dividends, off 5.2 per cent. Perfect Circle production increased 66 per cent; replacement business up 63 per cent in first 10 months. Standard Oil of New Jersey subsidi- ary advances gasoline 1 cent a gallon in"Eastern Pennsylvania. Continental Gas & Electric declared $3.60 extra dividend; one-fifth share common stock special and $1.10 quar- terly dividends on common shares. Guantanamo Sugar deficit year end- ed September 30, $449,846 vs. deficit $455,916. Household Finance participating pre- ferred share earnings 10 months to|w; October 31, $4.16. McKesson & Robbins passed quar- terly common dividend; paid 25 cents September 15. Missouri-Kansas-Texas Railroad pre- ferred share earnings 10 months to October 31, 68 cents vs. $6.83. Pittsburgh & West Virginia Railway common share earnings 10 months to October 31, 25 cents vs. $4.34. Ritter Dental Manufacturing com- mon share earnings 9 months tember 30, 35 cents vs. $3.16. Superheater Corporation declared 25 cents quarterly common dividend; for- merly paid 62}, cents. United States Steel plants operating below 28 per cent of capacity vs. 45 per cent in 1930 week and 70 per cent in 1929 period. Ford Motcr of Canada passed divi- dends on class A and B stocks; paid 60_cents on each class June 20. Illinois Brick takes no action on quarterly dividend; paid 30 cents Octo- NEW SECURITIES. NEW YORK, November 27 (#).—New securities offered today incluae City of Minneapolis, Minn., $1828920 4% per_cent bonds, due December 1, 1932, to 1951, inclusive, priced to yield 420 cent, by a cate headed by the kers’ Trust .Co. of New York. ber 15. Ludlow Manufacturing Associates subsidiary receives $115,600 twine con- tract frem Post Office Department. Pennsylvania Railroad October net operating income off 36.7 per cent; 10 , * months, off 46.6 per cent. Petroleum Exploration declared 25 cents quarterly dividend; paid 12} cents September 15 and 25 cents quar- SALES. ‘Washington Gas 55—$5,000 at 100, Capital Traction Co.—100 at 21, at 21, Norfolk & Steamboat Co.—56 at 160. Potomac _ Electric 512% pfd—5 at| 106%, 3 at 106%, 5 at 106%. Washington Rwy. & Electrlc ptd.—10 al 4. 100 | AFTER CALL. Washington Gas 65 “A’—$4000 at V4 Washington Gas 6s “B"—$100 at 102, Potomac Electric 5% % pfd.—5 at 106%. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Tel. 4%2s '30.. Am. Tel. & Tel. ctl. ir. 5s 5. 55 Wash., Alex. & Mt. Ver Washington' Gas 4%as. Washington Gas 55 6s, serles Gas 6s, series & Ross, Inc., Chevy Chase Club 5! 1 Columbia _Country Club 87" D. C. Paper Mfg. Gt Wash. Mkt. Cold Stoi STOCKS. PUBLIC UTILITY. ® e 61is... H to Sep- N & Pot. Pot. Elec. Power 512% Wash Rwy. & El com. (7) Wash. Rwy. & EL pfd. (5). NATIONAL BANK. Gapital (18, Golumbia (13 WASHINGTON STOCK EXCHANGE QUOTATIONS AND DAY’S SALES Gommercial (stamped) (10) Liberty (18).. Lincoln (107 Metropolitan (14)" | Riggs (188)..... Second (9e).., Washington (12) TRUST COMPANY. Amer. Sec. & Tr. Co. (15) e Wash. Loan & Trust (i4):1..00 BAVINGS BANK. Bank of Bethesda (63) United States (3 Washington Mech: . FIRE INSURANCE. American (12).. . | Eirer, N TITLE INS Columbia (6h) 5 Real Estate (6h) MISCELLANEOUS. Col. Medical Bldg. Corp. (8). Col, 8and & Gravel pfd mer. Bromo-Selz, “'A Federal Storage pfd. (8) Fed.-Am. Co. com. (1.20} Fed.-Am. Co. pfd.’ (6) Lanston Monotype (6). . Mer. Tr. & Stge com. (i0). Mer. Tr. & Stge. pfd. (). . Mergenthaler Linotype (8) Natl. Mtge. & Inv. pfd. (8) Peoples Drug Stores pfd. (672) Real Est. M. & G. ptd. (8).. Woodward & Lothrop td. *Ex. dividend. bBooks closed. nisc extra. 130 extra. §1% extra, eliz% extra. «a o 5% extra. terly prior thereto. Richman Bros. cuts price of line to Tidewater Oll salaries to be cut from 5 per cent to 20 per cent. Baldwin Loccmotive Works obtains order from Lehigh Valley for 10 high- speed freight locomotives. Chicago, Burlington & Quincy Rail- road cuts salaries of employes receiv- lnl‘ovfl $300 & month 10 to 20 per cent. Duke Power Subsidiary makes. offer A $20 from $22.50. | for Shelby, N. C., municipal lighting plant. Jersey Central Power & Light elec- tric light charge reduced, saving con- sumers about $325,000 annually; gas rate also lowered. Nashua Manufacturing cuts wages 10 per cent. United Cigar Stores—consolidation reported contemplated with United Stores Corporation & Tobacco Products. Hackensack Water common share earnings, nine months to September 30, $2.37 vs $2.29, 5 Level With 1921 Bottom Prices. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, November 27.—Bonds slumped heavily into new low ground today in dull trading. This brought the list, both foreign and domestic, down to % | its lowest point of the 1920-1921 depres- slon, with most railroad issues lower than they have been for 20 years and more. Declines of 1% to 4 points were general in the railroad list. ‘The market opened with a heavy tone and slid rapidly under the pressure of an accumulation of selling orders. Much of the selling reflected continued liquidation in stocks. But the most im- portant factors were Premier Laval's uncompromising _declaration for the priority of German reparations over private debts and the more serious situation in Manchuria. German government 553 and Dawes Reparations 7s equaled their previous lows, off 1 to 3 points on the day. German Central Bank issues dropped 2 to 4 points. German municipals and industrials were equally heavy. Wall Street and London both take the same view of Premier Laval's statement— that Dawes Reparations 7s and Young Plan 5'5s, both having been issued for the purpose of enabling Germany to make reparations payments, rank prior in lien to any future reparations ar- rangement. Money borrowed for Tecon- struction in Germany since the war is ranked in the same class and it is held here, as in Lombard street, that no German government could stand if it conceded France's claim. In Manchuria the fighting in Tientsin and the virtual deflance of Britain's warning by the Japanese advance on Chinchow were viewed as ominous. Japanese 635, Japanese 5'5s, Tokio 5155, Yokohama 6s, Taiwan 5)2s and other Japanese issues were heavy. The weakness in sterling and Canadian exchanges—direct reflections of France's attitude on reparations and the heaviness of commodity prices—resulted in lower quotations for British 52s. Canada 4s and bonds guaranteed by the Canadian government. The general weakness spread to Australian government bonds in spite of the favorable interpretation placed on the defeat of the Labor government there. Bonds were lower at the opening. Domestic issues came under the heaviest pressure, owing to a lower range of stock prices and the accumulation of celling orders over the holiday. Missouri-Pacific general 4s declined 2 points. Missouri-Pacific 5s, Frisco 4l5s, Southern Pacific 4!%s, Nickel Plate 425, Goodyear 5s and National Steel 55 were fractions to a point lower. The serious fighting in Manchuria and Premier Laval's unequivocal re- fusal to consider Germany's private debts ahead of reparations payments were factors that depressed the market for both foreign and domestic bonds. High grade issues were generally steady. German 5l5s and British 5ls were both fractionally lower. Australian issues were firm. WESTERN MARYLAND RWY. BALTIMORE, November 27 (Spe- cial) —The Western Maryland Rallway Co. reports net income for October of $150,077, after all expenses, taxes and charges, equivalent to 84 cents a share on 177421 shares of first-preferred um_xg;(luoucsundm:. compares with $204,985 net re- ported in the like month last year, a decrease of $54,908, and with $64,673 in September this year, a gain of $85,404. For the 10 months ended October 31 the company reported net income, after all chnrges, of $871,402, or $4.91 a share, on the first preferred, as compared with $1,727,797, or $9.73 a share, on the first preferred in the like period of 1930, Operating revenue in October amounted to $1,291,673, as compared with $1525,618 in October, 1930, and for the 10 months totaled '$12,565,516, as compared with $15,034,273. Operating expenses in October were $790,525, as against $971,248 in the like month last year, a saving in operations of $180,723, while for the 10 months ex- ?;%s,,:{églreg';,udls‘:SdZIlow. as against 770,746 in the i of '$},547,686. EEediaom INVESTMENT TRUSTS NEW YORK, November 27 (#).— B " . B G Ir shrs 'p 27 ns Stocke Assoc St i At%ec B0 O war c Pac It ac com & Pac Bl wa Bankers Nat Iny Bansicilla Corp . Basic Industry . British Type Iny Gentury Tr Snrs 10 : Gen Eq Chnrtered Tnvest ¢ Chartered Iny pf Chelsea Exch' A Ghelsen Excn B mulative Tr Corp Tr AALLon Corporate Trist Corp Tr Accum' ser Crum & Poster . Crum & Fost 8/ pf Uhits W Diversified Tr Equity Invest . Equity Invest Equity Trust s| Five-Year Fixed Tr. Fixed Trust Sh A. Eixed Truy sn' B Fund Tr Shrs A Fund Tr shrs G Wit i inm Incorp' Tnvestors o 8 PasuanoBuans 3 TR | gas¥ak Shawmut, B Spencer. Trask BuanueSans h|,:' B Trusteed e TrAm B An FUAm B g A% O Twentleth Cent. Fixed T 8 U8'& Bri U8 & Brit fnt U8 Bt & Fov TS Flec Lt Universal Tr . 87 520 478 1250 98 2 . 188 99 31 162 102 4 ..491 105 Abitibl P&P 5s°'53. 43 Allegheny 5 ‘5 Allis-Chalm s Am T&T c tr 6s "46. Am T&T 6ssf'60. Am T&T 6%s'43 Am W Wks 53°34. . Am Wat Wks 63’75 Argentine 5s'45 Arpentine 5% Atch Ariz 414862, AU CL 18t 43°62 Ban & Aroos 4s°51. Bk of Chile 6%s '57 Batav Pet 3. 1 Berlin CE 6% '50. Beth Stl pm 68 '3 Bolivia 7 47 Bordeaux §s '34. Bost & Me 4%5 61, Bos &Me 65 '67 Brazil 6%s "2, Brazil 6348 '2 Brazil 7s, Brazil 88 Bremen 7s o BR&Pitt 438 ‘57, Buff Gen El 4 }4'31 Calif Packing 5840 Canada 4860, 1 4% 64, Can Nat Ry 434 8'56 Can Nat 4% Can Nat 43 Can Nat 4% 55 Can Nat 5s July’ XU Can Nor 78 db "40.. CanPacdb4s..... 4 Can Pacific 4 %8 "46 Can Pac bs "44. . Can Pac 58 ‘54. CarClin & O 6s Cent J1l GEE Cent Pac 43 ‘49 Cent Pac 6/ CenRyNJ g Cert-td db 6 Ches Corp 5s "4’ C&Ogen4%s’9z. C&O4%sB'95... CB&Q4%s'77.., Chi & Est 111 55'51. . Chi Grt West 45'69. Chi M & St P 4; . Chi& NW en 4% >hi & NW 6%s '3 Chi RI&P gn ChiR1& Prf4s ‘34 Chi R 1cv 4%s'60. Chi RI& P 4%s'52 C& W Ind en 4552, C& W Ind 5%s 62, CinUnTrust 5s 202, Clev Term 4%s 77, Clev Term 58 ‘73 Clev Term 638 '72. Cologne 6148 '50. ., Colomb 6s Jan 61.., Colomb 6561 Oct. ., Colon 011 65 38 Colo & Sou 434835, Colo & Sou 434 '80. Col G&E 55 May'52 Col G&E cou 5361, Com Inves 5% 49. CC Md 1st rf 58’50, Con G NY 4%8'51.. ConG N Y 5%8 45, Copenhag 4%s "5 Copenhag 6s '52. oanhe Y -1 Deutsche Bk 6s'32. Dodge Br cl 6540 Duquesne ¢% Dutch East 1 6° French 78 2 French 7%s'¢1..., Gelsenk’hen 653 Gen Baking 6% Go« % Goodyr Rub GrandTr sf db 6x°36 14 Grand Trunk 78°40, 16 Grt Nor 43876 D. 1 Grt Nor 68'73..... 6 Grt Nor gn 6%3°'62 9 Grt Nor gn 7 31 Greek 6s°68. P HavERL&P5s.. 10 Hav El Ry 5%s'51. 2 Hud & M rf58’'67.. 14 Humble O11 8 '37.. 17 Humbl 5% Hungary 1%s Sales. High. 2742 4 93 22 9723 9725 9723 99 16 1013 1047 104 16 Low. 2.55 1 42 88% @ Swiss5ls 46 intana'st 446 : 35* U. S. Business Men Report Inland St 43 Int Rap Tr 5 Int Rap Tr s Int Rap Tr 6s'32. .. Int Rap Tr 78 32, Int Cement 68 48 . . Int & Gr Nor 6852 Int & G N ad 65 '5: Int Hydro El 65°44 Int M Co 5s ret’41 Int Match 6s ‘47 Int MM col tr 6541 Int Pap 53 A 47 Int Pap 65 '55 Int Ry C A bs Int T&T 4%852 Int T&T cv 435'39. IntT&TE'65.... 4 Irish Free St 53 '60. L T Italy Pub S 7s 52 4715 46% 29 Kan CFtS&M 4s'36 Kan City Kan City Sou 58'5 Kan City Ter 45'6 Karstadt 6s 43 Kresge Found Kreug & Toll Lackaw St 58 '50. Laclede 55 D Lautaro Nit 63 5. Leh Val cv 4s 200 Lig & Myers 585 Lig & Myers 7s'44.. Loew’s 6s ex Lorillard 51 Lorillard 7s ‘44 La & Ark 55 60 Lou G & El 55 '62 Lvons 6s'34... McKes & R 5%s'50, 17 3 101% 64% 3815 Marsellle 65 ‘34 Midvale St 5s " s M StP&SSM cn 4s.. M StP&SSM 5s'38. M StP&SSM s gtd. '90.. Mont Pow 5s°43... Mont Tr 1st 58 '41.. Montevideo 78 '52. . Mor&Co 1st ¢% 839 Nassau Elec 45 '51. Nat Dairy 6 Nat Steel 53 1 3. % 101% 101% N Eng T 1st 58 '62. 105% 105% NOT&MGb%s '54. 42% 42% Nw S Wales 5557, 49 484 74 S [ ‘34, N Y Cent 4345 2013. NY Cnrf 4%s 2013, NYCrf fm 5 N Y Cent db NYNH&H cd 6548, Nia Sh Md 5%s '50. NY O&W gn 45 '55. NY Rys 65 A '65. NY S&W 1st 5s'37., Norf South 5s 61 Nor &'Wn cv 4s No Am Co 5861, NorOT&L 6s ¢ Nor Pac 3s 2047, Ner Pac 4897 Nor Pacr 1 68 2047. 1 Nor St Pw 53 A "41. Nor St Pw 68 B *41. Oreg-Wash 4s ‘61 Orient dev 5% Orient dev 6s '53-.. % | Pac GRE 5s*42. Pan-Am Pet 6s '34. Paramount 6s Paris-Ly M Phila Co b Phila Elec 45°71. Phil & Read 6s'49. Philippine R 45'37. Phillip Pet 5% s '39. Pillsb F M 63 °43. PCC&StL 4 PCC&St L 55 B 'T. P& W V 43%s C'6l Poland 6s "40. Poland 7s'47. Poland 8s°'50. Por R Am T 6s'42. Pos Tel & C 5s53. . Porto Alegre 8s'61. Prague 7348 . Pressed St C 58'33.. Prussia 6s'52 Public Serv 4 Pub Sv G 4%s 70 Pure Ol 5348°37.... Queensiand Queensiand 7s"41.. Reading ¢%s B '97 Rem R5%3 A 47 Rhinelbe 7s "4t Rnine West Rich Oil Cal 6s *4: Rio de Jan 6%s '53. Riode Jan 8s'46 R Gr Do Sul 6s "l RIAr&L4%s 34, Rome 6%3562..... St L&SF in 4s A ‘50 StL&SF 4%s'78. StL&SF p15s B '50 StS Wends’'32 StLS W 63’52 St P Un Dep 5; San A & A P 43’43 Seab A L rf 4s'59 Seab A Licv 6845 Seine 7s *42. Serbs-Cr-S1 Serbs-Cr-S1 Shell Un O} Shell Un O11 68 49. Shinyetsu 6%s ‘52 Sinclair Of] 63 8'38 Sinc O 7scv A Sinc Cr O s%; 38 Sotssons 6s Solvay Am 58 Sou Pac col 48 Sou Pac ref 4s '55. Sou Pac 4%8°63... Sou P 4%8'69 ww. Sou Pac 43%8°81... Sou P&Or 4%s"17. Sou Ry gn 4s '56... '1. Sou Ry b 64 64 4 10115 101% 9415 94%, | 84 84 104 104 Sweden 5%s Tatwan E P 5%s°71 Advantages Gained by Pro- motion Campaigns. Business firms throughout the United States have cited to the Department of Commerce the importance of advertis- ing as a medium of overcoming unsatise factory business ccnditions. Increased or maintained advertising volume was responsible, more than any other factor, for the siccess of the re- porting firms, which during the economic depression have held or in- creased their sales or profits, according to the department’s conclusion in study made public today. The department said the study sets forth “the policies or reasons for such progress in the belief that the focusing of attention on sound and successful policies will help direct business into constructive lines.” Extent of Inquiry. ‘The study was undertaken in the late Summer, it was explained, in response to many demands for such information. Three hundred and fifty-eight examples ‘were gathered from the various district offices and commodity divisions of the department’s Bureau of Foreign and Domestic Commerce and from business publications. Information was obtained from 202 manufacturing industries, 43 retail disy tributors and 10 whclesalers located in 74 cities in 30 States. The department said it excluded from the study ex- amples of business progress not result= ing from individual efforts, but from & “favorable demand caused by outside agencies.” Among the latter was an increase in sales by a manufacturer of iron pipes due to governmental stimluation of public improvements. 7 _“In many cases,” the department said, “present success is attributed nst so much to the present or a change in policy as to past policies the soundness of which is accentuated by current business conditions. Such instances are included, as it is believed worth while to recognize policies which have laid a foundation of consumer ccnfis dence in the product and in the firm and which have builded a strong finan- 6815 68 Tenn Cop 6s "44 69 69 Tenn EI P 63 A cial structure, enabling the concerns to withstand the effects of a depression and to make the now less expensive additions and renewals to plant and machinery.” Marketing Practices. Marketing practices were cited by 254 firms as being responsible for success; 91 stressed attention to products, 59 to production policies, while 5 traced their success to financial policies. Seven in- stances of success were held due to ad- ministrative policies. “Increased sales effort and advertising policies are the most important reasons given by firms for their success,” the department declared. ‘“Market research, reduced prices, co-0] tion with deal~ ers, improvement of service d man- agement of salesmen occupy & promi- nent position in the marketing program of the companies. “Of scarcely less importance are the policies dealing with new products and quality, research _diversification and modification. In their production - icies firms have focused most of their attention on reduction of operating ex- penses and the installation of “K‘mew ter surveying the various reasons cited for increased sales or profits, the department concludes: “More firms, 80 in number, made statements concerning_their advertising policies than any other single topic, which indicates the importance attached to the value of advertising by these suc- cessful companies. Thirty-three indus- trials are represented by these firms, and the most heavily represented are candy, clothing, food, heating equip- ment, machinery and refrigerator.” ‘Twenty-nine firms of the eighty re- porting stated that they had increased advertising; 19 maintained their exist- ing schedules; 5 described their adver- tising as extensive and 5 as aggressive. “Careful” Policies. Eight concerns described their pol- jcles in terms which may be groubed together as “careful.” Great attention was paid to purchase of space to secure proper and profitable return on ex- penditures. Other adjectives used were Jjudicious, better directed, intelligent and efficient. Two firms enjoyed good sales because their past advertising had aided in building up stronger consumer belief in the quality of their products. Three firms accented their direct mail and trade paper advertising and other three found radio publicity of value. Eight firms whose advertising pol- icies have been given as an important reason for success are included in a mis- cellaneous group. A manufacturer of dresses, by continuing to advertise when others curtailed, profited by the in- creased publicity value. A producer of industrial products increased his “rea- son why” copy. Brokers’ Comment NEW YORK, November 27.—Broker= age house letters were almost unanimous today in expressing the belief that any market rally would be a_ short lived affair until the October 5 lows have been thoroughly tested. E. F. Hutton & Co.—The unremitting liquidation of the rail shares has tended to unsettle confidence and to postpone investment buying in other sections of the list. In the past few sessions while most blue chip issues have been yielding substantial ground because their cur- rent earning power is materially con- tracting, a number of unexploited sec- ondary equities are showing increasing resistance to selling, suggesting that the decline is becoming more selective. e General Outdoor Advertising deficit 9 months to September 30, $861,477, vs. net income $439,916, equal to $2.50 & Class A share. Sales. S 17 28 High. Toho El Pw 41y 9. Tokio 5%s Tokio El Li Un Pac Un Pac 68 Un Pac rf 45 2003.. Unit Drg cv 68 '53. Utd King 5%s '37. U S Rub 1st 5847, Ud St W 6% 8A'51. 60 Utah P& L 58 "44. Util Pw 58 50 ww. @ BEamE vase aBaan e Wes: Un 6%s 36. . WEODbS%s 37 ww. s PETICT TR F%