Evening Star Newspaper, November 30, 1931, Page 14

FINANCIAL; SOUTHWEST FINDS MONDAY, NOVEMBER WASHINGTON, D. C. 30, 1931. IBONDS ARE LOWER Acld’ www FINANCIA STAR, INDUSTRIAL TREND THE EVENING NEW YORK STOCK EXCHANGE *INU.S.AWALYZED Current Conditions and Pros- pects Given in Statistics Firm Survey. SBpecial Dispatch to The Star NEW YORK, November 30—Current indications of the trend in various di- visions of industry and trade are sum- marized by the Standard Statistics Co. from its first of December resume of the outlook for important lines, as fol- lows: Advertising.—Over the longer term, betterment in a few advertising_di- visions, particularly the newspaper field, should virtually accompany business | improvement. Agricultural Machinery.—The finan- cial status of farm equipment manufac- turers is believed sounder now than for several months past, although definite earnings progress is not indicated for the faitial months of 1932. Aircraft.—Military takings will show further gradual diminution because of reduced governmental appropriations. Apparel.—Present unsatisfactory con- citions in this trade will probably carry over into the early months of 1932. Automobiles.—Earnings of manufac- turers should advance rapidly with a sustained upturn in volume, in those units where substantial operating econ- omies have been effected. Automobile Parts. — Certain units should register prcmpt and substantial earnings improvement during a period of more active automobile cemand. Automobile Tires.—Excessive capacity and the severe price competition might readily continue to limit profit ma:gins for an indefinite period ; Building —The near term outlook is definitely unsatisfactory. Chemicals.—Prices of industrial al- cohol for 1932 business are expected to be at least moderately above those of | this year, but in most other chemical divisions it seems unlikely that mate- rially higher quotations will be obtained on the 1932 contracts. Coal—Near term improvement in either division of the industry will be insufficient to allow earnings during early 1932 to exceed the unsatisfactory results currently prevailing. Electrical Equipment.—Probable de- mands during the early future do not afford a favorable outlook for the supply industry. Food Products (other than meat)— Recent strength in commodity prices is especially favorable for food com- pany profits, and continuation of the rising trend should act to stimulate sales which otherwise might be further deferred. Lead and Zinc.—Profits for producers of both metals are expected to dem- onstrate only gradual recovery. Leather.—Profits of important man- ufacturers are not likely to advance rapidly next year. Machinery —Further curtaiiment of operations cf manufacturers probably will be necessary. Meat Packing.—Profit prospects for early 1932 are unfavorable, but should improve as the year progresses. Metal Containers.—Prospects are fa- vorable for a resumption of the past upward trend of profits for manufac- turers over the longer term. Office Equipment.—Domestic consum- ers have stocks on hand sufficient to satisfy their requirements for some time to come. Foreign demand is be- ing adversely affected by economic con- ditions and devaluation of certain cur- rencies. Paper.—Production as a whole with- in recent months has been advancing somewhat more than seasonably, and with the advent of general business improvement the industry should re- flect gradual further betterment. Petroleum.—The higher schedules now in effect should permit the ma- jority of companies to report improved results during the current quarter of the year. Radio.—Recent indications that dis- tress liquidation of inventories may assume major proportions during the present heavy buying season further complicates the medium term outlook. Railrcads.—Evidence of definite traftic or earnings expansion is still lacking despite the fact that there is some in- dication of stabilization at prevailing low levels. Rallroad Equipmient—A minimum of ordering will be dcne by the railroads for some months to come. Retail Trade—It is not expected that sales during the Christmas season will 1ully equal those of a year ago. Shipping.—Operating economies will not offset the loss in gross revenues dur- ln? the current year, and 1931 returns “1"‘.5 fall substantially below 1930 re- sults. Steel—Some slight improvement in takings of rolled steel should be re- corded in December, and expansion in shipments should be continued dur- ing the early months of 1932. Sugar.—Earnings of both producers and refiners for the full current year will be of unsatisfactory proportions. Textiles.—Improvement in _ general business concitions . would offer only slight prospects for betterment in thz various divisions of the industry, since goods consumption is already moving in fair volume. ‘Theaters.—Attendance at motion pic- tures is still running substantially be- Jow that of a similar time in 1930. ‘Tobacco.—Existing wholesale price schedules are resulting in increased profits for the leading cigarette com- panies this year. Earnings of most cigar companies for the full current year will be of unsatisfactory propor- tions. Utilities.—Through substantial reduc- tions in operating costs, electrical con- cerns are able to report net incomes only slightly less than those of 1930, while in some cases, actual gains have been reported. A reduction of less than 4 per cent in profits in the manufactured gas division, is expected for the whole of 1931, Natural gas companies will probably report a decline of more than 10 per cent for the full year. For the whole of 1931 an increase in operating income of almost 5 per cent 1s expected for the telephone com- panies. Business Notes NEW YORK, November 30.—Whole- #ale apparel buying again fell below rnormal in New York last week, due to the unseasonable weather. The sudden turn of temperatures in the last two days came too late to be reflected in New . York markets, but is expected to bring a rush of orders for coats and other seascnable merchandise this week. Chief interest in apparel circles last week was centered on the resort and cruise wear lines presented by a num- ber of manufactu Although indust general continue along the restricted lines followed for the zast year or more, purchases in the Central States and in Canada are showing a tendency toward lcng-term commitmenss, according to a survey of November business conditions completed by the National Association of Purchasing Agents. Reports for the country as a whole show a slight im- provement in business in the Eastern States, a decline in the West and no substantial changes for the Southern or Central sections. Coincident with the opening of rug and carpet manufacturers’ Spring lines, F. G. Dominick, president of Walker & Heisler, Inc., wholesaiers, advocated that rug retailers and jobbers be ad- mitted to membership in the Institute of Carpet Manufacturers of America, Inc, Through joint gs, possible under the agreement he suggests, Mr. Dominick believes the lack of confi- dence and confusion now threatening the stability of the floor coverings in- dusfry can be eliminated. Received by Private Wire Direct {o The Star Office. (Continued From Page 13.) Sales— 10 i3z 3 5 Nat Tea (1)... Nelsner Brothers. Nev Copper (80c). Y Afr Prake N Y Central (4)..... N Y Chicago & St L. N Y Chi & StL pf . N Y & Harlem (5) NY N H & Hart (4).. NY N Y Shipbuilding. N Y Shipbldg pf(7 Noranda Mines. Norf & Westn (t North Am Aviatfon. Nor Amer(b10 % stk) North Amer pf (3) 1815 Northern Pacific 3 Ohlo Ofl. . Oliver Farm Equip. . OlivFarm Eq pr pf.. 7 Orpheum Circuit pf.: 2014 Otis Elevator (23).. 3% Otis Steel. .. 14% Otis Steel pr 42 Outlet Co (4) 201 Owens 111 Gla 3 6 1 4 Pacific Lichting (3). Pacific M'ils........ Pacific Tel&Teleg(7) Packard Motor (40¢) Par-Pub (b10% stk). Park Utah. . Parmelee Transport. Pathe Exchange. . Pathe Exchange (A) Patino Mines Penick & For: % Penney (J C) (2.40)., Penn Dixie Cement. Penna Rallroad (2).. Peoples DS pf (6%). Peoples Gas(Chi)(8) 4 Pet Corp of Am (1).4 Phelps Dodge Co. ... Phila Co new (6). ... Phila&Reading C & I Philip Morris&Co(1) 4 Phillips Petroleum.. Plerce-Arrow....... Plerce-Arrow pf (6) . Plerce Ofl. Plerce Ofl of ESY Plerce Fetroleum. 28% Pitts Coal. .. . 5 7 Pitts Terminal Coal 74 Pittston Co Poor & Co (B, g Port Rie Am Tob(A). % Port R Am Tcb (B).. Postal Tel&Cable pf. Pratrie Oll & Prairie Pipe Line. Pressed Steel Car pf. Proct & Gamb ¢2.40) Public Sve NJ(3.40). Public Sve NJ pt (5) Public $ve N J pf(7) Pullman Corp (3).... Punta Alegre Sugar. Pure Oll. Pure Oil pf (8) Purity Baler! 104% 250 10% 25% 102% 12% 12% 16% 271 2% 11y 23% 424 Radlo Corp pi 18% Radio Corp (B) (5).. 13 Radlo-Keith-Orph A. 812 RR Sec 1C stk C(4).. 43 Reading Rwy (4). 3 Real Silk Hostery... 10 Real Silk Hosiery pf. 3% Remington-Rand..., 3 Reo Motor Car(40¢c). 5% Republic Steel...... 15 Republic Steel pt. ... 3% Revere Copper...... 7 Reynolds Metls(1%) 35'% Reynolds Tob B (3).. % Richfield Ofl. ... 1% Rio Grande Oil..... 11% Ritter Dent Mg 1%. 9 Rossia Insur (2.20).. 13% Royal Dutch of NY.. 38% Sateway Stores (5).. 87% Safeway Strs pf (7). 9% St Joseph Lead (1).. 5% StL-San Francisco. . 744 StL-San Fran pf(6).. 5% St Louls Southwn. .. 5 Savage Arms... 4 Schulte Retail Stores % Seaboard Afr Line... 13 Seaboard Air Line pt 5% Seaboard Oi1. 3% Seagrave (40 38 Sharp&Dopf (3%). 10% Shattuck(FG)(11%) 3% Shell Unfon Ofl...... 83 Simmons Co. .. 4% Simms Petroleum. .. 5% Sinclair Consol Ol 31 Skelly Oll. 10 Skelly O1] pf ww 12 Sloss-Sheff Steel p: % Snider Packing. 11% Socony-Vacuum (1) 49% Solv Am pf ww(5%4) 7 South Port Rico Sug 28% Southn Cal Ed (2) . High. Low. Close. Chge. 1 o 1% » 5 109% 65% 83 76 13% Net. 6% 1% T1% 26 Tom 29 |_18 14 1% 4% 10:30 XE: Plus - % +1 | stock. ~—1931— High. Low. Dividend rates 4% 1n stock. b Pavable in stock. 2% 1n stock. i “stoc] Stock and Sales— Dividend Rate. Add 00 213 Southern Dairies(B) 31 Southern Pacific (4). 9% Southern Rwy (m§, 141; Southern Ry pf (5).. 20% South Ry M&O ct(4), 31x Sparks Withing (1).. 121 Stand Brands (1.20). 291, Stand Gas&El (3%). 42 Stand Gas&EI pf (4) x 284 Stand Ofl of Cal(2%) 8815 Stand O1l Exp pf (5). 281 Stand OII NJ (12).... 1 Sterling Secur (A).. 197 Sterling Secur cv pf. 4% Stewart Warner. 124 Stone&Webster (m2). 9 Studebaker Co(1.20). 98 Studebaker pf (7)... 26% Sun Ofl (1).... 15 Superheater Corp(1 15 Superior Oll. 31 Superfor Steel. 1__Symington (A) 12% Telawsograph (1.40). 234 Tennemsee Corpm. 15 Texas Corp (2). 20% Tex Gulf Sulphur(3) 213 Tex Pacific Coal&OIl. 4% Tex Pacific Land Tr. 25 Thatcher Mfg pf 3.60 2 Thermold Co. 513 Third Avenue. .. 13 Third Nat Inv(mb6c) 6% Thompson Prod 1.20, 314 Tide Water Asso Oil. 20'5 Tide Water As pf(6). 35 Tide Wat Ofl pf (5).. 19% Timken Roller B(2 1% Tobacco Products. 7 Tobacco Prod A t95¢. 3% Transamerica Corp 3 Tri-Contl Corp. 51 Tri-Contl Corp p: 2% Truax Traer Coal Co Tix Truscon Steel (60c) Ulen & Co Underwood-ElI-F (3) Union Bag & Paper.. 4 Union Carb & (2.60).. Union Oil of Cal (2). Union Pacific (10)... Union Pacific pf (4) Unit Am Bosch. .. ... Un Tank Car (1.60).. Unit Afrcraft....... Unit Afrcraft pf (3). Unit Biscuit (2)... Uait Carbon. Unit Cigar Stor Unit Corp (76c) Unit Corp pf (3). Unit Dyewood. ... . Unit Electric Coal Unit Fruit (3). Unit Gas&Im(1.20). x Unit Gas&Im pf(5). x Unit Plece DW (2).., U S & Forn Secur U S Freight..... High. 219 35 q 35 25 5 22 2 5 e B o= . g > pacnmanmSe~ e~ RanseResanSarnc B0 m i um U 8 Indus Alcohol. U S Leather (A). U S Leath or pf (7).. U 8 Pipe & Fdry (2). U S Realty & Imp. . By 8 Util Pwr&Lt (A) (2 13% Vanadium Corp. 44 Va-Caro Chem p! 32 Vulcan Detin (4). 5 Wabash R R... 17% Waldorf Sys (1%).. 215 Walworth Co. . 6% Ward Baking (A) Ward Baking pf (7). ‘Warn Bros Picture; Warren Bros. ... 14 Warren Fd&Pipe(Z). 4 Wesson O11&Sno(2). Wesson O&Sno pf(4) West Pa El pf (6) West Pa El pt (7) West Pa Pwr pf (7). Western Dairy (A).. Western Maryland. Western Md 2d pf. Western Paclfic. . Western Pacific pf. Western Union (6) Westinghse A B(2).. Westinghouse (2%). Wsthse EM 1st m3 7% Westvaco Chlor 1.60. White Motors. . White Rock (141%). White Sewing Ma pf. 4 Wilcox Rich A (2%). Willys-Overland. Wilson & C Wilson & Co (A). Wilson & Co pf. Woolworth (t Worthington Pump. % Wright Aeronautical 50% Wrigley (Wm) (4).. 3% Yellow Truck. . ¥ Young Spr& Wire(2) 19 Ygstwn Sheet&Tube. 7__Zouite Prod Corp (1) RIGHTS—EXPIRE. % Elec Po&Lt ..Dec 4 178 2% PeopGL&C..Jan15 17 Net. Low. Close. Chge. 1 4 — % 2% ; 't 11% +2% + % + 1% + % +208 -2 +1% —1% % “ Sales of Stocks on New York Exchange. AM. . 300,000 12:00 Noon..... P x-dividend. sLess than 100 shares. fPlus 3% in stock Sryadlis k. - m Patd D Plus 2%% in sl tPartly ext h or stock. 800,000 | iven in the above table are the annual cash payments based on the latest Guarterly or half-yearly decla id last year—no :uu‘i.r z"‘f" us 8% in stock. 50c in_special preferred stock. this Year—no regular rate. nPius 5% in X Plus I buying policies in . CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, November 30.—The fol- | lowing is a summary of important cor- | poration news prepared by the Standard Statistics Co., Inc., New York, for the Associated Press: . Weekly News Review. The stock market again moved to lower ievels, led by extreme weakness in the railroad issues. Although it seemed very improbable that the pro- posal of the railroad executives for a voluntary 10 per cent wage cut would be accepted by the union representa- tives, the announcement of the refusal of the plan caused a sharp break in railroad shares. The actual movement of the market, as indicated by our price index for 90 stocks, showed a decrease of 3.7 points, dropping from 77.6 on No- vember 21 to 73.9 on November 27, with all three groups moving to lower levels. Although both foreign and domestic bond prices moved lower, trading was not heavy and there seemed to be little to indicate urgent liquidation. Under the influence of the unfavorable volun- tary wage-cut decision, major recessions occurred in the railroad group, mostly in second-grade issues. The Companies. Arundel Corporation common share earnings, 10 months to October 31, | ainst $4.65. General American Tank Car com- mon share earnings, nine ‘months to September 30, $4.28 against $6.80. Houdaille Hershey Corporation class A share mmm‘gs, nine months to Sep- tember 30, $2.49 against $1.80. Middle West Utilities October electric output of system, including new com- panies, up 9.2 per cent; 10 months up 6 per cent. Myers (F. E) & Bro. common share earnings, year ended October 31, $2.77 against $4.77. Butler Bros.—Dollar volume off about 14 per cent from year ago, unit sales up slightly; year's results expected to bet- ter those of 1930, when net 1oss, $2,542,- 306, was reported. Abbott Laboratories year's dividend of $2.50 more than covered in first 10 months. Atlantic Refining advances gasoline prices 1 cent a gallon in Eastern Penn- sylvania, | Barber WASHINGTON STOCK EXCHANGE QUOTATIONS AND DAY’S SALES SALES. Potomac Electric Cons. 101} " AFTER CALL. ‘Washington Gas Columbia Sand & Gravel 90, 10 at 90, 10 at 90, 10 at 90, at 50. Washington Gas 6s “A"—$1,000 1007, - Washington Gas 6s “B" 10315, Bid and Asked Prices. BONDS. PUBLIC UTILITY. & Tel. 4135 '39. Amer_ Tel Am." Tel ctl. tr. 65, R. 5 C. & P. Tel. r‘.lb\til Traction Washington Gas_ 3s. Wash. Gas 6s. series A Wash. Gas 6s, series B. Wash. Rwy. & Elec. 4s. MISCELLANEOUS, & Ross, Inc., Chevy Chase Club 8%as.... .. Columbia Couniry_ Club’ §'s Wash. Mkt. Cold Storage 5s.. . STOCKS. PUPLIC UTILITY. Amer. Tel. & Tel. (9) Capital Traction Co. \Washington Gas Light Co. (1 N. & W. Steamboat (13). Pot. Elec. Power 6¢, pfd. . ot. Elec. Power 5V2% pid Wash Rwy. & El com. (T) Wash. Rwy. & EL pfd. (5) ). NATIONAL BANK. Capital a4y umbia (13} mmercial (s District (8 Fe 55—$1,000 at | % 55—$1,000 at 109, $1,000 at 100, $500 at 100. o * cond _(9e) Washington (i3). TRUST COMPANY. Amer. Bec. & Tr. Co. ( 10 | Continental Trust (6) .. i | Ratl. Sav. & Tr. (127) 3 | Prince Georges Bk. & Tr. (6). . nion Trust (8s) e Wash. Loan & Trust (i4) SAVINGS BANK. Bank of Bethesda (6§) Com. & Savings (10)... Basu Washington (13) A pfd.—10 at £1,000 Ui (30)..: .. e Washington Mechanics (36 . FIRE INSURANCE. American (12). LB, Corcoran (10).! Firemen's (8) National Union (15 TITLE INSURANCE. Columbia (6h)............... Real Estate (6h) : MISCELLANEOUS, Col. Medical Bldg. Corp. (8).... Col._Sand & Gravel pfd. (7)... Mfe. . Bid, Asked. . : Co. prd. (6).. Lanston ‘Monotype (6).. . Mer. Tr. & Stge. com. 10} Mer. Tr. & Stge. pfd. (7) Mergenthaler Linotype (6} Natl. Mtge. & I ash. Med. C ool Woodward & Lothrop com. (1.20) Woodward & Lothrop pfd. (7). *Ex dividend. Books closed. , ext 5% extra. ella% extra. 0 1 107 ‘Youngstown district reduced to 32 per- cent of capacity against 35 per cent last week. Rogers-Majestic defers dividend on A and B stocks. Pald 30 cents on each class September 1. Sperior Ol deficit, nine months to September 30, $1,605,200, against defi- cit, $334,132. ‘Western Pacific Railroad Corporation —October net operating income of rris-Seybold-Potter Co. deficit, year ended June 30, $424,785, against net income $133,102, equal to $6.65 a $7 preferred share. Perfect’ Circle October replacement sales, 71 per cent above year ago and 82 per cent ahead 1929 month; total sales first 10 months, up 24 per cent. Standard Oil of New Jeresy subsid- iary advances gasoline price 1 cent a gallon in Eastern Pennsylvania. Louisville & Nashville Western Pacific Railroad Co., off 65.6 cent; 10 months, off 86.2 per cent. Raillroad— | October net operating income off. 46.9 Republic Steel — Operations in pe;rvwn Shoe common share earnings, ' per cent, 10 months off 27.2 per cent. year ended October 31, $4.37 against | U! 4.22. INDRAGEY MARKET |Steady Opening Is Followed by Sag in Prices—Ger- man List Off. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, November 30.—Bonds were again weak today, but trading was not in large volume. The market opened steady, but start- ed to slide immediately after opening orders had been filled. The early rally in stocks, which failed to hold, had no reflection in fixed-income securities. The factors weighing on the market were little changed over the week end. The market was inclined to view skep- tically the arrangements for a truce in Manchuria. Germany's position was considered bettered by the Geneva in- terpretation of the ‘“standstill” agree- ment, but Dr. Hans Luther’s revela- tion that Germany had strained her internal credit position to meet dollar bond service served to cause an abrupt decline in German bonds. At home another drop in wholesale prices, combined with utterances by W. W. Atterbury, president of the Pennsylvania, and W. B. Storey, presi- dent of the Atchison, left a pessimistic atmosphere over the market. Mr. Storey's report that no indica- tion of any pick-up in traffic was ap- parent more or less coincided with market _expectations, but Mr. Atter- bury’s call for immediate and practical aid for the railroads by Federal and State governments went farther than previous statements on the roads’ sit- uation. Some rail issues declined sharply, notably Chicago & Northwestern re- funding 5s, which were off another 6 points. Atchison general 4s were at a new 16w on the movement. Atchison convertibles sold at & price reflecting the entire dilution of the conversion rights. Declines occurred in Baltimore & Ohio first 4s, Boston & Maine 5s, Erie 5s, Illinois Central 47s, Missouri- Pacific 5s and 51:s, Nickel Plate 6s, Pennsylvania 6%,s, South Pacific (Ore- gon lines) 4!,s and Western Mary- land 4s. These and many other car- rier descriptions were at new low prices. Domestic bonds were steady, while foreign dollar issues were somewhat heavy at the opening. Developments over the week end were generally con- structive_in Manchuria and in Europe, but Dr. Hans Luther's analysis of Ger- many’s repayments in recent weeks tended to inspire caution in the for- elgn department. German government 5128 opened fraciionally lower. Italy 7s lcst a point. Belgian and French de- icr:pllons \wlf‘l'et I;:lxcgln(efl, Canadians vere somewhat igher on reports that the $150,000,000 internal gmemmcnz loan had been oversubscribed. Domestic railroad issues were about steady, with small gains appearing in St. Paul adjustments and Missouri-Pa- cific 5s. Industrials like McKesson & Robbins 5!2s ond American Interna- tional 5155 were lower, but Standard Oil of New Jersey 5s and Texas Cor- poration 5s ware narrowly higher. i, MARYLAND TOBACCO SALES. BALTIMORE, November 30 (Spe- cial) —Both receipts and sales of Maryland leaf tobacco increased last week, the former totaling 380 hogsheads, while sales of 185 hogsheads were re- ported, leaving a stock in State tobacco Wwarehouses of 14,990 hogsheads and 81 hogsheads of ground leaves.® Quotations today for Maryland leaf tobacco per 100 pounds: Frosted and Inferior, 2.00a.4.50; sound to good com- mon, 5.00215.00; medium to good, 15.00 35.00; good to fine red, 35.00a54.00; fancy, 54.00a55.00. Seconds, common to medium, 5.00a22.00; good to fine, 23.00242.00; 1931 crop ground leaves, 4.00a20.00." Upper ey pper country burley, INVESTMENT TRUSTS NEW YORK, Novem —_ Over-the-counter mrxe:l;m' il ABCT ABC T 8hn Am Depos Ins Shrs Diversified Tr A Diversified Tr 3 (Sale: 5 e Lib 3148 32-47.. 32 L1st4%s32-47 3 L 4th 4% s 33-38 153 U S 381951, US3ks” 4. s 47-52. Abitibi P&P 55 °53. 10 Ab&St5% '43.... 1 Alleghany Cp 53’44 25 Allegheny 55°49... Allegheny 6s '50 Allis-Chalm 58 Am Beet Sug 65 " Am F P 58 2030 Am I1GCh5%s"49, 2 Am Intl 534849, Am Metal 548 °34... Am N Gas 6138’42 Am S&R 1st 6847, Am Sug Ref 6s Am T&T cv 4%s'3! Am T & T 5s'65. Am T&T c tr 63 '46. 46 Am T&T 6ss£'60. 177 Am T&T 5%s'43 Am W Wks 53 '34.. Am Wat Wks 6s'75 3 Am Wr Pap 65'47.. 10 Argentine Argentine 6s A '57. Argentine 6s B '58. Arm & Co 4%s'39. Arm Del 5%8°43... Assoc Oi1 65°35.... Atchison gn 48 '95.. Atchiscv 4%8'48.. AUCL1st4s's2... 0 B Ind Loan C 6s 46 Berlin Cy El 68 °55. Berlin CE 638 '50. Bolivia 8547 Bordeaux s '34. Bost & Me 4%s 61 Bos &Me 55 '67 Can Nat 4%s '57 Can Nat 434s "6 Can Nat 4% s ‘5 Can Nat 55 July’'69. Can Nat 5s Oct '69. Can Nor 6%s db "¢ Can Nor 7s db "40.. Can Pac db 4s. Can Pacific 4% '46 Can Pac 4%s°60... Can Pac 58 '44. Cen Ry NJ g 55 '87. Cert-td db 5 %8s Ches Corp 5s'47. C&Ogen 4%s'92. Chi & Alt 3; CB&Qgen 4s'5i CB&Q4%s"1... C B&Q 1t L 58'71. Chi Grt West 45'69. Chi nd&Lou 6566, Chi M & St P 45 ‘39, C M StP&P §8'75.. 3 CM &St Padj5s.. {Chi R1cv 4%s'60. ChiRI&P 4%: 2 Chi Un Sta 58 B '63. Chi Un Sta 6%s ‘63 CinUnTrust 5s 2020. Clev Term 4%s '77. Clev Term 5%4s 72, Cologne 6%s . Colomb ; | Colomb 6: e s ude Winmill Trad incorp Investors ¢ Incorp Invest Equit Independ Tr Shi Int Sec C 5 st_Tr Mutual Tnv Tr A Mutual Manage . Nation Wide Sec : Natl Indust Shrs ...l Natl Trshrs Int Int Sec B ... ¢ Se ist ' pt Gen 56 bt cond Second e Sh Selected ~Manage Trust Shawmut_Bank ........ Spencer Trask Pund 141 I 53, State Street Invest . f Am Tr A woauetasn 250 245 it 5% - o, eSuuasesibuaas waBhuaa. 8 Eiec Lt & Pow Universal Tr Sh .. 3 s e b TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) Rate—Maturity_ Bid, 175 Dec. 15, 1931 , W3 1%s Dec. 18, 1931 2¢. Mar. 15, 193 ias . 1 1%4s Sept. 15, 193 At a greyhound racing club A‘I:l opened in London members ma; e and watch the races without l’entn( their tables. ’ Colon Of1 65'38. ... Colo & Sou 4%s°35. Colo & Sou 4% '80. Col G&E 58 May'52. Col G&E cou 53 Com Inves 5%s "49. 21, | C C M 1st rf 68'50. S L‘onGNY(%l'Bls.. 2! ConG N Y 5%s Con Pwr Jap 6% Con Pow Japan 7s. Consum Pow 5s ‘62 Copenhag 4%s '53.. Copenhag 6s ‘62 | Dutch East I | Bast C Sug 7% { Erieconv 4s B.. | Ert | Fiat 7s ex wa Finland 5%s ‘5 Finland 65 '45 Fram 1D 7%s"43.. French 7549 %8472 2 Goodyr Rub 6#'67.. 36 GrandTrsf db 65’36 2 104 24 UNITED STATES. sre in $1.000.) 1016 1018 40 B8Y 33 104% 101% 96 59% 2% 8 92y 92! 104 14 104 21 Sales. Hich. Low. 2.55 401, 40 S8Y 37 34 27 90 50% 5% 643 25% IGnnd Trunk 7s'40. Grt Nor 4%s"17TE. Grt Nor gn 5%s 52 Grt Nor gn 7s '36. . Hait! 63°52. . =5 Hud & M adj 5s '67. Hungary 7%s ‘44 111 Bell Tell 58°56.. 11l Cent rf 4 111 Cent 4 % 111 Steel 43 .o Inland St 4%s B'8 Int Rap Tr 5566 Int Rap Tr sta '66.. Int Rap Tr 6s°32... Int Rap Tr 7s 32 Int Hydro El 63 44 Int M Co 5s ret’41.. Int Match 6547, Int Pap 53 A 47 Int Pap 6s 56 IntT & T 4% Int T & T 58°55.. Italy 7s'51. Italy Pub S 7s Japanese 5%4s Japanese 6%s Jugosl Bnk 7s KKan City Sou 3850, Kan City Ter 45'6 Karstadt 6s 43 Kend 5%s 48 Kresge Found 65°36 Kreug & Toll 5s'59. Lac G St L 5s'34... Laclede 5%s C'53 Laclede 5%5 D '60. Lake Shore 3148 '97 Lautaro Nit 65 '54. Leh Val cv 4s 2003. Liz & Myers 55 '51. Lig & Myers 7s'44.., Loew's 6s ex w '41.. Lerillard 5s ‘51 Lorillard 5%s '37 Lorillard 7s 44 La & Ark 55 '60 Lou G & El Lvons 63 34 McKes & R 53450, Manh Ry 1st 45'90.. Marseille 63 ‘34 Midvale Stl 65 '36 Milan 613862 MilERy & L 5561 Mil El Ry&Lt 58 *71 M StP&SSM 58 gtd. M StP&SSM 5s'38. MK & T 1st 45'90.. MK&T 4s B'62. Mo Pac gn 4s'7 Mo Pac s F '77 Mo Pac 55 G 18 Mo Pac 55 H '80 Mo Pac rf 6s '81 Mo Pac 5%s Montevideo 6s '59 Mor&Co 1st 4%8'39 Nassau Eleé 4s'51. Nat Dairy 618’48, Nat Ry M 4%s°'57.. Nat Steel 55’56 Netherlands 6s '72. N Eng T 1st 6s '52.. NOT&M5%s'54. Nw S Wales 58 '57.. Nw S Wales 5 53 1% NY Cnrf 4%s 2013, NYC rfim 53 2013. N Y Centdb 6s'35.. NYC& St L 4s"37.. NY C&StL 4%s C&StL5%8A'T4. NY C&St L 6s'32 N Y Edisn 65 B'44.. N Y Fd 1st 6%s'41, NY NH&H 45 '55... NY NH&H 45°56. .. NY NH&H db 48'57 NYNH&H cd 68'48 NY O&W 1st 4592 NY St Ry 418 6! NY Tel 4%s 39 NY W&B 4% Nord 6%s '50. Norf South 5s Nor & Wn cv 4s'96. No Am Co 68'61.. . Nor Am Ed 6s C '69 Nor Am E 538 '63. Nor Pac 3s 2047.... Ner Pac 45 '97 Nor Pac 1632047, Nor St Pw 58 A "41. Nor St Pw 6s B "41.. Norway 5863, Norway 5143 '65. Norway 6s'43 Norway 6344 Oreg-Wash 4s'61. . Orient dev 5% s'58. Pac G&E 5s'42. Pac T&T !stfs Pan-Am Pet s '3 Paris-Ly M 6s '58. Paris-Ly M 7s°58.. Paris-Or 51s ‘68 Penn 4% s D81 Penncv 4%s 60, Penn gn 4345 '65. Penn 4%s'70 Penn 435 '63. Penn 55 '64. Penn gen 55 '68 Penn P&L 4%s'81. Peoples’ Gas s Pere Mar 4% s '80 Peru 65 '60. Peru 6s°61. Peru 75 '59. Phila Co 5s Phila Eiec 4 Phil & Read 6: 2 Philippine R 4s'37, Phillip Pet 5%3°39, P C C&StL 55 A '70. P& WV 4%sC60. Poland 6s '40. Poland 7s '47. Poland 8550 Port Gn E1 4%5'60. Porto Alegre 8s'61. Por R Am T 65 '42 Pos Tel & C 55’53 Prague 7%s '52 Prussia 65 ‘52 i Public Serv 4871, Pub Sv G 4%8 67 Pure O11 5%45°37... Queensiana 6s°47., Queensland 7s ‘41 Reaa gn 4%s A "97. Reading 4%s B '97. Rem R5%3 A *47.. Rhinelbe 7s *46. Rnine West 6 Rhine West Rhine West 63°55.. Rich Ol Cal 6s "44. Rio de Jan 635 '53. Rio de Jan 8s°46 R Gr Do Sul 6s R Gr Do Sul 8s "46. Rio Gr W 1st 45’39 Rome 6345 '52. . Roy D 4s 45 ww. St L&SF In 4s A '50 StL&SF 434s'78. StL&SF p 1 68 B '50 StLS W 1st 45’89, StLS W 63'52. StP&KC SL 4 SanA & A P4s’43.. Sao Pau 78’40 ret. Sao Paulo 8s'50. .. Saxon P W 6%8'51., Saxon 7s "45. . Seab A L rf 4s '59 Seab A L cv 6545 Selne 7s *42. Serbs-Cr-S1 7s '62 Shell Un Oil Gs "4 Shinyetsu 63%s 5! Sincialr O1l 6%s'3! Sinc O 7scv A '37 Sinc Cr O 6%s ‘38 Sinc PL 58’42 Sou Ry 6%s 5 Sou Ry M&O 4 StOIINJ 58 StOIIN Y 43%s°51 Sweden 5% s Swiss b%a 4 I3 Sales. High. 20 97% 52 Int T&T cv 4%45'39. 1 BNRURHBH VRN R =SS RN R N EESIoR=T"] > Penn 634s'36. . 2 -~ @ = » o & EUETTNISEE L L ST (O S PO PRI PSP RPN - . Low. 2:58 9674 65 81 En 971 65 81 88 % 10154 106% 48 10: 101% 64 4% 30 7% 47 9215 1% 7% 101% 105 42% 46 95 58% 78 CHEERFUL FACTORS Stronger Markets for Raw Materials Noted—Bank Coilections Good. Special Dispatch to The Star. KANSAS CITY, Mo, November 30— The Southwest is entering Winter with several more cheerful factors than ate tended the beginning of Autumn. Principally, of course, these concern the trend of markets for raw materials, Despite a backset in wheat durin, the last 10 days it is still 40 per cen above the ebb of last Summer. Oil, a considerable influence on business, is worth three tirzes its value in July, Corn, little of which has been marketed, has yielded 100,000,000 bushels more irn this territory than last year. All this makes a potential wealth exceeding the figures of a few weeks ago, even though the farmer’s buying power re- mains lower than for many years. Rural banks are finding it fairly easy to collect notes given to hold wheat when it was 25 cents a bushel, but they are not eager to force sales for that purpose and the disposition of the pro= ducer is to wcit longer on the market.. As a result car loadings remain low and grain mackets are marking time until theze comes a desire to sell wheaf stored on farms and in rural elevators. That this must come is one factor that gives hope of easier money in Winter. Just now loans are increasing and de- posits show unfavorably all through the farm country. Just when there will be an inflow of funds is uncertain. It is true that with a smaller amount of live stock on feed the Southwest will be a seller of feed- stuffs rather than a buyer and the helpfulness to the farmstead will some day be felt. The deterrent- influence just now is the popular sentiment that the entire industrial world is clogged, and the farmer is sensitive to general impres- sions gained from the newspapers and the business men of his community. He sees his trading center raising funds to care for unemployed and for charity on a scale never before known and is strengthened in his determination to restrain buying to absolute necessities. Naturally, too, he is depressed as he sees building and improvements practi- cally at a standstill and draws conclu- aions that keep him cautious. That there will be a waking up as holidays approach is likely and on this mer chants are basing hopes. (Copyright, 1931.) Washington Produce| Butter—One-pound prints, 36; tub, 35, Hennery, 38a42; current re- ceipts, 28a33. Poultry, alive—Turkeys, young hn:d hens, 22a28; old toms, 20; ns, H 2 a3 Spring broilers, 23; hens, large, 18a20; small, 15a17; Leghorn hens, 13al5; ;msns“' 10a12; keats, young, 40a45; old, try, - dressed—Turkeys, young hews and toms, 34a37; old toms, 37a39; old hens, 30a32; chickens, 3 pounds and over, 21a23; 2 to 2)> pounds, 23a25;. Spring broilers, 30; hens, large, 21a23 small, 18a20; yn hens, 16al8; roosters, 13al5; ng Island ducks, 19a20. - Meats—Beef, prime, 16; choice, 15; good, 14; fair, 12; cow, 9':al0; lamb, top, 15; medium, 12a13; veal, top, 16; fair to medium, 12a13; pork loins, 8 to ég r:unds. 12;1100 'io pounds, 23; 18 to. 22 pounds, smoked hams, 19a20; strip bacon, 19a20; lard, 50-pound tins, 9; package, 10; 80% | compound, 7a7}%. 3% T4% Fruits—Oranges, Florida, 3.75a4.00; California, 3.50a4.50; lemons, 4.00a4.50; tangerines, 1.75a2.75; grapes, Emperors, 2.00a2.25; Tokays, 1.7582.00; grapefruit, 2.75a3.00; apples, bushel baskets, 50a .25; fancy stock, 1.50a2.50; pears, plra;-mlu. ; bas les — Potatoes, Maine, pound sacks, 1.25; New York, 15 101% | sacks, 1.75; Idaho bakers, 4 101% | sacks, 2.25; sweets, per bushel, -50875; 100% | string beans, 00 941 82% 68 16% 12% 24 1% 267 31 6% 5 105% 40 46 64 874 102 103% 944 84 103 eggplant, 3.00a350; kale, broccoli, 3.75a4.00; 3.50a4.00; New York, 50; cucumbers, 5.00; celery, crates, 2.00a2.50; bunches, 75; tomatoes, California, crates, 4.50a 5.00; peppers, 2.75a3.00; carrots, per 100 bunches, 4.00; crates, 3.50a4.00; beets, 4.00; mushrooms, 75; ips, per bushel, 50° peas. .0029.00; salsify, per dozen bunches, 75; cabbage, new, baskets, 1.50; old, sacks, 1.00. NEW YORK BANK STOCKS SHOW DROP FOR WEEK By the Associated Press. NEW YORK, November 30.—The trend of New York City bank and trust. com« pany stocks was again downward during the past week, as indicated by the dollar index figures compiled by Hoit, Rose & T, Sixteen issues as of November 28 yielded an average of 7.13 per cent, compared with 6.59 per cent November 21. Based on the November 28 figures, the 16 issues are selling at 13.1 times known current earnings, against 14.2 times November 21. ——l The ¥. M. C. A. flag captured near Ostend by the Germans in the World War, has just been presented to the Y. M. C. A. branch at Scarborough, England. Tenn Cop 6s *44 TennEI Pés A Texas Corp b " ‘Tokio 6%s Tokio El Lt Ulst & D 5sct 28 Un Pac 18t 48 47, s Uruguay 6s°60.... Uruguay 8s°46.... Utah P& L 53 "44.. Util Pw 58’69 ww.. Util Pow 6%8°47. . adium St 5841, Va Ry 1st 636 Wabash 4%s°78 ‘Wabash 55 B'76 Wabash 5s D '30.. Wabash 53%s Warn Br Pic % 954 95% 101% 101% 82% 824% ;gu 754, % 7 Yokohama 1... Ygstn S&T 68 A'TS. Ygsto S&T 6s B'70.