Evening Star Newspaper, November 30, 1931, Page 15

FINANCIAL! CURB: SHARES SAG AFTERBRIEF RALLY). Trading Shrinks as Higher {& Quotations Result in Further Selling. BY JOHN A. CRONE, Bpecial Dispatch to The Star. NEW YORK, November 30.—A mod- erate amount of short covering, along with a slight investment demand fol- Jowing the bulge caused by the former movement, combined to put stocks on the curb exchange a shade higher in the forenoon today, but trading slowed thereafter and prices inclined toward lower levels. Electric Bond & Share was a small fraction higher, as was Standard Oil of Indiana, but Cities Service, Stand- ard Oil of Kentucky and other active issues eased. The decline in the pound sterling, which carried it to the lowest level since the suspension of the gold stand- ard, brought about selling of British securities from the outset. British- American Tobacco and Imperial To- bacco of Great Britain both of which will be affected by the Far Eastern sit- uation, led the descent. British-Amer- jcan Oil, Fort Motor, Ltd.; Brazilian Traction and Utilities Power & Light then met some offerings. Hudson Bay Mining, whose gross is running around $580,000 monthly, was 8 shade lower. Todd Shipyards opened off 2 points, reflecting its recent earn- ing statement. Swift & Co. was a trifle higher as a result of the opening of a new ice cream plant. The Van Camp Packing issues were higher during this lod. Middle West Utilities was active but at times lower, despite the October out- put of the system, which at 407,370,000 killowatt-hours, showed & gain of 6.7 per cent over October, 1930. If new companies be included in the output fig- ures, the rise would amount to 9.7 per cent. The 10 months’ figures showed advances of 4.5 per cent and 6 per cent, respectively, over the correspond- ing period of 1930. ‘Tampa ic moved off a point in early afternoon dealings, at which time American Gas & Electric was up that amount. Public utility preferred shares moved erratically. Electric Bond & Shatre $6 preferred was off 2!3, Rhode Island Public Service preferred off 1% and United Gas preferred down 2 points. Gains and losses were about bal- anced at the opening. Initial trading ‘was somewhat more active in Tecent sessions. N Electric Bind & Share at 155% was up %. Cities Service at 6% was off 5. Standard Ofl of Indiana at 18!> was off %, but Standard Oil of Ohio was up a shade at 35%%. Columbia Pictures opened higher at 5 and Glen Alden Coal was up slightly. Ford Motor of Canada at 93 and Middle West Utilitier at 934 showed fractional losses. Cord Corporation was % at 6%, but Consolidated Gas of Baltimore lost % at 69 and Ameri- can Gas & Electric was off ', at 41. . ‘WINS WHEAT TITLE. CHICAGO, November 30 (#).—Her- man Trelle of Wembley, Alberta, again won the wheat titlé at the inter- national livestock show and grain ex- position with his sample of Durum Wheat. ©O. Edson Smith of Corvallis, Montana, ‘won_the reserve championship with an exhibit of White Spring. n State College won the first of the breed champions in sheep judg- ing. A yi wether was shown by the Michigan College to win first place in its class and then was awarded the championship of the grades and cross- breeds. Purdue University showed the reserve champion. PR A Gain in Power Output. CHICAGO, November 30 (#)—Mid- dle West Utilities system’s _electric ywer output aggregated 416,912,000 lowatt-hours in October this year, compared with 381,929,000 in October, 1930. Output for the first 10 months of 1931 was 3810415000 kilowatt- increase of 6 per cent over nding period last year. DOMESTIC BONDS. BORE: Low. Noon. 2 21 821 92 FLIBRAZB2R5RER! jejeie! 3 1 43 3 37 88 53 e SRt W/ s i Gas ULl 65 A Ol 514 tinen Oil 5.5 as 55 B 5 Int Brdz 6'a5 @ n SeEaeaaa T o000 528435258 = 3322282880330 25 THE EVENING STAR, WASHINGTO NEW YORK CURB EXCHANGE Stocks sold ~Prev. 1931 Stock and 3 Dividend Rate. 41 Acme Wire. 4100 Ala Pow cum 3% Allled Mills Inc 66 Aluminum Co of 25 Aluminum Co Ltd 10 Alum Goods (1.20).. 1 Am British & Cont... 46 Am Clgar Co.. 1 75 AmCigar Co pf. 19% Am City P&L (A) & 2% AmCit PAL Bb10%. 21 Am Com P A (b10%) 4% Am Cyanamid A 2% Am Cyanamid B 1% Am Equities. . 4% Am For Pow war. 1 Am Founders.. 3 Am Gas & Elec (31). 3462 Am Invest Inc (B).. 20 Am Invest war. Am Laundry M Am Lt & Trac (24) .. Am Maracaibo. Am Natural Gas. Am St Pu Sv (31.60). 4 Am Superpower-. .... Am Superp 1st (6)... Amster Trading 74c.. Anglo Chil Nitrate. . Appalachian Gas. ... Arkansas Nat Gas Arkans Nat Gas A Ark N G cu pf (80c). Armstrong Cork. .. . 200 Art Metal Wks(b8%) Assoc Elec Ind (30c) As50 G&EI A (b2-25). Asso G&E all ot 1.60. Atlas Util Corp. ... .- Auto V Ma cv prpt 2 Axton Fish To A 3.20 Beneficial T L (1%).. Bliss Co(EW) (b8%) Blue Ridge Corp. ... Blue Ridge cv pf(a3) Brazil Trac Lt&P(1) Brill Corp A (34¢)... Brill Corp B. . Brillo Mfg (60c).... Brit Am Oil C (80c). . BritATcou B 1.13 3-5 Brit Celanese rets. Bunker Hill & Sull.. 1008 Cable Radlo T vte 11 Canadian Marconi Carib Syndicate. .... Carnation Co (J1%). Carnegle Metals. ... Cent Hud G&E (80c) Cent Pub Svc A b5%. Cent&Swn Ut (b7%), Cent Stat El (b10%). © = » [ISToE ) T JUTOTTE- J e aueaneBaAN mHEaN s CitSYP&Lpf (7).. 5 Claude Neon Lts Inc. Clev El Illum (1.60). Colon Ol Col O11& Gas vte 4 Colum Plc v.t.c. £75¢. Commwlth Edison (8 % Cmwith & Sou war. . Com Wat Ser g12%¢c Consol Auto M cu pf. Consol Copper-...... Con Gas Balto (3.60) Con Min & Sm (£2%)110s Cont Shares cv pf . Cont Shares pf (B Cord Corp........ee Corp Sec Ch (b6%).. Corroon & Reynolds. Corroon&Rey pf(A). Cosden Oil....... Creole Petroleum. Crocker Wheeler.... Crown Cork Intl (A) Cuneo Press pf (6%) Curtiss Wright war. Cusi Mex Mining. Darby Petroleum. Dayton Air & Eng... Deere & Co. ... 1% De Forest Radio % Detroit Atrcraft 34 Dow Chemical (2)... 1% Dubilier Cond & Rad 69 Duke Pow (5). % Duquesne Ga % Durant Motors. ..... % Duval Tex Sul wi.... 7 EastG&F Assoc. 1% Eisler Electric 14% Elec Bond&Sh( ) 62 Elec B& Shcu pf 5.. 74% Elec B & Sh pf (6)... 5% Elec Pow Assoc A (1) 5% Elec P & Lt op war 8 Elgin Natl Watch. % Enpire Corp.... . 39'% EmpG & Feu pf(7). 21 Empire Pwr pt(2.24) % Empire Pub Sve (A). 3 Europ E Ltd A (60c) % Europ Elec deb rts. .. % Evans Wallow Lead. 1% Fairchild Aviation. . 20 Fajardo Suj 7 Federated Metals. 5% Fiatrcts (94%c) 4 Flintkote Co A 8% Ford Motor, Can. 19% Ford Motor, Can. 5% Kord Mot Ltd 36 3-6c % Foremost Dairy pf... % Foremost Fabrics. .. 1% Foundation For Shs. % Fox Theater (A).... 214 Gen Aviation.......: 20% Gen G&E cv pf B(6). 1 GenTheat Eqev pf.. 24 Glen Alden Coal (4). 5 Globe Underwr (15c) 2% Goldman Sachs. .... t Goth Knitback Mch. 160 ° Gt A&P Tea nv(16%) 38 o Serrcodrommes 2 8 BREE M QRO S e RS Nans Dhna s A - = o s 3% 4 3 1 8 5 508 11 % Ground Gripper..... Gulf Ol of Pa (1%). % Happiness Candy. 3% Hollinger Gold 170c. 28% Horn & Hard (23%).. 2 Hudson Bay M&S.. 47% Humble Ofl (12%).. 7 HydroElec Sec(1.20) 674 11l Pow & Lt pf (6).. 7% Imp Tob Can (35c).. 13% Imp'l T GtB&I(1.12), 7 Insull Inv (b6%). .. 35 InsCoofNo Am t2% 2 Insurance Security. . # Intercontinent Pet n. 7% Int Petroleum (1) 10 Int Superpwr(11.1 2 Int Utilities B. % Interstate Equities.. 10 In'state Equity v pf. 49% Interstate Pw pf(7). 1% [talian Superpow A.. % Kolster-Br (Am Sh). 26 Lackawanna Sec (4) 17% Lake Shore M (12.80) 114 Lakey Foundry..... 12% Leh Coal & Nav 1.20. 15% Lefcourt Real pf (3). # Leonard Oil........ 108 In 100-share lots except these desigmated by letter “a” ~Prev. 1931~ High, Low. 25 T é% 17 2 % 1% 2 % 22 16 4% 17% % L) 8 58 % 1% Nipi Philip Ph 2% - Diyidend nual ent. & Pavable 1 Flus 2% stock. stock. n Plus 3% 8tock and Dividend Rate. Lone Star Gas n 88c. Long Island Lt (60c) Louisiana Lan & Ex.. Mangel Store: 3 Mass Util Assoc..... Mavis Bottling (A).. Mayflower Asso (2). May Hos cum pf (2)« Mead Johnson (15).. Mercantile Strs (1).. Mid Sta Pet vtc A 22¢ Mid Sta Pet vtc B..., Mid West Ut (D8%).. Mid W Ut cv pf XW 6 Mid'ld Steel Prod(2), Miller (1) & Sons Mo-Kan Pipe Ling Mountain Prod (1) St Anthony Gol St Regis Paper (60c) Salt Creek Prod (1).. Schiff Co (2)... Seaboard Util (28¢). Sec Allled Corp (1).. Secu Corp Gen (40¢). Segal L & H (ahoc).. el Singer Mfg Co (t Smith (A.0.)... SoCal Edpf B (1%). South Cor) South Penn Oil (1) Southld Royalty 20¢c. Spanish & Gen rets Stand Invest cm pf. Stand Motors. , . Stand Of) of Ind(1).. Stand Ol of Ky 1.60, Stand Oii Nebr (2).. Stand O11 Ohio (234). Stund Oil of O pt (5). 208 Stand P& L pf (7 Swift & Co (2).. Swiss-Am EI pf (6). 300s Syracuse W Mach B. Tampa Electric (32). Technicolor Inc..... Teck HughesGM t65¢ ‘Texon Oil&Land (1), Todd Shipyard (4) Trans Air Trans. Trans Lux DLPS Tubize Chatel. B. Union Am Invest Un E L&Ppf(Mo) (7) Un Gas of Canada(1) Union Oi1 Assoc (2). Unit Chem pt pf (3). Unit Corp war. Unit Dry Docks, Unit Founders. Com Edison. Rad-K-Orph rates in doliars based on *Ex dividend. 1P in cash or stock. b Payabl dividend. fPlus §% in stock. gPlus 6% in stock. hPlus 1% in Jn stock. & Plus Received by Private Wire Direct to The Star Office. Bales— ‘Add 00. Open. High. 9 9 o P T oy - L Nat Investors pf.... Nat Pow & Lt pf (6). Nat Rubber Mach. Nat Service Co...... Nat Sh T Sec A $60c.. Nat Sugar NJ (2)... Nat Unfon Radio. . New Eng Pow pf (6), New Jers Zine (13).. New Mex & Ar Land. Newmont Minin, N Y Hamburg. N Y Tel pf (6%).... N Y Transit (t1)... Niag-Hud Pow (40c) Niag-Hud Pow A w.. Niag-Hud Pow Bw.. Niag Sh Md (40¢c). Nitrate Corp Chile B. Nor Central Texas. . North European Oil.. Nor St Pow A (8). Nor St Pow pt (6). Nor & So Am Corp A. Novadel Agene (4) Ohto Copper. Okla Nat G Overseas Sec. PacG&E1stpf1%. Pan Am Alrways. Pandem Oil.. Pantepec Oll. Parke Davls (11.65) Parker Rust P(13%) Pender D Gr B, Pennroad Corp Penn Pw & Lt pf (7) 100s Morris Inc.... ix Secur Corp.. Plerce Governor..... Pitney Bow Pittsbgh Plate G (2). Plymouth Oil (26¢c).. Polymet Mfg........ Pratt & Lambert (3) Premier Gold (12¢).. Prudential Invest... Prudential Inv pf(6) Pub Util Hold war... Pub Utll Hold xw.... Pub Ut H Cp cum pf. Quaker Oats (17)... Rainbow Lum Pr A. Rellance Int A, Reliance Manag. 40c) 25 be%) 5 » e rreSemreranraenrnontanBenaBannntenes § hercaanntonma o 508 3 NERHGEN Ao Unit Gas pf (7) Unit Lt & Pw A ( Unit L & Pwr pf(6) Unit Profit Sharing. U S Dairy (A) (6). Unit Stores v.t.c..... Utll P&Lt(at1.02%). Ut P&L B(at1.02%). Utllity Equitles. Util Equity p£(5%).. Utll&Ind ........0. Util & Ind pf (1%) Van Camp Pkg. . Van Camp Pkg pf. Vortex Corp (2). Walgreen C Walker, H (25¢) . Watson (J W) Co Western Alr Exp West Auto S A (3). W'rth (FW)Ltd (36 “¥” Oll & Gas..... . RIGHTS—EXPIRE 9 .Dec21 97 % % Quarterly or semi-an- tra. 1Plus 4% in stock. in stock. e Adjustment m Plus 3% in r—no regular rate. 10% in stock. k. D Paid last 5 Financial Statements BY GEORGE T. HUGHES. No intelligent choice of securities can be arrived at without some ‘understand- ing of the meaning of financial state- ments. It is not necessary to be an ex- pert accountant or to be conversant with the way in which such statements are compiled from the books of the cor- porations, but it is essential that one have the ability to obtain a general idea of the progress and position of a cor- poration as it’is set forth in its report if one is to pass judgment on that cor- poration’s securities. In the discussions of which is the first, the attempt will be made to make the ‘treatment as simple as the subject will allow. The success or lack of it each individual reader may determine for himself by applying the knowledge gained to the analysis of specific cor- poration statements as they appear on the financial pages of the newspaper. There are two classifications into which all financial statements may be divided, one generally termed the bal- ance sheet and the other the income account. The latter is the easier un- derstood, and for that reason the one to which the average layman pays the greater attention. We shall begin, how- ever, with the balance sheet. There is #.,|an old story in newspaper offices about the day the financial editor was sick and the sporting editor attempted to substitute for him. There was a cor- poration balance sheet to be commented vpon, and the authority on base ball and prize fights did the best bf could. He enumerated the various items on both sides of the account, and then closed with the observation that “curi- ously enough the total of the assets was exactly the total of the liabilities.” It is not assumed that any of the readers of this article will be so simple- minded as that sporting editor, and | et just to make the record complete and to serve as an introduction to the balance sheet portion of the series, it may be said here that the reason that the two sides of the ledger balance is because that is the function of the bal- ance sheet. On the left-hand side in the form used in this country the assets are set down, and on the right-hand side the liabilities are presented. The assets con- sist of everything the corporation owns or may be owing to itaand the liabilities consist of everything the corporation owes, including what it owes to the owners—that is to say, the stockholders, The difference between these two totals is the surplus, and that surplus added to the liabilities and set down under them on the right-hand side makes the two accounts come out even, and gives the statement its name of a balance sheet. (Copyright, 1931.) e {CHICAGO STOCK MARKET CHICAGO, November 30 (#) (United States it of iture). en! . Hogs, 70,000, including 30,000 direct; mostly 10 lower than Priday; 170-310 pounds, 4.3584.40; 220-300 40 o.z‘n 75 H , 3.75a4.00; ing sOws, bounds, 436a440; Jlgnewelgt 160-200 "pounds, - 430ea45-0 % weight, 200-250 pounds, = 4.30a4.45 heavyweight, 250-350 pounds, 4.2084.40; packing sows, medium and good, 275- | | 500 pounds, 3.75a4.00; pigs, good and choice, 100-130 pounds, 3.75a4.15. Cattle—Receipts, 27,000 head; calves, 3,000; very little done; killing quality mostly common to medium; better grade steers week to 25 lower; others 25a50 off; bulk of crop of value to sell at 8.50 downward; few early sales, 9.00 al1.25; she-stock, 25 or more lower. Slaughter cattle and vealers—Steers, good and choice, 600-900 pounds, 7.50a 11.75; 900-1,100 pounds, 17.50a12.50; 1,100-1,300 pounds, 7.75a13.00; 1,300~ 1,500 pounds, 7.75a13.00; common and medium, 600-1,300 pounds, 4.00a7.75; heifers, good and choice, 550-850 pounds, 6.25a9.75; common and medium, 3.00a6.50; cows, good and choice, 3.75a 5.00; common and medium, 2.75a3.75; low cutter and cutter, 2.00a3.00; bulls (yearlings excluded), good and choice (beef), 4.0024.75; cutter to medium, 2.50a4.25; vealers (milk fed), good and chbice, 5.75a7.75; medium, 4.50a5.75: cull and common, 3.00a4.50; stocker and feeder cattle, steers, good and choice, 500-1,050 pounds, 5.25a7.00; common and medium, 3.50a5.25. Sheep—Receipts, 35,000 head; few sales; 25 to 50 lower than Friday’s close; ood to choice lambs, 550a5.75; few .9026.00 to outsiders; best held higher; throw-outs, 4.00a4.50; fat ewes, 2.00a 2.50; asking 5.75 and above for white- faced feeders. Lambs, 90 pounds down, good and choice, 5.2526.25; medium, 4.50a5.25; all weights, common, 3.50a 4.50. Ewes, 90-150 pounds, medium to choice, 1.50a3.¢ all_weights, cull and l_eomman. 1.2582.00, Feeding lambs, 50- 75 pounds, good and choice, 4.50a5.00, e L 8t. Nicholas, in his lifetime, was a bishop, and at one time the festival consisted in the election of a ‘boy bishcp” from amongst the youth of the parish. LIVE STOCK PRICE : : el 3 W REMAIN UNSTEADY Advance on Heavy Cattle to $13 Believed Top for Season. BY FRANK I WELLER, Associated Press Farm Editor, Apprehension stalks the cattle mar- ket. Some very reliable sources say the competitive kick Which sent toppy steers sky high, compared to the rest of the run, seems to be at a standstill. They predict the advance on heavy cattie has been stopped at $13, the new high for the season, and that from now on the trend will be lower. The light kinds have been subjected to pressure, as if to indicate that Eastern shippers are starting to combat the relatively high prices the few loads of finished cattle have been bringing. If so, there may be a different story from now on for stock recently selling at $11 upward. These conditions obtain principally at Chicago, where prices are so out of line that a few head of prime heavy steers sold at $13.50, while the bottom of the run brought as low as $4.25. There the price spread has been so wide and the trade so uneven that neither buyers nor sellers had any accurate idea of the market. Middle Grades. A narrowing of the range of pulling down the upper crust would take a lot of mystery out of the market. No one is able to tell under existing circum- stances what middle grades of cattle are worth, With the top at $13 very good of- ferings sold at $11.50 to $12 and good kinds of comparable weight at $10. The apparent difference between the sev- eral lots was much smaller than the prices suggested. Fat shortfeds sold at $8 to $9 and still fat but plain-qualitied offerings brought only $6 to $6.50. Since the weight of these cattle does not vary much and as they all are fat, although rather far apart in quality, it is next to impossible for salesmen to price cattle anywhere near the for which they eventually sell or for buyers to start bidding promptly on the early rounds because of relatively high ask- ing prices. ° The average cost of fed steers and yearlings for the week was approxi- mately $8.50 at Chicago, which was $4.50 under the extreme top of the market and about $4.50 above the ex- treme low. Never before has such a condition existed in the market. Chicago’s hog market weakened on a slow trade late last week but buyers began to perk up after the initial ses- slons this week, with the result that closing prices were steady to 10 cents lower than a week ago after dropping to a new low for the season. Antici- pated improvement in the fresh pork trade due to the cold snap was the mn‘lin stimulating factor in the live trade. Shipper Requirements, Shipper requirements were more ex-: tensive than a week ago, part of the normal Thursday demand being moved up to Wednesday in view of the Thanksgiving holiday. Around 30,000 | head went on shipper account at Chi- cago compared with only 23,000 a week earlier. Pre-holiday receipts were light, and with shippers in need of numbers the market became very active. The supply continued to run liberally to| 190-250 pound weights, with heavier kinds still quite scarcg. There was a fairly large quota of pigs, but light lights were in limited number. The lowest top of the week, $4.45, paid on Tuesday, was the lowest top since December, 1903, Seasonal demands for Thanksgiving turkeys did not stop the Chicago fat lamb market from staging a rather | spectacular upturn. ‘During the first three days of the week values jumped mostly 50 cents, choice heavy lambs usually showing much greater gains. Such kinds were neglected last week, on the low time having to sell at $5.50 down, while now their market value has been enhanced an even dollar in instances. Packers were forced to dis- regard weight in order to get finish because of scarcity. Speclal Dispatch to The Star. BALTIMORE, Md., November 30.— ‘White potatoes, 100 pounds, 75a1.10; sweet potatoes, bushel, 35a50; yams, barrel, 1.25a1.75; bgans, bushel, 1.50a 1.75; beets, per 100, 2.00a2.50; brussels sprouts, per quart, 8a18; savoy cabbage, bushel, 35a50; carrots, per 100, 2.50a 3.50; celery, crate, 1.50a2.75; cucumbers, hamper, 3.00a4.50; eggplants, crate, 1.50 a3.25: lettuce, crate, 3.00a4.00; okra, bushel, 2. onions, per 100 | pounds, 1. oyster plants, 100, 4.00a5.0¢; peas, crate, 6.00a7.00; pep- 's, 3.00a5.00; pumpkins, per 100, 3.00a X spinach, bushel, 30a60; squash, bushel, 1.50a2.00; tomatoes, lug boxes, 2.00a3.25; turnips, hamper, 15a25; apples, bashel, 50a1.25. Dairy Market. Chickens, young. 20a22; Leghorns, 17a20; old hens, 17a22; Leghorns, old, 12a16; roosters, 12al4; ducks, 12a20; geese, 14a18; pigeons, pair, 25a30: guinea fowls, pair, 25a50; turkeys, 20a32. Eggs-—Receipts, 863 cases; current re- ceipts, 28a30; small pullet eggs, 22a25; hennery whites, 34a36; nearby firsts, 30a32; Western firsts, 30a32. Butter—Good and fancy creamery, 26a33; ladles, 20a22; process, 24a25; store packed, 15a16. Live Stock Market. Cattle—Receipts, 500 head; fair sup- ply, market dull. Steers — Choice to prime, none; good to choice, 7.75a8.25; medium to good, 7.00a7.50; fair to me: dium, 5.5026.50; plain to fair, 4.50a5.50 common to plain, 4.00a4.50. Bulls—Me. dium to good, 4.00a4.25; fair to me- dium, 3.50a4.00: plain to fair, 3.25a3.50; common to plain, 3.00a3.25. Cows— Medium to good, 3.75a4.25; fair to me- dium, 32583.75; plain to fair, 2.50a 3.25; common to plain, 1.50a2.50. Heif- ers—Good and choice, 5.35a5.70; me- dium to good, 5.75a6.25; fair to me- dium, 4.75a5.25; plain to fair, 3.75a 4.75; common to plain, 3.25a3.75. Fresh cows and Springers, 30.00a60.00. Sheep and lambs — Receipts, 2,500 head; fair supply, market steady; sheep, 1.00a3.00; lambs, good to choice, 6.50a7.25. Hogs—Receipts, 2,000 head; moder- ate supply, market lower; lights, 5.00a 5.30; heavies, 4.75a5.10; medium, 5.10a 5.40; roughs, 3.75a4.00; light pigs, 5.10a pigs, 5.10a5.45; Ohio and West- ern hogs, 10 cents higher. Calves — Receipts, 250 head; light supply, market higher. Calves, 3.00a 9.00. Hay and Grain Prices. ‘Wheat—No. 2 red Winter, export, no quotations; No. 2 red Winter, garlicky, spot, domestic, 50'4; November 501j; December, 50':. . Ccrn—No. 2 yellow, domestic, spot, 50851; cob corn, new, 2.25a2.40. Oats—No. 2 white, domestic, 35a35%; No. 3, 34a34!%. Rye—Nearby, 40ad5. Hay—Receipis 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 8.50a9.00 per ton; No. 1 oats, 9.00a10.00 per ton. spot, PARIS BOURSE PRICES. - PARIS, November 30 (#).—Three per cent rentes, 84 francs. Five cent loan, 100 francs 80 centimes. hange on Londbn, 87 francs 811 centimes. The dollar was quoted at 25 francs 58 centimes. D. ¢, MONDAY, NOVEMBER 30, 1931. FINANCIAL. HIGH-GRADE BONDS DISPLAY, STEADY TREND DURING MONTH Speculative Domestic and Foreign Dollar Issues Subjected to Heavy Selling by Apprehensive Investors. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, November 30.—While the past month again saw a declining levei of prices in many speculative do- mestic bonds and inforeign dollar de- scriptions, high-grade issues were steady and the merket did not again descend to the depths of pessimism touched in early October. There was even a slight increase in activity in.the new capital markets. So far as the index of bond prices was concerned, the latter days of the month canceled about half of the gain made in the first week, but this still left the general list well above the October low and no important volume of liquidation was forced out. Market Values. At the beginning of November, the market was advancing strongly in company with stocks and commodities. Stlver and wheat both staged sharp re- coveries. These movements were paral- leled to a lesser extent throughout the rest of the commodity list. While ad- vancing commodity prices mean smaller dollar purchasing power and should, ordinarily, indicate a lower range of bond prices, this sign of improvement in the business scene after months of declines, was construed as a reason for bringing the market for fixed income securities back from the low level it had reached in October. According to the New York Stock Exchange compila- tion of all listed bonds, their market value at the beginning of November was $41,702,539,146, an increase of $7,430,- 356,607 from July 1, the high mark of the year. A total of $4,893,756,258 of this depreciation occurred in foreign government, municipal and corporate dollar bonds. When the market reached it peak on the recovery shortly before the middle of November, nearly a third of this paper loss been retraced. Includ- ing bonds listed on other markets and over the counter, the appre- clation from the beginning of the month ‘was estimated conservatively at $3,000,- 000,000. of this was lost later in the month. One factor stood out early in the month when the market was advancing. That was the failure of railroad securi- tles to follow the general improvement. Late in the month both carrier stocks and bonds broke sharply, some of them to new low prices for the entire two years of the bear market. There were cogent reasons for this. In the first place, the reported improve- ment in business that was the logical accompaniment of higher commodity prices and more active security markets falled to show in the October railroad reports brought out in the third week of November. In the second place, the financial community witnessed the spectacle of large railroad carrying their long-term securities from nker to banker in an endeavor to sell them and meet their bank loans. Yields for Legal Issues. One terminal issue, it is true, was disposed of during the month, but it was guaranteed by no less than seven major railroad companies “as to prin- cipal and interest, jointly and severally. by indorsement.” ~And even then it sold at, a price to yleld 513 per cent to maturity, which, for an issue classed as legal for savings banks and trust funds in New York State and rated as “triple A” by all the statistical com- panies, was a true indication of the de- pressed state of the new capital market. Other legal bonds of comparable se- curity are quoted around a 4.7 per cent ‘The omission of & few dividends and the reduction of others by some of the larger railroads added to the load that carrier securities had to bear. New York Central 4l2's, a recently issued description, sold at more than a 25- point discount. Pennsylvania 4%'s de- preciated almost as much. Many other rail bonds, for years regarded as sea- soned securities of the best investment classes, dropped to prices from 15 to 30 points under par. The railroad situation near the end of the month was further complicated by the failure to bring about a volun- tary wage reduction. The bond world is convinced that, failing a sweeping upturn in business, concrete aid will have to be tendered the weaker roads. The existing attempt to have the stronger systems bear the burdens of the small roads is considered unsound economically, and it is felt that the stronger roads are in no position to meet extra obligations, For industrial and utility bonds it was a month of little moment. The speculative utility issues that had de- clined so drastically in October re- covered an appreciable part of their losses and held fairly steady in late November. ‘The high-grade utilities moved - eonservatively with United States Government bonds. The money market firmed somewhat in response to the cessation of the fear of hoarding in evidence in October. United States Treasury 90-day certificates were placed in mid-November around 2.04 per cent per annum yield basis, against 2.33 per cent earlier in the month. . New Offerings. During November new bond offerings amcunted to $55,747,000, compared to $41,285,875 in October and $249,024 425 in November, 1930. For the 11 months of 1931 to date bonds offered have aggregated $3,521,955,611, egainst $5,- 799,407,369 in the first 31 months of 1930. ‘The foreign bond list was disturbed by a new specter—the French insist- ence that German reparations be given systems | that country. Wi acutely anxious lest European politics interfere with the prompt service on Germany’s $1,300,000,000 of dollar bonds. However, Germany’s recourse to the machinery of the Young plan for an international inquity into her whole debt structure promised con- structive action on this score, and Ger- man issues Were firmer near the month end. - The upturn in commodities was paralleled by advances in the obliga- tions of countries wil favorable trade balances are largely dependent on commodity prices, including the Ar- gentine, Brazil, Peru, Bolivia, Chile, Colombia and Uruguay in South America and Canada in North America. To & lesser extent the dollar bonds of central and northern European coun- tries responded to the same influence. Argentina, in addition to the advance in wheat, had another reason for a higher credit rating in the decline of the English pound sterling. Much of the Argentine debt is payable in sterling. Australian bonds were higher with wheat and wool. Canadian_ issues responded to the suctessful flotation of a $150,000,000 internal loan, sizable portions of which were purchased by American corporations holding bank balances in Canada which, frozen by the 10 per cent discount on the Canadian dollar, were previously drawing 2 and 3 per cent in demand and savings accounts. ‘The new loan was placed on a 5.13 to 5.17 per cent yield basis in Canadian currency. Canada, however, has still to solve the Canadian National Rail- ways situation. The government road is facing a deficit this year estimated at around $90,000,000. Over the entire picture, domestic and foreign, the Manchurian situation hung all month, Much of the advance in commodities was attributed to the possibility of & Sino-Japanese war. Much of the subsequent decline was ascril to the fallure of war to develop. (Copyright, 1931.) New York Cotton ‘Special Dispatch to The Star. NEW YORK, November 30.—Open- ing cotton prices today were unchanged to 6 points lower. Trading was fairly heavy in near months, where Decem- ber and January were depressed by commission house offerings. In the distant positions there was some spec- ulative buying. Opening prices were: _ December, 6.00, off gi Jlnfl“lg, G.OJ,Q:VH a: March, 6.\, unchanged; May, 6.38, off 2; July, 6.69, off 1, and October, 6.84, off 1. Grain Market By the Associated Press. CHICAGO, November 30.—Brisk up- turns here in grain prices early today followed a sudden jump in wheat quo- tations at Liverpool. There was a break of more than 10 points in Brfitish exchange rates, but the rise of the Liverpool wheat market was tionately much more than an offset. Opening %al% cents higher, Chicago wheat futures afterward held near the initial range. Corn started !4al up and subsequently showed but little reaction. With British exchange tumbling to lowest levels yet since England stepped off from a gold basis, but with the Liverpool wheat market mounting fast- er than the pound sterling fell, Chicago wheat traders tock their eue chiefly from transatlantic behavior of wheat. Advances in wheat values here were ac- companied by fairly general purchases, including a good-sized total credited to a Chicago speculator who some time ago attracted wide notice as a result of successful bull operations in corn. Con- | tributing to the upward momentum in wheat -were further reports of unfavor- able weather in Argentina, together with 2,496,000 bushels decrease of the amount of wheat on ocean passage com- pared with a week ago. Some trade observers sald wheat had been developing an oversold condition, and that a natural upward reaction was overdue. Offerings were relatively scarce, and it was contended that bear- ish features had been fully discounted. Drought in domestic Winter wheat ter- ritory Southwest was asserted to have been relieved on the outskirts only. Corn and oats sympathized with wheat strength. Provisions sagged, responsive to downturns in hog values. —e. BOND OFFERINGS FEW. NEW YORK, November 30 (#).—Only three bond offerings of major size are included in ine $9,806,540 of new financing scheduied by 49 municipal- ities this week, the Daily Bond Buyer reported. The weekly average for the year to date is $32,929,004. Bergen County, N. J,, has scheduled an offering of $1,296,000 4:; per cent public im- provement bonds Monday. Fort Wayne, Ind., is offering £1.000,000 water works bonds on Tuesday and Kearny, N. J., will receive bid: Wednesday for a block of $1,500,000 water supply bonds. Extra Dividend Declared. NEW YORK, November 30 (#).—Do- minion Stores Co. has ‘decla¥ed an extra dividend of 30 cents om the common stock, payable January 2 to stock of priority over all commercial debts of 'record December 15. Suggested INVESTMENTS for DECEMBER FUNDS WE RECOMMEND PURCHASE OF THESE INVESTMENT STOCKS AT PRESENT PRICES FOR HIGH INCOME AND INCREASE OF PRINCIPAL BANK STOCKS CHASE NATIONAL BANK CHATHAM-PHENIX BANK MANUFACTURERS’ TRUST CO. IRVING TRUST CoO. CHEMICAL BANK & TRUST CO. INSURANCE STOCKS :HOME INSURANCE /AETNA FIRE GREAT AMERICAN WESTCHESTER FIRE HARMONIA FIRE 7| small, but rails are #en A_lS STEEL PRODUCTION- GAINIS PREDICTED Figures for Month Expected to Show Slight Increase in November. Special Dispatch to The Star. PITTSBURGH, November 30.—Steel ingot production in November is likely to be officially reported at approxi- mately 29 per cent rate, against 27.76 per cent for October and 28.02 per cent for September. ‘The slight gain does not promise permanence, chances being that De- cember will run a little below October. ‘While steel buyers have been reported for months as evidently having no stocks to speak of, it is thought that pressure of bankers will result in some liquidation in December, and then there are seasonal influences decreasing actual consumption in many lines. When activity is so light it is con- venlent to close factories entirely before annual inventory, and many steel mill customers have customers in their turn to follow such practice. As to banking, the steel trade's opin- fon is that banks may be getting into much sounder position, but bankers are unchanged in their attitude as to com- mercial accommodations, and it may be two or three years before they are “re- formed.” Much of the niggardly steel buying of the last few months has been attributed to the attitude of bankers. ‘This is of widespread inportance in steel, affecting the conduct of ordinary manufacturing consumers and also large construction work, particularly the laying of pipe lines. In natural gas and in gasoline lines there are potentialities of several mil- lion tons of line pipe being required for projects entirely feasible from the engineering and commercial stand- point, but impossible of execution with- out much more willingness to finance than has been in evidence this year. There has been a fair tonnage of line pipe this year, but substantially all was taken by strong companies able to do_their own financing. The steel trade has been somewhat disappointed by the latest railroad de- velopments, the virtual failure of the freight rate case, the apparent unlike- lihood of wage reductions being secured except by the long and tortuous pro- cedure laid down by the railroad labor law and the sharp declines in railroad shares and bonds. At the same time there had been no expectation of much railroad buying for quite a while even should railroad news turn relatively favorable. The view is that railroads were merely hoping to avoid. receiver- ships and take care of refunding, which is quite different from making new capital issues for improvements. The annual rail-buying movement has been postponed until afte? the turn of the year, and it is likely to be relatively not the factor in steel they used to be. y CANADIAN EXPORT WHEAT STOCKS GAIN Increase in Grain at United States | Ports Revealed for Week Ended November 20. Special Dispatch to The Star. OTTAWA, Ontario, November 30.— An increase is shown in the Canadian wheat stocks at the United States lake and Atlantic ports for the week ende% November 20, 1931, when 14,713,432 bushels were stored, as compared with 11,002,119 bushels for the previous week, Of the former amount 13,390,775 bushels were in the elevators and afloat at Buffalo, and the balance, 1,295,413 bushels, stored at New York. During the week ended November 20, Canadian exports of wheat overseas totaled 4,638,020 bushels, of which 646,000 proceeded from United States Atlantic ports. The export movement of 4,638.020 bushels during the week ended No- vember 20 was the second largest this season, being exceeded by that of the week ended November 6, when 6,129,814 bushels were shipped. These ship- ments were slightly under those of the corresponding weeks last year. Wheat stocks for the week ended November 20 amounted to 182,330,072 bushels, an increase of 8,189,855 bushels over the previous week’s 174,140,217 bushels, For the corresponding week in 1930 wheat stocks were 204,033,457 bushels. (Copyright, 1931 —_— 222 POTATO MARKET. CHICAGO, November 30 () (United States Department of Agriculture).— Potatoes, 89 cars; on track, 185; total United States shipments Saturday, 554 cars; Sunday, 28 cars; firm, trad fair; sacked per cwt., Wisconsin roun whites, No. 1, 80-90; ungraded, 75-7' Minnesota-North Dakota Cobblers, 8 90; Idaho Russets, No. 1, 1.50-1. frozen bottoms, 1.40-1.45; commereials, 1.20-1.2212; few selected, 1.30-1.35. Moratorium Extended. LONDON, November 30 (#).—Stock- holders in the White Star Line have agreed to a three months’ extension of the moraterium on dividends guaranteed by the Royal Mail Steam Packet Co. The moratorium is extended to March 31, 1932, providing that if by that time a reorganization scheme has been sub- mitted by the Royal Mail there should be an extension to July, 1932. LISTED N. Y. STOCK EX. NORTH AMERICAN CO. COLGATE-PALM OLIVE PEET S. 8. KRESGE GENERAL MOTORS CONTINENTAL CAN These stocks yield from 5% to 10% and many of them are selling at less than book value. substantial increase in principal. FEDERAL FArRM LoaAN BonDs These high-grade investment bonds are selling at prices to yield 5% to 67%. They are legal for trust funas in D. C.'and are free from all Federal and local taxes. Low If purchased now and held until business shows improvement, they should reflect a PRICED STOCKS Some of the low-priced stocks have been deflated to bargain levels, and in periods of recovery such shares should have a high appreciation in market value. As outstanding spec ulations we recommend— INTERNATIONAL HYDRO ELEC. “A” ASSOCIATED GAS & ELEC. “A” UTILITIES POWER & COMPLETE CIRCULAR ON LT com. UTILITIES POWER & LIGHT “A” UNITED FOUNDERS LOW-PRICED SHARES Y OF ABOVE SENT ON REQUEST WAGGAMAN, BRAWNER & CO., Inc. ME. 3860 Investment Bankers 1700 Eye St.