Evening Star Newspaper, December 2, 1931, Page 15

FINANCIAL., THE EVENING STA R. WASHINGTON, D. C.,, WEDNESDAY, DECEMBER b 1931. FINANCIAL. CURBISSUES MOVE | N NARROW RANGE - Changes Are Small as Mar ket Reflects Unfavorable News. BY JOHN A. CRONE Bpecial Dispatch to The Star NEW YORK, December of unfavorable news developments, do- mestic as well as forelgn, caused the Curb Exchange to open lower today. | The markef rallied briefly, then eased on a reduced volume of trading Electric Bond & Share, the market | Jeader, featured the active issues as it moved back and forth within a range or more than a pc Middle West | Utllities, Cities Service, American Supe power, American & Foreign Power war- rants and Standard Ofl of Indiana fluc- tuated within fractional ranges Once again the market showed a dis- | position to ignore favorable corporate news and react toward unfavorable de velopments. Deere & Co. announc that a subsidiary had recalled 1, workmen for 7 to resume 2 A batch | December 7 employment on & two-day-a-week basis but the stock was neglected During this same period New York Steam disregarded, marketwise, com- pany’s announcement that it had been awarced the contract to furnish steam | for the 20,000 radiators installed in | “Radio City,” which will yearly use 500 | carloads of ‘coal and enough water to| float five ocean liners as large as t Leviathan to produce the estimated re- quirement of 360,000,000 pounds of | steam for that building center Merchants & Manufacturers’ Securi- ties A dropped more than 5 points. The company recently sold its automobile financing division to Commercial In- vestment Co. Cord Corporation moved | upward, while the only other active motor, Ford Motor of Canada A, moved | downward. | Stocks declined at the opening Electric Bond & Sémrde g‘ulfit"luaak unchanged, but Standar of Indi ana at 55‘3. was off % and Citles Serv. joe at 6% was off }5. Among the higher-priced utilities, Duke Po‘\rr‘ opened off 2 points at 78. Middle West | Utilities at 92 and Newmont Mining | at 143 were unchanged, but American Gas & Electric at 433 declined 1% Reflecting the improvement in bar silver in London, Bunker Hill Sullivan Mining opened up 1> at 26}5. Deere & | Co. opened unchanged, despite the an- | nouncement of a subsidiary that it was recalling 1,000 men on December 7 to| begin work for two days a week. Penn- | road Corporation. the only rail to ap-| pear, was slightly lower at 3. Motors trusts and natural gas shares all were Jower. SMALL LOAN BUSINESS DEFENDED BY BANKER \al Dispatch to The Star. ”;IOKMOND. Va, December 2—It would be decidedly to the borrower's disadvantage if the small loan business were discontinued, John M. Miller, jr., | president of the First and Merchants National Bank of Richmond, testified before the State Corporation Commis- sion in the final hearings of the inves- tigation of the affairs of the small loan | companies. Mr. Miller said that his interest in the matter was only as far as it concerned the borrower, and ex- ressed his belicf that persons now &mg served with limited credit facil- jties by the small loan companies could | not obtain money credit elsewhere. ‘When asked if he considered a rate of earnings upon total capital actually employed in the small losn: business of Virginia of from 12 to 14 per cent per annum excessive or out of proportion to earnings reflected by other money | lending institutions, Mr. Miller replied that he did not | The commission took the case under sdvisement, stating that it would begin at once upon the preparation cof its report, which will include its opinion of the maximum rate now charged by the small loan companies. | BONDS ON THE CURB Sales in DOMESTIC in thousands b 4 Alabams Pw 4158 12 Aluminum_Ltd 85 1Am Com Pw 5i3s 11 Comwlh Ed 41:s E Ed 4135 D '57 5’37 s 45, 91z 9'a 2 East Ut Inv 55 A 54 321, 321s Edis El Boston 5s_'33 1001 100 Elec P & L 85 A 2030 627, 62 1 Federal Fisk Q en Wat Wk 85 B rgia Power 55 lette 8 Raz 55 g 65 48 615 54 nt Pow Sec 15 D + | refincries nd Gask 7 Standard P&L 72 E . 943 983 31, 31, '6710114 10114 48 74" 7313 e 681 5 57 50 7015 154 201 37 92 H 81 94 9315 04 37100% 100%2 1003 FOREIGN BONDS. Mtg 75 C ‘61 Ts 44 61 58 8 Euro) m s 4 Ham ES&U 515 © ¢ fial Sub Pow gs A %R hr G arbrueck 5 mtisso, Chile 75 nee 73 i R Boc ol X ts NEW YORK CURB EXCHANGE n 100-share lots except those des! . Stock and les— Dividend Rate Aero Supply Mfg(A) All Am Gen Corp.... Allled Mills Inc..... Aluminum Co of Am 375, Alu Co of Am pf (6). Aluminum Co Ltd. .. Am Capital prpfi%. Am City P&L (A) a3 Am Cit P&L Bb10% Am Com P A (b10%) Am Corpn (f30¢).... Am Cyanamid B. . Am Equities. Am For Pow war Am Founders. Am Gas & Elec (11). Am Gas & El pf (6). Am Invest Inc (B).. Am Laundry Mch(2) Am Lt & Trac (2%). Am Maracalb . tural ¢ Superp 15t (6).. Am Uti] & Gn B vte. Am Yvette Co.. In Anglo Chil Nitrate. . Appalachian Gas Arkansa Arkans Nat Gas A... Ark N G cu pf (60c). ArkP&Lnf (T Armstrong Cork Assoc Elec Ind (30c) As80 G&EI A (D! Atl Coast Fish. Atlas Plywood. Atlas Uil Corp. . Beneflclal I L (1%).. Blue Ridge Corp. ... Blue Ridge cv pf(a3) Borne-Serymser. ... Brazil Trac Lt&P(1) Bridgept Mch (25¢). BritATcou B1.133-5 2 Brown Co pf 40s Buff N&FP pf (1.60). 5 Bunker Hill & Sull. . 2508 Burma rets se. 1 Cable Radlo T vtc. 18 Cable & Wire A rcts. 12 Cavle & Wire Brets. 1§ Cab & W pfrets19c. 12 Canadian Marconi... 13 Cent Hud G&E (80¢) 1 Cent PubSve Ab5%. 4 Cent Stat El (b10%). 13 Chain Store Devel. 4 Chain Stores Stock 1 Childs Copf (7)..... 408 Cities Service (g30c) 122 Citles Serv nf (6) Cit Sv pf BB (6) . Claude Neon Lts Inc. Clev El 1llum (1.60) . Col Oil& Gas vte. Cmwlith & Sou war Consol Auto Merch “ont Shares cv pf. . it Shares pf (B) ooper Bess pf (A).. >ord Corp. ... c “orp Sec C “reole Petroleum. .. “rown Cork Intl (A) 0 Press pf (614) tiss Wright war. re& Co.... De Forest Radlo. Detroit Alrcraft. .. Driver HArris new. . 2 Dubllier Cond & Rad Duks Pow (5). Duguesne Gas. Durant Motors. East G & F Assoc. .. &T AS prpf(4%) ucational Pic pf ler Electric. . Elec B & Sh pf (6).., Elec Pow Assoc (1), Elec Pow Assoc A (1) Elec P & Lt op war. . Elec Sharhldg pf (a6) Emp G & F cu pf(8) Burop E Ltd A (60c) Evans Wallow Lead. Fageol Motor-... Fedders M{g Co A Fire Asso Phila 1 Ford Motor, Can., A. Ford Mot Frn 374c. Ford Mot Ltd 36 3-6¢ Foundation For Shs. Fox Theater (A). Galena Ol Corp Gen Aviation. . GenE Ltd res 36 3-5¢ 1 Fireproof (1)... n Theat Eqcv pf.. ‘n Alden Coal (4)., Globe Underwr (15c) Goldman Sachs. Goth Knitback Mch. (it A&P Teanv(161) Gt At&Pac Tea pf(7) i Bros A (1.60).. Gulf Oll of Pa (13%). Hamfilton Gas v.t.c... ppiness Candy iiazeltine Corp (1) Helena Rubenstein. . = Hollinger Gold 170c. + Horn & Hard (234) Humble O1l (t214).. IiydroElec Sec(1.20) Hygrade Food Prod. mp Ofl of Can (50c) dian Ter Ilu Ol A 1 Inv (b6%) nce Security 1ding & In Co. etroleum (1) afety Razor (2). perpwr(11.10). 100s perpow A. bber. ... ter-Br (Am Sh). Lackawanna Sec (4) Lefcourt Real pf (3) CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS, NEW YORK, December 2.—The fol- ary of important cor- poration news prepared by the Stand- ard Statistics Co, Inc, New York, for the Associated Press. News Trend. Daily avi crude oil production in week ended November 28 was 2,420,- 100 barrel: ich compares with 2,453 400 barrels in the previous week, accord- ing tothe American Petroleum Institute. he riant changes were & 4.700- 1 put and a East Texas in Gasoline stocks at 1,174,000 barrels a total of 33,685,000 Revenue freight car loadings in the week ended November 21 declined sharply. According to the American Railway Institute, loadings totaled 653,- 503 cars as against 690,366 cars in the and 779,752 cars in the like 1930 week. Decreases were reported in all commodities with the exception of merchandise in less than car lots. The Companies. Lehman Corp. declared 60 cents divi- dend; paid 75 cents quarterly formerly. Ston> & Webster subsidary receives contract for construction of office build- ing for Insurance Co. of North America. American Car & Foundry passed quar- terly common dividend, paid 25 cents October 1. Buffalo, Niagara & Eastern Power net income, 12 months to September 30, $12,761,151 vs. $11,938,447. Federal Motor Truck declared 6 cents dividend: paid 10 cents October 1. General Motors December Chevrolet | output estimat-d at 37,000 units; stocks of 1931 models currenly around 25900 units, on average 21, per dealer: vear's volume expectod to show drop of 5 per cent from 1930 Great Northern Paper reduces 1932 | newsprint this year. Holland Purnace common share earn- ings, 12 months to September 30, 39_cents. ¢ National Sugar Refining reduces re- price to $55 a ton vs. $57 Add 00. Open. High. 6 6 120% lgnated by letter .~ Low. Close 6 6 9% 4 ~Prev. 1931.~ High. Low. bl 5% T 1T 97 % 1% Divi Leonard Libby M 9y an y Long Isl, 708 Long Isl Mavis By Mead Jo Mer&Mf, Michiga Mid Sta Mid Mfd W T Mid W 44 10 1% * Miller (1) & Mo-Kan Mo-Kan Mohawk Mining (1). Moore I Stock and Lone Star Gasn 88c. 7 Louisiana Lan & Ex. Mangel Stores...... Received by Private Wire Direct to The Star Office. Bales— dend Rate. Add 00. Open. High. Low. Close Oil 2R R cNell &L... 7 6 9 9% 21% 100 BOes 91 21% 100 9 9 and Lt (60c) 21% d Lt pf (7).. 108 14 ottling (A).. hnson (t5).. ec A Ric., n Gas & Oil. Pet vtc B. .. est Ut (h8%). It ev pf xW til B wi ns Pipe Line. .. Pipe L (B).. 6 rop Forg(A) Nat Aviation. .... Nat Fue 1Gas (1) Nat Investors. Nat Pub Svpf (7). Nat Service Co...... T Sec A t60¢c. New Jer New Me s Zinc (13).. x & Ar Land. Newmont Mining. ... New York Auction. . NY N Y Tel g-Hu Niag-Hu Niag-Hu Niag Sh Nipissin; eam Cp (2.60). pf(6%).... 1d Pow (40¢) 1d Pow A W.. 1d Pow B W.. M4 (40¢). '3 Nitrate Corp Chile B Nor W ¢ v Pt (3).... r Pipe Line (t4) Nor St T Nor St I >ow A (8) Yow pf (7 Ohito Copper. ...... Ohio Oil cu pf (6). Overse: Pan Am stpf1%. Alrways. ... Paramount Cab Mfg. ¢ Pennroad Corp (40c) Penn Wat & Pwr(3). Peoples L&Pwr (A). Perryman Electric. . Plerce Governor. . Pilot Rad Tubs A.... Pitney Bowes (b4 %) Plymouth Ofl (26c).. Pratt & Prudent Pub Ut Pub Ut} Quaker Lambert (3) 1a] Invest. .. 1 Hold war. 1 Hold xw. Oats pf (6).. 20 Railroad Shares(40c) Rainbow Lum Pr A Reiter-Foster Reliance Int A. Reliance Manag. Republi Rich Ra Rossia | 2 Russek' ec Alli Seual L Selected Sle Ind al ctfs c Gas Corp dcum pf.. ntl (10¢) s Fifth Ave.. ed Corp (1) & H (af0c) Industries. . %) . > Sentry Safety Cont Shen; Shen: So Cal ndoah Corp doah Corp M ptA (1%). South Corp..... Sou Pipe Line (2). Southld tand In tand M, Rovalty 20c, nvest em pf otors Stand Of] of Ind( 1). Stand Oil of Ky 1.60. Stand Of tarrett tein Co: unray wift & Syracus, Tageart Technic Teck Hu Texon Of Trans A Trans L Tri-Util 11 Ohlo (2% ) 1650 Corppf (3). ¢ smetlcs, oil, Co (2). e W Mach B. Corp olor Inc £hesGM 165 {i&Land (1). ir Tran ux DLP § itles. .. Tubize Chatel. B. Unit Car Fast (40c). Unit Corp war Unit Ele Unit For Unit Ga. Unit Ga Unit Lt Unit U S Dai U i Inte L & Pwr pf(6) 3% 415 ¢ Service 3 unders. s Corp. s pf (7) & Pw A (1) H Eiy 60 & ry (A) (6)... shing pf.. r Sec 1st pf.. 21 24 U 8 Lines pf. 3 3 Unit Stores Univ Ins ( Utan P& Lt p Util P Util Pwr & Lt pf(7 ) £ (7). & Lt (b10%) 19 505 Utility Equities Venezue la Petrolm Walgreen Co. Walker. Welch ¢ Winter W'rth (FW)Ltd (36¢) 2% Com Ed 37x Pub Sve 13 s in “Ex d! or i in in fined sugar price 10 point to 4.40 cents & pound. Rhine-Westphalia | ¢parent company | year ended | $6,208.757. Starrett Corporation pas dividends; paid 15 cents and 75 cents on October 1 United Pruit subsi | refined sugar 10 poi pound. United States Steel plants operated at 28 per cent of caj November 30 vs. 29 per cent in previous week, 45 per cent a year ago and 68 per cent in 1929 week | Commercial Solvents cuts Buytl‘ alcohol price 42 cents per 100 pounds: acetate also reduced Crosley Radio—October and Novem- ber profit Iset $60,952 los: ed for first fiscal 2% epored Pennsylvania Ra appoints two rece way, controlled by Electric Power only) net income, 30, $2,665,507 vs. June sed preferred S on $10 preferred $50 preferred on ary cuts price of s 10 4.40 cents a Federal Court s for Wabash Rail- Pennsylvania com- *Ghited States 1 | _ United States Industrial Alcohol cuts | Buytl alcohol price 42 cents p'('r Y(;]J pound; Buvtl acetate for 1932 deltvery | | also reduced. | Allis-Chalmers Manufacturin, s g gets $1,000,000 order from Pennsy]vfi?n&m Railroad for transformers and switch gear equipment. American Sugar Refin refined sugar 10 points pound. American Thread ¢ cent. Borden Co. discontinues exira k dividends gash dividend more Rl‘hdlsn earned; cash and working cg 2 BarmEdT o % capital posi Consolidation Coal cuts g o enlEa miners’ wages company % e union help, Pany employes non. Godchaux Sugars cuts Augr 10 points to 4.40 ce; ternational Cement cents quarterly c slNS:lpun;ber 30. ational Dalry Products—Subsid; | Sheffield Farms cuts recall home a3 livery and wholesale |2 cents a quart New York Stea to_supply steam to Ra | Panlismoum.»FuMN offi pany is contemplating new financin ix:hr;eg: ‘inl of Californie—Advances | price of bulk gasoline j Y P ‘Ifl"“- e in New York 1 Rossia Insurance of America defers action on quarterly dividend:; paid 55 i cents October 1; subsidiary, first rein- surance o Hartford also deferred ac- ing cuts price 10 4.40 cents a uts wages 10 per price refined City. s deny com- ad-K-Orph. bottled milk prices | | m—Obtains contract H ( 3 (Benj). 12 RIGHTS—EXPIRE 16 50 ison.. . N} .Feb 1 Dec 21 dollars based on last quarterly of semi-an- ividend. tPartly extra. iPlus 4% in stock stock. b Payable in stock. e Adjustment D stock. €Plus 67 in stock. h Plus stock. kPlus 107 in stock. m Plus 3 stock. p Paid last year—no regular rate tion on dividend. | ~Tobacco Products class A share earn- | Ings, 10 months to October 31, 87 cents. Eastern Utilities Associates net in- come, 12 months to October 31, $2,163,- 388 vs. $1,942,071. | National Supply of Delaware—Passed preferred dividend; paid $1.75 Septem- per 30. PLAN TO REORGANIZE COMPANY IS ANNOUNCED | B the Associated Press. NEW YORK, December 2.—A plan for the reorganization of Tobacco Prod- | ucts Corporation of New Jersey, holding | company for the common stock of United Cigar Stores Co. and for a lease agreement with American Tobacco, was mgailed to stockholders today The plan proposed formation of two new companies. Class A stockholders of Tobacco Products will receive $10 in debentures of another New Jersey cor- poration for each share of stock, while owners of the common will get $4 in debentures of a new Delaware corpora- | tion which will take over assets of the present company with the exception of the lease agreement. : Collateral trust debentures totaling $35,591,235 and bearing 6l per cent interest will be issued by the New Jer- | sey corporation, while the proposed To- | bacco Products Corporation of Delaware will issue 3,296,652 shares of stock, its pacity in week ended | assets being 3,964.310 shares of United | Cigar Stores common and the entire capital stock of the present compiny Frederick K. Morrow, president Tobacco Products, pointed out that the | only present functlon of the company was to receive income from the Amer- ican Tobacco lease and distribute it to Tobacco Products class A stockholders. - | Substantial amounts paid in taxes an- nually, he said, “would seem to be un- necessarily incurred if, as we_believe, the continuance of Tobacco Products Corporation in its present form serves no useful purpose.’ Reichsbank Gold Coverage. BERLIN, December 2 (#.—The gold and foreign exchange coverage of the Reichsbank dropped today from 275 1o 5. Orkney Islands, Scotland, have given $1575 to the British exchequer, in | addition to their taxes, 29 people do- nating from 10 cents to $125 each. ‘[u,\ 1% | of | SILVER DISCOUNTED AS MONETARY UNT Bank Does Not Believe It Will Be Generally Ac- cepted for Currency. | | NE YORK, December ich in tk second h: d into the spotlight of s attention, stands little cha of being epted as a monetary unit nations of Europe or the American continents, says the National City Bank in its monthly review ‘The once popular metal sharp advance in price in t ral months, bu cent Fr an enjoyed a he last gain. C all-time it low bruary, has mov price, New York, of 373 vith October futures moving above ts. From those levels it quick dipped back below the 30-cent le Speculation. during the period of a vance, reached the highest poirtt for | 1931 to date. Economists’ Claim Disputed. The review takes issue with claims | of many economists that the prolonged “|drop in silver is one of the principal causes for the present depression. It points out that China and India are | the principal users of the metal and adds: “Were it true that cheap silver ed the purchasing power of much as has been represent- ht to show in the trade ng- As a matter of fact, these show Chinese imports have fallen off I by a percentage not materially great than that for world trade in general It is a mistake to assume to the re- | monetization of silver would speedily result in large additions to the mone- tary stocks of the world, the review points out. In fact, India has melted down and sold 100,000,000 ounces from its silver stores and this has had a de- pressing effect upon the silver market. Cheap silver, it contends, is a result, not a cause, of the depression. Referring to the prospects of silver being restored to use on widespread scale as a currency in this country and Europe, the bank’s review states Remonetization of silver by western nations would help the price, of course, but there seems little prospect of such is time. In the absence of conclusive evidence that the low price of silver has been an important factor in the depression it hardly seems prob- able that these countries will want to e such a fundamental change in banking systems to a less con- venient metal solely for the purposes of benefiting siiver produ Sim- ilarly, it is doubtful whether at this | time,” when budgets everywhere are being carefully scrutinized, it would be possible to persuade those countries which have ceased to use silver for subsidiary currency to return to this metal when it is cheaper and just as satisfactory to use paper or alloys.” Banking Conditions Improved. The review states that banking con- ditions have definitely improved, in- orses the formation of the National dit Corporation as a worthy sup- effort and refers to the Ger- ncial situation as the most ant European problem of the It states that the French are a ctical people and “know how vital i3 a complete settlement of the repara- | tions problem to Europe and to the wor d they know that a settlement ts with them.” important do Grain Market By the Associated Press. CHICAGO. December 2-—Wheat prices averaged higher and corn Jower | ea today. Upturns in Liverpool wheat quotations with improvement in British exchange rates gave some en- | couragement to wheat bulls | Opening unchanged to i cent up, | wheat afterward rose all around, but then receded. Corn started at 'x de- cline to % advance and subsequently | sagged. To a considerable extent, new buy- ing of wheat futures here was based on | the fact that the Liberpool market had | made a full response to price advances side of the Atlantic. There forecasts that arrivals of Liverpool du the next would be light. Unfavorable conditions were reported from where the wheat harvest | was in p | The serious outlook for domestic /inter wheat Southwest was empha- ssertions that of the 21,835,000 nted in the five principal | States, only 17,089,000 acres were show- | ing_above ground. The comparison by | States was: Kansas planted acres 10,- 753,000, showing above ground, 8,172 )00; Oklahoma, 3,910,000, against 3,340,- 3,490,000, agai 967,000; . 2,700,000, agai 2,306,000 ado, 982,000, against 304,000. No- tice continued to be taken of reports that the crop condition was the lowest | since 19 Perfect weather over the | corn belt had a bearish effect on feed grains Provisions were steadied by upturns in hog value CHICAGO LIVE STOCK MARKET CHICAGO, December 2 () (United States Department of Agriculture).— Hogs—Receipt, 35,000 head, including | 16,000 direct; slow; 'steady to strong; spots, 5al0 higher; 4.3524.40; few, 4.5 tor pounds, 4.30a4.40; 140-160 pound: 25 a4.40; pgs, 4.00; packing sows, 3.80a 4.00 Lig! light, good and choice, 140-160 pounds, 4.20a4.40; light weight, 16/ 00 pounds, 4.35a4.50, medium weight, 200-250 pounds, = 4.30a4.50; heavy weight, 250-350 pounds, 4.20- i packing sows, medium and good, 275-500 pounds, 3.65a4.00; pigs, good and choice, 100-130 pounds, 3.75a4.15. Cattle, 13,000 head; calves, 3,000; strictly good and choice weighly steers, scarce and_fully steady; top, 12.50 several loads, 11.50a12.25; all grades | ot representative weights and | low-grade weighty steers, weak to 25 lov vearlings off most Slaughter cattle and vealers | good and choice, 600-900 pounds, 11.50; 900-1,100 pounds, 7.50al 1,100-1,300 pounds, 7.50a12.75; 1,309 1,500 pounds, 7.50a12.75; common and medium, 600-1,300 pounds, 4.00a7.50; heifers, ' good ~and choice, 550-850 pounds, 6.25a9.50; common and medi- um, 2.75a3.50; low cutter and cutter, 2.00a2.75; bulls (yearlings excluded), good and choice (beef), 4.00a4.75; cut~ ter to medium, 2.50a4.25. Vealers (milk fed), good and choice, 5.00a6.75; medium, 4.00a5.00; cull and | commen ' 3.00a4.00; stosker and feeder tle, steers, good and choice, 500- 0, 5.00a6.75; common and medium, 0. Sheep—Receipts, 25,000 head; choice | lambs 10a15 lower; other grades and classes weak; early top native lambs, 6.00; others 5.50a5.75 to packers; best | fed "Westerns held above 6.00; throw- outs, 4.0084.50; lambs, 90 pounds down, good and choice, 5.25a6.25; medium, 4.50a5.25; all weights, common, 3.50a 4.50; ewes, 90-150 pounds, medium to choice, 1.50a3.00; all weights, cull and common, 1.25a2.00; feeding lambs, 50~ 75 pounds, good and choice, 4.5085.00. Steers, Candy Institute Formed. 7 IORK, December 2 (#).—Sixty- candy manufacturers have an- nounced firmation of the Candy Insti- jtute of America, which seeks a certifi- cate of membership incorporated under the laws of New York. President Jo- seph Gooch, jr, said its twin objective would be to improve the general quality of candy and.insure & reasonable profit from its sale. By the Today. .. ... Previous day. || Week ago.. Month ago Year ago. Three years ago Five years ago High, 1931 Low, 1931. High, 1930 Low, 1930 High, 1929 Low, 1 Today Previous day. Week ago. ... Mcnth ago. go.. years ago High, 1931. ... Low, 1931. High, 1930 High, 1929 Low, 192 REPORTED Signs of business improvement have appeared in South China, the Com- merce Department today was informed ports and manufacturing, which have undergone reverses during the past month, because of adverse conditions in Manchuria, also were back in “fair” condition, the cabled report stated. General depression, however, is be- coming more evident in North China and clsewhere end crops were Teported as_generally below average While a turn for the better was being cabled from Shanghai to the depart- ment, Commercial Attache Hallack A. Butts, | Japan’s foreign trade outlook remains | clouded, with no improvement in ex- ports anticipated for the n days, Currencies Depreciated. Butts made no reference to the ef- |fects of the Chinese boycott against | Japanese goods, which he reported re- cently was seriously curtailing the tex- tile industry, attributing the clouded outlook to the effect of depreciated cur- rencies in important foreign markets. The slackening demand for industrial commoditfes, he added, is causing in- dustries to tighten up on their cur- tailment agreements “There is a distinct movement,” Butts radioed, “toward an upward revision of the tariff for both protection and in- creased revenue. Foodstuffs, lumber, iron and steel and petroleum products are mentioned as likely to be included in any revision.” He said the subject will come before the Diet in February. The outflow of gold continues, Butts | reported, and the Bank of Japan is considering a further raise count rate. In October the Bank of Japan raised the minimum rate to 584 in an effort to check the flow. ber 3 to November 25 totaled 259,000,000 yen, or $129,000,000. Of this amount $113,169,000 was shipped to the United | States, according to a preliminary es- timate made public yesterday. Note Issue. by its representative in Shanghai. Im- | stationed at Tokio, radioed that | 60 to 90 | in the dis- | Butts said gold shipments from Octo- | On November 25 the Bank of anan's; ote issue stood at 1,010,000,000 yen, or | clated Press. From Yesterday's 5:30 Edition. STOCKS. SIGNS OF BETTER BUSINESS IN SOUTH CHINA Commerce Department Informed. How- ever, That Depression Is Becoming More Evident in Other Sections of Orient. $505,000,000, as compared with 977,- 000,000 yen, or $488,500,000, on October 15. The gold reserve was placed at 564,398,000 yen, Butts reported the stock market at Tokio as “quite weak.” Meantime unofficial reports are being received in the departmen’ from Texas, Oklahoma and Mexico that Japanese buyers are exceedingly active in those cotton centers, purchasing thousands of bales of the staple during the past month. The purchases have been hooked up in some quarters with the military actlvity in Manchuria, as cot- ton is an important factor as a muni- tion ingredient. The Japanese embassy, however, sald recently no heavy cotton buying move- ment had been brought to the atten- tion of officials here, while the directors of the New Orleans Cotton Exchange recently made public a letter from a Japanese consul in the Mexican cotton belt denying vigorously the buving was | for munition purposes, but that Japa- nese textile leaders considered the staple at the prevailing low market price a good investment. In answer to a query while the Japa- nese troops were reported advancing last week toward Chinchow, China's main gateway into Manchuria, Com- | merce Department officials have esti- | mated that American financial, com- | mercial and cindustrial interests in China have 3n aggregate value of | $255,768,000. They said the invest- |ment in the Tientsin-Peiping area, where heavy rioting was reported last | week, was of little importance. Investments by Americans. Direct investments by Americans in China are chiefly in the form of pe troleum distributidn and public utility | developments. The former are princi- pally in bunkering facilities and manu- facturing establishments producing cans used in the distribution of kerosene. About $43,000,006 of American capital is involved in petroleum distribution located around Shanghai, Hongkong and Hankow. In Shanghai, American capital aggre- public utilities developments. Everybody’s Business Mes- Ex- pected to Contav;n Con- structive Suggestions for President Hoover's sage to Congress Hastening Economic Re- covery. BY DR. MAX WINKLER. Special Dispat 0 The Star. NEW YORK December 2.—Within less than a weck, President Hoover will deliver his message to the new Con- gress. It will prove doubtless a very constructive document. pected to point to the strong underly- {ing conditions of American business and finance. He probably will touch on the railroad situation and offer con- crete measures of relief to the Nation's carriers. He will ask for and doubtless obtain approval of the one-year debt moratorium proposed last June. The project recently proposed for the relief of the real estate situation is also expected to assume a more tangible aspect. Attention probably will be di- rected to the foreign situation and a spirit of co-operation and friendliness |in all likelihood will characterize the President's remarks. 1t is these favorable developments in regard to the domestic and foreign situation whick the securities market may be assumed to be discounting. The technical position of the market is also a factor, the importance of which must not be underestimated. Whether the improvement will be genuine and lasting will depend upon an actual ad- justment of the various complex prob- lems, both domestic and foreign, which continue to confront the nations of the world. Decline in Pound Sterling. The decline in the value of the Brit- ish pound to zbout 68 per cent of its gold parity cannot be viewed with indif- ference. Reports from London are to the effect that the British treasury as well as the Bank of England are not concerned over the sharp recession, but there is some anxiety lest the situation be_judged erroneously abroad. It is difficult to share in the reported calmness of the British. A currency as significant as the pound will, if fluctuations are permitted to continue within wide limits, tend to aggravate an already existing difficult interna- tional economic sjtuation. Furthermore, !lower quotations result invariably in a | further loss in confidence, so essential I to the rehabilitation of the world | One encouraging feature is the fact that the Bank England’s gold re- serve of £120,000,000 actually repre- sents a higher proportion to circula. tion than is .}:psrent, since no allow- ance is made for depreciation in bank notes. Thus one may conclude that the pound contains reserves of strength which could quickly bring about an appreciation in value. Renewed Selling, Renewed selling throughout the greater part of yesterday’s trading was attributed to a rumor that Germany would abandon the gold standard. As |1:ng as gold can move freely into Ger- many, but cannct move out of the | country, the Reich may, for all prac- | tical purposes, be said to have been off the gold standard since July of this ( year. Should an official anncuncement |bo made to that effect, it is doubtful ‘whether it 1d influence the se- curities m; to any appreciable ex- tent, except on sentimental grounds. Reasonably, the Executive may be ex- | To base the selling of securities solely upon the possibility cf a move by Germany to discard the gold stand- ard is wholly unwarranted. It is quite likely that appreciation of this fact may, in part at least, have been re- sponsible for the gains registered in the afternoon trading, after many new lows were registered earlier in the day. Urges Wage Cut. | _There must be a prcmpt reduction of at least 15 per cent in all rates | of compensation of all classes of em- ployes, Fred W. Sargent, president of the Chicago & Northwestern Railway, an- nounce yesterday. Such reduction, if effected, will, on the basis of 1931 expenditures, mean a saving of close to $4,000,000, equivalent to $2.44 a share on the 1,584,392 shares of the outstanding common stock of the road. Mr. Sargent asked for immediate | consideration of the proposed cut, add- ing that with a return of better times the present wage level would be re. stored. D. & H. Earnings. | Present indications are that the ;earmngs of the Delaware & Hudson Co., without drawing upon its sub- sidiary companies, will be about 7 per | cent in 1931, according to L. F. Loree, president. The company has paid its regular | dividend at the rate of $9 per annum | for the first nine months of the pres- ent year and the dividend at the same | rate for the last quarter, payable on | December 20, has already been de- clared by the board of managers. Traffic at Low Point. There is no indication of any pick-up in traffic over the lines of the Atchison, Topeka & Santa Fe Railway, according | to W. B. Storey, president. The decline, continues Mr. Storey, is spread over all commodities with the exception of grain. He points out, how- ever, that the change in revenues does not correspond to the decline in load- ings, which showed a loss in November of about 15 T cent, compared with November, 1930. The reason for this, | Mr. Storey adds, resides in the shorter {hauls and lighter movement of high | revenue-producing freight. | Sees Business Upswing. Practically all automobile companies | have developed programs that will go far toward speeding_economic recovery, according to L. A. Miller, president of the Willys-Overland Co., adding that there has been a definite upswing in general business during the past few Weeks, inspired largely by a decided re- turn of confidence. As to the industry as a whole, Mr. Miller points out that it has been work- ing unselfishly to aia i the improve- ment of general business and to place its own affairs on a higher plane by better policies. Success in these directions, Mr. Miller concludes, has already created a more triendly and co-operative spirit on the part of bankers and dealers who are most directly and vitally interested. Sales Increase. Bales of the Brown Shoe Co. for 1931 on a unit basis show an_ appreciable increase over 1930, says John A. Bush, president. Mr. Bush adds that the cur- Tent year has been a very the shoe business, as hides and raw ma- teris have fluctuated greatly and rices of the company's products have N _constantly decreased to give the customers the benefits of lower costs. Hc also calls attention to the fact that | one must go back to 1914 to find prices as low as the new Spring, 1932, list just released. | _In addition to a gain in net, the | Brown Shoe Co. made rurther improv ment in its already strong financial " times curtens T, o bioaimats curren 25 com) with a 6-to-1 ratio a year ago. pered ACopyright, 1931, by the North Newspaper Alliance, Inc.) American gating about $50,000,000 is invested in | *¥% A_15° e e STOCK AND BOND AVERAGES IPRODUCE MARKET PRIGES ARE MIXED Vegetables Show Small In- creases in Value—Eggs Are Higher. Market changes near the first of the | month favored the feeders mostly rather | than the crop producers, says the United States Department of Agriculture, Bu- reau of Agricultural Economics, Mar- ket News Service. Mill feeds followed the sharp price declines in grain, but still sold higher than in early Novem- ber. Prices of cattle and lambs held fairly steady. The hog market was heavily supplied last month and showed little tendency to rally at any time. Action of the poultry market continues 8ood except for the easing off in turkey prices after Thanksgiving. Egg prices made further gains. Butter markets weakened slightly under reports of pro- duction heavy for the time of year. Vegetables showed many small price ad- vances, especially potatoes, onions, cab- bage, celery and lettuce, Country Potatoes Higher. Potato markets were much stronger at country shipping points, near the first of the month, on account of the colder weather. Maine shippers reported sacked Green Mountains returning 47%; % 50 cents per 100 pounds. Virginia sweet potatoes were somewhat lower in city markets, but most other arrivals sold on a slightly advanced level. Heaviest onion supplies appear to be in New York, Michigan and Indiana. About 2,200 carloads, or approximately 1,100,000 bushels, were shipped during November. Western New York f.o.b. prices of best yellow onions advanced late in November to $1.10 to $1.50 per 50-pound sack, or $2.50 to $2.90 per bag of 100 pounds. New York onions sold higher in city markets. Cabbage was higher nearly everywhere. California lettuce advanced at a range of $3.50 to $5.50 per crate. Apple prices remained about steady. Yorks were returning $2.55 per barrel at shipping points in the Potomac Val- ley area. Western New York Baldwins were still 85 cents per bushel at loading stations. Butter Markets Easier. The butter market declines, which have occurred during the past few weeks, have at times been rather sharp, but there has been little or no resist- ance to these price adjustments. Trend was still slightly downward near the first of December. Dealers in the larger markets for the most part appear to lack confidence. Reports of produc- tion show sizeable increases over that of a year ago. Cheese markets at distributing points held about steady, but trading was gen- erally slow. In New York State cheese received some additional attention dur- ing the week when five or six cars of June flats were sold up-State at 174 to 1712 cents. Rising Egg Markets. The egg markets for November were featured by a sharp and continuous rise in the prices on fresh eggs. The drastic break in the seasonal advance that came during the last half of Octo- ber proved only temporary, for with a renewed interest from consumers at the lower price levels, quotations again started upward. Receipts at the four principal markets, whieh held close to last year's level during October, dropped below in November, amounting to about 6 per cent during the first three weeks of the month. Medium-grade cold- storage stock was in moderate demand, but buyers as a rule limited purchases to small lots. Most of the sales made were at prices that returned little or no profit and occasionally some loss. Early reports indicated the proba- bility of relatively heavy shipments of turkeys, but with unseasonably warm weather in November in some of the more important turkey-producing sec- tions interfering with farm dressing, shipments did not develop according to these early expectations. The market for poultry other than turkeys was rela= tively quiet throughout the month. Re- ceipts of roasting chickens, weighing five to six pounds each, were fully ample, and prices merely held steady instead of showing the seasonal advance usual at the Thanksgiving market time. Hog Shipments Less. Marketings of hogs and sheep de- creased, but this reduced movement during the last week of November did not prevent the hog branch on the live stock trade from touching the sea- son’s lowest levels, but there was a slight recovery from lowest points. Sheep and lamb values strengthened somewhat, while cattle trade was de- cidedly uneven. The recent improvement in trading at Eastern wool markets was main- tained to the end of November. Sales of fair volume were closed by a number of houses- at well sustained prices. Worsted manufacturers were the prin- cipal buyers of greasy combing domes- tic wools, although top makers were in the market for short combing 64's and finer Western wools. Feed Market Slightly Lower. Demand for wheat feeds at Eastern markets continues dull and trading of small volume, even at the lower prices. Cotton seed meal was $1 to $2 per ton lower at the various markets, but corn feeds were steady. Timothy hay markets remained com- paratively inactive. Receipts were light in New York City. Demand was fair, and with the very light stocks on hand the better grades advanced slightly. Grain Markets Decline. Domestic grain markets continued weak and prices suffered further de- clines near the first of December. The unsettled financial situation abroad, together with the weakness in domes- tic securities market, some slackening in export demand for North American wheat and increased offerings of new grain from the Southern Hemisphere, were principally responsible for the de- cline in the wheat market. Feed grain prices turned weaker, influenced largely by the downward trend in wheat prices, since marketings were relatively light and offerings only about sufficient for current needs. Rye was independently weak, refleeting the lack of export busi~ ness and the continued slow domestic demand. Flax was lower with wheat and other grains. New York Cotton Special Dispatch to The Star. NEW YORK, December 2—Cotton prices were 1 point lower to 3 higher at the opening of the market today. Increased crop estimates, together wi unfavorable export de: d, combined to cause heaveir offerings from the South and from commission houses, but trade buyers were active enough in near months to e offerings. Opening prices were: December, 5.97, up 1; January, 6.04, 3; March, 6.19, unchanged; May, 6.38, up 1; January, 6.55, off 1, and October, 6.80, off 1. Baltimore Bank Clearings. BALTIMORE, December 2 (Special). —Bank clearings in November showed a sharp decline. Total for the month as announced by the Baltimore clear- ing house was $254,646,061, against $378,766,931 in tbe like month last year, a reduction of $124,120,870, or 32.8 per cent. Clearings In October aggregated $326,880,069. For the first 11 months of the year amounted to $3,562,037,837, with $4,409,957,532, a decrease per cent. 1932