Evening Star Newspaper, December 3, 1931, Page 15

FINANCIAL, CURB ISSUES RALLY eh 12 19 ~ Leaders Continue Irregular, | ,,;* However, as Trading Volume Expnands. BY JOHN A. CRANK Bpecial Dispateh to The Star i NEW YORK, December 3.—Opening | 1| Jower, stocks on the Curb Exchange to- | day continued their downward trend until shortly after middey, when a slight rally took place. Trading was more active than in recent ses: Electric Bond & ¢ WaASs up a shade on the day American & Forelgn Pover at 57, was up & frac- | tion. American Superpower was off slightly, as were Citles Service and Standard Ofl of Indiana Hygrade Sylvania opened off nearly | 8 point after directors announced an extra §1 dividend and the usual 50-cent quarterly Numerous attempts to get together were made by buyers and | sellers, as indicated by printed bids and offers on the tape just be: Electric Bond & Share $5 after opening at 583, off a bid and offer of 53 and 57 1y, followed by 53 and 56 Pittsburgh & Lake Erie, which last week sold at 647.. off ., opened today at 45, or a net loss of 191, points, whick was only recorded after the appearance of a bid of 45 and an offer of 55, fol- | lowed by a bid of 45 and an offer of 48 Eerlier, Pennroad Corporation had | moved down to a new minimum price. | Rail equipment shares were dull The late weakness Wednesday lack of Cconstructive overnight caused the exchange to resume downward course at the opening. Electric Bond & Share, at 1514, was/ off i, and Cities Service, at 6%, was| off . Standard Oil of Indiana, at 18%, lost . Electric Power & Light option warrants eased to a new mini- mum price as rights for the new stock e today. nited States Finishing at 2, De For- est Radio at 1% and similar inactives moved into new minimum levels at the outset. Pennroad Corporation also hit a new low. Newmoni Mining, at 14, was down %. Ford Motor, Ltd.. at 51k declined 3. United Light & Power. at | 8%. was unchanged. Middle West Utilities, at 91, lost fractionally. MUNICIPAL FINANCING IN NOVEMBER HEAVIER | @pecial Dispatch to The Star. NEW YORK, December 3—The flo- | tation in November of State and mu- nieipal bond issues aggregating $51,- 356,777 reflects the gradual return of the municipal bond market to normal This financing, while it does not be- gin to take care of the requirements of the cities, towns, etc. represents a marked gain over the October new issue total which, according to the| Daily Bond Buyer of New York, was| $18.342,743 The following table prepared by the Daily Bond Buyer of New York com- pgres municipal bond sale totals in November and the 11 months ended Nevember 30 for the past 10 years: nding respective- and | news its 71,522,706 1201243926 132,167,398 93,600,366 BONDS ON THE CURB Bales in #housands Aluminum Co Ss '52 DOMESTIC BONDS, High B et 8BBT22282,2% SyvrengEess: o Sirnsl s omentients 39% i i 1 ¢ Berv Gas 5lps ‘42 521 1 t Serv Pow 8i%s '82 581 8975 eve Fiec Tllu 5339, 1037 1033 10314 wh Ed 4 Be 98! 9 * ol 9 94 8% 38 ) ) sE=spey B’ Q00 i i 1 9?§9§ 4,»»..,55........_ 5 EEEO0R0000 Y dnap P&L 55 A ull UHlit 8s Pw Bec 6as SSEEE| ow ans G&E 6s A 2022 opper G&C 535 30 91 Libby McN & L 55 82 Massachu Gas 55 '35 Mass Gas 5'zs ‘46 M M pohot B eonis e s bt 0 B s sy on b 2 £ 1d West Ut s /33 cv R e 1ty HIGH-VOLTAGE LINES NEW YORK CURB EXCHANGE Received by Private Wire Direct to The Star Office. 1 ow 6ix Stock and s Add 00. Open. Birh. 12y 3 4% Dividend Rate Aero Underwriters. : 12 21 Azfi Ansco A 8y o~ 6515 3% Allied Mills Inc. 1 Aluminum Co of Am 6758 AluCoof Ampf (6). 3 Aluminum Co Ltd um Ltd B war Ltd D war it P&L B b10% Am Com P A (b10%) Am Com PrBib10%) Am Cyanamid B 5 Am DT NJ v pf(7) Am Equitles........ Am For Pow war. Am Founders A Am Gas & Elec (11). Am Invest Inc (B) Am Lt & Trac /2%). Am Am Util & Gn B vt Am Yvette Co., Inc Anglo Chil Nitrate. . Appalachian G Appalachian Gas wr. Arcturus Rad Tube. Arkans Nat GasA... Ark N G cu pf (60c). Armstrong Cork Slec Ind (30¢) 1 Asgo GREI A(b2-25) 1 Axs0 G & EI war.... Atlas Ut1] Corp. .. Auto V Ma cv pr pt 2 Beneficial I L (1%). Elue Ridge Corp. . Blue Ridge cv pf(ad) Brazil Trac Lt&P (1) Brill Corp A (34c)... Brit Celanese rets. .. Buff N&FP pf (1.60) Bunker Hill & Sull. . 16 er Bros. 2 e & Wire A rets. 20 Cable & Wire Brets. 14 Canadian Marcont.., 26 Carnation Co (§1%). 716 Carnegle Metals. . Celanese Corp 15t pf. Cent Pub Sv Del. Cent Pub Sve A b3 %. Cent Stat El (b10%). Centrifug Pipe (60c) Cohn & Rosen Inc... + Chain Store Devel. .. Chain Stores Stock. . Citles Service (g30¢) Cities Serv pf (6)... « Cit SV pt B (60c). ... Cit Sv P& L pf (6) .. Claude Neon Lts Inc Col O11& Gas vic 53 Colum Ple v.te. f75c. 3 Commwlth Edison (81008 Cmwith & Sou war.. 15 Consol Auto Merch. 0l Gas Utility A » FEser o 2 2005 mwoane 50s “ont Shares cv pf. Cooper Bessemer. Cooper Bess pf (A).. Cord Corp 5 Corp Sec Ch (b6%) 15 Corroon & Reynolds. Creole Petroleum. Crown Cork Intl (A) Cuban Cane pr opt w. Darby Petroleum.... Dayton Air & Eng. Deere & Co. .. De Forest Radio..... Derby Oil Refinfng. . Detroit Alrcraft. Doehler Die Casting. Driver Harris new. . Dubilier Cond & Rad Duquesne Gas. Duke Pow (5) Durant Motor t Sta Pow (B)... isler Electrie...... 1 Elec Bond&Sh(b6%) 373 Elec B& Shecupf5.. Elec B & Sh pf (6)... Elec Pow Assoc (1). Elec Pow Assoc A (1) Elec P & Lt op war.. Elec PAL 24 pf A T.. Elec Products of Col Emp G & F cu pf(7). Europ E Ltd A (60c) Europ Elec deb rts. . Evans Wallow Lead. Fageol Motor Fajardo Suga Fiatrets (94%c). Fischman & Sons. ... Ford Motor. Can., A. Ford Mot Ltd 36 3-bo Foundation For Sha. Fox Cheater (A).... Gen Aviation. ...... GenE Litd rcs 36 3-5¢. Gen G&E cv pf B(6) . Gen Theat Eq cv pf.. Glen Alden Coal (4). Globe Underwr (15c) Golden State Co Ltd. Goldfield Consol. Goldman Bachs Gold Seal Elec new. . Gorham Mf vte (12). Goth Knitback Mch. Graymur Corp (1).. 160 Gt A&P Teanv(t63%) 116's Gt At&Pac Tea pf(1) " Green Bros Co (A) 14% Grief Bros A (1.60).. Grief & Brptx (7).. Groc Strs Prod vte. . Gulf Ol of Pa (1%). Hamilton Gas v. Happiness Candy. .. Hazeltine Corp (1)., Hecla Mining (40¢). Hollinger Gold t70c. Horn & Hard (23%).. Hudson Bay M & 8., Humble Oil (12%).. Huyler Strs of Del. . Hvgrade Food Prod. Hygrade Sylvania(2) Imp Ofl of Can (50¢) Indian Ter Illu Ol A Indiana Pipe Line(1) Ind P&L cu pf (6%4). Insull Inv (b6%). .. Ins Co ofNo Am 12% Int Petroleum (1). .. Int Safety Razor (2) Int Superpwr(11.10), Int Utilities B.. ... .. Irving Air Chute (1) Klein (DE) Co (1).. Kleinert Rubber. ... iKnott Corporation. .. % Kolster-Br (A= 8h). 1% Laksy Founa.y. & Leddrd Oil.... 1444 shorty be intercon: power development of the 11% 3518 152% 70 15 0% 2 10% 1094 814 26% ‘ 14 3% 2 6% 109 2% 19 aPayable in cash divide stock stock. w. Div, 2% Lion Of T 17 Long Island Lt (60¢) s Louisia; 2 MassU % Mavis Bottling (A). 1 22 Mayflower Asso (2), Z 30 30 Mead Johnson (15)., 2 5 50 4% 5 Meuph 215 Merritt % Mesabi 16% Mexi Mid Sta Mid West Ut (b8%). Miller ( Mo-Kan Pipe Line. .. | Mo-Kan Pipe L (B | Mohawk Hud 1st(7). 2 Moore Drop Forg(A) Nat American Co Nat Iny Nat Leather. at Pub Sv B (12.20) Nat Pub Sv pf (7)... Nat Service Co. Nat Sh T Sec A $60c. Nat Transit (1). Nat Unfon Radlo ewberry (JJ) Newberry JJ pf(7).. New Jers Zinc (13).. New Mex & Ar Land. Newmor NYP&Ltpf (7). N Y Telpf (6%).... Niag-H Niag-Hi Niag-H Niag-H Niag Sh Md (40¢). .. Niles-B Nipissing. No Am Nor St Pow A (8). Ohio Bra, Pac We Pan Am Alrway Pantepec Ofl. Pender Parker Rust P(13% ) 2508 Pennroad Corp (40c) 58 Peoples L&Pwr (A). Perryman Electric Petrol Corp war. Philip Morris Inc Phoenix Secur Corp.. Pierce Governor. ... Pittsburgh&LE(110) Pittsbgh Plate G (2) Plymou Propper McCallum. . Prudential Invest... 10 Pub SN Pub Ut} Pub Ut Pyrene Quebec Radio Products. .. Railroa RR & Util Inv A Rainbo Reiter-Foster. . Relianc, Republic Gas Corp. Reybarn Co..... Reynolds Invest. Rich Rad cum pf. Roch G Rock Lt & P (90c). Rossia Intl (10c) Ryan Consolidated St Anth St Regis Paper (60c) Salt Creek Prod (1).. Sec Alll Sesal L Selected Industri Sict Ind Sle Ind al ctfs Sentry Safet Shenandoah Corp. .. Shenandoah Corp pt. 1 Sherwin Wil pf (6) Singer Mfg Co (116). 60s Smith (A.0.).... Penn Ol (1). SoCal EApf B (1%4). South Corp. ... Sou Pipe Line (2) Sout Southld S W Gas Utilities Spleg M Stand Motor: Stand Of Stand O Stand O Starrett Corp. Stetson Sunray Swift & Swift Internat’l (14) Syracuse W Mach B. Taggart Corp. Technicolor Inc Teck Hu Texon Oil&Land (1). Tob P’rod of Del wi. . Todd Shipyard (2).. Trans Air Trani Trani Tubize Chatel. B.... Unit Am Utllities Unit Corp war Unit Dr. Unit Fo Unit Gas Corp Unit Gas Corp war. Unit Lt Unit Mi. U S Dairy (A) (6)... U S Elec Pow ww.... U S Fin| U 8 Inter Sec 1st pf. Unit Stores v.t.c..... Unit Verde Exten (1) Util Equity pf(5%). Util Po Ut P&L Van Car Viek Financial Walgreen Co. Walker, ) Welch Gr Juice (12). 50, Werden Copper ‘ 26 Western Md pf. . 95 West Pwr pf (7). 2 Wil-low Cafeterias % 5 Wilson 2% B Com Ed Pub Sve payment nd. fplus 8% JPlus 2% in nPlus 8% in nected win ne| MACHINE TOOL INQUIRY Pennsylvania Stock and Lone Star Gas n 33c. 9 9 83 Long IscupfB(6).. 92 92 ves # Mesta Machine (2).. i 5 Wrth(FW)Ltd(36c) b 4 % Rad-K-Orph..Dec21 40 & % Dividend rates in doliars based on last quarterly of semi-an- “Ex dividend. or stock. in stock Bales— idend Rate. Add 00. Open Low. Close. 1& Refining.. 1 3 3 3 21% 21% na Lan & Ex. # # 1l Assoc. ... 2% 2% N Gar (A0c). Chap & Scott Iron. Ohio Ofl. Pet vic B. 1) & Sons estors. nt Mining. ud Pow (40¢) ud Pow A w.. ud Pow B w.. ud Pow C w.. emt-Pond (1) L &P (b8 (B) (2).. 5 stern Oil. . D Gr B. th Oil (50c). 108 111(8)$100par1200s 1 Hold war.. 101 1 Hold xw 3 Mfg.. Power (2 d Shares (40c) .530 v Lum Pr B. e Manag. & Elpf C(6). B0 ony Gold ed Corp (1) & H (a50c) prior(5%).. . 508 Royalty 20c. ay Stern pf. il of Ind(1).. il of Ky 1.60. il Nebr (2). (J B). Oil. Co (2) 1ghesGM 166c y Docks unders. &Pw A (1) 1k Prod. . ishing. . & Lt (b10%) (B)cfs b10% mp PKg. H (25¢ Jones. . RIGHTS—EXPIRE ison.... —— 26 NII .Feb 1 18 2 3% iPlus 4% in stock. in stock. e Adju g Plus 6% in stock. h Plus Kk Plus 10% in stock. m Plus 3% in p Paid last year—no regular rate. tPartly extra. b Payable stock stock. CAMPAIGN FOR OIL FLOW CUT PUSHED Texas Governor Rescinds Re- striction Order Pending Efforts in Industry. | | By the Associated Press DALLAS, Tex., December 3.—Consid- eration of a movement to persuade Texas, Oklahoma and Kansas to further pinch allowable production from their ofl fields this week caused Gov. R. S, | Sterling suddenly to rescind an order | to reduce the per well allowable in the | East Texas fleld to 110 barrels. | “Merely postponed on account of in- | clement weather and other causes,” he explained. Oil men expressed the | opinion the Governor had decided to leave East Texas production undisturbed | until production in the three States could be studied. The 3200 wells in | the East Texas field continued under the existing military order flxing. the per well allowable at 125 barrels, East Texas Production. Attention of oil men in the three States still_centered upon the hugely | productive East Texas area, where the | output continued to mount because of | new drilling, in the face of repeated reductions made by Gov. Sterling in the per well allowable, under martial law rule Price advances early in November to | 83 and 85 cents per barrel heartened oil men, in spite of the fact they were somewhat perturbed by the action of Attorney General James V. Allred in filing ouster suits against 15 companies, alleging anti-trust law violation nnd‘ seeking to collect penalties amounting to $17,000,000. These cases were to be set for trial on the docket of the Dis- trict Court session opening January 4 at Austin The chief executive continued the grip of military control unrelaxed in the fleld, although a fresh assault upon proration was made several weeks ago. The Brock-Lee Ofl Co., E. Constantin and others, had obtained a Federal court temporary injunction restraining Brig. Gen. Jacob F. Wolters, martlal law commandant in the East Texas field; the attorney general and members of the Railroad Commission from enforc- ing proration rules. Gen. Wolters was cited to show cause why he should not be held in contempt when he con- tinued to enforce the Governor's mili- tary proration orders. Amended Petition Filed. An amended petition was filed before Federal Judge Randolph Bryan at Sher- man several days ago, making Gov. Sterling a defendant and alleging con- spiracy between the Governor, Gen. Wolters, the Humble Oil & Refining Co. and the Texas Co. to curtail pro- duction in the field in restraint of trade. The suit is expected to be heard by a three-judge Federal court at Tyler early next month. Production in the East Texas field again approached the 400,000 barrels | daily mark, the allowable unofficially | set for the fleld, but it wes indicated | Gov. Sterling would not reinstate his order cutting the per well allowable until representatives from Mid-Conti- nent States held a conference, probably in Austin soon Thurman Hill, Kansas Public Service | commissioner, declared November 30 in a conference at Tulsa, Okla., that he | favored flelds of his State resuming | flush production unless Texas and | Oklahoma further curbed the flow of | oil from their flelds. Financial Statements ‘ BY GEORGE T. HUGHES. Having explained the form under | wihch a balance sheet is constructed | in the preceding articles in this unes.i it is now in order to look a little closer | into exactly what makes a surplus. The | point is important because we hear in | these days so many comments to the effect that this or that corporation | could continue to pay dividends because they have so large a surplus. Some- | times that is true and sometimes it is| untrue. For example, take the follow- ing imaginary balance sheets: Liabilities stk 340,000,000 y'ble 3,000,000 urplus ... 7,000,000 Assets Plant $40.000,000 cap Inventories 5.000,000 Bills Bills r'c’ble 2,000,000 8y Cash .. 3,000,000 450,000,000 350,000,000 The surplus in the foregoing is avail- able, in part at least, for dividends if | the ‘directors see fit to declare them. There is cash enough on the asset side to cover all the bills payable, leaving receipts from bills receivable and from liguidation of inventories, as and when effected, available for other purposes. Now look at this arrangement: Assets. Liabilities. Plant . 447.000,000 Cap. stock.$40,000,000 | Inventories 1,000,000 Bills p'y'ble 3.060.000 Bills r'c’ble 1000000 Surpius ... 7,000,000 Cash . 1.000,000 $50.000,000 The second supposititious corporation | has exactly the same surplus that the first one has, namely, $7,000,000. But the second corporation is in no posi- tlon to use that surplus for dividends or anything else. It would take all of the cash, the collection of all the re- ceivables and the liquidation of all the inventories just to meet the bills pay- able. The surplus is invested entirely in the plant and is of no use to the stockholders as far as dividends are concerned. As & matter of fact, the second corporation is in a precarious financial position. Of course, in actual practice balance sheets are not as simple as the illus- trations given, but the principle is the same, 50,000,000 (Copyrizht, 1931.) PARIS BOURSE PRICES. PARIS, December 3 (#).—Three per cent rentes, 83 francs 20 centimes; 5 per cent loan, 1GC franes 75 centimes. Exchange on London, 86 francs 25 | medium to good, | medium, 3.5024.00; plain to fair, 3.25a THE EVENING STAR, WASHINGTON, D. C. THURSDAY, DECEMBER 3, 193t Cent a Pound Pigs Appear on Market In Nebraska City By the Associated Press. NORPFOLK, Nebr, December Imagine pork chops and ham, on the hoof, at less than 1 cent a pound. That's the price Fall pigs, weighing| 60 to 70 pounds, brought at a sale in the stock yards yesterday. They sold for 50 cents each. Local dealers said the price was the lowest in their recollection. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md. December 3.— White potatoes, 100 pounds, 75a1.05; sweet potatoes, bushel, 35a50; yams, barrel, '125a1.75; beans, bushel, 1508 1.75; beets, per 100, 2.00a2.50; Brus- sels ' sprouts. per quart, 10a20; Savoy cabbage, bushel, 40a60; carrots, per 100, 50a3.50; caulifiower, crate, 1.75a2.00; celery crate, 1.50a2.75; cucumbers, hamper, 3.00a450; eggplants, crate, 1.50a3.00; ~ lettuce, crate, 4.00a4.75: okra, bushel, 1.50a2.50; onions, per 100 pounds, 1.75a2.00; oyster plants, 100, 4.0025.00; peas, crate, 6.00a7.00; pep- pers, 2.50a4.00; pumpkins, per 100, 3.00810. spinach, bushel, 60a80; squash, bushel, 1.50a2.00; kale, bushel, 35a40; tomatoes, crate, 3.5086.00° turnips, hamper, 15a20; apples, bushel, 1.00a1.25. Dairy Market. Chickens—Young, 18a21; Leghorns, 15a18; old hens, 16a21; Leghorns, old, 12a16; roosters, 11a13; ducks, 12a20; geese, 15a20; pigeons, pair, 20a25; guinea fowls, palr, 25a50; turkeys, 20830. Fges — Receipts, 369 cases; current receipts, 28a30; small pullet ecggs, 22a 25; hennery whites, 35a38; nearby fArsts, 32a33; Western firsts, 30a32. Butter—Good and fancy creamery, 28a33; ladles, 20a22; process, 24a25: store packed, 15a16. Hay and Grain Prices. Wheat—No. 2 red Winter, export, no, quotations; No. 2 red Winter, garlicky, spot, domestic, 60%; December, 6015 January, 62. Corn—No. 2 yellow, domestic, spot, 50a51; cob corn, new, 2.25a2.35. Oats—No. 2 white, domestic, spot, 35a3514; No. 3, 34a3415. Rye—Nearby, 40a45. Hay—Receipts, 16 tons. New hay is starting to arrive in increasing quan- tities, but so far no official grading has been attempted, selling being strictly cn 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. Live Stock Market. Cattle—Receipts, 100 head; light sup- ply, market dull. Steers—Choice to prime, none; good to choice, 7.75a8.25; 7.00a7.50; fair to medium, 5:60a6.50; plain to fair, 4.50a 5.50; common to plain, 4.00a4.50. Bulls —Medium to good, 4.00a4.25; fair to 350; common to plain, 3.00a3.25. Cows —Medium to good, 3.71584.25; fair to medium,. 3.2523.75; plain to falr, 2.50 325; common fto plain, 150a2.50. Heifers—Good and _choice, 5.35a5.70; medium to good, 5.7586.25; fair to me- dium, 4.7525.25; plain to fair, 3.75a4.75, common to plain, 3.2523.75. Fresh cows and Springers, 30.00260.00. Sheep and lambs—Receipts, 300 head; light, supply, market lower; sheep, 1.00a 00; lambs, good to choice, 6.00a7.00 Hogs—Receipts, 1,000 head; light sup- ply, market stesdy; lights, 4.9025.20 heavier, 4.7585.05; medium, 5008520 roughs,’ 3.5084.30; light pigs, 4.75a4.90 pigs, 4.8525.00; Ohio and Western hogs. 10 cents higher 4 Calves—Receipts, 100 head; light sup- ply, market steady. Calves, 3.0089.00. CHICAGO LIVE STOCK MARKET CHICAGO, December 3 (/) (United States Department of Agriculture).— Hogs—Receipts, 40,000 head, including 19,000 direct; slow; steady to 10 lower; 170-280 pounds, 4.30a4.40; top, 4.40; 140-160 pounds, 4.15a4.30; pigs, 3.75a 400; packing sows, 3.80a4.00; light light, good and choice, 140-160 pounds, 4.15a4.35; light weight, 160-200 pounds, 43084.40; medium weight, 200-750 pounds, 4.25a4.40: heavy weight, 250- 350 pounds, 4.15a4.35; packing sows, medium and good, 275-500 pounds, 3.70a 4.00; pigs, good and choice, 100-130 pounds, 3.60a4.00. Cattle—Receipts, 5,000 head; calves, 2500 head; generally steady trade: weighty offerings in best demand, but all grades and weights being cleaned up, sizable supply having been held from earlier in week; prospective top around 12.75 on heavy steers, but bulk 750 down to 5.50. Slaughter cattle and vealers: Steers, good and choice, 600-900 pounds, 7.25a11.50; 900-1,100 pounds, 7.50812.25; 1,100-1,300 pounds, 7.50a 1275; 1,300-1,500 pounds, 7.50212.75; common and medium, 600-1,300 pounds, 3.75a7.50. Heifers, good and .choice, 550-850 pounds, 6.00a9.50; common and medium, 3.00a6.00. Cows, good and choice, 3.5085.00; common and me- dium, 2.50a3.50; low cutter and cutter, 1.7582.50. Bulls (vearlings excluded), good and choice (beef), 4.00a4.75; cut- ter to medium, 2.5024.25. Vealers (milk feed), good and choice, | 5.0086.50; medium, 4.00a5.00; cull and common, 3.00a4.00. Stocker and feeders | cattle: Steers, good and choice 500-1,050 pounds, 5.00a6.75; common and medium, 3.5085.00. Sheep—Receipts, 13,000 head; early | market mostly steady; good to choice CORPORATION REPORTS TRENDS AND PROSPETTS OF LEADING ORGANIZATIONS, NEW YORK, December 3.—The fol- lowing is a summary of important cor- poration news prepared by the Stand- ard Statistics Co., Inc., New York, for the Associated Press. News Trend. Collateral loans to member firms of the New York Stock Exchange declined $66,116,860 during November to total of $730,151,908 at the end of the month. This brings the loan account to .he lowest total in the records of the Stock Exchange. Of the reduction, $15,595,- 960 was in demand loans and $50,520,~ 900 was in time loans. The Companies. Plymouth Cordage common share earnings, year ended September 30, 30 cents vs. $3.42. St. Louis-San Francisco Railway— Dividend on 6 per cent preferred stock not considered at board meeting; next payment due in February, 1932; next meeting scheduled for January. Art Metal Construction declared 10 cents dividend; pald 20 cents Septem- ber 30 and 25’ cents prior thereto, Arundel Corporation obtains $1.926,- 000 contract {rom Pennsylvania Rail- road. British Columbia Power—October out- put 42,067,099 kilowatt hours vs 39,046,657 in September. Chrysler Corporation — Dealer ship- ments of Chrysler cars in first 11 months totaled 90,706 units; increase of 10.7 per cent over 1930 period. De Forest Radio—Deficit six months to September 30, $270,142, exclusive of non-recurring income of $666,667, vs. deficit $248,344. General Tire & Rubber reported to have cut prices of tires and tubes 5 to 15 per cent. Murphy (G. C.) Co.—Year's dividend needs more than earned in first 10 months; year'’s net expected to exceed earned, Power Corporation of Canada—Octo- ber electric output of companies com- prising group up 11.1 per cent. Radio-Keith-Orpheum — Recelvership action begun in Baltimore Circuit Court by stockholder; president estimates company will save $4,000,000 annually through consolidation of facilities; has cut salaries. Railroad Shares—Takes no action on dividend: paid 10 cents September 15. Sinclair Consolidated Oil subsidiary advances tank car gasoline and kero- sene prices 1, cent a gallon, Starrett (L. §.) Co.—Declared 20 cents quarterly common dividend; formly paid 50 cents. Western Tablet & Stationary—De- clared $1 common dividend; pald 50 cents May 1. Wright-Hargreaves mines 1931 earn- ings expected to equal about 22 cents share. Grand Union, subsidiary, Grand Union Tea, acquired by American Tea. Borden Co. cuts home delivery milk prices 2 cents a quart. Connecticut Power net income before depreciation, 9 months to September 30, $1,608,048 vs. $1,548,337 Fox Films discontinues foreign lan- guage films. Phelps Dodge willing to join with other producers in curtailment of out- put. American _Shipbuilding obtains $1,- 000,000 contract from American 8. S. American Water Works & Electric common share earnings, 12 months to October 31, $2.69 vs. $3.47. JElk Horn Coal deficit, six months to June 30, $235,776 vs. deficit $9,511. New England Public Service third quarter gross up 0.2 per cent, net before | depreciation up 3.4 per cent; 12 months gross up 3.2 per cent, net up 9. per cent. BANK OF MONTREAL HAS GOOD REPORT Special Dispatch to The Star. MONTREAL, December 3.—The Bank of Montreal has submitted to share- October 31, 1931. Under the general conditions that prevailed during the E-erlod there is, as expected, a decline 0 total assets, as also In profits. One outstanding feature is the manner in which the business of the bank, as rep- resented by cwrrent loans, has been maintained. Deposits bearing interest, in which is included the savings depart- ment, are practically unchanged from those of the previous year. At the end of the fiscal year total assets were $794,523,333, down from $826,969,537 at the end of the previous year. Of this amount quickly available resources amounted to $417,406,508, equal to 58.11 per cent of all liabilities to the publi lambs, 5.50a5.75 to packers; outsiders, 6.00; rangers, 5.00a5.25 to killers; choice range ewes, 2.75; best feeding lambs held at 5.00. Slaughter sheep and lambs: Lambs, 90 pounds dow: good and choice, 5.25a6.25; medium, 4.50a5.25; all weights, common, 3.50a4.50; ewes, 90-150 pounds, medium to choice, 1.5043.00; all weights, cull and common, 1.25a2.00; feeding lambs, 50-75 pounds, good and choice, 4.50a5.00. Electricity Output Declines. NEW YORK, December 3 (A)— Production of electricity in the United States during the week ended November 28 at 159,900,000 kilowat hours showed & decrease of 4.3 per cent from the like week of 1930, compared with a | that of 1930, when $2.81 a share was| holders its report for the fiscal year to | #rx A_15/ LOW COTTON COST | MAY REDUCE STOCKS American Product Is Now Selbing for Less Than Foreigm Growths, The low cost of American cotton s compared with foreign growths sugurs well for a reduction in the huge surplus which is burdening the South, in the opinion of the Agriculture Department. The price of American cotton &t Liverpool, as compared with three fm- portant Indian growths, was as cheap during the first two weeks of Novem- ber as in 1926-1927, when foreign mills began consuming large stocks from this country, the department asserted yes- terday. Similar improvement in the price relationship was reported by the department in German, Japanese and Chinese markets. The department said developments in the domestic textile situation in Oeto- ber were “somewhat favorable al- though the amount of cotton consumed was the same as in September. Sales of cotton cloth in that month were at the highest rate since Septem- ber, 1929, and resulted in a large in- crease in'the unfilled orders. In Great Britain, mill activity in early November was estimated at be- tween 75 and 100 per cent of capacity, compared with 55 per cent the month previous. The depreciation of the pound sterling has helped British manufac- turers to compete in world market competition. Improvement was shown also in Ger- many and Italy. German looms were 10 per cent busier than a year ago, while in Italy mill stocks were further decreased and an increase in mill ac- tivity also was noted. Chinese ~ establishments, although feeling the effects of increased British competition, are running at higher speed because of the Japanese boycott. The latest estimate of the world sup- ply of American cotton for this year is | 25,700,000 bales, made up of a 16.900,- 000-bale new crop and a carry-over of 18,800,000 bales. The supply last year was 20,200,000. New York Cotton Special Dispatch to The Btar. NEW YORK, December 3.—Opening cotton prices today were unchanged to 3 points higher in fairly active trading. Demand for near months from the trade and for distant positions by pro- fessional traders cset moderately large offerings from the South. Opening prices were: December 6.02, up 3; January 5.09, up March 6.22, unchanged; May €43, up 2; July 6.61, up 2, and Octover 6.85, up 2. Grain Market By the Associated Press. CHICAGO, December 3.—Influenced | by stock market weakness grain prices turned downward early after a show of firmness at the start. Reports of persistent adverse weather in Argen- | tina failed to act as a sustaining bullish | tactor. Opening unchanged to % cent high- er, wheat afterward receded all around. Corn started at 33-% decline and con- tinued down le. Rallies in wheat resulted from ad- vices that Russia was canceling many forward contracts. Liverpool reported indications that Russia was very short of wheat, and that Europe was much underbought. Black Sea shipments.of wheat this week, 2,008,000 bushels, were smaller than either last week or last year, with Russia’s total 984,000. On the other hand, announcement that British millers had proposed a general tariff of about 9 cents a bushel on for- elgn wheat tended to curb speculati: buyers here. On the upturns due to Russian news, however, the wheat market rose to well above yesterday's finish, with numerous commission houses as well as various professional traders switching to the bull side. Offerings were light on the way up. Profit-taking sales, together with Telative smallness of overnight North American export business, checked the advance. Corn and oats were rela- tively weak, owing to ideal weather over the corn belt. Provisions lacked support. Gasoline Price Advanced. NEW YORK, December 3 (#).—Stand- ard Oil Co. of New Jersey has advanced the tank car price of kerosene 12 cent a gallon to 6 cents and motor gasoline Y2 cent to 6% cents, all along the At~ lantic Seaboard. This action follow similar advances by other compan: Half Soles and Heels Ouly Guarenteed kong-Wearing Materials Wsed o Water & Pover Co i Hotwood rane:| 1S REPORTED SLIGHT NEARLY COMPLETED | mission Jines trom “this’plant “connect | with Baltimore, and the new supply will | Special Dispatch to The Star. be in addition to Holtwoog NEW YORK, December 3.—Single As many as 4,000 men have been at sales of special, standard and small tools oo ey on the trans-| en)ivened last week s machinery and pended for wages alone during the con. | machine tool market otherwise held struction of the new Aldred enterprise | back by the usual year-end siump, 15 In excess of $9,000,000. | American Machinist reports. Sales of ' | small tools, usually a forerunner of bet- Tobacco Prices Irregalar. |ter general sales, bring some encour- SAFE HARBOR. Pa i r 3.— LYNCHBURG, va agement to a market whicl a5 grown The last span of cable ngw‘mr?‘suunl —United States Ix cadiions nLits predihians §{.‘3,’§§,‘}“,‘§“§ by the Pennsylvania Water & Power | fire-cured tobacco Railroad, announcing expenditure of 4.~ Co. on the first of the high-voltage lines | yesterday at Blackstone. Farmyi O L o connecting the new $30,000000 hydro- |Lynchburg. - The quality was' sijghrls |ment the construction o electric development at Safe Harbor | improved at Farmville, put not 50 good | Quire additional tools. teadil with the system of the Consolidated |8t Blackstone and Lyncnburg. Detroit inquiries mcre;&e e:mlmly-' Gas Electric Light & Power Co. of| Offerings consisted principgily of jow. | thoUEH sales are . S isnme ek Beltimore. | grade leaf and lugs. “The average price | CHINETy 15 being o rerorts & few The new line extends for 70 miles | for heavy brown Ieat (B2F) wee sa oy |bought. New Zngland rep in No- through York County, Pa., and through | (B3F) $10.20, thin brown lea: |G3p) | COMpanies had better i Therme Savmore, Howard and Anne Arundel|$8.10. (CAF) $390, brown lugs (Rsp) | Jember and noies a few small tool sales. Pt R i | Countles, Mg, "1ts " completion 1 in $290 and (X45) i30 | Cincinnati reports one ma ub €38 732 i e on for the delivery of power | vith averages 2 Weldort-Astor s 160 #8% | from Safe Harbor, which ‘will be in | heavy brown leat s f‘:"pifi'ciii‘iéii’x‘ Wes Tex Ut 68 634 | service this Winter. | and thin brown leaf averaged the same. Power from the river will be delivered Brown lugs (X3D) averaged anos ag & 220000 Volts. The new line clrcles | per cent higher and" (X4t 1 oo bes Baltimore to the west before connecting | lower. centimes. The dollar was quoted at 25 | decrease of 3.9 per cent shown by the francs 55% centimes " preceding weel ———— STOCK AND BOND AVERAGES By the Assoclated Press. From Yesterday's 5:30 Edition, o Safe Harbor Project to Deliver Power Into Baltimore Will Soon Be in Service. 20 R— Utilities. 109.6 113.1 | Bpecial Dispatch to The Star. 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, 1929.. Attached to Men’s, Women’s and Children’s Shoes 0 891y 9415 0415 10234 1023 9415 palg Texas P & L 65 A 2022 94 Thermoid Co 8y 34, 41 io4l s s aeont i THIS BARGAIN PRICE PREVAILS EVERY DAY .252.8 1413 with a month’s work and notes a better demand for used tools. Buffalo closed the week with standard tool sales and with inquiries holding up well. Cleveland feels better, reporting some automotive tool orders, one of them from Ford. November there was better. Philadelphia is more hopeful, with bet- ter inquiries and sales of woodworking machines. Chicago hopes for lists from farm implement and tractor builders, if demand picks up at all. Milwaukee is BONDS, 20 Industrials. 1.4 631 BONDS. 63% 20 Utilities, 87.9% 88.4 89.2 90.5 99.2 98.5 99.9 Previous day. Week ago. Month ago. Year ago...... Two years ago. Three years ago High, 1931. : POREIGN 27 33, o, with the system of the Consolidated Co., | with which the Pennsylvania Railroad has contracted for power for all of iis electrification requircments on its line | between the Susquehanna crossing through Baltimore to Washington. The 1ailread will be supplicdefrom a subst2- tion to be built between Baltimore and hirgton. s=cond of th> rail-cad substat'ons vill be located et Perryville, Md. transmission line 132,000 volts will Harbor to Bo-X Materials and Workmanehip Guasantesd tmlorhuc Wdl-" Booths fer Those 'ho Desire to Wait While the Worh is Done much more optimistic, one dealer re- WOMEN! Here Is Another Every-Day Saving! porting the best month since Merch. e | 5 BoOh 2| woMen's 19° i Bank of France Statement. “PARIS, Derember 3 ( , ) —r i statement of the Bank of n:"g:e‘:;\?fi the following chonges in franes, oy | increased 169.020.000, s balances abroad Increased bills dis- countad at hom od 949.070,000 bills bought abrozd decreased 417,000, A | 000, advances incieased 5000,000 cir- carrying power at 1cuht1m Increased > v v . started | % Attached In § Ihe government of Brazil h Hlghi 18 HEE s lan of agricultural improvement by 029, ... - :st‘:bluhm ':evern test farms with “ New 193 modern equipment, and teaching farm- nutes e Row to uge i be built from Safe 5?!4000.833: current 162,000, Shos Mepairing—Downstairs Btors ey ’Aw'fl Bele of discount, 2145 per cent. (Copyright, 1931, Standard Statistics Os.)