Evening Star Newspaper, December 4, 1931, Page 15

FINANCIAL PRICES ARE LOWER ON CURB EXCHANGE Trading Declines as Market Resumes Lower Trend. Losses Small. STAR, WASHINGTON BY JOHN A. CRONE. Bpecial Dispateh to The Star NEW YORK. December 4 —Prices on the Curb Exchange worked lower day, but trading was nearly 20 cent less than in Thursday's session. | Among the leaders, Electric Bond & Bhare, Cities Service, Standard Ofl of | Indiana and Middle West Utilities were | all down fractionally, but United Light & Power A was up a shade Central States Electric Corporation Securities were dull and heavy follow- ing the directors’ announcement that owing to the general decline in securi- | pe: ties, action on the dividends of its | common and preferred stocks, which | would have been payable January 1| next, is being deferred. Celanese Corporation preferred broke 10% points in the early trading and was a feature on the downside of tex- tiles Curb trading was quiet at the open- ing, but prices were higher in most cases Electric Bond & Share started off a shade higher at 157% and then ad- vanced to well above 16. Other utili- | ties such as American & Foreign Pow- er warrants, Electric Power & Light and Niagara Shares of Maryland were | all higher. i Cities Service was unchanged after opening lower, but International Pe- troleum and Creole Petroleum were both higher. Standard Ofl of Indiana was firm at the start. Mine shares in the main were higher. United Verde gained 5 to 43 Cord Corporation was actively traded st a fractional im- provement around 7%. Radio and avia tion shares were steady. In the in- dustrials, Aluminum Corporation at 68 rose 2 points. Business Notes NEW YORK, December 4 ‘While some gain in the volume of mail orders was noted in the New York markets Monday as a consequence of cold weather during the latter part of last week, the increase was not particularly heavy, according to reports from lead- ing resident buying offices. The expec- tation is, however, that improvement will be more readily apparent in busi- ness today and tomorrow. With con- sumer buying more active, reorders on broken sizes in apparel are expected to be numerous. Producers of unbranded wide sheets and sheetings apparently have come to the conclusion that it will not be nec- essary to make any move on discounts, selling agents indieated. A few weeks of trial, since the increase in discounts by the branded lines, have shown that, while the latter may have profited somewhat by thelr lower prices, they have not taken & sufcient volume of business away from the unbranded mills to make further readjustments | necessary, reports said. Demand for curtains and curtain ma- terials continued at & subnormal level in the New York markets at the start of the week. Purchases of limited quan- tities for immediate denvery were made by some Midwestern retailers, but man- ufacturers said the call from other sec- tions was negligible. Spring lines are still in the process of perparation, and neither converters nor curtail producers have made any special effort to book | advance orders The apparel trade wit make no rec- ommendations to garment manufactur- ers regarding the use of lighter boxes for shipments to retatlers, it was an- nounced after a meeting at which rep- resentatives of box producers gave their views. Singling out one specific type of container was held as “bad precedent” | by representatives of the garment asso- | ciation FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Belling checks London, pound Prague, crown ( zloty n, crow Stockholm n crows DOMESTIC m Co 58 & E 1 Amer Rol 58 4 Appalach 5 Appalac Auto V Macv jr pt 2 Axton Fish To A 3.20 Beneficial I L (1%). Blue Ridge Corp. ... Blue Ridge cv pf(a3) Brazil Trac Lt&P(1) » Bridgept Mch ( Brill C Bri : Brit Am Oil C (80c) Brit Celanese rcts. .. Buf N&E P 1st (5). Buft N&EP pf (1.60). Cable Radio T vte. Cable & Wire B rots. Canadian Marconi... 2 Celanese p E Cent Pub Sv Del Cent Pub Sve A b5%. ‘ent Stat El (b10%) . ain Store Devel. .. Chain Stores Stock 70 Childs Co pf (7)..... 108 20% 5% Clties Service (g30¢) 46 84% 35% Cities Serv pf () 3 5215 26% (lav El lllum (1.6 18 266% 130 Commwith Edison (8 28s 138 2% % Cmwith& Sou w 110 % 4 Consol Auto Merch 1 17% 2 Consol Gas Utflity A. 1 103% 84 Contl G&E prpt (7). 508 16 23 22 3 1 % a Curtiss Wright war. 14 & Cusi Mex Mining.. 24 4 Dayton Alr & Eng. 44% 8y Deere& Co.... 2 84 1 De Forest Radio. 1 6 1% Derby Oll Refining Detroit Alreraft. Doehler Die Casting. Duguesne Gas Durant Motor: East G & I Assoc Bta Pow (B). st Util Assoc (2). 2dison Bros St(50c) . Klec Bond&Sn (b6% ) 603 Blec B & 8h cu pt 5., Elec B & Sh pt (6)... Elec Pow Assoc (1). 4 Elec Pow Assoc A (1) Elec P & Lt op war.. Elec P&AL2dpfA 7., El Shareholdg (b6 % ) Elec Sharhldg pf (a6) Emp G & F cu pf(7). Employ Reinsu 11.80 Europ E Ltd A (60c) Evans Wallow Lead. Foltis Fischer Corp. Ford Motor, Can., A. Kord Mot Ltd 36 3-be Foremost Dairy Pr Foremost Dairy pf. Fox fheater (A) Gen Aviation. ...... Glen Alden Coal (4). Goldman Sachs Gorham M vte (f2). Goth Knitback Mch. GUA&P Teanv(t Groc Strs Prod vie Gulf Ol of Pa (13%). Hecla Mining (40c). Hires (CE) A (2 Hollinger Gold t Horn (A C) Co.. Horn (A C) 1st pf. Horn & Hard (23%) Hudson Bay M & § Humble Ol (12%) HydroElec Sec(1. Hygrade Food Prod. hygrade Sylvania 13 Indian Ter I1lu Ol A Industrial Finan ctfs Insull Inv (b6% ) ins Co ofNo Am t23% Insurance Security. . Intercontinent Pet n int Petroleum (1). Int Utilities B. interstate Equities In‘state Equity cv pf. Irving Air Chute (1) {talian Superpow A. Kirby Petroleum 4 2 8 1 1 1 1 1 16 3 113 s NEW YORK CURB EXCHANGE Received by Private Wire Direct to The Star Office. ’ Vow Y i i ~Prev. 1931 Stock and Bales— .5 Owing s Now York wire trouble i’ maricet. is| chiev. 1011 Dividend Rate. Add 00, Open. High. Low. Close. incomplete. | 127 6 * Kobacker Stores i Stocks sold in 100-share i“' gxeent n::l.:.:mnn« by letter “a™ | gy gy % Kolster-Br (Am 1% ~Prev. 1931 oc ey Dividend Rate. Add 00, Open. Hich. Low. Close.| 2% 154 Lefcourt Realpf (3). 4 10 Acetol Prod A. .1 6% 6% 6% 6%| 271 121 Len Coal & Nav 1.20.. 39 Acme Steel (2) 1 16% 16% 16% 167 | 36% 103 Lerner Stores . SY Acme Wire. . 1 4% 4% 4% 45| 14% 5% Libby McNell&L... 19% Agfs Ansco T R 6% 2% Lion Oil & Refining.. 1 87 Agfa Ansco pf. 3 53 b3 5l 25 Tl LoneStar Gasn3sc. 6 AlaPow pf (6)...... 208 82 82 82 36% 17 Long Island Lt (60c) 10 Allied Mills Inc. 7 4l 4y !‘- 10 5% Marconi I M 87 1-10¢c 1 5% Aluminum Co of Am 9508 68'; 6813 65 Mass Utev pf (232). 1 24 AluCoof Ampf (€). 2 T 5 Mavis Bottling (A).. 6 1 Aluminum Co Ltd. . 2 Mead Johnson (t5).. 1 48% Alum Ltd B war 198 Meniph N Gas (60c)s 6 5 Alum Goods (1.20).. 1 Met Chain Stores.... 2 % Am CapitalB....... 1 Mid Sta Pet vte A 2 1 AmCit PELBb10% Mid Sta Pet vt B. . 1 | Satom ER s Mid West Ut (b8%). 29 % | Am Com Pr B(b10%) 2 Mid W Utcvpfxwé 1 51 Am Cyanamid B. 3 4 Mid'ld Steel Prod(2). 1 o Am Equities. .. 11 '3 Mo-Kan Pipe Line... 10 14 Am For Pow war 36 Mo-Kan Pipe L (B) 1 e Am Founders. . 29 Mohawk Hud 1st(7), 50s 95 Am Gas & Elec (11). 26 Mohawk Hud 2d (7). 508 86 Am Invest war...... 2 Moody's In Sve pt pf. 2 8% Am Laundry Mch(2) 25s Moore Drop Forg(A) 3 B Am Lt & Trac (23%). m: Mountain Prod (1).. 6 8 Am Mfg Co 1008 g Am Mfg Co pf (5)...300s e g e 1L Am Natural Gas 2 Nat Bancservice 2 16 Am Superpower 49 Nat Fuel Gas (1), 1 99 58 AmSuperp 1st (6). 2 Mot Tiveatoraci 2 2 P T MOLtEERS B vio. b Nat Investors pf.... 50s 7 5% 1% Anchor Post Fence.. 1 Nat Pow & Lt pf (6).1008 0% 8 % Appaiachian Gas 45 Nat Sh T Sec A 600, 1 17 » » Appalachian Gaswr. 2 NafTranstt (1)i:cn. 2 8t 10 21 Arcturus Rad Tube. 1 &t Union Radso. 1 % 6% 2 ArkansNatGasA... ew Bradford Ofl... 1 7 3% ArkNGeupf (60c). 1 New Eng Pow pf (§). 208 2 9 Armstrong Cork.... 50s ew Haven Clock. ... 2 5a As80 GREI A(b2- 13 New Jers Zinc (13).. 16 Asso Tel Ut (b8%) 10 Newmont Mining. 2 Atl Coast Fish 1 N 'Y Hamburg. . Atlas Plywood 1 Y & Hond Ros (1). Atlas Uti) Corp " Y Shipbulilding Cp. Niag-H Niag-Hi Niag-H el Niles-B Nipissi; Novadel Pac We: Penn W Perrym Pittsbu Plymou Polyme Pruden Pub Ut Pyrene Quincy Rellanci Reybar: Russek St Anthe hift C hulte ¢ Alll Sexal L Smith ( u Pip: Dal) 4 S S W wan F! wift & CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, December 4 —The fol- fowing is a summary of important 54 31 30 30 33 100% 100%a 10 30 6014 60 50 36% 16 A 20 847y 482 5 85 sita 80 890 b 4 ] H 3 3 1 1 2 H s 4 il i $u G, 9 981l 3Uni Lt & Ry Siox ‘57 693, 6915 690, 1 Uni Ry 6 A 53 91 91k 20U 8 Rubber S 33 71" 71 ° 71 7 Waldor{-Astor Ts 'S4 28'; 28 38 §West Penn 5: 2030.. 68 = 68 68 IWest Tex UL Ss A 57 68 63 63 FOREIGN BONDS 1Cauca Valley 1s '4 1351 3Col Ae Mtz B 7 27, 2, 1 Ital Sup Pow_6s A i oasd anl 3Baarbrueck 75 35... 98'% 9913 $as “' jo8unnec T 36 xw . 3 ° 30 % ol Boc 6ias A ‘53 50% B8va 50% ww—With warrants Tw_Without warrants, n—New When issued. it:: | brokers' loans declined, bringing the | corporation news, prepared by the | standard Statistics Co., Inc, New York, | | for the Associated Press News Trend. For the thirteenth consecutive week, According to the report of the| Reserve Bank of New York,| | total to the lowest level since September | 7, 1921, | Federal s | brokers' loans decreased $31,000,000 in| ¢ , | the week ended December 2, to a total | Hydroelectric 10 per cent in wages, retroactive to No- vember 15 May Hosiery Mills common share earnings, year ended August 31, 53 cents vs. $1.12 Mountain Producers declared 20 cents dividend; paid 25 cents in each of three preceding quarters, Richmond Bros. cut salaries about 10 per cent; sales improve with lower prices. Draper Corporation cperating sched- ule cut to 4-day week from 5-day + Illinols Power & Light combined pre- ferred share earnings, 12 months to October 31, $12 47 vs. $14.63 Lorillard (P.) Co—Appesls court up- holds vice chancellor in stockholders from voting on proposed bonus for officers and employes; also sustained decree enjoining vote on pro- posal to revise price at which stock of company may be sold to employes Utllities Power & Light reported ne; ating for acquisition of g0- Wisconsin | of $720,000,000 Loans for the account | of member ban dropped $24,000,000, | and for out-of-town banks, $9,000,000, while loans for the account of others | and Eastern Minnesota Power. White Motor—New York Sanitation Department accepts bids on trucks | increased $2.000,000. The Companies. Standard Oil of New York advances bulk gasoline price ', cent & gallon West Penn Electric net income, 12 months to September 30, $5,877,647 vs. $7,063,119 American Commonwealth Power net income available for common stock of surplus, 12 months to September 30, $1,380.763 vs. $3,079,094 British Columbia Power September gross off 8.6 per cent, net available for common off 38.1 per cent; three montns gross off 65 per cent, net off 33.3 per cent Central Aguirre Associates common share earnings. year ended July 31, $1.52 vs. $2.40. Interstate Department Stores earned over 40 cents a common share in Oc- tober; November profits expected to equal or exceed October. K ¥ . Teceives e 1940 981, Spring and_Summer_clothing. ouston E. & W. Texas 55 1033 °> ¢ National Electric Power net_ income, | FUtie Q3 5,882, o ioois 12 months to September 30, 85,631,028, | Louisville & Xesavile 5 L3t 98 including profit on sale of assets | New York Cent & H. 45 1034 “ggi, amounting to $2,330,597. Northwest Telep “4124 13s4 Radio Corporation of America passed | Portiand Generai Bite ‘500550 3312 dividend on B preferred stock; paid Republic Iron & Steel ss 1950 g5 $125 October 1. | ButieraCButtaQl Coy sles loia 89, United Molasses Limited passed prel- | 8% L TM8! Ry R'6'S 4 jg3 %0 erence dividend; paid 3, per cent |Unlon Blec Lt '& Pow. 5; 1033 ypaet December 15, [ Virginis Rey: o SAUC 88 1935 ga1d Canadian Pacific Ry.—Orders cut of | Wabsst &y, Ce. ' 1039, %20 101, amounting to over $2,500,000 Puilman, Inc., October net defic Pullman Co., subsidiary 6, vs. net earnings $111,059; 10 months' net arnings, $2,462,723, vs. $5,003,16 Thompson-Starrett Corporation passed quarterly preferred dividend: paid 871, | cents October 1. it of SHORT-TERM SECUfiITIES. (Reported by J. & W. Seligman & Co.) Offer 93 10513 81 0 9874 92 8 Allis-Chalmers Co | American Chain | American Tel & T Am. Wal. Wks. & | Baltimore & Ohio B g | Cleve | Colorado & ‘So. Rwy. 4. Commercial Credit Co 5'sx | Delaware & Hudson Co. s ! Denver & Rio Grande 4:; Gen. Mot Accep. Corp. (s 193 General Petrolewm Corp. 55 5 1 N Y Steam Cp (2.60). N Y Transit (t1).... Niag Sh Md (40c). .. Noma Elec (40¢). Nor Central Texas. . North European Oil. Nor Ind P S pf (7) Nor St Pow A (8). Ohio Copper. ... Ohfo Ofl cu pf (6) PacG & E1stpf 1%. Pan Am Airways. Pandem Oil. ... : Parker Rust P(1314) Pennroad Corp (40c) Penn Pw & Lt pf (7) Philip Morris Ine. .. Pilot Rad Tube A. .. Pub Util Hold war. . Pub [7ti] Hold xw. Republic Gas Corp. . Richmond Radiator. Rock Lt & P (90c). .. Roosevelt Field Inc. St Regis Paper (§0c) Selected Industrie: Sentry Safety Cont. . South Penn 011 Gas Utilities. Stand [nvest cm pf.. Stand Ofl of Ind(1). Stand Ofl of Ky 1.60. and Silver & Lead. arrett Corp. ... wift Internat'l (14) Swiss-Am El pf (6). 3 Technicolor Ine. .. .. 3 3 % 2 Teck HughesGM t66c 7 415 4% 4w 4n| Texon Oil&Land (1). 6 5% 5% Tob Prod of Del wi.. 14 " Trans Air Trans . 2 Triplex Safety Glass. 2 Tubize Chatel. B.... 2 Un Gasof Canada(1) 4 Unit Corp war . 8 Unit Founders 59 Unit Gas Corp. . 64 ; Unit Gas Corp war.. 3 | Unit Lt & Pw A (1).. 20 Unit L & Pwr pf(8).. 23 Dairy (A) (8). 2 ec Pow ww. .. 3 “inishing. 12 & Intl Secur 1 17% US Inter Sec 1stpf.. 2 3% Util Po & Lt (b10%) 20 10 UtP&L(B)cfsbio% 1 1% Utility Equitte T TR 3 2 Utl & Ina ToigieiEs 3 213 Walker, H n o2 2% 2% 614 Willlams It Y T 7 1 5 Woolwth Ltd 17 4-5c, 13 7% 74 T4 74| RIGHTS—EXPIRE 2% Com Edison.... — 3 2% 3 3 8% PubSve NII .Feb 1 4 4% 414 4 # Rad-K-Orph..Dec21 41 4 & & 4 dend rates in dollars based on last quarterly of semi-an- payment. *Ex dividend. fPartly extra. $Plus 4% in SLock ash or stock. b Payable in e Adjustment 5% in stock. g Plus 6% h Plus 1% in % in stock. k Plus 10% in stoc! m Plus 3% in nPlus 8% in stock. pPaid Iast year—no resular rate. restraining | ud Pow (40¢) ud Pow A w, ud Pow B w. ud Pow Cw.. " emt-Pond (1) ng Beformo sn masonmmanns N mpsan 1 Agene (4).. stern Of1 1 3. 50s Var & Pwr(3). an Electric. . 11 2 rgh&LE(110) 508 uth Of1 (50c). 2 t M1g. z tial Inve: H Cp cum pf. Mfg Mining e INt A, . n Co s Fifth Ave.. ony Gold. ... o Real Estate. ed Corp (1).. & H (a50c).. 2) A.0) e Line (2)... ry Products. 15% | & inch Ofl pt Co (2).. 'STRUCTURAL STEEL EXPORTS ANALYZED Item Constitutes One of Largest in | United States Trade With Foreign Nations. By the Associated Press. Stguctural material constitutes one of the larger classes of products in the United States export trade in iron and steel The Commerce Department reports that in 1930 these materials made up 18.6 per cent by weight of total ship- ments and for the first nine months of 1931 they aggregated 19.7 per cent of the whole trade. The respective ton- nage totals in these periods were 368,203 and 155,715, Included in these proportions, and ranking approximately in the order given, are the exports of plain and fab- | ricated structural shapes; boiler, fabri- | cated, and other plates, frames, sashes and sheet piling; tanks and metal lath. | More structural material is made in | this country, the department says, than | anywhere else in the world, the Amer- | ican production in all probability equal- | ing that of the rest of the world. | Statistics issued by the American |Iron and Steel Institute indicate our demestic production of structural shapes |in 1929 amounted to 4,778,020 tons and | that of universal and sheared plates to 1,022,141 tons. In 1930, according to this same source, 3,512,473 tons of structural shapes Il;d 3,662,823 tons of lates were produced. " The best markets for this material in 11930 were those uf North and Central | Americd and the West Indies, to which 257,448 tons were dispatched in 1830; the Far East, 50,096 tons, and South America, 48,045 tons. Euro and Africa took much smaller quan Food Stocks. NEW YORK, December 4 (Special) — As a group, the food stocks have held up rather better than other D | according to J. L. Eysmans, vice presi- | going teadtly forward. | true that not all systems are insolvent. | that the dividend on the company's Everybody’s Business American Railroad Interests dre GloreV W ke Outcome of Wage Situa- tioh in Canada. BY DR. MAX WINKLER. Special Dispatch to The Star. NEW YORK, December 4—=Settle- ment of rallway wage disputes in Can- ada is much less complex than in the United States, where decisions must be passed on by the Interstate Com- merce Commission, a method involv- ing considerable delay and inconven- fence. The Canadian roads have just or- dered a 10 per cent cut in wages, to be effective as from November 12. The Brothernood of Railway Trainmen, as might have been expected, has lodged a protest with the Labor Department at Ottawa. The move by the Canadian carriers will be watched with interest by the American roads, which are at present discussing the question of wage reduc- tions as one of the steps necessary to assist them in their present precarious condition. Short-Term Credits. ‘While short-term credits have stimu- lated business, they have not been & reliable foundation for sound economic development, according to Hermann Schmitz, German reparations expert and a director of the chemical comblne.l:fil ;;ummy in that country. Speaking of the forthcoming confer- ence on the German debt question, Dr. Schmitz is convinced that a solution acceptable to all concerned can be found if the problem is approached calmly and objectively. The doctor thinks the basis for a thorough and lasting recov- ery of world economics lies in the wide distribution of gold and credits. | These must not, however, be used for purposes which would affect interna- tional trade adversely, Dr. Schmitz con- cludes. Pressure on Motors. The pressure on General Motors is said to have been prompted by the ad- verse conditions abroad, where the com- | pany has large investments. This is| especially true of Great Britain, where Géneral Motors controls Vauxhall, and Germany, where it owns the Opel ‘Works, There is no doubt that earn- ings of these subsidiaries will show a shrinkage. On the other hand, one must not overlook the advantages which are bound to accrue in the future to Gen- eral Motors as a result of these for- eign affiliates. In Great Britain, es- pecially, the combination of a tariff and the depreciation of the pound may benefit the company. The German es- tablishment also should do better, as soon as arrangements are made in re- gard to the country’s present debt | status. Railroad Maintains Program. The Pennsylvania Rallroad has not cut its program for larger unsefulness, despite the general business depression, dent, in charge of traffic. The road, Mr. Eysmans says, is bet- ter equipped than ever before to move both freight and passengers swiftly and safely, with a close adherence to schedules. He also points out tha: the plans for electrification between New York and Washington, expansion of collateral transportation facilities, vast improvements and replacements of roadbeds, rails and rolling stock are all Bond Defaults, With defaults on various types of bonds occurring rather frequently and with many bond issues selling at prices indicative of imminent default, it is| refreshing to study the record of one! of New York's guaranteed mortgage companies. Less than 2 per cent of all mortgages bought and guaranteed by it detaulted during 1931, while the sale of properties foreclosed has been accomplished in most cases either without loss or at small profit. In consequence, after all statutory deduction, the company was able to earn its 20 per cent dividend on the common stock with a substantial margin, Bopds Sacrificed. That the Belling of railway bonds borders on the ridiculous is obvious. While the railroad situation is not ex- actly what may be desired, it is equally The Missouri Pacific'is & case in point. Its 51 per cent bonds are selling to yield currently well over 15 per cent, even though net for the first 10 months of this year covered taxes and all fixed charges with a margin substan- tially in excess of $2,500,000. Dividend Omission, Charles Hayden, chairman of the board of Rock Island, expresses regret preferred stocks had to be deferred. Stockholders will be somewhat disap- pointed, /especiaily since it is the first omission in about a decade and a half. The passing of the dividend, Mr. Hay- den says, was prompted by a desire to conserve the company's cash position as far as possible until improved con- ditions manifest themselves in the rail- road world. Hopes are, however, held out for resumption of disbursements as soon as conditions warrant, the pre- ferred dividends being cumulative. Earnings Becoming Stabilized. Results of the past four months in- dicate that the earnings of American Water Works & Electric Co. are be- coming _stabilized, according to H. Hobart Porter, president. Mr. Porter attributes this condition to economies in operations, the large increase in domestic use of electricity for various labor-saving household ap- pliances, and the stable character of the earnings of the water works prop- es. For the 12 months ending October 31, profits per share amounted to $2.69, and practically were unchanged from the 12 months’ period ending Septem- l:;reafi\), when the share earnings totaled Argentine Bonds. While ~Argentine issues continue strong, the repayment of the country’s short term obligations, part of which are held by American interests, is not very likely, and a renewal probably Will have to be granted. The bankers of course will prefer to put through | a refunding operation, that is, the con- version of short term debts into a long term issue which will be salable to in- vestors. To market successfully any such issue, better prices than those obtaining today will have to prevail, _One very satisfactory phase of the situation, however, is the decline of the governmental deficit to only $30,000,000 for the first 11 months of this year, as compared with & deficit of more than four times that amount in the corre- sponding period last year, So_far, Argentina fs the only South American republic which has borrowed in the United States, to meet the service on all obligations including govern- mental, provincial and municipal, (., FRIDAY, DECEMBER DECLINE OF STOCKS HASTENED |an atmosphere of distrust for the in- BY LACK OF BIDS IN MARKET Sponsors for Recent Issues Apparently Willing to Let Them Seek Their Own Price Levels. BY CHWRLES F. SPEARE. Bpecial Dispatch to The Star. NEW YORK, December 4—The times in the past two years when visible and effactive support has ap- peared in the market for securities may be counted on the fingers cf one hand. Not since Wall A'treet was electrified on the afternoon o November 13, 1929, by the word running through the financial district timt John D. Rocke- feller had put in a bid of 50 for 1,000,000 shares of Standard Oil of New York Btock Exchange is that this notable demonstration onuthe pnr'.m bgt operators in all o’ paigns and have played A1 their gx;‘\‘mr especially during the past year. ey have come to believe that securities have been abandoned by those who were most active in them &uring 1928 and 1929. The one rumo that has nor respa’t on the New York Exchange is that this or that individual or banking house had come to the aid of particular issues of stocks or bonds which they recommended and sold to the public. Cannof “HoM Bag.” The answer of n&-‘e ‘lo whom 11.1: quite legitimate to for suppon: securities in the crisis is fhat the bag” and that their best policy is to remain as lquid as possible. This might be a reasonalle reply, if the facts were not that in scores of cases the offer of two or thra: ood, bad or indifferent domestic and ?omgn bonds, or & 10 or 20 share lot of highest-rated public utility pre- ferred stock, produced a decline of from 5 to 15 points in these issues. The effect of this decline was to create tegrity of these securities and to bring out further liquidation in them. The use of a comparatively small amount of capital by sponsors for issues that have been floated in the last four years would have prevented much of the de- preciation in them and maintained their credit for future borrowing on & sound basis. Another answer is that, where houses have felt their responsibility toward their issues and have protected them, they have frequently gone into receiver- ship or out of business. There is yet no case on record, since the Caldwell failure over a year ago, of any firm of 1im) ce being embarrassed through the support of its securities. There have been gquite a number of unim- portant firms that have passed out of the picture. Their capital was limited and their buying power scant. It is the institutions which today have large cap- ital resources and pride themselves on their liquid position that have been most remiss in coming to the aid of stock and bond issues for whose origina- til(hnl’le and distribution they were respon- sible. Stlll another argument against sup- port of securities is that there are so many “sour” situations that have to be nursed along and so much salvaging to be done that capital in the form of support for securities cannot be di- verted. However, there have been two notable instances in the past six months when, overnight, credits ranging from $100,000,000 to $250,000,000 have been Tal in order to protect “situations” in Germany in Great Britain. It ‘was necessary for these credits to be produced and produced quickly. It was not a voluntary matter with many of the subscribers. They were told what share of the credits they must take and they took it. They should be equally able to participate in a pool to protect the integrity of American corporation securities. There have been rumors from time to time that a banking pool, with resources of $100,000,000 to $150,000,000, was about to be formed to support the bond market. This may develop in time, but if 1t does it will only be after the values of rajlroad bonds have been cut in half since the suggestion of concentrated banking lug 't was first made. Quick action might have prevented the credit gangrene that has set in among some | of the so-called “weak” railroads. Bond Depreciation. There has never been a time in Wall A'treet history when declinis in bonds ol such extreme character on such small transactions have taken place and wien the application of a moderate amaunt of support or “buying power” would have done so much good. If money were scarce and interest rates high, as was the case in 1907 and 1921, presemy’ attitude of sponsors for security. Money is plentiful today; interest rates are emuwr:gngly low to lenders. But capital af protecting and rescuing kind thal has made its appearance at other times in the market for securities has never been withheld from employ- ment in the present degree. \(Conyright, 1931, U. S..FACTORY FUEL BILL $1,498,228,952 of Manufactures Coal, Coke, Gas and 0il Used. Census Shows | By the Associated Press. American manufacturing industries spent $1,498,223952 for fuels of all kinds in 1929, 2 special fuel report of the census of manufactures shows. Of this total £1 041,701,707 was spent for coal and coke combined, $220,195,- 713 for fuel oils, gasoline and kerosene combined, $475,054,377 for electric en- ergy generated outside their. own plants and $150,947,377 for natural gas and manufactured gas combined. No comparative figures are available on the cost of these items consumed in 1919, the period of the last national census, but on a quantity basis the con- sumption of antiracite decreased, bi- tuminous coal increased, coke increased, | fuel ofl showed a material increase and | gas, both natural and manufactured, showed the largest proportionate in- crease, 341,851,022 thousand cubic feet belng consumed .n 1919 and 913,831,994 in 1929. No data were collected cover- ing electric energy in 1919. The table follcwing gives the con- sumption of fuel and purchased elec- tric energy in manufacturing industries during 1929: Anthracite coal. . $43,543,316 Bituminous coal. . $754,509,376 Coke ... . $243,649,015 Fuel olls. . $212,639,372 Gasoline and kerosense... $7,556,341 Natural gas. $69,869,067 Manufactured gas. . . $81,078,049 Purchased electric energy. $475,634,377 New York Cotton Special Dispatch to The Star. NEW YORK, December 4—Opening cotton prices today were unchanged to 3 points lower in quiet trading. Trade buyers displayed little interest, and commission house covering was of small dimensions. Offerings were moderate. Opening prices were: December, 6.05, ge .12, off 1; March, , off 3; July, 6.61, 87, off 3. i i May, 6. off 3, and October, 6. Crown Cork & Seal. BALTIMORE, December 4 (Special). —An analysis of the earnings state- | ment of the Crown Cork & Seal Co. for the first three quarters of 1931 indi- cates that the interest charges on the company’s first mortgage 6 per cent bonds was earned 6.5 times in the period. Net operating income was $1,248873 and interest requirements were ap- proximately $189,800. As of Septem- ber 30 there were $4509,500 of the bonds outstanding. Working capital as of the same date was $5,957,414. Current assets as of September 30 totaled $6,984,692, including $5,739,458 of cash and $505,187 of marketable securities. Current llabilities were $1,- BOND PROTECTIVE COMMITTEE FORMED Bankers and Insurance Men Act to Safeguard. Interests of Securities Holders. By the Associated Press. NEW YORK, December 4.—Forma- tion of a committee to ,protect the in- announced here yesterday. Its chatrman is John W. Stedman. % Aetna . George, second vice president ‘of the Metropolitan Life Insurance Co. |, The securities whose holders the aom- f..";:,‘."” Will represent are the saries 5'2 per cent bol maturing” in 1975; the series “B"ng? of 197S.g‘the “C” 4135 of 1978 and the “D” 5s .of 1980. The outstanding total of theas issues is approximately ~ $60,800,000, Members of the committ.c represent. ‘E)I;e d.;mlde" of large blocks opff the nds. The committee did not request de- posit of bonds at this time, but invited owners to send their names, addresses and amount of holdings to T. P. Plimp- ton, secretary, at 31 Nassau street, New York. BROKER LOAN TOTAL DECLINES FURTHER Special Dispateh to The Star. NEW YORK, December 4 —The weekly statement of the Federal Re- serve on brokers' loans showed a de- crease of $31,000.000 during the week ended December 2, to s total of $720,- 000,000, & new low recard since Sep- tember 7, 1921, when they stood at $680,448,000. This compares with the previous 1931 low of $751,000.000 made last week, and with $2,111,000,000 on December 3, 1930. Loans for own account were $567,- 000,000, compared with $591,000,000 a week ago. Loans for out-of-town banks totaled $132,000,000 against $141,000,- 000, and loans for account of others amounted to $21,000,000 contrasted with $19,000,000. Demand loans con- stituted $532,000,000 of the total against $550,000,000 a week ago, and time loans were $188,000,000 against $201,000,000. The New York Federal Reserve dis- trict rediscount rate remains unchanged at 3% per cent. Leaves I. B. A. Post. John P. Mullen, for the past six years assistant educational director of the Investment Bankers' Association of America and lately editor and business manager of Investment Banking, the association’s official publication, has 027,278 and the ratio of current as- sets to current liabilities was 6.8 to 1 By the Ass From Yesterday (Copyright. 1931, by the North Ame: Newspaver Alliance, Ine.) Ao ca% BUILDING EMPLOYERS' TO HONOR OFFICIAL A banquet will be held at the Shore- ham Hotel Tuesd: mi Ko t,h' January ay S,Inhanoro!ldwm”l:.nm ref firdflefl& of the the mw‘m.nwlmm: Commerce Robert P. Lamont, Secre- tary of Labor W. N. Doak; Rev. James Shera Montgomery, chaplain of tendered his resignation to become ef- fective December 31. STOCK AND BOND AVERAGES ed Press. 5:30 Edition. STOCKS. 50 20 0 80 Industrials. Rails, Utilities. Total. .o 1 38.2 1118 3.2 37.0 5 36.7 1015 0.0 1416 2813 205.8 86.4 146.5 114.7 167.8 353.1 253.5 there might be some excuse for the terests of holders of iefunding and !nnenl mortgage bonds o\ the Wabash Railway Co., which passtd into re- celvership at St. Louis on Tuesday, was vice president of the Prudential In- surance Co. of America. Othr mem- Life Insurance Co., and Henry FEP IBANKING INPROVED ll]URING NOVEMBER Number of Failures Reduced. Gold Reserves Are Large. BY CHAS. P. SHAEFFER. Associated Pracs Business Writer. ., Tremendous improvement in the country’s banking structure was made last month. 2 Preliminary repcrts for November i dicate the number of bank failures for the period will be orly about one-thizd the number recorded for October. While official figures of the Fedef§l Reserve Board wil not be announced until after the middle of the month, 3t the office of the controller of the cljf~ Tency it was said failures in the na- tional bank fleld were only one-thigd as large in November as in the previous month. This ralio is expected to De bankitig | maintained throughout Reld. i 5 n the meaniime American Banl official publication of the Ameng‘l;\ Bankers' Assoclation, had completed''a survey for November in comparisdn With October, wiJch shows definitely that the number of suspensions had di- clined steadily since the first half of October. These figures also indicate that failures for November will be in approximate proportion as outlined The downward tendency, as me: ured by the American Bankers' Asso- ciation, was checked around the middle of October or shortly after the National Credit Corporation” was proposed by Pr;_sédem Hoover., e corporation is designed to place the surplus funds of the smmgexP fn- 1 of the weaker stitutions at the Ais latter to convert i in order to enable the essentially sonnd assets into lqui funds without recklessly nctm?:m: values. ~ As proposed, it functibhs through local associations formed for the purpose of indorsing notes of desiring credit, ¢ g5 bflfitfil The banking system as a whole RHas been in a stronz position throughout the period of unfavorable business cghe ditions, having large gold reserves aid plenty of funds available to meet credig demands. Those falling by the side were instifusions not so fortuna equipped, and hence in no position meet extra demands from depositors, 'y Baltimore Markets Bpeclal Dispatch to The Star. BALTIMORE, Md., D o= B sweet pof , bushel, 35a50; S barrel, 1.2581.75; beans, bushel, ‘1 sbu 1.75; beets, per 100, 2.06082.50; B: is sprouts, per quart, 10a20; Savoy cabe bage, bushel, 40a60; carrots, per 100, 250a3.50; Cauliflower, crate, 1.75a2.00; celery, crate, 1.5082.75; Sy 3.00a4.50; eggplants, crate, crate, 4.00a4.75; okra, 1.50a2.50; onions, per pounds, 1.75a2.00; oyster plants, 4.00a5.00 3y ! -0083.00; peas, crate, 6.00a7.00; pers, 2.5024.00; pi kins, per wo@ ; squagh, December 4 pounds, 75a1.65; 210.00; spinach, b 80a80; bushel, 1.50a2.00; kale, bushel, tomatoes, crate, 35va6.00; turn| hamper, 15a20; appls bushel, 1. i a2 pples, bushe! 0a 35a40; Dairy Marke! Chickens—Young, 1¥a3l; Leghorns, 15a18; old hens, 16a21; Leghorns, 6ld, 12a16; roosters, 11a13; ducks, 12a20; geese, 15a20; pigeons, pair, 20a25; ?l)m?‘)“ fowls, pair, 25a50; 'Sy a30. n Eggs—Receipts, 308 cases; current fe~ ceipts, 28a30; small pullet eggs, 22a25; hennery whites, 35a38; nearby Pors aze George W. Bovenier ot Kunn, | 50l WESC (U8 S083% ety 3 ers; James H. Brew- B . 3 ster, jr., vice president and tneasurer| 20a33; ladles, 20a22; process, 24a35; 5 store packed, 15a16. Live Stock Market. Cattle—Receipts, 900 head; mode: supply, market dull. Steers—Choice to prime, none; good to choice, 7.75a8.25; medium to good, 7.00a7.50; fair +to medium, 5.60a6.50; plain to fair, 4.50a 5.50; common to plain, 4.00a450. Bulls—Medium to good, 4.00a4.25; fair to medium, 3.50a4.00; plain to fair, 325 23.50; common to plain, 3.00a3.25! Cows —Medium fo good, 3.75a4.25; fair o imedium, 3.2523.75; plain to falr, 2.50a 3,25; common to plain, 150a2.50. Hiifers—Good and choice, 5.35a5.70; madium to good, 5.75a6.25; fair to me- dimn, 4.7525.25; plain to fair, 3.75a4.75; conxmon to plain, 3.25a3.75. Fresh cows and Springers, 30.00a60.00. Shevp and lambs—Receipts, 300 hedd; light supply, market steady; sheep, 1.00a3.00; lambs, good to choice, 6.60a 7.00, Hogs—Recelpts, 1200 head; lower | supply, market spotty; lights, 4.80a4.90; heavier, #.65a4.95; medium, 4.90a5.10; 4. light, pigs, 4.75a4.90 hs, 3.41024.30; d ;1":: 4.85a4.00; Oio and Western hogs, 10 cents hixher. Calves—Raceipts, 50 head; light sup- ply, market steady. Calves, 3.00a9.00. Hay and Grain Prices. Wheat—No. 2 red Winter, export, no quotations; No. 2 red Winter, garlicky, spot, domestic, 60%; December, 60)4; January, 61%. Corn—No. 2 wellow, domestic, spot, 50a51; cob corn, nvw, 2.25a2.35. Oats—No. 2 white, domestic, spot, 35a35%; No. 3, 34a¥41s. Rye—Nearby, 40a45. Hay—Receipts, 11 tons. New hay is starting to arrive in increasing quan- tities, but so far no official grading Bas been attempted, selling’ being strictly .on merit. Demand for okl 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, §.00a10.00 per ton. i Grain Market By the Associated Press. CHICAGO, December 4. —Influenced by stormy weather and harvest delays both in Argentina and Australia, and by stock market firmness, grain prices showed an early upward trend today. Advices that the British government would shortly announce & quota system for Australian and Canadian wheat im- ports failed to 3¢t 58 an 05&' Al T e ot T changed to ¥ higher and continued to M Rusan_developments_continued to wheat traders, ports looked for in the mew year owing to acute shortage of foodstuffs and other essentials. of the tine Unofficial estimates probable export surptus of wheat for the col year were cut down today io 126,000 ficial 000 bushels, compared to the of~ final estimate of 150,000,000 bushels this year. Scantiness of ary recel] of wheat in the United States also as a bullish factor. Toda;