Evening Star Newspaper, December 5, 1931, Page 15

FINANCIAL. THE EVENING: ST AR, WASHINGTON, 108 SATURDAY, DECEMBER 5, 1931. FINANCIAL. *y A—15 — CURB ISSUES MOVE N NARRONRANGE Market Shows Resistance to $efiing, With Small Gains by Leaders. BY JOHN A. CRONE, Special Dispatch to The Star NEW YORK, December 5.--Openir higher today, as some of the pessimisn over the German political tleared up, stocks on the Cur moved slowly t the session and lost their initial gains Electric Bond & Share point. Cities Service at ¢ changed Niagara Hudson United Light & Power A Oil of Indiana were all up a shad Electric Power & Light Corp control was obtain tod Bond & Share as for additional common stock un rights offering which expired Proceeds from the new stock sa 1o be used by Electric Power to [ United Gas preferred stock Aluminum, Ltd. warrants were un usually active, following the announce- ment that the compa the time for six months each on its B, | C and D warrants American Cigar Co. securities, which | enjoyed a sharp spurt several days ago, | advanced again today. A reduction dividends of T Milling Corpotation from $2.50 to § nually by the payme quarterly on the com: nounced. N ara Shares Cor of Maryland halved its annu ments by a quarterly declaration of 20 cents on the common Pittsburgh & Lake Erie broke points. ‘The decline, as some sugj does not represent a reflection of financ- ing plans of the parent company, New York Central, but_rather the lack of steel and iron traffic, with their allied freight, due to the slackness of those basic industries, from which this car- rier’s revenues are largely derived was wa ation on BONDS ON THE CURB MESTIC BONDS. y P High. Low. Close 20 20 20 20 19% 20 83 765 60 ties Service 55 66 v Gas bls '42 P 6e 43.. P ¢ Empire 5tas 42 3 Federal Wat 5ias 54 3 pirestone C M 43, § Firestone Tire 6543 r Sigs 1Forids P & L bs 54 3 Qatineau Pow b5 56 1Gen Mot Acc 55 1Gen Mot Acc 85 1 Gen Motor Acc b5 1 Gen Mot Acc 55 8 Georgia Power 55 |6 fen Co 32t | 1 Grand Trunk 6as | 1 Ground Grip 68 Tt Indnap P&L 3¢ Tnsull Uit 6s 6 Int Pw Sec 615 48 66 9 NYP 8 Niag Falls No Con Ut 52 18 53 | | | NEW YORK CURB EXCHANGE Reccived by Private Wire Direct to The Star Office. Stocks sold in 100-share lots except those designated by letter “s.” ~Prev. 1851.~ Stock and ales— end Add 00 am pf (7). 1308 egheny Gas Corp. 7 ~Prev. 193 High 115% 3n 5l 224 109% 16% €0 60 334 6 82 85 4 I Anglo Chil N Arkans Nat Ga had extended | 10 reole Petroleum. resson Consol (4c). Crocker Wheeler.... « /right war., 10 Petroleum % Dayton Air & E §iu Deere & Co. .. De Forest Radi « Detroit Alrer lec B & Sh pf (6)... ec P & Lt op war.. reholdg (b6%) Elec deb rts cv pf B(§) Gen Theat Eq ey pf.. Glen Alden Coal (4). Goldman Sachs Gold Seal Elec new. . Gulf Ollof Pa (134). Hamilton Gas v.t.e... Hecla Mining (40¢).. Hudson Bay M & S Imp O1l of Can (50c) Insull Inv (b6%)... Intercontinent Pet n Insurance Security. . Int Petroleum (1)... Int Utilities B. . Kolster-Br (Am Sh). 3 Lefcourt Real pf (3) Lone Star Gas n 88c. o BarE han ROBE Lo s sBroerts who TS | High. High. Low. Close. | 974 95 59 Low. 36u 17 k] Btock and Dividend Rate. Long Island Lt (60¢) Magdalena Synd. Mavis Bottling (A) Bales— Add 00. Open 12 21% 10 2 . Low. Close 20% e Mesta Machine (2).. Mid West Ut (b8%) . Mid W Ut cv pt xw 6 Mo-Kan Pipe Line. .. 12 Miss River pr pf (6). 208 Nat Aviation. Nat Fuel Gas ( Nat Ipvestors. . ew Eng Pow pf (6) New Mex & Ar Land, Newmont Mining o New N Y Tel Niag-Hud Pow (40c iag-Hud Pow A w. . 40s 4 1 cess Co. . 3 f (634) 1 ). 28 Niles-Bemt-Pond (1) Nitrate Corp Chile B Nor St P wpf (7)., Novadel Agene (4). Ohilo Copper PacG & Pac Weste: Pan Am E 1st pf 1%. h 01l Afrways. Pennroad Corp (40c Penn Pw & Lt pf (7) Philip Morris Inc. .. Pittsburgh&LE(110)1508 Plymouth Oil (50c). 1 Prod Roalty (b10%) . Prudential Invest Pub SN 111(8)$100par 50s Pub Util Hold war, E 3 Pub Uti] Hold xw R R Shares Corp. Reiter-Foster Rellance Int A.. Republic Gas Corp. % Reybarn Co.. Reynolds Invest. Russek's Fifth Ave St Regis Paper (80c) Sesal L & H (ab0c).. Sec Allfed Corp (1) Selected Industries 4 Sentry Safety Cont. . Shenandoah Corp pf. Silica Gel ctfs . Singer Mfg Co (116). South Corp. .. Sou Pipe Line (2) Southld Stand Invest cm pf Stand Ofl of Ind( 1) Stand Ofl of Ky 1.60 Stand Pwr & Lt (2) Stand P % 10% 1661 1 9 4% 5 184 *16% 18 18 Royalty 2 &L (B) (2). Stand Silver & Lead., Starrett Corp. . Starrett Corp p: Sunray Ofl. .. Swift & Co (2). Swift Internat’l (14) Tampa Electric (32). Technicolor Ine. . Tob Prod of Del wi Todd Shipyard (2).. Trans Air Tran; Tubize Chatel, B, Unit Corp war Unit Founde Unit Gas pf (1) Z Unit Lt&Pw A (1).. Unit L & Pwr pf(6).. U S Dairy (A) (6). U S Elec Pow ww U S Fin Holding..... U S Inter Sec 1st pf.. Unit Verde Exten (1) Util Po & Lt (b10%) Ut P&L(B)cfs b10% Van Camp Pkg. Walker, Wenden H (25¢) Copper Western Md pf... Wilson Jones. Winter (Benj). Woodley Petroleum. “Y" Ol & Gas RIGHTS—EXPI) Com Edison.... Rad-K-Orph..Dec 21 * 5 3 * 3 4 % 24 L. Dividend rates in dollars based on last quarterly of semi-an- ent. *Ex a Payable in cash or 1 | dividend. _{plus 8% o7 | stock. jPlus 2% | stock! | nual paym 5 dividend. in stock in stock. o Plus 8% in stock. {Partly extra. iPlus 4% in stock. b Payable in’ stock rment g Plus 6% in stock. Plus 10% in stock, % in p Paid last year—no regular rate. stock Everybody’s Business Bearish Rumors, Circulated in Wall Street, Are Given Credenice by on Increas- ing Number of Pachles Special Dis NEW YOI rumors cnce ag cial situatio continue th impunity. ers are incre ‘The latest ture, which 5.—Vicious dominate the finan- | e prophets of woe| predictions with | more, their follow- | at a rapid rate. ws of an adverse na- to have gained| cet, circles, relates | ions, notably in s among others & standard will be 1 at once, that t Hitler will| m a new cabinet | be repudiated. | been current be- | may be true. As| Germany has actical purposes, Germany Teport that and that all These rum fore. Some of t to the gold stand been off it, for since Jul: As to tender his res: succeed him bered, a Hitler may, of course, n and Hitler may ¢ be remem- Reichstag is t person from ddressing | ; will re- ctual obligations s | her con simply inconcei Paish is Plan Recalled. Relief to corpordtions it by the is expe \gTess, among nur have alread. President mmend to her things ferred to, Emergency the lines pration. The i to have a ),000 any legiti- F 5 of the War P new enterprise ca should p mate call in is project hat sim- follow- George the only abilitation rough the 1! nk. The | d hefore s born. 1t is | ho ted that fate will be more ki ) ward the many I sed and g for the sent, eco- e enter- U h econ- omist. Pacific Gas & Electric. Earnings of the fic Gas & Elec- tric Co. for th year are esti- mated at §2.7 P. Cutten, attorney for the This _will compare with a net of $3.07 a share reported for ) r. Cutten also points out th business de- partments of 1pany estimate 1932 prospects at $8 against $10,000,000 obta Cash Position of Railroad. The cash position of the St. Louis- San Francisco Railway is sufficiently good to meet its rest on January 1, according to J. M. Kurn, the president. Interest due March 1 is yet to be pro- vided for. As to the wage question, Mr. Kurn is of the opinion that the labor men at the convention in Chicago will find it advisable to t ge cut of 10 per cent for one yes rom December 1. New Bank Proposed. There seems to be one remedy for all economic ailments, the formation of a bank. At the meeting of the Ameri- £, 51124 can Mining Congress the suggestion was n—New wi—When issued made to create a central bank to desl exclusively with coal equipment on terms which will assure ibe congress ich have been | which | | control of this fleld. The sponsor, who | is a mining consulting engineer, points | out that the development of a more economical and flexible credit proced- ure is among the foremost problems of the coal mining industry. He is con- vinced that the organization he pro- poses can cope successfully with these | problems. Automotive Industry. As confidence in the future increases, the automotive industry will contribute | importantly in nrcrlemnng the return to a more normal state of affairs, ac- cording to Alfred P. Sloan, president of the General Motors Corporation. Mr. Sloan feels that the general busl- | ness and industrial structure of the | country has been strengthened through | the elimination of the inefficiency, waste | and false thinking that accompany pe- riods of intense and prolonged pros- perity and inflation. He is optimistic as to the future, believing that the founda- tions are now being laid for a greater and more stable prosperity. Denies Gold Rumor. Andre Citreon, the Henry Ford of | France, repudiates all rumors to the | effect that France is desirous of drain- ing the rest of the world of its gold in order to dominate the universe. M. Citroen is convinced that the general public is being deceived by the inten- sive propaganda of friends of Germany, Tepresenting France as anxious to ruin Germany, Great Britain and the rest of the world The French industrialist somewhat exaggerates the situation. Nevertheless, the fact remains that the French have contributed a good deal to the fiscal difficulties which Great Britain faces today. It is also within reason to assert that recent heavy sales of U. §. cur- rency and substantlal withdrawals of funds from the United States might not have been 5o pronounced had it not been for the activity of the French. (Copyright. 1931, by the North Amer Newspaver Alliance, Ine) mcr 8R Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., December 5— | ‘White potatoe: 100 pounds, 75a1.0: sweet potatoes, bushel, 35a50; | | barrel, 1.25a1.75; beans, bushel, 1.00a | | 1.75; beets, per 100, 1.50a2.50; brussels | sprouts, per quart, 10a18; savoy cab- | bage, bushel, 40a50; carrots, per 100 | 1.50a3.00; caulifiower, crate, 1.65a1.90 | celery, crate, 150a2.75; cucumbers, | 3.00a4.50; eggplants, crate, | | M Sowsto: Siate. bush 1.50a i Kkale, bushel, 20a40; lett . | crate, 200a3.75; okra, “bushel, 1,004 | 2.50; onions, per 100 pounds, 2.00a2.50; | oyster plants, 100, 4.00a5.00; peas, | crate, 7.00a7.50: peppers, crate, 175a | 3.50; pumpkins, per 100, 5.00a10.00: | spinaoh, bushel, 60a80; squash, bushel | 1.50a2.00; tomatoes, crate, 3506.00 | turnips, hamper, 15a20; apples, bushel 35a1.50. g Dairy Market. Chickens—Young, 18a22; 15al: old hens, 18a23; Legh; 13a18; roosters, 12al4: geese, 15a20; pigeons, guinea fowls, pair, 18a28. Eggs—Recelpts, 638 cases; current re- celpts, 27a28; small pullet eggs, 20a25: hennery whites, 34a36; 30a33; Western firsts, 29a30 Butter—Good and fancy 28a33; ladles, 20a22; store packed, 15a16. Leghorns, orns, old, ducks, 12a20; Dair, 20a25; 25a50; turkeys, creamery, process, 24a25; Chilean Loan Bill Proposed, By the Associated Press. The Department of Commerce been advised that & bill has been p’l":f sented to the Chilean Congress author. izing an issue of 200,000,000 pesos of five-year 6 Der cent treasury notes, to be redeemed by semi-annual drawings after the second year. Interest coupons and t notes drawn for rede ceivable in peyment of The proceeds of the issue is to be used for the payment of the ';'ntnr ment’s overdue accounts and for the he principal of mption are re- taxes. nearby firsts, | financing of the extr; i for 1932, sordinary. budget NEW STOCK AND BOND FINANCING GAINING November Records Show Substan- tial Increases Over Pre- vious Month. and bond financing totaled $233,200,000 in November, according to the Standard Statistics Co. Even tak- ing from this total $150,000,000 in Ca- nadian bonds, the remainder of $83,- 200,000 is a substantial increase over the October total of $21,900,000. Com- parative figures for the first 11 months of 1930 and 1931 follow: First Eleven Months. (Millions of dollars.) 1930. 1931 . $6,405.6 32,8977 . 8873 4383 1,12 Total financing. Foreign .. Non-productive Operating and Refinancing New money Total common stocks Foreign ... R Non-productive Operating and producing ReANANCING .....o.... New money Total preferred Forelgn Non-productive i Operating and producing Refinancing . S producing 4 1 3 1 1 SITBRS53BY, ,. it 2585528 ESbnanganasss: Sooetess Foreign .. 5 Non-productive 2 Operating and producing Refinancing . : Publie¥ o oney ublic offerings--Commor Preferred ......... Stock rights s CHICAGO STOCK MARKET CHICAGO, December 5 (#).—Fol- lowing is the complete official list of transactions in stocks on the Chicago Stock Exchange today: Sales. STOCKS. 50 Allled Prod . 100 Appalach Gas 1300 Assoc Tel Util . 50 Balaban & Katz vic 3300 Bendix Aviation . 430 Borg-Warner . Mig Il Pub Ser pf.. ¢ Tl Sec ik gigszsgs High. Low. Close. 5700 Cord Corp . 1300 Corp Bec Sec D! e pf 100 Eddy Paper. S0Emp G & F 6% G & F 8 | Simmons & Con 50 Foote G & Mach.... 10 Gen Wat Wks A s i, 20d s 200 Lagalle Ext... Lindsay Mudn pf.. rborn 6400 Util 400 Mid W Ut 67 8, No - 35 Ontario M{g % 1380 Peoples G Lt Coke i 300 QRS De Vry *® 228 5B wew ST as. 50 Steinite Radio 2200 Super-Maid . 550 Swift & Co 250 Swift Intl . 01101100 30 30 Tel Bond & Sh lst pf 98 10 Waukesha Mot >0 . 3 Btock sales today. 50,000 shares. BONDS. 18000 Tnsull Util 65 1940 Bond saics veday, 18,000, VEGETABLE SUPPLY SHARPLY REDUGED Prices Turn Upward as Ship- ments Decline—Pota- toes Higher. With country-wide produce ship- ments down to about 2,000 cars a day for some weeks pas the vegetable market began to show signs of under- around the first of December, e United States Department of Agriculture, Bureau of Agricultual Eco- nomics, Market News Service. Prices turned generally upward for the first time in months. Several products showing light to medium production and shipments, including potatoes, on- ions, cabbage, carrots, celery and let- ture, advanced in many markets. Other leading vegetable lines at least held their position fairly well, although after the holiday trade had been supplied there was the usual let-up in whole- sale buying. Fruits did not share the rising trend of the general produce market because supplies of apples on band continued liberal despite the rather light carlot shipments as com- pared with the large production, Rising Potato Markets. The potato markets seemed inclined to reflect the rather strong position of this product around the first of the month. Shipments have been at the rate of only about 400 cars a day for a long time and track holdings in nearly all the large cities are moderate. Con- suming requirements tend to increase with colder weather and demand for low-price vegetables of this staple kind might be expected to be good, even in times of business depression. Price ad- vances thus far have been small, amounting to 5 to 10 cents per 100 pounds during November and some further gains thus far in December; but the stronger conditions did not ap- ply to all markets. A few of the East- ern and Midwestern potato shipping points weakened slightly, but others gained the first week of December, but Far Western shipping points reported rather strong price conditions. Prices at shipping stations in Maine and New York have been holding fairly well the small advances made near the end of November. Growers in Western New York, according to recent reports, were receiving 25 to 30 cents per bushel in bulk for U. 8. No. 1 stock. Local deal- ers got 70 to 75 cents per 100 pounds for sacked stock and Eastern markets quoted 90 cents to $1 on this stock. Pennsylvania round whites are steady at 80 cents to $1. The Chicago carlot market recorded slight gains. The slightly upward trend of prices on sales for January and March delivery in- dicates a more confident viewpoint on the part of the dealers. New potatoes from Florida entered the market at prices lower than usual at the time of year, selling at $5 to $5.50 per barrel in jobbing trade. About 50 cars of seed stock from Maine were shipped to Florida points late in November. Ship- ments to Virginia and the Carolinas have been extremely light. Most seed buyers were reported holding off in hope of buying at lower prices. Sweet Potatoes. Shipments of sweet potatoes continue moderate and most of the city markets report only limited supplies on hand. Demand is light and prices show only slight gains from the low levels prevail- ing this season. There was an encour- aging upward tendency in some mar- kets on Delaware, Maryland and Vir- ginia stock of the Jersey type, early this month, while prices of Tennessee Nancy Halls scarcely held their own. Virgin{d barreled stock ranged $1 to $2 in Eastern markets. New Jersey pack in bushel hampers ranged $1.10 to $1.25. Chicago market advanced about 25 cents on Maryland and Jersey bushel stock. North Carolina sweets were firm in Northern markets. Cabbage and Onions Higher. The gradual gains made in cabbage prices through November have been maintained so far this month. Cabbage joins the select list of vegetables selling higher than a year ago, these including also onions, celery and carrots. Cab- bage producers in some important dis- tricts are now getting nearly double the prices quoted early in the season. Quotations ‘Wisconsin and Western New York are coming nearer together in range now that most sales in the Racine district are at $17 a ton, com- pared with $14 to $15 in the Roches- ter district. Most of the long-keeping cabbage in Winter comes from those sections. Cabbage has been meeting better demand at country shipping points. Dealers report growers hesitat- ing to sell. Growers are getting $10 to $12 a ton. One day's shipments from Western New York recently were billed to 36 different markets, and this stock has been gradually replacing Mid- western cabbage, Prices in Baltimore, Pittsburgh and Cincinnati advanced $2 to $3 a ton in early December, and general jobbing range in Eastern mar- Kets is $20 to $25. Florida and Texas cabbage also advanced in some markets. Onion holdings ov. track at large market centers were light in early De- cember, indicating more active trading by local dealers. Demand at most markets seemed to be more active and price trend was sharply upward, with scattered advances of 5 to 25 cents per 50 pounds. Fastern yellow onions brought $1.25 to $1.65 in Eastern cities This range included widely different sizes and conditions. Demand was ac- tive and market stronger in Western New York and Michigan, with sales at $1.50 to $1.75 for desirable stock. Far Western onions also tended upward in producing sections. Much Low-Grade Celery. Prices of celery have been holding nearly unchanged in producing sections since the first of the month. It is com- monly realized that much of the celery in storage is of only ordinary quality and condition. Stock that will carry well and arrive in market showing little waste commands fairly satisfactory prices, about 10 per cent higher than the level of a year ago, but there is wide variation according to quality and condition. Since the proportion of in- ferior celery is probably greater than asual, heavy trimming and washing will be needed in the marketing of the bulk of storage holdings. Supplies are mod- erate in most markets and demand slow to fair. New York celery sold 35 to 50 cents a crate lower in some Eastern markets, but continued about steady at $2 to $2.25 in the Rochester district. Steady Apple Markets. Prices of apples show little change and, in general, there is no distinct trend up or down. Supplies are medium to heavy and demand slow to good in city markets. Greenings are one of the few varieties selling as high as they sold a year ago. McIntosh, as usual, tops the market at $1.50 to $2 a bush New York Baldwins of fair grade sell at 75 to 85 cents in the large markets. The prevailing quotation in Western New York is 85 cents, but lower grades bring only 55 to 60 cents in the Roches- ter district. Greenings from cold storage sold as high there as $1.50. Much fruit is being shipped to cider *|plants and a few carloads for export, Dealers in producing sections are ing for some improvement during o % | season of supply for the year-end holi- days, and the same kind of special 12 | demand is likely to bring about much- needed improvement in condition of British apple markets, which have been showing low net returns lately, Dancer Given Key to Madrid. MADRID (#)—For diffusing Span- ish art in the Americas. La Argen- tine, Spanish dan%er. has been given the key to the city by Mayor Rico. She was honor guest at a municipal banquet and received congratulations from Provisional President Azana and members of the cabinet, PLIGHT OF WABASH RAILROAD INCREASES SELLING OF STOCKS Special Dispatch to The Star. NEW YORK, December 5.—The rall- road situation and the various delays and hesitations of the Interstate Ccm- merce Commission in connection there- with_are not new, but the placing of | the Wabash in the hands of receivers | affords striking evidence that the rail-| roads of the country are in urgent need of assistance and, as things go fnow, this can only come from a re- duction in wages, aside from the benefit the companies will receive from increased freight rates already allowed, says the weekly market letter of Henry Clews & Co. In addition to this ancther matter which has again come to the front as a disturbing market factor is the uncertainty attendant upon the settlement of the reparations controversy, the letter says. With re- gard to this, French statesmen cannot, even if they would, make concessions of vital nature without at least a show of opposing them, otherwise they would have terms of office even shorter than is actually the case. It will take a good while to work out of the situation brought on by the collapse of Ger- many and the financial troubles that have arisen out of this condition of things. It is not true that any new, or different, outlook has been produced within recent times. The trading pub- lic, however, has become so used to| looking on the dull or gloomy side of | things that it now habitually makes | the most of depressing factors and ap- | parently is disinclined to fight against them. To this psychological attitude must be ascribed many of the tenden-| cles to market reaction that are cur- rently observable. With a market as “thin” as has been the case in not a few issues within the recent past, factors that legitimately tend to put stocks down somewhat have had ef- fects perhaps greater than they were naturally entitled to exert. Still it cannot be denied that the present sit- uation is a very trying one and holders of securities, dependent upon interest and dividends derived therefrom, can hardly be blamed for displaying great anxiety. Business Prospects. It is now pretty definitely conceded that there will be no very constructive changes in trade and business prospects generally until after the turn of the year. The seasonal upturn in some lines of business, such as automobiles, has been carried forward to December, by one means or another, so that the last month of the year may have rather better industrial consequences than some had expected, but new business itself is likely to meet with reviving tendencies only after the new year has | set in. Winter is always a preparatory period; and, while the indications of better business may show themselves toward the close of January, it will be some time after that date before real assurance of the prospects will be avail- able. As things stand, therefore, ac- tual industrial or trade news designed to better the position of stocks will not | me immediately forthcoming. Agricul- turally, of course, it will be consider- ably later even than the date thus indi- cated, before there is anything positively new in connection with commodity val- ues in that fleld. The most important market influences of the early future will be found in the forthcoming deci- sion of the Interstate Commerce Com- mission, with respect to the pooling of rallroad earnings from proposed in- creased freight rates and the willingness of rail employes to accept reduced wages. However, legislative and politi- cal matters will also have to be given some consideration. Among these may be expected to be the taxation and fiscal plans of the Government and the outlook for new banking legislation as signed to interfere with the general lev- | els of commodity prices as, for instance, through the renewal of Farm Board activity, Fortunately, on all these points, the indications are favorable. Conservatism in tax plans and in bank- ing measures as well as indisposition to go further in the support of efforts of Farm Board enthusiasts to peg prices will plainly be the order of the day. A New Session of Congress. A new session of Congress will open with the coming week, and there will be abundant opportunity for clarifica- ion of many conditions that have hith- erto been obscure. The first subject thus to be dealt with will be the repa- rations problem and with it pmb&ly the question of the short-term debt payable by Germany to American bank- ers. At present there seems to be every intention of clearing up the most im- mediate phase of the subject—the rati- fication of President Hoover's mora- torium—before December 15, or within the first week or a little more of the new session. This ratification may be | counted upon. What other elements in the case must be debated will depend upon the turn of affairs that is indi- cated by the French authorities. While at present they seem determined to ask, in the conferences about to begin in Switzerland, for definite recognition of the priority of long-term over short- term obligations, it will in fact be a good while before there is any final or positive demonstration of their attitude. That such a demonstration must be made before Midwinter, when the Ger- man obligations mature, is, however, | recognized. Other factors of congres- sional business may develop more slowly, and this includes taxation as well as banking action. There is reason to be- lieve, however, that action on both these subjects will be forwarded with the minimum of delay. Congress is likely to be in a frame of mind which desires to be helpful rather than to interfere with and attempt undue regulation of busi- ness. This change of {ront may largely alter the ground for fears that have been expressed with regard to the prob- able hazards of legislative action on varjous subjects. There are thus many favorable factors in the sphere of poli- tics that have not been counted upon in recent discussion. Financial Improvement. It is a noteworthy fact that during the month of November there has been such a decided decline in the number of bank failures and embarrassments, as compared with October, the falling off has been remarkable, and this is at- tributable in part to the favorable in- fluence of the new National Credit Cor- poration. In part, however, it may fairly be assigned to the fact that many weak spots have been eliminated, and doubtful or failing institutions ab- | sorbed by others or piaced in liquida- tion. In any case, the financial side of the outlook 1is more favorable than heretofore, and that is something gained at least. Projects now on foot for the better protection of land credits and the liquidation of mortgage loans should, if brought successfully to a head, have a large influence in the di- rection desired. Meantime the new in- ward movement of gold has continued vigorously and is already building up the stock of the metal in Reserve banks to a substantial degree. There is no Guestion that the supply of gold is ade- quate, and the action of the Bank of Prance in making this market the base for its campaign in protection of the franc testifies to the importance of our gold skuation as seen from a Eurcpean standpoint. Market Review and Outlook. ‘There has been during the week little intermission in the working of factors tending toward lower levels. Security holders have continued to look hage- fully for favorable action on the part of the Interstate Commerce Commission with regard to the application of the railroads for modification of the recent revenue ling decision. "Action is now romised within a short time and, if avorable, will help to pull railroad ses | without bef well as the tendency toward action de- | i which they have fallen; but what is of more importance is whether the em- ployes of the railroads will accept the proposed cut in wages without lon winded delay. Placing railroads under the protection of the court is naturally a very serious matter, and this may have a decided effect upon the labor leaders in determining this all-impor tant question. The Wabash receiver ship and further dividend suspensions have played their part in depressing values generally, which is quite under- standable as it affects the pocketbooks of 50 many people. The best that can be said of the situation at the present time is that quotations for so many stocks have gotten down to such low figures they cannot go much lower g wiped out, and if de- velopments in the railroad situation referred to before should be favorable, the market could easily swing forward. PRODUCTION ESTIMATE ON SUGAR !S PREPARED By the Associated Press. A preliminary private estimate, con- sidered reliable in Government circles, places the 1931-32 world production of cane and beet sugar at 29,036,000 short tons, 3,063,000 short tons below last sea- son’s record crop. Production in beet sugar countries accounts for most of the decrease, the pared with 11.847,000 short tons pro. duced last year. Among cane sugar producing coun- tries, Cuba and Java are the only countries showing any noticeable change from last year. In Java a reduction of 380,000 short tons is indicated, while in Cuba the crop is reduced by 137,000 short tons. These estimates are sub- ject to revisions. Estimates for Hawail and the Philippine Islands are slightly above last year, while in Porto Rico an increase of 152,000 short tons is indi- cated. — e Out of the 700,000,000 passengers who traveled by railway in this country in 1930, only seven were killed Rivcs orf which means your want. In no other way c: serve you without fee; onl; 11th and Park rd.—Arm- strong’s Pharmacy. 14th and P sts.—Day’s Pharmacy. 1135 14th st. — Marty’s Cigar & Magazine Store. 17th ahd Que sts. — Ken- ner’s Pharmacy. 15th and U sts—G. O. Brock. 2912 14th st.—Colliflower Art & Gift Co. 3401 14th st.— Bronaugh’s Pharmacy. 14th and Buchanan sts.— Hohberger’s Pharmacy. 14th st. and Colorado ave. —O'Donnell’s Pharmacy. 3209 Mount Pleasant st.— Mount Pleasant Cigar and News Shop. 1823 Columbia rd. — The Billy Shop. 2162 California st. — Co- lodny Brothers. Wardman Park Pharmacy. 215 N. Y. ave, — Sanitary Pharmacy. 1st and K sts.— Duncan’s Pharmacy. 7th and K berg’s desk). 7th and O sts. — Lincoln Drug Store. 7th st. and R. L ave—J. French Simpson. 11th and M sts.—L. H. Forster’s Pharmacy. sts.—Golden- (time clerk’s In the Southwest 10th st. and Va., ave. — Herbert’s Pharmaey. 316 43 st. — Harri®’ Drug Store. 4% and L sts.—Columbia Pharmacy. In the Northeast 208 Mass. ave. — Capitol Towers Pharmacy. 4th and H sts. — Home Drug Store. 4th and E. Cap. St.—Paul’s Drug Store. 907 H st.—Garren’s Music Store. 12th and Md. ave.—Luck- ett’s Pharmacy. 7th and Md. ave.—Louis F, Bradley. North Capitoel and Eye—Ken- ealy’s Phar- macy. 20th and R. L ave. — Collins’ Pharmacy, Brookland Pharmacy, Brookland. 4th and R. I ave, — John G. Biggs' Phar- macy. Chesapeake Junction — Dr, curities generay out of the deep pit into total world beet production being esti- | | mated at 9,335,000 short tons, as com RETURN OF GOODS Receivership Action Emphasizes Unfavor-| (UOILY 10 STORES able Aspect of Carrier Situation—Contro- versy Is Also Disturbing Market Factor. |Habit of Returning Goods for Credit Has Grown Considerably, Speclal Dispatch to The Star. | NEW YORK, December 5-—The habit | woman buyers to change their minds | after purchasing goods at department stores and to return the merchandise for credit has grown to immense pro- ortions in recent years, with the re- sult that the problem of returned goods now places a very severe burden upon retail merchandising, John J. Bergen, specialist in department store securities, recently said at a meeting in New York City. “In New York City it is not uncom- mon to have two or three million dol- lars-worth of merchandise returned to a single store during the course of a year. This involves not only the cost of handling, but also necessitates very frequently heavy mark-downs on the merchandise which loses its freshness on its false sales journey,” continued Mr. Bergen. “With some specialty stores returns of merchandise may run as high as 7 or 8 per cent, and this expense must be figured in the cost of doing business.” “The modern theory of department | stores is service, and they uncomplain- | ingly exchange or credit merchandise, | irrespective of whether the reason for | the change of mind is valid or not. If & woman buys a blue dress, and a | neighbor tells the woman that she looks better in orchid, .ten to one back goes the dress,” continued Mr. Bergen. “Or [ the husband does not warm up to he pattern of a rug, in a day or two | another rug is on the floor for his ap- proval. Department stores are in a dilemma; they want to give service to | the breaking point to the public, yet | they know that the privilege of return is frequently abused.” “Even the five and ten cent stores get back considerable quantities of merchandise. Return and credit desks are maintained in all the principal five and ten cent stores in New York City,” continued Mr. Bergen. “As high as $100 in a day, one thousand transac- tions, are refunded in one group of these stores. If a string of beads does not look well with a gown, or if flower bowl on the mantel jibes the esthetic tastes of the purchaser, back she trots for her dime.” ADVERTISEMENT n RECEIVED HERE You can count upon a Star Classified Adv. supplying most any want you have OU will have the benefit of The Star’s complete coverage of Washington and nearby suburbs— advertisement will be seen and read by practically everybody whose interest you an this be done so surely. Copy. for The Star Classified Section may be left at any of these authorized Branch Offices—ready to ly regular rates are charged. In the Northwest 9h and U sts—M. H. Hunton’s Pharmacy. Ga. ave. and Upshur st.— Petworth Pharmacy. 221 Upshur st. — Monck’s Pharmacy. 5916 Ga. ave.—Brightwood Pharmacy. Ga. ave. and Kennedy st. —Lampkin’s Pharmacy. 2901 Sherman ave.—Sher man Ave. Pharmacy. 6224 3rd st. — Stewart’s Pharmacy. 1905 Mass. ave. — Dupont Pharmacy. 18th and Fla. ave.—Bern- stein’s Drug Store. Fla. ave, and 1st st—N. Reiskin, North Capitol st. and R, L ave. — Parker’'s Phar- macy. 1742 Pa. ave. — J. Louis Krick. 21st and G sts.—Quigley's Pharmacy. and Pa. ave. — Columbia Drug Store. 3315 Conn. ave. — Joll’s Newsstand. 5017 Conn. ave.—Higgins’ Community Drug S Wisconsin ave. and Macomb st.—Harry C. Taft. 4231 Wisconsin ave.—Mor- gan Bros.’ Pharmacy. Takoma Park, 359 Cedar st. —Mattingly Bros.’ Phar- macy. In Georgetown 30th and P sts.—Morgan Bros.’ Pharmacy. 30th and M sts.—Brace’s Pharmacy. 3411 M st.—Moskey’s Phar- macy. 1834 Wisconsin ave— Haney’s. Wisconsin ave. and O st.— Donahue’s Pharmacy., 35th and O sts.— Sugars Drug Store. 5104 Conduit rd. — Modern Drug Store. In the Southeast 3rd and Pa. ave.—~ODon- nell's Drug Store. 8th and Eye sts. —F. P, Weller's Pharmacy. 11th and Pa. ave. — Feal; 4 y's 1907 Nichols ave., Anacostia Capitol sts. — Lincoln Park Pharmacy.