Evening Star Newspaper, December 8, 1931, Page 14

{ A—14 wux STRONGER WHEAT POSITION 1S SEEN Reduced Offerings and Bet- ter Mill Demand Have Aided Market. BY FRANK 1. WELLER, Associated Press Farm Editor. The wheat market is erratic, but there is a growing belief that a much stronger general position is in the making and any decline likely may at- tract broader buying Domestic values strengthened ma- terially during the week despite the very unsettled situation in foreign mar- kets, Reduced offerings, together with & good mill demand, were principally responsible for the firmer tone. Corn was independently weak as a result of continued slow market demand. The general wheat market situation Temained very unsettled, reflecting the further sharp decline in the value of the English currency. threatened weath- er damage to the crop in the Northern wheat areas of Argentina and uncer- tainty as to available supplies in Russia. World Markets Sensitive. World wheat markets have become increasingly sensitive to the uncertain financial situatien which culminated in the suspension of the gold standard in Great Britain and subsequently in severnl other European countries and which have becn reflected in an a'most i-wide tightening in the regulation control of credit and financial transactions conditions have become price trends are obscured by fluctuating exchange values of cur- rency. Trading in Central and Eastern European markets, where the situation is particularly acute, has been greatly restricted and imports of wheat to Austria have practically ceased as a re- sult of exchange difficuities. Depreciation of the currencies of the principal exporting countries, Canada, Australia and Argentina, has given these countries a temporary advantage in export markets, in wheat. It is re- stricting export demand from the United States, Interest in wheat from abroad is stagnant, due to unseitled economic conditions and the advent of pressure from the Southern Hemisphere. United States wheats are held well above the Australian and Argentine level and,! therefore, temporarily are out of line| for export, especially as Canadian sorts are underselling Americans in some instances. Despite this a good domestic miliing demand, with advancing premiums for cash wheat, is creating a stronger market Jfor futures and there is more disposition to buy on breaks than for several days past. Underneath it llll is the estimate that net world require- ments for the season will be 40,000,000 bushels larger than a year ago. Some say the strong domestic cash situation will sustain prices until such time as foreign conditions improve. Russian Cancellations. Several of the big exporters say the most important news in the wheat sit- ‘uation is the reported Russian cancel- lation of shipment contracts and the chase of Australian wheat for in- Efml use. The latter was completely gnored in British markets, the belief being that if Russia imported wheat at all it was only a normal proceeding such as might occur in any other ex- porting country that required specific Wheat for milling mixtures. Some, however, added the Russian newf‘t.o the reports that the combined Argentine and Australian be 75,000,000 bushels less than last year to i‘tfue that North American exports shortly would increase. The trouble there, so far as the United States is conterned, is that with Canadian money discounted almost 14 per cent wheat actually is about 4 cents under Chicago on the May de- livery and consequently in much better shape to take the world market. Washington Produce Butter—One-pound prints, 36; tub, 35, Eggs—Hennery, 30a35; current re- ceipls, 24a27. ultry, alive—Turkeys, young toms and hens, 25a27; old toms. 20a25; old 18a22; chickens, 3 pounds and over, 18220; 2 to 2}> pounds, -0a22; Spring broilers, 28; hens, large, 18a2l small, 15a217; Leghorn hens, 13al roosters, 10a12; keats, young, 40a45; old, 25a35. Poultry, dressed—Turkeys, young hens and toms, 28a32; old toms, 28a30; old hens, 30a32; chickens, 3 pounds and over, 22a24: 2 to 2!; pounds, 23a25; Spring broilers, 30; hens, large, 21a2. small, 18a20; Leghorn hens, 16al Toosters, 13a15; Long Island ducks, 19a20. Meats—Beef, prime, 16: choice, 15; good, 12';a13; cow, 9:al0; lamb, top, 15; fair to good, 13al4; common, 10a 11; veal, top, 14; medium, 121,a13; pork loins, 8 to 10 pounds, 11all%; 10 to 12 pounds, 10; fresh hams, 8 to 10 pounds, 13: 18 to 22 pounds, 10; smoked bams, 19a20; strip bacon, 19a20; lard, 80-pound tins, 9, package, 10; com- pounds, 7a7%:. Live stock—Hogs, light and medium, 4.4084.70; heavy, 4.00a4.40; pigs, 4.90a 4.50; .roughs, 2!5a3'z; calves, 3.50a 8.50; lambs, 3.50a6.50. Fruits—Apples, fancy box stock, 1.75a2.50; nearby, bushel baskets, 35a Florida, 3.00a3.50; Cali- 00; grapefruit, 2.25a2.75; 2.50a3.00; limes, per 100, pears, 3.00a3.50; pineapples, grapes, Emperors, 2.00a2 25; 1.2582.00; ba 1.00a2.00; honeydew: 1.75a2.00 2.75a3.00 ‘Tokays, cranberries, rawberries, per quart, 1,00, ables — Potatoes, Maine, 100- pound sacks, 1.25; New York, 150-pound sacks, 1 Idaho bakers, 100-polind sacks, 2.25; sweets, Eastern Shore, 50a 75; red, 75280; lettuce, Iceberg, 3.75a 4.50; Florida, 2.00; broccoli, 2.00a2.25; caulifiower, 1.75a2.00; carrots, California, crates, 4.00; string beans, 1.50a1.75; limas, 5.00; peas, 7.00a7.50; beets, 100 bunches, 3.00a4.00; carrots, per 100 bunches, 6.00a7.00; salsify, per dozen bunches, 1.00a1.20; peppers, 3.00a 8.50; kale, 50; spinach, 75a90; mush- High. Low. 367 8% Mul FINANCIAL, (Continued From Page 13.) Dividend Rate. lins Mfg. 5 Murray Corp, 15% Nash Motors (3).... 2 sh Chat & St L(3) . High. 10% fw 17% 20 1% 4214 131% 14w 26% 18% 40% 12 80 Nat Biscuit (2.80) Nat Biscuit pf (7) Nat Cash Reg A 1%, Nat Dairy (2.60) Nat Dept Store; . Nat Dept Strs 1st pf. Nat Dist I'rod (2)... Nat Lead (15%). Nat Lead pf A (7)... Nat Pwr & Lt (1) saee Nat Steel (3)...00em Nat Supply Co..uese Nat Surety (2 Nevada Consol C Newton Steel. . N'Y Central (4). N Y Chicags & St L. ¢ Chi & StL pf.... & Harlem (5)... In\estors NH&H NH&HDL (D). Ont & Western N ¥ Shipbuilding. Noranda Mines (2 Norf & Westn (112). Norf & Westn pf (4). North Am Aviation. Nor Amer(b10 % stk) s North Am Ed pf (6) . Northern Pacific 3).. 14 Norwalk Tire & Rub. 6% Ohio OMl. ... 1 “Oliver Farm Equip. . 3 Oliver Farm Eq cv pf 10% Oppenheim Coll (2). 4% Orpheum Circuit pf. 201 Otis Elevator (234). 110 Otis Elev pf (6)..... 1008 3% Otis Steel. . 2 14 Otis Steel pr pf. 201 Owens 111 Glass (2) 2% Pacific Gas & Bl (2). 35 Pacific Lighting (3). Packard Motor (40¢c) Par-Pub (b10% stk). Park & Tilford. Park Utah. Pat] Pathe Exchange (A). Patino Mines. - Peerless Motor Car.. Penick & Ford(11%) Penney (J C) (2.40). Penney(JC) pf A (6) Penna Rallroad (2).. Peoples Gas(Chi)(8) Pere Marquette pf... 10s Pere Marquette pr pf 508 Pet Corpof Am (1).. 3 Phelps Dodge Co. ... Phila&Reading C& 1 Phillips Petroleum. . Plerce Petroleum. . Pitts Ft Wayne (5) Pittsbgh Screw & B Pitts Steel pf. ... Pitts United pf (7). Poor & Co (B). Port Ric Am Tob(A) Port R Am Tcb (B). Prairie Uil & Gas. Prairie Pipe Lin Pressed Steel C; . Pressed Steel Car pf. Proct & Gamt 72.40) Proc &Gamb pt (§).. Pro & Refiners. .. Public Sve NJ(3.40). Public Sve NJ pf (5) Public Sve NJ pt (6) Pub Sve G&E of (5). Puliman Corp (3) 12 NY NY NY NY NY 1 1008 2 3 4 85 ™% 43 3 % Ya 1 4% 2 3 10s 1 27 5 6414 Pure Oil pf 12% Purity Bakeri, 5% Radio Corp. 29 Radio Corp p! 10% Radio Corppf (B)... 1 Radio-Keith-Orph A 8 RRSecICstkC(4). 9% Raybestos Man(1.60) 40% Reading Rwy (4)... 2% Real Silk Hosiery 2% Remington-Rand 16% Rem-Rand 1st pf (7) 5% Repubiic Steel. 13 Republic Steel p: 7 Reynolds Metls(1%) 69 Reynolds Tob A (3). 85's Reynolds Tob B (3). % Richfleld Ol 1% Rio Grande Ofl. 2 9% Ritter Dent Mfg 1%. 1 5 Rossia Ins of Amer.. 904s 138% Royal Dutch of NY.. 6 385% Safeway Stores (5).. 9% St Joseph Lead (1) 3 StL-San Francisco. 4% StL-San Fran pf(6).. 5 Savage A R 4 Schulte Retai] Sto; % Seaboard Alr Line * Seaboard Air Line pf 5% Seaboard Ofl........ 31 Sears Roebuck (23%). 1% Second Natl Inv...., 33 Sec Nat Inv pf (5.00) 3% Servel Ine. 5 3% Sharp & Dohm 10 Shattuck(FG)(t1%) 3% Shell Union Ofl. . 23% Shell Unlon Oll pt 814 Simmons Co..... 4% Simms Petroleum 5% Sinclair Consol Oll. . 70 ~ Sinclair Oll pf (8) 3% Skelly Ofl. 6 Sloss Sheffel 12 Sloss-Sheff Steel 10% Socony-Vacuum (1). 49% Solv Am pf ww(5%) 12 24 608 10 eel. pf.. 1008 50 1 THE EVENING STAR, WASHINGTON, D. €., TUESDAY, DECEMBER 8, 1931. NEW YORK STOCK EXCHANGE Received by Private Wire Direct te The Star Office. Net. Low. Close. Chze 10 - % 21% 9y 36% 5% 6% 17% 1Lt ol il 2N F ¥ EEF S‘*}'f{ L+ 1 £ & Vit H L4+ 4l 31 2 T6% 109 26 51 27% 15 27% 20% % (REXNN Ssexfy eEssesssas 11 o FEPRILe) ‘I_l EEE FEEFFIF S Stock and Bales— Dividend Rate. _Add 00. High. Low. 7 South Port Rico Sug 18 8% 8 28% Southn Ca! Ed (2). .. 8 21 Southern Dairies(B) 1 31 Southern Pacific (4) 5310s 9% Southern Rwy (m¢). 17 17% Spalding (AG) (1).. 4 3 Sparks-Withington., 12 9 Spencer Keliog(80c) 31 Spiegel-May-Stern. . 12% Stand Brands (1.20). 2 Stand Comcl Tobacce 29% Stand Gas&El (3%). 40% Stand Gas&El pf (4), 72 Stand Gas&El pf (7) 2814 Stand Ofl of Cal(2%) 8815 Stand Oil Exp pf (5). 8% Stand Ofl of Kansas. 281 Stand O NJ (12). 8 Starrett (LS) (80c 1 Sterling Secur (A).. 19 Sterling Secur cv pf. A% S 26% Sun Ol (1).... vo. 15 Superheater Corp(1) % Superior Oil. 3% Superior Steel. % Symington. ., Svmington (A) 12% Telautograph (1.40). 2% Tennessee Corom. 15 Texas Corp (3)...... 20% Tex Gulf Sulphur(3) 2% Tex Pacific Coal&O1l. 4% Tex Pacific Land Tr. 2 Thermold Co 5! Third Avenu “ese 14% Thompson (J R) (1), 6% Thompson Prod 1.20. 4 Timken-Detroit Axle 19% Timken Roller B(2). 3% Tide Water Asso Oil. 20% Tide Water As pf(6) 1% Tobacco Products. 7 Tobacco Prod A t95¢c 8 Transamerica Corp.. 8 Tri-Cont] Corp. ..... 51 Tri-Contl Corp pf(§) 2% Truax Traer Coal Co 3 __Twin City Rap Trasi( & Do wermabenwban-wn~ 11% Union Oil of Cal (3). 76% Union Pacific (10).. 3212, 60 Union Pacific pf (4).. 18 Un Tank Car (1.60)., 12% Unit Alreraft. . 40 Unit Adrcraft pf (3). 23 Unit Biscuit (2). 1% Unit Cigar Stors 26% Unit Cgr Strs pf(: 10% Unit Corp (Téc) 347 Dnit Corp pf (3). 7 Unit Dyewood. . . 35% Unit Dyewood pt (7) 25% Unit Fruit (3)...... 6 19% ['nit Gas&Im(1.20). 2266s U S & Forn Secur U S Freight..... U 8 Gypsum (1.60) U 8 Indus Alcohol. US Leather... S Leather (A). Pipe & Fdry (1), Realty & Imp.... Hubbae Rubber 1st of. .. Smtg & Ref (1). Smtg&Ref pt 3% 8 Steel Corpa (). U S Steel nf (7). U 8 Tobacco (4.40).. United Stores pf (4) 15% Univ Leaf Tob (3).. 8 Util Pwr&Lt (A) (2) % Vadasco Sales Corp. 13% Vanadium Corp..... 86 _Va Elec&Pwrpf (6). ' Wabash RR... 1% Wabash R R (A 17% Waldort Sys (1%). 215 Walworth Co. . 64 Ward Baking (A) Warn Bros Picture: Warner Quinlan. Warren Bros. . Webster-Eisenlhr pf West Pa El pf (6)... West Pa Pwr pf (7). Western Dairy (A) Ward Baking (B) Wesson Oil&Sno(2). Western Maryland Western Md 2d pt. Western Pacific. . Western Pacific pf. Western Unfon (6) Westinghse A B(2),. Westinghouse (23). Westvaco Chlor 1.60. Wsthse EM 1st m3% Weston Elec Instru. Wheeling Steel pf 3) White Motors. .. White Rock (1414) White Sewing Mach. Wileox Oil & Gai Willys-Overland.... Wilson & C.. Woolworth (14.40, Worthington Pump. Wrigley (Wm) (4) » Breoana I Al aeem 1008 308 o 8 8 8 8 s s 1] i} u u u u u u o BrmnoReatagamneRann S oo ® anBarmal —_— 3% Yellow Truck....... 2% Young Spr& Wire(2) 19 Yestwn Sheet&Tube 1__Zonite Prod Corp (1) —_— e TocCorp 1) RIGHTS—EXPIRE. 2% PeopGL&C.Jan1s 6 8% + 200,000 12:00 Noon. 900,000 2:10 P iven in th st unrterly o Balf Sraih 88 than " PaTabiohn chsnay boe THL S0 5 % in stock. special preferred 3 Paid this —no ok et Sl e e 32% 2% 3 Sales of Stocks on New York Exchange, 10:30 A.M. shares. TPartly extra P ear—: k. ar Tate. o P 8% i Net. ola? Chre. 2% — % 2% -3 - % 3 [} 1 + % + % + 1 & 5 | FIPE FEER FEA BONDS IRREGULAR | [or v vom BONDS stomsrcamnn] | Received by Private Wire Direct to The Star Office IN QUIET MARKET Rail List Is Helped Some- what by I. C. C. Decision on Rates. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, December 8.—Domes- tic bond issues and foreign dollar de- scriptions were highly irregular today. Trading was heavy in railroad bonds, but negligible in the rest of the list. The ¢~ ning was quiet and prices were little changed, owing to the wait- ing attitude adopted by traders in ad- vance of President Hoover's speech to Congress. The railroad list, however, had something definite to go on in the decision of the Interstate Commerce Commission that it had no authority to interfere with the carriers’ pool loaning lan. Since this gives the roads a free Eand in the distribution of the fund to be established by the rate increases al ready granted, there develop a buying movement that advanced rail bonds 1 to 4 points. Nickel Plate 6s were more than 4 points higher, while the 5'2s and 4'4s of the same road had substantial gains. 58, Chicago Great Western 4s, St. Paul 58 and Frisco 4!4s and B 5s, all had good gains. The better grade rail bonds, such as New York Central 5s, Baltimore & Ohio first 4s and Pennsyl- vania 41%s, improved about a point. Pirst-class legal rail issues, including Atchison General 4s, Norfolk & West- ern 4s and Union Pacific first 4s also were stronger. When the President's speech was de- | livered, the rail group received addi- tional help from the confirmation of the plan to make rail consolidation ecasier to accomplish. Generally speaking, however, the President’s speech had lit- tle effect, Those who were looking for a plan to give immediate aid to the se- curity markets were disappointed by the generalizations in Mr. Hoover’'s program for extension of Federal Reserve facili- ties, anti-trust laws, electrical power legislation and tariff measures. Responding to a sharp advance in railroad stocks, bonds of the carriers opened firm, to fractionally higher. The balance of the bond list was steady. Trading was in moderately active vol- % | ume. - + % =% 3% - % 500,000 1,100,000 nnusli cash eclarations. lowing is & summary of importapt cor- | poration news prepared by the Stand- ard Statistics Co., In the Associated Press: slightly greater than in the previous week, the increase was less than the normal seasonal improvement. ing to Cram’'s automotive reports, out- put totaled 7,745 cars and trucks, which compares with 7,375 units in the pre- ceding week and 38,981 units in the| corresponding week of last year. mission refused to comment officially expressed the CORPORATION REPORTS TRENDS AND PROSPECTS OF "LEADING ORGANIZATIONS. NEW YORK, December 8.—The fol- 8! New York, for | News Trend. Although automobile production was | Am Accord- Was The Interstate Commerce Commis- | wa, sion modified its -order, thereby can- | Wash celing the original requirements which stated that proceeds from the rate in- Wa: crease should be pooled. The com- on the railroads’ pool proposals, but |D. hope that additional | W revenue will be diverted to the weak Amer. Tel. Anacostia & Po Ana. t & P. Tel Capital Traction R c ban 55 Barber & o Chevy Chase Club 83s. Columbia WASHINGTON STOCK EXCHANGE QUOTATIONS AND DAY’S SALES * SALES. Washington Gas 55—$1,000 at 10015, 1,000 at 1001, 1,000 at 10025, Bid and Asked BONDS. PUBLIC UTILITY. & Tel. 4%s '39., Tel. & Tel. ctl. tr. 5s. R.R.'58 & Pot. Guar. 5 of Va. bs.. Alex. & Mt. V. ct] Washington' Gas 4125.., shingion Gas 5s.. sh. Gas 6s, series A. Gas 6s, series B sh. Rwy. & Elec. 45 MISCELLAN Ross, Inc., 6% Country Club C. Paper Mfg. . ‘ash. Mkt. Cold Storai $1,000 at 100%5, | Mergenthaler Linotype—50 at 60%, Riggs (159).. | Second "(gey Washington Amer. Bec. & Tr. Co. Continental Trust (6) Natl. Sav. & Ti s Prices. SAVINGS BANK. | Bank of Bethesda (6). | Com. & Savings (10). . | Bast’ Washington (13 Potomac (10). | Sec. Sav & com. B Seventh_Street (12 | United States (30) Bid. Asked. mids . 100 | FIRE INSURANCE. American (12). d & Corcoran (10)..!! " Firemen'’s (8) ... | National Union’ (15} 4 | Columbia (6h).. % | Real Estate (6h). . | Band & Gravel D. 0. Paper Mlx. ptd. Sec. . Bec. pfd. (7). «:mo-sefl A Col. Medical Bldg. Corp. Col. P, s 0 TRUST COMPANY. | Washington Mechanics (0;. . . TITLE INSURANCE. . £ed MISCELLANEOUS, @®... & 8 | Equity Invest pf The best gains were in some of the most heavily depressed descriptions such as Missouri Pacific general 4s and Alleghany 5s. Prime bonds, like Atchi- son general 4s and Norfolk & Western 4s. were firm. Industrials and public utilities were little changed. The foreign list was strong in most cases, with developments in the Euro- pean situation still leaving uncertainty as to the underlying note. German 55, Dawes Reparations 7s, British 515s and cther Europeans were about unchanged. Japanese issues had a small advance. South Americans were unchanged. GAIN IN STEEL OUTPUT FOR NOVEMBER SHOWN By the Associated Press. NEW YORK, December 8.—Steel ingot production showed an improve- ment in November, operations being carried on at 30.01 per cent of rated capacity, compared with 27.76 per cent in October, the American Iron & Steel Institute reported. Operations for November last year were at 44.20 per cent. Production last month totaled 1,593,- 684 tons, an average of 63,747 tons for the 25 working days, compared with 1,592,376, or a daily average of 58,977 tons for the 27 working days in October. During November of 1930 production amounted to 2,212,220 tons, an average of 88,489 tons for the 25 working days in that month. May Get Christmas Dividend. NEW YORK, December 8 (#).—The 400,000 depositors of the closed Bank of United States may receive a 15 per cent Christmas dividend, involving a opnymmt of slightly more than $20,000,- 00. Banking Superintendent Broderick announced last night that he expects to make application to the Supreme Court on Thursday for approval of the dividend. If the court’s sanction is given, the money will be distributed at once. INVESTMENT TRUSTS NEW YORK, December 8 (P).— Bid, Asked. A B C Tr Shrs ' T 33 A B C Tr Shrs b A Gen Sec Bty B Gumulative Tr Sh Corporate Trust ... Corporate Trust A A Corporate Trust Accum Ser rum & FOSter. ... ...... Equity Invest Eauity Trust ! Five Year Pixed Tr . Fixed Trust Sh A Fixed Trust Sh B, Shrs A Fund Tr Shrs B . Granger Trade Gude Winmill Trad Incorp Investors Incorp Invest Eauit Independ Tr Shrs . Int Sec Corp Am A Int Sec Corp Am B Int Sec Am €7 pf.. Int Sec Am 6'2% Iny Tr N Y Coll A. Erfe 5s, Missouri Pacific s, Alleghany | UNITED STATES. (Sales are In $1.000.) Sales. High. Low. 2:55 Lib 3155 32-47. 99 26 9923 9923 L 1st4%s32-47 100 25 100 22 100 22 L 4th 43¢ 33-38 100 29 100 31 US3s19851-5.. 8910 89 10 US34s'49. 9126 9126 US3%sM4 9628 96 28 %sJ 40-3. 9630 96 30 %S 4347, 9628 96 28 6. 262 4 9824 9928 14 101 4 100 20 100 22 89 104 8 10331 108 31 Bales. High. Low. 2:56 735 34 34 10 88y 10 38 9 34 1 26 13 48y 24 68 10 71 1 56 3 9% Us3 USs US3%s 46, US 45 44-54. .. US 4%s 47-52.. AbItibl P&P 6553, Ab&St5% "43.... Alleghany Cp 58 "44 Allegheny 65 '49 Allegheny 58 '50 Am F P 552030. ... Am1GCh5%s 49, Am Intl5%8'49. .. Am Metal 5%s 34.. Am S&R 1st 5847, | Am Sug Ret 6s°37. 2 703 Am TETev4%s'39 9 110% Am T & T 68 §5... 120 100% Am T&Tctr5s'46. 8 103 |Am T&T 538 £°60. 19 101 |Am T&T 534543 |Am W Wks 53 '34. . Argentine 5345, ., Arrentine 534s '62. Argentine May '61. Argentine 6s Ju's9, 6 55 Argentine 6s Oc'59. 33 54% Argentine 6s B'58. 11 56 Arm & Co 4%s°39.. 33 74 Arm Del 6%5'43... 32 614 Assoc O11 6s°35. ... AUCL 1st4s’62,. Atchison gn 4595, Atchison adj 43 '95, Atchiscv 4148743, . At Gulf 65 °59, Atl Ref db 5837 Australia 4168 '56. Australia 58 '55. Australia 5s ‘57 Austria 7s '43.. Austria 7a ‘67 ctfs. B&O4s'43.. B&O4%s 33, B&Ocviys & O 1st 5548 & & B B 1 B & O 5s D 2000.... B&O6s'95.. Bk of Chile 6% s '6 Bk Chile 6% s '61 Batav Pet 4145 43, Belgium 6s '55. Belgium 6348’49 Belgium 7s'65, Belgium 78 '§ Berlin Cy El Berlin CE 6%s Beth Stl pm 68 Bolivia 7s '58 Bolivia 78 '69 Bolivia 85 47 Bordeaux 6s '34. Bos &Me 53 '67...., Brazil 645 26 Brazil 6348 27, 835, Bk Ed gn A 53°49.. Bklyn Man 6s '68 R¥iyn Un 58 °'45. ... BKlyn Un 1st 58'50. Buenos A 6s'61 Pv., Budapest s ‘62 Buff Gen El 4%, Bush Ter con 5s 56 Bush T Bldg 55'60. Calif Packing 58 *4¢ Canada 4s '60 Canada 4 Canada 5s '52 Can Nat 4%s 54. Can Nat 43857 . Can Nat 4% s '55. .. Can Nat 53 July'69. n Nat 58 Oct '69. Can Nat 55 '70. Can Nor 434 '3 Can Nor 634s Can Nor 7s db '40 Can Pac db 4; Can Pac 435’60, Can Pac 5s '44... Can Pac 58 '54. . Car Clin & O 55'38, Cent Pac 45 '49. Cert-1d db 5143 '48. Ches Corp bs '47, C& O gen 414s°92., C&O 4%sA’93 C&0 4%s B '95. CB% Qgen 4s'58. C B&Q 1st rf 6571, Shi & Est 111 5851, Chi Grt West 48'59. CM&StP 4%s 89, C M StP&P b3 7 CM& St Padjbs..110 Chi&NW g 314887, C&NW 4345 C 2037, Chi & NW en 4%s. Chi&NW rf 58 2037 hi& NW 6%s 36.. Chi Rwys §s 27 Chi RI&P gn 43 ChiRI&Pre4 ChiR lcv4ls60. 1 ChiRI&P 414552 Chi T H ine 65 '§0 Chi Un St 5s44. .. Chile 63 '60. Chi 42, § Chile Cop db Gs '47. CinUnTrust 5s 2020, Clev Term 55 73, Clev Term 5348 '72. Cologne 64550, Colomb 6s Jan '61 Colomb 6s'61 Oct. Colon Ofl 6s '38. Colo & Sou 43535 Colo & Sou 4345 '30 ColG&E 55 May'52 Col G&E cou 6s '61. Com Inves 53549, CC Md 1st rf 55'50. Con G NY 4%s'51.. ConG N Y 53545 Con Pwr Jap 63 Consum Pow 5s 5 Copenhag 5s '52 Cuba 538 '45. Cuba Nor 534542 Denmark 43%g 62 Denmark 5%s '55 Denmark 6s'4 D&RG W 5855, DRG& W 6578, . Det E G&R4%5'61. Det Edison rf 5849 | Deutsche Bk 65 '32. Dodge Br cl 63 '40. . Duquesne 4153 '67, Dutch East I Mar,, Dutch East I 6s'47. Erfecon 4s A '53, ., | Erie conv 43 B Erie gen 4s Erie cv bs " Erle 65 '75 Plat 7s war Finland 6%s Finland 6s Finland 6%s Fia E Coast 6874 94 101% 101% 64% 6474 85 854 9% 99% FINANCIAL. Sales, Inlard St4Rs A8 2 & Inlard St 4% s B'S1 Int Rap Tr 68 Int Rap Tr sta Int Rap Tr 6s'32.. Int Rap Tr 78 32 Int& G Nadés" Int Hydro El 6244 Int M Co bs ret'41. Int Match 58 '47... Int MM col tr 6 Int Pap 53 A "47... Int Pap 65 '55. IntT&T 4% Int T&T cv 4% IntT & T 58 '55. Italy 7s 51 Italy Pub S 78 '52.. Japanese %8 65.. Japanese 6% Jugosl Bnk 78 '57.. Kan City Sou 3s'50. Kan G&E 4%s'80.. Karstadt 6s'43. 2 30 39 Boaenwaw ~n o N Roaver 2naSwun ke witxEan Kreug & Toll 5359, LacG St L. 5s"34... Laclede 5145 C'53. . Laclede 5%s D '60. - Lorillard 58 Lorillard 53 La & Ark 5360 Lvons 6s'34. McKes & R 5% %50, Manb Ry 1st 45'90. Marsellle 63 " Midvale Stl 53 Milan 6%s'52..... Mil E Ry & L 53 '61 M1 El Rv&Lt 58 71 M StP&SSM cn 4s MK & T 1st 4 MK&T4%s"78. ., MK&T nrIn 5sA’62 MK &Tadj5s'67. 26 Mo Pac gn 4s'75...102 Mo Pac 53 A "85.... 19 Mo Pac 58 F'77. Mo Pac 58 G *78. Mo Pac 5s H 30, Mo Pac rf s "81. Mo Prc5%sA'49., 3 Mobile-Ohio 5s '38. Mont Pow 6s'43... 6 Montevideo 7s '52.. 3 NatDatry 5% s 48, 64 Nat Steel 5s 56, 19 Netherlands 6s'72, 1 NEng T 1st53'52. 11 Nw S Wales 53°57. 11 Nw S Wales 5558, 23 YCgn3%s'97., 68 Cent 45°98 PReE | Cent 4152013, 9 Crf4ls2013. 7 Y Crfim5s2013 33 NYCentdb6s'ss. & NYCLScl3%s98. 1 NYC&StL4s'37.. 3 NYC&StL 4145 '78. 55 NYC&StL5%8A'74. 17 NYC&StL 6s°3 N Y Fid 1st 65541, NY ELH&P 4849 NY NH&H ab 4557 2 NY NH&H 4345’67 15 NY NH&H clt 6s4¢ NYNH&H cd NY O&W 1st NY 0&W zn 4, NY Rys inc 6s NY S&W 1s [PE Tl P O O CTOToR - PP N NY NY NY N 0 R T R R B B R NS D TR RIS T A D O i i 19 =2 3 0100 1 69 1 55 e 090 00 B O Nor Am Ed 5857 Nor Am Ed 55 C "6 41, Nor Fac 3s 2047, Ner Fae o Nor Pacr16s 2047, Nor St Pw 58 A"41. Nor St Pw 6s B *41. Norway 6s°43. Norway 6 Norway 6s '52. Oreg-Wagsh 4; Orlent dev 6; Pac G&E 5842 Pac T&T 1st 58 '37. Paramount 6s *47 Paris-Ly M 65 '58. Paris-Ly M 7s '58. . Paris-Or 5%s Pathe Exch 78 '3 Penn ¢35 D '31 Penn cv 4% Penn gn 435 '65 Penn 43870 Penn 4% 563, Penn Gs ‘6. Penn gen 6 Penn 6345 '36...... Penn P&L 438 '81. Peoples’ Gas 58 4. Pere Mar 4%s ‘80 Peru 65 '60. Peru s * Poru s '59. Phila Co 5s " Phila Elec 4s 71, ., Phil & Read 6 '49. Philllp Pet 5% s '39. Pillsb F M 6343 PCC&StL 4%s'77. . P&W V4345 C80. Poland 6 *40. Poland 75 '47. Poland 8s°50. Port Cin El 4 Por R Am T 6s '4 Pos Tel & C 65'53 Prussia 6s'53. . Public Serv 4s 71 PubSv G 4%s '67 Pub Sv G 4%s 70 Queensiana 6s *47 Queensiand 7s "41 Read gn 4348 A '97, Rem R 5% Rhinelbe Rnine West 6s Rhine West 63’53 Rhine West 68 ‘55 Rhine West 78 '50. . Rich Ol Cal 63 "44. Rlo d6 Jan 6%s '53 R Gr Do Sul 63 '68. Rio Gr W 1st 45 '39 RIAr&L4%s 34, Rome 6% '62. ... StL IM R&G 4533, 5 St L&SF in 45 A '60 25 StL&SF 4%s" StL&SFpl5s B StLS Wbhs's2..... Sao Pau 7840 ret. . Sao Paulo 88 '50 Saxon P W %861, 1 SeabA Lrf4s'59.. 2 SeabALevés'4s. 4 Sea All Fla 65,A'35. 34 Seine 7s "42. Serbs-Cr-S1 7, Serbs-Cr-81 8s '¢: Shell Un O11 Shell Un O11 . Shinyetsu 6% s '52.. SineO Tscv A Sine Cr O 6% - 61 '53. - o = e e » —a ‘mm. Low. 2:58 828, 82% 821 82K j others. { Accounts re- RADIO SALES TAX- DECLARED LIKELY 'New Luxury Imposts EXM ed to Include Levy on Receiving Sets. BY JOHN F. MILLER. It now seems certain that many of the so-called luxury. taxes imposed une der the 1924 revenue act soon will be reinstated by Congress. There is one item, however, that can be omitted without the danger of losing much reve nue, Section 600 (8) of the 1924 law ime posed a levy of 10 per cent on “mah= Jongg, pung chow and similar tile sets and the component rts thereof.” Perhaps the new law will be framed to cover backgammon, Camelot and ping- pong. . Radio Tax Likely. On the other hand, one industry, the taxation of which would not have been considered in 1924, is expected to pro- duce a substantial part of the revenus from the new levy. In 1924 the value of radio receiving outfits in the United States was of little consequence. Now it is one of our major industries. Fur- thermore, the tax is one which can ba easily administered. While there will be some opposition, it seems definitely settled today that purchasers of radio receiver sets will have to pay some tax, and the only question remaining is, How much? The proposed tax on motion picture shows probably will encounter much greater oppesition than any of the Not only is this industry well organized and in a position to put up & strenuous battle, but iis argument that no tax should be imposed, especially at this time, which would increase the of such entertainment, is one that strikes & popular appeal. On the other hamd, the Government needs the revenue, and an amusement tax of general applica- tion would be a prolific, source for it. Furthermore, the amusement tax, like the proposed levies on automobiles and radios, is easy to administer and could be depended upon to result in very little lit.!gauon. o 3 ongress is not the only legislative body which has experimented with luxury taxes. Long ago some of the States found themselves - confronted with the difficulty with which the Fed- eral Government is now contending and' found it necessary to seek new sources of revenue. % South Carolina has made more use of luxury taxes than any other State. According to members of its Tax Com: mission, the revenue from this has preved a source of great stre: in the present emergency. While in~ come taxes were falfing off at an alarm« ing rate, the yield from the luxury tazes remained fairly stationary, they say. Apparently the -cgpsumers of soft drinks, candy, tobacco products and malt refused to economize on such luxuries, tax or no tax. . “Painless Extraction.” “Painless extraction,” one member of the South Carolina Commission calls the luxury taxes. “If the urdmnr‘y‘ automobile owner would calculate the tax on gasoline pays annually, he would be that he greatly surprised, yet it is pald uncome plainingly and is regarded as a part of the daily routine: he says, “and the same is true of consumption taxes.” the problem in much the same frame of mind, and it is for that reason thag many industries are now letting it be known that any levy on them will be far from painless. (Copyrisht, 1931.) Finanecial Statements BY GEORGE T. HUGHES. For the sake of simplicity we will eliminate from our imaginary balance sheet in the t discussion everye thing except current assets and current liabilities. Of course, that will not maks the sheet balance, but it will serve the purpose. The following is from the ile lustration already used several times in this series: Assets. Current Liabilities. Current ash ......'$9,000,000 Notes a [ ceivable (ess * serves) .. Marketabie securities. 12,000,000 mventories. 17,000,000 $18,000,000 $15.000.000 We have already seen that the first recourse for the sums needed to meet the current liabilities, which are as. sumed to be immediately due, are the cash and the marketable securities ac- counts. We have now to consider the two other items on the asset side, the receivables and the inventories. At this stage it is unnecessary to go into the question of whether or not the accounts receivable are out of proportion to the total business done. That would not appear in a balance sheet anyway. It will be noted that these receivables are in the example given “less L This is the estimated amount which the account is written down for bad debts. That deduction varies with the degree of conservatism with which the books of the corporation are kept, and the figures throw no light on this point. Rarely the amount of reserve is stated, and then the percentage can be computed, but ordinarily it is not cus- tomary to go behind the figures, As for inventories, that item is calcu- lated in different ways also; perhaps the most conservative is “cost or mar- ket, whichever is lower.” What the analyst wants to know is that the sum stated can be realized upon without ma- terial deprecjation. The student will observe that the two items here discussed, receivables and in- ventories, although both classed as cur- rent assets, d!.fle%n kind from the two heretofore dealt With, cash and market- able securities, in that it does take & certain appreciable time for the bills re- ceivable to be collected and for the in- ventories to be turned into cash. For that reason a current asset account is sometimes further subdivided into quick assets and other current assets, the cash and security items alone coming under Emer. Bre Federal Storage pfd. (8) Fed.-Am. Co. com. (1.201) Fed.-Am. Go. pfd.” (8). Lanston ‘Moriotype (6). Mer. Tr. & Stge. com. (i0) Mer. Tr. & L | Mergenthaler Linotype Natl. Mtge. & Inv. pfd. ( Fram I'D Ti4s 43 French 7s'49 French 7i4s '41. Gelsenk’hen 6s'34. , Gen Baking 548 ‘40 Gen Cable 5%s '47, Gen Motors 6s'37., {Gen P Sv 583! Gen St Cas 5345’49, Gen Th Eq 65 '40. German 5%s '65 German Bk 6s '3| Ger Cen Bk 6s Solssons 63'38. ... Sou Bell T&T 55 41 SW Bell T 55 A '54. Sou Pac col 43 *49 Sou Pac ref 45 '55. Sou Pac 4%s'68. .. SouP4%s'69 ww. 7 Sou Pac 4%8°81... 36 Sou P&Or 4% Sou Ry gn Sou Ry 58 Sou Ry 6% . StOIlIN J 5846, STOCKS. rooms, 75290; turnips, 50860, arti- chokes, 4.00a5.00; squash, 3.50; okra, Cuba, pe 9021.00; 'Florida, per bushel, 325a3.50; cabbage, new, 40- pound’ basket, 2.25a2.50; old, 100-pound sacks, 1 3.00a3.25; tomatoes, Florida, fancy, 6-pan_containers, 7.00; California, 30-pound lugs, 6.50. the former classification. (Copyright, .1931.) - Radio City Contract Let. NEW YORK, December 8 (#).—The Republic Steel Corporation has re- ceived a contract for the Radio City project in New York City to supply all the metal lath, corner m%“" lath and sheet ' metal for ventilating ducts. 3 roads. This paves the way for the i setting up of a credit corporation to PUBLIC UTILITY. administer by loans to the weaker roads, | Amer Tel. & Tel. (9)... a fund estimated around $100,000,000 | & derived from the freight increases al- lowed by the commission. The Companies. Electric Bond & Share—Stockhold- | ers approve cancellation of employes’ | common stock plan, providing for sale | of common stock at $40 a share; pay- | ments to be 2.2883885 8228 Elec. Power 3727, pid. Wash. Rwy. & EL com. Wash. Rwy. & El ptd. NATIONAL BANK. Capital (14) (éufinubll (13 461 T3% 62 101% . Col I Tr 18l &l A Assoc BULLISH FACTORS. NEW YORK, December 8 (Special).— *Ex dividend, 10 One Stock Exchange house today gives 17 reasons to justify expectation of a turn in business conditions and the be- ginning of a reconstruction period, It states: “We have now reached the point in business depression where some of the necessary reconstruction steps are already consummated and where the consummation of other steps is clearly indicated.” It reserves judgment s to the period when these factors will become operative on account of the un- certainty over the German situation. ‘This, 1t believes, is so critical that' its solution must be brought about by the nations moet affected by it. Stock Sale to Workers Stopped. NEW YORK, December 8 (#).— Btockholders of Electric Bond & Share $3,000,000. Grigsby-Grunow Co—Deficit, quar- ter ended August 31, $1,060,626 vs. deficit $182,974. National Railways of Mexico—Econ- omy program to afford estimated sav- ing of 25,000,000 pescs yearly. ly Frocks—November sales up 6.1 per cent; 11 months, off 2.5 per cent. Alaska Juneau Gold Mining—No- vember profit before depreciation, de- pletion and Federal taxes, $62,300; 11 months, $1,444,350, Canade. Dry Ginger Ale—November sales substantiel'y ahead of October. Grabam-Paige * Motors—Deficit, nine months to September 30, $2,233,447 vs, deficit $2.228,284. Internaticnal Paper & Power—Sub- eidiary cuts ne int prices for 1932 Co. at a special meeting approved can- cellation of the plan for saie of the sock ot the T e et Bt SR B P ; on May a also was made. & i Lt s refunded; aggregate | ommercial (stamped) (10} District (8) . S Metropolitan bBooks closed. a8 extra. s _exira, e112% extra. New York State Natural Gas to bring natural gas to Syracuse. an:' Pipe Line—November crude oil deliveries up 4.8 per cent; seven months off 45.4 per cent. ‘Warner Bros. Pictures—Vitaphone short subjects to be shown in all the- | aters of Paramount-Publix. Wilcox (H. F.) Oil & Gas—Deficit, | 10 months to October 31, $831,511. | American Locomotive—New orders may wean re-cngagement of 4,000 men and full time for Schenectady plant. American Tobacco—Profits in first 10 months above year ago. ‘Traction, t & Power— Gross of subsidiaries, l%“;onths to Oc- 0.3 g \ ber electric output off 5.6 per cent; 12 months, off 5.2 per cent; November gas output off 3.1 per cent; 12 months, off 4.9 per cent. Illinois Central Railroad—Cash re- ported sufficient for immediate needs. Kaybee Stores November sales off 15.1 per cent; 11 months up 0.5 per cent. Morisen Electrical Supply November sales off 44.8 per cent; 11 months off 9.6 per cent. Pan-American Petroleum & Trans- cent a gallon at Atlantic deep-water terminals. . G) Co. N e ey T ‘)/:n. advances tank car gasoline prtc; Unj Commonnwealth & Southern—Novem- | 8o i | Trustes Stang tnv D Tridies SUOI A L Tiurtee Bt il Shri 3 k 8h - TroAm Bk A . Bent Fixed Td o Year Trust s rs Ger Cen Bk 63 '60 O German 7s rep *49.. Ger Gen El 78 '45. ., Goodrich oy Good 15t 634847, ., Goodyr Rub 6#'57. , GrandTr sf db 636 Grand Trunk 7#'40. Grt Nor4%s "7 B, Grt Nor gn 6% '53 Grt Nor gn 73 '3§. , Greek 6 Hait! 6552 Hock Val 41%4s'99,, Hoe & Co 63 '3. Hud & M ad) 5 Hud & M rf 6s O 534822, Hungary T%s "¢4.. 111 Bell Tell 53 '5¢ 11 Cent 4% 11 1 32 100 100% 31w 103% 31% 36 “© 100% 314 103% 334 36 40 Sweden 5%s '54. Tenn E1P 68 A'47. 4 Texas Corp 68 '44.. 53 Tex&P 1st 55 2000, Toho El Pw 78 Tokio bi Toklo 5% Tokio El Lt 68 Un Pac 1st 4847 Un Pac 4s 68 Un Pac rf 42 2003 Unit Drg v 58'58. 24 Utd King 53%# ‘37, .164 U S Rub 18t 58 "47. UnSt W6%s AT, 90 Utll Pw & ww.. 42 52y Utll Pow5%®'47.. 16 53 7% 100% 58% 89% 73 79 904 881 42 201 22 30 30 88 48% 50 7% 100% 58% 89% 73 79 91 881y 42 20% 22% 30 Vienna 6s ‘52 Va Ry & Pw bs Wabash ¢%s°78... Wabash 1st 53°39, ‘Wabash 2d §s '39, ‘Wabash 53 D 80 Wabash 5%s 75 Warn Br Plc §s°3! Warn Quin 6s'39., > West Unlon s ‘51, West Union bs 60. Wes: Un 6%s '36. WEO3%s 3T ww 30 20 484 Sekauxa RE