Evening Star Newspaper, December 8, 1931, Page 15

FINANCIAL ‘CURB ISSUES MOVE IN'NARROW RANGE THE EVENING STAR, NEW YORK CURB EXCHANGE Received by Private Wire Direct to The Star Office. WASHINGTON, D. €, TUESDAY, DECEMBER 8, 1931. A AUCTIONS RESUMED!0versubscriptions of Treasurs: Oferngs by Banks and Corporations Have STOCK YIELD UP 101044 PER CENT sold 1931.- Low. 15 ~Prev. 1831~ Stock ana Bales— High, Low. Dividend Rate. Add 00. Open 36% 7 Lerner Stores. RRE B25 74 Lone StarGasnssc. 3 {107 83 Long Iscupf B(6)..125s 364 Long Island Lt (60¢) in 100-share lots except those designated by letter “s. Stock and o Dividend Rate. Add 00. Open. Hich. Low. Close. Acme Steel (2).. 28 6 16 16 16 Agfa Ansco. ... 2 2 2 Ainsworth Mfg. 62 6% 6% Righ 9 5% 17 3 Early Strength Followed by ! Irregularity—Utilities and Oils Featured. BY JOHN A. CRON Special Dispatich to The Btar. NEW YORK, December 8.—After early strength on favorable overnight | news, stocks on the Curb Exchange to- | day backed and filled, unable to show ! & definite trend i Electric Bond & Share at 15% was | a trifle lower around midday. as was | Cities Service at 6> Standard Oil of Indisna was virtually unchanged at 18%, though Standard Oil of Kentucky | ‘Was somewhat higher around 16% Motors and store shares, because of seasonal influences, stood out on the upside in forenoon dealings. Special- ties were erratic. Natural gas and pipe line issues generally were better, which also was true of food shares, but else- where in the list during the first few hours gains about offset losses and most movements were exceedingly narrow Cord Corporation moved forward as news came out that a subsidiary, Ly- coming Manufacturing, was_increasing December output to care for heavier orders. Ford Motor, Ltd, however, | dropped fractionally despite Paris cables reporting Ford Motor of France sales in the first 11 months amounted to 12.887 cars, against 12,600 in the like period of 1930. The latter st g2 during this stage of the session. Ford Motor of Canada A pointed higher A budget of favorable news, along with expectations of the presidential message to be made public later in the day, caused the exchange to open higher Electric Bond & Share, at 15%, was up 1. Cities Service, at 6%, opened unchanged, but advanced on succeeding trades. Standard Oil of Kentucky was firmer at 16%. Cord Corporation fea- tured the motors in point of activity as well as in the width of its gain Shaeffer Pen, one of the inactives opened at 24%. off 14, Most of the natural gas shares turned upward. | Middle West Utilities, at 9%, gained . | Pennroad Corporatior, at 2%, was un- changed. | CHICAGO LIVE STOCK MARKET) CHICAGO, December 8 () (United States Department of *Agriculture) — Hogs, 38.000 head, Including 8,000 di- | rect; 10 Jower than Monday: under- | weights steady to 10 lower; 170-280, pounds, 4.25a4.30; top, 4.35; 140-160 pounds. 4.0084.25; pigs. 3.23a3.65; pack- | ing sows, 3.65a4.00. Light light, and choice 140-160 pounds, 3.85a4.25;| 1 light weight, 160-200 pounds, 4.1584.35; medium weight, 200-250 pounds, 4.208 4.35; heavy weight, 250-350 pounds, 4.1584.30; packing sows. medium and good, 275-500 pounds, 3.65a4.00; pigs, good_ and cholce, 100-130 pounds, ,00a3.75. Cattle—Receipts, 8.000 head: calves, 2500 head; all grades weighty steers 25 higher; instances more; light kinds and yearlings, steady to strong: gen- eral market ruling more active on all grades and classes; largely short-fed steer run; eerly top, 11.00; bulk, 6.00a 8.00. Slaughter cattle and vealers— Steers, good and choice, 800-500 pounds, 7.50a11.25; 900-1,100 pounds, 7.75812.25¢ 1100-1,300 pounds, 7.75a12.50; 1,300~ 15500 pounds, 8.00a12.50; common and medium, 600-1,300 pounds, 3.757.75: heifers, good and choice, 550-850 pounds, 6.50a9.50; common and me- dium, 3.00a6.50; cows, good and choice, 3.5025.00; common and medium. 2.75a 350; low cutter and cutter, 2.00a2.75; bulls (vearlings excluded), good and choice (beef), 4.00a4.75; cutter to me- dium, 2253425, vealers (milk-fed), good and choice, 55027.00; medium, 4002550 cull and common. 3.0724.00. | Stocker and feeder cattle $0-1.050 po 125a200; feeding| good and choice | 110 Air Investors ev pf. Air Investors war. Ala Pow pf (6). Alexander Indust. Allied Mills Inc Aluminum Co of Am 18 Alu Co of Am pf (8). Alum Ltd B war. Alum Goods (1.20), Am Bakeries A (3). Am British & Cont.. Am Cigar Co pf..... Am City P&L (A) a3 Am Cit PRL Bb10% Am Com P A (b10%) Am Com Pr B(b10%) Am Corpn (£30c). Am Cyanamid B. Am Dep Strs 15t pf A 2 Am Equities....... Am For Pow war. Am Founders. . Am Invest Inc (B).. Am Gas & Elec (11). Am Lt & Trac (2%4). Am Superpower. ..., Am Uti] & Gn B vte. Anchor Post Fence Anglo Chil Nitrate. . Appalachian Gas. ... Appalachian Gas wr. Arcturus Rad Tube. Arkansas Nat Gas. Arkans Nat Gas A. Armstrong Cork Assoc Elec Ind (30¢) A(b2-25) 2 250 23%, 247 918, 4 £ as Util Corp ock & W il Liig). Bickford's (1.20) . Blue kidge Corp. . Blue Ridge cv pf (a3) Bohack (HC) (4)... Brazil Trac Lt&P(1) Buff N&EP pf (1.60). Bulova cv pf (3 Bunker Hill & Butler Bros. Cable Radlo T vte Canadian Marcon! Carib Syndicate. arnation Co (J1% arnegle Metals ‘elanese pf (7). . “elanese Corp 18t pf. 50s ‘ent Pub Sve A b5%. 181 6% 38% &0 28% ent&Swn Ut (b haris Corp (13).,.. hesebrough (153%). hilds Co pf (7).... ities Service (g30¢) “ities Serv pf (6) CILSY P& L pf (7)., 3 “laude Neon Lts Inc olon Oil. 5 mwith & Comstock Tunnel. Consol Auto Merch. Consol Copper. , . Con Gas Balto (3.60) “out Shares cv pf. .. Cont Shares pf (B) Cooper Bess pt (A Cord Corp CosdenOfl.....", Creole Petroleym. Cresson Consol (4e) . Crocker Wheeler, ... Cuban Cane pr opt w Cuban Tob vot tr cfs. Cumberland P L (2). Curtiss Wright war. Darby Petroleum. Dayton Air & Kng. Deere & Co. ...... De Forest Radio. De Hay Air rets 18c. Derby O} Refining. . Detroft Afreraft. . Doehler Die Casting. Dubilier Cond & Rad Durant Motors East G & I Assoc. tast Sta Pow (B)... last Utll Inv A. ucational Pic pf.. Elec Bond&Sh (b6 % ) Elec B & Sh cu pf 6. . Elec B & Sh pf (6) Elec Pow Assoc (1). Elec Pow Assoc A (1) Elec P&L 2dpf A T.. Elec P & Lt op w Europ E Ltd A (60c) Europ Elec deb rts. . Fansieel Products Fedders Mfg Co A Federated Cap ou pf. Ford Motor, Can., A. Ford Mot Ltd 26 3-60 Fox L'heater (A)..., Garlock Pkg (1.20)., Gen Aviation. .., Genk Ltd res 36 3-5¢ pire (1)..... 8 Gen G&E cv pf B(6) 1508 Gen Theat Eqev pf. 81 lbert (AC)pf3%. 1 Glen Alden Coal (4). 1 Glohe Underwr (16c) 6 Goid Seal Elec new.. 5 Goldman Sachs 23 Goth Knitback Mch. 1 GUAt&Pac Tea pf(7) 208 Gulf Oil of Fa (1%). ‘11 Hackmester Lind. . Gax v.te. ress Candy . 2 Hartford 51 Ltd 2% . 258 Hecla Mining (40¢), Hudson Bay M & 8 Humble O11 (+214) . . Huyler Strs of Del Hygrade Kood Prod. Imp Otl of Can (50¢) Ind Ter lllu Ol B. .. Insull Inv (b6% ). Insurance Seeurity., Intercontinent Pet n Int Safety Razor (2) Int Utilities 8. ... ., Interstate Equities 10 In'state Equity cy pf. 1% ltalian Superpow A 01 1 + Kirby Petroleum. .. 121 Leh Coal & Nav 1.20. b 1004 25% 2% £ 10 1% A 13% 13% 183 13% 49 % 82 % 4% 621 K 3 10 16 12% 97 2 4 22 % Mavis Bottling ( Mayflower Asso Mead Johnson (t Meniph N Gas (6| % Mid W Util B wi Mid West Ut (b8 Minne-Honey pf 254 25% 2% 1% 2 2% 2% ~ % | 4 5 | 2% | Pipe L ( 3% 39% 10% 1 Nat Bancservice Nat Bd & S Corp Nat Food Prod A Nat Leather. .. Nat Pow & Lt p Nat Pub Sv A (1 Newberry (JJ) 1 New Eng Pow pf Pipe Line. .. Long Isld Lt pf (7).. 10s '3 Louiglana Lan & Ex McCord Radiator B., 9 A).. (2). 5).. 0c). % Met Chain Stores. %), 3 (6). 50s B).. 3 Mobhawk Hud 1st(7). 50s Mountain Prod (80c). Nat American Co. . (6).100 60). 105 (6). 60; New Jers Zinc (13).. Newmont Mining. N'Y & Hond Ros NYP&Ltpt (7 N Y Steam Cp (2. N Y Telpf (6%) N Y Transit (11) Niag-Hud Pow ( ().t 3 )... b0s .60). 2 {oc) Niag-Hud Pow A w.. Niag-Hud Pow B w. . Niag Share(Md) Nipissing. ... Nitrate Corp Chi! Nor Am Util Sec Nor Pipe Line ¢t or 8t Pow A (8 Nor St Pow pf (7 Ohio Copper. .. Ohio Oll cu pf (6 Pac G & E 1st pt 1 % L 20 803 92y B 70 24% £ Pac Western O1l Patterson Sarg ( Penn Wat & Pwr Pepperell Mfg (4 Pitney Bowe: Polymet Mtg Quebec Power (2 Radio Products Reiter-Foster Rellance int A. Reybaru Co Reynolds Invest. Roan Antelope M Rosslia Intl (1ve) 20 ol ELY 1 6% 2% 1 Sec Allled Corp ( Sexal L& H (a50 Selected Industri, 364 Sle Ind al et 374 Sentry Sutety Co: 2 Shattuck Den Mi 26 Sheaffer(WA)P( 1% “Shenandoah 130 54 12 South Pean U1l t 23% Sou Cal Ed pf C( 1 South Corp. 9 Sou Pipe Lin 110 SW Bell Tell pf ( % 21| 1T | 123u 39 84 23 623 25 1% ou 30% 13 Spleg May Stern 16% Stand Oll of Imd( 13% Stand Ol of Ky 1. 85 Stand Uil Ohto (2 24 Starrett Corp p: % Sunray Oil, 20% Swilta& Co (2). 28 Swift Internat’l Pan Am Airways. Paramount Cab Mfg. Philip Morris Inc. .. Pilot Rad Tube A.... bi% ) Pittsbgh Plate G (2) Plymouth Oil (50¢). Prudential Inv pf(8) 504 Pub Util Hold war.. Pub Utll Hold xw orp Singer Mfg Co (T, 200, 1o B ) ). ). 1%. Pace Tin Cop spec (2) 2).. Penuroad Corp (40c) (3). Jeee 108 5 1 1 4 2 2 s 15 Republic Gas Corp. Safety Car Heat & L. 50s St Regis Faper (§0¢) Salt Creek ¥rod (1).. Schuite Real Estato. 20 1. c) s Slct Ind prior(5%).. nt.. 13). 16). 1 1 08 Smith (A. 0.).... 0 Am Gold & Plat. 1). 1 ) 7) % Spanish & Gen rcts, pe.. L. -60. 8508 ") 1% Stein Cosmetics. . & Sylvanite Gold Mines Taggart Corp. .. 'ampa Klectrig ( Teck HughesGM % Tob Prod of Del % Tob Prod Exp (1 22 4% ‘irans Alr Trunw. 1% Trans Lux DL P 1), T665¢ wi.. ve). Todd Shipyard (2).. unt Corp war, % Tri-Utilities risider Fin Unit Chem pt pt 3% Unit Corp war 2 Unit Founde: 2% Unit Gas Corp Cp.. ¢ % Unit Gas Corp war. ., 41 UnitGi 8% Jnit L& Pw A ( 10% Unit L & Pwr B ( PLT)., 1)L, 1., 434 Unit L & Pwr pf(6). ‘ 156 Unit Milk Prod pf 120 42 L., Un Shoe Mach (13%). U8 Dairy (8)... USE ecPow ww 0% 10% K K S Inter Sec \at US Lines pt 8 1% Utility lquities. 5 Wayne Pump pt Western Md pf., Y4% West Pwr pt (7) 5'a Woolwth Ltd 17 5 Foll (B) (50¢)... ot. U'S Playing Card 33 225 % Unit Verde Exten (1) Util 6 & Lt (b10% ) 33 2 Walker. H (2e). [ON 108 . b0s 28 4-be RIGHTS—EXPIRE 4% 2% Com Edison., .. # & Rad-K-Orph Dividend rates in doll nual payment. a Payable dividend. “Ex dividend, in cash or stock. plus 5% in stock JPlus 2% in stock nPlus 8% In stock k Dec 21 s based on last quarterly of semi-an- iPlus 4% in stock. ® Adjust 13 41 3 % fPartly extra. b Payable In stock. ® Plus 6% in stock. Plus 10% in stock. * h Plus m Plus s ent 1% in 3% in P Pald last year—no regular rat 2% | P Do Gl ¢ i 128 ‘Amrr Roll Mill Ser B ToDv s of - 0% | Columbus Ry Pow 1st I A $ ol ] Davport Hos ~ Mills $9¢ Do. pt $1.78 Farmers Continue Protests Over Prices—Large Crop Is Reported. By the Associated Press. LEXINGTON, Ky, December 8— Kentucky’s tobacco problem became more complicated yesterday as burley growers, irate over low prices, halted opening sales at four warehouses here by shouting them down as the dark leaf growers did last week when sales open- ed at Owensboro, Henderson and Seottsville. The reopening of the three dark to- bacco markets forced to close last week was attended by slightly better prices than a week ago and, aside from some verbal protests over warehouse charges for selling, there was no interruption. The entire Kentucky tobacco produc- tion has been estimated by the United States Department of Agriculture at 502,565,000 pounds, 35 per cent more than last year and 53 per cent more than the average production from 1925 to 1926, Police Ejected. Police who attempted to arrest George ‘Weiner, a leader of the protesting farm- ers here, were ejected from one ware- house without their intended prisomer. As the sales progressed during the morning the farmers shouted their ob- jections and demonstrated so vehe- mently that sales were postponed until the afternoon. On several occasions fists were swung freely but no casual- ties were reported. Sales had not been in progress long | yesterday afternoon when a group of farme renewed their protests and, marching from one warehouse to the other, congested the floors and forced the auctioneers to stop the sales. Several hundred of the growers then in Woodland Auditorium and discussed formation of a pool. They adopted a resolution requesting all Cen- tral Kentucky market operators to post- pone further sales until the farmers can meet again Thursday. Henry Moore of Fayette County was elected chairman. However, the four warehousemen in- dicated they would resume sales if pos- sible with police aid. The 18 other warehouses here have scheduled sales. Approximately 1,500 growers took part in the demonstrations. It was es- timated more than 5,000 farmers were here for the sales. Average Price $11.74. Sales amounted to 602,610 pounds and brought $70,782.99 for an average of $11.74 per hundred pounds, compared with last vear’s average of approxi- mately $17. More than 10,000,000 pounds of leaf are on the floors. Maysville, the State's second largest burley market, will not open sales to- day as scheduled. The Tobacco Board of Trade there decided sales would be- gin Wednesday if a successful sale is conducted at n todg'. Other- wise auctions will be indefi: Ly t- poned. More than 4,000,000 of burley are on Maysville's floors. At the two dark leaf markets selling in Western Kentucky yesterday aver- ages were near $4.50 a hundred pounds. Owensboro sold 790,550 pounds at an average of $4.44, and Henderson sold 339,700 pounds at $4.60. DIVIDENDS DECLARED NEW YORK, December 8 (#).— Pay- Hidrs. of record Do 1§ 1 Company. 8 Cior o ey timore Gasoiine Plant No Markle Banking & Tr (Hazelton Pa) 50¢ al | Title Ins Co of StL. 25¢ Resumed. Chicago Mail Order.50c Reduced. 12%c Q Omitted. Dinkler Hotels A Doehler Die Cast [ Do §1 bt . Republic Supply Regular. Albany & Susa RR, $4.50 Amer PowZLt 36 pf.$1.50 Do 35 pf $1.25 tampeq (stamped) 5 p 51 Amer Pub Welfare Ty, Cl A A 23¢ @ oo p= 3z ¥ YEY. REREY VY TN FR R ¥ ¢ [ Andover Realty’ 8% i Appalachian Ei Pow 31 5178 5150 36 pt Axton Pisher Tob Cl A Do pt Cannon Mills . Carpel Corp Cent Me Pow 7 f Contl Casualty Contl Enuit Title & (Phila) Cuban_Tel Co D EESES S0 S55NEED e M s e Do. D! . Elec Auto-Life Farmers Dep Ni Bk (Pittsb) First Cust Shrs.. First Natl Bk (Birmingham) at Bk 87'5¢ br.31.48 at 3150 19¢ 2 H .8 I 0wo © mp OOOO DOPOO OO DOLDL © OO © D Do. p e Fund Tr Shrs Alli5lse Do. B 3 Gilmore Gas Plant No 1 Graymur ' Gorp 25¢ Been Ru]e in BY CHARLES F. SPEARE. Special Dispatoh to The Star. NEW YORK, December 8.—As every United States Treasury long or short term issue offered in the past four years of extremes in the money market has been amply covered by bank and cor- poration subscriptions, there was com- plete confidence in the success of the hh:: piece of Ooozlmemment md cing to meet maturing tions and a por- tion of the Government deficit. From the nature of this financing it will again be the banks and corpora- tions that will have to absorb the greater portion of it. The longest notes are for a year from December 15, while the shortest mature June 15, 1932. The life of the securities and the rates of , ‘Tanging from 3!, per cent for the long notes to 2% per cent for the short omes, do not appeal to the indi- vidual investor to any great extent. The issues are essentially of the type that find their way into bank port- folios and constitute a portion of their first-line defense. The general policy of the banks is still toward an extremely liquid , which 1is provided through the holding of short-term Gov- ernment obligations. Long-Term Issues Likely. It has been obvious for some time pelled to resort to further short-term borrewing; in other words, to temporize and compromise with the conditions in the long-term bond market. The un- cent bond issue in September, relative to that of the 3ls which were brought out in Yune, and the subse- Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md, December 8.— ‘White potatoes, 100 pounds, 75a1.05; sweet potatoes, bushel, 35a50; yams, barrel, 1.25a1.75; beans, bushel, 1.00a 1.75; beets, per 100, 1.50a2.50; brussels e, bushel, 40a50; carrots, per 100, 11.503.00; caulifiower, crate, 1.65a1.90; | celery, erate, 1.50a2.15; 'cucumbers, hamper, 3.00a4.50; eggplants, 1.50a3.00; kale, bushel, 20a40; lettuce, crate, 2.00a3.75; okra, bushel, 1.00a2.50 onions, per 100 pounds, 2.00a2.50; oyster plants, per 100, 4.00a5.00; peas, crate, 7.00a7 peppers, crate, 1.75a3.50; pumpkins, per 100, 5.00810.0¢ szl:zneh. bushel, 60a80; squash, bushel, 1.50a2.00; tomatoes, crate, = 3.50a6.00; turnips, | hamper, '15a20; appies, bushel, 35a1.50. Dairy Market. Chickens. young, 1 15a18; ol hens, 16a23; Leg 113a18; roosters, 12al4; ducks, 12a20; geese, 15a20; pigeons, pair, 20a35; guinea fowls, pair, 25a50; turkeys, 18a28. Eggs—Receipts, 571 cases; current re- ceipts, 27a28; small pullet 20a25; \ hennery whites, 34a38; firsts, 30a33; Western firsts, 20a30. Butter—Good and fancy, creamery, 28a33; ladles, ; process, store packed, 15al6. Live Stock Market. Cattle—Receipts, 75 head; fair sup- ply, market dull. Steers, choice to ime, none; good to choice, 7.75 io .25; medium to good, 7.00 to 7.50; fair 4.50. Bulls, choice to prime, none; good to choice, none; medium to good, 4.00 to 4.25; fair to medium, 3. plain to fair, 3.25 to 3. plain, 3.00 to 3.25. Cows, choice to prime, none; good to choice, none; me: dium to good, 3.75 to 4.00; fair to me- dium, 3.25 to 3.75; plain to fair, 2.50 to 3.25;: common to plain, 150 to 2.50. Heifers, choice to prime, none; good to choice, 6.00 to 6.30; medium to good, 5.00 to 6.00; fair to medium, 4.50 to |5.00; plain to fair. 3.50 to 4.30; com- ~on to plain, 3.25 to 3.50. Fresh cows and Springers, 30.00 to 60.00. Sheep and lambs—Receipts, 150 head: light supply, market steady. Sheep, 1.00 to 3.00; lambs, 3.50 to 7.00. Hogs—Receipts, 1,000 head; good sup- ply, market lower. Lights, 4.90 to 5.15; heavies, 450 to 4.90; medium, 4.90 to 15:20; roughs, 3.50 to 4:30; light pigs. | 450 to 4.80; pigs, 4.50 to 4.85. 2! Calves- ‘Receipts, 25 head; light sup- ply, market steady. Calvgs, 3.00 to 9.00. Hay and Grain Prices. ‘Wheat—No. 2 red Winter, export, no quotations; No. 2 red Winter, spot, domestic, 60; December, uary, 61%,. Corn—No. 2 yellow, domestic, spot, 50; cob corn, new, 2.25a2.35. Oats—No. 2 white, domestic, spot, 351;a36; No. 3, 34'2a35. Rye—Nearby, 40a45 Hay—Receipts, 27 tons. New hay is | starting to arrive in increasi: quan- tities, but so far no official grading has | been attempted, selling being striotly on merit. Demand for old hay slow and market is dull and quiet, with priees in buyers' favor at a range of 13.00a16.50 per ton. Straw—No. 1 wheat, 8.50a9.00 per ton; No. 1 oats, 9.00a10.00 per ton. Grain Market + | By the Associated Press. CHICAGO, Dacember 8—Despite stock market upturns grain price§ un- ! derwent early sctbacks today. There that Secretary Mellon would be com- | successful results of the long-term 3 per | fig""’s' per quart, 10al8; savoy cab-| crate, | horns, pas ot | to medium, 5.50 to 6.50; plain to fair, | 4.50 to 5.50; common to plain, 4.00 to | Recent Years. quent decline in both of these issues to an average discount from par of 10 per cent, removed a long-term bond issue from consideration. There had, how- ever, been a recommendation of a five- Year note with a coupon rate of 3% per cent, which, it was felt, would at- tract some public subscription, inasmuch as of the commercial and savings out the country have re- duced their rate of interest on savings aceounts to 3!, per cent or lower. 1t is not improbable that during 1932 the Government will have to go to the country with a long-term bond issue and perhaps at a rate of 4 per cent or better. persons believe that if the Domin- fon of Canada could obtain subserip- tions of more than $200,000,000 from her private investors alone, as she did last month, it should be possible for the United States ‘Government to float a billion-dollar loan jadependent of sub- ser! from the banks. In spite of the of national wealth and the re- duction in personal income, there is today an investing power among the American peogle at least equivalent to that which they possessed during the war, when in the Jast of the Liberty loans they subseribed for nearly $6,500,- 000,000 of the fourth 41s. The decision to issue short-term notes at this time was predicated somewhat on its aid to the general bond market, for the competition between this market and a long-term Government loan, say at 4 per cent or better, wculd have been a serious matter. The expectation is that in another six months conditions will be more settled and that the influ- ences which have been depreciating all types of fixed interest-bearing securities will be under control. The fact that all of the Treasury issues carrying coupons of less than 4 per cent are still selling at a substantial discount under par, and that the First Libesty 3145 are also at a discount, has entered into the choice of the present medium for jmmediate Gov- ernment financing. Character of Issues. The largest of the three issues an- nounced yesterday is for $600,000,000 and represents the 3% per cent one- year note. The smallest is the six- month certificate, whieh amounts to $300.000,000 at 234 per cent. The nine- month certificates of indebtedness are to be offered up to $400,000,000, with the interest rate the average on that of the other two issues. $ During the past five years Treasury finaneing has had to accommodate itself, first, to a period of extremely high in- terest rates, which compelled shart-term borrowing at rates that nearly Approxi- | mated the maximum during the war; then an inte; of a year and a half when money rates were abnarmally low and Treasury bills were sold at less than | %2 of 1 per cent, with the third era the one now facing the Government, and in | Which it is dealing with a readjustment in Federal Reserve rediscount rates since the September lang-term band issue and with unparalleled conditions in the mar- ket for corporation bonds. During this period there have been nat a few mis- calculations of the trend of the meney market by Treasury officials and & loss of opportunity in 1930 to prepare the ground for reducing same of the lang- Z?bT. high-interest-bearing Government (Copyright, 1931.) { | | Low, 193 High, 193 Low, 193 | | High, 1929, Low, 1929. : . Average for 308 Issues Used in Comparisons—Rails at Record Peak. Am?- vield on the 308 active cash- dividens gum‘ common stocks listed on the New York Stock Exchangs amounted ta 10.44 per cent % according to Moody’s Investors X The average return one month earlier was 9.72 per cent, ”"f'"':f with 12.04 per cent at the low prices of October 5. The fact that the current yleld is still o far below that of the October lows is m‘ruy explained by the somewhat her prices <¢xce'pt for ralls) and by the large number of dividend reductions and omissions during the last two months, Moody's states. Another con- tributing factor is the better resistance to price declines which has been dis- played by the low-priced stocks as & group, when contrasted with the higher-valued shares. “For this reason,” the analysis con- tinues, “an average covering practically the ;nc;r: w list en the Ne toc] ] tends to be relatively higher, compared to the October lows, than are some stock averages which are either heavily weighted by the rails or e"l:e based largely on the higher-priced ues.” The Moody daily index of prices for 100 stocks was 3!, points higher De- | cember 1 than an Octeber 5, although | the additional declines last Wednecday brought it appreximately within the | October 5 range. | The yield on rails established a new | high December 1, with an average of 12.07 per cent, as compared with 10.64 per cent early in Oetober. New York Cotton Special Dispatch to The Star. NEW YORK, December 8.—Opening cotton prices today were 3 points lower to 1 point higher. Trading was in fair volume. Trade buyers were obsorbing most offerings in near contracts, but distant months were heavy under com- mission house off 3 December opened at 5.97, unchang> Jlml:z 6.0, \u!). I;alazareh l‘21s w 3, and October oy CHICAGO STOCK VALUES DROP DURING WEEK Special Dispatch to The Star. CHICAGO, December 8.—Fifty repre- | sentative stocks listed on the Chicago | Stock Exchange at the close of business for the week ended December 5 had a market value of $1.134,568,611, which eompared with $1,142,187264 at the close of the p %:aok accarding to a cempilation by Paul H. Davis & Co. This re) nts a decrease during the week of $7,633,653, or 0.67 per cent. The analysis shews further that at the clase of the week a year ago. the same had a markel vilue of $2,085,394258, indi- cating a decrease during the year of $050,820,647, or ¢5.60 per cent, STOCK AND BOND AVERAGES By the Asseciated Press. From Yesterday's 5:30 Bdition. STOCKS. slighitly, from $5.31 in 1929 1930 and $5.33 in the first The department bel| that there is some foreign buciness that can be ob- tained by American firms. In this con- | nection it says that our manufacturers | who gave enthusiastic Support to the development of their forelgn sales be- [ fore the period of unsatistactory buaix | ness have since, in the face of changing | | 0 $5.40 in f of 1931, | was a notable dearth of buying orders 'for wheat. and Liverpool reported Ar- gentine shippers offering freely. Open- ing zt 14-% decline, wheat afterward sagged furtter. Corn started un-| | chenged to 15 off nad continued to| point downward. | Among the reasans given for at least | temporary absence of wheat buying was - 3| a genersl disposition to await President | - 5 Hoover's message to Congress. Ar- | .21 | rangements were made to receive the | .30 | message by radio in parts of the Board 4| of Trade immediately adjoining the * *|main hall of the exchange and almost 39| within earshot of the wheat pit. Aside | Bec 2| from the President's message and news .22 of increased offerings of Argentine | wheat, the chief topic was uncertainty ‘European finances, Germany's in particula; 13| Weakness of Liverpcol wheat quota- 213 | tions, sympathetic of a bearish financial 118 and economic outlook abroad, was given 15 special notice. It was pointed out that 1} with Liverpool quotations almost even -15 with Chicago prices, wheat exepcrt b 14 ness from this side of the Atlantic wa. """\ next to impessible pending a readjust- .31 | ment. Meanwhile, domestic primary -1 receipts of wheat were radically 19 | curtafled, amounting to less than half | | ' GERMANY IS FIRST . IN MEDICINE EXPORTS 8 i Figures Show U. §. Has Dropped to Second Place in World Market BY CHAS. Associated Pres nen-cony_pf Guardicn Bk Siis | “Iov Tr 18%c Guardian Tr s [ ves Pub ‘Uil 1 a0 Homestake Min ' Co.88¢ ORCHARD-TO-MARKET TOUR IS COMPLETED Virginia Apple Growers Benefit by | in Inspection of British Sell- | conditions abread, curtajicd their sups i pori ot this branch, with the nataral ig Fag result that sales have dropped. Others it is pointed out, sucn as makers of alves and ointments, laxatives and di- gestive preparations. have seen their persistence in foreign promotional work | rewarded by an increase in sales in 1931 over 1930. pi S 3188 MacFadden Newsp . Markle Bkg (Hazelton Marzano St Bk & Tr (Newark) ... Mid Ut 7% pr In Do. 6% Df In.. Do. 7% pf Al Do. 6% bl A Minnesota _Mining Miss Riv Py Do. pf ", SHAEFVER, Bu Writer Germany has replaced the United States as the world's largest exporter of prepared medicines Occupying second place at the begin- of the prevailing unsatisfactory business conditic By the Associated Press. RICHMOND, Va., December 8.—Vir- ginia’s “orchard-to-market tour” con- tinued its invasion of the Erglish apple markets Saturday, it was stated in a | | cablegram received by the Virginia State Chamber of Commerce. The Virginians were the guests of the | Os London Fruit Brokers' Association at dinner Saturday night. The party was sald to be much impressed with its Inspection during the day of the Lon- | don Fruit Exchange and the Spittal- | fields Market. | Verbon Kemp, executive secretary of | the party, states that much valuable information has been obtained by the | growers which, if adopted, will vitally affect their system of shipping and | packing. Besides inspecting the mar- | kets, the party conferred with F. A. Motz, formerly of the extenson division * of Virginia Polytechnic Institute, now foreign apple expert in England of the United States Department of Agricul- ture, and G. 8. Ralston, foreign repre- sentative of the Virginia Horticultural Soclety. Sunday the Virginia party were guests | of Simms & Sons and further inspec- tions were made of the markets. The S. S. Capulin will bring the party ba“k, lcaving London t-day. Members | of the party were un=nimous In express- ing their belief that the trip was very worth while, Opposite United States Treasury What are its advantages? Are its rentals reg- sonable? Who maintain their offices there? These are natural first questions of any ong Defore considering moving Into any bullding, The Washington Building has very interesting answers for those Who seck & husiness setting of real distinction, Its advantages are its unsurpassed accessibility to commercial and governmental activities , . , 1ts modern equipment and faeilities . . . its efficient, strict management by a manage- ment oiganization in the building. Rentals are no higher than for ordinary space in bufid= the total at this ame llsbn);;fl‘;d with ings with no claim to distinction. Washing= wh‘i:{nw :.'i‘nl\essm but!z;gevr“rd A ton Bullding tenants are individuals and firms ok ovolics g any as 8 result of scattered of the highest character and standing to whom | environment 1s of primary im ce. portan: | You are cordially nvited to inspeet the offices and suites now available. OFFICE SPACE Partitioned and Finished to Moet Your Requirements. EAVER REALTORS Washington Bldg. Dist. 9486 £ 15 Full-Time Work Resumed. NEW YORK. December § () Page Steel & Wire a subsidiary of the Ameit"an Chain Go., has resumed fuil-time work at its Adrian, Micn factory. : by I th the Com- in 1929 dicine exports were e than $2.0 00 behind the Amer- | the following year more than $1.000,000 in excess and $83.000 fn ad- a7 | vance of their own 1929 value. In the % 1993 | Arst balf of the present year that mile 301, | lion advantage was more than doubled, | 352 |tnd German gains almost exactly | aled American losses I 7 Forelgn conditions fucing both eoun- | Bethicher Beer Corg” 50 1430 es were in large measure equal, the | C: 5"5.‘:::,,2.'»‘::( Ru§ 4128 1935 | department sald. Approximately the | £ni o posier . R Toa |same duties were assessed; the same | Cleve. Lor & Wheeling 20833 Tegulatory measures by Boards of | Solorado &'8. AT Health Were applied Both exporting | SeRVEre'™, GTedit o, st 1035 | tries could quote in relatively stable | Denver & Rio Grande 4ios 1030 ncies and met the same problems | Gen. Mot Accep. Corp. ge 1035 om fluctusting currencies | purchesing power in SHORT-TERM SECURITIES, (Reported by J. & W. Beligman & Co. 3 Bid ~ Ofter. Allis-Chalmers Co. 55 | g American Chain Co W American Tel. & Tej 1047 10414 Amer. Wat. Wks. & El 1™ it Baltimore & Ohlo 4 H Tel Sparks_ With State St Exch Tenn Cent Ry 1% pf .. s Title Ins Co St L. Tob Secur Tr Co pi f 0o pOOBWO © £00 DZODOOOOOOOp o : O OO OpE 45 1943 55 1934 5 uying. 8 a5 1933 pmmsism responded to down-turns of o | hog values. ! Toledo Lt & Pow Unlon" Ei Lt & Pw Do’ ity 355 1180 . (Mo) 7% 'pi Do. (Mo) 6% pf $1.50 United, Tnv S Railroad Wage Question. NEW YORK, December 8 (Special) — The beginning of conferences in Chi- cago between representatives of the four rufi‘r’ond brotherhoods had a tendency to check speculation in railroad stocks. Their market was also influsnced by the impending decisions in the New York Central, Northern Pacific and New Haven dividend policies. The news over the week end from Washington that the administration was inclined to postpone any specific recommendations of relief of the rallroad credit situation was discouraging, as Wall Street of late has placed much asis 000 0 : W Wes Tex Ut Wiscon PAL 85 PORE: aden Con Mn uen Air P o Genersl Petroleum Corp. tx Genezal Public ce 4 d_Trunk of Ca €1 E. &'V Shrs 50,0218 fogt 'R 13 We: tchester ‘ser $7BF P31 15 0f Cermany’s suc- | cre advenced, dical price re- | New 7's secming will- | ness to grant longer credit terms, 2 | Doub.less there have been mark- : | downs in German prices, but the aver- ern tage price of prepared medicine exports |8t L. T does not show any decline in the 30 * months studied by the Government.|Ynion The price per kilo exported varied only | wi - Co r ¥l Cn 6 Mtc nd TREASURY CERTIFICATES. R % “eithet i & Coy | Boenlx mnzn_‘goce: . Beligman & Co. a (Reported by J. & W. ellgmu: Sher | Tone i & 'Evé 3% ....25 00000 g p p : 80c 30c . R.&G. 4 allf. 5, ]p“ 9 r 1934 101 Lt O} ve. ot hakt Rwy,