Evening Star Newspaper, December 11, 1931, Page 15

THE EVENING STAR, WASHINGTON, FRIDAY, DECEMBER 11, 1931. CURB ISSUES SINK NEW YORK CURB EXCHANGE Hi, Low. Dividend Rate. Add 00, Open. High. Low. Close. 318 Acrentel(dan) . ab Ih 15 18 b . ITRADE GAINS LAG | INATLANTA AREA FINANCIAYL. PROBE OF FOREIGN SECURITIES SALES IS HUGE UNDERTAKING Five Hundred Separate Issues of Dollar 10% Reserve Board Says Upturn Loans Floated in U. S. Since Dawes MassUtil Assoc... 1 2 Is Below Record Made in Plan Offering in 1924. Mass Utcv pf (215). 50s Mavflower Asso (2). 9 . i 5 May Hos cum pf (2). Like 1930 Period. Mead Johnson (+5) Meriph N Gas (60¢) . — Met Chain Stores. ... *¥x A—1IS NEW AUTO MODELS READY FOR MARKET Producers Have Devised Many Refinements in De- sign and Comfort. Stock and Bales— Dividend Rate. Add 00. Open. High. Leh Co& Na (120).. 2 10% 10% Libby McNeil & L. 3 ax LoneStar Gasn3sc. 7 8 Long Iscu pf B(6)..300s 88 Louisiana Lan & Ex. 23 1 Prev. 1831~ High. Low. 27% 10% 4N 64 Aero Underwriters 1 ’?\.V’ 12“? 1214 v e § e SR « 1% 1y : Volume of Trading Subsides O R S 83 3% Allled Mills Inc. . A ;: fil 5:‘- 4 4 Aluminum Coof Am_ 600s 57 b5 as Leaders Continue Auniuv Coat KEL e RT e Decl Aluminum Co Ltd. .. 20 2‘1“ BY CHARLES F. SPEARE. | foreign securities during the period eoine. il e e At 10" Fer L L | when they were in great demand by 1 Am British & Cont NEW YORK, December 11.—In fts American investors. At the same time, Am Cigar Co BY JOHN A 24 : Special Dispatch to The Star. CRONE, 46 Special Disyatc NEW YOR. Jower, stocks eofitinued that trend during today's ses- sian, though offerings slackened in the second hour despite the fact that price d@éFlines were wider n in the same | i of the preceding session ic Bond & no trouble blishing a new mum mark West lagara Hudson ctric with war wer & Light active utilities aiso Citles Service moved | are was iders tc and the deelining revenues me of the hold- | ing company's subsidiaries as a result of the world-wide depression | Earnings Electric Bond & Share for the 12 months ended October 31 showed $145 on the common shares. Afherican & Foreign Power, the com- Powe! other some 0 new ectric Bond & St efforts of tax rcome 19% Am City P&L (A) a3 24 AmCit PAL Bb10% 1% Am Com P A (b10%) 2 AmCom PrB(b10%) % Am Cory B 23 Am C 104 AmDT 1% Am Eq 4 Am For Pow war 1 Am Founders 324 Am Gas & Elec (1 85 Am Gas& [ 24% Am 11 21: Am I y» Am In 20% Am L . Ma Superpo Am Superp pf (6 Am Superp 1st (6) 2% Am Thread pf (2ic). % Am Util & Gn B vie % Am Yvette Co., Inc % Anglo Chil » % ‘Appalachian Gas. ... 14 Arcturus Rad Tube 2% Arkansas Nat Gas. .. Mexico Ohjo Oil. . Michigan Gas & O11 Mid Sta Pet vtc A 22¢ Mid West Ut (b8%). 4 Mid W Utcypfxwé 2 4 Minn Pw & Lt pf (7) 26a Mo-Kan Pipe Line... 16 Mo-Kan Pipe L (B).. 3 Mohawk Hud 1st(7). 25x Moody's In Sve pt pf. 1 Mos= Gold Mines 10 Mountain Prod (80c). 1 Nat American Co Nat Avfation Nat Baking Co : Nat Bd & S Corp (1). Nat El Pow A (L30), Nat Fuel Gas (1). Nat Investors. .. . Nat Pow & Lt pt (8. 150, Nat St Corp war. Nat Transit (1) | smaller, ATLANTA, December 11.— There| were further Increases in October over | September in the volume of trade at both retail and wholesale and in the volume of bank deposits at reporting cities of the district, says the Atlanta Reserve Bank, but all of these meas- ures of business activity continue lower | than at this time last year. The i crease in retall trade was somewhat ! larger, but that in wholesale trade| than the gain usually recorded | from September to October, The No- | vember estimate of the cotton crop i creased for each of the States of this| district over that for October, but crop in this district is estimated to ba| 3.9 per cent smaller than in 1930. Outstanding _Federal Reserve bank credit at the Federal Reserve Bank of | Atlanta increased to the highest level on October 21, for any report date in three years, because of increases in dis-) counts and in holdings of purchased bills, and on November 11 was only slightly lower than on October 21 proposed investigation into the pur- chase, flotation and distribution among | American banking institutions of for- eign government and corporation se- curitles, the Finance Committee of the United States Senate has undertaken a | job of larger proportions than perhaps | it realizes | If it goes thoroughly into this inquiry it will have to deal with about 500 sep- arate s, representing over 30 geo- graphical groups. These constitute the bulk of the dollar loans that came on the American market when the move- | of American capital into foreign bonds began on a large scale with the offering here of the German govern- ment Dawes loan in 1924. Market Value. Only a portion of the foreign issues are traded on the New York Stock Ex- change. In January the market value of the foreign government issues listed was approximately $16,000,000,000. This there were 10 or a dozen private in- vestment houses that figured actively in this business. Frequently there were six or more groups bidding abroad for the same issue. Free-for-All Bidding. In the early stages of the foreign dol- lar bond boom, institutions or banking firms that had long been identified with the financing of different countries had | a preferred position. Toward the end of 1928 free-for-all bidding developed. | Intense rivalty for the issues of Ger- | man municipalities and corporations | and for those of South and Central American governments and provinces was created out of the insatiable appe- tite of American investors, and particu- larly of the small country banks, for the high couponbonds of foreign bor- Towers. In the early days of foreign govern- ment financing the commissions al- lowed originators of new loans were sub- stantial. In the best credits they ranged from 4 to 5 points and in the BY DAVID J. WILKIE. Written for the Associated Press. DETROIT, December 11.—The auto- mobile industry, determined to hasten the return of better business condi- tions, is preparing to lead its ace of trumps. ‘The high card in this in- stance is represented in the new mod- els, the parade of which continues to feature activity in the industry as the year end approaches. While the first of the new desigms have brought no sudden spurt to retail demand, the interest created by the radical 'improvements incorporated in the 1932 models apparently is furnish- ing further basis for the optimism with which motor car manufacturers are :.?ckm‘ forward to next year’s possibili- es. Refinements in Finish, So far as manufacturing factlities are concerned, all the new t; now being brought out could have n put into production several months ago, In | included, however, the $10,000,000,000 | |5 per cent loan of the United Kingdom iof Great Britain and Ireland, which is |not an active issue under ordinary conditions, but since the suspension of gold payments by England has been more prominent. This week it has sold lat 521,, compared with a high price of most cases, however, it was desired to glennnup r;;,xrrem stocks, without resort o wi o’ - price and that at which dealers “took | ing :;it,‘,:,;i;g“1,5:;1’,,e£‘:§’:“:,;°£. down” bonds for sale to the uitimate | by’ The announcement of a new car consumer gradually decreased under the | by any one individual producer is taken intense jcompetition. In the end it |as an indication that his dealer orperr frequently Was not sufficlent to Dy |ization has cleared out virbually oir i lower credits considerably more. The Member bank credit at weekly report- | spread, however, between the purchase ing members banks declined slightly be- | tween October 14 and November 11 and continued less than a year De- posits, both demand and time: also de- ' | clined and were considerably lower t | at the same time last year pany's chief fcreign operating sidfary, has $50,000,000 of lo: ing in Share Nebel (Oscar). Nelson (Herman). Newberry (JJ) 1.10, . New Eng Pow pf (6) 30s New Jers Zinc (13).. 2 Newmont Mining 16 NYP&LUpf (T 758 N Y Telpf (634). 508 sub- | 2 Arkans Nat ( % Ark N G cu pf (6 t Metal Wks(b8%) Ind (300) 0 G&EI At Asso G & El ¢ Axs0 G & E lly are estab- for the high cost attached to the un- fearfy losses Mshing income the proposed alse retroactive, the selling the disappointing market action ic Bond & Share. When that | s profits decline traders take | active interest in other \.'l‘.:!vi may be utilities re- | Chicago selling was responsible for | most of the declines on the curb during | the! forenoon. In the list of Chicago | shares that were offered freely from that city were Middle West Utilit Utllity Investments, Walgreen ©o: and Bwift International Curb prices were lower opening. i Blectric Bond & Share at 121, was off fractionally. United States Electric | wasS at & new low at 1'. and there| were losses in American Gas & Electric | and Middle West Utilities. In the in- dustrial group, Swift International and S#ift & Co., Ltd, were both ai new lows for the bear market Singer Manufacturing was off 4 points at 149 at the start and on the next sale at 145'% dropped to a T!i-| point loss. Cities Service opened off & shade at at 57 and later sold lower. Humble Oll was active and fractionally lower at 49. International Peu’nlenm‘ and Standard Oil of Indiana both de-‘ clined. De Forest Radio was at a new | Jow at 1. Trading corporation stocks were quiet and little changed. Mme; shares, such as Newmont and Umudl Verde, were unchanged. Cord at 7 was firm. Ford Motor of Canada A was a | shade lower at 5'4. Aviation and pipe | Yne stocks were inactive. In the gas| cam list, United Gas dropped frac- | to 2 | BONDS ON THE CURB MARKET. DOMESTIC BONDS 5 High Pw 45 67 B0 m Co 987 Th Pw s '40 19 & E 55 2028 8 381 93 Low. Noon B0Vl 80Y4 ner G Amer P & L 6s 2016 2 Cent Bt 16 Cities Ser 1Cit Berv G & E 1Det C Gas bs A 47 . 99 Det Inter Brde 7s ‘53 _ Ut Inv 65 A 34 oston 45 33 § oston 5 '33 L 55 A 2030 ¢ O&R 8ias 4 Rubber 58 a P & L b 64 80 7% Tagansett 55 8Y.. 97% tP &L 6s A 2026 73 P &L 8B 3030 g0 As50 G&F & AtlFr 3% Atlas Uil Corp 1ix Atlas Utilities war 344 Axton Fish To A 3.2 99 Bell Tel of Can (8) 815 Beneflcial J L (134). 415 Bliss Co(EW)(b8%) 1% Blue Ridge Corp 20 * Blue Ridge cv 3% Bou o). . 7 Brazil Trac Lt&P (1) 8% BritATcou B 1.13 3-6 % Brif Celanese rcts 22 Buff N&EP pf (1.6 8 Buff N& 231 Bunker Hill & Su 214 Butler Bros 1 Canadian Marcont 18 Carnation Co (j1%) 144 “arrier Corp . 13% Cent Hud G&E (80¢c) % oo hSve A ha%. 3i Centrifug Pipe (60¢) 6 Chaln Stores Stock 68 Childs Co pf (7 5% Clties Service (30¢c) 36% Cities Serv pf (6),.. 68's Cit SY P& L pf (7).. » Colombia Syndicate. 1 Colon Oil 315 Colum Pic v.t.c. 115 130 Cq % Cmwith & Sou war. . 2 Com Wat Ser g123c » Consol Auto Merch. . « Consol Auto M cu pf. 1 Consol Copper 60's Con Gas Balto (3 60) Consol Gas Utllity A. Congol Gas Ut B vic. [3 Consol Royal (20e) Contl G&E pr pf (7). 3 5 1 1 8 % Cont Shares cv pf 814 Cooper Bess pf (A) 4% Cord Corp.......... 5 CorpSecCh (b6%).. 1% Corroon & Reynolds. 11% Corroon&Rey pf(A). 1 Cosden Ofl. ... . 1% Creole Petroleum. .. 4 Cresson Consol (4¢). 4« Crocker Wheeler, ... + Cuban Cane pr opt w. 1 Curtiss Alrports vte. 1% Curtiss Flying Sve.. 2 Darby Petroleum, 814 Deere & Co. .. 1ia De Forest Radio % Detroit Afreraft. ... 24 Doehler Die Casting. 1% DubilierCond & Rad % Duquesne Ga . % Durant Motors 2% Fast Sta Pow (B) 20% East Uti] Assoe (2) 3 Bast Utll Assocev.. 1 EastUtilInvA..... 15 Educational Pic pf. . 1% Eisler Electric. « Con Min & Sm (f23;) 208 20 15 . 1008 176 6 508 16 1 mwlth Edison (8125s 21 1 258 . 1508 4 40 4 1 11% Elec Bond&Sh(b6%) 691 4815 Elec B & Shcu pf b. 52 Elec B & Sh pf (6). 6 Elec Pow Assoc (1). 5% Elec Pow Assoc A (1) 45 Elec PRL2dptAT. b4 Elec P & Lt op war.. reholdg (b8 %) arhldg pf (a6) 8 2 1 508 1 3 G & F eu pf(7). 1508 T pt(2.24) >ub Sve (A). d A (60¢) b Elec deb rts. . Wallow Lead. Baking Shop 4 Metals. . .. ila 1.60. Flintkote Co A...... 14 Foltis Fischer Corp. 8% Ford Motor, Can., A. 5 Ford Mot Ltd 36 3-60 % Foremost Dairy Pr.. s Foremost Dairy pf. 5 Fox Iheater (A 1% Foundat 8% Garlock 24 Gen Aviat 4 Genk L 5 GenGs Eq cv pf. 80'4 Georgia Pw pf ( 24 Gl 5 Globe Underwr (15c) % Golden Center. , * Go'dfield Cons 2 Goldman Sachs. . % Gold Seal Elec ne Gorham Mf vic (£2). # Goth Knitback Mch. Gt A&P Tea ny Gulf Oll of Fa (13), % Hamilton Hecla Min « He « He % Hc 13 160 28 Gasvite., ¥ (40e). 47% Humble Oil (1214). . 2'a Hverade Food Prod Hygrade Sylvania 13 60% 11l Pow & Lt pt (6).. 7% Imp Oil of Can (50¢) 13 Imp'lT GUB&I(1.12). 5% Indian Ter Illu Of A 7 Insull Inv (b6%). .. 30% Ins Co ofNo Am 123 2 Insurance § 28 Int Cizar Mach (2% int Petroleu Int Pr v B(6) 100; 1 1632)1508 35 N Y Transit (1) 2 Niag-Hud Pow (40¢) 147 Niag-Hud Pow A w.. 17 Niag-Hud Pow Bw.. Niag Share(Md) 20c. Niles-Bemt-Pond (1) Nipissing . Nitrate Corp Chile B Noma Elec (40¢). North European Oil. Nor St Pow A (8) Nor St Pow pf (6).. Novadel Agens (4) Ohio Copper Ohio Ofl cu pf (6) Oilstocks Ltd (A). Overseas Sec. ., Pac G & E 15t pf 1%, Pacific Pub Sve new. Pac Western Ol. Pan Am Afrway Paramount Cab Mfx. Parke Davis (11.05) Parker Rust P ) 150 Pender D Gr A (315) Pender D Gr B Pennroad Corp (40c) Penna Gas & Elec A. Penn Wat & Pwr (3), Pepperell Mg (4) Perfection Stove Petrol Corp war Philip Morris Inc. .. Phoenix Secur Corp. Phoenix § C pf (3).. Pilot Rad Tube A.. . Pitney Bowes (b4 %) Pittaburgh&LE(110)250 Pittsbgh Plate G (2) Plymouth Ofl (50c). Polymet Mfg....... Pratt & Lambert (3) Propper McCallum. Prudential Inves Pub Utl] Hold war.. Pub Utl] Hold xw 54 Quaker Oats (7)... 30s Rwy & Lt Secur (13) 150s Reeves (D) (1%) Reiter-Foster. Reliable Store, Reliance Int A Reliance Mana Republic Gas Corp. Revbarn Co. .. Reynolds Invest Richmond Radiator. Roan Antelope Min. . Rock Lt & P (90c) . Roosevelt Field Inc. Russek’s Fifth Ave. . Safety Car Heat & L.125s St Regix Paper 38 Salt Creek Prod (1) 2 Seaboard Util (28¢c).. 1 Secur Utll (28¢)..... 4 Sesal L& H (af0c).. 29 Selby Shoe (1.40). 2 Selected Industrie; 13 Sle Ind al ctfs(5% 13 Blct Ind prior(5%).. 1 Sentry Safety Cont.. 20 Shattuck Den Min 22 Shenandoah Corp... 8 Shenandoah Corp pf. 5 Singer Mfg (8).....330s 8o Am Gold & Plat.. 2 South Penn Ofl (1).. 3 SoCsI EAptB (1%). Sou Cal Ed pf C(1%) South Corp... . Southern Nat Ga Southld Royalty 20c. SW Dairy Products. Spleg May Stern pf.. Stand Ofl of Ind(1). Stand Ofl of Ky 1.60. Stand O1l Nebr (2).. Stand Of1 Ohfo (2%). Starrett Corp pf. Stutz Motor Car Sunray Ofl. . Swift & Co (2) 8 Swift Internat’] (14) Syracuse W Mach B. Taggart Corp. ...... Tampa Electric (32). Technicolor Inc. . Teck HughesGM 165¢ Tobaceo & All Stks. . Trans Alr Trans. ... Trans Lux DL P S.. Tri-Cont Corp war. . Triplex Safety Glass. Tubize Chatel. B. ... Tung Sol Lamp(1). . Tung Sol L pf (3).. Ungerletder Fin Cp. . Un Gas of Canada (1) Unit Chem pt pf (2). Unit Corp war. . Unit Founders. Unit Gas Corp...... nit Gas Corp war. . Unit G Unit Lt& Pw A (1).. Urit L & Pwr pf(6). Unit Molasses Ltd Unit Profit Sharin, U S Dairy (A) (6) US Dairy (B). . USE'ec Pow ww. U 8 Foll (B) (b0c) U S & Int) Secur. U S Inter Sec 1st pf. Unit Verde Exten (1) Univ Ins (1%)...... Util Po & Lt (b10%) Utll Pwr & Lt pf(7). Utility Equities Utllity & Ind pr(1%) _ Van Camp Pkg. . Van Camp Pkg pf... Venezuela Petrolnr. . Vick Financial (30c) Walgreen Co Walgrean Co war. Walker H (2ic) Wcolwth Ltd 17 4-5¢ “¥" Ol & Gas. . RIGHTS—EXPIRE 111 | months of the new cotton season, Au- Building Permits Lower. Building permits issued at reportfhy | cities in October declined 13.6 per cent | cent smaller than & year ago. Produc- tion of coal declined slightly in October in Alabama, but increased in Tennessee and continued less than for October last year in both States. Production of pig iron in Alabama during the first 10 months of 1931 has been 27.2 per cent less than in that period of last year, as against a decrease of 41.9 per cent for the country as a whole Consumption of cotton in the three States of the district for which Census Bureau figures are available has been per cenf greater in the three | part | prices | have recently | ment, 11.50a3.00,; | 50833; ‘Western firsts, 29a30 | 35235, No. 3, 34a34 gust through October, than at the same period in 1930. Naval stores receipts for the same season, April through O tober, have been smaller than in that | of the ious seasons, and | of, by ntine and rosin shown some improve- Comparison of Deposits. There was a further decline of 2.5 per cent in total savings deposits held by 64 reporting banks located through- out the district at the end of October. compared with the month before, and an average decrease of 8.2 per cent compared with October a year ago. Sales of new, paid-for, ordinary life insurance in the six States of this dis- trict increased by 2 per cent in Oc- tober over September and were 20.3 per cent less than in October last year. For the first 10 months of 1931 there has been an average decrease of 20.8 per cent, compared with that period of 1930. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., December 11— White potatoes, 100 pounds, 75a1.08; sweet potafdes, bushel, 35a50; yams, barrel, 125a1.75; beans, bushel, 1.00a 1.75; beets, per 100, 1.50a2.50; Brussels sprouts, per quart, 10a18; Savoy cab- bage, Lushel, 40a50; carrots, per 100, caulifiower, crate, 1.75a2.00; crate, 150a2.75; cucumbers, hamper, 3.00a4.50; eggplants, crate, 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, 4.00a4.50; peas, crate, 7.00a7.50; peppers, crate, 1.75a3.50; pumpkins, per 100, 5.00a10.00; spinach, bushel, 60a80; squash, bushel, 1.5082.00; tomatoes, crate, 3.50a6.00; turnips, hamper, 15a20; apples, bushel, 35a1.50; grapefruit, box, 1.50a2.75. Dairy Market. Chickens—Young, 18a22; Leghorns, 15a18; old hens, 16223; Leghorns, old, 13a18; roosters, 12al4; cucks, 12a20 geese, 15220, pigeons, pair, 20825’ guinea fowls, pair, 25a50; turkeys, 18a28. Eggs—R s: current re- ceipts, 2 ¢ eggs, 20a25; henner nearby firsts, celery, es, 34a36 Butter—Good and 28833; ladles, 20a22; store packed, 15al6, Hay and Grain Prices. Wheat—No. 2 red Winter, export, no quotations; No. 2 red Winter, garlicky, spot, domestic, 58%4; December, 58%; January, 59 Corn—No. 2 yellow, 48a49; cob corn, new, 2.10a2. Oats—No. 2 white, domestic, creamery, ess, 24a25; spot, | Rye—Nearby, 40ad5 Hay—Recelpts, non starting to arrive in inc titles, but so far no official grading has | been attempted, selling being strictly on merit. Demand for old hay slow and market is dull and quiet, with prices 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. Live Stock Market. Cattle—Receipts, 200 head; good sup- ply, market dull. Steers, choice to prime, none; good to choice, 7.50a8,00; medium to good, 7.00a750; fair to me~ dium, 5.5086.50; plain to fair, 4.50a5.50; common to plain, 4.00a450. Bulls,| choice to prime, none; good to choice, | none; medium to good, 4.00a4 25; fair to medium, 3.50a4.00; plain.to fair, 3.25a 3.50; common to plain, 3.00a3 Cows, | cholce to prime, none; good to choice, | none; mediym to good, 3.75a4.00; fair to medium, 8.25a3.76; plain to fair, 2.50 3.25; common to plain, 1.50a2.50, Heif- ers, choice to price, none; good to choice 6.0026.50; medium to good, 5.0086.00; fair to medium, 4.50a5.00; piain to fair, 8.50a4.50; common to piain, 3.2583.50. Fresh cows and Springers, 30.00860.00, Sheep and lambs—Receipts, 600 head; light supply, market lower. Sheep, 1.00 3 00; lambs, 3.25a 5 New hay is asing quan- | | ply, market steady. | heavies Hogs—Receipts 0 head; fair sup- Lights, 4.60a4.85; dium, 4.70a5.00 t pigs, 4.50a4.80 4.4024.70; 3.2504.00; 1 504415 rough: light sup- Calves, 3.0028.50, September to October and were 4.2 per | ponds | high point of a month ago amounts to { market, the year above 100. Its decline is re- sponsible for a considerable part of the depreciation that is shown in the for- | eign bond list in the December state- from September and were 47 per cent | less than in October, 1930, and contract awards declined 128 per cent from | ment of the Stock Exchange published today There are, in addition to the foreign listed on the New York Stock Exchange, an extended group of un- listed issues dealt in on the New York | Curb Market and some over the counter. They are all included, however, in the total of about 500 that represent the | greater part of American investment | capital placed abroad between 1924 and | 1929 The Senate Finance Committee in- | vestigation seeks information as to the | banks, the banking institutions, corpo- rations or individuals engaged in the banking business that have been identi- fied with the origination and distribu- tion of foreign or corporation bonds. There were less than half a dozen na- tional bank trust companies that acted as principals in the flotation of FEDERAL RESERVE CREDIT ITEM DROPS Total Amo;mnding for‘ Week Ending December 9 Re- ported at $1,932,000,000. /By the Associated Press. The daily average volume of Fed- | | eral Reserve Bank credit outstanding | during the week ending December 9, as | reported by the Federal Reserve Banks, was_ $1,932,000,000. This was a decrease of $14,000,000 compared with the preceding week, and an increase of $823,000,000 compared with the corresponding week in 1930. On December 9 total Reserve bank credit outstanding amounted to $1,880,- 000,000, a decrease of $25,000,000 for the week.. This decline corresponds with deereases of $2,000,000 in money in circulation and $19,000,000 in unex- pended capital funds, non-member de- | derwriting routine. If the Senate committee is thorough in its investiga- tion, it will probably find that the suc- cess of a bidder sometimes depended | entirely on his familiarity with political | ethics abroad, especially in the deal- ings with men in high places who pessed out of the political picture after the various South American revolutions of the last two years. Investors’ Position. The present holder of foreign dollar bonds 1s not deeply interested in an Investigation to determine the identity of the banks or banking houses that distributed foreign loans or to find out what they made from these transac- tions. He deeply concerned, how- ever, in any move that this Govern- |ment may ‘make to improve interna- tional conditions and thereby lift pres- sure from the entire market in foreign dollar bonds and possibly prevent fur- ther defaults of interest. (Copyright, 1931.) BROKéR LOAN TOTAL DROPS $30,000;000 Figure of $89,000,000 for Week of December 9 Is New Low Record. Special Dispatch to The Star. NEW YORK, December 11—The weekly statement of the Federal Re- serve on brokers' loans showed a de- crease of $30,000,000 to a total of $690,- 000,000 during the week ended Decem- | ber 9, to a new low record since Sep- | tember 7, 1921, when the figure stood at $680,448,000. This compares with the previous 1931 low of $720,000,000 made last week, and with $2,099.000.000 on December 10, 1930. Loans for own account were $552,- 000,000, compared with $567,000,000 a week ago. Loans for out-of-town banks totaled $117,000,000, against $132,000,- 000, and loans for account of others posits, etc., and an increase of $20,- 000,000 in' monetary gold stock. It| was offset In part by an increase of | $13,000,000 in member bank reserve | balances and a decrease of $3,000,000 | in_Treasury currency adjusted. | Holdings of discounted bills declined | $8,000,000 at the Federal Reserve Bank ! of San Francisco and $4,000,000 each | at Boston, Richmond and Atlanta. They went up $15,000,000 at New York, $8,000,000 at Cleveland and $7,000,000 at_all Federal Reserve Banks. The system’s holdings of bills bought. in open market declined $34,000,000 and | of Treasury certificates and bills, $1,- | 000,000. Holdings of United States bonds increased $2,000,000. 30 Per Cent Decline. NEW YORK, December 11 (Special). —The decline in industrial average prices in the stock market from ‘he 30 per cent. In only two periods of the bear market has there been a reaction of greater size before a rally set in.| The first was in the break which began in October, 1929, and ended on No- vember 13 and amounted to 45 per cent. This. however, was from a much higher level than that of the present time. The second was the reaction which continued through last Septem- ber, when 50 different stocks had an average decline of about 34 points, and culminated on October 5 in an indus- | trial average loss about paralleling that | GUFing the year. two years previous. This is the sixth episode of new low average prices during the bear All records for continuous de- | ciines have been broken, not to men- | tion the percentage of loss between the high and the low levels of 1929 and 1931. The significance of this is variously interpreted. Some believe it will mean further liquidation; others that, as in the past, it will bring about a large amount of investment buying, under which prices again will be sta- bilized. BUSINESS INDEX OFF. The United Business Thermometer | records ness at 34.3 below normal | for the week ending December 5, prac- tically the same as the previous week, which was 34.2 per cent below normal, | Business seems to be marking time at | this low level, from which a moderate | upturn is expected shortly, says the | United Business Service of Boston, From Yesterda: STOC] Today. . Previcus day remained unchanged at $21,000,000. Demand loans constituted $515,000,000 of the total, against $532,000,000 a week ago, and time loans were $175,000,000, against $188.000,000. The New York Federal Reserve dis- trict rediscount rate remains unchanged at 3%z per cent. . e Revenue From Patents. By the Associated Press. An average daily disposal of 20,000 printed coples of patents has been maintained during the first 11 months of 1931, at a sale price of 10 cents each, In making the announcement, Thom- as E. Robertson, commissioner of pat- ents, said revenue accruing from this source to the department amounted to $403,562 in the fiscal year ended last June 30. In addition to this, Mr, Robertson said that under an exchange agreement authorized by Congress 1,296,454 copies were traded to foreign governments for coples of foreign patents. that oth- Er;!.seiwould harve cost the Patent ice in excess of $100,000 duri; S S $ during the Other sources of revenue allled to the sale of copies of patents Wefeedthe sale of photoprints, Photostats, manu- scripts, certified printed copies and recording articles of incorporation which amounted to more than $600,000 e POTATO MARKET. CHICAGO, December 11 () (United States Department of Agriculture).— Potatoes—Receipts, 74 cars; on track 195 cars; total United States shipments, 552 cars; dull on Russets, steady on other stock, trading just fair; sacked, per cwt.,, Wisconsin round whites, No. 1, 80a85; occasional car, 90; ungraded mostly around 75; Nebraska Triumphs, 1.00a1.10; Idaho Russets mostly 1.50a 1.55; few 1.60; fair quality, 1.40a1.45; commercials, 1.05a1.10. BEST SALES AR;A. The most favorably situated sales territories at present, states the United | Business Sertice, are New England, the Fastern industrial and the Mid- west industrial sections. Seasonal in- creases in activity in these sections wiil occur after the turn of the year, which will increase pay rolls and retail sales. R STOCK AND BOND AVERAGES By the Assoclated Press, 8:30 Edition. KS. 20 Rails, 20 Utilities. 104.4 107.1 | sional cov | 1931 cars and is ready for aggressive | sales campaigns with the new model. v Practically everything the industrys engineers have been able to develop in the way of refinements in finish and advancement fn motor design have been made part of the 1932 motor car, In the mechanical advancements some au- tomotive authorities profess to see the passing in the not very distant future of some of the almost traditional fea- tures of the modern motor car. Nog the least of these is the clutch assems bly. With the advent of free wheeling, the overriding clutch and more recent. ly, automatic clutch control, the sibility of the entire elimination of the clutch has been discussed in some quarters, Automotive engineers, who have rey- olutionized motor-car construction in the past decade, agree that virtualty nothing is impossible in the building of ‘automobile engines and the com- onent parts of the finished car. Some, owever, are disposed to believe the |Breater maneuverability in close quar- | ters with the present clutch assembly makes its complete el - makes i p! imination im. Riding Comfort. Seemingly everything that could in any way contribute to the riding comm fort and driving simplicity of an autoe mobile has been bullt into the 1933 models. The tendency in this diree- tion has been carried to the point where even steering the car involves considerably less effort than in the older models. Starting the motor with the turn of the ignition switch is but one of the dozens of innovations im- corporated into the new models, Studebaker’s new line was announced yesterday. Other 1932 types will con- Unue to come from the assembly from now until about January 1. will be ready for showing at the An- nual National Automobile Shows in Nesw: York “nnd dChl::ngo in January, ~ ream line design in bod: is being accem.uatm Sl One of the low body, with faring fe: tilted V-ah-gi'd Mhms. e The possibilities of competition may have had something to do with it, but Whatever the influence, automobile | manufacturers this year have concen- 1Xrlt!d upon the production of the most automobile for the least money. There is more value, more car, more refine. jnents, more gadgets, more everything in the 1932 motor car than the industry ;:‘I::enhtumie has pra;iuced within the price range of the low, m and high price fields. ) Activity Is Slow. Manufacturing activity continues slow, despite the new model output. The Ford Co. apparently still is awaiting the cleaning up of present stocks fore going into new-model production, osity concerning the new Ford continues to grow as its appearance is further de~ layed. It generally is believed all the changes contemplated have been finall decided upon and that the new car will | 80 into production next week with de- ( s set for ahout January 1, Grain Market By the Assocfated Press, CHICAGO, December 11.—Setbagks in grain prices early today accom- panied downturns in securities. De- clines in Liverpool wheat quotations counted also as a bearish factor, Opening unchanged to 1 lower, w afterward sagged: all around. e started unchanged to % off and subses quently showed a_general desline Rallies from early downturns in wheat values were frequent. They were due to little rushes of commission house buying, and, as a rule, failed to lagt well. “Meanwhile, Argentina and Aus. tralia were reported to shipping Wheat more freely, with stocks increasing. f per cent, and would mean the amsueg area sown since 1913, The Crop con- dition was put at 80.8 per cent, againgt a 10-year average of 83.2. Indicated production is 459,257,000 bushels, com= pared with 775,000,000 last year and with a 5-year previous average of 589,000,000. Corn and oats largely fol- lowed wheat. * Provisions lacked support. New York Cotton Special Dispatch to The Star, NEW YORK, December cotton prices today were unchanged to 5 points higher. The best gains were in near months, where trade buying was in satisfactory volume and offerings were light. In distant months profes- ing absorbed most of the 11.—Opening ouse liquidation. « Opening prices were: December, 5.94, ; January, 6.09, up 5; March, 6.17, mg' 6.33, unchanged; July, 6.52, and October, 6.78, up 3. Home Electrification. By the Assoclated Press. Home electrification is making rapid progress in Great Britain, Reports to the Commerce Depart- ment say that during the last year there was an acceleration in the de- mand for electric ranges, radiators and other domestic appliances, due pri- marily to a wider appreciation by the general public of the satisfactory eco- nomic service given, combined in some cases with electricity tariff reductions 4 4 2 4 2y Com Egison.... 47 Supervow A. 14 1% 3% PubSveNII .Feb 1 5 8% 3% n Superp war. . “ W & Rad-K-Orph..Deo2l 79 - W % Kolster-B s 1% 1 Dividend rates in_dol lagt quarterly of semi-an- Rteratn (Am O1) % 6. | DUl payiment’ S g {Saend. "Yearily exirac . IPlus 4% in stock. Lackawanna Sec (4) 27 27 2644 | . bPayable in stock. e Adjustment “ Lake Shore M (12.80) 22 22% i piue 4%, %, 1 stock gElSER [0 SOtk DRl I% » Lefcourt T 17 s 2% i 3 - Lefcourt Real pf (3) 17 17h Us 8% In Sock. B Bald ese JeArono resular Tate. 28 2% Low, 1930. High, 1929. Low, 1929. * New 1y 26'% 22% 1% 26 17 BONDS. 20 Industrials, s.e. 68.5% 69.2 70.1 7.0 86.9 By the Assoctated Press. Money averages were unchanged last week as the rates were computed by the Commerce Department. In the levels that follow the average is given for comparable periods as measured by the department. Week ended December 5. |INFLUENCE ON FAMILY [zropoed boptiem ot || BLAMED FOR SHOOTING falrs to & crux, he said Lyness is unmarried Lurgan, Ireland, he applie { | ship here November 27 ROS i, Moni., December 11— 48, an evangelist, was Interest Retes Reduced, x‘ufi?fl"grmnsefmxi‘?r.fi DANZIQ, Free State of Danzig, De- reading room of & hotel Cember 11 (P)—Interest rates on ereqit | balances in Danzig banks wer, : Officers said Sumner, who is held. de- | 1, of 1 per eent, today tg g1, o e 0 | dn three months of this year 3,342 clared "I had to shoot him The bar- | 2 per cent. | Br Wns of corks were shipped from Seville, ber sald he had protested the influence | The rate on debit balances wer e Bpain, to the United States. of Lyness over his wife m&fl-mlb. The | from 7 per ceab 1o 6 per cen Utilities. Sumner's eldest | 85.3+ FOREIGN EXCHANGE. elist brought af- | (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks value. today. $4.8065 Today. . Previous day Week zgo.. e Month zgo.. e Year z30.. Tool Inquiries. Two, years ag NEW YORK, December 10 (4).—| | Three yeers 2g0 e Some inquiries and > orders High, 1521... e s 9 lieved the usual y c Low, 1 the country’s machine tool marke High, 1920 during the week, American Machinict Low, 1930.... rTeports. No general trend of the mar- High, 1929. ket or general type of sales can be Low, 1929...... regxsuhred. the’ publication adds, nor is * New 1931 low. any change of consequence anticipat untuuurthenmo(v.heyeu.p = A native of d for citizen- Machine | Previous week . pound Same week last vear.. MATCH DIVIDENDS. Directors of the International Match 20t b Ll Corporation have declared the regular 95 2 ¢ quarterly dividend of $1 per share vn R4 the participating preference stock and (Copyright, 1931, Standard Btatlstics Ce.) London, Biussel Berli uda) pengo. gue. crown (nom.) W, & a dividend of $1 per share on the com- mon stock, both payable January 18 to stockholders of record 24,