Evening Star Newspaper, November 19, 1932, Page 12

"% and sales- possibilities. EXPANSION SOUGHT - BY MERGANTHALER Offieials Will Use Extra Space for Manufacture of New Products. BY EDWARD C. STONE. Norman Dodge, president of the Mergenthaler Linotype Company, told the stockholders at the annual meeting held this week that the concern is making satisfactory progress with its plans to diversify its products. The hundreds of Wash- ington _stockhold- ers will be inter-§ ested in this state- ment: “In _accordance with plans for di- versifying the prod- ucts of the com- ny, much study as been given during the past year in numerous devices * not - con- nected . with __the . composing machihe " industry, which 4 might. qffer satisfactory manufacturing’ Several articles are now in the course of manufacture.” The company’s plant in Brooklyn is very large, and even in normal times not all the space is needed for manu- facturing linotype machines and other printing equipment. There has been a report in Washington for months that the company was planning the manufacture of other products in order | to turn unused space into profits. This | s the first time the idea has been out- lined by an official to the shareholders. Business Men Key to Recovery. Up until now there has been a linger- ing hope that the fundamental nature of the depression did not require such severe readjustments as is actually the case, says the Alexander Hamilton Institute. This was a natural attitude in view of the difficulties involved in adjusting such factors as prices, labor costs and capital structures. Conse- quently there has been a tendency for business to make only such adjust- ments as has been necessary to tide business over the period of depresion which was still hopefully expected to end automatically. There has been a tendency to think of these adjustments as of a temporary nature that could be abandoned at the end of the de- pression. Some great shock, such as the out- come of the election, was needed to cause a revision of this attitude and a realization that read justments are neces- to business prosperity, and must therefore be of a permanent nature. Recognition of the true state of affairs will stimulate efforts to complete the readjustments and end the delay that has been inspired by the hope that prosperity was a matter of waiting rather than of acting. Business recovery will result chiefly from the efforts of business men to put their own houses in order, the institute asserts. Norman Dodge. [ May Raise Insurance Premiums. Dispatches received here from Hart- ford, Conn., state that life insurance companies are considering increases in the premium rates on new applicaitons from applicants 40 or more years of age because of uhsatisfactory experience. Travelers, Connecticut General and Aetna Life are considering the increases. Advances in the policy surrender charges also are under advisement. Aetna Life is expected to announce a reduction of 25 per cent in the dividend scale on participating policies for next e Travelers is rewriting its suicide clause to maké contestability two years instead of one, the Hartford report says. Local insurance men said today that they had received no definite informa- tion on any proposed higher rate on ple more than 40 years of age. One eading producer, however, said it would be a good idea to make a special cam- paign on “the 40-and-over class,” so that they can get full advantage of the present rates. If insurance figures take a big jump in the next few weeks in ‘Washington, the reason will be due to some such extra activity by local agents. In and Out of the Local Banks. ‘The interest rate on savings accounts in banks in the Middle West is to be Teduced after January 1, 1933, according to Chicago reports. The decision was made by the Executive Committee of the Chicago Clearing House Association, the new rate being expected to include nearby territory. On the basis of the 10 months’ show- ing and using authoritative estimates for the remainder of the year, Chesa- | peake & Ohio Railway is expected to report net income for 1932 equal to at, least $2.85 a share on the 7,652,778 com mon shares, covering the $2.50 annual | dividend requirement by a margin of | close to 15 per cent. ‘The Nebraska Bankers' Association has Wwithdrawn its offer of $2,500 for bank Tobbers, dead or alive, caught in the act | of banditry. The refusal of a sufficient | number of banks to contribute to the | maintenance of the fund is advanced | 85 the reason for withdrawal. | Deposits of the New York Clearing House Association member banks con- | tinue to mount, a trend which has been apparent each week, with a few excep- | tions, since last June. The increase has 1.$40,000,000 weekly. suthern Railway has been per- by the I. C. C. to abandon its i'e Cleremont branch, operated by the Atlantic & Danville Railway in Greensville, Surrey and Sussex counties, Va. The road was built to serve ves- sels plying the James River, and cafmot mv be operated except at & substantial Fifth District Shows Progress. At _the conciusion of a meeting of the Banking and Industrial Committee of the fifth Federal Reserve district at the Riggs National Bank late yesterday, it was reported by Chairman E. C. Graham that the movement for indus- trial rehabilitation in this area is well under way. The committee chairman also reported that present Government agencies fur- nishing credit relief are making ex- cellent progress in the fifth district, the committee _having co-operated closely with the Reconstruction Pinance Cor-| poration and the Federal loan banks. | Steadily improving business conditions | and increasing confidence appeared in reports from members of the subcom- mittees and from the other banking and industrial committees which are engaged in similar activities throughout the United States. Elected to R.-K.-O. Board. | George Armsby, chairman of the board of Bancamerica-Blair Corpora- | NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Sales— Add 00. H Stock and Dividend Rate, Adams Express ‘Adams Millis (2). . Affiliated Prod 1.60 Air Reduction (3) Alaska Juneau (50 Alleghany Corp..... Alleg Corp pf $30ww Alleg Co pf $30 xw. . Allted Chem & D (6). ‘Amal Leather pf. ... Am Ag Chem (Del). AmCan (4).... Am Car & Foundr: Am Colortype. . Am Comc'l Alcohol. . ‘Am & Foreign Pwr.. ‘Am & For Pwr 2d pf. Am Home Prod 4.20 Am International Am Locomotive. Am Metal pf 2 Am Fower & Light.. Am Pwr & Lt pf (6). Am Radfator. .. ‘Am Rolling Mills. Am Smelt & Ret Am Tel & Tel (9). Am Tobacco (16) . Am Tobacco B (16 Am Type Fdrs pf. Am Water Wks Am Wat Wks efs(2). ‘Am Woolen. ... Anaconda Copper. . Armour of 111 (B) Atchison. . Atchisdn pf (5). 44 9% A‘flan'lvl‘hafl fi!ne. t ¥121% * 8% -Atlantic Refining(1)..4 3% 151% 28% Auburn Motof (f4).. 78% 1% Avation Corp (Del).. 21% 3% Baltimore & Ohio. 7 3% Barnsdall Corp. 6215 57% Belg N Ry pt pf 4.09. 18% 41 Bendix Aviation:.... 29% Bethlehem Steel 43% Borden Co (2). 14% Borg Warner. . 1% Briges Mfz Co...... 50% Bkyn Manhat Tran. . 41 Brunswick-Balke. 30 Burns Bros pf.. Butterick C Byers ( ~Prev. 1032~ Low 5 20% Canadian P: Capital Admin (4 Case (J 1) Co.. Caterpillar Trac 50c. Celanese Corp. Cerro de Pasco . Ches & Ohio (2%)... Chesapeake Corp (2) Chi Great Westn pf.. Chi & Northwestern. Chrysler Corp (1). Cluett Peabody pf Coca-Cola Co (7) Coca Cola (A) (3)... Colgate-Palm-P (1). > pf (6).. Colonial Beacon Ofl. Columbia Gas (b1).. Columbia Pic ctf: Columb Carbon (2).. Commercial Credit. . Comel Credit A (3).. Comel Cred 1st(6%). Comel Inv Trust (2). Comel Solv (60c) . Comwlth & Southn. . Congress Cigar (1).. Consol Cigar 4 Consol Gas N Y (4).. Consol Laundries(1). Consol Oil Corp. .... Consol Textile Contl Baking (B). Contl Can (2). Contl Insur (1.20). Cont Motor: Contl Oil (De! Corn Products Corn Prod pf (7 Cream of Wht(12%) Crown Cork & Seal. . Crucible Steel. Crucible Steel pf.... Crdahy Pack (233).. % Curtiss-Wright..... 32 Del & Hudson (6). 815 Del Lack & Westn 1% Denver & RG W pf.. 12 Diamond Match (1).. 20% Diamond Mach pf 115 Tis Dome Mines (1.30) .. 5 Doug Aircraft 28 Drug Corp (4). 5 22 Dupont de Nem (2).. 35% Eastman Kodak (3). 3 Eaton Mfg Co. . 814 Elec Auto-L (1.2 14 Electric Boat. . % Elec & Musical Instr 2% Elec Pwr&Lt....... 87 Elec Pwr & Lt pf (6). 4 Engineers PubSve. Equi Office Bldg 1. 5: 108 13 1 8 2 1 60s 1 bt Fidelity-Phoen 1.20. First Natl Stores 21 Florsheim pf (6) Freeport-Texas (2).. Gamewell Co. Gen Am Tank Car(1) Gen Asphalt. Gen Bakinz Gen Electri Gen Elec spec (60¢. Gen Foods (2 Gen Mills (3) Gen Mills pf (6) Gen Motors (1). 10% Gillette Saf Raz (1). 3 Glidden Co. . 2% Gobel (Adolf). 814 Gold Dust (1.60) Gold Stock Tel (6) Goodrich (B F) Goodyear Tire&Rub. Gotham Silk Hosiery Graham-Paige Grant Grant (W T) (1) Great Northern pf % Great West Sug. Grigsby Grunow Gulf States Steel. T Hayes Bod 110 Homestake 42v, Househd Fin pf 27 Hudson Motor 1% Hupp Motors 4% Nlinois Central. ... 7% Industrial Rayon (2) 14% Ingersoll-Rand (2).. % Inspiration Copper. . 2% Interboro Rap Trans. % Int Agriculture. .. Min(110) 20. 5 1 2! MNet. | —Prev. 1932 Low. Close. Chge. Low. 6l 6% 16% 9% 56 12% 11 34 3% % igh. e 74 Int Merc 2 26 15% é,‘. 33% 10 53% 81 51 22 10 37% 8 4% ambert 9 Liqu 13% Loew's T 1% Loft Inc 8% 9 384 19% 621 6l 60 4y 46% 20% 14% 1319 207 Meclntyr 28 1% a7 Madison Mengel C Missouri Murray nt Y YNII oranda or Ame! 5 Ohio Ol 10% 2% Oliver F 42% 12. Owens Il 167 Pacific G 1% Packard 1% % 1% 16 13 6% 3% 2 % 2 9% 19% 28 T4 10 4% Penney ( Puilman FEFEEFEFE 1 % Richfield LR R | 3014 Safeway % St L-San 6% 9% 1% 5 2% bl 419 86% [ 2% 3 3% 610 + ¥ + ~ 1 + & So Porto 1 8% ™ 9% 15% 81 19% 1 214 32 4_Superior 12 T 5l 36% 941y 19% 34% 1% 20 14 393 11 Tri-Cont 1 278 11% Un Tank % 2% U 313 Unit Cor 20 10% 9% 13% 3% U S Leat 7% U S Pipe 21% 1 5115 23%, 2% 65 90 20 60 Va-Car Waldorf Stock and Dividend Rate. 5215 Int Bus Machine (n6) 8% Int Cement. 1 Int Combustion 10% Int Harv 81 Int Nickel of Can Int Paper & Pwr pf Int Silver pf (4). 2% Int Tele & Teleg. Johns-Manville. . Spring Tire. . Manhattan Elev gtd. Manhat Elev mod gtd Marine Midld (80c).. Marshall Field & Co. Mathieson Alk (1%). ‘o pf 1 Mo Kan & Texas..... Mo Kan & Texas pf. Purity Bakeries (1) 214 Radio Corp. . 1% Radio-Keith-Orph, 2% Real Silk Hoslery Remington-Rand. 1% Republic Steel. - 5% Reynolds Metals(1). 26% Reynolds Tob B (3).. 1% Rossia Ins of Unit Corp pf (3). Unit Fruit (2).. Unit Gas&Im (1.20) 10% U S Gypsum (1.60). U S Indus Alcohol. Net Low..Close. Chge. 94 94 +% 9% + % 5% 23% + % 2 % % Sales— Add 00 High. 1 94 2 ester (1.20). + hant Marine 8% 4% 45 10 + 2% Kelvinator Corp. Cennecott Copper Co (15). 30% Lehman Corp (2.47). 344 Ligg & Myers B (15). Carbanic. ne (14)....0 Lorillard (P) (1.20). 7% Loufsville & sh. .. Por M(1%) McKeesport T P (4). McKesson & Robbins Macy (RH) & Co (2) Sq Garden. . Pacific pf.. Montgome Motor Pr ducts ral. & Ha Y Ont & Western. . Y Shipbldg pf (7). Min (a50c). orth Am Aviation. . r(b10L; stk). Northern Pacific. (@s0c) . Eq prpf A 1 Glass (2).. as & El (2) Motor Car. Paramount Publix. Pathe Exchange. Pathe Exchange (A). Penick & Ford (12) JC)1.80 Penna Railroad. Phelps Dodge.. Phila & Read C . Philip Morris&Co(1) Phillips Petroleum. . Pillsbury Flour (60c) Proctor & Gamble(2) Public Sve N J(3.20). Public Sve &1 NI pe (6). Corp (3). T+1+1 01+ 414+ oil er Stores (5) Francisco. . Seaboard Oil Del 40¢c. Sears Roebuck Servel Inc Shattuck(FG) (50c). Stmmons Co Socony V: acuum 40c. . Ric S(ad0c) So Port Ric S pf(8).. Southern Pacific. Southern Railway . Southern Raflway pf. Sparks-Withington. . Stand Brands (1.20) . Stand Gas & Flec (2) Stand Gas&El pt (4). Stand Oil Calif (2).. Stand Oil Exp pf (5). Stand Oil N J (12). Stewart Warner Studebaker Corp Studebaker pf (7) o 9% Texas Corp (1). Tex Gulf Sulph (2) 2 Thatcher Mfx Co. . 38 The Fair pf (7). 3% Third Avenue. . ... 2% Thompson Products. Tide Water Asso Ofl. 20 Tide Water As pf (6) 2% Transamerica Corp. . 1Corp. n Carbide & C(1 nion Pacific (6). Car (1.40) 614 Unit Aircraft. . Unit Clgar Stores. ... it Cigar Store pf. D (40c) her (A). & Fdry (2) U S Steel pf (7) 5% Vanadium Corp % Va-Car Chemi: “hem 7% pf. Va Elec&Pw pf (6).. Sys (1%)... Warn Bros Pictures. A 81 5 12% 18% 9% 4315 15% 15 6 45% 9% Western 155 54% 5% 3 4% 5% 3 4% 6% 81 3 45 1 4 14% 264 28 3 44 1 "y, | rations - s Unit of trading k. & Paid Westing” Westinghouse Wheeling Steel. 22 Woolworth (2.40)... 4% Zonite Products(60c) | Dividend rates as given in the above tables + % | cash payments basea on the latest quarteriy or hal |m iast year—no re 1% + % | in scrip. « Ex-dividend. Warren Found & P. . Wesson Oil & Sn (1). Union. ... . 321y se Air B(1). 15 28% 10% 38 7% 3% 7 % e the aunus -yearly decla- 100 shas rtly extra g res. tPe regular r ock. k Plus 3% 1 rate. B Plus 5% in stock.” b Payesis DECREASE SHOWN IN CAR LOADINGS| CONFECTIONERY OUTPUT VALUED AT $279,999,322 1932 Total Completed in Federal | Railway Association Reports Total of 5 37,093, or. Drop of 51,290 From Previous Week. Census Represents 27.9 Per Cent Decrease From 1929. By the Associated Press. The Census Bureau reports that a By the Associated Press. The American Railway Association today placed car loadings of revenue freight for the week ending November 12 at 537,093, a decrease of 51,290 under the preceding week. This was a decrease of 152,867 under | the same week in 1931 and 291,930 preliminary tabulation of data in con- nection with the 1932 census of manu- factures indicated_that the value of | confectionery, including salted nuts, produced in the United States last year was $279.999,322, This figure repre- sents a decrease of 27.9 per cent, as| compared with $388,231,171 reported in 1929, the previous census year. The more important items which | ?ofimbuud to the total for 1931 were as | follows: under the same week two years ago. Chocolates, 285,853,672 pounds, BRIGHT TOBACCO PRICES GO LOWER Dark Fired Offerings Too Light to| Establish Average Price as Week Closes. By the Associnted Press. LYNCHBURG, Va., November 19.— Prices were lower yesterday on bright | tobacco markets where sales ranged from fair to heavy, but on the dark fired markets sales were too light to establish an average price. Of the bright markets, sales were | heaviest at Danville, where medium | stock. : USE OF IRON ORE | By the Associated Press. 4 | tons In Septenber. | 607 tons, a drop of more than 7,000,000 in operation at the end of the period. o | over, 22a25; small capons and roasting STOCK LIST FIRM IN SHORT SESSION Register Moderate Advance After Irregular Trend at Opening. BY GEORGE T. HUGHES. Special Dispatch to The Stay WALL STREET, NEW YORK, No- | vembet 19.—Stocks crept slowly forward in today's week end session on the .Ex- | change. The market showed surpris- | ing firmness in view of all the uncer- | | tainties of the situation, domestic and | foreign. | Opening prices were at irregular | changes, with a slight preponderance of declines. When no liquidation ap- | peared, the professionals turned to the | buying side and, partly as a result of | short coverings ‘and partly from a re- vival of courage on the part of spon- sors for special issues, the market be- gan to advance. Volume was still light, but the higher level brought out little Few Developments Favorable. ‘There was not much in the way of encouragement in the news. The weekly car-loadings statement showed a de- crease of 51,290 cars from the total reported a week ago. This was a 22.1 per cent decline from the figure of the corresponding week 8 year ago. Last| Saturday the decline was 17.9 per cent, indicating a less favorable position. ‘The optimists, however, had a crumb of comfort in one or two of the Oc- tober earnings statements. Kansas City Southern reported another falling off in gross from $1,135,776 a year ago to 1 $930.979 this year, but net increased to $261.453 from $259.340. Even the Nickel Plate had a larger net for Oc- tober than it did '\ year ago, although with a continued decline in gross. ‘The market feature was the consistent | strength in McIntyre-Porcupine Mining, which moved steadily up into new high ground for the year, assuming the lead- | ership of the gold mine stocks, up to | now held by Homestake. Shares of | | other gold producers were firm, but none of them was as prominent as McIntyre. Noranda, which has just declared a dividend of 60 cents a share payable in United States funds, and which is both a copper and a gold producer, gained a point or more. & Short @overing Seen. The short covering was most apparent in American Talephone, Allied Chemi- cal, Union Paciffic and Atchison, in all of which large contracts for‘the decline are supposed to;be outstanding. East- man Kodak was,strong for some special reason. United States Steel common lagged, but was fractionally higher most of the time. . Sterling exchange was off 7% cent in midmorning, but not as weak as it had been in recent sessions. Presumably there was British government support. Swiss francs were down 2 points, again | bringing that currency close to the gold | export point as compared with the | American dollar. ‘The high prices of the session were | recorded just before the close, when | special demand appeared for Montgom- | =Ty Ward and United Afrcraft and when some of the shorts in Coca Cola became nervous, Wheat rallied fractionally with stocks, but cotton was heavy. (Copyright. 1932.) | RISES IN OCTOBER ‘Lnke Superior Association Reports Gain in Consumption to 735,010 Tons for Month. CLEVELAND, November 19.—An up- swing in iron ore constmption during | 4 | October by furnaces using Lake Supe- | | rior ore was, indicated in the report of | | the Lake Superior Iron Ore Association | yesterday. Ore consumption in October amounted | to 735,010 tons, compared with 697,185 | Ore on hand at Lake Erie docks and furnaces on November 1 totaled 32,456.- tons from the figure for a year ago, when 39,767,233 tons were on hand. | | _The association also reported that the | Soho furnace of the Jones & Laugh- lin Steel Corporation was being disman- |tled. Two furnaces went out of blast | during October, leaving only 44 stacks | | | | Washington Produce Butter—One-pouna print (93 score), 27; tub, 26; one-pound prints (92 score), 26; tub, 25; one-pound prints (80 score), 25; tub, 24. Eggs—Hennery, whites, 35a36; current | receipts, 30; storage, 24; Government | graded, extras, 45; standards, 41; me- diums, 33. | __Poultry, alive—Turkeys, old toms, | 11a12; old hens, 12a13; young hens, 18a | 19; young toms, 14al6; No. 2, 9al0; chickens—Plymouth Rocks, 4 pounds and over, 15a18; under 4 pounds, 12a13; Leghorns, 10a11; mixed colored chickens and Leghorns, 9al2; hens, 4 pounds and over, 14al15. capons, 7 pounds and chickens, 17a20; keats, old, 20a25; young, 25a35; roosters, 8. Poultry, dressed — Turkeys, young hens, 23a25; young toms, 21a24; mixed | hens and toms, 21a23; old toms, 17a19; old hens, 18al19; chickens, Plymouth | Rocks, 4 pounds and over, 17; under 4 pounds, 15a17; Leghorns, 13al4; mixed | colored chickens, 16; hens, 412 pounds | and over, 17a18; 4 pounds and under, | 15a16; mixed small hens and Leghorns, | 12a13; roasting chickens, 17al19; most-‘ ers, 1ial2. | Meats—Beef, 12; lamb, 13; veal, 11; pork loins, 13; fresh hams, 10; smoked hams, 13; strip bacon, 13; lard, 7'%; | Special Dispatch to The Star. RESERVE RATIO HELD UNCHANGED FOR WEEK By the Associated Press. The ratio of total reserves of the 12 Federal Reserve Banks to deposit and reserve mnote liabilities combined re- mained unchanged during the week ended November 16. In the table that | follows the ratio is given for compar- | able periods, as announced by the Re- | serve Board: | Week ended November 16, 62.4 per cent Pr kK +.62.4 per cent 64.1 per cent HEH SUGAR TARF AGAIBEING LRGED Clesing of Baltimore Plant by American Refining Called Strategy. NEW YORK, November 19.—Sugar came into financial and business con- | versations frequently this week, with a | renewal of “super-tariff” agitation, | which brought a statement from H. H. Pike, president of the New York Coffee | and Sugar Exchange. | Commenging on the closing down of | the American Sugar Refining Co..plant | at Baltimore, Md. Pike charged that the action was merely & ruse to get a | “super-tarifl” on refined sugar. He séid the plant was built when the com- | pany publicly admitted that refining capacity was greatly in excess of our | national consumption of sughr and that “it is to be assumed that the Baltimore | refinery has taken its place in the ro- | tation of activity which is the routine practice of our refining industry.” Held Common Practice. “It is common practice for every re- | finery to close at certain periods to| clean up and make repairs,” Mr. Pike continucd. “It is a tradition that these | operations are clothed in secrecy. In | making public the closing of the Balti- more refinery the American Sugar Re- fining Co. ds definitely breaking that | tradition and the whole tone of the announcement shows that it is made | public in an attempt to influence public | opinion in support of a super-tariff on refined. “In order to build up impressive figures the spokesman for the Ameri- c¢an Sugar Refining Co. follows the practice of the whole industry by lump- | ing Porto Rican and Philippine impor- | tations of refined with Cuban. Impor- | tations from these insular possessions | are affected by the tariff in the reverse way from what the refiners would havs the public believe. The higher the | tariff on Cuban sugar the greater will | be the stimulus to Porto Rico and the | Philippines to refine their sugar and | enter into direct competition with our | mainland refineries.” Cuban Decrease Unlikely. ‘The recent Cuban hurricane destroyed | about 30,000 tons of sugar, according to cables from Lamborn & Co.’s repre- sentatives on the island. Prior to the | cyclone it was estimated that there| was enough cane in Cuba to produce | about 4.500,000 tons of sugar. As the! crop for the coming year has been fixed by presidential decree at 2,000,000 tons, it is fglt that sufficient cane is avail- able for Cuba to fill its production quota, even though immense tracts of cane were either blown down or up- rooted. President Machado has been asked to permit grinding as soon as possible so as to salvage some of the injured cane. Yield of the United States beet sugar crop improved about 10.7 per cent dur- ing October, according to trade esti- mates. The Louisiana cane yield, ac- cording to tfMe American Sugar Cane League, is higher than expected. (Copyright. 1932.) FIVE SUSPENDED BANKS REOPENED American Banker Also Announces That One New Institution Began Business. By the Associated Press. NEW YORK. November 19.—The American Banker announced yesterday that five suspended banks had reopened and one newly chartered institution began business during the last week. In the same period, 17 other banks, including a chain of five in Oklahoma, went into liquidation with deposit lia- bilities of $22,045,000. In the previous week there were suspensions of 18 banks having deposit Mabilities of $4,- 854,000 while in the week ended No- vember 3, 30 banks, with deposit lia- bilities of $5,636,000, closed their doors. The heavier deposit liabilities involved in the last week’s suspensions were at- tributed to the closing of some Pitts- burgh institutions. Suspensions for the year total 1,285 with combined deposit liabilities of $612,952,000. In the same period there were 230 reopenings. PAST DECEMBER LULLS IN MARKET RECALLED Memories of Heavy Liquidation in 1929, 1930 and 1931 Make Trad- ers Cautious This Year. Special Dispatch to The Star. NEW YOR', November 19.—The fact. that the D¢ ember markets in 1929, in 1930 anc in 1931 were all subject to heavy liquidation has establighed a precedent that many traders ap- pear to accept as one that may followed next month. Consequently they are unwilling to enter the market on the buying side in the belief that they will be able to || varces in food prices scored heavily compound, 7. Game—Rabbits, per dozen, 2.00a2.50. Fruits—Apples, bushel, 50a1.50; fancy box stock, 1.50a2.25; pears, bushel, 1.50a 2.00; fancy box stock, 1.75a2.25; seckels, | accumulate stocks at a lower range be- fore the end of the year. The opposite®opinion is that there | is no comparison between market con- | ditions at the present time and those |in the three preceding years, when | Muskogee Co. kegs, 200a2.50; grapes, Concords, 3- pour.d baskets, 11a12; tokays, 1.25; mus- catels, 1.00; Thompson seedless, 1.50a 2.00; Malaga, 90a1.25; juice grapes, 65a 70; " poneydews, . 2.00a2.40; pears,'1.25a1.75; ‘bananas, 50a2.00; pine- apples, 3.50a4.25; oranges, California, 3.50a4.50; Satsumas, 3.50a4.00; Florida, 3.50a4.00; grapefruit, 2.50a3.00; lemons, 450a6.00; casabas, 2.00; persimmons, 1.25a1.50; limes, per 100, 2.00; cran- | berries, 2.25a2.50. alligator | stocks were in a weak technical condi- | tion, the banking situation was acute | and there was heavy selling in order to_establish income tax losses. This latter phase will not be of much importance this year in view of the| g, change in the income tax law. (Copyright, 1932.) Plant Works Full Time. SCRANTON, Pa., November 19 (#)— Potatoes—100-pound sacks, 1.00a1.10; | The chemical plant of the Glidden Co. | o | CONDITIONS SHOWN' IN LEADING CITIES Bradstreet’s Tabloid Review Compares Trade With Last Year’s. By the Associated Press. NEW YORK, November 19.—Tabloid | review of wholesale and retail business conditions, as reported to Bradstreet's this week from the following centers, on the basis of comparisons with conditions in the same areas in the corresponding week last year: T e g Trade ustry Pittsbus Shicagaen Cleveland De < Indis uisville Milwaukee Des Moines . Duluth ... Kansas_City Minneapolis Omaha . St. Louls St. Paul = 't Baltimore - Quiet Quiet Comment Is Given. Pittsburgh—Coal inquizies more nu- merous with advent of ‘cold weather, glass output restricted, holiday orders | stimulate demand for tableware, build- | ing confined to residences and remodel- ing. Chicago—Increased buying in all lines maintained, closing of four open-hearth furnaced reduces steel operating capac- ity to 17-18 per cent, automobile and railroad industries releasing fair steel orders, coal consumption on upgrade. Cleveland — Post - election sentiment has good influence on trade, steel mills continue at 35 per cent of capaeity, retailing maintains recent gains, B over last week’s declines, Detroit—Retail trade maintains recent gains but continues far below 1931, Wholesale orders small and buying cau- tious, automobile industry stimulating rroduct!on of 1933 display models, col- lections two points below a year ago. Indianapolis—Increased demand for necessity lines helps sustain retail vol- ume, wholesale trade conservative, man- ufacturers continue on restricted sched- ules,” unemployment slightly less. Louisville—General let-up in industry apparent since election, “sales” fail to stimulate department store, trade, heavy mill machinery inactive, municipal con- i;r;:ctkm constitutes main building ac- vity. Milwaukee—Soap manufacturers ex- panding production, bottling machinery and equipment plants get substantial conditional orders, rise in barley prices encouraged optimism. Moines—Retail trade seasonally active, wholesale orders mostly fill-ins, with election over sentiment for im- provement 1s optimistic, farmers short of feeding stock, harvesting of corn well under way with yield L. Retail Volume Maintained. Duluth—Attractive prices maintain retail volume, wholesale buying for im- | mediate needs, industry at standstill, | automobile sales limited. Kansas City—Retail trade disappoint- | ing, stocks light, wholesale orders con- | servative, zinc ore and lead prices ad | vance, flour mill sales about 60 per cent | of capacity, Western Kansas wheat crop | | hindered by lack of rain. Minneapolis—Wholesale orders more numerous, coal trade in full swing with | volume comparing favorably with for- | mer years, retail trade steady, wheat |and coarse grdin prices advance slight- | ly. $1.800,000 civic relief fund being so- | licited this week. | . Omaha—Wholesale dry goods demand lowest in three months, groceries and | foodstuffs holding fairly well, retail | trade retarded by warm weather, milk | selling at 7 cents per quart, live stock receipts) heavier. St. Louis—Retail sales steadily in- creasing, apparel trades on upgrade, wholesale groceries holding their own with prices steady, production in Mis- | souri lead belt below normal, breweries making radical improvements. St. Paul — Wholesale trade shows | noteworthy improvement with volume |in general merchandise equaling 1931; shoes, hardware, groceries, auto tires |and plumbing supplies quiet; depart- ment store sales on upgrade. Baltimore—Trade sentiment the best this year but reduced public purchas- ing power hinders volume, iron and steel quiet, drugs and chemicals selling well but at reduced prices, material improve- ment in hotel business. LR | U. S. TREASURY BALANCE. | By the Associated Press. | Treasury receipts for November 17, | were $7.722,079.86; expenditures, $13,- | 571,075.34; balance, $646,791,785.81. | Customs duties for 17 days of Novem- | ber were $15,424,536.49. United Shoe Sales Increase. NEW YORK, November 18 (#).— Manufacturers estimated yesterday that unit sales of shoes for the current | week are about 5 per cent ahead of the |like 1951 period. This, accgrding to the manufacturers, is an indication that the seasonal decline may not be as sharp as it was near the end of 1931. Dollar volume is considerably below | last year, powever, due to the decline in prices. | AR DIVIDENDS ANNOUNCED NEW YORK, November 19 (#).— Initial. Pe- Pay- Holders of Rate.riod. able. record. ..4c Q Nov. 17 Nov. 14 Company. First Com Stks Loew's London Thea Ltd 7% PI.....52 . Dec.31 Nov.19 | Tob Sec T C ord . Do. def reg.. '8 Do. Am deb rcts for org reg .....12%% . Do. for def reg.6.857d . Interim. | Noranda Mines ... ..60c .. Liquidating. Natl Indus Shrs A.S: Pac Am Fire Ins... " Omitted. Kans Okla & Gulf Ry $6 b C.... Asso_Rayon pf Atl Birm & Co: R 0 8 Jan. . $2.50 Bang & Arcostk’ RR _50c Q Jan. Do. ‘pf ...$1.75 Q Jan e EEE ot d nn’ Elec Dartmth Mfe SENTIMENT GAINS FOR BANK REFORMS Growing Number of Experts Urging Abolishment of Dual System. BY CHAS. P. SHAEFFER, Associated Press Business Viriter. The ranks of those banking authori- ties who believe the present dual sys- tem in this county should be abolished are gaining many recruits. Criticism of the present system reached a degree of high importance last year when Eugene Meyer, governor of the Federal Reserve Board, told a Senate Banking Committee that a uni- fied program, under Government con- trol, should replace the policy now pursued, which, on account of many varfations, is not, applicable to sound ince that time many suggestions have been advanced, the latest from the Southeastern Economic 4ssociation being revolutionary in character and providing for a thorough reorganization of the entire system, from its physical set-up even to the accepted theories of financing. The general theory, which seems to form the background for all proposed remedies, is that the day of the small town bank has ended. Glaring Defects Seen. A study of the records of bank fail- ures since 1920 indicates that there are glaring fundamental and crganic defects in the banking structure of this country. While the number of in- solvencies during the last few years have been tremendous, the record for the last 11 years, 8 of which are asso- ciated generally with a prosperous period, proves this point. For instance, from 1921 through the year 1929 there was a total of 5,624 banks which closed their doors, affect- ing many thousands of depositors and tying up credit in thousands of com- munities. Of these closed institutions during the nine-year period 4,648, or 82 per cent, were non-member banks, mainly inde- pendent in character and situated in 1 sections of the country. tudents of banking declare that to attribute bank failures during the last three years solely to the depression is to disregard all underlying economic factors. The truth of the matter, they point out, is that the present era of unprofitable business has merely brought to the surface, through bank failures, the inherent weakness that has always existed in the American banking system. Recorded by Years. In the table that follows the record of failures is given since 1921, by clastes as reported in the latest issue of the Federal Reserve Board’s monthly summary: Members. Non- Beiks. Natiopal. State. “bers. . 501 51 19 ;g_l, 931 . i 1932 (9 mos.) Total .. 1,551 409 NEW HIGH-GRADE ISSUES HELD SCARCE Investment Dealers Believe In- crease Would Provide Outlet for Surplus of Funds. 218 By the Associated Press. NEW YORK, November 19.—Invest- ment dealers, who have handled the last few high grade new issues brought on the market, are of the opinion that the situation would be helped if a greater number of sound loans would make their appearance. This view is not taken with an eye to the profit which would accrue from a better volume of such business, but rather is based largely on the theory that the absence of a greater amount of good new issues is tending to place a “scar- city” value on bonds coming out. The volume of investment funds pressing for employment, it is held, is little short of tremendous. At the same time if the demand for high-grades could be satiated, the way would be opened for working on secondary and more speculative loans. EMPLOYMENT INCREASES SLIGHTLY AT BALTIMORE Special Dispatch to The Star. BALTIMORE, November 19.—A gain of- 0.8 per cent in employment in selected manufacturing plants in the Baltimore industrial area in October as compared with September is reported by Dr. J. Knox Insley, State commis- sioner of labor and statistics. Employment in the Baltimore area, however, was 19.8 per cent lower in October this year than in r last year, while the amount of combined weekly earnings was 31.7 per cent lower. For the State as a whole there was an incresse of 3 per cent in employ- ment in 417 selected industries last month over the month before. There was & decrease of 16.3 per cent last month as compared with the same month in 1931. SRRl BROKERS’ COMMENT By the Associated Press. NEW YORK, November 19.—Most brokers prefer to advise cautious trading policies for stock market clients. Some think there may be a further rally prior to the debt conferences in Wash- ington next week. Shields & Co.—The prospects for & rally prior to Tuesday's debt conference should bring some further covering. Frazier Jelke & Co.—For the last five weeks stocks have been doing nothing but awaiting new incentive. The list seems thoroughly liquidated, but the economic environment is such that only the more courageous and the more patient are moved to buy. Hornblower & Weeks.—Until buying of a nature sufficiently aggressive to bring about a sustained rally appears, ‘we would adopt a strict trading attitude ) tion, has been elected to the Board of | valued at $84,115,140; bars, 384,423,899 lé;'n'h! Idaho bakers, 1.65a2.00; sweets, per Directors of the Radio-Keith-Orpheum Corporation. | Rackliff, Whittaker & Loomis, Inc., announce the election of Lewis E. War- ing, partner of the New York Stock Ex- change firm of Clark, Childs & Keech and director of Chesebrough Manufac- | turing Co. S MR Credit Report Favorable. NEW YORK, November 19 (#).—The | credit bureau of Greater New York | reports that collection percentages of | the 20 stores used each month as an | index showed a decrease of only 0.74 | per cent, the smallest decline since the | tabulation of the collection index began | $n September, 1931. The showing is considered particularly favorable in view of the fact that October this year had one less business day than in 1931. METAL MARKET. Miscellaneous freight loaded during the week ended November 12 was 187,249 cars, decrease, 22,898 under the preceding week and 64,083 under the pounds, valued at $66,948042; hard candy, 235,502,293 pounds, with a value of $31,171268, and salted nuts to a value of $15,854,773. —_— same week last year; less than carlot merchandise, 169,908, decrease, 160 and 16,867; livestock, 18,357, de- crease, 1,356 and 9,230; grain and grain products, 25,090, decrease, 4,773 and 12,893; forest products, 15984, de- crease, 1,489 and 3.819; coke, decrease, 895 and 1,532. e 4,104, POTATO MARKET. CHICAGO, November 19 (#) (United States Department of Agriculture) — Potatoes, receipts, 68 carloads; on track, 137 carloads; total United States ship- ments, 553 carloads; steady, supplies moderate; trading slow; Wisconsin Round Whites, 6712a75; Michigan Rus- NEW YORK, November 198 (F).— nominally unchanged. ) set Rurals, few sales, 70a72)z; Idaho 7,287 and 37,556; coal, 113,606, decrease, 11,- | crease, 1,432 and 6,887; ore, 2795, de- | INVESTMENT TRUSTS NEW YORK, November 19 (#).—Over- the-counter market: | Am " Bank Stock . Bullock Pund s Cumulative_Tr ‘Sh Corporate Trust .. Corporate Trust A A...° " Corporate Trust Accum’ Ser Dividend Shrs Fund 33035 3 Russets mostly 1.30a1.35. BT S B and lower quality grades were in de- mand. Lower leaf and lug grades with some medium quality tobacco were sold at Kenbridge, Petersburg, South Boston and South Hill On the dark fired markets lower quality leaf and lug grades predomi- nated, although the offerings were considerably better at Bedford. Offer- ings were light at Blackstone, Drakes | Branch and Lynchburg. 10,000 MINERS RETURN TO WORK IN ILLINOIS SPRINGFIELD, Ill, November 19 (#).—Coal production increased 1,000,~ 000 tons and almost 10,000 miners re- turned to work in Illinois mines during October, John G. Millhouse, director of the State Department of Mines and l%menh. said yecwr‘:ny. The numh_‘; of mines working increased from to 124, he said. bushel, 50a60; string beans, 1.75a3.00: limas, 3.00a3.50; onions, yellow, 60a75; white, 75a1.00; _broccoli, 3.00a3.25; peas, 2.75a3.00; celery, 2.25; cucumbers, bushel, 2.50a3.50;- beets, per 100 bunches, 5.00; carrots, per bushel, 7 lettuce, Iceberg, 3.75: New York, 1.00; asparagus, 2.50a4.00; salsify, per dozen bunches, 75; turnips, 60a75; cabbage, 60a75; mushrooms, 50a90; kale, 40a50; spinach, 65a75; tomatoes, Cali- fornia, 30-pound -lugs, = 1.85a2.00 parsnips, bushel, 1.25; okra, 1.50a2.00. squash, 1.25a1.50. | | Committee Head. NEW YORK, November 19 (Spe- the formation of a Bondholders’ Pro- tective Committee to represent the in- terests of the outstanding 15-year 7’2 per cent mortgage sinking fund gold bonds of the Eastern Cuba Sugar Cor- poration. Charles len of Hayden, Stone & Co. is of the com- mittee, cial) —Announcement is made today of | B | here has been placed on a full-time | basis. It had been operating at 60 per cent of capacity. NEW YORK BANK STOCKS NEW YORK, November 19 (#).— Over-the-counter market: (Quotations as of 10 0'Clock.) B, TRUST COMPANIES. 6 Corn Exchange (4) Empire () Guaranty Irving (1.60) Manufacturers | Elec_Stor Ba Do. pf.. | Pirst' N B8t First N 8 Gulf Pw Co $6 pf.$i. Internat Prop A Inves Royalty Co pf. . Kans okfl: &Ry bl denBodt i nst Monot & McCanan (WD Su olasses I .. . B&T ( 23253 = £ el 2 0 Omm POOREEDOOOOLOOODO L $1. P 2) . *Includes extra. BEERFIRRCNNE ¥ VIRONNY I¥Y gvaROIiY DOOOPODPOEO00D m DOO: DF