Evening Star Newspaper, November 19, 1932, Page 13

FINANCIAL. BONDS CONTINUE SAGEING TENDENCY Number of Vulnerable Issues Reach New Lows as Week GJoses. Epecial Dispatch to The Star. NEW YORK, November 19.—A week of gradually sagging prices in bonds | ended today with a number of vulner- able issues at new low levels for the| movement, ‘The preéssure was mainly against the | low-grade railroad and public utility | bonds. Large blocks of these have been offered off the board and there has been difficulty in absorbing them, To- | day the entire list of Missouri-Pacific issues was soft. The 5'2s sold down to | a level approximating that of bonds in | defelilt. The 55 were off a point and | the 4s fractionally lower. BOND UNITED STATES. (Bales mnln $1.000.) h. Low. Lfb 3% s 3247,.., 10125 101 22 101 47 1029 1026 102 1014 1014 1028 1025 1027 1043 1041 1041 1081 10727 1081 Alleghany bs '50... Am T&T deb s '6 Am T&T deb bs "§5. Am T&T 5%s 43, Am Wat Wks 6s ‘7 Antioquia 7s "¢ A SCersnonnnarn Rail Bonds Heavy. Nickel Plate 4'%s, Chlc?o & North- western 43;s and New York Central | 4’25 were all heavy. Baltimore & Ohio | short-term 6s advanced, but again the | other longer-term 4':s and 5s were | lower. | International Telephone & Telegraph 4'?! and 5s were distinctly weak in spite of the announcement by the com- pany that interest is being covered by current earnings. In contrast with this ‘was an advance in American Telephone | 8'o5 to 108, a new high price for the | ar. Other high-grade public utilities, like Consolidated Gas 4'4s and Brook- Iyn Union Ges 55, were in sirong de- | mand at the top levels for 1932, | Some profit-taking occurred in the | * several oil bonds which have been | strong features during the week, U. 8. | Rubber 5s lost a point. Dodge Bros. 6s gaingd a point and are now back to| their recent high price. The local trac- | tion bonds were strong, with Interbor- | ough Rapid Transit refunding 5s selling | «close to 50. Reich Loans Decline. Developments in the German cabi- met situation were apparently not to the liking of the market, for German government loans declined, as well as German municipals. Japanese 645 | ned a point after several days of | quidation in them. It was announced | today that a moratorium has been | asked for the Pinland Residential Mort- | gage Bank, whose 6 per cent bonds were brought out in this country four years .‘"o at 94}z and are now selling | around 40. 1 United States Government issues were steady and dull. (Copyright, 1933.) BROKERS TO BUY GIFTS DESPITE TOY SHORTAGE | Plan to Make Children of Financial | District Happy—Ord¢.s Rush Holiday Indust:y. Bpecial Dispatch to The Star. NEW YORK, November |9.—Speak- | ing of seasonal subjects, there's the question of toys. Some of the kindly- hearted brokers again thus year will| see that children in the financial dis- | triet’ do not want for toys, even if there is a shortage of some 35 per cent | hefore the opening of the pre-Christmas season. Just now the toy industry, ac- cording to James L, Pri, director of the Toy Manufacturers of the United | States of America, is working 2¢ hours a day and employing 100,000 people in an eleventh-hour rush to catch up | with orders. Mr. Fri said some 200 toy makers will meet here December 1 to formulate emergency production plans end assure permanent jobs for 100,000 workers during 1933, { U. S. SILVER PRODUCTION | + SHOWS SHARP INCREASE NEW YORK, November 19 (P).— “The American Bureau of Metal Statis- | tics reports that silver production of | mines i the United States increased | Iast month to 1916000 fine ounces | from 1,177,000 in September. Canadian it Fose to 1,853.000 ounces rom A L e FOREIGN MARKETS. By the Associated Press. LONDON.—Trading was quiet on the Stock Exchange pending the new ac- count Monday. There was an easier tendency in British funds and ofl shares. [ International issues were unsettled, but | finished above the lowest of the ses- slon. The closing was easy. BERLIN.—Prices were cheerful on; the Boerse and the closing was steady. | PARIS—Trading was guiet on the| Bourse, but prices were firm. Rentes improved slightly and the closing was | calm. | CHICAGO DAIRY MARKET. | CHICAGO, November 19 (#).—Butter | —Receipts, 6432 tubs; firm; creamery | specials (93 score), 231,a24; extras (92), | 23; extra firsts’ (90-91), 2115a22%;; firsts (88-89), 191,a20%%; seconds (86- | 87), 1721815 standards (90, centralized | car lots), 221, Eggs—Receipts, prices unchanged. Poultry, alive—Receipts, 1 trucks; ‘easy: hens, A hens, 8%; cclored sprin springs, 102a11; rooster: keys, 18; young toms, 16; old toms, 12; ducks, 10a12; geese, 10; Leghorn brofl- ers, 815, 1,888 cases; firm; car, 33 Lej CHICAG;)"LIVE STOCK VLA{ARKET CHICAGO, November 19 () (United States Department of Agriculture) — Cattle—Receipts, 700 head; compared week ago fed steers and yearlings, 50a 1.00 lower; yearlings and light steers off most; better grades all representa- tive weignts showing most decline stockers strong to 25 higher; active on country account; fairly broad country movement tending to support ccmmon killers: old fat she stock unevenly 25a 100 lower; better grade heifer and mixed yearlings off most; cnly reliable market centered on common grades, most killing clesses end cutter cow bulls, 10a25 lower, anc vealers, 1.008 150 off; extreme top strictly choice | weighty fed steers and long yearlings, 8.10; strictly good to choice offerings all representative weights around 7.00 at close; selected Montana stockers sold up to 7.00; bulk, 3.£026.00: best fed heifer yearlings, 777, wverare COSi slaughter steers and yeerlings appr metely 625 lowest of year, kiling quality considered. 3> Sneep—Receipts, 6,000 head: todad's market nominal; for week ending Fii- day, 30 doubles from feeding stations 10,500 direct; fat lambs ana yearlings mostly 50a75 lower; other classes changed; week's top native lambs, 6 best fed Westerns, 6.10. Closing bulks follow: Better grade native lambs, 5250 5.50; few 5.75 to all interests; choice fed Westerns scaling 78-94 pounds, 5.50 25.75; native throwouts, 4.00; few 4.25 around 60 pounds, feeding lambs, 5.35; | fat native ewes, 1.5022.25; one deck, | 2.65. | Receipts, 9,000 head, including | 8,000 direct; steady to strong on lim- ited offerings; good to choice, 150-240 | pounds, 3:4025.00; top, 3.50; few pack- | ing sows, 2.75a3.00; compared week ago, | 15a25 lower; shippers took 500; hold- overs, 2.000; light lights, good an choice, 140-160 pounds, 3.40a3.50: light weights, 160-200 pounds, 3.40a3.50; me- | dium weights, 200-250 pounds, 3.35a | 3.50; heavy weights, 250-350 pounds, | 3.15!&;5; packing :l:vlsé _llgl:ldllusm and | and choice, 100-130 pounds, 3.25a | | Lyons 63" Argentin Argentine Arin & Co ¢ M iae T Mo Atchison gn ¢ 95 AtICL 1st 4s°'62 AtICLcl4s’62 Atl Ref db 5837, Australia ¢3%s°56 Australia b3 ‘55 Australia 6357 Austrian 7843 Austrian 7887, B&O1stds 3 =11 ) SuxrenactSnoonsk moEarCon-rnasbaaar~ane L Be amnar B&O1st5s'4 B&Oref5s's B & O rf 55 D 20 B&OrfésC'95 B & O P&WYV Belgium Belgium §% Belgium 7 Belgium 7s '66 . Bell Tel Pa 55 B'48., Berlin Cy El 63 °55. Berlin C E1 6548’51, Beth Stl pm 5336 Bolivia 7s '58. Budapest 6s '62 Bush Ter con 55’56 Ches Corp 5547 C & Ocon bs'39 CM& StP gn 45'89. C M BtP&P 5875, . Chi & NW 4% Chi&NW rf Chi RI&P gn 43 'S8, Chi RI&P rf 45 ‘34, % Chi Un Sta 55 B'63. C& W Ind cn 45'52. C& W Ind 5% Childs deb 58 ‘43 ot Boama R nan~e a8 R - wRSE 020 CC&St L 4 %sE 17 CCC & St L b5 D'63 Clev Term 4% 71, Clev Ter 5% A 12, ‘6 Con G NY 4%s '51. Con G NY b Con Pwr Jap 6% Copenhag 58 ‘52 Cuba 5%8 '46, Ceecho 8852, Del & Hud 6%s 37, Denmark 6%s ‘55 D& RGren D&RGr4% D&RG W 58'sb Det Ed 438 D6 Det Edison Dodge Bro Donner Stl 78 42, , Dugquesne ¢35 '67. DEI5%s 53 Mar, DE 153863 Nov. Dutch East I 6847 Erfecv 4s A '53, Erferef 5867, Erie ref 5s'75. Fiat deb 7s "48 Finland 5%s ‘58 Finland 6s "4, n F French Gv 7% Geisenk’hen Gen Cable b3 Gen Th Eq 6 Ger Cent Bk Ger Cen Bk 6560 J Ger Cen Bk 6560 O Ger Cen Bk 78 50. . Ger Gen Elec 6348 Ger Gov 5%8 ‘66 German Rep 78 “49 Goodrich 6%s "47. Goodyr Rub Grand Trunk 7 Grt Nor 4%3s D76, Gri Nor 5348 B'52. Grt Nor gn 183 Greek 6368, Hud & M adj 6867, Hud & M rf 6 67 Humble O1l 58 '37. 111 Bell Tell 55 56 1l Cent 4% 8 66... 111 CCStL&N 4%s. 11 CCStL&N 58A. . 11l Steel db 4343 40. Inland St 4% 8 B Int Rap Tr rf bs Int Cement 68 Int & G N ad 6 int Hydro E) 65'44. Int Pap 6s ‘65 Int Ry C A 58°72.., Int Ry C A 614847 Int Tel&T 4%s '39. IntT & T 4%5°62. [nt T & T 53 '65. Italy 7s°'51. Japanese 5% Japanese 6148 Jugosl Bnk 78 Kan City Ter 4560, Kan G&E 418 Karstadt 6s 4 Laclede 5%s C'53 Laclede 533 D '60. Zake Shore 3148'97 Lautaro Nit 63 '54. Leh Val cn 48 200 Lorillard 58 '51. La & Ark 58°69. Lou G & El 53 A'62. L& N unt 4540 o P TP T N PR IO < T TST ST o e aneeE SR " o BovaronBroSan N et McKes & R 5% %'50 Manhat Ry cn 45’90 Midvale Stl 55 °3¢ Milan 6%s 52 Mil £ Ry&L 5 Mil E Ry&L § MSP&SSM en 48 Mo Pac gn 4875, Mo Pae s F 77 Mo Pac 55 G ‘T8.. Mo Pac 55 H 'S0’ Mo Pac 55 1°8 Mo Pac §%8 A '43. Mont Pow 68 °43. Mor&Co 1st 4%8'39 3 Datry 5% #'4s.. 10 Power 4 Nat NJ ON NEW STOCK EXCHAN Received by Private Wire Direct to The Star Office. | cases are now being sold at substantial | | centers | pected | heavy wearing apparel, Winter hard- | | mediate requirements, YORK E 4 rf4%e 2013, rt 52013 e d .ee 11 5. 1 ZZZZZZZZ & . Nia Sh Md §%s’5 Nord 6% '50. Nor & Wn en ¢ Norf&Wn div North Am Co s 61 Nor Am Ed 3 C'¢9, N Ger Lloyd 41 NorOT&L 6s'47.. Nor Pac gn 35 2047, oo s ion, PaSo SR~ N B Re~ Orlent Dev Pac G&E 58 ‘41 Pac TAT st 5337, Pan Am Pet Paramount 6 Param-Pub 5%3 Penn 4%s D'81. Penn cn 4%s ‘60 Penn gn 4% D Penn P&L 4%s ‘81, 33 Pere Marq 4 % 20, 1 Pere M 1st 55 '56 1 Phila Elec, 1 Phila & RII'JG.I Phillip Pet 6% Pillsb F M PCC&StL 5s A '70. Pure Ol 6% 8 '40 Queensland 75 "¢1., 1 Rem RE%sAMTww 2 Rhine West 65°62. 3 Rhine W ¢a '56 5 Rich Oil Cal Rio Gr Welt 43'¢9, 19 RIATr& L 4%s 3. Roine 63s 5. Royal Dutc] Rumania 7s '59. StL IM R&G 4 St L&SF StP&KCSL 4348’41 Sao Pau 7s'40. Saxon P W 63%s'51. Saxonm Ts'45. Serbs-Cr-Sl 7s Serbs-Cr-Sl 8s Shell U Of1 53 "47. . Shell U O 63 49ww. Sinec Ofl 6% s B '38. Sinc Ol 7s A '37 Sinc Cr O 5%s "38. Sinc P L §s'42... Skelly Of] 5%s°39. Solssons 6s ‘36 Sou Bell T&T Sou Pac col 4349, 9 914 | Sou Pac rf 43 'G5 Sou P 4%3'69 ww. Sou P&Or 4% A'TT Sou Ry gn 4s A6 Sou Ry bs '94 . Sou Ry gn 6s '56... StOIN Y 4%s Sweden §%s ‘Tenn E1 P 63 A ‘47, Ter As St L 5544, Tex Corp cv s '4 Third Av adj ‘Tob P NJ 6148 2022 Toho El Pw 75 ‘55, . Toklo 5%s'61..... | Tokio El Lt 63°53.. Un EIPSL ref 5s'33 Un Pac 1st 4847 6% 96% | 99 | 9% | 98 A 104% | U S Rubber 5347, 4“ | UnSt W 638 A'47. 40 Un St W 8%s A'S1. Ud St W 6% C 51, | Utah P& L 58 '44. . | Uil Pw 65 '59 3 Util Pow 5% Uruguay 6s '60 Uruguay 6564 Vanadium St 5841, Vienna 6s ‘52 : Va Ry ist6s A 62, Va Ry & Pw 58'34. Va 8W 1sten 58’58 Wabash 5%s'75. .. Walworth 6s A ‘45. ::arren Bros 6s'41. 4| 33 | 481 | 277 | 391s | West Uncl tr 58 '38 West Union bs ‘51, West Union 6s '60. West Un 6%,4 3¢, . tphalia 6s '53.. 1 Wh Sew Mch 65 '40 Yokohama 6s'61. , Yot SAT bs A'T8. Yxstn S&T &8 B'70. Trade Trends By the Associated Press. Cotton goods—Sheets and pillow- discounts from the open lists, in some | instances more than 50 per cent off, | according to trade reports. The dis- | counts have resulted from pressure for business on the part of some large producers, it is sai Rayon—Trade circles hear that de- mand for acetate rayon is far in ex- cess of present producing capacities, Some of the smaller concerns are said to have sold far ahead and withdrawn price lists temporarily. Construction—Reports from various indicate that operations are continuing on a restricted scale, with demand for lumber and other building materials showing no appreciable ex- pansion Wholesale trade—Wholesalers in vari- ous branches of trade report a pick up in business during the past week con- | trary to the seasonal slowing down ex- The acceleration was said to be most pronounced in such lines as ware and rubber footwear. < Banking | affirmation of the British government’s | into dollars. | best customers, | declares that the loss of business will | rate-at which sterling shquld be sta- | organized by the Paris | be made BRITISH RETURN 10 GOLD DELAYED Interests Dislike Trade Loss, hut Early Relief Unlikely. By the Associated Press. Reports to the Federal Reserve Board indicate there is no immediate likeli- hood of England’s return to the gold standard. No less an authority than Sir Hilton Young, British representative to The Hague Conference, was quoted as saying that the return to gold can be effected in and when certain monetary, financial, economic and political conditions are ironed out. The statement was described as a re- attitude, made necessary “at frequent intervals to prevent not altogether dis- interested quarters from spreading fresh ru:nou aboul our imminent return to gold.” In the meantime it was sald that British banking quarters engaged main- ly in_international business are regard- ing this delay in returning to gold with growing dissatisfaction. So long as sterling is subject to fluctuations, their forelgn customers are reluctant to draw upon their sterling credits, it was said, as they do not want to be exposed to losses through an appreclation of sterl- ing. As a result, when a violent move- ment in sterling occurs the banks re- ceive many requests from foreign cus- tomers to transfer their sterling credits Fear Losing Customers. The banks, it was said, are not in a position to comply with these requests, and fear that, should this state of con- dition continue, they may lose their | The London Financial News takes a philosophical view of the situation and be only temporary “and—regrettable as it is—the banks will have to put up with it.” The publication declares that, taking a long view, a second suspension of the gold standard after a premature return would do far more harn than the postponement of the return to gold. British authorities declare the recent fluctuations in their currency were due to two main reasons: First, that the international exchange markets have greatly increased in sensitiveness, owing to the reduction in volume, and even more in value of international trade; secondly, that sterling and its associat- ed currencies are no longer on a gold standard, but are independent paper currencies, free to fluctuate with every change in international payments, ex- cept so far as the authorities exercise control. , Advices to the Federal Reserve Board state that even an independent Dagf:r standard can be prevented from undue fluctuation and kept near its pur- chasing power parity, provided ade- quate exchange resources are available for use at the discretion of the mone- tary authorities. Such pegging, how- ever, it was sald, is dependent on two conditions that must first be fulfilled; the exchange resources in reserve must be adequate, and the authorities must | have a definite idea as to the position of the purchasing power parity. Amcunt Is Unknown, Whether the first of these condi- tions is fulfilled in England, the pub- lic has no means of knowing. Not only is the amount outstanding not known, except to & few persons in authority, but any jue ent as to its adequacy must be conditioned by the uncertain- ty which exists concérning the pay- ment_of war debt installments next month. As to the second condition, authori- ties hold they have little definite knowledge of the desirable economic bilized in terms of gold. By allow- ing sterling to find its own level after the suspension of the gold standard, some approach to the true purchasing power parity was known, but since the beginning of 1932 much has happened to dlszurg that relation. The advice added that at present no | reliable criterion is available for de- | ciding how far the depreciation of sterling is justifiable, and at what point it becomes artificial and calls for in- | tervention on the part of the au- thorities. “That uncertainty must re- | main until we return to a uyllversal‘ basis of values, that is, to gold,” bank- ing authorities aver. Europe Tries Barter. The development of barter trade in Europe is making fresh progress, with negotiations covering an_exchange of | merchandise between Holland and | Poland. The agreement provides exports from | Poland of lumber, coal, bacon, seeds and textiles to Holland and the Dutch| colonies in exchange for rubber, tea,| coffee, cheese and other commodities not produced in Poland. This movement is gaining momentum so rapidly that several countries are| establishing special organizations de- | signed to eliminate, at least partly, the | of this method. In France an mmm-‘ tion—Office de Compensation—is being Chamber of Commerce, at the request of the French | government, for the purpose of “secur- ing payments due from abroad and en- | abling further commodity exchanges to In Germany there are three organi- zations already existing, while similar stitutions are being, or have been, or- ganized in Czechoslovakia, Sweden, | Hollend, Belgium, Austria and other| countries. Gold Balances Cut. With the withdrawal of about $18.- 000,000 gold deposits in the United | States, Czechoslovakia is now among those European industrial nations in which there has developed a tendency to diminish gold balances held abroad. It is the practice of many foreign na- tional banks to keep on deposit in the vaults of foreign countries with which foreign trade is carried on a_certain supply of the yellow metal. The gold serves various purposes, chief among which is to pay international trade debts. In order to save transportation costs, gold was not actually shipped from | America, but was taken over from the| gold deposits of European banks which | had to ship gold to the United States. Lead Prices Reduced. NEW YORK, November 19 (#)—The | American Smelting, Refining & Mining | Co. yesterday reduced the price of lead | 15 points to 3 cents a pound, New York. | Market Averages Gasoline—Midwestern markets show | a tendency to weakness and buyers are keeping their purchases down té im- oil circles re- port. The New York harbor market for gasoline in tank cars is said to be holding firm in the face of price un- | settlement in the Midwes Rubber Combine Formed. | LONDON, November 19 (#).—An-| nouncement was made yesterday that | the United States Rubber Company and the Dunlop Rubber Company are | forming the Dunlop-Revere Thread Com- | pany to handle the interests of both | concerns in rubber thread and “Latex” | thread throughout Europe. The new company will not engage in the manu- facture of fabrics or completed articles. Lel; Financing Planned. NEW YORK, November 19 (#).— Daily Bond l:uyer zt.ln:’aw;l next week's munici financ! Y com- ities 8t 3.'2'1’:&:. compared with mun! - $13,131,937 this By the Assoclated Press. TOMNY .- Previous ' da; High, 1930, Low.' 1930... Today .. Previous day Week ago .. Month ago”.. difficulties of settlement on the basis | 3f - C., SATURDAY, 'NOVEMBER 19, 1932, CURB PRICES UP IN CLOSING HOUR Short Covering on More Ac- tive Issues Regarded as Factor. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, November 19.—The Curb Exchange finished higher today, following a lower opening. Short cov- ering in the more active issues, such as ‘lncuw Bond & Share, was re- sponsible for the bulges that took place in the final half hour. Electric Bond & Share made a siz- able gain. American Cynamid B firmed, as did International Petroleum. | Cities ‘Service was a slow mover and | Standard Oil of Indiana was a trifle| lower. Cord Corporation and Ford Mo- | tor of Canada A sprang to life in the last few minutes of the session on in- creased bidding. Moderately encouraging news from the business world was offset somewhat by a further decline in the pound sterling and the continued uncertainty | over war debt problems. A number of | corporations reported relatively good | earning statements or declared regular | dividends. Gold Shares Advance. The feature of the first hour was the activity and strength of Canadian gold mining shares. For weeks Canada has been enjoying a “boom” in such shares, but only occasionally did it reverberate on the floor of the Curb Exchange. In this bidding today Lake Shore Mines was lifted to a new peak for the year and Hollinger duplicated its previous top on the first sale. Tech Hughes was| turned over at a lively rate and Hudson | Bay Mining stiffened. This movement dldy not extend to the copper or #nc shares, New Jersey Zinc opened down 3, point on the first trade. esebrough Manufacturing opened up 4 points as its directors declared the usual year-end extra of $1 and the regular common quarterly dividend of $t. Imiperial Tobacco of Canada a few days ago discounted declaration of the regular common rate today. This was also true of Hiram Whalker-Gooderham & Worts preferred. The president of this company told shareholders he favors a merger of the more active and important Canadian distilleries. ‘Walgreen Action Reported. In connection with the recent rise in Walgreen it was generally reported around the street today that directors would set a rate of $1 on the common annually at the initial dividend meeting. A drop of 3 points In Northern States Power A was the widest move in the public utilities in early trading. Childs preferred, which was unchanged at 12, was the only restaurant share to came out during the first hour. Celanese first preferred was the out- standing mover in textiles, rising about 9 points on & few trades. Colt's Patent Firearms Manufacturing Co. declared the regular common quarterly dividend, but the stock was quiet. This was also the case with the regular declarations of Canadian General Electric, Empire Power Corporation preferred and Penn- sylvania Water & Power common. (Copyright. 1982 OIL STOCKS MAKE BEST SHOWING IN OCTOBER NEW YORK, November 19 (#).—The “index of security prices” compiled by the New York Trust Co. presents an interesting picture of the movement of stocks during October. Embracing 103 issues representative of the 12 indus- trial groups, this index showed a drop of 2,77 points for the month. Nine oll | stocks made by far the best showing, revealing a decline of only 18/100 of a point, while tobaccos and rails suffered the most substantial recessions, the for- mer yielding 5.79 points and the latter 5.47 points. The composite figure for the index at the close of October stood 1.50 points above that of December 31, 1931, Fifty domestic bonds declined 1.37 points last month, but were 2.93 points above the close of 1931, while 40 foreign issues eased 5 points, but stood 9.72 points over the December 31 level. New York Cotton Special Dispatch to The Star. NEW YORK, November 19.—Cotton prices declined nearly 15 points at one time today, heaviest losses of the week, and after a partial recovery ended 9 to 11 points lower than yesterday. Liquida- tion, scattered Southern selling and hedges depressed prices, and at 6.07 December showed a loss of over half a | cent from recent high levels. Spots were reduced 10 points to 6.25. Cotton range December o 6.4 6.58 6.62-63 1932) GOLD STOCKS MOUNT SUBSTANTIALLY IN WEEK NEW YORK, November 19 (P).A—' Yesterday's gold statement of the New York Federal Reserve Bank showed im- ports of $240,200 from Holland and $117,400 from Mexico. In addition, America's gold stock gained $3.851,500 through releases of metal from foreign earmark and San Francisco received | $585,000 from China and $486,000 from | Australia. { ERTaS Decides to Buy Own Stock. NEW YORK, November 19 (@). Virginia-Carolina Chemical Co. has de- cided to purchase “as an investment 40 per cent of its outstanding 7 per cent prior preference stock at $75 a share. Each holder will have the right to require the company to take that| percentage of his shares at the price | mentioned. | CHICAGO STOCK MARKET By the Associated Press, CHICAGO, November 19.—Following is the complete official list of transa tions in stocks on the Chicago Stoc] Exchange today: Sales. STOCKS. High. 50 Abbot Lah - 21% 200 Amer & Dominion 1 | S 5 S 1 Low. Close. | he oy o) 1 Bhae Bhpand LBELL Eo o » SIEE REas Smeant w305 19 e PEOFEEINE Stock sales 600. N. Y. CURB MARKET Received by Private Wire Stock and Sale— * Dividend Rate. Add 00. Aluminum of Anter 600s 80% Alum Co Am pf (3) 150s 40 Am Austin Car. 1 by ‘Am Beverage AmCities P & Am Cyanamid B. Am & For Pw war,, 9 AmGas & Bl (31)..§ Am Maracatb Am Superpow v Arkansas NtGs A.. A0 GE&EADI%, 2 24 Assoc G&E pf (5).. 108 13% Atlas Uttt 7 Atlag Utll war...., 7 2% Aute Voting Mach,. 6 3 Blue Ridge........ 1 24 Canadian Marconi. 3 14 Celanese 1st pf..., 4008 55 CharisCorp (1%).. 1 74 Chesebrough (174) 100s 84 11ds pt. 4 12 Citles Service ) ison Cons(klc). Deere & Co. .. Elee Pwr Asso(60c) Elec Pwr As(A)60¢ Elec P & Lt 2d pf A Europ El Ltd A 30c 2% , Florida P & L pf(7) 258 33 Ford Motor CanA.. 2 6% Ford MLtd.....0o. 2 8% Foundation For Sh. & General Aviation.. 1 3 Gen Pub Service pf 50s 32% Globe Under (k20c) 1 4 Goldfield Consol... 10 Goldman Sachs.... 4 Gold Seal El ne: GreatA & Pn Hollinger Gold $75¢ 18 Hudson Bay Min.. 2 Imp Ol of Can Gle. InsCoN Am (2)... Insurance Sec..... Int Petrol (1). Italian Superpw A., Interstate Equities 5 an 1 1 < 4 2 1 | Ut P& Le. FINANCIAL. Direct t. .he Star Office. Stock and Dividend Rate. Add Lake Shore Min(13) Lehigh C& N 80c.. Mavis Bottling A. Memphis Nat Gas. . Mid] West Utilities Mo Kans Pipe L. .. Nat Aviation. Sale— 00. High. 48 384 27 L ¥ Re mnon NatBugar N J (1), New Jersey Zine 3. Niag Sh Md B b6 % .7 Nipissin, North 8t Pac G&E 18t pf 1% Ponroad Corp...... Phoenix Secur pt, , Pilot Radio Tubg A Ploneer Gold (1!0). Pub Utl] Hld wa Pub Util Hid x w, Pure Oll pt (6)., Reliance Int A, Repubdlie G: St Regls Paper.... Selected Ind - e SRR N SouCal EdpfB1% South Penn Oil (1). Sou Pipe Line(80c) Spieg May Stern pf Stand O1l'Ind (1)... Stand O1l Ky 1.20, Starrett Corp, Stuts Motor Car Swift & Co... Swifelntl (14), Tech Hughes (60¢) Texon O&Land t1% Trans Air Trans. .. Trans Lux DL P §. Tri-Cont Corp wi United Gas. United Found Unit Lt&Pwr (A) Unit Lt & Pwr pf. Unit Shoe Mch 2%, 13 1% 2% 1% A% 2215 (224 8 3% 34 I 1 14% . & in dollars based on last auarterly or semi-annusi oE; dividend. 1Partly extra. $Plus 4% n_stoce. $plus 4% in stock. aPayable in cash or stock. b FRyeBE-T5 stock e Adjustment dividend. fPlus 5% stock, g Plus 6 tock. h Plus 1% k Plus 10% tock. % stoc) flus &% —no regular rate, » o e S A S ——— Ll Walgreen Co. Wayne Pump. Wenden Copper. | Dividend r Bra 9 Sales in thousands. 14 Aluminum DOMESTIC BONDS. High. Co_b 94% i s it 00 700 : 4 in o 403 5 1047 1063 t 8. El 5! B B Ry _cod bs s 5 Bias JEmp O & i Federal Wi 6 Gatineau Pw G4 1 Gatineau_Pw. 52 32 1ig | | 8 W 4l v id Wst U 55 G&LL 4% 28 51 or Btat P 41a8 ‘1. Ohio Edison 5 G&E 4ipx 'BT. 96Y O , i GSE 413 ¥ 96ia 061 G&E B 68 . 108 " 108 G&ESsC 4(‘". 1048 138 R =05, 2 L 4158 '7 Bb GAE 4128 N Il 4155 F 'R1 K17 N 1l 4135 E 'S0 8 PAL hlos A "4 nmmgz:ln_’g; 2 S R iVa P Serv 5s B '50... 66 1 Wes Tex U 55 A 50% FOREIGN BONDS. 6 Buen Al Pr 7ias 50% @ 1 Ger Con Mun 2 Ger Con Mun Ha ES&U 5 1 Russian 5los 1 Russian 614 # Stinnes 7s AW 1:1 Btinnes_7s ‘36 xw 12 Terni So 6'4s A ' ww—With warrants. Xw-_Without warrants. n—New. wi—When issued. 26 PARIS EXCHANGE RATES. PARIS, November 19 (#).—Three per cent rentes, 78 franes 80 centimes; 415 per cent rentes, 95 francs 52 centimes. Exchange on London, 84 franes 9 centimes. The dollar was quoted at 25 francs 53% centimes, Dividend Declared. NEW YORK, November 19 (Spe- cial). —Directors of Lily-’ Cup Cor- have decluem 4 quarterly dividend of 3715 cents a &t F 'BONDS. ’27 otf i 1 Chi R 44 1800 cn;&. spat s 460 Bond on the common stock, pay- able Decsml 15 to stockholders Tecord December 1, 1983, ‘ | Liverpool market. |297% to 34, July 31% to 15, Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md, November 19— White potatoes, per 100 pounds, 80a 1.00; barrel, 125a1.50; sweet potatoes, bushel, 30260; barrel, 50a90; beans, bushel, 75a2.00; beets, 100, 1.50a2.50; Brussel sprouts, quart, 6a12%; cab- bage, basket, 20a25: carrots, hundred, 1.50a2.00; caulifiower, crate, 75a1.50; celery, crate, 90a1.65; cucumbers, hamper, 1.50a2.50; lettuce, crate, 2.75a 3.75; onions, 100 pounds, 75a90; peas, bushel, 3.0023.75; peppers, bushel, 1.25 #1.50; pumpkins, 100, 5.00a15.00; spin- ach, hamper, 25a30; squash, bushel, 1.00a1.25; tomatoes, lug, 75al1.75; ap- ples, bushel, $5a1.35; cranberries, box, 1.5082.75; grapes, basket, 30; honey | dews, crate, 1.25a1.75; oranges, box, 2.75a3.50; pears, bushel, 50a1.75, Dairy Markets. Live poultry—Turkeys, hens, und, 20; gobblers, 18; old hens -ndp(t’cuuu 16: crooked breasts, 12a13; young chick- ens, 11a15; Leghorns, 10a12; old hens, 12a16; old roosters, 8a10; ducks, 10a 12; geese, 10al4; guinea fowls, each, | 20a30; pigeons, pair, 10a15. Eggs—Receipts, 1,869 cases; hen- nery whites, dozen, 36a38; nearby firsts, 32a33; Western firsts, 32a33; Southern firsts, 30; current receipts, 30. Butter—Good to faney, creamery, pound, 20a25; ladles, 14al5; store | packed, 11; process butter, 15a16. Live Stock. Oattle, 250 head; dull; steers good to choice, 6.00a6.25; medium to good, 5.008 6.00; fair to medium, 4.00a5.00; plain to fair, 3.5024,00; common to plain, 3.00a 8.50; bulls, medium to , 3.75a3.; fair to_medium, 2.50a2, plain to fair, 2.25a2.50; common to plain, 2.00a2.25; cows, medium to good, 2.75a3.00; fair to medium, 2.25a2.50; plain to fair, 1,75a 2.00; common to plain, 1.25a1.75; heif- ers, good to choice, 4.50a5.00; medium | to good, 4.00a4.5 ir to medium, 3.50a 4.00: plain to fair, 3.00a3.50; common to plain, 2.5023.00. Sheep and lambs, 500 head, steady; sheep, 50a2.00; lambs, good to choice, 5.5086.00; common to medium, 3.00a4.75. Hogs, 1,200 head; steady; light, 4.15a 4.40; medium, 4.00a4.30; heavies, 3.75a | 4.20; roughs, 2.75a3.40; light pigs, 4.15a | 4.40; pigs, 4.15a4.40; western hogs, 10-20 cents higher than quotations. Calves, 50 head, steady; good to 3.0024.50. Grain Market Special Dispatch to The Star. CHICAGO, November 19.—Wheat prices were steady to a fraction lower at the start today under scattered liqui- dation by December longs, but the mar- ket quickly recovered on supporting choice, €.00a6.50; common to medium, || BREWING SCHEMES BRING WARNINGS “‘Stock Proinoters Have Seized Oppertunity—=Glowing Prospects Claimed. Special Dispatch to The Star. NEW YORK, November 19.—With widespread talk of the ible revoca= tion of the Volstead act helping the: various stock promoters have Mln‘a themselves this week, with the result that many persons are recelving tele- phone calls, telegrams and letters about “fine” investment and speculative possi+ bilities connected with the brewing industry. Issues New Warning. This has caused the Better Business Bureau of New York to issue a second warning against brewery promotions. In making such investments it would be well to remember that the industry probably will be heavily taxed. In fact, this tax item is causing considerable concern to the prospective brewers, which will level earnings and reduce the speculative possibilities of such stocks. ‘Then, too, it is well to remember that many breweries now making near-beer can with very little additional investe ment make real beer and thus get the jump on newcomers. Here and elsewhere, 5o the story goes, some of the bootleg gangs have been buying up options on breweries so as to maintain their present positions or even strengthen themselves deeper. In fact, it may be that these gangs have been working with the financial underworld in putting out literature on some “wet" promotions. State Action Uncertain. Not all 8tates are likely at once to repeal local option laws, a fact which some stock promoters never mention in their literature. One careful Wall street survey estimates that nearly 200 hrew= eries throughout the country are ready to make beer at once, and thus far not one of these has offered to sell any of its stock to the public. Incidentally, most ‘of the brewery promotions ni are being made by firms that are either new or virtually unknown in the Street. Incidentally, brokers say none of their brewer friends show any disposition to let their properties, long held by their families, go from their control into the hands of investment bankers. Moat brewers are just old-fashioned enough to want to run their own business. (Copyright, 1032.) —e LESS MARKET ACTIVITY ON REACTION NOTED NEW YORK, November 19 (/).—One of the most encouraging features of the market through the week has been the drying up of activity on the reaction. The turnover has been progressively smaller each day since last Friday, when 2,600,000 shares changed hands as the short interest beat a hasty retreat on the post-election rnng. Monday brought a turnover of 1,300,000 shares, on Tuesday the volume dropped to an even 1,000,000 shares, and on Wednes- day to 900,000 shares. Yesterday’s turnover, 700,000 shares, was the smallest In weeks, with the ece of dealings today promising s al figure which would hardly approx- imate that small aggregate. Dividends Withheld. SAN FRANCISCO, November 19 (Special) —Revival of reports that special tdl{vidc_ggx dllbunrlfinnén was u;: prospect for nsamerica Corporaf .c&'finmm was followed by statements today from sources close to the man- agement that it will not be considered advisable to pay out any portion of this year’s earnings in dividends. First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Ine, NOTES We will buy monthl, yment, deferred purchase m*;‘m trust notes, secured on owner- occupied D. C. residences. UNION FINANCE CO. Nat. 7936 916 Woodward Bldg. Are Not Born they are tralned and made by us without ost. __Address Box 40-R, Star Offie orders based on the better tone to the December opened at 4215 to 42, May 47%, July 487, to 3;.| After the first half hour December was 423, May 47%, July 48%. Corn followed the action of wheat. | December opened at 243 to Y, May | After the | first half hour December was 245, May | 30, July 313, | Oats were steady. December opened at 16, May 18% to %g. After the first half hour December was 16, May 18Y4. Provisions started steady. | (Copyright, 1932.) B o i BAR SILVER. _NEW YORK, November 19 (#).—Bar | silver quiet; unchanged at 263, FIRS You -ar Over a Third invest the of a Century Without a Loss Not on to an Investor. this gene proved W B. F. SA National 2100 THERE 6 FIRST MORTGAGE A (SECURITIES afe investment—secus by direct Pirse Mortguse on incomecpre: ducing properties in the Natlon's Capital In_Denominations s100 Monthly Payment red REAL ESTATE MORTGAGE AND GUARANTY CORP. 1610 K Street BUILDERS ATTENTION Have immediate sale for two medium- priccd houses, w e litlle proposition will finance itself,. Star Office AWAY FROM TEMPTATION e surrounding your sur- plus funds with protection against unnecessary spending when you m in our 69 FIRST MORTGAGES ly is the temptation for careless spending overcome, but your* money is definitely earning rous interest—with the principal backed by first mortgage on conservatively appraised im- ashington real estate. May be purchased in amounts from $250 up. UL CO. 925 15th St. N.W, IS NO SUBSTITUTE FOR SAFETY