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Evening star. [volume] (Washington, D.C.) 1854-1972, October 25, 1931, Image 66

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Persistent link: https://chroniclingamerica.loc.gov/lccn/sn83045462/1931-10-25/ed-1/seq-66/

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4
BONDS IRREGULAR
IN LIGHT TRADING
Foreign Group Displays Uni
i form Strength—U. S. Is
sues Steady.
BY ALEXANDER HENDERSON,
; Associated Pres* Financial Writer.
NEW YORK, October 24 - Bonds ex
perienced the quiet trading typical of
a ahort session today, although the
price trend was higher, If Irregularly so.
Foreign loans were almost all higher.
The gains among them were principally
fractional and uadlng was concentrated
Ir. the better known issues. Belgian
*7a of 1856, German 5' 2 s and 7s. Ger
pien central agricultural bank 6s j
of October, 1860. and Italian 7s of 1951 ;
Jumped from fractions to about 1 point !
on a sizable turnover. Uruguayan 6s \
of 1960 were 3 points higher at 35 at ;
one time, but sales of them were few. j
Moderate strength developed in Aus- j
traltan 5s of 1957, Brazilian 6'*s of
3826-57 and French 7s and 7' 2 s.
United States Government loans were j
usually quiet. The majority of .these
Issues were unchanged.
Domestic corporate bonds were irreg- i
ular on moderate sales, but a rising 1
tendency prevailed among them. Atchi- I
son general 4s continued active and 1
turned steady. Canadian Pacific deben- 1
ture 4s. Erie 5s of 1975, St. Lcuis-San
Francisco 4' 2 s of 1978 and Southern
Rallwav 4s of 1956 gained fractions on j
active trading. Illinois Central 4 r, 4 s of
1966 and New York Central 5s of 2013
dropped about 1 point on a few sale.-
Public utility obligations were about
•s active as the rails, but most of i
them showed no change from yester
day’s final prices. American Telephone
5s of 1960 and of 1985 were tw o of j
the most active of the group and held j
steady.
Industrial and stork privilege bonds
were less active than the others. Such
Issues as were traded were higher as
a rule, however. Chile Copper 5s
jumped about I*2 points. Fractional ,
gains were scored bv Shell Union Oil
ss. United States Rubber 5s and West- ,
ern Electric ss.
Alleghany 5s were about 1 point
higher among the issues with conver- •
aion privileges. Atchison general 4%5.
International Telephone 4‘ 2 * and.
Lautaro Nitrate 6s gained fractions.
Baltimore Markets
(Special Dispatch to The Star.
BALTIMORE. Md., October 24
With continued light receipts the egg j
market holds very firm under another
advance of 2 cents a dozen this week:
good fresh laid stock scarce and wanted j
at a permium in price when buyer is
satisfied with size and quality. Strictly ,
fresh hennery whites that have the
size and weight. 55 pounds to the case,
are especially wanted and meet with
ready sale at top prices, but pullet eggs
are hard to move even at the lower
prices quoted. The egg exchange has
again notified shippers not to hold
their eggs, but to ship in single-case
lots in preference to holding for larger
shipments, as the eggs become stale and
will not make the grade under the can
dle. The market closed today at 38
cents a dozen for hennery whites and
30 for nearby candled firsts, but cur
rent receipts will net bring over 27 and
28 and small pullet eggs are slow sal*
at 18 to 20.
Poultry Prices.
The live poultry market holds steady
to firm, especially on heavy fat old
hens, which are in light receipt and
for which a good demand prevails, but
poor, thin fowl of all kinds hard to
move. Demand for large fat and small
broiling mixed colored Spring chickens
has shown an improvement and this
class of stock meets with ready sale.
Medium to large Springers are bringing
20 to 23 centv a pound and Leghorns
18 to 20. but bare backs, as well as all
poor, thin fowl, are hard to move at
14 to 16. Old hens, medium to large.
4 pounds and over, rell mostly 22 to 25
and Leghorns, 16 and 17, but poor,
thin, light fowl are neglected at 13
and 14. Old roosters In ample sup
ply for the demand and generally slow
aale at 12 to 15.
Market for young ducks holds steady
under light receipts and a fairly good
demand for the white variety, 4' 2
pounds and over, at 16 to 21. but black
ducks are discriminated against, espe
cially old drakes, and small poor stock
moves very slow at 12 and 13. Guinea
fowl and pigeons holding steady at 25
to 55 each for the former, while the |
latter shows an advance of 10 cents a
pair and 25 to 30 for both young and
old. Live turkeys made their first ap
pearance of the season on the market
this week, but the demand is limited
at 28 to 30 for young turks, 8 pounds
and over, with old selling mostly 25 to
27 and only small shipments are ad
visable.
The market for white potatoes shows
no change from last week under fairly
liberal receipts from all sections and
it takes well graded No. 1 stock to bring
top values of 75 to 90 per 100 pounds,
while No. 2 potatoes are not wanted at
any price. Sweet potatoes and yams
continue in liberal receipt and the mar
ket rules easy and a shade lower at
1 00 to 1.15 per barrel for the former
and 1.00 to 1.25 for the latter, but mixed
ungraded stock will not bring over 75
to 90.
Other Prices.
Native and nearby garden truck con
tinues in libera! receipt and prlees are
mostly in buyers’ favor at the following
quotations:
Stringless green brans. 175 to 225
bushel: beets. 1.50 to 2.50 hundred; car
rots, 2.50 to 3 50 hundred; lima beans.
1.50 to 2 50 bushel: onions. 1 75 to 2.00
per 100 pounds; oyster plants. 5.00 to
6 00 hundred; peppers. 25 to 35 hamper;
pumpkins. 3.00 to 6.00: Savoy cabbage.
40 to 60 bushel: spinach, 20 to 60
bushel, and tomatoes. 25 to 75 hamper.
The live cattle market continues gen
erally dull with only choice cattle in
demand and movement on other grades
very draggy. Receipts generally light
on the wharves, but ample at the stock
yards and consequently market on the
wharves rules easy at the following quo
tations:
Beef cattle, first quality, pound 6 to
*7; common to medium, 4 to 5: bulls, as
to quality. 3 to 5: cows, choice to fancy.
4 to 5; common to fair. 2 to 3. Oxen,
as to quality. 3 to 5. Calves, veal,
choice, 9to 9' 2 ; large, fat 7to 8 large,
rough, 5 to 6: common, thin. 3 to 4.
Sheep. 1 to 2. Spring lambs, choice. 7;
fair to good. sto 6 Hogs, straight. 6;
sows. 5: stags. 3 to 4. Live pigs. 12 to
14. Shoats, 10 to 12.
Grain Prices.
Closing grain quotations—Wher.t. No
2 red Winter, earlickv. domestic, root.
59' 4 bid: October delivery. . r 9’r. No
\ ember delivery, 59 5 „: corr. No 2 yel
low. domestic, spot. 54: cob corn, new
1 75a 1.90; oats. No. 2 white, domestic,
spot. 34: No. 3 white, domestic, spot,
33; rye, nearby. 40a50.
INSURANCE STOCKS.
NEW YORK. October 24 (A>).—Over
the-counter market:
Bid. AsV*d.
Aetna Gas & 8 48 53
Agricultural T' SJ
Amer Surety 35 3a
Boston 333 330
Cite of New York 1«0 180
Conn General Life 5' <3
Fid A Den 103 100
Firemen's Insurance 14 15'a
Olen Falls SO 41
Globe it Rut 233 3*3
Hanover 19 s 21%
Hartford Fire 43 <5
Home Insurance _23'» -’ •»
Kansas City 'OO 800
Mas* Bond jn so
National Fire fj 41
FINANCIAL.
| BOND SUMMARY FOR THE WEEK]
UNITED STATES GOVERNMENT. I
Hieh Low. Stock and dividend. High. Low. Close Ch*e
102 28 98 16 Lib I Via 1831-47 99 22 98 16 99 6 +.04
103 16 99 20 Lib Ist 4%a 1932-47. 101 6 99 30 1012 +1.04
105 6 100 Lib 4th 414a 1933-SI. 101 14 100 6 101 11 + 1.06
103 16 94 16 U 8 I4fcs 1940-43 97 94 16 96 10 +.26
103 18 94 28 U S 344a 1943-47 96 24 94 28 96 164-1.
107 22 98 3 U S J%a 1946-66 100 98 16 99280.20
109 22 100 IJ S4s 1944-S4 102 24 100 4 102 8 42.02
114 8 101 28 U S 4%s 1947-61 105 102 104 18 - 2.18
, —lO31—, Net j
* Hlfik Low. Stock and dividend. High. Low. Close. Chge
I 101 88 Abram A Straus fi%a'4S . . 92 * 91% 9t + %
j 87% 40 Alleghany Co cv 6s '44... 49 44 47*4 +l%
'. 102 92% Am Chain 6s 1933 93*. 92*4 92*4 - \
I 102 60 Am 1G Chm 6%s 1949... 75’* 74 74 -1
95*4 7.1*« Am Interna tlon 5%s '49.. 78 7574 78 +3
81% 8 1 * Am Natural G 6 %s'42 .... 12 10 1014 —IV* j
104 98 Am Sm & Ref Ist 6s ’47 ... 98 98 98**+ V.
105*4 102 Am Sugar Ref 65’37 103 102*4 103
135% 109*4 Am TelATel cv 4%s '39. . 1 19*4 114% 118*4 B*4
lOW , 100 Am Tel & Tel as 6* 102 100 101*4. + IV*
71'* 38*4 Am Writ Pap 6a ’47 40 40 40
98*. 35*. Argentine 6a Jun*'69.... 53** 41% 53*4 +l3
98% 35% Argentine 6s A'67 64 41 1 a 64 + 13%
92 65'* Armour & Co 4*48’39. ... 77 70 76% -4%
• 80'* 53 Armour of Del 6*4 a’43... 66 58*4 61 -+ 2*4
97'* 86'4 Atch T&S Fe adj 48'95.. 88% 88'* 88*4 + V
! 101 88' * Atch T4SP gen 4a’96... 90*4 88% 88% +V* |
! 122 98% Atch To AS Fe 4%s 4*. . 104 100*, 101 -Ik
98 86% Atlantic C L lat 45’62.... 88 86% 86*4 —2k
i 103'4 94% Atlantic Ref deb 65'37... 97 95 96 +
76 35 Australia 6s '55 56'4 48 54 -6
108% 90 Austria 7a'43 95V* 91*4 93*4 —V4
! 99'* 86% RAO gold 4a '4B 89 87*, 87*. -I*4
i 101*4 91 8A00v4%5'33 94*4 92% 93
j 109 99 Balto A Ohio 6a '4B 101% 100% 100'i - %
i 104% 78 RAO ref 6a '96 86 82% 82*4 +Vi
' 104% 77*4 RA O ref 6a D 2090 84 83 83
110'* 91’* Ralto A Ohio 6a'£s 96% 93 95 + %
.' 99 99 RAOPL EAW Va 4a... S 3 79 82 +1
, 105% 83 RAOSWDIv6a 60 89 88 88 - 2
93'* 64 Rancor A Arooa 4a '51.... 94 94 94 +lO
I 88 12 Rank of Chile 6'A 8’67.... 27 23 27 + 6
91 23’.. Rank of Chile 6\a 1961.. 35 31% 34 --3
1 105 80% Belgium 6s *66 91% 84% 90*4 +6%
111V* 102% Rell Tel ( Pa) ref 6*. 103% 102% 10.3%. -1%
104 96 Itet h Steel pm 6» '36 98% 96 97% —IV*
36 6 Bolivia 7a c' 69 8% 7 8 - %
106% 95 Bordeaux 69 '34 101*, 99% 101%. +ll*
! 103% 80 Boston A Maine 6a'67... . 84 80 80 -4
I 70% 17 Brazil B%* 1926-67 27 19% 27 +6*4
93 20 Brazil Bs'4l 28% 27 28% + %
1 9 3*4 tlroadwv A 7th A v 65'43. 4 4 4
102% 86% Brooklyn Manh lat fia A. 93'* 90% 93 -.2%
106 98 Brooklyn Union 5a '£0.... 100 98 100 +1
108 Vi 90% Canada 6s 62 93% 92% 93** + * 4
I 102% 79*. Canada National «V4a’s4. 84% 81% 82*, -r %
102*, .76 Canadian Natl 4%s '57... 83% 80% 83% -2%
102% 75 Canadian Natl 4%s 68 ... 83 80 82V* -1 2+4
i 108% 83 Can Nat July 55’69 89% 87% 89% *l%
108*4 84% Canadian Natl fin'69 Oct. 89% 87% 89 +2%
89% 57 Canadian Pacific deb 4a. . 66% 60 66% -6%
99 831* Central Pacific 4a '49 85% 83% 83% -1%
, 106*4 87 Central Pacific 5a 1960. .. 89*, 87 87 -3%
1 60 31% Certalr-teed 6%s 1948. .. 46% 42%. 46 +3%
100% 74 Chessipeake Corp 6a'47. .. 84% 81% 84 -IV,
j 106', 91 Ches AOh gen 4%5'92... 93 91 2V*
103% 88 Ches A Ohio 4 %s'93 A... 90 89 89 -2%
102% 85% Ches A Ohio 4%s 8'95... 90 85% 89 -3
104% 94 Chi BAQ 4%s 8'77 95 94 94 -1
110% 99% Chi B AQref Ga'7l 100 99 % 99%-**
50 16 Ch A East 111 gen 6a’61... 24 22** 23 -1
69% 49 Chi Great West 4a’69,... 55% 52% 55% +2%
76 28% Chi MStPA P 6a'75 42% 38 38% - IV*
35 BV* Chi MStP A P adj Sa 15V* 12 13%+%
93 43% Chlcago&Nwn cv 4%s ’49, 61 48% 50 —*4
109% 95 Chi AN W 6%s '36 97% 95 96%-%
74 39% Chicago Rya 6a '27 48 47% 48 -1
I 99% 73 Chi R1 A Pac ref 4#’34. ~ 83% 79% 83% 4 2
92% 48 Chicago Rock Isl 4%5’6" 61 56% 57% 1% 1
j 95% 60% Chicago Rl4%s A 68% 66% 66% - V*
105*4 97 Chi Union Station 4 Vfca... 97** 97 97 -IV,
i 116% 110% Chi Union Station 6%a... 115 112% 112'*
92*4 71% Chi A West Ind con 4a.... 75 71% 72 -3 j
105% 91 Chi A West Ind 6%s *62.. 94% 94% 94Vi -6**
86 10 Chile Republic 6s 1960... 21 16% 21 +4
95% 55 Chile Copper 6s *47 69% 63% 69 +6%
101% 79 CCC AStL rs 4%s E'T7. 80 79 79% -V*
109% 100 Cleveland Term 6s B '73.. 100% 100 100
111% 100% Cleveland Terminal 6%5. 104% 101 104 - %
78 20 Colombia 6s 1961 Jan.... 36 26 36 +lO
70 20 Colon Oil 6s’3B 31% 30% 3L +1
102% 93% Colo A Sou ref 4%*'16. .. 94', 94 94
1011* 82 Columb GA E deb 6s '62.. 90% 88 89% + %!
J00*,% 90 Comm Invest 6%a'49. ... 93 92 93 +1 !
48% 23% Con Coal iMd) Ist ref 6a. 26 24% 26 +1
101 63 Copenhagen 55'52 70** 65% 70% - 4Vi
70% 35% Cuba R R 6a'62 44 42 42% +l%
47 25 Cuba North 6%a *42 28 25*4 27V* +2%
111 95% Czechoslovakia ta '61.... 102** 100 100 -3
106% 99% Delft Hudson 6%a*17.... 101% 100 100% -IV* !
102 68 Denmark 6%a 1956 84 76% 84 +9
107% 69 Denmark 65'42 89% 84% 87 +2
98 72 Den A Rio Grande cn 4a.. 73 72% 72% +% j
83 21 Den AK G West 5s '65... 35 31% 34** -1 2%
85 26 Den&RG West 6a'78... 42 38% 42 +6% I
100 94 Detroit United 4%s '32... 95% 94 95% -2
9314 79% Dodge «s'4o 87 83 86% +l%
106', 99% Duquesne 4%s 1967 101% 99% 100', V,
102'* 84% Dutch East Indies 6a'47. . 91% 88 90% + % I
102% 84'* Dutch East Indies 65'62.. 91% 87 90 - %
42 6 East Cuba Sug 7%a 37... 9% 9'* 9% + '*
89% 70% Erie Ist con «s '96 74 72 731, —2%
79% 54% Erie gen lien 45'96 58 55 57** -4 IV*
84% 50 Erie ref 5a ’67 4% 51 53** + %
84 49 Erie 5a'76 54% 51 63% + %
99 35 Finland 7a *SO. 67 55% 62 +B%
30% 7% Flor East Coast 6a’74.... 9% 9 9 —V*
28% 7 Fonda JAG 4%a'62 10 10 10
121% 108% French 7a'49 115% 113 114%
127 109% French 7H»*4l 116% 114*4 115% +1
94% 40 Gelsenkirchen Min 65’34 50% 42 50 -+6*4
92% 50 General Cable 6%a 1947.. 61*4 53 61% +B%
104% 98% Gen Motors 65‘37 101 99 99V* —l%
84 31 Ger Gov 6%s ’65 w1...... 40% 34 40% -*3%
89% 36% German Bank 6s 1938.... 52% 39 52%+12%
105% 56 German 7a '49 65** 61% 65% +l%
1 102% 67 Goodrich tB F) 6%s '47. . 80 77% 77V* %
92** 75 Goodyear Rub 5s 1957... . 82% 80 82
108% 84% Grand Trunk s f deb 6s. .. 97 95% 97 + %
; 113% 94% Grand Trunk ?■ '4O 100'* 100 100 —V*
100 65 Great North 4 V4a'76 80 77 80 -4 4
111 85 Great Nor gen 6%a '62... 93 90 91 +1
112 98*4 Great North gen 75'36... 102% 100% 102 + %
88% 51 Greek 6s 1968 55 63 54 + I*-
31% 10 Havana Elec Ky sVia 12 12 12 +1
79% 54 Hudson A Man adj 65'67.. 60 57% 59*4 +l%
102** 78 Hud A Man ref 55'67 89 87% 88 -1%
103% 100 Humble OA R 6 Via'32 ... 100% 100 100V4 +%!
93 55 Illinois Cent ref 4s '65.... 57% 5614 66V* —3%
100 41% Illinois Central 4%s '66.. 67 52 62 —5
97% 84% Inland Steel 4%s 1978.... 89 86 87 —l% |
77% 60 Inter Rapid Tran 5s '66... 57% 55 55% +1
78 49 Inter Rap Tr 5s sta '66... 57% 54 55% +l% 1
65 23% Inter Rapid Tran 65’32... 41 36 40 +6
95 70 Inter Rapid Tran cv 7a. .. 76% 72 76% +4%
100 60 Inter Cement sa'4B 70 68% 70 +1
65 28% Inter Gt Nor adj '65 37 32% 35
99% 50 Inter Match 5a'47 66 62% 64%
97 51 Inter Mer Marine 6s '41.. 56 55 56
78 68 Inter Paper 5a A'47 63 62 62 —1
74 47% Inter Ry Cent Am 6V*s. .. 38% 38% 38%-ll
MORTGAGE BANKERS
SEEK NEW FACTS
Flow of Capital Into Real Estate
Investments Is Special Con
vention Topic.
, Special Dispatch to The Star,
i CHICAGO, October 24—Recognizing
j that a free flow of canital into real
estate investment will be a factor in
the next business revival. 500 members
l of the Mortgace Bankers' Association
|of America fro.:' fortv States will
gather in convection at Dallas. Texas,
:on October 27 -2P. to study improve
j ments in finance tieocedure.
I "The Future of Mortgage Banking”
is the theme of the meeting, which will
he presented in an address by J. B
Sleeper of Topeka, Kan., president of
the association.
i Life insurince companies have in
i vested in real estate mortgages to the
j extent of seven billion dollars. Their
‘ viewpoint will be represented by S. F.
• Westbrook, vice president Aetna Life
’ Insurance Co., who v iil speak on
"Administration of Mortgage Leans . r.d
Lands from the Horn? Office Stand
’ point."
i H. D. Pettibore. president Chicago
Title & Tr ust Co. speaking on ‘The
Mortgage Banker’s Opportunity* - will
describe plants that are being affected
to protect real estate bend in'es tors and
to place this form of financing upon a
permanently stabilized basis.
Harry H. Rogers, president Exchange
■ National Bank. Tulso. Okla . farmer
president of Rotary International and
a leading banking authority, is the
principal guest sneaker of the coiver
i tion and will deliver an address nrider
the title “I Will Go to Work.”
i "Looking Five Years Ahead" is the
title of an address bv Walter B
( , Kester of Chicago, secretary of th»
r«sociation. He will present a program
of improvement in mortgage tanking
' during 1932-37.
i Hiram S. Cody, vice president Cody
Trust Co., of Chicago, will describe the
mortgage surveys being conducted by
i the "President's Conference on Home
Building and Home Ownership,'* of
which he is a member.
THE SUNDAY STAR. WASHINGTON, D. C.. OCTOBER 25. 1931—PART SIX.
I , I*3l , **•*
! Hieh. Low. Stock and dividend. Hlfh. Low. Close. Chae.
96 60 Int TelATel cv 4H»'«*... 67 69 66% +7%
100% 7S» *1 Italy 7a ’6l 80% 86% 90% + %
107*, 90% Japaneaa 6%a '#4 98 90% 98 %
*l% 62% Kan City South 3s 1*50... 65 62% 63% -1%
102% 68 Kan City South 5s '50.... 74% 71 71% -1%
98*. 83% Kan City Ter lat 4a'60... 87V* 85% 87% + %
100 87% Kan Gas A Elec 4V4a 80... 88 87% *7% %
71 39 Kendall 5%5'48 (war).. . 54% 53 54*4 +2%
94% 46% KreueAToll 6a ct w1'66.. 61 61% 68% +B%
i 105 95 Lackawanna Steel 5s '60.. 97 97 97
103% 80 I,acledes%s D'6o 89 86 86 -6
89% 61% Lehigh Val on 4s 2003.... 63% 62 62
109 99 Liggett A Myers 5s *61... 100% 99 100
99*4 82 iioew's Inc 6s ex war'4l.. 88% 87% 88 l’-f
101 85'* Lorlllard 6%5'37 98% 9.3% 98 +4%
j 100% 90% Louis A Nash uni 45'40..- 92% 91 92% + *•
98% 84 Market St Ry 7s A'40.... 89 87% 87% - %
10 1% Mexico 4s 1904-54 4% 4% 4% +2
104% 97% Midvale Steel 65'36 98% 97% 97** %
91 57 Milan 6%s '62 70 64 69% +4%
104% 96% Mil El RA L lat raf 6a... 99 97 97% + %
1 92 72% Mo Kan A Tex Ist 4a '90.. 77% 76 76%+-.%
95 50% Mo Kan & Tex adj 65'67.. 58 58 58 +1 *
103% 76 Mo Kan A Tex pr In 6sA.. 80 76 80 -2
75 38% Mo Pacific gen 4s '75 49% 45% 46% -1
100 57 Mo Pacific 5s A'6s 68 69 68 -t 3
99*4 55 Mo Pacific 6s F 68% «4% 66
99 53 Mo Pacific 6s G 67 65 66
99 55 Missouri Pacific 5s H'SO.. 67% 64% 65 -1
106 94% Montana Power 5s 1943... 98% 97 98% %
53% 35 Nassau Elec 48 'sl 50 44% 50 +5%
! 102% 87% Nat Dairy Prod 6%a'46.. 94% 92% 94*4+1%
106% 97 Netherlands 65’72 103'* 102% 102% + %
112% 10214 New England Tel 55'62.. 103'* 102% 103% -1%
69'* 28 New South Wales'67 51% 41% 50 +9*4
102V* 93% N Y Cent deb 4s 97% 96V* 97% -1- 44
109 82 N Y Cen ref Imp 6a 2013.. 90*, 88 89 -1%
107% 95% N Y Cent deb 6s ’35 100% 100 100 %
93 42 N'Y Chicago & StL 4% s '7B 48% 44% 46*4 +* 14
I 107 48 NYChA SLrefß%sA.. 62 57 57 -1%
101% 59% N’Y Chi A StLouis 6s ’32. 73 70% 71 -l
117% 110 N Y Edison Ist 6%5'41 ... 110% 110% 110% + %
95% 72 NYN H A Hart 4%s '6T.. 76 75 76 -2
106% 97 NYN HA H clt 6s'4rt 101% 100 100*4 -%
119 98 NYNHiHcv deb 6a. .. 103% 100 100% -3%
4% 1 NY Ry 65'65 2 1% 1% + %
106*4 99% N Y Tel 4%s '39 100% 99% 100 %
87% 54 N Y Wes A Bos 4 %5'46.. 65 61 65 +4
100% 87% Norfolk AW cn 4a'96.... 90 87% 88% —1
105% 75% Nmth Amer Ed 6s 67.... 93% 93V* 93% +l%
69% 57% North Pacific 3s 2047 60% 59 60 +l%
97 79% North Pacific 4s *97 ...... 84 79% 81% -4%
105% 77% North Pacific 6s D 2047. .. 80% 77% 80% -4%
113'* 9 % North Pacific r I 6s 2047 .. 95 93 94% +l%
105% 98 Northern States Pow 65.. 102% 99% 102 +2
103% 79% Norway 6%s 83 82 83
98 80% Ore Wash Ist ref 45'61... 84 81% 82 —l%
96*i 65% Orient Dev 6%5’67 72 65** 72 +5
106' ■ ion** Pacific Gas AEI 65'42. .. 102 100% 101 -1
108% 101*. raclflc Tel A Tel 6s 62... 104 102% 103% + %
103 101% Pan-American sis 34 101** 101*4 101*4 —Vs
97 t6O Para-Fam-Lasky fis’4".. 75 70 71 +1
105 93% raris-Evons-Med 65'58.. 100% 95*4 99% +3%
105 90%• Paris Orleans 6Hs 1968.. 95% 92% 95 +2
107% 96 I’enna cn 4%s 1960 98% 97 97 +1
105 85% Penn gen 4 %s'6s 88% 85% 87 —1
99% 72% I’enna UP. 4 %s'7o 81% 77% 77** -2
102% 80*. Penn 4% 8 '63 86% 82 86% 44%
105% 93 Penn 5s 1964 99% 93 93 -6%
111% 93 Penn gen 5s '6B 100% 98% 99% %
110% 100% Penn 6%s '36 105 103 V, 104% + %
40’* 6*i Peru sis '6O 12'/* 9 12V* +3%
61 9% Peru 7s 17% 14% 17% +4%
104 (85 Philadelphia Co 65'67 93'* 91% 91% -1
83 34 PhllAßead CAI 6s wi '49. 48 44% 47% +2
92V* 50 Philips Petrolm fi’ia’SP.. 57 53% 67 +2%
104% 85% Pirelli Co of Italv 7s '52.. 89 89 89
96 45 PittsbghAWVa 4%sC'6o 60% 59 59 -3
90 32 Poland 8s '6O 63% 57** 61 +2%
74% 37% Postal Tel A Cab 55'33... 46% 43 44 +2
88 361* Queensland 65'47 62 49% 62 + 1614
99 50 Queensland 7s'4l 71% 63*, 71% +6%
103% 85% Reading 4%s '97 91% 85% 85% -5%
91 50 Remlng-Rand 6% s '47... 54 50V, 53 +2
93% 35 Rhlnelbe 7s 47 37% 47 +9
89'* 30 Rhine Westphalia 65'52.. 50% 39 50% + 10%
87% 1414 Rio de Janeiro Bs'46 22 18% 22 +4
55% 10 Rio Grande Do Sul 6s'6B. 14% 11% 14% +l%
86% 66 Rio Grand West col 45... 64 64 64 -2
100% 69 R 1 Ark A L 4%5'34 73% 69 69% -4%
91V* 60V* Rome 6%s '52 70'* 65% 70V* +4%
100% 81V* SLIMAS RAO 4s *33.. 90 86 86% %
89% 43% St LASFpr In 4s A'6o. . 50 47V4 49 %
j 86 23 St LA SF4% s'7 8 34 31 33 +l%
102 50V* St L & San Fr 6s B '6O 68 57 57 +2
98% 65 St PK C S Line 4%5'41.. 68 67 67
100% 60% St Louis S W con 4s '32... 72 70 72 +2
94 28% Sao Paulo State of Bs'36. 41 35% 36 —4
20% 6 Seaboard A L ref 4s ’59... 8% 8 8% + %
19% 6 Seaboard A L con 6s ’45.. 9 78% + %
j 108 103% Seine Dept of Va 105% 104% 105V* + %
I 84% 29 Serbs,CroatsASlav7s'62.. 48 45 48 +2%
| 90 30 Serbs Croats Slov 85'62.. 55 47% 53% +5%
100% 75 Sinclair OH 7a'37 82% 81% 82 +1
103'* 93% Sinclair Crude Oil 5%5. .. 97% 96% 97% + %
102% 90 Sinclair Pipe Line 65'42.. 86% 95 96** +l%
| 107% 103 Southwes Bell Tel 55’84.. 103% 103 103% +l4
97 70 South Pacific col 45'49... 72% 70 70% %
98 82% South Pacific ref 45'55... 84 82% 821, —l%
99% 70 South Pacific 4 %5'68.... 77% 74 75 -2
100 66 Southern Pac 4%s '69 ww 78V* 75% 76 lVi
102% 84% Southn Pac Ore 4 %5'77.. 89 86% 88 -1*
88% 50% Southern Ry gen 45'66... 59 55 58% + %
111 , 90 Southern R.v Ist fis'94... 92 90 92 +1
113% 70 Southern Ry gen 65'56... 75 74 74 +l%
117% 71% South Ry dev 6%5'66. .. . 76% 74 76% +l%
105% 99% Stand Oil N J sis 102 101 101%
101 90% Stand Oil NY4 %s '51.... 92% 91 92% + %
107 98% Swiss 6%a ’46 102 100% 101% + %
99 60 Tenn Copper 6s 8’44 68 68 68 48
100 68 Texas Pacific 6s B 77.... 72 70 70% +l%
100 66 Texas Pacific 6s C’79 74 71% 74 +6
68 39 Third Ave Ist ref 45'60.. . 48 44% 48 +4%
48% 23 Third Ave adj fis'6o 29 26V* 29 +1
101 65 Toho Elec Pwr 75'65 72% 65 72% +2%
102% 91% Union Pacific Ist 45'47... 93 91% 93
95 79 Union I’acfflc 4s '6B 83% 80 80 -3
98*4 80*4 Un Pacific ref 4s 2008 .... 83 80% 81% +l%
102'* 90 United Drug 6s '63 93 92 93
108*i 92 Utd Kingdom 6%s ’37.... 97 94% 97 +l%
75% 48 U S Rubber Ist A ref Bs.. 55% 58% 54% %
88% 25 Uruguay 6s 1960 35 28 35 +5%
104V* 92% Utan Power A Light 65... 96 92% 95 +2%
84 45% Utilities PAL 5% a ’47... 54 51 64 +2
89 53 Vienna 6s 1962 65 53 55
105 97 Va Ry A Power fi5'34.... 100% 100 100% + %
108% 93% Virginia Ry Ist sis '62.... 95% 93% 93% -2
89% 26 Wabash 4%s 1978 34% 31 34% +5%
96% 30 Wabash 5s B 1978 37% 34 37% +3%
96 29 Wabash us D'Bo 37% 33 37% +4
102% 30 Wabash 6%s'7fi 42 38 38% -2%
I 79 20 Walworth 65'45 36 31 34 43
85 25 Walworth 6%5'35 35 30% 30% +2%
70 26 Warsaw 7s 1958 44 36 44 -fg
94V* 80 West Shore Ist 4a 2361... 85 82% 82% +l*4
84 53% West Maryland 45'52... . 60 58 5»% -ft-g
96% 53 West Maryland 5%s '71.. 63 61 63 +2%
97 54 Western Pacific 65'46.... 60 58 60 +2
111 103 Western Union Tel 6%a.. 104% 104 104 _l%
101 82% Wilson ACo Ist 6s '41.... 86% 84% 85% +l%
| 10U* 70 Yokohama 6s'6l 80 70 80 +1
! 103% 75 Youngstown Steel 5s '76. . 81% 80*4 81% +l%
What Things Cost
ißy Standard Statistics Company).
NEW YORK. October 24 (/P).—Of
the 26 important commodities in the
following table, 10 are higher in price
than last week, 11 are lower, and five
remain unchanged Four of the 26
items are at their lows for 1931.
This Last
Unit, week week.
Butter, creamery, extra Ltj. to 325 $0 3525 I
Cheese, flats, fancy Lb. 1* 14
Coffee. Rio. No. 7 Lb. .0575 !0525 ,
Copper, elec., conn.. val.. Lb. 07 07
Cotton, mid. upland.. . Lb. .069 0815 :
Cottonseed oil. blenched Lb. 05 046
Corn No. 2. yellow ... Bu. .5438 6375
Eggs. fresh firsts Dor. 22 23
Flour. Spring patent.. Bbl. 450 430
Hides, native steer Lb. 0775 075 j
Hogs 140 lb. .0925 .095
Lead, pig Lb. .0375 .04 (
i Linseed oil, ce.rlots Lb. .074 .073 i
Petroleum. Okla, 32’.. Bbl. 51 54
i Rosin "B Bbl. 380 380
; Rubber, plantation Lb. 0488 .049 I
Rye, No. 2. western Bu. 5663 5413
Silk, crack double extra . Lb. 230 235
Silver Or 2975 .30 !
Steel bais. Pittsburgh ...Lb .016 .016 '
Sugar, raw Lb. .0336 .034
Tin. Straits Lb. .2275 .23
Turpentine, cnrlols . ...Gal. .3625 .3575
Wheat. No. 2. hard
Winter I Kansas City)..Bu. .44 .425
Wool terr. fine. Bost.. ..Lb. 58 .61
Zir.c Lb. 0365 .037
WILL DISCUSS GUIDES
FOR INVESTING PUBLIC
|
“The Investment Methods of Savings
Banks as a Guide to the Individual In
vestor” will be the subject of an ad
dress by Howard Biddulph, president
of the National Association of Mutual
Savings Banks, to be delivered over a
Nation-wide radio chain on the eve
ning of October 28. On that date Mr
Biddulph will be the guest speaker on
the Halsey. Stuart Co. program.
The speaker has played a prominent
part during the past 25 years in devis
ing ways and means for the improve
ment and modernization of the admin
istrative and Investment policies of sav
ings banks. The member banks of the
National Association of Mutual Savings
Banks represent 13,020,000 depositors
and $11,000,000,000 of deposits—ap
j proximately 40 per cent of the total
i savings deposits for tfie country.
GOLD PRODUCTION
GAINS IN CANADA
Output Again Shows Uptrend Dur
ing Half Year—Second as
World Producer.
Special Dispatch to The Star.
MONTREAL, October 24.— Canadian
gold production is on the upward trend
again in 1931. with 1,273,303 fine
ounces recovered during the first six
i months of this year as compared with
976.235 fine ounces during the first six
months of 1930. says a bulletin .iust is
sued by the Department of Immigra
tion and Colonization of the Canadian
Pacific Railway.
•Figures just made public for 1930
reveal that Canada’s gold production
exceeded that of the United States.”
the bulletin says, ‘‘and alreadv for the
first six months of 1931 further ad
vances are being scored. In 1930.
Canada’s production was 2.102.068 fine
ounces, valued at $43,453,601. This
compared with 2.053,659 fine ounces in
the United States and with 1,928.308
fir.c ounces produced in Canada during
1929.
“Geld held second place in point of i
value among Canada’s mineral prod
ucts in 1930, representing 15.5 per cent
of the total mineral production. The
only mineral exceeding it in value was
coal.
‘‘As a world producer of gold, Can
ada ranked second in 1930, the Trans
vaal being first and the United States j
third.
‘‘Ontario,’* the bulletin concluded. I
i “led the eastern provinces in value of
gold recovered. British Columbia was
the foremost gold producer among the
western provinces.”
Merger Plan Vote Ordered.
NEW YORK. October 24 <4>).—'The
Eank of America, National Association
of New York, has called a special meet
ing of stockholders for November 24 to
vote on the plan for consolidation of
the bank with the National City Bank
,of New York.
| NEW YORK STOCK EXCHANGE |
(Continued From Page Two.)
- 1931 . Stork tnd Sale*— Net.
Kith Low. Dividend Rate. Add 00 Hi«h. Low. Cloae. Chat.
85 14% Thompson (J R) (1). 2 16 16 16
18 6% Thompson Prod 1.20. J 19% 8 BV*
8% 1% Thompson Starrett.. 12% 2% 2% %
84% 19 Thomp-Star pf (3%) 9 20 19 19 —ll4
9 8% Tide Water Asso OH. 48 4% 8% 4 +V* I
68 20% Tide Water Aa pf(6). 11 27 26 26%
83 85 Tide Wat Oil pf (5).. 8 40 38 40 +4%
12 4 Tlmken-Detrolt Axla 4 6% 6% 5% %
69 19% Timken Roller B<2). 97 26V* 24 25 +% ;
4% 1% Tobacco Products... 20 2% 2% 2% + %
16 7 Tobacco Prod AtVfic. 11 8% BV* 8% + %
18 8% Transamerica Corp.. 126 4% 4 4% —V* j
17*, 6% Tranaue & Williams. 3 6% 6% 6%
11% 3 Trl-Contl Corp 80 6 4% 4% +%:
94% 61 Trl-Contl Corp pf (6) 7 65 60 65 +B%
45% 24% Trico Products(2%). 15 28 25% 28 -r2%
10 3 Truax Traer Coal Co. 13% 3% 3% + %
24 7'4 Truseon Steel (60c). 3 8 8 8 %
17% 3% Twin City Rap Tran. 5 4% 8% 4 + %
62 19 Twin City RTr pf(7) 260 s2O 20 20 +1
21% 2% Ulen ACo 24 4% 8% 3% + %
75% 24% Under Ell Fisher (4). 38 85 31% 32 -1
123% 105 Und Ell-Fish pf(7).. 80s 106 106 106 +l2
72 27% Union CarbA (2.66).. 567 37% 34 37% +2%
26% 11% UnlonOilofCal (2). 108 16% 15 16% +1
205% 98% Union Pacific (10)... 134 121% 110 114% -2%
87 70 Union Pacific pf (4). 5 75 72 75 +3
26% 18% Un Tank Car (1.60).. 13 19 18% 18% %
38% 12% Unit Aircraft 890 17% 16 16% +l%
61’* 40 Unit Aircraft pf (3). 7 46% 43 46% +3%
27% 6 Unit Am Bosch I 6% 6% 6%
41% 24 Unit Biscuit (2) 26 28 25% 27 +1
122 109’, Unit Biscuit pf (7).. 20a 109% 109% 109% +l%
28% 6% Unit Carbon 94 18 14% 16 +l%
7% 1% Unit Cigar Stores... 73 2% 1% 2
81% 10% Unit Corp (7fic) 2377 15% 13% 15 +l%
52% 35% Unit Corp pf (1).... 38 41% 39% 41% +l%
3% 1% Unit Dyewood 10» 2 2 2 + %
12 3 Unit Electric C0a1... 74% 4 4
67% 28% Unit Fruit (4) 49 36 33% 34 + %
371, 19% Unit GasAlmt 1.20).. 878 23% 22% 23% + %
106% 95% Unit GasAlm pf < fi).. 12 98 97 97 -%
31% 10% Unit Piece DW (2).. 3 16 15% 16 +l%
107 96 Unit Piece DWpf 6% 40a 101 99% 100 -6
1% % U S Express 4 % % Vi %
12% 1% US A Forn Secur.... 84 4 3% 4 +l%
90 52 US A For Sec pf (6) ► 1 60 60 60 +8
30% 10% U S Freight 2 14V* 14 14V* -Hi
60 21% US Gypsum (1.60).. 28 29% 26% 28 +l%
12% 4 US HolTman 3 4% 4 4 %
77% 20*, U S Indus Alcohol... 626 31% 23% 29% + 5
10% 2% U S Leather 7 4 3% 3% %
15% 4% U S Leather (A)... ~ 14 6% 5% 6 + %
86% 68 U S Death or pf (7).. 1 75 75 75 +4%
37', 11 US Pipe A Fdry (2). 139 16% 13% 16% +2
20% 14 U S PippAFy Ist 1.20 3 15% 15% 15% - %
36% 9 U S Realty A 1mp.... 146 12% 9% 10% -1%
20% 6% U S Rubber 75 8% 77% + %
36% 9% U S Rubber Ist pf... 29 16 13% 14 +2%
25% 12% USSintg A Ref (1). 48 18% 16% 18% +l%
47 35 U S SmtxAßef pf 3% 1 37% 37% 37%+-%;
152% 62% U S Steel Corpn (4). 2393 72% 67% 71% +2%
150 114 U S Steel pf (7) 60 123% 120 120'* -2%
9% 1% United Stores (A)... 7 3 2% 2% +J?
52 21 United Stores pf i 4). 1 29% 29% 29% +l%
41% 15% Univ Leaf Tob (3).. 10 23 21 23 +l%
110 93 Univ Leaf Tob pf(*). 20s 94 93 93 —l%
57% 24 Univ Pio Ist pf 1 *).. 10s 38 38 38 +2
4 % Univ Pipe A Rad.... 10 1% % 1% + %
60 9% Univ Pipe A Rad pf. . 60s 22 20 22 +2
TURN IN BUSINESS
CALLED UNDERWAY
Bank Review Declares Needed
Readjustments Now Nearing
Completion.
Special Dispatch to The Star.
CLEVELAND. October 24 Recent
developments in the financial and busi
ness situation seem to indicate that
deflation and readjustment is hearing
completion, and that here these proc
esses have been fully accomplished and
activities already are beginning to
quicken, says the Union Trust Co.
"Lack of confidence and courage,
more than any other thing, delays ac
tual progress today. It is for this rea
son that the President's recent proposal
for the organization of a National
Credit Corp., which may enable the
banks to convert into immediate cash
assets not now rediscountable at the
Federal Reserve, is of special im
portance.”
Some of the recent favorable devel
opments in business, it is pointed out
by the bank, included an increase in
car loadings, higher volume of building
awards in September, a decrease in
commercial failures for September, and
reports from various sections of the
country of a large volume of retail busi
ness whenever retail prices have been
cut to conform to wholesale price
levels. Concluding, the bank s^ys:
"Let us hope that from now on peo
ple will pay less attention to rumors
and more to established facts and sta
tistics. that business men will spend
less time on worry and more time on
work, and that we may recover in the
near future a well grounded faith in the
ability of the banks and the industries
of this country to emerge successfully
from tl'is depression, just as they hate
emerged successfully from every de
pression in the past and as they will
do this time.”
Trade Trends
By the Associated Press.
Air traffic—Passengers carried over
the Nation’s air lines this year will
exceed 400,000 by a wide margin, ac
cording to an estimate by the Aeronau
tical Chamber of Commerce of America.
The number of passengers carried in
the first eight months this year totaled
286,088, or 2,695 more than for the
corresponding period of 1930.
Electrical equipment The week
reached its close with central station
and Government buying quiet for the
moment in the electrical equipment ;
field. Electrical World reports. New
England reported an Increase in elec- j
trlcal orders, with small motor sales
and appliance business better. Buying
continues uneven in the Eastern* dis
trict.
. FUmiture —With buyer registration
in the New York furniture market ;
showing a substantial Increase over the
previous week, the trade was stimulated
somewhat by a number of fair-sized
orders for fill-in goods, reports from
selling agents Indicated. A better
volume of business also was placed on
novelties for holiday promotion, chiefly
in the popular priced ranges, although
interest in this type of goods has been
delayed and orders are behind those j
of the corresponding period last year, !
it was said. Although retail turnover
has been only fair, stocks of goods are
so low that immediate replacement is
necessary, agents said.
Lumber—With no marked change in
the production level, lumber orders \
rallied from the slightly unfavorable I
ratio of the previous week and were
approximately 2 per cent above the
cut during the week ended October 17,
reports from 811 leading hardwood and
softwood mills to the National Lumber
Manufacturers’ Association Indicate.
Shipments of these mills were 6 per
cent above their production of 173.-
869.000 feet for the week. A week
earlier 834 mills reported erders 3 per ;
cent and shipments 9 per cent |
i above a combined production of 175,- ,
1 799,000 feet.
I
Rubber—Crude rubber shipments by
the Dutch East Indies during Sept
tember amounted to 21,667 tons, com
pared with 22.437 in August, advices
to the New York Rubber Exchange
state. Shipments during September last
> year amounted to 20,240 tons.
Silver —Bar silver finished the week
easier, sagging a quarter of a cent in
New York to 29?* cents an ounce, and
an eighth of a penny in London to
j 17 3-16 pence.
I Steel—Operations of steel plants in
the Youngstown district next week will
be at 30 per cent of capacity, a gain of
7 per cent over the past week, Dow,
Jones St Co. report*. Higher ingot pro
duction in Warren and Youngstown
open-hearth departments of Republic
Steel Corporation account for th# In
crease in valley operations.
, 19V » Stock end Sales— Net.
Hl«h. Low. Dividend Rate Add 00 Hieh. Low. Cios*. Chat.
*1 8 Util P*L(A) *12.15.. 189 13% 11% IS +1
2 Vadasco Sales Corp. 7 % ’a H t 14
76% 13'* Vanadium Corp 601 22'* 18 22 t3S
14% 7 Van Raalte 20a 14% 10 10 -r 2
, 60 22 Van Raalte Ist pf... 330a 44% 89 42 -f 5%
314 vi Va-Caro Chem 6 11 l V»
71% 48 Va-Caro Chem pf (7) 7 60% 60 50 %
109 86 Va ElecAPwr pf (6). 130a 95% 94 94 -3
| 71% *32 Vulcan Detin (4) 760a 42% 37 42 44%
97 <714 Vulcan Detln pf (71. 90a 81 77% 77% -4%
26 5% Wabash HH 61 9 7% 7% —1
51 10 Wabash nil <A) 7 16 15 16 41%
27% 17% Waldorf Sys (1%).. 26 21 19% 20%-*-%
, 15 2% Walworth Co 8 4% 4% 4% 4V 4
27% 6% Ward Bakins (A)... 2 9 9 9 4l
8% 2 Ward Baking < 8).... 9 2% 2% 2% 4 %
57% 24 Ward Baking Df t7). 4 34% 32% 34% 4 2
20% 4% Warn Bros Pictures. 698 7% 6% 7% 4 %
7% 1 Warner Quinlan.... 3 1% 1% 1%
46% 5 Warren Bros 34 8% 6% 8 41
| 49% 15 Warren Bros ct pf 1. 60a 20 18 18
32 13% Warren Fd&Pipe<2). 6 18% 17 17% 41%
26% 12% Wesson Oil*Sno(2). 42 18 15% 18 42%
57% 44% Wesson O&Sno pf(4) 3 50 47% 60 43
! 105% 61 West Pa Elec A (7).. 130 s 75% 74 75% 4 %
103 61 West Pa El pf <«)...x 80a 80 75 80 45%
112 65 West Pa El pf (7).. .x4Boa 84 80 *B3 44%
113% 90 West Pa Pwr pf (6). 230 s 100% 99% 99% - %
120 100% West Pa Pwr pf (7). 130a 111 105% 110 -*- %
44% 14% Western Dairy (A).. 2 17 17 17 -t- %
12% 4 Western Dairy (B).. 6 4% 4% 4% 4 %
19% 5% Western Maryland.. 161 10% 8% 9 %
! 20 5% Western Md 2d pf... 3 10% 9% 10% 4 %
14% 3% Western Pacific 11 4% 4% 4% %
; 31% 6% Western Pacific pf... 7 11% 8% 11% 43%
| 150% 83% Western Union (6).. 110 91 85% 86% 4 %
36% 16 Westlnghse A B(2).. 49 19% 18 19
107% 39% Westing-house (2%). 986 60% 46% 49% 42%
119% 76% WsthseEM lstml* 110 s 87% 83% 84 -%
28 6% Weston Elec Instru.. 6 10% 9% 10% -* 1%
40 8% Westvaco Chlor (2).. 120 14% 12 14 -f 2%
20% 11% Wheeling Steel 3 12 11% 12
70 45 Wheeling Steel pf J). 1 45 45 45 —1
26% 7% White Motors 41 14 10% 14 43%
47% 22% White Rock (t«%).. 3 31 30% 31 44
5 1% White Sewing Mach. 72% 2 2 %
10% 2% White Sewing Ma pf. 1 4 4 4 -r 1
9% 3 Wilcox Oil & Gas. ... 73% 3% 3ij
30 18% Wilcox Rich A (2%). 2 24% 24% 24% 45%
8 1% Wlllys-Overland.... 52 3% 2% 2%
3% a, Wilson* Co 18 1 1 1 + %
10% 1% Wilson &Co (A).... 8 2% 2% 2% 4 %
51% 15 Wilson* Co pf 9 21% 20% 21% -t 2%
72% 42% Woolworth ft 4.40). . 1137 67% 53V* 57% 43%
106% 20 Worthington Pump. 194 29% 25 29% 43%
95 40 Worth Pump A (7).. 1 50 50 50 4 9
83% 40 Worth Pump B (6).. 1 40 40 40 —5
80% 50% Wrtgley (Wm> (4). x 82 67% 60 67 47%
80% 12% Vale & Town# <2)... 17 14% 14 14% 4 Vi
15% 3% Yellow Truck 86 6% 6% 5% 4 %
29 14 Young Spr&Wire(2). 3 14 14 14 —V*
78 19 Ygstwn Sheet*Tube. 18 24 21 22 -* 1
5% 1 Zenith Radio 4 1% 1% 1% 4 %
I 14 7 Zonite Prod Corp (1) 223 9 7% 8% 41%
Dividend rates as slven in the above table are the aaatsai
1 cash payments based on the latest quarterly or half-yearly declara
tions.
, xEx-dlvldfnd sLess than 100 ahares. tPartly extra. tPlus
4% in stock. 1 Plus 9% in stock, a Paid last year—no resular rate,
b payable in stock, e Payable in cash or stock, f Piua 8% In stock,
h Plus 3% in stock. 1 Plus 60c in special preferred stock, x Plus
1% in stock, m Paid this year—no resular rate, n Plus t% In
stock, o Plus 2%% in stock.
RAIL POOL TRIED
BY FRANCE; PLAN
HAS PROVED SUCCESS
< Continued From First_ Page.)
departments or other public bodies, and
all roads earning a surplus over charges
as provided for in the law must turn
that surplus over to the Joint fund.
Any road which fails to earn its charges
may draw on the fund for the defl
| ciency.
: If in any year the revenues of the
joint fund are not sufficient for its pur
poses, temporary advances may be made
Itoit by the French treasury. It is pro
vided that the treasury shall be reim
bursed for all such temporary advances
through the issue of notes or bonds by
the roads. th» state guaranteeing the
interest and amortization of such obli
gations issued for such purpose, lire
railroad tariffs shall concurrently be
increased, so as to provide revenues
sufficient to retire these obligations and
repay to the state any sums advanced
in respect of its guaranty thereof.
Charges for Interest and amortization
of obligations issued in respect of ad
vances made by the state to the Joint
fund shall not be paid by the individual
roads, but from the fund itself.
New Lines.
Expenditures for the construction of
new lines and on other capital account
are to be covered by the rssue of new
stocks or bonds, which must carry pro
vision for amortization within 60 years.
The interest and amortization of these
securities will be the direct obligation
of the road concerned, with recourse
upon the joint fund for any deficiency,
but neither principal nor interest of such
bonds will be guaranteed directly by the
French government. Should the gov
ernment, however, purchase or take
over the property of any road, such ob
ligation will be assumed by the gov
ernment.
Each year the financial law of the
republic fixes the amount of the ad
vances which the treasury will be au
thorized to make to the joint fund. The
same law also fixes the total amount of
bonds or other obligations which any
road may issue for any purpose, includ
ing those Issued to reimburse the treas
ury for advances, the nature of which
is referred to above.
This 1921 agreement arose from the
increasing burdens on the French gov
ernment resulting from the old guar
antees of railroad obligations and of a
minimum return on the capital stock of
the various transportation systems. Prior
to the passage of the act the operation
ot the French roads was subject to
earlier agreements, especially those of
1859 and 1883, which were drawn up in
order to permit the government to com
plete its system of railroads with the
use of private capital, thereby avoiding
a heavy burden on the national budget.
Guarantee Aralnst Loss.
Whenever new and less remunerative
lines were planned it became necessary
| to utilize both the experience and the
credit of companies operating the old
lines. This was accomplished by plac
ing upon the latter a large share of the
expense of constructing and opening
| new lines.
To compensate them for this burden,
the government guaranteed them
against loss on the capital employed for
this purpose. Each carrier Joining the
plan received a guarantee of interest at
the rate of 4 per cent per annum for a
period of 50 years, and amortization at
the same rate on the capital employed.
If in any year the net income of a
| carrier was not sufficient to cover th-
I interest and amortization on its bonded
debt and the stipulated rate of dividend
or. its common stock, the French gov
ernment provided the company with the
amount necessary to make up the de
ficiency. Amounts so advanced were
scheduled to be repaid with interest out
! of any surplus reported by the company.
! after all charges and distribution of
j dividends on its capital stock.
It was further provided that if at
any time prior to the end of the com
pany’s concession tne government should
repurchase the property of the company
and take over the operation of the lines
the government would pay the railroad
annuities not less than the aggregate
amount required for interest and sink
| ing fund charges on its bonded debt, as
well as dividends on the common stock,
to run to the expiration of the date cf
the concession under which the com
pany was operating.
Following the these agreements
proved rather burdensome, which led to
the promulgation of the railway act of
1921, which appears to have worked
with a fair degree of success. ,
(Copyrizht. I#3l. by the North American
Newspaper Alliance. Inc.)
FOREIGN EXCHANGE.
(Quotation! furnished by W. B. Hibbs l Co.)
Nominal cold bellinc checks
value. today.
London, pound *4.8665 $3.91 >ic
Paris franc , 3.81’«c 3.93 7 »c
Brussels, belt* 13.81 c 13.97 c
Berlin, mark 23.82 c 23.35 r.
Rome lira 5.28 c 8.19 c
Zurich, franc 19.3 c 19.5 Cc
Athens, drachma..... 1.3 c
Madrid, peseta 19.3 c
Vienna, schtllina .... 14.07>-
Budapest, penao 17.49 c
Prague, crown (nom.) 2 984 c 2 9«»,c
Warsaw, sloty 11.92 c
Copenhagen, crown.. 2f.lc 32 00c
Oslo, crown 26.5 c 22.0de
Stockholm, crown.... S6.Sc SS.SOe
FINANCIAL.
WHEAT PRICES SOAR
TO SEASON’S RECORD
Heavy Volume of Trading Accom
panies Rising Market—Other
Grains Also Advance.
BY JOHN P. BOUGHAN,
Associated Prew Market Editor.
CHICAGO. October 24—A1l future
deliveries of wheat rose rapidly today
on a huge **ve of buying and outdid
the season's high-price record. Trade
was of such heavy volume that Vi
dividual operations were largely lost
sight of, but indications pointed to
activity on the part of a formerly con
spicuous Eastern speculator, who was
reported to be in the market as a bull
after being absent for several years.
On the new advances, wheat went to
13 >4 cents above p*-*.css current less
than three weeks ago. Fresh export
business in wheat from North America
was estimated at 1,000,000 bushels,
j The maximum overnight rise in
, wheat was 2 3 4 cents a bushel. Wheat
| closed strong, l , ie2 , a cents up; corn,
‘l* a l l * advanced; oats at *,B*l gain.
! and provisions varying from 10 cents
| setback to a rise of 5 cents.
Wheat bulls stressed assertions that
the world’s available supply was now
l well below last year's total. The fact
that a large portion at this supply was
in North America received special em
phasis as indicating that the United
States and Canada would be called
upon to furnish liberal quantities to
meet the requirements of importing
countries. Talk continued also regard
ing need of rain in Western Kansas,
Nebraska and Oklahoma and of pro
spective reduced acreage of domestic
j Winter wheat.
j WHEAT—■ HiffK Low. C'tKe.
I December 57 .54? 56
1 March 60'* .57*. .59’,
i Mav «P, .56’, .61
July .62', .59', .61'j
CORN—
December 3S’i .37'* .38'*
March 41 .39’. .40’,
May 43', .41S .41 1 2
July 45 .43 5 . ,44Va
OATS—
December 24*4 .23*4 .24
May 26’, .25’, .2«Vi
July 26’, .25*4 .26*,
RYE—
December 42'4 .41V4 .41*4
March 45
May 46?. 45'.* ,46V.
Commodity Price
Changes of Week
BY H. N. McGILL.
Editor McGill Commodity Service.
AUBURNDALE, Mass, October 24
(/ P>.—Commodity prices have continued
to show marked resistance against a
downward movement. For four con
secutive weeks, the index of all com
modities has remained practically sta
tionary. which presents a materially
different picture as compared with the
rapidly declining price trend of a few
months ago. Out of 14 Individual
groups, 7 advanced, 4 declined, and 3
remained unchanged.
Commodity prices have had an ample
opportunity to discount international
financial complications. While the
period of low prices will undoubtedly be
prolonged because of the unfavorable
position of general business, there are
many economic assets that should grad
ually prove directly beneficial not only
to general business but to commodity
prices. Latest data show production In
alignment with conservative demand
and producing costs have been cut So
that there is not a marked differential
between selling price and actual costs.
Replacement demand is steadily grow
ing. Hoover’s plan to alleviate frosen
credit has been recognised as a con
structive move. In considering the fu
ture aspects of commodity prices. It Is
advisable to keep in mind pre-war
price levels as a standard of compari
son and not the inflated level noted
during the decade just closed.
All Commodities.
The seven groups that advanced dur
i ing the week were industrial, building ,
! materials, hides and leather, paint ma- j
terials. textiles, fine and coarse, and j
vegetable oils. The four groups that,
declined were agriculture, live stock,
non-ferrous metals and ferrous metals.
Industrial Commodity Prices.
Industrial commodities were frac-|
tlonally higher. With production still j
declining and this also being true of!
Inventory stocks, the statistical posi
tion Is gradually working Into a|
stronger position despite limited de
mand.
Agricultural Prices.
Agricultural prices were fractionally
lower, but holding above the price level
at the first of the month. Heavy sup
plies are moving slowly into consum
ing channels, the greatest handicap be
ing limited purchasing power from the
leading foreign consuming countries.
Low prices will forcefully affect acre- j
age in 1932. >
Non-Ferrous Metals.
Featured by a drop in lead price*,
BANKS IN LOUDOUN
IMPROVE POSITION
Cash and Reserves Havi
Shown Increases During
Last 10 Years.
Special Dispatch to The Star.
I.EESBURO. Va.. October 24.- Pub
lished statements showing the condi
tion of Loudoun banks at the cloae of
business on September 29 show*
strength and wise management.
Their combined statement, made
pursuant to a call from the controller
of the currency, shows total depoalta of
54.903.723.36. Os this amount there
has been loaned to customers $3,934,-
126 30. '.
Increase in Depoalta
During the 10-vear period. 1921-1931.
total deposits have Increased 33.9
per cent, whereas loans and discounts
have Increased only 19 8 per oent. In
dicating that the banks have steadily
built up their primary and secondary
reserves.
Banks In Loudoun, a composite state
ment also reveals, have $886,091.74 in
surplus and undivided profits. Caah on
hand and In other banks amounts to
$576,007 86. They owe In bills payable
and rediscounts only 65.126.61. They
have deposits amounting to $4,903.-
723.36. They have a cash and sec
ondary reserve of $1,564,614.92.
A perusal of statements made by
Loudoun banks to the controller of
the currency In 1921. a year of wide
spread deflation and depression, re
■ vealed additional illuminating statistics.
They show banks here to be far
stronger to cepe with the depression
now gripping the country than they
were 10 years ago.
In 1921 Loudoun banks had resource*
lof $4,938,271.27. Today they have re
sources of $6,178,652.19, an increase of
$1,240,380.92.
Capital, surplus and undivided profits
In 1921 amounted to $722,832.05. Today
they total $886,091.74, an increase of
$163,259.69.
Cash and Reserves.
In 1921 cash on hand and in other
banks totaled $408,409.13. Today this
account amounts to $576,007.88, an In
crease of $167,598.73.
In 1921 banks In Loudoun owed ta
bills payable and rediscounts. $245,-
202 18. Today they owe $65,126.61.
1 Cash and secondary reserve account*
In 1921 totaled $974,790 36. Today the
total is $1,564,614.92, an Increase i*of
$589,824.58.
Deposits in 1921 amounted to $8,660,-
078.61. The figure today Is $4,903,-
723.36. a climb of $1,243,644.78.
I CORPORATION
REPORTS
TRENDS AND PROSPECTS OF
LEADING ORGANIZATIONS.
NEW YORK, October 24.—The fol
lowing Is today's summary of Important
corporation news prepared by Standard
Statistics Co., Inc., New York, for the
Associated Press.
News Trend.
The mercantile agencies report there
was some further Improvement in the
trade setitlment this past week Stabil
ity in commodity prices stimulated
more active trading in primary mar
kets while wholesale and retail salaa
were better, the cooler weather helping
the latter. For the first half of Oc
tober retail sales exceeded those of the
comparative September period, out
were smaller than in the like 1930
period.
The Companies.
American Equities net income, 12
months to June 30, $837,955, exclusive
of $489,076 loss on sale of securities and
syndicate operations.
Borden Co. reduces retail milk pries
1 cent a quart; bulk price unchanged.
Finance Co. of America (Baltimore)
net income, 9 months to September 80,
$121,583, vs. $152,314.
General Motors common share earn
ings 9 months to September 80, SB.OB,
> vs. $2,68, excluding non-recurring
profits of 17 cents a share in 1930.
International Nickel of Canada.
Ltd., third quarter exports valued at
$2,591,235. vs. $4,318,114; 9 months,
$11,148,535, vs. $15,951,460.
Nevada Consolidated Copper cuts
wages 10 per cent.
Pennsylvania Railroad clerical work
. ers agree to take off more time in order
! to prevent further cut in force.
Poor & Co. third quarter sales re
| ported qff about 30 per cent; first half
! off 25 per cent.
| St. Louis-San Francisco Railway
j deficit 9 months to September 30, sl,-
■ 359,553, vs. net Income, $4,260,285,
equal to $3.13 a common share.
' Southern Pacific Co., net operating
| income off 55.5 per cent; 8 months off
42.6 per cent.
Western Canada Flour Mills common
share earnings, year ended August 31,
13 cents vs. 54 cents.
Bon Ami Co. class B share earnings,
9 months to September 30, 82.63 va.
$2.80.
Century Ribbbn Mills common share
earnings, 9 months to September SO,
74 cents vs. 6 cents.
Charts Corp. common share earning*
9 months to September 30, $3.70 va
$4.58.
.Chrysler Corp. common share earn
ing. 9 months to September 30, 85 cents
vs. 56 cents.
Corn Products refining common share
earnings, 9 months to September 3(k
$2 47 \s. $3.50.
Eaton Axle & Spring common share
earnings, 9 months to September 30, 88
cents vs. $1.19.
Reading Co. September net operating
income off 16 per cent; 9 months, off'
47.4 per cent.
Stone & Webster Inc.—Salary cut
of 5 to 20 per cent and leaves of ab
sence without pay put mto effect.
Caterpillar Tractor—Declared 50 cents *
dividend; paid 75 cents formerly.
Chain Belt Co. —Declared 40 cents
dividend; formerly paid 62 1 / 2 cents
quarterly. t
Chicago & Eastern Illinois Railway—
puts salaries and wages of ether than
contract workers 10 per cent; employes
receiving minimum wage scales are
exempt.
Chicago Great Western Railroad —
Cuts monthly salaries 10 per cent.
Reis (Robert) & Co. gross sales 3
months to September 30, off 9 per cent;
9 months off 24.5 per cent.
TREASURY CERTIFICATES.
(Reported by J. & W. Sellgman * Co.i
Rate—Maturity. Bid. Offer.
l%s Dec. 15. 1931 100 100 2-32
I%* Dee. 15. 1931-T.D2 100 100 2-32
2s Mar 15. 1932 99 26-32 100
|3%s Dec 15. 1931-32 .. 100 6-32 100 10-32
I%S Sept. 15. 1932 98 24-32 99 16-32
comparable to the extreme low reached *
this Summer, non-ferrous metals were
lower. Other metals fluctuated within
a narrow range.
Textiles, Fine and Coarse.
Pronounced strength was recorded by
fins and coarse textiles, which now
< stand well above the lows established
earlier in the month.
Vegetable Oils.
Vegetable oils were also higher.
The three groups that remained un
changed were chemicals, fuels, paper
and pulp.
Most important price changes in |he
McGill weekly commodity price indices,
1926—100; ,
Oct. 23. *SI. Oct is. *3l. 1
I Th*i week. Prev. w*ek.
All commodities 66.1 66 3
• Agricultural 61.4 $1.7 •
Industrial 67.6 $7.5
Live stock 63.6 64 6
feirt. tti 83 a*

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