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Evening star. [volume] (Washington, D.C.) 1854-1972, December 04, 1931, Image 15

Image and text provided by Library of Congress, Washington, DC

Persistent link: https://chroniclingamerica.loc.gov/lccn/sn83045462/1931-12-04/ed-1/seq-15/

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PRICES ARE LOWER
-...
Trading Declines as Market
Resumes Lower Trend.
Losses Small.
BV JOHN A. CRONE.
8peci«l DUputeh to The Star.
NEW YORK. December 4.—Prices on
the Curb Exchange worked lower to j
day. but trading was nearly 20 per ;
cent less than in Thursday's session
Among the leaders. Electric Bond &
Share, Cities Service. Standard Oil oi
Indiana and Middle West Utilities were
all down fractionally, but United Light
& Power A was up a shade.
Central States Electric Corporation
Securities were dull and heavy follow
ing the directors' announcement that,
owing to the general decline in securi
ties, action on the dividends of its
common and preferred stocks, which
would have been payable January 1
next, is being deferred.
Celanese Corporation preferred broke
103! points in the early trading and
was a feature on the downside of tex
tiles.
Curb trading was quiet at the open
ing, but prices were higher in most
cases.
Electric Bond <k Share started off a
shade higher at 15"^ and then ad
vanced to well above 16. Other utili
ties such as American & Foreign Pow
er warrants, Electric Power & Light
and Niagara Shares of Maryland were
ail higher
Cities Service was unchanged after
opening lower, but International Pe
troleum and Creole Petroleum were
both higher. Standard Oil of Indiana
was firm at the start. Mine shares in
the main were higher. United Verde
gained r>a to 43a. Cord Corporation
W’as actively traded at a fractional im
provement around 77a. Radio and avia
tion shares were steady. In the in
dustrials, Aluminum Corporation at 68
rose 2 point*.
Business Notes
NEW YORK, December 4. — While
•ome gain in the volume of mail orders
was noted in the New York markets
Monday as a consequence of cold
weather during the latter part of last
week, the Increase was not particularly
heavy, according to reports from lead
ing resident buying offices. The expec
tation is, however, that Improvement
will be more readily apparent In busi
ness today and tomorrow. With con
sumer buying more active, reorders on
broken sixes in apparel are expected to
be numerous.
Producers of unbranded wide sheets
and sheetings apparently have come to
the conclusion that it will not be nec
essary to make any move on discounts,
selling agents indicated. A few weeks
of trial, since the,increase in discounts
by the branded lines, ha'e shown that,
while the latter may have profited
somewhat by their lower prices, they
have not taken a sufficient volume of
business away from the unbranded
mills to make further readjustments
necessary, reports said.
Demand for curtains and curtain ma
terials continued at a subnormal level
in the New York markets at the start
of the week. Purchases of limited quan
tities for immediate delivery were made
bv some Midwestern retailers, but man
ufacturers said the call from other sec
tions was negligible Spring lines are
still in the process of perparatlon. and
neither converters nor curtail producers
have made any special effort to book
advance orders.
The apparel trade win make no rec
ommendations to garment manufactur
ers regarding the use of lighter boxes
for shipments to retailers, it was an
nounced after a meeting at which rep
resentatives of box producers gave their
views. Singling out one specific type of
container was held as "bad precedent”
by representatives of the garment asso
ciation.
FOREIGN EXCHANGE,
(Quotations furnished by W. B Hibbs * Co.)
Nominal gold Selling checks
value today.
London, pound. 34 8665 33 34
Paris, franc . 3913,c 3,91'jc
Brussels, belga. 13 91c 13 87c
Berlin, mark. 23.82c 23 55c
Rome, lira. 5 26c 5 12c
Zurich, franc. 19 3c 19 47c
Athens, dischma. 1.3c . ....
Madrid, peseta . .. 19 3c .
Vienna, schilling. 14 07c .
Budapest, pengo 17 49c
Plague, crown tnont i 2.964c 2.96'ac
Warsaw, aloty . 1122c .
Copenhagen, crown 28 8c 16 40c
Oslo, crown ... 26 8c 18 35c
Stockholm, crown_ 26 8c 18.45c
BONDS ON THE CURB
MARKET.
6a!e« DOMESTIC BONDS
In thousands. High. Low Noon.
6 Aluminum Co 5s '52 08 98% 98’.
5 Amer G A E 5s 2028 83% 83% 83%
1 Amtr Roll Mill 5s 48 62% 82% 62%
4 Appalaeh Oas 6s 45 10% 10% 10s.
5 Appalaeh Pow 5s 56 88% 88% 88%
1 Arkans P A L 5s '56 82 82 82
5 Asso Elec Ind 4%s '53 60 60 60
11 Asso GAE 4%s 49 C 39% 39% 39%
11 Asso Gas A El 5s '50 46 45’. 46
14 Asso Gas A El 5s '68 44% 44s, 44%
4 As GAE 5%a 38 In cl 37% 37% 37%
6 Asso GAE 5%s '77 54 53% 53%
2 Bell Tel Can 5s B '57 89% 89% 89%
11 Bell Tel Can 5s C 60 90 89% 90
10 Can Nat Ry 4%s '66 79 78% 78%
1 Can Nat R E 7s E 36 99% 99% 99%
6 Carolina P A L 5s 56 91% 91 91
2 Cen Pow A Lt 5s '56 70% 70% 70%
6 Cen Pub 8er 5%s '49 30% 30% 30%
2 Cen Stat Elec 5s '48 37 37 37
3 Cen St Elec 5s 54 39% 39% 39%
4 Cen SI PAL 5%s 63 54 53% 53%
2 Chi Di« Elec 5%s 35 86 89 86
74 Cities Service 5s '50 5C% 50% 50%
Settles Service 5, 66 49% 49% 49%
licit Serv Pow 5%s '52 59s, 59% 59%
2 Comwh Ed 4%s C 56 94 94 94
8 Comwh Ed 4%s D '57 94% 94 94
13 Comwh Edts 4s F 81 84 83s, 83%
1 Con Oas U 6%s A '43 22 22 22
1 Con Oas Util 6s A 43 37% 37% 37%
5 Consum Pow 4%. '58 94% 94% 94%
ISCoDt G A E 5s A 58 60s. 60% 60%
5 Cudahy Pkg 5%s '37 83 83 83
9six GO 6%s A 37 WW 77 75 75
7 East Ut Inv 5s A 54 3! 30 30
5 Edis El Boston 5s '33 100% 100% 100%
87 Elec P A L 5s A 2030 60% 60% 60%
6 Empiie OAR 5%s '42 50% 50% 50%
1 Federal Wat 5%s 54 38% 36% 36%
5 Fisk Rub 5%s '31 cod 16 16 16
6 Florida P A L 5s '54 74% 74% 74%
9 Gatineau Pow 5s '66 70% 70% 70’,
1 Gen Mot Acc 6s 35 96s, 96s, 96%
2 Oltdden Co 5%s '35. 79 79 79
2 111 Pow A Lt 6s A ,i3 84% 84% 84%
22 Insull Utlllt 6s B 40 48% 47s. 48%,
2 Int Pw Sec 6%s 54 B 93% 93% 93%
1 Int Pow Sec 7s F 52 62 62 62
! Intern Sec Am 5s 47 54 % 54% 54%
3 Intersta Power 5s 57 65% 65% 65’,
1 Kopper GAC 5%s '50 91% 91% 91%
1 Lexington Util 5s '52 80 80 80
2 La P A L 5s 57 88% 87% 87%
2 Ma sachu Gas 5s '55 89% 89% 89%.
1 Mid West Ut 5s 32 cv 82 87 87
3 Mid West Ut 5s 33 cv 68% 68 €8
3 Miss Pow A Lt 5s '57 78 78 78
2 Narragansett 5s '57. 98% 98 98
12 Nat P S 6s '78 44% 47% 44%
1 New Eng GAE 5s 48. 67 67 67
5 New Eng Pow 5s 48 67% 66 67%
3 Net' Eng Pw 6%s '54 71 69% 69%
1 New Orleans 4%s 35 81% 81% 81s,
1 Nor Stat Pow 4%s 61 86s» 86s, 88%
10 Ohio Edison 5s 80 96% 96 96
1 Pac O A Ei B 6s '41 105V. 105', 105',
2 Penn O Ed 5’ s B '59 79 79 79
7 Prop G L A C 4s 81 82% 82% 82%
1 Pledmo El 6' s A '60 54 % 54% 64%
1 Potomac Ed 5, E '56 92 92 92
1 Proct A Gam 4%, '47 95 95 95
1 P 6 No 111 4%s F 81 87% 87% 87%
3 Pub S PAL 5%s A '49 85s, 8.6% 85’,
4 Pug S PAL 4%s 50 D 74 74 74
4 Repub Gas 6s 45 A . 34% 34% 34%
1 Sate H Wai 4' s 79 94 94 94
6 St L Gas A C 6s '47. 20 20 20
8 San Ant P S 5s B 58 84 34 84
3 Scripps 5%s 43 . 71 70% 70%
3 Shaw WAP 4%, D '70 74 74 74
1 So Calif Gas 4%s '61 85 85 85
1 8outh Cal Gas 5s '37 88 88 88
2 Southw Nat G 6s 46 26% 26 26
5 Stand Gas A E 6s '35 87 86% 87
1 Super of lllln 4' s 68 70% 70% 70' .
? ?lec 60 Wl *4% 84% 84'.
4 Trl Util 5s '79 ev... 3% 3% 3'5
5 Union Gulf 5s SO ., 95% 95% sf.%
> Uni Lt A Ry 5%s 52 69s! 69% 69%
1 Uhl u t fey 6. A '52 91% 91% 91%
20 U 8 Rubber 6« 3J 71 71 71 2
7 Waldorf-Astor 7s '54 28% 28 28
•West P"333 5» 5°30 68 68 IS
a West Tex Ut 5i A '67 «S 63 63
FOP SIGN BONDS.
1 Cauca Valley 7s ’48 , 15 15 15
3 Col Aa Mtg B 71 '47 27% 27% 27%
1 ftal Sup Pow «s A 63 45% 45% 45'j
2 Saarbrueck 7s 36 99 % 99% 99'
<. 10 Stlnnes 7s '36 xw 23 23 23
M Tern! Soc 6%s A 53 59s, 58% 50%
Ww—With warrant* 3
*w—Without warrant*,
n—New
wy-'When U*ue<L
NEW YORK CURB EXCHANGE
Received by Private Wire Direct t« The Star Office.
Owing to New York wire trouble this market is
incomplete.
Sleeks aeld In ieO-«h»r» Uta extent Ikes* designated br letter "i."
r-Trtr. Stock and Sklea—
High. Low Dividend Rate. Add 00. Open. Hieh. Low. Close.
10 414 Acetol Prod A. 1 64 64 64 64
39 15 Acme Steel (2). 1 164 164 1614 164
f 1444 44 Acme Wire. 1 44 44 44 44
194 24 Agfa Ansco. 4 24 24 2 2
87 54 Agfa Ansco pf. 3 53 63 51 51
1034 85 Ala Pow pf (6).20s 82 82 82 82
54 34 Allied Mills Inc. 7 44 44 44 44
224 654 Aluminum Co of Am 950* 684 684 65 65
109S 73 Alu Co of Am pf (6). 2 75 75 75 75
lot 25 Aluminum Co Ltd... 2 29 29 29 29
60 24 Alum Ltd B w ar_ 198 3 3 * 3 3
16S 10 Alum Goods (1.20).. 1 10 10 10 10
6 4 Am Capital B. 14 4 4 V*
10 24 Am Clt P&L B blO% 9 2S 2** 24 24
17 IS Am Com P A (blO%) 9 2 2 2 2
294 24 Am Com Pr BiblO%) 2 3 3 3 3
12S 3S Am Cyanamld B.... 35 4 44 34 34
74 14 Am Equities. 11 24 24 24 24
314 44 Am For Pow war.... 36 5*» 6S 54 54
54 1 Am Founders. 29 14 14 1 1
974 824 Am Gas & Elec (tl). 26 44 44 41 414
2H 4 Am invest wax. 2 4 S S S
45 18 Am Laundry Mch(2) 25s 18 18 18 18
644 2OS Am Lt A Trac <24 >. 2 254 254 25 25
28 134 AmMfgCo.100s 10 10 10 10
50 40V* Am Mfg Co pf (5).. .300s 484 484 484 4844
64 4 Am Natural Gas.... 3 4 4 4 4
194 44 Am Superpower. 49 44 5 44 5
99 68 Am Superp 1st (6)... 2 61 61 61 61
5 S Am Util & Gn B vtc.. 16 S S S S
54 14 Anchor Post Fence.. 1 14 14 14 14
8S S Appalachian Gas. . .. 48 4 S 4 4
4 4 Appalachian Gas wr. 2 & is it it
10 24 Arcturus Rad Tube.. 1 24 24 24 24
65 2 ArKans Nat Gas A. .. 21 2S 24 2S 24
34 ArkNGcupf (60c). 1 54 54 54 54
264 9 Armstrong Cork.... 50s 9 9 9 9
23** 54 Asso G&E1 At b2-25). 13 64 54 5S 54
254 16 Asso Tel Ut (b8%).. 10 164 17 16 17
8 2 Atl Coast Fish. 1 24 24 24 24
144 3 Atlas Plywood. 1 3 3 3 3
8** 34 Atlas Util Corp .. . 18 54 64 6 5
16 5S Auto V Macv pr pt 2 2 6 6 6 6
414 344 Alton Fish To A 3.20 1 36 $6 36 36
19 84 Beneficial J L (14)•• 1 12 12 12 12
6H 14 Blue Ridge Corp.... 11 14 14 14 14
384 20 Blue Ridge cv pf(a3) 9 214 21S 214 21S
284 7 Brazil Trac Lt*P( 1) 2 94 9V, 94 94
2V* 4 Brldgept Mch (25c). 1 *» 4 ** 4
6 4 Brill Corp A (34c)... 1 14 14 14 14
IS 4 Brill Corp B. 1 4 4 4 4
164 64 Brit Am Oil C (80c).. 12 94 94 9 9
24 S Brit Celanese rcte... 1 IS IS IS IS
105 87 Buff N&EPlst (5). 1 90 90 90 90
274 22 Buff N&EP pf (1.60). 3 234 234 234 234
24 4 Cable Radio T vtc... 5 14 14 14 14
5 4 Cable & Wire B rets. 6444*,
44 14 Canadian Marconi... 28 14 14 14 14
814 36 Celanese pf (7). 25s 39 39 39 39
18** 7 Cent Pub Sv Del.... 2 64 64 64 64
194 24 Cent Pub Svc A b5% . 6 24 24 24 2S
124 2 Cent Slat El <blO%). 15 24 24 24 2S
44 4 Chain Store Devel... 1 4 4 4 4
114 64 Chain Stores Stock.. 1 64 64 64 64
108 70 Childs Co pf (7).10s 684 684 68V* 68V*
20S 64 Cities Service (g30c) 26 6S 6V* 64 64
84*. 354 Cities Serv pf (6)... 3 644 644 53V* 53*,
624 26»* ( lev El Ilium (1.60). 1 29 29 29 29
2664 130 Commwlth Edison (8 26s 138 138 137 137
24 4 Cm with & Sou war. . 110 4 4 4 »,
V* 4 Consol Auto Mercb.. 1 4 4 4 V,
174 24 Consol Gas Utility A. 1 24 24 24 2',
1034 84 Conti G&E pr pf (7). 60s 71 71 71 7I
16 44 Cord Corp. 23 74 8 74 74
22 6 Corp Sec Ch (b6%).. 2 54 54 54 54
*4 IS Creole Petroleum. ... 16 24 2V* 24 24
4 4 Curtiss Wright war. 9444 4
14 * Cusl Mex Mining. ... 24444
24 A Dayton Air & Eng... 2444 4
444 8 4 Dsere&Co. 2 134 134 124 124
84 14 De Forest Radio. 14 IV* 14 14 14
6 1*, Derby OU Refining.. 1 2 2 2 2
34 V* Detroit Aircraft. 4 4 4 ~i,4 “4
74 2V* Doehler Die Casting. 9 34 34 3 3
64 4 DuquesneGas. 1 & i 1 1
34 Vj Durant Motors. 8 1 1 1 1
27 7 East G & F Assoc... 1 94 94 91, 94
24 84 EaatSta Pow (B)... 2 34 34 34 3*1
354 204 East Util Aaaoc (2).. 1 264 264 264 264
104 6 Edison Bros St (60c) . 1 5 5 5 5
61 14V* Elec Bond&Shl b6 % ) 603 164 164 144 14s,
97 604 Elec B & 8h cu pf 6.. 4 54'* 54 4 514 52
1084 624 Elec B & Sh pf (6)... 7 60'/* 614 60 614
22V* 6 Elec Pow Assoc (1). 6 8 8 8 8
, 224 6 4 Elec Pow Assoc A (1) 2 84 84 8 8
• 874 54 Elec P & Lt op war.. 3 54 64 64 54
101 45 Elec P&L 2d pf A 7.. 60s 484* 48V* 48 , 48*,
18 34 El Shareholdg(b6%)' 1 44 44 44 44
884 49** Elec Sharhldg pf (a6) 4 604 504 60 50
79V* 394 EmpG&Feu pf(7). 150s 53 55 63 55
894 454 Emp G & F cu pf<8). 100s 584 584 58 58
25 16 Employ Relnsu tl.80 1 20 20 20 20
13 3 Europ £ Ltd A (60c) 1 4 4 ~4 4
34 4 Evans Wallow Lead. 9 4 4 4 4
14 Foltls Fischer Corp. 2 14 14 14
284 8S Ford Motor. Can., A. 7 11 11 104 104
194 6 Ford Mot Ltd 36 J-6c 19 64 54 5*, 54
34 V* Foremost Dairy Pr.. 2 4 1.4 V,
4 4 Foremost Dairy pf. .. 1 4 7,
64 S Fox Theater (A).... 2 S s S s
12 24 Gen Aviation. 1 24 24 24 24
60 24 Glen Alden Coal (4). 1 264 254 254 254
2 S Golden Center. 5 S S 4 Vi
114 2S Goldman Sachs. 61 2S 2S 24 2'*
23 13 Gorham Mf vtc (f2). 1 1.3 13 13 13
5 it Goih Knitback Mch. 4 s S s S
260 160 G t A&P Tea nv(16 4) 80s 168 168 167 167
64 14 Groo Sirs Prod vtc.. 2 14 14 14 11,
764 38 Gulf OU of Pa (14). 18 44 44 42S 42S
74 4 Hecla Mining (40c). 1 54, 54 54 51,,
324 184 Hires (C E) A (2)... 1 21 21 21 21*
8V» 34 Hollinger Gold t70c. * 4 5 5 5 5
44 IV. Horn (A C) Co. 1 1** 14 14 j
104 5 Horn (A C) 1st pf... 1 5 5 5 5
43 4 284 Horn & Hard (2 Vi) • • 2 284 284 28 . 284
6V, 2 Hudson Bay M & S.. 22 24 24 24 2'*
72 47V* Humble OU <t24).. 2 504 604 50 511
30 7 HydroElec Seed.20) 1 84 84 84 84
64 2 iivgrade Food Prod. 1 34 34 3,4 :ii
304 26 Hygrade Sylvanla f3 1 274 274 274 274
164 54 Indian Ter lllu OU A 1 64 64 64 64
11 2V* Industrial Finan ctfa 1 24 24 24 24
494 7 Insull lnv tb6% ). .. 4 10V* 10** 94 10
63V, 33 ins Co ofN'o Am t2 % 8 324 32V* 324 324
94 2 Insurance Security.. 16 24 24 2
** it Intercontinent Pet n 8 V, 4 v* 4
154 74 int Petroleum (1)... 113 104 104 104 lot*
104 2 Int Utilities B. 3 24 24 24 24
44 V* Interstate Equities. 1 V* ** *,
35 10 In state Equity cv pf. 1 10 10 10 ]o
11 44 Irving Air Chute (1) 4 64 54 5
7 14 Italian Superpow A. 6 14 14 14 14
14 Vi Kirby Petroleum. ... 54444
/-Fret 1931.-* Stock and Bales—
High. Low. Dividend Rate. Add 00. Open. High. Low. Close.
12 6 ' Kobacker Stores.... 1 7 7 7 7
Rl 2 4 Kolster-Br (Am Sh). 2 14 1% 14 IS
25*4 154 Lefcourt Real pf (3). 1 174 174 174 174
274 124 Leh Coal & Nav 1.20.. 1 13% 13S 13% 13%
364 10% Lerner Stores. 2 7 7 7
14V, 5% Libby McNeil & L... 2 5% 5% 5% 5%
6% 2% Lion Oil* Refining.. 1 3 3 3 3
25 74 Lone Star Oas n S*c. 6 9 9 9 9
364 17 Long Island Lt (60c) 10 21% 22 214 214
. 10 54 Marconi IMS7 l-10c 1 6% 5% 5% 5%
35 23%, Mass Utev pf (2%). 1 24 24 24 24
54 4 Mavis Bottling (A).. 61111
11S% 444 Mead Johnson (t5).. 1 48% 48% 48% 48%
124 6 Memph N Gas (60c)» 6 5 5 6 5
44 4 Met Chain Stores.... 2 % % % %
4% 4 Mid Sta Pet vtc A 22c 2 1 1 1 1
14 % Mid Sta Pet vtc B_ 1 % % % %
254 8 Mid West Ut (b*%). 29 9% 9% 94 9%
101 48 MldWUtcvpfxirt 1 51 51 51 61
18 74 Mid'ld Steel Prod(2) 1 9 9 9 9
11 14 Mo-Kan Pipe Line... 10 1% 1% 14 14
% 4 Mo-Kan Pipe L (B).. 1 4 % 4 4
1074 89 Mohawk Hud lst(7). 60s 95 4 95 4 95 95
107 90 Mohawk Hud 2d (7). 60s 86 86 86 86
32 9 Moody’s In Svc pt pf. 2 84 84 84 84
254 15 Moore Drop Forg(A) 3 14 14 14 14
54 24 Mountain Prod (1).. 6 3 34 3 3
4% 14 Nat American Co.... 10 14 14 14 14
10 3 Nat Aviation. 3 34 34 34 34
3% 1 Nat Bancservlce. 2 14 14 14 14
264 11% Nat Fuel Gas (1).... 1 14% 14V* 14% 14%
64 2% Nat Investors. ...... 2 2% 2% 2% 2%
50 6% Nat Investors pf._60s 17V* 174 17% 17V*
104% 68 Nat Pow & Lt pf (6). 100s 70% 70% 704 704
22 14 Nat Sh T Sec A J60e. 1 14 14 14 14
174 8 Nat Transit (1). 2 84 8% 84 8%
6V* % Nat Union Radio.... 1 % % % %
14 4 New Bradford Oil. .. 1 4 4 4 4
86 68% New Eng Pow pf (6). 20s 604 604 604 *04
134 3 New Haven Clock.... 2 3 3 3 3
51 254 New Jers Zinc (t3).. 7 28V* 284 27 27
584 134 Newmont Mining.... 3 134 14 134 134
294 8 NY Hamburg. 2 6% 8 6% 8
15 94 N Y&HondRos (1). 1 13% 13% 13% 13%
7% 14 N Y Shipbuilding Cp. 1 3 3 3 3
89% 464 N Y Steam Cp (2.60). 1 56 56 56 56
144 54 NY Transit (tl)_ 1 84 84 84 84
154 6% Niag-Hud Pow (40c) 27 7% 74 74 74
34 4 Niag-Hud Pow A w.. 11111
84 2 Niag-Hud Pow B w.. 5 24 24 24 24
34 4 Niag-Hud Pow C w.. 5 4 4 it St
11% 3V* NlagSb Md (40c)... 4 3% 3% 34 3%
224 6 4 Niles-Bemt-Pond (1) 1 104 104 104 10%
14 % Niplsslng. 11111
6% 3% Noma Elec (40c).... 1 34 34 34 34
34 1 Nor Central Texas.. 2 14 14 1 1
2% ft North European Oil. 8 4 % V* %
113 95 Norind PS pf (7)... 25s 89 89 89 89
152% 80% Nor St Pow A (!)_ 7 834 834 83 83
61% 36 Novadel Agene (4).. 1 38 38 38 38
4 4 Ohio Copper. 5 ft ft ft ft
1024 79 Ohio Oil cu pf (6).. . 3 73 73 70 70
30 244 Pac G & E 1st pf 1%. 5 254 254 254 254
15 24 Pac Western Oil.... 1 44 44 44 44
304 17% Pan Am Airways.... 6 18 18 174 174
4 4 PandemOil. 15 4 ft 4 ft
109', 364 Parker RustP(t34) 1 41V* 414 41V* 414
84 2% Pennroad Corp (40c) 32 24 24 2% 2%
112% 974 Penn Pw & Lt pf (7) 50* 994 994 994 994
70% 444 Penn W»' & Pwr(l). 3 524 624 61 61
4 % Perryman Electric.. 2 4 4 4 4
3% 4 Philip Morris Inc... 11 24 24 2 2
234 2 Pilot Rad Tube A... 2 2% 21* 2% 24
109 45 Pittshurgh&LEttlO) 60* 45 45 45 45
19 6 Plymouth Oil (50c). 2 94 9V* 94 94
64 1 Polymet Mfg. 2 1111
14 34 Prudential Invest... 26 4% 4% 44 4%
14 4 Pub Util Hold war. . 334 4 4 4 4
64 % Pub Util Hold xw... 24 % % % %
364 44 Pub Ut H Cp cum pf. 1 4 4 4 4
74 2% Pyrene Mfg. 16 2 2 1 1
6% 2 Quincy Mining. 2 24 24 24 24
6 1 Reliance Int A,. 8 14 14 14 14
134 1 Republic Gas Corp.. 5 14 14 1 1
5 % Uevbarn Co. 10 4 4 4 4
14 4 Richmond Radiator. 5 4 4 4 4
184 9 Rock Lt & P (90c)... 3 114 11% 11 11
3% 1 Roosevelt Field Inc. 1 14 14 14 14
7 34 Russek’s Fifth Ave.. 5 6V* 54 6% 64
ft ft St Anthony Gold- 5 ft ft ft ft
214 64 St Regis Paper t*0c) 17 64 64 54 64
21% 17 Schilf Co (2). 1 17', 174 174 174
3% 1 Schulte Real Estate. 1 14 14 14 14
17 6% Sec Allied Corp (1).. 6 7 7 64 64
74 24 SesalL&H (a50c).. 3 3 3 24 24
44 1 Selected industries.. 44 14 1% 1 1
3'% 4 Sentry Safety Cont.. 1 % % % %
192 674 Smith (A. O.). 60* 56 56 54 54
234 12 South Penn Oil (1).. 1 13 13 13 13
17 9 Sou Pipe Line (2)... 3 94 9', 94 94
24 4 SW Dairy Products. 24444
64 1 S W Gas Utilities... 1 1 1 1 1
56 4 Stand Invest cm pf.. 160* 5'% 5% 54 5%
384 154 Stand Oil of Ind( 1). 32 18% 19 18% 18V*
23% 13% Stand Oil of Ky 1.60. 3 16 16 154 154
4 ft Stand Silver & Lead. 3 ft ft ft ft
12% 14 StarrettCorp. 5 IV, 14 14 IV,
20 10 Swan Finch Oil pf... 100s 16 17 16 17
30% 20% Swift & Co (2). 1 22'4 22V, 224 224
404 28 Swift Internat’l (t4) 3 30 30 30 30
95 40 Swiss-Am El pf (6).. 50* 63 53 53 53
154 24 Technicolor Inc. 3 3 3 24 24
9 4 Teck HughesGM t66c 7 44 44 4% 4%
124 24 Texon Oll&Land (1). 6 6 6 5% 5%
1 % Toh Prod of Del wi.. 14 % % % 4
8% 34 Trans Air Trans.... 2 34 34 3V* 3V*
84 5% Triplex Safety Glass 2 5 5 5 6
16 2% Tublze Chatel. B.... 2 2% 2% 2% 2%
174 54 Un Gas of Canadat 1) 4 54 54 54 54
154 3% Unit Corp war. 84444
10V* 2 Unit Founders. 69 2 4 2 4 2 4 24
114 2% Unit Gas Corp.-- 64 24 24 24 24
4% ** Unit Gas Corp war.. 3 % % % %
34', 8% Unit Lt & Pw A (1).. 20 9 9 8% 8%
104% 48 Unit L & Pwr pf («).. 23 484 484 47V. 474
65'% 58 US Dairy (A) (*)... 2 60 60 60 60
8% 1% USE'lcfow 3 14 14 1% 1%
8% 2 U S Finishing. 12 1% 14 1% 14
3% % U S & Inti Secur. 1 % % % %
60 174 U S Inter Sec 1st pf., 2 23 4 23 4 234 234
14 , 3% Util Po & Lt (bl0%) 20 3% 3% 3 3
31', 10 Ut P&L(B)cfs bl0% 1 10 10 10 10
9% 1% Utility Equities. 1 34 34 34 34
9% 3 Util & Ind . 1 3 3 3 3
8% 24 Walker. H (25c). 11 2% 2% 2% 2%
14% 64 Williams It C (70c).. 1 7 7 7 7
12V* 64 Woolwth Ltd 17 4-5c, 13 74 74 74 74
RIGHTS—EXPIRE
4% 2% Com Edison.... - 3 24 3 24 3
5 3% Pub Svc Nil .Feb 1 4 4% 4% 4 4
ft ft Rad-K-Orph. .Dec 21 41 ft ft ft ft
Dividend rates in dollars based on last quarterly of semi-an
nual payment. *Ex dividend. tPartly extra. {Plus 47. in stock,
a Payable in cash or stock. b Payable in stock, e Adjustment
dividend, f plus 57. in stock, g Plus 67. in stock, h Plus 1% In
stock. 1 Plus 27. in stock, k Plus 10% In stock, m Plus 37. In
stock, n Plus S'c In stock, p Paid last year—no regular rate.
CORPORATION
REPORTS
TRENDS AND PROSPECTS OF
LEADING ORGANIZATIONS.
NEW YORK, December 4.—The fol
lowing is a summary of important
corporation news, prepared by the
Standard Statistics Co., Inc., New York,
1 for the Associated Press.
News Trend.
For the thirteenth consecutive week,
! brokers' loans declined, bringing the
total to the lowest level since September
7, 1921. According to the report of the
Federal Reserve Bank of New York,
brokers' loans decreased $31,000,000 in
the week ended December 2. to a total
of $720,000,000. Loans for the account
j of member banks dropped $24,000,000.
; and for out-of-town banks, $9,000,000,
while loans for the account of others
increased $2,000,000.
The Companies.
Standard Oil of New York advances
bulk gasoline price cent a gallon.
West Penn Electric net income, 12
months to September 30, $5,877,647 vs.
$7,063,119.
American Commonwealth Power net
income available for common stock of
surplus, 12 months to September 30,
$1,380,763 vs. $3,079,094
British Columbia Power September
gross off 8 6 per cent, net available for
common off 38 1 per cent; three months
gross off 6.5 per cent, net off 33.3
per cent.
Central Aguirre Associates common
share earnings year ended July 31,
$1.52 vs. $2 40
Interstate Department Stores earned
over 40 cents a common share in Oc
tober; November profits expected to
* equal or exceed October.
Kuppenheimer (B.) & Co. receives
$500,000 order from Kennedy Co., for
Spring and Summer clothing.
National Electric Power net income,
12 months to September 30, $5,631,028,
Including profit on sale of assets
amounting to $2,330,567.
Radio Corporation of America passed
dividend on B preferred stock; paid
$1 25 October 1.
United Molasses Limited passed pref
erence dividend; paid 3, per cent
December 15.
Canadian Pacific Ry.—Orders cut of
10 per cent in wages, retroactive to No
vember 15.
May Hosiery Mills common share
earnings, year ended August 31, 53 cents
vs. $1.12. v
Mountain Producers declared 20 cents
dividend; paid 25 cents in each of three
preceding quarters.
Richmond Bros, cut salaries about 10
per cent; sales improve with lower prices.
Draper Corporation operating sched
ule cut to 4-day week from 5-day
* Illinois Power & Light combined pre
ferred share earnings, 12 months to
October 31, $12 47 vs. $14.63.
Lorillard (P.) Co.—Appeals court up
holds vice chancellor in restraining
stockholders from voting on proposed
bonus for officers and employes; also
sustained decree enjoining vote on pro
posal to revise price at which stock of
company may be sold to employes
Utilities Power & Light reported nego
tiating for acquisition of Wisconsin
Hydroelectric and Eastern Minnesota
Power.
White Motor—New York Sanitation
Department accepts bids on trucks
amounting to over $2,500,000
Pullman. Inc., October net deficit of
Pullman Co., subsidiary, $282,976. vs.
net earnings $111,059; 10 months’ net
earnings, $2,462,723, vs. $5,003,163.
Thompson-Starrett Corporation passed
quarterly preferred dividend; paid 871,
cents October l. p /2
SHORT-TERM SECURITIES.
'Repotted by J. & w Sellemar A Co i
Alllg-Chalmers Co. 5s 1937. ggu
American Cham Co. 6s 1933 q?, gs,4
American Tel. A Tel. 5Us 1943 ml,4 ,2?^
Am. Wat. Wks A El 5s 1934 2, * ‘22 4
Baltimore A Ohio 41 5 1933 so £2
Beldlng Hemingway Co 6s 1936 84 m2
.Bethlehem Steel Corp 5“ f 22, ,
I Canadian Nor. Rwy. 4',, ImV In’ ££'4
Chi Northwestern R R. 5, J933 00 Jiv*
; Chicago Rock Island 4s 1934 53 ft •
| Cleve Lor. A Wheeling 5S 1937 3 t£
Colorado A So Rwy 4U« 1935 as ' 2?
Commercial Credit Co 5Us 1934 aa, £L
; Delaware A Hudson Co fc ggl f9 4 9914
1 Denver A Rio Grande 4Us 93S 99 4 194
Gen. Mot. Accep. Corp 6s 1937 inr' ,?£, *
General Petroleum Corp 5S lain aai 522 4
General Public Service 5U, 19m f,' 199 4
| Grand Trunk of Canada 6 s 1976 99, 22
Houston E A W Texas 4, 5222 93 4 93
I Humble OH 5Us 1932 1933 98
, Laclede Gas Light Co 5s 1974 *22 * 1991,4
1 Louisville tt Nashville sg m™' 98 22,
; New York Cent A H 4s rngg' 98 4
| Northwest Telep 4Us 1974 4 86 4 4
! Penna. R R. Co 6Us 1976 99
Portland Genera! Elec 5s 1934’ 2£ 4 99
Republic Iron A Steel 5s ljgg5 2£'4 99,4
1939 ■, Ik
Vmttnia^Rwy. % , * 3'^ 93
.Wabash Rwy. C«. 4i 1939.^34. ’j”'4
STRUCTURAL STEEL
EXPORTS ANALYZED
Item Constitute* One of Largest in
United States Trade With
Foreign Nations.
By the Associated Press.
Structural material constitutes one of
the larger classes of products in the
United States export trade in iron and
steel
The Commerce Department reports
that in 1930 these materials made up
18.6 per cent by weight of total ship
ments and for the first nine months of
1931 they aggregated 19 7 per cent of
the whole trade. The respective ton
nage totals in these periods were 368,293
and 155,715.
Included in these proportions, and
ranking approximately in the order
given, are the exports of plain and fab
ricated structural shapes; boiler, fabri
cated, and other plates, frames, sashes
and sheet piling; tanks and metal lath.
More structural material is made in
this country, the department says, than
anywhere else In the world, the Amer
ican production in all probability equal
ing that of the rest of the world.
Statistics issued by the American
Iron and Steel Institute indicate our
domestic production of structural shapes
| in 1929 amounted to 4,778,020 tons and
i that of universal and sheared plates to
j 1,022,141 tons. In 1930. according to
1 this same source, 3,512,473 tons of
j structural shapes and 3,662,823 tons of
plates were produced.
The best markets for this material in
1930 were those of North and Central
Americaf and the West Indies, to which
257,448 tons were dispatched in 1930;
the Far East, 50,098 tons, and South
America, 48,045 tons. Europe and
Africa took much smaller quantities.
Food Stocks.
NEW YORK, December 4 (Special).—
As a group, the food stocks have held
up rather better than other industrial*.
With the exception of Borden’s, there
have been no recent dividend reduc
tions in them and earning* have “been
well maintained throughout this year.
*
Everybody’s
Business
American Railroad Interests
Are Closely Watching
Outcome of Wage Sttua
tioh m Canada.
BY DR. MAX WINKLER.
Special Dispatch to The Star.
NEW YORK, December 4.—Settle
ment of railway wage disputes in Can
ada is much less complex than in the
United States, where decisions must
be passed on by the Interstate Com
merce Commission, a method involv
ing considerable delay and inconven
ience.
The Canadian roads have just or
dered a 10 per cent cut in wages, to
be effective as from November 12. The
Brotherhood of Railway Trainmen, as
might have been expected, has lodged
a protest with the Labor Department
at Ottawa.
The move by the Canadian carriers
will be watched with interest by the
American roads, which are at present
discussing the question of wage reduc
tions as one of the steps necessary to
assist them in their present precarious
condition.
Short-Term Credits.
While short-term credits have stimu
lated business, they have not been a
reliable foundation for sound economic
development, according to Hermann
Schmitz, German reparations expert
and a director of the chemical combine
in that country.
Speaking of the forthcoming confer
ence on the German debt question, Dr.
Schmitz is convinced that a solution
acceptable to all concerned can be found
if the problem is approached calmly
and objectively. The doctor thinks the
basis for a thorough and lasting recov
ery of world economics lies in the
wide distribution of gold and credits.
These must not, however, be used for
purposes which would affect interna
tional trade adversely, Dr. Schmitz con
cludes.
Pressure on Motors.
The pressure on General Motors is
said to have been prompted by the ad
verse conditions abroad, where the com
pany has large investments. This is
especially true of Great Britain, where
General Motors controls Vauxhall, and
Germany, where it owns the Opel
Works. There is no doubt that earn
ings of these subsidiaries will show a
shrinkage.
On the other hand, one must not
overlook the advantages which are
bound to accrue in the future to Gen
eral Motors as a result of these for
eign affiliates. In Great Britain, es
pecially, the combination of a tariff
and the depreciation of the pound may
benefit the company. The German es
tablishment also should do better, as
soon as arrangements are made in re
gard to the country's present debt
status.
Railroad Maintains Program.
The Pennsylvania Railroad has not
cut its program for larger unsefulness,
despite the general business depression,
according to J. L. Eysmans, vice presi
dent, in charge of traffic.
The road, Mr. Eysmans says, is bet
ter equipped than ever before to move
both freight and passengers swiftly
and safely, with a close adherence to
schedules. He also points out that
the plans for electrification between
New York and Washington, expansion
of collateral transportation facilities,
vast improvements and replacements of
roadbeds, rails and rolling stock are all
going steadily forward.
Bond Defaults.
With defaults on various types of
bonds occurring rather frequently and
with many bond issues selling at prices
indicative of imminent default, it is
refreshing to study the record of one
of New York's guaranteed mortgage
companies. Less than 2 per cent of
all mortgages bought and guaranteed
by it delaulted during 1931, while the
sale of properties foreclosed has been
accomplished in most cases either
without loss or at small profit.
In consequence, after all statutory
deduction, the company was able to
earn its 20 per cent dividend on the
common stock with a substantial
margin.
Bonds Sacrificed.
That the selling of railway bonds
borders on the ridiculous is obvious.
While the railroad situation is not ex
actly what may be desired, it is equally
true that not all systems are insolvent.
The Missouri Pacific'is a case in point.
Its 5 Mi per cent bonds are selling to
yield currently well over 15 per cent,
even though net for the first 10 months
of this year covered taxes and all
fixed charges with a margin substan
tially in excess of $2,500,000.
Dividend Omission.
Charles Hayden, chairman of the
board of Rock Island, expresses regret
that the dividend on the company's
preferred stocks had to be deferred.
Stockholders will be somewhat disap
pointed,'especially since it is the first
omission in about a decade and a half.
The passing of the dividend, Mr, Hay
den says, was prompted by a desire to
conserve the company’s cash position
as far as possible until improved con
ditions manifest themselves in the rail
road world. Hopes are, however, held
out for resumption of disbursements as
soon as conditions warrant, the pre
ferred dividends being cumulative.
Earnings Becoming Stabilized.
Results of the past four months in
dicate that the earnings of American
Water Works & Electric Co. are be
coming stabilized, according to H
Hobart Porter, president.
Mr, Porter attributes this condition
to economies in operations, the large
increase in domestic use of electricity
for various labor-saving household ap
pliances, and the stable character of
the earnings of the water works prop
ernes.
o,For 12 months ending October
31, profits per share amounted to $2.69,
and piactically were unchanged from
the 12 months’ period ending Septem
.SLo0, when the share earnings totaled
$2.68.
Argentine Bonds.
While Argentine issues continue
strong, the repayment of the country’s
short term obligations, part of which
are held by American Interests, is not
very likely, and a renewal probably
will have to be granted. The bankers
of course will prefer to put through
a refunding operation, that is. the con
version of short term debts into a long
term Issue which will be salable to in
vestors. To market successfully any
such Issue, better prices than those
obtaining today will have to prevail.
One very satisfactory phase of the
situation, however, is the decline of the
governmental deficit to only $30,000,000
for the first 11 months of this year as
compared with a deficit of more than
four times that amount in the corre
sponding period last year
So far, Argentina is the only South
American republic which has borrowed
in the United States, to meet the service
on all obligations including govern
mental, provincial and municipal
(Copy.UhL 193L by the North American
Newspaper Alliance, Inc.)
—---•--—
BUILDING EMPLOYERS'
TO HONOR OFFICIAL
A banquet will be held at the Shore
ham Hotel Tuesday evening, January
5 in honor of Edwin H. Rosengarten.
retiring president of the Building
Trades Employers’ Association. Among
the invited speakers are Secretary at
Commerce Robert P. Lament, Secre
tary of Labor W. N. Doak, Rev. James
Shera Montgomery, chaplain of the
House of Representatives; Robert D.
Kohn, president of the American In
stitute of Architects; Merle Thorp, edi
tor of Nation’s Business, and Prank J.
Hogan, prominent local attorney.
. ‘ .. . , '■ . . ...;
DECLINE OF STOCKS HASTENED
BY LACK OF BIDS IN MARKET
Sponsors for Recent Issues Apparently
Willing to Let Th em Seek Their j
Own Price Levels.
BY CHARLES F. SPEARE.
So**!#! Dispatch to The Star.
NEW YORK, December 4.—The
times in the past two years when
visible and effective support has ap
peared in the market for securities may
be counted on thv fingers cf one hand.
Not since Wall ft'treet was electrified
on the afternoon of November 13, 1929,
by the word running through the
financial district thru John D. Rocke
feller had put in ,a bid of 50 for
1,000,000 shares of Standard Oil of
New York Stock Exchange is that this
notable demonstration on the part of
banking or corporation, interests in be
half cf their securities.
This absence of sponsorship has been
one of the factors that have assisted
bear operators in all of their cam
paigns and have played fci their favor
especially during the past year. They
have come to believe tha.t securities
have been abandoned by those who
were most active in them during 1928
and 1829. The one rumo that has
had neither vogue nor respa t on the
New York tSock Exchange is that this
or that individual or banking house
had come to the aid of p& rticular
issues of stocks or bonds which they
had previously recommended and sold
at high prices to the public.
Cannot "HoM Bag.”
The answer of those to whom it Is
quite legitimate to look for suppon for
securities in the present crisis is Jhat
they cannot "hold the bag” and that
their best policy is to remain as liquid
as possible. This might be a reasonable
reply, If the facts were not that i'n
scores of cases the otter of two or threv
good, bad or indifferent domestic and
foreign bends, or a 10 or 20 share lot
of highest-rated public utility pre
ferred stock, produced a decline of
from 5 to 15 points in these issues.
The effect of this decline was to create
an atmosphere of distrust for the in
tegrity of these securities and to bring
out further liquidation in them. The
use of a comparatively small amount
of capital by sponsors for issues that
have been floated in the last four years
would have prevented much of the de
preciation in them and maintained
their credit for future borrowing on a
sound basis.
Another answer is that, where houses
have felt their responsibility toward
their issues and have protected them,
they have frequently gone Into receiver
ship or out of business. There is yet
no case on record, since the Caldwell
failure over a year ago, of any firm of
I
importance being embarrassed through
the support of its securities. There
have been quite a number of unim
portant firms that have passed out of
the picture. Their capital was limited
and their buying power scant. It is the
institutions which today have large cap
ital resources and pride themselves on
their liquid position that have been
most remiss in coming to the aid of
stock and bond issues for whose origina
tion and distribution they were respon
sible.
Still another argument against sup
port of securities is that there are so
many "sour” situations that have to be
nursed along and so much salvaging to
be done that capital in the form of
support for securities cannot be di
verted. However, there have been two
notable instances in the past six months
when, overnight, credits ranging from
$100,000,000 to $250,000,000 have been
raised in order to protect "situations"
in Germany and in Great Britain. It
was necessary for these credits to be
produced and produced quickly. It was
not a voluntary matter with many of
the subscribers. They were told what
share of the credits they must take and
they took it. They should be equally
able to participate in a pool to protect
the Integrity of American corporation
securities.
There have been rumors from time to
time that a barking pool, with resources
of $100,000,000 to $150,000,000, was
about to be formed to support the bdnd
market. This may develop in time, but
if It does it will only be after the values
of railroad bonds have been cut In half
since the suggestion of concentrated
banking support was first made. Quick
action might have prevented the credit
: gangrene that has set in among some
1 of the so-called "weak" railroads.
Bond Depreciation.
There has never been a time in Wall
street history when declhas in bonds
oi such extreme character on such small
tra nsactions have taken place and
wften the application of a moderate
amt unt of support or “buying power”
would have done so much good. If
money were scarce and interest rates
high, as was the case in 1907 and 1921,
there might be some excuse for the
present! attitude of sponsors for security.
Money is plentiful today; Interest rates
are embarrassingly low to lenders. But
capital of the protecting and rescuing
kind that has made its appearance at
other time s in the market for securities
has never been withheld from employ
ment in tha present degree.
.cdooyriEht, 1931.)
U. S. FACTORY FUEL
BILL $1,498,228,952
_
Census of Manufactures Show*
Coal, Coke, Gas and
Oil Used.
By the Associated Press.
American manufacturing Industries
spent $1,498,223,952 for fuels Of all
kinds in 1929, a special fuel report of
the census of manufactures shows.
Of this total SI C41.701.707 was spent
for coal and coke combined, $220,195,
713 for fuel oils, gasoline and kerosene
combined, $475,034,377 for electric en
ergy generated outside their own plants
\ and $150,947,377 for natural gas and
manufactured gas combined.
No comparative figures axe available
on the cost of these items consumed In
1919, the period of the last national
census, but on a quantity basis the con
sumption of anthracite decreased, bi
tuminous coal in( rrased, coke Increased,
fuel oil showed a material increase and
gas, both natural and manufactured,
showed the largest proportionate in
crease, 341,951,022 thousand cubic feet
being consumed m 1919 and 913,831,994
in 1929. No data were collected cover
ing electric energy in 1919.
The table following gives the con
sumption of fuel and purchased elec
tric energy in manufacturing industries
during 1929:
Anthracite coal. $43,543,316
Bituminous coal. $754,509,376
Coke . $243,649,015
Fuel oils. $212,639,372
Gasoline and kerosense... $7,556,341
Natural gas._ $69,869,067
Manufactured gas.’ $81,078,049
Purchased electric energy. $475,634,377
New York Cotton
Special Dispatch to The Star.
NEW YORK, December 4.—Opening
cotton prices today were unchanged to
3 points lower in quiet trading. Trade
buyers displayed little Interest, and
commission house covering was of small
dimensions. Offerings were moderate.
Opening prices were: December, 6.05,
unchanged; January, 6.12, off 1; March,
6.26, off 4; May, 6.45, off 3; July, 6.61,
off 3, and October, 6.87. off 3.
- . . ..... »
Crown Cork & Seal.
BALTIMORE, December 4 (Special).
—An analysis of the earnings state
ment of the Crown Cork & Seal Co. for
the first three quarters of 1931 indi
cates that the interest charges on the
company’s first mortgage 6 per cent
bonds was earned 6.5 times in the
period.
Net operating income was $1,248,873
and interest requirements were ap
proximately $189,800. As of Septem
ber 30 there were $4,509,500 of the
bonds outstanding. Working capital as
of the same date was $5,957,414.
Current assets as of September 30
totaled $6,984,692, including $5,739,458
' of cash and $505,187 of marketable
securities. Current liabilities were $1,
027,278 and the ratio of current as
sets to current liabilities was 6.8 to 1.
BOND PROTECTIVE
COMMITTEE FORMED
Bankers and Insurance Men Act
to Safeguard Interests of
Securities Holders.
By the Associated Press.
NEW YORK, December 4.—Forma
tion of a committee to .protect the in
terests of holders of refunding and
general mortgage bends cA“ the Wabash
Railway Co., which passt d into re
ceivership at St. Louis on Tuesday, was
announced here yesterday.
Its chairman is John W. Stedman,
vice president of the Prudential In
surance Co. of America. Otixer mem
bers are George W. Bovenizer at Kuhn,
Loeb <fe Co., bankers; James H. Brew
ster, Jr., vice president and treasurer
of Aetna Life Insurance Co., and Henry
W. George, second vioe president ot the
Metropolitan Life Insurance Co.
The securities whose holders the aom
mittee will represent are the series
per cent bonds, maturing in
1975; the series “B” 5s of 1976, the
‘ C” iy2s cf 1978 and the “D” 5s .of
1980, The outstanding total of theac
issues is approximately *60.800,000.
Members of the committ.e represent
the holders of large blocks of the
bonds.
The committee did not request de
posit of bonds at this time, but invited
owners to send their names, addresses
and amount of holdings to T. P Plimp
ton, secretary, at 31 Nassau street
New York.
BROKER LOAN TOTAL
DECLINES FURTHER

Special Dispatch to The Star.
NEW YORK. December 4—The
weekly statement of the Federal Re
serve on brokers’ loans showed a de
crease of *31,000.000 during the week
ended December 2, to a total of $720,
000,000, a new low record since Sep
tember 7, 1921, when they stood at
$680,448,000. This compares with the
previous 1931 low of $751,000,000 made
last week, and with $2,111,000,000 on
December 3, 1930.
Loans for own account were $567,
000,000, compared with $591,000,000 a
week ago. Loans for out-of-town banks
totaled $132,000,000 against $141,000,
000, and loans for account of others
amounted to $21,000,000 contrasted
with $19,000,000. Demand loans con
stituted *532.000,000 of the total against
$550,000,000 a week ago, and time loans
were *188,000.000 against $201,000,000.
The New York Federal Reserve dis
trict rediscount rate remains unchanged
at 3'/2 per cent
• ■■■■■■■■ ■ ■ ■ ■ ■
Leaves I. B, A. Post.
John P. Mullen, for the past six
years assistant educational director of
the Investment Bankers’ Association of
America and lately editor and business
manager of Investment Banking, the
association’s official publication, has
tendered his resignation to become ef
fective December 31.
STOCK AND BOND AVERAGES
By the Associated Press.
From Yesterday's 5.30 Edition.
STOCKS.
50 20 20 90
Industrials. Rails. Utilities. Total.
Today. 71.1 38.2 111.8 7S.2
Previous day. 69.9 37.0 109.6 71.9
Week ago. 73.8 40.0 114.0 75.7
Month ago. 81.4 48.3 121.6 8S.4
Year ago.130.6 100.2 168.2 1 32.4
Three years ago.203.3 132.4 190.0 189.4
Five years ago. 106.8 104.3 104.1 106.0
High. 1931.140.2 106.2 203.9 144.3
Low. 1931. 67.8 36.7 101.5 70.0
High, 1930.202.4 141.6 281.3 205.8
Low, 1930. 112.9 86.4 146.5 114.7
High, 1929.252.8 167.8 333.1 253.5
Low, 1929. 141.3 117.7 156.3 140.2
BONDS.
20 20 20 60
Industrials. Rails. Utilities. Total.
Today. 70,1 72.0* 87.3* 76.5*
Previous day. 71.4 72.7 87.9 77.3
Week ago. 73.8 76.4 89.2 79.8
Month ago... 7S.7 80.9 90.5 81.7
Year ago. 89.® 1*1.9 99.2 86.7
Two years ago. 92.5 195.7 98.6 96.9
Three years ago.......... .. 95,1 115.8 99.9 100.3
High. 1921. 9*.4 165.7 161.5 88.7
Low, 1911. *9.7 72.® 87.3 7«.S |
High, 199®. 94.9 1*9.8 101.4 101.9
Lew, 192®. 83.3 97J 90.6 92.6
High. 1929....,. 95.3 1®6.® 99.8 99.9
Low, 1929,.. 96.4 166JI 96*0 96.3
* Ntf# 1931 low.
(Conyritht 1*31. standard Statistics Co )
BANKING MOVED
DURING NOVEMBER
Number of Failures Reduced.
Gold Reserves Are
Large.
BY CHAS. P. SHAEFFEB. "
Associated Press Business Writer. ,j
Tremendous improvement in the
country’s bankiug structure was made
last month.
Preliminary reports for November in
dicate the number of bank failures fftr
the period will be only about one-thisd
the number recorded for October.
While official figures of the Federal
Reserve Board will not be announced
until after the middle of the month at
the office of the controller of the cur
rency it was said failure* In the na
tional bank field were only one-third
as large In November as In the previous
month. This ratio is expected to Be
maintained throughout the banking
field. '
In the meantime American Banker,
official publication of the American
Bankers Association, had com pie ted "u
survey for November in comparison
with October, which shows definitely
that the number of suspensions had de
clined steadily since the first half of
October. These figures also indicate
that failures for November will be Tn
approximate proportion as outlined
above. >rf
■Hie downward tendency, as meas
ured by the American Bankers’ Asso
eiatlon, was checked around the middle
°ctf>t*;r or shortly after the National
Credit Corporation was proposed by
President Hoover.
,, r^le corporation Is designed to placa
, c surplus funds of the stronger In
stitutions at the disposal of the weaker
In order to enable the latter to convert
essentially sound assets into liquid
funds without recklessly sacrificing
values. As proposed. It functiohs
through local associations formed for
tjwjjurpoa^mitonln* notes of bahka
The banking system as a whole has
been In a strong position throughout
Jt, perl0,i of unfavorable business cofc
n wVlnF Iar8fi gold reserves and
plenty of funds available to meet credit
demands. Those falling by the wftV
side were institutions not so fortunately
equipped, and hence in no position1 to
meet extra demands from depositors.
Baltimore Markets
Special Dispatch to The Star.
m<*., December 4«—
White potatoes, 100 pounds, 75al06'
sweet potatoes, bushel, 35a50; yams
1-2581.75: beans, bushel, l.Ma
1.75; beets, per 100, 2.coa2.50; Brussels
sprouts per quart, 10a20; Savoy cab
iSw?’ ,12,a60; carrots- Per 100,
~.50a3.50, Cauliflower, crate, 1.75a2 00
celery, crate, 1.50a2.75; cucumbers!
3 00*4.50; eggplants, crate,
1.50a3.Q0; lettuce, crate, 4.00a4.75; okra,
bushel, 1.50a2.50; onions, per 100
pounds, 1.75a2.00; oyster plants, lgo,
4.00a5.00; peas, crate, 6.00a7.00; pep
pers, 2.50a4.00; pumpkins, per 100, MO
alO.00; spinach, bushel, 60a80: squalh,
bushel, 1.50a2.00; kale, bushel, 35a40;
tomatoes, crate, 3 5»a6.00; turnips,
^*™per, 15a20; apples, bushel, l.Ooa
Dairy Market.
Chickens—Young. iaa21; Leghorns,
15al8; old hens, 16a21; Leghorns. Old,
12al6; roosters, llal3; ducks, 12a30;
geese, 15&20; pigeons, pair, 20a25;
C-ulnea fowls, pair, 25a50; turkeys,
20a30. n
Eggs—Receipts, 308 cases; current Re
ceipts, 28a30: small pullet eggs, 22a25;
hennery whites, 35a38; nearby firsts,
32a33; Western firsts, 30a32.
Butter—Good and fancy creamery,
28a33; ladles, 20a22; process, 24a25;
store packed, 15al6. *“»
Live Stock Market.
Cattle—Receipts, 900 head; moderate
supply, market dull. Steers—Choice to
prime, none; good to choice, 7.75a8.25;
medium to good, 7.00a7.50; fair-Ho
medium, 5.60a6.50: plain to fair, 4.50a
5.50; common to plain, 4.00a4.$0.
Bulls—Medium to good, 4.00a4.25; fair
to medium, 3.50a4.00; plain to fair, 325
a3.50; common to plain, 3.0083.251 Cow*
—Medium to good, 3.75a4.25; fair »to
medium, 3.25a3.75: plain to fair. 2.k0a
3,25; common to plain, 1.50a2J>0.
Hitters-—Good and choice, 5.35a5.T0;
medium to good, 5.75a6.25; fair to me
dium, 4.75a5.25; plain to fair, 3.75a4.75;
common to plain, 3.25a3.75. Fresh cows
and Springers, 30.00a80.00.
Sham and lambs—Receipts, 300 head;
light supply, market steady; sheep,
l.OOa3J0O; lambs, good to choice, 6.00a
7.00.
Hogs—Receipts, 1,200 head; lower
supply, nparket spotty; lights, 4.80a4.90:
heavier, 4-65a4.95; medium, 4.90a5.10;
roughs, 3.v0a4.30; light pigs, 4.75a4.90;
pigs, 4.85aA .00; Ohio and Western hogs,
10 cents higher.
Calves—Receipts, 50 head; light sup
ply, market steady. Calves, 3.00a9.00.
Hay and Grain Prices.
Wheat—No. 2 red Winter, export, no
quotations; No. 2 red Winter, garlicky,
spot, domestic, 60Vi; December, 6014;
January, 61%.
Corn—No. 2 yellow, domestic, sppt,
50ao 1; cob com, now, 2.25a2.35.
Oats—No. 2 white, domestic, spot,
35a35%: ^o. 3, 34a5’4%.
Rye—Nearby, 40a4»5.
Hay—Receipts, 11 tons. New hay Is
starting to arrive in increasing quan
tities, but so far no otOclal grading ha*
been attempted, sellinp being strictly -on
merit. Demand for old hay slow and
market is dull and quiet, with prices, in
buyers’ favor at a range of 14.00al7.50
per ton.
Straw—No. 1 wheat, 8.50a9.00 per
ton; No. 1 oats, 9.00*10.00 per ton.
t—,
Grain Market
By the Associated Press.
CHICAGO, December 4.—Influenced
by stormy weather and harvest delays
both In Argentina and Australia, and
by stock market firmness, grain prices
showed an early upward trend today.
Advices that the British government
would shortly announce a quota system
for Australian and Canadian wheat im
ports failed to act as an offset.
Opening 14a'14 oent up, wheat after
ward rose further. Corn started un
changed to higher and continued to
advance.
Russian developments continued to
attract notice among wheat traders.
London cables said the Russian grain
collection campaign was a complete dis
appointment and that neither hoped
for reserves nor estimated exports were
practicable. The quantity of uncollected
Russian grain was asserted to be much
larger than admitted, with smaller ex
ports looked for in the new year owing
to acute shortage of foodstuffs and
other essentials.
Unofficial estimates of the Argentine
probable export surplus of wheat for the
coming year were cut down today to
126,000.000 bushels, compared to the of
ficial final estimate of 150,000,000
bushels this year. Scantiness of primary
receipts of wheat in the United Stales
acted also as a bullish factor. Todav 3
total was but 382.000 bushels, against
934,000 on the corresponding day last
week and 561,000 a year ago. Unfavor
able weather over the corn belt gave
firmness to corn and oatf
Provisions declined, responsive to hog
market weakness, 1
TREASURY CERTIFICATES.
(Reported by J. tl W. Schemas to Co.) '
l»te—Maturity. Bid. Oiler.
U«s Dec. IS. 1931...... 99 31-33 100 1-33
Un* Dec. 15. 1931-T D.2 99 31-32 190 1-33
Is M»r. 15. 1932 . 99 29-33 100
J'is Dec 15. 1931-33... 100 lb 3-32
IVtS Sept. 15. 1932. 93 24-32 99

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