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Oakland Tribune (Newspaper) - November 26, 1934, Oakland, California Wall Street AND ITS ACTIVITIES BY tHVGHES NEW YORK Nov Siesl information bolhin Europe and on this side is that it is not a question whether a hrench will he jrinrle the ranks of ihe Continental gold bloc but when and where And most observers now ngree that when a breakup comes it will he Belgium that will lead the way The Belga is the weakest of all the gold currencies and ihc one most likely to be forced into devaluation The only doubt is a to the date when the Brussells government will give tip the fight It is not inadequacy of gold cover that has brought about the crisis in Belgium but the dev astating consequent on the effortto preserve the present gold value of the currency unit BELGIUM IS FACING the same problem and that is true of the other members of bloc that Great Britain faced in 1931 and the United States faced in 1933 Both broke away fromthe gold standard Brit FINANCIAL SCENE M Schneider NFAV YOKK Frostshave hurt Australian crops ain remaining to this day with a jn the norlnern sectors Their BEHIND THE currency still to be stabilized and the United States returning to a limited stabilization after an interim of eight months In each case the first step was to suspend the convertibility of the currency unit into gold at the then legal ratio It is generally assumed that if Belgium is forced to a de cision she too will go through h period ofsuspended gold payments There is one other possibility however Czechoslovakia devalued her currency last February over night There was no intervening time when the crown could not be exchanged for gold Themoment one parity was abandoned the new one took effect Hbune FINANCIAL SECTION BUSINESS NEWS VOL OAKLAND CALIF MONDAY NOVEMBER 26 1934 2O E NO 149 STEEL T HIGH POINT Commitments Reach Highest Figure Since June Says Steel in Weekly Survey PURPOSE OF the Checho slovakian devaluation was not to raise domestic prices as was the case here but to restore export in that particular it has been successful For the first nine months of 1934 the trade balance of Czechoslovakia was favorable to the extent of 506 600000 crowns compared with only 12000000 crowns in 1033 and with an adverse balance of 140000000 in 1032 At the same time the total value of trade exports plus im ports rose from the 3033 figure of 8238000000 to 8721000000 in 1934 Czechoslovakia will have a bal anced budget next year if the pre liminary estimates are fulfilled and her finance minister proposes among other things cuts in duties further to increase exports The Belgians assuming that some devaluation is necessary may prefer to follow the example of Britain and America rather than that of the Czechs but there is something to be said in favor making one bite of the cherry IT IS TAKEN for granted that If the belga falls the Dutch guilder and the Swiss and French francs will follow The almost universal opinion is that in theend none of these present gold values can be preserved i It is likewise widely believed thati the ultimate result will be an in vternational conference to fix new ratios for all the nations and in sure their stabilization This writer does not profess to be able to see so far ahead The record of interna tional conferences in recent years has not been such as to inspire con fidence in their ability to reconcile the differences which must be rec onciled before any such world wide agreement could be drawn up IT IS INTERESTING to recall at this1timethat there arc only two important countries in the world which have not revalued their cur rencies since the war Those two are Holland and Switzerland IN VIEW OF ALL that has hap pened the criticism made of the suspension of gold payments by the United Stales in April 1933 does not look so impressive now No one argues for a return to the old gold parity It would be a waste of breath if anyone did The price of gold may be raised but it will not be lowered although the President has authority to do either within fixed limits A better case can be made out for the plea that either this authority be taken from him which would require an act of Congress or that he himself make a definite announcement that there will be no further change on his initiative That would be prc sumably the stabilization that so many orthodox economists and practically all bankers demand i And yet it is no easy matter to meet the argument that Great Britain has preserved her freedom of action with regard to the pound sterling making no effort at stabili zation and contenting herself with preventing wide fluctuations in the exchanges through the operation of her equalization fund It is at least open for debate whether it is not the wise course for America to await events before irrevocably de ciding that an ounce of gold shall be worth and no more and no less WHEN CONGRESS meels agita tion for further dollar devaluation will come fo a head It will prob ably be unsuccessful and probably that will be for the best but on the other hand we are no more able to go through another seige of deflation than is Belgium able to endure the deflation from which she is now suffering The arguments ofthe devaluationists must be met on this basis Pathe Exchange Reports Net Profit Pathe Exchanfie Inc and sub sidiaries report for the 3D weeks ended September 30 net profit o equal after dividend re quirements on tho 8 per cent pre ferred stock to 12 cents per sharp of classApreference stock ngains or a share on the clas A stock In the like 1D33 period Kentucky U til Co Preferred Declarec Difcetow of Kentucky Utilitic Co the regular quarterly dlyJqfrid of onthe 6 per cen 15 t December 29 southern wheat fields are now the victims of a grasshopper infestation which is the worst in years Argen tine wheat is of very low grade The Canadian crop is strong but prices are too Our wheat mar ket seems to hold after recent specu lative selling It is well to note that grain prices are following the move ment of corn and rye The slalistical position of cgfis calls for higher prices Butler ton in said to have a favorable specula tive outlook The government has been a persistent buyer of these commodities for Winlcr relief pur poses Cheese Woe is said lo have jecn a huge success The new sell ng point of cheese is the drive to nform dentists of the world thai hecsc contains Vitamin A which is bone builder and therefore good or the teeth SPECULATION Cotton is expected tn move higher because of speculative buy ing Mills have been active but not as much as durlnp the pre vious two months Textile plants liave just about filled Winlcr re quirements Statistically the out look for cotton is not favorable al he moment Rubber is in supply on nil price idvanccs Sugar has been hil by a lad Cuban crop siluation Copper nd tin are said to be in demand vith the prospects of prices moving ligher World demand for these wo metuls is constantly growing npan is an active buyer SOVIET CREDIT MEETING The heavy industries are anxiously waiting the Soviet credit meetings o be held in Washington late this month Representing the Soviet government will be Alexander A roynnovsky ambassador to IhtB ountry Assistant Secretary of State VTooro William C Bullitt U S am nssador to Moscow and perhaps Soviet Foreign Commissar Litinoff will come it needed To com plete credits however the Johnson Act must be revised by the Sevcnty otuih Congress TIN Tin plate manufacturers are pre aring for probable developments of nflation ncxl year All 1035 con racls will be nl 103 cr there will be n clause o permit sliding scale increases con ingent upon further market prices or pig tin wages or sheet bars his is bullish on Ihe market prices f tin futures The New York Com modity Exchange has replaced its ilver option market with n tin fu tiro section this week Monday HAIL PRINTING Hall Printing has suffered some jxlraordinary charges during the irst halt ofUs fiscal yenr Based ipon present indications the com jnny should report a deficit for the rear ending January 1935 The lory is that certain laiRe magazine iustotners have been unable o meet heir obligation in full This has nt ectcd the bond sinking fund so much thnt bondholders have been ukcd for their coopcrntion for a evisioii of the fund terms Oulloolc s not encouraging FOR HELPS The Ford Motor Company nn nouncemcnl Ihnt 1000000 cars will le manufaclured ancl sold in means big things for many parts and Tcccssorics makers Those Ihnt will benefit arc Bendix Aviation brakes ind carburetors Briggs Msmufac vning bodies Briggs Stratton ocks Collins Aikman upholstery Saton Manufnclurink valves lap icls elc H3uciaiIIeHcrshcy bump ers shock absorbers cooling fans camshafts crankshafts clc Kclscy lavscr Wheel wheels brakes brake drums Motor Products vcnlilalor windows windshield frames nnd metal trims Murray Corporation oodles frames and stampings Stew artWarner gaugesand instrument panels Young Spring Wire springs nnd spring wire products This list docs rot include the busi ness of paint and varnish sold by Commercial Solvents and Glidclen KKPORTS ATtK THAT The tijic action of Electric Aufo Iic Is not bullish Urooklyn Mnulinltan Transit is in demand for lonp pull accounts Ameri can Sanitary acts hiplicr on pootl business rnn Iracls Plants of American Rolling Mills ari operating al a hljH rale of capacity Arm stronp Cork is to declare a large cash dividend payment next m on Hi LOBWI strong Ih is due to current earnings Oliver Farm Equipment preferred ts an oulanilout speculation Lily Tulip Cup is preparing for nn es pecially active season next Sum mer Sjicrry Corporation sales are constantly Increasing United Carbon lias speculative ap peal And thai he Army pur chase of 800 planes should iielp Douglas Hoeing and United Air craft CLEVELAND Ohio Nov Orders from automobile manufac turers entering upon production of new models have resulted in plac ing iron and steel commitments at the highest point since June says the magazine Steel Abnormally low general con sumer stocks have contributed to a more cheerful view the markets by producers and to average of steel workers operations last week advanced 1 point to 29 per cent the magazine says Increased consump tion of raw steel production is re ported by steelmakers finishing mills Automotive requirements are ex pected to increase over the next several months manufacturers just beginning to get into production on new models asserts the magazine Output of current models lasl week dropped to 13000 from 1GOOO each of the preceding two weeks General motors now plans early in troduction of new Chevrolcts Pon tiacs and Oldsmobiles says Steel ORDERS The Ford Motor Company has place heavy orders for foundry equipment including 100 moulding machines following its recent ma chine tool purchases Steel points out thnt first orders againstinquiries for machines to reequip government arsenals were placed last week and the ordinance department will take bids Decem ber 3 nnd 4 on 113 machine tools nnd heal treating equipment The Army Air Corps also is working for rehabilitating maintenance facilities at air fields says Steel Other factories contributing to a more encouraging market are cited as follows NEEDS Specifications are expected out shortly for 8000 tons for an addition to the Library of Congress Bids have been called on 10320 tons of reinforcing bars for two more sec tions of theLos Angeles Metropoli tan Water District project The Navy will open bids December 4 on 3500 lona of plates shapes and sheets for cruisers now under con struction in its yards The Wheel ing Lake Eric Baltimore Ohio and Pennsylvania Railroads col leclivcly will require 10000 tons of rails for Ihe Muskingum Ohio con servancy district Northern Pacific is in the market for 24 aircondi tioned coaches Lehigh Valley was awarded 270 gondolas The publication reports steel works operations last week in creased 8 points to 40 per cent at Cleveland 15 to 55 New England 2 to 33 Chicago and 4 to 35 Youngstown All other districts re main unchanged Steels Iron and steel composite is up 3 cents to 3218 reflecting n rise in scrap The finished steel composite holds at Wholesale Turkey Mart Shows Price Upturn Here Thanksgiving Demand Short Shipments Causes Rise In Cost Above Forecast The Thanksgiving gobbler and his wife were doing a strutter parade loday A holiday market that was forecast to open around 23 cents wholesale for best birds caught nil the Bay dealers napping by start ing around 2R cents a pound and climbing to 28 cents before encoun tering nny resistance from buyers Even at this figure which is from 7 to 8 cents a pound over a year ago many retailers were placing orders for tomorrow There was a general air of un certainty over the prospects for the next two days Turkeys both toms and hens have been moving for the past two weeks at from 22 to 23 cents a pound and as late as Satur day some of the largest distributors in both Oakland and San Francisco predicted that this level would probably hold Some wholesalers wore saying that the market was in the hands of a San Francisco corner which could not main tain it AH forecasts thus far have been wrong Wholesalers reported short ship ments today Efforts at late date buying in the prodvicing sections of the States and in Southern Oregon were met with reply that the East ern buyers had already secured the large part of tho supply The truth of the matter is that the unusual demand from the East where supplies in many sections are 60 per cent under normal have created an artificial market in Cali fornia said Gorden Kirkpatrick of Oakland Poultry Egg Company Against offerings of 275 tons in the Eastbay market a year ago we do not look for over 235 tons At any rate the Turkey growers stand to make good profits OCT EXPORTS REACH PEAK 934J3URE largest Balance Since 1931 Is Shown in Report Gold Exports Decrease ALIEN MONIES E Foreign currencies were mixed in lerms of the dollar today with golc currencies displaying a sfcady tone and others inclined to sag In London the dollar gained 516 of a cent closing at 498 1116 to the pound sterling while in FOREIGN EXCHANGE Furnished IMly br American Trust Cnmpnjiy Gicit Drllaln tnflVi France 100 francs Ilnlv 100 Jlrcs 051 HclKlum 100 holsnii 23TO Hollnnrt 100 Builders Dcnnmrk 100 kroner 222H Nniwny 100 kroncrs 25OH Sweden 100 kroncrs 2573 3242 10fifiH75 4024 201Z 337S 2Vno Switzerland 00 Trincs Cnnndi Germany 100 rclchmnrkn Tnpin 100 yens 100 locnl currency PorliiKilt oscndos Mexico 100 pesos Greece 100 drachmas ironckonK Spain 100 pcactns NKW YOTtK Nov olRu oxcliniiffo irronnlir Grcnt Hriluin In nlhnrs In ront Ivrilnin demand cllxs fidday lillls IYrtiice doinaml cables llivly derannd S624 cables Diinands Belgium 2335 Ger many 4023 Holland H7B3 Norway 25OS Sweden 2571 Denmark 2227 Klnlnnd 221 Switzerland 3211 Spain 13f7 ImUijjal tlirece Poland ISlf CKcclio slovnkln 4IS lUROsliiviii Ausliin ISsrN llnnpaiy 2n7fi Kuiujiuln 101 ArgRiitfnn 3327N nrnxll SfilN Tokyo 2ilO Shang hai t75 jlonKkonp n7ri Mexien Tity 27Sii Montreal in Now York JSew orlc In Montreal 1 Detroit Edison Net Income Shows Gain NEW YORK Nov 20 Detroit Edison Company reports twelve months ending October 31 consoli dated tnot income of after charges equivalent to a share and comparing with or share in the preceding twelve months N Nov T The position of In Tvensury Novemlicr 23 was Kncnipls S I ev pnluVitnres I Sl 1 1 fi24 211 balance recufnls for tb n month J2 I 9 MSB lloceipls for the fiscal year since Inly expendi tures J2700filO30173 including f 113S1 2 123S2S of emergency ex pend i I n rejO excess of expenditures 1 1TC2 t7K 197 17 prold nssels S07 03isoino YOTtK Nov monny si fatly 1 cfnt all day Tinin lonns steady fiO dnysfi inns i fii11 iy rent Piinift romTYiornln pnppr noopptniiroF un clinnirfMl 30 days 31 f ffTi dnys I mos l6 KciT scon n f rale New York Ke norve Bank 1 per cent IONDON Nov Money per rent Discount rntos rhort nnd threenuintli bills IGffi per ernt LONDON Nov Kold ndvnncod t to 130s fid IT K iIvalent 53iSO on bnsls of Rter opening at SlflSs NRW YOUK TSov silver fltcady Ifcr higher nt CONDON Nov sil ver firm 11 Cd higher nt 21 lid BANK IREJRORTS Onklntid 4215500 Berkeley debits 417377 LOS Angclen debltd I San Francisco olearlnBrs 17000000 Curtailed Livestock Supply Presages High Meat Prices Number of Food Animals Promises to Be Lowest in 35 Years Next Spring WASHINGTON Nov American exports rose to 000 in October the highest level of he year giving a favorable balance of trade for the month of the Department of Commerce re ported today Imports which had increased sharply in December declined about 2 per cent in October to 000 This compares with a usual sea sonal increase of about 7 per cent Exports were above the 000 reported for a year ago and also considerably above the 691000 in September TEN MONTHS FIGURES For the first 10 months of 1914 total exports were 36 per cent above the corresponding period of 1933 and larger than the entire 12 months of 1933 The departments index showed exports were at their highest level since April 1931 Imports in creased largely because of the drop in Cuban sugar from the abnorm ally high volume of September TOBACCO AND COTTON Exports showed gains in ship ments of unmanufactured tobacco and cotton and apples Exports of petroleum passenger cars and trucks and aircraft declined Among the decreases in imports were fur grains in Cuban cane sugar unmanufactured silk Increased imports were re ported for coffee alcoholic bever ages paper base stock newsprint and copper Gold exports for October totaled Imports totaled 000 Silver exports totalled 162000 and imports Finland Offers Issue The first foreign financing in the United Slates market in more than four years was announced today in the form of a Republic of Finland 4 per cent serial loan offering by a syndicate headed by Brown Harriman Co The issue has been registered under the se curities act Finland has the dis tinction of being the only country in Europe to have met in full all By H S SCOTT A marked decrease in tbe number of livestock as a result of greatly reduced bog production and the increased slaughter of cattle and sheep this year together with the shortage of crops necessary for fattening purposes with subsequent gains in prices of all meats next year is the prospect held out to the public by statisticians The level of livestock prices is expected to be the highest since boom days while its consequent effect on retail costs is likely to add some complications to the average household budget Not only will the total mar ketings of meat animals in the coming twelve months be greatly reduced but the general quality and finish of such animals will be much below average The reduction in slaughter will be most pronounced after February and a shortage of livestock supplies is likely to de velop during the summer months according to a study of the situa tion by the California Crop Re porting Service NDUSMS LEAD STOCK LIST HIGHER Tobaccos Steels and Motors Push Ahead Vigorously In EnlhusiHstic Market1 ork the British currency payments due the cent lo n T rtnnl inor fraction closing al an equivan t of 6592 cents to the franc and later trading in New York the unit advanced 00 V of a Price Advances 659 cents Other again exceeded ncies including Ihe Dutch labulation of ere a prices nf advanced one penny the former rising to 3G and 1 pence dropping lo 33 In the ondon at which price about week advances numbered 53 was declines S F STOCK SAN FRANCISCO November 26 The following are the bid nnd rices and sales San Francisco Stock Exchange as reported Cos wires lor the Oakland laflka Tun Pub pt 20 3d p n Home K 1 T t dn li Honolulu M I rn f f ine 1 Bros C111142 jnnsondrf A K H pt do Scr iik 1 II nlnmlia do pt L t E Bros nl Cotton M A 6 7 il Jnlc 1 nl 1 Vi ill Wiltr S i tf I Vi 1 1 l st VI Nnlomns S GO Fcr hc m r pf t pf tic Jl pf iS Vnl 0 1 CiioiSTio irn A 2 l o 4 of s pn 1 20 170s do n 220 old Kt do nf SMI o1 A M tn F lack Vi S Copper Pack S 3S com 6 U 1 5 4 Vi 14 trili ITrac t i 0 Pic Iprt 73 2 i 3 3 lly inniKmp Cop 7 U Oil re tinn S As 2olHaikn r Lt Cl 1 42 41 42 2 6 10 Hutoli Sue Pll O of Cl fi 200 LPK C lOOlWrfcS of C 10 ISJTA GtKl S F CURB SAN FRANCISCO November The following are the bid and trices and sales on the San Francisco Curb Exchange as reported Cos wires for the Oakland m T T 20 iNnt Is 12 11 MUAN rtt Xnt A tj Vt A 5 i pf ISTi y 1 I 17H 17 i t 7 pf 20 I iNnon N i Will pf dc A FiKl Pnc sy GG Fcr pf SOU lo 2nd Pt S Ion Motors Ft C dnho M B C Tifn 1 A M P 501 Avid MM VI t 20 3001C1 11011 Cnl Krl 7 pfl 1 T 7 Will 1 1 Jl Cal 13 31 S Pets Fete Consumer Demand Promises to Be Keen The supply of meat animals on farms in terms of total live weight of the three species at the begin ning of 1935 probably will be the j smallest for more than 35 years Marked decreases in numbers will occtfr in the case of all classes of livestock but the greatest decrease will be in hog numbers Although some increases in the numbers of hogs on farms may occur by the end of 1935 little or no increase In numbers of cattle or sheep is prob able before the end of 1936 This great reduction in numbers of live stock will result in a marked cur Inilmcnt in the nations supply for the next 2 years at least The sharp decline in consumer demand for meats and lard which began in early 1930 was finally checked in he first half of 1933 and since that time considerable improvement has occurred For the first 8 months of 1934 Ihe demand for meals and lard measured in terms of quantities taken and prices paid by consumers has averaged considerably higher than in the corresponding period of 1933 Per capita consumption of all meals and lard produced under Federal inspection excluding relief pur chases by the Federal government totaled G70 pounds from January lo August 3934 which waL about the same as in the corresponding months of 1933 The weighted average retail price of these products at New York was about 13 per cent higher in the first 8 months of 1934 than in the same months of 1933 The index number of retail meat prices as re ported by the United States Bureau ountry showed a rise of 11 per ent in the January to August crirod of 1934 over that of 1933 Short Crop of Wool foreseen Next Year As n result of the expected re uclion in numbers of stock sheep he wool clip of 1935 will be the mnllesl in several years The cur lilmont of wool manufacturing ctivity both in the United States nd in foreign countries has caused eclines in wool prices since early 934 The level of domestic wool rices in 1935 will depend largely ipon worldwool production and irices and consumer demand for vool textiles in this country Al hough Ihc prospective reduction in vool production in the United Slates will tend to strengthen do ncstic prices next yenr domestic itocks of wool are now large Unless mill consumption during he remaining 5 months ot the 1934 5 season up to April V 1935 shows a very large increase over the same period a year earlier stocks at the beginning of the 1935 season will be much larger than it the beginning of the present sea son This increase in stocks may argely offset any decrease in the 1935 domestic wool clip KLX Broadcasts Market Reports the station of The Tribune provides with uiook quotations Kttmmaries three times daily The honrs and Information available are ax follows a m York Exchange of San Fran cisco Exchange as of 10 a m p m daily except Satur prices San Fran cinco Exchange HM noon prices San Francisco Exchange THE FEJTOfitS LOCOING A spurt of buying the most active since early August came into Trans america today both here and in New York carrying the Wall Street price to 6 and the local to CVi new highs for over 90 days Some slight recession caused it to steady later around 6 In the first four hours of trading in San Francisco 15000 shares changed hands In the strength which the market showed as a whole Firemans Fund was carried along another point to 73 for a new threeyear top Gen eral Paint A added 1 at 14 Paraffine dupHcaled its former high of for gain Tidewater Associated Oil 6s added 1 at 82 Sizable fractions were added fo Tidewater Associated Oil at 9Vi Union at ICVi Standard at 32tf Southern Pacific at Pacific Gas at Western Pipe at 10 Byron Jackson at 7 Pacific Light ing at 23 V Pacific Telephone at 72Vi Nalomas at 8z California Packing at 38V4 Leslie Salt at 22 Shell Oil at Pacific Lighting 6s fit 73A were steady Caterpillar at Food Machinery at CrownZelerbach A at 53 Vi were slight losers On the Curb Telephone was 2 higher at 110 and small gains were lakon by Pineapple at Aviation at Pacific American Fisheries held at On the Mining Exchange business was dull xvith Amador at 8 cents Bullion at 20 cents Goldtield at 19 cents unchanged Divide Extension was down at 22 cents By VICTOR EUBANK NEW YORK Nov The stock market pushed up into higher territory today where equities were found to be in supply The result was that prices backed away from their peak levels in the final hour Support was forthcoming how ever and some utilities were heav ily bought The close was fairly firm Transfers approximated 1350000 shares Sentiment was still optimistic and the difficulty encountered by the list in getting through the area of offerings did not discourage pro ponents of the advance While realizing halted some of the recently i popular industrials utilities acted better than in the past several sessions Good trade reports tinued to be a sustaining factor for the market as a whole SHARE GAINERS Share gainfrs of fractions to around 2 points at new highs for the year included American Tobaci co Reynolds Tobacco Interna lional Business Machines Eastman Kodak SpiegelMayStern McLeli Ian Stores Air Reduction Coca Cola and Continental Can Public Service of New Jersey BrooklynManhattan Transit and U S Steel preferred got up about 2 each Advances of fractions to a point or so were shown by U S i Steel common National Steel Bethi lehem Steel common and preferred Du Pont American Telephone1 North American Consolidated Gns American Water Works Columbia Gas Pacific Gas Union Pacific Chrysler American Can Interna tional Telephone and Transamericn The alcohols sagged the oils did little and aside from U S Smelt ing which firmed a point the metals were hesitant STEEL OUTLOOK BRIGHT A brighter outlook for steel pro duction aided stocks of this group while tobaccos fouhd new friends on the strength of greatly improved consumption Some buying in the rails and utilities was based on the theory these issues had been over sold The American Iron and Steel In stitute estimated current steel operi ations at 281 per cent of capacity a gain of point over last week and the highest level since last Summer The utilities were a bit more hopeful following announcementl that the Edison Electric Inslitute t Sugar Base Price Reduced 15 Cents Base price for cane sugar was re duced 15 cents effective this morn ing according to announcement by C H and Western refineries The actual base for cane is 316 Vz to which should be added the Federal processing tax of 53V4 cents making the list price 450 The base for cane in each case is 10 cents lower representing 80 per cent of ths countrys power interests had del dared war on the administrations program as set forth in the see Valley authority and similar projects While attorneys for the institute declared the TVA legislation pal pably unconstitutional it was recl ognized that the Supreme Court might take an entirely different view of this question and that thaj matter of public policy could en ter into a final decision of the case Utility and rail slocks brokerage commentators pointed out still have considerable distance to travel it they are to catch up with the indus trials It was also recalled thai bonds while recently exhibiting some improvement 1934 Oil Output Showing Increase World Petroleum says in its December issue thnt a 60000000 barrel increase over a year ago in world crude oil production in the first nine months of the year is indicated in cabled reports direct from governments of oil producing countries Of this increase the United States contributed only 4000000 barrels the oil journal states October Shows Drop In Steel Imports NEW YOH7C Nov iron and slccl imports dropped to 20202 tons in October from 23R17 tons in September and were the smallest of any month this year except July when 17676 tons was brought in In the first nine months imports totaled 261781 tons against 354283 tons last year in the same period Carloadings for Week in Decrease WASHINGTON Nov 26 The Association of American Rail roads announced today that load ings of revenue freight for the week ended November 16 were 584 52t cars a decrease of 10407 below he preceding week and 18183 bo low the corresponding week in 1033 but an increase of 11002 above the corresponding 1932 week Standard Brands Declares Regular NEW YORK Nov rectors of Standard Brands Inc to day declared the regular quarterly dividend of 25 cents a share on the common payable January 2 to stock on record December C MARKETS AT A GLANCE NEW YORK Nov 26 Stocks irregular profittaking stems rally Bonds steady secondary issues in demand Curb improver specialties favored Foreign exchanges narrow gold currencies higher Cotton higher trade and foreign buying Sugar steady Cuban support Coffee higher European buying Call money 1 all day CHICAGO Wheat weak bearish market forecast Corn lower sympathy with wheat Cattle steady to weak Hogs steady to 25 lower lop 5600 SAN Market WHAT THE T November 26 Mon Sat Advances 434 420 Declines 1R3 191 Unchanged 193 150 Tolal issues BIS DID November 26 Shares Total sales 1411020 Previous clay 671990 Week ago 982950 Year ago 1556739 STOCK AND BOND AVERAGES DOW JONES AVERAGES NOVEMBER Zfi 10 Industrials High 10351 Low 10216 Last 10308 Up 68 20 Railroads High 3712 Low 3648 Last Up 23 20 Utilities High 1942 Low 1S47 Last 1932 Up 97 40 Bonds 9425 up STANDARD STATISTICS CO AVERAGES Stocks Bonds SOInd 20 Rr 20 Ut flO Ttl VOVEMBER 26 20 Ind 20 Rr 20 Ut 60 TU 897 37fi 552 756 Today 839 314 882 845 801 374 520 746 Previous day 839 809 881 843 867 368 488 723 Week ago 836 805 886 842 815 362 556 699 Month ago 884 822 887 844 912 411 700 797 7 years ago 702 678 763 714 Year ago 628 619 815 687 738 400 1140 757 2 years ago 738 764 892 798 1437 1222 1264 1325 3 years ago 1050 543 903 938 High 1934 839 900 906 881 7SO 341 488 664 Low 1934 726 741 772 748 1021 580 1137 969 High 1933 771 849 885 834 423 235 511 439 Low 1933 583 570 741 636 723 398 3110 739 High 1932 713 780 862 781 351 122 518 350 Low 1932 532 474 709 575 iConyriKht 1M4 Slindnid Statistics COMMODITY NEW YORK Nov Index o cember 31 1931 equals 100 1926 a Previous day 1473 Week ngo 1471 low 1260 1933 high 1489 1933 low r COMPONEJ Staple Yr ago Today Silk Ub1 Cocoa Ob 044 0495 Hides Ib 105 f 15 staple commodity prices Beverage equals 2305 Today 1478 Year ago 1248 1934 high 1562 1934 87 1932 hiRh 1039 1932 ow 793 VT PRICES Staple Yr ago Today Steel Scrap ton 0875 Copper Ib 0825 09 Lead Ib 0415 0335 Rubber Ib 083 Ob 099 127 Wheat bu 8212 106 Corn bu 44 lb 1115 945 Ob 0837 105 Sugar lb 0315 0308 34 by Moodys Hogs cwfy 395 600 Silver ozt 42 5487 Copyright
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