Evening star. [volume] (Washington, D.C.) 1854-1972, February 11, 1932, Image 15

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Evening star. [volume], February 11, 1932, Page A-15, Image 15
About Evening star. [volume] (Washington, D.C.) 1854-1972

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Evening star. [volume] (Washington, D.C.), 11 Feb. 1932. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83045462/1932-02-11/ed-1/seq-15/>

Newspaper Page Text

IN BRISK TRADING
Market Buoyed by Strong
Buying, With List Showing
Numerous Gains.
BY JOHN A. CRONE.
Special Dispatch to The Star.
NEW YORK, February 11.—An out
burst of buying on the Curb Exchange,
Induced by the Washington announce
ment of proposals to liberalize the Fed
eral reserve act, sent prices higher to
day.
Market leaders, like Electric Bond &
Share, Electric Power Associates A,
American Superpower, Niagara Hudson
Power. United Light & Power A and
Standard Oil of Indiana, quickened
their pace, but gained only fraction
ally Cities Service, however, ran tip
1'4 points to 634 as shorts scurried to
cover.
The Washington news was a surprise
to professionals only in its details, so
these traders did not cover their short
lines at the opening today. Most of
the early covering came from amateur
bears.
Some "good" switching was noted in
the oils. Floor traders observed that
foreign oils were being switched for
domestic petroleums. This movement
led some to believe that prospects of
an import duty on petroleum were
• brighter. Despite this belief Gulf OH
of Pennsylvania, which would feel the
effects of a tariff on oil. rose nearly
2 points. Venezuelan Petroleum was un
changed. as was Creole Petroleum, a
subsidiary of Standard Oil of New
Jersey.
Great Atlantic az ratine rea au
vanced 7% points in the forenoon,
despite its January sales figures, which
showed a decrease of $9,848,271, or 12.5
per cent from the same month a year
ago. Blue Rridge Convertible perferred
advanced fractionally in response to
declaration of the regular dividend.
Stimulated by the proposal to liberal
ize the Federal Reserve act, stocks
opened higher.
Advances ranged from fractions to
more than 3 points. Aluminum Co. of
America rose 2% points to 48. Great
Atlantic & Pacific Tea. despite the de
cline of $9,848,281, or 12.5 per cent in
sales for January, against that month
in 1931. opened at 143%, up 3% points.
Electric Bond & Share ran up almost
a point to 10% on tbe first few trades.
Cities Service opened fractionally lower,
but afterward came out in sizable lots
at a small gain.
Deere & Co. opened on a block of
2.100 shares at 7%. up %. Declaration
of the regular quarterly dividend on
Blue Ridge preferred did not keep that
stock from opening off a shade at 18%.
Ford Motor Ltd. eased as Ford Motor
of Canada A opened up %. Other
market leaders, for the most part,
opened higher.
Bank of England Statement.
LONDON. February 11 (A*).—1The
weekly statement of the Bank of Eng
land 'shows the following changes in
pounds: Total reserve increased 1,
128 000. circulation decreased 1.147.000.
bullion decreased 19,000. other securities
decreased 3.837.000, public deposits in
creased 1.633.000. other deposits de
creased 10,446.000. notes reserve in
creased 1.147.000. government securities
decreased 6.075.000.
The proportion of the bank's reserve
to liability is 42.84 per cent, compared
with 38 92 last week.
Rate of discount, 6 per cent.
bonds on the curb
MARKET.
Balts in DOMESTIC BONDS.
thousands. N93n‘
2 Aluminum Co 5s 52 93 93 93
3 Aluminum Ltd 5s 48 6o 65 65
10 Am Com Pw 5* as M 4 4 4
2 Am Cmwlh Pw 6s 40 3‘a 3‘a 3 z
11 Amer El Pow 6s A 57 30 293« 30
2 Amer G & Pow 6s 39 31 31 31
12 Amer P A L 6s 2016 71^a ,0 » 71 a
1 Arkaals P A L 5s 56 79-4 .9'* >9 4
lulotW'ttC 33-a 33-. 33-a
17 Asso Gas A 5s ;50 35-4 34=4 3s 4
35 Asso Gas A El 5s 68 34 33 33
5 As GAE 5-7* ’38 in Ct 34 32 32’.
1 Asso TAT 5-as A 55 65’, 6s’. 65’,,
Q As Ttl Ut 5*as 44 C 4o 44^4 45
1 Bell Tel Can 5s A 55 873, 873« 8 7«
1 Can Adm 5s '53 xw 70 ^0 70
18 Carolina P A L 5s 56 ,3 .3 73
2 Caterpillar Tr 5s 35 89 a 89 a 89 a
2 Cent Pow A Lt 5s 56 69 69 69
24 Cent Pub Ser 5-as 49 19 16. 18
1 Cent Stat Elec,5s 48 32'a 32Va 32 a
11 Cent St Elec 5 as ,o4 333w 33-a 33 4
1 Cent St PAL 5'aS o3 55 55 55
1 Chie Ry cod 5s 202, 4534 453* 45 4
200 Cities Service 5s 50 433. 41 . 43 4
5 Cities Service 5s ,66 40 40 40
2 Cit Serv G«s 5-aS 42 52 51 , 51 ,
4 Clt Serv Pow 5-as 52 52-4 51-4 M 4
1 Comwh Ed C 56 83 83 83
5 Cornwh Fd 4-..S D 57 82-4 82-4 82 4
23 Comwh Edis 4s F ,81 76 , 76 76 «
4 Comritv PAL 5s 57 60 59 59
10 Con Gas Balto 4s 81 843. 84 « 84 ,
ICon G Ut 6-as A 43 15 15 15
1 Con Gas Util 6s A 43 2,-a 2,-a 27Ja
60 Consuls Pow 41 as d8 89 88 88 a
24 Coni G A F 5s A _o8 55-4 54-a 55-a
1 Del C Gas 6s A 4, 96 96 96
2 Fust Ut Inv 5s A .i4 28 28 .
1 Ed’s El Boston 5s *33 100-4 100-, 100-4
2 Empire OAR 54s 42 444 44 444
1 Firestone Tire 5s 42 71 *1 7*
10 Florida P A L 5s '54. 73 : <3 .3 j
5 Gatineau Pow 5s 56. 66 66 6e
5 Gatineau Pw 6s B '41 574 57 57
1 Gen Pb Ut 64s A 56 28 28 28
5 Georgia Power 5s 67 814 81 . 81 *
6 Gillette S Raz 5s '40 85 85 85
SOoeb B 64» A 35 ww 60 4 60 i 80 i
1 111 Pw A Lt 6s A 53 83 4 83 4 83 4
1 111 Pow A Lt 5s C '56 744 744 74 .4
48 Illin P A I. 54s B '54 21 19 a 20 a
1 Indnap P & L 5s A 57 87 81 87
1 Int Pow Sec 7s D 36 924 93 2 93 a
1 Inter Pw Sec 7s E 57 .6 .6 <6
1 Intern Sec Am 5s 47 46 46 46
1 Intersta Pow 5s 5 , 64 4 64 4 64 4
6 Intersta Power 6s.53 48 47 4 48
7 Tnterst P S 4lja* 58 F 62 81 63
4 Iowa-Neb LAP 5s ;57 76 7 5 4 75 4
1 Kentucky Ut 5s H, 61 74 74 74
5 Lehigh P S 6s *036 71 a 4 7 2
2 La P A L 5s '57. 834 83 4 83 4
2 Manitoba Pw 54s 51 4,4 4, a 47 a
5 Mid West U 5s 32 cv 79 ,9 79
2 Mid West V 5s '33 49 48 49
9 Mid West U 5s 34 dv 44 44 44
1 Mid West U 5s 35 CV 41 41 41
5 Miss Riv F 6s 44 ww 80 80 80
5 Miss River P 5s 51 90 2 90 2 . 0 2
4 Mont L HAP Ss A 51 834 83 . 83 «
1 Nat Electric 5’a* ‘5 29*4 29 * 29 a
2 Nat P * L 5s B 2030 63 . 63 . 63 «
in Nat P s 5s ,8. . . . 30 . 30 . 30 .
1 National Tea 5* 35 - < JJ, fifi'l
3 Neb Pow 6s A 2022 MU J/ «
l N.v Fne GAE Ss 48 597§ S9 n 59 "
4N?w Ena GAE 5s ’50 59U MU ||tjj
3 New Eng PwW54s '54 4 4 34
4 14 814
5 Nor Sta Pow 4Us 61 82U U 82 4
! 180 4 1 4 14
1 Pacific PwAL 5s .55. -8 48 78
3 Pac Wes Oil 61 43 55‘a 55 2 55 2
iRn?8BV K5S;' r- W
2PhUahlEl«*5'asa'72^ 1004 1004 1004
1 PS* No IB 44s F 1? 4 7 4
5 Pub S PAL 54s A 49 ,2 <2 <2
1 PuR S PAL 5s C 50 67 67 67
1 P^ S PAL 44s '50 n 67 67 67
3 Safe H Wat 4 4s <9 90 90 90
4 St L OC.sAC 6s 47 18;a 184 184
2 Shw WAR 44s A 67 734 73 . 73 .
15 Shw WAP 4 4s B 68 73 4 71 2 71 a
5 Shw WAP 44s D 70 72 4 <24 ,2 2
2 Shaw WAP 5s C 70 834 834 834
16 SE PAL 6s A 2025 xw 724 71 <2
3 South Calif Ed 5s 52 94 934 934
6 Sothw PAL 6s A 2022 6? 68 69
1 Staley Mfg 6s '42 . 674 674 674
1 stand GasAE 6s 35. 68 68 68
2 Stand GAE cv 6s '35. 70 70 70
4 Stand GasAE 6s 51.. 61'.. 614 61 <
1 Stand GasAE 6s 66 61 61 61
2 Super of lilt 44s '68 69 69 69
2 Texas Elec 5s '60 wi. 78 4 784 <84
1 Texas Gas Ut 6s '45. 194 194 194
66 Tob P C NJ 64s 2022 864 86 . 864
3 Ulen A Co 6s 44.. 26 25 4 25 <
1 Uni Lt A Rv 54s 52 56 56 56
1 Unit PAL 64s 74 56 56 56
. 1 U S Rub 64s '32. 994 994 994
1 Va Pb Ser 54s A '46 71 <1 71
1 Va Pub Serv 5s B '50 67 67 67
1 West News Del 6s '44 23 23 23
FOREIGN BONDS.
10 Cent Bk Co fis B '51. 37*4 3734 373.
« Chile Mtg Bk 6s '31. 14 14 14
1 Com Pr Bk S'2s 37. 39. 39 3?
4 Danish Con D'as 55. 6j5» 6j’a 6^*1
4 Eur El Cp 6'sS 63 ..w 44 44 44
3 Elirop Mlg 7s C '67 28 2734 28
3 Ger Cons Mun fis '47 29'., 29 29'
1 Ger Con Mun 7s '47 3034 3034 303.
1 Isotta Fras 7s 42 xw 39'* 39'* 39'a
7 Ital Sup Pow 6s A '63 37V* 371* 37'a
1 Lima Cy Peru 6'*s '58 4 4 4
2 P.iw C Can 4'aS 59 B 52 52 52
2 Prussia Elec 6s 54 27'* 2T . 27'
1 Ruhr G Co 6'aS A 58. 32'a 32'a 32';
5 Santa Fe Arg 7s '45. 34'* 34 34
1 Stinnes 7s '4« xw.. . 24 24 24
9 Term Soc 6‘aS A '93. 90 99 90
ww—With warrants. •
xw—Without warrants.
a—New.
wi—When Issued.
I NEW YORK CURB EXCHANGE
Becelved hy Titrate Wire Direct to The Star Ogee.
Stork! >old In 100-»h»re lot* except thoxe detlrnoted bv letter
.-Trev. 1931.—. Stock and Sale*—
High. Low. Dividend Rate. Add 00. Open. High. Low. Close.
10 4'4 AcetolProdA,. 1 6*4 6*4 6*» 6*»
87 61 Aftfa Ansco pf.100a 44 44 43 43
103T» 73 Ala Power pf <6).... 10» 79 79 79 79
224 48 Aluminum Co of Am 1825a 47 52'* 47 52'*
109*4 66*4 Alu Co of Am pf («). 1 57'* 6714 67Vk 571*
16*t 91» Alum Goods (1.20),. 8 lOVfe 1014 1014 1014
10 114 AmCltPw ALtB... 1 144 144 1*4 1*4
Am Com Alco (new). 1 144. 1444 144* 144.
12*4 2*4 Am Cyanamld B. 3 814 3*4 S'* 314
1114 3Mi Am For Pow war.... 6 S14 4 814 4
51* *4 Am Founder*. 9 *4 14 4t *4
9714 32 Am Gas A Elec <tl). SI S3 841* 33 844a
7*% 1*4 Am Invest Inc (B) .. 1 3 3 3 3
45 14*4 Am Laundry Mch(2) 25a 16 16 16 16
644 17*» Am Lt A Tree f2H ). 2 1914 19'* 1914 19'*
30V* 25 AmLt&Trpf (U4). 2 26 26 26 26
28 6 Am falamandra. 1 5 5 5 6
191* 3 Am Superpower. 76 Si* 3*4 31* 87»
99 6114 Am Superp 1st <«)... 2 697w 60 697» 60
5 1* Am Util A Gn B vte.. 6 V* * 14 A
6 !* Am Yvette Co.. Inc... 2 K ** »* *«
8*4 14 Appalachian Gas.... 25 A A 1* V*
6'* 17» Arkansas Nat Gas... 8 2 2'4 2 2'4
6** 114 Arkans Nat Gaa A... 32 2 214 2 2V*
7 87» Ark N G cu pf (60c). 1 6 5 6 5
2S*» 31* AssoG&El (A) b5%. 13 41* 4’* 4 4<«
1 V» Asso G & El war. ... 5 A A A ft
91*» 38 Asso G & El ct (8). .. 25a 39 39 39 39
25'* 11N. AssoTcl Ut (b8%).. 3 6 6 6 6
8*. 31* Atlas Util Corp.* 67 6'* 6 5'4 6
2*» IV* Atlas Utilities war.. 1 lH 1*« 1*4 1*4
81* 1 Auto Voting Mach... 11 1* 14 V* li
16 4 Auto Vot M cv pr pf.. 1 S'* 3V» 3V» 3V.
S874 16*4 Blue Ridge cv pf<a») 3 18** 19 18** 19
2814 7 Brasil Trac LtAP< 1) 18 11 1114 11 ll1*
53 20'* Bunker Hill A Sull.. 60s 23^4 231* 231* 231*
105 75 BuftN AEPlet <5). 1 79 79 79 79
6V* 1 Burco, Inc. 1 U tt H U
1 1* Burco Inc war. 2 14 14 14 V*
24 4 Cable Radio T rtc... 1 4 4 4 4
14 4 Cable & Wire A rets. 1 4 4 4 'H
*t V» Cable * Wire B rets. 2 _4 _4 _4 __H
26 17 Carnation Co (14 )• • 3 174 174 174 174
25 12 CairierCorp. 1 9 9 9 9
194 14 Cent Pub Svc A ho%. 5 14 14 14 14
124 14 Central Statee Elec.. 3k 14 14 14 14
44 4 Chain Stoie Devel... 3 ft ft ft ft
1294 75 Ch'brough Mf (114) 1 80 80 80 80
204 5 Cities Service igJOcj 115 54 6 54 6
844 354 Cities Serv pf (I)... 2 484 484 484 484
82 474 Cit Sv P ft L pf (6).. 100s 464 464 46 46
624 224 Clsv El Ulum (1.60). 4 274 274 274 274
Colum G&E cr pf (5) 195s 77 79 77 78
22 24 Columbia Pic vtc.... 1 44 44 44 44
266S 109 Ceramwltk Edison (* 325el044 1064 1044 1054
24 4 Cm with * Sou war.. 16 ft ft 4 4
4 ft Consol Aul Mfrctfs.- 12 ft ft ft ft
101 674 Con Gaa Balto (».*0 ) 6 694 594 694 694
104 14 Conti Chicago Corp.. 2 14 1H 14 14
644 14 Cont Sharna ov pf.... 60* 24 2 4 2 4 24
15 44 Cord Corp.- 50 64 6 64 6
164 1 Corroon & Reynolds. 3 2 2 2 2
514 74 Corroon&Rey pf(A). 1 124 124 124 124
*4 14 Creole Petroleum.... 2 24 24 24 24
14 4 Cresson Consol.. 1 ft ft ft ft
144 24 Crocker Wheeler.... 1 3H 34 34 34
24 ft Day ton Air ft Eng... 3 4 ft 4 ft
444 84 Deere* Co. 45 74 94 74 94
84 1 De Forest Radio. 4 1111
6 14 Dublller Cond & Rad 11111
04 4 DuquesneGas. 3 ft ft ft ft
*4 4 Durant Motor*. 2 4 4 4 4
74 44 Eagle Picher Lead.. 2 44 44 44 44
30 22 Eastern Sta Pvv pf A. 25s 214 214 214 21V*
354 20 East Util Asso (.2)... 1 21 21 21 21
64 14 Elaler Electric. 12 14 2 14 2
61 84 Elec Bond*Sh(b«%) 334 104 114 104 114
1084 48 Elec B * Sh pf <•)... 4 56 67 56 67
224 6 Elec Pow Assoc (1). S 64 74 64 74
224 64 El*c Pow Assoc A (1) 6 74 74 74 74
174 S4 Elec P * Lt op war.. 15 44 44 44 44
624 174 Empire Pwr pt(2.24) 1 154 154 154 154
36 19 Eureka Pipe L 14)... 80s 28 28 28 28
42 154 Fajardo Sugar. 60s 15 15 15 15
5 4 Federated Capital... 11111
104 84 Federated Metals.... 4 6 6 6 6
114 54 Flat rets (p94 4c)... 2 74 74 74 "4
294 84 Ford Motor. Can.. A. 34 124 134 124 124
624 134 Ford Motor, Can., B. 56s 194 194 194 194
194 34 Ford MLtd(p36 3-50 35 44 5 44 5
64 4 Foremost Fabrics... 1 4 V* 4 4
5 14 Foundation For Shs. 6 24 24 24 24
>u 4 Fox theater (A).... 2 4 4 4 4
12 2** Gen Aviation. 3 3'* 3*» 3'j 31*
1 IS 4 GELtd rts(p36 3-5c) 17 6:* 67* 67* 67i
78 16 Gen G&E cv pi B(6) 250s 161-* 17va 161-* 17v*
3Hi S Gen Them Eq cv pf.. 8 S S S S
60 20'i Glen Alden Coal (4). 3 157« 16 157> 16
9 4% Glob# U'wtrs (p 40c) 1 4V4 4V4 4'* 4V,
IS s Gold Seal Else new.. 10 4 4 4 4
2 V» Golden Center. 7 4 S V, S
1H4 16* Goldman Sachs T C.. 12 2S 26* 2V% 2S
23’* 81* Gorham Inc pf. 10» BV% 8v» 8's 8V»
23 116* Gorham Mf vtc(40c) 1 12 12 12 12
260 130 Gt A&PTean vt6S 90* 143S 148 143'% 148
122S 112 Gt At&Pac Tea pf(7)160* 116 118 116 118
7»v* 26S Gulf Oil of Penna..., 9 26S 28 26V* 28
186* 9 Haclcmester Lind... 1 13 13 13 13
6 Vi Hamilton Gas v.t.a... 14 4 4 4
2 v* Happiness Candy... 14 4 4 4
i 23'* 6 Hazeltine Corp(50c). 2 5 5 5 6
7% 4 Hecla Mining (40c).. 8 4H 4 % 4H 4S
86* 3% HollinserGeld t70e. 3 4S 4V» 4S 4S
72 44'* Humble 011 (2). 4 42** 43 42»» 43
601* 10'% Huyler St cu pf (7).. 6 33*. 33*. 33S 33S
6v* 2V* Hyarade Food Prod. 1 3V* 3Vt 3V4 3**
94'* 46 111 Pow * Lt pf (6). .100e 59 59 58** 68*»
18V4 7S Imp Oil of Can (6uc> 12 8 8S 8 8S
49V* 4V« Insull Inv. 9 2S 3 2S 3
63v* 23 InsurCoof N A (2).. 1 31S 3IS 31V* 31S
91* lVi Insurance Seeurity.. 7 2v* 21* 2 2V*
S S Intercontinent Pet n. 5 S S 66 66
15W 7S Int Petroleum (1)... 12 9S 9** 9S 9V*
83V* 9 Intern Superpr (1).. 1 10 10 10 10
45 5 Internatl Utility (A) 2 5% 5% 5V* 5%
10% IS Int Utilities B. 3 1% 2 1% 2
30 23H PacGAEiatpri*. * 244 244 244 244
804 11 Pan Am Airways.... 2 164 154 154 164
64 24 Paramount Motor... 2 34 34 34 34
1094 34 Tarker ltust Prf (3). 100a 364 37 364 37
284 17 Patterson Sarg (2).. 60» 17 17 17 17
84 14 Penn road Corn (40c) 17 24 34 24 34
100 88 Pet Milk pf (7).10s 90 90 90 90
34 4 Philip Morris Inc... 20 14 14 14 14
2S4 2 Pilot Rad Tube A- 2 24 24 24 24
24 24 Plot. G M Ltd < 12c).. 17 34 34 34 34
10 2 Pitney Bowel Ib4%) 1 2'* 24 24 24
109 324 Pitts A Lake Erie(5) 60s 41 41 41 41
424 17 Pitts Plate Glass (1) 1 18 18 18 18
19 6 Plymouth Oil (paOc). 2 64 64 64 64
32 174 PowdreilA Alexand. 1 164 164 164 164
14 3 Prudential Invest...) 2 5 5 5 5
14 ‘ * Pub Util Hold war... 1 A A A A
64 4 Pub Util Hold iv.... 9 4 4 4 4
834 494 Pure Oil pf (6).10s 45 45 45 45
60 9 Railway & Lt Sec(2) 60s 17 17 17 17
6 4 Reliance Int A.. 1 », a* a* a#
74 1 Reliance Manag. 3 14 14 4 4
184 4 Republic Gas Corp..: 3 4 4 4 4
26 144 Hike Kumler (14) • .1 1 124 124 124 124
54 *. Rossla Inti Corp. 1 4 4 4 4
3 4 Ryan Consolidated.. 3 1111
A A St Anthony Gold..... 5 A A A A
214 24 St Regie Paper. 56 3 4 4 4 34 44
74 24 Salt Creek Prod (1).. 5 34 34 34 34
214 13 Schiff Co (2). 3 13 144 13 144
17 54 Sec Allied Corp (1).. 1 64 64 64 64
74 14 SsgalLAHdwr. 1 14 14 14 14
10a* 4 Seiberling Rubber... 1 4 4 4 4
44 4 Selected Industries.. 3 14 14 14 14
71 244 Sle IndWl ctfs(54).. 1 37 87 37 37
70 254 Slct Ind prlor(54).. 1 35 35 35 35
34 4 Sentry Safety Cont.. 6 4 4 4 4
84 14 Shenandoah Corp-..- 2 14 14 14 14
36 8 Shenandoah Corp pf. 2 84 84 84 84
12 H Silica Gel etfs. 2 14 14 14 14
3434 1144 Singer Mfg (8).158a 116'. 118 116 116
192 33 Smith (A. O.). 60s 41 414 41 414
234 94 South Penn Oil (1).. 4 104 10V. 104 104
314 264 43o Cal Ed pfA (194). 1 27 27 27 27
94 64 So. Union Gas. 1 14 14 14 14
74 34 Southld Royalty 30c. 1 34 34 34 34
424 25 SWPennP&L (1)... 60s 33 33 33 33
384 134 Stand Oil ef Ia«( 1).. 52 15 154 144 154
234 124 Stand Oil of Ky 1.60. 5 134 134 134 134
624 23 Stand Oil Ohio (24). 60s 24 24 24 24
101 50 Stand PAL, pf (7)... 60s 69 59 69 69
4 A Stand Silver A Lead. 12 A A A A
54 4 Sunray Oil. 5 4 A 4 A
804 144 Swift & Co (2). 5 17a, 184 174 I84
404 184 Swift Internsfl (t4) 3 184 194 184 194
61 20(4 Tampa Elec (Z.Z4)... 2 27% 27% 27% 27%
1 % Tasty east, Inc. 1 % % % %
15% IS Technicolor Inc. 1 2 2 2 2
9 3% Tech Hughes (60c).. 2 3% 3% 3% 3%
1 % Tob Prod of Del wl.. 5 ft ft ft ft
14 12 Tobacco Secur Ltd.. 1 8% 8% 8% 8%
18% 1% Trans Lux D L P 3.. 2 2 2 2 2
2»% % Trt-Utllltlea. 1 \ \ v« %
16 1% Tublze Chatel. B.... 4 2 2% 2 2%
17% 3% Un Gae of Canada(l) 1 3% 3% 3% 3%
10% IS Unit Founders. 73 IS 2 IS 2
11% IS Unit Gae Corp. 21 1% 2% 1% 2%
4% % Unit Gae Corp war.. 6 ft s ft S
94 33 Unit Gas pf (7). 4 37% 40% 37% 40%
34% 6*4 Unit Lt ft Pw A (1).. 36 6% 6% 6S 6%
104% I5S Unit L A Pwr pf (4).. 1 41 41 41 41
8S 1 U 8 Elec Pow ww.... 8 1% 1% 1% 1%
3S % U S A Inti Secur. 1 S S S S
13% 8% Unit Verde Exten (1) 1 3% 3% 3% 3%
14% IS Util Po A Lt <blO%) 7 2% 2S 2% 2%
98 38 Util Pwr*Ltpf(7). 50i 60 50 60 60
78 38 Util Equity pf (5Vft).. 3 47% 48% 47% 48'.
9% 1% Util A Ind . 4 2% 2% 2% 2S
19% 7% Utility A Ind pf(l Vi) 6 9 9% 9 9%
7V* 1V4 Van Camp Fk*. 2 1 1 1 1
1T» V* Venezuela Petroim. • 11 H S & £
29% 10% Walgreen Co. 2 10% 10% 10% 10%
8% 1% Walker, H (25c). 6 2% 2% 2% 2%
S ft Wenden Copper. 10 % ft s ft
12% 6% WlwthFWLtd29 3-6c 2 8% 8% 8% 8%
Dividend rates in dollars based on last quarterly of semi-an
nual payment. ‘Ex dividend. 'Partly extra. :Plus 4% in atocX.
a Payable ;n cash or stock, b Payable In stock, e Adjustment
dividend, f Plus 5% In stock, i Pius ft in stock., h Plus 1% in
i stock, j Plus 2% in stock, k Plua 10% In stock, m Plus 3% In
I stock, n Plus 8% in stock, p Paid last year—no reaular rata.
I EVERYMAN’S
INVESTMENTS
BY' GEORGE T. HUGHES.
The effect of a change in the com*
modity price level upon debts, public
and private, will stand a little more
elucidation. Let us take a homely Il
lustration. Two farmers are large
growers of potatoes. Two years ago,
farmer A borrowed $100 of farmer B.
At the time the loan was made, pota
toes were selling at $1 a bushel, but
now. 24 months later, they are selling
for 50 cents a bushel.
Now when farmer B loaned the $100
he sold 100 bushels of potatoes to raise
the cash. However, when farmer A
now has to pay the money back, he
must sell 200 bushels of potatoes to
provide money enough to liquidate the
loan. In other words because of the
change In price of the commodity in
which these two farmers are most in
terested the debtor has to pay twice
as much measured in potatoes as the
creditor originally loaned.
There is no way of overcoming this
inequity as long as we continue to
value debts in money. Prof. Irving
Fisher is the advocate of a plan to
change the gold content of the dollar
in accordance with changes In the com
modity price level, but the idea has
never received much suport from other
economists. It Is deemed by most of
them to be impractical.
As it stands, falling prices work to
the advantage of creditors, and to the
disadvantage of debtors. Observe that
the reverse is also true. An advance
In commodities benefits the debtor. We
arrive then at the conclusion that the
real value of a debt is not static. It
follows then that if a debt, or better
the evidence of a debt, is negotiable
the market price ought to change In
accord with this principle.
That is exactly what happens in the
bond market, providing that the bond
in question has a relatively distant ma
turity. When the bond eventually falls
due it must be paid at its par value,
but during its life its market price
varies from that par value In propor
tion as commodities rise or fall. This
factor in the making of market prices
for bonds is always at work but It Is
offset at times by other influences.
These we will discuss In the next
article in this series.
(Copyright. 1935 )
-•
MARYLAND BOND ISSUE.
BALTIMORE, February 11 (Special).
—An issue of $2,122,000 of Stats of
Maryland 4>4 per cent bonds was
awarded to a banking group composed
of Alexander Brown & Sons, Brown
Brothers. Harriman & Co. of New York
and the Baltimorc-Gillet Co. on a high
bid of 96.27. which is an approximately
4.75 per cent basis.
The last Maryland bonds sold in Au
gust. also 4>4s. were awarded the Union
Trust Co. of Maryland on a high bid of
107.065, or on an approximately 3.37
per cent bull.
Six bids in all were submitted at to
day's sale.
PROMINENT GUESTS
TO ATTEND BANQUET
Institute Officials and Many Out
of-Town Bankers Accept D. C.
Invitations.
Many prominent out-of-town people
will be guests at Washington Chapter's
banquet February 13, including:
Henry J. Mergler, national president,
A. I. B.; Frank N. Hall, national vice
president; Richard W. Hill, national
secretary, New York; Dr. Harold
Stonier, national educational director,
New York; Frank M. Totten, past na
tional president, New York; Paul B.
Detwiler. past national president, Phil
adelphia; Carter E. Talman, past na
tional president, Richmond; Charles
E. Ellery, member, national executive
council, Newark; William M. Mooney,
postmaster, Washington, and William
W. Hoxton. chairman, Federal Reserve
Bank. Richmond.
In addition to these, there will be
many prominent out-of-town bankers
and a number of officials of the Treas
ury Department.
UTILITIES EARNINGS
HELD MOST FAVORABLE
Special Diapatch to The Star.
NEW YORK. February 11.—Addi
tional annual earnings statements made
available during the past week bring
the aggregate of comparable data of
Standard Statistics Co. of New York
to a total of 420 companies. Net in
come of these combined units amounted
to $623,879,000. as compared with $1.
140.970,000 in 1929, a decline of 45 3
per cent. Utilities continue to occupy
relatively the most favoreble position,
returns of 40 companies having regis
tered a recession of only 6.9 per cent,
as compared with the showing of
identical units in the preceding year.
Reports of 356 industrial companies
showed a decline of 52.3 per cent, while
24 railroads experienced a drop of 57.9
per cent. Sufficient representation Is
not yet at hand to warrant analysis by
individual industrial groups, although,
as so far reported, it Is noteworthy that
7 out of Standard Statistics’ 26 reg
ular classifications showed net defi
cits. In view of the probability that
late returns will show greater than
average reductions in income, the com
pany believes that aggregate coiporare
earnings for the year 1931 will prove to
have been halved from those of the
year before.
-•-—
Workers Get Compensation.
NEW YORK. February 11 (**>.—'The
General Electric Co. Is distributing
*55.739 to employes of its 10 plants as
compensation for suggestions tendered
by employes In 1931. A total of 19,595
suggestions were offered, of which
6,383 had sufficient merit to be adopted
by the company.
Grain Market
By the Associated Press.
CHICAGO. February 11— Parallel to
upturns in Wall Street securities gram
markets scored a brisk early advance
today. Credit expansion moves at
Washington were a stimulus to active
buying of grain future deliveries, wheat
especially.
Opening 3<-2 higher, wheat after
ward held near the initial gains. Com
started S-l1/* up and subsequently
rose further.
Contributing upward impetus to
wheat values were Liverpool advices
telling of good genera) demand for
wheat. Leading exporters of North
American wheat were also represented
as believing that a big business with
overseas countries probably would be
experienced for the next three months.
Word of a cold wave In North Dakota
suggested a dangerous fall of tempera
tures ahead for domestic Winter wheat,
now largely bare of snow protection and
unusually sensitive to damage. Canadian
dispatches told of the coldest weather
of the year, 28 to 62 below zero.
Another bullish factor was a report
ascribed to German sources that the
1931 grain harvest in Russia totaled but
25.000,000 tons instead of 50,000,000 ex
pected, and that only 81 per cent of
delivery plans were fulfilled. Black Sea
shipments of wheat this week, includ
ing exports from Russia, amounted to
only 440,000 bushels, compared with
2,192.000 a year ago. Some of the buy
ing which accompanied wheat price ad
vances here was on the stop-loss orders
from previous speculative sellers. Corn
and oats responded to wheat strength.
Provisions sympathized with upturns
of hog values and of grain.
STOCKS EX-DIVIDEND
NEW YORK, February 11 (JP) —
_ _ Pe- Par
Company. Rate. rlod. able.
Alletheny Steel Co pf.*1.75 Q Mar. 1
Amer Pow & Lt.25c Q Mar. 1
Assoc Dry Goods 1st pf_SI.50 Q Mar. 1
Do. 2d pf.SI.75 Q Mar. 1
Bankers' Natl Invest.8c Q Feb. 25
Do. cl A.32c Q Feb. 25
Do. cl B.33c Q Feb. 25
Do. pf....15c Q Feb. 5
Bracb if J) t Sons.35c Q Mar. 1
Brown Fence At Wire A.30c Q Feb. 39
Canadian Car At Fdry.35c Q Peb. 29
Conn Lt k Pow 6‘i% pf..|l.«2‘2 Q Mar. 1
Do. i'y'o pf.11.37'* Q Mar. 1
Conti Chic Corp S3 pf.75c Q Mar. 1
Conn Pow Co.62'2c Q Mar 1
Crown Zellerbach Corp pf A.. 37Vac Q Mar. 1
Do. pf B.37Vjc Q Mar. ]
Finance Service Co cl A... 20c Q Mar. 1
General Motors.50c Q Mar. 12
Gorham Mfa Co.40c Q Mar. 1
Hale Bros Strs.25c Q Mar. 1
Imperial Tob of Gt Brit
and Ireland. Ltd, ord reg. 8'1 Mar. 1
Do ord rev.Is 6d Ex Mar. 1
La Salle k Koch pf.$1.75 <3 Feb. 15
Lackawanna 8ec.SI Mar. 1
McColl Frontenac Oil.15c Q Mar 15
Mississippi Val Util Inv pf .51.75 Q Mar. 1
Natl Biscuit Co pf.*1.75 Q Feb. 29
Nebraska Pow 7'i> pf.*1.75 Q Mar. 1
Do. 6'. pf.*1.50 Q Mar. 1
Nova Scotia Lt k Pow pf...S1.50 Q Mar. 1
Oahu Ry k Land.15c M Feb. 15
Ohio Pub Serv 6'* pf.50c M Mar. I
Patterson-Sareent Co.50c Q Mar. 1
Phils Sub Water pf.SI.50 Q Mar. 1
otomac Elec Powe ('* pf. *1.50 Q Mar. 1
Do. S'k"* pf.11.37Va Q Mar. 1
Southern Pipe Line,.JOc Q Mir. ]
Standard oil pi Ind.JSc 0 Marl!
Warner Broa Piet 33.85 pf. .96v«e Q Mar. 1
Wash Ry Klee.$1.75 Q Mar. 1
Do. 5% pf.$1.25 Q Mar. ]
%
HUh"iiw1"' DivTd°ndR.V Add 00. open. Hlsh. Low. Close.
17 mi-aoXtmtsW.. 2 274 274 274 274
284 174 Lake Shor Minos (2). 1 244 244 24 4 244
34 1 Lakey Foundry. 1 IK IK IK IK
254 154 Lefcourt Real pf <3) 1 IB 18 18 18
274 94 Lehlch Coal & Nv(l) ) ^
14 4 Leonard OH. * _* * _A A
25 64 LonaSUrGas n l*c. 14 74 84 74 8
2 4 Loulalana Lan A Ex. 2 4 A 4 4
4 A Macdalena Synd.... 126 4 4 A 4
47i 14 Maas Util Assoc.... 1 24 24 24 24
6fl 22 Mayflower Asso (2).. 2 244 244 244 244
254 44 Mid West Ut <b*%). 30 44 44 44 44
11 8s Mo-Kan Pipe Line... 23 14 14 1 14
64 2 Mountain Prod (80c). 2 24 24 24 24
44 1 Nat American Co.... 3 14 14 14 14
10 24 Nat Aviation. 3 24 8 24 3
394 18'. Nat Bd A SOorp (1). 6 204 21 204 21
2 'i Nat Food Prod B.... 1 4 4 4 4
264 94 Nat Fuel Gaa (1J.... 2 124 124 124 124
1044 68 Nat Pow A Lt pf (6).860a 66V. 664 65V* 664
22 14 Nat Sh T Sec A t60e. 3 14 14 14 14
174 5 Nat Transit (1). 2 84 84 84 84
86 484 New Eng Pow pf <*) 40a 65 65 65 55
684 94 Newmont Minina.... 1 114 114 114 114
3 2 New Process (25c).. 1 4 4 4 4
894 467» N Y Steam Cp (2.60). 8 474 62 474 604
1187» 1074 N Y Tel pf <6 4 ). ... 60» 1134 113'* 1134 1134
New Y Transit (N). . 2 3 3 3 3
154 64 Mac-Hud Pow <40c) 38 Hi 64 64 64
*4 A Ntac-Hud Pow A w.. 1 4 4 4 4
84 2 Nlag-HudPowBw.. 1 24 24 24 24
114 2 Nlac Share(Md) 20e. S3 24 3 24 3
Northern Pipe Line n 2 34 34 34 34
1524 694 Nor St Pow A (8).... 1 73 73 73 73
101 85 No St» Pw cv pf (6).. 70s 824 82V. 814 81K
6 14 Outboard Mot A. 5 2 2 2 2
6 4 Overseas Sec. 477s 4 4 4 4
OIL WAITING
EXPECTED TO GAIN
Search for New Pools Is
Likely to Be Increased
This Year.
BY WILLIAM VOIGT, JR.,
Associated Press Staff Writer.
TULSA,' Okla., February 11.—The
cry of the wildcatter la expected to In
crease In volume and ring through the
oil world in 1932.
Long subdued by overproduction and
lower prices, the wildcatter, whose
drill stem wends Its exploratory way
through the vitals of mother earth
seeking gushers where none gushed be
fore, probably will be one of the most
active elements In the Industry
through the year.
Hunt for New Pool*.
While much of the exploration prob
ably will be by the small promoter, and
the driller with a grubstake and a
likely location—as has been the way
through the years—the principal wlld
cattlng seems certain to be that of the
larger companies looking for new pools
to protect their sources of raw mate
rial for refineries.
Already there Is talk among oil men
that the extreme willingness of the big
producers to curtail their output In
the East Texas. Oklahoma City and
other flush pools has been for reasons
other than preventing a flooded mar
ket or running crude to overtaxed
storage.
Lack of opposition to the continued
and increased curtailment of flow from
East Texas, and the voluntary Sunday
shutdown there, are seen as a shrewd
move on the part of the heavier in
vestors to try to make sure their In
vestments will be protected by pro
longed production.
Opening the flow valves wider would
mean not only larger immediate pro
duction, but also would increase the
danger of dissipating the gas pressure
below, with consequent loss In ultimate
recovery.
While the immense possibilities of
East Texas kept exploaatory work at a
minimum last year, with some large
firms even giving up leased acreage in
outlying districts, this year is a different
story.
Thera were a number of finds in 1931
that probably will be developed this
year, and there will be much new ex
ploration.
Okiartoma last year developed no new
pool* of consequence.
Gulf Coast Pools.
There were found eight new pools
along the Gulf Coast, and some impor
tant finds were made in Kansas, par
ticularly the west-central part of the
State. These undoubtedly will be de
veloped. Central and West Texas ac
tivities were held back by East Texas.
Principal Oklahoma exploration Is ex
pected in the west-central part of the
State, with Oklahoma City as a hub.
Prom Michigan to Mississippi the
prospecting will go on. and from a line
between those two States westward oil
companies will watch developments
closely, hoping valuable strikes will be
made to bolster their present reserves
when flush production in today's big
areas becomes settled flow on the
pumps.
i _
I I ~ ' .. .
Baltimore Markets
Special Dispatch to The Star.
BALTIMORE, Md„ February 11.—
White potatoes, per 100 pounds. 75al.09;
sweet potatoes, bushel, 40a88; yams,
barrel, 75al.50; beans, bushel, 1.50a
2 50; beets, per crate, 1.50al.6b; Brus
sels sprouts, per quart, 10al5; cabbage,
hamper. 75al.40; carrots, bushel, 1 00a
1.25: cauliflower, crate. 1.75al.90; celery,
crate, 1.50a3.75; eggplants, crate. 1.50a
2.75; kale, bushel. 25a40; onions, per
100 pounds, 3.00a4.00; peppers, crate,
1.50a2 75; spinach, bushel, 50a85;
squash, bushel, 1.00al.75; tomatoes,
crate. 1 00a3 00; turnips, hamper. 15a25;
apples, bushel. 75al.75; grapefruit, Box.
1.25a2.50; oranges. box, 2.00a4.00;
strawberries, pint, 12al8.
Dairy Markets.
Chickens—Young. 20a22; Leghorns,
17al8; old hens. 15a20; Leghorns, old,
15al6; roosters. Ilal3; ducks, 12a20;
geese, llal7: Guinea fowls, pair, 20a25.
Eggs—Receipts. 758 cases; nearby
firsts. 14'2: Western firsts. 14'i.
Butter—Good and fancy creamery. 21
a24‘=; ladles. 15al6; process, 20a21;
store packed, lOall.
liMC
Cattle—Receipts, 175 head; light sup
ply; market dull.
Steers—Choice to prime, none; good
to choice, 6.00a7.00: medium to good,
4.75a5.75; fair to medium. 4.00a4.75;
plain to fair. 3.50a4.00; common to
plain. 3.00a3.50.
Bulls—Good to prime, none: good to
choice, none; medium to good. 4.00a
4.25; fair to medium. 3.50a4.00; plain
l to fair. 3.25a3.50; common to plain,
3.00&3.25.
Cows—Choice to prime, none; good
I to choice, none; medium to good, 3.75a
I 4.00; fair to medium, 3.25a3.75; plain
to fair, 2.05*3.25; common to plain,
1.50*2 50.
Heifers—Choice to prime, none; good
to choice, 5.00a5.50; medium to good,
4.50a5.00; fair to medium, 4.00a4.50;
plain to fair, 3.00a4.00; common to
plain, 2.50*3.00.
Fresh cows and Springers. 30.00a60.00.
Sheep and lambs—Receipts. 150 head;
light supply, market steady; sheep, 1.00
a3.00; lambs, 4.00*7.40.
Ifogs—Receipts, 1,500 head; light
supply, market spotty; lights, 4.45a4.35;
heavies, 4.10a4.50; medium, 4.60a5.09;
roughs. 2.75a3.75; light pigs, 3.75*4.10;
pigs, 4.10a4.55.
Calves—Receipts, 200 head; light
supply, market steady; calves, 4.00a9.50.
Hay and Grain.
Wheat—No. 2 red Winter, garlicky,
spot, domestic. 61; February, delivery,
61: March, 62.
Corn—No. 2 yellow, spot, domestic.
43a44; cob com. new, 2.00a2.10 per
btrrtL
Oats—No. 2 white, domestic, 34'/*a35;
No. 3. 33'2a34.
Rye—Nearby, bag lots, 40a45.
Hay—Receipts, none. General hay
market quiet. Receipts ample of timothy,
but good mixed hay scarce and bringing
premium. Prices range from 12.00 to
16.50 per ton, as to grade and kind.
Latter figure for choice cover mixed.
The poorer grades of timothy are Ir
regular in price.
Straw—No. 1 wheat. 8.50a9.00 per
ton; No. 1 oats, 9.00al0.00 per ton.
- ■ g
AUTOMOTIVE EXPORTS
SHOW DECLINE FOR 1931
By the Associated Press.
Export trade in automotive exports
during 1931 slumped 46 per cent to
$160,750,833, on the basis of calcula
tions by the Commerce Department.
The year’s total was also considerably
below the yearly average of the last
decade which ^mounted to $312,580,754.
The following table shows the value
and percentage of total shipments of
automotive products, according to
major groupings, as reported by th2
department: i
Passenger cars . S49.153.682 30 57
Parts for assembly. j9.962.714 24 66
Parts for repair. 28.278.505 18.21
Trucks .. 24.9 <7.874 15.54
Service appliances .... *0,7 079 99,1
Accessories ..
Automobile engines ...
Motor boats and engines
Motor cycles and parts
Electric tools, etc.
Fire engines .... .
Total ... .S160.750.S33 100.00
WARBURG WILL FOLLOWS PLAN
OF DIVERSIFIED INVESTMENTS
Noted Financier, in His Last Testament,
Stowed Approval of Principle of Sub
division in Employment of Capital,
BY CHARLES F. SPEARE.
NEW YORK, February 11.—The pub
lic has always taken a keen Interest in
•the wills of wealthy men. When their
last testament has been probated a
cloae scrutiny of the contents of the
estate has been made to determine how
those who have made money, or in
herited it, have invested it. There is
equal curiosity over the provisions of
wills Indicating the manner in which the
funds are to be employed to create an
income for beneficiaries.
One of the most striking documents
of this kind is that of the late Paul M.
Warburg, a banker of international
reputation and a careful student of i>
vestment values.
Believed in Diversification.
In setting up his will Mr. Warburg
carried out to an extreme degree the
principle of diversification of invest
ments adopted quite generally in this
country in late years and the funda
mental theory governing American and
British investment trusts. This con
sists in subdividing an investment fund
Into many parts in order to secure the
greatest insurance against depreciation
both of capital and income. Going to
its extreme lengths It embodies not only
securities of a domestic nature, but
those of an international character.
In the will of Mr. Warburg the ex
ecutors and trustees are authorized to
keep invested all personal estate, as
well as proceeds of any property sold.
• in any manner in which savings banks
or trustees may at the time lawfully in
vest any of their funds.” This pro
vision limits investments in those se
curities or real estate to obligations that
are legal for the savings banks in New
York State, including certain railroad
and public utility bonds of companies
with domestic charters. It also covers
first mortgages on Improved real estate
in the City of New York. In most in
stances, the will compels the executors
to limit purchases in any one issue to
5 per cent of the undistributed estate.
This is also the general practice of the
management investment trusts.
Bond, notes and stocks of the United
States or of the several States of the
United States, or the obligations of
American cities having a population
of more than 100.000 are also prefer
red investments Indicated in the War
burg will. It Is specified, however, that
those cities whose obligations are con
sidered for purchase must not have
had a default of principal or Interest
within 10 years of the making of an
investment In them. It is again pre
scribed that not more than 5 per cent
of the estate shall be Invested In this
manner except In the obligations of the
United States or the State of New York
or the city of New York.
Foreign Investments.
A significant feature of the will, and
one that reflects the confidence of its
maker in the future of foreign gov
ernment credit, is that which permits
purchases of the bonds and notes of
foreign governments or cities of foreign
countries, provided that they do not
exceed 5 per cent of the undistributed
estate. However, the aggregate of all
such foreign investments may amount
to 25 per cent of the estate. This
is about the ratio accepted by banks
throughout the country in building up
their security portfolios in recent years.
It was considered conservative practice
for such institutions to have one-quar
ter of their security investments in
the better grade of foreign dollar bonds.
Mr. Warburg also permitted his
executors to invest in the preferred
stocks of railroad companies In the
United States or Canada that had paid
continuous dividends for 10 years prior
to the purchase and for the same period
had paid uninterrupted dividends on
i common stocks equal to at least 4 per
cent per annum. A further liberal fea
ture of the will permits the purchase of
bonds or other obligations of corpora
j tions that may not be classified as legal
' for trustees, providing that they shall
not at any time In the aggregate exceed
20 per cent of the undistributed estate.
The document exhibits a feature that
Is becoming popular among men who
have had a wide acquaintance with
trust accounts and with securities;
namely, that of giving considerable lati
tude to executors or trustees in the wav
of changing and varying portfolios as
circumstances require and as benefits
to the estate are created through the
shifting of securities. The inflexibility
of investment provisions in many wills
has led to a serious depreciation in the
composition of tn estate. Trustees fre
quently have been compelled to sit and
j watch securities, arbitrarily selected, de
cline in value when, with more lati
tude. they might have avoided such
losses through getting their clients out
of securities or r»al estate in a changing
status before It was too late.
(CoDjrirht. 1032 > .
APPLE GROWERS
MAKE SALES PLAN
Adopt Beaolution Urging Closer Co
operation at West Virginia
Session.
Specfal Diipitch to The 8t»r.
MARTINSBURO, W. Va„ February
11.—Resolutions for closer collaboration
among sales agencies, restriction of
immature apple selling, postponement
of the United States apple crop esti
mates until August 1 except for Sum
mer apples and establishment of an
apple board of trade were adopted by
West Virginia Horticulture Society in
its annual session here today. The
recommendations came from a commit
tee on resolutions and were adopted
without dissenting vote.
The growers' delayed estimate pro
posal was due to a conviction, the reso
lution said, that the earlier estimates
of the past have often been in error
and have been harmful to the industry.
Premature picking of apples, due to
difference of opinion as to maturing
date for varieties, brought a recom
mendation for a supervising inspector
to rule on dates. The board of trade
suggestion provides for supervision in
common problems over the entire West
Virginia belt, to consist of 20 orchard
ists and fruit men named by the so
ciety to meet monthly, or oftener if
needed, and make recommendations to
growers generally.
The plea for collaboration in selling
was made, the report said, to prevent
price cutting, control market glutting
and perform other tasks incident to
orderly marketing of a crop, including
national advertising and sales promo
tion.
New England and not the Northwest
must be looked upon by the Shenan
doah Valley producing belt as their
coming competitor. Wells A. Sherman,
chief of fruits and vegetables division.
United States Department of Agricul
ture, told the growers.
-•
CONTINENTAL DEMANDS
FOR WHEAT INCREASING
By the Associated Press.
OTTAWA. February 11.—A larger
continental demand for Canadian
wheat is even now making itself felt.
H. H. Stevens, minister of trade and
commerce, said that the Argentine, If
the Buenos Aires market is not too
heavily regulated, will ship large quan
tities of wheat in the next month
and that this will be followed by a sub
stantial movement from North Amer
ica particularly from Canada.
He pointed out that lack of buying
bv continental Europe has been a mar
ket weakness so far this year.
Heads Hotel Board.
MARTINSBURG, W. Va.. February
11.—State Senator Lewis H. Thompson
was elected president of the board of
directors of Martinsburg Community
Hotel Corporation, operating both the
Shenandoah and Berkeley Hotels here,
at a meeting last night. Allen R. Em
mert was named vice president, Bonn A.
Poland secretary and George H. Shaffer
treasurer. The board announced there
would be no change In management for
the year. W. H. Hunt is the present
manager.
i'-""
LAWYERS ORGANIZE
NEW ASSOCIATION
Trade and Commerce Practitioners
Form New York Unit of
National Body.
By the Associated Jress.
NEW YORK, February 11.—Incor
poration of the Trade and Commerce
Bar Association a national organiza
tion of lawyers engaged in the field
of industrial and trade relations.. was
; completed yesterday with the filing of
a certificate in the county clerk's office.
I The object of the association is to
! supplement, net displace, the work of
j existing bar aisociations.
Signers of the certificate were Wil
liam M. Chadboume. Wilbur Cummings,
Julius Henry Cohen. Richard E.
Dwight. Raotf E. Desvemine. Gabriel
L. Hess. Benjtmin A. Javits. Benjamin
S. Klrsh, Natian L. Miller. Harold Rie
gelman, Chwles H. Tuttle. Carl E
Whitney anl Allen Wardwell. all of
New York.
Twenty-two directors were named
They included the incorporators and
the following additional men: Rush C.
Butler and filas H. Strawn of Chicago,
Thomas W. Davis of Wilmington. N.
C : Oscar H Hull of Detroit and Oscar
Sutro of Sin Fran cisco.
The dirartors will elect officers and
j regional wee presidents in different
j sections of the country.
CLAIM SUGAR REFINERS
HAVE AIDED PUBLIC
By the Assodated Press.
NEW YORK. February 11.—Counsel
for the Stgar Institute. Inc., which the
Govemmeit is seeking to have dis
solved as a monopoly, yesterday told
Federal Jidge Julian W. Mack the
sugar refhers actually had performed
a public tervice in organizing the in
stitute.
One elect of the institute's work.
John C. Higgins, counsel for the in
stitute. stid in continuing his opening
statement for the defense, has been
the brirging about of practical com
petition such as was designed or de
sired by those who drafted the Sher
man ani-trust act through the elimi
nation of unfair tactics and abuses
which lad put honest dealers at times
under s disadvantage.
The Government seeks to have the
institute dissolved and its members,
who admittedly produce practically all
of the refined cane sugar In the United
States, restrained from continuance of
acts alfeged to violate the Sherman law
and : acts against monopolies.
Hi challenged the statistics upon
which the Government based its cla^m
that t^e refinery's margin of profit had
increfed in large measure as a reault
of th* formation of the Institute. He
said these statistics were unreliable
and friaccurate.
Copper at Historic Low.
NJW YORK. February 11 UP).—Cop
per metal yesterday fell back to Its
historic low of 6 cents a pound, first
estgjllshed last Autumn.
Oistom smelters offered metal at 6
cedta, off y4. Large producers, however,
were reported to sell the metal at that
ptfee.
mm \ m ■ ■ ■ ■» ■
STOCK AND BOND AVERAGES
By the A»»«chte4 hen.
From Yesterday's; 5:30 Edition.
STOCKS.
50 20 20 90
Industrials. Rails. Utilities. Total.
Today . 57.4* 31.5 92.2* 59.5*
Previous day. 57.5 31.3 93.1 59.8
Week ago. 61.9 35.7 98.2 64.3
Month ago. 64.8 35.3 101.3 . 66.7
Year ago.132.8 105.5 179.7 136.8
Three years ago.205.6 134.8 207.0 194.1
Five years ago.108.7 109.1 102.2 106.2
High, 1932. 68.8 39.8 106.0 70.8
Low, 1932. 57.4 30.3 92.2 59.5
High, 1931.140.2 106.2 203.9 144.3
Low, 1931. 60.# 30.8 92.8 61.3
•High, 1930.202.4 141.6 281.3 205.8
Low, 1930.112.9 86.4 140.5 114.7
BINDS.
20 20 20 60
Industrial Rails. Utilities. Totsl.
Today. CS.8 72.0 81.8 73.5
Previous day. *7.1 72.6 82.1 73.9
Week ago. 67.8 74.8 82.5 75.0
Month ago. 67.6 72.6 83.7 74.6
Year ago. 89.9 104.8 99.8 98.2
Two years ago. 93.3 105.0 98.1 98.8
Three years ago. 94." 104.3 99.0 99.3
High, 1932. 69.7 76.9 84.8 77.0
Low, 1932. 64.8 67.7 81.7 71.5
High, 1931. 80.4 1*5.7 1*1.5 98.7
Low, 1931. 62.3 62.3 86.2 68.5
Hifh, 1931. 94.9 199.9 191.4 191.9
Low, 1939. 13.3 97.3 99.9 91.9
• Mew 19** Lew. (Oopyrlsht. 193*. S^ndard Statistics Co.)__
1 J
ML FOOD COST
Survey Shows Prices Are
Only H Per Cent Above
Those of 1913.
Special Dispatch to The Btar
NEW YORK, February 11.—The food
Industry has been more successful In
adjusting retail prices to reduce in
comes of salaried people and wage
earners than any of the more impor
tant lines of business, according to an
Investment survey released today by
Frasier Jelke & Co. Food pricgs are
27.5 per cent lower than at the end
if 1929 and only 14.4 per cent higher
than in 1913; they dropped 16.6 pc
:ent last year and are 48.2 per cent
inder the 1920 peak.
"As against December, 1929,” the
itudy continues, "clothing is down 15.5
ier cent, furniture, 15.4 per cent; fuel
ind light, 11.1 per cent; rent, 6.2 per
:ent, and miscellaneous Items, 1.1 per
tent. Compared with 1913 the miscel
aneous list Is up 105.6 per cent, furni
ture has jumped 67.2 per cent, fuel
ind light have advanced 58.8 per cent,
rents have risen 42.4 per cent and
rlothing Is 35.6 per cent higher. It is
Jbvious that other items in the family
audget will have to be further deflated
before they reach the new level of
rood and money Incomes.
Cost Ratios.
"Government statisticians contend
:hat food constitutes 38.2 per cent of
the cost of living, against 16.6 per
cent for clothing, 13.4 per cent for
housing, 5.3 per cent for light and
fuel, 5.1 per cent for furniture and
house furnishings and 21.3 per cent
for other Items. On this basis, it is
figured that the cost of living index
it the end of 1930 was 45.8 per cent
ibove 1913, 32.6 per cent under 1920
ind 14 9 per cent under 1929. In 1931
;he cost of living dropped 9.3 pier cent.
"Food companies have been able to
maintain their earnings in a much
nore satisfactory manner than manu
facturers and retailers of clothing,
furniture and other items entering into
:he cost of living—and they have done
:his while reducing their selling prices
nore than manufacturers and distrih
itors in other lines.
"Intelligent and persistent adverti
ng of established brands by constantly
trowing companies, the remarkable
progress of chain stores in the retail
trocery field and the increasing prefer
“nee for package groceries have com
bined to add stability to the basic food
industry. As compared with pre-war
rears, a larger percentage of the Na
son's food consumption is of branded
toods; but there are fewer brands. In
both manufacturing and retail lines,
Lhere has been a concentration of busi
ness in the hands of fewer and larger
companies.
"The rate of growth in the food in
iustry no doubt has slowed perceptibly
during the past two decades, due to the
slower increase In population caused
by selective immigration laws. For a
Lime, an increasing standard of living
imong first and second generation
Americans went a long wav to offset
the slower growth of population; but of
late this helpful trend has been less
pronounced.
Food luxury consumption probably Is
decreasing but diet fads, which caused
so many taboos a few7 years ago, no
longer are such a serious problem.
Buying Power Impaired.
“Because of foreign exchange diffi
culties there has been a loss of export
business, but sales abroad still are im
portant.
"Unfortunately, the ability of an im
mense farm population to buy manu
factured products other than food has
been impaired by the exceedingly low
price of grain, hogs, cattle, cotton, po
tatoes and other staples. To a large
extent, the greater decline in food has
been made possible by ruinously low
farm prices occasioned by overproduc
tion and lass of war-cultivated foreign
markets. Cheap food should not be
regarded as an unmixed blessing- it Is
causing a lower standard of living in
rural sections.”
New York Cotton
Specul Dispatch to The Star.
NEW YORK, February 11.—Opening
cotton prices today were 1 point lower
to 1 higher, with trading slow. The
active strength of security markets,
how'ever, brought speculative inquiry
into cotton after the opening.
Opening prices were: March 6.44 off
1, May 6.63 unchanged, July 6.79 off 1.
October 7.02 up 1, December 7.18 up 1
and January 7.24 off l.
DIVIDENDS DECLARED
NEW YORK. February 11 (/Pf.—
Extra.
Company. Rate.nod able" Record*
Montr L A Mtge . 25c .. Mar 15 Feb J9
Initial.
•Semi-Ready Tailoring
Ltd Df .3S Feb. 15 Feb. I
Reduced.
MM^Cra'nV^ ° M*r 15 M‘r >
& Hoist .35c Q Mar. 1 Feb. 18
Resumed.
Gailaher Drug 7".
of .*1.75 Q Due Feb. 15
Accumulated.
Collingwood Term
Lt<l D* .*1.75 .. Feb. 37 Feb. IS
Omitted.
Welch Grape Juice. 25c Ex Due rtb. 29
Regular.
Am<?r Dock Co Df . *2 Q Mar. 1 Feb 20
Amer inv Set.4Uc S Leo. 15 Feb. 8
Atlas Util Coro
*3 A Df .75c Q Mar. 1 Feb. 15
Baton Rouge Li
*3 A pf .75c Q Mar. 1 Feb. 19
Birmingham Wat Wks
6G. Dl ...*150 Q Mar. 15 Mar. I
Brennan Pkg 8%
CI A .......*1 Q Mar. 1 Feb. 30
Can Vinegars Ltd. 40c Q Mar. 1 Feb. 15
Gallaner Drug pf...35c Q Feb. 15 Feb. 5
Honolulu Gas Co . 15c M Feb. 20 Feb. 15
Huntington Wat Corp
pf .*\ 50 Q Mar. 1 Feb. 20
Do. 7rp Pf .*175 Q Mar. 1 Feb. 20
K West El Co pf *1 75 Q Mar. 1 Feb. 15
Lock Joint Pipe Co. 67c M FeV 29 Feb. 29
Do.66c M Mar 31 Mar. 3}
Do Pf . *2 Q Apr. 1 Apr. 1
Mead Corp pf *1.50 Q Mar. 1 Feb. 15
Montr L A Mtg ....75c Q Mar. 15 Feb. 39
Muncie Water Works
Co 8rr pi .*2 Q Mar. 15 Mar. 1
Nor Penn RR .*1 Q Feb 25 Feb. 15
Nor Phila Trust *2.25 Q Feb. 15 Feb 9
Ogilvle F! Mis Df *1.75 Q Mar. 1 Feb. 2
Ponce El Co pf . *1 75 Q Apr 1 Mar 15
Proct A G 5G. of.*1.25 Q Mar. 15 Feb 35
Reliance Mfg pf *1 75 Q Apr. 1 Mar. 22
Savannah Elec A Pow
deb A .*2 Apr. 1 Mar. 10
Do. B .H.Sl'g Q Apr. 1 Mar. 10
Do C . *1.75 Q Apr. 1 Mar. 10
Do. D .*1.621 ■ Q Apr. 1 Mar. 10
Do 6"c Pf .*3 S Apr. 1 Mar. 10
Tel Invest Corn 20c M Mar. 1 Feb. 20
Terre Haute Wat Wks
Corp 7', pf . *175 Q Mar. 1 Feb. 30
20th Cent Fixed Tr
Shrs coupon 30c S Mar. 1 .......
U S Dairy Prd A. *1.50 Q Mar. 1 Feb 30
Do. 1st of .*1.75 Q Mar. 1 Feb. M
Do 2d D1 .*2 Q Mar. 1 Feb. 20
Weill (Raphael! A Co „ „ , _. ,
Inc pf .84 8 Mar. 1 Feb. 1
Welch Grape Juice 25c Q Feb. 29 Feb 1}
Do. pf .*1.75 Q Feb. 29 Feb. 15
■-e
Utilities Inquiry.
By the Associated Press.
The Federal Trade Commission will
continue examination of affairs of the
National Public Service Corporation
group of utilities next Tuesday. Febru
ary 16, when It will resume its hearings
in the Investigation of power and gas
utilities. The Tidewater Power Co.,
operating in North Carolina, will be
taken up at that time.
Tidewater is an operating company
In the Seaboard Public Service Co.
group. Seaboard, in turn, is a sub
holding company under National Public
Service Corporation, which is controlled
| by the Insull Interests.
American internal combustion engines
are being used on farms In Latvia;
I

Evening star. [volume], February 11, 1932, Page A-15, Image 15
About Evening star. [volume] (Washington, D.C.) 1854-1972

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Evening star. [volume], February 11, 1932, Page A-15, Image 15
About Evening star. [volume] (Washington, D.C.) 1854-1972