Evening Star Newspaper, February 7, 1931, Page 13

" CURB SHARES GAN *INBETTER MARKET , List Shows Increased Activ- ¢ ity After Dull, Irregu- lar Start. - BY JOHN A. CRONE. Bpecial Dispateh to The Star. .NEW YORK, February 7.—Selectivity, strength and comparative activity marked trading on the Curb Exchange today after an irregular and slow open- ing. : ‘The public utilities led the upswing. Electric Bond & Share gained more .than a point. American & Foreign Power, American Superpower, Middle West Utilities and Niagara Hudson Power rose fractionally. Cities Service was unchanged most of the session. Amusements, motors and chain stores followed the uptrend taken early in the first hour by the pivatal public utilities. Technicolor featured the motion picture stocks as it recorded a new high for the year. Trans-Lux resumed some of its former show of strength, and Fox The- aters A and General Theaters Equip- ment turned active. Motors and Chain Stores. News from the motor world was of mixed charaoter. The January produc- tion figures, as expected, showed a gain, but trade reviews were quick to point out that the increase was below sea- sonal anticipations. Initial dealings in the Ford shares were at higher levels as a result of the more liberal dealer discount policy, an- nounced late Friday, and world Ford production in January, which was 55.- 182 cars and trucks, against 45,032 in December, and 98,529 in_January, 1930. Chain Stores Stocks, Inc., a special- fsed investment trust, began the ad- vance of chain store shares generally, ~ which reflected January sales improve- ment. National Family Stores proved an exception to the trend, opening lower because of the quarterly stock dividend of 2% per cent, due at this time, was omitted. ' Goldman Sachs in ‘the investment trust list was inclined to heaviness fol- Jowing the announcement that a sub- sidiary, Pacific American, sought to re- duce stated capital by $7,448,700. Oil Group. * Vacuum Oil was up nearly 2 points at times following estimates of earnings of $6 a share for 1930. The activity of the stock was accompanied by the usual “rumors that the Federal Government soon would make known its decision on the proposed merger between Vacuum and Standard Oil of New York. BONDS THE CURB MARKE' MESTIC BONDS. DOMESTIC BQIRS. 1 ow. Close 98° 98l ) ic Gas 6s B '45 74 73 B93c 89l 9 674 071 67 . S f+d1411134 55 oo 2eily L | gy ) L. 93% 92 924 86 86 103% 103% 103% 1037 1033, 103% 03 " 103 * 103 1y 2081 f a0 ! 9! 509! P Sodne 4 7 8 3 5 3 H 2 Bosion at 38R, 1 1 5 1 4 4 6 1 63 Q! £ - g a8 2999 L a1 Toia 7 D '57 1014 101 las H 10312 103% 1031 '52 10132 101 ° 10132 158 10135 101% '38 823 813 9 H 101 81 Bas! T 35 S o) .. & 238 g g S Plorids P & 10 Gatineau Po 1 Gatineau Pow 92 nze 6s '40.. 56 8557 56 Power 55 '67100% 100 = 100% (SR 58 87% of 2Exzz 2ESE 35 a5 Pt £} 0993 FFARLLARE! - 555" THEaa, 299 o 3 2205 &0 g 6s "62 8 ‘8 831 83 83 ot 1110 1111 g 9999 S3EE, & 793, £ s ggeda® a s5a2s 13 2 :0 o 2 LS 55 wsheen 7s. '3l effield 811 518 ic Gel 6ius '§2_ww 9 ider ‘Pack 8s '31.. 49% 49 % P&L 65 A 2025 Xw 102% 102% 103%¢ uth Gallf Bd 5s 744104 * 104 104 uth Calif Ed 55 '51 1041 104%a 1045 uth Calif Ed 55 i G 6 e i 509708 1 000 O 3 891 0 e 0 A3 e e S 2epugzags £ 00 § 1 ) B2 etae g s 00 100 %6 10815 10315 10375 210174 107 101% FOREIGN BONDS. uen Air Proy 7s '52 813 uen_Air Pr 7igs '47 ‘an Dominion ‘43 '60 nt Bk Ger 65 A '52 nt Bk Co 65 B, 51. m Pr Bk 5tas 137.. Con Bizs ! Q0! 20 NEW YORK CURB MARKE Stock and Dividend Rate, Mavis Bottling Mead Johnson (3% 4 Mer Ch &S (1.60)..4 Met Chain Stores. Mid West Ut (b8%).. Mo Kan P L (b10%). Mo Kan P L vte. Mont Lt H& T (1%) 25 4 Nat Aviation. .. Nat Fam S (b10% Nat Investors. Note—All stocks are sold in one hundred-share lots ting those designated by the letter s (80s) (250s), ‘which shows those stocks were sold in odd lots. Sales— Add 00, Open. High. Low. Close. ~Prev, 1931 Stock and Low. Dividend Rate 11% Afmiiated Prod 160., Afnsworth Mfg Co. Ala Pow e (6). Alleg Gas. Allied Av Aluminum Co of Alum Ltd A war Am Austin Ca: 4 Am British & Cont. Am Br B fd shars Am Capital B. . AmCityP&L Bb10% Am Com P A (b10%) Am Founders....... Am Gas & El n (1) Am Gas & El pf (6).. Am Invest Inc B. ... Am Lt & Trac (2%). Am Maracaibo Am Superpow (40c). Am Superp 1st (6).. Am Ut&G B vte(20c) Anchor P F (b10%). Appalachian Gas. ... 4 Arcturus Rad Tube. . Arkansas Nat Gas. Arkans Nat Gas A Assoc El In Ltd 30c Asso Gas & E1 A (2) Assoc G & El war. Assoc G & Epurr Assoc G & E pf (5).. Assoc Rayon pf (6) Auto Voting Mach Bellanca Alreraft. .. Bickford's Inc pf 2% Blue Ridge Corp. ... Blue Ridge cv pfa Braz Tr & Lt (b8%). Bulova cv pf (33).. 4 Bwana M Kubwa. ... Canada Marconi Carib Syndicate Cent Pub Sv Aal.76. Cent St El (k40c). .. Centrifug Pipe (60c) Chain Stores Stock. . Chat Ph Aln.v. (1).. 15 Cities Serv (g30c) 79% Citles Serv pf (6)... 7% Clev Tractor (80c). 114 Colon O4l. . 5_ Col Oil & Gas vte. # Colombia Syndicate. 1" Cmwlith Edison (8).. 10 % Cmwlith & Sou war.. Com Wat Sv (b6%) Comstock Tunnel. Consol Copper Consol Gas Bal Consol Laund (1 8 Contl Share cv pf (6)175 Cooper Bessemer (2) Cord Corp. Cosden Oil..... Courtaulds Ltd pé5ec. 4 Cresson Consol t4c). CrCork Int A (1).... Curtiss Wright war. Dayton Alr & Eng... Deere & Co (1.20). De Forest Radio. ... Derby Oil Refining. . Detroit Afrcraft.... Duke Pow (5).. . Duquesne Gas Cp wi. Durant Motors . East Util Assoc (2).. Eisler Electric Corp. Elec Bond & Sh (b6). i Elec B & Shpf (6)... Elec B & Shcupf5.. Elec Pow Assoc (1), Elec Pow Asso A (1) El Sharehold (b6%). Empire Pub Sve (A). Ex-cello Air & Tool. Fansteel Products. . Flintkote Co A Ford M Can A (1. Ford M Ltd (p373%) Foremost Dal pr p Fox Theater ClA. Gen Aviation I Gen Baking. . 5 Gen Bak pf c.0.d. (8). Gen Baking N Y wi'. i Gen G&E cv pf B (6) Gen Laundry Mach. . Gen Petroleum wi. .. Gen Th ev pt wi (3). Gleaner C Harv new. Globe Underwriters. 4 Golden Center...... Goldman Sach T C Gulf Oil of Pa (1%). Happiness Candy. .. Hollinger Gold(85¢) . Hudson Bay M&S .. 4 Humble Oil (12%). .. Hygrade Food Prod. Imp Ol of Can (50¢) Indiana Pipe L (2).. Indus Fin cv pf (7).. Insull Inv (b6%). Ins Co ofNo Am 12 4 Insurance Sec (70c). Intercoast Trade (1) Intercont Pow A (2) Int Petroleum (1)... Int Utilities B...... Interstate Equities. . Inter Equ conv pf(3) Lo 55 () o ™ 2 Boanliol vuSommn nadnaBacBoaran - b 7 13% LT s : 4 Kleinert Co (1)..... Kress SH sp pf 60c. . Lakey Foundry. L Inc deb r Ing war. . Long Isld Lt pf (7). 1% Louisiana Lan & Ex. 82% Mapes Con (13%)... D. C, SATURDAY, FEBRUARY 7, 1931 ~Prev. 1931~ 6 14% 1% 17% 2% % 8% 100% W 3w bl % 152 33 1 1% 4w Princ Pub Pub’ Saxet Schulte Shenan 24 Dividend annual pi stock. s Pa: ment_dividend. 1% in stock. JPI 3% in ent. stock, Nestle Le Mur New Eng Pow p! New Mex & Ar Land. N Y Hamburg (233). N Y Merchandise (1) N Y Steamn (2.60).. N Y Tel pf (63%).... Niag-Hud Pow (40c) Niag-Hud Pow A Niag-Hud Pow C Niag Sh Md (40ch Noranda Mines. ... Nordon Corp Ltd. ... Nor Am Aviat A war Nor Europ Gil Corp. Nor Ind Pub S pf (6) 200 4 Nor St Pow A (8).. N W Engineer (2) Ohio Copper Okla Ggs & El Overseas Sec... PacG&E 1stpf1%. Pac Pub Sve A(1.30), Pac Western O1l. Pandem O1l. Pantepec Oil Paramount Cab Mfg. Pender D Gr A (315) 100; PenderD Gr B.. . Pennroad Corp (20c) Penn Wat & Pow (3) Peop L& P A a2.40.. Petrol Corp war . Pledmont Hyd Eln w Pllot Rad Tube A. ... Pitney B P n (20¢).. Polymet Mfg. Prince & Wh & Whitely pf. Producers Roy Corp.. Propper McCallum. . Prudential Invest. .. 1l Hold Cp ww til Hold war... Pub Util Hold Cp xw Ratlroad Sh (50¢). .. Rtainbow Lum Pr A. Rainbow Lum Pr B. Rellance Int Cor B.. Reliance Manag Reybarn Co. . Richfieid Oil Cal pt.. Rock Lt & P (90c) Rossia Int Corp. St Anthony Gold St Regis Paper (1).. Salt Creek Prod (2). Seaboard Util (50¢) Seg Lock & H (50¢). Selected Industries. . Sel Ind (full p stpd). Selected Indus pr pf. Sentry Safety Cont.. Shenandoah Corp. Silica Gel ctfs. . Singer Mfg (10).. Smith (A 0) (2) South Corp. SW Bell Tel S W Gas Utilities. Stand Holding Cor Stand Oil of Ind (2) Stahd Oil Ky (1% Strauss Roth. Stutz Motor (n Sunray O1l (b5% ) Syracuse W Mach B. Technicolor, Inc. . Tob Prod Exp (10¢) Tran Con Air Tran. . Trans Lux DLES.. Trunz Pork Strs (1), % Tubize Chatel (B)... Tung Sol Lamp (1).. Ungerielder Fin Cp.. Un N G of Can (1.40) Unit Car Fastene; Unit Chem pt pf (3 Unit Corp war Unit Fou (b2-35 sl Unit Gas Corp Unit Gas pf (7)..... Unit Lt &Pwr & (1). 4 Unit Lt& Pwr pf (6). U S Elec Power ww. ., U S Finishing. ... % U S Foil (B) (50c) Unit Verde 3 Util P&Lt(at1.02%). Ut PAL B(at1.02%). Util & Ind pf (1%).. Utility Equitier Vacuum (4). Venezuela Pe ve Vic Finan Corp(40c) Voght Mfg Co (2)... green Co. . Walker (H) (1).. Zonite Products (1).. RIGHTS. Sou Cal B rates in dollars based on °E: ble in cash or stock. b Payable in stock. 1 Plus 5 lus 2% in stock. & Received by Private Wire Direct to The Star Office Sales— Add 00. Open. High. % 87 14% 1% 22% ™ weonsm e 8 1 OTUPIOTEL- ¢ (WUTOPBroTes s % 21 16 2 39 s 21 aw P oo » n 5o-31 St. - ‘D Pt (a3) NOANNAN OIS~ BN RN 0B -NNE AN » H pr (). 3D, 12 20 ™% 8% % L2 Expire. .Apr 20 2% 2% 24 last quarterly or tPartly extra. iPlus 4% in e Adjust- in stock. hPlus in stock. m Plus dividend. % in stock. g Plus 6% lus 10% n Plus 8% in stock. OYSTER INDUSTRY HIT BY DEPRESSION| Marylanders Report Decline in Sales, Despite Unusually Good Supplies This Season. Special Dispatch to The Star. BALTIMORE, February 7.—An un- usual Midwinter depression is being ex- perienced by Baltimore and Maryland oystermen and packers in the sale of the Chesapeake Bay product, according to a statement made by Swepson Earle, commissicner of the State Conservation Department. Despite the fact that oysters have been of an unusually good quality and the yleld large, the market for them in the city has been so bad that the steamhouses of this section have failed to open, Mr. Earle declared. At present there are more than 15,000 bushels of dredged oysters on the wharves and in boats awaiting sale. . Mr. Earle stated that a number of oystermen had been in touch with him about the situation that had developed in the market here. He has carried on an investigation with oystermen in other States and found that the local market is not the only one that has de- creased sales. The conservation commisioner pointed out that the yield has been abnormally large this Winter, due to the open weather, which allowed dredgers to work almost ‘vithout interruption since the beginning of the season. Usually severe cold spells and snowfalls keep them from dredging for days, and some- times weeks, at a time. The continu- ous dredging activity this year has caused an increased production, which has]tetnded to lower the price and cause a glut. The general business depression, with its accompanying tightening of 00 e » | chasing power on the part of the public, &5 Bt foymide TR, D When issued. has also had an effect, Mr. Earle added. ‘The New Jersey and Virginia oystermen report that markets have de- creased sales. i CAR ORDERS PLACED. NEW YORK, February 7 (#).—Inland Steel Co. has ordered 158 cars from the Lorain Steel Co., Railway Age reports. The Railway Refrigerator Car Corpor: tion is inquiring for 100 refrigerator cars_and Board of Transportation of New York City is inquiring for 15 1 January there were only | by rom, domestic cars, - Dur two locomotives ordered makers, Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., ' February 7.— Poultry, alive—Turkeys, pound, 36a40; old, 20a32; chickens, springers, 25a33; Leghorns, 18a20; bareback, 14al5; old hens, 15a20; Leghorns, 13a16; roosters, 12a14; capons, 28a36; ducks, 15a25; geese, 16a25; guinea fowls, each, 30a60; pigeons, pair, 15a20. Eggs—Receipts, 317 cases; nearby firsts, dozen, 17%; current receipts, 17. Butter—Good to fancy, 19a2l; fancy creamery, pound, 26a29; ladles, 19a21; rolis, 16413; process, 25 store packed, a. Vegetable Prices. Potatoes, white, 100 pounds, .1.25a 1.90; sweet potatoes, barrel, 2.00a4.00; ams, barrel, 2.50a3.50; -beans, bushel, g,snu.oo; beets, crate, 2.25a2.75; cab- | bage, ton, 16.00a20.00; carrots, bushel, 50a75; cauliflower, crate, 1.50a1.75; celery, crate, 2.50a3.25; eggplant, crate, 2.0023.50; kale, bushel, 75a90; lettuce, | hamper, '50a1.25; peppers, crate, 1.50a 3.25; parsnips, bushel, 1.00a1.20; spin- ach, bushel, 40a50; tomatoes, crate, 1.00 24.00; turnips, bushel, 140a1.60; apples, bushel, 60a2.00; per box, 1252225 grapefruit, box, 1.50a2.75; orang-s, box, 2.003.25; tangerines, box, 1.00a2.00; strawberries, quart, 20a45. NEW CHESAPEAKE BANK COURT FIGHT IS SEEN Special Dispatch to The Star. BALTIMORE, February 7.—A new legal fight over the tangled affairs of the Chesapeake Bank was imminent today as the receiver and attorneys representing depositors prepared to oppose tions that State and city B "gatan full. Preferred claims amounted to $442,.- 284.84. George W. Page, Commissioner and receiver for the bank, sald: the Clearing House Committee failed to take these claims into consid- eration when estimating that depositors and general creditors would receive 59 per_cen £ The city, through City Solicitor A. ‘Walter Kraus, claimed it was entitled to | the 100 per cent payment on the ground that it was a governmental agency. ‘The petition stated that the city was enufie& $402,151.11, plus interest, the ount of which the cily had on de- gt.uu.when the bank was closed Decem- r 9. ‘The State's priority claim for deposits of $40,133.53, with interest, was entered the American Bon Co., which brogated be_-sul h#lfllet'lll’n“fledb 1o the Siate’s sovercign | sulting in show cause orders. |ary or final injunctions State Bank | The “GYP” STOCK SELLERS ARE ACTIVE AGAIN Crooks Increase Their Operations as Market Gives Evidence of Stabilization. Special Dispatch to The Star. NEW YORK, February 7.—With the increasing stabilization of stock prices, | sald Assistant Attorney General Paul J. McCauley here today, it is apparent that the “gyp” stock salesmen and crooks specializing in the sale of worth- less securities are increasing their ac- tivities to take the funds of unwary investors. Losses approximating $1,250,000 were suffered by customers and stockholders of companies against which the New York State Bureau of Securities took action during January, 1931, according to the regular monthly report submitted today by Attorney General John J. Bennett, jr. s Last month there were 16 actions re- ‘Tempor- were taken against 48 individuals, firms or corpor- ations. One of the unfortunate phases of the present stock fraud selling activities is that technique is so highly developed and changes so quick that officials only with great difficulty are able to keep Pace with changing conditions. Petitions in Bankruptcy. BALTIMORE, February 7 (Special). —Ayoub Hanna Ayoub, an interior decorator, doing business at 3523 Thirty- fifth street, Mount _Rainfer, Prince Georges County, has filed a petition in the United States District Court here asking to be adjudicated a bankrupt. petitioner has $6,703 assets and $35,126.80 liabilities. Orders were signed ‘adjudicating him & bankrupt and referring the case to Daniel M, Murray, referee. \Robert E. Langley, a mason con- tractor, of Silver Bvrlnfl. Montgomery County, also filed a similiar Pflfltlonhin as Orders were signed adjudicating him bankrupt and referring the case to Daniel M. Mucray, referee. ‘Walgreen Co. Sales. NEW YORK, February 7 (#).—Wal- green Co. and subsidiaries reported anuary sales of cent, v $4,452,339, an %’fi ; .9 per *‘ $4,282,; ICREDIT SURVEY AID URGED BY MILLER Association Manager Sug- gests Business Men Assist Government Task. Special Dispatch to The Star. NEW ‘YORK, February 7.—Following the announcement from Washington that the Department of Commerce is shortly to begin a Nation-wide survey of wholesale credit methods, in con- Jjunction with the National Association of Credit Men, Dr. Stephen I Miller, executive manager of “the assoclation, called upon credit executives through< out the country to co-operate fully in making the survey a success. In a letter to 145 local credit associa- tions affiliated with the national body Dr. Miller ‘asked that member firms supply all information which may be requested of them in the course of the “The practical benefits of this de- tailed study of credit methods, prac- tices and policies are bound to be far- reaching,” Dr. Miller said. “The survey will throw a revealing light on such problems as the amount of lag in past due accounts, the extent of bad debt losses, the taking of un- earned discounts and the attempts of buyers to dictate terms of sale. “Questionnaires to be used in the survey have been worked out with the greatest care by representatives of the Department of Commerce and the Na- tional Association of Credit Men. They | are designed to elicit information of practical value. “Firms_contributing information will be classified according to lines of busi- ness. When all the information gath- ered has been tabulated, we will know the average bad debt loss in each prin- cipal line of business, the normal lag of past due accounts, and the extent to which terms grabbing and other credit evils exist in various lines of e. “Since intelligent credit management is vital to sound merchandising, it i§ g:rm:uln'ly fortunate that we are to ve this basic inventory of our mer- cantile credit structure at this time. The information gathered should give every credit manager a better approach to his daily problems.” NEW YORK COTTON NEW YORK, February 7 (Special).— After making a new high for the week’s advancing movement, May contracts on the Cotton Exchange sold from within 2 points of 11 cents down to 10.86 today and the list closed 3 to 9 points lower than Priday. ‘Toward 1f cents for May contracts the market ran into an increasing sup- ply of contracts, and, as was the case Friday, developed a slightly easier tone. Reactions were limited, however, by the strength of the March delivery. Spots were reduced 5 points to 10.70. Cotton range: High. 107 March Ma 10. iny July October’ January December 1 1. 1 il g b5 iy POTATO MARKET. CHICAGO, February 7 (United States Department of A!l’wi;:’ultu ) o~ Potatoes—Receipts, 66 cars; on track, 207; total United States shipments, 799 cars; about steady: trading rather slow; sacked per cwt., Wisconsin round whites, 1.35a1.40; , 1 50 -30; Idaho Russets, 1.60a 75; occasional car higher, mostly 1.70a 1.75; Colorado McClures, 1.70a1.85; Nebraska Triumphs, 1.50a1.60. CHICAGO DAIRY MAmT. CHICAGO, February 7 (#)—Butter, 5.701; firm; creamery extras (92 score), 25%; standards (90 score car lots), 2512, extra firsts (90-91 score), 2415a25; firsts (88-89 score), 231;a24; seconds (86-87 score), 221:a23. FEggs—Receipts, 12,695 cases; easy; extra firsts, 16%; fresh graded " firsts, 15%; ordinary firsts, 14a15. CHICAGO STOCK MARKET By the Associated Press. CHICAGO, February 7.—Following is , the complete official list of transactions in stocks on the Chicago Stock Ex- change today: et oc 450 Assoc 50 Assoc org-Warner 100 Bright Star 150 Butler Bros . 3 = 10 Cent States P & L'pi 10 Cent States UGll pf.. 80 40 Cherry Burrel 100 Chiic Investors 2800 Cities Service , 3 18%a 183 180 Com'with_Ed| 45 24312 245 &g 4 s 1 50 Marshall Pield 200 Merch & Mfrs A 150 Mid West Tel r 200 Musk Mot Spec A 20 Nat Battery. yme ‘ c 475 Public Berv pf 50 Pub Serv 6% pi 50 Reliance Intl 50 Reliance Mfg 150 Ross Gear . 700 Seaboard Util . 100 S0 Union Gas_: 3080 West G & Ei 20 S0 West L & P pf. 450 Stand Dredg pf 8 & Co.. Btock sales toda: lm!nnfll 6 *|loan money on securities. TREND OF SECURITIES TRADING MAY BE CHANGED BY NEW RUL FINANCI A - HOME ELECTRICAL i)roposal to Sanction “Secondary Salles" of DEV";ES PUP”'-AR Stock Stirs Up Wide Discussion. - Plan Is Explained. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, February 7.—“Tape readers” of the country may find them- selves puzzling over a new and un- known language as a result of a change in the rules just made by the New York Stock Exchange. This change will af- fect widely the trading in securities and will be of Nation-wide and even of international importance. ¥ ‘This new ruling will make possible a secondary distribution of securities- by Stock_Exchange houses. In effect it puts Stock Exchange members on an absolute equality with the private in- dividual or with the investment banker. The rule permits Stock Exchange houses to apply to the Board of Gover=- nors to sell securities to firms and in- dividuals throughout the country in- stead of confining their purchases and sales to dealings with other members of the exchange. i Present Procedure, At present éach fransaction of & Stock Exchange house must pass through the clearing house and be récorded. The number of shares sold, the names of the purchaser and seller and the price are known. The volume and price of such dealings are distributed over the ticker services and many depend on reading the “trend” of these transactions for guidance in conducting their operations. Under the hew ruling, the applying house must give the governors full de- tails of how, why and gt what price they acquired the block of securities they desire to sell. This information, if pe: fon is given, is not, however, passed on to any one, not even fellow members of the exchange.. The apply- ing house may be permitted to “peddle” the securities involved through its branch houses or representatives as it sees fit. This new departure in investment finance has already aroused wide dis- cussion among the members of the ex- change. Opponents and proponents of the plan are equally emphatic. Its pro- mulgation grew out of the failure of a big Stock Exchange house in recent months and out of the severe depres- slon of the last year and a half. Banks In some in- stances they found themselves obliged, through inability of the borrowers to meet demands, to take over large blocks of stock. Stock Exchange houses were in simi- lar predicaments through failure of cus- tomers to supply sufficiene additional margins. They realized that to throw large blocks of stock on the unready market would be to depress the price to & point where the safety of their trans- ac was endangered. Primarily the new ruling is directed to a relief of such situations. Arguments on Ruling. Supporters of the measure declare that it will take away from the market 19%: | the dark cloud of distress securities 88| which, in times of depression, always overhangs it. They say it will en- able holders to spread sales so thinly that they will not be/a burden which the investors must labor to carry. They add that it is of special value in new financing, since the outside sales will be mainly for investment and not for speculative purposes and the market will not be faced with the possibility of having large speculative holdings dumped on it if it advances a point or so. Opponents of the measure, on the other ,hand, declare that it prevents purchasers of securities from knowing what actually is going on in the stocks in which they are interested. They say it may be evident that one large inter- est is buying, say, 10,000 shares of United States Steel in the open market and selling 40,000 shares through sec- ondary distribution channels. They as- sert that because of this manipulation will be possible and one mAy never know whether the value of a security as shown in the daily stock market quotations is inflated or not. In answer to this, the advocatés of the new rule say it has always been possible for the individual, or even for the investment banker, to do this and that the new measure simply gives the exchange members an equal status. They point to the fact that one big in- vestment bank a year ago thus disposed of a big block of one of the prominent copper shares without unsettling the market until the line was closed out. Arguers against the measure continue “|that the protection which an investor has in dealing with a stock listed and traded in on a recognized and regulated exchange is taken away. In answer the other side declares that the quotations on the regular board will still represent selling values, since any range between the inside and outside market would bs taken advantage of immediately and would correct itself at once—that is, if a stock were selling at 40 on the Stock Exchange and at 35 outside, the out- siders would immediately buy it at 35 and sell it at 40 inside. The opposite would be equally effective, in that if they could buy steck at 35 on the ex- change and it was selling at 40 out- side, sufficient purchases would be made at once to level the range. At all events, the alteration promises to mark a new era in American invest- ment finance, especially in the placing of new issues. AWAIT TEST OF RULING. Congressional Circles Interested in New Decision by Exchange. / Congressional seismographs showed signs of extraordinary financial tremors when the information became generally know that the New York Stock change had sanctioned secondary dis- tribution of securities by its members. Members of both Senate and House Financial Committees awaited anxiously the arrival of the text of the new rule. ‘The general feeling expressed by con- gressional leaders was opposed to the policy and there is small doubt that exchange authgrities will be summoned to explain the measure and outline the ;enl:on for its adoption, at no distant ate. A Senator regarded as one of the leaders and specialists in the financial regulations of the country was decidedly opposed to the measure. He attributed it to the alleged desire of many of the commercial banks to break into new STOCK AND BOND By the Associated Press. FEBRUARY 7. SATURDAY, STOCKS. Today....... Previous day. Two years ago. Three years ago. pisb 1530-31 w, 1930-31 High, 1929 Low, 1929, * New Senvooexs “RS28 {(Copyright, 19: fields and said it was just another step in the development of a system far re- moved from the old banking ideas and policies. He said banks had long since ceased to be commercial banks in the old sense of the word and that banks now were not content to make profits from loaning money deposited . with them. Call Loans. Many of them, he contends are ven- tuging into the investment field and stalking extraordinary profits in the call money market. ‘He holds that a number had their fingers burned as a result in the crash of late 1929 and that this was a move to permit them to do the same thing again with out the danger of fire. In outlining his belief, he explained that many banks had made large loans to brokers backed by stocks as collat- eral and that when the crash came they found thethselves with thousands of shares on their hands which they wished to sell, but which they feared to throw on the market for fear the selling would break the price and lead to further bankruptcies ‘and a paniec. Sbme Senators and Representatives are strongly in favor of the measure. They point out that the bond market has passed out of the hands of the in- dividual distributor and been gathered in by a half dozen big investment houses. The smaller units cannot com- American Housewives In< crease Efficiency by Install- ing Modern Equipment. Bpecial Dispatch to The Star. NEW ORLEANS, February 7.—While many branches of industry were feeling the effects of a marked depression in 1930, the American housewife, through sacrifices, was making the year a pros- perous one for manufacturers of home electrical appliances, according to Ger- ard Swope, president of the General Electric Co., who is in New Orleans for a brief visit while en route from the Pacific Coast to New York City. “Despite the depression last year,” Mr. Swope pointed out, “the sale of home electrical appliances increased 19 per cent over that of 1929. The almost miraculous turn of this era toward elec- trical appliances is of outstanding in- ‘te"st to all branches of industry; and the sacrifices which our housewives have made to obtain home comfort with the latest improvements are marvelous.” Equipment Purchases. ‘The American housewife, Mr. Swope continued, doubtless was affected by the depression, but- she did not permit “hard times” to prevent her from im- proving the home through installation of modern equipment. Predicting that great changes will be pete. They say that this latest rule will prevent that from happening in the stock market. They point out also that the pres- entation of new issues by industrial, commercial and utility concerns is al- ways in danger of a bunch of profes- sional “sharpshooters” who take imme- diate advantage of any advance in the price of a new issue to dump thousands of shares bought at the subscription price on the market. ‘Wider Distribution Likely. ‘The new rule, it is asserted, leads to wider distribution of stocks in smaller lots and obviates the danger of huge blocks of stock being thrown on the market with express intent to break the price. N ‘There will be over three billion dol- lars’ worth of new financing in the present year. This new ruling will have much to do with the way these invest- ments are presented to the public. The railroads, if consolidations go through that are now well on their way to ac- complishment, will be forced to change capital structures to the extent of hun- dreds of millions. Almost as large an amount will be floated by the utilities, while the tractions can scarcely go on for another year without more new capital. (Copyright. 1931.) {HARD BATTLE SEEN FOR FOREIGN TRADE Other Nations Producing High- Trade Goods and Pushing Sales With Energy. BY JOHN H. VAN DEVENTER. If we make products that are su- perior to those that can be obtaines lhmd] n‘::l 11( r;n me-rcn':indha '.bce‘m roper’ oreign countries, we can Eell t.heym there even in times of world- wide depression. For according to the Bureau of Foreign and Domestic Com- merce, our machinery exports last year were 10 per ‘cent greater than in our last “normal” year of 1928; exports of radio apparatus were 85 per cent more and exports of electric refrigerators doubled. Yet, at the same time, we must re- member t we are not now the only nation that it skilled in making things. Other countries have been steadily buy- ing our production machinery and copy- ing our production methods, with the result that our competition for world markets in manufactured procucts will steadily increase. Japan is an example of this. Twenty years ago she was one of our best cus- tomers. We supplied Japan with most of her steel. Since that time she has built up a steel making industry of her own that is capable of filling most of her own requirements. And it has been so ;xm a large number of other prod- uets. South America should be one of our best export markets during the next 10 years. Aircraft transportation between the two Americas, now being intensively developed, will bring us much closer to- gether, which is a big factor in doing business. The time from New York to Buenos Aires via air has been cut to a third of the number of days required by water route. We will have an ad- vantage over Europe in this, until transoceanic flylng becomes commer- cially practical. Recent political changes in South American republics have strengthened our trade position, the new regimes be- ing in general more kindly disposed toward us than the old ones.” But the projected trip of the Prince of Wales to South America shows that we are not gfolng to be without formidable competi~ n. Copyright by United Business Publishers’ Bur i eau of Economics. UPWARD TREND SEEN IN RADIO INDUSTRY The radio industry is now on the up- ward trend, according to A. Atwater Kent, Philadelphia radio manufacturer. “This country has passed through many periods of depression,” sald Mr. Kent, “during all of which most com- panies suffered a loss of business, and many of them suffered a loss of profit. ‘That is something to be expected, and therefore anticipated. during the more protracted periods of prosperity. “Radio as a. product and radio as an advantage to humanity will compel its continuance as a major industry. For my own part, I view the prospects in radio and those developments which radio is bound to offer as entirely fa- ::;rable to every branch of the indus- AVERAGES made in the industry and in the use of electricity, Mr. Swope quoted the ob- servation of Dr. W. R. Whitney, re- search director of the General Electric Co., that “we are kindergarten children playing with mystery.” ‘Without profits, the company’s presi- dent pointed out, there ean be no progress in electricity, and his organi- zation's research department is spend- ing hundreds of millions of dollars in research because it has the financial margin to justify it in “taking a chance." Pointing out that the economies of increased efficiency in industrial life are vital to progress, he recalled that units today are one-third more e it than they were seven years ago. “These past 13 years we have been experimenting to make a vapor of mer- cury that will turn a turbine, and we have succeeded,” Mr. Swope disclosed. “For exactly one year we have been run- ning one turbine by the use of vaporized mercury and have run another turbine by the use of the steam that vaporized the mercury and have condensed both vaporized mercury and steam back to mercury and water to be used over again. The turbine utilizing the vapor- ized mercury, Mr. Swope explained, is one of 10,000 kilowatts and 15,00? horsepower. Giant Turbine Started. “We are starting to build a 20,000- kilowatt turbine gdriven by vaporized mercury for our own use at Schenec- tady,” he continued. “It will be some two years before it is finished, and we will have spent miilions of dollars on it. But we know that it will produce power one-quarter more efficiently than any known power-producing unit the world today.” “Are we, in effect, in the stage-coach era of electrical progress today, as compared with 1950?” he was asked. “Nothing stands still,” was his reply, “and there is no reason I can see why we should ever assume that the miracu- lous progress in electricity these past few years has reached any ultimate goal. ~ Every year's research and - 18 Tantalizing niew miracis st bevond us g new mirac the touch of our fingertips. Of course, there will be progress and improve~ ment.” Education, according to Mr. Swope, is finding & devoted brother in the elec- trical, industry. The pure sclence of physics is being turned into immense value along éxperimental lines and this, he declared, is a boon both to the in- dustry and the cause of collegiate training in the sciences. (Copyright, 1931, by North American News- paver Alliance.) VIRGINIA TOBACCO PRICE TREND MIXED Dark Fired Product Higher, but Burley and Flue-Cured Lower. By the Associated Pres: RICHMOND, Va., February 7.—Im- provement in the prices paid to W ers of dark fired ‘tobacco and lower prices for flue-cured and burley tobace co were indicated by tobacco price summaries issued by the tobacco sec- tion, Bureau of Agricultural Economics, and communicated “today to the offices of the Federal-State crop reporting service here. P The price reports were based on operations of the Federal-State tobacco grading service in Virginia, North Caro- lina, Kentucky and Tennessee during the week ending January 24. Prices in the three major dark fired types of Virginia, Kentucky and Ten- nessee showed a distinct upward trend, noticeable in many grades and lengths. Opposed to these favorable indications were the rather sharp declines in prices paid for flue-cured tobacco in the Old Belt and in burley. The slackened buying interest in these cigarette types was ascribed in part to the large volume of 1930 production, which enabled some of the large manufacturers to fill their requirements before the marketing sea son closed, and in part to the tem- porary slowing up in the cigarette in- dustry resulting from business depres- sion and unemployment. The reduced takings of flue-cured tobacco by China also have been a depressing factor in the marketing situation. PARIS BOURSE PRICES, PARIS, February 7 (#)—Prices were firm on the Bourse today. Three per_cent rentes, 88 francs 75 centimes. Five per cent loan, 102 francs 60 centimes. Exchange on London, 123 francs 97 centimes. The dollar was quoted at 25 francs 50 centimes. DIVIDENDS DECLARED NEW YORK, February 7 (#)— Regul Company. Gabot MIg, Cen Mass Columbia Pict pf. .75 Connectic Pow. ..82%c Eastern_Shore Pub Ser $6.50 pf..$51.62'a t. $1.50 Formica Insula ¢ Gunther C G ist pf c. Ltd idlsc in Holt H & C: Imperial Ol Lindsay € W & Co2ie Bt Nelld Mtx Norton Pow P Hershey Do bt Bies 6o, d P Lt Rubinstein(Helen ompsn X Un'National Bask o Troy . Wolver B Wi Bank of Erie Trust. §1 Ex In Nt Bk of Troy. 50c Ex Liguidating. East Butte Cop M..52 W Omitted.