Evening Star Newspaper, February 14, 1931, Page 13

Reactionary Trend at Open- ing Is Modified by New Buying. BY JOHN A. CRONE. Bpecial Dispatch to The Star. NEW YORK, February 14.—Reac- tionary trends at the opening of the Curb Exchange today were modified as the session progressed. ever, remained n&nn. - Electric Bond Share slightly im- proved after an initial decline, as did American & Foreign Power, American Superpower, United Light & Power “A" and other utility leaders. A fresh cut in gasoline prices in the Midwest did not cause as much un- settlement in the oils as has been the case with similar reductions recently: ‘The Standard Oil shares generally were inclined to heaviness. This was true also of some of the miscellaneous petroleums, notably small producers. The omission of the class “A” divi- dend on Pennsylvania Gas & Electric createl some caution in_dealings in some of the secondary public utility securities. Pipe lines in the first hour virtually ignored the unfavorable earn- ing report. A gain of almost 2 points in Anglo- Chilean Nitrate was a feature of the mining shares. Most of the coppers were heavy on the expectation that some shading of copper prices could be expected unless demand immediately icked up. Newmont Mining, one of The leading mineral and metal holding companies, advanced a 1l fraction on estimates that its 1930 earnings would more than cover dividend re- quirements. An upswing in investment trusts got under way with a new high reached by Blue Ridge common. Shenandoah and Goldman Sachs also showed firm- ing tendencies, but the forward move- ment of this group was at a slower pace than in recent sessions. A decline of 4 point in Niles Bemont Pond was the widest price swing in the aviation list. Pennroad was vir- tually the only railroad to appear and most of the time it was uncl ed. Tchnicolor and General Theaters Equip- ment,_ preferred were the only active amusements. Textile shares, manufacturers, displayed some weak- ness, as a result of publication of earn- ings reports. The decline in raw com- modities, particularly silk, caused heavy losses in inventories. BONDS ON THE CURB MARKET. DOMESTIC BONDS. Bt s gy AEE: Lom, Close. P 4% . 23 Alabama Pow' 85 '8 10315 10318 Co*5s '52 §= i OE! ™ A SE-al »| ooy ,Eg:s ~ORgg! s =] 3 2 gddaingdo SoEREEREE B2 (-)0 £ S22 T o o 938 ol 99 147} 0! ol i i3S 33 S 00! 3! (53 888 0! 3! 0dig ol e 988 Sgsrr it 2388828 8as SEESNEE TSR bt oS i SEEE TSR g of Sl &2 3 5] Qi X 2azas8eents 3 OO0 Sg"gg"zggfl-gfi VEREEEE & 4 O € 55 2822323522833 P FEENE e FEEE £ 823’3383:55::!5.‘-‘.‘.3!&383!3285 Bea q LR XS eenierauonvanBoustoutunentiulunomaiteumy! 2 7 St ppers G & C, 58 pper G&C_5%s esge 55 '45........ high Coal 4i4s bby McN & L 5 P & L 55 51 B o suwnSad. ERER E 5 id West Util 55 '35 Miw G & L 4'as '8 Minn P . Nat P BosSanSau-ta " 4Pledm’t El 6'as A 1Pitts Coal Co 6s '49 97% 15 Pitts Steel 65 101 2 Potomac_Ed 55 1Pb 8 N 1l 428 E 973, 1003 101 80 9612 96% 100% 100% 1007 ft u i, i 6 Texas Elec 5s ‘60 A 20 Texas Gas Ut 6s_'4 Texas P & L 55 '56. Thermold Co,_6s 34 s 71 71 71 S ex Ut 05 A 1 3% BB % FOREIGN BONDS. 4 Aer Mig Bank 7o 48 9 Alr Prov 7s '52 1) Yas ‘47 53 o ams8.uugsarnrIsdenszes Alr SRS 3228! &SRR 22IBI3B SRS 5. EESE = o 88 sndtad2: S B FEES RS Volume, how- ! Note—All stocks are sold in one h those design: which shows those stocks were Stock and Sales— Dividend Rate. Add 00, Open. High. Low. Close. 60 1 18! 18 90% Alum Ltd cum pf (8) Alum Ltd A war. Am Austin Car..... Am British & Cont. Am Br B 1d shars. . Am Capital pr pf 5% Am Cigar Co. . S8 % AmCIityP&L B b10% Am Com P A (b10%) Am Cyanamid B. Am Equities. ... Am For Pow war. it Am Lt & Trpf (1%3). Am Maracaibo. Am Natural Gas. ... Am Superpow (40¢). Am Ut&G B vtc(20c) Anchor P F (b10%). Anglo Chil Nitr: Appalachian Ga: Arcturus Rad Tube Arkans Nat Gas A. Asso Gas & Electric. 0 Gas&El A (a2). 00 G & E pf (5). Assoc G & E A dbrts Assoc G & El war Assoc Rayon. Assoc Rayon p Atlas Utilities Atl Coast Fish. Auto Voting Mach. Auto Vot M cv pf pt. Bahia Corp pf. .. Bigelow-Sanford dlue Ridge Corp. ... Blue Ridge cv pf a8 Blumenthal (S)..... Braz Tr & Lt (b8%). Brill Corp A (85¢)... Burco Inc war...... Burco Inc cv pt (3) Bwana M Kubwa Canada Marecon!. Carib Syndicate. Carhation Co (J1%). Celluloid Corp. Cent Pub Sv A a1.76 Cent Stat EI (b10%). Cent StEl pf xw (6). Centrifug Pipe (60c) Cities Serv (g30c). .. Cities Serv pf (6) ga @7 Seom Col Pict vte (f1%). Cmwlth & Sou war. . Com Wat Sv (b6%). Comstock Tunnel. ... Consol Auto Merch Consol Retail Stores. Contl Share cv pf (6) » LT IUIVIVINIVE ppee P19 - SuSe Cus! Mex Mining Davenport Hos (2).. Dayton Air & Eng... Deere & Co (1.20) De Forest Radio. DeH Air Ltd rct 50c. Detroit Afrcraft. ... Douglas Afrcraft (1) DressSRA (3%)... Dresser Mfg B (2).. Duquesne Gas Cp wi. Durant Motors. ... East Util Inv A Elec Bond & Sh (b6 Elec Pow Assoc (1). Elec Pow Asso A (1) El Sharehold (b6%) . Emp Steel Corp. ... Europ E Ltd A (60c Evans Wallow Lead. Fandango Corp. . Fansteel Products. .. Federal Baking Shop Fiat Stock deb rts. .. Flintkote CoA...... Ford M Can A (1.20). Ford Mot Can B 1.20.400s Ford M Ltd (p37%) Fox Theater ClA Galena Ol Corp. Gen Alloys (80Q).... 4 Gen Aviation. . 2 Gen Baking. . 10 GenBaking NYwi.. 5 Gen Elec Ltd (p70c). 10 Gen G&E cv pf B (6) 3008 % Gen Laundry Mach. . Gen Thea Ep cv pf 3) Gleaner C Harv new. Glen Alden Coal (8).. Gold Coin new. Golden Center. Goldman Sach T C..: Guenther Law (2)... Gulf Ol of Pa (13%). Hudson Bay M&S .. Humble Ol (12%). » Imp Oil of Can (50c). Insuli Inv (b6%). ... Ins Co ofNo Am 12% ., Insurance Sec (70¢c) Intercontinent Pet 1 28 Boulumwee - * 001 1 O 00 10 01 0 1 ek 3k e 1 8 4 Interstate Equi % Inter Equ conv pt Irving Afr Chute (1). Itallan Superpow A, Italian Superp war. Lakey Foundry Leonard O1l.... - COPPERAND TERL NBETTERDEMAND »|Business World Considers Pick-up in Sales as Good Sign. BY BRADLEY W. TRENT. Special Dispatch to The Star. NEW YORK, February 14.—Copper and steel have figured prominently in recent tr;g; :em muflfl b;.n" en- cous usiness W ttract- raged . increased deman per ia‘pnee position as lheo‘zeel industry ded operations. e advance of copper was the immy result of foreign and domes- because orders from ‘a divers! industries, especially automo- agricultural eqt t, road ma~ chinery and machiné tool manufac- turers, showed & slight gain. Price Trends. Although the business world viewed these developments in metals with sat- the critical observers § 856 iy i undred-share lots ated by the letter s (80s) (2508), sold in odd lots, ~Prev. 1031~ High. Low. 3% 30% 12% 20 2% Loew's Loew's Magdal Nelson Pender Peop L Phillip St Regil Sel Ind Sunray Util Equity pf ( Vacuum (4)..... Venezuela Petrolm. . Vic Finan Corp(40c) Waitt & Bond B 1.20.. ‘Wil-Low Cafaterias. ‘Wil-Low Cai ‘Wilson Wright ‘Youkon Gold. . Zonite Products (1) .. RIGHTS. Expire. 1% SouCalEd...Apr20 3 2% 2% 2% 2K Dividend rates in dollars based o - A Lates tn dollars based on last quarterly or semi-anaual s in cash of stoc] S i, pan of stock. b Re Plus 3% in k. k Pl % | payment. lus 3% in stock. % in stock. 3 % | n Plus to balk at 20-cent copper 929, with the result that mil- dollars’ worth of constructio: delayed until the red metal reached reasonable levels. a_small portion aluminum and various metalic combines to compete with it. One of the curious facts about is that today the secret of the ts—that of tempering the metal— remains unsolved. Copper thusMoses to steel and other metals the whole field of cutlery. Research Work. Research work in the steel industry has moved at a snail’s pace. The use of chromium was discovered as early as 1789. Faraday in 1822 emphasized the by ended February 4 and with $3,450,- . | 000,000 & year ago. b and | 000,000, against $1,099,000,000 a week has been progressive in its pro- course, ive duction methods. nt months some of the Stock and Dividend Rate, Ley (FT) &Co (3).. Libby McNefl & L. Margay Mavis B Mid St Pet vic A. Mid St Pet vtc B. Mid WSt Ut (1%)... Mid West Ut (b8%). Mid W Util Bwi.... Mid Roy cv pf (2)... Midland Unit (b6%). MoKanP L (b10%). Nat Investors, it Pub Sv A (1.60). 8T Sec A (350c) Nehi Corp pf (5%). Newmont Min (4). N Y Auction. .. N Y Steam n (2.60).. Niag-Hud Pow (40c) Niag-Hud Pow A w.. Niag 8h Md (40c)... Niles-Bem-Pond (2). Nor Pipe Line (4). Nor Europ Gil Corp.. NorWevpf (3)..... % Ohio Copper. .. Okla Gas & El p! Outboard Mot A. Outboard Motor B. Paramount Cab Mfg. PenderD Gr B .o Pennroad Corp (20c) Ple Bak of Am A (2 Plerce Governor. Pilot Rad Tube A Prudential Inve Pub Util Hold Cp w! Pub Util Hold war. . Puget Sd P&L pf (5) Reliance Int A, Ryan Consolidated. . St Anthony Gold. ... Salt Creek Con (40c). SaxetCouuuvansn Schletter & Zander. .. Schulte Un 5c-$1 St.. Seg Lock & H (50c).. Selected Industries. . Selected Indus pr pf. Sentry Safety Cont, South C Edpt C1% South Corp. . SW Dairy Pr S W Gas Utilitl Spanish & Gen Stand Ol of Ind (2 Stand Oil Ky (1%) Stand Oil, Ohio (2%) Starrett Corp pf (3). Stein (A) & Co(160). Stutz Motor (new) Sulltvan Machine. Tampa Electric (32) Technicolor, Inc. ‘Texon Oil&Land Tri-Cont Corp wa Ungerielder Fin Cp Un N G of Can (1.40) Un Tobacco. ........ Unit Chem pt pt (3) » Unit Corp war: Unit Fou (b2. Unit Gas Corp Unit Gas war UnitGas pt ( Received by Private Wire Direct to The Star Office Bales— Ada%s. Inc deb rts Inc war..... Long Island Lt (60c) ena Synd S Herman (1) % 107% % 3 ¥ 5 S 30 10 ™% 26% 14 30 DGrA (3%). AR AN AR NN BTN e AR RA A S AL R AR ABD - Benwne &P Aaz40 L Inc B 1.60 o &5 s Paper (1).. e (full p stpd). * a SernbonmnaBanaiBaane > Ofl (b5%). Chnnvendumuan BeSa8Rumwere Jones (3) Harg (5¢)... BROKER LOAN TOTAL GAINS $33,000,000 Long Decline in Borrowings Ended—Time Loans Are Off. Special Dispatch to The Star. NEW YORK, February 14.—The weekly statement of the Federal Reserve on brokers’ loans showed an increase of $33,000,000 to a total of $1,749,000,000 for the week ended February 11, com- pared with the previous low record of $1,716,000,000 established in the week Loans for own account were $1,147,- . Loans for out-of-town banks were trasted L C BEARS KEEP CLOSE WATCH ON MARKET Recent Action of List in Re- sisting Pressure Has Made Shorts Nervous. % | epectal Dispateh to The star. NEW YORK, February 14.—The story runs in Wall Street that a big bear operator came back from the South last week and, suddenly appearing on the floor of the Stock Exchange on Thurs- day, sold about 50,000 shares of vari- ous industrial issues. During his raid he knocked down the price of “United States Steel common to below 138, after it had sold the previous day above 141. He is reported to have boasted that he would cover Steel at 125. The stock opened this morning at 144 and went higher later. “~ ‘The position of the shorf interest in the stock market is now the most dis- cussed topic in Wall Street. For months shorts have had their own way. ‘They took advantage of all of the vary- ing industrial, transportation and bank- ing situations that were developing and day after day sold stocks “by the ream.” Several Groups in Street. ‘There have been several important bear groups in operation, one made U] 10f New, York members, another witl that year, when there were a series of important bank failures, the market dragged along, and in the early part of 1908 began to show the same kind of resistance that it has indicated in the ast few weeks. There was one big ar group at that time that over- stayed its market. ‘Those who were active in that period well remember the sensational Saturday morning epi- sode followed by the suspension of one of the largest operators on the New York Exchange. The theory that bears always sell at the top of the market and cover at basis the the bottom has as little as 14 | supposition that the bulls invariably buy at the bottom and sell at the top. An analysis of the volume of short sales would probably indicate that these are greatest toward the end of a prolonged decline in stocks and small- 5% | est when a rising market is reaching its crest. Consequently, the position of a short interest is always most pre- | PO carious after & period of extreme liqui- dation, just as is that of a bull pool when a public that is madly speculat- ing for a rise begins to consider the advisability of selling its stocks while it still has a profit. Short Selling. Considerable interest has been taken in the statement made by Eugene Meyer, jr., governor of the Re- betore the banking. and oey it ore the bal and currency sub- committee, which was considering his nomination. Mr. Meyer in 1909 was reported to have written an article de- fending short selling. According to his statement to Congressman McFadden, wrote this more along than at present. favor 'mmflcufii !k:“m l;].fln‘m n"“ He suggested that publication of the ires of short sales by the New York Stock Exchange might be helpful in correct- ing short selling. It is understood that these figures are available and that frequently members of the Stock Ex- change are asked to reply to question- naires covering stocks loaned or bor- rowed. One of the theories that has been presented by those favoring short sell- ing is that the short interest provides a “cushion” for the market during the period of liquidation. Some of the earlier and strongest advocates of this opinion are now known to have aban- doned it. It has not worked out in a number of trying situations in the last few months. (Copyright, article he was academic lines not” now when he t 'Public Utilities BY GEORGE T. HUGHES. (This is the twenty-fifth article of & series on the subject of public utilitles, covering the principal operating and holding companies, field the capital ucture. M. discuss bonds as well as stocki present the facts without any atte to recommend purchase or sale of specific securities.) Public Service Corporation of | New Jersey. Because of the ice of the territory it serves, Mfi"‘u its long record of profitable operation, the se- curities of the Public Service Corpora- giving their history, of operationi and an analveis of st Minnesota FINANCIAL SMALL INSTITUTIONS LEAD IN U. S. GROUP BANK SYSTEMS Has Largest Number of Units, *Says Financial Expert—Contaét Agent Used in Organization. A study eomrleud during the early part of 1931 of 1,500 banks belonging to groups shows that 54 per cent have resources of less than $1,000,000, says G. T. Cartinhour of the department of banking and finance, New York Uni- versity, in the current issue of the Bankers’ Monthly Magazine. It appears, therefore, that the group bank move- ment is primarily a movement which is bringing relatively small banks together. Considering the movement with re- §) to the various geographical sec- tions of the country, it npfiu’a that the largest percentage of relatively small banks in such systems is found in the Western States. Over 71 per cent of the banks covered by the compilation for this region have resources of less than $1,000,000. Other sections rank as fol- lows: Southern States, 61 per cent; Pa- cific States, 57 cent, and Middle Western States, 53 per cent. The de- velopment, in this respect is less notice able in the East and New England, where banking is supported by greater capital mmul:‘uoln 1 . e comparatively large proportion of banks with resources over $10,000,000 affiliated with groups is due to the fact that every system of importance is as- m:.udb:rlltkh at least one large metro- politan y }‘t appears that thé largest percentage of small banks in group systems is found in Oklahoma. Over 83 per cent of such banks have resources under ‘These facts are presented as & result of a survey, conducted by the writer; of 50 of the largest groups, mntrolnn’ resources of about $6,400,000,000. I this survey mybemumedwberm resentative, less than 3 per cent of executive officers of affillated banks have been released subsequent to acquisition. Personnel Retained. ‘The group organizations are anxious to retain the co-operation of the people and keep the personnel contacts with local officers, so business will not be lost to some other bank. A wholesale dis) ent of , particularly in phcemm.“ communities wherev:ho perso- nal relationship is stressed, would ob- viously be suicidal. ‘The group form of claimed by someé to ada to American conditions, in lieu of extensive, legalized branch as it oflerlmthn advantage of maintain- tion is $1,000,000. Other States rank as follows, | ings and on a percentage basis: Iowa, 79; North Dakota, 73; Texas, 70; South Dakota, 70; Kansas, 68, and Minnesota, 66. The percentage shown for Minnesota is very icant since this State has the largest number of group systems in country. Officers Not Replaced. The contention that the group plan resyjts in a substantial displacement of executive officers appears to be in- correct. Under the typical plan of or- ganizaf ir with those afforded the largest gmpollhn sufi';m ‘banks. up in the | few words, the potential advantages a bank hol corporation over unit bank are to‘:: derived number of expcrlam nced ban] ition each bank continues to oper- | its stock ate as a separate unit under the man- |and agement of its local officers and direc- tors. The central mas ent or cen- tral ad or tee us- ually maintains contacts between the member banks of the group and the central bank or holding compan; having at least one officer of the bank on the board of each k and one vice president assigned exclusively as a contact agent with the local management of each bank. This official supervises operating methods and obtains for each affiliate the aid of any department of the parent organi- zation. The central office also exercises of tested stand- m’"‘;{ suj affiliate subject to the disadvantages of banking, is relatively desirable. o WHOLESALE PRICES INCREASE SLIGHTLY Textiles Advance, but Gains Are Offset by Losses in Many Other Groups. ‘The weekly wholesale price index of the National Fertilizer Association, based on 476 quotations, declined eight frac- tional points during the week ended February 7. During the preceding week the index number declined five frac- tional points. The index mnumber now stands gt 76.4 compared with 77.2 for the preceding week and 93.3 for the cor- responding week a year ago. Of the 14 groups comprising the in- dex, one advanced, 6 declined and 7 showed no change during the latest week. The group of textiles advanced slightly. Fats and oils, foods, grains, feeds and live stock, building materials, metals and miscellaneous commodities declined. Thirty-two commodity prices declined during the latest week and eight ad- vanced. Lard, bt lower. Cotton, burlap, corn, oats, wheat and tin prices advanced slightty. NEW YORK COTTON ' NEW YORK, February 14 (Special). —Though cotton prices touched high levels of the week during early trad- ing today, the market ran into week end profit taking and Southern sell- ing at the higher level and a setback isfl“ the list 3 to 8 points lower than on day. Mill price fixing based mllntl.lna a very tone March closed with a loss of over 3 points on the day, compared with a decline of 8 points in January, Spots were reduced 5 points to 10.95. tion of New Jersey have long occupied | May a _prominent place in the utility field. | Ju ‘The eolgonuon'l direct funded indebt- edness is comparatively small, but the subsf have large obligations out- stan , all of which, however, as far as they are assumed or guaranteed by the parent company, are high-grade in- vestments. h One of the most interesting issues in- cluded in the former classification is the perpetual interest-bearing 6 per cent certificates, These have no maturity date and although secured only by stock have the credit of the Public Service behind them. In recent mar- kets they haye sold to yleld well over 5 per cent, an attractive return for an in- vestment pf that grade. One drawback is the compar: market inactivity, h!l;lt til,ul 1{‘ o§ Iitflgehnwrunmu to those who buy for long-term holding ‘The Public Service ration has four issues of preferred stock, paying 5, 6, 7 and 8 per cent dividends, re- spectively. They are all non-callable, an important advantage in times of ad- vancing prices for fixed-rate invest- ments. They all have equal claim on ative earnings, but the 8 per cent preferred, as a matter of right, shares in any of- fer extended to common stockholders to subscribe new capital, whether in bonds or in stocks. Public Service common stock fluc- tuates in market price over a wide range. From the high of 1929, which f | was over, $137 a share, it sold down to week to $1,903,000,000, compared with $1,915,000,000 on February 4, the previous low on the recent mog,x and with a recent high on Deceml 3, 1930, of $2,117,000,000. The New York Federal Reserve Bank rediscount rate remains at 2 per cent. W., B. & A. DEFICIT. BALTIMORE, February 14 (i itimore & The Wi oits a low of $54. In 1930 the spread was not quite so wide, but even then there were almost 60 points between the high and the low. ‘The present dividend rate on the common is $3.40 a share annually. In 1929 earnings available for disburse- ments on the junior stock were $3.92 & share, not a large margin, but sufficient. The accounts for 1930 are not available at this writing. For the months of the year there was only a negligible falling off from the same jod in the preceding year, but in the t three months metsbo'ed some effect of the Eunn pression. In normal times the common stock is to an investment rating. first nine Chesapeake Bank. in Gircult. Court by the Public Indem- n . tion alleges ,the com| bond &1 $20,000 headquarters in Boston,"and a third in Detroit. Estimates of the extent of their uncovered commitments have at different times ranged between 5,000,000 shares ang 7,000,000 shares. akot The situation at present, from the bear standpoint, is not unlike that in 1908. Following the steady decline in | signifi prices of stocks during 1907 and the 7 | culminating episode in the Autumn of January Ceto o am CHICAGO DAIR CHICAGO, February 14" (/).—Butter —Receipts, 12,133 tubs; firm; creamery, extras (92 score), 27; standards (90 score, carlots), 26%; extra firsts (90-91 score), 25%a26; firsts (88-89 score), 25%a25; seconds (86-87 score), 2312a24. Eggs—Receipts, 14,384 cases; steady; prices unchanged. Bond Issue Awarded. BALTIMORE, February 14 (Spe- clal).—An issue of $1,000,000 Anne Arundel County (Md.) 4%z eger cent school bonds to a p:led f Chase group com; o les Corporation, New York; Bal- ., John P. Baer & Co., and 3 & Middendorf, of this city, on a high bid of 4.10 per cent basis ahd was rej as a good price for the securities. Nine bids were submitted. CANADIAN FOREIGN TRADE IN DECREASE / Drop of $593,281,000 Shown for 12 Months in Bureau of Statistics’ Report. } By the Associated Press. OTTAWA, February 14.—Canada’s total foreign trade for the 12 months ending December 31, 1930, was $593,« 281,000 lower than the same period in 1929, the Dominion Bureau of Statis- tics revealed today. Imports into Canada fell from $1, - o:zd.ooo in 1929 to $1,008,479,000 :Ilt;l?’fl and exports from $1,208,- 338,000 to $905,370,000. Of the total 614,000 came from it $653,707,000 from the United States. ‘The in 1929 were corresponding figures $197,777,000 and $893,585,000. The fig- ures showed that thé Unif utter, eggs, pork, e:me, Brif sense than Great L In 1929 Canadian goods to the value of $291,831,000 were shopped to Great itain, but in 1930 the volume was Canadian ited States suffered more in a trade ‘Britain. country were $412,126,000. —_— EXPLOYES GET $984,562 IN DIVIDENDS IN YEAR Special Dispatch to The Star. NEW YORK, February 14.—Nea! million dollars in 4 March | om, and | and C; this year or $531,000 was ployes in the Cincinnati area. ‘The employes, under the sharing plan, either o;;n”gu Forthcoming U. S.-Report Is Likely to~Indicate Reduc- tion in Holdings. back seems to be the indisposition shippers to come into the market freely on the contention that Eastern demand is very slow. On March 1 the Government will is- be pecullarly | the it i i f i p % il § | ; shls i 4 & 3 | !! i i i i % i i i d k E £ i A | g of § 3 i COAST LINE’S NET . Railway Reports $7.58 Earned on m: Dividend day is being celebrated to- | ferred ‘d’;yb; l;.l of the pllncu;sm ew York, Kansas » St. Louls and Hamilton, Ontario, . e ARGENTINA'S EXPORTS. f of 74,263,000 gold Proximataly $35.346,000. Desoe (P STOCK AND BOND AVERAGES By the Associated Press. SATURDAY, FEBRUARY 14. STOCKS.