Evening Star Newspaper, December 2, 1931, Page 14

A—14 #xx FINANCIAL, THE EVENING STAR, WASHINGTON, D. C., WEDNESDAY, DECEMBER 2, 1931. FINANCIAL VTARTINANEE UINT || NEW YORK STOCK EXCHANGE | [BONDPRICES SINK [ox sow xoue BONDS stocx mxcmwvce] (NATURAL GAS LAW Received by Private Wire Direct to The Star Office. Wire Direct to The Star Office ~—1931- Stock and Bales— et. 40 197 Sterling Secur cv pf. 1 Lib 3% 32-47..134 100 9929 9929 | Int Cement .o 3 Hish. Low. Dividend Rate. High. Low. Close. Chge. | 21% 4% Stewart Warner.... 9 L1st43%s32-47 19 100 22 100 20 100 22 | Int & Gr Nor 6s°52. 9 295 10 Noranda Mines..... 14% 134 187 645 121 Stone&Webster (m2) 4079s L 4th434=33-38 89 100 30 10027 10029 [ Int & G N ad 6s'62. 5 Possibility of Agency's Re| =i si, NriEisiiny. il i I | Wabash Reoeivership Cawses v sfii- it Y21, St ) S Bl Power of States Over Indus- 315 North Am Aviation. 9319 9316 9319|Int M Co bsret'dl.. 90% 26 Nor Amer(b10%stk) 3 5 1% % Superior Oil... . 78 vival Starts Discussion | &7 41 NorhAmerpt()... 2 45w a5 154 3 Supetior Blse 5, _ | Further Slump, but Losses 715 710 o713l Imsarbrenr o try to Be Defined by 9718 | Int MM col tr 6s 60% 17 Northern Pacific 3) Y 17% —1%| 15% 11% Sweets of Ame: $543-47..132 97 14 9713 97 14| Int Pap 58 A "47.. in Wall Street. 19% 6% Ohlo O1l. % — % |8 1 Symington (A.eo..en Are Reduced. %s46-56.. 30 9913 9912 9913 26 4 OlivFarm Eq pr pf.. ’ 21% 128 Telautograph (1.40).. 13 104 25 10451 10431 | Tat Taror 434839 8% 1% Omnibus Corp..- s s 2 E90 (B i meten Cond Int T & T 5856, ... 85 60 Omnibus pf (A) (8).. . “ xas s - . -+ Bales. High. Low. 2:55 " BY FRANK H. McCONNELL, 75 4% Orpheum Circult pf. 55% 20% Tex Guif Sulphur(3) BY F. H. RICHARDSON, ABItDI PAP 6863, 11 39 35 35 }:}y 11>.u:ls'1- i BY GEORGE E. DOYING. Astoclated Press Financial Writer, 5814 204 Otis Elevator (23).. 2 215 Tex Pacific Coal&Oil, Spectal Dispatch to The Star. 88% 883 y - . The legal aspect of the power of the 39% 2015 Owens 111 Glass (2) 5 22y “ 4% Tex Pacific Land Tr. " NEW YORK, December 2.—The bond | Alleghany Cp 5: 3415 9 States over mp: natural gas industry NEW YORK, December 2—The tale | _“2e 22 Swens (i Tace 20 = e 815 The Fair 1). 9 market today again dropped to new low | Allegheny 55 '49. 27 3% 92 has been further complicated, but at of the prodigal son may be reversed in | 544 29% ;,“:flc t?'ndx‘mg @ 9 2 Thermoid Co. levels for the bear market. The rails|Allegheny &s'50... 1 Jugosl Bnk 7s '57 the same time advanced a step toward SIS O e s o P Sl e £ led the decline. Trading’ was fairly | Am Bect Sus 0035, Kan City Sou 380, final _determination by two actions of b a 2 -, e b ~ om 20, N m L World War child. 131% Pacific 191&:]‘! 2 (7) J 1 Thompson Starrett.. P;‘{]‘}; receivership proceedings against Am Intl 534849 . 3 m%s:pgs‘lxelgg‘t‘f;nofc?;,umd shh:;:é After an active life in Washington's Y Packard Motor (40¢) - it 17% Thomp-Star pf (3%) the Wabash railway was the prime in-|AmIG Ch5%s'49, Kan G&E 4%3 ‘30 4 | decision of l:he court that a mgfmw war-time family of governmental bu-| AT A e s 9 9 3% Tide Water Asso Oil. A fluence at the opening and virtually all | Am Metal 514534 ‘ EaTaatec 3% 2 law enacted in 1930 for the taxation of s and DOS(_‘F g :dhe 3’?1”5 ATk & Tilford, % 3 3 3 20% Tide Water A8 p(6). railroad descriptions declined sharply. | Am S&R 1st 6547, Kreug & Toll 5:'59., 1 |natural gas pipe lines is invalid. The “mrxvmg C&TE‘?} Tos, and its abiairs| 3 % Park Utah.. 194 Timken Roller B(1) . Shortly afterward, however, the an-|Am Sug Ref 6s'37 Lackaw St 55 ‘60 N 5 |other action was the decision to hear a Wound up, except. for & fow minor trans | 23 Pathe Exchange. ... 7 Dorasc et ste, ; s At sl Osnadian bl | 4030 ST ¥ Uiy Laclede 5%s C'3 Sae tom Kansas invlving the Temsan. - s 4 i >athe Exch (A) 3 conan ¥ ¢ 2 ration boare agree a per 9 7 , | ableness of the 40-cent rate cl fer great power Bl Penn Dixie Cement. . Tri.Contl Corn DE(e) rifi:slsc:]\gcd a run-up in domestic car- AmW Whi'bs 34 ¢ M;r“h‘cmom{ugmy Jmtlct;naolmia‘;n the o e ould 16 e ”;‘;é’i‘»llqr(:,'gd‘ ";zx:; 2 3 | oA Tos Sy SoRl Lo Wabash B 55, which were put out |Am Wat Wks 6575 = to be at variance with that of Justice b R T I A L I U —ul 2 fELiineon stesiitavo) 8 only last July at' 1003, fell 13 points o | Argentine 5545, . . : Butler in the East Ohlo gas case, de- Corporation. Just as it helped to keep| $ ere Marquette Ry.. 1 Hg S S ki) a new low. Other junior bonds of the | Arpentine 6 i4s 63 . Lorillard 68 ‘51 cided last May. The latter held that American private industry alive during > Mz ette pf... 20 E e road sold arcund 10 cents on the dollar | Argentine May 61 . Lorillard 5%s '37 the State of Ohlo could levy a tax on and immediately after the war, they be- | 92 Pere Marque : 3% | s Underwood-BILF (3) and the prior lien 415 declined more | Argentine 63 Ju's9" Lorillard 7s "44. the sale of natural gas brought from lieve it might stimulate the heartbeat Yet Corp of Am (1 4 5 5 ) Union Bag & Paver.. 1 Y than 15 points o a new lov‘v ”fimdaf' Argentine 63 0c'so. La & Ark 5560 4 ?m"m{hsfiw %%sfrxs‘; Hon. T mkflg C sines: v 5 s Phelps Dodge Co. ... T 7 | Jnion Carl .60).x 78 3 St. Louis-San Francisco prior lien ~ | Argentine 6s A '57.. Lou G & El 53’52 1 4 | Yo another for ution. was W Rnriogs busiaem todey. 8% Phila&Reading C & 3 : Union Oll of Cal (2). 2 bonds of a road which has only recently | Argentine 65 3 '55 ., L & N uni 4840 <|that the change from high pressure in Plan Excites Discussion. Philip Morris&Co(1) 9 515 Union Pacific (1{0‘1“ . succeeded in refunding part of 1;,; first | Arm & Co 434539, Lyons 68 '34... ;mfl‘ifll{;&fl%fi Dxipe line to low ’vm:lflg The idea has been actively discussed Phillips-Jones Co. .. 3 Union Pacific p! s | mortgage debt—were under 30 for the | Arm Del 535 "43. 4 n the ribution mains was in smc};‘\}’r::idem Hoover announced his Phillips Petroleum. . 3 E },:nsan’xk c,.;t(u\h first time, off over 4 points. Frisco 4148 | Atchison gn 4a '95 McKes & R 5% 550, a broken package by which the product six-point program ea in October, Plerce-Arrow 7 nit Afreraft. .. - Manh Ry 18t 45'90.. lost its interstate ch > * were 3 points lower. Atchiscv 43 b los! nterstate character, which included the plan of the Nationai Plerce Oll. .. Unit Afreraft pf (3) . Nickel Plate 6s, which mature next|AtlCTL.1st 48 52, 6 Market St 75 '40. ... Credit Corporation. He also said at Pierce Petroleum. k) Unit Carbon. . . : Marseille 65 ‘34 Would Tax Pipe Line. - year to the amount of $20,000,000, were | At C L 415 64. ... - that time that, if necessary, he “would | s 15 Pirelll (A) (m3.13).. 8 Unit Cigar Stores. .. 2 y 2," 6 points. Nickel Plate 415, issued | At Gulf 65’59, Midvale St1 65 The Mississipp# law, however, under- recommend the creation of a finance 35 Pitts Coal pf B Unit Cer Strs pe(6) last year at 97%, sold around 25 cents|Atl Ref db 58°37. 4 Milan 6%s 52 took to tax the pipe line itseif. The rporation similar in character and 5 I . 3 5 Unit Corp (76¢). e 9 7 6! o0 the“doliar’ YToases! of: 2 points or|Australia 434s 66 Mil E Ry & L 68 '61 9 line in the case before the court starts Purpose- 1o the War Finanoe Oorpora- 3 Poor &Co (B). 6 4L 24 354 UNIt Corp pf (3)eaeax b5 Sre coourred B Rlsstanr i ot lAuciin o n ! M) El Ry&Lt 63 *71 in Louisiana and ends in that State, but Hon, with syatlatle funds siMmclsat Tor 1, Postal Tel&Cable pf. 2 4 7 Unit Fruit (3) 7 % dian Pacific 4';s, Chicago Great West- | Australia &s 57 M StP&SSM en 47% | passes through a section of Mississippi. any legitimate call in support of credit.” 51 Prairie Oil & Gas 3 6 6 6 9% U'nit Gas&Im(1.20)., 87 22 ern 4s, Chicago & Northwestern 43%s,| Austria 7s '43. ¥ 3 36 | The pipe line company at twuuggints in ‘As yet the proposal has apparently| 26 Prairie Pipe Lin : 9514 Unit Gas&lm pf(5) : 9 Erie Refunding 5s, Tllinols Central 43,5 | Austria 7857 ctts. MK&T 1st 4890 Mississippi sells gas to local distributing not advanced beyond the realm of con- % Pressed Steel Car. g 2 U S Distributing. ..« Snid 45 of 1065 Lovisians & A-kances MK & T adj 58 '67.. companies. Before the gas is delivered versation, but this conversation has| 711 39% Proct & Gamb /2.4 é 3% 433 2 S & Forn Secur. S B e A L Bl 4 Mo Pac gn 48 'T6. ‘ 2% | to the distributors its pressure is re- grown active in Wall Street of late. It| 11214 Proc &Gamb pt (£).. s 98 3 7% U S Freight... 7 7 tral Refunding 5s, Pennsylvania 8l4s Mo Pac bs A duced. The price paid by the distrib- has been suggested that such a cor-| 6 13 Pro & Refiners. ... 5 U S Gypsum (1.60) .. 7 and Southern Pacific 4%4s, e g-g,"- utors is not determined until after the poration might have a mildly inflation-| 9614 51% Public Sve NJ(3.40). 32 5 US Gypsum pf(7) With the Wabash already in recelv- MOP-'-‘BIH_" gas has been used by the consumers, tendency, which would tend to| 10214 Public Sve NI pf (6), 2 87 U S Indus Alcohol Pl et (o e Mo EacEmEL ANy | there being different rates applicable to break the vicious circle of deflation, if | 1201 Public Sve NJ pf (8) 215 1024 102 57 U S Leather (A) 6 o oA dlfciltes e mA ek e o Pac rf 63 domestic and industrial consumers, i has not already been broken. It| 160% 1341% Public Sve N J pf(8). 39% 139% 3 U S Leath pr pf ed weak, the general list following car- 3 The State of Mississippi contended has been suggested it might make loans | 581 19% Pullman Corp (3)..e 5 9 9 8 US Realty & Imp rer bonds into lower und. . Montesidon e that the transporting company was en- to the railroads and to other corpora-| 11% Pure O1l. b 4§ U S Rubber . Ny York Gantial 45:0 Pennsylvania | By MontavidaTaiine. gaged in intrastate business, because tions which may be unable to meet bond | 1017% 64} Pure Oil p U S Rubber 1st pf... 220s 4 61,8, Missouri-Pacific 55, Erie 58, Cana- Slum 638 45 or&Co 1st 434’39, after bringing the gas into the State it maturities owing to the abnormal con-| 55% 12% Purity Bakerl. 26% 12% U S Smtg & Ref (1).. 3 Alens Pacific 4145, Chicago Gerat West- Belgium 78 55, .- 4 | Was transformed and furnished to cou- dition of the bond market. 27% 5% Radio Corp, 152% U S Steel Corpn (4).. 6560 R Ao Rl general 4s and Alle- | Belgium 7866 2 92 sumers as they might demand it. Jus- Of course, there is a wide range of | g% 40 RAGI0 Corp P A 3% L R E ey (1) ot 22 ghany Corporation 5s were from 1 10| Bell Tel Pa 5a B 48 Netherlands 68 '72.. 10 10214 10234 102 | tice Holmes, however, apparently did opinion in financlal quarters as to the| oo Radlo Corp (B) (5) .. 4 9% 1% United Stores (A)... 8 21, points lower at the start. Wabash | Bell Tell ba ts C 60 NBng T 1st6s'52.. 13 104% 104 104 |10t consider this of much imj ce. necessity or advisability of reviving the| gy, 17" 12010 COIR (0) (Vo- 28 52 21 United Stores pf (4). 13 bonda reBeotad tha, news. with ‘s ShaTD| Becli b pe NOT&MbsB 64, 1|, “The Work done by the plaintift,” War Pinance Corporation. Critics hold 72 Ravostoanian(10) 2 413% 16% Univ Leaf Tob (3) 2 slump. The 55 of 1080, which were i | Berlin G s 2 NOT&MbE%s’S i | his opinion said, “is done upon the that setting up the corporation, once & | G718 43 Reaging Ry (4) ; 3 SLL_ 8. UUI Bwradit (A) (2 2 sued oply last year at 100%, sold close | Beth Stl pm b5 NG SWALes SN flowing gas to help the delivery, and sort of war lord over private industry, 3 Real Silk Hoslery, : : 3 T2 % Vadasco Sales Corp., 9 toan hivoint dkente Beth Stl rf 5348 '42 seems to us plainly to be incident to might lead to Government encroach- 3% Remington-Kand. .. 3 " $1 U4 T Van Bedle......... 100s Forelgn dollar bonds also declined. | Bolivia 7858, ., rs. the interstate = commerce between ment upon private fields, and that it % Rem-Rand 1st pf (1) K1y 18 6% 134 Vanadium Corp..... 1 ' | British 51,5 broke a point to near thelr | Bolivia 8547, Louisiana and Mississippi. The plain- might be subject to serious abuses. 3 Reo Motor Car(40c) 71% 32 Vulcan Detin (4) revious low. Italy’s Ts, Rome 6145 and | Bordeaux 6s ‘34 e Hff stmply transports the gas and de- Formed on May 20, 1918, the War 5% Republic Steel z 6 7 — - e Were off about & point. Ger- | Bos &Me b *61 N Y Cent 4145 2013, livers it wholesale not otherwise worked Finance Corporation advanced $690,- Hooublic Stesl ot ., 4 Wabash RIL. .. 93 i T sbadhe B e DA { Crf4ths 2013, over than to make it ready for deliv- 430,100 in loans up to November 30, il Metls(1%) 4 < Wabash RR (A).... 72 Americans reflected the new defaults in | Brazil 6148 27, .- ery to the independent parties that 1924, when, officially, it became extinct. Ry e oA (8 97 9 % Waldorf Sys (134).. ety Bresilsoti dispose of it by retail” Of these $690,431,100 of loans all 5 ynoids Tob B (3) 2 7 5 Walworth Co....... E Just after the market cpened. the BE K gu s 1s NYC LS cl 3155'98 4 “But,” sald Justice Butler in the but $220,486 have heen fully repaid + '8, Richfield Ol " y a 7 vard Baking (B)... award of & 10 per cent wage reduction | BKlyn Elev 635 NYC&St L 4s'37., Ohio case last May, “when the gas with interest. This small balance, still f i Rio Grande Ofl. ... 25 Wi e 5 3 by the Canadian Government Board of | Bklyn Man s * NYC&StL 4158478, passes from the distribution lines into outstanding, is well secured and there| 7" Rossla Insur (2.20), ¥ Warner Quinlan.... 5 k Arbitration to the Canadlan National | BKlyn Un 1st 58'50 NYC&StL5 % 5A'74, 3214 | the supply mains it necessarily is re- is reason to believe that it, t00, Will be| 493 131 Roval Duceh of NT. 6 15% 18 5 Warren Bros and Canadian Pacific Railroads was an- | Budapest 68 ‘63, . NYC&S!L 6532 lieved of neerly all the pressure put taken up as soon &s cONAIONS thaW | et s Koval Dutch of NY. . : 2 32 4 Warren Pipe§ Fy 1.3 and gan Brs s Al Rt N Y Edisn 6s B'44.., upon it at the stations of the produc- out a little more Safeway Stores (5).. } i WEekson OIRBNG(2), : Buff Gen El 442’31 N Y Ed 1st 6% 541, ; 4| ing companies, its volume thereby is In the meaniime the ocorporation Safeway Strs pf (7). 9 9 5 West Pa Elec A (7). ag- ( - BR& Pitt 450 5h NY ELH&P 4849, 9 ;| expanded to many times what it was made net profit of $64,352,769, which 9% St Joseph Lead (1).. 1% 11 ; . 20a SHORT-TERM SECURITIES. |BushT Blag ¢a's0 NY ELH&P 65 '48.. while in the high-pressure interstate it peid into the United States Treas- Sil<Banigrinoiseg, . S 2 au | v ..o 1208 82 (A s e NY NH&H db 4557 transmission lines, and it is divided ury. This is 280 times more than the % StL-San Fran pf(6) | West PaPwr pf (7). SRl iz 1 o 0. NY NH&H 434887 into the many thousand relatively tiny NY NH&H 4s'55. , streams that enter the small service . et Bid. Offer. . S St Louls Southwn. .. 3 Western s g Allis-Chalmers Co. 55 198 %9 “%0 |Canada 5s’52. emaining balance of unpaid loans. 4 s-Chalmers s J r g p NYNH&H cd 88 lines connecting such mains with the Savage Arn 9 Western Maryla . American Chain Co. 6s 1933 92 93% | Can Nat 43458 '57 48, Work of Corporation. Schulte Retail Stores 5 Western Md 2d pf... American Tel & Tel. 538 ] lgg'a Can Nat 435 '68 NY O&W 1st 45'93 . pipes on the consumers' premises. So segregated, the gas in such service e y % 3 Western Pacific..... 3 . 5 Baltimore & ‘ohio D1 15331034 8% 87 Can Nat 5a July'sd NY Rys | R While leading spirits in Wall Street RBANCAIN AlCLing. o 3 w Pacific pf Baltimore & ohio 4y 1 e T | CARNatEstulyes. ys Inc 6565 finance are naturally reluctant to en- % Seaboard Ofl. b | 'estern Pacific p k Belding Heminenay Oo. 6x 106 8, 1% n Nat 58 Oct '¢9. NY Tel 434s 39 lines and pipes remains in readiness or courage the formation of more Govern- Qi o o 9 DO 6 Canadiun Nor Ry 4ihs 1035 30 s Caar ;"‘;bd.:'o“ el T Toves forward to serve as needed. The Bt burcui, Khey Swve copetully Second Natl Inv pf.. E 1 Vestinghse AB(2)... Shi: Northwesiern K. R8¢ 1633 ... w7 Can N b . 12 Sh Md 6% s '50. treatment and division of the large died the unusual history of the War s Servel Inc 5 3 Y | Westinghouse (23) . , 934... 57 873, | Can Pac db 4s. Nord 6% '50. compressed volume of gas is like the st;l = o % 81 Sharon Steel Hoop. . 7 37 7 Westvaco Chlor 1.60. Cle 97 | Can Pac 4%s'60 Norf South 55 '61. breaking of an original package, after 2 When the United States took up the 3% Sharp & Dohme. ... 5 5 5 White Motors. ...... E Colaracs & Sy a a1, 3% |Can Pacbs 44 Nor & Wn cv 483, shipment in interstate commerce, o ‘billi it Arilen 10% Shattuck(FG)(11%) 5 % White Rock (14%).. 2 Delaware & Hudson Co. 55 1935 99% 104 | Can Pac 5s'54 74 4 No Am Co 55 "1 order that its contents may be treated, bayonet it needed ons of ollars 5 11 White Sewing Mach. Denver & Rio Grande 4%as 1936 71 | CarClin & O 5538 101% 101 Nor AmE§ 8. sale = y retail.” for foods, ammunttion and fransporta- % Ean N " White Sewing Ma pf. Goneoh Accen, Corn. & 1007 103 1034 | Car Clin& 0 6863, 1 9707 orir NorOT & Lya -4l BECDSIARLcc Ral Azt sl fa T N A e Wileor ON & Gag. s 3 General P St s s Had0 ‘g4 30| Cent 1 GaE sws1: 1 Son S0 oo | Nor Orn &L Sa 1. Towa Law. g:esggvd {l-nclelkdflnu?;::n;l:&mpi::%mg 4:’: S P Tea F # 4 Willys-Overland.... F Grand Trunk of Canada s 1938 93% 93% | Cent Pao 48 '49 Ner Pac 4857, , The decision in the Mpu case y Nor Pac r 1 68 2047, presumably also will affect a 1931 law Nor St Pw 58 A *41. in the State of Iowa, where about 1,250 Nor St Pw miles of natural gas pipe line were made subject to a mileage tax. All of these lines originate outside the State. - e T x C. Houston E. & W. Texas 55 1933 ..... 98 . % 5% Sinclair Consol Ofl.. | Wilson&C.. ... Humble Ofl ‘5155 1932 ... ... 100 Cent Pac 55 '60 e e Finanoe. Corporation was| 12% 8% Skelly il 3% 3 | 723 Woolworth (1140 Eaclede Qns Lish ‘Ga: 65 1534; ‘3’ ‘8% | Cen Ry NJ £ 6 Norway 68 The Kansas case which the Supreme Court has agreed to hear is an appeal by the Western Distribut Co. vs. created to meet this emergency. It Public Service Commission, wherein the loaned $71,387,000 in the first six = months of operation. After the armis- Snider Packing. .. commission refused to permit increased rates because the company did not tice, America’s railroads and export Eoppvasnnhe trade were in financial straits. Con- Sratrlaiain Ll gress authorized the War Finance Cor- e A ration to go to the rescue. It did, e Toaning s86,700,000 ‘in 1915, A AU So eflective’ was the war child's Bt i TR P T Wabash Rwy. Co. 58 103 CHIIAT o osits Pac GAE § prove the reasonableness of the 40-cent moves that Congress widened fts abii- 4 Sparks Withing (1) s z & —_— - Chi M & St P 45 '89. k Pac T&T 1st § “cit; g Paye it el.nspn.rt ity. Soon the corporation’s directors Spiegal Miy:Btarn 4% 2% PeopGL&C..Jan15 9 3% 2% 3 Cu&szrug:sg . '17 1:‘1: yco‘l:l rfl}e it Pnyisufi‘w “fln o ! D/ 2 - .o e 89.. N - were passing on Tequests for loans et S N o e TREASURY CERTIFICATES. oyl s alipneg The State of Kansas s relying upon the Supreme Court’s decision in the Tllinois Bell Telephone case to the effect that a State commission may inquire into the reasonableness of Stand Brands (1.20). C M StP&P 65'75..17 which varied from money needed for £ Bis 4 4 ! 0 5'75..172 shipping locomotives, to requests for 2 Stand Comel Tobacco 2 | 10:30 AM. X q (Regorted by J. & W. Seligman & Co) | C M & St P ad) 5 prices paid to a holding or affiliated company. money to carry the cost of stocking a Stand Gaskil (3% ). 1:30 P.M. X M. X e T o5 | Chi&NW g 3% Upon the outcome of this case may " 17ss Dec. . ; : ! ; Paris-Or 5 farm with cattle. o AT ) 5 15 Dividend rates us given in the above tatle &re the annual cash Dec. 15 D3 % Sl & NN an ek, St e depend the necessity of Federal legis- lation for control of natural gas pipe ‘ 4 25’ Mar. 18, 193 Chi RI& P rf 4s'34 Pathe Exch 78’37, Stand Ofl of Cal(2%) : payments based on the latest quarterly or half-yearly declarations. Zf% lines. Supreme Court. » “ P EBrammrannodolve-ol tavhanBovcseSnananbose P o= - @ SR NON A NDDE DA R R OGS 00— Worthington Pump.. Loulsyilie "¢ Nashyille 3¢ 1937 : Cert-td db 5%s s ew York Cen : Wrigley (Wm) (4).. gonh“}‘mnn! Iézlevfl "T‘u}‘m' Ches Corp 5s°47... 16 3% Yellow Truck 11 enna 0. 8125 - 103 C&O gen 4345"92., 76 17 Yellow Truck & Cpf. 20s Forastia froncial Blec. 58 1838, "84 %% | C & 4358 B 95 29 11% Young Spr& Wire(2) 1% Sinclair Crude Oil Co. 5%as 1938 99% CB&Q4%s'7... 78 19 Ygstwn Sheet&Tube. 19% ggm,::erlnMPs-cgl; i CB&Q1strf 5s'71. 5% 1 Zenith Radlo 1% Union Elec. Lt. & Pow. 100% 102 ' | CB&QIl1dv334s'49 14 7 Zonite Prod Corp 8 on 1L, Co."of Callf, 8¢ 1535 ‘%% amgs':n;vm Seel. Orient dev D — o L B2ls aA% T ‘est 4s'59. 48. aro o Norway 6s’52 Oreg-Wash 4s°61. Orient dev 5345’58 o SSarmox @ NS (00 2 N e B - e SR 0013 00 D OT R 0 932 12 3l4s Dec. 16, 1931-330. 100 1-32 a Penn 4%s D '8 -dividend. sLe: 100_shi 1Partly extra. 1Plus | 11; o ChiRI&P 4%s'52 Stand O1l Exp pf (5. : % s hock. Bius oheh st 100pshares yeaiz o Tectiar yate: | 1708 Sept. 15 1932 ol Chi R Icv 4348 '60., 26 Penncv4¥s . 17, v o —_—— Baltimore Markets Stand OIINJ (12)... ‘ B PR 35 oot © THE 800 crel o ok LRl 8%, In wiock: ChiTUnStes'dd.. . 1 597 gy | Eenn En 434865 Sterling Secur (A).. . 2 n o o B Dl ~ Chi Un Sta 6%s '63, Penn 43%s'70. EBpecial Dispatch to The Star. N e ORI, December' 2. (F)—|C&WINISKa%2. 2| 92° o2 Denn 6ia 36 BALTIMORE, Md., Decj;mb;;afos Over-the-counter market: Bl Aad gfi:}e',::: 15 14% Denn DA, 4% : et g v BOARD MAY SEEK || wasnINGTON sTOCK EXCHANGE | [f35% 225 T arrel, al.75; beans, bushel, 1.50a 15% 15% Peoples’ Gas 68 "47. & Gen Sec A ... 1.75; beets, per 100, 2.00a2.50; Brussels | 16% 15 Peor & E 1st 45 °40. - & Gen Sec B . S . sprouts, per. quart, 10a20; Savoy cab: QUOTATIONS AND DAY’S SALES & Gon s 3 51 ChnCnTrust oa2020. 2% 21% Pere Mar 4%8 '80. . | . | & Con_6 2 bage, bushel, 40a60; carrots, per 100, Comp Tr Sh . 3 Clev Term 58°73.., 2.50a3.50; caulifiower, crate, 1.75a2.00; gg:::g:;i ot Clev Term 6 celery, crate, 15082.75; cucumbers, = Foundars 1 04| Cologne 6345 60. .. hamper, 3.00a4.50; eggplants, crate, SALES. g ) o ) Pere M 1st 68 '56 Peru 6380, Dl Founders Colomb 6s Jan '61.., 1.50a3.00; lettuce, crate, 4.00a4.75; okra, After CalL Liverty (15) o Pounders 1-40th com 07| ColomD e 1Ot Peru 6s'61.... 1 : er Lincoin (10) Ins Stocks bushel, 1.50a2.50; onions, per 100 pounds, Pot. Elec. 3 ] 115, D - @ (Copyright, 1931.) % WHOLESALE PRICES OFF DURING WEEK Index Reveal; Largest Slump Since Upswing Started Early in November. Do perBonSan v [T Phila Co b8 Am : {robolitan (14, Assoc Stand. O Colon 01l 63°38...... 1.7582/00; oyster plants, 100, 4.0085.00; - Id Likely | 5%, : Bt 386 | AN Sec B .- Colo & Sou 434535, % y o pital Traction Co—1i0 at 20%, 10 at A ol AR % 3 S A O S R i1 5. Commission Ha Ly 2055, 10 at 21, 10 &t 21, 10 at 21, | Waskington (13) 220 | At & pac Int unit Colo & Sou 434580, 3 . unl """ | Col G&E 68 May's2 : s ; wash. Gas 6s B—$1,000 at 103%. Al € Bac com ww'll: | Sorgen . bushel, 60a80; squash, bushel, 1.50a2.00" 3 B AUl & Bac com w i1 o Sa Mays2: kale, bushel, 35a40; tomatoes, cr to Ask More Authority Wash. R. & E. 45—81,000 at 85% 3 Poland Ts 47 Poland 8550, - Commodity prices at wholesale last week weakened materiall. The whole- sale price index of the National Fer- tilizer Association showed a decline of 7 fractional points for the week ended November 28. This is the largest de- cline since the upstart shown in the index during the early part of Novem- ber. For the first week in Noyember the index advanced more than 1 full point, and, with the single exception of a slight advance for the week ended November 21, the index number has gradually tapered off. The latest in- dex number is 66.8, which number closely approaches the record low point of 66.3 shown for the week ended Oc- SRANRARNONBONE -~ w -‘._ 3 = & o v 2 r. Sec. & Tr. Co. (15)..... Bansicilla_ Corp . G Com Inves 5%s 49, Pos Tel & C En'BY 46.00; turnips, hamper, 15820; ap: N om0 o7 o008t 100, $1,000 at| Continental Trust (8.0 .. hif | Basle induster i P "2 | CCMd 1at rf w50 . 26% ks caaiels pies, bushel, 1.00a1.25 From Congress. , $1,000 at 100. | Eiince Georges B & i (61 B 4 | Century T shms B N o N mILs Public Serv 43 o) ) V. { Union Tust (8s) e 9 a el » b 45, » oaty Mants FEETE Y Tht (AN?EL'Z:T;OI\; 000 Ana, | RSP Losl & Briai tidi 11 Sharlered Jovoae L1 81 o8 | ConPwrJap 4., ; PubSY G darTon: g 21: sale as of yesterday, $5, 8. | Chelsea Exch A ... 3 1, | Consum Pow 6s '62. % 102 | BubS¥ SET0 R D e BY GEORGE E. DOYING. & Pot. R. R. 5 gtd, was ordered can’ |, = o SAVINGS BANK. Eheisea ;?I{y;\'r B Skt g Pure O1] 5 %537 12a16; roosters, 11a13; ducks, 12a20;| While relterating the statement fre- | °¢led: > gom. & Savings (19),c ‘55 | Corporate” Trust. . Cuba REEE Tiiate QuesaATAnAL pigeons, _ pair,’ 20825: | quently made of late by individual Bid and Asked Prices. Botoma (10 1. 1 cerparate meus A A gl Sechodn w1 Rem Arms 6s pair, 35830 WUrKeYS: | rnembers of the Federsl Power Com- BONDS. 3 bi0"" | G & Foster $7° B Del & Hud rf R D oue Eggs—Receipts, 529 cases; current re- | mission that there need be no conflict PUBLIO, UTILITY, ., Xaked (! Crum & Foster Ins .. o Rhine West 65 °62., ceipts, 28a30; small pullet eggs, 22a25; | between Federal and State Governments |, Tel. & Telga. 4%s ‘39... 11105 orod FIRE INSURANCE, Cruoy & Faster Ins 1% Bt 62 Rhine West 68 53 . hennery whites, 35a38; nearby firsts, |in dealing with hydroelectric projects, Tel’ & Tel. ¢tl. tr..5 pLd Rsaa | G n Bepos Bk Sn N ¥ A Denmark 6s°42. ... Rhine West 65 '5 3; Western firsts, 30a32 the annual report of the commission . W N A o0 e e (Iph e b Bl e *+*++ | Depos Ins Shrs A D& R Gr4%s 36, . Rio d”uo,‘,.“" Butter—Good and fan creamery, | gives notice that it is likely to seek ad- | ; & F r. & 3 ¢ “ireren’s (8) ese fag"" | Diversified L D&RG W 68'55. ., Rio de Jan 85 '48. .. 28a33; ladles, 20a22; ss, 24a25; | ditional authority from Congress. | . 7 7 q al Unlon’ (15) . Diveraine st DRG & W 5s"78. ., 5 | R Gr Do Sul 6s 6 Det E G&ER4%s'61. 3 Rio Gr W 1st 48’39, Det Edison rf 55'49. 3 W|RIAr& L 4%s 34, Deutsche Bk 6s 332, Rome 6148 '52, ] . tober 3. At the end of October the in- Dodge Br cl 65’4 Roy D4s'45 ww... dex number stood at 66.6; a year ago Duquesne %867, EESS . versified Trust C store packed, 15a16 Chairman George Otis Smith, in a| i : 3 k TITLE INSURANCE. Diversiel Traein g 2 recent magazine article, declared that | Georsetow s : S T , | Eauity Tnvest . S0 Hay and Grain Prices. | he believes now as he did 17 years ago, | boiomac Elec. Cons, 8%....... 101 : | Real Estate (653:10000050000000s 0" | EGUllY Inist shares. . ‘Wheat—No. 2 red Wi exnor]t. 0| that “What we need today is to };(]l Wask. Alex. & 2 MISCELLANEOUS. m'\vanrTv-r e uotations; No. 2 red Winter, garlicky, | the Federal action to co-ordinate itself | Washi ' osdiea e Fixed Trust Shi . pot, domestic, 60%; December, 60%; | with the State action” Commissioner |Wahinglon Gas S5 ..\"0010 100" 10 o Mesk's BlsCom: @.-. 90 1 Blxed mrust Sty A DGt et o ey St L&SF In 48 A '50 54 e e number was 81.3. January, 61% | Claude L. Draper told the convention of | w e . series . i O Paper Mfg. pfd. .. . Pund Trust Shares B Dutch East I 65'52., StL&SF 4148°78.129 ot one of the 14 groups ¢ J.‘tng No. yello domestic, spot,| the national Association of Railroad | Wash. Rwy. & Elec. 45......... "fi“ Sccsn!t . Granger Trade i . StL&SF p15s B'50 71 the index advanced during the week; cob corn, ni 40 and Utilities Commissioners, at Rich- | MISCELLANEOUS. Fedeval Blorate ot (s 2 " : Gude v‘v'x‘r‘xgg"(\m‘r" East C Sug 7%s 37, StLSWlist4s'sy, 2 nine of the groups declined, and the Oats—No. 2 white, , spot, | mond, Va,, in October, that he could see | Barber & Ross, Inc. 6%s..... Fed.-Am. Co. com. (1.20f) ncorD ovest. Equit 1 Erie 1st con 43 '96. . StP Un Dep 68°72.. 2 remaining five showed no c! . 85a35;; No. 3, 34a3415. | no reason why the Federal Commission | Shevy, Chase Club- 845 il TedcAm. Co, ptd ()i o H 2 Independ Trust Shares 7 | Erfecon 4s A '53.,, Sao Pau 78'40 ret. groups which declined were foods, Columby try Club 8Ys Biston Moriotvpé (8) ; er A 5, ; ] ’ Rye—Nearby, 40a45. and the States should have any trouble | b’ & Bapo SoL” o T T 4 g Int Sec Corp Am Erie conv 4s B. % | Sao Paulo 8s°50. . .. OB s [ om. 5 5 t Sec Corp Amer B. cees Hay—Receipts, none. New hay is| over their respective | Waski. Mt. Cold Storage 55.. . SN g ;- Int Sec Amer 00 ot 7 Saxon P W 6 4a'51. starting to arrive in increasing quan- | Warning Is Sounded. STOCKS, fopzenthal e gy @ 612 ' 38 | Saxon 7’45 tities, but so far no official grading has ! b s 2 ples Drug Stores 'ptd (6! - : : 40% be:x;'ntw&;)u:‘: selling being strictly |, Commissioner Ralph B. Williamson, PUBLIC UTILITY. 1 Est. M. & G, pfd. o 6% | Lendars of Industry A s Fisk Rub 88 41 on merit. Demand for old hay slow | HOWever, in an address before the West- | PO b Tl s J ol [ Feaders of IO B Fi Blk Rub 83741, .. 26 SetaLiew and market is dull and quiet, with | Assoclation of State Engineers atio k @ T Sorp. (3 i DT e 4| PramID7%s42.. 1 sox oo Serbs-Cr-S1 . g hge of | Sacramento, sounded a warn: of | Was E 3 S 7'y A con o - ares 4 2 6% bs-Cr-S1 8 Yooes In buvers {avor ab s zange ollio Lt oW brou gt forth i r%xxcrtl” e e Vash. Med, Bldg Corp. (7)°" " g0 Mator Cors, Shtusr French 7543 113% 111% 112 | SOEoR el 88768 ERUINLI B0 peritan. « e of the commission, although, he, 00, | bor. Bisc. Tower Sl pid. 1 10612 Woodwara %l 9ihron com, (1263 35 | Mutual Inv Trust A. 4% French 7% 841 23 117% 116% 116% | gpe)j Un O11 6849, b\r;{“*lt\{ e B ‘;2;‘9';’)‘:1 PET | asserted that there must be close co- | Wash: Ruy. & El. Gl s e Ve B e R (O Bec il 3 Gen Cable 5% 58% 58 Sinclair Oll 6 % #'38 ton; No. 1 oa s ¥ G operation between Fed and State | Wash. Rwy, & El pfd. (5)..... | bBooks closed. STy National Indust Shares | Gen Motors. 102 Sinc O 78 cv A '37., Live Stock Market, governments in dealing with the prob-| =~ NATIONAL BANK. 106 exrm B Naglonal Trust Sherers: 25 83 SincPL 6843, ..\ g lem apital : 8 §1% extra % extra, North Amer Trust Shares ':l. 2. 5 Skelly Of1 5%839.. Cattle—Recelpts, 50 head; light sup-| “Nevertheless, the report to Congress | Solumbla, (12),....ccc eltyes extra. Aoiexirns North Amer Trusk Eharedie 31 31% 31% | Soissons 6s 3 pg'x.n ’"fi:fifi :\)ll)& wsmr{xfp%fl »§° declares that “effective regulation of - NI . g:n(n;nng:: 38.. 314 Solvay Am 58 : prime, + & 2 Moe, i -2+ | operating companies may be found to | A 8. .o ceenes r Cen 60 J 261 2 SW Bell T 55 A '54. medium to' good, 7.0087.50; fair 10| Gerery mpon an extenin o anid to | and view the matter from the stand- | times as much as that of class 1 rail- ny Inv Ger Cen Bk 26" 26| Sou paceol medium, 5.60a6.50, plain to fair, 4508 | mission's jurisdiction.” This is due to | point of the Nation as a whole, r0ads, the growth of the former having Old Golony, THUst A4 « | German 7s rep 49.. rein 550, common to plain, 4.00a4.50.|the fact, according to the commission, Conflicts of Interests. been about 150 per cent. Public Sery T X German Bank 78 '50 % 35 Bulls—Medium to good, 4.00a4.25; fair | that “interstate commerce in electricity | a0 apparent conflicts of Federal (Copyright, 1931.) Repres ;rr[ ?;i‘c“;\ . : * | Goodrich cv 6s"45.. 491 to medium, 3.5024.00; plain to fair, 3.25a | has become national rather than re. ¥/ 8pD i e e —ee SN Becandint He ! | Good 1st 6% *47 7414 Sou Pac 4%8'81. 3.50; common to plain, 3.00a3.25. Cows— | gicnal in scope,” and any attempt to |and State interests” says the report, 3 3 Sec Int Sec 67 1st of Goodyr Rub 68'67. . 5% Sou Ry &n 4s "5/ 3. gl D D | Bearishness Continues Gen 36 DI 0 90, Medium to good, 3.75a4.25; fair tolpjcture the present status of the power | “are capable of adjustment if the ad- 3 Becur Corp Gen 36 b GrandTr sf db 6536 Sou By 53’94, me;lmm‘ 3.2583.75; plain to fl;lg-u 2‘:550;Hndustry much less to forecast its Belecte 3 s | Grand Trunk 78’40 Sou Ry 6s '56. 325, common to plain, 150a2.50. | trend, “discloses serious deficiencies in onmamaisiRowsmuweBE8E0L0. Soaamnonmnuaan @ o o grains, feeds and live stock, fats and olls, fuel, textiles, fertilizer metals, chemicals and drugs and the group of miscellaneous commoities, - Qwan BubaoponmennSanannsam “Murder by the Clock,” the American film. has been banned by Manehester, England, as being too gruesome, Power 6% pid » Bales. High. Utd King 53%8'37..212 93 US Rub 18t 58°47.. 47 Un St W 6348 A"47 Uruguay 83 Uruguay 6s Uruguay 8s "4/ Utah P& L 58 "44 Util Pw 55’59 ww.. Util Pow 6%8°47.., Vanadium St 5s'41. 6 Vert Sug 1st 78’42, 8 Vienna 6 62...... 12 Va Ry & Pw 5834, Va Ry 1st 5s 62 Wabash 4%8 8. Wabash 1at5a°15.. 18 Wabash 55 B 'T6. 1ook (84% 85 | wabasn5sD'80 .. 18 03 103 | wabash 5%8°75. . 20 68 68 68 |WarnBr Plc6x39., 38 69° 67 69 |WarnQuin6s'39.. 1 101% 101 101% | Warsaw 7s'58..... 614 611 611 [ West E1db 5s"d4. 854 85 851 | West Md 4s '52. 674 6715 675 | West Md 53%s '77. 66 661 665 | West Pac 5346 48 471 471 | West Unlon 5s 32 31 31 |West Union 5s’60. 94 94 94 |Wes: Un6is’36.. 2% 72% 72% | Wil & Co 18t 8341 70 70 70 | Wis Cent gen 4 '36 61 60 60 |yoronama ss’er, S1% 90% 903 Ygstn S&T 5 A’ %1% 76 Ygstn S&T 63 B'70. o ministrative agencles take the larger | cember 2 (Special).— | S¢lected tncome Sh Gt z F Trust” % | Grt Nor 42576 D. h 6 i Heifers—Good and _cholce, 535a5.70; | the information available for use. This | View of the interests of the whole people | ¥ \tF th ! the Street so bear- | Selected Manage z T %5'76 D Sou Ry 6% '5| 4 several days of strong | Shawmut Bank Grt Nor4%s 17 E.. 65 | Sou Ry M&O 4 medium to go0d, ©.15a6.26; Jalr to me-| is further explained by the control by |of the United States as distinguished | markets to convince It they: there was | Spenge, Trsk Fund 00C 2 o Stand All Am Tr % Grt Nor gn 5% 8’52 StOfl N J 63 "4 dium, 4.7585.25; plajn to fair, 3.7524.75; | holding companies of many of the most | from the different groups of that whole, | the right kind of buying going on.|Stand Am Tr ghrs . 5 Grt Nor gn 7s'3¢ 3tOIIN Y 4% common to plain, 3:2543.75. Fresh cows | important projects under the commis- segregated within the ~geographical | Prices are 5o low that whes (oo ‘market | Stend Coliat Trust Greek 6568 Sweden 538 '54 and Springers, 30.00a60.00. sion’s jurisdiction. boundaries known as State lines. shows & sign of rally there are always | Suser of Am Tt A Hock Val 43899 SwissB%s'd8. ... Sheep and lambs—-Receipts, 200 head; | “It is in this fleld of helping on the| “While there are many forceful Tea- | a number of people Who are afrais they Hoe & Co 634534, . Tatwan EP 5%a11 light supply, market lower; sheep, 1.00a | work of regulation through marshaling | sons why the principle of States’ rights, | may miss the bottom prices and they Hud & M adj 5a 57, Tenn Cop 68 "44 3.00; lambs, good to choice, 6.00a7.00. | of facts that Federal leadership prom- |as far as they pertain to the govern- | commence to buy The difficulty with Hud & M rf 63 ‘67, | Tenn 1 P68 A" Hogs—Receipts, 1,000 hiead; moderate | ises substantial results, seys the report. | mental machinery, must be preserved, | the market is tnst nothing especially Humble Ofl 55 '37 99% Tex & Ark 6 %850, supply, market spotty; lights, 49085.20;| “No single State is sufficient unto |much less can be said for the applica- | favorable develops from day to day o 4 Humble O 6%4s 3. 100% 100% Texas Corp ba'44. . heavier, 4.758505; medium, 5.00a5.20; | itself to undertake unaided the task of | tion of this doctrine when it is advanced | or is in sight to Tclieve the man prob- | Trusiee 8t Ofl Shrs B'. Hungary T%s'64.., 2 35 84 Tex & Pac 53 B "7, roughs, 3.50a4.30; light pigs, 4.75a490; | finding all the pertinent facts concern- | for the purpose of preserving to one |lems that are overhanging the stustion. Trusieea X ¥ © Ban e b Tex & P 65D 80, . pigs, 4.85a5.00; Ohio and Western hogs, | ing the power industry and making | group of the people some particular | = L T e Lhes ’1;'1! g- 56.. 8 1033 1081 103% [ oo F LR ey 10 cents higher. them public. Co-operation under the | materfal advantage which it may have | PARIS BOURSE PRICE Twentjeth Cent Fixed T¢ 1l Cent 4 444w Third Av ad) 5 '60. Calves—Recelpts, 500 head; light sup- | leadership of a central agency like the | by reason of the chance location of pub- | S. Two Year Trust 8 CHgantrd Ecberglos by gy Pply, market steady. Calves, 3.0019.00. | Federal Power Commission " promises |lic resources within certain arbittary| PARIS, December 2 () —Three per | Unit Fdrs 170 co e Toho El Pw 78 ‘56 . the nearest approach to 100 per cent | boundaries originally fixed for purely |cent rentes, 83 francs 70 centimes. Fyen | Uniied Toe s i Toklo 6% 81 R success.” governmental reasons.” per cent loan, 100 francs 90 centimes, Tokio El Lt Taly's pubjic works program calls for *_ All that the States need to do, the| The report states that during the past Exchange on London, 85 francs 35 the employment of 350,000 men during Federal Commission suggests, is figur- | decade the invested capital in the light centimes, The dollar was quoted at the Winter. atively tq, cbliterate their States lines|and power industry hag increased five 25 francs 57 centimes, 3 2, s L wSwes s an - 2! - o —® oS aananewn oBedean 54 34 40 42 0% 48 AT% waBhu o N