Evening Star Newspaper, December 13, 1931, Page 75

F LONG STOCK LIST INANCIAL, 39 Survey Shows 66 Pct. Now Utlities Bear Brunt of Selling. Below $25 and Oniy 5 Pct. Above $100 Mark. Bpecial Dispatch to The Star NEW YORK, December 12.—Forty- one per cent of all the stocks traded on the New York Stock Exchange are selling at less than $10 a share, ac- | Curb market closed the week rather dismally today. cording to a Prazier Jelke & Co. invest- £ Sixty-six per cent are Ofiered steadily and considerable pres: selling at under $25 and only 5 per |SUl¢ Was apparent in some specialties ment survey. cent above $100. The survey attributes low prices to the | PFOUSht a break of 7 points ¢n the stock. small size of share units as well as to | the business depression and the unsatis- factory trade outiook. During the 1922- 1929 common stock booms, shares were subdivided into much smaller unif through split-ups, stock dividends, mer- gers and capital-diluting subscription privileges. As a result, the fractional ownership represented by the average | net Joss 1%. common share is smaller than in pre- vious bear markets A list of 72 companies, each having 6,000,000 or more shares and a total of 907,553,894 shares issued, is illustrative of the trend toward small share pieces ‘Thirty-one companies have over 10,- 000,000 shares each and 10 each have over 20,000,000 shares. Bases of Values. The survey says, in part: “There isd saoraeh the. sioue fust so much earning power back of any corporation, and ability to make money, in the long run, determines market appraisal and dividend-paying capacity. Fundamentally, a share of stock inva concern having 100,000 shares of stock issued is worth just 10 times as much as & share of stock in the same company if it had 1,000,000 shares outstanding. “The idea that $100 is the logical value, and therefore the ‘normal’ price of a share of stock persists in the back- ground of the reasoning of American investors; but, for the most part, the indefinite no par value equity has re- placed the $100 par unit in corpora- tion practice. The stock which sells near or above $100 often is regarded as of better investment grade than it really is, while the issue which sells for less than $20, regardless of its merit is likely to be prejudged as in the speculative ~classification—even when presented at good banks as collateral for & loan.” R Glance at Future. “The share markets” continues the survey, “after this unpleasant deflation is over, probably will settle down into & much more prosaic era. Values will count for more, imagination for less American corporations, however, still have capitalizations tallor-made for boom times rather than ordinary years An alteration in the share garments of numerous companies obviously is in order.” “Split-ups did not increase the frac- tional ownership of stockholders, nor will the reverse process decrease their equities. Larger fractions of proprietor- ship, however, would (1) make share prices more responsive to improving eamnings; (2) lead to earlier dividend resumption; (3) increase collateral values; (4) create greater investor re- spect for the worth of the corporations represented; (5) facilitate financing through the sale of stocks rather than WEEKLY FINANCIAL HIGH LIGHTS By the Associated Press. Brokers' loans......... Federal Reserve ratio.... Holdings, U. 8. securities Gold reserves ......... Rediscounts Bank clearings 3 ending December 5 B (Final three ciphers omitted in Car loadings, week ending Nov. 28.. Crude ofl production (barrels).. StBck sales (N. Y. Stock i’xchange). Bond sales (N. Y. Stock Etchange) Call money rate.. ‘Time money rate. Commercial paper . ween This week. 11,881,782 $69,811,000 New financing ... <+ $19,779,000 Specialties Also Of- fered Freely. BY JOHN L. COOLEY, Associated Press Financial Writer. NEW YORK, December 12 —The Utility shares were | Omission of the Guilf Ofl dividend which touched 30, although it firmed slightly toward the close. Other petro- | leum stocks were about steady, Indiana Standard trading unchanged at 17 Electric Bond & Share dropped more than a point at the opening and con- tinued down to within & minor fraction of 10, off about 2 points at the worst The final price was 103, making the American Superpower | eased slightly, but Middle West Utilities. | American Light and American Gas | lost about a point | In the specialties Singer Manufactur- |ing was again rather active, losing 4 Deere sagged at the opening and then rallied. Newmont Mining and United | Verde Extension, and the Swift issues were quiet. - Cities Service sold at 53, within an eighth of the record low, but steadied CONSTRUCTIVE BANKING | DEVELOPMENTS NOTED} By the Associated Press. Virtually all developments in the | banking and financial fields during the | last month have been of a constructive nature, v | The exodus of gold from this country | has been reversed and the metal is gradually finding its way back to Ameri- | can shores. Likewise, bank deposits | have been built up, indicating that the | former timidity on the part of deposi- tors has been, in part, eliminated. The | effect of this has been to strengthen | the banking situation, evidenced in the | estimate at the Treasury Department that November's bank fatalities will be only about one-third as great as in| | October. | “Money rates have receded coincident |to a stoppage of the outward flow of gold, and are held to represent more nearly a normal level between the money supply and available credit and the demand for fund: Savings Deposits Off. | NEW YORK, December 12 (Special). | —Savings bank deposits of New York State institutions decreased about $7.- 500,000 in November. This is one of the few months of the year when with- | érawals have exceedéd deposits. To some extent it reflects tax payments and the purchase of securities. It also indicates the need of depositors to use their savings bank funds to meet their regular_domestic budgets. bonds; (6) reduce transfer agent and |registrar expense, and (7) probably | lead to an earlier and more substantial | recovery in stock market appraisal,” concludes the survey. Last week. $720,000 65.6% $717,021 2,941,570 717,567 6,327,671 1,599,900 Year ago. $2,099,000 79.2% $617,003 3,005.020 257,097 71,863,046 1,746,934 701,050 2,229,250 14,188,020 $690,000 65.1% $717,193 2,963,118 725,182 5,090,306 1,671,466 above.) 558,807 2,449,850 653,503 2,420,100 10,581,070 $67.957,000 $62,421.000 $17,896,000 $14.450,000 314-4% 3%4-4% 212 % 312-4% 33%-4% WASHINGTON STOCK YEAR 1931 (Reported by W B. Hibbs & Co.. BALES OCCURRING ON THE W INCLUDING FRID: BONDS. Bals UBLIC UTILITIES. $21.000 Anacostia & Potom 66,000 C. & P. Telephone of Va. bs, 1043 $41,500 Oapital Traction 1st 5s, 1947 9,000 Ofty & Suburben Ry. lst 5s, 1048 32,500 Georsetown Gas Light lst 5s 105,000 Potomac Electric Power cors 63,700 Potomac Electric Power gen 46,000 Washington Gas Light 4as, 130,500 Washington Gas Light 55, 171,200 Washington Gas Light 6s, series A, 69,500 Washington Gas Light 6s, series B. 66,600 Wachington Railway & Electric 4s, MISCELLANEOUS. 5,500 Barber & Ross, Inc. 6%s, 1936 8,000 Columbia Country Club 5'zs, 1950 1,000 D. C. Paper Mfe. lst 65, 1937 100 Washington Market 5s, 1936 . STOCKS. Shares. PUBLIC UTILITIES. ngton Gas ton Railway & Elec com ngton Railway & Elect. pfd 180 District 1,260 Fed.-Amer. Nat. Bk. & Trust 88 Liberty 3 82 Metropolitan 365 Riges 58 Second 31 Washingtor TRUST COMPANIES 510 American Security & Trust . 93 © 7 vings & Trust 180 st shington Loan & Trust ... BAVINGS BANKS. 20 Bank of Bethesds 10 Commerce & Savings 20 East Washington 21 Potomac Savings Bank ity Sav. & Com. Bank St Savings B FIRE INSURANCE ate MISCELLANEOUS. 265 Barber & Ross, Inc.. com 2 Columbia Medical Blds. Corp. 1,155 Columbia Sand & Gravel pfd 54 District Natiae! secur. ptd. . A° Emerson Bromo-Sel “A” 10 Pederal Storage Co. pfd. . 493 Pederal-American Co. com. 75 Federal-American Co. pfd. o 3578 Lanston Monotype ..... 344 Merchants’' Trf. & Btg. com. . 207 Merchants' Transfer & Sts. pfd 2,109 Mergenthaler Linotype 6,425 Nations! Mtge. & Inv. pfd. 763 Peoples Drug Stores pfd 3,519 Real Estate Mtge. & Guar. ptd. 80 Security Storage 70 Terminal Ref & Whe. Corp. 1,644 The Carpel Corp. 18 Washington Medical Bldg. 10 Woodward & Lothrop pfd 300 Woodward & Lothrop com. UNLISTED 100 Army & Navy Club 5s, 1961 ... 600 Commercial Club 8s ... 30,500 National Press Bldg. 1st 5%, 1960 23 Chapin-Sacks pfd. .. HINGTON STOCK EXCHANGE FOR 1931 UP TO AND River R. R. 1st 55, 1949 81 81 6 63 13,000 Anacostia & Potomac Riv. R. R. guar. s, 1949 95 96 95 96 value rate. 6.885 Capital Traction $100 34.00 N a1 U 117 N. & W. Steamboat . 100 160 160 7.5% 918 Potomac Electric Power pfd 100 107 110% 54% 3278 Potomac Electric Power pfd 100 55 106 106%% 5.1% EXCHANGE TO DATE Hibby Buliding. Washington, D. C.) AY, DECEMBER 11 Approx. vield to Open. High. Low. Close. maturity. 8.30% 5.40% 4.90% 2307% 9.20% 4.95% 103% 105% 101 101 81 61 67 81 6 106 101 106 1014 4.50% 110% 107% 5.50% 100% 9 5% s 1070 100 6% 1933 . 1033 100 6% 1936 i 107% 101 5.75% 1951 . 94z 6% 5.15% 80 7 (d 102 100 20 e %0 0 % 11.90% 5.50% Par Div. . Approx. Low. Close. ~ yield. 20 15 115% 31% 100 421 s 13% 100 B 2 % B3% 100 24 BS% 200 5% 196 41% 43 4% 190 3.6% 300 4.6% 30 4% 166 55% 19 6.3% 200 51% s 63% 395 3% 197 53% 1% 27% 3% 48% 31% 2.9% 1% 42% 3.00 2.00 7.00 120 DEPARTMENT. 85 INSTEADY SELLING) -z THE SUNDAY STAR, WASHINGTON FOR WEEK ENDING DECEMBER 12, 1931. Low. Stock and dividend. Acrae Steel (1.60) 4 Acme Wire, .. . 75% Adams Millls 1st pf (7). 1% Aero Supply Mfg B). 6% Aero Underwriters. 1% Agfa Ansco..... 5% Ainsworth Mfg.. % Alr Investors war 4% Air fnv conv pt 82 Alabama Power pf (§).. 95 Ala Pwr cum pf (1) # Alexander Indust % ‘Allegheny Gas Corp. 9 Allied Int Inv cv pf. 3% Allied Mills Inc. . 50% Aluminum Co of Am.. 65 Alum Co Am pf (8) Alum G'ds M (1.20) 20 Aluminum Co. Ltd. 214 Aluminum, Ltd (B) war. 3 Aluminum, Ltd () war. Aluminum,Ltd (D) war. Am Arch Co (2) . Y% Amer Austin Car. 13% Am. Bakeries, A(3 2% Am Beverage Corp. % Am Brit & Cont % Am Capital (B) 46 Am Cigar Co.. 654 Am Cigar Co pf. 19% Am City P&Lt (A) (a3). 1% Am Cit Po&Lt B(b10%). 115 Am Cmwlith P A(b10%). 2 AmCom PrB (b10%). 15 Am Com Pristpf (6%). 17% Am Com Pwr 1st pt A(7) % Am Corpn (f30c).. 4% Am Cyanamid (A). 3 AmCyanamid (B). % Am Dept Stores. ... 34 Am Dept Stores pf (A).. 97% Am Dis Tel, NJ ov pt(7) 1% Am Equities........... 3% Am ForPwr war. 1 Am Founders. . 3214 Am Gas & Elec (11) 85 Am Gas & El of (8) 244 Am Hardware (4) 2% Am Investment In % Am Inv. Inc, war . 18 Am Laundry Mach (2).. 20% Am Lt & Trac (2%) 40% Am Mfg Co pf (5) % Am Maracaibo. % Am Natural G 2% Am Phoenix Corp(1). 4 Am Pneumatic Serv.... 3 Am Stat Pub Sve(al.60) 3% Am Superpower. ....... 58 Am Superpwr 1 45 Am Superpo pf.(6). 1% Am Thread pf (25c) % Am Utl&Gen (B)vte. % Am Yvette Co, Inc 1% Anchor Post Fence. 4 Anglo-Chilean Nit 14 Appalachian Gas. & Appalachian Gas wr 1% Arcturus Radio Tub. 1% Ark Nat Gas 2 Ark Nat Ga 3% Ark N G em pf (60¢).... 85 Arkansas Pwr&Lt pf(7) 9 Armstrong Cork. 3 2 Art Metal Wks(b8%) 28 Assoc Elec Ind (30c). 4% Asso GREI A(b2-25). ... 42 Asso Gas & Elec ctfs(3). 10 Asso Gas&Elall ct1.60. % Assoc G & El war. ] % Asso Gas&El pur rts. 16 Asso Tel Util (b8 %) 1% Atlantic Coast Fisheries & Atlantic Fruit & Sug. 14 Atlantic Lobos. 2% Atlantic Sec COrp. .evss 1 Atlas Plywood. . 53 8% Atlas Utilities Corp 14 Atlas Utilities(war). 1% Auto Vot Machine. 5% Auto VM cv prpt(2). ... 2 Aviation Sec.New Eng. . 344 Axton Fish Tob A(3.20). 50 Babcock & Wlleox (4) 50% Baumann (L) pf (7) 99 Bell Tel of Can (8). 814 Beneficial IL (1%). 10 Bickford’s. Inc (1.20 4 Bliss Co(EW) (b8%). 11 Blue Ridge Corp. . 20 Blue Ridge cv pf (a3). 45 Bohack (HC) (4). 3% Bourjois, Inc (50¢). 2 Bowman-Bilt Hotels. . 7 Brazilian Trac Lt&P(1). % Bridgeport Mach (25c).. % Brill Corp A (34¢c)...... 5% Brillo Mfg (60c) 6% British-Am Oil C 8% Brit AT cou B (1.13 12% Brit Am Tob reg 1 % Brit Cel Ltd rets 9% Brown Co pf...s : Buckeye Pipe Line (4).. 22 Buffalo, N&EP pf(1.60) 82% Buff Niag&EP 1st pf(5). 13% Bulova W cv pf (3%)... 23% Bunker Hill & Sullivan. # Burco, Inc, war.... 15% Burco, Inc, conv pf. 1% Burma Ltd rets t27 244 Butler Bros. % Bwana M Kubw Cop. % Cable Radio Tub vte % Cabl& W Ltd A ret 4 Cabl & W Ltd. B rets 1% Cable&Wire pf rets 19 1 Canadjan Marcont. .. % Carib Syndicate. ... 18 Carnation Co (j1%) 14 Carrier Corporation 36 Celanese Corp pf (7). 18 Celanese Corp 1st pf.... 2 Celluleld Corp........ 13% Cent Hud Gas&El (80¢). 76% Cent Pwr & Lt pf (7). ... 1% Cent Pub Svc(A) (b5%) . 7 Cent & Sown Util (b7%) 13 Central States Electric., 2% Centrifugal Pipe (60c). % Chain Stor Development 6 Chain Stores Stock..... 143% Charis Corp (13). o 85 Chesehorough (1615). % Chief Consol Mining. 60 Childs Co. pt. (7). ...... 5% Cities Service(g30c). 36% Cities Service pf (6) 4% Citles Ser pf B (.60) 42 Cities Serv. B.B.pf(6) 63% Cities S Pr & Lt pf (7). 1 Claude Neon Lights,Inc. 26% Clev Elec Illum (1.60)., # Colombia Syndicate % Colon Oil..... . . 1 Columbia Of] & Gas vte. 2% Colum Pic v.t.c. (f75¢). . % 128 Commwlth Edison (8).. % Comwlth & Sou (war).. 1% Com Wat Ser (g12%c).. % Comstock Tunnel. . 2 Consolidated Atrcrart # Consol Auto Mer ctfs. .. i Consol Auto Mer cum pt i» Consolidated Copper ... 60% Consol Gas Balto(3.60).. 90% Con Gas, Balto pf A (5). 1% Consol Gas Utility A. ... 81y Consol Gas Util B v.te.. ol Royal (20¢) . % Consol Theate: 2% Contl Chicago Corp. 20% Contl ChiCp cv pt (3) 60 Contl Gas & El pr pt( 243 Cont Shares conv pf..... 3 ContS 2% Cooper Bessemer. ., - 8% Cooper Bessemer pf (A) 8 Copeland Pr Inc (n) 2 Copper Range 4% Cord Corp. . . . 4% Corp Secur of Chi (b6 %) 1% Corroon & Reynolds 9 Corroon & Rey pf (A) % Cosden O11 1 Cosden Oil pf . 5% Courtaulds Lta (13 1% Creole Petroleum. ... % Cresson Consol (4c). 2% Crocker Wheeler. ., 10 Crowley Milner (80c¢). ., % Crown Cent Petm (new) 1% Crown Cork Intl (A)..., & Cuban Cane pr opt war. 2 Cuban Tob vot tr cfs. 20% Cumberland PL (2). 15 Cuneo Press (214). .. 1 CurtissAirprtsvte % Curtiss Flying Serv. 15 Curtiss Mfg Co (A) % Curtiss Wright war. 4 Cusi Mex Minin. 2 Darby Petroleum # Dayton Airplane 8iy Deere & Co 1 e Forest Radio - 2 De Hav Air rets (18c). .., 1% Derby Of1 & Refin % Detroit Afreraft Corp 2% Doshler Die Casting. 7% Driver Harris (new). 1% Dubilier C & Radio. 69 Duke Pow (5). ... % Duquesne Gas Corp % Durant Motors. 4% Eagle Picher Lead. ., 7_ EastG & Fuel Asso. e, High. Low. Close. 16 15 ‘18 4 4 BT O e e {EARE R (L o O e % 3 = | » 3 & R T i aw o S 18 O T L o T AT 6 A B R 1 B T ) 1 1 A 2 o e @ FEERFIF Stock and_dividend. East States Pwr (B) Eastern Util Asso(2). Eastern Util Assocv.... Eastern Util Inv (A). Edison Bros Strs (50¢).. Educational Pictures pf. Eisler Electric Corp. ... Elec Bond & Sh (b6%) . « Elec Bond&Sh cu pt (5) El Bond & Sh of (§) Elec Pow Asso (1) Elec Pow Asso A ( =1 P& L opt war.. Elec P&L %d pf A (7 Elec Shareholdg (b6%). Elec Shareholdg pf(a6). Empire Gas&F cm pf(7) Empire Gas&F cm nf (8) Empire Power pt (2.24) Empire Pub Sve (A). ... Europe Elec, Ltd A (60c Euro Elec, Ltd deb rts. . Evans Wall Lead. .. Ex-cello Alr & Tool. . Fairchild Aviation Fajardo Sugar. Falcon Lead, Fansteel Prod. ... ses. Fedders Mtg Co (A) Federal Baking Shops Federated Capital. Federated Cap cum p Federated Metals Film Inspect Mach. ... Fire Assn Phila (1.60) Fischman & Sons A. Wlintkote Co (A) Foltis-Fischer Corp. Ford Motor, Can,, A, Ford Motor, Can., B .. Ford Mot France 37%ec.. Ford Mot Ltd (36 3-5c).. Foremost DairyProd.... Foremost Dairy pf...... Foremost Fabric Foundation For Sh: Fox TheatersClassA Franklin Mfg Co. . Garlock Packing (1.20) .. Gen Alloys. General Avi, Gen El Ltd rets 36 3-5 Gen Empire Corp (1). Gen Gas&El cv pf B (8 Gen Fheat Equip cv pf GeorglaPowerpf (6) . Gilbert (A C) pf (3%4) Glen Alden Coal (4). Globe Underwr (1 Godschaux Sugar B. Gold Seal Elec new Golden Cen . jolden State Co Ltd. Goldfield Cc nsolidat. Goldman Sachs T C Gorham, Inc. Pf.. Gotham KnitbacMch Graymur Corp (1)... Gt A&P Tea non vot 61 Grt A&P Tea pf (7)... Srief & Bro pf (1) Hackmester Lind Hamilton Gas v.t. Happiness Candy' Hartford Elec Ltd(2%). Hazeltine Corp (1) Hecla Mining (40c). Helena Rubinstein. . ... Heyden Chem Corp (2) Hollinger Gold (170c). Horn (A.C.) Co. Horu&Hardart(2%). Hudson Bay Min & 8 Humble Ol (+2%). . Huyler Stores of Del. .. Hydro Elec Secur(1.20). Hygrade Food Prod .. Hygrade Sylvania (13) 11l Pwr & Lt pt (6) Imp Ofl of Can (50¢c) Imp'l Tob GtB&I (1.12) . Indian Ter Illu Ofl A Ind Terr Illu Oi1 (B) Industrial Finance ctfs. Insull Inv (b6%) Insull Util 2d pf( Ins Co of No Am (12%). Insurance Security Intercont Pete new Int Cigar Mach (2%) Intl Petroleum (1). Intl Products. . Int Safety Razor Int Superp (1.10) . Int Utilities A (334). Internatl Utilities (B) . Internatl Utilities(war) InterstateEquities. ... .. Interstate Equity cv pf.. Interstate Power pf (7). Irving Alr Chute (1) Irving Air Chute (war). Iron Cap Copper. .. . Italian Superpowr A.. Ital Superpower wau Kerr Lake. . Kirby Petroleum Knott Corporation. Kobacker Stores. % Kolster-Br(Am shs: Kress (SH) sp pf (60c). Lackawanna mec (4). L'Air Liquide (95¢) . LefcourtRity pt(3) Lehigh Coal&N: Leonard o1 Long Isl cu of B (6). Louisiana Lan & Fx,... Ludlow Mfg Co (6) & MagdalenaSyndicate Mapes Cons Mfg(t4) Mass Util Asso. . Mass Util Asso cv Mavis Bottling (A) Mayflower Asso (2). May Hos c Mc Quay f McCord Radlator B. Mead Johnson (15). .. .. Melville Shoe 1st pf (6). Memph N G Co (60c) Mercantile Stores(1) Merritt Chap & Scott Mesabi Iron. Met Chain Stor Mexico-Ohto Ofl. Mich Gas & Oil Corp. ... Middle Sts Pet vtc A 22¢. Mid Sts Pet v.tc.B. .... Mid West Util (b8%). MidWest Ut cv pf(6). Mid West Util B (w.1. Midland Steel Prod (2). Midland United (b6 Miller (1) & Sons. .. Minne-Honey pf (6). Minne Pwr&Lt pf( Mining Corp of Can. % Mo-Kan Pipe Line. Mo-Kan & Pipe Line (B) Moh Hud P 1st pf(7) Mohawk Mining (1). Moody's Inv Sve pt pf. Morrison Elec. s Moss Gold Mines Mountain Prod (S0c) Municipal Serviice Murphy Co (1.60). Nat AmerCo.....eeues National Aviation..... Natl Baking Co. . Nat Bancservice........ Nat Cash Cred Asso pf NatBd & S Corp (1). Nat Container pf (2) . Nat Datry Prod pf A(7), Nat Elec Power A (1.80). 4 Natl Food Products (A). Nat Food Prod (B) Nat Fuel Gas (1) Nat Investors. Nat Pub Serv (A) (1.60) Nat Pub Sve pf (7) . Nat Rubber Mach. Nat Screen Service (2 Nat Service Co. . Nat Sh Term Sec A 160, Natl Steel (war) Nebel (Oscar). D. C., DECEMBER 1931—PART 'SIX. 1% 1% 22% 9% 99, % Nebraska Power pf (7).. 105 Nehi Corp........ Nelson (Herman). Neptune Meter (A) 1 Newberry(JJ) (110). Newberry (JJ) pf (7). New Bradford Oil. New Eng Fuel new New Eng Pow pf New Jersey Zinc(13) . New Mex & Ariz Land Newmont Mining. New Process Co. 6% N Y Hamburg... . 9% NY&Hondur Ros(12) cam 244 5% 8 13% Li++0l+ +00+E00I+111+00 TP (S | LU ++4 ) (1808 A B T L++1 11 (URB SHARES DROP |[ NEW YORK CURB MARKET TRANSACTIONS F SEllINWER §0 Stock and dividend. NYPwr&Ltpf (7). N Y Shipbldg Corp. N Y Steam new (2.60) N Y Tel of (6%) N Y Transit (t1). Niag.-H. Power (40c) N/ ~H. Pwr A war. Niag.-Hud Pwr C war. Niag Share(Md) 20c. Niagara Shares.Md war. Niles-Bembnt- Nipissing. .. Nitrate Corp Chile (B). Noma Elec Corp (40c).. Nordon Corp Ltd. Nor Central Texas. North & Sou AmCor p A. Nor European Oil Corp. . Nor Pipe Line (t4). North Stat Pwr A(8). Nor States Pwr pf (6).. North S Pow pf (1) N 'W Engineers (1). Novadel Agene (4). Ohlo Copper Ohio Ofl n (cu)pt (6) Oflstocks Ltd (A)...... Oliver Utd Filters (A).. Outboard Mot (A) Outboard Mot B Overseas Sec. .. PacG&E1stpf (13%).. 25% Pac G & E pf 1.37% 23% Pacific Pub Sve (new)... 3t Pac Tin Corp spec (2) Pac Western Oil. ., Pan Am Airways. Pandem Ofl. Pantepec Of1 Paramount Cab M Parke Davis (11.65 Parker Rust P(131).. Patterson Sargent (2).. Pender (D) Gr A, (3%).. 15% Pender (D) Grocery B.. Pennroad Corp (40c). Penna Gas & Elec A Penn Mex Fuel 113 . Penn Wat & Pwr (3). Pepperell Mfg (4)....... 85 Perfection Stove (21).. 18 Petrol Corp war. . % Phila Co new (11.40). Philip Morris Inc. Phillp Morris (A).. Phoenix Secur Corp Phoenix S C pf (3) Pilot Radio Tube(A). . Pitney Bowes P (b4%).. Pittsbgh & Lake Pittsbgh Plate Glass(2). Plymouth Oil (50c) 4 Polymet Mfg. .. Pratt & Lambert (3). Premier Gold (12¢). Prod Roalty (b10%). Propper McCallum. Prudential Inv. .. Prudential Inv pf(6).... 65% Pub SveN 111(8)$100 par. 144 145 Public Util Hold war Pub Util Hold Corp x Pub Ut H Cp cum pt. Pyrene Mfg. ... Quaker Oats (17). Quebec Power (2%) Radio Products. R R Shares Corp. . .. Raflway & Lt Secur (13) Rainhow Lum ProdA... Rayethon Mfg Red Bank. .. Reeves (D) (1%). Reiter-Foster. Reliable Stores. Rellance Intl (A Reliance Management. . Republic Gas Corp. Reybarn Co... Reynolds Invest 4 Richmond Radiator.... % Richmond Rad cum pf.. 1% Rike Kumler (2.20)..... 15 Roan Antelope Mine: Rochester Cen Pow Roosevelt Fleld. Ine Rossia Int Corp (10¢) Russek's Fifth Ave. Ryerson (J T) (1.20). Safety Car Heat & Ltg. . St Antony Guld. St Regis Paper. Salt Creek Consol. Salt Creek Prod (1) Schiff (The) Co (2) Schuite Real Estate Seaboard Util (28c) Secur Util (28¢)..... Seeman Brothers (3). Segal L & H (a50c). Selby Shos (1.40).... Selected Industries..... 1% Sel Indus allot ctfs (5%) 39% 4 Sle Ind prior (5%) 4 Sentry Saftey Con Seton Leather (1). Shattuck Den Min...... eaffer (WA) Pen (13). enandoah Corp Shenandoah Corp pf Siliea Gel o1 L Simmons Board pf.. Singer Mfg (8).. . nger Ltd rets( Smith (A.0.). Smith-Corona 9 R -5 Fe ssressares I T R R R S | 1 P+ 00400 VE+l i+ = 3 R FEFEF EF Fressefr v & (SRR S L - oop FFEE *f i i 1471) 4 Stein Cosmetics Inc.... 4 Ungerleider Fin Corp. 4 U S Elec Por % Wayne Pump pf, FINANCIAL. Net Stock and dividend. High. Low. Close. Chs=. South Am Gold&Plat. %X K- 4 South Penn Ofl (1) 13 12% - % SoCalEdpfA (1X).... 28 28 So Cal Edis pf (B) (1% 245 Sou Cal Ed pf C(1%).... 28 2% - % So Colorado PwA (2).... 17 Southern Corp.....uvsm SouthernNat Gas Sou Pipe Line (2). . Scuthland Rovalty (20¢) Sou West Bell Tel pf(7). Southw Dairy Prod..... Sou Wn G&E pf ()..... So West Gas Utl] Spanish & Gen rets. Spieg May Stern pf. 4 Stahl & Meyer, Inc. . Standard Holding Corp.. Stand Invest cum pf 4 Stand Motors. .. Stand Ofl of Ind( 1). Stand Oil of Ky (1.80)... Stand Ol Nebr (2) Stand O1l Ohlo(2%) Stand Oil of Ohio pf Stan Pow & Lt pf(1) Starrett Corp. . Starrett Corp pf. R e Stix Baer & Fuller Stutz Motor Car. Sun Investing. Sun Invest pf (3) Sunray Oll.... Swift & Co new (2) Swift Internat’l (t Swiss Amer El pf(6) Syracuse Wash Mch(B). Sylv Gold Mine Ltd (4c). Taggart Corporation Tampa Electric (32) Tastyeast Inc (8¢) Technicolor Inc. ... Teck Hughes G M(165¢) . Texon Oil & Land (1) Tobacco&Allled Stks. . Tob Prod of Del wi. .. Todd Shpyard (2)... Tonopah Belmont. . Tonopah Mining. Trans Air Trans. Trans Lux DL P § Triplex Safety Gla: Tri-contin’l Corp w: Tri-GHUMeS. . .. .....0 Trunz Pork Stores (1)... Tubize Chatel, B. . . Tung Sol Lamp (1). Tung-Sol Lamp pf (3) L L3 [N n 00 zlf&‘i—f EE & FFEFEV Union Am Invest. . Un Gas of Canada(1). Union Ofl Assoc (2).. Unit Gas & El pf (7) UnionTobacco. . Unit Chem pt pf (2). Unit Corp war, Unit Founders. FeZ sas w5 United Gas pf (7). Utd Light & Pwr A(1) Utd L & Pwr (B) (1) Utd Light & Pwr pf (¢ Unit Milk Prod.... Unit Milk Prod pf. Utd Molasses, Ltd.... United Profit Sharing. .. Un Shoe Mach ($313). U S Dairy (A) (6) U S Dairy B anww {1 0 o L O O W EF I S I+ © w. U S Elec Pwr (war). U S Finishing. .. U S Foil Co B (50¢) U S & Internt] Sec. L+ FE FFE FEREF Playing Card (2%).. Unit Stores v.t.c... Unit Verde Exten (1 Unite Wall Paper. Universal Ins (1%). Utah Apex.......... Utah Pwr&Lt pt (7) Util ity Pwr&Lt(b10%), Util P&L(B) cfs(b10%) Utility Pow & Lt pt (7). Utlity & Ind. Utility & Ind pf(1%). Utility Equities. ... Utility Equity pf (534).. Van Camp Pack.... Van Camp Packing pf Venezuela Petroleum. Vick Financial (30c) Waltt & B, A (2) Walgreen Co. . Walgreen Co war. Walker, H (25¢). . Watson (JW) Co. Wayne Pump. ,.. EES T4 ) | SRR e LY = e & OEFREr ¥ P Wenden Copper. Vgesurn Air Ex| o Kbl + Woolworth Ltd (17 4-5¢). Wright Hargra (112%c¢) “Y"Oll & Gas...... Yukon Gold Co % RIGHTS—EXPIRE. Comwith Ed.. Pub Sve N I1i Rad-K-Orph. in dollars based 1s ‘Ex-dividend, TEartly extra, s 4% P B ghocks 2 i us k Flus 10% 1o stock. m Plus 3 stock. D Paid last yearino regular Taie: 1+ FEF stock. © Adjustment divic HOW IS BUSINESS? Showing Current Business Activity Compared With Same Week Year Ago. 2 7 e P o s ) e 10% GENERAL BUSINESS ACTIVITY for the country indicated by Bank Debits outside New eas show weeks of activity above the corresponding weeks of the previous year. Black areas indicate declines from same weeks 12 months earlier. ACTIVITY BY FEDERAL RESERVE DISTRICTS. Check Transactions compared with the same week a year ago. Yok City. Shaded COPPER MARKETING CHANGE IS SOUGHT Curtailment Program in Effect, but Price Levels Are Still Uncertain. By the Assoclated Press. NEW YORK, December 12.—Efforts of American copper producers to reach an agreement on a new revised market- ing plan were reported in copper circles to be still far from successful, owing to objections interposed by one of the largest companies. The curtailment program for inter- national production, to which the Bel- glan interests recently are understood to have agreed, was said to be working out satisfactorily, but stabilization of prices at higher levels was believed to depend largely on the adoption by pro- ducers in the United States of a new foreign marketing scheme. Various copper companies have agreed that some changes should be made in Boston New York | Philadeiphia | Gleyeland Z15.4% “s23% | 33a% | Ceyesne | Richmond —22.1% the market methods of Copper Export~ ers, Inc., the selling organization repre- icago St. Louis | Minneapolis | Kansas City | o | %he8R° | Mingeenolls | Rangsagtiv | Dallas —24.3% senting the bulk of the industry in the LEADING BAROMETERS. Showing Trend of important factors, Fresent trend. Business in dollars (checks cashed) .. Employment (Department of Labor). Wages (Department of Labor) Cost of living (Industrial Conference Board) Wholesale prices (Fisher's Index) . ‘ Agricultural prices (Department of Movement of goods (car loadings) .. Retail trade (Federal Reserve Board) Building contracts (F. W. Dodge) Failures (Dun’s) ........... Bond prices (Annalist) Stock prices (Annalist) . Stock market volume (shares traded). Upward Downward Downward Upward Downward Downward Upward (All rights reserved. Camibridge Assoclates, Boston.) % Change from year age. Preferred Stocks. NEW YORK, December 12 (Special). —The hysteria among holders of rail- road bonds has broken out among own- Igl one case there may be a certain al INSURANCE STOCKS Lond NEW YORK, December 12 (P).— | Faris ers of public utility preferred stocks. | oyer_the-counter market: ount of justification for alarm, owing | Aetna Cas & 8. to dividends that have been passed and | Aericultural . the small margin of safety remaining | . for numerous railroad mortgages. Wall Street sees no such excuse for selling | the high-grace public utility senior | SPR" Dep.... shares, as dividends are regularly being | Piremen s Ins ... paid and are being earned at about | Glen Falls the same rate as in 1930 and in 1929. | H.00% Globe & Rut.. In spite of this there are numerous in- | Hartford Fire .. stances of public utility preferred stocks | Home Ins ... . declining day after day. A group of 10 | Kansas City . such vr:!zrnd shares, which sold earlier | Notr. r’if-n 64 in the year at an average yield of 6 per !P{n;.m- Y jun 5 avelers ..... export market. At the same time there is a disagreement as to just how drastic these changes should be. The Phelps Dodge Corporation, third largest in the copper trade, recently withdrew from Copper Exporters be- cause of dissatisfaction with the export sales practices. While it was believed in some quarters the Phelps Dodge or- ganization might rejoin the export con- cern under certain circumstances, there was no intimation from the offices of the corporation that there had been any change in its attitude. At the same time other important producers are said to feel that the co- operation of Phelps Dodge is essential to any successful curtailment and mar- keting agreement. —25.6 —14.3 —26.1 —10.9 —16.2 —35.8 —16.2 —15.6 —47.0 — 8.0 -—17.1 —47.8 +34.7 FOREIGN EXCHANGE. {(Quotations furnished by W. B. Hibbs & Co.) Nominal Belling ehnccon dloty.. : en, crown.. . crown Stockholm, crown'... TREASURY CERTIFICATES. (Reported by J. & W. Seligm: Rate—Maturity. i & * 3 1%s Dec. 15, 1931...... e Bee 12 1 H] 25 Mar. 18, 1 i~