Evening Star Newspaper, December 15, 1931, Page 15

FINANCIAL [URB SHARES SAG “ INACTIVE TRADING Public Utilities and Oils Lead Market Into New Low Ground. BY JOHN A. CRONE. 1 Dispatch to The Star ”;;‘E?\V YORK, December 15.—Lower grom the opening gong, the curb mar- ket was active on the downside today. onal recessions in many instances i;::”m that was needed to put shares ew minimum prices. 1o lie utilities and petroleum shares Jed the decline, though losses were fairly well distributed throughout the list. Electric Bond & Share, the mar- ket leader, sold at 9 before midday, while Cities Service touched 5. Stand- ard Oil of Indiana for the first time d below 16. d’“‘}%drrs for weeks have maintained a cautious attitude toward public utili- ties, fearful of governmental regulation of interstate power and an investiga- tion into the ownership of utility investment companies. The utilities, i€ operating, holding, management and investment companies be included, con- stitute almost 25 per cent of the total ghares listed on the curb. “The close relationship between many public utilities explains why the group usually moves in unison. Electric Bond & Share is a case in point. Im- migdiately after it moved lower toaay it carried down the warrants of Amer- jcan & Foreign Power, its principal fareign operating company, and_such affiliates as Electric Po & Light, with its various subsidiaries and their related concerns. As Electric Power & Light common ‘broke over on the big board, the option warrants on_the curb reached a new ow level. This set in downward mo- ‘{1 n the common and preferred shares 2s well as the option warrants of United Gas, all of which went below or equalled their previous fows. Selling was resumed at the outset of the Curb Exchange, with special pres- sure again directed against public utili- t les. A block of 5000 shares of Electric Bond & Share opened at 915, off is. Tdter the stock dipped to a new low. Citles Service duplicated its former low of 5« at the opening. but later rallied Associated Gas & Elcetric A at 4 was off 1, *American_Cities Power & Light B 168t ', at 1'5. Middle West Utiliti United Light & Power A and Niagara Hudson Power also pointed lower Standard Oil of Indiana duplicated its previous minimum with an opening .tzade of 157, Great Atlantic & Pa- cific, with a decline of 1 point to 144, also was at & new low level, as were Shenandoah preferred at 97 and Pru- Wential Investors at 3's. Ford Motor, Ltd., was unchanged at 47: and Penn- .xoad was a shade lower at 2. TRUST LAW VIOLATION IS ALLEGED IN SUIT| By the Assoclated Press ....BOSTON, December 15—The Ray- theon Manufacturing Co. of Cambridge yesterday filed suit against the Radio| Gorporation of America in Federal Qourt for $15.000.000, alleging injury to its, business through acts of th> de- fendants. The Raytheon Co. sought threefold damages, tctaling $9.000.000 and costs of the suit. No date was set for return of the suit . In charging that the Radio Corpo- ration had damaged its business to the extent of $3.000,000 the plaintiff alleged yiglation of the anti-trust laws through conspiracy in restraint of trade. The Raytheon Co. manufactured Raytheon vecitifier tubes. BONDS ON THE CURB s Tel Ul 515 44 acon Oil 6s '36 el Tel Can'5s B esne Gas 65 Tt xas P & L 58 '5 Util 58 '79 cv.. on E & P 55 B ' E & P 55 A 55 d Baking 65 17 ash W & Pow 5s 'G0 97 viscon P&L 55 F FOREIGN B THE EVENING STAR, WASHINGTON, D. NEW YORK CURB EXCHANGE Received by Private Wire Direct to The Star Office. Stocks' sold in 100-share lets excent these desigmated by lettor “s.” ~Prev. 1931~ High. Btock and Beles~ Low. 1% 5% 82 3% Agfa Ansco. . 3 Alnsworth Mfg. Ala Pow pf (6). Allfed Mills Inc..... Aluminum Co of Am Aluminum Co Ltd. 4 Alum Ltd B war. Alum Ltd D war. Alum Goods (1.20) Am Beverage..... Am City P&L (A) a3 Am Cit PELBb10%. Am Com P A (b10%) Am Com PrB(b10%) Am Cyanamid B..... Am Dept Stores Am Equities. Am For Pow war. » Am Founders....... Am Gas & Elec (31). Am Gas& El pf (6).. Am Invest Inc (B).. Am Invest war. Am Lt & Trac ¢ Am Mfg Co pf (5). Am Maracaibo. . Am Natural Gas. Am St Pu Sv (a1.60). 4 Am Superpower. Am Superp 18t (6)... i Am Utl] & Gn B vte.. Am Yvette Co., Inc... Anglo Chil Nitrate Appalachian Gas.... Appalachian Gas wr. Arkansas Nat Gas... Arkan$ Nat GasA... Assoc Elec Ind (30¢) Asso G&El A(b2-25). As50G & El war..... Asso Tel Ut (b8 %) Atl Coast Fish. Atlas Util Corp Atlas Utilities war. . Anto Voting Mach. . Auto V Macvirptl Bell Tel of Can (8) Bell Tel Pa pf ({12). Beneticial | L (1%). Benson & Hedges. ... Bickford's (1.20).... Rliss Co(EW) (b8%) Blue Ridge Corp. ... Blue Ridge cv pf(a3) Blumenthal (8)... Borne-Scrymser. Bourjois, In¢ (50c Brazil Trac Lt&P (1 & Brill Corp A (340)... Brit Am Oil C (80c).. BritATcou B 1.13 3-5 Brit Celanese rcts. .. Buff N&EP pf (1.60). Bulova cv pt (3 SO A E 1350 T R O b 1 2 e Butler Bros Cable & Wire B rets. Canadian Marcont. .. on Co (i113). rp 1st pf.12008 Celluloid Corp...... Cent Hud G&E (8uc) Sent Pub Sve A b3%. Central States Elec. . Centrifug Pipe (60c) Chain Store Devel. .. Cities Service (g30¢) 361 5 C) S| 3 SIS ~aZaa Cit Sy P & L pf (7)..800s Claude Neon Lts Inc. 10 Clev El lllum (1.60). 4 Cleveland Tractor. Colon Ofl...... Col O11& Gas vtc. Columb Pictur( Colum Pic v.t.c. {75¢ Commwlth Edison (86258 Cmwith & Sou war.. 313 Consol Auto Merch. . Consol Copper. ..... Con Gas Balto (3.60) Consol Ut A Consol “ont Shares cv pf Cont Shares pf (B) Cooper Bessemer Cord Corp. ... Corp Sec Ch (b6 Corroon & Reynolds. Cosden Oil... Creole Petroleum. ... Cresson Consol (4c). Crocker Wheeler. ... Crown Cent Petrol. . Crown Cork Intl (A) Cuban Cane pr opt w. Surtiss Wright wal Cusi Mex Mining. . Darby Petroleum Deere & Co De Forest Radio. Derby Oil Refining Detroit Alrcraft. Dubilier Cond & Rad Duke Pow ( Duquesne Gas. Durant Motors. . Durham Duplex pr pt Duval Tex Sul wi. ... Elec Bond&Sh( Elec B& Shcupfb.. Elec B & Shpf (6)... Slec Pow Assoc (1). Elec Pow Assoc A (1) Elcc P & Lt op war.. El Shareholdg (b6 %) Empire Pwr pt(2.24) pire Pub Sve (A). mploy Reinsu 11.80 Europ E Ltd A (60¢). Fairchild Aviation Fajardo Sugar. .. Fansteel Products. .. Fedders Mfg Co A... Federated Cap cu pf. Fiatrcts (343¢) Flintkote Co A. Ford Motor, Can., A. Ford Mot Frn 57%c. “ord Mot Ltd 26 3-5¢ Foundation For Sh Fox Lheater (A). Gen Aviation. . GenE Ltd res 36 3-5¢. Gen Empire (1) Gen G&E cv pt 5 % Gen Theat Eqcv pf.. Glen Alden Coal (4). Globe Underwr (15¢) Goldman Sachs...... Gold Seal Elec new. Gorham Inc pf... Gorham Mf vte (£2). Goth Knitback Mch. Gray Tel Pay Sta t4.100s Gt A&P Tea nv(16%)160s Gt At&Pac Tea pf(7)100s oc Strs Prod vte. . Guif Oilof Fa (1%). Hall Lamp (40¢c). Hartman Tobacco. Uecla Mining (40¢). Helena Rubenstein Hollinger Gold 170 Horn (A C) Co.. Horn & Hard (2%) Hudson Bay M& 8 Humble Oil (12%).. HydroElec Sec(1.20) Hygrade Food Prod.. Imp Ofl of Can (50¢) Imp O Can reg (50c). Imp'l T GtB&I(1.12). Indian Ter I11u Ofl A Ind Ter 11lu Oil B [nsull 1AV (b6%) 5 Insull Utll 24 pf (6) . 500s insCoofNo Am t23 6 Insurance Security. . Intercontinent Petn Int Petroleum (1). Int Products........ Int Safety Razor (2). Int Superpwr(t1.10). Int Utilities B. : Int Utilities war. Interstate Equities. . In'state Equity cv pf. Irving Air Ch (50¢).. Irving A Chute war., 4 Kleinert Rubber. Kolster-Br (Am S| Lackawanna Sec (4) Lake Shore M (12.50) Lefcourt ealty 1.60 Lefcourt Real nf «3) Leh Co & Na (1.20) Leon:ird O Libhy McNeil & L Lone Star Gas n 88c. Long Is cu pf B(6).. Long Isld Lt pf (7). Louisiana Lan & Ex. % Magdalena Synd..... 32% Mapes Cona MIg(14); 11 4 16008 1 1% 1% 6 82 4 50% i FeFTEY sen Dividend Rate. Add 00, Open. Righ. Low. Ciose. | W, 4% 1% ~Prey, 1931~ High. Low. 2 Stock and Sales— Dividend Rate. Add 00, Open. Mass Util Assoc.... 4 24 Mass Ut cv pf (2% ).1268 Mavis Bottling (A).. 12 Mayflower Asso (2) Mead Johnson (16). % Meniph N Gas (60¢).. Mercantile Strs (1).. 4 Metal & Mining Inc Met Chain Stores. ... Mid Sta Pet vtc A 22¢ Mid Sta Pet vtc B.... Mid West Ut (b8%). Mid W Utevpt xw § Midland Unit (b6 % 4 Mo-Kan Pipe Li Mo-Kan Pipe L (B) Mountain Prod (80c), Municipal Service 4 Nat American Co Nat Aviation. Nat Bd & S Corp. Nat El Pow A (1.80). Nat Fuel Gas (1 Nat Pub Sv A (1.60). Nat Servies Co. Nat Sugar NJ (2). Nat Transit (1)... Nat Unfon Radio. Newberry (JJ) 1.10 Newberry JJ p£(7).. 50 New Bradford Oil. New Jers Zinc (13).. 1 Newmont Mining. ... New York Auction. NY&Hondur Ros(12) N Y Telpt (6%). 4 N Y Transit (1). Niag-Hud Pow (40¢) 171 Niag-Hud Pow A w.. 52 High, 2% 21% 1 29 i 2 3 4 3 4 8 1 8 2 ] £l 3 1 60 1 4 2 3 1 1 1 1 1 1) 1 s 2 0 4 2 4008 1 Niag-Hud Pow B w. 3 Niag-Hud Pow C w 3 Niag Share(Md) 20e. 17 es-Bemt-Pond (1) 2 Nitrate Corp Chile B. 37 Nordon Corp Ltd 2 vor W ev pf (3). Nor Am Util Sec. ... North European Ol. 3| Nor St Pow A (8)... i Nor St Pow pf (6).. Nor St Pow pf (7) Novadel Agene (4 Ohio Copper. .. Ohfo Ol cu pf (6).ae Oflstocks Ltd (B). Outboard Mot A..... Outboard Motor B. Ovi as Sec. PacG&E 1st pf 1%. Pac Pub Sve pf new. + Pac Western Oll. Pan Am Airwa: Pandem Ofl. Pantepec Oil. Paramount Cab Mfg. Parker Rust P(1314) 100s Pennroad Corp (40c) 61 Penna Gas& ElecA. 1 Penn Pw & Lt pt (7) 508 Penn Watr & Pw (8). 5 Pepperell Mfg (4)... 50s Phila Co new(11.40). Philip Morris Inc. Phoenix Secur Corp. Phoenix S Cpf (3). Pilot Rad Tubs A.... Pioneer Gold M Ltd. . Pitney Bowes (b4%) Pittsburgh&LE(110) Pittsbgh Plate G (2) Polymet Mfx. . . Plymouth Oil (50c). Premier Gold (12¢).. Prov Gas 1.40).... Prudential Invest Pub 17t1] Hold xw.. . Pub Ut H Cp cum pf. Pyrene Mfg. . Quincy Mining. R R Shares Corp. Reeves (D) (1%) Rellance Int A. Reliance Manax Republic Gas Corp. . Reybarn Co. 5 Revnolds Invest. ... Richfield Oil Cal pf.. Roan Antelope Min. . Rock Lt & P (30¢)... Roosevelt Field Inc. Root Refining Co. Russek’'s Fifth Ave Byan Consolidate; Sdfety Car Heat & L.125s i S¢ Regis Paper...... 61 i Sdlt Creek Consol Salt Creek Prod (1 Schulte Real Estate Secur Util (28¢) Sexal L & H (ah0c Selected Industries Sle Ind al ctfs(5%). Seiberling Rubber... Sentry Safety Cont Shattuck Den Min. .. Sheaffer (WA)P(13). Skenandoah Corp Shenandoah Corp pf. Silica Gelctfs....... Simmons Board pf.. Singer Mfg (8). Smith (A.0.). South Penn Ofl (1). 5 SoCalEdpf A (1%). SoCal Ed pf B (1%4). Sou Cal Ed pt C(1%) South Corp Southern Nat Ga Sou Pipe Line (2 Southld Royalty 20¢. SW Dairy Products. S W Gas Utilitles. ... Spanish & Gen rets. . Stand Invest cm pf.. 508 Stand Ofl of Ind(1). 176 Stand Ofl of Ky 1.60. 12 Stand O11 Ohlo (234).100s Stand Pwr & Lt (2) 1 Stand P & L pf (7)., 1008 Stand Screw (4). el Starrett Corp. Starrett Corp p! Stein Cosmetics 108 Ot s e Stroock & Co. Stutz Motor Ci Sun Invest. Sunray Oil. Swift & Co (2)...... wift Internat’l (+4) Syiacuse W Mach B. - ‘Tampa Electrie (32). Technicolor Inc..... Teck HughesGM 165¢ Texon Ofl&Land (1). Tob Prod of Del wi.. Todd Shipyard (2). Trans Air Trani Trans Lux DLPS8 Tri-Cont Corp war. 4 Tri-Utilities..... Trunz Pork Strs (1), Tubize Chatel. B.... Tung Sol Lamp(1). Ungerielder Fin Cp Unfon Am Invest 'n Gas of Canada(1) “nit Car Fast (40c) . Jnit Corp war. “nit Dry Docks Unit Founder: Unit Gas Corp. e 3 FrorBoaaBunsanSe ~ola D! Unit Lt & Pw A Unit L & Pwr pf(6) Unit Profit Sharing.. nit Verde Exten (1) Utica G & EI pf(7... 20s Util Po & Lt (b10%) 40 Util Pwr & Lt pf (7). 2508 Utiliy Equit, h Util Equity pf(5%). 2 Util& Ind ... 13 Utility & Ind pf 13 Van Camp Pkg. .. 1 Van Camp Pkg pf. 2 Vick Financial (30¢) 6 Walitt&Bond B(80c)s 2 Walker, H (25¢)..... 10 Watson (J W) Co. 6 ‘Wayne Pump. . Wenden Copper. . Western Air Exp. 3 Willlams R C (70 9 Woolwth Ltd 17 4-ic 2 Wrizht Har (112%c) Youkon Gold. ... RIGHTS—EXPIRE 2 Com Edison.... 24 5 3% PubSve N1l .Feb 1 3 Dividend rates in dollars based on la arterly of semi-an- Payment. °*Ex dividend. tPartly extr: 1Plus 4% in stock. s Payable in cash or stock. bPayable in stock. e Adjustment dividend. ' fplus 5% in stock. Plus 6% in stock, hPlus 1% in Sk, §Plus 2% in stock. kPlus 10% i stock. mPlus 3% o Mook, wPhe 8% & stock. B Paid Mk Besene Sesulen msle 2% 3% 2% 3 | (#.—During the past week commodity | %! McGill weekly C., TUESDAY, DE EMBER 15, 1931. FINANCIAL. *%% A—15 NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. (Continued from Page A-14.) Btock and B Dividend Rate, 2% Wilcox Oil & Gas.... 4 17% Wilcox Rich A (2%). 1 White Sewing Mach. 1% White Sewing Ma pf. Willys-Overland. . Willys-Overland pf. Wilson & C.. .. . Wilson & Co (A) Wilson & Copf.. ..., Woolworth (14.40) ., Worthington Pum 9 Wright Aeronautical 10s Wrigley (Wm) (4). . 24 Yale & Towne (1)... 176s S — Hish Low. 9% 30 5 10% 8 3 174 9 30 15% 3 Yellow Truck... Add 00. High. Low. Close. Chae. 8 s 2% 38 ~—1931— High. Low, 76 Net. | 7 78 15 5% " wn 1% 1% 1% 2% 23% 24 185, 17% -2y 1 + % 17% 2% 22 % 21 185 39% 201y 4% 1% Peop G + %] 710:30 A o 4 b Payable in stock — % | hPlus 2% in stock 3% in ‘stock. 9 3! + % ! Gtock. 3 Btock and Dividend Rate. 17 Yellow Truck & Cpf. 110s 9 6% ¥aung Spring& W(1) 3 Ty ki % Zenith Radio. . 2 6% Zonite Prod Corp (1) 8 3 Sales of Stocks on New +++. 1,800,000 m Paid th! © Plus 3%% in stock. Bales— Net. Add 00. High. Low. Close. Chge. 18% 17 17% ~5% Sheet&Tube. kb | 15 14 1w 1% % 1 RIGHTS—EXPIRE. L&C.Jan15s 35 2% 1% 2 — ¥ York Exchange. 400,000 12:00 Noon, - 1,200,000 +2,100,000 cash ITRUST FIRM HEAD SSUMES DUTIES -1 + »|Meem Takes Over Presidency of D. C. Firm, Succeeding Late John B. Larner. Harry G. Meem, after 40 years cone *U8ls | nected_with the Washington Loan 4 1 Pius 8% 1 tock . Soc ia special preferred stock.” & Piai STOCK TRADING BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, December 15.—The in- timation by Representative Bacharach of New Jersey, a member of the House ‘Ways and Means Committee, that Con- gress might take action to prevent the further operation of the law relating to capital gains and losses is pertinent to the situation in the market for securi- ties which has been more than ever demoralized since the proposed new in- | come tax schedules were announced | last week. Recently there has been indiscrimi- nate selling not only of stocks but of bonds and of senior shares to a degree never before witnessed in Wall Street. Last week there were nearly 100 separate listed and unlisted bond issues that ex- Eflenctd net declines of over 10 points. this group were many that suffered losses of 15 points and more. Under- lying issues of prominent railroads dropped from 20 to 22 points on sales of nominal amounts. There were & score or more of preferred stocks that went down 10 or more points. Sales Follow Tax Proposals. The only explanation offered for this wholesale destruction of values was that the owners of these securities were de- sirous of establishing losses to such an extent that these would offset their 1 bonds or preferred shares. WOULD REFLECT CHANGE IN CAPITAL GAINS LAW {Tax Selling Has Been Recent Factor in Decline of Prices for Stocks and Bonds. the present emergency but which even- tually may work out to the disad- vantage of the sellers. The clear inti- mation, of course, is that the capital gain and loss feature of the incor tax law may be repealed. The market is just as thin on th buying as on the selling side An change in sentiment would make it as | difficult to buv back bonds or preferred stocks as it is at present to liquidate hem. In the case of a bond that has Gropped 20 points in the past werk after having suffered a decline in the rest of the year of an additional 20 | points an effort to recapture this same bond will in all probability result in a recovery of half of its decline, leaving the seller at no net advantage. Potentially the seller of a stock or a bond to establish tax losses is in the position of one who has gone “short” of the market. He expects eventtally to buy back what he has sold when this is permissible under the 30-day clause. Market Crisis Lengthened. There are always a certain number of sellers who are making exchange from one group of securities to anothe This applies more to stocks than ‘The ent liquiZation in bonds is by i who are not compelled to sell, who no actual fear for the integrity of the P earned and unearned income. Sales were being made at levels that in many | cases reflected a credit condition among corporations which the facts did not in the least sustain. which indicated that most of the sellers had lost their heads and were sacrificing investments that | most certainly will recover in time and appreciate much more than the equiv- alent advantage of a tax reduction Congressman Bacharach has discov- ered that the increase in the sales of securities has coincided with the new tax proposals. He draws the conclu-| sion that they represent an effort on/| { the part of holders of stocks and bonds to limit their income tax payments in 1932. He also cautions against this type of liquidation, which not only af- fects the position of the Gove: ent in Commodity Price Trends of Week | | CGILL, | dity Service. December 15 | Editor AUBURNDALE, Mass., prices continued to reflect the unset-‘ tled conditions both abroad and at home. The average of all commodities again declined to a new low point and out of 14 individual groups 10 declined, two Increased and two remained the same. Industrial Prices. Although not showing acute weak- ness, industrial prices the previous low poin October. Paper and pulp and c textiles were the two groups to s an upturn, while chemicals and non- ferrous metals remained the same as in the previous week. | Business in this country awaits the action of Congress on the important | problems brought out in President | Hoover's messages. These messages | suggested constructive measures for the | | alleviation of unsettled conditions both | in this country and abroad. It is be- coming inereasingly evident, however, that this country must lead the way out of the present world depression. It is also increasingly cvident that pro- duction in the United States, both of agricultural and industrial products, must work toward conforming output with domestic needs only until the 5 | financial and economic conditions in | the interchange of commodities. Tariffs, | lowered prices and costs greater in some | countries than in others, boycotts, limi- tations of imports to effect a favorable trade balance, as well as financial abil- ity to purchase are hindering interna- tional trade. Those commodities hav- | ing world markets are naturally feeling | more forcefully the effects of these unfavorable conditions. Evidence of this 15 plainly seen in their present low prices. ‘which are generally below the cost of producticn. Agricultural Prices. For the third consecutive week agri- cultural prices declined and established a new low point. The income of the farmer for 1931 will be 25 to 30 per cent less than in 1930 and 40 to 45 per cent less than in 1929. Most important price changes in the commodit; i in- dices, 1926—100: R securities sold, but whose sole purpose is to make their losses on sec ng advisors. If Congress feels that is inimical to the market for sec as a far-reaching effect ¢ general business of the country. i t avoid having a similar po ard se! tors are cager to take advantage of declin- ing pricds for securities and give an artificial aspect to the price list securities and intensify and len the market crisis (Cop! CHARGE CUSTOMERS ACCOUNTS SOLICITED New. York Department Stores Change System of Extend- ing Credit. 8pecial Dispatch to The St NEW YORK, December 15.—A strong drive to secure charge custor been carried on by most of the dey ment st City during the past ¥ novel promotion plans have been brought into acticn, according to John J. Bergen of New York, specialist in departme store securities. “It was not so many years ago that an applicant for credit in a New York department store had to furnish bank and other references and fill out an application form that was almost as involved as an income tax re- turn. During the past two years all this has ck home owners, better selves t peal s in the metropolitan dis “Abcut a year ago one of the promi- HARRY G. MEEM. Who was yesterday elected president of the Washington Loan & Trust Co., to succeed the late John B. Larner. He has been connected with the bank for 40 years. —Harris-Ewing Photo. 7 alive—Turkeys, young toms 20a25; old toms, 18a20; old 2; chicken Spring small 15a17; Leghorn hens, ‘costers, 10a12; keats, young, 40a45; old, 25a35. Meats—Beef, prime, 16 medium to good, 11al3; 3 13; medium, 14; medium, 12'2; po) 12; 10 o , 10 to 14 pounds, 12 10; smoked hams, strip bacon, 19a20; lard, in tins, package, 10; compound, 7a7';. Poultry, dressed—Turkeys, hens and tom: old hers, 30a32 choice, 1 cow young 24a26; Leghorn Long hens, 16al8; Island ducks, 25 casabas, 4 tock, pears, as, 1.00a2.50: oranges, California, 4 00, grapcfruit, : kumquats, quart, 10al5; tan- gerines, 2.00a2.25; persimmons, baskets, 2.00. Vegetables — Potatoes, Maine, 100- und sacks, 1.25: New York, 150-pound 1.75; Idaho bakers, 100-pound sweets. Eastern Sho ce, I s, 3.00a 100 bunches, 6.00a per_dozen pers, 3.00a3.50; 0; okra. Cuba, per pan, 90al.00; Florida, per bushel, 52350 cabbabe. new, 40-pound bas- 225a250; old, 100-pound sacks, 3.00a3.25: tomatoes. hot ts, 200; Florida, ellow squash, crates 4.00: light nent stores sent a card to home owners | in the suburbs, which, when filled out automatically opened an account for the person,” said Mr. Bergen. be outdone by these tactics, a big store in Newark. a unit of one of the leading department chains, informed selected suburban home owners by mail that an | account had been opened in their names and urging them to come in and shop their convenience. Thus did this tal he did nct even have “Such a plan of granting credit to win customers by department stores is both a novel sales promotion method and sound business,” continued Mr. Bergen. “Home owners in New York's suburbs are stable members of the community and good credit risks. The preparation of a list, With the elimina- | tion of undesirable names, is not a very difficult task. The psychology of a let- | Al commodities. . Tndustrisl ultural Installment financing concerns in Scotland are prospering. Prom Yesterday . 62.5% Previous day. Week ago. Month ago Year 2go. . Three ycars ago. Five years ago. High, 1931. Low, 1931. High, 1930. Low, 1930...... High, 1929, Low, 1929. *New 1931 low, 66.4% 67.2 69.9 6. Year ago.. Two years ago. Three vears ago. High, 1931, Low, 1931. High, 1930. Low, 1930. High, 1929 Low, 1929, *New 1931 low. 5. 50 Industrials. 20 Industrials. ter telling & man or woman that an account has been opened in his name, with no further ado, is very effective Department stores in other cities may well study these new methods of the New York stores.” . Commodity prices in Egypt have dropped one-eighth in the last 12 | months. STOCK AND BOND AVERAGES By the Assoclated Press. 's 5:30 Edition. 20 Utilities. 20 Utilities. 83.4* (Copyright, 1931, Standard Statistics Ce.) “Not to | foreign countries are more conducive to | With name and address and a reference, | Special Dispatch to The Star, | NEW YORK, December 15.—Opening cotton prices were 4 to 6 points higher today. Trading was in good volume, with a brisk demand fro the trade and from profess rts who were R-K-0 REFINANCE PLAN IS ATTACKED IN COURT Special Dispatch to The Star, BALTIMORE, December 15.—A pe- tition asking Circuit Court to restrain the Radio-Keith-Orpheum Corporation from putting into affect a refinancing plan voted upon at a K meeting last weck was y_J. Caokman Bo; secured ion and edings at and the necting were illegal Judge Albert S. J. Owens signed an order giving thé corporation until Jan- uary 4 to show cause why the re- straining injunction should not be issued. de- the Several weeks ago Boyd asked the court to appoint -receivers for the R-K-O, charging the corporation was unable to meet its obligations. The corporation has until December 22 to answer this petition. At the meeting last week a plan to secure $11,600.000 to refinance the con- cern, with the ald of the Radio Cor- poration of America, was voted over Boyd's protest. It was this plan would avert tha rezeiversh ! CHICAGO TAIRY MARKET. CHICAGO, December 15 (#)—But- ter, 12,470, unsettled; creamery specials (93 score), 29%,a293;; extras (92 score), 28%; extra firsts (90-91 score), 2712a28; firsts (88-89 score), 24a25; seconds (86- 87 score), 23a23%; standards (90 score, receipts, 20a22; refrigerator firsts, 1472; refrigerator extras, 15!, WOULD BROADEN ACT. Broadening of the eligibility provi- slons of the Pederal Reserte aci by | making short-term debentures cf the | National Credit Corporation and State, | county, and municipal bonds of short maturity eligible for disccunt with Fed- eral Reserve - Banks, is advocated by E. G. Diefenbach, presicent of G. L. Barret & Co., as a practical method of | , | smaller crops. T rate. | Trust Co., assumed the duties of presie dent today, having been elected late 18 JeT—Do regular rate. nPius 8% in | yesterday to fill the vacancy caused by death of John B. Larner. He received congratulations today from friends, customers of the bank and banking associates. Prom bank runner to president gives him a wonderful insight into every phase of the bank's work and his election is regarded as a deserved tribute to his financial experi- ence and leng service, his present ad- vancemnet being from the position of senior vice president 2 G. Treat, Charles Carroll Morgan and Alfred H. Lawson. The board also elected Arthur Peter first vice president and general counsel, taking the former title cf Mr, Meem. He has been an officer of the bank for many years. Mr. Meem is a native of the District, having been born in Georgetown, where members of the family resided since 1756. He is a director and auditor of the Equitable Co-operative Building Asscciation, treasurer of Cam wil and assistant treasurer of t Press Building Cc came into prominence during War in the Libe; ington, during tion, the Washington ved one-eighth of the t ber of subscriptions to the bonds 1918 he married Miss Louise H Maryland and has two daus Carroll and Mary Elean . Meem, Mr. Meem is a member of the Chevy Chase Club, Archeological Soci the National Geographic Soci; The first president of the Washington Loan & Trust Co. was Bra d H. Warner, who was succeeded in 1894 by John Joy Edson. In 1917 Mr. Edson declined re-election and was chairman of the board, which off still holds. John B. Larner was el in his stead and scrved as his death on N Present Senior Officers. The Board of Directc lons to the offi for officers of Arthur Peter, now and genera! counsel vice president in ct End office; Charles F ident and treasurer vice president and Alfred H. Law real estate office tement of the bs shows capital assets of $2.5 total resources of r Gen. Treat, one of is a graduste of W commandant of cade to 1905. He served s dur World War in command of the can troops in Italy and res Distinguished Service M Serv in Cu Santiago and was afterward at and is a member o and the Chevy Cha Union League Club of N city, is co-manager of G & Co, investment bankers ber of the New York Stoc director of the Federal Investors of Washington, Incorp and member of t. board of trustees "‘! Associated Ch: ies. He is a meme st Lawson Real Estate Officer. The third new m the board, Alfrc conneeted w estate, officer s was made vice preside; 1930. Mr. Lawson v necticut but has lived in tt since 1909. Before Jo company he was for a number of with th> D! 1 of which & to be a d of the Nat of the George Washington Boa late Washington Re:l t2te past president of the two zations, In addition to d following are S the board; John Joy Edson, chain John H. Clapp, Frederick V. Covil Augustus_Crane, Floyd E. Da Whiting Estes, Albert F. Fox, M B. Grosvenor, John A. John: Kauffmann, Carl B. Keferstein A. King. J. Leo Kolb, Horry TI 1or Stone, Doral 1c bo>rd of d appropriate death of the late presi presented by a special comm sisting of John Joy Edson, W. Noyes, Arthur Peter and Harry G. Meem and ordered that an engrossed copy be sent to the family and a suite able tribute printed for distribution, Grain Market By the Associated Press. CHICAGO. December Wheat ed downw Iy today, m action rket. Ad- verse harvest weather in Argentina, however, making it difficult to obtain dry wheat fit to ship across the Equa- tor, continued to operate as a check on sellers. Opening unchanged to % off, wheat afterward sagged all around. Corn started unchanged to !2 higher and subsequently reacted somewhat, but then scored a general upturn, Rallies from early downturns lifte@ wheat at times to well above yester- day's finish. The rallies were simul- taneous with advices that export inter- ests_had been active buyers of futures at Winnipez There were also e-timatos that the zmount of wheat in the hands of Canadien rarmers ent to only 25.812,00 s Giving aid to upturns in wheat values were asscrtions that, althourly Balkan countries have been exporting freely in the first six months of the season, it will not be possible to keep this up dur- ing the last half of the season. A factor cited in this connection was that Rumania and Czechoslovakia have Continued absence of rain in domestic Winter wheat terrie tory Southwest, together with persiste ent curtailment of domestic primary are rivals of wheat, served as a further handicap on bears. Corn and oats were strengthened by scantiness of receipts, Chicago corn arrivals today totaling but 38 cars. Provisions held about steady, in enced by hog values. Because only one bid of $250 was re- ceived at the auction at Perth. Ause tralia, of a work by J. M. W. Turner, the famous painter, which a few years insuring greater liquidity to the banks ago brought $1,500, acceptances of the of the country and prevent! Hquidation i ¥he hond further offer was referred to the Supremq [