Evening Star Newspaper, February 14, 1932, Page 64

4 FINANCIAL SUBSTANTIAL BOND | CAINS ARE SCORED Low-Priced Speculative Is- sues Prove Feature of Ris- ! ing Market. BY VICTOR EUBANK, Associated Press Financial Writer. NEW YORK, February 13.—Bonds followed the lead stocks today and Ew.—‘*‘;guv Al classes of leans raised air prices <o~ antially. While the upturn in ‘mortgages was #cmewbat more restrained than in the hares department, low-priced specu- ative issues, led by the railroads, ad- vaneed from 1 1o 3 or more points, with offerings dwindling as the brief session | meared the end A Optimism generally was expressed by dealers over results expected from the Glass-Steagall emergency credit legis- lation and an unusually healthy market was predicted by a number of active traders. Among the more buoyant carrier liens were Rock Island convertible 4. Bal- timore & Ohio convertible 4'ys, Chi- cago & Northwestern convertible 43.s, Missouri-Pacific convertible 5'.s. Nickel Plate 6s, 'Frisco Consolidated a'ss, St. Paul Adjustment 55 and M-K-T Ad- Justment Even the lower-coupon and higher-priced liens, such as Atchi- son 4s, were up around a point Strength and activity in utilities and industrials was maintained throughout the session. Convertible bonds of the communications companies extended their recovery and stock-privilege issues moved to higher levels. Loans of the oil companies also were in demand. The foreign section was generally firm. but quiet German Government 7s and 5'3= registered gains of nearly 3 points. British, Japanese and Prench obligations were steady. United States QGovernment bonds generally were mod- erately higher. CORPORATION REPORTS NID PROSPECTS OF ORGANIZATIONS. NEW YORK. February 13.—The following is today's summary of im- portant corporation news prepared by Standard Statistics Co.. Inc.. New York, for the Associated Press News Trend. twenty-third consecutive week bro| loans ined Accord- ing to the reporting Feceral Reserve member banks in New York, loans de- creased $19.000.000 during the week ended February 10 to a new low rec- ord of £486,000000. Loans by member ks for their own account dropped 0.000. while loans for out-of-town 000000 and those for others remained unchanged. The Industries. Oil—Texas oil and gas conservation law upheld by Federal court. For the TS The Companies. Chicago, Milwaukee. St. Paul & Pa- cific Railroad preliminary January net operating deficit, $285,000 vs. net oper- ating income, $572.344. Eureka Vacuum Cleaner. 1931 defieit, $1.163.096 vs. deficit, $584.034. Ford Motor to market V-type eight- cylinder Ford: Model A to be contin- yed in improved form: two motors are te be interchangeable in the same chassis, which is to be lengthened and Tedesigned; both models to be kept in Jew-priced field. General Empire Corporation declared 10-cent common dividend; paid 28 cents December 1, 1931 General Printing Ink 1931 eomman share earnings. $2.47 vs. $3.18 Hecla Mining earned about 10 cents per share in 1931 Prairie Pipe Line deficit, 11 months to November 30, $547,313 Underwood, Elliott. Fisher declared B0 cents common dividend: paid 75 cents December 31, 1931 First National Stores common share earnings, 9 months to December 26, $4.13 ve $374. General Steel Castings 1931 deficit, $3.006,118, vs. net income. $603.494, equal to 1 cent a common share Gould Coupler 1831 deficit, $568.083, va. deficit, §257 Interlake Iron Corp. 1931 deficit. 81.- 887.502. vs. net income, $2.066,083, equal to $103 a common share Lunkenheimer Co.—Declared four querterly dividends of $1.621, each on preferred stack, three of which are pay- able in 1832 and one January 2, 1933 Bymington Co. 1931 deficit, $365,200, Vs, net income. $116.256, equal to 58 cents a class A share. Union Twist Drill 1931 deficit, $85.- 185, vs. net income. $418,288, equal to $1.78 a common share. Fashion Park Associates—January net sales off 346 per cent Indiana Pipe LinePipe line deliver- des up 25 per cent Woodley Petroleum-—1931 common share earnings. 52 cents. va. 16 cents Buckeye Pipe Line—January pipe line deliveries up 228 per cent. Continental Motors—Buys assets in Michigan of Devaux-Hall Motors. Exchange Buffet—January sales off 19 per cent, ® months, off 17.8 per cent ew York Central R. R.—1831 com~ men share earnings, 40 cents, vs. §7.21. By the Associated Press. NEW YORK. February 13.—The Pe- traleum Heat & Power Co. estimates that less fuei has been used for heat- ing this Winter than in any year since the war. Demand for fuel oil. coal and coke in some sections dropped off as much as 30 per cent as & result of the mild weather. it is said. A top price of $8250 was paid for silver fox skins at the concluding ses- sion of the Spring sale of the New York Fur Auction Sales Co. The sale at- tracted keen bidding from dealers and manufacturers. Selected skins showed & rise from b to 20 per cent Steadiness marked in the print eloth market this week in spite of decrease in the volume of business. The de- creased demand was attributed io the degire of buyers to obtain a better line on proposed production curtailment plans before making large commitments. It is said that pre<ent indications point to a satisfactory agreement between mill executives and’ selling agents. SHORT-TERM SECURITIES. (Reported by Chos. D. Barney & Go) Allis-Chalmers Co. 55 1937 ... B86s Eu-; Amériean Chain Co 65 1983 " 85 81 Amerjean Tel & Tel 5 1043 10172 Al t Wat. Wks. & E. 55 193¢ Ba {MDIE & Ohio 4'3s 1933 Bed‘nx Hemingway Co. €s 1935, Beihihm Sueel Cors. AT e puesiern "‘} ok *Nortnwestern R. R Sy Bl Cle Ler. & Wheeling 55 1933 Colarado & So. Rwy. 4' 1935 Coj cial Credit Co. 5' 1935 1935 1936 1937 25 Mot 1 Petroleum Qorp. 55 1 Public Bervice 5':8 d Trunk of Canada 6s F R D G Co. Light -_Nashville 55 1937 ent 18; 85 & ;!‘: 100" ' C 8t M Un —1931.— High. Low. 102 28 108 16 105 5 103 16 108 18 107 22 109 22 114 8 1002 105 18574 1091y 1% 9711 98 26 98 44 UNITED STATES GOVERNMENT, Stock and _dividend. LD 838 1933-41..... Lib 1st 434 e 1932-47. USa%s1940-43.. US3%s1943-47 9 U B 640 1947-52.....10( Stock and dividend. Abram & Straus § *:"“ Am Natural G & Am Sm & Ref 1 Am Sugar Ref Am Tel&Tel cv 4%s AmTel & Telstbs. Armour & Co 448 5% ) Atch T& S F gon v3 Atch To& S Fe 4% ¢l Atlantic C L 1st ¢a 53 Balto & Ohio 68 '95. B&OPLE&W Va4 B&OS W Divés 80... Bank of Ch Belglum 68 '85. .. Beli Tel (F'a) ref 68 4 Beth Steel p m § Bolivia Ts ct 69, Burdeaux 08 '34. Boston & Maine Brazil 638 1926-5 Brasil 82 '41. Broadwy & 7 . Brooklyn Manh 1st s A. Brooklyn Union 68 ‘50 108% Canada 63 83 102% Canada o 1023 1024, 108% 1084 Cai Ilni‘lll % Canadiap Natl 4% Can Nat faly bs '69.. Canadia= Natl 5 '6Y Oct. Canadla® Pacific deb 4 Ceutra: Facific 48 ‘49 Centra) Facific 53 19 Certain-teed 538 19 Chesapeake Corp 5: Ches & Oh gen 892, Ches & Ohio 414593 A. Ches & Ohlo 4%4s B '95. ChiB&Q4%sB'11 Chi B & Q ref 5571 Chi M St P& Pad) § Chicago&Nwncv 4% 8'49. Chi& N W 6148°36 z Chicago Rys 5827 Chi R | & Pacref 4. . Chicazo Rock Isl 4735 '60 Chi Union Station ¢ 4 Chi Union Station §1as. Chi & Weat Ind con Chi & West ind 68 Chile Republic 68 1360 Chile Copper 58 '47. CCC&StLre4¥4s CCC&StLGsD... Cleveland Term bs B '73 Cleveland Terminal 6% Colombia 6s 1961 Jan. Colon 0il 68°38. . Colo & Sou ref 43818 Columb G & E ded Comm Invest 518 ‘49 Con Coal (Md) 18t r Copenhager: bs ‘52 Cuba R R 58’63 Cuba North 68 "42. . Czechoslovakia 85 '51. Del & Hudson 5%8'37 Denmark 6% s 1955. Denmark 6s '42. Den & Rio Grande cn Den &R G West §3"18 Dodge 6a’ Duquesne ¢ Dutch Eaat Indiel Dutch East Ii Erie 1at con ¢ Erie gen lien ¢ Erie ref 58 '07. Erle 5575, Flor East Coas FondaJ &G 4¢%s 52 French s '4; French T%s"41. Gelsenkirchen Min 6s ‘14 General Cable 64 s 1941 Gen Motors 68 ‘37.... r Gov 51gs ‘5 wi. 1217% 127 94% Goodyear Rub b8 Grand Trunk Grand Trunk freat North 448 '16 Great Nor gen b%s ‘52, Great North gen 7s '36. Greek 63 1968. Hudson & Man adj 58'67.. Hud & Man ref 6s '57. HumbleO& R5% 1021 1034 98 100 Inter Rap Tr 5s sta ‘66, [rter Rapid Tran €a'43.. Inter Rap!d Tran cv 1 Inter Cement b Inter Gt Nor adj Inter Mateh 63 '¢1. Inter Mer Marine 6; Inter Paper ia A ' Inter Ry Cent Am 0% High 9414 98 13 Lib 4th 4145 1933-38, 998 9216 912 9226 620 96 011 100 2 M7 9”4 "1 9124 9012 926 Low. Close. 1. " Chse 4+ ¥9T +.08 9216 4.22 912 9225 +.25 96 20 +.10 10010 +.08 dividend v 4 Knn City South Kan City South §» ‘50 Kan City Ter 1a 0 Kan Gas & Elec ¢ %5 80. . Kendall 6% 8 '48 (war) Manat! Sug 8 £ 1% Market St Ry 79 A Mexico 48 1904-84. . Midvale Stee) b3 '36 Mflan 8 LD I MIEIR&L 1ot r Mo Kan & Tex 1st 4 Mo Kan & T Mo Kan & T Mo Pacifie g Mo Pacific 58 Mo Pacific 8s ' Mo Pacific 6s G Missour) Pacific bs H '80. Montana Power 88 1943. . Nassau Klee ¢a 8. Nat Dairy Prod %8 '4 Nat Radiator 638 1947, N Y Cent deb 4334 N ¥ Cen ref imp 58 2013 N ¥ Cent deb 65 ‘b NY Chicago & StL 4148 NYCh& Bl.rethas A T4y SRy 1% v v H ¥ by N N N N N NY Ry Pittshy Poland Chi & StLouls 6s '32. W07l 661, Norway 5%s. Ore Wash 1st ref ¢ Orient Dev 5 Paciflo Gas & ¢ 1 Paoifio Tel & Tel Pan-American Para-Fam.Laaky 6 — % 57 i +n Penn 486 Penn b3 1964 Philadelphia Co ba'67. . Phil&Read C&! 6a w1 '4) Philips Petroim § % 839, Pireili Co of Italy 1i h&WVa 418 C 8250 Poatal Tel & Cab Queensiand 7, Reading ¢ %a Remin, and 6 %8 Rnineibe 7s. . Rhine Westphi Rio de Janeiro Rio Gry SLIM &BR&G s . StL&BFopring SIL&BF4ia'T sntLa jan Fr 6a B '50. 8 Neaboard A L 90 L1l -4 -1 — | % ng"\ 63k —3h | 04 + b a2+ W 82 -4 94 W [T 800 — W i + 884 - 1% | o 4l vl South Sout South finclair O1) 70 37, Sinclair Pipe Line bs Southwea Bell Tel n Ry n Ry Bouth Ry de Stand O1l NJ Stand OII N ¥ 4348751, Swiss b3 Tenn Copper &8 Texas Pacific 58 BT Texas P: Union Pacifie 18t ¢4a'¢T, Union Pacific Un Paeifig re? United Drug Gtan Power & Light ba,, Cilit Vienna va Ry PaL ower b '34. Virginia Ry 1at 4 '62. Wabash ¢ 48 1970, Wabash 15t bg ‘39 96% L3 111 Tan | 101 —1ig | 1014 ~3h | 1084 o 1% 3 'b West Maryland 649 '77, , Waestern Pacific 4946, Western Unien Tel 6 " -1 +1 o s 1w h -1 - 18 +1h e &Celat6a'el. ., Yokeham; Youngatew: Baltimore Marke! Special Dispatch to The Star. BALTIMORE. Md., February 13.—The egg market continues easy in sympathy with other markets and values shew a further decline of a cent a dozen. Re- ceipts are steacily increasing and con- tinue more than ample for the demand, which is limited and easily satisfied. The trade generally prefers firsts te paying any premium for hennery whites | 5 and consequently offers of this sort, un- less very faney, have to be sold at prices of firsts to move out readily. The mar- ket closed today at 1414 te 1413 cents a dozen for nearby firsts, with all mixed, as well as pullet egms, slow sale at ir- regular prices. With the exception of yeung chick- ens and old hens, which show a decline, the live poultry market holds generally steady and vaiues on other lines show little change from last week. Owing to the unseasonable warm weather pre- vailing, however, demand is generally light, especially for turkeys, dueks and geese and eapons. Current Priess, Young hen turkeys, 8 pounds and over, are bringing 28 to 30 cents a pound, and gobblers, 13 to 15 pounds, 32 and 23, but eld hens, toms and large gobblers generally slow sale at 18 to 20, with crooked breasts neglected at 15 and 16. Capons, 7 peunds and over, ow a decline of a eent & pound at 26 and 27, and 23 te 25 for medium birds, 6 to 7 pounds, but smaller, as well as slips, not so desirable at 20 to 22. Medium to large fat, smooth, young ducks sell mostly at 20 to 22, but Leg: horns will not bring over 17 and 18 and all poor, thin fowl, as well as bare backs, neglected at 13 and 13. Old hens, 4 pounds and over, are bringing 17 to 20, but smaller fowl, as well as Leg- horns, will not bring over 15 and 16, and poor, thin fowl, as well as old roosters, are hard to move at 11 to 13. Choice fat, young ducka in fair demand at 18 to 22, but stock weighing under 4!, pounds moves slowly at 12 and 13. Demand for geese limited and under fairly liberal receipts the market is dull at 14 to 17 for fat stock, but )2 e ner| Ba i S |t 85 to quality, 25 to &; guinea fowls and pigeons holding steady at 30 to 60 each far the former and 20 to 25 » pair for both yeung and old of the Intter. White patatoes are in liberal receipt and with demand slew. The market is weaker, very dull and lewer at 78 hundred pounds fer well o graded No. 1 stock, while Na. 3, as well | mixed potatoes, are nat wanted at | an; priee. Sweet potatoss and yams held steady. with little activity to the demand at 1.00 to 1.35 for the fermer and 75 ta 150 for the latter, but mixed, ugmd;: stoek is hard te place at to 178, Vegetable Prices, Native and nearby garden truck in light receipt and values show little change from last week at 25 to 30 & bushel for kale; 3,00 4.00 per 100 pounds for emians; 4.00 and 5.00 per 100 for oyster plants: 30 to 40 g bushel for spinach, and 15 to 25 ham- r for turnips. P e live oattie market eantinues dull and easy. with demand limited and cen- tered on first-quality steek, and most of the arrivals on the wharves are ef common te ordinary eattle. Quotations today at Pight Strest Whar!: Beef eattle, firat ulllt;&. m\md. 6 to 7: ccmmeon ta medium, 8; buils, eows, ehaice to fancy, 4 to 5: eommen te fair, 3 to 3; oxen, as te quality, 8Tge. holees, BYg 1o B; I e 3 Targe, Tough, § 1o T, cemmen thin, : 'Sfih:o'p. 11 te 3; Spring lambs, ehoice, e ags, 2 %0 IH Mive Bigs, 8 to 10, 31%; stags, 2 ve Digs, shoats, 6 to 8. Grain Prices. Closing grain flmtluu: m;—a No. 2, red Winter, mu-ufi. apot, dow mestic, 83%: February delivery, 63%:; Jnenunry delivery, 64 asked. Qorn—Na. 2, yellow, spot, dameati corn, 2.00a2.10. Oata—] 3 domestic, 35'2a36; Ne, 3, white, demes« tic, 3415a35. Rye—Nearby, 4045, —e Miss Laurs Perkins of Peopleton, Engl:r.ld. who died on her wed :uluy T A uet ang e gheed on the coffin, snd the elergyman, ""E‘L the oouple, CHICAGO LIVE 5TOCK MARKET CHICAGO, February 13 (#) (United | Btates Deparyment eof Agrieulture) — | Cattle—Receipts, 200 head; compared | week age fed steers, 25x50; mostly 50, | higher: lawer grades, up most; little net change on ehojee shipping steers; killing quality mostly medium; weighty | steers cemparatively scarce with nene Fldml atrietly choice: largely 4.75a 50 market: extreme top, 925 on lon yearlings and 9.00 on heavies; few ies above 7.50: all grades and class: s she stock and light heifer and mixes yearlings unevenly higher; beef cows. 25 up; heifers, 50 higher; bulls and eutters, steady to streng vealers, 1.00a 150 lower: average cost fat steers around 6. lrlmll 845 a ) Sheep—Receipts, 2,000 head; teday's market neminal; for week ending Fri» day. 72 doubles from feeding stations, 16,000 direet; killing elasses, moatly 508 75 lower: feeders fully steady: umsats isfactory dressed movement depressed live market principally: closing bulks follow: Better grade lambs, 5.7586.10; few, 6.3586.40; strietly choice kinds ;I% heavy weights absent; week's top, 7 5.008 E“ early; medium lambs, 5.50 to killers and ceuntry: slaughter ;&;Z?w.nuu. 4.0084.50; fat ewes, 3.508 Hogs—Raceipts, 11,000 head, inelud- ing 8,000 direct: quality mostly plain; steady to 10 lower; 170.310 pounds, 3.9024,10; top, 4.10; 220-250 pounds, 3.7584.00; 260-360 pounds, 3.58 140-160 peunds, 3 .00; pigs, 3.008 3.80; packing e .35, :'c‘r. week ago, steady ta weak; . rs teok 1,000 estimated hold-evers, ,000; lights, and chejoe, 140-160 nds, 3.76a4.00; light weights. 160- 00 pounds, 3.00a4.10; medium weighta, 200-280 pounds, 3. ; __heavy weights, 350380 peunds, 3.5583.80; m ing sews. medium and geod 275- 0 poupds, 3.26a3.50; pig: ‘(nd and choice, 100-130 pounds, 3.35a3.76. S T S Petition for Exchange Holiday. NEW YORK, February 13 (#)— Holiday-minded members of the New York Steek Exchange, undiscouraged h; the refusal ef me"lov-mu- of the exchange to grant & ial heliday te- day, are now eiroulal & petitien for e helidey en ;-iuw Net 00. High. Low. Close. Chge. 1 17 17 15% Va Elec&Pw pf (6).. 808 19% Vulcan D'tinning (2) 6408 1 WabsshRR........ 19 1 Wabash RR (A) Waldorf Sys (1%) ‘Walworth Co. . Ward Baking ::; . Warren Broscvpf 3. Warren Fdv & P 1.20 Webster Eisenlohr. . 2 Webster-Eisenlhr pf son O11&8ne(?) . Weanon O&Sn pf(4). Wentern Maryland.. Western Pacific pf Western Union (6).. (2%). 1578 nghse 1st (3%) 280s ton Elec Instru 12 West Pa Elec A (1).. 10s West Pa Elpf (6)... 30s 61, West Pa Eipf (T)... 208 7 16% +2% [ 354 - 3% | 86 5 Wright 454 b Biy 17 45' 1 10% | 174 +8% | 3lx +8 Tid +4% 8 41 *Ex-dividend. s extra. k. 6 +1 [mp T2% — % | 3%% in stock Stock and Dividend Rate West Pa Pwr pf (6). st Pa Pwr pf (7)., Western Dalry (A) Western Dairy (B) Western Pacifie. White Sewing M pf. . West Vaco Chlor 1 White Motor. . White Rock (4) .. White Sewing Mach. Wilcox Oil & Gas. ... Wilcox Rich A (214). Willys-Overland Wilson & Co. .. Wi Woolworth (2.49). Worthingten Pump. + Worth Pump B (§) = Wrigley (Wm) (4).. 3 R Yale & Towne (1). 3 Yellow Truek cnc 7'x Young Sprinz& W (1) 12% Ygstwn Sheet& Tube 8% 6% Zonite Prod Corp (1) Dividend rates as given in the above table ai payments based on the latest quarteriy or half-yearly declarations. $Plus 4% I stock, e Payable in cash or stock. JPlus 31 in special preferred stock. m Paid last year—no regular rate. nPlus 5% in stock. P Plus Bales— Net Add 00. High. Low. Close. Chee. 1708 91 89 ®9 -2 181: 1041: 1041y -2 11 108 11 . ERY + ul 1| —ul Wl I | + % 32 ~2% + 4% + v u +5% +3y W Aeronautical —1n 81 17 18 8 the annual eash Unit of trading less than 100 shares. 1 Partly aPald this year—no regular rates. { Plus 8% in stock. hPlus 2% in k Plus 3% in stock. STEEL PRODUCTION CONTINUES SMALL % since June, pacity, but Better Out- look Prevails, By the Associated Press. NEW YORK, February 13.—While & more optimistic feeling prevailed in the steel market at the end of the week, the recent sharp falling off in demand has been reflected by econtinued cur- tallment. with production remaining at aboyt 28 per cent of capacity. The de- crease in the demand for automobile parta has remained a feature, while a maller call has also been noted for 'm implements and structural steel e hoped-for improvement in rail buying does not appear to have mate- | as yet, but prices have held steady. A ‘moderate demand is re. ported for pig iron at slightly lewer levels. Copper remained dull and easy. Cus- tom amelters reduced asking prices without stimulating domestic demand while foreign buying was restricted by & widening parity over easing quotations. A limited quantity of eop- per was offered for export on special terms at 3, cent below last week's quotations. . N was easier. Buying was stil] limited to small lots with occasional f;auuu to sell prompt tin. A report At one of he largest pig tin econ- -urgneur tnulh! l\seumr_v placed a large order for tin plate had little appar effect. 5 S Lead remained quiet. The demand from consumers appears limited to February requirements with any dis- ‘guluon to anticipate needs checked )V_easiness in other metals and re- rts of slight coneessions available In Western markets, Zine rallied following the recent de- cline owing to an advance in the price of xinc concentrates, but a moderate demand for February and March needs was supplied and the advanes was not fully maintained. Antimony was quiet. Recent sharp w | 8dvances were fallowed :) partial re- re actions. Consumers withdrew from the market and offerings from the Far East inereased slightly. Trade Trends the Assoeiated Press Bteel.—Operations in the Youngstown area will be at a rate of 36 per cent of eapacity beginning Monday. com- pared with 35 per cent a week ago. Autorobiles —Production 1 picking up at several plants in and around De- | troit. Hudson's eutput has reached the highest paint in 18 manths, while em- ployment by Graham-Paige is the best 1030. Hupp's February shipments will excesq those of Janu- | ary. Packard s operating fyll time on | &R eight-hour shift five days & week Lumber.—Production approximated the recent holiday levels mp the week ended "hmnr.y 8. but orders exceeded the actual cut by about 6] per cent and shipments were 4§ per cent gbove eutput. Foed Products.—From a profits stand- | point the food industry, with the ex- eT:ilnn of meat packing. makes a de- e says Btandard Sta‘istics Ce. | foods. dairy products, flour, biseuits, ehewing gum and soft drinks are |smong the mest strongly situated branches. However, profits are meder- be pessible during the t of 1932." ] first half INSURANCE STOCKS . ah.:.. s i Bud. Al!!d. flllml’l] fe urety & TR iremen's Ins Tylis lo Ryt Great Amer . Plants at 28 Per Cent of Ca- | local | edlv better than average showing, | Paekage | ately lower than a year ago, “and it is | inmrubnhu that any sustamned upturn | wi REFRIGERATOR SALES CAMPAIGN PLANNED A Nation-wide sales campaign on re- frigerators will be lzunched at once by | more than 10,000 salesmen. it was anu- nounced yesterday, following the | fourth annusl Spi nf Convention of the National Electrical Supply Co. dis- trisutors of General Electric refriger- ators, in. the Hotel Mayflower. which was attended by more than 100 sales representatives, utility and dealer ex- ecutives. A special advertising program. simi- lar to the 1931 set-up, the encourage- ment of the deferred payment plan of sell] and a new direct mail program will play an important rt in tl cam- paign, according to L. ager of the refrigeration department of the supply company. 'WHEAT PRICES SOAR ON EXPORT BUYING Since November on Heavy Yoreign Purchases. BY JOHN P. BOUGHAN, Assoeiated Press Market Editor CHICAGO. Pebruary 13 — Soaring ‘grxre; carried wheat up today to the ighest point since last November Immenase export purchases of wheat 3,000,000 bushels or more. combined with sensational quotations, went rise of 2!, cents a bushel for wheat and 1'; cents for corn. Export buying in- cluded material quantities of United States hard Winter wheat for France and Greece. | Wheat closed unsettled 13, to 2'x higher than Thursday's finish. Corn |1l to 115 up; oats 34 to 1 advanced. and pravfllom showing a rise of 17 to 25 cents A general rush to buy wheat took place, and heavy profit-taking on ad- vance led to only brief fractional set- backs, with rallies later higher than before. Expectance of speedy enactment of credit nzc n measures continued to receive chief notice as a bullish fac- tor. Special attention was al<o given to Winnipeg reports of big purchaces of Canadian wheat for shipment overseas Broadening of speculative interest re- garding grain was mainly attributed to eonstruetive fmancial moves at Wash- ington. Pronounced sirength of the New York Stock Market was taken by most wheat traders as indicating that |for at least the tme being general b atimulation would follow poasibilities from rl‘nld 3 er- ritory were & contributing bullish in- | fluerice. Corn and oats rose with wheat, 5 Provisions shared the cereals, despite dewnturns values. ' 8% A strength of m hog eptember CORN— . Bank Failures Fewer. NEW YORK. February 13 (Special) —The nu wber of bank failures reported this week is the smallest in ove; a vear It suggests a decided ebb in banking suspensions. fellowing another large total during January, with 402 for the year to date. FOREIGN EXCHANGE. (Quotatiens furnished by W. B. Hibbs & ) Neminat woid selline ehockr i lu‘ toda n. pound 5; 865 franc = ¥ s belga. ... erlin. mark.... lome, liTa frane . drachma. . 5 Senilitng. axn nom} Tor rown.. en: | Budapest | Bracue. er slo. cr tockho'm, erawyp fe Montreal. 133/ discount. .|U. 5. TREASURY CERTIFICATES e ) ;' i i;i!: g B (Reparted by Chi 1 98 27-3 . 1 99 31.9 115 Dee i 8 AND BOND AVERAGES By the Assesiated Press. STOCKS. 50 Industrials, . 618 . McCrea. man- | |Market Carried to Highest Point INTEREST GROWING INCOMMON STOCKS Number of Shareholders! | Shows Marked Increase Since 1929, Survey Says. | Special Dispatch to The Star NEW YORK. February 13.—An aver- | age increase of 49 per cent in the num- ber of recorded common stockholders of 25 leading American corporations between 1020 and 1031 has just been revealed by a survey made by Distribu- tors Group. Inc. These 25 compani at the close of 1931 listed a total of 2403.974 individual stocknolders on their books, compared with a total of | 1,605,853 at the close of 1929 The largest increases are shown by | F. W. Woolworth, 183 per cent; Bor-| den Co., 157 per cent: General Eiectr 148 per cent, and General Foods, 135 | per cent. | American Telephone & Telegraph re- ports 644,200 stockholders of record on January 1, 1932—an increase of 37 per | cent during the period 1820-19°1 Tais | is the largest number of stockholders reported ! The large increase in the number of individual stoekholders. in the opinion of investment bankers. is evidence cf “general recognition among experiencea | nvestors that common stocks will show | a very atiractive capital appreciation from the effecta of recover The number of stockho, individual companies at the close of 1931, compared with 1929, follows: | Name of company American Red_& 8 S & Tei an Todacco Commodity Price Trends of Week BY H. N. McGILL AUBURNDALE, Mass (T —Commodity pri voek contirued th tendency Industrial, &g prices were all inde Frbruary 14 groups creescd. 9 were lower and ¢ remained the same. Industrial prices were lower, with building materials the only group to show advance. Chemicals. fuels, paper and pulp and fine textiles remaincd the same as in the previous week, while the indices of the remaining groups were lower. The changes were #ll frectional. however. with the cx« coption of non-ferrens metals. The comparatively n-avy drop 3 was causeq mainly by conper. which made a r The upturn in comm by the porst ) needs in the Far East e celed during the past weck turped to the trends which were in keeping with low industrial activity. | he carrying out of the poliey of | Treasury and Federal Reserve offi to check deflationary tendencies was handicapped by the withdrawal of god by fereign countrics. Although the Recenstriction Finance Carporation has been in the process of orzaniga- tion, vot it apparently was felt that it would not begin to function swiltly enough. Bank failures have continued | to b- recerded, and hoarding hes not | decreascd. In erder to check the n s quickly as possible. an | emergency me-sure was proposed by the acdministration to eid the banki“e | svatem, stimulats confidence, faciilia eredit expansion and halt the deflation in commodity prizes. The proposal is | to broaden the provisions of the Fed- | eral Reserve act. prescribing the clesses | of paper elighhle for rediscount which is used for a base of currency issue. It also aims to give greater effective- | ness ta the gold reserve of the Federal | Reserve System, thus releasing free | gold by nearly a billion dollars upon | which ‘credit may be based. Beourity | prices were immediately enhaneed with The announcement of the new proposal | and the effect on commodity prices will | be closely watched. Agricuitura] prices declined to & new low point. Anather proposal has been added to the long list suggested to aid the farmer. The proposal to Congress |is that the farmer ahall be guarantoed at least the cost of produatic: for Ris eutput. The effeetiveness of this plan | seems no more probable than that of the many previous artificial remedies. | Most important changes in the Me- | Gill weekly commodity price indices, 1926—100: i ~lite in v all-time low. This Previeus Year oo 1 e odities. ricultural n-ferrous metais. . 463 Believe Turn Has Come. H | NEW YORK, February 13 (Special). | —The rise in stocks in Berlin over the holiday yeflecte? the epinion of the German financial element thet the turn had come here and that the inflationary charaeter of the banking legialation would mean highey prices for New York France, however, there Was somewhat the same attitude toward the legislation a5 at the time of the formation of the Nationa] Credit Corperation. London wl come new eurs rency cenditions. - of ! 3 | Supsr of Am | stocks, as well as for commodities, In R APPLIANCE SALES FIGHT HITS SNAG Decision in New York Case Proves Favorable to Pub- lie Utilities. BY GEORGE E. DOYING. Although the agitation inst sales of appliances by public Teifbies has by no means ceased. it appears to be mak- ing little if any headway and has just been given a setback by the report adopted by the New York Public Service Commission holding that the proctice is justified on the ground that “it is & necesary function in order to pr vide adequate service to the public at reasonable rates.” The experience in Kansas and Okla- homa, the two State which a year ago enacted laws prohibiting public utilities from engaging in the merchandising business, apparently has not been such 88 to encourage other States to take similar action. Sales Decrease. It has been reported that total sales of appliances in the two States have dropped off about $4.000.000 and that the’ principal beneficiaries have besn the mail order houses and chain stores Instead of the independent merchants v supposed to be benefited by the eight State I introduced this e Tt Macsachusetts and Mississirpi, and there is no indication as vet that the me2sures stand any chance of passing. A similar effort was made in about a dozen States in 1931 r- Committee. created by the South Ca lina Leg! ure last year, recently made an exhaustive report on the electrie utilities of that State and recom- mended merely that the companies be required to keep separate mccounts of their merchandising business. A similar recommendation was made by the New York commission, which has just come pleted a thorough investigation of the subiect of appliance sales by utilities “In my opinion.” says the opinion, which was written by Chairman Milo R. Malibie, “the record herein provides no basis for an order of the commis- sion prohibiting merchandising. It is desirable, however, that utilities should engege in merchandising only when it is necessery in order to provide for the intreduction of appliences upon re sonabl d to supplement w re doing Autherity Discussed. The report discusscs at length ouesiion of the legal autherity of ui s and finds that the right rations and of gas and corporations t in es 15 not rights o howeer ions. It was held, classes of utility t to deal tn appliances when 85 18 remsonably carried on the use of gas or electricity. h ores dealinz chiefly household appli= 1ly to about $181.- to a recent report tment of Commerce. The in the field operstr 4.472 lishments and employ more persans, who re 35,000,000 & vear in sa to promot 8 Public utilities onerate 219 of these chains and 1 s B 701,99, or about tei=! rales of cheins Stock Exchange Szats Higher. 4 Fob 13 P —Ar- today for the k Btock Exchange the purchase of rights at seat with the sale of four mem- 7ships at 5135.000 each on Thursday, se of all the outstanding member= D rights, created in 1939 when the hange adde: new membershipi i r received a right for onee at L direct ¢ was @ INVESTMENT TRUSTS NEW YORK the-counter m le of a Btock Ex- 132,000 Fet Orver- Ak fractionally | 4 ate Trust Trist A A e Tiust Accum Ber gEnonoocacon epos Ins Shis Yyt Guge Winmill Incosp luvesio ineorp Invest Eauit Indegend Tr Sh Invest Trustee Bh Leaders of Indust & Leaders of Indust B Leaders of Indust © Trsd . Share Nojy Am Tr 8| Nor A Tr St Repres Tr @nra gocond fnt Bec' A eond Int Sec B Bee ed Cumul Bh . 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