Evening Star Newspaper, October 24, 1930, Page 14

FINANCIAL. INVESTMENT LOANS o b G STAR, AUTOMOBILE FIRM ||~ NEW YORK STOCK EXCHANGE 3§ Recetved by Private Wire Direct to The Star Office. FINANCIAL.' WASHINGTON, D. BONDS AREHIHER | (o o= BONDS o e | C., FRIDAY, OCTOBER 24, 1930. . Wire Direct to The Star k and Prev. UNITED STATES. RETAINS WORKERS White Motor Co. Has Not Laid Off a Man During Depression. + BY JOHN F. SINCLAIR. Bpecial Dispatch to The Star. NEW YORK, October 24—“Not a | man has been laid off in our factories | since the depression began,” said Saun- | ders Jones, vice president and general manager of the White Motor Co. of Cleveland. “Yes, we have reorganized somewhat the system under which we worked, and are using the stagger sys- tem whenever possible, but no work- ingman in Cleveland is walking the streets because of any program of lay- ing off men by our company.” Mr. Jones also called attention to another change in the automobile busi- n"'l‘he day of the order-taker, with his pencil in hand, is gone,” he said. “The buyer is harder to sell now than he was a year ago, but this is coun- teracted somewhat by his willingness to listen—a condition which did not exist a year ago. Life is full of com- pensation if we look for it.” “Buy Now Campaign.” E. B. Shumaker, radio manufacturer, urged the Manufacturers’ Association of New York yesterday to inaugurate @& “buy now campaign” as a sure cure for the present depression. The re- cession in busin Mr. Shumaker said, 4s only about per cent. which “should not be hard to overcome if we, ourselves, have confidence and dili- gently apply ourselves to restoring con- ence _in others.” ner. Shumaker is right. Keeping fac- tories closed and keeping people out of work will not meet the problem. waiting for the other fellow to start will not do it, waiting for the workingman to buy before he has a job will not do it, wait- §ng for times to get better is not the flélt thing. It is too long-suffering and tl stly. w""r};\e thing to do is for industry to take the lead,” Mr. Shumaker said in concluding his remarks. “Give our pub- Yic reason for mot fearing the future. That will begin buying. The difference between prosperity and hard times in this country, after all, is only the addi- tional expenditure of $1 per week per capita.” Plea for Competition. Merle Thorpe, editor of the Nation's Business, before the same group, took another angle. He thinks it is not over- production put underconsumption that's causing all the trouble. He said: “There will never be overproduction until the millions who want more and better food, warmer clothing, more comfortable shelter and who are eager to exchange their labor and services for these things have been satisfied.” Mr. Thorpe made a plea for a return to the glories of competition, so “essen- tial to growth,” and he philosophized s “If the present adversity teaches the Jesson that neither the individual nor any nation can pull itself up by its own boot_straps, that progress comes from the bottom up, and not from the top down, then perh:&s we shall not have passed through this depression in vain.” George M. Verity of Middletown, Ohio, said prosperity is just around the Corner and that the next era of pros- ity will far exceed any era that erica has ever before experienced. This steel magnate cited numerous examples of futuge possibilities. Here is one: The production of steel ingots and castings in the last decade in- creased from 14,000,000 tons to 46,000,- 000 tons. Is that the saturation point? “Not at all,” said Mr. Verity, and pre- dicied that on the basis of natural (Continued From Page 13). ~Prev.1930~ . High. Low. 881 42 159% 1064% Macy & Co (nt3).... Magma Corper (3).. 6 Man Elev mod g (46) 30 Manhat Shirt (1).... Stock and Dividend Ra 26 Marine Mid (1.20)... 54 Marmon Motor Car. . 34 Marshall Fleld (2%) 32% Mathleson Alkall (2) 334 May Dept Strs (n2).. 19 Maytag Copf (3).... 71 Maytag Co 1st pf (6) 7 Mengel Co (2). 13% Mexican Seaboard. 8% Miami Copper. 4i%4 Michigan Stl (h2%). 17% Mid-Cont Pet (2).... 19% Midland Steel (3), .. 64 Minn Moltne Pow.... 65 MinnMoline pf (615). 24% Mo Kan & Tex (3)... Mo Kan & Tex pf (7) Missouri Pacific. Missourt Pac pf ( Mohawk Carpet. .... Monsanto Ch (g1%). 21% Montgom Ward (3).. % Mother Lode (20¢). . 113 Motor Meter G & El.. 26' Motor Products (2).. 15% Motor Wheel (3) 8 Mullins Mfg. 9% Murray (B)(2% stk) 34% Myer (FE) & Br (2). 28 Nash Motors (4). 77 Nat Acme (1%). 10 Nat Air Trans. . 71 Nat Biscuit (13.30).. 30 Nat h Reg A (14) 40% Nat Dairy ($2). . 22 NatDist Produc 3 138 Nat Lead pf (A) (7).130s 30% Nat Pow & Lt (1).... 135 23, Nat Radiator pf. 4514 Nat Steel (2). aw T IS 1990 2 00 e 20 00 0 O 1 10 106's Nat Supply pf (7). 60% Nat Surety (5).. 16 Natl Tea (1)... 2414 Neisner Bros (1.60).. M 116 N O Tex & Mex (7) Newton Steel. . NYCh&StLpf (6). 174% N Y & Harlem (5). 14’5 N Y Invest (1.20) 88 116 NYNH&HDpt (T 6 NYOnt& Western 110 N Y Steam 1st pf (7 212% Norf & Western (10) 5% North Am Aviation. 80% Nor Am (b10%stk) 51 North Amer of (3)... 100% North Am Fa pf (6. 551 Northern Pacifie (5). 21% Oh1o O11 Co (2)..... 8 Oliver Farm Eq cv pt 5 Oliver Farm Equip. . 2% Omnibus Corp. 55 OtisElevn (2%) ) 36% Owens 111 Glass (3).. 11 Pacific Coast 1st pf.. 46% Pacific Gas & Bl (2). 64 Pacific Lighting (3). 129 Pacific Tel & Tel (7). 9% Packard Motor (1).. 46% Pan-Am Petrol (B), 3 PanhandleP&R.... 46% Param’'nt Publix (4). 10 Park & Tilford. 1% Park Utah 4% Parmelee 2% Pathe Exchange. ...\ 5 Pathe Exchange (A '« Patino Mine: 14 31 Peerless Motor Car.. 55% 26 Penick & Ford (1)... 110% 107 Penick & Ford pf (7) 80 35% Penney (JC) (3) 4 Penn Dixie Cement. 86% 647 Penna RR (4)... People’s Gas Ch ()., 99 Pe{n Marquette (18). 94% Pere Marq pr pf (5).. 11 Petrol Corp (13%).... 24% Phelps Dodge (3).... 50% Phila Co 6% of (3).. 991 Phila Co pf new(6) 11% Phila Read C& 1. pipe line expansion alone a peak pro- of 69,000,000 tons will be * peached during the next 10 years. Unemployment Remedy. ‘When Col. Arthur Woods, President Hoover's manager of unemployment, reached ashington he immediately asked the business leaders of the coun- try to take on every man that they could use during the coming Winter o et only expect industry to do its “I nof lus " Col. yWoot‘l.l said in his first | statement, “but I see that it is already The most heartening element about it ‘all is the recognition by the Fed- eral Government of the seriousness of cope with the whole problem on & com- prehensive national scale. And that decision was not formulated & day too soon! Check Forgeries. Check forgeries are growing rapidly. About $150,000,000 a year is now lost in the United States in forgery cases alone, according to William B. Joyce, chairman of the National Surety Co. Joyce has Jaid down for the guidance of the public_in the matter are so important that I take the liberty of recording them here in full: 1. Never cash a check for a stranger until he is identified by you through some one you know and upon whom you can rely. 2. Never accept a check just because | It looks “businesslike.” Criminals are now counterfeiting checks of well known concerns. 3. Always verify bank certifications through the certifying bank. Certifica- tions are frequently counterfeited by erimin: als. 4. Never do what a stranger suggests in order to identify him, unless the suggestion leads to identification through some one you know and on whom you can rely. He may have ar- ranged with an accomplice to give you misinformation. 5. Never sign a check in blank or make it out payable to cash or bearer unless imperatively necessary. 6. Never leave your check book or canceled vouchers where any one else can get hold of them. 7. Always write your checks care- fully with good ink, typewriter or check writer which will indent the paper. Leave no spaces between your words. Never let any one else check up vour bank book with paid and canceled checks returned from the bank. This is the one thing that every business man should do monthly and personally ‘wherever possible. XCopyright, 1930. by the North American Newspaper Alliance.) ! SELLING TRANSPORTATION, Public transportation men are better alesmen than they used to be, says Paul Shoup, president of the Southern Pacific Co,, in an article in Nation’s Business. Competition from independent passen- ger and freight lines has made steam and electric carriers improve their stand- ard line of goods carried for so many fin. But they have not stopped there. ey have added new lines as rapidly @s they have proved practical. Their sample cases now contain assorted bus, truck and other automotive service. ‘You have only to compare the present Pullman car with one of 10 years ago to Fealize that new. methods are in vogue. » On the theory that low rates, com- \ bined with a restful ride, would attract motor car owners, we have inaugurated regular daily one-way coach rates be- 8% Philip Morris&Co(1) 201 Phillips Petrol (n2).. % Pierce Ofl.. Pilisbury Flour (2) 3714 Pirelll Italy (a3.14) 15% Pitts Screw (1.40). 931 Pitts Steel pf (7) 9% Pittsburgh Unit Corg 86 Pitts Unit Cp pf(7) 19 Pittston Co (75¢) 16% Poor & Co (B) (2). 15% PR Am Tob A (3%), 4 PRAmTob (B).... 67 Postal Tel & C pf (7) 22 Prairie Ol & Gas (2) 274 Prairie Pipe L (15).. 4% Pressed Steel Car. .. 52% Proct & Gamb (2.40). 4 Prod & Refiners. 24 Prod & Refiners pf. 79 PubSvNJ (3.40) 100 91% PubSvNJpf (5) 117 106% PubSv N J pf (6) 112 107% PubSvE &G pf ( 89% 64 Pullman Corp (4) 1 Punta AlegreSug: 10% PureOil.. 114% 104 Pure Ofl pf ( 88% 52 Purity Bakerl 20 Radio Corp. ....... 312 521 Radio Corp (B) (5) 4 17% Radio-Keith-Orph A. 395 69 RRSecICstkC (4). 108 19% Raybestos Man 2 60.. 94 Reading Rwy (4) 34% Real Silk (5). Republic Steel Republic Steel pi Reynolds Metals (2). Reynolds Tob A (3). 20 Reynolds Tob B (3).. 6 Richfield Oil (new).. 7% Rio Grande Oil 21 Rossia Insur (2.29).. 43 Royal Dutch a2.2165. 51% Safeway Stores (5).. 87 Safeway pf (6)...... B 28 St Joseph Lead (13). 6415 St L-San Fran (8). 78 St L-San Fran pf (6). 41 St LSouthwestern , 78 St L Southwn pf (5), 15% Savage Arms (2).... 12 1% Seaboard Afr Line... 28 3 Seab'd Air Line pf. 14% T% Segrave (1.20) 56l 122% 99% 57% 118% 101 6% 945 31% Sales— Add 00. High. Mack Trucks (6).... 7 444 T 114% 608 104% . 16 Prev. Low. Close. Close. 43 43 1104 109% 3 204 4 200 35% Sharp & Texas & 214% 6% 84 54Tk 54 104% 1045 60 5T 225 22 SR 6 5% 3w 3 60%# 59% 18 17% 3% 37 13, 1) 50 48 65% 60l 130 129% 9% 9 46% o Utd Gas Utd Piec Waldorf 10:30 AM. . 1:30 P.M. . Dividend rates as of trading in stock | preferred stock. T4 Stoc! Dividend Sears Roebuck $2%. 1 53 Second Natl Inv..... 4 ! Sec Nat Inv pf (5) : Servel Ine. .. i 5 Shattuck(FG) (11%) 9% Shell Union Ofl...... .+ Shell Un Ofl pt (5%) Stmmons Co. ... Simms Petrol (1.60). Sinclair Con Ol 12).. % Skelly Of1 (2). . Skelly Ofl pf (6) 4 Sloss-Sheff pf (7)... Snider Packing...... ¢ Solvay Am pr ww 5% Sou P Ric Sug (1.40) « Southern Cal Ed (2). Southern Pacific (6). Southern Rwy (8)... Southern Rwy pf (§) Sparks Withing (1). 4 Superior Oil. Symington Symington Telautograph (11.40) Tenn Cop & Ch (1)... Texas Corp (3).... Tex Gulf Sulph (4., Texas PC&OIl..... Texas Pac Land Tr., Thompson Starrett. . Thomp-Star pf (3% ) Tide Water As (60c) Tide Water As pf (6) Tide Wat Ofl (pf (5). Timken Det Ax (80¢c) Timken Roller (3)... Tob Prod (A) (80c).. Transamerica (1) 1 Transue &W (1) Trico Prod (2%) Tri-Cont COrP. ...+ .. ‘Tri-Cont Corp pf (6). Twin City RTr (§4). Und-Ell-Fischer (5). Unlon Carbide (2.60) Union Oil, Calif (12). Union Pacific (10)... Union Pacific pf (4). Un Tank Car (1.60).. 1 Utd Afreraft. 1 Utd Afrcraft cash payments based on per cent cent in stock. & Close. Close. 521 51% 5 % b4 50% 4% Bales— Rate. ~Add 00. High. Low. e 49% 17% 29% 10% 83 15% 10 14% 18% Dohm Stand G & E pf (4).. Stand Invest Corp. ., Stand O of Cal (23 ). Stand Oll of Kan (2) Stand Ofl of N J (12) Stand Ofl N Y (1.60). Sterling Sec (A).. 4 Sterl Sec cv pf (3)... Stewart-Warner (2). Stone & Webster (4). Studebaker Corp (3). 16 Studebaker Co pt (1) 7 4 Submarine Boa e Pacific (5).. » w8urmloneimarealaamnana Utd Electric Coal. Utd Fruit (4). B Utd Gas & Im (1.20). Im pf (5). Dye W (2) 4 Utd Stores (A)...... Utd Stores pf (2%).. U 8 & For Secur..... 4 US & For Sec pf (6). U S Freight (3). U S Hoftman. . “ U S Ind Alcohol (17) U S Leath S Leather (A)..... Leath pr pf (1).. T . Univ Leaf T pf (8).. Univ Pipe Util Pow & Lt A (e2) Vadasco Sales Corp.. 2 Vanadium Corp (3).. 202 Va-Car Chem. . . Va-Car Chem 6% pf.. Va-Car Chem pf (7).. Va El & Pow f (6).. Va Iron Coal & C p! Vulean Det (4) & Rad. Wi rsranane Wabash pf (A) (5) Systm (1%) Walworth Co (2).... Ward Baking pf (1).. 2 Warner Bros Plet. ... 1 Warner Quinian..... Warren Bros (3).... 6 War Broscv pt (3).. 108 Warren Fdy & P (2). Wess Oil & Snow (2). Wess O & Sn pf (4).. West Penn E1 A (1).. West Penn El pf (6). W Wheeling & L Erie. .. ‘White Motors (2).... Wh Rock M 8 (14%). Wilcox Oil & Gas.... Willys-Overland. .., Willys-Over pf (1), .y Wilson & Co (A).... Woolworth (2.40).... 122 Worthington Pump. . Yale & Towne (2) Yellow Trucl Youngs Spring Zenith Radlo. . Sales of Stocks on New York Exchange 20 366,800 12:00 Noon 1.682,000 110 P.M. 1,960 100 given In the above table are the annual the Iatest quarterly or balf yearly 1,144,000 b Pl . jus Plus 3 per cent in . Sy Elus & per cent in stock. b Flus be T Subject to soproval of stockholders. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, October 24.—The fol- lowing is & summary of important cor- poration news prepared by the Stand- ard Statistics Co., Inc,, New York, for the Associated 3 News Trend. ‘Third quarter and nine months earn- ings' statements continue to provide the major portion of current corpora- tion news. Aggregate net income of the first 74 industrial companies which have reported results for the first nine months of 1930 shows a decline of 25 per cent, compared with the 1929 period. However, as early reports are gener- ally issued by those concerns showing relatively the most favorable results, it is expected this decline will be ampli- fled somewhat with the addition of later statements. For the 210 industrial cor- porations for which final comparable data are available for the first f of 1930, the decline in aggregate profits was 31 per cent. Companies which tween large terminals of 2 cents a mile. ‘The automobile industry being an established fact, railway men must make They must use the bus and truck themselves wherever it is "1 and economical, and they must work with the private motor car owner much of his hthlnk u-‘: many ways we has been a decided help to lines will remain Jocal transit, :but in metropolitan showed her share returns than a year ago, included in today's list, are City Ice & Fuel and National Biscuit. Interesting dividend announcements are extra disbursement by Panick & Ford, Inc., and omission flrete’rred dividend . Ford by Wil-low Cafe Motor, :.’tld.. have reduced prices zozn Mnny 'aloChalmets ~ Mfg. earned $241 phone service between Australia and North America to be opened next Mon- y. American Tel. & Tel.—Public Service Commission has ordered subsidiary, New York Telephone, to reduce long-distance tes; investigation revealed intrastate rates frequently exceeded interstate charge for same distance by parent company. - Apex Electric Mfg. president estimates earnings in first nine months approxi- mated $2 common share. Sidney Blumenthal & Co. third quar- ter earnings 42 cents common share vs. $5.55 year ago; nine months 3 cents vs. $10.19. Bon Ami Co. third quarter earnings 93 cents common share vs. :ll.o.'a year profit $177,052 year ago; nine months profit $550,681 vs. profit $1,238,880. Canadian Hydroelectric, Ltd., Septem- ber electric output up 21 per cent; 12 months to September, 26 per cent above year ago. Central Railroad of New Jersey to make substantial reduction in round- trip fares between several New Jersey- New York points; commutation rates unchanged. City Ice & Fuel earned $4.22 com- mon share in first nine months, against $3.95 in 1929 period. Clark, Equipment had deficit of $86.- 246 in third quarter, against profit of $436,469, ‘against $1,280,255. Consolidated Mining & Smelting of Canada has acquired Tights over large areas in Southwest Africa. 8. R. Dresser Mfg. third-quarter earnings $2.37 common share, agains $2.56 year ago; nine months, $451, against $4.68. &W:fi“ in first nine months va. Ford Motor, passenger and Ltd., reduces prices of |30. commarcial . yehicles, ranging from £2 to £30 on all models except touring car, which is advanced £5, and 1%-ton truck, which is un- changed. General Motors to further reduce Brazilian staff by about 125 because of poor business. Hamilton-Brown Shoe stockholders to vote on issuance of 100,000 additional common shares. Husble Ofl & Refining begins instal- lation nipe line from Van Oil Field to Jonesviiie, La.; cost over $2,000,000. Independent Oil & Gas earned $1.04 common share in first seven months. Lehn Pink, Inc, official states year’s dividend requirements were co ered in first nine months. Link Belt third-quarter earnings 60 cents common share, against $1.19 year ago: nine months, $2.25, against $3.15. Midcontinent Petroleum earned 69 cents common share in third quarter and $2.15 in first nine months. National Biscuit earned $1.02 com- mon share in third quarter, against 89 cents in 1929 period; nine months, $2.49, against $2.45. Packard Motor third-quarter -earn- ings 8 cents common share, against 11 cents year ago; nine months, 45 cents, against $1.09. Phillips Petroleum earned 90 cents common share in third quarter and $2.28 in first nine months. Public Service New Jersey, subsidiary Service Co-ordinated Trans $322,796 year ago; nine months’ profit | Public port, to restore 5-cent bus and trolley fare, now charging cash fare 10 cents, with 10 tokens for 50 cents. thid-quarier - earnings $182 comman T 23 common shate, agaiit, $4.89 in 1920 : nine months, R ] “.l:.‘ i ipencer Ke! earn .} P year éaded September 38, 1929, earned $3.36 share, IN LIGHT TRADING South American Issues Re- cover on Change in Bra- zilian Regime. BY F. H. RICHARDSON. Speclal Dispatch to The Star. NEW YORK, October 24.—Further recovery'of South American issues on reports that the Brazilian situation had been much improved by the resignation of President Washington Luis and the establishment of a revolutionary gov- ernment was the feature of a much better market for bonds today. Bonds of the Van Sweringen group of railroad properties recovered most of their losses of Thursday, following an upturn in the complementary stocks. Under these influences there was a re- newed demand for high grade issues, both domestic and foreign. Money rates were unchanged. Volume was down and in domestic industrials and secondary railroaq issues, apart from those of the Van Sweringens, the trading was dull and prices were inclined to lag. Missouri~ Pacific 4's were a point above their low. Missouri-Pacific “F” 5's were 2 points higher. Nickel Plate 4l2’s recovered practically all of their lost ground at one time. Chesapeake & Ohlo issues firmed up and Chesapeake Corporation 5's rapidly retraced over 21 points of their loss. The same applied to Al- leghany Corporation bonds. On the Crub market, Van Sweringen 6 per cent notes jumped over 6 points from their low. ‘Weakness was still evident in Chicago & Eastern Illinois 5s, Chicago Great ‘Western 4s, St. Paul Adjustments, St. Paul 5s, Rock Island 4'5s, Denver & Rio Grande Western 5s, Erie 5s, Inter- national Great Northern Adjustmenmts, Prisco 4!5s and Seaboard Airline 6s. Industrials that were stronger includ- ed Dodge Brothers 6s, Armour of Dela- ware 5!%s, Manati Sugar 75 and Interborough Refumding 5s. The last named rose 112 points in active trading, this movement coinciding with an equal active drop in the Brooklyn-Manhattan Transit 6s. In the high-grade section Atchison General 4s, Canadian National 5s, Northern Pacific 4s, Inland Steel 4158 and most United States Government obligations were in demand. Con- vertibles moved narrowly and ir- regularly. NEW CHESAPEAKE BEACH FERRY SEEMS ASSURED By its rejection of a petition filed by the Claiborne-Annapolis Ferry, asking that the Interstate Commerce Commis- slon reopen hearings on the project of the Chesapeake Beach Railway Co. to construct a ferry between Chesapeake Beach and the Eastern Shore, the com- mission has apparently cleared the way for_initiation of the work. The Claiborne-Annapolis Ferry Co. was the only opponent of the project, which had the indorsement of many business men and trade organizations of Washingtn, Baltimore and the Eastern Shore. The Interstate Commerce Com- mission granted the Chesapeake Beach Railway Co.’s petition, but recently the ferry company asked a reopening of the proceedings for oral argument and for modification of the commission’s report. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks Vaiue London, pound. 148665 Paris, 'frane Brussels, el Be Budapest. Prague, crown (nom.) W, " zlot; Oslo, crown Stockholm, crown 26.84'2c Washington Stock Exchange SALES. Capital Traction 55—$500 at 88 Capital Traction Co.—10 at 50% Potomac Electric 51 % pfd.——5 at 108%,. AFTER CALL. Washington Rwy. & Electric pfd.—10 at 98%. Capital Traction Co.—10 at 50%, 10 at 507, 10 at 50%, 10 at 50%s, 10 at 507, 5 at 50, Mergenthaler Linotype—10 at 90. UNLISTED DEPT. Cosmos Club 47:5—$1,000 at 82. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Tels 4138 '33 Amer_Tel. & Tels 4128 '39. Am. Tel. & Tel. ctl. tr. 5 A Fot "R R 8 ] s 22388 3 City & Suburban 55. Georgetown Gas 1st Potomac Elec. cons. Potomac_Elec. 6s I h.. Alex. & Balto. 553 Wash. Gas 6s. sei Wash. Rwy. & Elec. : MISCELLANEOUS. Barber & Ross, Inc.. 6 Gheyy Chase Club §tat 6s. STOCKS. PUBLIC UTILITY. District (i Federal- Second _(9e). Washington (13" TRUST COMPANY. Amer. Security & Trust Co. (15) Trust (6).. Union (iRt ‘Washington Loan & Trusi (i4). SAVINGS BANK. Bank ot Bethesda (65) Sev United States (30).. Wash, Mechanics (20 FIRE INSURANCE. American (12) Corcoran_ (10) Firemen's (8) > National Union '(i5): TITLE INSURANCI Columbia (6h). Real Estate (6i Title & Inv. Ce MISCELLANEOUS. & Ross. Inc., com Borver Dairy pid. Real Est. M. Security " Stora Ter. Ref. The, Carpel Corp. (1 W Mech Mtge com. (®). s L i k Woodward & Lothrop rnpld. *Ex dividend. B Books closed. (Sales are in $1.000.) Sales. High. Low. Close. 16 1017 1015 1015 15 10217 10215 102 17 102 10316 103 15 10316 100 102 102 102 5 11226 11226 11226 FOREIGN. Lib3%s US4%s's2.. Low. Close. 87 87 95 941 9415 9414 A B 941y Australia ¢%s ‘56 2% Australia 6366 Australia Austria T Bk of Chile 6%s ‘57 Batav Pet 4145 "42. Belgium 68 '55. Belgium 6%8 ‘49 glum 7 4 103% 87 2 Chin Gvc Ry Colombia 6s Jan Dan Mun 8s A 46. . Denmark 4%s°62. . Denmark 538 '55. . Denmark 63 '42.... Dutch East 1 Nov. . Dutch East I 6347 £l Salvador 8s Fiat 7s ex war "48. . Finland 6s "4 4 Fram I D 7%s"42.. French 7s°49 German 6%s'50. .. German 7s rep "49. Ger Gen El 78 *45 'y 1% Irish Free St 55 Italy 7851 Y5854 Jugosl Bank 78 '57. Karstadt 6s *43 Milan 6%s'52. Montevideo 7 New So Wales '58. . Nord 6%s'60., Norway 53 '6 Norway 53 Norway 6s *43. Norway 6s "44. Norway 6s 52. Orient dev 538 Orient dev 65 ‘63 75% 106'% A 1001 102% 105% 105% 102% 90% 95% 1041 106 Queenland 7s Rhinelbe 7546 ww Rhine West 6 Rhine West 6s '53. Rhine West 7s ‘50, . Rio de Jan 63s '53. Rio de Jan 85°46.. 2 R Gr De Sul 68 R Gr De Sulss * Rome 63552, Roy D 4845 w Sao Paulo 85 '3 Sao Pau Saxon 7 Seine 75 *4: Serbs-Cr 817, Serbs-Cr- Swiss 535 "46. Swiss Confed 8 Toho EI Pow Toho El Pow Tokio 5% s Utd King 5% Utd SS Copen 65 '3 Uruguay 6s ‘60 Uruguay 8546 Vienna 6s ‘52 Warsaw.7s '5 Yokohama 6s MISCELLANEOU! ADItibl P & P 65 '53 22 Ab & St 5%s 43, 105% 4 101% 8T 99% 8414 63% 96% 72 Ajax Rubber Allegheny 6s ‘Am Chain 6s°33. ... AmCotOdbbs'3l. 3 Am F P 5%s 2030..227 AmIGChb5%s'49. 12 Am S&R 1st bs 9 Am T&T cv 4%s8'39 32 Am T&T 5s 72 Am T&T c tr 58 '46. 10 Am T&T s s f'60. Am T&T 5358 43 Am W Wks 6s°34., Arm & Co 43839, Arm Del 533 43 Asso Oil 6s'35. At Gulf 59s At Ref deb 5s ‘37 Bell Tel Pa 68 B " Bell Tel Pa b Beth St pm 6. . Bush T Bldg 68 '60. Cert-td deb 53 s *48 Chile Cop db 55 °47. Col G&B §s May '52 Com Invest 534849 Com Invest 6s " CC Md 1st rf 58’50 ConG N Y 53%s"45. Consum Pow 58 62. C Am Sug col 8531 Denver Gas 55 °51.. De Edison §s " Det Ed rf 63 Dodge Br col "4 Duquesne 4%s East C Sug 7%s 37 Fisk Rub 8s ‘41.... Gen Cable 5148 '47. Gen Motors 6s ‘37 Gen Thea Eq 6840 IntT & T 63’66 Kan Gas&B 438 '8 Laclede 5%s C '53. Lacl %8 D Man S 1st T3%8 42, McCormack 68 ‘34 Midvale Steel 55’36 104 10 Mont P db 53 A '62. 102% 1 Mor & Co 18t 634 8.a 80 4 02% 80 . “| Ch M&StP 4% ) Nor Am Ed 635 Nor Am Ed § NorOT& L Nor St Pow 53 A "41 Nor St Pow 6s B '41 Pac G & E16842. . Pac T&T1st bs '37.. Pac T&T ref 58 '52 Pan-Am Pet 63 '34. Paramount 6s *47.. Pathe Exch 78'37.. Peoples'Gas 5s. Phila Co 58 °67. ... Phila & Read 63 °49 Phil Pet 51330 Pillsb F M &CH PubSvG 4% Pun Aleg Sug 7s Pure Oll 5%s'37... Rem Arms 63 A *37. Rem R'd 6% A '47 Richfi'd O cal 68 ‘44 Sincl O 6%s B '38. Sincl O Tscv A *37 Sincl Cr O 6%s '38. 30 Sinclair P L 6s'42. 10 Skelly Ofl 6%s8°39. 8 Sou Bell T&T 5841 5 SW Bell T58 A ‘54, 7 StOIl NJbs'46... StOll N Y 44851, 16 SugEsOr7s’42... 8 Tenn Cop 63 B ‘44. . Tenn EI P 68 Tex Corp ev Trans Ol 6%s '38. Utd Drug cv 6s ‘63, e 10 e 52 [T pRBRweRS Pos Te! Pry @ e Z%%as 100 26 99 105% 100% 109% 33 98% U S Rublst 53 '47.. 20 694 Utah P& L5s’44.. 3 10138, Utll Pow 5%s°47.. 10 » Vert Sug 1st 7s"42. 1 Warn Br Plc 63°39. 43 '29.. 15 106% 100% 109% 981 47, 44 209 16 Warn Quin 6 West F) deb 53 ‘44, West Un Tel 58 °51. WEOG5%s'3T ww. Wick Spen cv 7s '35 WIl-Ov 18t 633 '33 Wil & Co 18t 6341, WInRA7%s'41.. YouSt&T5s'78.. RAILROAD. Atchison adj 4 24 934 Atchison gen 4 Atch'oncv 4 At & Danv AtCL1st4s'62 B&O4s'4s. Bos & Me 53 °6' Bd & Tth Av 5543 Bklyn Elev 6 Bklyn Man Bklyn Un 1st b: BR & Pitt 4%s'57. Can Nat 4%s'54... Can Nat 4 ~an Can Can Nat 58 July Can Pacific db Can Pac 4%s '4 Can Pacific 4% Cent Pacific s '60. 24 C’'n Ry NJ gn 5887 14 Ches Corp bs '47...216 89, 11 Ch M St P&P 58 15. 40 Ch M & St P adj 5s 106 Ch&NW gn 3%s'87 3 Ch & NW 4%s 2037 27 Chi NW 4158C 2037 12 Ch&NWgn4s'87. § Ch & NW con 4%s. 0. . Con Ry 4%s st '51 Cuba RR 6s ctf '36. Del & Hud rf 4343 36, 1 Det Utd 4%s'32 Erie 1st con 4 Erie Gen 4! Erfe 651967, ... Erle 651975, 84y 8T 28 (30% 106% 106% 111% 7% 110% GrTrsfdb6s s Gr Trunk 7s *40. Gr Nor 43%8'77 (E) 57 Gr Ner gen 7s '3 HavEIRy 5% Hud & M a4j 6; Hud & M rf 58 111 Cent 4s'53. 111 Cent ref 4s I11Cent 4%s 66 Int RysC A 6s'72.. Int Ry CA 63847 Kan City Sou 55 '50 Kan City Ter 45'60 Lake Shore 4331, , Long 1sl db 58°37. L& N uni 4540, L&N4%s2003... L&NG6sB2003.... Mich Cent 438 '79. Manh Ry 1st 4s "90. Market St 7s *40 M StP&SSM con M StP&SSM bs '38 M StP&SSM bs gtd. M St P&SSM 6% M StP&SSM MK &T 1st 4890, MK&Tprin Mo Pac gen 100% 98 100% 104% 102% Mont Tr 1st 5s'41.. NCh &St L 4s‘18., 57 SHOWING. INCREASE Reserve Board Review Says General Price Levels Reveal Declines. Volume of factory product - creased by about the usual mx amount in September, while factory employmsnt increased somewhat Jess than in other recen: years, says the Federal Reserve Board's monthly bulle- tin. The general level of prices, which had advanced during August, declined during September and the first half of October. At member banks in leading cities there was a liquidation of security loans, and & considerable growth in commercial loans and in investments, Output of factories increased season- ally in September, while that of mines declined. The board's seasonally ad- justed index of production in factories and mines, which had shown a substan~ tial decrease for each of the preceding four months, declined by about ! per cent in September. Production of iron and steel, lumber and cement de- creased, and the output of automobiles continued to be in small volume. Activ- ity in the textile industries, including cotton, wool and silk, increased sub- stantially, and stocks of cotton cloth were further reduced. At bituminous coal mines there was an increase in output of more than seasonal amount; output of copper was larger than in August, and there was a further increase in stocks of copper. Anthracite coal and petroleum produc- tion and shipments of iron ore declined. Employment Differs. Employment in manufacturing estab- lishments increased less than '15 usual at this season, the increase being chiefly in fruit and vegetable canning and in clothing industries, while reducticns in number of employes were reported for the iron and steel, automobile and lumber industries. Outside of factories, increased employment was reported in retail establishments and coal mines. Residential building increased ma- terially in September, contrary to the usual seasonal trend, while the volume of contracts for commercial buildings and public works and utilities decreased. Total value of building contracts award- ed, as reported by the F. W. Dodge Corporation, showed little change dur- ing the month. In the first 10 days of October there was an increase in the daily average volume of contracts *"Depariment of Agriculture estimat ent of tes based on October 1 conditions indicate somewhat larger than the esti- mates made a month earlier for cotton, corn, oats, hay, potatoes and ht hanordinariy ccur in this month. Dollar volume of department store sales increased by nearly 30 per cent, an increase about equal to the estimated seasonal growth. But Few Price Changes. ‘The index of wholesale m on the average for the month of as a whole, according to the Bureau of Labor Statistics, was at about the same level as in July and August. The move- ment of prices, however, was upward in August, reflecting advances in the prices of live stock and meats, while in September the movement was down- ward, reflecting declines in a large number of commodities, including grains, live stock, meats, cotton and copper. In the first half of October there were wide fluctuations in many itural prices, decreases in prices non-fer- rous metals and considerable increases in the prices of sugar and coffee. INVESTMENT TRUSTS NEW YORK, October 24 (#).—Over- M PR P 85, FrRRRF U S Elec Lt & e DIVIDEND OMITTED. NEW YORK, October 24 (#).—Di- rectors of Montgomery Ward & Co. today omitted the quarterly dividend of 75 cents due on the common stock at Sales. High. Tk W . 22 Low. Close. 9 97 Nor Pacific Nor Pac 4%s5 2047.. Nor Pac 55 D 2 Nor Pacri Oreg-Wash ¢s°61.. Penn 6%s "36 Pere M 1st 4s'56.. Pere Mar 4%s '80.. Pere M 1st 53 '56... Philippine RR 4s. PCC&StLbsA. PCC&StLSsB P& W V43%8C'60, Port Elec 63'47.... Por R L&EP 7%s '46 Read gen 4% A'97 Reading ¢%s 1 StL Ir M'nt5s'31.. StL IM R&G 3. 2 StL&SFindsA. 4 Term As St L 48’53 18 Tex & P 1st 58 2000 11 Tex & Pac 5sC'19. 14 Third Avref 45’60 1 ‘Third Avadi bs & Un P 1st rf s 200! Va Ry 1st 58’62 VaRy&Powibs'sé 6 Wabash 438 ‘T8