Evening Star Newspaper, January 28, 1931, Page 14

A—14 s PROBES OF RETAL | * PRIGES ARE BEGUN # Congress Will Consider Whole Subject—Capper-Kelly Bill on Schedule. BY WILLIAM BRUCKART. Both houses of Congress are to give ‘con-ideration to retail price problems. The House is taking up legislation enabling manufacturers to name the retall price at which their products may be sold, while a Senate committee pl:l’!s to begin today an inquiry into the question why retail prices on several ucts have not reflected prevailing declines in prices on the respective raw imodities. °o'Anuy‘ux:;ef:lal rule has been brought out in the House to permit consideration of the controversial Capper-Kelly resale maintenance measure and, to make more interesting, the Senate in- quiry will be conducted by a subcom- mittee presided over by Senator Capper of Kansas, who has a bill in the Senate identical with that in the House. Senate Resolutions. “The Senate investigation includes the | subject of bread, meats and brown sugar, among others. A resolution first ‘was introduced to ascertain why a loaf of bread remained at a more or less stable price while wheat and flour tum- bled in price. That resolution was fol- lowed by another, and still another, until now there is & regular investiga- | tlon scheduled, with the prospect of having two or three other commodities tied on as a trailer before it is com- .h';"hg House bill promises to develop gome sharp fighting, as the present out- look indicates something near equal strength for and against the measure. In view of this fact, Representatives of businesses interested in the legislation on both sides have appeared in Wash- ington, prepared to back up their spokes- men on the floor with all the pressure they can muster. Oponents of the bill are assalling # not only because of what they claim %0 be basic faults of the individual bill and its pu , but because they hold that it is g used as a vehicle to ote ITDIIMOII of a wider character P2 price fixing. The argum thus far is that the bill is a threat to keep the consuming public from get- ting '.ge advantage of price readjust- ments, such as are going on now, for example. Further, they hold that in- stead of defeating chain store expansion it will place the independent at a fur- ther disadvantage. Both Sides Considered. ith equal force, ponents are argu- 'xun.iqulu mmmmce will end an % of price cumn%u:hlt is not good for anybody or any business. They say the manufacturers, and other businesses for that mnu;r, 31:“?::;! h.(}o long enough by vern- ment, what with the Clayton and Fed- eral Trade Commission acts, and thyt the Capper-Kelly bill represents a step in the direction of returning the con- #rol of business to business. At any rate, whatever may be the per- spective from .which the thing is ap- proached, Congress in this instance can mot be charged with having considered only one side of the question. (Copyright, 1931.) Washington Produce Butter—One-pound prints, 35a36; tub, Eggs—Hennery, 20a22; % 18a20. try, alive—Turkeys, 36; old, 2; cl 2 brot ; 1 $0a60; old, 25a30. Dressed—Turkeys, 18 Eoring. brolczs, 45; iowis, heavy. 3 ; fowls, 3 ; small, 23a24; Leghorn fowls, 18a large, 37a38; small, 32a35; ; roosters, 15; keats, young, 45. lled, beef, 15a19; veal, rk loins, 18a20; 8a20; K::h shoulders, 16a smoked shoul- 6. current re- 203,00, pears, ‘boxstock, "3 508315; .00; pears, 23 3. .75, eranberries, 4.00; honeydews, Chile, Vegetables—] 150-pound sacks, $325; new potat rlona-p,wz.oonm, toes, mostly 2.50; Idaho bakers, 100 pounds, .76; sweets, per bushel, 1.50a2.00; cauli- ;w'er. 25; beans, 6. 3 .5088.00; 3 , 1.25a150; beets, .00; carrots, per 100 bunches, 5.00a ; tomatoes, repack, 3.50a4.00; peas, 8.50; squash, Hul 3.50a4.00; mar- 5a1.50; spinach, 1.00; kale, EIW‘ 75a1.00; broccoli, ; peas, Mexico, ; celery, large small crates, 3.50; TREND OF SECURITY LOANS IS DOWNWARD Bharp Reduction in Borrowings Revealed in Member Bank Report. By the Associated Press. NEW YORK, January 28.—Com- menting on the probable future trend of security loans, A. H. Wiggin, head the Chase National Bank, stated he believed the tendency would be for them to increase with growth of coun- try and accumulation of wealth. He first, however, further shrink- age from current levels before the turn wln; & probable drop to the 1926 level. The total of all known collateral loans at the beginning of this month ‘was $8,383,000,000, as compared with $7,039,000,000 at the end of January, 1927. " The ate of such borrow- ings had been 4s high as $13,205,000,000 at the end of September, 1929, and bank against securities as shown in yesterday’s member bank statement are $380,000,000 under the December 31 figure, 50 that the total of all known security loans is now roughly only about $964,000,000 above the January, 1927, figure. NEW YORK BANK STOCKS NEW YORK, January 28 (#).—Over- the-counter market: FINANCIAL. THE EVEN NEW YORK STOCK EXCHANGE Stock and N Y Central (8) Sales— Add 00. N Y Steam pf (6). Norf & West (t12).. North Am Aviation. . Nor Am (b10% stk). North Amer pf (3).. North Am Ed pf (6). Nor Ger Lloyd {3.43) Northern Pacifie (5). Ohio 011 Co (2)...... Oliv Farm Eq pr pf.. Omnibus Corp. . Omnibus pf A (8)... Orpheum Cir pt (8). Otis Elevator (234). Otis Elev pf (6 . Otis Steel. . . Owens 111 Glass (3). Pacific Gas & El (2).. Pacific Lighting (3). Pacific Tel & Tel (7). Pack Mot Car (60c) Pan-Am Petrol B... Panhandle P & R. Paramount Pub (4) . Park Utah. Parmelee T @ Penick & Ford (1)... Penney (J C) (3).... Penney (JC) pf A (6) Penn Dixie Cement. . Penn RR 4)........ Peop Drug Strs (1).. Peop Gas Ch (8).... Fetrolm Cp of Am(1) Phelps Dodge (2). .. Phila Co 6% pf (3).. Phila Co pf new (6). Phil Read C&1..... Phillips Pet (2)..... Pierce-Arrow pf (6). Pierce Petrolm (10¢c) Pirelli Italy (a3.14) Poor & Co ) PRAm TobA (3 PR Am Tob B Postal T & C pt (1) Prairie Oil & Gas (2 P L 333, 91 4% 63% 27% 234 9% 23% 547 99 10% 16% 67 2% 35% 18% » 5 Proct & Gamb (2.40) . Prod & Refiners. ... Prod & Refiners pf... 2 Pub Sv N J (3.40). Pub Sv N Jpf (5)... PubSvE &G pf (6). Pullman Corp (4)... Pure Oil. . 'Y 11% 101% 49 Pure Oil p Purity Bakerie: Radio Corp. .. Radio Corp B (5).... Radio-Keith-Orph A. Reading 2d pf (2)... Real Silk Hos (3 Reis (R) & Co 1st Rem Rand (1.60).... Reo Motor Car (80¢) Republic Steel. ..... Republic Steel pf.... Reynolds Metals (2). Reynolds Spring. . .. Reynolds Tob A (3). 30s Reynolds Tob B (3). 48 % Richfield Oil. L8 Rio Grande Ofl. ., Rit Dent Mfg (23 a Insur (2.20). Dch(m1.3404). ay Stores (5).. way Strs pf (7). St Joseph Ld (2).... 8t L-San Fran (8)... St L-San Fran pf (6) St L Southwestern.. 8 Schulte Retail Strs.. 48 Schuite Retail pf (8) 1308 Savage Arms (2).... 3 Seaboard Air Line Seab Alr Line pf. ... Sears Roebuck $2%. Second Nat Inv. Servel Inc. Sharon Stee! Shattuck F G (t1 B L L L L LT L LT T IS E PSSP -PUSE JOTRPR TSR V1) o2agsd p£.100 oy » -18 85 2 Skelly Ofl, Skelly Oil pf (6).... Sloss Sheffield St pf. Solv Am prww 5%... Sou P Ric Sug (1.40) South Cal Ed (2).... South Pacific (6) South Ry (8).. Spalding.1st pf (7). Spang-Chal pf (6) Sparks Withing (1). Spencer Kellog (80c) Spicer Mfg Spicer Mg pf (3). Stand Brands (1.20 Stand G & E (3%) Stand G & E pf (6).. Stand O11 Cal (h23%). Stand Oil Kans (2).. Stand OIIN J (12)... Stand Ol N Y (1.60) . 21% Starrett (L8) (121) 3 108 1 3 5 5 . 26 2008 . 60s 10 111 (Continued Prom Page 13.) Sterl Sec pf (1.20). Stewart Sto Submart & Webster (4) ker Corp (3) Studebaker Cp pf (7) 1008 Received by Private Wire Direct to The Star Office. M Warner. 15% 45% 21% 116 ne Boat. L Sun O1l ¢f1).. Superior Superior ofl Steel. Sweets of Amer (1)., Texi The Fair Tobacco Tobacco sue Truscon Twin Cit; Twin Cit; Und-Ell-] Un Carbi. Un Tanki Unit Carl Unit Cig United Ce Unit Cor Unit Fru; US & For U 8 Indu U S Leat US Lea U 8 Leat U 8 Pipe U S Real Unit Sto: Vadasco Symington A.... Telautograph (1.40). Texas Corp (3)..... Tex Gulf Sulph (4).. Pac Land Tr.. Thatcher Mfg (1.60). 104 Unit G & Im (1.20) " Unit G & Im pf (5). U S Rubber. . U S Rubber 1st pf U S Smelt & Ref (1). US Sm & Ref pf3%. U S Steel (7). . U 8 Steel pt ( pf (7) Thermoid Co. Third Avenue Third Nat Inv Thomepson (J R) (3). Thompson Pr (2.40). Thompson Starrett. . ‘Tide Water As (60c) . Tide Wat Oil pt (5). . Timken Det Ax (80c) Timken Roller (3)... Products. Prod A t95¢. Tob Prod div ctfs B Tob Prod div ctfs C Transamerica (1) &W (1) ) Stl (£1.20).. vy RTr (§4). yRTpt (7) 108 Fischer (5). Union Bag & Paper de (2.60) Un Oil of Cal (2). Un Pacific (10). . Car (1.60).. Unit Aireraft. . Unit Aircraft pf (3). Unit Biscuit (2) bon (1) Unit Cigar Stores. .. Strs pf (6) orporation P pt (3) Unit Dyewood. . Unit Electric Coal. . it (4). r Secur s Alco (6). e L. er A Pprpf(7).. &F (2).... ty & Im (3). 5 80 29% 32 13% 26% 21% 43% 142% res A Unit Stores pf Utah Copper (8). Util P&L A (et2.15). Sales Corp. Va El & Pow pf (6) Vulean Det (4). Walworth Co (2).. Ward Baking A Ward Baking B 2 ‘Ward Baking pf (7). Wi 1 Warren Bros (3). War Bro: Webster West Pa West Pa Western Western Western Westing Westing Worth P Wrigley Yale & Te Pac Gas le in sh or B Plus 3% 1n stock. m Plus 1 stock. 3% in on Bl Instr (1). vaco Chlor (2). ‘extark Radio Strs. White Sewing Mach. White Sew Mach pf.. Willys-Overland. Wilson & Co Wilson & Co A.. Wilson & Co pf. Woolworth (2.40) Worthington Pump. Yellow Truck. . Yellow Truck pf.... Youngs Spring (3).. Zenith Radio. .. RIGHTS—EXPIRE. stoc! s cv pf (3) Eisenlohr. . ELA (7)....100s 100 EIpf (6)... 108 Dairy A (4) Pacific pf. Union (8) AB Q). E &M (5 - ™ waf 8 e B3R e nnnnBen ump B (6). (Wm) (4). ‘'owne (2) &El.Maril § 2 2 Sales of Stocks on New York Exchange. 200.000 12:00 Noon 1.200,000 2:10 P.M. 800 000 - 1330,300 bove table are the annusl eash ol lal’ly.e!'hrl-lg“lnl! uu:-'r‘-“uo‘n-. . T Plus 0% 1n stock. 'a Baid last yers yable in ea stock. { Plus - tock. d Payable when earned. 8% in stock. & Plus %8 k. § Plus_$1 kPlus % in stock. 31 in red stock. 2 Pius £ ia stock: INCREASE IN STEEL AGTIVITY REPORTED Improvement Spotty, Says Weekly Trade Review. Prices Steady. By the Associated Press. NEW YORK, January 28.—The iron and steel industry has shown a further slight gain in activity, although im- rovement has been spotty and not n shared in by all products, Iron c!‘e will say tomorrow in its weekly re- ew. “Tinplate specifications continue to increase,” the review says, “and some producers report moderately larger or- ders from the automobile industry for bars, sheets, strips and pig iron, but railroad equipment buying is still at a standstill, rail releases are sk , structural steel requirements remain largely prospective and miscellaneous demand for iron and steel continues at close , with no indications of a movement to replenish inventories. Upturn Gradual. “The upturn in business since the first of the year has been disappoint- ingly gradual, yet it is realized that a sudden rush of orders, umurwrud by & commensurate expansion of consumer needs, would have raised false hopes. “Steel ingot production for the coun- try at large is now estimated at 47 per cent, compared with 46 per cent a week 8go. Operating rates were unchanged in some centers and decline is reported at Cleveland, but output in the aggre- gate has increased slightly. “Stability of the steel price struc- ture is one of the most reassuring fea- tures of the market. While it is true that there is a lack of tonnage business to give prices a severe test, most large buyers having covered for the quarter at lower figures, consumers who buy in small lots are no longer seeking con- cessions with the placing of each order. “In the primary material markets the price situation s, in the main, qui escent, although not free from castings have been ordered in better volume for February delivery, and Jan- uary shipments of pig iron to automo- tive foundries have been running 30 per cent higher than in December. New Projects. New structural steel projects totaled 58,000 this week, and awards were un- usually light, 7,500 tons, compared with 17,000 tons a week ago and 59,000 tons two weeks ago. ‘The Iron Age composite prices for finished steel and pig iron are un- changed, at 2.142 cents a pound for the former and $15.90 a gross ton for the latter. Heavy melting scrap de- clined from $11.33 to $11.21 a gross ton, dipping under the low figure for 1930 —$11.25—reached in December. Gl R & Seeks Funds for Inquiry. By the Associated Press. The Interstate Commerce Commis- sion wants larger appropriations so that it can conduct some investigations with | a view to prosecuting shippers and rail- | roads for alleged violations of the law. Former Chairman McManamy, testify- ing before the House Appropriations Committee, said some railroads are ex- tending unlawful credits to shippers, some are failing to collect demurrage charges, while in some cases shippers are furnishing false weights to the car- riel TS, Mr. McManamy also sald that loss and damage claims are being unlaw- fully paid, and that there are alleged violations of the criminal provisions of section 10 of the Clayton act growing out of the purchase by one railroad of from tors hich charges one railroad is purchasing fuel oil from one of its subsidiaries. COTTON SHIPMENTS. By the Associated Press. Shipments of American cotton from Rotterdam increased from 13,000 bales in November to 22,000 bales in Decem- ber, the Department of Commerce an- nounces. Total shipments of the American product for the five months, August to December, inclusive, amounted to 59,000 bales, eompndod with u'l,l‘)o;l"t‘fle; h{nr the ling period of 3 p- R for the five months were 30,000 bales, as compared with 32,000 bales the pre- vious season. ness. 'Resale plg iron, offered at 50 below furnace quotations, is a disturbing factor at Chicago. to 33 a ton, Automobile manufacturers, the review says, are planning their schedules cau- , in close touch with retail de- |dc mand, but conservative forecasts place February output in the United States l.noomh“u— of the uun: production for Jemuary, Motor car In n for district delivery ‘Birming- | Stocks of American cotton at Rotter- dam decreased from 8,000 bales at the end of November to 5,000 bales at the end of December. The stocks of other han American cotton amounted to bales at the end of the month. —— Popular Japanese actors have a half lozen or more personal attendants— custodians, sword n&d on n 6,000 dresse: armor alert :'nun.nmmn—dl pc'u-g:g“ghm& Business Notes NEW YORK, January 28.—Activity in the New York market first_of the week showed some gains, but the general tenor of comment indicated that advance Spring buying is being cautiously done. In explanation it was asserted in some quarters that, while the number of buyers in New York is oc Better ordering and inquiring con- tinue to bolster optimism among deal- ers and manufacturers in the country’s machinery and machine-tool markets, American Machinists reports. Word from the principal centers in the past week represents prospects as being in & more receptive frame of mind and current tool business strengthens the hope in trade circles that the industry is in for better times. Used tools are in more active demand. Members of the Machinery Council of the Dairy and Ice Cream Machinery and Supplies Association reported at their annual meeting a noticeable im- provement in this month, as compared with January last year. New offerings of novelty jewelry have stimulated buying, and whol s in New York look for an active pre-Easter business. lines feature three major types in harmony with both gar- ment styles and color trends. BUSINESS MACHINES ' FOREIGN SALES GA Special Dispatch to The Sta: / NEW_YORK, January 28.—Interna- tional Business Machines sales during December, in h Cuba and Mexico were the best for any month in the history of those di- visions, Thomas J. Watson, president of the company, stated todsy. December was also the twenty-second consecutive month in which the entire South Au"l:rlcl_?mdlvhhn fulfilled its sales 4 ‘company's Scale mlm: in tina is its third year of consecutive monthly q"f/"r-l:o'u of the ", ICAS, manager com- pany's Brazilian division, made the best 1930 sales record of the whole world- wide selling organization, . COAL PRODUCTION. By the Associated Press. Production of bituminous coal showed the slight increase .of 0.1 per cent dur- ing the week ended January 17, as compared with the previous period. output for com; ive weeks follows, as e‘lcullhd by United States Bureau Mines: Week ended Jan. 17 9,195,000 net tons Previous week. 1 net % | Treasury 3%s of 1943 2% | ing orders. This was inte NG STAR, WASHINGTON, D. C, WEDNESDAY, JANUARY 28, 1931 FINANCIAL. BONDPRICES SAG | (e sonx BONDS o recuwca] |PERMANENT WORK N SELLING HOVE Government Issues Decline Sharply as Offerings Show Big Gain. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, January 28—Heavy selling of United States Government bonds featured today's bond market. Liberty fourth 4%4s drop over 8-32, it 9-32 and ‘Treasury 3%s of 1947 were off over 17-32. Other losses in Liberty and ‘Treasury 4ssues ranged from 2-32 to 5-32. While sales of United States Govern- ment bonds on the stock exchange sel- dom assume large proportions, counter de rs today reported very heuvtidsell- Tpre the Street to mean that banks which, since December, have been buying Gov- ernment issues in large amounts, in order to keep their reserves in as near an equivalent to cash as possible, ex- 9% &e:t the flotation soon of a large|B vernment loan. In addition, it was argued that since the immediate necessity for extreme liquidity in bank resources has passed, banks were anxi to transfer into higher yield securities. Current yleld on Government long-term bonds run from 1.87 to 3.26 per cent per annum, the lower ylelds obtaining in Liberty 3%s8, first 4%s and fourth 41s, which are callable within the next two years. Prime Tssues Steady. ‘The general bond list was unsettled to some degree by renewed liquidation in stocks, though this had little ef- fect on prime iscues, which continued in demand at steady prices. This re- sistance was best exemplified in Amer- ican Telephone 5!3s, Atchison Gen- eral 4s, Baltimore & Ohio 6s, Boston 9% | & Maine 5s, Brooklyn-Manhattan Tran- sit 6s, Canadian National Rallways Ss, Canadj Pacific 4148, Chesapeake Corporation 5s, Chicago & Northwest- ern 4%s, Columbia Gas & Electric 5s, General Motors Acceptance 6s, Great Northern 7s, Inland Steel 4lps, Na- tional - Dairy Products 5Y%s, Pennsyl- vania 5s, Southern Pacific 41;s, Utah Power & Light 5s and Western Union 5s. Similarly, the higher type of foreign dollar bonds were strong, instances be- ing Austrian 7s, Belgian 7s, French 715s, German Reparations 7s, Italy's 7s, Kreuger's & Toll 55, Oriental Develop- ment Co. 6s, Queensland 6s, Seine 7s and Yokohama 6s. There was a tendency to liquidate bonds not strictly of the highest invest- ment class. Nickel Plate 41s, which declined sharply in the selling during November and December, again dropped below 90, though subsequently they rallied. American & Foreign Power 5s were off a point, Atchison Convertible 458 off 115, and Denver & Rio Grande Western 55 off a point, with smaller losses elsewhere. On the other hand, a few lative issues had gains, includ- ing eld Oil 6s, Seaboard Alirline 6s and Florida East Coast 5s. New Financing. The new capital market had only a % | small amount of municipals to dis- tribute today, but pre ts for larger offerings in the near future were in- creasing. The Iowa Senate approved a $100,000,000 State road bond issue. The possibility of the Treasury putting out a large issue in connection with the veterans’ bonus plan, on top of the re- financing necessary to the matus in March of $1,100,000,000 of public debt, also depressed the market. Secretary Mellon'’s statement that an attempt to market $3,500,000,000 of bonds would immediately depreciate materially the price of all United States bonds was given much consideration. Washington Stock Exchange SALES. Wash. Gas 65 A—$100 at 102. ‘Wash. Gas 6s B—$200 105%, $100 at 105%;. Pot. Elec. 6% pfd.—10 at 112%, 2 at 11115, Fed.-Amer. Nat. Bk. & Tr—10 at 50, 10 at 50. Mergenthaler Linotype—10 at 883%, 10 at 88%, 10 at 88%. Ter. Ref. & Whrs. Corp.—10 at 45, AFTER CALL. Pot. Elec. 6% ptd.—10 at 111%. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Tel | Amer; Tel. & Tel Am. Tel. & Tel tr. 8s A ostia & Pot. R. R. C. & P. Tel of Va. 5s. Capital Traction R. R. City & Suburban 5s Georgetown Gas 1st 3. Eotomac "Elec. cony. 8 'MISCELLANEOUS. & Ross, Inc., 6 Chevy Chase Club %as. Columbia Country Club D. C. Paper Mi L. i gedsn s58ggz. EELLLEY ; torage 55 . Cons. Title 6s. STOCKS. PUBLIC UTILITY. 2% b 5. om. . Rwy. & EL pfd. NATIONAL BA! Capital (14). Qolumbia, (13 BSedelt ¥ i 358 8 88 Prince ‘Wash. SAVINGS BANKS. jank of Bethesda (6§) ommerce & ll'ln! « ast Washington (12). Potomae (10) urity Sav. A . Mechanies’ (20). FIRE INSURANCE. American (13). glul’n ae Uni stz 4 5# 2 & s§§§; 28 8858 bis, cob). e B0y, 0o a. com Inc., com.. Medical Bids, Corp. i Sand & Gravel prd.’ (7 Paper M d. Barber & Col. Gol. . st Ni D-Wmm:-co Mer. Tr. Mer. Tr. & » Mtge. & Inv. ¥ Elopig, Bk St 5 B S & *Sla. (&) 5 pld. (81431 ® urity Ne. Sarpel. Cor ) “Mech. Mige. com. (8) oodward & Loinrop oid *Ex dividend. s extra. b Books closé ¥ T 4% extral HEP eliis0 extr th: rubber ":Ich :!un flung on s m: posture LY wall protest UNITED STATES. (Sales are in $1,000.) Sales. High. Low. Close. 10 1025 10126 10126 5 1084 10226.10230 339 10329 103 21 10321 85 10218 1029 1029 20 10226 10224 10224 2 10816 1085 10816 52 11216 1124 1128 FOREIGN. Argentine 58 ‘45 Argentine 5% Argentine M Lib3%s Lib 1st 4 Lib 4th 4%s US3%s's US3%s'4 u 4 8 us Australia 425 '56., 26 Australia 6s '557... 17 654 72 12% 105% 105% 83 83 861 86 96k 95% 102% 103% Batav Pet 41 Belgium 6s '55 Belgium 6%s Belgium 7s * Belgium 7s " Bolivar 7s ‘58 108% 108% 111% 1124 108% 109 4 36 36 33 33% 53% 53% 104% 104% 65% Bremen 7s '35 Canada 58 '52. Chile 65 '60. Chile 6561, Chile 75 *42 Colomb 6s Jan '61 Con Pow Japan 7 Copenhag 4% s '53 Copenhag 6s ‘52 Cuba 5%s "45. Dan Mun8s A '46. Denmark 4 % s '62 Denmark 6s ‘42 Dutch East 16847, Dutch East 1 6s 62, El Salvador 8s'48. . Fiat 7s wa: . Fiat 7s ex war '46.. Finland 5% ' Finland 65 45. .. Finland 7s '50 Fram I D 7%s 42 French 7s 49, French Gvt 7 Gelsenk'ch, German 53 German Bk German 615 '50. .. German 7srep'49.. 1 Greek 65 '63. . Halti 6s'52. , Irigh Free St 55'60. Italy 7s'51. . 54 Italy Pub'Sv 78'52. 11 Japanese 51,5 '65.. 19 Japanese 6138 ‘54 Karstadt 6s°43. Kreug & Toll Lyons 6s '34. Marseill 107% 107% 95 95 105% 106 102 102 101% 101% 100 100 KAANN ANONDADS 94% 4 106% 1064 120% 120% 125% 126 89 894 > nnboa Bomwmman o 3 Seave B MUN N 103% 103% YTl 9T - 89 89 93% 934 104 104% 624 62% 90% 90% 104% 104% 104% 104% 10 864 Montevideo 6s " 7% New 8 Wales 1024 102% 105% 106 102% 102% 91% 92 9% 9TH 104% 140% 103% 103% 39% 39% 38% 39% 60 60 79 80 83 83y 104% 104% 87 9% Norway 6’43 Norway 6552 Orfent dev 5148 '58. Orient dev 65 53... Paris-Ly M 65 '58.. Paris-Or 518 '68. .. Peru 7s '59. Poland 7s '4 Poland 85 '50 Prague 7 Queenland 6s 47, Queenland 7s "41. Rhinelbe 7 '46 R Gr De Sul 6s R Gr De Sul8s "4 Rome 6%s°'52. . Roy D 45 '45 ww. 8ao Pau 7s '40 reti Sao Paulo 8s 36, Saxon 7s'45 Seine 75 '42. Serbs-Cr-S17s '62 Serbs-Cr-S1 85 '62 Shinyetsu 6135 '52 105% 105% 106 106% Toho EI Pow 6: Toho El Pow 78 '55. Tokio 53561 . Utd King 5% °37.. Uruguay 6560 2 Uruguay 8 Vienna 65’52 Warsaw 7s '58 Yokohama 6s '61... 12 98% 98% 96% 964 2% 924 105% 105% 106% 84's 2 100 ‘1 86 63% 9% MISCELLANEOUS. Abitibl P& P 58'53. 20 774 76% Allegheny 55 "44 83 831 83% Allggheny 58 '49 831 8214 82l Allis-Chalm 6s'37.. 102% 102% 102% Am Ag Ch 7T4%s"41. 1044 104 104 Am Beet Sug 6s°'35. 11 45 45 Am F P58 2020.... 831 Am Sug Ref 6s '37 Am T&T cv 4148 Am T&T bs '65 Am T&T ¢ tr Am T&T 58 s Am T&T 5%s 43. Am W Wks 55'34. 128% 1284 106% 106% % 106% 105% 106% 106% 109% 109% 102% 102% 103 103 7. 68 Arm & Co 4%5 ‘39 Arm Del 51543 Assoc 011 6s '35 102% 102% 624 62% 101% 101% 107% 107% 111% 111% 102% 102% 108% 103% 101% 103 4% 34u 944 94% 70 10 98 98 964 95% 25% 26% 105% 105% 9% 99% 102 At Ref deb 58 '37. Bell Tel Pa 5s B 48 Bell Tel Pg 65 C '60. Beth Steel pm 5 Beth St rf 55 '4: Bush T Bldg 55 Cert-td deb 5% Chile Cop db Colon Oil 65'38. ... . Col G&F 55 May '52 Com Inves 535 '49. CC Md 1st rf b5 '50. ConG N Y 5%s'45. C Am Sug col 88 '31 Denver Gas 58 '51.. Det Eds g Det Edison bs '40. . Det Edrf 68 B 40.. Dod, cl 6s " » ~RNeaShie R anren ~O=NN wanD N 48 4T, » 102 105% 105% 89 89 103% 103% 80 80 108 108 4% 94% % 94k e 69 69 100% 100% 4 89 89 Gen Cable 53547, Gen Motors 6s'37. , Gen P Sv5%5°39.. Gen St Cas 5% Gen Th Eq : Goodrich cv 68 '45. Good 1st 648 °47. .. Goody'r Rub 58 '57. Hoe & Co 6%s°34.. Humble Oil 58 '37.. T B Tistpf6s A 111 Steel 4348 40 Inland St 43%s Int Cement 5 Int Hydro El 61 61 101% 101% % 105% 1054 101% 101% IntT&T 4%8’5: Int T&T cvi%s Int T & T b8 '55. KCP&L4%s'57. 125 KanC P&L6sA’'52 5 KanG & E 4%s'80. 102% 102% 105% 106% “ " 103% 108% 108 103% 102% 102% 57% B7% 105% 106 Lou G & EI1 58 52, McCormack 6s ‘34 106% 105% 101% 101% 82 Mont Pow 58 '43... 3 108% 100 100 6 82 81n 82 Mor & Co 18t 4% Nat Dairy 53, s'48. 150 101% 100% 100% a 18% 13% 18% %847 2 109% 109% 109% 106% 105% 106% 115% 114% 115% 110 110 102% 102% 108% 106% 106% 111% 111% 111% 103 108 103 102% 102 102 106% 105% 105%% 102% 102% 102% 108 102% 103 96 9 60 Bean N Y Tel 4%s°39, N Y Tel 6341, N Y Tel 6549, Nor Am Ed 5s '57. . Nor Am Ed 5%s 63 NorO T & L 6s°47.. Nor St Pw 58 Seme Paramount 6s '47.. Pathe Exch 7s '37. Peoples’ Gas 5s. Phila Co 58 '67 Phila & Read 6: Phila Pet 535 '39., Por RT am 6842, Pos Te) & C 53’53, Pressed St C 55’38, Pure Oil 5%8'37... Rem Arms 6s A ‘37, Rem RE%s8 A '47., Rich Ofl cal 68 '44. . Shell Un Of1 58 '47 Sinclair Ol 634’ Sinc O 7scv A ‘Y Sine Cr O 5%s '3 Sinc P L 5842 Solvay Am 5 SW Bell T b: StOIL N J 846 StOIIN Y 4%s '51, Sug EsOr 78 '42... Tenn EL P 65 A "47. Tex Corp cv bs '44.. Unit Drug ev U S Rub 1st 53 S88aman wm Tt 1 1 37 " ki 26 54 15 15 15 106% 1084 106% 100 9% 99% 99% 98% 98% %15 " 18 102 101% 101% Ta% Tdw Td% 81% 81 L 54 Util Pow 58 '59 w' Utll Pow 5%8'47.. Warn Br Pic 6s " Warn Quin 6s°39. Warner Sug 7s '41 West El deb 58 "4 West Union 5s'60., 06 103% West Un Tel 55 '51 I 103% 103% 1034 110% 109% 110% O 5% 10215 10215 1021 Wil & Co 1st 68°41. 100% 100 100 Ygstn Sh&T 58 °78.. 108% 103% 1034 s RAILROAD. Atchisonadj 4s'95. 29 964k 96k 96% Atchison gen 45’95 28 994 Atchiscv 4% AtC Lol AtCL 434864, B&O 48’4 64 98% 97w Ocv4 71 55 101% 101% 101% 65 98% 9T 9T 11 108% 108 108 33 103% 103 103 82 1081 103 103 16 110 b 97T% 9T 9Ty 8 105 108 1034 17 86% 864 86w 7 89% 89% 89% 19 100% 100 100 21 101% 101 101 4 74 73% 3% 31 101 100% 100% 3 88 FEEEEEEE] rrrRRRER B & O Toledo 4s ‘50 Ban & Aroos 45 '51. Bos & Me 55 '55. & " Can Nat 4% 854 Can Nat 418’57 Can Nat 4145 68, Can Nat 4% ‘55 Can Nat 5= July Can Nat 55 Oct "69. Can Nor 75 deb 40 Can South 5s '62 Can Pac deb 4 Can Pac 4%s '46 Can Pac 435 80 Can Pac 58 ctfs Can Pac bs ‘54 Car Clin & O 6: . Cent of Ga 58 C 59 Cent of Ga 5% Cent Pac 45°49. Cent Pac 55 '60. Ches Corp 55 '47 Chi & O &n 4% 92, Chi&O43%sA ‘03, Chi& O 4%sB"95.. CB&Q4%s'77 Chi & Eas 111 58 - 18 104% 104% 104% 5 104% 104% 104% 1111% 111 111 1106 105 105 6 88 87K 87y 5 100% 100% 1003 4 9 981 981 4 104% 104% 104% 6 103% 103% 1031 7 108 92 5 104% 104 104 38 99% 99 99 10 105% 106% 105% 5 100% 100% 100% 14 101% 101 101 67 85% 5% 85% 954 926 9914 3% 324 884 94 . 2 96 Ch M&StP 4%5'89, 27 100 Chi M StP&P 58'75. 3 74 Chi M & St P adj 5s 121 38% Chi & NW gn 4s'87. 16 88! gt;fl&g-\v‘n 41452037. 5 942 NWst 434 ¢'37 4 944 Chi & NW con 4%s. 50 gz 90% 33-": Chi&NW rf 55 2037, 50 102% 102% 102% Chi& NW 6345°36.. 6 107% 107% 107% Chi Rwys .+ 3 684 67 T Chi RI&P gn 4: Chi RI & P rf 4 ChiRIev4k%s Chi Un Sta 43 1 104% 10. zo“ Chi Un Sta 58 o 4 106 105% 106 ChiUnSta6%s'63. 1 115% 115% 115% C&WlIndev4s's2. 5 91% 91% 91% C&WInd5%s'62. 41 106 1041 104% CCC&StL4%sE.. 5 100% 100% 100% CCC&StL5sD'63 2 104% 104% 104% Clev & Pitt 4148’77 10 104 104 104 CU Ter4%s2020.. 21 103% 103% 103% Colo& Sou4l%s'80. 62 95 95 95 Cuba R R 58 '52. 3 55 55 Cuba RRr{7%s'36 2 71% 71 Cuba Nor 5%s°42.. 2 426 42% Del & Hud rf 4s'43. 41 97% 97y % Del & Hud 5%s°37. 1 104% 104% 104% D&RGrgn4s’36. 10 96% 96% 96% D&RGrds'ss.. 98y D&RG W 58°55... e Erie 1st con 48 '96. . 8T% Erie con 4s A 53... 76 784 80%, 82 25Y% 26 1106 106 106 - 10 110% 110% 110 7TE. 39 98% 984 98u% . 18 101% 101% 101% 5 105% 105% 105% 2 109% 109% 109% Fla E Coast 55 'T4 Fond J&G 4%s'52. Grt Trs £ db 6s'36. Grt Trunk 7s '40 Grt Nor 58'73..... Grt Nor gn 548 '52. Grt Nor gen 7s'36.. 14 111% 111% 111% Hud & M adj 58°57. 13 78% 178 8 Hud & Mrf5s'87.. 7 99% 99% 99y 11l Cent 4s '52 . 1 92% 9218 92 111 Cent 4% s 7 98% 98% 98y 11l Cent 58 '55...... 11 106 106 106 TI1 Cent 6145°36.... 2 109% 109% 109% TICCStL&EN 4%s.. 5 95% 954 954 I CCStL&N s A.. 2 101% 101% 101% IntRapTr5s'66... 10 70 69% 69% Int Rap Tr sta 69% 6915 Int Rap Tr 7s °32 90% 90% Int & Gr Nor 65’5 89 89 Int Rys C A 5s5'72 69% 694 Int Rys C A 654 4 74 T4 Iowa Cen 1st 55°38. 10 4 14 7 97 80% 8044 Kan CFtS&M 45’36 3 80 2 100% 100% 100% 8715 871 | Labot POLICY IS URGED Steady Employmoni Declared Best Method of Combat- ting Trade Slumps. . -l:eckm:t"iummnc in icuous .pldl of endeavor over the curtailment been comparatively few. general ';mui.: '::C desire wn workers or the sums paid to them. This is l# a philanthropic attitude; it is purely seifish. The employers know st thelr ‘workers are their best customers, own and Boitions of employers tril ns of em) leaders today had been done 2 101% 101% 101% [ stocl which stock ma cated in times of stress. Job Diversification. Considerable conf labor leaders with uu:n;?by kers acq) aga ‘worl Rl hat. G would alirupt the trade imi Y ‘would be ux:hlr gone through long years of .mmmflu in one trade. Others felt it it would be of distinet benefit, in view of the fact that thic licy would encourage workers to be- jong to more than one union. In the meantime the first improve- ment in months in the industrial situa tion has n place This ‘cannot be attributed in the relie; not. yet ative. It is due according to emp! Treassd mw'l%n With' consequent gain in the number of workers em- pln_!!lo:. three the (Copyrisht, 1931.) s o S Wy Rail Extension Authorized. By the Associated Press. The Western Pacific mm;:s ver today - given permisison e its owg’lll-nll entrance 1:::51;: Fran- clsco by constructing s e from Niles via Redwood City to the cipal limits. — e Reindeer in Alaska now number more muni- NY NH&H 45 5! NY NH&H 4%s NY NH&H cv db NY O&W 1st NYStRy 4% . NY St Ry 6%s'62.. NY W&B 4%5°46 Nor & Wn ev 8 100 9% 90% 2 113 112% 112% 16 95% % 6 98% 98l 28 103% 1034 45 100% 97% 6 101% 1004 10 105% 104% Oreg-Wash 4s Penn 4s "48 St; Penn gen 448 '65 Penn 418 '70. Penn 4% 5 °63.. Penn 58 '64. Penn gen 58 '63. Penn 648 '3 Penn O&D 4%s'77. Peor & E 1st 45’40 Pere Mar 413 '80 Pere M 1st 58 '56 P CC&StL 4%s'77. PCC&StL5sA PCC&StL5sB P&WV4%sC Por R L&P T%s 46 Read gn 4168 A '97. Reading 4%s B. .. Read Jer Cen 4s 51 Rio Gr W clt 4s 4 Rio Gr W 1st 45'39. 10 110% 110% 3 110% 110% 9 % 94y 4 107 107 5 102% 102% 10 102% 102% 94% 98l5 Kan City Sou 3s5'50 11 Kan City Sou 5s '50 KanCity Ter4s'60. 4 95 94% 95 2 87 87 87 9 88% 88, Lake Shore 334597 Leh Val cv 45 2003. 81 1 99% 99% 99y 2104 104 10 LehV cv 4% 200: 1 93% 93% 93% Leh Val 5 2000 Long Isl rf 4s 4! 3 5 100% 100% 100% 1 981 Long Isl db L & N uni 45 '40 L&N1istrisy Manh Ry 1st 45’90 Market St 78 '40. MilE Ry & L 55 '61. M &SL 1st rf 4839 M StP&SSM con 4s. M StP&SSM 58 gtd. 90. . 5 656 55% 66% 2 96 97 97 6 101% 100% 101% 6 64 64 9l 90 94 MK&TprinbsA. Mo Pac gen 4s'75.. 43 Mo Pac 58 A '65.. Mo Pac 58 F '17 Mo Pac 55 G '78. M 95 % 95 23 99% 991 99y 1 100% 100% 100% 4 52 51 2 9% Yo 4 4 2 93% 3% 93% v 49, 841, . Nassau Elec 48 ’51.. NCh&StL4s'78., Nat Ry M 4%s'57.. N&T&MB5sB 54, 00%, 1024% 102% 107% 107% 5 107 1 107 64 | Sou Ry 6%: St P Un Dep 58 '72.. SanA & AP4s’43.. Seab A L 48 st '50 Seab A L cv 68 '45. .1/ Sea All Fla 65 A '35 Sea All Fla 65 B '35 Sou Pac ref 48 55 Sou Pac 4148’68 SouP 4%s'69 ww. Sou Pac5s'34..... Sou P&Or 4%s 77 Sou Ry gen 4s 'Sl Sou Ry b 1 98y 1110 110 96% 961 1 1024 102% 102% 5 101% 100% 100% 15 87 86 86% 46 110 109% 109% 1 116% 116% 116% 10 93% 93 93 8 106% 105% 1054 5 111% 111% 111% & ATR 5% 350 Tex & P 15t 55 200 Tex & Pac 5s B'77. & Pac 58 C 79 48'52 otf "2 s 47, Ulster & Del Ulst & De 5: Un Pac 1st Un Pac s 6! Un Pacrf 4 UnPacdls Va Ry 1st 5s 107 107 Va Ry & Pow 58 '34. 5107 1 102% 102% 102% 1 8 8 86 1106 104% 105 Wabash 101 Wal 5 Wabash 5s y