Evening Star Newspaper, June 16, 1931, Page 14

)i[RABE HOLDS OWN General Motors President De- clares Present Sales Drop Is Only Seasonal. BY JOHN F. SINCLAIR. @pécial Dispateh to The Btar. NEW YORK, June 16. n Alfred l. Slcane, jr., president of nxs Gemnl rs Corporation, was interviewed on muum-wnmxmmmcotme anr he replied that as no one seemed Jnow much about it, he had reached me conclusion that “the best pollcy to u'.o try tg Lhcha one’s o;en uq;omlb lities, whatever 'y may be, in the most constructive way possible to the interests one represents, and to promote that idea as being.the one that will probably contribute more toward . working us out of our present situation thgn any short, cut methods or theorle: And the outlook, for the tive of anything except the seasol decline that is lnevlubls at this time of the year. It is unfortunate that thére is not a graater recognition of that fundamental fact. “‘Consumer sales have been running below last year for the industry as & whole, to 'a considerable degree. I do not think, - however, that. the trend, giving welght to the seasonal variation, is in any sense downward; neither would I say that there was any particular im- provement. I should say that the in- dustry was holding its own. “Let me make another observation. Automobile production, due to the fact that many manufacturers, when chang- ing models, are doing so at the end of the year, is likely to be more or less curtalled during the Summer and Fall. 1t is reasonable to expect that it will be | step) up again in November and De- cember this year, because of the change of models in those months. Last year the changes in models were made dur- ing the Summer.” Five Year Plan for U. S. Dr. Charles A. Beard, author of “The Rise of American Civilization,” is out with a remarkable five-year plan for the United States in the current issue of Forum. Dr. Beard ssks for a national eco- momic council to achieve business co- ordination; the abolition of the Sher- man and the Clly‘on anti-trust laws; a_national board of strategy and plan- ning; a strengthening of the Burelu of Standards in order to ‘“co-ordinate re- search, eliminate duplication of effort and standardize all essential commodi- ties produced.” He asks also for the formation of each industry into a syndicate, with a separate agricnltural syndicate, & marketing syzadl{:nl‘te r:;‘d a syndicate n«;t exporting an pa nl corporations, to direct. trade with foreign countries “In such & way as to aecure the goods needed by the United States, control the issue of foreign securities in the.United States and stop the reckless habits of financlers in making loans to irre- spanslb!e governments and unproductive rprises.” !in;lly he would have American di- plomacy proceed on the basis of the Kellogg_pact, recommending adherence to the World Court, full 01 operation in the economic councils of the League of Nations, and the cancellation of Euro- pean war debts on condition that the armed forces of the world be reduced to & police basis. ‘This is the answer which he believes capitalism should and must make to combat organized Communism. “In due time” Dr. Beard writes, “Amerlnld'fll'lmret‘h shake ofl"!;er leth- argy, and put forth powers like those o:‘:ur muswrs who founded this Ni tion and conquersd this continent.” The article is bound to cause wide- spread discussion. Business Index. ‘The Brookmire Analyst says that its business index for May was 74.6 per cent of normal, as compared with the April figures of 77.7 per cent. The estimated May position is only 1.2 points above the January low. ‘““We have repeatedly emphasized,” the Analyst says, “that the minor advance in business as in our index since January is of little significance except as an indication that stabilization has finally been effected and that some progress is being made along the bottom area of the depression.” The Brookmire's checkings show that the May relapse was due largely to the decline in retail trade and in railway traffic, supplemented somewhat by the declines in automobile producuom pig iron and steel mill operations. How severe the business decline is may be realized when the latest report shows that the steel mill operations are about 40 ger cent of capacity, as com- pared wlt 70 per cent this time last year. This represents a decline of 2 points from the previous week and is the lowest since early in January. ‘What is the outlook for suel stocks? Brookmire answers by saying that on the present reduced volume of business and low prices which now prevail “it is doubtful if even the best situated steel companies can show profits on their common stocks.” v The stock market reflects this posi- fon. Shallow Thinking. E. Towle, Minneapolis invest- it bmker. thinks that the speed of y has induced shallow thinking. George Pt e q“fiere are three fundamental basic | gotq, mmenu needed to_ sustain human food, shelter and clothing. "“The average man im. his lifetime neets these requirements &nd other re- quirements ‘incidental to life and gath- | o ers into his’ small margin al less_than' $2,000. them, stated to be “Two -simple express the divi- sion oflife eff utility and hlllrlty‘ Utility causes two blades of grass to grow where one .rew before. Hilarity does not grow any “It is lunwrlhunxy “stated that we ve one automobilé for every four and e-half human units. The automobile, ll'emluln it, is about 25 per cent utility and 75 per cent hilarity. capital investment requirement, it reps num.s more than one-half of the sec- cond requirement—shelter. Ifs deprecia- tion, maintenance and nperlnon cott i ofer one-half of the first requirement 1 m-mes J. Hill discovered that great hulc principle in railroading ‘the ton ile,; and revolutionized the business. ‘e can daily see millions upon millions automobiles flying by at 30 miles per ur, carrying 165 pounds of human \ matter to its !ob withya big percentage inching a clock when he or she gets there, and “other millions on the co. destination is ‘nowhere.’ This is n g:ng. e shallower the tinking.” ‘(Popyright, , by the North ‘American ’m-:w YORK BANK STOCKS \'NIW YORK, June 16 (#).—Over the 4 Tunur mrket 8 mmnvelv 8.00, Tn | Ties, NEW YORK STOCK" EXCHANGE mummuflumnofig (Continued From Page 13, SO b Dividend 'I lt l. mmvuun aaum .Ilcull Strs. Seagra: Sears nuinak Y% llb. M.O-M l'l South Pacifie (§) Southern Rwy (mé6). Sparks Withing (1).. Spicer Mfg. Stand Brands (1.30). Stand G& B (3%) Stand Ol Cal (h3%). 99% Stand Oil Exp pf (5). 8% Stand Ofl of Kansas. 30% Stand OIINJ (12).. llflfil IMfi 13% Stand Ol N ¥ (1.60). 1 30% Sterl Sec cv pf (3) 't Warner. . 25% Stone & Webster (3). 94 Sun Oll pf (8) 30 _Superheater (3%} 16% Telautograph (1.40). Texas Corp (2). 29% Texas G Sulphur (3). 4% Texas Pac Land Tr. Thatcher Mfg (1.00). Third Avenue. Thompson (J R) (1). Tide Water As (60¢). ‘Tide Wat As pf (6. Timken Roller (3)... ‘Tobacco Products. ‘Tobaoco Prod A 1960 Transamerica (1) Transue & W (1)... Tri-Cont Corp. . Tri-Cont Corp pf (6) Trico Products(2% ). Und- 4 Union Bag & Pa Union Carb & C T 6y 2% 45% 284 Close. Close. 18% 3174 16 15% MK 15% | % 6% 6 5 B 4w 51 524 BI% L) ‘9% 10 10 10% ° 104 10% 1% 204 19% 5% 5% ° 6% 33 33 33 8 3 3 12w 124 lifi 5 110 'l 102 19% % 174 17T% 110 1104 32 33 4 100% 100% 100% % 30% 31% 81% 17% 19% 1% 1% 20% 204 M Y% 8 8 93 9w 2% 33% 46 3 15% 29 L1 11 M . - Low. a‘-t 41 Beniede 28% 108% Y% 864 8L 28% 18% 1% 1% 224 I P e T 3% l]nll Stores A. Unit Stores pf Univ Leaf T pf (! Utl! PEL A (et3. % Vadasco Sales Corp.. "“- 28% Vgnadium Corp’ 1 71% 38% Vulean Det (4) 8 Wabash RR. " " | Raiiroad Issues Recover Ground Lost During Early * Part of Day. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, June 16.—The bond market made a late recovery after de- ellnln. ln the morning. ‘Both move- a reflection of the action of m;ch lyd most\of the activity was second third grade railroad sucnunmnrmeodm.mu. Missouri Pacific 5s and St. nu'hm covered losses of 2 to 4 'h' Lo trading in United lhhl Prices dl'wp'd 1-32 to 2-32. flu readjust- 'I'u:'ur;’ financiny ?m $ ‘The -ubmnu-.l‘ mvolved in the removal of over mm.ooo gold 6% | marked here for France to account Westing El&Mfg ‘estvaco Chlor (2) tr 37% Worthington Pump.. 66% Wrigley (Wm) (4).. Yale & Towne (2)... 6% Yellow Truck. 6 14% YoungsSpring (3).. 4 Zonite Prod Corp (1) Sales of Stocks on New York Exchange. 14 Dividend Rate. Bividend rates oo shven in the bove iymehts based on the latest quarterly or half-year *Unit of trading less than 100 shares. e lhllilo‘l;l-ufla‘ 1Plus 9% in stock. aPal table are the annual cash tPartly extra. 1Plus 4% d last year— yable in cash or llocl us 2% yable in stock. e Payable 6% in stock. h P 1Plus 80c in special preferred stock. k Plus 3% in r.u {bia year—no Tesular rate, n Pius % In stoek, o ™ LOW COST OF COPPER FORCING Special Dispatch to The Star. NEW YORK, June 16.—The present price of copper of 8!4 cents a pound delivered makes it Impuslble for prac- tically all companies to break even with depreciation and all other proper charges included. Even with only oper- ating costs included, which are before depreciation, producers of over half of t.he world’s present output of roughly 50,000,000 pounds a month probably lre not able to break even with copper | 280 under 81; cents delivered. ‘This is why some of the copper mines are beginning to curtall further and |even even to shut down completely for the Summer. Some of the mines that have closed can produce copper fairly cheaply, but the managements do not believe it wise, and to the best inter- ests of their stockholders, to continue to sell copper at present prlm. Already United Verde with an out- put of about 8,000,000 pounds a month has shut down, Magma with an output of 2,400,000 pounds a month is down (United Verde indefinitely and Magma for six weeks), while United Verde Ex- tension with a cgpacity of roughly 3,000,000 pounds a month has announc- ed that it will shut down for 90 days from July 1. | Further Shutdowns Likely. It is probable that other mines will soon begin to shut down for one reason or another. Some feel that the cop] stable equilibrium threugh voluntary curtailment of output during the next two months, and that there will not be a general shutdown. In their x}m it will not be necessary for copper to go below 8 cents delivered to bring about such curtailment. Others take the view that a decline in vrlee below 8 cents may be necessary bring the cun-l]men'. in ume to lvold a further copper stocks. Now wpmdmmy uooooo- Butter—One-pound prints, 29; tub, 38, Eggs—Hennery, 19a20; current re- ceipts, 17a18. Poultry, alive—Spring broilers, 3 pounds and over, 35a36; 2 to 3 pounds, 32a33; smaller, 28a30; Leghorns, s 24a25; small, 20a23; hens, large, med(um. 20a21; Leghorns, 16a17; roo't- ers, 13a14. Dressed—Spring broilers, 3 gmmdu and over, 38a40; 2 to 3 pounds, | to 5a36; Leghorns, large, 28a30; small, 26a27; hens, large, 24a25; medium, 248 25; Leghorns, lldd:’.‘zr‘oolwn‘ 17a18; 5 : , 14; lamb, lard, in bulk, 10; whlu, Live stock—Hogs, heavy, ht and medium, 7.00a7.40; pigs, 7. .25; loughs, 3.5085.00; ulvu, 4.00a .00; Spring lambs, - 6.00a8.7! .st.ock, 2. bm thfil. 2.2582.50; 2-peck Mlkel‘:,z;.li cherries, hucklebemu, 1. ts, 1. plums, 1.50; bnnmu, 12 a1.50; plm- apples, 3.5084.00. Vegetables—Potatoes, new, per barrel, 2.7523.00; old, 100-pound sacks, 1.75a 2.00; sweets, per bushel, 2.00; tomatoes, an crates, 1.50a3.00: onions, Texas, 50-pound mkl, 1.50; Spring, per 100 2.00; radishes, per 100 1.50; nrlng beans, 75a1.15; 3.00; peas, 125a1.50; cucum- hen 1 25a1.50; peppers, X lant, | 2.5083.00; corn, 2.50. s MONEY MARKET. NEW YORK, June 16 m——cnll mneiy held at 13 per cent, the re- today in both the officlal and mfilde markets. - 000 pounds of refined are above ground, including eoppet paid for and held by producers for consymers. Considering the rapid decline in both forelgn and domestic shipments in April and May, and that the outlook is for total shipments in June, and ably also in July, to be below average of 95,214 tons for the first five months this year, reduction in mine output may be faster than seemed probable a month . In May, because of the low ship- ments which totaled only 71949 tons and were smallest in mmy years, even lower than those of 79,213 tons in April, 1930, refined stocks in North and South America increased over 61,- 000,000 pounds, while foreign stocks of all kinds in Europe increased over 9,- 000,000 pounds. Production Costs Lower. ‘The situation is de) du:t mm"hlt upou the condition of the treasuries of s wmpnmu and the cost ol mtnc These costs are off materuny lmm what they were a year or 8o ago, owing to the greater efficien with which the men are working lnes the lower wages, as wages at the mines and smelters are on a sliding scale that varies with :flce of copper. ~As a result :t thued and other ulnu:u, for inm.n?e‘ naconda is produc! copper at its various properties at the lowest oper- ating cost in the history of the mines. But it also has to be remembered that PET | overhead, interest and un’ylnl on wh;ll.l: ml{ahe:' n;é:.um; 3 ler ou 50 W] of metal produced mmmm costs are not so low as they would be et & good part. of the outpes wil of e output 1 bennwhecutoflmme;gntn months if copper -uyx at 815 cents or | 4 appears probable from a glance | 4, at the cost of pmduclnc copper at the [ Am lower mines that were in operation d & last month, when world output was Am & around 125,000 short tons tons of copper. CRUDE OIL OUTPUT UNWISE EXTENSION MANY MINES TO CURTAIL OUTPUT| OF CREDIT IS RAPPED By the Associated Press. ST. LOUIS, June 16.—Unwise exten- sion of credit through mismanagement was described as one of the primary causes “of the greatest business depres- Germany' combined with the averting of » cabinet crisis in Berlin to give the German securif tmnml:flm.mmdnm-ndum- lnlflhm ‘were higher on an improve- ment in coffes flpofll M and Brazilian on cable advices Australians were being bought there on the theory that the turn in Australian business had come. There was a % | improvement of Australlan <schabEes terms of sterling Junior domestic bonds’ were heavy. Wl'-h the ex Ilotn J!:I Iamll—!ou'-h- which gained mmmnly. there was hardly & l&onfl- grade e!!flfl'bondoflfhellnlhll:l‘d not drop at least 2 ts. ‘These cludeduh[huyupv!“tl Chicago & N uNITED (Sales are Lib 3%832-47. Low. 87 10221 10218 STATES. in $1,000: High. 02 21 List4%832-47. 16 103 14 103 12 103 14 L4thain 3 ..o 249, . 101 ul"-ll-‘fi -102 l*llld" 121 103 110915 109 15 lM 15 Bouthern Pacific 4%s, | Bo! There was a lower trend in industrial issues such as Chile Copper 3s, General Theaters Equipment 6s, International Paper 5s, mugugnu & Wi‘n‘ Coal & Iron 6s, Vanadium $s, and Warner tion bonds were off & polst o m s or the A DO ‘more on o et Transit, and Interborough Rama Ssas to participate in the Dresent uatfesriey | Buds; negotiations. The new capital market was -lm total of about $18,000,000 Konds sion of all time,” bynr Clyde William | Off Phelps, head of it Economics, uzuvenlt.y Chatta: & speaker at the opening today of annual Conference of the Nnthnul Re- uu Credit Association. He said busi- cannot take place un- of ness depression being | less there is undue expansion of credit, “whatever other causes may be involved in the situation.” “Under the goading of his own 'en- thusiastic, high-pressure salesmen,” Dr. :n’:‘fin said, “the credit man gave way been mismanaged by bungling, m%‘&bm This is an Woodlock of St. Louls, mm(ertnumvr of the association, urged the members to hold fast to “faith, and vision and put money and credit to work in our ex- change system so they will benefit all and restore prosperity. About 1,000 members, represen retail firms and credit bureaus in parts of the country, are attending the conference. INVESTMENT TRUSTS NEW YOR.K .mne 16 (#).—Over-the- Bid. Asked. [ 7Y incom- intolerable 7 % 8 13% 1 DROPS DURING WEEK| i 5% By the Assoclated Press. TUIBA, Okla., June 16.—Daily aver- | A! swu dmweal’z%d{l7mhnlfnumw:. weel totaling 2,443,603 b.rre t.he Oil an Gas Journal estimaf East Texas led v.he ‘downward move- ment with a reduction of 22,500 barrels, which lowered that new area’s output 29,000 barrels. Okhhomn production, estimated at | Chelse: 557,065 barrels, showed an increase of 1025 barrels over the preceding week’s Gert m ‘midcontinent area’s production was placed at ulouo barrels, a de- crease of 20,355 This included a decline of :m h.rreh in Kansas, that State's yuld being estimated at 102, 910 ptoduclltm ‘was unchanged at 00 uoooo barrels. Ea “The Rocky llounmn area registered 1885 barrels, ‘with an | bing an_increase of o :rlml: ,353 barrels. al barrels to uw hlmhmd uunu were reported in several o'.hn CONSOLIDATED COAL CO. BALTIMORE, Juie 18 (Spectal) — ‘The’ Consolidated. Goal Go. Wil phee- enflymuoooooooxsperemteol- trust gold notes, which have | In bemmldlcp‘rnetwtheeonxuny. the proceeds of which will permit the refiremem of fim 8! 101,000 of Fair- mount Coal Co. outstanding which mature July 1. POTATO MARKET. shipments, 643, trading slow; weight, Alabama, Louisiana, nu-mnhslmlu,xnm bd.l.’lll“,;\nfl'l. l'llfi Small Gens of bonds | ow-Friced TR SRR s i llnlu Gran Ghde” Winmill o083 e BB EEFFE 5 Eaisatle PERFVERATS Bult Gen E1 4% s1 3 Bush T Bldg bs "60. Calif Packing 58’ 40 da Washington Stock Exchange |cas SALES. Washington Gas 6s A-—$100 at 102. Capital Traction Co—10 at 343 Potomac Electric 8% pia-— at its. lectric 515% pfd.— "022' 108 T10%, To st 110%. s . & Elec. ptd—$ 20 at 981, 20 10 at 981, 10 onotype—20 at 90 , 10 n.xonn ll!”,lo:/.n, AFTER CALL. Lanston Monotype—3 at 90, 1 at 90, 1 at 90. Stores pfd.—30 at 1001, Peoples , 10 at 10015, 10 at 1005, 10 at 100 Capital Co.—10 at 35, 10 at 35. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer, TeL & Tel, ¢te 0. Am, Tel. Bt A2l 8 Golumbia Gountry aub D. C. Paper Mfg. Wash. Rwy. & Wash. Rwy. & NATIONAL BANK. tal (14) EoRimbia lll ¥ sSitestc - 45 104 31 104 30 104 30 01 16 101 12 101 14 08 1103 1103 1 108 1 102 l. 103 1 7103 7108 7 Int&G N ad u‘n Int & Gr Nor 6 int Hydro K1 68 4. Int M Co bs rcl"u panese § 3 lfl'% 110% Kan CFtS&M 4s 36 Kend 5%s 48 ww. . 19 | K ‘ound 6s 36 781 | KTOUE & Toll 68 ‘69 75% | Lackaw St 63 ‘60 65 | lacG StLbs3e 003 | Laciede 6%s C ‘63 113y | Laclede 638 D '60.. Lautaro Nit s Leh Val cv 48 2003, 563 | Lieh Val 65 200 63% | 118 & Myers T8 ‘44. 64 | Loew’s 68 ex war. 1061 | Lorillard 68°51. ... 815 | Lorillard 6 s 3.0 u G & El b5 '53 98% Ll fi Ark b 89 | L &N 4%s 200 107 |L &N 1stre5%s... :30“ Lyon: 98Y% 4 49 48 Montevideo 7s ‘n . Nassau Elec Nat Dairy 6%s % | Nat Rad 6%s 47... N Eng T 1st 6862 NOT&Mb%s "5¢. New 8 Wales 63 ‘57 9o% | NY Gt 4%n T8 9614 | NYC&SLLE%sA 106% | NYC&BtL6 1013 | N ¥ Edison 68 B ‘44 101 [N ¥ Edlat 6%a a1, 103 | NY ELH&P & 1084 | N ELRaE 8 3 SeonmBe nE2anBRnadn - PIST =T RUT PR - P 1Y - Chi Un Sta 4%s"63. Chi Un Sta s C& W Ind cv 3 Chile 7s 42 Chile Cop db 53°47. Chin Gvt Ry 6s'51. CCC&StL4%sE. . Clev Term 53s 72, Cologne 6%s Colomb 6s Jan '61.. Colombia 65’61 Oct Colo & Sou 4348 °36. Col G&X 5s May 'l Com Inves 5%s 5 95wl ConG N Y 634845, Con Pwr Jap 6%4s. . Copenhag ¢ u-"n. . Flat 7s éx war 46 Finland 5% Finland 6%, Finiand 7 Fisk Rub 8541 Fram | D1%8'42 French 7849 French Gvt 748 41 Gelsenk'chen 6s "34 8o Sel 72% | Pac G & Kl 8s 80 | Pac T&T 1st b 105 * | Pac T&T ref 63 '52. 106% | pan-Am Pet 91| Pan Am Pet 65 1940 Paris-Ly M 6s ‘58 53 | Paris-Ly M s 53 | Pathe Exch 7s'37 53% | Penna 4% s D'31. 75% | Penn gen ¢ %8 85% | Penn 4348 °70. 20% | Penn 4% s ‘63, Penn O&D 4%s 77 60% | Pere Mar 4%s 61% | Pere M 1st 53 56, Bhilllp Pet 5% 934 | prerce Oil deb 9T | pPCCaStLE: 109% 9% 97 i 1043 | Pos Te1 & C 38w Pressed £¢.C Todx Publie Setv 45 908 | Pub Sv G 43%s 70, s34 Pure Of1 5348 37 Read gn 4348 A 1“'* Feading 438 3. 107% | Rem R 6% 8 A °4' 9% 44 Rhinelbe 'll 743 | Roy D 43°45 ww 74% | StL, IM R&G = 854 |StL&SF n - - R RN N AN @ _n - MO =T AA e RO 00N e 15 N0 » e Hol varaBafian pRanw = 6% | St Lll"“l"ll. 107 834 | St L&SF pr . 41 & SF l'll‘ 31, nu'n. o |8 bl 66v, | Shell Un Of1 8a *47, 799 | Shell Un Oil 58°49. oon | Sinciatr o1l 6338 10 102 10254 10318 v 5 97 97 9 |ropmpisait. 106% | Tex & Ark 538 °80. .87 ¥ Tex Corpav bn "se 47 8I% BiW Bl% Fex& Pac 16 9 13 1“ 'l“ m& 10“ ’Il% "% IB 49 106% 9%, 93% 88% 97% 107% o 90% 9% 103% 105!\ 614 66 b1k 101% 14 111% 73 b2 944 101% 95% 98% 104 105 73 88% 884 9% 95% 104% 104% 116% 116% 101%7101% 111% 111% 94 Y% 106% 105% 112% 53 50% 3 105 106 110% 82 106 100% 100 108% 101% 102% 68% 947 95 111 105% 06% 102% 95% 8% 2% b4k 3! 12% % 10% 10% 107 1 EARNINGSARESEEN |Moody s Service Official Says Carriers Will Be Among Leaders in Recovery. Special Dispatch to The Star. , N. Y., June 16.—The bonds banks 9’:,.'"5."..1“:.’3." ey gue o Associations wuwldhm“mdn by D. F. Shea, vice president of Moody's n- v Discussing investment policies before the forty-fourth annual convention of the league, Mr. Shea stressed the neces- sity of constant supervision of bond ac- counts, with particular attention to is- sues in danger of removal from the legal list, either because of general eco- nomlé trends or of individual develop- menf “A recent compilation shows that over 12 per cent of total assets of mu- tual savings banks, or more than one billion doliars, is now invested in rail- road securities,” he stated. “Certain of these bonds have recently been removed from the 1 list, while others of me- dium quality have just managed to meet the requirements. Some, which have been removed from the approved class because fixed charges were earned less than one and one-haif times, are in reality of much higher quality and are fundamentally more desirable from an investment standpoint. Despite the current poor operating ruuln of the railroads, the speaker as- serted that the carriers will be among the first to experience the results of eral business recovery. "nQunmy and liquidity are the two principal factors to be considered in savings bank bond accounts, Mr. Shea decllred. Liquidity he defined as “ready marketability without real sacrifice of incipal m‘fligh-mde short-term issues are pr:ferable so far as ctability is con- cerned,” he said. ‘This is, of course, because their near maturity resists any sharp decline. When money rates are falling. it is wise to increass the hold- ings of long-term bonds in order to reap the benefits of appreciation. When money rates are rising, however, quisition of short-term issues elimi- nates depreciation and provides the essential element of liquidity.” Mr. Shea also outlined proposals for amending the New York law to give an approved status to some gilt-edged util- ities which are now excluded. “Many feel that the present legal list in this Stat> might conseruflvely be increased to include other well secured and de- sirable investments,” he said. “Recog- nition of additional investment media for savings bank funds has often been rather belated. “It was not until 1928 that the law was changed broadening ths field to em- brace the mortgage issues of certain utilities, which at that time were on a relatively low yleld basis. If official recognition of the stability of the utility industry had been given four or five years earlier, the institutions would have invested large amounts on a very fa- vorable return.” , the New DIVIDENDS DECLARED NEW YORK, Jitne 16 (#).— Pe- Pay- Hidrs of Rate. riod. able. ~ record Extra. Reduced. Pacifie Inv lst of..7% Q July Penn-M Company. Travelers Ins.... July 1 Junels :. Aceu: i Gt West RR pf.50c . quly 20 Flint June 15 Amn, o Con Min & 8m Can.5% June 23| Cons Min & Smelt of 35 Ex July 15 T Q Juiy 1 nnln. ¢ Alum Co of Am pL.§: June 15| Amer Baty' fhe BEHS June 15| Appalachian Gas Coip. June 20| ndwich ahom .-.:-.-,-.-. = £, Shr . xabonn RS2 June 19| First Nat Bank (Kep- 50 June 20| June 24 June 20| June 23 June 16 June 10| June 20 June 15 June 16| June 30 June 1§ June 30 e Co_ T5¢ June 15 Nor Am Edison Bf 4150 doc g Ou' mOOOD: O O PWEOO WO OOO O OOO O POO OO O O OORREO nbonnlooouoncnoo o o0 ErERERE & G : [ S8t v 82 M e b 92% 93 3 53% 53% 391 38 100% 100% 95% 95% 86% 854 101% 101% 9% 94 9R 97% 102% 1025 101 100% Un Pac 1st 48°47 Un Pac 48 A4T Ud 8 sA '51 uta sv.w l%-cl;n