Evening Star Newspaper, June 22, 1931, Page 14

A h d \ 4 ~ raw TA—14 ¥u# RULES FOR TRADE ; * GAINS SUGGESTED uditors Give Suggestions to Merchants as Means of Promoting Business. - 1 BY JOHN F. SINCLAIR. @pecial Dispatch to The Star. NEW YORK, June 22.—Ernst & Ernst, nationally krown auditors, be- lieve there is no simple fcrmula for advanced business planning, but that merchaats should consider the subject along these four lines: 1. The market for the product. What is it> How much territory should be served? What is the competition? How much should be sold, by months, within the next year? These are ques- tions for the sales executive. 2. The facilities for production or handling. The machinery, Ifixtures, buildings, land, goods, etc.—are these sufficient’ and_economical? Is careful consideration being given to maintain- ing & proper balance in them and see- ing that advantage is taken of advance- ment in the art, such as new machine tools and production methods? These are questions for the works manager or the comparable executive. \3. Are toe finances adequate? Is more money or less money needed? When and how much? Are the finances £0 2djusted as to make a given amount of money do the maximum work? These are questions for the treasurer. 4. What is th2 capability of the or- ganization? Is there proper t:am work, a good definition of responsibilities, a practical system of responsibility within the management? These are questions for tho president or other chief execu- tive qgficer and for his immediate staff. L essence of business leadership {5 advance planning,” say Ernst Ernst. “The cure does not lie pri- marily with national and international lead or merely with big business men, but with each business man, no matter what his product or position. Bear Leaders. Wwilllam Danforth and Benjamin Smith are the acknowledged bear lead- ers on the New York Stock Exchange today. Mr. Danforth lives in Boston; Mr. Smith lives in New York. Mr., Danforth is a tall, angular indi- vidual. He plays gclf—a fair game— after stock market, hours, flies his pri- vate airplane between Boston and New York frequently, and when in New York gives his stock market orders Jargely from his own suite in a Fifth avenue hotel. Mr. Smith is a different type. He s built like a college athlete, heavy- chested and_vigorous. He is a_floor trader and has his office with W. E. Hutton & Co. He has no fixed con- viction on the subject of “bear” or “pull.” He has played both sides and, 4f the reports are true, equally suc- cessful. Business Progress. ecrge M. Verity of Middletown, OhGh). cghnh'mnn of the American Roll- ing Mill Co., believes that the progress business is now making, “along lines of readjustment, retrenchment and liquidation,” has been more than suf- ficient to meet the need of the situa- tion, and “that a return of confidence on the part of business and the public at large is now one of the most, if not the most, important factor in the ation.” "t“'xWhen the public more fully realizes that jods of readjustment and of prospe; have followed each other in much the same way e since our busivess history has been recorded, says Mr. Verity, “it will appreciate that this period of business depression, as drastic as it has been, will in dus course give way to another era of better times. “Then, when it comes to see that every sound and well managed institu- tion is mor> efficient today than it was in 1929, confidence will return and people will work back to a new normal period just that much faster. New Bank President. Samuel S. Colt, the new president of the Bank<rs' Trust Co. of New York, who was graduated from Yale Univer- sity in 1914, is just 38, the youngest of the large bank preSidents in New York. \ ‘When he returned to New York from the Great War as a major _he ob- tained a position with the Farmers’ Loan & Trust Co. It was not long before he was one of its vice presi- dents, and when the Farmers’ Loan merged with the National City Bank young . Colt’s name was listed among ihe vice presidents of the new firm. It was in 1912 that Henry P. David- son founded the Bankers' Trust, with capital and surplus of $1,500,000. The last report showed a capital of $25,- 000,000, surplus and undivided profits of $87,000,000 and total resources of $833,000,000. Seward Prosser, long the power at the Bankers', now becomes chairman of the Managing Committee. It was from this bank that the Fed:ral Reserve Bank of New York took Benjamin Strong to be its first governor. The selection was an-ideal one, for it is now universally edmitted that no Federal Reservz gov- ernor has ever dominated Federal Re- serve policy to a greater ext:nt than Gov. Strong. How quickly the world responds to sane and aggressive leadership is vivid- ly shown by the response which has greeted President Hoover's statement suggesting a moratorium on war debts un? reparations for one year, beginning July 1. The President was very clear stating his own views on war debts. He is opposed to canc:llation, but he does favor adjusting the debts to meet changed conditions and does not de- mand more in repayment than the debtor countries received in purchasing wer. Capacity to pay should be the asis of. all payments. ¢ Students of international business admit this latest move of the President is a step in the right direction. Still, many other steps must be taken before the European disorder is cleared up. One year's moratorium will give the world & breathing spell long enough to find out what the next step must be. ‘That's the hopeful thing about it all. And that is why the stock market responded so vigorously to it Saturday. But President Hoover can only sug- gest a plan. He cannct make it ef- fective without the approval of Con- gress. Does it mean that he must call Congress in special session this Summer? Not necessarily. He can have his suggestion ratified in Decem- ber next, when the regular session meets. No politician or statesman is likely to oppose this moratorium move. It is necessary, and no one knows it better than the President. (Copyright, 1931, by North American News- HIER Daper ‘Alliance, Inc.) POTATO MARKET. CHICAGO, June 22 (#) (United States Department of Agriculture).— Potatoes—Receipts, 148 cars; on track, 291; total United States shipments Sat- urday, 1,078; Sunday, 31; new stock steady on good stock; considerable heated and decayed stock arriving. Sacked, per hundredweight—Louislana, Texas, Mississippi and Arkansas Bliss Triumphs, 1.50a1.60; fanoy Texas, 1.65; decayed, 1.00 up, mestly around.1.25; cobblers, best, 1.50a1.60; Alabama Tri- umphs, 1.45a1.50; poor, 1.00 up; North Carclina barrel cobblers, few sales 2.50 a2.55; ordinary, 2.25a2.35. U. . TREASURY BALANCE. . The United States Treasury’ balance announced today as of close of business June 19 was $501,315,186.16. Customs receipts for the month to date were $18,218,494.50. ‘Total ordinary expendi- tures ‘$16,089,397.15. <<~ 0~ FINANCIAL. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. \ ~Prev. 1931~ Stock and High. Low. Dividend Rate. 58 37 Morrell (J) & Co (3) 475% 23% Motor Products (2) 19% 8% Motor Wheel (1). i& 8% Mullins Mfg % 8% 64 Murray Corp. Sales— 1 Nat Cash Register A. 153 Nat Dairy (2.69).... §00 Nat Dept Stor 6 Nat Enam & Stamp Nat Dist Prod (2) Nat Lead (5). Nat Surety (2 Nat Tea (1). sner Bro | o Nevada Copper (1). Norf & West (112)..; North Am Aviation.. 4 Northern Pacifie (5 . Norwalk Tire & Rub. 7 Ohio Oll. 10 ©.iv Farm Eq pr pf. 3% Omnibus Corp. . 58% 31% Otis Elevator (2%) 16% 6% Otis Steel. 69% 30 Otis Steel pr pf (7) Pacific Gas & E1 (2). 15 Pacific Lighting (3). 16 Pacific Tel & Tel (7) 1508 Packard Motor (40c) 184 Paramount-Pub 2%. 358 Pathe Excharge. .. 6 Pathe Exchange A. Patino Mines...... 4 Penick & Ford (1). Penney (J C) (2.40) Penney (JC) pf A (6) Penn Dixie Cement Penn RR (4). 4 Peop Gas Ch ( Pere Marquette Ry Pere Margq pr pf (5). 38 48% 4 116 5% 19% 1 2 108 Petrolm Cp of Am(1) 22 % Pheips Dodge (1).... 2 13% Phil ReadC&1.....: 41 8§ Philip Mor & Co (1) 1 10% Phillips Petroleum.. 75 Pierce-Arrow pf (6). Pierce Ofl pf. Plerce Petroleum... Pillsbury Flour (2).. Pitts Serew&B(70¢) . 4 Pitts Unit Cp pf (7). 20 Porto Ric- Am To (2 P R Am Tob B . Postal Tel&Cable pf. Prairie Oil & Gas.. % Prairie Pipe L (3) 4 Pressed Steel Car Pressed St C pf (7) Proct & Gamb (2.40) Pub Sve G&E pf(5) .. Pullman Corp (4) PureOll.... o 24% Purity Bakeries (3). 12 Radio Corp. /4 Radio Corp pf A(3%, 31% Radio Corp B (5). 11% Radio-Keith-Orph A. 374 37 RRSec1CstkC (4). 90: 60% Reading Ry (4) 5 Real Silk Hosiery 5% Remington-Rand. 6 Reo Motor Car (40c). 4% Reo Motor ctfs (40c) Republic Ste 27 Republic Steel pi 11 Reynolds Metals (2). 5% Reynolds Spring. 70 ,Reynolds Tob A (3). 30s 40% Reynolds Tob B (3). 54 1 Richfield Ol 13 3% Rio Grande Ofl. 27 15% Rossia Insur (2.20).. 13 24% Roy Dtch(m1.3404). 31 38 38% Safeway Stores (5). 98 Safeway Strspf (7). 40s 14% 9 s 2 St Joseph Lead (1).. 75 St Louis & San Fran. 20 St L-San Fran pf (6) 11 St L Southwestern. . Savage Arms (2) Seaboard Air Li Seab Alr Line pf. Seagrave (60c) . Sears Roebuck (2 Second Nat Inv. Second Nat Inv pf. 4 Seneca Copper. 4 Secvel Inc. Sharon Steel Hoop. .3 Sharp & Dobme. Shattnek F G (+1%) Shell Tr (m96 3-5¢) 4 Shell Union Ol..... Shell Un Oil pf (533) Shubert Theaters. Simmons Co. Simms Petroleu: Sinclair Consol Oil. Skelly Oll. 3 Sloss Sheffield St pf. 100s South Port Rico Sug. 24 27 Southern Rwy (m6). South Ry pf (5) Spalding 1st vt (T) Spang-Chal pf (6). Sparks Withing (1). 68% 20 8% Add 00. High. u‘:'v. (Continued From Page 13.) 56 Stand G 1% Stand O] 8% Stand Of! 30% 13% Starrett Sterling Stewart Stud Sul Tide Wa Tobacco ‘Transue Truax T Truscon Utd Am Rea) qacaacaeaca = £ nuupunnER U S Steel U S Steel 31 19% % Vadasco 23% Vanadiu 2 6% 17 67% 60 T1% Va Iron Waldort %« Warner Warner ‘Warren Warren Wess Oi Western W Westing Westing Westing West Wi White M Whi Wrigley 42 11 payments based o *Unit in stock. _§Payable in no reguiar rate. b Pa: {Plus 8% in_stock. 1 Plus 50c in s} Stand Inves: Stand Oil NJ (12)... 34 Stand Ofl N Y (1.60). 263 n Ofl (11) Sun Ofl pf (6). Superheater (2 utograph ( Tennessee Corp(50c) . Thompson Starrett. . Thomp-Star pf (33%) 6% Transamerica (40c). Tri-Cont Corp. . Tri-Cont Corp pf (6) Trico Products(2%). Ulen & Co (1.60) Und-Ell-Fisher (5).. Union Bag & Paper.. Union Carb & C 2.60. Un Ol of Cal (2) Un Pacific (10) Un Pacific pf (4% ... Un TankCar (1. Unit Aircraft, Unit Afrcraft Unit Biscuit (2). Unit Carbon. Leathar. & s Leath Pipe & F'( 714 Va-Car Chem 6% bf. Walgreen pf (6%) ‘alworth Co. Ward Baking B. War Bros cv pf ( Wess O & Snpf (4).. rn Pacific pf. .. Western Union (3).. 4 Wextark Radio Strs. 5% Yellow Truck. 14% Youngs Spring (3) 2% Zenith Radio {Wm) (4).. 24 73% THs 73% & Towne (2)... 4 22 22 22 <114 8% 8 8 Yellow Truck pf 108 44% 44% “:: 1 20 9y 89% Yngstwn Sh&Tu(2)., 2 48“ :Ea ig“ 8 3 Zonite Prod C 5 12 Sales of Stocks on New York E: of trading less than 100 share ok, g Plus i’ pecial preferred stock. this year—no resular rate. 68 &Epff4)., 8 B9 p..e 9 20 1 Col (h23%4). 126 37% 1 of Kansa 7 12% 12% (LS) (12%). 2 Sec A. 4 Sterl 3ec pf (1.20 Ster] Sec cv pf A3)... Warn b 0) er As (60c). Prod A t95¢. &W Q) raer Coal Co. Steel (60c) 0) } . £ 8 Bosch. i % 9 27% | 5% her br L (7)., 2) Ity & Imp(2) bber. ..oounse Rubber 1st pf... 1t & Ref (1). USSm&Refpf3%. 1(7) 1 pf (7. Unit Stores A. Univ Leaf Tob Univ Ple 1st pf (8).. 20s Utl] P&L A (012.15). 222 27 510 3 C&Cpf(5). 10s 870 Sale: m Corp'i. 38% Vulean Det (4) Sys (1%) Bros Pict. Quinlan, Bros (2. Fdy &P (2). 1 & Snow (2) Md 2d pf. AB(2).... 12 El1&Mfg (4) 1058 E&M pf (4). 90 2 on El Instr (1) otors (1).... Rock MS t4%. White Sewing Mach. Wilcox Oil & Gas Woolworth (2.40)... 305 Worthington Pump.. 195 Worth Pump A (7). 1 1 0 the annual c arly declarations. exira. ~iPlus #Psid last year— ash o o stock. Setip. 1lus 9% in_sioc able n stock. ¢ Payanie Pl n;oleuk. ’hn\u ™ Plus % i stoc, in_stock; m Paid CORPORATION REPORTS TRENDS AND PROSPECTS (?P LEADING ORGANIZATIONS NEW YORK, June 22.—The follow- ing is a summary of important cor- poration news, prepared by the Stand- ard Statistics Co., Inc, New York for the Associated Press: Weekly News Trend. TIndustrial vitality continues at levels that fail to provide any basis for im. mediate optimism. Outsianding news of the past week originated with a number of large steel fabricators, who, in an effort to put their operations on a prof- itable basis, have advanced prices on black and galvanized sheets from $1 to $5 a ton. Although better feeling has resulted from this action, it is not ex- pected that billings in the third quarter will reflect the mark-up to any great extent. On the other hand, there is little indication that the declining trend of steel output is slackering. Weekly trade publications’ consensus tl §: h: places current rate of ingot production | 1914, and imports, which fell to $182,- around 38 per cent of theoretical ca-| 000,000 for month, com with pacity, compared with 40 per cent in |those of September, 1921. While actual night ago. preval sentimen cen that the course will continue in this | consideration of a move- direction well into July, with the prob- | ment in prices would re ly ac- ability that the low levels of Decem- |count for.at least half the . ber last will be at least approximated, if The Compani not duplicated. Motor car production is gradually sinking to seasonal inactivity. Except- ing a few manufacturers now planning introduction of new models, there are no signs that schedules will soon be revised to . higher levels. Facts now available ine te that output for June 1 be between 270,000 and 275,000 | Capacity, against 33 per cent last week: mu. gets 41,000-ton Pipe order, G:Kml;hcll one Freight Loadings. .'“m“"““m, ; mm'"l!m" wfl Freight gar loadings recovered from | ruling on di d status of shares to the holiday week with an increase of | merger with Bethlehem Steel. 49,956 to 760,890 in the seven days end-| American Natural Gas March quar- ing June 6. This, however, represents | ter net inccme before cepreciation, de- a reduction of 18.6 per cent from the tax and discount, pletion, like week a year ago and was 27.9 per | $1,195,672. cent under the similar 1929 period. Arundel Some_expansion in utility and public works building and engineering aided in checking the rather severe de- cline in commitments under way in the | share daily | 82_cents, Hudson past few months. Based on the uvengd v;lyu:‘h ntngwlruu awarded, as report e F. W. Dodge Corpora- tf:n. results for the industry as a whole. cent below the initi#i 13 days of June, 1930, compared with a drop of 33 per cent in May. ‘works and utilities ‘contributed an increase of 33.5 per cent, residential building has receded while non- cluding utilities and public works, was off 54.8 per cent. display some favorable aspects during the week was that of petroleum. .Aver- age daily produ 350 barrels, but in tionally poor erally l.nd ‘magnifie C] bl unless complimented by a continuity of simi has been lit- da; below part of l&.gl‘u central fonfor o6 week endod June 6 was only 2.9 per cent. well as imports, are showing no indi- cation of improvement. May exports of 205,000,000 represent a lov{ levpeol that Expense control enables e: o< arnings to maintain 40 ‘week, erations advanced to 40 per cent of |Empu Corporation common share bne elmlnniln;'c monnutolnyg‘l'. $1.77, General new dealers in A ng r sales “=7 4 simithe firstbhalf of June were 247 perrunning at rate of $43,000,000 a year, ‘Whereas public 33 per cent thus far in June, -residential construction, ex- One of the few major industries to iction was off about 10,- view of the excep- condition prev: gen- this fleld and which is being by development in East ificance can be at- of such pr ns e evidence of this for several weeks. Domestic power output in the seven ended June 13 was 4.9 per cent the period of 1930. The greatest f on was accounted for industrial and Pacific ‘The decline in produc- American products sold abroad, as as not been equaled since October, McKesson & Robbins, Inc.—] Republic Steel operations down_ to cent, against 45 per cent last ‘Youngstown Sheet & Tube op- Co., Ltd., common year ended March 31, $1. Yo loter c-rtm added 763 3 against volume of $57,000,000 for fiscal year to November L, 1930; ‘inventories per cent from year ¥ cash about $1,100,000. % o Macy (R. H) & Co—Subsidiary, L. Blmbe?n & Co., June current m"’! less ey up 28 per cent over year ago. Sherwin-Willlams Co—Earnings run- ning at level of fiscal year. Standard Oil of New York subsidiary, Magnolia Petroleum, cuts crude oil prices; new flat rate in East Texas 20 cents a barrel, against 25 cents to 37 eerl;? Xonlner A ‘nnsylvania- Railroad—Olf York files brief in wpodung t?o‘ Rew ment of AUTO REGISTRATIONS. NEW YORK, June 22 (#).—Pass2 automobile Ww ons in 'hmy mng: report showed new registrations totaled 68.2 per :2;: of the 84,859 cars titled in the same States in May of 1930. For the first Tra 001 compared Wk LT et ,651, com; 117 like period of 1930. e NEW YORK BANK STOCKS NEW YORK, counter market: Tental by fong ' June 22 (#).—Over-the- Baiks. $ Fi Ma; National Oty Public ... 4 43 146 DIVIDENDS DECLARED NEW YORK, June 22 (&) — _ Omitted. U 8 Lines, Inc, pfd..50c SA ....... .. Resumed. United ener Washington St.ock Exchange % | Mergen! 14 | Wash., Atex. & Mt. Ves 28, s 6s, ? . Rwy. & El. 45 ash Plus 4% | Chy tock. | D. C. P fg. 85 1. Wash, Gas Lt. Co. (i8}: & W d Wi Ry. & EL g 1d. (¢ ) [’ bia (12) . Gomm Fed.-Am. N Lincoin (l" . (188) n & Tr. Co atl. & Trust ( « E s Washington (12). Potomac . (10 Sec. Sav. & Com. ited States (30) Wash. v A iR & B W 1 IN BRISK ADVANCE % - / Hoover’s Plan for Morato-|;s rium Meets Quick Re- sponse in Market. BY F. H. RICHARDSON. Special Dispatch to The Stax. NEW YORK, Jume 22.—Bonds were uniformly higher today, especially the foreign dollar on Presid Hoover's governmental reparations, for a year, and its accept- ance by England and Germany. While France hesitat it was believed she ‘would approve the plan in general, while insisting on part of her payments from Germany. The opening gains in Ge: were substantial. Young pe cluding United Steel Works 6l2s and Siemens & Halske 6!2s, were 4 to 7 points higher. Most German issues reached new high levels on the recovery. Despite the activity .there was a hesitant note in bond trading, com- pared with the brisk movement on the stock market. THis was attributed to the tendency of inve:itors to interpret President Hoover's plan as a morato- rium affecting all German obligations. The position of German commercial loans, as a matter of fact, would be vastly improved by the postponement of war debt payments; and no dollar bond issued by the German govern- ment, its states and citles or its indus- tries, and sold to the investing public, is included in the suspension plan. Interest and sinking fund payments would be safeguarded ?y the conserva- tion of the Reich's revénue through th2 postponerflent of debt payments and reparations. Young plan 5i:s and the Dawes plan reparations 7s, for instance, are not affected by the Hoover plan. ‘The rest of the foreign list also improved. The psychological impulse from the moratorium proposal ad- vanced Argentine 6s about 2 to 3 points, Brazilians 1 to 2 points, Chilean issues 2 to 4 points and other South American and European descriptions by smaller amounts. Even the bonds of Australia improved. Argentine bonds were further aided by record wheat shipments last week. In the domestic list the most signifi- cant feature was the diclines of 3/32 to 7/32 in United States Government long-term issues. This, together with a general marking down of municipal bond prices, reflected the switching process engendered by the stronger gukeu for stocks and junior bonds. me of the signs of recovery has tradi- tionally been a gradual easing of high- grade ~ investment issues, while the funds so obtained go to bolster junior securities. Second-grade rail mortgages today continued their advance of Saturday. Industrials, too, were strong. Vanadium 5s were up 3 points on good volume. International Match 5s gained a point and bonds of other companies whose postion depends greatly on interna- tional stability also were strong. SALES. Capital Traction 55—$1,000 at 83%5. ‘Washington Gas 6s “A”—$100 at 1013, Washington Gas 6s “B"—$100 at 104% Washington Rwy. & Electric 4s—$1,00 at 903, £1,000 at 90%;. Potomac Electric 6% pfd.—5 at 1131, 5 at 11315, 5 at 1133 Potomac Electric 5 pfd.—5 at 110%%. Commercial National Bank—14 at 215, 10 at 215, 10 at 215. Riggs‘Naflonll Bank—3 at 370%, 1 at Lanston Monotype—5 at 89, 5 at 89. AFTER CALL. Capital Traction Co.—10 at 34%. Washington Rwy. & Electric 45—$§2,000 at 90%. & ent aler Linotype—15 at 763, at 2. nlggls National Bank—5 at 371%, 5 at Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer, Tel. Am. Tel. & An Tel. & 4138 '39.. Tel. ctl. tr. 54 5s. MISCELLANEOUS. Barber & Ross, Inc., 6%s. . evy Chase Club 5%as. Columbia Country Club 3 aper MIg. i Wash. Mkt. Cold Storage 5¢.. STOCKS. Amer. Tel. & Tel. 174% L. Capital Traction Co. =345 35%0 sk, Li 115 12 N G 180 201 Pot. Elec. Power 8% Df 13% 1% Pot. Elec. Power 5%% o 1% 98% 99Y SR 275 .37 170% : 200 TRUST COMPANY. Tr. Co. (15)...... 296 al Trust (6) m Prince Georges Bk & Tr 28 Union 'I’fllll;‘e 8s) 200 Wash. Loan & Tr. (14) 7 405 AVINGS BANK. Bank of Bethesda_ (6%) o Savings (10) Com. & Savings (10).....00.00 325 ... Eost Wi c. Sav. Seventh Street (13) Unii . Mechanics (30). FIRE INSURAN( American (12) ] © 280 5 a1 or remen’s (8): National Union (i3} 10% Real Estate ( 160 Barber & Ross. Inc., com. Col. Medical Col. Sand & D. C. Pa Dist.” Nati Emer. e, Peoples ity Storage 0 v et Wi, ‘Co % e VIRGINIA BANKS DANVILLE, Va., June 22 ( )i | B O mipurtanes tn the Saaneial | BRG &M it fa St THE EVENING STAR, WASHINGTON, D. C. MONDAY, JiJ'NE 22, 1931 IFOREIGN BOND LIST | o= xon BONDS Received by Private Wire Direct .to The Star UNITED STATES, (Bales are in $1.000.) Sales. High. Low. Close. Lib 3%432-47.. 56 102 18 10216 10216 L4th4%s33-38 350 105 314549, 3% 40. 1. us: uss3 US4 US«e List4i,s32. .11 103 ADItIbL P & P 6563 Adams B p 48’43, . Allegherfr 5544 Alleghely 5 .12 3 7 m T&T cv 839 4 Am T&T bs '5? 6 Am T&T ¢ tr 53 '46. 1 6 Argentine Argentine 6s B '58., 4 Arm & Co 4%8'39., 21 AFm Del 6%5 43 16 :lc:llon zen 45’95 226 tehisev 4 41.. 18 Al&DAnv:g 48... 4 AtC L col 45752 1 At Ref d Australl A Australia 6s ‘57 Austria 75°43. Austria 7s 57 ctfs. B&O 4 8 B&O4%s'33. 19 45 B& O conv 4%s 60 Oref 65°95. B&0 58D 2000, B&O6s'95, B&OPEAWV B & O Sw dy 68°50. Bk bf Chile 648 57 Bk of Chile 6%5 '61 Batav Pet 4145 '42 Belgium 6s '65. . 5.. Belgium 7566 Bell Tel Pa B Ind Loan Co 6s'46 Berlin Cy El 6s'55. Berlin CyEl 63%s'51 Beth Steel pm 63'36 h St rf s 42, Bolivia 7. Bolivia 7569, Bolivia 8545 » SenBmweantsoaa = BT 5 Brazil 6%s 2, Brazil 6%4s 27, Brazil 7 Brazil 8s 41. Bremen 7. Bklyn Elev 63, Bklyn Man 6s ‘68 Budapest 65 '62. 1 Canada 4s°60. Canada 4%s'36. Canada s ‘62. Can Nat 4%s i uly '69. Can Nat 65 Oct ‘69, 6 Can Nor 7s deb "40.. Can Pac deb Can Pac 435 '60. .. Car Clin & O 55 '38. Cent Pac 45'43. 64 Cen Ry NJ g 5887 Cert-td deb 6% 3 *48 Ches Corp s *47 Chi Grt West 43 ‘59 Ch M&StP 4%35'89. Chi M StP&P 65 75 15 Chi M & St P adj 58 291 Chi&NW g3%s'87. 9 Chi&Nwn 4%52037 2 C&Nwn 4345 ¢ 2037, 10 Chi & NWcon 4%s. 63 Chi&NW rf 552037, 5 Chi Rwys 68 ‘27 Chi RI&P gn 4 Chi It1 & P rf & ChiR1cv4%s'60. Chi RI&Pac 4%5'52 C TH&SE in 68 ‘60 Chi Un St 55 4| ChiUnSta6%s'63. Chr oo CCC& St L5s D63 Clev Term 5s'73... Colomb 6s Jan '61.. Colombia ¢s '61 Oct 2 Colon O11 65 '38. Colo & Sou'43%s°35. Col G&X 5s May "52 Com Inves 5%s 49. 2 CGas NY 4%s'95wi Copenhag 6s ‘52 Cuba 5%3 45 Del & Hud 5%s '37. Denmark 4%s ‘62. Denmark 5%s '65. Denmark 6s '42. Denver Gas 5361 D& R Gr gn 48" D& RG W bs 5l Det £d G&R4% Det Edison rf Det Unit 4%s Deutsche Bk 6: RGO~ MeRNEEE % Dutch East 1 6s'47. Dutch East 1 6s'62. East C Sug 7%s'37. EI Salvador 8s 48 o - e wnelERafing French Gvt 7%s 41 Ge:man Bank 7s '50 Goodrich cv 6845, . Good 15t 6%8"47.... Goody'r Rub 58757, 6 21 20 Grt Nor gn 5%s'62. Grt Nor gen 78 '36. . Greek 63 "63. Hait 65 °53. 7 103 16 103 10 103 10 104 26 104 26 58 10115101 4 101 4 10227 10227~ 56% 85% 69 63 191 1 56 86% 6F ' 66 .. 20 10228 102 25 10225 38 103 6 102 26 102 28 6.127 107 & 106 24 10624 218 109 6 10824 109 4 %247-52., 25 11328 11322'11322 Salea. Righ. Low. Closs. 56 | 5% 8% 68 66 1007% % | Mexico 58 A *45 Sales. Hikh. Tl Steel 435,40, .. Inland 81438 4% Inland Stl 4535 B’ Int Rap Tr bs ‘66 Int Hydro El . Int M Co bsrct 41, Int Match 68 47 Int MM col tr Int Pap 55 A * Int Pap 6s ‘65 Italy Cr't PU 78 ‘52, Italy Pub Sv 78 '62.. Japanese 6%s ‘65 Japanese 6148 "54. Jugos] Bank 78 '57. Kan City Sou 3s ‘50 Kan City Sou 5s ‘50 Kan City Ter 4 '60. KanG & E 4%s5 '80. Karstadt 68°43,../: Kend5igs 4% Kreug & Toll 55 ‘69 Laclede 6%s C53.. Lautaro Nit 68 64.. Leh Val cv 48 2003, LehV cv 4%s 2003, Lig & Myers 73 "44.. ‘Loew’s 63 ex war. Lorillard 6%s '37. . La & Ark 5s '69 L& N unt 4540 L &N 4%s2003. L&N1strf5%s Lyons 6s°34. McKes & R 5% ‘50 Man S 1st 73 Manh Ry 1st 45 ‘90 Market St 75 40, Marseille 65 ‘34 Midvale Sti 58 '36. . Milan 6%s '62. Mil E Ry & L 68 °61. MK&T Ist4s'90.. MK&T 48 B6: MK & T prIn 5 Mo Pac gen Mo Pac bs F "7 Mo Pac 63 G 78 Mo Pac 5 H * Mo Pac ref 58's1. . Mo Pac 638 cv 49.. Mont Pow 63 “4; Montevideo 65 '59.. Montevideo 7s '52. . Mor & Co 1st 4% Nat Dairy 5% s 48 N Eng T 15} 68 °5; N&T&Mb6sB 6. » 5. New S Wales 6857 M StP&SSM 6 9 . ¥ Cent db 43 '34.. Y Cent 4%s 2013. NY Cenrf 4%4s52013 NYCre im bs 2013.. N ¥ Cent db 65 '35.. NY CLS cl 333893, NYC&StL4s'37.. NY C&StL 4%s"78. NYC&StL6%s A NYC&StL6s'82. NY NH&H 4s . NY NH&H 4 %5767, NY NH&H cv db 68 92 65. Nord 6%s 50, Nort South 5: Nor & Wne No Am Co 5s°61. Nor Am Ed 58 °57... N A Ed'son 6sC "9 Nor Am Ed 5% Norway 6s'43. Norway 6s "44. Norway 6s'5. Oreg-Wash ¢s'61.. Orient dev 6%s '58. Orient dev 65 '53... | PacG & K15s'42... Pac T&T 1st 5837, Pan-Am Pet 63 '34.. Paramount 6s '47.. Paris-Ly M 6s '58.. Pathe Exch 7s'37.. Penna 4%s D'81... Penn gen 4%s '65. . Penn 4%s ‘70 Penn 4% s '63 Penn 55 64 Penna gen 55 '68 Penn 6%s ‘36 Peoples’ Gas 5s Peor & E 1st 4s Pere Mar 4%s '80.. Pere M 1st 53 '56... Peru 6s " Peru 6s'61.. Peru 7s '59. Phtla Co 68 67 Pnila & Read 6 Poland 6s '40 Poland 78 *47. ... Poland 50 Port Gen El 435’60 Por RTam 6s°42.. Pos Tel & C s 'G3. Prague 7%s '52. Prussia 6s '52. Public Serv 4s '71. Pub Sv G %567 Pure Oll 53837 Queenland 6s ‘47 Queenland 7s *41 Read Jer Cen 4s Rem Arms 6s A "37. Rhine West 6s '55. R Gr De Sul RIAr&L ¢%s'34. Rome 6%s'62. Roy D 4545 ww 8 St L&SF prln 68 B. StLS W b6s’'62.. StP&KCSL4%s. SanA& APds’'4d Sao Pau 7s"40 rets. Sao Paulo 8s°36... Sao Paulo 88 °50. .. 3 1 14 . 52 Saxon Pu W 635’51 5. (3 FINANCIAL. 1 103% 26 94% 4% s NDUSTRIAL GANS SHOWN BY SURV - 94% T6% 76% 84 6% 9 l? Per Cent. g:“ Srecial Dis;atch to The Star. o4 | Power Consumption in 3,800 U. S. Plants Increases EY S NEW YORK, June 22—Evidence of 106% 9% 95 Seporta: T 90 |of iis monthly survey of electrical 3,800 mills consumption in 98% mflu sc‘:tmred hout unmistakable, in 85% | & rise in industrial activity during the 10° | past few months are now so definite Electrical World public _the results en- and the 35 A 3 20 2 5 26 26 1 32 10 4 4 5 41 @ - reodan et o ® AUNORMmB AT HE0 LT RS 21 34 2 4105 105 1106 106 2 101% 2 103 107% | country. . The low point in industry 79% | reached in December and J: . 56% | contrast to 1930, when the trend 57 |downward. 91%| May' index of manufacturing 100% avl;y. according to the 87 99y |in 1930, it was 2 per cent below. 124% | index is now only 8 per cent under 97 was was ac- survey Tej 1% 3 per cent above January's level in 1929, it was only 3 per cent above; ‘The last year, remaining 19 per cent below the 98y, | figures for May, 1929, when manufac- 49 |turing activity was at its height. 99% 98 | of the several industries. Diverse currents mark the progrecs ‘Taken broad- 105% {ly, it appears that industries having to 105% | do with food and clothing show up best. T4% 21% 61% 9 ample, has made such rapid st 105% | upward from its December level it has now surpassed held at this time in 1929. from the average. 86 There are, of course, exceptions, since individual plants often depart widely Manufacture cf food products, for ex- rides that the position it The peak 103 | came in 1930. Similarly, leather ha 871 | climbed 30 per cent since last Winter, 83 but averages lower than in 1930, except 95y |for an erratic drop in May of that 6213 | year. The textile index is the best in 5 |more than a year. 86 86 $6 |metal working and che: 7215 |In automcbile manufacture, 105% | steady since February, the five- 60% | average is 20 per cent below 1930 73 |46 per cent below 1929. 68% e 101% 110% 70 b4 98 counter market: A B C Trust Shares * A Trust_Share Al-Amer Investors Amer & Cont Corp & B. & Gen Secur $3 Brit & Cont 6% D Composite Trust Shares Amer ‘Amer 1 Basic Tn b3 53% | BHtn Tnii o 104% | Chatn’ & 'Gen Ea 113 06 in & Gen {:Ifl 51 Incorp Investors Independence Trust mnt Am Shares er A INVESTMENT TRUSTS NEW YORK, June 22 (#).—Over-the- Lumber, rubber and the stone group also show gains, but iron and steel, s declined. almost onth and PC P e 59 103% 103% 6814 <68l 2% 72 9% T8% 88% 88% 65% 61% 103% 103% 4% 3% 99% 98% 105% 105% 9% 8% 0 1 StOll N 5 99% 993 Sweden 'Ll'%. 12 106%. 106 Sug Bs $ 11 1y Tenn i P6s A *47.. 7 106 . 106 Tex Corp cv b8 63 93y 93 Tex & P 15t 582000, 3 108 E108 Tex'& Pac6sC*19., 3 % 93% Third Av ref ¢s 84 564 56 Third Avadi 53’60, 39 42 41% Toho El Pow 68°32. \2 100% 1& Toho El Pow 78°66. 6 100% 1 R25% 826 National Indust Sha National Trust Sha 775 1zl & FTEF, -3 s i e i 2ok 3 LS 3% Pt ! 69% | Modernization projects are now 574 79% started in Cairo, Egypt. 8% being 61 881§ 9474 Tokio El1 Lt Gl":l . Sales, High. Low. . 14 871 87 . 21 101% 131 | Utd King 6%5°37.. 7 108% 108 30} USRub1st6s’47.. 20 65 64 13% |Un StIW €%sA’47 35 67 66 8 | UASUW 6%sA’51 48 71% 66% 107% | Utd St W 6%sC'51 23 70 67 Uruguay 6s 60, 3 66% 66 733 | Util Pow 58 Utll Pow 6% "47.. 87 |vanadium Sti5s’41 95 85 83y 92 |vVertSugist7s42. 4 29 29 102% | vienna 6s ‘52 44- 88y STH 43% | va Ry & Pow 10 104 104 }W“ Va Ry 1st 58’62, 1 104% 1043 . 8T% Close. 101% Un Tel 5551, 106 West 101% 101% 98y | West Union6s°60.. 28 101 3 ““ West Un T 63%s '36. 10 109% 109 Wil-Ov1ist6%s°38. 1 99 99 56 i1 & Co 1st 6s 4 94 9 42% 100% 1 100% Yokohama 6s ‘61