Evening Star Newspaper, June 26, 1931, Page 14

& last week. MAY INDUSTRIAL OUTPUT UNCHANGED Reserve Board’s Report De- clares Most Moves Are erely Seasonal. Volume of industrial production showed little change between April and May, following upon increases for four consecutive months, while factory em- ployment declined by the usual sea- sonal amount. Ths general level of wholesale prices continued to decline, says the Federal Reserve Board's monthly review. Volume of industrial production, as measured by the board’s seasonally ad- justed index, was about the same in May as in April, 9 per cent larger than in December and 14 per cent smaller than in May, 1930. Steel out- put continued to decline more rapidly than is usual at this season, and con- sumption of cotton by domestic mills was also curtailed, while wool consump- tion continued to increase, contrary to the usual seasonal tendency, and shoe production, which ordinarly declines in May, showed little change; daily aver- age output of automobiles, according to preliminary reports, was about the same as in April. During the first three weeks of June activity at steel mills declined further. In the first five months of the year, taken as a whole, output of textile mills and shoe factories has been in about the same volume as in the correspond- ing period of last year, while output of steel, automobiles and lumber has been about one-third smaller. Changes in Employment. Changes in employment from the middle of April to the middle of May were of the usual seasonal character in many manufacturing industries. In the iron and steel incustry, however, at car-building shops and at estab- lishments producing machinery em- ployment declined considerably, while it increased in the automobile and tire industries. At textile mills employment increased somewhat, contrary to sea- sonal tendency, while in the clothing industry the number employed de- creased. Value of building contracts awarded in May was somewhat smaller than in April, reflecting chiefly a decline in awards for public works and utilities. In the first half of June daily average value of contracts awarded increased somewhat, reflecting larger awards for public works and utilities, offset in part by decreases in awards for other types of construction. Sales by department stores decreased in May, contrary to the usual seasonal tendency, and the board’s index declined to the level prevailing before the sharp increase in April. ‘Total freight-car loadings increased somewhat less than usual. ‘Wholesale Prices Lower. ‘The general level of wholesale prices declined 2.7 per cent further in May, according to the Bureau of Labor Sta- tistics, reflecting large decreases in prices of agricultural products, textiles, non-ferrous metals and building mate- rials. In the first hal? of June prices of live stock, which had declined rapidly in April and May, advanced, while prices of petroleum continued to decline. Loans and investments of reporting member banks in leading cities declined further by about $285,000,000 in the four weeks ending June 17, reflecting reduc- tions in loans on securities. “All other” loans, largely commercial, have shown little change since -the early part of May. The bank's investments, which readched a new high level lat> in April, were reduced somewhat during May and have fluctuated within a range of $7,800,000,000. to $7,850,000,000 since that time. Interest Further Reduced. During the four weeks ending June 17 there were imports of gold from Argentina and Canada, and in addition a large amount of gold previously ear- marked for foreign- account was re- leased in the United States. The total increase in the stock of monetary gold was $120,000,000 for the period, of which $90,000,000 was added during the Payments of currency into circulation, “accompanying bank sus- pensions in the Chicago district, ab- sorbed a large part of the funds arising out of the additions to the gold stock, with the consequence that-there was little change in the volume of reserve bank credit. Money rates in the open market con- tinued at a low level during May and the first three weeks of June. There was a further decline in prevailing rates on commercial paper from a range of 2-2% to a level of 2 per cent, while Tates on bankers' acceptances were un- changed at seven-eighths of 1 per cent. Rates paid on deposits by banks were further reduced, and clearing house banks in a number of financial cen- ters established a rate of one-half of 1 per cent on bankers’ balances. Washington Produce T 2__‘Buttcr~0ne-pound prints, 28%%; tub, 4. Eggs—Hennery, ceipts, 1612a17. Poultry, alive—Spring broilers, 3 pounds and over, 33a34; 2 t0.2% pcunds, smaller, 28a30; Leghorns, large, small, 20a22; hens, large, 20a2: small, 18a20; Leghorn hens, 14 roosters, 12a13. Dressed Spring broil- ers, 3 pounds and over, 37a38; 2 to 213 pounds, 36a37; Leghorns, large, 28a30; small, 24a25; hens, large, 25a26; small, 3a25; Leghorn hens, 18a20; roosters, 15a16; 'Long Island ducks. 22a23. Meats—Beef, 12:al4; veal, 14; Spring lamb, 15; pork loins, fresh killed, 23; frozen, 17a18; fresh hams, 17%2; fresh shoulders, 13; smoked hams, 18%; smoked shoulders, 12; strip bacon, 21; lard, in bulk, 10; in pack- ages, 11. Live stock—Hogs, heavy, 6.50a7.25; light and medium, 7.50a7.80° pigs, 7.008 7.80; roughs, 3.50a5.25; calves, 4.00a 8. Spring lambs, 5.00a7.50. Fruits—Watermelons, 30a75; canta- loupes, jumbos, 3.25; standards, 2.50a 3.00; ponys, 2.25a2.50; flats, 1.10a1.25; 18a20; current re- honeydews, 1.75a2.50; honeyballs, 2.50a 4.00; oranges, California, 4.00a4.50; Florida, 5.00a5.50; limes, per 100, 1.75a 2.00; grapefruit, 3.00; plums, 1.50: apricots, 2.00a2.25; bananas, 1.50a2.50; lemons, 5.50; peaches, bushel baskets, 2.00a3.00; grapes, Thompson seedless, 3.50; pincapples, 3.00a3.50; apples, box, 5 cherries, homegrown, crates, 2.50 a3.00; California, 15-pound box, 3.50; blackberries, 3.50a4.00; huckleberries, 7.0028.00; rhubarb, per 100 bunches, 2.50a3.00. @ Vegetables—Potatoes, new, per barrel, 2.25a2.50; old, 120-pound sacks, 2.50: sweets, 1.75a2.00; limas, 2.50a3.50; peas, 1.2522.0( corn, 2.50; eggplant, 3.00a 3.50; cabbage, 35; kale, 35; spinach, 1.00° squash, 1.0021.25; peppers, 2.50a 3.00; lettuce, New York, 1.00; Iceberg, 4.50; cucumbers, 1.00a1.25; turnips, 1.00; carrots, per 100 bunches, 2.50a 3.00; beets, per 100 bunches, 2.00; onions, Bermudas, 50-pound contain- ers, 1.75; Spring, per 100 bunches, 2.00a 2.50; radishes, per 100 bunches, 2.00a 2.50; tomatoes, 6-pan crates, 2.25a2.50; Mississippi, flats, 75a90; mushrooms, 40a50. —_— POTATO MARKET. CHICAGO, June 26 (#) (United States Department of Agriculture).— Pctatces, 109 cars; on track, 226; total’ United States shipments, 1,155; st on good stock; trading only 'fal per hundredweight, Bliss Triumphs, Louisiana, Arkansas, Mississippl, 1.50a 155; few fancy Louisiana, 1.6021.65; poor, 125 up; Oklahoma, Alabama, Texas, 1.40a1.50; poor, 1.00 up; North fnrolinl barrel Ccbblers, 2.50a2.60; e ed | for two new tire chain outlets; THE EVENING STAR, WASHINGTON D. C, FRIDAY, JUNE 26, 1931. NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. (Continued From Page 13.) ~Prev. 1631~ High. Low. / 5% Mid Continent Petm.. 13% Midland Eteel (3) 38 2% U 9% 39% 14 50 -15 0 9 Missour! Pacifie..... 64 Missour! Pac of (5). 27 Mohawk Carpet,.... 38 Monsanto Ch W(1%) 7 Montgomery Ward.. 765 % Mother Lode. 3 Motor Products (2).. . Motor Meter G & El.. Motor Wheel (1) Mullins Mfg. .. 4 Munsing, Inc (2). Murrav Corp Nll Acme (80c). Nat Bella H Nat Bellas Hess pf. Nat Biscuit (2.80). Nat Biscuit pf (7). Nat Cash Register A Nat Dairy (2.60). Nat Dept Strs llt“). 30s Nat Dist Prod (2)... 33 4 1 1 49 3 51 69 Nat Steel (2). Nat Supply (4 Nat Surety (2). N Y Steam 1st pf (7) 20. Noranda Mines Norfolk & South North Am Aviation Nor Am (b10% stk). North Amer pf (3).. Northern Pacifio (5) 10 Oliv Farm Eq pr pf. 3% Omnibus Corp. . 85 ' 68 Omnibus pfA (8) 58% ®1% Otis Elevator (234) 16% 6% Otis Steel. 39% 26% Owens 11l 54% 38 Pacifc Gas & EI 1!] . 15 69% 48% Pacific Lighting (3). 11 131% 116 = Pacific Tel & Tel (7). 30s 131% 124 Pacific T & T pf (6).. 30s 1% 5% Packard Motor (40c) 92 36% 24 Pan-Am Petrol B 1 1% Panhandle P & R. 19% Paramount-Pub 2% 2% Peerless Motor Car. 28% Penick & Ford (1). 28% Penney (J C) (2.40) 10 Penn Dixie Cmt of. 424 Penn Railroad (3). 183% Peop Gas Ch (8). 4 4 Peoria & Eastern 50 Pere Marg pr pf (5). 6 Fetrolm Cp of Am(1) 11 Phelps Dodge (1)... 52% Phila Co 6% pf (3). 6% Phil Read C&I.. 9 Philip Mor & Co (1) 4% Phillips Petroleum 13 Plerce Ofl. 1 Plerce Pet; 15% Pitts Coal. . .59 40. 6 Poor & Co (B). 10 Porto Ric- Am To(2). 2% P.R Am Tob B, 18 Postal Tel&Cabie pf. 6% Prairie Oll & Gas 14% Prairie Pipe L (3). 2% Pressed Steel Car. 26 Pressed St C pf (1) 1% Prod & Refiners. ... 56 Proct & Gamb (3.40) 72 PubSvNJ (3.40) 128% PubSv N J pf (T) 103% Pub Sve G&E pf(5) 68% ‘28 Pullman Corp (4) 1% Punta Alegre Sug 114 515 bure Oller 55% _24% Purity Bakerles (3). 1.{ 27T% 12 Hadio Corp...... 56% Radio Corp pf A(3 60 24% 61 294 8 39% 20% 26% Th 47% 6 1% 96'% 137% 104% Radio-Keith-Orph RR Sec IC stk C (4 17% Raybestos Man 2.60.. 97% 60% Reading Ry (4) 47 41 Reading 2d pf (2) 30% 5 Real Silk Hoslery. 19% 5% Remington-Rand 40 10t ]g Reo Motor Car (40c). i 11 1 Metals (2) 5% Reypolds Spring. ... 40% Reynolds Tob B (3). 1 Richfleld Oil. oo 31 Rio Grande Ofl. it 20 Ritter Dent Mfg 1%. 1 15% Rossia Insur (2.20).. 3 24% Roy Dteh(m1.3404). 21 38% bafewly Stores (5).. 29 86 Safe L (6 208 St Joliph Lead (1).. 82 9 St Louis& San Fran. 4 St L-San Fran pf (6) St L Southwestern. . St L Southwest pf. Savage Arms (2). Schuite Retall Strs.. 12 Schulte Retail pf (8) 20s 4 Seaboard Alr Lin Seab Air Line pf. Sears Roebuck (2 Second Nat Inv pt... Seneca Copper...... Secvel Ine. . Sharp & Dobme. Sharp & Do pf (3%). Shattuck F G (11%) 41 Shell Tr (m96 3-5¢).. 108 Shell Union Ofl. 74 25% Shell Un Ofl pf ("A) 7 1 9% Stock and Sales— Dividend Rate. Add 00. High. % olly 10 Skelly O1l pf. 7% South Port Rico Sug. 36 South Cal Rd (2).... 67% South Pacific (6).... 27 Scuthern Rwy (m§). 53 Southern Rwy pf (5) 6 Sparks 10 Epence: 8% Spicer Mfg. .4 5% Splegel: 14% Stan May % Brands (l lb). 118 Stand Brands pf (7). 2% Stand Comel Tob, - waed Withing (1).. r Kellog (30¢) anBReennSSedn 55% Stand G & E (3%) 31% Stand O1l Cs) (h2 30% Stand OIIN J (12) 13% Stand Ol N Y (1.60). 164 Starreti t (LS) (12%) & w.hmr (3). 14% fl(lld.bli.r €1.20) 94 Sunofl 30 Superh: 16% Blfi ‘Tenn Thatch Tide Water As (60c). ‘Tide Wat As pf (§).. Tobacc: Transa; Trans Trico P Twin Ci Ulen & Una-El Unit Pl U 8 Ste Ut P&! War Br Webste: Wess Of Wess O w t P: wuter Wester: Wester: Wilcox + Wilson 21 5% Yellow 35 YngSh mvmena rates as yments based on t] in stock, no_regul { Plus u ulln stock: bie a0 Teauiar T 2 Svmington A lautograph (1.40). The Fair (2.40)..... Thermold Co. Third Avenu Thompson Prod 1. 20, Thompson Starrett. . Timken-Detroit Axle Timken Roller (3)... ‘Tohacco Prod A Tri-Cont Corp. . ‘Tri-Cont Corp pf (6). Truscon Steel (60¢)., ‘Warren Bros (2) PaEIA (7).... Pa EI pf (6. Westing A B (2).... Westing EI&MLg (4) 473 Westing E&M pf (4). 60n Westvaco Cblor (2). Wextark Radio Strs. ‘White Motors (1). White Sew! 11 Zonite Prod Corp (1) 3 Sales of Stocks on New York Exchange. he lates *Unit ot’ Sraaine Jess than 100 Payable in scrip. § iPlus 9% i f (6 eater (2%). .1 na anm see Corp(50¢c) a8 COrp (2)..v. .0 G Sulphur (3). 2% TexasPC&OIl..... 7% Texas Pac Land T ] er Mfg (1.60). 2w o Products merica (40c) 0 & W (1). @ mmo-uafi...—.n..-..em—».-.- " roducts(2%). ity Rap Tran Co 11.60). 1-Fisher (5 - = 3 Unit Carbon. Unit Cigar Store Unit Corp (76¢)..... Unit Corp pf (3) Unit Fruit (4)...... Unit G & Im (1.20).. Unit G & Im pf (5).. ece D W (2).. Unit Plece Dpf 6%.. Smelt & Ref (1). 17 ussxm (1).. 1 el pf (7). U 8 Tobacco (4. 40). . Unit Stores A....... Univ Leaf T pf (8).. 2“- Univ Plc 1st pf (8).. HDI Univ Pipe & Rad. . L A (042.15). 27 oscvpf3).. 50s r Eisenlobr.. 1 ‘Webster-Eisenlhr pf 100s il & Snow (2) 2 &Snpf(4).. 1 10s . 208 'a Bl pf (7)... 60s West Pa Pow pf (6). 30s W Plll;:' of (7). 20s n Md 2d pf... n Pacific pf... n Union 8).. 8 14 16 22 Ricl Willys-O & Woolworth (2. Worthington Pumn.. 140 Wrizley (Wm) (4) . Yale & Towne (2)... 13 Truck. 39% Yngstwn Sh&Tu(2 . 49 &Tectf (Bl). 3 12% 12% . 400,000 12:00 Noon, $2.100,000 2:10 P.M. ll'ln in the above tabl cash it fllllmll! or hl"-flul{ mll!lfllfl‘. 00 share Plus 4% e llnvllfl ll‘l year— " Bl 6% i stose: D o ek h Plus referred stock. Plus ock. Pal rate. nP'lul l"l ,* . o CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, June 26.—The follow- ing is a summary of important cor- poration news prepared by the Stand- ard Statistics Co., Inc., New York, for the Assoclated Press. News Trend. ‘The first 18 railroads, as indicated by Ii?nfll received thus far, showed a decline in net operating income of 33.7. per cent from May, 1930. This makes a rather unfavorable compari- son last month, as the decline from the previous April was 26 per cent. May rrou revenues fcr the 18 roads was off 178 per cenl». while April showed a decrease of 15.5 per cent. Brokers loans declined again, in spite of the rising market. For the week ended June 24 a reduction of us- 000,000 was reported, bris total to a new low at suoaooom which compared with $3,416,000,000 on June 25, 1939. Federal Reserve institutions, with the approval of the Federal Reserve Board, participated in the $100,000,000 cflm arrangement with the Reichsbank the extent of $25,000,000 in co- tion with the Bank or mllnd. of Prance and Bank f Settlements. Alabama Power (including subsidi- aries) 12 months’ gross to May 31, off 01Lper cent; net income, off 8.4 per cenf American Chain reported negoti on June 20 exceeded $3,000,000, against $1,537,000 on December 31, 1930. Amsterdam 19: flvet months domestic sales off 35 per cent. Dominion Bridge operations aver- around 50 per cent of capacity. Dominion Steel Coal operations on June 19 were under 50 per cent of uxu e e e be further cur- swru Ltd., 1931 shares and net income to June 18 ahead of 1930; had 551 stores on June 12. Georgla Power gross, 12 months to May 31, off 2.7 per cent; net income off 21.4 per cent. Investors’ totaled $11,96: year preyious. Mexican Light & Power gross, five manu:wmy:l up 6.2 per cent.; net off 1.5 per cen ‘Tenpessee mmflc Power gross, 12 months to May 31, off 7.5 per cent; net income off 20.6 per cent. United States lflne&-—flrlb- ity net assets May 31 043 vs. $25,512,933 a gm car 30 American share earnings 72 cents vs $1.48. Curtiss-Wright dation of plants $500,000 and $800,000 - save between American Brass, increases prices fur- ther on all products % cent a pound. Central R. R. of New Jersey omits usual $2 extra dividend; declares $2 | pa, quarterly dividend. A& Pastt Chicago, Rock Islan c Ry. May deficit after cha 372 387. net income $1 five months’ deficit $539,908, net income $1,083,621. Chicago, ne rating income months® d:flcll $99,144, tion indicated June May and 31, m year ago. ted Gas of New York—Sales per cent in the first five months. $130,000, against net income of lns.sze: five months’ net income about 129,220, against net $19,375. llon. Power & Light net in- come, before tion Federal deprecia and 629, q’n’lnn ‘su;om St International Paper year ago. > !nhrmunul Power - (Delaware) net income, before depreciation and Federrl taxes, 12 months to March 31, $1,371,- 923, against $2,324, MacMillan increases gas- oline price 5 cents to 5'% cents a Erie Railroad May net loss estimated | c30c SOUTH AMERICAN BONDS ARE HIGHER| . Hoover Intimation of Aid for Republics Reflected in Sharp Rally. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, June 26.—The broadest advance in South American dollar bonds since the start of the bear market took place on the bond market today. Prices were carried up 2 to 7 points right from the open\nl in a sweeping Ty 0 President Hoo veu intima- ‘was not'sure of the form this aid would take, since it was obvious that it could not be of the nme nnure n flut exs tended to German s mental loans are e b 5 ooemed um a Federal Reserve fund be set aside for the purpose of :unpdpamn enal South exc to extend current credits and grant new American ones. The Street was more concerned with the psychological phase of the an- nouncement, and those who have had their ear to the ground for the week and heard the rumblings of development reaped substantial profits. Argentine 6s were so heavily bid for at the start that the specialist could not open the market in them immediately. They started 4 to 5 points above Thurs- day's close and were 25 to 30 points above their recent low levels. Chilean 6s, which recently sold below 50, jumped 6 and 7 points to prices 14 and 15 points above their lows. Colom- bian 6s gained similarly. Colombian and Chilean mortgage bank bonds— which have much the same status as Government obligations—ran up 4 to 5 points. Brazilians were all higher, the govemmenz 6%s, 7s and 8s by as much as 6 points. Sao Paula coffee loan 7s nl.ned 3 K‘omu Urugnay issues ran up over 3 points. Even the defaulted bonds ol“Pem and Bolivia staged a sharp rally. Heavy concentration of buying in the South Americans at first caused neglect of the German group, but later these advanced on advices from Paris that the market there was unusually strong. This ‘was taken as inside information on the course of Secretary Mellon's talks with the French cabinet on President Hoo- ver's debt plan. Australians talked much higher as a result of London's action in extending the debt holiday to the colonies, gained 3 to 5 points, with particular activity in the recently weak issues of NeW South Wales, Queensland 6s and 7s and the various city obligations, It was certainly the right time to bring out the $22,800,000 of Tllwnn Electric Power Co. 55, announced to- day. The company operates in For- mosa_and its bonds are guarantced by the Japanese government. The bonds were pneed at 9315, but when traded on the exchange immecdiately went to a point premium. Other Japanese issues mirrored this !trength Washington Stock Exchange AFTER CALL. Washington Rwy. & Elec. pfd—5 at 9975, 10 at 9973, 10 at 997. Potomac Electric 5 ‘Washington Gas 6s Bid and Asked Prices. BONDS. - PUBLIC UTILITY. Amer. Tel. & Tel. 4'as Am Tel & Tel ctl tr, c.pn-l Traction & Suburban 55, Seresiown o st b Potomac El Washington' Gas 4125 Washingt &8, series’ Wash. Gas 65, series B Wash. Rwy. & Elec. 4s.... MISCELLANEOUS, Barber & Ross, Inc.. 6las Chevy Chase Club 8las. Columbia Country Club . Power 6% pid POt Eice: Power 8tar btd Wash. Rwy. & El com. (T).... Wash. Rwy. & EL pfd. (5).... NATIONAL BANK. Capital (14) Ciberty (1) Lincoln (1 Metropolitan (14) Riges [ Washington TRUST COMPANY. Amer. Sec. & Tr. 3 SAVINGS BANK. Bank of Bethesds, (61) Com. & Savings (10). East Wasningion 32) Fotomac Sav. Svemh Street (1) United Stai Wash, Mechanics ( FIRE INSURANCE. American (12). coran (10). Firemen's (8) National Union (15’ Columbia (6h’ Rl et oy # umm.umv!. com. . Bt Skl car “Bide. ol s.na“ 8;."":""8 ts, against 25,100 in|7Ter. Ret fco Consolida of automatic gas refrigerators up 40.8 | W e1%% extra. 829 extra. ¥212% extra, XI'L extra. Unlisted Department. (These securities not 1i mles'g.u under Exchange that Washington aid for the Latin upnbuu. Wall Street | & : FINANCIAL. [ o BONDS e te Wire Direct t0 The Star Office Sales. High Low. 2 106% 106% 82 81 UNIT!D ITATII- IN in $1.000.) Higt Ltbl*lll-fl.. 83 102 18 10216 102 16 List4i4s32-47, 25 10313 103 10 103 13 Léth4%s33.35 38 104 25 104 23 104 25 US3%s’49... 17101 4101 101 ull%-u-u 2 10228 10228 10228 ... 37 108 4108 4108 4 vl(x-n 52.. 6313 4 113 4113 4 s, High: AmePl:Pll'll ki 14 4%8°39 1 AmTAT S 6. ... 77 Am T&T c tr b, Am T&T 558 £°60. . 43 A TAT 8348 43 Argentine b3s ‘62 Argentine May ‘61 Argentine 68 Ju Atchiscv 4l 11 Y'S | At & Danv 2d 4s 48, At Gulf 68 'Bi At Ref deb 55 37, Australia 4% s 66 Australia 55 ‘65, Austria 7s'67 ctfs. B&O4s'48. B&OP&WYV is i1, B & O Sw dy 68 '50.. Bk of Chile n- '51 Bk of Chile u-u Tet I'a b 1in Cy El 6; Horun CyEL 6% n S BKiyn Un 1st bu " Budapest 65 '62. Buenos A 6561 Pv. 1 Buft Gen El 44581 Bush Ter con o3 '65. Canada 48 °60. Canada 435 '3/ Can Nat 4%, Can Nat 4355 ‘57 Can Nat43%s 68 Can Nat 4% ‘66 San Nat 64 July ‘6% Can Nat b8 Oct ‘6. Can Nor 4%5s '35 Can Nor 6138 db Can Pac 433360 Can Pac bs ctfs '44. Car Clin & O 6552 Cen Pac 4843, Cent Pac 58 '60. Cert-td dev 6% Ches Corp 5 "4 10 Chi Grt West u'u 48 Chi Ind&Lou 65 '66. 5 ChiM&SLP 4’8y, 1 Chi M&StP 438 E. 25 Chi M StP&P b3 '76 55 Chi M & St P ad) 63 334 Chi & NW gn 4s5'87. 12 C&Nwn 4% s ¢ 2037 ws Chi Un Sta 4% C& W (nd cv 4s 52. Chile 78 °432.. Chile Cop db 65’47 CCCa&St L 4%sE. . CCC& St L 6s D '63 Clev Term 5%s ‘7. Colomb 6s Jan Colombia 68 61 Oct. Colon O11 6 ll. Colo & Sou 4% Colo & Sou 4% '80. Col G&E bs May '52 DRG& Wstbs 8 Det Ed G&R4%5'61 Deutsche Bk 65 '32. Dodge Brcl 6s 40, [El Salvador 8s 4! Krie con 48 A 53 % Fram 1D 1 e s, French 18°49. ..... French Gvt 738 41 Gelsenk’chen 63 34 GonBaking b6 40 M BT 1st pr 1 Inland Stl 4%s A'78 Inland Stl 4s3% B'S1 %s ‘63, h!'l‘l'l‘cv“fil'll 55 Int T & T 5 Irish Fre 0!!!!"0. S Kresge Found 6s 36 Kreug & Toll 6s ‘59 Lackaw St 53 '50. .. Laclede 6% C ‘63 Laclede 53%s D Lautaro Nit 68 °5: Leh Val cv 45 2003. LehV cv 4%s 2003 Loew's 63 ex war. Lorillard §s ‘51 Lori1lard 6% Lou G & EI 55 '562 L & N uni 45 *40 L&N 43452003, L&N1strf5%s... La & Ark 5569 Lyons 6s'34. McKes & R 533 '50 Man S 18t 7%s"42. . Manh Ry 1st 43 °90. Market St 7; %s MIIERth s M StP&SSM con 4 M StP&SSM 5s°38. MK&T4s B 6. MK &Tailjbi MK&Tprin Mo Pac gen 48 '75.. Mo Pac 68 F '77 Mo Pac 5s H " Mo Pac ref 53’81 Mo Pac 5%scv Mont Pow bs “43. Mont P db 55 A '6: Mont Tr 1st 68 *41.. Montevideo 6s°59. . Mor & Co 1st 4% Nat Dairy 5% s 48, Nat Ry M 4%s'57.. New S Wales é8 ‘57 New S Wales N ¥ Cen ¢s N Y Cent db 4s 2 N Y Cent 4345 2013. 15 NY Cen rf 43482013129 NYCreim 68 2013. 21 NY ELH&P 4s'49.. NY NH&H 3%s 54, NY NH&H 43%8 67, NY NH&H ev db 6 NY O&W 1st 45 '92 NY O&W &n 4s°55 NY Rys Inc 65 6. NY Rys 65 A 65. . NY S&W 1st bs '37. M Y Tel 43 N ¥ Tel 6541 N Y Tel 63 NY W&B 4384 Nia Sh Md 5%s Nor & Wnev 48 No Am Co 65 °61. N A Ed'son 65 C Nor Am Ed 5% Nor O T & L 6347 Norway bs Norway 5%s '65. Norway 6: Norway 6s'52. Oreg-Wash 4 Orient dev 5% Orient dev 68 53... PacG & K1 68°42. .. Pan-Am Pet 65 '34. Pan Am Pet 63 1940 Pac T&T ref 63 '52. Paris-Ly M 6! . Paris-Ly M 7s'58.., Paris-Or 53 s '68 Pathe Exch 7s '37.. Penna 43 s D81 Penn gen 4%s '65.. Penn 435 ‘70 3 Phillip Pet 5% 539, ‘Philippine RR 4s Poland 8s 'sa Port Gen El 4 Bubtie Serv 48 i, PubSv G Sgaer.. Pub Sv G 4% Queenland 7s 41 Reading3%s B. » Ja Do e R S.u.. Rhine West (l 55 Rhine West 7s ‘50, . Rich Ol eal 6 » o CoaninBa StLS W 58’62 San A& A Pds'dl.. Sao Pau 7s '40 rcts. Sao Paulo 8 Sao Paulo 8s'50. Saxon Pu W 63’ Saxon Ts '45. Seab A Lirf 4849 Seab A L 4s st '50. Seab A L ev 6 Seine 7842, llnflllrflfll*l‘l. 18 SineOTscvA'3l.. 13 !lneCl‘Oi*l'll .27 '&T 68 '41. IhW BCIITIIA"‘,‘- 1945 Sou Pac col 4 Pac ref 4s "5l Sou i 1om|'u mns-.'u. 101, mrun So Pacific 4% Sou Pm0§l17. l 102% xm m ln"t-l!'ll. 1% 27 kil 86% OLD-AGE PENSIONS PLANS CONSIDERED Two Types of Relief Pay«- ments Debated by Rival ] | Groups. ! BY ROLLIN M. CLARK. With more and more consideration ' being given to the problem of providing for workers in their old age and in pe- riods of unemployment, two distinct lines of thought are now crystallizing with respect to the type of plan that should be adopted. The issue resolves around the fa- miliar controversy over Government mufm versus private enterprise and Prominent representatives of both schools have just put forward definite proposals. Couzens’ Plan. ance and old age pemlom would be made available co-operative action on the part of me Federal and State Goveruments. Under this scheme the Federal Treasury would contribute to the States which have this type of om.l D.gon ju‘::flll& it does in the case T const lon and certain public health activities. ik The other proposal, , advocated by Gerard Swope, president of the General Electric Co., contemplates direct action by employers and employes in adopting voluntary systems providing life insur- ance, retirement pensions and unem- ployment reserve funds for workers. Under this system émployers and em- ployes would finance and administer 17%| zhe three-wly plan jointly. 24% State has enacted an unemploy- ment insurance law, but 17 now have old age assistance legislation. Dela- ware, Idaho, New Hampshire, New Jer- sey and West Virginia enacted such laws this year. The New York law, passed in 1930, is now in full force. Tce Massachusetts act, also adopted last year, becomes effective July 1. To finance its operation Gov. Ely has just signed a statute imposing a small head tax on all male citizens 0( the State. At the end of 1930 only 10,000 per- sons were receiving aid under old age pension laws, but this was due, in large measure, to the fact that the early laws 1 | ETE optional with each county rather than mandatory. Some of these laws have been changed to the compulsory plan and most of the newer statutes are of this type. This means that the number of pensioners will increase rapidly. In New York State it is pre- dicted that 50,000 persons will be re- celving assistance by the end of this year. = Might Prove Incentive. Federal aid probably would prove a direct incentive to other States to pass pension laws and might impel some to take the initiative with unemploy- ment insurance. Hence many indus- trial leaders who oppose State opera- tion see an advantage in taking vol- untary action at once, so as to spike m disfavored legislation at its incep- It is not generally known that ap- proximately 4,000,000 workers are now undet some form of private industrial Penslon plan. That is, they are eligible for pensions, if they stay with the same firm for a certain period of years, upon reaching the age of 65 or 70. Objec- tion has been made to these rigid re- quirements because the actual per- | centage of employes who stay with one ‘employer through their working years is small. To overcome this it has been pmpoud that each employer for whom tive pensioner may have wor ed during his lifetime contribute a pro rate share toward the pension. While difficulties would arise'in work- ing this out, the problem is is by no means an insurmountable one. (Copyright. 1931.) o SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) Bid. " Qfter. Allis-Chalmers Co, Ss 1987.... Metal Slas 1034 ..o & Tel Biltimore & Ohio v,n m: T 103 101% . 92la 872 3 Chile Copper Co. s 103% S5 Denver & Rio Grande 4'2s 1336 Gen. Mot. Accep. Corp. s 1937 General Petroleum Corp, 5s 1940 General Public Service 5125 193 Goodsear T. & R. S¢ 13 way & Pwi 34 1 Electric Co. 35 194 Vheciing Steel Corp | 5 as 1948, TREASURY CERTH'ICATES xted by J. & W. Seligman & Co.) aturity. Bid. t. 15, 1931 “ 8 Rate) 2%s Sept. Third Avadj bs o. Third Av 1st 5s '37. 2 nit Drug cv 58 63 uta xln'i%-'li'.. L) UdSt1 W 63%sA °51 Utd St W 6%sC'51 Uruguay 6: 59 ww Utll Pow 53 "4?.. Vanadium Stl 5s 41 Vert Sug 1:: 18 68°63. Walworth 6s A "45. Walworth 6%s '35, Warn Br Pic éa '3