Evening Star Newspaper, July 2, 1931, Page 14

TA—14 wew BONDS ARE HIGHER - ON PARIS REPORTS Berman Dollar Sroup Is I Benefited by Rumors of [ ¥ Debt Agreement. BY F. H. RICHARDSON. Bpecial Dispateh to The Star. NEW YORK, July 2—A favorable accord in the debt holiday negotiations in Paris seemed nearer today and bonds moved higher on the average in fairly active trading. President Hoover’s firm note to the French fivemmcnt encouraged buyers and during early trading all markets ‘were stronger. But later, when the in- dications were that France would pro- long the negotiations and refuse to at- tend a debt conference in London, a note of uncertainty came into stocks. Bonds, however, continued firm. German dollar bonds were fraction- ally higher, but disinclined to make any rubstantial progress pending further developments at Paris. Young plan 5lss gained a small amount on a_siz- able turnover. German Central Bank bonds were a point or more higher, Many other Europeans, including Ttaly 7s, Rome 6',s, Austrian 7s, Serb- ian 7s and 8s, Vienna 6s, Warsaw 7s, Poland 7s and 8s, Great Britain 515s, were firm. But it was in the South! American group that definite progress was made. Argentine 6s were !; to 2 points higher, partly on improvement in Argentine exchange and favorable ‘wheat news and partly on the gen- erally better tone in the foreign mar- ket. Brazilian issues advanced on Lon- don_purchases following the payment of July 1 service and indications_that the damage to the coffee crop in Brazil was not as extensive as first reported. Colombian and Uruguayan dollar is- sues were also higher. Uruguay's ex- port trade for the first six months of the year totaled $27.600.000 at today's exchange, and her imports ran to $25.- 100.000. This left a favorable trade balance of $2,500,000, an unexpectedly good showing. | CHICAGOV DAIRY ](AfiKET. CHICAGO, July 2 (#)—Butter un- thanged, steady; receipts, 10.600 pack- Aages; creamery specials (93 score), 24’4 825; extras (92 score), 24; extra firsts (90-91 score), 22':a23; firsts (88-89 score), 21a22; second( 86-87 score), 19a 20; standards (90 score centralized car lots), 24. Eggs steady:; receipts, extra firsts, 17; fresh graded firsts, 16'4; current receipts, 14';: storage- pntkedfl firsts, 17!2; storage-packed ex- tras, 18, 14.004 cases; Steel Production. ’ NEW_YORK. July 2 (#.—The Daily Metal Trade estimates steel production this year at between 28,000,000 and 30,- 000,000 gross tons. compared with 39.- 653.000 tons in 1930 and 54,164,000 tons in 1929. MONEY MARKET. NEW YORK, July 2 (#.—Call money steady, 11, per cent all day. Time loans, steady; 60 days, 1'4al's: three- four months, 1'2a134: five-six months, 134a2 per cent, paper. 2a2l,. Bankers’ acceptances unchanged. S Washington Stock Exchange SALES. Capital Traction 5s '47—$5,000 at 83, $2,000 at 83. Georgetown Gas 5s '61—3500 at 10414, Capital Traction—10 at 36. Potomac Electric Power '4s pfd.—10 at 11115, Federal-American Bank & Trust Co.— 10 at 50. Liberty National Bank—2 at 190. Lanston Monotype—10 at 87'z, 10 at 8712, 10 at 87z, 10 at 87':. AFTER CALL. Federal-American Bank & Trust Co.— 10 at 50, 10 at 50, 10 at 50, 10 at 30, 10 at 50, 5 at 50. Washington Gas 6s “A"—$500 at 103 Columbia Stand & Gravel pfd.—10 at 905, 10 at 90, 80 at 90. ‘Washington Rwy. & Zlec. 4s '51—$500 at 9112, $1,000 at 90 Mergenthaler Linotype—>5 7712, 5 &t 7712, 5 at 77 5 at 77%, 10 at 77 Washington' Rwy. & 993, 4 at 99%. Potomac_Electric Cons. 55 '36—$1,000 at 10515, Bid and Asked Prices. BONDS. PUBLIC UTILITY. Bid. Asked. Amer. Tel. & Tel. 458 '39..... 132 . at 771%, 5 at 'z, 5 at 773, Electric ptd—7 at Washington ‘Washington s Wash. Gas 6s, series A. Wash, Gas 6s. series B... Wash, Rwy. & Elec. 45! MISCELLANEOUS. Barber & Ross. Inc., Chevy Chase Club 5! Columbia Country Club 5 D, C. Paper Mfx. 65.... W. M. Cold Storage 55 ...l STOCKS. PUBLIC UTILITY. Power 5 c El. com. & EL ptd. (5) NATIONAL BANK. Cap: 1. Columbta (133211111110 Gommercial “(stamped) Nat. BK. & Fr. (3). in (12) " Metropolitan (147 Riggs (155). .. Second (9e) Washington (13 TRUST Amer. Sec. & Tr. Co. Continental “Trust (8! tl. Bav. & Tr. ( on Trust (). ... Wash. Loan & Tr. (i4):11 SAVINGS BANK. Bank of Bethesda (6%) Com. & Savines (10) ‘ashington (12 e (10).... FIRE INSURANCE. American (12). lumbia (6h) . eal Estate (6h) ' 'MISCELLANEOUS. rber & Ross. Inc.. com Se |ntd (7). 6. . . Co. pfd. Lanston Monotype (8) .. Mer, Tr. & Stge. com.’ (10 Mer. Tr. & Stge. pfd. (7). Mergenthaler Lifiotyne (6). - ech. . Med. Woodwd. & Woodwd. & *Ex dividend e1%4% extra. bBooks closed. 527 extra. 130¢ extr 1% extra. extra. AR 7 A* $20,000.000 steel plant 15 to be - @mected in the Yangtze Valley, China, Prime commercial { FINANCIAL. NEW YORK STOCK EXCHANGE | Received by Private Wire Direct to The Star Office. (Continued From Page 13.) —Prev. 1931~ Stock and High. Low. Dividend Rate. | '39% 284 Penney (J C) (2.40). 99% 90 ’enney (JC) pf A (6) G4 42 Penn Railroad (3)... 260 183 Peop GasCh (8).... 38 921 50 Pere Marq pr pf (5). 808 1004 25% 102 etrolm Cp of Am(1) Philip Mor & Co (1) Phillips Petroleum Pierce Oll. 4 Plerce Ol p! Pierce Petroleum. ... Pillsbury Flour (2).. % Pitts Screw&B(70¢). Pitts Terminal Coal.. Poor & Co (B)...... Porto Ric-Am To(2), Postal Tel&Cable pf. 1 Prairie Oil & Gas. 2 Prairie Pipe L (3).... Pressed St Cpf (7).. Pub Sv N J (3.40)... PubSvNJpf(6)een Pub Sv N J pf (6).. Pub SvNJ pf (7). Pub Sve G&E pf(5) Pullman Corp (4). Punta Alegre Sugal Purity Baker|, 1tadio Corp. . 62 Radlo Corp pf A(3% 1 Radio Corp B (5).... 11 Radio-Kelth-Orph A. 126 Raybestos Man 2 2 RR Sec IC stk C Real Silk Hoslery Remington-Rand. Reo Motor 40c). Republic Steel Republic Steel p: Reynolds Metals (2). Reynolds Tob A (3). Reynolds Tob B (3) Richfleld O11. Rio Grande Oil Roy Dteh(m afeway Stores (5).. St Joseph Lead (1).. St Louis & San Fran. Savage Arms (2).... Scott Paper ($1.40).. SeaboardAfr Line. .. Sears Roebuck (2%) Second Nat Inv pf. 4 Seneca Copper. Servel Inc. . Sharp & Dohm Shattuck F G (11%) Shell Union Oil. 5 Shell Un Oll pt ( Simmons Co .iee Sinclair Consol Ofl. . South Port Rico Sug. South Cal Ed (2).... South Pacifie (6).... Southern Rwy (m6). Southern Rwy pf (5) Sparks Withing (1). Spencer Kellog (80c) Stand Brands (1.20). Stand G&E (3%)... Stand G & E pt (4). Stand Invest Corp Stand Ofl Cal (h23%4). Stand Oil N J (12) Sterling Sec A.. Sterl Sec pf (1.21 Stewart Warner, . Stone & Webster (3). Studebaker (1.20) Superheater (2% ). Superior Of1 Superior Steel 18 Texas Corp (2)...... 29% Texas G Sulphur (3 Add 00. Hign. ~rrev. 1931 Tobacco Und-! Utd Am 2 5 Vadasco 6% 8% 1 109 1% 26 27% West Pa 4 West Pa Westing Westing Wrizley 0 A.M. no reguiar rate. b {Plus 8% in_stock. 367 3615 | Stock and Dividend Rate. Leath pr pf (7) Plpe & F (2)..... Realty & Imp(2) 98% Va Elec & Pwr pf(§) 38's Vulean Det (4) Dayments based on the latest quarterly or hali- “Unit of ‘rading less ihan 1 1Part]; . §Payable in scrip. t Payable 1n us J Plus 50 in special preferred stock. this year—no resular rate. Sales— Add 00. High. Land Tr.. 6 114 1 13 Thompson (J R) (1), Thompson Starrett. . ‘C1ide Water As (60c). Tide Wat As pf (6).. Timken Roller (3)... Tobacco Product; Prod A 1950, Transamerica (40c).. 19 Tri-Cont Corp.-.....4 Tri-Cont Corp pf (6) sher (5).. Unlon Carb & C 2.60.. Un Oil of Cal (2) Unit Atreraft. . 424 Unit Aircraft pt (3). Bosch. Unit Biscuit (2). Unit Biscult pt (7) Unit Carbon. Unit G & Im pf (6) U S & For Secur..... U S & For Sec pf (6). % US Freight..... U 8 Indust Alcohol .o Rubber 1st pf. U S Steel (7)... Unit Stores A, Univ Pie 1st p: Util P&L A (042.15). Sales Corp.. . 16 23'% Vanadium Corp 1 108 1 1 Warner Bros Pict... 51 Warren Bros 4 Warren Fdy & P (2). 1 Wess Oil & Snow (2) 4 WessO&Snpt (4).. 2 s ELpf (6)... 80 EIpf (7)... 108 West Pa Pow pf (6). 6408 West Pa Pow pf (7). 30s Western Dairy (A) Western Dairy B. W Westing A B (2). EI&Mfg (4) E&M pf (4). Westvaco Chlor (2).. White Sewing Mach. Wileox Oil & Gas Willys-Overland. ... Willys-Over pt (7).. + Wilson & Co A. . Woolworth (2.40) . 302 Worthington Pump.. 54 (Wm) (4) 6 14! Youngs Spring43) 391s Yngstwn Sh&Tu(2). 2 Sales of Stocks on New York Exchange. 528, 121 900.000 2:10 P.M n in the above table us 4 in stock.” sPaid last year— e Payable in cash or stock. stock Plus 2% in stock, Iy n s m Paf n Plus 5% in stoc 5 lus stock. & Plus 6% in |'A 12-point_program to restore pros- | perity to individual business concerns | as the first step toward general recov- | {ery is presented in an article in the | | current number of Nation's Business, junder the heading “The Way Back.” | " Unlike other plans that have been proposed, Nation’s Business program | | calls upon the individual business man | to solve his own probl‘ms without re- | course to_governmental assistance. It| suggests that “if the business man will! | cease looking for relief on the outside | and concentrate on the inside of his own op:rations, business will pick up. “Any business, sound in its basis, profitable in normal times, enjoying any advantags over competitors, soundly financed, with integrity on the part of the board of directors,” the article says, “can be brought back to its normal | earning in spite of the general depres- sion—the progress to begin immediately and the normal apparent within a year's | time. Problem Held Individual. “Given 10 such businesses today and a hundred ncxt month and a thousand the following month, each within itself solving its own peculiar problems—and general prosperity will be the inevitable result of unit success.” It is pointed out in the article that “individual business institutions are not - | going to be restored to prosperity by way of the recovery of businsss as a whole. Business as a whole can be re- stored only by way of the recovery of individual “institutions. “If the silver problem, the gold prob- lem. th» agricultural problem, the pro- hibition problem, the commodity price | problem, the wage problem, the unem- ployment problem and a dozen other corollary disturbants could be settled overnight, then business as a whole would recover and the individual busi- ness institution would swing back into prosperity. “It is perfectly obvious, however, not only that this wholesale restoration is impossible utterly, but that no several el:ments in the program would be pow- erful enough to lift the entire structure. So the whole gigantic problem becomes | a question of individual initiative and energy, r<sting upon the resourecfulness and courage of some one man or group of men at the head of each enterprise. “Loosely speaking. there is still a mark-t—to be fought for and dug up— for nearly all American businesses which have had huge volume presented to them ‘as a gift heretofore. “That is an encouraging fact even thought it implics a completely changed outlook and a long period of desper- ately hard work.” Hidden Enemies. One of the points in Nation's Business program refers to the hidden enemiss in almost every business. “The biggest job for the moment,” the article says, “is to identify thcm, attack them and drive them out. = “Some of these enemies are belated ad- herences to tradition, slavish acceptance of trade custom, parrot-like application of the methods of competition, subject- ing sales to the manufacturing or even :ngine-ring point of view, trying to cover all of the map instead of intensely cul- tivating the most productive part, un- wieldy board-of-director management, failure to seek and find new mark:ts, dull self-satisfaction with the all-right- ness of the product, too many pep talks and not enough footwork, initiative or conventional advertising, lack of cour- age in treating advertising as a capital iny:stment, and so on to the end of a long chapter.” ’The article ‘derives double interest from the fact that it is a presentation by & noted merchandising expert, Nor- val A. Hawkins, of a thesis d:veloped by an equally noted advertising authority, Theodore T. McMannus of Detroit. The 12-point. program as-outlined by 'TWELVE-POINT PROGRAM URGED FOR RESTORATION OF TRADE| Nation’s Business Calls Upon Individual | Firms to Do Their Part in Bringing Back Prosperous Times. | tribution and first of all isolate my manufacturing that would lower pres- ent costs. 2. I would turn my attention to dis- profitable market. Example: In the automotive industry | far-flung dealer organizations have proved a charge on that industry and a loss to the dealers. There are three principal fields—the low-priced. the medium and the high. Seven hundn'fll and seventy counties, with approxi- | mately one thousand dealers, fill every | g economic demand in _distribution in | that medium-priced fleld for better than 90 per cent of sales. Yet manu- facturers vie with one another for 2,000, 3,000 and 5,000 dealers. Less than 200 counties out of 3,072 in the Nation cover every essential de- mand in the distribution of high-priced | cars, with perhaps 300 to_ 350 dealers | an economic maximum. Yet the or- | ganizations spread themselves to the | extent of 500, 700 and evn 800 outlets. | ‘This is economic waste, with less of | control, with diffusion of effort, with | costly direction, costly advertising in | communities, where neither dealer nor consumer should be considered. 3. I would study and define potential buyers, first from the standpoint of who | buys the product normally. How many | are there normally? Precisely where | do they live? Then I'd discount the | figures in the light of today's\depressed markets. Example: If there are 21,000,000 native white families in Amecrica and 23,000,000 registered motor cars—and if 2 normal production was 4,000,000 cars each year—and if 4,000,000 car owners were unemployed, I'd say that a rough | total of 3,000,000 to 3,200,000 cars would be the limit of this year's domestic sales. If, in a normal year, I sold three per cent of that market, or 120,000 cars, I'd see to it that this year I'd get these 120,000 sales or nearly 4 per cent of the total markei. I would ac- complish this by doing what no man- ufacturer has done in years—study the market, isolate 600,000 who could most logically buy and sell 120,000 of them. 4. In this study I would qualify my buyers. Not 1 industry in 100 ever qualifies its purchasers. One hundred and fifty-three executives were inter- viewed personally and only nine re- ported that they remembered ever being solicited to purchas motor car—yet they returned year after year to the market. Any manufacturer can set up the machinery to capitalize on such a situation. 5. In the entire study of distribu- tion I would have an eye eternolly on the economic. There's many a jobber given a franchise—many a de: er set up in America for the mere de- sire to place pins on maps without economic justification whatsoever. The only tenable theory in dis- tributing organizations is that jobber, distributor or-dealer can render a seryice at the factory at a cost less than the factory can enter the market direct. -~ Tradition here imposes a terrific tax on industry. The fact that a com- petitor has a gcod dealer in Oskaloo: is certainly no justification for e tablishing a poor dealer there to com- pete with him, 3 In this sense the fixed idea of trading centers may impose formalism in dis- tribution structures which profit the factory ncthing. g An example: One great American city apj s to be so pre-eminently qualified as one of the 10 leading mar- kets of the Neztion that one motor car manufacturer after another has sunk annually far more than his profit per car in newspaper advertising alone, to say nothing of other forms of local advertising, dealer co-operation, travel, zone supervision, all on the hypothesis that there is a rich market to cultivate. T know most of their industry. Appli- cation of the principles can be made to every industry.) 6. After the economic basis has been laid in"manufacturing, in distribution, in potential markets and in selective profitable distributing cutlets, I would turn my attention to salesmanship. America hasn't touched the problem of selecting salesmen. The broad field of anthropolgy contributes precise in- formation, scientific description, on a savage tribe in deepest Africa. The missicnary goes out with a definite idea of the tribe he is approaching. Importance of Salesmen. The manufacfurer Xnows _little or nothing of retail salesmen, he denies ownership and control, vet his destiny is in the hands of the retail salesmen. The first step is selection. This is the work ofgthe practical psychologist. The second step is training and this is less the work of the more experi- enced than it is of one with the gift of: teaching. The third is direction, the fourth is ontrol. The fifth is the question of compen- sation—and' this concerns itself with men’s susceptibility to rewards for their labors. In concentrating exclusively within our own organizations, the more friend- ly, intimate and warm the relationship between the factory and retail salesman becomes, the more permanent, profitable and perfect becomes the selling process. With 5,000,000 idle, selection can be madé more readily than ever before, selection of retail, wholesale, specialty and promotional salesmen, the only four classes of salesmen there are. With stern necessity facing men they are susceptible to training as never be- fore. Yours is the job of direction and of control. With compensation graduated and bonuses for superiority, you can make men more appreciative and thus more loyal than ever before. The thing to do is to man our organi- zations with power enough to contact our entire “potentials.” Select this man power and control it intelligently. Com- pensate this man power handsomely if the work is done. 7. As all of these changes are being inaugurated, look to your line more carefully than ever before—if it is a luxury line with a dominant style ap- peal, it ordinarily profits by length or numbers—but avoid in numbers the danger of pure “duds.” If it is a utilitar line shorten it and give price advantage or obtain greater profit—for concentration on the minimum is the guide to profit where the utilitarian appeal dominates. Example: In the low and medium priced field. model numbers are generally of model cuts profits—in the high- priced, model numbers are generally :he l‘(ey to profit unless they are carried 00 far. Coverage then is the thing. Univer- sality of appeal in the utilitarian—ini ;u:\ul taste in the style or luxury ma et. 8. Direction by management was never more important. In days of gen- cral prosperity goods were taken away by an eager consuming public. Today mlmgment must direct all things— must be on the job eternally. Thought itself was never so needed——thlnk?ng executives earn more today than ever before. 9. The purchasing power of the dol- lar must be measured. If general prices are from 20 # 30 per cent off, |- our products may remain as formerly priced, but should have additional in- trinsic worth. Accommodation to the reduced buying wer of the Nation or to the increased uying power of th: dollar must be made. 10. For the sake of profits watch every opportunity to refinance at pres- ent favorable rates. No man knows how long a depression lasts. If lower levels are to remain, fixed charges should be rfler:iuce’d. x‘x mghnt rl:veg come, re- ancing at prisen! vels will mean better profits. NEW YORK, July 2 (#).—Stocks heavy; leaders sag under profit taking. Bonds strong; rails, utilities and foreigns gain. Curg lrreluh‘l;.: ’ exchanges irregular; mark sags. Cotton lower: rains, Texas. Sugar quiet. demand. Coffee steady; B ing. CHICAGO, July 2 (#).—Wheat higher; cold weather, Canada. Corn, barely steady; bearish crop estimates. Cattle strong to higher. Hogs higher. German beneficial r spot ian buy- Sales in DOMESTIC BONDS. thousands. ‘High. Low. Close. 42 Al . 98 98V, 98l 5810474 104 © 10414 s '52105 ' 105 105 70 T 83 2016. . 105 Roll M 4Vas ” Boll X ‘:.g 33 94, ) 14 Ass0 Gas&El ox 50 3 54 Asso_ Gas&El s ‘63 2 As fllol 5! in et 5 Bost&Me 6s m 1Cap fidm A; A 5 m 5% 253w § Carolina PaL, 353 1Cudahy Packg Ss 11 Cudahy_Pkg ) 1Det C Gas 3 E 57 45 Intern Sec Am 55 '47 25 Intersta Power 55 '57 Bl Nat P 'S 5s '78 t Steel Corp 58 '3 braska Pw 4! s 2 No Tex Ut 75 '3] 192 Ohio Edison 55 ' Pow. 18haw W&P 5¢ 17 SE P&L 65 A 2025 1 South alif Ed s ' u Ca 5 4 Southern N G _65 44 18thw Dai Pr 6'ss ‘38 45 3Stand G&E cv 65 '35 10013 11 Etand Gas & E 65 '31 98 6 Stand Gas & F 65 66 98'3 §Standard P & L 85 157 9613 1Stand Tel 5ios A 43 701, 8 51ac 739 10015 n s 2 3 Wiscon PAL 85 F ‘3810215 FOREIGN BONDS. s ‘46 87 s 47 n 60 a1 94 B;LTIMOIE STOCKS. Special Dispatch to The Star. BALTIMORE, July 2.— s Kt 11. Let labot's wage be regarded u1 is': the first charge on productive industry. For. labor not only contributes “nvt;y‘ prises, but constitutes the: prime mar- ket for essentials or necessities and the volume market for the most luxury goods and services. ~Ricardo’s “iron law of wages" still ob- Mr. Hawkins is as follows: 1.1 would perfect the technique of As a matter of fact, there is not. (f(lmhdnwn&iflmp}u m the automoblle fro) industry it is because be tains. The lost day of labor can never ited R 2000 United Rwy & Bl Sunday clubs fot’ chlldren are to be stazted i Scotiand. o5 ; decline follows early rise. | | Erie b8 ‘75, Received by Prival Wire Close. 6 10216 102 16 L1st43%s32-47. 33 103 12 103 10 103 10 LA4th43s33-38 84 104 25 104 23 104 25 US3%s"49. US3%s46 U 8 45 44-54. 6110111 101 ales. 3 Sules. Hign Abitibi P & P 6363, Allegheny 5344 Allegheny 58 49 Alleg Corp 63 °50. Allis-Chalm §» 37 Am Ag Ch7%8°41. Am Beet Sug 65 '35, Am F P 55 2030, Am1GCh5% Am IntCp 5% Am Metal 6% Am N Gas 6 22 2% Am Sug Ref 6s '37 Am T&T cv 4%s Am T&T 6% '43. Am W Wks 5534, AmWat Wk 63 ‘75 Argentine May 61 Argentin Ju 69, Argentine 6s Oc ‘59 Argentine 6s A 57, Argentine 6s B ‘58, 43. Atchison gen 4895 Atchiscv 434841 Atch Ariz 4%s 6 AtC L 1st 4362 At C L col 43'62 At Gulf 55’59 At Ref deb 553 A la 4% 2 108% 96% A Austria 7s'43. Austria 7s°57 ctfs, B&O 45’48 B&O4%s'33. B&Oconv4% B&O 1st 55" B & O ref 55'95. B & O 58D 2000, B&O 65’95, B&O P&WV 4 B & O Sw dy 58'50.. Bk of Chile 6448 ‘57 Bk of Chile 6% 861 Belgium 6s ‘55 Belgium 6%s 49 Belgium 78 ‘55 Belgium 78 '56 Bell Tel Pa b3 B *48 B Ind Loan Co 65'46 Berlin Cy EI 68 '65. Berlin CyEl 6345’51 Beth Steel pm 65'36 Bolivia 75 '58 Bolivia 7s " Bremen 7s°35. Bklyn Elev 6% Bklyn Man 6s " Bklyn Un 1st 6 Budapest 65°62. ... Buenos A 6s'61 Pv. Buff Gen El 414581 BR& Pltt 4148 '57. Bush Ter con 55 '65. 1 Packing 5 40 Canada 45 °69. Canada 4% Canada 58 ‘52 ' 10014 1004 0013 . 02 t5sJuly ‘69. 3 Nat 55 Oct '69. Can Nat 55°70. Can Nor 7s deb Can Pac deb 4 Can Pac 4345 "4 Can Pac 4%3'6 Centof Ga 514859, Cert-1d deb 6% s 48 Ches Corp 63 *47... C&Ogendlys's.. C&O4%aA9. ., Chi Ind&Lou 65 '66. Chi M&SP 435 E. Ch M&StP 4 5 Chi M StP&P b5 '75 Chi M & St P adj bs Chi&NW g 315 87, Ch1 & NW gn 4s'87. C&Nwn 4%sc 2037 Chi & NW con 4% n. Chi&NW rf 65 2037 Chi RI&P gn 4s '88. ChiRI& Prf4n'3e ChiRlcv4l%s’60. Chi Un Sta 4% s 63, CCC&STL4%SE. . CCC&StL6sD'63 Colomb 6s Jan '61. . Colombia 6. Col G&I: 5s May 52 Com Inves 533 '49. CGas NY 4195wl ConG N Y bls 45, Con Pwr Jap 6%s. Copenhag 58 '52. Cuba 5%s'45. Cuba RRrf 7148°36 Cuba Nor 63%s '42.. Del & Hud rf 4343, Denmark 4348 '62. . Denmark 5%s "B5.. Denmark 6s ‘42. ... Denver Gas 5s'51. D& RG W 68 '55.... DRG& W st 6378 Det £d G&R4%8'61 Det Unit 4145 '32. .. Deutsche Bk 65 '32. Dodge Br ¢l 63 40 Duquesne 4 % s'67 Dutch East 16s'47. Dutch East 1 6s '62. East C Sug 714s '37 El Salvador 8s 4 Erle 1st con Erie Gen 4s Erfe cv bs ® wSWamn & Jer 65 Fiat 7s ex war "46. Finland 6%s '58. Finland 7s '60. Fond J&G 41, French 78 *49 French Gvt 7 o . 91 1287 Gelsenk'chen 6s°34 10 Gen Baking 514840 4 Gen Cable 5%5°47. 1 0 J Cen Bk 6360 O Ge:man Bank 7s '50 German 7srep *49.. Ger Gen El 7845, Goodrich cv 63 °45. Good 15t 63847, Goody'r Rub s '67 GrandTr sf db 6s' Grand Trunk 7s '40 Grt Nor 43435 '76 D. Grt Nor %577 B. Grt Nor gn 6%s '62 Grt Nor gen 75°36. . Gieek 65°63....... Hud & M adj 63’57, Hud & M rf 58 '57.. Humble Ol 55 '37 Hungary 7%: M BTistptés A, 111 Cent ref 45 '55. . Il Cent ¢%s 111 Cent 55 '55. 111 Cent 6%s 11 CCStL&N 63 A 111 Steel 434540 Inland SU 458 A'T8 2 Inland Stl 453 B'81 19 Int Rap Tr . 25 Int Rap Tz Sta ‘86 4 102% 26 210110 6 106 15 106 15 106 15 1 108 20 108 20 108 20 Low. 57 Close. Direct to Tl FINANCIA [ovsm vone BONDSsecescaa] |BIQTLEG GASOLINE- Sales, High. Low. Closs. Int Rap Tr 7832, Int M Co 6s ret Int Maich 68 % Iat T&T cv 4%s Int T & T 58 '55. Italy Pub Sv 78 '52. Japanese 5% '65. ., 16 Japanese 6%m ‘54.. 29 Jugosl Bank 78°67. 2 KRCP&L4%s'57.. 10 City Sou 38’60 3 an City Sou 63°60 1 KanG & E4%n'80. & Karstadt 6s°43.... 16 Kresge Found 6s 36 1| Kreug & Toll bs'59 41 Lackaw St 53 ‘50 Laclede 5%3 C *5. B Leh Val cv 45 2003.. 16 LehV cv 4%s 2003.. Loew’s 63 ex war. .. 4| Cig & My 104% 115% 13 96% 95% 108% 7% 110 83% 8% 98% 101% 98% 106% 82 81% 964 | 105 89 05% 73 . 72% . 712% B.2% 72% 2% “ | Sinclair Ol 63 Lorillard Lorillard 7 L& N unt ¢ L &NG5sB2003.... 20 La& Ark 5s'69.... 12 Lyons6s'34....... 1 McKes & R6%8'50 3 Man S 1st 7338 9h.. .6 MK&TprinbsA. 10 Mo Pac gen 43 *75.. 49 Mo Pac 5s A '8 3 Mo Pac 68 F"17.... 41 Mo Pac 535G ‘78.... 45 Mo Pac ref s 81 Mo Pac 5%scv Mont P db bs A 62 Mont Tr 1st bs Montevideo 7 Mor & Co 1st 4% Nassau Elec 48 ‘51 t Dairy 5% Nat Rad 6%s ‘47 N Eng T 1st 68 '62.. NOT&MGb5%s 5.('. 10 NYCentdbds'34.. 1 N Y Cent 4%82013. 19 NY Cenrf 4% 3 NYCreim s NY C&StL ¢ %s NYC&StL6 NYC&StL N Y Edison .1 NY ELH&P 45°49.. 20 NYNH&H db 45 '57. NY O&W gn NY Rys Inc Nia Sh Md 5%s'50 Nord 6%4s ‘50 Nor & Wnev Nor Am Ed 6% NorOT& L 68 Nor Pae 3s 2047, Nor IR 44, Norway 6s°'52. Ore Short L 5s gtd.. Oreg- Wi Orient dev Penna 4%s D Penn gen 4% Penn 4%s 70 Penna gen 5s Penn 635 ‘36 3 Penn P&Lt 4148'81 57 Peoples’ Gas bs. Pere Mar 4%s '20. . Pere M 13t 55 B! Peru 63 '60. Phiia Co b Pnila & Read Phillip Pet 63839, 18 pirelli 7s. . . P CC&StL ¢%8'77. PCC&StLEsA PCC&StLbs P& W V4KsCe0, Poland 6s°40...... Poland 7s *47. Poland 8s ‘50 | Port Gen El 4%s'60 21 Porto Alegre 8s'61. Por R Tam Pos Tel & C 63 '53.. Prussia 6s '52 Public Serv 4s 'T Queenland 7s "¢1 Read gn 4148 A Read Jer Cen 4. Rem R6%8 A "47 s Rio Gr W 1st 43°39 RioGr Welt4s'49.” 5 RIAr& L 4%s 3¢. 20 Roy D 4s 46 ww... 29 StL&SFindsA.. 28 StL&SF4%8'78. 88 4 Sao Paulo 8s 59 5 | Saxon Pu W%s%1 7 45 3 | Setne 78 *42 | Serba-Cr-s1 | Serbs-Cr-Si ! Snell Un O1l 68 °47. Shell Un O1] 58°49. 30 38 22 Sine O Tscv A '31.. 11 Sinc Cr O 6%8 38 Sine P L 5843, ;| Skelly O116% Sou Bel Tth StOfl N Y é%s'51. Swwiss 5%8°46 Taiwan E P 5%s'7 Tenn K1 P 63 A 47 57 Tex & P 1t 68 2000. Third Av ref ¢a Third Av 1st bs Tokio El Lt 65" Un Pac st 48 Un Pac rf 482003., 28 .UnPacé%s'67.... 4 Unit Drug cv 5863 50 Utd King 6%8'37.. 39 USRub istba'4?.. 1 Un S W AT 2 UAStL W 8%5A °51 Unit 55 Cop 68874 L 92% 92% 92% 9% 85% 86% €0 60 e 95% 90% 6 T0% 544 0% 94% 8714 107% 100 9 9714 106% a1 1043 7% 92 RI% 103% 84% 96% 66% 87% 8714 87 8614 87 80 10214 '3 | Nebraska tax. 77 SALES' CURTAILED Some States Have Almost Eliminated Dishonest Prac- tice Among Dealers. BY JOHN F. MILLER. Gasdline bootlegging in some of the States has been practically eliminated, tax experts pointed out today. Tight- ening up the law and increased activity on the part of those charged with its enforcement have accomplished that re- sult, How far the tax may be avoided legally by bringing in the fuel from other States is the questicn presented In a case jusi docketed in the Supreme Court of the United States. Has Cost Millions. Gasoline bootlegging has eost the State treasuries many millions of dol- lars that might have been spent on the highways. ' Dishonest dealers are, of course, the principal offenders. Trans- ferring the duty of collecting the tax | distributors. from the retailer to the distributor or wholesaler has been a great help in overcoming that difficulty. As a matter of fact, the farther back the State can go in making collection, the easier it becomes to enforce the law. No breath of suspicion has ever been raised against any of the large companies. Going back too far, however, results in some legal tangles due to the fact that the tax cannot be imposed on the fuel vhu; it is traveling in_interstate commerce. For example, 40 farmers in Nebraska order a carload of gasoline shipped to them from Texas. Clearly enough, the company making the ship- ment cannot be compelled to pay the It must be collected from the farmers or not at all. Reports from transportation compa- nies bringing gasoline into a State are now required in & number of jurisdic- tions. In some States bonds must be furnished by those responsible for col- lection of the levy, and these measures, coupled with drastic penalty provisions, have had a salutary effect. Tax Breaks Records. California’s gasoline tax- for May broke all records when a levy of more than $4,000,000 was assessed against Changes in the statute are responsible in part, according to the State board administering the law. “It is obvious that we need no longer con- cern ourselves over delinquencies which in the past have been distressingly large,” the board says. In Pennsylvania the tax has been re- duced from 4 cents to 3 cents, but Sec- retary of Revenue Clyde L. King has announced that during the period Feb- ruary 1 to May 31 the State’s revenue from the levy was $648,194 more than in the corresponding period of 1930. Revoking the licenses of 289 dealers and a sustained drive against the boot- legger accomplished that result. The case before the Supreme Court comes from South Carolina, which has a statute imposing the tax on fuel that has been stored in the State for more than 24 hours after its interstate jour- ney has ended. The taxpayer in this case frankly states that it is advantage- ous to buy fuel in other States and use it without paying the State tax. ‘Whether or not that can be done the a‘mn will determine at its coming ses- sion. (Copyright. 1931). REVIVAL OF TRADE SEEN IN CANADA Better Employment Conditions and Growing Pay Rolls Are Shown in Comparisons. OTTAWA, Ontario. July 2.—Indi- cations of trade betterment revival throughout Canada are seen in a bulletin just released by the Canadian Pacific Raflway. The bulletin cites employment_figures for April as com- pared with March. “The Canadiar. employment situation was better in all provinces on May 1 than on April 1,” the bulletin said, “with the greatest increase being regis- tered by Quebec. All of the principal cities, with the excepiton of Winnipeg and Hamilton, showed increased ac- tivity. “Seasonal curtailment occurred coa! mining and railway transporta- tion was also slacker; but gains were noted in communications, trade and services, and there was a decided im- provement in construction, manufac- turing, logging and transportation, the Jatter dug to greatly increased employ- in 8314 | ment in shipping and stevedoring. arae | ! 56 70 6415 73 101% 96 83 82 8374 814 7915 108% 68% from 7,696 firms showed that pay rolls increased by 22,970 per= sons during April to a total of 925,605 on May 1, or a gain of 2.5 per cent over the totals reported by these same firms on April 1. “The employment index, based on the average for the calendar year 1926 as 100, stood oh May 1. 1931, at 102.2, as compared to 99.7 on April 1, 1931. ‘This_figure was also higher than on any May 1 from 1921 to 1927." J Oi'NS BOSTON “}V'Iil(. BOSTON, July 2 (Special).—Hale Waters & Co. announce that John C. Adams has been admitted to Zcneral partnership in the firm. Arthur Besse retires from the firm today. NEW YORK B.ENK STOCKS NEW YORK, July 2 (#).—Over-the- counter market: America, . Enat’ phe a1 Commereial " Nationai First National N ¥ anhattan Co Natlon Public Bankers .. Brooklyn hemical Cont Ban) Corn Exch. Empire . Guaranty Irving Manufactuirers’ New York. Persia now has nearly 8,000 miles of —_———————————————— Sales. High. Low. Close. 1 68% 68% ::u uay §s 3 69 69 g:‘“h‘?‘b 4 4 103% 103% ti] Pow 58’59 ww. 64 69% 681 Utll Pow 5% °47.. 13 76 5% Vanadium Stl 55’41 41 84 83 Vienna 6s ‘63 17 881 88% Va Ry 1st bs 2 105% 105% Wabash 4% . 5 65% 65% Wabash 1st 6s°39.. 3 102% 102% Wabash 5s D"80... 20 7 Valworth 6s A *45.. 5 1 76% 76% 8°101% 101% - 15 102 Wil & Co 1st 6 Wis Cen gn 4s 4 71 W . 0% 6 100% 100% 100% Yag