Evening Star Newspaper, September 17, 1931, Page 14

INBUILDING TOWNS J. C. Penney Predicts Good Future for Merchants in Smaller Cities. Special Dispatch to The Star. BOSTON, Mass,, September 17.—J. C. Penney, founder of the J. C. Penney Co., speaking before the Boston Con- ference on Retail Distribution, held un- der the auspices of the Harvard School of Business, Massachusetts Institute of ‘Technology, and sponsored by leading organizations throughout the country, said at the session at the University Club last Monday that “the small community store can, in general, meas- ure its anticipation of success by its willingness to make fitself a steadily increasing factor of convenience to that community. “An examination of the stock carried by various stores in so-called small communities will reveal interesting dif- ferences which make a marked reflec- |© tion upon the business ingenuity of the men who direct the separate stores. “A great deal has been said in the past few years sbout new forms of competition entering the retail field which ‘are certain to spell defeat for the local independent community store. “Branches operated by large depart- ment stores with their headquarters in central metropolitan areas, chain stores and co-operative merchandising units have been cited by some critics as mak- ing it impossible for the independent small community store to hope to sur- vive in the struggle for existence. “It is interesting to learn that what may be considered by the local mer- chant as an encroachment of his busi- ness opportunity by the entrance of these types of stores has in numerous cases, applicable in a general way to all parts of the country, been followed by an increase in the business oppor- tunities shared by the local stores. “A town of 5,000 people with an ap- parently adequate number of local stores suddenly se dtwo z;lthrgl moce aggressive stores adequately agkd managed making a bid for local ‘business. “The assumption is that the business there is in town and is going tp be further divided down to a point where nc one has a real opportunity. Trading Area Expanded. “What really happens—and instances seem to point to the fact that it actu- ally happens in the majority of cases— is this: The local co{nmunlty S\l(idf_‘:g finds that more people are comin, town; h;eether 'flrg:,dthlt the trading expanded. ‘rs‘ll‘k‘;!e ltllnrseth‘:’.ne&s of the community as a trading place is presented to a steadily increasing number of people. There is nothing there to prevent the Jocal merchant from making a bid for his share of the new’ business which is ming to town. N"lt tg! undoubtedly true that the larger in with advantages he has never before “The small community merchant who makas up his mind to advance with the the times must advance not alone in window trims, store fixtures, and improvement, but in ‘He must advance equally in his reg- uiation of his own financial affairs. Unprofitable Operations. ety, of turnover. “In a large percentage of stores in small communities the reason for un- profitable operations is oftentimes found in thumb-worn boxes, shop-worn mer- chandise, items of merchandise stored away in the basement and forgotten or tucked under the counters. “It is often found in price tags, which are not in any way in reflection of the current market value of the items which they cover. They are found in the un- willingness of the operator of the store to face the fact that he has made a mistake in buying and that the wise thing for him to do is immediatzly to reprice surplus stock and old stock and get rid of it. “Qftentimes destructive fallures car be prevented by such cleaning processes. A man may either put his own store on a profitable foundation or find means for merging with some other local busi- ness into one unit, which will make a profit for all concerned, simply by being willing to thoroughly e his cwn condition and then correct it. No store is entitled to success merely hecause it is open. “No community should be expected to pay the expense of injudicious opera- tions on the part of aspiring keginners in business. No group of retail cus- tomers can be expected to be loyal to a business institution which in its own operations s not returning an equiva- lent loyalty and service to them. In oppcsition to any opinion which may exist to the contrary, it is not the de- sire of the larger merchandising organi- zations to frustrate the efforts of the stores in small communities. “It is for the best of all concerned 1t such of these stores as are warranted in living by the facts concerning their operations and management were to go ahead in a flourishing manner. “They would be contributing to a bet- | ter retail condition throughout the country. They would be stimulating increased retail activities, and in the great circle which finds its inception in the manufacturing plan and its com- pletion in the consumer's hands they would be expanding the opportunities for national development. “The right kind of a small com- munity store is a part of our social and economic set-up. But the :ight kind of such a store is far removed from what would do a few years ago. 1 “In the wave of sympathy which has gone up for the old-time storekeeper, I ‘wonder if people really know what they are talking about. “Would they be satisfied to go back to the things our parents had v endure in their shopping? ““The answer is obvious. They would not. Modern sales methods have come not as a standard set by business. but as a standard set by customers them- selves. “Business as a ‘whole {5 constantly behind the market it wanis to serve in matters of progress. The changing public mind is far less fettered by tra- ditions and conventions than is the business life of the country. “Our own experience, covering more than 1,450 cities and towns throughout the country, with by far the largest number of stores, proves two things: “Pirst, that the small community, RS s v, o, e g Athy 2 pro| place for & good store of any kind. “Second, that the store life of the 1031~ Stoek High. Low. Dividend Rate. 27% 10% Magma Copper (1).. 61 42 ManhatElevgtd (7 5 ManhatElev mod gtd 7% Manhattant Shirt(1)™ , 1 Maracaibo Ol Exp. .+ 17 Marine Midld (1.20). 15% Marlin-Rockwell (2) 20% Marshall Field (23) 175 Mathieson Alkili (2). 2715 May Dept Strs (234). 10 Maytag Copf (3). 58 Maytag Co.1st pf (6) 3 Mengel Co 22 Met-Gold Pic pf 1.89, 4% Miami Copper 5% Mid Continent Petm. 13" Midland Steel (3)... 60% Midland Steel pf (8). 27 Minne & Hon Reg (3) 1% Minn Moline Fow. 13 Missouri Pacific 30% Missouri Pac pf (5).. 18% Monsanto Chem (1% 15 Montgomery Ward.. 35 Morrell (J) & Co (3). 3 Mother Lode. . % Motor Meter G & El 237% Motor Products (2) 8% Motor Wheel (1).... 8% Mullins Mfg. . ¥ 30% Mullins Mfg pf (7). Murray Corp. e Myer (F E) & Br (2) 20 Nash Motors (4). 41 Nat Acme Co. 5% Nat Air Transport. 8% Nat Bella Hess. at Biscuit (2.80) Nat Biscuit pf (7) Nat Cash. Register A Nat Dairy (2.60).... at Dept Stores. Nat Dist Irod (2)... Nat Enam & Stamp. Nat Lead (5). Nat Lead pf A (7) Nat Lead pf B (6)... at Pwr & Lt (1). at Radiator. % Nat Radiator p! Nat Steel (2)... Nat Supply Co Nat Supply pf (7) Nat Surety (2). Nat Tea (1). 1 9 6 208 13 7 1012 Newport Co (1). 4% Newton Steel. 58% N Y Central (4). 15 N Y Chicago & StL 94 18 NY Chi&StLpf. 227 146 N Y & Harlem (5) 12% 8% N Y Investors. 94% 43 NYNH& Hart (4).. 119% 100 NYNH&H pf (7) 18% 5% N Y Ont & Western. 12% 3% N Y Shipbuilding. 72 31 N Y Shipbldg pf(7 107% 190 N Y Steam pf (6). 29% 15% Noranda Mines. 8% ' 2% Norfolk & Southern. 217 137 Norf & Westn (712). 11 4% North Am Aviation. 53% Nor Amer (b10%stk) 57 53 North Amer pf (3)... 107% 102 - North Am Ed pf (6), 47% 43 Northwest Tele (3). 60% 25% Northern Pacifie (5) —_— e 19% 7 OhioON. . 28% 18 —~Oppenhm Collins (3) 75 28 Orpheum Cir pf (8). 58% 27 Otis Elevator (2% 16% 6% Otis Steel. 69% 20, Otis Steel prior pf. 113% 106 ~Outlet Co pf (7) 39% 25% Owens Il Glass (2) . s 54% 88 Pacific Gas & Bl (2). 69% 46% Pacific Lighting (3). Pacific Tel&Teleg(7) Packard Motor (40c) Pan-Am Pete B(40c). 1% Panhandle Pro&Ref. 18% Paramt-P(m1.62%p) 4 Park & Tilford. 1 Park Utah 2 Parmeles Transport. 1 Pathe Exchange 3 Pathe Exchange (A). 6 Patino Mines. 2844 Penick & Ford (1)... 28% Penney (J C) (2.40). 100% 90 Penney(JC) pf A (6) 64 31% Pern Railroad (3)... 250 162 Peoples Gas(Chi)(8) 17% 10% Pet Milk Cp. Lo 10% 5% Petm Corp of Am(1) 25% 9 Phelps Dodge (1) 5644 5214 Phila Co 6% vt (3). 12% 5% Phila&Reading C& 1 52 44 Phillips-Jones pf (T) 12% 9 Philip Morris&Co(1) 6% 4% Phillips Petroleum. 714 Plerce-Arrow. 391 Plerce-Arrow pf (6). 6% Plerce Oil f.. Pierce Petroleum. 40% Pitts Steel pf . 2% Pitts United Corp 11% Pittston Co. 6 Poor&Co (B)...... 4% Port Ric Am Tob(A). 13% Postal Tel&Cable pf. 6% Prairie Ofl & Gas. ... 13% Prairie Pipe Line(3} 14% Pressed Steel Car pf. Proct & Gamb (2.40) Proc &Gamb pf (5) 16 . 96% 69% Public Sve NJ (3.40). 1023 95 Public Sve NJ pf (5) 120% 109% Public Sve NJ pf (6) 139% 128% Public Sve N J pf(7) 160% 148 Public Sve N J pf(8). 107% 103% Pub Sve G&E pf (5) 581% 254 Pullman Corp (4) 11% 5% Pure Ofl 101% 66% Pure Oil pf (8). 55% 17% Purity Bakeries (3) 27% 12 45 31% 11% Radio Corp. Radio Corp pf A 3%. Raybestos-Man 1.60. Reading Rwy (4)... Reading 1st pf (2). Real Silk Hoslery. .. - Reis (R) & Co 1st pf. Remington-Rand Reo Motor Car(40c). Republic Steel. Republic Steel pf. Reynolds Metls(1%) Reynolds Tob B (3). Richfield Oil, 3% Rio Grande Oil. 16% Ritter Dent Mfg 1%. 15% Rossia Insur (2.20) . 16% Royal Dich (m: 9) 38% Safeway Store: 98 Safeway Strs pf (7) 13 St Joseph Lead (1) 9 StL-San Francisco. 131 StL-San Fran p£(6) 7 St Louis Southwn 4 Schulte Retail Stores 7 40 Schulte Stores pf (8) 505 10 3eaboard Oil. . 44% Sears Roebuck (23). 3% Seneca Copper. .. 10 40% 1 2 50s 140 10s 118 7; 20% 18% 34 22 39% 6 100% 73 34 28 166% 162 661 54% 140s 100 5 14% THE EVENING STAR, WASHINGTON, D. C., THURSDAY, SEPTEMBER 17. 1931 NEW YORK STOCK EXCHANGE Mmmmmumsmom ~1031 High. Low. 1% 12 25% Shell Un 70 Solv Am Stand Br Stand Stand Gi 4 Sterling 61 21% 913 55% 18 * 6% % % 15% 35 15 Tobacco 814 Tobacco 6% Transue 9% Truscon Un Tank 3% U S Leat 15 US Pipe 12 88% 99 32 17 35 13% Ut % Vadasco 14 51 West Pa 4 West Pa West Pa Western Western Western Western ‘Westhse b4% 33% b4k 80% 66% Wrigley 100 13% 9% g tons, *xEx-dividend. 4% in stock. 1Plus 9% | bpavable in stock. 1 Plus 2% in stoc] 3% in stock. stock. P Plus Stock and Dividend Rate, 4% Servel Ine..... 7 Sharp & Dohme 15% Shattuck(FG)(113%) 10% Shell Tra(m1.73 1-5), 415 Shell Union Ofl # South Port Rico Sug. 4 Sou P Rico Sug pf(8) Southn Cal £4 (2)... 4 Southern Dairies(A) Southn Pacific (6). .. Southern Rwy (m6). §pald (AG)1st pf(7). Sparks Withing (1). Spear & Copf (7)... Spencer Kellog(80c). Spicer Mfg Splegel-May-Stern. . 4 Walworth Co Ward Baking 4 Ward Baking (B)... Ward Baking pf (7).x Warn Bros Pictures. 1 Warner Bros pf 3.85. Warren Bros. A Warren Fd&Pipe(2). Wesson Oil&Sno(2). Wesson O&Sno pf(4) 5% Yellow Truck....... 371% Yellow Truck & C pf. 14% Young Spr&Wire(2). 9% Zonite Prod Corp (1) 9 Sales of Stocks on New York Exchange. Dividend rates as given in th cash paymenis based on ihe Iatest qUAFterly of sLesé e P Net. Close. Cnge. 5% + % T =% + % b Sales— Add 00. High. Low. 70 6 5 jon Oil pf. 2 Shubert Theaters 10% Simmons Co 614 Sinclair Con: 314 Skelly Oil. . 10 Skelly Oil pf w 1% Snider Packing. Socony-Vacuum 1. pEeww (53 ). ands (1.20). &E1 (3% ). &El pf (4 Stand Gas&El pf (6 %4 Stand Gas&El pf %4 Stand Invest Corp. Stand Oil Cal (h2%). % Stand Oil Exp pf (5). 4 Stand Ofl of Kansas. % Stand Ofl NJ (12)... tarrett(LS) (1214). Secur (A) Sterling Secur pf. ... 281 Sterling Sec cv pf(3) Stewart Warner.... Stone&Webster(m2) x 45 Studebaker Co(1.20) Sun O1i (711). Superheater (2%)... 1% Symington (A) 16% Telautograph (1.40). 314 Tennessee Corp(50c) 36% 18 Texas Corp (2) 293 Tex Gulf Sulphur(3) 214 Tex Pacific Coal&Oil T Tex Pacific Land Tr. 6 Thatcher Mfg Co 2 Thermoid Co. . 16% The Fair ( 5% Third Avenue 16 Third Nat Inv ) Thompson (J R) (1). 8% Thompson Prod 1.20. 2 Thompson Starrett. . 2414 Thomp-Star pf (3%) ‘4 Tide Water Asso Oil. Tide Water As pf(6) 5 Timken-Detroit Axle 28 Timken Roller B(2).. 0) EhlsErd ey W ® ¥ Products. Prod A t95¢. 5 Transamerica (40¢). & Will (1).. 5% Tri-Contl Corp...... 90 Tri-Contl Corp pf(6) 281 Trico Products(2%). Steel (60c) Ulen & Co . Under Ell Fisher (4). Und Ell-Fish pf(7).. Union Bag & Paper.. % Union Carb & (2.60) . Union Oil of Cal (2). Union Pacific (10)... Union Pacific pf (4). Car (1.60).. Unit Afrcraft, .. Unit Aircraft pf (3). ¥ Unit Biscuit (2). 112% Unit Biscuit pf ( % 10% Unit Carbon. 3 Unit Cigar Sto 46% Unit Fruit (4). 25 Unit Gas&Im(1.20) 981; Unit Gas&lm pf(5).. 16% Unit Plece DW (2).. 4 US&Forn Secur.... 66 U S & For Sec pf(6).. 28% U S Gypsum (1.60).. 5% U S Hoffman. ....... 24% U 8 Indus Alcohol... her. .. 6% U S Leather (A)....s 69% U S Leath pr pf (7). & Fdry (2). 16 U S Pipe&Fy 1st 1.20 U S Realty & Imp(1) 9% U S Hubber U S Rubber 1st of. 121 U S Smtg & Ref (1). U S Smtg&Ref pf 3% 78Y% U S Steel Corpn (4).. 128% U S Steel pf (7).. 60% U S Tobacco (4.40) 41% 27% Univ Leaf Tob (3). 4 1% Univ Pipe & Rad. P&L(A) et2.15 8 11 3 719 19 1 Vadsco Sales pf. 21% Vanadium Corp 1 Va-CaroChem...... 7 Va-Car Chem 6% pf. Va-Caro Chem pt (7) 4 9814 Va Elec&Pwr pf (6). 190s 3714 Vulean Detin (4).... 90_ Vulean Detin pf (7). 10s 210s 17 s anbEiBunoas El'pf (6)... 100s El pf (7). Pwrpf (6). Dairy (B).. Maryland. Pacific. Unioh (8), 4 Westinghse A B(2) Westinghouse (2% . 580 1st pt (23) 10708 ‘Weston Elec Instru., Westvaco Chlor (2).. Wheeling Steel . White Motors. . White Rock (14 % White Sewing Mach, White Sewing Ma pf. Wilcox Ol & Gas. Willys-Overland Willys-Overld pf (7) Wilson & Co... Wilson & Co (A) Wilson & Co pf. Woolworth (2.40) . Worthington Pump. Worth Pump A ( %) (Wm) (4) 6% 37% 16% 10 15% + % 21 10 - % 500,000 12: 1,600,000 2:10 P.M, -1,800,000 e above table are the annual half-yearly declara- 100 shares. fPartly extfs o080 e ik ybar o e o 1,000,000 m 2%% in stocl CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, September 17.—The fol- lowing is & summary of important cor- poration news prepared by the Stand- ard Statistics Co., Inc., New York, for the Associated Press: News Trend. Electric output for the week ended September 12 was 1,582,267,000 kilowatt hours, compared with 1,635,623,000 kil watt hours in the previous week and 1,726,800,000 kilowatt hours in the corre- sponding week of 1930, the National Electric Light Assoclation reports. The large decrease in production was caused the Labor day holla‘{j.;nd as the in output of 4.1 per cent. ‘The Companies. New England wn products —Calls :elf stock at 105, & o irginian Railway.—Continuance of | previously paid 50 cents quarterly. $8 common dividend rate held unlikely; $5 rate anticipated. Atlas Plywood omits common dividend; Canagian Facific Railway—Weston yards closing for an indefinite period; between 2,000 and 3,000 affected. Consolidated Railroads of Cuba $6 preferred share earnings, year ended June 30, $4.46. i S v, uj uj T cent over ¥ General Amp:flnn ‘Tank Car.—First eight months’ profit sufficient to cover common dividend of $4 a share. end passed; -50 cen! A 1931, ahd $1.25 quarterly prior thereto. Lee Rubber & Tire reported tire sal through Phillips Petroleum have in- to 10,000 a month. Otis Steel omits prior preference divi- dend; previously paid $1.75 quarterly. Phillips Petroleum—August = gasoline 000,000 ‘in. ; on 'm| = o bout 35,000 barrels barrels and aro ,500. Link Belt Co. 40 cents quafterly com- mon dividend; paid 50 cents ber 1, 1931, and 60 cents wll'wm Long Island Railroad common share 6 months ended June 30, earnings, 1.59 against $1.57. ¥ Sinclair expected to show large loss. Part of deficit would. tesult from materially writing down all fixed assets. Pay of all perscns receiving less than $100 a month cut 10 per cent and those over $100 15 per cent. Madison Square Garden deficit, quar- ter ended Auj 9o Motor Gar cuts r Car cuts prices on stand- ok 8 olombian monopol; negotiations abandoned for time being because of inability to agree on terms. Swift & Co.—Salaries of employes cut 10 per.cent, effective September 28. Youngstown Sheet & Tul er- B, ST 5, % B : 9 oul # hmmdh Cflpmlve. A e Per Mininy American ;!nt;s.k cuts s '3'?”&’ copper and nickel silver A *®Beihlonem Seel stncy lem —Report_eompany is planning unusually lary ore purchases denied. . "o 1ron sales off 16.3 per cent; 11 per 'filnm & Fox Theaters—Paramount-Publix ported planning scquisition of 47 wfimfi theaters in East, J eight months of! Te- of Ofl—Company's | statement for six months ended June 30 | $1.63 -~ lidated Retail Stores—August | X BOND PRES SLP | (e e B TO LOWER LEVELS Decline in Junior Issues Brings Out Further Offerings. BY F. H. RICHARDSON. % | Special Dispatch to The Star. NEW YORK, September 17—The " bond market in had a persistent % | volume of mu'lf:‘ntm to absorb today u. and the price average fell to & new low T Thg long-continued depreciation of junior bonds has now reached the stage where it has brought out a sizeable vol- ume of selling by cpmmercial banks, insurance companies, other corporate investors and individuals, who see threatened defaults in the current low quotations and are accordingly weed- ing the poor issues out of their port- i folios. . Current volume is around $5,- 000,000 a day higher than during the period when the market was sliding so Tesistlessly 10 days to 2 weeks ago. ‘The pace of the decline today was somewlat slower and there was evidence of brisk bidding for many speculative issues on a scale down. But it must be noted that Standard Statistics’ index of 60 issues has declined over 1% points since Monday. This would indicate a Icss of $750,000,000 in the market value of all listed bonds on the New Yorl Stock Exchange and approximately an equal amount in bonds listed elsewhere and traded over the counter. ‘The weakest group today was the foreigh section, where many new lows were recorded following continued de- clines in the markets of London, Ber- lin, Paris and Buenos Aires. In the Argentine capital a further break in peso exchange, following heavy id shipments to New York, was refl here in drops of 2 to 3 points in Argen- tine 6s, bringing most of them below 55 fo~ the first time since issue. Brazilians were heavy. Central Railway 7s'dipped 3 points to a new low.and mirrored ex- pectancy of a poor statement by the lmld. Other South Americans were lower. German dollar issues equaled their former low le and some of the mu- nicipals like a 6128 and Saxon 78 sagged to new lows. Most other Euro- peans declined. Great Britain 5l2s held firm with sterling. In the domestic department railroad bonds were again the swiftest losers. Alleghany 5s of 1950 fell as low as 31. This was connected also with the de- cline of 2 points in Chesapeake Corpdr- ation 5s, Erie 55 and Nickel Plate 4% all obligations of Van Sweringen Rcads. Southern Railway 4s, Frisco 4148, Chi- cago & Northwestern 434s, Canadian National 5s and a few of the prime rails were fractionally lower. Industrials generally sold off. Ar- mour cf Illinois 4%s and Armour of Delaware 5%s sagged over a point to new lows. American 1. G. Chemi Washington Stock Exchange SALES. Wash, Gas 6s B—$1,000 at 107%. Capital Traction Co.—10 at 32, 10 at 32, 10 at 32, 10 at 32, 10 at 32. Wash. R. & E. pfd—6 at 99. Pot. Elec. 512% pfd.—5 at 110%. UNITED STATES. ! (Sales are in $1.000.) Lib 3% s 32-4° L1s Abitibi P&P 5 Alleghany Cp 6544 Allegheny 5s'49... Allegheny 58 °50.., 7 1 Allis-Chalm s "37. | Am Chain 6s'33 Am F P 58 2030 e AmIGCh5%s’49. 1 Am Intl 5358°49. Am Metal 5%s'34.. 2 | Argentine 6s A "57. Argentine 6s B '58. 0| Arm & Co 4%s 39, Arm Del 5%s "43 Assoc Oil 6s°35. Atchison gn 45 '95. Atchis cv 4% s *4 | At & Danv 4s"48 Atl CL 1st 4s'52 At Gulf 58°59 Atl Ref db 55 Australia 4 Australia 58 '55. Australia 53 ‘57 Austria 7: Bk Chile 6% s '61 Belgium 6s "55. Beigium 6%s "49 Belgium 7s°55 Belgium 7s'56 B Ind Loan C 6s'46 BerlinCE 6% Beth Stl pm 5: Beth Stlrf 5%s '4: 41,4 BkEflnAi;&'l!.. Bklyn Un 55 °45. Bklyn Un 1st 5550 Buenos A 65’61 Pv. Budapest 6s'62. Buff Gen El 4%8" BR&Pitt 44857, Bush Ter con 5555 3. o Austria 7s '57 ctfs. Calif Packing s "40 0. 6 Canada 4s * Lanston Monotype—10 at 813, 10 at|Ca 81%, 10 at 80, 63 at 80, 50 10 at 80, 20 at 80. Security Stge. Co.—10 at 108. The Carpel Corp—25 at 17%. AFTER CALL. The Carpel Corp.—25 at 17. Lanston Monotype—10 at'80%. Mergenthaler Linotype—10 at 74%, 46 at 74%. Pot. Elec. 6% pfd.—5 at 112%. Bid and Asked Prices. BONDS. at 80, Bid. Asked Amer._Tel. % 1 i Am, Tel. Tel. & Tel. 1 Traction Co. Gas Lt. Co. . & W. Steamboat Pot. Eleé. Power 6% Pot. . Power Sia% pid. wy. & EL com. (T Rwy. & EL ptd. (5.0 NATIONAL BANK. pital (14).. umbia (12] (stamped) Ca Gol Commercial District (8) Fed.-Amer. & . Bay. & Tr. (133) Prince Georges Bk. & Tr. (6) Bank of Bethesda (68). Commerce & Baving East Washington ( Potomac (10) c. Sav. Seventh_Street (13) United States (30), Wash. Mechanics (3 FIRE INSURANCE. Firemen's (8)". National Union TITLE INSURANCE. Columbia (6h) . . Real Estate_ (6h). MISCELLANEOUS. Barber & Ross, Inc., com. Col. Medical Bids. ). (8).... Cfllb!ll’::!rl"o‘r‘lv:‘lfl! d. (7). ist. Natl. Sec. ped. (3 Fed: Lans e e Tr. Mergenthaier Blopies Real t 31, $314,853 against | wa) W *Ex dividend. bBooks' closed. ;I?M !‘x‘lr-. v Qn‘; o 3 8% extra. BRI NEW YORK BANK STOCKS NEW YORK, September . )— Over-the-counter market: o .| Gen Motors 6: Americ: America iase Chat_Phanix '/ Commercial N First Can Nat Ry 4%9'66 Can Nat 438 '57 6 Can Nat 55 Oct '69 Can Nat 6s ‘70. Chi Grt West 4s'59. CM&StP4%s'89., 3 C M StP&P bs '15.‘lss 8 CM & St P adj 5 Chi&NW C TH&SE 1n 58 °60. Chi Un St s "44. Chile 75'42. , Chile Cop b CCC&St L 4% Clev Term 434 an '61.. 26 Colomb 65’61 Oct.. 26 Colo & Sou 414535, 30 Col G&E 55 May’'52. Col G&K: cou 65°61. 63 Com Inves 53%s "49. 24 CCMd 1strf 58'50. Con G NY 4%s'51. ConG N Y 5%3 45 5. Cuba RRrf 7%s"36 Czecho 88 ’51. . 3 07 1 12 Del Pwr&L 4%s 71. 49 Del & Hud rf 4s "84, 22 3 7. Donner St 754 Duquesne 43%s"67. Dutch East 1 7. Dutch East I 68'62, Fla E Coast 5 Fram 1D 7%s"43.. French 78 '49. French 7%s Gelsenk'hen 65'34. ., Gen Cable5%s"47.. Ger Ger Gen El 78 "45. Goodrich cv 6t Good 15t 6% '47 Goodyr Rub 58'67. . GrandTr sf db 6s'3¢ Grand Trunk 78°40. 21 5 29 10229 10229 | Grt Norgn 5% s 104 22 104 23 | Grt Nor gn 7s 36, £918 9918 100 28 100 23 101 24 101 24 101 21 101 21 10122 101 24 Sales. 58°63. 25 -3 .83% 83 83 105 104% 104% m 108 107 7107 7 111 2111 3 pesy FINANCIAL. ONDS s st Wire Direct to The Star Sales. High. Low. Close. - 102 6 102 6 102 106 9% | Pere Mar 4345 '80. . 111 grt Nor 435876 p W5 B fo™ Grt Nor 435 7T E. 16 6| Grt Nor 5573 3 Close. 82 82 85 95% 9 85 5 104 Greek 65 '68 72 100 68% 92 103% 102% 106 55% 62 B4 20 60 102% 92% 57 Humble Ofl 5s '37 Humble O 5%s '32, 111 Bell Tell 5s 56 111 Cent 4 '53 111 Cent rf 45 ‘55 11l Cent 4% '66. [l Cent 635 '36 111 CCStL&N 55 A 111 Steel 415540 Inland St ¢35 A'78 Inland St 434 B'S1 Int Rap Tr 5s '66. . Int Rap Tr sta 66 Int Rap Tr 6s°3: Int Rap Tr 7s 32, Int Cement 58 "48 Int & Gr Nor 6s'52. Int Hydro El 63 '44. Int M Co 58 ret’41 Int Match 6s'47 Int Pap 58 A 47 Int Pap 6s '55. IntT&T 4%s Int T&T cv 4%’ Int T & T 58 '55.... 8 Irish Free St 5560. Italy 7s'51. 8 Italy Crt PU 7 Italy Pub S 75’52 Japanese 51s Japancse 635 Jugosl Bnk KCP&L4%s'sT. Kan CFtS&M 4s'36. Kan City Sou 3s Kan City Sou 55'5 Kan City Ter 45'60. Kan G&E 4 %5 '80 Karstadt 6s '4: Kreug & Toll 55'59. Laclede 5%s C'53 Laclede 5%8 D '60. Lake Shore 3138 '97 Lautaro Nit 65 ‘54, Leh Val ey 45 2003, Leh Vcn 4%s 200. Leh Valley bs 200; Lig & Myers 58 Lig & Myers 7s'44.. Loew’s 65 éx w '41.. Long Isi rf 45°49. . Long Isl db 58 37 Lerillard 68’} Lorillard 5% La & Ark 58 '60 Lou G & El 5552 L&N4%s2003.... 1 L&N 1st 535 2008, Lyons 6534, 6814 7% 9% 88 88 95% 95% 104% 104% 59% 69% 104% 104% 84 84 26 104% 60 104% 84 McKes & R 5%#'60, Man S 1st 7%s "42.. Manh Ry 1st 45’9 Market St 7s 40 Marseille Midvale Stl 5s Milan 68 '52 Mo Pacr£5s°81. ... Mo Pac 545 A 49, Moblle-Ohio 55 '38. Montevideo 75 '52 Mor&Co 1st 4% Nassau Elec 45'51. 6 Nat Dairy 5%s 48,125 Nat Steel 55°56. ... 37 Netherlands 6s ‘72 N Eng T 1st 55'52.. NOT&MG5sB’54. 4% 98y 86 86% 102% 102% 111% 111% 43 43 43 42 81% 87% 29 87% 89 96% 8% 52 61 67 1061 106% 116% 5% 100% 100% 81% 814 42 NY O&W gn 4s'55. NY St Ry 4%s'62 NY S&W 1st 55°37. NY Tel 4%s 39 NY Tel 65 '41 NY W&B 4345 "4 Nia Sh Md 5%s Nord 6%s 5! Norfsvm.hs, 61 No Am Co 58 '61. Nor Am Ed §s'57 Nor Am Ed 6s C Nor Am E 515 '63. NorOT&L 634 Nor Pac 352047 aeSnineRan Snuan 984 101% 101 1% ™ T Norway 65’62 Orient dev 5 Orient dev 6: Pac G&E s "42 Pac T&T 1st 5 Pan-Am Pet 6; Pan Am P Paramount Paris-Ly M Pathe Exch Penn4%sD Penn gn 4 Penn é%s Penn 4%s'63. Penn b5 '64. 100 Penn gen 68 "68. 102t 102% Penn 64’36, 106% 106% Penn O&D 4%s'77. 92 92 Penn P&L 4%s '81.130 96% 64y 663 10% bt 33 80 80 103% 103% 9015 90% 55 24 57 59 4 103% 103% 965 96% 60 Philippine R 4s'37. Phillip Pet 5%s ‘39, Pillsb F M 65°43. PCC&StL 4%8'77.. P&WV4%sC60. Poland 65 '40. Poland 7s '47. Poland 85 '50. Port Gn El 4%5'60. Porto Alegre 85'61. Por RAm T 6542 Pos Tel & C 55'53. Prague 7%5 '52. . Pressed St C 58'33 Prussia 6552 34% Pure 011 5%8°37... Read gn 418 A ‘97, 474 Rai 3 48% Rhine West 65 '53 a4 Rhine.West 63 56 53 Rich Oil Cal 65 °44. B oma 78 81% 89%. 90 52% 39 60 » [ M R&G 4s5°33. SUL&SF In 48 A '50 s'78. S - 47 26% 40 42% 3 10bs Saxon P W 6%s'51. Saxon 7s"45 Seab A L.rf 45’59 8 8 Seab A L ov 68 '45.. 9% 9% Seine 7542, cor0ua, 20 105% 105% wEanafenna 66 103% 103% | 29 29 " Ygstn MOUNTING RAPIDLY Government Speciilisls Are Skeptical of Wisdom in Increasing Levies. BY WILLIAM BRUCKART. Government specialists have begun to wonder whether taxing authorities are riding a good horse to death in the matter of levies on cigarettes, partic- ularly in sales taxes by States, and whether the continuing increase in the burden portends revolutionary changes in merchandising methods. There is obviously no danger that the industry will bs destroyed by taxation, but there is a mnmmfl of the roll-your- received in the Government the effect thet a real drive to their use is g:tting under way. it will succe:d in cutting into the ready-made cigarette sales can not now be foretold, but the fact remains that The tax whicn the cigarette must carry is $3 per thousand under a Fed eral levy, plus an additional amount of £58 gk e i g i gl e? ! | £ { i : g E B g& ; § £ 5af E‘a%# 'igi 3 3 L L 4 | i Serbs-Cr-S1 7s 62 Serbs-Cr-S1 8s 62 42.. 1 93 Sou Bell T&T 5s°41 10 106% Sou Pacref 4s'55.. 26 91% Sou Pac 435 " 7 Sou P 4%s Sou Pac 4. Sou Ry 6%s St Ofl N J b8 "4 StOll N ¥ 4%s'51. Sweden 5345 ' Swiss 5% '46. . Talwan EP5%s'71 14 934 93 Tenn Cop 6s'44.... 2 78 71 Tex&P 1st bs 2000., Tex & Pac 5s B'77.. Tex & P 5s D '80 ‘Third Av rf 45 "60. ‘Third Av 1st 5s'37. ‘Third Av adj s ': 20 e . 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