Evening Star Newspaper, October 8, 1931, Page 14

FIN “WAGE ADJUSTMENT [ POLICY IS URGED] Steel Executive Suggests Pay Rates Be Cut and More Workers Employed. High wage rates which have been so | strongly urged as the basis of American prosperity are worth nothing to the worker when he is not employed, de- clares E. J. Kulas, president of the Otis Steel Co. and the Midland Steel Products Co., in a frank discussion of | the wage question appearing in the | October issue of Nation'’s Business. “Maintaining wages—the real wages which are translated into living stand- ards—and maintaining specific hourly, daily or piece-work rates, have come to mean two entirely dm’erenh things,” says the manufacturer. “Maintaining real wages as expressed in the buying power of the worker, means maintain- ing the American living standards, just as it always did. Maintaining specific wage rates means raising the buying power of a fraction of the workers at the expense of the rc: “We started out to protec( the Amer- ican standards of living and we must continue to protect them. But paying part of the workers more money in commodity purchasing power and let- ting the rest starve because we cannot get enough for our goods to pay for making them is not protecting Ameri- can living standards, “Two things are necessary before we can again approach the total bulk pay rolls which secure for the workers as a whole the enjoyment of American standards of living. The purchasing power of those now partly or wholly | out of work must be restored and !hc‘ purchasing willingness of those who are employed must be brought back through | the restoration of confidence in the in-| dustrial future. i “The first step in the accomplish- ment of this double result is to stretch the present pay rolls over more men | and more goods—over more men in or-‘ der that unemployment may ke. :efluced and purchasing power consequently in- | creased and over more goods in order | that production costs may again be balanced with selling prices and some | degree of market stability be estab- | lished.” After illustrating this argument by figures showing that in such a basic | industry as steel selling prices average | on the level of 1913 while wages are | twice as high even with the recent re-! duction of 10 per cent announced by | leading steel companles, Mr. Kulas| says: A definite movement to adjust spe- cific wage scales as retail prices have been adjusted would do more to set business on the road to real recovery | than anything else. Without such a definite movement the process of nib- | bling at economies of operation will | continue until in many cases workers will be worse off than they were before living costs went down.” CANADIAN AUTOMOBILE EXPORTS SHOW DECLINE exports of motor vehicles a_decrease of 20 per cent from July shipments, valued at $386,118, and & decline of 81 ver cent from the same month of last year. Shipments of automobile paits ere valued at 870,575 in August a: compared with $72,495 in July. Exports of passenger car units de- creased by 15 per cent and truck units by 31 per cent. Shipments of passenger cars in theNow and medium priccd classifications decreased, while exports in the classification $500 to $1,000 in- creased by 13 per cent. Exports of trucks of a capacity of 1 ton or less showed a gain of 6 per cent, but ship- ments of heavier trucks declined 55 per cent. August production of motor vehicles in Canada was 7 per cent over the July | output, the low point for the year to| date. The Dominion Bureau of Statis- | tics index number of motor car pro-| duction, which is adjusted for seasonal variation and expressed as a percentage of the long-term trend determined from the period 1919 to 1928, inclusive, ad- vanced two points in August, when it stood at 27 per cent of normal. Canadian S8 s B pil Bh & Con 6% pi ANCIAL. THE EVENING Received by Private Wire Direct to The Star Office, (Continued From Page 13.) Stock and w. Dividend Rate. Add 00. Manhat Elev gtd (7). 130{ ManhatElev mod gtd 10! Maracaibo Oil Exp.. 2 Marine Midld (1.20). 3 Market St Ry pr pf. Marmon Motor Car.. 2 Marshall Fleld (234) 12 Mathieson Alkill (2) 7 May Dept Strs (2%). 27 Melville Shoe (2).... 1 Met-Gold Pic pf 1.89, 1 Mid Continent Petm. 12 Midland Steel (3) 3 4 Midland Steel pf (8). 2 Minne & Hol Reg (3) 1 Minne-Moline Ppf.. 4 M StP & SSm Isd (4) :u). i Mo Kan & Texa Mo Kan & Tex pf @ Missouri Pacific. . Missourl Pac pf (5) 8 Mohawk Carpet..... 3 4 Monsant Chem (1%) 12 Montgomery Ward.. 165 Morrell (J) & Co (3).1 2 & Mother Lode Motor Produ Motor Wheel (1). Mullins Mfg. . Mullins Mfg pf (7). Munsingwear Inc(2). Murray Corp... 15% Nash Motors (4).... 3% Nat Acme CO...... 4 Nat Afr Transport. . Nat Bella Hess. Nat Bella He Nat Biscuit (2.80). Nat Cash Reg A 1% % Nat Dawry (2.60). u 82 Nat Lead (5).... Nat Lead pt A (7). Nat Pwr & Lt (1) Nat Radiator. Nat Steel (2 N Nat Surety ( Nat Tea (1). Neisner Brot| Nev Copper (80¢) 207 Newport Co (1).. 551y Newport Co (A) (3). 24 3 Newton Steel. 1825 N Y Central (4) &8 N Y Chicago & St L 94 2 NY Chi & StL pf. 221 N Y & Harlem (5). 1214 2 N Y Investors... 947y 30% NY N H & Hart (4) 119% NYNH&Hpt (1) N Y Ont & Western N Y Shipbuilding. N Y Steam 1st pf( Noranda Mines. . Norf & Westn (11 North Am Aviation. Nor Amer(b10%stk) hern Pacific 3).. ©Ohio O1l. Omnibus Corp 5 a7, 1us 386 60 23 Otis Steel. ... Outlet Co (4). 4 Owens 11 Gl Pacific Gas & Pacific Lighting (3). 4 Pacific Mills. . . Pacific Pacific T & T pt Packard Motor (40c) Pan-Am Pet B (80c). Paramt-P(m1.62%p) Park & Tilford. Park Utah. Pathe Exchal Pathe Exchange (A). Peerless Motor Car.. Penick & Ford (1)... Penney (J C) (2.40). Penn Dixie Cement. . Penn Railroad (3)... Peoples Gas(Chi)(8) Pere Marquette Ry. . Pere Marquette pr pf Pet Milk Co. Petm Corp of Am(1)’ Phelps Dodge Co. ... Phila Co 6% pf (3) Phila&Reading C & I Philip Morris&Co(1) Phillips Petroleum. . Pierce-Arrow Pierce Oll. . Plerce Oil pf. Pierce Petroleum. ... Pillsbury Flour (2).. Pitts Coal pf Pittsbgh Scri % Pitts Steel pf. 3 Pitts United Corp. Poor & Co (B)...... Port Ric Am Tob(A). % Port R Am Tcb (B). Prairie Oil & Gas. ... Prairie Pipe Line. ... Pressed Steel Car. Proct & Gamt *2.40) Pro & Refiners. Prod & Refiners pf. Public Sve NJ (3.40). Public Sve NJ pf (5) Public Sve NJ pf (6) Public Sve N J pf(7) Pullman Corp (4)... Pure Ofl. 64'1 Pure Oil pf (8). . 12% Purity Bakeries (3). 10% Radio Corp. 55% 18 27 3 Corp Tr Shrs . ... Fdrs 67 pf ... Bansicilla_Corp c Industry itish Type In % Gen: Eanities’ in Store Invest Fixed Tnm E % aiia 214211520 It Sec Am 8 1t Sec Am 6! pf nv Tr N Y Coll “A Invest Trustee Sh Icaders of Indust A Leaders of Indust B 2Riajor Corp Shrs ass Invest Tr . s s Trustee Stand Inv C Trustee Stand Inv D. Trustee St Oil Radio Corp (B) (5) . itadio-Kelth-Orph A I‘ll Sec 1C stk C(4). ybestos Man (1.60) l. ading Rwy (4) Real Silk Hosfery, Remington-Land. .. Rem-Rand 1st pf (7) Reo Motor Car(40¢c). Republic Steel. ... Republic Steel pf. .. Reynolds Metls(1%) Reynolds Tob B (3). Richfield O1l. . 4 Rio Grande Oil. 1 Ritter Dent Mfg 1%. 1 p 6 7 22 60 24% 6% 4 114 feway Stores (5). feway Strs pf (6). 1108 i Safeway Strs pf (7). 508 9% St Joseph Lead (1) 4 StL-San Francisco.. b StL-San Fran pf(6). Schulte Retall Stores hulte Stores pf (8) eaboard Alr Line. 4 Seaboard Oll...... Sears Roebuck (2%). Second Natl Inv pf.. Seneca Copper.... Servel Inc. ... Sharp & Dohme Sharp & Do pf (3%). Shattuck (FG) (t134) hell Union Ofl..... Shell Unfon Oil pf. Shubert Theaters. ¢ Simmons Co. . .. Simms Petroleum. 514 Sinclair Consol Oil. 77 Sinclair Oil pf (8)... kelly Oil...... elly Oil pf ww. High. Low. Close. Che. 1% 1 - Net. 37 43 4 10% 1 cash tons. Dividend rates XEx-dividend. 123 Socony-Vacuum 1.60. 52% Solv Am pf ww(5%). 7~ South Port Rico Sug. 28% Southn Cal Ed (2)... 45 Southn Pacific (6 14% Southern Rwy (m6). 25% Southern Ry pf (5).. 35 South Ry M&O ct(4), 18 Spalding (AG) (1).u 'M Sparks Withing (1).. Spencer Kellog(80c). Solcer Mfg. ... s “spicer Mg pf (3) 4 Spiegel-May-Stern Stand Brands (1.20), Stand Brands pf (7). Stand Comel Tobacco Stand Gas&El (3%). Stand Gas&EI pf (4). Stand Gas&El pf (6). Stand Qi1 Cal (h2%). 4 Stand Oil Exp pf (5). Stand Ol of Kansa Stand Ol NJ (+2) Starrett(LS) (2 Sterling Secur (A) 4 Sterling Secur pf. . Sterling Sec cv pf(3) % Stewart Warner.... Stone&Webster(m), Studebaker Co(1.20) % Sun Ol (1) Sun Oil pf (6) . Superheater (23)... 4 Superior Ofl. .. Superior Steel % Sweets of Amer (1). v 12% Telautograph (1.40). 25 Tennessce Corpa. ... 15 Texas Corp (2).. 20% Tex Gulf Sulphur (3) Tex Pacific Coal&Oil Tex Pacific Land Tr. Thatcher Mfg Co The Fair (2.40) Thermoid Co. 4 Third Avenue. .. Third Nat Inv(m Thompson (J R) (1) Thompson Prod 1.20. Thompson Starrett. . Tide Water Asso Oil. Tide Water As pf(6) Tide Wat Oil pf (5). . Timken-Detroit Axle % Timken Roller B(2). Tobacco Products. .. Tobacco Prod A t95¢ Transamerica Corp. . » Transue & William Tri-Contl Corp. . Tri-Contl Corp pr(6) 4 Trico Products(2%). T% T ruacnn Steel (60c). 3 Rap Trai Ulen L Co. Under Ell Fi Union Bag & Paper. . Union Carb & (2.60). Union Oil of Cal (2). 4 Union Pacific (10).. Union Pacific pf (4). Un Tank Car (1.60).. Unit Afrcraft. Unit Alrcraft Unit Am Bosch Unit Biscuit (2). Unit Carbon. . Unit Cigar Stores. Unit Corp (75¢) Unit Corp pf (3). Unit Dyewood pf Jnit Fruit (4)... Unit Gas&Im(1.20).. Unit Gas&lm pf(5).. U S Distributing. U S & Forn Secur. 7S & For Sec pt(n. Freight.. Gypsum (1.60).. Hoffman. Indus Alcohol. .. US Leather (A). U S Pipe & Fdry (2). U S Realty & Imp(1) Rubber 1st pf. .. Smtg & Ref (1). S Smtg&Ref pf 3% U S Steel Corpn (4). U S Steel pf (7)..... United Stores (A United Stores pf (4) Univ Pic 1st pf (8). . U S Pipe&Fy 1st 1.20 til PEL(A) et2.16. ‘adasco Sales Corp.. Vanadium Corp..... Van Raaite 1st pf... Va-Caro Chem. Va-Car Chem 6% pt. Va-Caro Chem pf (7) Va Elec&Pwr pt (6). Vulcan Detin (4) 5la Wabash RR, Wabash RR (A). Waldorf Sys (1% Walworth Co. . Ward Baking (B). Warn Bros Plctures. Warner Quinian. . Warren Bros..... Warren Bros cv pt 3. Warren Fa&Pipe(2). Wesson O11&Sno(2) ., West Pa Elec A (7).. West Pa El pf (6)... West Pa El pf (7)... West Pa Pwr pf (6). 4 West Pa Pwr pf (7). Western Dairy (A).. Western Dairy (B).. Western Maryland. Western Md 2d pf. Western Pacific. Western Union (8).. Westinghse A B(2).. i Westinghouse (2%). 4 Wsthse M 1st m37% Weston Elec Instru.. Westvaco Chlor (2).. Wheeling Steel . White Motors. 4 White Rock (t White Sewing Mach. White Sewing Ma pf. Willys-Overland. ... Willys-Overland pf.. Wilson & Co. wi Wilson & Co pt. Woolworth (2.40). Worthington Pump. Worth Pump A (7).. Vrigley (Wm) (4) Yale & Towne (2). Yellow Truck....... 17'2 Yellow Truck & C pf. 14 Young Spr&Wire(2). 9 Ygstwn Sheet&Tube. 7 Zonite Prod Corp (1) STAR, WASHINGTON, NEW YORK STOCK EXCHANGE Rars oIt BN 23% 4 % 23% +2% ™ + % Sales of Stocks on New York Exchange. 300,000 12:00 Noon..... 0 P.M. 000,000 s given in the above table are the snnual payments based on the latest quarterly or hal sLes: than 100 shai 1,000,000 early declara- % Y the side of advance, but prices were | bpayable in stock. e h Plus 2% in stock. 3% in stock. stock. D Plus 21a% ~| 4% 10 stock. TPlus 9% in ock. * & Pald last year—no regular rate. Payable In cash or stock. {Plus 8% in stock, JPlus 50c n special preferred stock. k Plus | Zur m Pald this year—no regular rate. nPlus 5% in in stocl CHICAGO LIVE STOCK MARKET | um, 3.00a6.75; cows, good and choice, | CHICAGO, October 8 () (United 4:2585.5; common and medium, 3.25a | States Department of Agriculture).— Hogs—Receipts, 20,000 head, including 4,000 direct; active on best heavies; 10 to 15 higher; other: sows, 10.15 mp; 200-300 pounds, 5.60a8.7: top, 5.80; 140-190 pounds, 4.85a5.50; pigs, 4.0024.50; packing sows, 4.60a5.40; light light, good and choice, 140-160 pounds, 4.75a5.25; lignt weight, 160-200 pounds, 5.00a5.65; medium weight, 200-250 pounds, 5.50a5.80; heavy weight, 250-350 pounds, 5.35a 5.80; packing sows, medium and good, 275a500 pounds, 4.50a5.40; slaughter pigs, good and choice, 100-130 pounds, 4.00a4.75. Cattle—Receipts, 6,000 head; calves, 1,700; slightly better market than late yesterday on good to choice steers and yearlings; no strictly choice kinds here; best medium weights, 10.25; yearlings, 9.75; common and medium grade steers, slow, steady to weak; fat cows, slow, steady, but low cutters and cutters strong; vealers, mostly 50 higher. ilfiughw!‘ cattle and vealers—Steers, ood and choice, 600-900 pbunds, 7.50a 10.25; 900-1,100 pounds, 7.50210.25; 1,100-1 300 pounds, 7.50a10.60; .300- 1,500 pounds, 7.50a10.60; common and medium, 600-1,300 pounds, 4.00a7.50; heifers, g and choice, 550-850 pounds, 6.75 75 common and medi- steady to 10 hlgh-[ |'4.25; low cutter and cutter, 2.0023.25; | 1bu]ls (yearlings excluded), good and choice (beef), 4.50a5.50; cutter to me- dium, 3.50a4.75. Vealers (milk fed), good and choice, 7.5028.50; medium, 6.00a7.50; cull and common, 4.0026.00; stocker and feeder cattle; steers, good and choice, 500- 1,050 pounds, 5.50a7.00: common and | medium, 3.75a5.50. sheep. 20.000 mostly steady to strong; early bulk, good to choice na- tive lambs, 5.75!625 few, 6.50; best Westerns, bid, 6.25; slaughter ' ewes; 1.00a2.00; asking, 5.25 and better for choice feeding lambs; lamps, 90 pounds | C! down, good and . choice, 5.75a6.60; medium, 5.00a5.75; all weights, com- mon, 3.50a5.00; ewes, 90-150 pounds, medium to choice, 1.00a2.50; all weights, cull and common, choice, 4.75a5.50. —_—~—— TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) te—Maturity. Bid. Offer. Dec 100 837 100 6-31 ‘Twenty-two public school of Eng- land are making a tour of Australia. 75a1.50; | feeding lambs, 50-75 pounds, good and | Light Comes Through Walls. In Paris a house of glass is being | built. The glass is used in the form of bricks, supported by a metal frame- work, and is translucent, but not trans- | parent, so that though ‘one cannot see | through it the ngm enters n-eely NEW YORK BANK ST STOCKS | NEW YORK, October 8 (#).—Over- | the-counter market: BANKS. Bid. Asked. America Ghat® phenix . Commercial N-tl 178 2570 42! 80! 170 2470 0% o TRUST COMPANIES. :-.-.:5:_ 8 F CECD Y & & £ Guaranty Irving Manufactirers New York ... & FTH = itk ot associations of Free State are promising railroads support if the roads do ‘not close branch lines. Cattle E 8 .- O THURSDAY, OCTOBER 8, 1931. FINANCIAL. BONDS ARE HIGHER [ox 2w vone BONDS oo exemavee] {BANKING SERVICE | N QUIET TRADING Speculatlve Group Proves . Feature "of Market—High- Grade List $trong. BY F. H. RICHARDSON. Special Dispatch to The Sta; NEW YORK, October 8.—The bond market made some ss_today on somewhat under the highs of Wednes- day. Trading was of a selective nature and more in the nature of price ad- justments after the swift advances of the two previous sessions. lower than on Wednesday. The opening was firm. Ready sup- m for fast-moving speculative issues icated that the chief buying was coming from the professional element and the bargain hunters. But dealers Teported a brisk trade in municipals, governments and _other high-grade domestic ' issues. Foreign buyings of American bonds was reported to be heavier than foreign selling. Since most of the recent weakness has been Iaid at the doors of foreign investors, the better tone was significant, and was a reflection of steadier exchange rates, MP:!:- were steady at the opening. Volume was . The small volume of the early trading was undoubtedly due to hesitancy pending a more definite trend in stocks. Nevertheless, there was good buying in many domestic issues. MisSouri-Pacific 5s, Erie 55 and other Junior rails gained fraction to more than a point. National Dairy Products 5'/‘1 led the high-grade industrials into her ground. The utilities were firm. reign dollar bonds were somewhat more irregular. German central bank bonds and government issues dipped about a point in recognition of the new uncertainty in the Reich owing to the imminence of the formation of a new government. French issues were frac- tionally higher, notably Paris-Lyons- Mediterranean 6s, which advanced more than a point. Austrian 7s gained. South Americans were inactive, i e grikinl Washington Stock Exchange SALES. Capital Traction Co.—15 at 25%;. W“htnlwn Gas 6s “B"—$1,000 at 10014. Washington Rwy. & Elec. pfd.—10 at 92, 10 at 92, 10 at 92, 10 at 92, 10 at 92, 5 at 92, 5 at 92, 1 at 92. Lanston Monotype—10 at 70%, 10%. 5 at AFTER CALL. Washington Gas 6s “B"—$200 at 100. Potomac Electric 6% pfd.—10 at 107, 1 at 107, 2 at 107. Potomac Electric 5! % pfd—10 at 106. Mergenthaler Linotype—5 at 65, 3 at 65. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. 4% 39 Amrea Sl en b Anacostia & Pot. R R oo Anacostia & Pot. puar. Tel. of Capital Traction R. R. City & Suburban 5s Georsetown Gas 1st 55 Potom: e Bid. Asked. e o Washi; Washington Gas ss. Wash. Gas €5, series' A Wash' Gas 6s. series B Wash. Rwy. & Elec. MISCELLANEOUS. Barber & Ross, Tnc, 8228 Chevy Chase Club 3% Golumbla Countey club i W S TR Stofase i1l STOCKS. PUBLIC UTILITY. com. b Rey. & B sl ), NATIONAL BANK. Capital (14 Columbla (12). (sumncan [N Washington i 'musr COMPANY. Sec. & Tr. Co. (15)..... Mtlnennl 'rmu 6) Natl. & Tr. (121) Prince Georges n & Tr (). Union Trust (as) (30" Washington Mechanics’ (20) FIRE INSURANCE. American (12). Gorcoran (10) Firemen's Nationai union (183 TITLE INSURANCE. Columbla (8h). eal Estate (6h *Ex dividend. bBooks closed. a?fc e 0C extra. extra. 2 extra. i, 7 . FOREIGN EXCHANGE. (Quotati £ Quotaticns furnighed nlylwolg v'f'l'l"hy’gfih'&' London, e ¥ un Paris, iw o {1Partly extra. 3Plus | Bru: Madrid, Vienna: whunnc. Dest, pen Bracoe: troeaes (nom) Warsaw, zloty Copenhagen. er Stocknoim, " SHORT-TERM SECURITIES. (Reported by J. & W. Sellgman & Co,) Offer. Allis-Chaimers Co, 55 1937 8 Chain Go. 6s American Tl el Stas 1 Amer. Wks. & 193¢ Baltin 933, ”mnon & Ohio 414s 1 coep. Corp. &3:"' ;fiifi“"i'emn %% 105 rand o Ganads & 1938 % 55 1033 3 1 UNITED STATES. (Sales are in $1,090.) - Sales. High. Low. 30 101 10 101 102 102 12 97 18 99 10 100 20 100 20 100 20 2:55, 8101 8 10116 101 16 102 8 10242 9714 9717 99 99 100 10 100 17 100 18 100 20 100 10 100 20 103 10217 103 105 104 23 104 23 Bales. High. Low. 2:55 6 36 5 US!% 9 US3%840-43.. Abitibi P&P bs '53. Alleghany Cp 65 '44 Allegheny 6s5'49... Allegheny 58 '60. .. Allis-Chalm bs '37, Am F P 552030 AmIGChb%s'49 Am Intl5%s49. . Am N Gas 6%s Am S&R 1st b; Am Sug Ref 6537, Am T&T cv 4%s'39 AmT& T 586! Am T&T c tr bs ‘46. Am T&T 6s s £°60. 103 Am T&T 5%8°43 Am W Wks 55 '3 Am Wat Wks 6s 6 Argentine 63 Ju'59. Argentine 6s Oc'59. Argentine 6s A '57. Argentine 6s B ‘58, Arm & Co 4%8 39 Arm Del 5%5 *43 Atchison gn 4s ‘9 Atchiscy 4%s"48., 32 Atch Ariz 474862, At CL1st 48’52 AtICLcl 4s'52. At Gulf 5559 Atl Ref db 53 Australia 4%s " Australia 5s ' Australia §8°57. Austria 7s'43 Austria T8 w [ o B rEEEEE Bk Chile 638 '61 Batav Pet 4145 42, Belgium 6s ‘5 Beigium 6348 '49 Belgium 7s '65. Belgium 7s *56.... .1 Bell Tel Pa 53 B '48 Bell Tell Pa 5s C'60 B Ind Loan C 6546 Berlin Cy El 6s Berlin CE 6% '50. Beth Stl pm 6s '36. Beth Stl r Eolivia 78 '58 Bollvia 75 '69 Bolivia 85°47... Bordeaux 6s ‘34 Bost & Me 435 '61. Bos &Me 55 '67 Treare e 1o Brazil 83°41....... Bk Ed gn A 5549, Bklyn Elev 63 BKlyn Man 6368 Ekiyn Un 1st | Buenos A 6561 Pv. | Budapest 65 62 | Buft Gen El 43 BR&Pitt 433s Bush Ter con 5s " Calif Packing 58 "4 25 Canada 45 ‘60 2 i Canada 4% | Canada 55 Can Nat 43%s 54. Can Nat ! Can Nat 414 Can Nat 473568 “an Nat 4% 55, an ’\lt usJul)'G.h an Nat 65 Oct '69. Can Nat 5s'70. Can N rbl,,.ldh (G Can Nor 75 db 40. . Can Pac db 4s ‘an Pacific 43548 Can Pac 4%5 '60. Can Pac 55 '44. Can Pac 55 '54. Car Clin & O 6s Cent 111 G&. #i2 | Cen Ry 2 & Ches Corp bs "47 C&Ogen 41535892 &0 43%sA'93., &0 4%SB'9% u&qgenu 58, 0. 17 Chi Rl&Pw.s'sx 80 Chi TH inc 68 '60. Chi Un Sta 4345 '63. Chi Un St 58°44. Chi Un Sta 55 B '63. Chi Un Sta 635 '63. C& W Ind cn 45’52, Chile 6s 60, Chile 63 '61. Chile 6s"63. Chile 7s "42. Chile Cop db 58 '47. CCC&St L 43%s E'T7 Clev Term 4325 '77. Clev Term 51 s Cologne sm's " Colomb n'61.. Colomb 65’61 Oct. . Colon Oil 6s 38 Colo & Sou 434 80, Col G&E 58 May’'52. Col G&E cou 5s Com Inves 5%s '49. CCMd 1st rf 55’50, 28 Con G NY 43s°51. 208 ConG N Y 53545, 21 “on Pwr Jap 6%s.. Copenhag 4%s '53. Copenhag 5s '52... Czecho 8s°51. Del Pwr&L 4%s 71 Del & Hud rf 4s '34. Del & Hud cv 5535 Del & Hud 53537, Denmark 4%s '62.. Denmark 5358 '55. . Denmark 6542 Denver Gas 55" D& RGren 4:'3 . D& RG W 6555 Det E GRR4%5'61. Det Idison rf 55’49 Deutsche Bk 65’32, Dodge Brcl 65 '40.. Duquesne 4%s '67. Dutch East 1 65'47. East & Sug 7%s 37 Erie 1st con 45°96.. Erie con 45 A '53 Erie gen 4s Erie & Jer 65 '55. Fiat Ts war. Finland 5%s Finland 6%s 56, Finland 7s '60. Fla E Coast 58'74. Fond J&G 4%s'52. Fram I D 7%s"42.. French 7549 13: French 7%s "¢1. | Gelsenk'nen 65'34. | Gen Baking 5%s°40 5 Gen Cable 53%s'47. 1 Gen Motors 68 '37.. 25 Gen PSvbi% 10 Gen Th Eq 6s 40 German 5%s '65 g German Bk 6s°'38.. 11 Ger Cén Bk 6s'60J 26 Ger Cen Bk 6: German 7s rep '49. German Bank 7s'50 2 Goodrich cv 6s'45.. 13 Good 1&1\#; 411.. 5; GoodyARub 5s'57. . GrandTr sf db 6536 25 Grand Trunk 7s'40. 12 Grt Norgn5%s'52 1 Grt Nor n.:.'l 36.. 40 61 Hudhlld} 5537, 43 60% Hud & M rf 58 °&7 Humble Oil 55 ‘37 o 32, Hungary 7%s’44. .. 111 Bell Tell 5556 111 Cent rf 48 '55. .. Il Cent 4% 166.... Til Steel 4348 °40. . Inland St 4% B 81 Int Rap Tr b8 Int Rap Tr sta '5‘ | Int Rap Tr 63°3 Int Rap Tr 7s 32 Int Cement s "4! Int & G N ad 6s ‘52, Int Hydro El 6s°44. Int M Co 58 ret’41 Int'Match 5s 47 1 Ing MM col tr 6541 Int Pap 58 A ‘47 Int Pap 65’55, Int Ry C A 55" IntT& T 4%s'52 Int T&T cv 1%5'39. IntT&TS 1 Italy Pub S 78 '52 Japanese 55 ‘65 Japanese 6345 '54..253 Jugosl Bnk 7s'57.. 13 Kan CFS&M 45'36. Kan City Ter 45°60. Kan G&E 4%s'80.. Kend 5% 548 ww. . Kresge Found 6536 Kreug & Toll 55'59. Lackaw St 55 °50. Lac G St L 5s'34. ‘Laclede 5%s C'53 Laclede 5%s D '60. Lautaro Nit 6s ‘54. Leh Val cv 4s 2003, Loew’s 63 ex w "41. Long Islrf 45°49. . Lorillard 5%5 '37. Lorillard 7s *44. La & Ark 560, Lou G & I 5s '52. . unl 4s '40 N 4% 2003 Lyons 6s ‘34 McKes & R 53550, Manh Ry 1st 4590, Market St 7s *40 Marseille 65 '34. Mex 4s asstd 1900 2 Mex ds astd 1910464 6 Midvale Stl 65 °36.. 10 Milan 635 '52 20 MiIERy&L5s'61 16 M StP&SSM cn 4s.. 15 MK & T 1st 4890 MK & T adj 6567, Mo Pac gn 45 '75 Mo Pac 55 A '65. Mo Pac 68 F ‘7. . Mo Pac 55 G *78. Mo Pac &s H '80. Mo/Pac rf 55'81. .. Mo Pac 5%s A '49 Mont Pow 65s'43... Mont P db 55 A '62. Montevideo 6s ‘59 Montevideo 7= 5 Mor&Co 15t 43%%'33 3 Nassau Elec 4s'51. 1 Nat Dairy 5%s '48. 130 Nat Steel 5 ‘56 . QS Wales s 58 i 4 Cgn3ts'97.. N Y Cent 45 '98. N Y Centdb 4s N Y Cent 43482013, 21 NY Cnrf 41482013, 43 NYCrfim 68 2013, N Y Centdb 6s'35. 1: NYCLScl3%s'98. 40 ':§ SAStL 4% NY Fdisn 58 B'44 NY Ed 15t 6%s'41, H&H 3% 8 '56. 25 H&HA%I‘G‘I 76 SRV 1nt £n 27 2 NY S&W gn 5543, NY Tel 43539, NY W&B 4%s'46 Nia Sh Md 5%s°50. 21 Nord 6%5°50. .. Norf South &s *61 Nor & Wncv 48 No Am Co 5s Nor AmE5%s '63. Nor Am Ed 58 '57. . Nor Am Ed 55 C '69 NorOT&L 647, Nor Pac 3s 2047 Nor Pac 45’97 Nor Pac 4%s b1 Nor Pac r16s 2047, 57 Nor St Pw 58 A "41. 23 :ur St Pw Norway 53%s 65 Norway 6s ‘43 Norway 6s '52. Oreg-Wash 4s°61.. Orient dev 5%s'58. Orient dev 6s'53. Pac GRE 5842 Pac T&T 1st 5s Pac T&T rf 5s°52.. Pan-Am Pet 6s '34. Pan Am Pet 65 '40. Paramount 6s'47.. Paris-Ly M 6s'58 Paris-Ly M 7558 Paris-Or 5145 '68. . Pathe Exch 7s ’37 Penn 44s D '81. Penn gn 415 '65 Penn 44s°70. 11 Penn P&L 43 Peoples’ Gu [ZRN Peru 6s Peru 6s 'cl Peru 7s '59 Phila Eiec 4s 71 Phil & Read 6s '49. Phillip Pet 5%s '39. Pillsb F M 6543, Philippine R 4 81. Pirelli 7s '52 PCC&StL 4%s P CC&StL 53 A '70. PCC&St L 5s B'75. Poland 63’40, Poland 7s ‘47, Poland 8s'50, PortGn El 4 Porto Alegre 8s'61. Por R Am T 65 '42. Pos Tel & C 5s'53.. Prague 7%s '52. Prussia 6s°'52. ..., Public Serv 4s 71 Pub Sv G 41567 Pub Sv G 4%s°70. Pure O11 5%s'37. Queenstana os 47 Queensiand 7s "41 Reading 4%s B 97, Redd Jer Cn 4s '51 Rem Arms 6s A '37. Rem R5%s A *47. Rnine West 68 '52. . Rhine West 6s 53 Rhine West 6s ‘55 Rhine West 7s '50 Rlo de Jan 61 5! Rio de Jan 8s ‘46 R Gr Do Sul 6s'68. Rome Roy D 4s5°45 ww. StL IM R&G 4s'33.. St L&SF In 45 A '50 StL&SF 43878, StL&SF p15s B 50 SlP&KC SL 4%s'41 9 » N oSt k4 - » oSSR e MNuER0 AANBNRRN NS A St P Un Dep 5 1% San A& AP4s’43.. Sao Pau 78’40 ret. Sao Paulo 8s '50 Serbs-Cr-S1 Shell Un Ol Shell Un Ofl G5 4! Shinyetsu 6% ‘52, Sinciair o1l us-‘u SincO7scv A Sinc Cr O 5%s 3 . \Sinc PL5s’42..... Skelly Ol 5 Sotssons 68 Sou Bell T&T » 2 614 61% 29 103 Yi vanalwk { cducation, for every bank hopes each CHARGE DISCUSSED Modern Activities Necessi- tate Measured Cost to Cus- tomer, Says Executive. Special Dispatch to The Star. ATLANTIC CITY, October 8.—The banker who buys his funds right, handles his overhead expenses right and sells his service and credits right will make money, Fred B. Brady, vice president Commerce Trust Co., Kansas City, Mo., told the meeting of the State bank division at the convention of the Ameri- can Bankers’ Association here. He said that the increased modern activity in banks has carried with it a large volume of free services which are being handled at a loss and proving a great burden to our banking system. Average Account Smaller. ‘With increased activity in items, he said, it has been found that deposits have not increased proportionately, there having been an increase in t number of accounts and likewise an in- crease in deposits, but the average ac- count left on deposit is below the former average, Mr. Brady brought out infor- mation on this subject showing that formerly five accounts would total $1,000. and with 15 checks per month issued against each account, or a total of 75 checks, whereas now there are about 20 accounts totaling the $1,000 ana 25 checks per month issued agairst each account, or a total of 500 checks—-seven times the former number. Mr. Brady said that the clicking and collection activities of banks lave d veloped during recent years to the point that the banks are almost overwhelmed. customers having been inclined to forge balances in asking these services. He cited a recent survey in Kancas City which developed the fact that there aic 14 checks per month drawn against the average accounts under $100, 14 checks per month drawn against the aver- age account from $100 to $200 and 15 checks drawn against the averagc account of $500—a difference of enl: one check a month between the account of small, or no balance, and the ac- count showing a balance of $500. “Our major problem is buying funds at a fair price and selling them at - reasonable profit,” said Mr. Brad: “We must find some accurate way of fixing a cost price on our deposit funds and the expense in getting returns from the employment of these funds. We must refine this evaluation to a point where it can be spplied to iny on: deposnor—keeglng in mind always that a customer whose account has been a profitable one has a right to expect that the bank require every other account to be likewise profitable, so that the stability of the bank may be main- tained and that the baak may always be a safe place in which to transact business and an institution that will lend money to a profitatle customer at rates not tempered by the delinquency of other customers whose accounts ar unprofitable.” Service Charges. Mr. Brady sald that in placing = proper and measured service charge on bank activity it is never made witk: the iden of penalizing a customer. It is a means of equalization between cus- temers, he said, and it should always be borne in mind by the banker that and charges are means of time a charge is made that next m:outh the account will show an analysis profit. To do its full duty, he said, a bank must try every fair means to con- vince a customer thaf there are certain requirements aoplicable to accounts generally, and then deal with his ac- count_specifically, showing mesps for correcung his analysis loss. GENERAL MOTORS SALES OFF FOR SEPTEMBER By the Associated Press. NEW YORK, October 8.—Total Sep- tember sales of General Motors Cor- poration to dealers in the United States and Canada, including overseas shipments, were 58,122 cars, compared with 70,078 cars in August and 78,- 792 in September, 1930. Sales to consumers in the United States totaled 51,740 units, against 69,- 876 in August, and 75,805 in Septem- ber last year. Sales to American deal- ers amounted to 47,895 cars, compared with 62,667 In August and 69,901 in September a year ago. MONEY MARKET. NEW YORK, October 8 (#).—Call money held steady at 12 per cent, the renewal rate, in the official market. In the outside market the rate continued at 113 per cent and Federal funds were unchanged at 1 to 1}, per cent. ‘Bankers' acceptances were unchanged, with longer term bills in supply and imited demand existing for short-term aper. Asking rates were unchanged. Commercial paper was unchanged, and time money remained unchanged, with quotations nominal SILVER QUOTATIONS. NEW YORK, October 8 (#).—Bar silver steady and ¢ higher at 29%. Sales. High. Low. SW BellT6s A'64. 8 105% 104% 105\ SouPacref4s’s5.. 2 87 8 Sou Pac4%s'68... 5 SouP4%s'69 ww. 20 Sou Pac 4%s'81... 13 Sou P&Or 4%s'77. 3 Sou Ry gn 4s '56... 82 Sou Ry 58'94. Sou Ry 6%s '566. 3 27 102% 15 96 . 8 93% 61 103'5 3% ‘la' 78 79 101% 102% 95 96 92 92 Swiss5%s'46 102% 102 Taiwan EP5%S71 34 79% Tenn EI P 6s A 47, 13 1031 53.. 1 Y Texas Corp 58 '44. . ll 77 7 101 103% 8874 60. . Third Av adj 58 to 255 Tokio 5%s ‘Toklo El Lt 6s Un Pac 1st 48 47, Un Pac rf 45 2003.., 2 Unit Drg cv 58 '53.. 10 Utd King 5%s '37..241 U S Rub 1st 55°47. UAd St W 6%48A'51.. Uruguay 8s 46 Utah P& L 58 44.. Util Pw 58 '69 ww. Util Pow 6%8"47. .1 Vanadium St 58’41, Vert Sug 18t 7s "42. @ PR BADRD N 89 Warn Quin 6s°39.. Warner Sug 7s "41. Warsaw 75 ‘8. Wit Sh 1st 4s 2341, West E1db 6s'44.. West Md 4s'52.... West Md 5 West Pac 5: West Union bs West Union 6s '60.. Wes: Un 6%8°36.. WEOG%s'37T ww. ‘Wil & Co 1: 41, ‘Wis Cent gen £5'36 Yokohama 6s *61 Ygstn S&T 5s A’1l. n S&T - LRSI 10 80%