Evening Star Newspaper, October 26, 1931, Page 14

A—14 w¥» INSURANCE CHIEFS OPPOSE NEW LAWS Leaders Believe Present Methods of Unemployment Relief Should Be Tested. BY ROLLIN M. CLARK. 1t the views of industrial and insur- ance executives who appeared last weck before the special Senate committee in- vestigating unemployment insurance prevail, there will be no legislation on | this subject at the next session of Con- | gress. Their attitude has been unan- | imously against Government-operated | unemployment insurance schemes as| well as egainst legislation ccmpeiling industry at this time to set up reserve funds of its own to provide for un-m- ployment contingencies On the other hand, they favor giving business an opportunity to work out its own salvation in this field by experi- menting for at least a few years with various forms of voluntary unemploy- ment benefit plans. Employment Is Real Problem. These witnesses were Gerard Swope, resident of the General Electric Co.: ormer Gov. Walter J. Kohler of ‘Wisconsin, president of the Kohler Co.; M. B Folsom, assistant treasurer of the Eastman Kodek Co., and James D. Craig, actuary of th> Metropolitan Life Insurance Co. All agreed that unem- ployment insurance is but a palliative, the major problem being to find some means of stabilizing employment. ~Mr. Kchler believes that insurance should be resorted to as a last measure when all other efforts have failed. while Mr. Swope and Mr. Folsom took the view that unemployment benefits were essen- tial in any general plan. ‘Whille there was general agreement among the witnesses as to the inadvis- ability of legislation, certain differ- ences of opinion came out. Mr. Fol- som expressed the belief that unem- ployment benefit plans would stim- ulate industry to stabilize employment in order to keep the insurance costs down. Mr. Kohler, on the other hand, sald many plants now operating might shut down if their employes would be provided even during a limited period of time with benefit payments. Mr. Swope said the General Elec- tric unem; ent reserve plan, now operating xy:'.\ emergency basis with contributions from the company and every official and employe, was work- ing out “very satisfactory,” and begin- ning November 1 some 47,000 workers will be guaranteed half-time employ- ment for the next six months. In Rochester, N. Y., there is general sat- isfaction with a plan now being oper- ated by 19 Industrial concerns, Mr. Folsom said, although benefit pay- ments do not begin until 1933. Yet Mr. Craig, looking at the subject from purely insurance standpoint, de- scribed all existing plans as “trial and error” methods of determining a sound method to be recommended in the future for universal adoption. Hearing to Resume. The other side of the picture is ex- pected to be presented this week when witnesses invited by Senator Wagner of New York will appear. The New Yorker has indicated by his ques- tioning of the witnesses that he be- lieves unemployment insurance, even when extended beyond sound ac- tuarial limits, is superior to charitable relief for those out of work. He seems to favor a compulsory plan, perhaps in the nature of a law requiring em- ployers to set up their own reserve funds, with contributions by employ- es as an option. (Copyright, 1931.) Unfavorable Dividend Changes. NEW YORK, October 26 (#)—The number of unfavorable dividend changes last week showed a sharp increase over those of the preceding week, totaling 50, in comparison with 32 the week before, a compilation by Standard Statistics Co. says. Favorable changes, however, were decidedly smaller, numbering only 9, whllke 16 were recorded in the preceding, ‘week. Company Reports Loss. NEW YORK, October 26 (#).—In- ternational Silver reported for the quarter ended September 30, net loss of $148,578, compared with net loss of $311,063 in the like period of 19830. INVESTMENT TRUSTS NEW YORK, October 26 (#).—Over- the-counter market. A B C Tr Shrs AB Am Am Am Am Am Am Am Am Am Am Bid Asked B 3 T4 Depos I Diversified Tr A Diversified Tr B Fixed h A ed Trust 8h B Corp i Sec Corp Am B Am 6 DI FINANCIAL. THE EVENING STAR. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued From Page ~—1031— Stock and High Low. Dividend Rate. 25% 5% Republic Steel...... 54 15 Republic Steel pf.... 7 Reynolds Metls(1%) 3515 Reynolds Tob B (3).. Richfield Ofl. ... R1o Grande Ofl 4 Ritter Dent Mfg Rossia Insur (2.2 1 Dtch (m2. 388 Safeway Stores (5).. 891, Safeway Strs pf (7). 914 St Joseph Lead (1).. StL-San Francisco an Fran pf(6 Savage Arms (1).... Schulte Retail Stores Seaboard Air Line. .. hoard Air Line pt Bales— Add 00 18 a Copper. el Inc. .. Shattuck (FG) (11%) Shell Unfon Ofl. .. ... Shell Union Ofl pf... Shubert Theaters 815 Simmons Co...... 514 Sinclair Consol Oil 314 Skelly Oil. .. nider Packing. . Socony-Vacuum 1.60. South Port Rico Sug Sou P Rico Sug pf(8) Southn Pacific (6). « Southern Ry pf ( jarks Withing « Stand Gas&El (3%). Stand Gas&EI pf (4). 21 pf (7). ‘al (h2%). Stand Oil Exp pf (5). Stand Of1 NJ (12). 214 Sterling Secur pf.... Sterling Sec cv pf(3) % Stewart Warner..... Stone&Webster (m2). 8 9 Studebaker Co(1.20). % Sun O1) (11). Sun Ofl pf (6). Superheater (2 14 Superior Steel 2% Tennessee Corpn 15 Texas Corp (2) 20% Tex Gulf Sulph 4% Tex Pacific Land Tr. 14% Thompson (J R) (1). 6% Thompson Prod 1.20. 19 Thomp-Star pf (3%) 35 Tide Wat Oil pf (5).. 4 Timken-Detroit Axle 19% Timken Roller B(2). 7 Tobacco Prod A t95c x 314 Transamerica Corp. . 3 Tri-Contl Corp. . 13) s 19 Twin Ci 274 Ulen & Co. . 24'3 Under Ell Fisher (4). Union Carb & (2.60).. 17 15 17y 11 9 274 981 18" 124 Union P: Stock and Divid Un Tank Car (1.60) Unit Afrcraft Bales— end Rate. Add 00. High. Low. CI ty R Tr pf(7) 25 25 208 5 3 41 3% 31y 361y 110, 18% 16k 15% By 31y R7% acific (10) Unit Corp (75¢) Unit Corp pf (3) Unit Fruit (4).. Unit Gas&Im(1.20). Unit Ga s&Im pf(5) U S & Forn Secur. U S Freight.... U S Gyp: sum (1.60).. S Indus Alcohol Leather (A) U S Pipe & Fdry (2). US Rea U S Rubl Rub U S Sm Ity & Tmp. ... ber. ... - Dber 1st pf. .. ¢ Ref (1). U S Steel Corpn (4). U S Steel pf (7)..... United Stores pf (4) Univ Pic 1st pf (8).. Ut}] P&L(A) et2.15. )3 Vadasco Sales Corp.. 13% Vanadtum Corp 22 Van Raalte 1st pf. 32 513 Wabash 213 Walwor! 614 W e Vulcan Detin (4) . RR.. th Co. .. rd Baking (A) Ward Baking (B) 4% Warn Bros Pictures. Warren 15 Warren 1% Webste 1214 Wesson 65 100's West Pa Bros. Bros cv pf 3. lohr. . 0i1&Sno West Pa . Pwr pf (7). 5% Western Maryland. . 613 Western Pacific pf. .. 83 16 75 Wsthse 13 White Si 2% 10674 80% 30% 15% 29 5% 14 20 50% Wrigley 14 1 Zenith F 10:30 A.M. Dividend a -divige s stock. 1 b pavable ¢ h Plus 2% in stock. 12% Yale & Towne (2) 3% Yellow Truck. Young Spr&Wire: 7 Zonite Prod Corp (1) Sales of Stocks on New York Exchange. Plus 9% Plu | 35700 iock “kata’ this | stock. Plus 232% in stook. Western Union (6).. Westinghse A B(2).. 394 Westinghouse (23%). EM 1st m3% 4 Westvaco Chlor (2) 7% White Motors. ewing 1% Willys-Overland. 1% Wilson & Co (A).... 42's Woolworth (14.40).. Worthington Pump.. 29% 67% 15 5% 14 15 813 278 - 1% 6675 — 14 15+ % 5% — 14 1% 8 - % (Wm) (4).. Radio. 1% 15 8 [ 200,000 900,000 2:00 Noon. 700,000 1 000,000 s as given in the above table are the san: gash pavments based on the latest quarterly or nalf-yearly decla Less than 100 shares. tPartly extra. _3Plus in stock. ® 2y in r rate. nPius 6% In SMALL U. . CITIES SOLVING PROBLEMS Survey by Moody’s Service Reveals Active Efforts to Assist Business. Special Dispatch to The Star. NEW YORK, October 26.—Contrary to popular opinion, business and financial conditions in the smaller cities and towns throughout the United States are on the average no worse than in large metropolitan centers, it was declared in an analysis of munici- 1 finances issued today by Moody's vestors Service. ‘These findings are based primarily on replies to more than one thousand questionnaires sent by Moody's to countles, cities and towns in the South, Southwest and Midwestern sections of the country. Among the States included | in the compilation were Alabama, North Carolina, South Carolina, Missis- sippi, Delaware, Arkansas, Texas, | Michigan and South Dakota. Chief Factors. The principal causes of complications Everybody’s Business Resources Pooled to Bolster Industrial Despair—Con- fdence Prime Need, Far rell Believes. BY DR. MAX WINKLER. Special Dispatch to The Star. NEW YORK, October 26—The re- sources of the American Nation are being mobilized In an effort to shake off the despondency which has hampered enterprise and the lack cf confidence which has curtailed consum- ers’ demands, according to James A. Farrell, president of the United States Steel Corporation. Mr. Farrell also points out that there has been a slowing down of the declin- ing trend of American export trade and a reversal, last month, of the unfavor- able balance of trade in August. He adds that it is of prime importance to strengthen the confidence of the Ameri- can people in the future of the coun- try and in a return to reasonable pros- | perity. A marked improvement in the finan- cial position of General Motors is noted | at the end of the third quarter as com- pared with the situation at the end of last year or on September 30, 1930. 47 Per Cent Gain Shown. in municipal finances are listed by Moody’s as poor crops or low prices for farm products, real estate booms, overexpansion of = industrial _activity and civic vanity. “These influences have affected small cities as well as large,” the analysis comments. “Yet many of the lesc spectacular _communities have been highly fortunate in the present depres- sion. Instead of emulating their more Cash and its equivalent aggregate well | over -$264,000,000, a_gain of about 47 per cent from the December 31, 1930, | figures, and an increase of more than 3: | per_cent as compared with the corre- sponding figures at the end of Septem- | ber, 1930. General Motors is, therefore, |in an excellent position to take advan- | tage of whatever interesting_situation | may develon as a result of the hoped- for improvement in general business progressive neighbors, they have left ments no great problem. particularly important when it is con: sidered that the drop in construction costs has already reduced by a large fraction the value of improvements completed in the last few years.” Returns from certain sections of the | country generally believed to be suf- fering " especially from the depression were surprisingly good, Moody's states. | Delinquencies of more than 10 per cent on 1930 taxes were exceptional and arrears on the current year seldom ex- ceeded 20 per cent, the survey discloses. Anticipation Warrants. “Most replies show tax anticipation warrants and floating debt of reason- able proportions, and special assessment bonds seem well in hand,” Moody’s finds. pression that abuse of these three forms of finance has been most pronounced in large cities and surrounding suburbs. “Answers to the question on the business outlook indicate that watchers on inland hilltops have not seen signs of returning prosperity any sooner than the rest of e (Copyright, 1831 URGES NEW (.JOMMISSION FOR STUDYING MERGERS Special Dispatch to The Star. NEW YORK, October 26.—To clear the way for healthy business mergers of public benefit and to clarify the Sherman and Clayton anti-trust laws in their application to business agree- ments and mergers, there should be created by the Federal Government a board of five highly paid members in- vested rove proposed trade agreements s and the power of subse- | quent sc and supervision of their « | operation for the public good, accord- |ing to I Maurice Wormser, professor {of law at Fordham University and editor of the New York Law Journal. Prof. Wormser's proposal for the crea- tion of this board appears in his book “Frankenstein, Incorporated: A Study of the Corporate Ills of the United States and Suggested Remedies for Them.” published by Whittlesey House McGraw-Hill Book Co. “‘Without self-control operating from within and governmental regulation wisely operating from without,” de- clares the author, “there is an ever- present possibility that a few all-pow- erful corporate creatures may destroy or at least overpower their creator When a handful of corporations, not over 200 in number, are earning 40 per cent of the Nation's net income, thoughtful poople are wondering how we are to act toward these business giants of undreamed-of size and un- “This creates the distinct im- | with the power to approve or| conditions. | On the basis of the showing for the | first nine months of this year it is not unlikely that the company will report or the entire year earnings approxi- | mately sufficient to cover the full divi- dend. Paternalistic measures, such as the | dole, have no place in American life and care must be taken that these vicious uneconomi¢ practices do not | gain_a foothold in America, according to Charles M. Schwab, head of the Bethlehem Steel Corporation. Fogeign Conditions Factor. Mr, Schwab also calls attention to | the fact that the United States can no longer_ignore economic conditions | abroad. In other depressions, when | America was a debtor Nation and self« | sufficient, she could forget about hard | times elsewhere, Today, however, con- tinues the steel magnate, the United | States is a creditor Nation and the prosperity of her neighbors is neces- sary to her own well-being. These views seem to be by the fact that securities prices in- variably reflect developments abroad almost as much as th re influenced by events of a purely domestic char- | acter. borne out The position of the railroad industry throughout the United States would be strengthened appreciably competi- s tion 15 equalized through the regula- tion of interstate b tr . pipe line as the Associa- X utives will ask the jnext Congress to do. | Carrier Regulation Suggested. | According to the proposed legisla- | tion the carriers will be allowed to and all forms of transportation com- { peting with the railroads will be put {under the jurisdiction of the Inter- state Commerce Commission, subject, tc {the same regulations that now govern the railroads. | The adoption of these measures should itend to increase materially the confi- | dence of holders of rail securities. Properties securing the bonds of American railroads are being main- { tained despite recession in carnings, ac- | cording to C. E. Denney, president of { the Erie Railroad. With regard to his own company, Mr. Denney points out that the increase in carloadings so far this month has been in excess of the seasonal gain. Confidence Helps Copper. Commenting on the consolidation plan of the Eastern roads, he expresses the opinion that the fact that the rail- iroad groups have 2greed on a plan | should prove of great assistance to the | Interstate Commerce Commission in making its decision. Improvement in copper shares may be | { acquire existing trunk and bus lines,! |SEA:|'TLE FINANCIERS CONVICTED OF FRAUDS | Jury at Third Trial Holds Linden | Guilty and Also Associate, but Acquits Third Man. | By the Associated Press. | SEATTLE, October 26.—Adolph F. Lindén, former Seattle financier, con- victed with Edmund W. Campbell, an | associate, on grand larceny charges, | yesterday faced sentence with the declaration he “would rather have a conviction than another hung jury. In verdicts brought Saturday night by a jury which had been cut more | than 57 nours, Linden was found guilty of the illegal use of funds of the Puget Sound Savings & Loan Associ- ation he formerly headed. Juries dis- agreed in two previous trials, in which | he was the sole defendant. | A third defendant, Carl G. Nelson, | former secretary of the association, was acquitted. Campbell, former vice president; Linden and Nelson, each was tried on |three counts charging the embezzle- | ment of $125,000 from the institution during 1928. The State contended it was diverted illegally to finance a radio company which Linden had formed. CHECK TOTAL GAINS. | By the Associated Press. Checks cashed on individual bank accounts in leading cities of the Fed- eral Reserve system gained 12 per cent |in totel last week, as compared with the previous period. In the table that | follows the total debits are given for | comparable periods based on calcula- | tions by the Reserve Board: Week ended October 21, $9,284,- | 861,000; previous week, $8,303,202.000; same week last year, $13,214,979,000. | e CHICAGO DAIRY l;AiKET | CHICAGO, October 26 (#).—Butter, 8935, unsettied; creamery specials (93 score), 31'.a3: extras (92 score), 31; | extra firsts (9 1 score), 29a30; firsts | (88-89 score), 2615a27'%: seconds (86- |87 score), 24a25';; standards (90 score, centralized carlots), 28%. Eggs, 4,198 cases; steady; extra firsts, 245a | 257 fresh graded firsts, 23'; current re- {ceipts, 19a22; refrigerator firsts, 17!3; refrigerator extras, 19a19%5. POTATO MARKET. . CHICAGO, October 26 (#).—United States Department of Agriculture).— Potatoes—Receipts, 203 cars; on track, 390; total United States shipments Sat- urday, 823; Sunday, 7. slightly weaker; trading rather slow; sacked, per hun- dredweight, Wisconsin, | 70a85; Minnesota North D blers, Red River district, mosfly 80a85; Red River Ohio’s, 85a90; Nebraska Triumphs, 1.00a1.10; Idaho russets, No. 1, 1.25a1.45; No. 2, mostly 1.05. | U.S. TREASURY BALANCE. nited States Treasury balance, today at the close of busi i was $319,043,024.23. | o for the month to were $25.931.985.88. ‘Total ordi- expenditures were $12,249,280.92. ota cob- | TREASURY CERTIFICATES. | (Reported by J. & W. | Rate—Maturity’ t7es Dec. 15. 1 2 31.s Dec. 1 . 1 19as Sellgman & Co.) Bid. Ofter. 100 2-32 100 2:32 100 100 10-32 9 16-32 99 26-32 100 6-32 98 a considerable increase was registered {in the amount of copper shipped abroad. ertain important American producers understood to have refused to par- ticipate in the conferences on the grovnds that with the most of the copper in the hands of non-American | concerns, the advance in price will ) benefit chiefly the South African and | Belgian Korgo producers, without af- | fording a corresponding benefit to the | American cperators. Bond Strength Helped. Strength in German bonds listed on | the New York Stock Exchange appears | to be due to the belief that satistactory | arrangements regarding Germany's fis- | cal status may result from the meeting between President Hoover and Premier Laval. It may further be attributed to | the improvement which is understood to have taken place in regard to the country's short-term obligations. With many of these due to English creditors, Germany took advantage of theé decline in the pound and redeemed considerable | amounts. Repayments of credits due abroad WASHINGTON, D. C, round whites, | S0 attributed to the better feeling which | has been going on much more rapidly obtains in circles close to the copper|than was contemplated in the so-called controlled power. Modern American | market. The present conference of lead- soclety,” the author concludes, “is a|ing copper producers is confidently ex- PFrankenstein which has created theselpected to Tresult in the adoption of new and mighty monsm;:. which in melsureslwhlch should help the price of turn ha ven rise to such momentous the metal. oo In enticipatien of s«o.h deVelopments, { “stillhaltung” agreement whereby Ger- {many's creditors expressed willingness | o postpone the repayment of short- term funds for a period of six months (Copyright; 1931 by the North e American wepaper Alllance, Inc.) I MONDAY, IBONDS DEPRESSED IN HEAVY SELLING Market Recedes After Firm Opening—Foreign List Is Irregular. BY F. H. RICHARDSON, Special Dispatch to The Btar. NEW YORK, October 26.—After & firm to higher opening, the bond market met heavy offerings today and prices declined, sharply in the case of domestic rafls and industrials and more conservatively in _high-grade utilities. ~ Foreign dollar bonds we: highly irregular, with some groups showing gains of 1 to 4 points and others, nctably the Germans, off 3 to | 4 points A declining stock market undermined the support in bonds, as Wall Street showed some disappointment over the Tesults of the Hoover-Laval conference. This served to bring ab:ut profit taking by those who had followed the market up from its recent lows. In addition there was & further tightening of open market money rates, presaging an advance in the New York Federal Reserve rediscount rate this week. Even the slightest hint of such intenticn was enough to send United States Government bonds down 12 to 7+ point and later these losses were ex- At the same time prime corporation descriptions dipped lrac(mna!l,\:poAtcm- son Geoneral 45 sold close to their low of the year. American Telephone 5s were fractionally off. So were Phila- delphia Co. 55, New York Telephone 4!25 and Consolidated Gas obligaticns. The market was firm at the opening. In the absence of anything construc- tive as yvet in the shape of aid for the railroads, holders of speculative carrier bonds paid more attention to the cur- Tent batch of earnings reports and, as a result, there was increased liquida- tion in the issues of the New Haven, St. Louis-San Francisco, Erie, Nickel Plate, Alleghany Corporation, St. Paul, Wabash, Western Maryland, Chicago Great Western, Chicago & Northwest- ern, Illinois Central, Missouri-Pacific, {ennsy)vamadn'nd New York Central. osses ranged from fracti than 3 points. SRR Industrials were depressed by the weakness in stocks. Youngstown Sheet & Tube 5s, Armour of Delaware 5%4s, g:rdpsgrn !?011555. SL;cl‘allr Oil 7s, Texas ation 5s ang ‘anadiu; so"ld‘h off 2 polnt or so. el e best gains in the forel list were in some of the deh\llted"goum American issues, such as Bolivia 7s and 8s, Peru 6s and Brazilian governments. Argentine 6s advanced 1 to 3 points. Uruguay 6s were higher. Brazilia were firm. Increased exports combined with firmer commodity prices stimu 1lli-u.ed this buying. Australians were rm. Japanese issues were off 2 to 3 points jon the continued impasse between | Tokio and Geneva. Ttis had a de- pressing effect, also, on other Far East obligations. German bonds were 3 to 4 points lower. Italian issues lost a little ground. Austrians were lower, French bonds were firm. The foreign list was irregular, most issues advancing from fractions to a point, but the Brazilian and German groups were both sharply lower. Do- mestic issues were little changed. | Junior raflroad descriptions, such as ‘V Missouri-Pacific 5s, Erie 55 and Wabash 5s, were unchanged. Some industrials were higher, notably the amusements, including Paramount Publix 515s, and | the oils, including Texas Corpora- tion 5s. Initial trading was in small volume, the market having a hesitant tone while walting to see how other ex- f}}:amfin Wnu'l:i lrl‘cebtl the outcome of. e Hoover-Laval talks. High- bonds were firm. i Washington Stock Exchange | SALES. | Potomac Eiectric Cons. 55—$1,000 at 101 | Potomac Electric 51;% ptd.—S5 at 10615, AFTER CALL. Mergenthaler Linotype—2 at 66, 10 at 66, 10 at 66. Washington Gas 6s “A"—$1,000 at 10015, Bid and Asked Prices. BONDS. PUBLIC UTILITY. | Amer. Tel. & Tel. 41s Am. Tel. & ‘Tel. ctl. tr. 5s. Anacostia & Pot. R. R. 5 A Pot. Guar, 55, C. & P. Tel. of Va. 55 Capital Traction R. R. 5. City & Suburben 55. Georgetown Gas 1st Potomac Elec. Cons. 57 Potomac Elec. 6s 10530 Wash., Alex. & Mt. Vernon Washington Gas 4!:s Washington Gas . Wash. Gas 65, series A Wash. Gas 6s, series B Wash, Rwy. & Elec. ds. MISCELLANEOUS. Barber & Ross, Inc. Z i STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9) Capital Traction Co. Wash. Gas Li N. & NATIONAL BANK. Capital (14) e umbia (12 Sommercial (stamped) '(¥0).... Nt in_(12).. Metropolitan (14) Riges (158) : Second (ej.. ] Washington " (i3} s TRUST COMPANY. mer. Sec. & Tr. Co. (15) tinental Trust (6) U S Wash. Loan & Tr. (14) SAVINGS BANKS. Bank of Bethesda (63) Potomac (10). ... c. Sav. & Com. BK. Seventn Street (12). United States (30) Wash. Mechanics (20). FIRE INSURANCE. American (12) 280 Corcoran_ (10) Firemen's (8) National Union (18} TITLE INSURANCE. (6 40 20 Columbia (6h) . ......... Real, Estate (6h) | MISCELLANEOUS. Col. Medical Bldg. Corp. (8)... Col. Sand & Gravel pfd. (T) D C Paper Mz ptd Dist. Natl. Sec. pfd, (1) Emer. Bromo-Selz, “A Federal Storage pfd. (8) i 10% 160 105 91 5 5 28 110 22 101 76 102 90 civea (08 {aia < 100 Mer’ Tr. & Stge. Mergenthaler Linotype ( atl, Mige, v. pId. (8)...", Peoples Drus Stores pfd. (613, Real M. & G. pfd. (8) | Security ' Storage’ (de) Ter. Ref. & Corp. The Carpel Corp. (2)... W, Mech. Mige. ‘com ed, Woodward & Lot} Woodward & Lof *Ex. dividend. | bBooks closed. | nasc extra. elia% extia. 100 Will Resume Work. NEW YORK, October 26 (#).—One hundred men will return to work No- vember 2 at the Owens-Illinois Glass Co. plant at Franklin, Pa. The com- pany was reported to be planning the construction of a third furnace at this center if business continues to warrant the move. OCTOBER 26, s | Perlin C E 6138 1931. UNITED STATES, (Sales are in $1.000.) Sales. High. 3 Low. 2:38 Lib 3148 32-47..166 99 9816 98 Lilst 43 s 32-47 41 101 100 24 100 L 4th 43(s 33-38371 101 11 1011 101 U.S.351951-55 230 9212 9112 91 US3%s'ed 92 922 US3%s40-43., 9531 96 964 96 962 96 98 27 102 8 16 24 1 12 4 3 98 30 1014 1014 104 26 1044 1047 ADbItibi PAP 58 '53. Ab & St 53 '43. Adams Exp 4548 Alleghany Cp 5s "44 Allegheny 5549, Allegheny b8 ‘50, Am T & T 5365 Am T&Tc trbs 3 Am W Wks 5s '34 Am Wat Wks 6s '75 Arpentine 51;s'62.. Argentine May '61. Argentine 65 Ju'59, Argentine 6s Oc'59. Argentine €s A ‘57, Argentine 65 B . Arm & Co 4%s'39.. Arm Del 5%8°43... Atchis 48 1905-5 AU C T 1st 4 AtICLecl At Gulf 5559 Australia 4 Australia is Australia 58 '57 Austria 7s 43 Austria 78’87 ctf! B&O 48’4l 4 Belglum 68'55. ..., Belgium 614849, ., Relzium 78°55. ... Belgium 7s * Bell Tel Pa5s B'48 Rell Tell Pa 55 C'60 7 Ind Loan C 6548 Rerlin Cv El 6 '55. Beth Stl pm 55 '36. Reth Stl rf 518 42, | Bolivia 7s '58. 1 | Bolivia 78'69.. { Rolivia 85'47.. Post & Me 4% 561, Bos &Me 5367, Bordeanx 65 34 Brazil 6148 ‘26, Brazil 6138 '27. Rrazil 7s. Rra=il Rs " {Bd& 7in Av | Bk Ed on A 5549 | BKIyn Blev 614 | Bklyn Man 6 | ®iyn Un 5845, ... Bklyn Un 1st 5s°50. Budapest 6s°62_. Buenns A £s'61 Pv Buff Gen El 414#'31 Bush Ter con Bush T Bldg 5 Calif Packing 53 ‘40 0 Can Nat Ry 4 Can Nat 43 Can Nat 4% s '68 Can Nat 55 July'69. Can Nat 55 Oct ‘69, Can Nat 55'70..... Can Nor 6145 db "46 Can Nor 75 db*40.. Can Pacdb ds.... Can Pac 414s '60. Can Pacific 4%s 46 Car Clin & O 6s '52. Cent Pac 4s'49. ... Cen Ry NJ g 5887, C&Ogen 434592 C&O 4%4sB'95 CB&Q4%s'77 C B&Q 1st rf 5s'71. Chi & Est 111 68'51.. 1 Chi Grt West 4s'59. Chi M & StP 4%sC. C M StP&P 58 '75. CM&St Padjbs.. Chi & NWen 4%s. . Chi&NW rf 5s 2037 Shi & NW 6%s ‘36 Chile 78 '42. Chile Cop db 5s "47. CCC&St L 4%s E'77 14 Clev Term 55°73... Clev Term 5%s '72. Cologne 6%5°50. .. Col G&E cou 65 '61. 11 Com Inves 5%s '49. 2 Con G NY 4%s 51 Con G N Y 5%s 45, Con Pwr Jap 6%8. . Consum Pow 5s ‘52 Copenhag &3 # Cuba Nor 518 Cuba 5348 "45. Czecho 8s ‘51 Denmark 41s '62 Denmark 5% '65. Denmark 6542 Denver Gas 55 D&RGrends Det Unit 4%s " Deutsche Bk 6 Dodge Br cl 63 Duquesne 48 '67. Dutch East I Nov. East C Sug 778 '37 Ei Finland 6%3 Fisk Rub 8s'4 Fla E Coast 5s Fond J&G 4%s'52 Fram 1 D 7%s ‘42 French 7348 '41.... 39 Gelsenk’hen 6s'34. . Gen Baking 5%s ‘40 Gen Cable 5%5 47 Gen Motors 6s'37.. Gen P Sv 5148 '39.. Gen Th Eq 6s'40... 1 German 5%s '65... German Bk 6s '38. . Ger Cen Bk 6560 J Ger Cen Bk 63 '60 O German 7s rep ‘49 Ger Gen El 75 '45. Good 15t 633547, + Goodyr Rub 58'57. . GrandTr st db 6536 Grand Trunk 75'40. Grt Nor gn 5%s ‘52 Grt Nor gn 75'36. . Hait! 6s°'52. Hud & M adj Hud & M rf 6857 Humble O1l 55 '37. Humble O 53 s '32. Hungary 73%s '44.. 111 Bell Tell 53 5 111 Cent 4% 66 111 Cent 4x '53. A Inland St 434s B'S1 Int Rap Tr 53’66 Bales. High. Low. 2: 49 37 36 36 s FINANCIAL, Int & Gr Nor 6 Int Hydro El 6 Int M Co bs ret'¢1 Int Match 5: Int Pap 6s ' IntT&T4%s's: Int T&T cv 414839, 2 Int T& T E8'55.... 44 Italy 78 '51. Italy Pub S 7s°62. Japane: K pa %! Jugosl Bk 78 '57.. Kan City Sou 3550, 1 Kan City Sou 58’50, 8 Kan G&E 41s'30.. 11 Kan City Ter 45'60. 34 Lac G St L 55 '84. Laclede 514s C'53. Laclede 535 D '60 Lake Shore Lautaro Nit . Leh Val cv 4s 2003, Lig & Myers §s'51. Lerillard 5s ‘51 Loriliard 5%s '37. La & Ark 5s "6t Lou G & El 5852, ., Lyons 63 '8¢ Manh Ry 1st Market St Marseille 6: 5 Mex 45 astd 1910’ Midvale Stl 65 36 Milan 6345 '52. MIIERy & L 5361 Mil El Ry&Lt s 'T1 M StP&SSMcn 4s., MK & T 1st 4590 MK&T4sB'62 Mo Pac gn 45 '75 Mo Pac 5s A 6. Mo Pac 5s F ‘7. Mo Pac 58 H '80. Mo Pac 58 G '78. Mo Pac rf 63°31. Mo Pac 5348 A"49., Mobile-Ohio 51 ‘28 .. Mont Pow 55’43 Montevideo 65 59 Montevideo 7s '52 Nat Datry 5% Nat Steel 65 '5 1004 384 N 8Ty 100% 3% 978 691y 97w 45'90 40 E P TR - T I L R S P T L L) Nw S Wales 58 "5 NY Cnrf 4%s 2013, NYC rf fm 68 2013 N Y Cent db 5 ¥ C&StL 4 Y C&St L 6 N Y Edisn &3 N Y Fd 18t 6% NY NH&H 4% RN'YN NY Rys inc 6s NY S&W gn 5s '4; NY Tel4%s'39.... Nia Sh Md 6%s ‘50, Nord 63%s'50...... NorOT &L 68 *47. Nor & Wn cv 4596, 1 Nor Am Ed 55 C '69 Nor Pac 5s D 2047.. Nor Pac r16s 2047, Nor St Pw 68 A *41. way booens Norway 6s°52..... Oreg-Wash 4s '6. 9813 104% 104% Penn O&D 4%8'77. 10 85 85 Penn P&L 4%s '81. egetal 13%| 1.75a1.90; Phila Co 58 6’ Phila Elec 48" Phil & Read Philllp Pet 5 Pilisb F' M 63 43 PCC&St L 55 B '75. P& WV 4%4sC60. Poland 6s "40 a 101 97 Por R Am T 6; Pos Tel & C Public Sei PubSvG4%s’67. Pub Sv G 4%5°70. Pure O1l 5%5 37 Queensiana 63 *47.. Reaa gn 4%s A '97. Read Jer Cn 48 '51.. Rem R5%s A "47.. Rhinelbe 7s 46, Rnine West 6: Beeoee Roy D 4s'45 ww... StL IM R&G 4s'33. St L&SF in 4s A ‘50 StL&SF 43%s'78 StL&SF p 165 B '50 StS W en 4s°32, StLS W list4s'89, Sao Pau 78'40 ret. Saxon P W 6% Saxon 7545, Seab A L rf 4859, Seab A Lovéa'ds.. Serbs-Cr-Sl 83 62 Shell Un Ofl 58 *47. Shell Un O1l Gs 49, Shinyetsu 6%s '52. Sinc O 7s cv A 37 Sinclair Oil 6 %8’ Sinc Cr O 5%s * Sinc P L 6s'42..... Skelly O1l 5%s'39.. Sotssons 6s '3 Sou Bell T&T 8 *41 SW Bell T 63 A 54. Sou Pac ref 4s ‘56. . Sou Pac 4%s '81. Sou P&OT 4%s ‘T Sou Ry gn 45 ‘56 Sou Ry 65 *5 Sou Ry 6%s Sou Ry M&O 4s StOil N J 5346 StOIINY 4 Sweden 5%s ‘5. Swiss 5%48 46 Tatwan E P 5%8'71 Tenn El P 63 A 47. Texas Corp 68 44.. 4 1013 734 100% 73% 1013 8215 % holder from that of the Third Av adj Toho El Pw 75 5l Tokio 5%8 "61. .. 81% 88 Bales. Mich. Low. 238 T 63ty 46% 55% 59% 5814 314 89 & = BONDS === [N DS IS SEENIN CANADA +|Dominlon’s Business Leaders Believe Upward Trend Will Soon Appear. Special Dispateh to The Sta: TORONTO, October 26.—The de- flation indispensable to an improve- ment in both domestic and external trade is considered to be already pretty well accomplished in the Dominion. There is much more adjustment to come, as for instance the b of retail prices into line with whole- sale prices, which suffered a further decline from an index of 79 in August to 70 in September. There are also further adjustments in wages necessary to the continuance of the present rate ;-nrmeuT.plg‘er;m!.wana a valuation of c s more in Keep! with the present prices of -;ncuuln:h.‘ products. But these changes, it is be- lieved, may occur contemporaneously with an upward trend in business ac- tivity, since no one now expects the Dominion to rush from its two years' depression into sudden marked pros- perity. External trade continues to show greater declines in imports than in ex- ports, with the result that September is the fourth month in succession to reveal a favorable balance. Exports for % the month, valued at $48.991,000, show a drop of a little more than $32,000, 000, as compared with the records for September, 1930, while the imports, worth $45,372,000, represent a decrease of $42,000,000. Possibly the depreciated dollar aided during the latter part of the month in giving the Dominion & favorable balance of $3,619,334. Car loadings for the first 10 days of October have proved the highest of the :ul;rent ytl!i, the p;:dl;(i: of the mines and general merchan constituf the heaviest items of freight. . Montreal grain handling during the present season to date, with xmlgu recorded of 67,215,057 bushels and de-~ liveries of 65912250 bushels, shows greater activity than in the correspond- ing period of 1930. But the total value of the Canadian wheat shipped from both the Dominion’s ports and tlg:e of the United States during the it half of the present fiscal year amount- ed to nnlx"SS,llG,fifiS. as compared with $98,927,064 in the same months of last year. (Copyrieht. 1931.) Washington Produce Butter—One-pound prints, 38; tub, 37. Eggs—Hennery, 35a38; tub, 36. Poultry, alive—Turkeys, young toms and hens, 25a27; old toms, 20; old hens, 22a25; chickens, 3 pounds and over, 21a23; 2 to 2‘,’3£ounds_ 21a23; broilers, 1'; to 2 pounds, 25a27; hens, e, 21a2: small, 18a20; Leghorn hens, 15a1 roosters, 12al4; keats, young, 45a50; old, 25a35. Poultry, ~dressed—Turkeys, hens and toms, 35a38; old hens, 35; old toms, 30; chickens, 3 pounds and over, 24a26; 2 to 2': pounds, 24a26; broilers, 12 to 2 pounds, : 3 large, 24a25; small, 24a25; mn 8a20; roosters, 15al7; ts, .‘;.'mso. old, 30a40; Long Island Meats—Beef, prime, 17; choice, 1518 16; good, 14215; cow, 8'2a9; lamb, top, 16; medium, 14al5; veal, top, 17; me- dium, 14a16; pork loins, 8 to 10 pounds, 19; 10 to 12 pounds, 17; 12 to 15 pounds, 14; fresh hams, 16a17; smoked hams, trip bacon, 22a33; lard. in in packages, 10lzall; pound, 8a8’5. Fruits — Watermelons, Persian bulk, com- , 3.50a5.00; lem .50; limes, 100, 1.50a1.75; 1.5082.00; pineapples, 3.5064.00; gr fruit, 3.00a3.50. Vi bles—Potatoes, 150-pound. 2.50; , per beets, per 100 buhches, 4.00a5.00; car- rots, per 100 bunches, 4.50a5.00; cauli~ flower, 2.00a2.25; string beans, 2.758 3.00; limas, 2.25a2.50; cucumbers, bushel ets, 3.50; 1.75; t, 50a75; 2.75; lettuce, Iceberg, 3.25a3.50; onions, 50-pound sacks, 2‘;‘0‘5 1.50a2.00; yel- 25; okra, ;. mi peppers, 50a75; artichokes, .00; kale, 50; spinach, 75; turnips, 50a 76; broccoli, 5.00; parsnips, 1.25; peas, 4.00a4.50; tomatoes, homegrown, 2-peck bt.skz Me'-l, 1.5022.00; California, lugs, 2.25 Stocks vs. Bonds BY GEORGE T. HUGHES. ‘Too much emphasis cannot be placed upon the necessity of a clear under- sianding of the difference between the stock and the bond in investment. The distinction is implied in the words used pay interest. Declaration of dividends is within the discretion of the directors of the cor- poration. Payment of interest is com- pulsory. A dividend may be disbursed out of profits or out of surplus but never out of capital. except to elect a new board for which purpose he must support a majority of the sf annual or & special meeting. Interest on bonds has to be pald gardless of earnings unless the debtor company is willing to confess bank ruptcy. Of course, from time to time It must not be inferred, however, that all bonds are safer investments than all stocks. There are many qual- ifying considerations which we shall take up later in this series. It must not be inferred that there are no dif- ferences between classes of bonds them- selves. These too, will be explained subscquently. For the present it is enough to make plain the totally dif- ferent status occupied by the bond- (Copyright, 1931.) Wi Wabash 5%s°75... Walworth 63 A "0.5. 3615 38 50 95% 49% 68l 561 " West Union 6s West Union bs 49 . 68 6. Ygstn S&T 58 Ygstn S&T bs. 3 69 1... 3 5 56% 564 A'T8. 14 10 4 ™ B 7