THE PHILADELPHIA INQUIRER. SUNDAY MORNING. DErFMBER 14. 1952 a c B 2 3

ADVERTISEMENT

I HAD TO HAVE $1800 EXTRA

INCOME So I Tried a New Get-Ahead Plan

BY A WALL STREET JOURNAL SUBSCRIBER

High prices and taxes were getting me down. It wasn't merely a question of getting ahead- I had to have more money or else reduce my family's standard of living. Like Alice in Won­derland, I had to run faster to stay in the same place.

So I started reading The Wall Street Journal. I heeded its warnings and cashed in on the ideas it gave me for earning extra income and cutting ex­penses. It wasn't long before I was out of the woods. I got the $1800 I needed and now I'm slowly forging ahead, Believe me, reading The Journal every day is a wonderful get-ahead plan.

This experience is typical. Each day The Wall Street Journal tells you about far-reaching changes taking place in America. New invention?. New indus* tries. New ways of doing business. New opportunities to earn money. The Journal gives you quick warning of any new trend that may affect your pocket-book. You get the facte in time to pro­tect your interests or seize a profit. The Journal is a wonderful aid to salaried men making $7000 to $20,000. It is valuable to the owner of a small busi­ness. It can be of priceless benefit to young men who want to win advance­ment and earn more money.

The Wall Street Journal is the com­plete business DAILY. Has largest staff of writers on business and finance. The only business paper served by all four big press associations. It costs $20 a year, but you can get a Trial Sub­scription for 3 months for $6— 77 issues (in U.S. and Possessions). Just tear out this ad and attach check for $6 and mail. Or tell us to bill you. Address: The Wall Street Journal, 44 Broad Street. New York 4, N. Y. PI 13.14

v*» ofiS

^CTROMie Devices,

IHC

Common Stock

Short Price 5 Cents per

20M00M0-TOH Goal

British Investors Spur

Steel Expansion Program LONDON, Dec. 13 <AP4—British private enterprise is pouring

$1,680,000,000 of new capital into this nation's nationalized steel industry to boost output from 12,750.000 to 20,000,000 tons a year.

modernization and expan-

v fhorm ** . •

TEUfcR * CO' 1 j — New York**"-T*

SECOND MORTGAGES Commercal & Industrial

Properties

Kl 5-2800

INTEGRITY FINANCE CORPORATION

225 S. 15th St. Phila. 2

Can cost so tittle; can do so much. I

Affiliated Fund RepoifrGains

Net assets of Affiliated Fund in­creased $72,793,191 in year ended Oct. 31 to $223,470,374. The number of shareholders rose 31,105 to 110,-486 Oct. 31.

Commonwealth Investment Co. Commonwealth Investment Co.

net assets rose 38% since Jan. 1 to a new high of $58,935,871 Nov. 30. Fund | FIRST STAGE COMPLETED

The two-stage program just about completed its first stage this month, triumphantly hitting all its main targets.

The original aim of an output of 15,000,000 tons by 1952 was raised

;in 1948 to 16,000,000 tons. Six of the last eight blast furnaces

ber of shareholders increased 60% J * * « S*jSgL^T?' S S R S period to 24 759 i a r p a l r e a d y wording. The other two

- will be blown in before Jan. 1. Keystone Fund j The cost so far is $840,000,000 dol-

Net assets of Keystone Fund S-3iiars, subscribed by loans from pri-totaled $5,955,628. or $16.15 a share.jvate banks, investment houses and Oct. 31 against $7,096,591, or $16.92 g| the steel companies themselves

Thebi sion program for British steel plants was launched in 194S when the steel mills were still privately owned. It will carry on by stages for another five years—by which time, if Prime Minister Winston Churchill's plans mature, the industry will have been denationalized and sold back to its former owners.

But all this chopping and changing about among the poli­ticians has not interrupted the steady advance of the ambitious program financed by private citi­zens willing to invest their cash in the project.

reported its portfolio was diversified as follows: 62.2% common stocks; 23.2% preferred stocks; 6.4% cor­porate bonds, and 8.2% cash, Gov­ernment bonds and receivables.

National Stock Series Net assets of National Stock Series

rose 65% to new high of $53,021,000 Nov. 30 from $31,961,000 Jan. 1. Num-

Ajtc for Pamphlet PI-105 •r Representative will call en r tqudt

LEXINGTON CORPORATION * 60 E. 42nd ST. - NYC. - MU 7 1148 •

PAPER SALESMEN l a r g * wall tftoblishtd Paper Ditlriburor ha* several permanent opening* in our Sole* Department for aggreitive men. Previout paper experience preferred but net nece*-aery- Good starting lalary. Splendid oppor­tunity te advance. Other benefit*. Our present employees know about this adver­tisement, teply to S-2S7 inquirer.

AUTOMOBILE •MANAGER—USED GAR DEPT. Well established new car dealer (down-town Phila.) requires capable used car manager having experience and know how to take complete charge and move up to 150 cars per month. We have two well-staffed, per­fectly equipped lots adjacent to our main building. Daily advertising maintained/ Sal-

i s ry and bonus with permanent, future. Call LO 4-5874 for appointment, except Sunday.

share, a year earlier. Investors Stock Fund

Investors Stock Fund reports its net assets rose 47% to $41,543,427 Oct. 31 from $28,133,947 a year ear­lier. Total number of shareholders increased from 10,000 to 16,000.

Businessman Financially Responsible

looking for worthwhile propotition. Na retail butineti. Will consider light manufac-

diitributorship, or *ale* agency. R-2SS Inquirer

turing,

Financial Shorts

PITTSBURGH—Steel operations in the Pittsburgh district are sched­uled to decline to 104.6% of capacity this week. Rate for week ended yes­terday was at 106.1% of capacity.

PHILA. BANK STOCKS were steady in week ended Dec. 12 when aggregate market value of nine stocks in H. N. Nash & Co. index was $255,729,000 and yield 4.51% against $256,429,000 and 4.49% pre­vious week.

ENGINEERS l r you seek a

in long range Development . . ,

permanent job research and

I f you seek professional de­velopment and sound personnel practices . . .

PL-US EXCELLENT SALARY and WORKING CONDITIONS

Research & Development Laboratories In Philadelphia Area

. . . offer stimulating, challenging positions to qualified engineers with a work back­ground in

RESEARCH - DEVELOPMENT - DESIGN 0 /

* ELECTRO-MECHANISMS • ELECTRONIC CIRCUITS •ELECTRONIC SYSTEMS * ANALOGUE-DIGITAL

CONVERTORS • RELAYS •RELAY SYSTEMS • MAGNETIC STORAGE * STANDARDS & COMPONENTS • PRINTED CIRCUITS * PACKAGING

ACCOUNTING SYSTEM STUDY Th* abov© positions are on the intermediate and senior engineering levels in long range commercial and military programs.

Send Your Resume To

PROFESSIONAL PLACEMENT SERVICE

BURROUGHS ADDING MACHINE COMPANY

Research Activity 511 North Broad St. Philadelphia 23, Pa.

NEW YORK—General Electronics Co. announced merger with Arc-turus Electronics. Delbert E. Re-plogle was elected president of the merged firm.

NEW YORK—Geoffrey V. Azoy, Charles E. Hayward, Jr., and Arthur S. Sherwin was elected vice presi-

| dents of Chemical Bank & Trust Co. WASHINGTON—Ansonia Wire &

, Cable Co., organized last Oct. 2, filed 1 registration with SEC covering 100,-; 000 common shares, with Putnam A. : Co. as underwriter. Proceeds will be used in purchase of Ansonia Division

i of Noma Electric Corp. Ohio Ed}-1 son Co. filed registration covering 479.846 common shares to be offered common stockholders of record Jan. 8 on basis of l-for-10, and 150,000 shares $100 par preferred to be sold at competitive bidding. Proceeds will be used for property additions.

r CHICAGO—Paul E. Feucht was i elected president of Chicago & North Western Ry. and Chicago. St. Paul, Minneapolis & Omaha Ry. to suc­ceed R. L. Williams, who is retiring.

DETROIT—Charles H. Carroll was appointed director of purchasing and Harold E. Joy general purchas­ing agent of production parts and

, materials of Ford Motor Co. SAN DIEGO—J. V

elected executive vice 1 Consolidated Vultee Aircraft Corp.

before they were nationalized. Not all that money has gone on

blast furnaces, of course. New open heart furnaces, rolling and slabbing mills, coke ovens, tinplate works, iron ore ships and other plant had to be provided.

GOAL REVISED The success of the first stage of

the program has enabled the indus­try to raise its sights again — and output in 1953 probably will be 17,250.000 tons.

Under the second stage of the plan—also to cost $840,000,000 dol­lars—output will be pushed up to 20.000,000 tons in five years time.

Some plants already have started on development schemes listed under the second stage of the plan, scheduled for completion around 1957.

The main emphasis will be on in­creasing the capacity of the 100-odd blast furnaces which provide the iron for British steel-making.

At the same time, Britain is scour­ing the world for new sources of iron ore, to make sure the new plant never runs idle for lack of raw ma­terials. MORE IRON ORE SOUGHT

Britain herself reckons to be able to dig up the additional 7,000,000 tons a year of coke that will be needed for iron-making. But this nation long ago exhausted her best iron ore deposits, and the industry now is based chiefly on imported ore.

To feed the expanded industry Britain is seeking additional quan­tities of the high-grade ore from Sweden and hopes to conclude satis­factory long-term contracts with Newfoundland. Work has already begun on 15 new ore-ships that will transport the additional Newfound­land iron ore across the Atlantic.

Exploitation of a new iron ore field in West Africa begins this month, and British and French geo­logists are searching the sands of Mauretania and the Sahara Desert in a bid to find workable iron there.

Britain made only 7,300,000 tons of pig iron in 1946 and added huge quantities of scrap to the boiling to turn out 12,750,000 tons of steel. Today nig iron output has been

Naish was j raised to 10,500,000 tons, the target president of I for 1954 is 12,750,000 and for 1957

15.000,000 tons.

Checklist of Federal Orders and Releases

Inquirer Washington Bureau WASHINGTON, Dec. 6.—The fol­

lowing is a resume of orders, regu­lations and recommendations issued by the Office of Price Stabilization and the National Production Au­thority during the week ended Dec. 6.

Office of Price Stabilization DPS. 8—Muriate of potash (GCPR. SR. 59.

Amdt. 2.—Revised ceiling prices)-—A one cent increase per 20-pound unit for producers of ar>-

DIRECTOR OF ENGINEERING

A vigorous and established or­ganization manufacturing and merchandising an internation­ally accepted product and ex­panding into related lines has an opportunity for an admin­istrative director of research. The man will develop and ad­minister a comprehensive re­search and development pro­gram in mechanics and chemis­try. He will function in an executive capacity and gain ob­jectives through direction. H s will have graduated from a recognized college of engineer­ing and have ten or more years in research and development of intricate mechanisms* or applied high polymer chemistry formu­lations. He will have functioned in an executive capacity in the last few years. Excellent livinfj conditions. Excellent salary.

Box S-agi, Inquirer

_ _ J

General Copper and Brass Company is pleased to announce that it has recently added the following

men to its organization, Donald O. Dougherty, former Philadel­

phia Sales Manager, Brainard Steel Division of Sharon Steel

Corporation and James T. Dorsey, former Mill Superintendent *

of a well known non-ferrous rolling mill. Mr. Dougherty in time will be an important cog in our

sales force and Mr. Dorsey will head our modern slitting end

mechanical division.

Maryland Eastern Shore Estate Situated 14 milt* from Cambridge. Approxi. ma'elv 26 acres. Metlly clear. % mile waterfront. 4 Ducking Blinds, Attractive Modern Home I Guest House. Fully fur­nished. 3 baths, 3 open fireplaces. Enclosed sun porch. All fully screened throughout, t i ed . , phone, modern kitchen, refrig., etc. Can sleep 8 or mor* comfortably, lovely shade trees and lawn. Absolute privacy. Skiffs, outboard, all garden tools and new power mower. Abundant fish, oysters and crabs. Good shooting. Fine roads, less than 2 hours from Baltimore. Price $40,000.

[. A. WALTEN 306 Keyser Building, Baltimore 2, Maryland PIAZA 60*8

proximately one-fifth of the output of domestic murlals of potash was authorized by OPS. The action was taken In Amdt. 2 SR. 59 to the GCPR effective Dec. 8. in order to permit the industry to maintain the historic practice of selling muriate of potash at generally uniform prices.

Dec. 9.—Uniform ceilings on brand-name articles (CPR 7, SR 4. Amdt. 6—Extension of terminal dates of special orders).. An in­definite extension of time was granted for cer­tain special orders, issued under .section 43 of CPR 7, establishing uniform resellers' ceil­ing prices for manufacturers or wholesalers of brand-name articles. The action applies only to those special orders which have not expjfed or been revolted. It dees not apply teethe territories and possessions of the United States.

Do~. 10—Government sales <GOR 2. Rev. t . Amdt. 4—Commodities destined for expor­tation by the United States Government mid rales to the Bureau of Mines. United States DeDartment of the Interior, of helium-bearing natural gas>. OPS authorized the addition of special packaging, marking and handling ex­penses to the ceiling prices of commodities sold

| for shipment overseas by the Government. The additional expenses are incurred as a result of export requirements. At the same time, the agency removed fiom price control sales by natural gas nroducers of helium-bearing nat­ural gas to the Bureau of Mines, Dent of the Interior. As the sole authorized producer of helium in the United States, the Bureau of Mines extracts helium lrom natural gas and returns the reridual gas to the gas producers.

Dec. 11—Bituminous coal increase (CPR 3. Amdt. 3—Coal, except Pennsylvania anthracite, delivered from mine or nreparation plant-tcchnic.il adjustments*. Higher price ceilings for bituminous coal are not expected to re­mit in any substantial Increase in Industry­wide market prices. OPS officials made this statement as the agency ifsued an order mak­ing it clear that bituminous coal mine opera­tors are authorised to increase their ceiling prices to cover additional labor costs occasioned by the President's order granting miners a v age increase of $1.90 per day—40 cent? high­er than the amount approved last month by the Wage Stabilization Board.

Dec. 12.—Ceiling price adjustments on es­sential co-n modi ties, services IGOR 29, Amdt. 1—Limitation of adjustments under Section 3 (B) to defense contracts and subcontracts). Two changes in ceiling price adjus'ment pro-v'sionc for essential commodities and services were adopted. Effective Dec. 16. under GOR 29. Amdt. 1. the first chance limits ore special type of celling price adjustment to commodities cr servlcji considered to be of primary 1m-I ortance to national defense and sold to carry out defense contracts and subcontracts. The soecla! ceiling price adjustment to which this limitation applies Is granted in an amount ex­ceeding total unit operating costs of the ap-plicmt. regardless of the applicant's r>"er-all earnings position. Adjustments under the oth­er provisions of GOR 29 continue to be avail­able to essential producers of essential commod­ities and services without regard to their sales lr. connection with defense contracts and sub-conLracts. OPS said.

Lumber cut from western nine and associ­ated species. ICFR 152. Amdt. 1 -Rrunding out of transportation charges I. Manufacturers of lumber cut from western nine and associated srecies are required to round out their deliver".' rhantee to the nearert auar^er d->!l:-ir per moo board feet or other applicable measure Previ­ously no prevision w u made for rounding out freight, chartcs. The change Is made 'o con­form to Industry practices II will have no effect on the everage level of prices.

National Production Authority Dec. 11—Only those companies consuming

rubber in excess of certain specified amounts will be required to file monthly rubber con­sumption reports beglnnirg with Jan.. 1533 The reporting change is made in an amend­ment to NPA's TUbbcr order M-2. Companies using less than the specified minimum amounts will be required to file annual reports only.

To obtain complete texts of orders, regula­tions, write Washington:

OPS—Temporary " E " Bldg. NPA—New General Accounting Office.

The Week in Review CompetitiveYear Seen in Autos

DETROIT, Dec. 13 (AP>.—Thel auto industry may sell 5.000.000 new! By E. S. BANKS cars in 1933 but a lot of retail effortj Financial Editor will be required. ' T~)USINESS continued to boom along last week. This in the face

Tins view is held in automotive; K of a mid-week announcement by the Defense Department of „ „ „ „ „ „ t A H n v TI 1 P , . # ! a cutback in medium tank production next July 1 coupled with

- | a "stretch-out" of many other

Boom Rolls Along Despite Defense Cutbacks

circles quite generally today. There is no question there will be a market for that many passenger cars. There is a conviction, however, that com­petition throughout the year ahead will be keener than it has been at any time in the post-war period.

Probably one of the most signifi­cant indications that the industry ex­pects tough competition next year is seen in the fact there have been no price increases of importance in any, . „ , , new models so far introduced. Other agricultural loans of weekly report-signs may be seen in the styling andM** member banks in leading cities design improvements worked into the; °f the Third Federal Reserve Dis-1953 models. Hrict declined $11,000,000 in weel

armament items. Despite this announcement, steel companies found their order books piling up and now visualize capacity pro­duction at least through the first half of next year.

In this area, the big news was the pouring of the first steel at the giant $400,000,000 Fairless Works of U. S.

Running counter to the national! s t e e , C o r p . p ^ n o w o n e a c h o f

trend, commercial, industrial and |

Business Loans Off $11,000,000

ek ended Dec. 3, Federal Reserve Bank of Phila. reported. Earning assets dropped $19,000,000.

In the investment section, hold-_ __ .. ,ings of Treasury bills and U. S.

high prices. Of course recent months h*n6s f e l l $i,coo.000 each, haven't seen any reduction in manu-j Q n the liabilities side, adjusted facturing costs; if anything, specific j demand deposits decreased $7,000

COST HAS INCREASED The auto makers learned long ago

that competition doesn't thrive on

manufacturing operations have in creased in cost.

The industry, however, is counting

000 and U. S. government deposit:

the Fairless nine open hearths will turn out 275 tons of steel with each' tapping. The ceremony marked the beginning of a new chapter in Delaware Valley, U. S. A.

Electric power production set a! new all-time high, smashing the 8.-! 000.000.000' kwhs. mark for the first time in history. This is an all-important indice and the new rec-l ord indicated that plants through-' out the country were working at or! near capacity and that the wheels;

$30.000 000. Time deposits held u n - 1 0 T l r W u l ^ ^ t t t l ^ l n g a'fa record changed. Borrowings by member'

declined $1,000,000 to $40,- pace.

i A UTOMOBTLE output was off

RnpoirriNG MEMBER RANKS IN LEADING CITIES OF THE THIRD F E D E R A L RESERVE DISTRICT

(In millions of dollars) ASSETS

Chances since 1? 3. 11 26. 12 5 1932

Loans and Investments, total 3,014

Loans, net 1537 Loans, gross 1567 Commercial, industrial

and agricultural . . . . Loans to brokers and dealers for purchas­ing or carrying: U.S. Govt, obligations Other sscurities

Other loans for pur­chasing or carrying: U.S. Govt, obligations Other securities

1952

- 1 9 - 1 5 - 1 4

8 8 1 _ 1 1 +79

3 33

1 24

43 - 6

cline was due solely to model changeovers. Freight carloadings increased, as did steel production. And business loans continued to rise, although at a smaller pace.

Company executives, in early 19511 forecasts for next year, were decide-

ly optimistic. The first statements showed them looking forward to greater volume next year — and larger profits in many cases.

The stock market, after under­going a bit of consolidation in mid­week, burst forth on Friday to set still another new 22-year high. Rails, in anticipation of markedly

4125 -184 4190

42

Real estate loans 147 19

459 82

76 152 805 362

Loans to hanks Other loans

Treasury hills Treasury certificates of

indebtedness Treasury notes . United States bonds . . . Other securities . . • Reserves with Federal

Reserve Bank 557 Cash in vault 53 Balances with domestic

banks 112 Other a s s e t s - n e t 5S

LIABILITIES

Demand deposits ad­justed 2.371

Time deposits except Government,

U. S. Govt, deposits . . . Interbank demand de­

posits: Domestic banks . . . . Foreign banks ,

Borrowings Other liabilities

434 123

406 14 49 45

41 3

-5 .7

-1

- 1 -2

- 5 .6

- 5 +1

-7

-30

416

-1

-2 417 -15 -1o 67

-23

upon increased production volume| h^"'c^ and sales. Several manufacturers I0-0 0 0 0- , i_. . , _ . „ , , , . have emphasized this factor was con-1 ASSETS AND LIABILITIES or WEEKLY i n slightly last week but the de-sidered when they decided to main­tain the 1852 price levels.

The low priced field, which ac­counts for the larger part of the in­dustry's output and retail deliveries, is likely to feel the competitive battle more than the remainder of the in­dustry. More companies than ever before will be seeking a share of the low priced market. NEW ENTRIES

Long dominated by Chevrolet, Ford and Plymouth in that order, the low price field now has such makes as the Nash Rambler, Henry J, Willys, Studebaker Champion and, for 1953, the Hudson Jet, seeking a share of the market. And, the general sales managers say, these models ara be­coming increasingly popular.

Yet, figures developed by the trade paper Automotive News show, over­all sales volume in the low priced car field Is not as great as it was before the Second World War. Much of this can be attributed to govern mental restrictions on production volume.

At one time, before the Second World War, the Chevrolet, Ford and Plymouth group accounted for near­ly 70% of the industry's annual sales. Last year this volume was down sharply, the entire low price bracket accounting for around 54%.

Some industry sources, attributing this to production limitations, say re­moval of controls on materials con­sumption will mean a boost to as much as 69% in the year ahead.

That figure isn t difficult to ac­cept. Today's so-called low priced models look much like the medium priced cars of the pre-war era in size and styling and they have many of the engineering advances of the high­er priced cars of that time.

Wholesale Prices •

Decline in Week NEW YORK, Dec. 13 (AP).—

Wholesale commodity prices de-

Capitai accounts 347

Livestock Markets

3 - 2 4

- 5 - 5

+18 t3

- 1 •»4

462

-.19 r78

47 - 1

- 3 1 . 7

400

higher 1952 earnings, paced the market virtually the entire week.

• • »

I T WAS a good week for the stock market no matter how you look­

ed at it. The Dow-Jones industrial average rose 3.14; the rails 1.43 and the utilities 0.60. all to new highs. It was the broadest market on rec­ord, with 1436 is?ues being traded, of which 754 closed higher. 512 low­er and 170 unchanged. There were 184 new highs and 25 new lows. The daily average rose to 1.924,945 shares from 1,680,037 shares the previous week.

The commodity markets con­tinued in the doldrums. Grain fea­tures were all lower. Cotton futures suffered loss?s of up to $7 a bale be­fore the market regained a, measure

461 of stability on week-end covering and trade buying. At week-end. the list ruled 10 cents to $2.95 a bale be­low the previous week.

The metals market, however, stiffened. The domestic copper de­mand was strong an* United States consumers began to seek .more foreign metal in an active metal. Zinc shipments chalked up a sharp rise. And the lead market, soft for, some weeks, stiffened noticeably.

CHICAGO (USDAi—Salable HOGS. total. 1500 (estimated!: compared week a.go: Barrows and gilts weighing- 170-210 lbs of choice shipper type, steady to 13 lower; all other borrows and gilts. 15-50 lower, most decline on weight* o\er 230; sows, mostly 50 lower; at the week-end top stood at 17 paid for numerous loads and lots choice 170-210 weights Other choice 170-210 brought 16.75-16.90 with bulk choice 200-230 at 16.25-16.73. and most choice 240-260 weights, 1 3 . 9 0 - | \ A / _ 0 L • Q i I J D J 16 35 according to weight. Increased supply' v v S v - K I n O T O C K S S f l Q D O n d choice 270-310 heavies closed at 15 50-15.90,

Monday Tuesda;

Most 325-550 sows sold at the week-end a' 13-14.75. a lew heavies upwards to 600 and over. do»n to 12.50 end slightly below Salable CATTLE. 300 (estimated i; total not given: compared week ago. Steer?, high choice *T\<S better weighing up to 1400 and yearlings av­erage choice and better steady to 50 higher, other weights and grades unevenly weak to 2 lower, mostly 30 to 1.50 off: high choice Wednesday and prime heifers scarce, fully steady, others Tlu"-sday unevenly weak to 2 lower: cows. 50 to mostly 1 ; Friday '. lower: bulls. 1.50-2 lower: verniers, steedy to 1 higher: stockers and feeders, fully 50 lower:] Tnt i i

i most prime steers. 34.50-37.30. five loads high ' i l u « ' I prime 1075-1150 weights. 37.73-38 25. top •38.25 for three loads, highest since mid-Mav.

grading good and below lowest In . . . . , , . .but steers „ „ C l i ned a S h a d e t h i s Week , a n d t h e over three years: rales of high prime heavy ,»..„;.,.. - . - j » steers included 1421 weights at 36. 1315 at g r a i n s a n d COttOn g r o u p Of C o m - 134.30-35. and 1685 lbs at 34. mostly prime

1646 weights. 32. and choice to prime 1660 beeves, 31: most choice feers and yearlings. 29-34.50: good to low choice, 23 50-28 50, commercial to low good. 19-23: utility, down to 16: three loads prime 925-1075 fed heifers.

iadlots. lrgh ch ,ice to low prime

modifies was at a new 1952 low, ac­cording to the Associated Press commodity index. « - ^ 1 7 ? ; ? 7 , ^ " l ^ / ^ P ^ - l ^ ^ a a f e Y r m o s Y g o c d and choice heif-with 177.21 lavSt week and 193.77 a ere. 23-32 50: uMiity to low good. 13.50-22 50; VPfir no-rt T h p ha<:p v p n r r>f 1 QIC ! u , i l ! l>' a r l d commercial cows closed at 13-15. y e a r a g o . i n e DaSC j e a r 01 l a J B w , t h canners end cutters. 10.50-13: bulls. equals 100 in this weighted index l0,vest '?, °l*r* th,r<? y,e.ar*sn Tlt5«uttlliy *J£ _ , „ . . J ? , commercial kinds late 15 50-18 50. and good Ot do i m p o r t a n t W h o l e s a l e COm- heavy fat bulls. 16-17: few head prime veal-

era. 30. bulk commercial to chiice. 20-29: medium to choice feeding steers, year.lngs. and steer calves. 17-25.25: choice 1000 feed­ers. 23.75 Salable SHEEP. 100 (estimated); total not given; compared week ago: SI. ughter lambs fully steady, moderate suprjly fed year­lings. 50 or more lower with prices at new low on crop: slaughter sheep, mostly 50 lower: extreme top. 23 for scattered lots closely sorted prime handyweight native lambs to city butch­ers: top shorn lambs. 22; bulk cnoice und prime wooled slaughter lambs. 21.75-22 50; latter price for loads 95-105 fed western lambs, large percentage native lambs. 22 down: few-sales native lambs and load fed western lambs to shipper. 22.75 at mid-week, late sales. 22.50 down: bulk good and choice lambs. 2050-21.75: most cull and utility, 15-19. with sales around 16 50 and above usually car­rying good grade end. light culls down to 11 and below: most lfmbc over 110 discoursed. 1-3 per cwt: most good and choice yearlings, 17-19; early in week load good and choice fed Texas yearlings. 19.50: sheep supply in­creased, three decks. 116 western ewes out of Iowa. 8.25. these carrying cull as wrll as small rhojee grade end: most utility to choice ewes. 7-S: heavy r r e s . down t> 6: canners. to 5.30: light, fre-h shorn western teeder Iambs and 80-90 wooled lambs. 20.75 down on feeder accounts.

NEW YORK. Dec 13 c l T ' Spies on the New York StucV Exchange m th? wee's end­ed D T . 12. compared with the v^cck bc 'n i r . follow ;

STOCKS This Wck T"- t w«t<

. . . . 1796 4*3 2.1C3 3?:i

. . . 2 123 P00 1.603-461 1 " 3 2 5 r 0 1.614.905

. . . . 1.791.225 1 5 7 2 1 1 5

. . . . 2 -031 .480 1.506-381

Monday . . Tuesday . . Wednesday Thins lav . Friday . . .

. 9 624.725 BONDS

.$ 4.732.000

. 3 647.COO

. 3.880000

. 3 550 600

. 4.140000

8-400-133

4 73". "00 4 98*1.501 4.06" 00^ 4.2S7.200 3 537 200

Total .$19947.100 $21,585,600

D.-J. Day-by-Day Stock Averages

modity prices. Textiles and nonferrous metals

also averaged a little lower this week, along with grains and cotton. The other groups of commodities-industrials, food and livestock— moved slightly higher.

The index, with comparable fig­ures for last week and a year ago, follows:

Dec. 12 Wk Ago. — i 7 7 0 7 177.21 — 173.36 175.27 — 144.03 141.76 — 202 09 201.71

Grains and Cotton L-195.04 197 11 Textile - * - —— 162.52 164.11 Non-fer metal— 183 37 183 40

35 commodities Industrials Food ——— Livestock

L-New 1132 low.

Yr Ago 193.77 186.17 153 67 217.55 231 61 164.44 205.05

Bankers' Dollar Acceptances Rise

Dec. 13 (UP) . -acceptances in-

NEW YORK, Bankers' dollar creased seasonally in November to $478,463,000 from $449,429,000 in October and compared with $437,-339,000 in November, 1951. Federal Reserve Bank of New York reported today.

Most of the increase during the month reflected a larger volume of domestic warehouse bills, covering cotton, tobacco, and wheat; export bills on wheat and other foodstuffs, cotton, »nd general merchandise; and domestic shipment bills cover­ing cotton.

Dealers' rates for acceptances were unchanged during the month and demand continued good.

Retail Store Sales Federal Reserve Board reports de­

partment store sales by Reserve dis­tricts as listed in the following table, which gives the percentage changes from year ago:

4 w k s . 1 1 1 wk ended ended

12 6 11 29 12 6

LANCASTER —CATTtE. 479: steer market slow wi.h bulk of receipts short feds, heifers closed 1 lowrr for week, stockers and feeders declined 50 to 1. Calves. 15; fair supply and steady. HOGS. 107; y?rds well cleared and

30 Indus 20 Rails Mnn 233.62 -1 56 108.30 • 36 Tucs 285.12 -1-50 108 86 • .56 Wed 2S-4.55 .57 107 7 3 - .13 Thurs 284 57 . .02 108 5 2 - .21 Fri 285 20 + 63 109 37 • 85 Net change -3 14 + 1 43

15 n i l s 51 73 - 22 51 90 + .17 51 90 . 51 92 4 .01 52.11 - 20

+ .60

Dow-Jones Weekly Stock Averages (Including Intra-Day Hichs and Lows*

0*>en High Low- T'ose Chg 30 Indus 2P2 54 286 32 281 Ah 285 20 -3.14 20 Rails 107 90 109 87 107 65 109 37 - 1 4 3 15 I ' tils 51.69 5221 5135 52 11 - 60 65 Stks 110.23 11178 109 80 11139 *1 31

Dow-Jones Weekly Bond Averages Open High Low Close Chg

40 Bonds . 99 15 99 21 99 11 99 11 - .03 1st Rai 's 100 44 100.49 1C0 40 100 40 + 2d Rails 98'69 98 73 93 50 9S 50 -Utilities 98 95 99 04 98 93 98 9 3 -Industrls 98 51 98 68 98 51 98 59 -Incm Rl 84 53 84 74 84 35 84.74 +

.01

.11 07 01

.41

Paper Mill Rate Up NEW YORK. Dec. 13 <UPV—The

ratio of United States paper produc­tion to mill capacity in the week ended Dec. 6 rose to 92.4 '• from 88.7f> a week earlier, according to

scarce!111" chanKe ln v"ce SHEEP' 68; l a m b s ' the American Paper & Pulp Assn.

Weekly Stock M a r k e t S u m m a r y Week ended Dec. 12

New York Stock Exchange Total issues traded 1436

New 1952 Highs 134 New 1952 Lows 25 Advances 754" Declines 512 Unchanged 170

WEEK'S MOST ACTIVE STOCKS 1952

High Low

Dealers w a n t e d : H«rs « » prod­uct which can earn you handsome prof­its on each sale! We can supply you with quality, finger-tip control, section­al OVERHEAD DOORS (residential-commercial) at Low Prices. All sizes in stock. Every garage owner a potential customer. Our doors are popular, easy to sell, and easy to install! Write to J. V. McLaer, Overhead Door Sales, 5215 N. 3d St., Phila. 20, Pa.

ASSISTANT

PURCHASING AGENT Phila. Paper Jobber and Distributor is interested in obtaining services of a young man to assist purchasing agent. Typing and Stenography required but not necessary. Excellent opportunity for energetic man interested in a fu­ture.

Send replies to S-288 INQUIRER

District Boston . I . • New Y i i « Philadelpaia Cleveland! RichmoJ Atlanta t hicago St. Louis , Minneapolis . Kansas City Dallas San Francisco

IT. S. Tota

1 - 6 - 1 + 1 • 2 • 7 4 3 - 5 i 3 + 4 + 7

- 2 4- 1

19 - 3 - 1 8 - 1 2 - 1 7 - 4 - 1 4 - 1 5 - 1 1 - 1 4 - 1 7 - 7

-14

- 3 - 9 - 4

2 - 4

• 4 - 2

0 + 1

0 + 2 + 3

2

12 6 ; - 1 i - 8 - 2 - 2i - 2

» 6 - 3 + 3

+ 1 - 5 4 2

1 Weekly index, without seasonal

adjustment (1947-49 equals 100): 1952 1951

Nov. 8.. 118 Nov. 10 127 Nov.15..• 130 Nov.17 130 Nov.22... 134 Nov.24 123 Nov.29 138 Dec. 1 161 Dec. 6 194 Dec. 8 191

Dividends Declared REGULAR QUARTERLY

Pay- Stock ot Issue Amt. able Record

Anchor Hkg Gls 4 pf $100 Jan . 1 Dec. 22 Can Industries 7 pf $ 1 7 5 Jan. 15 Dec. 19 f o n t Cora Am 4 pf. $100 Mar . 1 Feb. 20 Gen Out Adv 6 pf. $ 1 5 0 May 15 May 1 Lerner Strs 4 ' i pf .$1.12 'a Feb. 1 Jan . 19 Ludlow Valve Mf pf 27' *e Dec. 26 Dec. 15 Pemco Corp 3 pf . . 75c Jan . 2 Dec. 12

5 ^ 23 10 58 124 4U

94*8

18'4 20" i 34'» 22 144 13 44 42 67

161= 54" 45 •" 127

39 \

4's 17 8% 8ss 2%

59 114 15 194 17 ; . 104 9 4

214 374 50

150Ts 464 384 8 4

314

losue Packard Motor Car . . New York Central .. Pepsi-Cola Co Willys-Overland . . . . Alleghany Corp Northern Pacific . . . . Loew's Inc Interntl Tel & Tel . . . National Distillers . . . Pennsylvania R Ft . . . 20th Century-Fox , . . Pressed Steel Car . . . Missouri Pacific pf . . United States Steel .. General Motors xAmerican Tel & Tel Bethlehem Steel — Southern Pacific Armour & Co Studebaker Corp

215,300 177,100 111,100 1C5.900 85.900 81.500 73.700 73.200 72.800 72.000 71.500 66.5C0 63.000 OJ.ulAJ

58.700 56.300 161 50.900 53 50.300 49.400 47,600

Hiah 5 4

23 104 124 4 4

804 134 204 224 22 144 114 44 4 41 i 67 4

454 114 384

Low 5

214 9 4

114 3 4

744 124 194 204 214 114 104 364 40 \ 644

158 -514 43 4 10 t

364

C!"se 5 4

224 104 12 4 4

80* 13 19 4 214 214 144 11 424 4 1 4 674

1584 534 45 '• • 104 384

Net chang" + 4 + 4 + * ' * + 4 + 4 4- 54 +

— 24' + 4 - 6 4 4- " * + 3 4

] -

14 7

tx) Ex-dividend.

What Bonds Did During Week Total issues traded 503

Higher 181 Lower 210 Unchanged... 112

1952 Hich Low

N. Y. Curb Exchange Leaders Issue

Can So Oils vtc Sales

62.708 Close

134 411-16 Cent Explorers Ltd

Net change 4- 4

50.300 5 9-16 5 1-16 5 3-16-1-16

H.-h 114

Low 104 11

24 264 7

15

14 National Phoenix 214 Elec Bond & Share 3 4 Kaiser-Frazer 94 Pacific Petrol Ltd .

14 14 Equity Corp 84 4 5-16 Can Atl Oil

9 4 5 4 Calv Cons O & Q . 4 4 Burma Mines Ltd .

35,800 34.400 34,200 33,700 32,200 31.400 30.900 29,100

1 4 1 4 224 34 34

114 104 1 4 1 4

1 4 224 3 4

114 1 4

+ 4

5 4 4 5-16 51-16 6 4 515-16 6 4

9-16 1-16

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CHESTNUT AT SEVENTEENTH

I I 4-7300, MIDWAY 2.2630

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