The Brooklyn Daily Eagle from Brooklyn, New York • Page 17

Brooklyn Daily Eagle Financial Section REAL ESTATE BUSINESS COMMODITIES CLASSIFIED The Talk BROOKLYN, N. THURSDAY, DECEMBER 9, 1937 17 in HEADS BANKERS Wall Street Today's Market Smith, Barney Plan Merger At Year End Plan to Ask S. to Start Buying Lint One Producer Sells Copper At 10y2 Cents Mild Irregularity Develops in Stock Market and Trading DwindlesRails Hold Firm Good Part of Early Losses Regained Manufacturers QuizNLRBMan On Labor Laws Weir Tells Convention U. S. Strikes Cost a Half Billion in 1937 Continued from Page 1 i industrial picture," Weir said.

It has created an entirely different aspect to the relation of capital and labor, and is one of the biggest stumbling blocks to a rational get-together." Walter J. Kohler, former Governor of Wisconsin and chairman of Kohler Company, saw an end to unemployment problems and low salaries through labor co-operation with management to prevent disturbances which he partly blamed for the recent recession. Kohler said that the setbacks of the recovery movement, "whether descrlbable as a recession or as a new depression," would "hurt retail trade and thus so seriously cut into the demand for production as to cause still further unemployment." If labor and management will cooperate, he said, they will achieve "our mutual goal peace within industry, a steady flow of products to the consumer, and a united nation." The session, with the heaviest attendance of the convention, was a closed one. The industrial leaders packed even into balcony seats in the Waldorf-Astoria ballroom listened in tense silence to Fahy's candid answers to their pointed questions about the future of governmental regulation of industry's relations with labor. Before entering the room the industrialists were handed small cards AVERAGES Compiled by Dow Jones INDUSTRIALS 1937 High, 194.40; Low, 113.64 11 a.m.

12 m. 1 p.m. 129. 35 .45 129.09 .71 129.08 .72 2 ill. 3 P.m.

129.01 .79 RAILROADS 1937 High, 64.46; Low, 19.13 11 n.m. 12 m. 1 p.m. 32.67 .03 32.03 .11 32.59 .05 2 p.m. 3 p.m.

32.50 .08 UTILITIES 1937 High, 37.54; Low, 19.63 11 12 id 1 p.m. 22 43 .09 22 31 .21 22 31 .21 2 P.m. 3 p.m. 22.26 .26 The stock market took a breathing today, volume dwindling considerably and prices showing a moderately easier trend during most of the session. Rails held decidedly firm throughout, most leading carriers recovering all but a fraction of their earlier losses.

Utilities were also generally firm. Losses in the industrial group were limited to slight fractions on the whole, though some popular trading issues which have lately advanced sharply yielded a point or so. There was no selling of consequence. Early trading was virtually barren Exchange Report Proposes 11 Boost in Commission Rates Minimum Rates, Service Charges Suggested by Committee-Gay Gets Authorization The Committee on Quotations and. In another action, the Governing Commissions of the New York Stock Committee approved appointment by Exchange has submitted a report to Charles R.

Gay, president of the the Rnnvi fr Exchange, of a committee to con- the Boaid of Governors proposing a slder the advisability of making the new schedule of commission rates presidency a salaried office, of trans-which. it is estimated, would increase ferring greater administrative re- Others Are Still Quoting Metal at 11 Cents-Smelters Cut A primer producer today was reported to have sold electrolytic copper metal at 10.50 cents a pound, Valley base delivered. The larger producers, however, were by early afternoon still reported to be asking 11 cents a pound, on the same basis. Reduction by the primary producer constituted the first indication of selling by a producer at the lower level since a leading smelter cut its quotation from 11 cents to 10.50 cents a pound. This producer's selling at 10.50 cents is probably one reason for the further reduction in smelter prices this morning to 10.375 cents, the trade believed.

H.W.Osterhout Heads Bankers Becomes President of Brooklyn Group Price Addresses Gathering Harold W. Osterhout was elected president of the Bankers Club of Brooklyn at a meeting at the Hotel Bossert last night attended by 200 officers of commercial banks, trust companies and savings banks of Brooklyn and their guests. Mr. Osterhout is assistant vice president of the National City Bank of New York assigned to the Brooklyn and Queens branch division. Other officers elected were Charles Oldenbuttel, assistant cashier of Peoples National Bank of Brooklyn, as vice president; Daniel T.

Rowe. vice president of Kings Highway Savings Bank, as secretary, and Austin Robey, assistant vice president Bank of the Manhattan Company, as treasurer. Retiring officers Include George E. Kirby, assistant secretary of Green Point Savings Bank, as president, and Wilton C. Donn, vice president of Brooklyn Trust Company, who has been treasurer of the Bankers Club for the past 13 years.

William Price, assistant vice president of National City Bank, addressed the meeting on "The Public Relations Job of the Loan Officer." Other invited guests included Charles H. Schock and Edward Pierce, deputy superintendents of banks of New York Slate; J. Martin Teleen. secretary New York Chapter of A. I.

and Sherman S. Ely, manager of the Flushing Branch of National City Bank, who is president of the Queens County Bankers Association. The Bankers Club of Brooklyn has been in existence since January, 1914. Since that time, through rotation yearly, many prominent local bankers have been associated with the club. E.

W. Bliss Plan Gels Approval E. W. Bliss Company stockholders have approved amendments to the plan of recapitalization originally presented Aug. 17.

The amendments provide for a group of 10 large preferred stockholders purchasing notes and new 5 percent preferred stock with the payments they receive on account of preferred dividend arrearage under the plan. Total arrearages Aug. 17 amounted to $1,052,335. An increase In the amount of new 5 percent convertible preferred stock to 80.000 shaare.s from 52.601 shaares as originally planned was authorized, U. S.

Air Traffic Hose in October Washington, Dec. 9 The 18 scheduled air lines operating in continental United States carried 113.539 iiu.niiiofl in wiioix'r against, 917 in October. 193fi. and flew fi I 084.747 miles against 5.912.669. ac- part ment of Commerce.

The air lines flew 49.186.173 passenger miles against 44.411.139 in October last year. The lines carried 684.241 pounds of express and flew 427.281.099 express pound miles in October this year. Treasury Slalcnirnt Washington, Dec. 9 The position nf the Treasury on Dec. 7: Receipts.

expenditures. balance, customs receipts for the month. $7,407,222.65. -By II, H. CLARKE- linancial Editor Hi In line with expectations, tha stock market today ran into a measure of resistance and prices hesi tated in their upward course, There were modest recessions ail along the.

line but during the morning-, at least, setbacks were of small prof portions. There was no pressure in evidence. Offerings appeared to ba coming mainly from professionals. These interests are following tho market's trends very closely, getting in and out on daily bulges and dips. Majority in Street wern pleased to see some irregularity develop at this point.

It fits in well with the technical picture. There i a disposition to look for a resump-' tion of rallying tendencies before the end of this week. Since the market broke away from its lows of Nov. 24 periodic rallies and setbacks hae been of relatively short duration. Rallies have lasted usually about two days, and in one or two cases three days.

Then traders have become cautious and have sold, bringing on declines. Failure of such selling to dislodge other offerings has then resulted in a return to the buy side by professionals. This, Street thinks, is characteristic of the initial phases of all intermediary upward movements. Hence, is expecting straightaway advance. Rallies will in all probability be restricted in duration and in amount until outside participatio.i broadens.

The important thing at this stage is that immediate trend still points upward. Though practically every one in professional Wall Street consuls charts of some description at or.e time or another, there are certain' statisticians and brokers who guide their actions almost, exclusively by what the averages show. These individuals appear to be far more cheerful and confident at the mo-j ment than the men who give a large I share of their attention to economic I developments. They claim that the 'market has for the past 10 days or more been acting independent, of lie news and almost entirely on a basis of technical considerations. Those who devote more attention to economic developments now seem inclined to fit the news to the mar-j ket.

Emphasis is placed on such things as the firmer tone of the scrap iron market, belter retail dr-j mand and prospects that the market may soon be left free of legisla-! live and other disturbances. Actual developments such as the further I dip in steel operations, recession in G. M. November sales are mini-mizt'd. theory being that such constitute "water over the dam." Street is now riving some thouglit to i he possible volume ol tax selling between now and end of Views op.

tins are mixed. Home think a fair volume will develop which may serve to turn the price trend around next week or the following one. Others claim that a good bit of tax silling has already titkn place and that very little remains to b' done. Latter al. feel that instead ol outright selhim individuals who wih to loscs will ci'i so via swiVbine.

so what is taken away one place will iio acded in aunt her. Car loadings to be reported tomorrow are expected to show a gain of somewhat more than liO.OOII units over the Thanksgiving week but a drop of about 120.000 under a year ago. On this basis, the recovery over the holiday week would be better than seasonal. However. Street thinks the figures offer little (hat is significant.

The prospect of sustained improvement in loadings over the near term still continues anything hut bright. S'ree! derived rnouncr nici.i from i-l'C Ch.i.i man Jot rc Kitted talks 'along the lme.s should no! eiii'b to la Mad, in defmi: it would iinprovi til ne President I ha: le-ie'iiu' be a upon the outlook Jor a tiw carriers "on the edne." known to be There is slill a good deal of hull-ishness around on the carriers, though it is rather selective. New York Central is reported In have been "well liniiglil" in the past several claxs. Southern 1'acirjc, Atchison, (ircat Northern. Northern I'a-eilie and Smilhcrn Kail also seem to he attracting a wider sp'-eulalive follow ing.

Tut re are reports that pii'scn! H.w Co io i 1. 1 1 1 orvr.uiotis ihirms Cie uvh halt of If Xt This aotu-s p. tints The w.eks in w.atui a. to be opera I'ftinit- a.tton on cli.utiu re Is to ne general market Majority nf Stock n.iiinr men frankly do not like the idea of the Ixih.iuge Kiiins ahead with proposals In incic.iM. They arin'it, however, thai Ihe changed schedule of rales has a lair chance of going through largely because of the general lack of interest on the pari of conservative members.

The ilea ot a ilui-e on inactive and Miuli l.s re.iarded gem rally as a S-'. pm.T.iniv At; tracers par.e to do to escape Jtvy io h.nr V.rA; stik, ti.instrirrd and to homo' M'hiT tJvui thl'M with houo. This ih iion.c have oiore not! worn In citd it will piobahiy 1 and i.o on in iveniie. Unity of Facilities Will Bring Economies Both Are Exchange Memhers Edward B. Smith Co.

and Charles D. Barney Co. will merge on or about Jan. 1, 1938, according to an announcement made today by Joseph Swan and John W. Har.es on behalf of their respective firms.

The new firm will be called Smith, Barney Co. The merger brings together two of the older firms in New York, both of which originated as investment banking houses in Philadelphia. The new firm will be Among the largest underwriting houses in the country. Both houses are members of the New York Slock Exchange. Reduce Costs "The purpose of the merger." according to the joint announcement, "is to make more complete facilities available to the clients of both firms while eliminating the cost of parallel services.

The purposes and policies of the two firms have long been similar." The New York office of Smith, Barney Co. will be at 14 Wall St. Offices will be maintained in New York, Philadelphia, Boston, Cliicago and London, England. The firm will have representatives in other important centers. Edward B.

Smith Co. was founded in Philadelphia in 1892 and has conducted a general investment business since I hat date with offices in New York, Philadelphia, Boston and Chicago. In 1934 Joseph R. Swan, then president of the Guaranty Company of New York, together with a number of the senior officers of that cvompany, became partners of the firm, bringing with them a substantial part of the organization of the Guaranty Company which, until the Banking Act of 1933, had been the security affiliate of the Guaranty Trust Company. Large I'nderwritrr During recent years Edward B.

Smith Co. has been one of the largest underwriting houses in the United Sta s. Charles D. Barney Co. was established in Philadelphia in 1873 and, until 1902, served a clientele largely In that city.

In the latter year the firm opened a New York office and became a member of the New York Stock Exchange. It is one of the larger New York Stock Exchange houses and does a substantial underwriting business. Smith. Barney Co. will have memberships in the principal security and commodity exchanges In the United States.

Federal Bonds Well Received '2 Isue IB Times. Morten than Announces Washington, Dec. 9 -Secretarv of the Treasury Morgctithuu that the Treasury's $250,000,000 ca.sli offering of 2' percent eight -year bonds had been oversubscribed about IB times with gross subscriptions totaling $4,126,000,000. Gross subscriptions for the $200,000,000 c.ish offering of 1 percent notes wtre $2,711,000,000. he added.

The basis of allotment will be made public shortly before the market opens tomorrow. Secretary Mor-ginthau said, explaining that officials will have to work throughout the night to examine all these subscriptions and cull out anv unac-ct ptable ones. Two new t.ix experts have been retained by the Treairy to aid in tin current rcvammnn nal lax laws. Morgenthau announced. The two experts are Dr.

Carl SI ouji of New York, a specialist on the economic effects of taxation, and Dr Roger Traynor of California, an expert the dratting and administering of tax legislation. Hank Stocks Quoted by I ho N. Drattrj An 1 tlu m. Hk Amrr I F.aovrh i "r' ii i 1 1 hn'-e tci til'. i in i it, :,4 Fifth Af H7n "7' Nat 1775 IB 1.1 Tm.Ip Trust Companies Quoted by thr Y.

Srrurl'y Deters Ar, 1 3n in Hirl Hk NY.x 'tie 'O H.iiik,t 4V. 4H1 I lit ui, 7 'I i 1 PH Ca On ll.oi h-i ii vhi-m-i 1 ii xtrt- i C' mi M.s-ir ii. I I1; KO i i.i', i 4H 1 4'l 1 f'i Emi'ire t'n 7i i 2i Conn Si. llrookh 11 Southern Senators Wish to Raise Prices to 12c a Pound Washington, Dec. 9 Of) Senator Smith S.

announced today that a group of Southern Senators would ask Government purchase of cotton in an effort to raise prices to 12 cents a pound. The chairman of the Senate Agriculture Committee said he would offer an amendment to the pending farm bill to require the Commodity Credit Corporation to buy cotton until the average market price reached 12 cents a pound on middling Vinch cotton. Smith announced this plan after a lengthy conference with Southern Senators and Chairman Jesse H. Jones of the Reconstruction Finance Corporation. British Gold Holdings Drop Now at Lowest Levels Since August French Circulation Is Higher London, Dec.

9 (U.W Gold stock of the Bank of England in the week ended Dec. 8 declined to the lowest leve Lsince Aug. 4, the weekly statement showed today. The statement compared with the preceding week, in pounds sterling, follows (000 omitted): Drc. 8 Dfc 1 Gold stock 580 327.700 Note circulation 485.

680 Total oulildt liabilities 647.540 619.900 Rpftrves S4.748 62 021 Ratio reserves to deposits 35.4 40.2 Ratio sold to total outside liabilities 50.6 51.2 Bank of France Paaris. Dec. 9 (OR) The weekly statement of the Bank of France compared with the preceding week, In francs, follows (000,000 omitted): Dec 2 Nov 25 Gold stock.1 58.932 58.932 Foreign 16 16 Nole circulation 91.933 90.130 Total credits and current accounts 18,454 20.578 Ratio sold to total sight liabilities 53.39 53 23 Reichsbank Statement Berlin. Dec. 9 (UP) Gold stock of the Reichsbank rose slightly in the week ended Dec.

7, the weekly statement showed today. The statement compared with the previous week, in marks, follows 000 omitted): Dt 7 Nov. 30 stock 70.523 70 456 Balances abroad 5.5S9 5,741 Note circulation 5 074 600 5.195.900 Right liabilities 703.250 765.940 Ratio gold to notes 14 13 Ratio told to total liab. 1.3 1.2 leaders who think not in terms of labor alone, of farmers alone, of i consumers alone of sectionalism." He proposed substitution of "col-i lective oo-opcratlon" for "collective bargaining." which he said carried the connotation of "horse trading." When groups sit down to "horse i trade," he said, the public usually I "gets it in the neck." Weir denied that industry had advanced "at the expease of labor" and asserted that "higher wages, shorter hours and better working conditions have been the rule." He declared that "national labor unions have made uneconomic demands which forced prices upward and caused consumer buying to decline." Must Clear the Air "A critical business recession has set in," he said. "It is because of economic necessity that capital and labor must get together." Management, labor and government, he said, must each contribute to "clearing the air of recriminations and to substitution of a philosophy of peace for one of conflict." Management, lie said, must contribute a labor policy which includes a system of "collective co-operation motivated by mutual interests," with labor and industry dealing "directly with each other.

Should Fight Closed Shop Employes, he said, should guard their right to choose their own means of collective co-operation, should be wary of "coercion to join national unions" and should tight against the checkoff and the closed shop. Government, he said, should Insure labor's freedom from coercion by amending the National Labor Relations Act and by enforcing laws against intimidation and violence. "If corporations are to be expected to deal with labor unions." he continued, "then the unions should be required to make themselves as responsible as the corporations." He declared that "it should be illegal" for unions to "call a strike without first taking a vote of employes," or "transport pickets from other plants and Industries or cm-ploy violence in strikes. Courts Should Give Law "The Interpretation of the law," he added, "should not be left to administrative agencies; it should be included In the regular business of our courts." "Eventually," he predicted, "the real workers in this country, if freed fiom the high-pressure Influence of alien interests, are going to have exactly the kind of labor relations they want. Urges Standard Wages Gardner, Dec.

9 A' Striking at wage differentials, Lincoln Baylies of Boston, a director and former president of the National Association of Cotton Manufacturers, today urged a standard minimum wag; any given industry" if "fate decrees'' wages and hours of interesting features. Offerings developed in some instances and prices were obliged to yield fractions to a point or so. But there was no pressure in any direction. Recessions were incurred chiefly by an absence of nearby bids rather than by any appreciable volume of selling. Rails Resist Trend The easier tone was evident in practically all divisions.

The rails, however, displayed a noticeable reluctance to follow the general trend. The group ended the first hour with a small average gain, in contrast with small losses in both industrials and utilitales. Trading was almost at a standstill on the recession. Support appeared for leading issues in early afternoon dealings. While bidding was anything but vigorous, it was in sufficient volume to permit offerings to be marked up somewhat.

U. S. Steel rallied about a point from its low. Chrysler returned to unchanged levels after a fractional loss. Atchison erased a point dip, and duPont recovered practically all of its loss.

Turnover continued small even on the advance. Sales were running on an average of about 200,000 shares an hour during the first four hours of trading. sponsimutv to executives and of making the function nf standi committees supervisory rather than administrative. The special committee to be appointed was authorized to employ expert assistance. The base rate on which the schedule of commisisons proposed by the Committee on Quotations and Commissions is founded starts at 3 cents a share, for stocks selling from 50 cents to $1 per share, goes to 5 cents for stocks selling from $1 to $2 per share, and then advances 1 cent per share for every $1 increase in the cost of the stock.

Grains Forfeit Early Advances Chicago, Dec. 9 (P) Moderate advances of Chicago wheat values at times today resulted largely from strength shown by the Winnipeg wheat market and because of corn price jumps. There was some export business overnight both in Canadian wheat and in United States Pacific Coast wheat. Winnieg dispatches said European demand for wheat now could not be satisfied outside the United States either in quantities ottered or qualities. Meanwhile, cables from Buenos Aires said unsettled weather had brought Argentine harvest oixration.s to a standstill.

Chicago wheat price adances. howeer, failed to hoi dwell, and in some cases the market reacted to below yesterday's finish. Oats followed corn. Rye paralleled wheat action. Wheat Oppii Low rinse close .97 i .96:, .94 .95 .93 .93 1 .94 July.

.88 .87 1 Corn Dee. .55 .56:, .55 May. 55', .59 .58 July. .59 i .49 Oats Dec. .31 .31 May.

.39 .30 29 'a Rye Dec. 69'i .69 .69 .69 68 "i May. .70 ''i .81 July. .60 66 Lard 8.55 8.52 8.52 8.65 8.72 8.70 8.67 8.67 8 75 Sugar Priee Dip Thought Likely "I don't think the outlook is very good today for higher sugar prices," Frank Dillingham, president of South Porto Rico Sugar Company told the annual meeting of stockholders today. "It looks as if the price of Puerto Rico sugar in the domestic market next year will be somewhat under the price in the year just ending and, deluding on the troubles in Asia, it is expected that the world sugar price will be a little higher than that of 1937." Commenting on the political situ-said he did not think the clamor for at ion in Puerto Rico, Mr.

Dillingham independence was as great as a year Puerto Rico would be in a rather ago. He expressed the opinion that difficult situation economically should it gain its independence. 20c. Dividend Voted By Fulton Service Directors of the Fulton Service Corporation have declared a dividend of 20r er share payable Dec. 29 to stockholders of record Dec.

14. Last year the corporation paid a dividend of 10c per share. The Fulton Service Corporation was formed under 77-B Reorganization out of the bankrupt Lehren-krauss Corporation. Harold W. Osterhout Frees 1 More In Oil Trial 16 Companies and 37 Executives Must Face Jury on Charges Madison, Dec.

9 (U.R) Judge Patrick T. Stone today granted a motion for dismissal of anti-trust charges against another individual defendant and then announced that the Government was entitled to have the jury decide the fate of the remaining 10 major nna-wesi on i companies and 37 executives. He approved a motion for dismissal of the criminal charges of conspiracy to fix gasoline prices against O. Audrian, Tulsa, buyer from Tidewater Associated Oil Company, reducing the number of individual defendants to 37. Other Dismissals Charges against three others were dismissed Dec.

7. Twenty-three companies, three trade publications and more than 50 individual defendants originally were indicted. The Government later dismissed its case against the trade publications and others were dismissed by the court. Judge Stone, qualifying his ruling today, said "the defense may, if necessary, by proper motion after the verdict, seek the same objectives that they have sought in their motion for directed verdicts, but in the present state of the record the court is of the opinion that the Government is entitled to have the Issues in this case submitted to the jury." Steel Unifies Its Affairs Forms Management Unit to Supervise Work of All Its Suhsidiuries Supervision of a considerable number of subsidiaries of the United States Steel Corp. under one management will be effected Jan.

1. next, it was announced yesterday by Myron C. Taylor, chairman. The United States Steel Corp. of Delaware, which was organized in 1933.

will be used for this purpose. Main purpose of the management consolidation is to bring the management closer to the operating companies, Mr. Taylor said. He added that the plan, when made effective, will conclude the several major basic factors in the program for the readjustment of the com-poration's principal affairs for the present The Delaware corporation has a nominal capital, all of which is owned and held by the United Steel Corp. of New Jersey.

J. B. Fairlcss, who becomes president of the New Jersey corporation on Jan. 1. 1938.

also will be president of the Delaware corporation, the headquarters of which will be in Pittsburgh. Directors Chosen There will be 21 directors of the Delaware corporation. The following have been elected: B. F. Fair-less.

B. F. Harris, M. D. Howell, C.

V. McKaig, Thomas Moses, L. A. Paddock and J. L.

Perry, Pittsburgh; C. H. Rhodes. E. R.

Stet-tinius E. M. Voorhees and R. E. Zimmerman, New York; William Beyc.

G. C. Kimball and Wallher Malhesius, Chicago; A. N. Diehl, San Francisco; Robert Gregg.

Birmingham; and C. F. Hood, Cleveland. There are four vacancies which will be filler' later. Better Co-ordination Under the arrangement the respective subsidiaries will continue business in their own names as previously.

The arrangement is expected to secure better co-ordination of the activities of the various units, greater facility and effectiveness In the conduct of current transactions, improved efficiency, and to be productive of a more complete identity of interest. Stocks of Oik Higher in Month, i Washington. Dec. ft The United States Bureau of Mines reported to- 1 day that stocks of all oils increased 3,488.000 barrels in October and stocks of gasoline, Including finished gasoline, natural gasoline and unfinished gasoline, increased 1.82.1.00" barrels. Stocks of domestic and foreign I crude oil at dose of the week er.d-jtng Nov.

27 totaled 304.156,000 bar-j els, a decrease of 168.000. saying: No Official Report "This is a closed session. Many of the questions asked are designed to elicit Mr. Fahy's opinion as to probable action and interpretations by the National Labor Relations Board under circumstances outlined. Since his answers in many instances will represent his own opinions only, and are not binding on the board, there will be no official report of the proceedings." Those industrialists present who had hoped for an "olive branch" some gesture that could be interpreted as a willingness of the administration to "soften" its labor policy tound no comfort in Fahy's comments, although he made it plain he spoke only for himself.

Toward the end. Fahy said: "You want to impose on them Uabor unions) a more drastic regulation. You advocate putting unions out of business." Fahy explained his position saying that penalizing a union would in effect put it out of business and that such a change in his opinion, would be unfair unless the employer could also be "put out of business." The audience listened to Fahy for the most part in dead silence. Twice they laughed softly. At the end there was a polite flutter of applause.

Won't Be Lenient Fahy made it plain to his hearers there was no disposition on the part of the board to be more "lenient." After saying the Government did want to co-operate with industry for better conditions generally, he went on: "It is a great obstacle to ro-or- I eration when one party violates the rules." He said that much of the criticism of the present labor relations law came from employers who were not obeying it; that "those who adhere are not to be found among the critics." Answers Not Final He even interpreted some criticism of the board's policies as an attempt at "destroying civil liberties." He emphasized to his hearers that what he was doing, in addressing the manufacturers so candidly as an individual might be "dangerous and misleading" but he said he had done it before and was "trying to be helpful'1 and again said any answer to questions he might make had no assumption of finality. The first question asked him was whether the board considered it as the duty of the employer to actually reach an agreement as a result of collective bargaining. Fahy replied: "There is no compulsion if you negotiate in good faith." Should Be in Writing Next he was asked what compulsion existed to make the employer reduce a labor agreement to writing. He answered that it should be reduced to writing "whenever failure to do invalidates the spirit of the act." but that it was not always required. He was then asked whether, after an agreement was reached, the employer was required to contract with a union as such, or could insist upon signing with the employes while recognizing the union as agent, Fahy said: "My opinion is that the contract should be made with the union if the negotiations were started by the union." Weir addressed the Congress of American Industry of the National Association of Manufacturers, which yesterday adopted a "platform for 1938." declaring for the open shop and elimination of unduly burdensome" tax and labor laws.

Matter of Necessity Weir in his address said, "a sound relation between management and labor is not a matter of morals and sentiment. It is a necessity dictated by the economic structure of business." He criticized the national and some State administrations for beclouding the subject of labor relations with "passion and emotion." Asserting that the cost of strikes In this country rose from in 1936 to "somewhere near in 1937, Weir said the first six montlis of this year, with over 2.500 strikes." was ti "worst and most cosily period of labor turmoil in our history." "What we need now," he said, "are puouc oy 11 1 nAI'rWlt OMrl I percent and by 5 percent to mem oers. One governor of the Exchange proposed in i amendment to the report an increase in rates which would increase public charges by 18 percent. A minimum commission of $3 on all transactions of 50 or more and a minimum monthly service charge of $2 on inactive accounts, are also proposed in the committee's report. The Governing Committee will act upon the proposed changes at a special meeting Dec.

15. Bulova Declares Dividend of $1 Directors of Bulova Watch Company today declared a quarterly dividend of $1 on common stock, payable Jan. 3 to record of Dec. 20. The same amount was paid on Sept.

30. Operations of the company for November resulted in the largest volume of shipments of any month in its history, the company stated. Hank of Manhattan The Bank of the Manhattan Company declared a regular quarterly dividend ot 37'- cents, payable Jan. 3 to record of Dec. 14.

Kaulniann Stores Kaufmann Department Stores has declared a regular quarterly dividend of 40 cents on common, payable Jan. 28 to record of Jan. 10. I). Emit Klein Co.

D. Emil Klein Company has declared two quarterly dividends of 25 cents each on common, which would ordinarily lie payable April 1 and July 1, 1939. Dividends are pavable Dec. 24, 1937, to record of Dec. 16.

Climax Molybdenum Climav Molybdenum has declared a year-end dividend of 50 cents and a dividend of 30 cents for the quarter, both payable Dec. 23 to record el Doc. 16. On Sept. 30 a dividend of 30 cents was paid.

Criim Forster Crum Forster has declared a special dividend of 75 cents on the common stock, payable Dec. 24 to record ot Dec. 14. Crum fc Forster. Insurance Shares Corporation has declared a special dividend of 95 cents on the Class and common slock, payable Dec.

24 to record ot Dec. 14. 5 Oil Companies Get Navy Awards Washington, The U. S. Navy De partment announced today award of contracts to five oil companies for supplying 4.204.800 barrels of fuel i oil for the six months' period.

Jan. 1 to June 30, 1938. at total cost of $3,764,024. ICVeiVIIlg cuiuirtlia are; General Petroleum Corporation of C.ililornia, 1.000.000 barrels, at Richfield Oil Corporation. 2.070.000 barrels, at Shell Oil Company, San Francisco, barrels, at Standard Oil of California, 34.500 barrels, at 44.600; Texas Company.

600.000 barrels, at, $518,400. and Union Oil Company of California, 300 barrels at $814. The department also announced award of contracts lor supplying fuel oil for Diesel engines to Union Oil Company of California for 800 barrels lor $202,130 and to Standard Oil Company of California I lor 11.550 barrels, at cost of $30,565. BAR (iOLl) RISES I London, Dec. 8 (U.R)-Bar was; quoted today at 139 shillings, 11 pence, up 2 pence, and sterling at $4.9985 compared Willi $5.0045 yesterday, making the American equivalent unchanged at $34.97.

Gold on the market amounted to JUeCOOQ Management Mori Im csIiikmiU for Individual, Institutional ami Fiduciary Holder Bi'uklrt uilllr 'rni upon rrqurst. Til M(KT(iA(ii: C() HIM) RATION of yohk t'nilrr th' iprr in of thr 42 Hroiiilwav nrk PETKH PovMd.Mi! HKNNKIT Capital and surplus FINDS AVAII.AIII.F. FOR FIIIST MOltK.AI.i; lows.