Evening Star Newspaper, November 29, 1929, Page 16

16 = RAIL PLAN VERDICT MAY BE ADVANCED Date Has Been Set for Jan-| uary 1, but Decision Sug- gested Sooner. BY CHARLES F. SPEARE. Epectal Dispatch to The Star. NEW YORK, November 29.—The date fixed for the release of the Interstate Commerce Commission's plan of- rail- road consolidation has been January 1, but it was suggested that as a means of strengthening confidence and per- mitting raliroad executives to map out expansion programs it might be an- nounced sooner. The estimate has been made that nearly $1,000,000,000 of new capital is being held up as a result of merger uncertainties. There are also intimations that cer- tain stock market situations develop- ing out of the October and November break in prices may change the atti- tude of interests that have been advo- cating a fifth system in the East. Favors Five Systems. There are strong advocates within the commission both for a four-party plan and for one which would recog- nize the right of a fifth system to be formed in ,the trunk-line territory. Commissionet Lewis is strongly in vor of five systems. -With the Wabash and Lehigh Valley forming the basis for a merger which would come into com- petition with the present four groups represented by the Pennsylvania, New York Central, Baltimore & Ohio and Nickel Plate roads, the fifth system would supplement the existing Pennsyl- vania lines for control of the Wabash ! and Lehigh Valley, is held by the Penn- sylvania Co.. and there seems to be little doubt but that the Pittsburgh & West Virginia ownership has recently been transferred from the Taplins to the portfolio of the Penmroad Co. There| is still much difference of opinion, among members of the Interstate Com- | merece Commission whether they have any jurisdiction over -stocks of com- petitive railroads whose ownership is vested in holding companies. The four-party plan came nearly to | House while the reconstruction was un- the point of consummation a few years ago. Then a break-up otcurred, which widened the differences of groups and |who has increased substantially execu- led to acute rivalry between those who |tive business quarters and personnel. had been nearly unanimous in their idea as to what would best serve the Eastern territory. It is believed that with some outside leadership and more statesmanship than has so far been ex- hibited the four major systems could be brought back to the point where their representatives could again sit down together and make concessions to each other which would result in a peaceful settlement. It has been sug- gested that a good plan would be for the heads of the four Eastern systems to confer with the Interstate Commerce Commission prior to the publication of the commission’s consolidated plan and try and effect such readjustments as ‘would be satisfactory to the commission at that time instead of waiting for the official merger plan to be promulgated. Among railroad men the general feel- ing is that the Eastern situation would be permanently improved by a four- party plan that would bring the various existing systems up to -about parity with each other in the way of entrances into competitive centers and also with to the amount of mileage in each group. At present the Pennsyl- vania overbalances in.both these re- g)ect! the Baltimore & Ohio and the lickel Plate. 1t is frankly recognized that if a fifth system is permitted there will be an even greater overbalance in favor of the Pennsylvania Raiiroad—inasmuch as it, to a certain extent dominates the Wab- ash, Lehigh Valley and Pittsburgh & ‘West Virginia, and indirectly the Wheel- ing & Lake Erie, which are the main parts of the proposed fifth line. Issue fo Be Revived. The psychology of the present indus- trial situation would seem to favor such & conference for the main effort of the administration is to bring about co- operation between large groups of capi- tal and through this lessen the disturb- ing effects of the Wall Street collapse. ‘The last session of Congress gave no recognition to the railroad consolidation situation. This subject is expected to be a live issue after Congress resumes its sessions next month. Corporation NEW YORK, November 29 (#).—The following is today's summary of im- portant corporation news prepared by Standard Statistics Co., Inc., New Yorx, for the Associated Press. News Trend. Announcements of contemplated ex-| penditures for 1930 construction pro- gram provided a large portion of the past day’s financial news. The public utilities apparently will expend a sum well in excess of the billion-dollar pro- gram adopted by the railroads. Cap- ital improvements by industrial cor- porations also will be large, Gulf Oil planning the expenditure of $75.-| 000,000 and Aluminum Co. of America | $50,000,000. i Railroad earnings for October” are showing the moderate decline generaliy forecast. Net operating income of the first 49 roads reporting aggregatea £13,508,000, a decrease of approximately 6.35 per cent from a year ago. Gross revenues of the same roads were only nominally lower. Favorable dividend actons were again prominent in the day's news, Cutler Hammer, George W. Helme, Ingersoll| g, Rand, Pennsylvania Water & Power and Warren Foundry & Pipe being the more prominent corporations taking such a step. = The Companies. Atlantic Coast Line Railroad October | net off 60 per cent; 10 months, 53 per | cen. above year ago. Burns Bros. earned $34C 400 be{orr; Federal taxes in October vs. $84,614 year ago. Canadian Pacific Railway October net off 269 per cent: 10 months, 14.1 | per_cent below year ago. Cleveland, Cincinnati, Chicago & St. Louis October net off 11 per cent; 10 months, 18 per cent above year ago. Colorado Southern Railway October net up 37 per cent; 10 months, 20 per cent below year ago. Commonwealth & Southern had net of $23,158,604 in 12 months to October | 31, about 31.6 per cent above year ago. Curtiss Aeroplane & Motor increases dividend rate from $1 to- $2 annually. Cutler Hammer declares a stock divi- dend of 20 per cent on capital stock. Delaware & Hudson October and 10 months’ net operating income up 32 per cent above year ago. Draper Corporation declares extra dividend of $1 and regular quarterly of $1 on common. Pederal Neon System, Inc., offers ex- change of one class A share and two common shares for each share of Rain- bow Luminous class A stock and one- half share of class A and one common share for each share of Rainbow Lumi- nous class B stock. Fox Film-Fox Theaters—Federal ac- tion taken to force disposal of holdings in Loew’s, Inc. George W. Helme declares extra divi- dend of $2 per common share and regu- lar quarterly of $1.25. Honolulu ~ Consolidated Ofl declares extra dividend of 50 cents and regular quarterly of 50 cents. oskin Manufacturing declares extra dividend of 60 cents and regular quar- terly of 60 cents. Iilinols Central earned $7.12 per share ‘o"cfl}su months to October 31 against .55 year ago. -Rand declares a speclal divi- #erd . of $#1 on commen. { United States, | agreements were all ratified the col- Washington ‘Ticker | BY CLINTON_ COFFIN, Associated Press Fifncial Writer. Changes in the international mone- tary outlook incident to the interest rate decline now observed in greater centers are raising the probability that steps will be taken shortly in the long- deferred plan to,“commercialize” & por- tion of the German war reparations debt. When the allled nations early this year effected an agreement to fix the reparations totals and annuals, a tentative arrangement was made to have about $1,000,000,000 of the prin- cipal of Germany's debt put into shape for sale to investors of the wotrld in the form of bonds, interest and amortiza- tion charges on 'which issue would be made a prior lien among the allied claims against Germany. There was hope that some large por- tion of this contemplated international bond issue could be marketed in the but by the time the lateral interest rate levels in the Amer- ican money market had moved up to points that sw}wed all bond invest- ments temporarily. The commercializa- tion feature of the reparations agree- ment has not moved since. However, with interest rates dropping in the United States, and gold accumu- lating in Prance, which nation-is tra- ditionally the world leader in mixing ! the habit of saving and government bond buying, there is obviously a new turn in the world’s financial situation. It is rather more than probable that a portion of the great war obligation overhanging the world's political rela- tions will, early in 1930, achieve some transfer to the field of market invest- g)ent and enter on the-road to extinc- ion. George B. Cortelyou, now president of the Consolidated Gas Co. of New York, but once private secretary to President Roosevelt and later Secretary of the ‘Treasury, was an interested observer of business routine and arrangements around the White House executive offices this week. Mr. Cortelyou called on the President as a member of the delega- tion of public utility executives, who presented the summary of capital ex- penditures they contemplate making in their enterprises for 1930, which proved to be nearly $2.000.000,000. “It was during President Roosevelt's first term that we first found it neces- sary to set up a business office for the head of the Government,” Mr. Cortel- vou siid after he had. looked over the expanded executive offices installed with the Hoover regime. “I had to move the Roosevelt family clear out of the White dertaken. “Mr. Hoover is the first President since But it looks to be much the same job that it was 25 years ago, though ob- viously executive business proceeds with a little more tension.” Just as industrial corporations cease working out new plans for capital stock increases and rearrangements, railroad companies considering expansions and betterments start on the same genérai policy, and promise to put some prob- lems of first magnitude up to the In- terstate Commerce Commission in the process. The latest project, advanced by the Pennsylvania System, calls for tbe issuance of $90,000.000 of new stock to stockholders and employes at par, $50 per share, at a time when its outstands capital issues have a mar- ket quotation of between $82 and $85. Next week at Richmond stockholders of the Chesapeake & Ohio will vote on a proposal to split up the outstand- ing capital stock of that corporation on & 4-for-1 basis, without providing any new funds, but with the evident purpose of increasing the marketability and the numbers of stockholders in the enterprise, Forecasting commission de- cisions is' a fairly common business around Washington, and most of the opinion seems to lean in the direction of expecting official assent to both steps. Pennsylvania proposals involve valuable rights to shareholders, but there are several precedents in' previous commission decisions for letting sucn rights issue. S e The Chesapeake & Ohio pro- posals, the railroad world continues to Tegard them as one more evidence that O. P. and M. J. ‘Van. Sweringen of Cleveland and their associates are un- ceasingly at work to bring about a rail- road merger of first-class proportions in Eastern territory. Chesapeake stock, selling around $200 & share, is a some- what unwieldy unit to take into stock transfers, and an automatically cheaper figure produced by cutting it up would unquestionably simplify exchanges and other procedure that are contemplated in the merger plan. Sponsors of the step do not expect commission o] i tion to a move that is merely prelimi- nary and facilitating to consolidations over which it will still retain control. Baltimore Markets Special Dispatch to The Stsr. BALTIMORE, Md., November 29.— Potatoes, white, barrel, 1.50a4.00; 100- pound sacks, 1.75a2.50: sweet potatoes, barrel, 1.50a2.75; bushel, 75a1.35; yams, barrel, 1.50a2.50: beans, bushel, 3.00a 4.50; beets, 100, 3.00a4.00; Brussels sprouts, quart, 1212a15; cabbage, basket, 45a60; carrots, 100, 2.00a4.00; cauli- flower, crate, 2.25a3.00; celery, crate, 1.75a3.25; cucumbers, hamper, 5.50a 6.50; eggplants, crate, 3.00a4.00; lettuce, basket, 75a1.00; onlons, 100 pounds, 1.50a1.75; parsnips, basket, 40a60; peas, hamper, 5.00a5.50; peppers, crate, 6.50a 7.00; pumpkins, 100, 3.00a10.00 spinach, basket, 25a60; squash, g tomatoes, crate, 2.50a3.50 hamper, 15a25; appl cranberries, box, 3. ; grapel A box. 3.25a5.00; oranges, box, 3.00a4.50; tangerines, box, 2.25a3.25. Dairy Market. Poultry, alive—Turkeys, pound, 30a 32; old and crooked breasts, 25. young chickens, 24a27; Leghorns, 22; old hens, Leghorns, 18a19; poor and thin 1 17a18; old roosters, 18a20; ducks, 16a25; guinea fowls, each, 40a60; pigeons, pair, 25. Eggs—Native and nearby hennery whites, dozen, 56; firsts, 52; 45; current receipts, 43a4! dirty eggs, 25a30; receipts, Butter—Creamery, good pound, 41a46: ladles, 35a36; rolls, 31a 32; store packed, 22; process butter, 40a41. Live Stock Market. Cattle—Recetpts, 1,200 head; fair sup- ply, market dull. Steers—Choice to prime, none; good to choice, none; medium to good, 11.00 to 12.00; fair to medium, 10.00 to 11.00; plain to fair, 9.00 to 10.00; common to plain, 8.00 to 9.00. Bulls—Choice to prime, none; good to choice, none; medium to good, 7.50 to 8.50; fair to medium, 7.00 to 7.50; plain to fair, 6.00 to 7.00; common to plain, 5.00 to 6.00. Cows—Choice to gflme, none; good to choice, 7.50 to 8.50: medium to good, 6.50 to 7.50; fair to medium, 5.50 to 6.50; plain to fair, 4.50 to 5.50; common to plain, 3.75 to 4.50. Heifers—Choice to prime, none; good to choice, 10.00 to 10.50; medium to good. 9.00 to 10.00; fair to medium, 8.00 to0 9.00; plain to fair, 7.00 to 8.00; com- mon to plain, 6.00 to 7.00. Isg‘x;"’sh cows and Springers, 60.00 to Sheep and lambs—Receipts, 300 head; light supply, market steady. Sheep, 2.00 to 6.00; lambs, 6.0 to 13.75. Hogs—Receipts, 100 head; light sup- ply, market higher. ts, 9.90 to 10.15: heavies, 9.70 to 10.05; medium, 9.75 to 10.05; roughs, 7.25 to 9.05; light pigs, 9.25 to 9.80; pigs, 9.50 to 9.75. Calves—Receipts, 100 head; light sup- ply, market steady. Calves, 7.00 to 16.50.. - o - Clearing House Statement, NEW YORK, November 29 (#).— Clearing house statement: Exchanges, $1,620,000,000; balances, $30' ,000. Sttty Coal mihers of Bel B e of ‘l;unvera recently 4 CLOTHING INDUSTRY N SEASONAL GAN Leading Merchant Does Not Believe Trade Will Be Af- fected by Stocks. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, November 29.—Salem N. Baskin, leading Chicago Clothier, writes that the clothing industry 1s showing the usual improvement experi~ enced every year “as we go into the Fall season.” He believes that it will not be disturbed in any way by the “market mess.” But this Chicago business man takes & little different view of things re- garding the value of the White House conferences: “There never can be such a thing as an artificially stimulated period ot prosperity—at least, no such boom can be sustained, regardless of what is done in Washington, and no man will be fool enough to do anything but pre- serve his own business. Natural order will take. its course in business, as in all other things. Raflroads will order equipment when they need it. We will order clothes when we need them; ai of us/will continue our business in u businesslike way. Still, if the loose ends of business can be brought together by the cor- relation now being attempted in Wash- ington, it will have done a big service for the country. The Government has been working for some time to determine the best methods for packing frozen fruit to preserve the fresh frult flavor. Last year 10,000 cans of fruit, berries ana vegetables were frozen, packed by vari- ous methods now coming into use, ana put in cold storage in the States of ‘Washington and Oregon. Packing frozen fruits and vegetables in small containers is a new develop- ment, in the food industry. The prod- ucts are put in vacuum-sealed tin cans or covered wax paper containers, alone or with sugar, salt or other packing media, and stored at low temperatures until consumed. Some of these packs have been sent on to Washington, D. C., for laboratory tests in December. Before many months pass the effectiveness of the different methods of freezing will be pretty well known, ‘The products packed in Washington and Oregon.include strawberries, rasp- berries, blackberries, cherries, uears, avocades, peaches, peas beans sweet corn tomatoes, apricots and even melons, Senator Montes de Oca, Mexican minister of finance, in his report to the Chamber of Deputies, estimates the na- tional income of Mexico in 1930 will ex- ceed the national expenditure by $57.- 233. The total probable income the | youthful finance minister places at !1!&603.000. basing .the peso at 50 cents. Not unlike that of other countries, the largest expenditures are for war,and marine—about $40,000,000. Still, this is nearly $6,000,000 less than is being spent in this way this year. The establish 2,000 new rural schools throughout Mexico. Road construction comes next in im- rtance. Mexico, too, is expecting 'ge_development in tourist trade from the United States, so trunk highways are being outlined and developed as fast as the public revenue will stand. * (Copyright, 1929, by North American News: Paper Alliance.) ' NEW YORK COTTON: NEW YORK, November 29 (Special). A bullish report from J. W. Jay & Co. caused only & slight advance in cotton prices at the opening tod B The opening was unchanged to 5 points higher and trading in the first half-hour developed no feature. The South, Liverpool and locals sold and there was commission house support on the crop estimates. Short covering over the week end contributed the rest of the buying. Ths Jay report indicated a yleld of 14,830,000 bales. The American Cotton Crop Service declared that its estimate of 14,744,000 bales, equal to 14,590.000 running bales, may have to be reduced further. Opening prices were: December, 17.10, unchanged: January, 17.28, up 3; March, 17.56, up 2: May, 17.79, up 2; y, 17.95, up 5, and October, 17.94, up 5. GRAIN MARKET. CHICAGO, November 29 (Special).— Wheat showed strength today under general commission house buying influ- enced by strength in Liverpool and Buenos Aires. After'the first half hour December was 125'z, March 1327, Corn was higher with wheat. De- cember was 872, March 93, May 95 to 9515, Oats were higher. March 49, May 501%. Provisions were firm with hogs. December was 46, CHICAGO LIVE STOCK MARKET CHICAGO, November 29 () (United States Department of Agriculture).— Hogs—Receipts, 33,000 head, including 11,000 direct; market mostly 15 to 25 higher; top, 9.50, paid for .250-300- pound weights; bulk, good to choice, 180-320 pounds, 9.25 to 9.45; 150-180 pounds, 9.00 to 9.35; butchers, medium to choice, 250-300 pounds, 9.00 to 9.50; 200-250 pounds, 9.15 to 9.50; 160-200 pounds, 8.90 to 9.40; 130-160 pounds, 8.50 to 9.35; packing sows, 8.00 to 8.60; pigs, medium to choice, 90-130 pounds, 8.25 to 9.00. Cattle receipts, 6,000; calves, receipts, 2,000; steady to strong trade on fed steers and yearlings; early trading con- fined to show rejects; weeded-off show steers in liberal supply; em{ top, 16.00 on yearlings, some held higher; best heavies. 15.00; cow trade very slow and weak; slaughter classes, steers good and choice, 1,300-1,500 pounds, 12.25a14.50; 1,100-1,300 pounds, - 12.25a15. 950. 1,100 pounds, 12.25a15. medium, 850 pounds up, 8. yearlings, good and choice, pounds, 13.00a15.75; heifers, good and choice, 850 pounds down, 12.50a16.00; common and medium, 7.25a12.50; cows, good and choice, 7.25a10.00; common and medium, 5.75a7.50; low cutter and cutter, 4.50a5.75; bulls, good and choice (beef), 8.75a10.00; cutter to medium, 6.50a9.25. Vealers (milk fed)—Good and choice, 13.00 to 15.50; medium, 11.00 to 13.00; cull and common, 7.00 to 11.00; stocker and feeder steers, good and choice, all weights, 10.25 to 11.00; common and amount saved in 1930 will be used to medium, 7.50 to 9.75. m *Jrom_the AVENUE o NINTIs Rajah Tints the newest presentation in Shirts of Quality $3.50 Beautiful material of fine texture, fea- turing four shades that express refinement with originality—sun tan, blue, Burgundy and gray. They are perfect in detailed propor- tions—and in two models—collar attached; or with two separate collars to match. o to choice, | * Pernia Silk Cravats Guaranteed for a full year of ~ service $1.50 A special neckwear weav- ing of silk and wool—soft and tyable; but* wear-resisting. In a range of handsome colors and smart patterns-—figures, dots, etc. : THE EVENING STAR. WASHINGTON, D. 0. FRIDAY. N VEMBER 29, 1920] - e of NINTHe= Overcoats-- Except by comparison you cannet fully appreciate the immensity of our stock of Overcoats. It takes an entire floor of our double building—the third floor—exceeding in actual space that which the average clothing store allots to all departments. And only by comparison, too, can you truly appreciate the in- comparable values which constitute this stock. Literally a Coat for every occasion—in every size—at a price to suit-every purse— and all measuring up to P-B’s exacting standard of value. At . y $3S—Smgle and double breasted At $40—Both single and double breast- models, in fleece and fancy ed; in plain blue, brown and ox- weaves; and oxford mixtures; s . and note the special tailoring care fo.rd saliiae bt il trimmed throughout. ars withd\vhich each is finished. \ an - 45 $50—1\::1'seys, melton, At $50 and $75—M¢:ltons, kerseys; belted and plain; regular and rag- boucles; for general and dress wear—black and oxford; self and lan shoulders; single and double breasted — with character and velvet collars—single-and double * smartness in the designing: and breasted models. of distinctive types—regular and raglan expert craftsmanship in the mak- ing. Mt. Rb_ck Fleece Great Coats—$50 We Control Them in Washington \Ye have never offered a garment with more confidence in its behavior in your service than these Mt. Rock Fleeces. Inviting to comfort in the coldest weather: warmth without weight, which makes them desirable for all-around Winter 'wear——' and guaranteed not to show signs of wear—a remarkable virtue for fleecy weaves. Single and double breasted; raglan and regular shoulders; silk trimmed. Blue, brown and oxford mixtures. At $75_Domcstic Montagnacs, black At $65 to SI 25__};““){"), ONiers coats, from London, and exclusive and oxfordg silk-lined through- with us in Washington, for out; conservatively modeled; and whom -they are made expressly. superiorly tailored. % Fleece and Shetland weaves; rag- At $100—Isaac Karr meltons, Eng- lan and plain shoulders; bluge. land royal weave—that has held brown and oxford shades. Typi- preference with good dressers for cally English in style and execu- generations. Effectively de- tion. sig'tned—and silk lined through- _At 5125—English. Llamovel, that has T the soft woollyness of the sheep for which it is named—deep pile At 51 lOiPeru-Guan Llama, one of double breasted; with halipbr;lt; the richest of weaves:; made up t silk yoking and sleeves;_ plaid in "double-breasted model, with body lining; choice of gray and belt back. Camel-brown shade. brown effects. A coat of character and comfort. Chauffeurs’ Overcoats .At $],]_S—Frcnch Sedan Montagnac;, Oxford mixtures, wool lined, for still another of the regal weaves that greater warmth, hold firm sway in exclusive fash- $45 10 565 ion — designed in conservative Black and oxford, with astrakhan collars; styles; elegantly trimmed with and lined with dogskin or lamb. guaranteed silk. $125 4 5135