Evening Star Newspaper, December 3, 1929, Page 15

FINANCIAL, DIL TRADE AWATTS | 7 DETERDING SPEECH European Magnate May Of-| fer Practical Plan to Solve I Present Problems. | BY JOHN F. SINCLAIR. Bpecial Dispatch to The Star | NEW YORK, December 3.—Railroad | consolidation is about to .enter the| stage of practical politics. The Inter- | state Commerce Commission within a few weeks is expected t> submit an | agreed plan for the consolidation of all the railroads in the United States, unit'ng them into about 20 huge s; tems. | While nothing official has been an- | nounced, enough has leaked out to in- | dicate # | 1. That the EAst will have five sys- | tems centering about the Pennsylvania, | New York Central,~Baltimore & Ohic, Chesapeake & Ohio and the Wabash. 2. New England will be served with probably as many tems as center about the New Haven, Boston & | Maine, Maine Central, Boston & Albany and Rutland. 3. The South, with at buiit ~‘around the Central, Chicago & N Atlantic Coast Line. | 4. The Middle West and the Far ‘West to be centered about eight or built around the Rock Island, least four, 1llinois hwestern and (the new namc), Fe, Unior cific, Southern Pacific and Burlington. 1t is understood also that at the time this report is submitted the Great Northern and the Northern Pacific merger will be approved. but that it will not include the Bu on. For. 10 years the Interstate Commerce Commission has been w g on ths problem. A definite, approved plan of railroad consolidation is one of the most important jobs facing the busi- ness world. Twenty years ago when James J. Hill | was_the railroad glant of the Wost, he predicted that the raflroads of the United States would be forced to spend a billion dollars a year “to keep up with the procession. Other railroad executives smiled at this, but they did not laugh, because already Jim Hill had become more suc- cessful operating in the Middle and Far West than any of them had in the congested and rich East. Yet at the Washington conference railroads announced that they had been spending about four-fifths of that amount each year during the last few years. So the railroad _billion-dollar year, just for additions and betterments, | has almost arrived. When Hill made this statement, the light, power and gas companies of the United States were spending about 10| per cent as much as the railroads. But 1930 will see their expenditures totaling $1,400,000,000, or about $500,000,000 in excess of what the railroads expect to spend in 1930. 4 “It is not too imaginative tc picture the time when two or three huge com- panies, similar to the American Tele- phone & Telegraph Co. in its. field, will_control the light, heat and power production of the country,” says the Encyclopedia Britannica in its new edi- tion. For some time the oil industry has been awaiting with the keenest interest the address of Sir Henri Deterding on “Common Sense in the Oil Industry.” Sir Henry, Europe's oil magnate and head of the Royal Dutch Shell Compa- nies, will deliver this address before the American _Petroleum Institute, which meets at Chicago today. ‘The American nil industry represents an invested capital of approximately $14,000,000,000 and gives employment to 1,500,000 persons. So any move to make the oil industry more prosperous vitally affects the life of nearly every individ- ual in the United States. Sir Henri is a world character. His name would most certainly be included among the first three master minds of the oil industry. The others, possibly, would be Sir John Cadman of England. president of the Anglo-Persian Co., and Walter Teagle, president of the Stand- ard Oil of New Jersey. A short, stock figure, with close- cropped - white hair, black eyes and swarthy complexion, Sir Henri possesses the energy and enthusiasm of a man of 30, although he is perhaps twice that je. *8His father was an obscure sea cap- tain of Amsterdam, Holland. Young Henri left school early to become a mes- senger boy in an Amsterdam bank. in which_he moved up to the chief clerk- ship. But in 1886 he quit the bank and went to the Netherlands East Indies, where he became a salesman for the Netherlands Trading Co., selling, among other things, kerosene at the remote selling post at Deli. ‘When the Royal Dutch Co. was or- ganized to develop oil wells in the Dutch East Indies, he joined it as a salesman. That was in 1890. The com- pany began business with about $500 000 capital. Today the corporation ow controls or has an interest in more than 125 companies, which have a total cap- italization in excess of $1,000,000,000. So Sir Henri's speech dealing with the world situation will be read not only in America. but throughout the world. (Copyright, 1929. by North America baper Alllance.) NEW YORK BANK STOCKS. al Dispatch to The St [EW YCRK, December 3. America American Union' . Bank of Un k of Yo Epe NI Rroadway N Bryant P Centrel Na Chas 3250 5100 | Yesterday’s w York Stock and Bond Average: (From the 5:30 Ed By the Associated Press. 1438 1088 1013 2528 16 1201 Previous Day. Hiah, 601y 5014 100 12% 449% 103% 21% 44% 18 H0%, 160 38% 35 1% 45k 10015 4815 2414 189 108 61% 66 163% 110 Prev. 1920~ Stock ana Low. Dividend Rate. 18~ Aero Supply A(1.50). 5% Aero Sup Mfg. B.... 1414 Aero Underwriters. . 65% Agfa Anscopf...... 17 Ainsworth Mfg $2%. 3 Air Investorsvte 12 AirInv, Inccvpr. 40 Atrstocks, Ine v te.. 214 Alexander Indust... Allegheny Gas Corp. All Int Inv ev pf All P& L 1st pf 5. Allison Drug StA... ' Allison Drug St B. .. Alu Coof Am pf(6). Am ArchCo (3)..... 5% Am Brit & Cont. 16% AmChain..... 3 10 AmCP&L B (b10%) Am Com P A (330¢). Am Com P B (130c). 414 Am Cmwlth Po war.. '« AmControlOliFlds. ., 19% Am Cyanam B (1.60) 3% Am Dept Stores..... Am Equitles. . . Am For Power war.. 71 Am Gas&Elec (11) 5% Am Invest Inc B 3 Am Investors (w: Am Lt & Trac (10) Am Maize Prod (2).. Am Maracaibo. . Am Natural Gas Am Superpower..... Am Super 1st pf (6). Amster Trad (1% Anchor PostF (2)... Anglo-A n v cod 35c.. Anglo-Am v cod 3bc. Anglo Chil Nitrate. . Arcturus Rad Tub .09 Ariz Globe Copper. + Arkansas Nat Gas 6% Arkansas Nat Gas A. Ark N G cm pf (60c) Asso-Dyeing & Ptg. . ‘s Asso-Elec Ind Ltd. . 0 GEE A (12.40). Ass0 G&E A deb rts. 2 Asso Laundries. ..., 315 Asso Rayon. g on pf (6)... Atl Coast Fish(1.20). % Atlantic Lobos . Atlantic Lobos pf... 241 Atlas Plywood n Auto Voting Mach. .. Aut V Mcv prpt (2). 20% Aviation Corp of Am 12 Aviation Credit..... 117 Bab & Wilcox (7). 46% Bancomit Corp new.. Baumann (L) pf (7). 18 Bickford, Inc....... 10 Bliss Co (E W) (1).. 314 Elue Ridge Corp. ... 23% Blue R Corp cv pf 3. 1 BlynShoes, nc...... 134 Brazil Tr & Lt (2)... 1% Bridgeport Machine. 1% Brill Corp B........ 25 Brillo M{g A (2) Brit Am Tob B 11.20, 15 Brit Am To regt1.20. 4 Brown Fence&W (B) 5 Buckeve Pipe L (16) Buf N&E P pf (1.60) % Burco, Inc (war) 3 Burmarcts (31% 14% Butler Bros (2) 4% Bwana M Kubwa.... 4 Cable Radio T vtc... 3 Cab&WireLtdA rcts. 1% Cab&WireLtdB rets. 35 Cab&WireLtdpf rets 12 C A M Coctfs. 3 CAMCocumpf. 214 Can Marconi. 1 Carlb Syndical 5 Carnegie Metal 35% Ceco Mfg (215) 20 Celanese Corp. 5 80 Celan Cor 1st ptf (7).. 12 Celluloid Corp. .. 6% Cent Atlantic States, 20 CentPSv A (al.75). 4% Centrifug Pipe (60c) 12 Cen States El ($40c). 70 CenStEIpfxw (6).. 40% Cen St Elev pfn(6). 6 Chain Stores Dev. ... 11% Chaln Stors Stk(b6) . 37% Ches & Ohio (new) 17 Chief Consolidated. . 97% Childs Copf (7)..... 15 City Mch & T (1.60). 20 Cities Service ($30c) 84 Citles Serv pf (6). 87% CitSP&Lpt (T 10 Clev Tractor.. 40 Colgate Palm P 4 ColonOil.... % Columbia Syndic: 2 Comwlth & Sou w. 210% Comwth Edison ( 93% Comwlth Pow pf (6) 12% Communtly WatServ. 13% Consolidat Aircraft.. 4 Consolidated Copper 123 Con Dairy Prod (32). 71 Con Gas Balt (3).... 20% Con Gas Ut A (2.20). .05 Con Nevada-Utah. 10 Continental Ofl Cor Corp. 2 Cosden Oil 5% Creole Petro! * Cresson Cons (.08).. 17% Crocker Wheeler(n). 30 Crowley Milner (2).. 80 Cun Press pf (6%).. 3% Curtiss Alrports vtc, Curtiss Flying Serv.. 2, Curtiss Wright war.. 213 Cusl Mex Mining. ... 2 Davis Drug Stor cfs 47 Dayton Alr & Eng 310 Deere& Co (6)... 5% De Forest Radlo 2 Derby Oil & Refin... 5% Detroit Atrcraft Cor. 9 Dix Gas & Utilities 14% Doehler Die Casting. fs Dolores Esperanza.. Douglas Alrcraft. ... Dow Chemical (3)... Dresser(SR) MA(3). 34 Driver Harris(new). 120 Duke Powder (5). 3% Durant Motors. 16! 49% Pow Assoclates A Pow Associates. . P& L Opt war.... Sharehold 131)... Sharehold pf (6). &F cum pf (8). mpire Pwr Corp(2) Svans Wallow Lead. ‘alrchild Aviation. .. '« Film Inspect Mach.. 4% IFinan Inv N ¥ (b8). 95 Firem Fund In (5).. 30 Firestone T&R new. 5 Iokker Aafrcraft... 15 Ford Motor Can A 30 Ford Motor Can B 3 Ford Mot of Fran 10% Ford Motor Ltd Fore D Pr pf (1. Fourth Nat Inv Fox Thi Frankl ¥iw Gen Am Invest ne 70 Gen Am Inv pfn (6) 4 General Baking. . " General Bak pf (6) General Cable war. . 7% Gen I Ltd rcts (50c) 20% Gen Empire Corp. .. 29' Gen Fireproof (2). 13% Gen Gas & El (A) 10% Gen Laundry Mach. 10'% Gen Rity & Utiit 60 Gen R & Util pf (6). Sales— Add 00. Open. High. 40 1 8 508 4 2 64 52% 45 115% 7 9% 3 36% 1% 8% » e @ = ETSTE RIS I PRS-~ PR J00. T S G Ty - iy = TPV CIUP ey Sr558nuan » - e ol [STOTOTS OO 1 TR Jorapes S 38 4758 164 85 b 50 % 2 25% 23% 1 16% 4 12 102% 42 221 49 15 = ReanokEN pRRHO~RS x® oo NEW YORK CURB MARKET 40 122 10% 8 5% B 00s 225 226 3614 1% 245 1 13% 13% 4% 6 19% 95% 23% 5% 10% ko) 16% 404 18% 4% 4% 4 420 420 420 [ 6 % 5% 5% # 25% 23% 18% 16% 83% 102% 26% 28% 23 17% 175 82 11% 26 5% 104 13 8 4 55, 16 1% 26 3% 16% 12% 13 823 245 245 01% 101 38 38 173% 166 13 THE EVENING STAR, Stock ana Dividend Rate. Gorham Inc A Goth Knitbac Mach. Gram'ph'ne rets 2.91. Sales— Add 00. Open. High. 1 Gorham Mfg vte(t2) Gr A & P Tea pf (7). 1208 Gt Lakes Steel cod. . Groe Stors Prod vte. Ground Gripr(+14). Guardn Fire Assn(2) Guardian Inv Guenther Law. Gulf Ofl of Pa Hall Printing(t1%). Happiness Candy Haygart Corp. . Hazeltine Corp (1).. Helena Rubenstein Hires (CE) A (2 Hollinger Gold (60c) Houston Gulf Ga Hudson Bay M & S. Humble Ofl (12). Hydro El Serv (12) Hygrade Food Prod. IMnois P L (20).... Imp Ofl Can n (60¢c). Ind Pipe Line (new). Indian Terr Illum. Insull Util Inv. InsCoN A (12%). Insurance Sec (1.40) Intercoast Trad Co.. Intercontinent Pet n 6% 15% 28 Internatl Ut A(3%). Interstate Equities. . I[nterst. Eq. ev-pf.(3) IrvAir C (2) (1.50).. Itallan Superp war. Kan City Pub 8 vte.. KanCity PSvtcApf 4. 1% 26 1% 84 3 Lefcourt Real (1.60) 90 Leh Coal & Nav (4). 63 18 37% 11% 12% 28 Lion O1] Refin (2). Lerner Stores Corp Lily Tulip Cup Corp. Lone St Gas (80c). Intern Perfume (1).. Int Petroleum 37%¢. Int Superpower (21). Kolster-Br (Am Sh). Lakey F & M (12.40). Lehman (The) Corp. Libby McNeil & L... 4 5 2 14 Long Isld Lt pf(7)..150s 3 Louisiana Lan & Ex. Magdalena Syndica! Marconi Int M 523% Mar Midlana Corp. .. Marion Steam Shov, Mavis Bottling. ... Mayflower Assn. McCord Rad B (2). Mead John (13%). Memph Nat Gas Co. . Mercantile Stors(5). Met & MiIn Ine (1.20. Mexdco-Ohio Ofl... . Mid West Util (b8%) Mid Royalty ev of 3. Mid Stl Prod (16.63). Mo-Kan P L (b5%). Montecatini deb rts Mount Prod (1.60 Municipal Servic Nat Amer Co (2). Nat Aviation. . Nat Biscuit Co new Nat Fam Strs (1.60), NatFAPrB (b4%).. Nat Investors (new) Nat Pow & Lt pf (7). Nat Pub Sv A (1.60). Nat Rub Mach (2)... Nat Screen Serv 1.60 Natl Trade Journal.. Nat Transit (113%).. Nat Unfon Radio. Nehi Corpn (1.30). Nelson(Herman) (2). Nevada Cal Elec. New Eng Pow pf New Mex & Ariz Ld. Newmont Min (34).. Newport Co (new). . New Quincy M (10c) N Y Invest (1.20)... 24% 11% 114% 111 Tel pf (6%). 30% 11% Niag Hud Pw A war. Niag Hud Pw B war, N gara Shars b1-40. Noma EI Cor (1.60) 6% North St Pow pf (7 N W Engineer (2). Novadel Agene (2) Ohio Copper. Ohto Oil (2% . 109% 100 48% 17% 101% 2 13% i 14% 64 6% 10% 19% 4 95% 23% o 23% 16 2% Pac Tin Corp Spe(5). Pantepec Oil.... Parsm C Mfg (2.40). 41 Parke Davis (11.40). 1 +.1002 Pennroad Corp. . Penn Ohio Ed pf (6). Penn O Ed pr pf(7).. 30: Penn W& P (234). Niagara Hud P(40¢c). Outboard Motor (B). Pac G&F11stpf 13, Pac Pub Serv (1.30). 12 ? 5 33 2 * - - 3 DenvworsaRmmDaea au 2 Nwe o NP e~ aBonmana N ¥ Invest (war) Ni?az!unny a. 4 1 s 1 Pepperell Mfg (8)... 208 Petrol Corp 18t pd. .. Philip Morris Inc. Plck(A)B&Co pf 1% . Plerce Govern (1%). Polymet Mfg ($1). Pwr Corp of Can(4 Power Secur Y 4% Power Securf: 420 6% 6% 5 5% Prop Silk HM (2). Prudential Inv.. Pub Util Hold war Pug S P& Lt pf (6). 1108 QRSde Vry (800).. Rwy & Lt Sec (14). Rainbow Lum ProdA Rainbow Lum ProdB Reiter-Foster (10¢). Reliable Stoes b1% .. Reliance Manag (4) . 5 Reynolds Bros Inc.. o Reynolds Met (new) 231 16%, 1% 18% 71 83 102% 102% 21% 26w 26 284 21% 214 18% 174 8 78y 98 98 36% 36% 8% 16% Roan Antelope Ruberoid Co (4). Rusrek’s Fifth Ave. Ryan Consolidated St Regis Paper. Salt Creek Prod Schulte Un bc-31 S Seeman Bros (3) Shndoah Corp(b6%) 10 1% 60% 364 110% 100 Sisto Fin Corp. Sonora Product; St Ofl of Ohlo (2%). St Pow & Lt of (7) Stein(A)& Co(1.60) Starrett Corp pf(6).. Prince & Whitely. ... Prince&Whitely of 3 Rochester Cent Pow. Selfridge Prov 8 27e. Sentry Safety Cont.. Sheaffer Pen (13)... Shenan Corp of (3).. Stand O of Neb 3% . Stand Pow & Lt..... 93 25 13 11 9 15 Received by Private Wise Direst % The Star Offies 132% 25% 1% 364 194 5% 25% WASHINGTON, D. C., TUESDAY, DECEMBER 3, 1929, CURB SHARES GAI N STRONG RALLY Utilities, Pipe Line and Oil Issues Featured in Upturn. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, December 3.—Sweeping aside the hesitancy characterizing open- ing quotations, curb stocks, under the leadership of utilities, pipe lines and oils, staged impressive rallies today. One of the mdst hopeful signs of the rally was that it failed to bring out in- creased offerings. Trading was inclined to slacken rather than speed up. Early leaders in the utilities were Electric Bond & Share, which at times was up more than 3 points, and Amer- ican Superpower and United Light & Power, up 1. American & Foreign Power warrants, in sympathy with the shares over on the big board, was pushed up more than 3 points. Standard Power & Light at one time showed a gain of 15 points as a result of larger earnings and prospects of consolidation. Consolidated Gas of Baltimore, freed from the shackles of a voting trust, advanced. Illinols Pipe Line at intervals was up nearly 8 points, while Buckeye, Eu- reka, Indiana, National Transit and Missouri- Kansas Pipe, the latter a nat- ural gas line, likewise were firmer, Anglo-American Oll shared the ofl spotlight in point of activity with Cities Service. The former reflects arbitrage operations between it and Standard Ol Export Corporation preferred over on the produce exchange. Anglo-Amer- ican non-voting preferred is exchange- able at the rate of 55-9 shares for each Standard Oil Export Corporation preferred, dividends on which are guar- anteed by Standard Oil of New Jersey. Dealings in Pennroad Corporation overshadowed activity in Pennsylvania Railroad rights in the first two hours. A block of 16,000 shares of Pennroad, the only big block of stock at the open- ing, came out at 14Y, off %. Then several blocks of 4,000 shares or more, representing the clean-up of distressed speculative accounts, were thrown on the market, at one time breaking Penn- road to 13%. Mine shares braced and carried New- mont along with them. A group of London copper speculators now visit- ing this city have told several leading American copper companies that 18 cents & pound for red metal was “pre- terous,” but thus far producers here ave not shown an inclination to cut prices. Proposed exchange of three common shares and a warrant to buy a share of common for $2 up to December 31, 1931, offered by Interstate Equities for each two Petroleum Corporation of America shares had little effect on either issue in forenoon trading. GRAIN MARKET. CHICAGO, December 3 (#).—Helped by increased overseas demand for wheat shipments from North America and by enlarged crop losses in Argentina, wheat prices today scored sharp gains. North American export business today was es- timated at 1,750,000 bushels, including 500,000 bushels of durum wheat from the United States. Highest quotations for the day here for wheat were partly due to a telegraphic error in trans- mitting the close of the Liverpool mar- ket, but the mistake was quickly cor- rected and a reaction here followed. Wheat closed unsettled, 21, to g;:‘ bushel higher than yesterday's fin- Corn closed 1ally to 14 up; oats, % to 7 advanced, and provisions, un- changed to a rise of 30. WHEAT— LAl December January May .. FLINT 0.K.’S CHARTER. FLINT, Mich., December 3 (#).—Ap- proval of a new city charter providing for the commission-manager form of government was given by electors of Flint yesterday. The vote was 5,171 to 3,834. The vote was the lightest at any election in & number of years. More than 54,000 electors were qualified to vote. Under the new charter a commission of nine members will be elected by the city at large, ward boundaries being wiped out. The commissioners will choose & mayor and a mayor pro tem from among their number and also may appoint a city manager and fix his sal- ary. SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co) Ofter Allis-Chalmers Co. 55 1937. 10014 Aluminum Co: of Amer "Rolling Mills 5 Armour 0% Dk 12 Baltimore & Ohio 4%3s 1933.... 98% Batavian Pet. Corp. 4%as 1942. 9310 Bell Tel. of Ganada 5s’ 1957, ..° 100! California’ Pet. Corp. 5 Canadian Nat. Rwy. Canadian Nor. Rwy. Chesa. & ORio RwY. Chicago Rock Island Shile Copoe: Cudahy Packing Co. 51as 9 Delaware & Hudson Ry."7s 1930 Ediron BTl Boston 4i4s 1930 Gen. Mot. Accep. Corp. 6s 1 10 Genéral Bet. Corp. 35 1940. . s K Ci s 1936, Co. sian 1538 96 N. Jersey . Ry. 65 1931 o Ry. 48 1032 0. of Calif. 5 . 5 1985, tric_Co. 83 1044 Wheeling Steel Corp. 5148 194 BONDS ON THE CURB MARKET. Salesin ~ DOMESTIC BONDS. 3 High. Low. . SSegeazas 25553 S5 s A 4T X TS G & C 6 Laclede Gas 5723 '35, 100 1Lchien P8 os X 2026 103, 21Inv Co 33 Koppe arragansett 55 a0 P S 5s 18 2222 2, S3TTIIeIOs 55 % o B e i L 55 'S 1 West News Del 65 '44 1West Tex Ut 55 A '57 Salesin FOREIGN BONDS. thousands. ; 21 Chile Cons s '60.... Bk as—Actual sales. xd—Ex dividend, xr—Ex rights. ur—Under ruie. When issued. ew. WwW—With warran XW—Without warrants, CHICAGO LIVE STOCK. MARKET CHICAGO, December 3 (#) (United States Department of Agriculture).— Hogs—Receipts, 40,000 head, including 8,000 head direct; market mostly 10 to 15 higher; top, 9.65 paid for 230-260 pound weidhts; mostly a 9.40 to 9.60 market on hogs scaling over 180 pounds; 140-170 pounds, 9.10 to 9.45; butchers, medium to choice, 250-300 pounds, 9.15 to 9.65; 200-250 pounds, 9.25 to 9.65; 160-200 pounds, 8.15 to 9.60; 130-160 pounds, 8.75 to 9.55; packing sows, 8.15 to 8.85; pigs, medium to choice, 90-130 pounds, 8.50 to 9.25. Cattle—Receipts, 11,000 head; calves, receipts, 2,000 head; better grade fed steers and yearlings steady; in between grades predominating, slow: general steer trade less active than yesterday; she stock firm to higher, especially light heifers and heiferettes; top yearlings, 15.75; slaughter classes, steers, good and choice, 1,300-1,500 pounds, 12.50 to 14.75; 1,100-1,300 pounds, 12.50 to 15.75; 950-1,100 pounds, 12.75 to 16.00; com- mon and medium, 850 pounds up, 8.00 to 12.75; fed yearlings, good and choice, 750-950 pounds, 13.00 to 16.00; heifers, good and choice, 850 pounds down, 12.75 to 15.25; common and medium, 7.75 to 12.75; cows, good and choice, 7.75 to 10.25; common and medium, 5.75 to 7.75; low cutter and cutter, 4.50 to 6.00; bulls, good and choice (beef), 8.75 to 10.00; cutter to medium, 6.50 to 9.25; vealers (milk fed), good and choice, 13.00 to 16.00; 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; com- .0 Sheep—Receipts, 13,000 head; market opened steady to strong to outsiders; choice lambs, 13.25 to 13.35; indications good to choice, 12.75 to 13.00; fat ewes, 5.50 to 6.00; feeding lambs quotable steady. Lambs, good and choice, 92 pounds down, 12.50 to 13.40; medium, 11.00 to 12.50; common, 9.25 to 11.00; ewes, medium to choice, 150 pounds down, 450 to 6.95: cull and common, 250 to 5.00: feeder lambs, good and choice, 11.75 to 12.75. U. S. GRAIN EXPORTS. Grain exports from the United States for the week ending November 30, to- taled 1619000 bushels, as compared with 2,511,000 during the preceding week and 2,491,000 in the correspond- ing week of 1928. Wheat exports were 1,465,000 in the week ending November 30, as compared with 1,808,000 in the preceding weel barley totaled 76,000 against 95,00( corn 64,000 against 84,000; oats 12,000 ;f),):)n“ 519,000; rye 2,000 against Canadian grains in transit shipped from United States Atlantic ports to- taled 938,000 bushels, as contrasted with 1,050,000 bushels in the preceding week. ‘Wheat was 908,000 bushels in the past W:ell: and 1,014,000 in the comparative week, FINANCIAL. GAIN OF $12,000,000 IN VIRGINIA BANKS Resources Show Good Advances Over Previous Year, in An- nual Report. Resources of State banks in Virginia reached $304,189,000, during the past year, gain of $12,360,000 over the previ- ous year, according to the annual State report made at Richmond. Resources of national banks were $399,558,000, making a total of $703,747,000. ‘The report recommended that the in- terest rate of uniform small loan com- panies be fixed at 3 per cent instead of 315 per cent a month, and that the number of these small loan companies in any city, town or county be regulated according to population. Six banks were closed and put in the hands of receivers during the year and one bank of discount and deposit was added to the list. .. TRADE IN PHILADELPHIA SHOWS SOME EXPANSION Special Dispatch to The Star. PHILADELPHIA, December 3.—Con- ditions in trade and industry of the Philadelphia Federal Reserve district, while showing considerable variation, are following the trends usual at this season. Production, on the whole, has slackened, while distribution of mer- chandise to the consumer is expand- g. Retail trade in October increased slightly more than the average of recent years and was well ahead of the volume in the same month last year. Nearly all lines of wholesale and jobbing trade also reported somewhat more than the seasonal gains between October and September. In comparison with a year ago, the dollar volume was slightly larger. Preliminary reperts from mer- chants indicate that the whole trade in the first fortnight of November was holding up well, although seasonal de- clines in some lines were apparent. Re- tail sales, on the other hand, showed expansion, which naturally occurs at Christmas time. Sales of new passenger automobiles declined appreciably during the month, but were larger than in October, 1928. Life insurance sales in this section, on the other hand, increased seasonally and in comparison with last year. PORTO RICAN BONDS. By authority of the Acting Secretary of War the Bureau of Insular Affairs will offer for sale $750,000 Porto Rican 412 per cent bonds, the proceeds of which are to be used in the construc- tion and operation of the Isabella irri- gation system in that island. Bids will be opened December 12 in Room 3040, Munitions Building, this city. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md, December 3— Potatoes, white, barrel, 1.50a4.00; 1,000-pound sacks, 1.75a2.50; sweet po- v 5082, 2.5024.00; beets, 100, 3.00a4.00; brus- sel sprouts, quart, 15a25; cabbage, bas- ket, 40a60; carrots, 100, 2.0024.00; cauli- flower, crate, 2.40a3.50; celery, crate, 2.00a3.00; cucumbers, hamper, 5.00a 6.00; eggplants, crate, 1.25a3. let- tuce, crate, 4.00a5.50; onions, 100~ pounds, 1.50a1.75; parsnips, baskets, 40a 50: peppers, crate, 7.00a8.00; pumpkins, 100, 3.00a10.00; spinach, basket, 30a60; squash, crate, 1.75a2.75: tomatoes, crate, 2.50a3.50; turnips, hamper, 25a35; apples, bushel, 75a2.75; cranberries, box, 2.75a4.25; grapefruit box, 3.25a 4.75; oranges, box, 2.75a4.25; tangerines, box, 2.25a3.25. Dairy Market. Poultry, alivé—Turkeys, pound, 33a35; old and crooked breasts, 25; young chickens, 24a28; Leghorns, 22; old hens, 22a27; Leghorns, 18a19; poor and thin fowls, 17a18; old roosters, 18a20; ducks, 16a25; geese, 16a22; guinea fowls, each, 40a50; pigeons, pair, 25. [Eggs—Receipts, 190 cases; native and nearby hennery, dozen, 53a54; firsts, 50a51; pullets, 40a45; current receipts, 43a45; culls and dirty, 25a30. Butter—Creamery, good to cholce, pound, 41a46; ladles, 35a36; rolls, 31a 32; store packed, 21; process butter, 40a42, Live Stock Market. Cattle—Receipts, 25 head; light sup- ply; market steady. Steers—Choice to' prime, none; good to choice, 12.00 to 12.35; 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 prime, none; good to choice, 7.50 to 8.00; medium to good, 6.50 to 7.50; fair to medium, 5.50 to 6.50; plain to fair, 4.50 to 5.5 mon to plain, 3.75 to 4.50. Heifers—Choice to prime, none: good to choice, none; medium to good, 9.00 to 10.00; fair to medium, 8.00 to 9.00; plain to fair, 7.00 to 8.00; common to Pplain, 6.00 to 7.00. lsg’agsh cows and springers, 60.00 to Sheep and lambs—Receipts, 100 head; light supply; market steady. Sheep, 2.00 to 6.00; lambs, 6.50 to 14.00. Hogs—Receipts, 700 head; light sup- PARIS BOURSE PRICES. PARIS, December 3 (#).—Prices were irregularly higher on the Bourse today. ‘Three per cent rentes, 81 francs; 5 per cent loan, 105 francs 70 centimes; ex- change on London, 123 francs 8315 centimes. The dollar was quoted at 25 francs 38% centimes. ; com- MONEY MARKET. NEW YORK, December 3 (#).—Call money steady, 412 per cent all day. Time loans easier; 30 days, 413; 60 to 90 days, 4'5; 4 to 6 months, 4% per cent. Prime commercial paper, 5 to 5'2 per cent. Bankers’ acceptances unchanged. P demiig s easfer, A first-edition copy of Dickens' “Great Expectations” was sold recently in London for $1,275. w. Dividene 5" 9% Syrao WashMB (1) 2 1 T art Corp..oee.e ampa Electric (12) 4 Teck Hughes (60c).. & 14 Ten El P 1st pf (7). Thermold Co (2). Third Nat Inv (1) Thomp Prod A (12). 4 Thomn Star pt (3%4) Tish Realty & Con % Transamer n (31.60). Tran Con Alr Tran “Trans Afr Trans cfs. Tr-Lux D.L.P. 8.(A) Tri-Cont Allled Tri-Continental C Triplez Safety Glass Tri Utilitles..... Trunz Pork Stores. . Tub Art Silk B (10). Tung-Sol Lamp (2). 4 United Ch pt ot (3), United Dry Docks, United Elec Ser. UnitedMilk Prod.... Add 00. Open. High. Low. Close. 184 8 50 " f u 768 105 5 2 % U % 4 2 u U 010 10 18% 18 | 54% 50 2 u 5% 10 4 {0 u 51 Stock ana Dividend Rate. S Foll B (1) ¢ S Gypsum (1.60).. S&InSctf (2%). S Line S Radiator (2) S Rad etfs (2). S Rubber Rec! U S Shares Fin., .. Unit Verde Ext (4) Utll Power&Lt($1).. UtP&L Bectfs (31). Utllity & Ind. % Util & Ind pf (1%).. Utliigy Equities. ..., % Van Camp Packing. . Van Camp P pf(1%). Vacuum Ofl (T4%). . Venezuela Pet (29¢c). s Vick Fin Corp . Walgreen Co. Walgreen Co war Walker (H) (1) 3 Walker Mining. Watson (J W) Co Wenden Copper.. Willfams R C (1.40). Wil-Low Cafeteria. . Worth, Inc A. 2 Zonite Prod (1.60)... Sales— Add 00. Open. High Low. Close 4 21 21% 204 20% 45 # 16% 9 % 13 21% LT RAIL MERGER PLAN STILL IN BALANCE Eastern and Northern Inter- ests Await Decision of I. C. C. BY CHARLES F, SPEARE. Special Dispatch to The Star. NEW YORK, December 3.—The high srou in the plan of railroad consolida- tion to be presented by the Interstate Commerce Commission to Congress in the next two weeks are its attitude to- ward mergers in the Eastern trunk line territory and to the application for unification of the so-called Northern lines. There is little doubt that if the plan necommends five systems in the East it will cause & renewal of the bat- tle that has continued for several years between the Pennsylvania Railroad on the one side, the Baltimore & Ohio and Nickel Plate on the other, with the New York Central inclined to' take a somewhat neutral position, although deeply concerned in the ultimate dis- posal of the Reading, in which it has gwmz ownership with' the Baltimore & 0. Objection will certainly be made to & permanent control through holding company auspices under Pennsylvania direction of those lines that are listed as the important members of the fifth system. These are the Wabash, Lehigh Valley, Pittsburgh & West Virginia, and indirectly the Wheeling & Lake Erie. It has been suggested that the commission n.ight advocate this fifth system if its integral parts were absolutely divorced from Pennsylvania Railroad influence from Pennsylvania Railroad influence, to the Baltimore & Ohio and Nickel Plate in order to round out these prop- erties, Northwest Situation. Intimations have been made that the consolidation plan, in which 20 systems will be created, will concede the right of the Great Northern and the Northern Pacific to merge, but only as they sep- arate themselves from the Chicago, Bur- lington & Quincy. in which they have Joint ownership. This also would cause serious objections from both of the Northern lines, which consider the Bur- lington as a natural part of any system with which they are identified. In this E:Or:::llo!r_l?;e I:fl%li’l‘de lol Arthur Curtiss 3 o e largest individual stockholders in the Great Northern Pa- cific, may play an important part. It is understood that Mr. James owns about 50,000 shares each of the stock of the two Northern roads. On the other hand, his holdings of Western Pa- cific common stock are said to be 350,- 000 shares. He acquired an interest in the former Gould line several years ago and began at once to rehabilitate it, putting all surplus funds into the physi- cal upbilding of the property, and at the same time suspending dividends on its preferred stock. Mr. James is be- lieved to be deeply interested in form- ing an alliance between the Western Pacific and the Chicago, Burlington & Quincy, with the Denver Rio Grande Western acting as a bridge between these two roads. This would make the Burlington the basis for a new trans- continental line in competition with the existing coast-to-coast systems of the Great Northern, Northern Pacific, Chi- cago, Milwaukee, St. Paul & Pacific, Atchison and Southern Pacific. Seaboard Air Line. Such an arrangement would increase the necessity that the Union Pacific hitch up more completely with the Chi- cago & Northwestern, with which it now has close traffic arrangements and of whose common stock it is an im- portant, though not a majority, holder. It would also bring into closer relations the Rock Island-Frisco lines and the 508"“? tl;x'cmc- i bles ? the ne e perplexing problems ol commission has that of disposing of the Seaboard Air Line, which has re- cently refinanced itself and is now be- lieved to be under the complete control of the Dillon-Reed banking interests. Rumors are to the effect that it will be assigned to the Southern Railway. A more logical arrangement, according to railroad executives, is that it become a ?lrt of the Illinois Central system and hereby avoid the direct competitive phases that would develop from control of two parallel lines by the same in- terests. F AR, NEW YORK COTTON. NEW YORK, December 3 (#).— Cotton opened steady at unchanged prices to a decline of 3 points, which was only a_partial response to rela: tively easy Liverpool cables. The de- cline seemed to be checked by trade buying around 17.75 for May, and after showing net losses of about 4 to 5 points prices steadied up on cover- ing which was probably promoted by smaller private crop figures. Fluctua- tions were narrow, but the market held steady and within a point or two of yesterday's closing quotations at the end of the first half hour. A pri- vate crop report was published plac- ing the yield at 14,869,000 bales, pounds and making the. crop in running bales 14,688,000 bales. This report estimated ginning prior to December 1, at_ 12,989,000 bales. Liverpool cables reported that trade selling had been supplied by hedge selling and continental liquidation in the market there and said there was a fair inquiry for cotton cloth from India but that many offers were im- practicable. We Buy and Sell ALL’ ISSUES Bank and Tnsurance Co.'s Beneficial Loan F. H. Smith Co. Investment Trust S. W. Straus & Co. Mehlman & Co: Woodward Bldg. Dist. 8348 Unconditionally GUARANTEED There Is No Substitute for Safety Don’t chase a getrich. quick will-o"the-wisp; it's too costly. Stick to a safe and sane investment like our 6% First Trust Not They will bring you guar- anteed income plus guar. anteed safety of principal. Get the Facts 24 Gen Theat Equip vte 11 26 Gen W W&E A (2) 80 Glen Alden Coal ( 12% Globe Underwrits 1 % Gold Coin.... 23 3 Gold Seal Eln. 44 2% Golden Center. 147 4% 32% Goldm Sach TC (b6). €3 38% 32% 1 20% 20% 20% 5116 116% 116 14% 14% 14% & & & 5% 6 5% 6 4% 3% 4n 40% 38% 40% Onit El Ser pur war. United Gas Co. ..... re Unit L&P A (80¢).. 3 Pt Utd Lt & Po pf (6). . ~ Utd Porto R Sug pf Unit Reprod A . Onit Reproducers B. U S Fininshing (32), Stetson (J B) (6%).. Strauss(Nathan)1% Strombg-Car 11.13%. Sun Iav of (3). RIGHTS. % Newport Co 84 Penna R R. % Trans Corp. . Dividend rates tn d annual paymen *Ex-dividend. tPartly extra. 1Plus extra in stock. & Payable in cash or stock. bPayable in stock. d Py in preferred stock. Expire. .Dec20 27 & & & .Jan15 690 3% 3% 3 an. 4 28 .20 .29 .20 based oo Iast quarterly or semi- 145 * three vears ago. 6.0 Total sales (par v 37 34 9% 149% 121% Swift & Co (8). 187 139 66%