Evening Star Newspaper, November 21, 1930, Page 14

"FINANCIAL. Electric Companies Also De- clared Likely to Show Sat- isfactory Earnings. BY JOHN F. SINCLAIR. @pecial Dispateh to The Star. NEW YORK, November 21.—A. F. l!ockmbeuur president of the Pacific Gas & Electric Co., writes from San Francisco to say that the and elec- tric untility industry for year 1930 will exceed the record made in the years 1926, 1927 and llfl! and will not be far from the business done in 1929 “I believe 1930 will once again fl- lustrate the inherent stability of the and elec';lc business,” said this ‘estern executive. Upon the much-discussed subject of ‘wages and prices, he says: “If prices continue to decline, wages cannot be held indefinitely at their pres- ent levels, nor would there be any hard- ship in this unless the decline in wages outruns the increased purchasing power of the dollar.” ‘This public utility operator has no jon for arresting uc:r mufiu" the world-wide drop glnu. He is just old-fashioned enou‘h believe that “the law of luf‘;‘fly and demand will take care of this Anti-Trust Laws. Mr. Hokenbeamer does not with those present-day leaders advocating the shorter work-day week as a solu- tion for the problem of unemployment. On this subject, he says: “1 very much doubt the expediency or efficacy of the universal adoption of a shorter work-day week. Every indus- try should be allowed to work out Drr%blrm for itself, as some have already done.” the matter of present- strictions, imposed by the Shorman anti-trust Iendlunn. Mr. Hocken- beamer believes that some modification ic of these laws is necessary in order to permu of bnm adaptation of supply d demand. numw- Career Mr. Hockenbeamer, 59, was born at Ind. After a public school he enured thewnfllm work. In 1903 he joined N. a) of Chicago, investment bankers. 'l‘hl.l firm had loaned & substantial sum of money to the Pacific Gas & Electric Co. So in 1906 Mr. Hockenbeamer was sent West as a representative of the, Halsey Co. to check matters over. He was impressed with both the com- pany and the West. A year later, 1907, he was appointed controller of the Pacific Gas & Electric Co, then vice president and treasurer, and in 1927 president He is the father of the “customer-ownership plan” for sale of public utility securities, which has been so instrumental in attracting hundreds oi millions of dollars and millions of oders to the utility field. Employment Pledge. m le' York yesterday the nllm-d their undivided eflmu un )lmon pleaz'i?rk e e number of yerm nm thw’ro ’rhue men represent more than cent of all the raliroad mileage in United States, and their companies are the greatest employers of labor in ‘William Law's new book, Speculation in Common ew. Eole who lost k market read it, the book will have a wide reading. The first 77 pages are devoted to the mechanics of speculation. The next 100 fluences which affect the general level of common stock prices, while the rest of the book deals dividual stocks. It is comprehensive, well written, to unflerlnnd. and, for those dispensable work. “If the speculator then will diversify his operations among many industries lnd will not buy and sell so often, as eommL ions an appreciable dnln he wil probably make money in long run, provided of course, he not always buy stocks that have had substantial advances and sells out Tiods of weakness." The was written to enable the small speculator to understand more ol the vital (oreec underlying success- ful specula (Copyright, nlo b7 North Ameri o0y North American News- )AI.TIXO!E BOND IBBUE BALTIMORE, November 21 _(Spe- )-—Hmvy municipal bond offerings being for the mar- will include a i i £§§§5§ 5 ¥ last bond sale held byfiu dty ‘was on June 16 last, when an issus Muh‘v&w to a , and various out-of-town houses or & basis to yleld 4.12 per with' group and in- | THE EVEN STAR. WASHINGTON, D. C., FLIDAY, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. % Moon Motors Morrell & Co Motor Meter G & El. Motor Wheel (3) Mullins Mfg........ Mullins Mfg pf (7)..1 Murray (B)(2% stk) 132 Nash Motors (4) Natl Dairy Nat Dept Sto Nat Enam & Stamp.. Nat Lead (18). Nlt Pow & Lt (1 or pf. Nat Ry Mex 24 p! Nat Steel (2) Nat Supply (5) Nat Supply pf (7). Invest (1.20).... NH& Hart (6).. NH&HDf (7).. Ont & Western. . Rallways pf. N Y Steam pf(8) Norfolk & Southern. Norfolk&West (+12) North Am Aviation Nor Am (b10%stk). No Ger Lloyd (3.43). Northern Pacific (5). 4 Ohio O11 Co (2) Oliver Farm Eq Omnibus Corp. Pacific Coast 24 pf. .. Pacific Gas & El (3). Pacific Lighting (3). Pacific Tel & Tel (7). Pac Tel & Tel pf (6). Packard Motor (60c) Pan-Am Petroleum. . PanhandleP&R.... Param'nt Puhlll M). Penick&Ford (11 v.) : Penney (J C) (3) Pemney (JC) pt A (8} 38 Ips Dod PhilaCo 8% pf (3).. Phila Read C&1.... Phillips-Jones Corp. Phiylips Petrol (n2). 9% Plerco Ol pf........ Plerce Petrolm(10¢) Pillsbury Flour (2). Pittsburgh Coal. .... Pitts Screw (1.40)... Pittsburgh Unit Cory Pitts Unit Cp p£(7). Pitts & W Va(6). Pittston Co (76c) Poor & Co (B) (2). ERAmTobA 3%). Am Tob (B).... 1 54 2 48 7 2 2 1 . 2 1 2 12 8 8 ® 4 2 6 PubSvE&Gpf (l) Pullman Corp (4)... Pure Ofl... Pure Ofl pf (¢ 80s 46% Purity Bakeries (4). Raybestos Man 2 60. Reading Rwy (4) 44% Reading 1st pf (2)... Reading 2d pf (2) 2 4 « 108 8% Reo Motor Ofll (lln). 16 Republic Steel...... 74 Republic Steel pf (8) 1 Reynolds Metals (2). 12 Reynolds Spring.... 1 Reynolds Tob A (3). 10s Reynolds Tob B (3). 18 Richfleld Ofl.....000 B Ritter Dent Mf (13), Rossia Insur (2.20) Segrave (1.20). Sears Roebuck $2%. Second Natl Inv. Sec Nat Inv pf (5)... Seneca Copper . Servel Inc. .. Shattuck(FG) Shell Union Oil. Snell Un O1) pf (‘“) Shubert Theate: Simmons Ci Simms Petroleum. .. Stock Dividend Add 00. High. Sinclair Con Oll (I). Skelly Of1 (2). . 60% Skelly Ol pf (6) Sple, Stand caceaqaaa waznnnnnn Va-Ca: Divi payments b 4% Tn"stock Soarone Fesular o g Eyable in cash or Plus 2% in stoc] 1% in stock. T Plus 14% in stock. ™ 8% Utd Stores pf (1%, U 8 Distributing. dAlcnnol “n ther...... Leath pr pt (7). Pioe & F (2). P& F 1st (1.20). Realty&Imp(3).. Rubber.... Rubber 1st pf... Smelt & Ret (1). Univ Ple 18t pf (8).. Univ Pipe & Rad Util Pow & Lt A (e2) Vadasco Bales Corp. Vadasco Sales Cp pf. Vanadium Corp (3). Van Raalte 1st pf_ . r Chem. Va-Car Chem 6% pl. Va-Car Chem pf (7). Va El & Pow pf (6).. Wl Va Iron Coal & C pf. 100s Vulean Det (4) -180s Waldort Systm (1%) Walworth Co (2).... Ward Baking (A Ward Baking (B) . Warner Bros Ple Warner Quinlan Warren Bros (3). Warren Fdy & P (2). Wess Oil & Snow (2) West Penn El1 A (7). West Penn El pf (1), West Penn P of (7).. Weston El Instr (1). Weston Elec (A) (2). White Motors (2).... Wh Rock M 8 (t4%). White SewingMach. . Willys-Overland. .., Willys-Over pf (1) .. Wilson & Co (A).. Woolworth (2.40)... Worthington Pump, Wrigley (Wm) (4).. Yellow Truck. . Youngs Spring Zenith Radlo. ....... Sales of Stocks on New York Exchange dend rates a5 given in the lban on the latest SUnit of l.ndlnl less than ble in .mr P 3 Plus e Phus’ 5% in stock, u- elnn.cb- 18% 13% 16% 8 17 Spang-Chal pf ( Withing ( Kellog (80¢) Splcer Mfx. Spicer Mfg p )-May-Stern. Stand Brands (1%) Stand Comm Tob . StandG& E (3%) Stand G& B pr u Stand Invest C Stana O1.Call(h? )" Ofl'of Kan (2) Stand Ol of N J (13) Stand ONI N Y (1.60). Sterling See (A)...: 5 Sterl Sec cv pf (3)... Stewart-Warner (2). Stone & Webster (4). Studebaker Corp (3). Sun Of1 (11).. Sun Ol pf (6) Superheater (13%) Superior Ofl Superior Ste Telautograph (11.40) Tenn Cop & Ch (1 10% ‘Texas Corp (3).. Mfi 15% % 0% 2% 50% 20% 56 26% 324 20% B1% 23% 52 10»A l‘/u 6% 17% 38 5a% 106 6% 14% Y% 16% 106% Thermold Co. 5 i [ Third Avenue 8% Thompson (J R) (3). 28! Thompson Pr (2.40). 4 Thompson Starrett. . Thomp-Star pf (314) Tide Water As (60c) i B% Tide Water As pf (6) 2 Timken De' Ax (80¢) Timken Roller (3)... Tobacco Products. .. Tob Prod (A) (80¢). Transamerica (1) Transue &W (1) Trico Prod (23), 8% Tri-Cont COrp....... Tri-Cont Corp pf (§). Truscon 8tl (£1.20).. Twin City R Tr (§4). Twin City R T of (7) Ulen & Co (1.60) Und-Ell-Fischer (8). Union Carbide (2.60) Unlon Ofl, Calif ($2) union Pacific (10)... Un Tank Car ( Utd Alreraft. .. UnitedBlscult (2) Utd Biscuit pf (1) Utd Carbon (2). Utd Cigar Stor: Utd Cigar Stor: Utd Corp (50¢) . Utd Corp pf (3)..... Utd Electric Coal. .. Utd Fruit (4). Utd Gas & lm (1.30). 12% 5% 30 71 10% 484 2t 10% 16% Y 81 9% 22% fl"/a ll% 02% 2' 7 191% 25W 28% 39 1156 28% 5% 51 60). 4T% 4% “h | ns% 10 9 roShaSanonmaareInn - 3% 242.900 . 1.458.100 12: 00 Noon. . 822,200 . 1,672 100 nual cash quarcerly o haif nl&rl! dec! tly " extr, res, TPlus 9% in tock. "d Payal stock, k Plus ,’m » Plus $1.00 In HOOVER HAS CHOSEN U. S. TIMBER BOARD New Agency Will Devote Efforts Toward Conservation of Forests. By the Associated Press. President Hoover has selected a Na- tional Timber Conservation Board, it became known here today, and official announcement of its personnel is ex- pected momentarily. The board as presently decided on comprises 13 members and is said to include three cabinet officers, the Secre- taries of Commerce, Interior and Agri- culture; four representatives of organ- 1zed forest industries, including one each from the fields of hardwood, softwood, pulp and paper, and the timber own- ers; two from research foundations in- cluding, probably, one each from the soemy o American Foresters and the Tree Association, and four moelslhu representing the conserva- movement lnfl the public. The board is the t of a confer- ence held with the President b !oml int ts some months ago wi effective weapon was sought with whlch to combat major problems of the forest situation, each of which bear directly or ’mfl upon the productive use of As contemplated, it il act solely as a fact-finding agency, and will make only such recommendations as the findings of faci warrant. It was not roposed w th th- idea it can or will at- =mpt to frame a broad national forest ‘icy, but rather to mncc its activities the national national | and products tils year il Gotal Reiwecn "$5,006,000,000 ‘und FOOD PRODUCERS ARE FACING PROBLEMS OF DISTRIBUTION BY J. C. ROYLE. The people of the United States are going to continue to eat this Winter no matter what the condition of business or employment. This Nation has never had a famine and starvation will ac- count for fewer deaths than nearly any other cause. In the light of these facts, the prob- lem of distribution is the factor which is enj the food industries to the exclusion of nearly all other problems. Nearly $12,000,000,000 be spent for food in 1930, according to figures com- plled by Government agencies. This sum Involves food and kindred products. ‘The food producers and distributers know they can count on nearly a billion dollars a month from the demand inci- dent to feeding the 122,000,000 people of the country, Their problem is to g the food products to those mhlbl(-lnu 8 prom uy, expeditiously and cheaply le. On that depends their pronu It is far more important than the cost of raw mat . Raw mate- rials are low at Wheat is down, meat and vegef at reasonable rices. Coffee lnd tea have into the of consumers at low costs. Food products for the convenience of Government statisticians are divided into two groups. The fir establishments engaged in prod of butter, cheese, condensed milk, meats and other animal products. The other draws its raw commodity supplies from min‘ral or vegetable sources. It takes in bread and bakery products, flour and all other graia mill products, feeds, con- !flmmry' sugar, canned and preserved bles, beverages and manufactured Mnhmmhrmtlmn(mo group. muhmnl dropped. main t.hms is to get the products | trib, $3,100,000,000. Butter, cheese and canned or evaporated milk sales will | total approximately $1,100,000,000. Fish | will account for around $70,000,000. Ice cream consumption will total about | $310,000,000. Bread and other bakery products, flour and grain mill production will have a total value of $2,500,000,000. Canned and preserved frults and veg- etables will gross about $580,000,000. Prepared cereals may drop to $150, 000,000, but chewing gum sales are likely to reach $65,000,000. The value of coffee and spices sold will be around $380,000,000, while confectionery will account for nearly $400,000,000. ‘The sugar bill of the Nation will approxi- mate $575,000,000, while vinegar and cider sales will in all probability ex- ceed $10,000,000. These are wkolesale prices. More- over, they represent a decided fall in the ‘general price level of commodities | as compared with a year or two years ago. Some of the lower cost of raw aterials has been passed on to con- sumers, but not all, and if these huge sums are to be turned into a mlmn of profit, even a narrow one, costs of dis- ution must come down. This has been the motive behind many of the consolidations of food products com- panies. In some cases the uonl lnvomzhkhd reductions in T8 wcuu!ul. However, the general level of efficlency in distribution is being steadily raised, to the benefit of both ! producer and consumer. ‘The prurmy of the food-producing companies is of importance to all other businesses, especially at the moment, br.cn'\:n t.hi' ;n‘mx‘-;. pay rolls of the plants manufacturi orprepl arti. cles of food total around $8: 003 year. Such a sum buying power % | Missouri-Ki BONDS IRREGULAR IN QUIET MARKET Domestic Group Is Fairly Steady, but Foreign List Continues Weak. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, November 21.-—Bonds were irregular today. In the domestic list advances outnumbered gains. In the foreign department declines were more numerous. On the one hand there was the de- sire of investing institutions to clear out of their holdings all but the cream of the gilt-edged list. Thus legal rails, public utilities, municipals and United States Government obligations were strong. On the other hand was the desire of banks to avoid danger of find- ing themselves holding large amounts of troun assets. e result was a lower tre'ml '.lhn (l:r'-‘ eign dnllar bonds, whlch up e week or so, been largely bought because of their former oversold con- dition. Money rates wert um:hnncod. Volume was still tapering At the opening the lndlvmluu feature was the weakness of French govern- ment issues. Both the 7s and 7% were lower. It was not the width of their declines that was important, but rather the fact that they showed any tendency at all to recede from the firm levels they have maintained all through the market's recent tribulations. It was a reflection of the French banking sit- uation. South Americans were lower, some of them widely so. Chile 6s, Bolivia 8s, Brazil 6';s, Brazil 8s, Cundin'marca 6%s. Colombia 6s and Peru 6s were off & point or more. Montevideo 7s and Uruguay 6s also were heavy. Japanese 5%s dropped fractionally. Rome 6l:s, Norway 5s, Poland 8s, Deutsche Bank 6s, Kreuger & Toll 5s, Lautaro Nitrate 6s, Austrian 7s, Swiss 5l5s, Vienna 6s and Warsaw 7s all were . German rovemmem. 5148 dipped again to their low of the year. Other German bonds were dull. High - grade domestic _ obligations firmed. United States Governments were the leaders, Liberty 3,8 and first and fourth 4%s all equaling their pre- vious high marks for the year. New York Central 4s, Inland Steel 4%s, American Telephone 5! Philadelphia Co. 6s, Columbia Gas ind American & Forelgn Power 5s went along. Despite an obstinately firm tone on the Stock Exchange, convertibles were lower. This mirrored Thursday's late decline in stocks rather than ' developments, Aecondlry nd semi-speculative issues uit themselves very well. chwuo & tern Illinois 5s, St. Paul adjustments, Floride East Coast b5s, insas-Texas adjustment, Boston & Maine 5s, Certainteed 5s, Goodyear 5s, Goodrich 6s and 658, Plnmount Publix 5%s and Hudson & Manhattan income 5s all were Mlvy There was some improvement else- where. New York City tractions were firm on the news that the surface lines had come to a glty over the change from trolleys to usses. New issues dropped to a mere $1,000,- 000 in municipals. The Hungarian govemmem. which for some time has anxious to arrange a long-term loan, was accommodated with a short- term credit in New York, London, Amsterdam, Rome, Stockholm and Geneva. Of this, $5,000,000 was taken in New York. The credit is in the form NOV I} | on nev Yorx BONDS srocx cANGE] Received by M*W.!Mh'l‘hlh UNI‘I’ID STATES. (Bales are in $1.000.) High. Low. Cless 10 10121 10118 10118 79 10231 10229 10231 96 10826 108 21 10823 l 106 30 106 30 106 30 2 108 30 108 26 108 30 13 11310 1137 11310 FOREIGN. . Sales. HI 8“. flu Low. Close. 82% l:bfi 8 93% Australia Austria s 43 Denmark 6 Denmark Dutch East Flat 7s war 1 French Gvt 7i4s "41 33 @elsenkirchen 6534 ls 6% 301 New So Wales Nord 6% 1 lo agreement with the Orf of discount bills maturing November | Q placed 21, 1931. They have been pri- 2% | vately here at 5.75 per cent. PARIS BOURSE PRICES. PARIS, November 21 ().—A heavy tone prevailed on the Bourse today. Three per cent rentes, 86 francs 30 centimes; 5 per cent loan, 101 francs. Exchange on London, 123 francs 60 centimes. The dollar was quoted at 2! francs 45% centimes. P R " Washington Stock Exchange SALES. Capital Traction 55—$1,000 at 85, $500 At lb $1,000 at 85, $1,000 at 85, $1,000 Wllhln(wn Gas 6s “ $1,000 at Wuhmmn Rwy. & Electric 45—3$500 at 88, $3,000 at Capital Traction Co.—10 at 49. Potomac Electric 6% pfd.—10 at 110%. Potomac Electric 5% % pfd.—10 at 107. Peoples Drug Stores pfd.—5 at 100. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Te Amer. Tel. & T Am. Tel. & Tel t Anacostia & Potomac R. R. Anacogtia & Potomac guar. se: P. Tel. of Va. 88 Gastiat Jraction City & Georsetown Gas Fotomac Elec. o Potomac Elec. Wame Ao & Mt Vernga ¢if. Balto, . B8 asb wanl Waen. Gas ob geries B | Wash. Rwy. & Elec. 45 MISCELLANEOUS. ll ‘ber & Ross, Inc. . W. M. Cold ‘Wash. Cons. Title 6s STOCKS. PUBLIC UTILITY. 135 Potomac Pot. Eiec. Ponr Wai Wash: Rwy. " L DHd. (5). NATIONAL BANK. gapital (1) . 3 jumbia (13} Lincoln ’l’) MCQ!DDO“III\ (l‘) Riggs !aeond 1' Washington (13) TRUST COMPANY. Amer Security & Trust Co. (15) Continental Trust (8. . 1 Merchants' Bank & Trust (6) Nationa) Savings & Trust (131) Prince Georgi n| ‘Trust.. Union Tflhl (85 . Wash. Loan & Trust (14) SBAVINGS BA Bank of Bethesda (5)) Bommerce' & Savings | nth_Street United states (30 Washington' Mechanics' (30)"". FIRE INSURANCE. American (12) Corcoran (10) Firemen's (8) National Union 'rl'n..t INSURANCE. Columbia (61 Ronl Betuce Toh. Title & Inv. Co Md. com MISCELLANEOU! Barber & Rosg, Inc. com, g;.v Chase Dairy Medical Bids, 22853-8-823388583588: FE WS M1 les Brias lmm B (6143 Rea " Becurity Smrlf‘e (B Ter. Ref. & Wi °°E @ 0) Ok Ihe c.rbel Lore 80% |Gr Trstab és Swiss Confed Toho El Pow 6: Toho El Pow 78 l Bell Tel Pa 63 B Bell Tel Pa 65 C '60 @ De Edison Det Ed rf6s B S auiecak amnRoaRaanm—a East C Sug Fisk Rub 8 Gen Cable 5%s 47, Gen Motors 6s '37. Gen PSv5%s-39,, Gen St Cas b %: Gen Thea Eq 6s "40 Goodrich cv 68°45. . Goodrich 6%s. Goody'r Rub b8 ‘57 Hum O&R 6%s '62. 1 BT istpf6sA. inland Steel 4 4 8'78 58 48. Int Hydro E1 63 44 int Match 68 417... In M M col tr 6s 41 Int Pap 6s A "47. Int Pap 68 a.‘:mm. Kan Gas&E ¢%s '8( KCP&L 4::-'61.. L worillard 6s ‘51 McCormuck 6 ‘34 Midvale Steel 6 108% 108% 108% 102 102 102 106% 106% 106% 1114 1114 111K ‘Read gen 4% A"97 Low. Closs. lolu 104 108 103% 103% IOIK 1084 103% 103% 104% 104% 1044w W 106% lo.\t W Nor St Pow s A Pac G & Kl b8 4! Pan-Am P.l s "l- Paramount Balen o 56 W 54 104% 104% 104% 101 100% 100% e @ Beelele 101% 101% 101% 100% 100% 100% 99 98% 99 106 106 105 106% 106% 106% 104 4 9 106 6 101 109% 109% 109% b 98y 98% % 71 1 101% 101% 101% 40% 40% 40% 80 80 80 2% % 7xh 50 0 104 104 Ao¢ 104% 104% 104% 102% 102 102 10 10 T ITH 101 101 102% 102% Vert Sug Walworth 65 A Warn Br Plc 6s ‘39, Warn Quin 9 ernlr Sug 2o - Went Bnmer bs West UnT 634836 Wic Spen 8 ct 78'35 W1l & Co 1st 68 '41. WinRA 7% R moane~ 108 RAILROAD. 1 83% 83% 834 2 924 92w 92U 96 Bl 97% 97T% 9TW 41 19 122% 119 122% AtCLcol4s's2.,, 8 91 0% 9 A 95% 95% 95% 1013 m 95% 10 104% 104% 104% 100% 100% 100% 95% 95% 95% 89% 894 894 1004 100 100 100% 100% 100% Ann Arbor ¢s Atchison ad) ¢s ‘95, Atchison gen Broalania Bklyn Un 1st Can Nat 438 57, Can Nat 4348 Can Nat 4%8 70, Can Natl 4% s Can Nat 68 Oct Can Nor 6% s db'46 Can Nor 78 deb 40, &l 104% 104% 104% PRaNAncan N 104% 104% 1043 118% 118% 118% 111% 111% 111% 8 89 89 101 101 101 28 99 98w 98% g lom 10:1/. 103% Can Pac 4348 Can Pacific 4%, Can Pacific bs Cent of Ga 58 C '6; Cent Pacific 6» 9 106% 106% 106% 3 95% 95% 95% 102 41 90% L3 13 93 C TH&SE in 6.'00. k3 Ma :;“ ::n Ch Un Sta ¢34 ‘63, 101% 102 Ch Un Sta 68 44 2 104% 104 104% l llfik lé:u l;:h 1 1 C(.C&!(Lt%l l.) ll lm 100% 100% CUTer 448 2020.. 2 1021 102 102% ®°17. 1 102% 102% 102% ‘13... 2106 106 106 “13. 10 108% 108% 108% K 1 101k 10i% 101% 62% 62 62 12 4% 41 un Culo & Sou Cuba R R 68 Cuba Nor 5% Lirte 68 1976, Fla E Coast 6874 6 106% 106% 106% Gr Trunk (s < 1 111 1113 111% Gr Nor 4% '76 (Dl 4 98, 9B) uBY Gr Nor 43877 () 13 98% 974 Grt Nor 1st bs. Gr Nor gn 5% Gr Ner gen 78 31 Hock Val l%l 9. Hud& M 7. 21 Hud & M rt bl '67.. 16 100h 100 100% Illinots Ce: 2 98 98 98 L1l C 6 % flh fll% b 96% 96% 4 loflu Wh 109\ ‘IOK lflK 62 89% 83 109 7 111% 111% 111% 50 2% 9% ¥0Y% 934 6 100% 100% 100% K 3 100% 1004 100 | oo 14 984 98k YBW | McCal L&N ¢%s 2008 Manh Ry 1st 43 2 100% 100% 100% 9 66k 66l 56% 7 98% 93 934 L 100% 100% 100% 1 12 101% 101% 101% M StP&SSMcon s 2 89% 894 894 MStP&SSM6sgid 1 93% 3% 93% MStP&SSM 6%#'78 1 91 91 91 M StP&SSM 64 3 101% 101% 101% MEK&TIst4n'90. 1 B88% 884 88% MK&Tad)bs'e7. 61 921 91% 923 MK&TprinésA, 3 mln lnln 101% Mo Pac gen ¢s 7 l'l Mo Pacific 68 A ‘65, 58',6 Mo Pacific 6a F 71, ll Mo Pacific 5 G *78. 9% Mo Pacific 6s H ‘80 9Tl Mo Pac b¥%s v'dl. 98% 99 92 “!’A 98 97% 9% 9% Mont Tr 1st 99 Mont Tram bs 'ss. . Nat Ry M 4%s 6 9% 86% z © cqan » =l - E3 96 6 . 28 100% 100% 100% 3 21 101% 101% 101% 013. 5 106% 106% 106% 35. 40 107% 107 107 '3l 8 100% 100% 100% 3 0% 90 904 101% 107% 107% 7 101% 101% 101% % 04 93% 94 NY NHaH ordbto 25 116% 1100 116% 93 11 42 AlW 414 T 84 .A"“gngmoq- 3 2 ] s 2727222222 Nor Pacific 38 2047 10 68 Nor Pac 4%8 2047, 10 984 984 n Nor Pac 58 D 2047. 5 104% 104% 104% Oreg-Wash ¢s'61.. 1 93% 93% 93% Penna 48 . 2 984 98 Penn cv %5 Penn gen ¢ %8 5 100% 100% 100% 4 108 107% 107% 1 103% 108% 103% .12 109% 109% 109% 5 100% 100% 100% + 11 100% 100% 100% 2 104% 104% 104% 5 105% 106% 105% 2108 108 108 2 100% 100% 100% | 2 100% 100% 100% 10 99% 99y 99% 58 B5% Séw B854 19 831 834 83k 6 99 98% 99 100% Por R L&P 1\‘ St L Ir M'at b: Y% 93% 93% 2 22 | tes 1013 101% 10 %! 1 1014 101% 101 3 1T Atl Sec pt WATERWAYS PLANS, MEET OPPOSITION Unions Join With Western Railroads in Opposing Government Policy. BY WALTER BROWN. Written for the Associsted Press CHICAGO, November 21.—Six large unions have joined with the Association + of Western Railroads to oppose an ex- tension of ofl pipe line and motor bus operations and inland waterways on an unequal basis of competition. lliinols miners protested the exten- . sion of oll pipe lines to Chicago; con- tending marketing of fuel ofl under such conditions would be detrimental to the coal industry. Five raflroad organizations—the con- ductors, tralnmen, engineers, firemen and switchmen—meeting here recom- mended measures to defeat the Gov- ernment’s fnland waterways program as it now stands. System. “Carriers using highways should build their own systems or be taxed heavily for the use of existing ones. “The proposed waterways asystem would allow steamboats to compete un- fairly with raflroads. If they want a waterway, they can build it. Rallroads are not subsidized.” In a statement to '-hc Interstate Com- merce Commission the Western roads m::d” out that motor bunuh and with \l':fll no cnntrbwoum‘ cost_of oonurucuon and whereas, in 1920, class 1 carriers in the Western auum spent for nnn of ways and structures ,316” and paid taxes which were, & some extent, used in highway construc- g &' ¥ 322 aisce H DIVIDENDS DECLARED NEW yonx, Novernber 21 P — Compray. “?’c? e} ;sflL % B SE5LEEY o58 EESSEE-S.SEECEEREIIEIEEEY 5373? ;@ Seow o0 S FRREITIVEN 337 WUNWNRNNY $RE ONVITRRMNSRRITINOONE: e T3 EEERNEEREERY ! H BEREER ¥E¥ pEEC osusd B amw e BT o SorerE. 220F5 © © Dok DOPEOCPORKR EXE DOKEEDODD 0Op EODOOKED: moo: O mono!nam 5 i3 Srapna Y 533 130 P R 15t pf.374 B1.37%c Bl E Senetier F Al Southington et Unil S e Appleton (D) g 1 Al Coast L 0 Col & Xenla RR. % 10 83% 83% 107% 107% 107% 110% 110% 110% 114% 114% 114% '8 Third Av adj 58 °60. Un Pac Ifi‘l'fl Pac 4% Un P 1st rf 68 2008. Va RR 4%s 63 Va Ry &» 62, - - Sonamm Sne atim - ‘est Pac b8 48 Wflll... - Wis Swoe