Evening Star Newspaper, November 25, 1930, Page 14

A—14 o FIN NEW BANK MERGER| PLANS ANNOUNCED| Assets of More Than Billion Dollars Involved ‘in Latest Combine. BY JOHN F. SINCLAIR. @vecial Dispateh to The Star. NEW YORK, November 25.—Another bank will rise as a erger on or Te- deposits of more than $700,000,000. J. Herbert Oase, now_chairman of the New York Federal Reserve Bank, . Only recently did he be- Somme “Shairinan of ‘the board. ol the or International Settlements. Mr. Case, 58, was born at Elizabeth, N. J., and entered the banking busi- ness immediately after graduating from high school. For 10 years he was & New Jersey banker with the Plainfleld Trust Co. The next five years he was vice president of the Farmers Loan & Trust Co. of New York, resigning that post in 1917 to become the deputy governor of the Federal Reserve Bank of New York City, which he held until his election to the chairmanship of the board this m{enr. ner, chairman 3 . Prew, chairman of the & e ieinge Bank d Trust Co., and hfrglvllon, chairman oéothei Central Hanover Bank & Trust Co. The merger -will create the largest branch banking organization in New York City. It will have nearly - 150 offices and will be s member of the Sankof of suggested. ernor_of m‘:"aflx ’)T‘!‘l:_vled‘lorl is the most prominently mentioned. mlnen gess’ statistician and an o and a graduate of He received from Columbia in he_entered the Yale and Harvard, and ome- secretary to Justiee Oliver Wen- enry ¥ 61, H J. Gaisman of New York, 61, , head of the Autostrop Safety Razor Co., appears as the real victor in Gillette-Autostrop merger, which together the world's two iplete monopo- patents are permissible.” Addis Advice. that man can do. Sir Charles Addis, in his ad- Foliical el e ew Sespemy of nce in New Yor! e problem of soablish wixsvy “The problem of st ng the pur- hasing power of our monetary it groon no delay.” " That is a significant statement for the chairman of the Bank for Interna- tional Settlement and the director of the Bank of England to make. It shows ® deep appreciation of the values back of the money and credit systems of the world. Stabilizing the purchasing power of money, so that the monetary yardstick doesn’t vary year by year, is being con- sidered more and more by bankers and business men as of fundamental and far-reaching importance. ‘The ‘attention which Sir Charles- Ad- dis is directing to this problem is a very | valuable public service. i Wheat Exports. ‘The prediction that Russia will be! the b exporter of wheat in the | world within the next two years will be subject of much discussion Western Canada and. in the western of the United States this Winter. % will also interest the Argentine, Auctralia, Brazil and India. T this forecast proves to be correst, th°n medern machine methods of pro- ducing wheat will be forced upon the wheat farmers of the United States and Canada. If large farms can be so or- gnlnd as to produce wheat at from to cents a bushel, such farmers will be mble to survive even in compe- tition with the cheap wheat of Russia. Otherwise it does not look so hopeful. (Copyright, 1930. by North American News- Alliance.) BANK CLEARINGS. NEW_YORK, November 25 (Special). —New York bank i today. $916,- 000,000; & vear ago, $1,635,000,000. New ‘York bank balances today, $116,000,000; [ ago, $271,000,000. New York Reserve bank credits today, | 8101, 0,000; & year 80, $160,000,000. NEW FIXED TRUST. NEW: YORK, November 25 Ly ot ew ork City banks and ""‘"&&F’Jm Porttolto, Pub: trust e oo ANCIAL. THE EVENING STAR, NEW YORK STOCK EXCHANGE ‘Received by Private Wire Direct to The Star Office. (Continued From Page 13.) Pt i, ol ot S Stock and Dividend Rate. Midiand Steel pf (8. Minn Moline Pow Mo Kan & Tex (3). Missouri Pacific..... 2 Missouri Pac pf «5).. 2 1024 102% Mohawk Carpet. . 5 Sales— Add 00. High. 2 87 1 1 3 Low 7 86% 28% 6% 66% 18% 32 98Y% 145% 40 ock and Dividend Rate. 0% Skelly Of1 (2). Sloss-Sheff pf (7)...1 Snider Packing pf... Solvay Am pr ww 53 Sou P Ric Sug (1.40) 22 Sou P Ric Sug pf (8) 20a SouthernCal Ed (3). 7 in | fing 12 114 MonsantoCh (g1%). 1 Montgomery Ward llg 63% 40% ) Murray (B)(3% stk! Myer (FE) & Br 12). Nash Motors (¢) &St L (5) 13) .18 108 7 124% 69% > 41% 4% 2% 9% 58 14 192% 127% Nevada Copper (1) Newton Steel. . N ¥ Central (3).. N ¥ Invest (1.20) N YNHG& Hart (§). NYNH&HD (., N Y Ont & Western. . Norfolk&West (112) North Am Aviation. . Nor Am (b10%stk). . North Amer of (3).. i North Am Ed pf «6). No Ger Lloyd (3.43). Northern Pacific (6). Norwalk Tire & Rub. Ohto Of1 Co (2) Oliver Farm Eq Oliv FEqpf A (6)... Oliver Farm Eq ev pt Omnibus Corp... .. Orpheum Cir pt (8).. Otis Elev n (2% ) Otis Elev pf (6) . Otis Steel (23) Outlet Co pf (7) Pacific Coast. Pacific Coas! E Pacifio Gas & El (3). Pacific Lighting (3). Pacific Tel & Tel (7). Packard Motor (60¢) Pan-Am Petrol (B) . Param'nt Publix (). Park & Tilford. Park Utah. .. Pathe Exchang Pathe Exchange (A) Patino Mines....... Peerless Motor Car.. Penick&Ford (11%). Penney (JC) (3) .. Penn Dixie Cement. . Penn Dixie Cem pf.. Penna RR (4)... Peop Drug Strs (1) Petrol Corp (1% ) Phelps Dodge (3) Phila Read C& 1. Phillips Petrol (n3) Plerce Ofl. . Pierce Ofl pf. .. Pierce Petrolm(10¢) . Pillsbury Flour (2).. Pirelll Italy (a3.14). Pittsburgh Coal. Pitts Steel pf (7). Pitts Terminal Coal. Pitts Unit Cp pf(T). Pitts & W Va(6).... Poor & Co (B) (2)... PRAm Tob A (3%). PR Am Tob (B).... Prairie Oll & Gas (3) Prairie Pipe L (15).. Pressed Steel Car. Proct & Gamb (2.40) Prod & Refiners. Prod & Refiners pf.. Pub 8v N J (3.40) PubSvNJpf(6)... PubSvE&GptL (). Pullman Corp (4)... Punta AlegreSugar. Punta Alegre S olfs - BunmonndndSa » 00 8 e - Sulorammm - s S BournP2nranwanme Y S aw-an H Reynolds Tob B (3). Rhine W EI P (2.16). Richfield Ofl. Rio Grande Ofl. Rossia Lnsur (2.20).. CISTPS =3 Y Seab’d Air Line pf... Sears Roebuck $2% . Second Natl Inv. Sec Nat Inv pf (5). Seneca Copper. Servel Ine..... Shattuck(FG)(t1%) Shell Unlon OAl.. ... Shell Un Of] pf (534) Shubert Theaters. Simmons Co. ., Simms Petroleum. .. SinciairCon O1l (1).. - = SemaSEN » -39 263 © 26% Stand In Stand Of Stand O1 Stand O1 Stand 01 St Superior Tobacco Transue Tri-Cont Tri-Cont Und-Ell-| Un Tank Utd Elect Utd Fruf; U 8 Hofts u U u u u U u u u Vadasco Vadasco Vanadui Western Western Western Western Westing Wextark White M 0 A.M. 1% in stock. T Plus 14% 1o stock. Sec 8 Va-Car Chem. ...... Va-Car Chem 6% pf. Vulean Det (4) Weatingh'se A B (2). Southern Pacific (6). Southern Rwy (8).., Sparks Withing (1). Spear & Co. Spicer Mfg. . Splege)-May-Stern. . Stand Brands (1%).. Stand Brands pf (7). Stand Comm Tob, Stand G & E (3%) Stand G & E pf (¢).. vest Corp. . 1.Call(h2%). 1 of Kan (2) 1of NJ (12) IN Y (1.60), of (1.20) cv pf (3) Wi Corp (3). Submarine Boat, r (1834) . o1l Telautograph (11.40) ‘Tenn Cop & Ch (1).. Texas Corp (3).. Tex Gulf Sulph (4).. Texas Pac Land Tr.. Thatcher Mfg (1, The Fair (2.40). The Fair pf (7). Thermoid Co Third Avenue. . Thompson (J R) (3). Thompson Pr (2.40). Thompson Starrett. . Thomp-Star pf (33%) Tide Water As (80c) Tide Water As pf (6) Tide Wat Ol (pf (5) Timken Det Ax (80e) Timken Roller (3)... Produets. .. Tob Prod (A) (80e).. Transamerica (1) &W (1) Corp. Corp pf (6). Twin City R Tr (§4). Fischer (5). Union Carbide (2.60) Union Ofl, Calif (32) Union Pacifie (10).,. Union Pacific pf (4). Car (1.60).. Utd Alrcraft. . . Utd Afreraft pf (3).. UnitedBiscuit (2).... tric Coal. t(4)... Utd Gas & Im (1.30). Utd Gas & Im pf (5). Utd Stores (A). .. Utd Stores pf (2%). U8 & For Secur. . U S Freight (3). ‘man. . U 8 Ind Alcohol (17) 8 Leather.... Ploe & F (2).. . P&F 1st (1.20). Realty&Imp(3). Rubbe: s 100 Rubber 1st pf. .. Smelt & Ref (1). Smelt Ref pf 3% 8 Bteel (7)., U 8 Steel pf (7). U 8 Tobacco (4) U 8 Tobacco pf (7).. 10 Univ Leaf Tob (3). . Utll Pwr&Lt A(2.60). F...o S 1 52 7 2 280 1 2 Bales Corp. Sales Cp pf. m Corp (3). Ward Baking (A Warner Bros Pict Warner Bros pf Warner Quinian Warren Bros (3) War Bros v pf (2). Warren Fdy & P (3) West Penn El pt (8) West Penn EJ pf (1) Dairy (B). Ma.. Ma 24 Union (8) 1 4 E&M(5).. 162 Weston El Instr (1). Westvaco Chlor (2). Radio Strs. otors (2)... Wh Rock M 8 (1434). White Sew Mach pf.. Willys-Overland Wilson & Co. . Wilson & Co (A) Wilson & Co pf. . Woolworth (2.40). Worthington Pump, . Yale & Towne (2)... Yellow Truck. Youngs Spring (3) Zenith Radio Sales of Stocks on New York Exchange " 121 10 3 11 370.300 12:00 Noom. M nual cash larations. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, November 25.—The fol- lowing is & summary of important cor- ration news prepared by the Stand- Eo Statistics & Inc., New York for News Trend. Associsted Dividend announcements over the past day are mixed. Larger extra dis- bursements than previously declared were announced by Humble Oil & Re- ing and Loew's, Inc., while adverse action was taken by Havana Electric Ry., Electrographic_Corporation and 8. M. .Grier Stores. Earnings statements are uniformly unfavorable. October operating income of the first seven rail- roads to report shows a di of 22.3 T cent from a year $go. w- g 15 looked upon as satisfactory in view of the fact the traffic in October declined more. sharply than any pre- vious month of the year. Decline in net operating income during earller, periods of the year averaged about 30 per_cent. ‘The Supreme Court has decided in | favor ‘of the Oovzor;aml:ml in action brought against 10 the largest mo- tion picture producers, charging viola- tion of the Sherman anti-trust law. The Companies. Atlantic Coast Line Railroad normal shop schedules resumed. Aviation tion -quarter defieit, .months’ deficit, $4, teel (Delaware) .;l‘“‘l“; nine Bethlehem St ves 11,000-ton rail order from New York City. Canada Dry Gi Ale share earn- ings, year ended September 30, $6.64 vs. $6.92 in 1929. Central Railroad of New Jersey Octo- ber net operal income off 27 per in 1920; nine months, $156 vs.| Chicago Pneumatic Tool recelves 1!-1 engine order from Phillips Pipe Line. | Electrographic Corporation omits | quarterly common dividend, paid 50 | cents September 2. Evans Auto third-qu share earnings, 0.2 cents vs. 95 cents in 1929; nine months, 41 cents vs. $3.27. Exchange Buffe. October quarter share earnings, 37 cents vs. 48 cents in 1929; six months, 88 cents vs. 99 | cents. Food Machinery Corporation -h-rel earnings, year ended September $4.09 vs. $4.47 in 1929. Havana Electric Rallway omits quar- terly dividend on 6 per cent preferred. Humble Oil & Reflning Co. extra dividend 50 cen's; paid 20 cents pre- | vious quarter. | Illinois Central Railroad October net | operating income estimated at $3,470, 000, against $3,443,065. 30,1 months’ share earnings $4.19, against $10.28 in 1929. Southern Pacific Co. (system) October net operating income off 13 per cent. 10 months off per cent. ‘Thompson-Starrett October quarter share earnings 63 cents; six months, 97 cents, against 99 cents. ‘Thompson-Starrett unfilled orders October 30 totaled $16,824,451, insi $42,339,492 year ago, A FOREIGN EXCHANGE. | (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Belling checks value, ay. London, pound . Paris, franc Bru: bell Berlin, mark. Rome, Zurich, Athe Mad; Loew's, Inc. $1 extra common divi- | b dend; paid 75 cents extra December 31, 1929. | W Midland Steel Products cash and Goverhment securities held by the com- | pln{ ‘Octobey 31, 1930, equivalent to| $76.77 s share 8 per cent preferred | stock; preferred dividends covered 191 times in first 10 months. To manu- facture Christcnsen air brakes. New York, New Haven & Hartford Railroad common dividend to be more than covered in 1930. North American Aviation offers 46,- 500 shares for all assets of Stout (D.' & C.) Alr Lines. Northern Pacific Railway to spend $4.500,000 rebuflding freight cars. Pacific Gas & Electric, San Francisco, nsiderin col g adjustment. aramcunt Publix Corporation, Mid- dletown N. Y., independent motion | icture operators, sue under anti-trust, W, Pittsburgh & West Virginia Ralway | granted trackage rights over Connells- | ville line of Pittsburgh, McKeesport & | Youghicgheny Railroad. Pullman, Inc., subsidiary receives 300 coal car order from Chicago Great Western. 1 cent; 10 mn'-huln..ofl 20 per cent. Checker Cab third- R (Joseph) atquires sheet metal dl'mmnl Richards Co. Bt Louls-8an Z ing for power rate I, Stockholm, crown. INVESTMENT TRUSTS NEW YORK, November 25 O.er-the-counter market: Asked. & Gen Secur Gen Secur B Pounders i . tand Cil 8hi 8 41 25 £l 3 40ie I Becur Corp Am Investmest Trust As Investors Trustee Si Jackson & Curtis I Major Shares Corp Mohawk_Inves M Po Sec ‘i3 40l o it Second Shawmut_Bank . Bpencer Trask Pun: Super Corp of Am Trustee Standard Ofl 58 & B & W ik »—| WASHINGTON. D. C, TUESDAY, NOVEMBER GERMAN BOND LIST HAS BETTER TONE % Government 5 1-2 Per Cent Issue in Demand—Domes- tic Group Strong. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, November 25.—The out- standing feature in today's bond mar- ket was the strength in the German government 5!, per cend loan. It % | looked as though this long-neglected issue was receiving some support, for it advanced 1!z points in addition to the 2-point gain made Monday over last week's low price. The demand was persistent and was said to comefnot only from domestic but from foreign sources. Eventually holders of the bond will realize that its position is not affected by any of the proposals now being made by Germany. They have had the right to expect an expression to this -effect from the sponsors of the loan etver since the German elections. Other German bonds were also steadler, including the various munici- pal and provincial loans and the Ger- man Agricultural Bank 6s. The foreign list was somewhat ragged, with sharp declines in Peruvian 6s, Minas Geraes 6%2s, Bolivian 7s and Colombia Mort- gage Bank Ts. Trading in domestic issues was slightly more active, with the tone of the market bettered by the strength in stocks. High grade rails and public utilities advanced fractionally. United States Government loans gained moderately, particularly the first 3'gs and the fourth Liberty 4Y%s and Treasury 4%s. Announcement is ex- pected to be made early next week of the proposed Treasury financing to take care of the mid-December maturity. The secondary railropd issues like Rock Island and Prisco 4'%s were fractionally up. St. Paul Adjustments and Gold 5s likewise gained ground. In the industrial list weakness was shown in International Paper 6s, which de- clined a point, and in the Sinclair Oil issues, the latter being affected by the reduction in the dividend on Sinclair Oll, common stock, in spite of the fact 1 that the margin for these obligations is very high. New issues this week are likely to drop much below those of the previous week on account of Thanksgiving holi- day. The only important corporation issué announced today was $3,000,000 Washington Gas & Electric first mortgage 5s at 90. The Danish Con- solidated Municipal 8 per cent bonds are to be redeemed 15 years in advance of their maturity at 107';. This Joan was placed in January, 1921, at 98, and therefore has given the original holders & 10-year investment at a high coupon rate and with an appreciation of about 10 per cent in their principal. —— | Washington Stock Exchange SALES. Washington Gas 6s “A”"—$500 at 1025, - $2,000 at 102Y%. ‘Was| n Gas 6s “B"—$100 at 104. | Capital don Co.—10 at 49, 10 at 49. Potomac Electric 6% pfd.—5 at 111, 5 at 111, 10 at 111, 10 at 111, 10 at 111, 10 at 111. | Washington Rwy. & Elec. pfd.—10 at 98, 10 at 98, 10 at 98, 10 at 98, 10 at 98. AFTER CALL. | Washington Gas 55—8$3,000 at 104. Washington Rwy. & Elec. 45—$1,000 at 87%. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telga. 4'as '33 Amer. Tel. & Telga. 4'as '3 Tel. & Tel. ctl tr. 5s stia & Pot. R. R. 58 Anacogtia & Potomac guar. S & b Tel. of V. Capital Traction City & Suburban Potomac Elec. con: Potomac Elec. 65 Wi lex. Elec Power 5'a% pid Rwy. & El. com. (T Ry. & El pfd. (8). NATIONAL BANK. nd _(9e). Washington (i3). TRUST k Amer. Security & Trust Co. (18) Continental Trust (6) s Merchants' Bank & T . S3outy . Bav. & Com. Beventh ‘Street (12). United States (30) Wash. Mechanics ( FIRE INSURANCE. Amer o 8833 28 TITLE INSURANCE. Columbia_ (8h | Real Estate ¢ | Title & Inv. Co. Md. ‘com. MISCELLANEOUS. 88e 1% n Natl, Mige. Eéopley Securlty. Storage e Ter. Ret. & Wh. §2.u23.8.823058 a8 1877 extra. wi When issued. NEW CONSTRUCTION. NEW YORK, November 25 (4#).—Con- tracts for new construction of all types awarded in the metropolitan ares of New York during the week ended No- | vember 21 totaled $13545,000, F. W. | Dodge Corporation reports. This brought | the November total to $45,595400, & rate of $2,68: busine d against $3,079,000 pe: October and $6,026,000 in November, ©11929. For the year to date contract awards amounted to $865,204,600, | against $1,051,040,200 the corre- sponding period last year. BIG LOCOMOTIVE INQUIRY. NEW YORK, November 25 (#).—The New York Central Railroad is inquiring for 50 large Hudson type locomotives, said to be the largest inquiry for loco- motives this year, The - volves approximately $5,000,000, , | Lortllard 25, 1930. Received by Private Wire Direct to The UNITED STATES. N Y Tel N Y Tel 63 Nor Am E4 6 NorOT& L 6s* Nor St Pow Nor 8t Pow v Argentine § Argentine May Sine) 0 648 B Sinci O T8 v Utah P & L 68 "4: Star Office Bales. High. Low. Close. 106% 1061 106% 11 103 108 104 1034 1084 103% 106% 105% 106% 108% 102% 102% 102% 102 96 95% 51 51 101% 101% 86 85 1% 91K 70 70 102 102 w0 - o " walBnemaBBaaen288vean vanans g 4. . Utll Pwr 58 '59 ww. Vert Sug.1st 78 "42. Walworth 6s A Warn Quin §8 Warner Sug 7 West EI deb 6 Weast Un Tel §s West Un T 6%s Wh Sew Mch 6s Wic Spen 8 ct 7 Wil-Ov 18t 638 Wil & Co 151 68 WInRA %84 You St & T 687 Ch! 61, Chile 7842, Chin Gvt Ry Christiana Colombia 9.. 41, *61. ] 0 3 41, 1. 102% 102% RAILROAD. Atchison gen Atch'on cv 438 At C L col 4 Denmark 6% Denmark 68 °42... Dutch East 1 6s 62 Fiat 7s war Fiat 78 Finland 5% Finland 65 Finland 78 ‘50 Fram [ D 7%s Krench 7s 49. French Gvt 7 Brooklyn Eles Bklyn Elev Bklyn Man Bklyn Un E! BR& Pitt 4y Bush Ter con Can Nat 4% Zan Nat 4% Jugosl Bank 7s ‘57, Karatadt 6s Kreug & Toll Lyons Marselll Milan 638 ‘53 Montevideo 78 New 8o Wales6s’s New So Wales Nord 6%s 50. Norway b8 63 Norway 5% *85 Norway Can Natl 4% s°5 Can Nat 68 July Can Nat 68 Oct Can Nor 7s den Can Pacific db 4 Can Pac s ctfs Can South bs * Cent of Ga 58 C Cent Pacifie 4 Ches Corp bs"47 Ch &0 gn 4% 101% 90U 96 L 104% Orfent dev & Orlent dev “lcB&Qgen CB&Q I1dv 3 CB&Q 1N dv Ch& NW %8 2| ‘Chi NW 43%sC 2. {Ch Rwys bs’27. Ch R 1&P gn 48 4852 «[ChR1&Prten Roy D 4s "46 ww Sa0 Pau 78’ 40 rots. Sao Paulo 83 50 C& W Indev s CCC&St L 4 %8 fen. B8 Colo & Sou ¢ %8s Swiss Confed 83°40 5 Toho Ef Pow 6533 9 Toho EI Pow 78’55 Tokio 6348 Utd King 4 s Cuba R R 6563 MISCELLANEOUS. ADbIUDI P & P 68 53 24 Allegheny Alleghany Am Chain 63 . Am Cot O db bs ‘31. 8415 100 larTratap | Am T&T c tr 58 46. Am T&T 6a s f '60. Am T&T § Am W Wk Hud & M rf 535 111 Cent 48’53 111 Cent Int&G Nad Int RysC A IntRysCA Kan City Sou Kan City Ter 48 Lake Shore 3%s Lake Shor Leh Val cv 48 20 Long isl db 683 L & N uni 4840, L&N ¢%s 2003, Manh Ry 1st 4 Dodge Br col ‘4 Mil B Ry & L 68 East C Sug 7% Fisk Rub 8341 Gen Cable 538 "41. Gen Motors 68 '37. Gen PSv 5%s°39. . Gen Thea Eq 6 "4 Geodrich cv 68 '45. . Goody'r Rub bs "§7 Hoe & Co 6348 '34. . Hum O&R 6%s '62. MBTistHrés A i 8t . M &SL 1st rf 4s M StP&SSM con M StP&SSM 6% NS MK&Tprinés Mo Pac gen & Mo Pacific 58 A » Mont Tr 1st inland Steel ¢ Nassau Elec & In: Cement BEaleBanSR wrnnl 272722272 Mg a0 ana 3 a0 i 2-.& Z Z7 Bt NI H NY NH&H ev db NY NH& Helt 6 81.... Lorillard 6348 '37. . Lorillard 78'44.... McCormack 68 '34. McKes&Ro 5%1s'50 Midvale Steel 55'3¢ Mont Pow 68 '43. .. Mor & Co 1st 4 %8, 105% Penn 6% . % 1144 PaOh & D 4% SUITL TR 102% PCC&BLY . 104% 1144 102 103 Can Nat ¢%s 10, Can Nor 4348 '35. Can Pacific 4%’ C'n Ry NJ gn 58'87 Ch&O 4%s 492, Ch&O4%sB 9 C U Ter 4%s 2020.. Clev Term 68°73... Colo Sou 4%s ‘80.. {Cuba RR rf 73s'36 Cuba Nor 5%s 43.. Fla E Coast 68 ‘74. Minn & StL gp 6s. . MK &Tadjbs'67. Mo Pacific 68 F "17. Mo Pacific 68 G *78. Mo Pacific 63 H ‘80 Mo Pac 53%s cv 49, 6 13 96% 9614 1 46 121% 120% 6 91 21 2 96« 96 2 95% 954 21 101 101 3 96 95% 6 105% 104% 7 100% 100% 100% 2 101 101 19 103% 102% 5 89% 89, 1 9T% 9Tk 39 99% 99 7 9% 99% 3 104% 104% 4 101% 101% 6 104 104% 10 104% 104 9 100% 100% 7 111% 111% 10 89 89 4 9 98% 4 108% 103% 5. 9 4. ‘69, 1) 20 112 112 43 9 9 5 103 102% 9 100% 100% 6 100% 100 6 95% 95% 5 101% 100% 1 107% 107 3 8 89 '58. 7 514 | power or with_ ability to Ch&NW gn 3%s ‘87 037 037 Ch & NW con $%s. Ch & NW rf 55 2087 Ch & NW 6%s°36. . 2 107% 107% 3 T4 4 ‘88 15 931 931 4 €6 99 99 (B) 6 102% 102% 1 106% 1064 14 1015 101% 8 97 96% 3 62% 62% 1 70 70 2 a% 4 5 105% 105% 17 97% 97T 5 T4 8% 9 106 1054 9 844 844 19 176 3 4 13 11 106% 106% 1 111% 111% 1 97T% 97 17 97T% 9% . 15 104 104 2 108% 108% 7 111% 111% 13 101% 101% 57, 22 764 76 7.. 82 100 9% 4 91 3 874 3 90 5 96% 27 101% 1 1 69 ‘36 20% 8w 90 96% 01 69 69 d | P 03. 7.. 10 100% 100% 5 554 B55% 4 101% 101% 1 18 18 3 5 5 6 87% 87% 5 101% 101% 8 91K 91 1 101% 101% 43 73 12 9814 7% 97% 1 ‘39 . A 65 9 106% 106 3 107% 1074 5 84 8¢ 76 90% 891 25 102% 102 4 107% 107% 1101 100% 15 82% 824 34 1164 1164 1 105% 105% 4% 41% 4\ 41 20 84 834 $79% 7 4 6T 6TH 2 9% T9% 93% 98% 984 2 104 7 109% 11, 20 101% 1 108% BUSINESS ISNEAR “END OF RETREAT" Economic Authority Points to Many Factors Which As- sure Early Upturn. In the current issue of Barron's Financial Weekly an article by W. M. Persons, formerly of Harvard Univer= sity and a past president of the Ameri= can Statistical Association, gives a con- vincing array of evidence that business has reached “the end of the retreat.” ‘The writer points out that “in rtv- vious major depressions a level of 20 per cent to 25 per cent under estimated normal for the time was the bed-rock below which the depression did not Jo." As the present depression has fallen more than 25 per cent below normal, it is vitally important to know whether that level “is merely a statistical accident of the major depressions of the past 55 ears.” Or, on the contrary, “does this level possess some economic signifi- cance as & final resistance point?” Where Depression Halts, Prof. Persons answers that it is not & statistical accident, but a real resistance point entrenched in the American standard of living. The immediate effect of a decline In salaries and wages is a reduction in the purchases of goods and a consequent lowering of the scale of living. Further curtailment would mean a lower standard of living. . But “here the real rub comes.” American consumers will work harder and reduce their savings to get the things to which they have been accustomed. “A time comes when consumers will draw upon their savings, if necessary and sell their securities to secure funds for current expenditures rather than preserve their savings against a possible future need for_the necessities of life.” When consumers reach this stage in a businesg depression, “a situation de- velops which stops the downward trend of business and stabilizes it on the level then reached.” Business, however, never remains stabilized at this resistance point. “Presently, the volume of pi duction and trade turns upward * and the revival of manufacturing tivity means increased payrolls and in- creased consumer purchasing power.” Any past depression and recovery will illustrate the steps in the revival of ac- tivity, though the important factors may not be the same in different of recovery. In 1920-22, for example, the most important role in re- covery was played by the building and automotive industries. They will prob< ably play a lesser part in the recovery now due. It appears to the writer that “an increased demand for commodities will be more evenly distributed among many industries than in 1921,” though the construction and automobile indus- tries will share in the general revival, Many Favorable Factors, ‘The encouragement that this article gives is all the greater .because it does not depend on a mechanical application of the historic resistance point of 285 per cent below normal, nor does it find in the standard of living the sole fac- tor of recovery. A careful survey of conditions shows that the stage is fully set for a business recovery, for there is evident today a combination of “unsatisfied wants felt by a (a) with industrial ability, (b) with a des with ire to work, (c) oy acq pur- chasing power by borro from banks and wants felt (a) at a time when stocks of goods have been depleted, (b) when are lower and (c) the rate of luction is below the rate of consumption. Other important factors are operat- ing to assure an early upturn. Among them are “(a) low interest rates, (b) initiative of business in discovering sound projects for development, (c) the abllity of business men to convince bankers that these '&rojem should be financed, (d) the ingness of bank- ers to extend credit and operation of the Federal Banks.” ‘To complete the picture, Prof. Per- sons shows that favorable signs are al- ready present. “In recent weeks the decline in prices of important interna- tional commodities has been much slower and evidences of stabilization of the possibiity ‘of granting credie by o y of gran the Bank of France to the Bank of England, the textile industries have ex- 96% | panded operations, and in a season of the year, November, when manuface. turing activity and railroad traffic nor- mally contract sharply resistance to decline is appearing.” HIGHER STEEL PRICES SEEN BY OTIS CO. HEAD By the Associated Press. ND, Obdo, November 25.— Increase in prices of steel products has “simply to come,” E. J. Kulas, presi- dent of the Otis Steel Co. and Midland Steel Products Co., Inc.,, of Cleveland, said today. He sald he could not prediet how soon increases would be put into efféct or how great they would be. Kulas' statement followed published reports that steel interests y would an- nounce moderate increases as a way to revival xd business generally. ‘Last pel they earned around 5 per cent of their capital investment. “We have agreed not fo cut wages, and the prices of ore, limestone and other things that go into the manu- facture of steel, as well as taxes, are not coming down, so the only thing we can do is to raise prices.” WILL RETIRE STOCK. NEW YORK, November 25 (#).— Stockholders of Aviation Corporation of Delaware have voted to retire 360,000 ital stock and to reduce lue of the capital stock to $5 a share from $10. 0 = e Sou P&Or Sou Rwy gen Sou Rwy b Sou Rwy 6 Sou Rwy %8s Term As St L 4 @ Wis Cen 3 Tex & Ark 6%s l: . 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