Evening Star Newspaper, May 23, 1931, Page 12

FINANCIAL, SCHWAB-FARRELL CLASH OVER STEEL Latter Insists Industry’s Principal Problem Is Price Cutting. BY JOHN F. SINCLAIR. NEW YORK, May 23 (N.ANA)— James A. Farrell and Charles M. Schwab, rival steel magnates, clashed yesterday at the Iron and Steel Insti- tute meeting. Mr. Schwab, seeing a brighter outlook for business in prospect—even brighter than ever before—advised the Steel In- stitute to maintain the present me scale. He said that the depression is Jargely due to the fact that fear has ulledthawmwurmulruunol which ‘e guarding e their nvinn, since they do not know when their wages will be cuf Mr. Farrell, in his bru;que way, re- plied to the Bethlehem's chairman by say! that the real trouble with the steel industry les in ce-cutting nnd not in and dividend cutting, ane that conditions in the industry hlve reached a chaotic state. “It is not honest,” sald Mr. Farrell, “for us to sell our steel below cost lnd knock off something from our dividens and reduce g, Mr. Farrell did not mince his words. He sald steel prices are altogether too low and that the steel executives are e for this. Conditions in the tn ustry will not improve until the morale of the steel executives improved, he said, and he referred to steel rails at $43 a ton when they should be selling at $49. Due to the demoralization, which the executives themselves have brought about, Mr. Farrell concluded, the rail- read executive'iwmd not ‘O.he w::eelul:lfl- ers are fixing the price of steel rails. ‘The United States Steel head will be 770 years ‘“dé{:,“ months. mmn m by Myron y- chnu-nln ol the mcuuve Commit- m nl the Uhhed States Steel Corpora- tion, will then force Mry Farrell into mnz. at the m;m of his mental Ty top. ‘Look at him today. He possesses sbundant health, unusual physical strength and endurance, and so far as ) week, | have been rather reluctant to discuss THE EVENING STAR, WASHINGTON, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued From Page 11.) —Prev 131~ High. Low. | 7% 25 10% 15% 37% 20% 25% 47 162% 150 Stock and Dividend Rate. A Indus Alcohol(2) Smelt & Ref (1). Sm&Refpf3%. U 8 Bteel (7). U S Steel pf (7). 14 Unit Stores A. e 31 19% Utll PEL A (e42.18). 176% 34% Vanadium Corp'n 71% 41% Vulean Det (4). 104 Wabash RR. . 20% 4% Warner Bros Pict 80 40% 10% ernn‘ Bros pf 3. 5. 4 ren Bros (3).... 2 Bros cv pf (3).. 208 West Pa El pf (1) Western Md........ 49 112 19% 104 . 108 105( 1732 G- dm 8 Willys- Willys- Wilson Wilson 13% 5% 11% 27% 43 105% 12 payments based on thy *Unit of trading le: in stock. §Payable in Po, repular,cate. 051 12 11% | this yegt—no regular ng A B (2)... ng E1&Mtg (4) 279 11 Zonite Prod Corp (1) Dividend rates as given in the above table are the annual cash us oreterred ook tock ana Rat Bales— Add 00. High. nion (8).. 04 4 104 2 Overla: Over pt (7) &CoA & Co 1 Woolworth (2. Worthington Pump Wrizley (Wm) (4) 1% e latest quarterly or half-yearly decl, 'ss than 100 shaves. {Partly extra. scrip. TPlus 9% in stock. ePsid last yes vable in stock.__¢ Payable in cash or_stock. 6% in “stock. h Plus 3% instock. kPlul 3% in-stock. m Paid n Plus 5% in stock. rate. U. 5. TAKING PART IN COFFEE PARLEY Solution ls Sought at Sao Paulo for Overproductmn in Industry. BY LOUIS E. VAN NORMAN. Now that the world's principal sugar- growing countries have come to some sort of understanding to save themselves | from woes of overproduction and, in & number of countries, investiga- | tions into milk prices are in progress, it is in order to get down to the main wdlc;: rin our morning drink—the There is now in session in San| Paulo, Brazil, an international coffee conference. The meeting was opened this week under the chairmanship of the Brazilian minister of labor and | there were representatives present from the United States, Colombia, Venezuela, Ecuador, Mexico, Salvador, Guatemala, Panama, Great Britain, Holland and Portugal. The problem which the conference is facing is that of overproduction in coffee, with consequent low prices. Coffee prices have declined from 24 cents a pound in January, 1929, to 9% eanu-pmmdutmsume This af- fects the coffee industry all over the world. In eight or nine of the Latin American countries, however, the coffee situation is 9 of lhe 20 republlu of this hemisphere is largely dependent upon the course of world coffee prices. American Delegates. Government circles in Washington §ige ggég it ésggé é e i §EeEES EE géffi i i ?é ] i g i ; § g, 3 | B L) sl 2 ol £ ] i idge, who asserted that the vzrvmb lem arose from over production. “Ne of the sort!” says Senator Borah, then explains the evil effect on the silyer debase- market, Eenc of silver by governments—mainly | Where t,huuu the Idaho Senator has of silver is at the root of the trouble. Bad business is a stranger to the elec- | ced! in the | ri trical refrigeration industry Bouth. The Copeland Sales Co., hln- dling the business in that territory, has the use of electric refrigerators Y-hned ’Incl’elumAll s and many old ones, are installing units. Part of the explanation of this is typical American psychol o Electric refrigerators had just become lamiliar enough before the depression to have a5 a matter of course byv.hemenlpubllc like elec- tric lights and bath tubs. Consequently, builders are forced to install them even though they reduce their rate of profit on rents. “If there are further declines in live stock prices,” said George FP. Bwift, president of Swift & Co., “they will have the effect of still further decreas- ing cattle production, and this will later result in extremely high prices for beef, to the dtsmvmme of retallers and gflmtln‘ out that beef prices | lowest since 1926, due to heavy cattle shipments for the past six weeks, Mr. Swift explained that retailers | o should now push the sale of this meat. The responsibility for reasonable prices in the near future, he said, lay with the H retailers. Under present_conditions, live cattie prices are unprofitable to producers and the natural reaction, unless the re-!F: tailers help the public to absorb the stock on hand, will be for them to cut their herds. The shortage will later | ces. The prices .xgé van oty inst high ones when the oversupply ppears. Bugs destroy $2,000,000,000 worth of wealth every year. About 9,000 species ‘The world-famous insect criminal— the boll weevil & trail of ruin | through the and breadth ol the | cotton belt that costs the cotton farm- ers Iast year $163,000,000 in crop losses, 12 per cent of the total crop. The gov- ernments—State and Federal $1,500,000 annually fighting it. cotton crop is the suff the program of the the) at Sao Plulo It_was leum;. m‘huwevcr. the Departments of State and eommm that the American delegates g the | —Without power to commit this coun- try—are C. R. Cameron, a Green, rtment ty. The " 18 represented by Armand Le- mdu & representative of the New Orleans Green Coffee Association, lp- pointed while on a business trip South America. Brazilian coffee has been one of the products of the Western Hemisphere most affected by the world-wide busi- ness depression. This has added to Brazil's difficulties under the so-called The retention of and other produc! m'to uzn'rke:-tlhflelr coffee to sucl ] an s percentage of world consuming countries h-dzwpedtrom'mpereent (1909 to 1913 average) to 61 per cent (1924 to 1928 average). Just now, moreover, the stocks retained in Brazil have a re- verse effect, tending to depress prices for all coffees, but for Bra: n in par. r. wuh the exoepuon of Brazil, produc e From, o pmcuctwn uide local consump- t.bn. 50 that Brazil is the only country stocks on hand are sufficient to affect the market situation. Brazil's Huge Surplus. Brazil, in fact, has on hand a surplus of coffee that is more than the world | SO can drink. At present she has more l-hnn 22,000,000 bags from crops of pre- this surplus Brazil needs money. Oneofberphmuw\mpooemexpon tax, but this would give competing pro- ducing countries an advantage in price, or, on the other hand, lower the price | obtainable by her own producers. An alternative is for an agreement on quotas-~which other :onurx:t.;llu may not approve 50 long as wants as high a quota as is reported. In the rest of the world there is at present scarcely more than the normal surplus in both the producing and importing countries. The Brazilian proposals, suggested to hold for five years, are reported to in- clude a fixing of quotas based on the last five years of production, an agree- ment on price, a tax for “an interna- tional coffee advertising fund,” and the appointment of a commission to study | prices. | o5, 18 interesting to mote that the | consum) isum increased from 89 pounds per capita in 1913 to 1275 in 1930. Americans now consume approximately a billion and a half pounds a year. (Coprieht. 1431, NEEIGH EXCHAN GE. (Quotations lumlwaa by W. B. Hibbs & Co.) 21, b nu\ 3913 1391c*° 23.82¢ 5.26c 193 D L 1807 17.40¢ 2.984c . 1132% l 268 Stocknotm " crown. ... 3486 TREASURY CERTIFICATES. l’ rted by J. & W. !flfl[m-n & Co.) ‘l"lv . 0“" oday 88 17 32 13 23.80%¢ 53354¢ 19.30%¢ ‘296%c 2878ic 26 2681%5¢ 100 101 1832 !HOBT TEEM SECURITIES. (Reported by J. & W. Selim .nB)‘fl‘ Co.) Ofter Allis-Chalmers Co, 5 101 American Tel. & T American Thread 5ias Bultimore & Ohlo 4fz sssassés years held in strage. To get |S! fon of coffes in the United | Lo New York Cotton NEW YORK, May 23 (&) —Cotton opened steady today, 6 to 8 points lower under week end realizing or liquidation combined with some local selling on the hope of improving weather con- ditions in the South over the week end. There was considerable trade buying, believed to be partially for Japanese account, which with covering absorbed the initial offerings, but the seljing con- tinued, with the active months show- ing net losses of about 12 to 14 points by the end of the first half hour. July sold off to 9.10 and December to 9.65, or within a few points of the low records established éarlier in the week. Owing to the Whitsuntide holidays there were no cables from Liverpool to | influence sentiment either way, and | Liverpool will not reopen for business | until Tuesday morning. The amount of cotton on nh\?boa.rd awa:ting clearanc> at the end the week was estimated | at 70,000 bales, against 72,000 last year. Futures closed barely d; 5; .57; January, 9.68; March, 9.87-9.88. Spot, quiet; middling, 9.00. Close. 99-9.01 .35 -87 CHICAGO GRAIN. CHICAGO. May 23 wheat market was easier today because of the more favorable crop reports from the Southwest. May, old, opened at 82% to 82%: new, 86l; July, 60 to 507%; September, 59%; December, 63, to 6315. After the flr&t half hour Mly. old, was 82%: new, 86%4; July, 5983 tember, ‘l& December, 627%. eased off with wheat. May, old, W!ntds:;'::,% il 5': d\&y f‘)e’ to 56%; ber, 5 ; Decem- Bor i After the first haf hour May ; new, 56, July, 56 ; Sep: tember, 54%,;; December, 48% Onts were depressed by the action of | ins. May, old, opened at 28%, ber, 27%. After the July, 2715; September, 21, Provisions were easier, (Copyright, 1921.) INVESTMENT TRUSTS NEW YORK, May 23 (#).—Over-the- counter market: All_Am Investors “A" ' ¢ Bhrs series ) 2 hrs series B, >0 13414 ReRalq) -|§_-_l > El 43411 5: Bec & r-c *Ini nits Pac_conv Equities Investors Corp com. Equities _Investors Corp bf | Equity Trust Shrs First_Amer Cor] T General Eaquity A. Granger Trade ude Winmill Trad: ted Investo porated Imvestors laun Independence Tr 8hrs Ingur Shrs & Gen Mi Secur ominal god Selling checks B 0 2% Trust Shrs of Amer Trustes Stand Invest Shrs nve: BAL‘l'ulolE STOCKS. Special Dispatch to The Star. BALTIMORE, May 23.— BTOCKS '.‘ag Arundel oomuuon Kok Last sate. ttimore Trust % cox v SeEs ¥ Ssazeisanssieiisgeasaiiss mu. 2 3000 United Ry & Elec fdg 8 (Special) —The | ' Moderate Activity | erately active. GORN CROP SEEN MORE THAN NEED Yield of 3,000,000,000 Bush- els Expected as Planting Nears End. BY JOHN P. BOUGHAN, Associated Press Market Editor. CHICAGO, May 23.—Planting of the Nation's 1931 corn crop is expected to be complete this coming week, and traders look forward to almost three billion bushels yield. This reckening |is based on apparent likelihood that predictions of 5 per cent increase of acreage over last season will be ful- filled and that production will equ-l a 10-year average of 28.2 bushels acre. At present, a & rofitable !eedm( basis exists between the value of hogs |and the price of December delivery of corn representing the new 1931 crep, the ratio being almost 14 to 1. ced by reports indicating ll.r'!ly increased acreage, the corn market morning compared with a week prz— vious ranged 4 to 23, cents lower. | Wheat varled from 2 cents decline to 13 advance, with oats 3% to % down, to 50 cents | and provisions showing 40 setback. Overproduction Seen. An approach to a three-billion bushel corn crop is by some authorities re- | quirements,* compared with steady do- mestic decrease of hog production and smaller feeding of clme. On _the other hand, hog production in Europe reported as continuing to increase, with resultant lessened demand for Ameri- can packing-house products. However, | 14 to 1 between corn and hogs may send in order to secure a more satisfactory ; | market for the grain. Current advices indicate that much re-planting of corn will be necessary, but owing to the advanced season this circumstance is not generally looked upon at present as a market factor of consequence. Meanwhile, the relatively low prices prevailing for December de- livery are leading to forecasts that the | United States will largely recapture ed., the Canadian demand for corn late in the year. Heretofore throughout several seasons, Argentina has been furnishing the bulk of corn supplies to Canada. Has Bearish Tendency. Prospects that movement of the new Winter wheat crop will be under way “|in Texas before another fortnight is having a bearish influence on wheat. An exception is that settlement of new- | style May wheat cogtracts has been laggard, and that shorts in such con- tracts appear nervous. Oats prices re- flect incréased acreage and the fact that oats have generally had ample moisture except in the northwest. Provisions show the effect of large il stocks and lmdequlu present demand. ** DEMAND FOR STEEL STILL GOING LOWER | Construction Most Encour- aging Sign. | Special Dispatch to The Star. 23.—Further de- 5 | tericration in demand, cutting across | the entire steel consumption structure, is manifest in declining requirements and a reduction of 3 points in steel- making operations, bringing the rate 'S}:lxchcl down to 44 per cent, says ee Automobile production apparently passed its Spring peak and turned down moderately in the past week. Assembly 1is definitely lower; current steel requirements reflect this phase. Not having had a sharp rise in the Spring, it is believed the autcmotive industry—Ilike steel—will not experience an abrupt reduction, but rather a slowly subsiding trend. | Building construction continues mod- quiry amounts to 47,473 tons, including Ky. Structural awards this week total 19,253, compared with 18,677 tons in | the week preceding and 34,180 tons in | the week & year ago. Steel pipe demand is a little more active, with 26,700 tons purchased in | the week and 15,000 tons pending. Rallroads continue to take a heavy | tonnage of track fastening in ku-plnz up track maintenance work, but Chi. | cago mill interests are dl.scoun ed over | the lack of prospects for secondary rail buying, and continued deferment of stock maintenance work. \GASKET COMPANY 0.K’S ’PLAN FOR CONSOLIDATION Special Dispatch to The Star. BALTIMORE, May 23.—Plans of the Crown Cork and Seal Co., Inc., to ac- quire the Detroit Gasket and Manufac- turing Co. were made known yesterday Wwhen it was announced that the direc- tors of the latter company had a) ved the move and were submitting formal recommendations for the action of their stockholders. The merger would be accomplished by an exchange of stock on a basis of two shares of Detroit Gasket and Manu- facturing Co. for one share of Crown Cork and Seal Co. The Detroit company, which is incor- Michigan, is eng: in the manufac- ture of non-metallic gaskets. organized in 1923, and since 1924 has made a steady record of net income gains, advancing from 60 cents a com- mon share in 1924 to $3.13 amounted to $513,040. The S e e g ividen cents bl June 18 to holders niw -'Il!llm i Will Offer New Bonds. YORK, lny 23 () Pemuyl- ania Electric Co. jzsued $5,000, | garded as materially in excess of re- A talk is heard that the ratio of about |y, farmers back to producing more hogs | were New structural steel in- | ing, 30,000 tons for a bridge at Henderson, | infc 33 S o SATURDAY, MAY 23, 1931, BONDS STRONGER | INSHORT SESSION Foreign Offerings Show Wid- est Gains and Most Active Sales. BY F. H. RICHARDSON. Special Dispatch to The Star, NEW YORK, May 23.—Bonds were stronger today, with most of the activ- ity and the wider gains in the foreign department. The noticeably better tone in South Americans was attributable to the announcements of receipts of June service in a few cases, continued ship- ments of gold from the Argentine and oplmons expressed in today's market ters that most issues of the South iimer!un republics had been driven too low. The market in Chilean bonds was active and unusually erratic. The 63s of the Chile Mortgage Bank, for in- stance, climbed 9 points at one time, while the Chilean governmem. 7s drop- ped 5. The Mortgage Bank bonds are unconditionally guaranteed by the Chil- ean government and, therefore, have the status of & government bond. Chile government 6s of various maturities ranged from 215 points lower to a point higher. Most of the mortgage issues were somewhat improved. tine 8s were firm or fractionally better. Brazilians were firm also, while Uru- guayan credits were up a point or more. Australian bonds were generally lower, thnu.h not widely so. A New York banking house today published a bullish circular on Austrailan bon the gist of which was that while Australia will find herself in a much more serious situation if the prices of wheat and wool fail to improve within the next two years, both London and New York have Wth in the ultimate establish- ment of a conservative government in power and the adoption of a construc- tive economic policy. In the European group there were few fluctuations of importance. Germans were somewhat better, notably Young Plan 5%s and n ations 7s. phasis was placed in Wall Street today on the statement of Robert Hoguet, vice president of the Emigrant Industrial Savings Bank of New York, at the meeu.n' of savings banks in ‘Washington, it many foreign bonds are entitled 'A) hllh!r ratings. In the domestic section trading was quiet and price movements were nar- row. The best gains were in the junior railroad group, such as St. Paul 5s, Florida East Coast 4,8 and Frisco 4!2s. Thes.net loss of the St. Louis-San Prancisco Railway for th first four months of the year was today reported as $583,964, lllmn net income of 81,734,965 in the same period of 1930. pril loss was only $4,842, much smaller than in any other month this year. rough refunding 5s gained over a point. United States Rubber 58 ran up a point. Western Union 4Ys were off 13 points. Phillips Petro- leum 5Ys, Plflmmt-hmfl“‘-mg 6s and Philadelphia & Readi: ron 6s advanced. High-grade issues were firm. United States Governments sti] slightly from their high levels on ited ling. oul bond offerings for the 'f)eok 13 Ig:inn $59,95 veek lnd $174,653,000 in the (Copyright. 1931.) e week Buying for Profit BY GEORGE T. HUGHES. For giving prompt and detailed in- tormation as to its operations, the model industrial company is the United States Steel Corporation. If other or- ganizations were as nctilious about furnishing facts and !fi;“um as to their financial position and trade outlcok shareholders would have no reason to complain. That is one argument in favor of the securities of the Steel Cor- poration and one explanation of their pomlllflt{. Not only is the annual report replete with informatory statistics, but terly statements are made ‘These contain not only the net earn- ings after expenses and taxes, but the amount written off for depreciation and the deductions for bond interest. The former of these items is of great im- nce. The total may be compared with that of the same period in other years and the percentage of earnings deducted for depreciation readily ar- L. in Building | rived al It takes only an average familiarity with financial statements to read and understand the reports of the Steel Corporation. In addition, the company makes public once a month the amount of its unfilled orders and these may be compared with the same items the month before and the year before, giv- ing a line on the trend of the business. Other information of value available to those interested is the pro})onlon of Steel common and Steel preferred held in the names of brokers, compared with that held by investors. Thess nguru give a line on the floating sup It is the rule, although there ‘have been exceptions, that the number of stockholders increases as the price of Steel common declines, and vice versa. Any deviation from this distribution is of significance. Once a year also the names of the largest shareholders, with the amounts owned of preferred and of common, are made public. Finally, the steel trade journals give weekly an es- timate of the percentage of capacity at which the Steel Corporation is operat- . The result is that Steel stockhold- ers, actual or prospective, have all the lormation essential to chart an intel- ll‘ent course. * In these days of trade depression, of falling prices for securities and of divi- dend reductions and omissions, investors are ultra cautious. They want nothing but the most conservative holdings and even In bonds only the very highest grade is acceptable. Because of the widely advertised troubles of the rail- roads the preference is now given to public utility mortgage obligations. A few suggestions then as to methods of analysis may be in order. In the first place, the bonds of the operating company rank above those of the holding company. It used to be said of railroad bonds that they were good in proportion as they were “near the rafls.” By that was meant the mortgage posi- tion of the bond, how many prior liens there were. Similarly it may be said of public utility fixed charge obligations that they are good in proportion as they ear the power house. In a nnfl'll way, therefore, the bond which is e-secured on tangible property with the first claim on earn- ings is the best. There is one qualifica- tion, however, and that relates to the question of marketability. Even the operating companies are as a rule the resultant of varfous consolidations and among their mortgage bonds will be found in many cases issues secured on property of a subsidiary. As far as se- porated under the laws of the State of [ Curity goes, these underlying bonds take preference over all others, but be- It was|CAuse they are usually outstanding in relatively small amounts and usually unlisted they have a poor mu'ket is pl.nleuhrly true of odd lots. An investor who can afford to buy 10 in 1929, when income after all eurn. or 20 or more bonds need not Worry about this feature, but the small cap- | declared mld)ummnt I""All.hl:. who has only one or two and to realize will often have to shop | lrvund for some time and perhaps make | concession before he can sell. Bueh would o better to eral issues wh.lm the former w_yam 1931) (C Portugal is of many. ssbool ‘houges. FINANC [ovom v BONDS o em] ire Direct to The Star Office UNITED STATES. (Bales are 1n $1.000.) Sales. igh. Low. Close. Lib3%s32-47.. 5 102 18 102 I8 102 18 32-47. 8 10311 10811 10311 3-38 112 104 80 104 28 104 30 -43. 230 103 7103 103 + 85108 1103 103 1 19 10314 103 10312 10 107 10 107 10 107 10 160 10910 109 8 109 8 » 11 11330 11328 113 30 Sales. High. Low. Close AbitibI P& P 50 Adams Exp 48 '48. . Am Chain 6s '33. o e © SR NNARE A DT AR I~ S NR IO 0D, AtC Lcol 48'53 AtCL %864 Australia 4% Australia Australia B&O4%s 33, B B 8 B&UI&EWYV B &0 Swdy bs Ban & Aroos 43 Bk oI Chile 6% Bk of Chile 63, Batay Pet 4%s Brazil ¢ Brazil Brazil Bkiyn Klev Bkiyn Man Bklyn Un 6845 Buenos A Buft Gen EA ba July '8y Can Nat 68 Oct "6y, Can Nor 4%s'35... ‘an Pac 419860, .. Pac 65 cLes 4 t Fac Ches Corp 68 2 C&Ogen434s'92.. Chi & kias iil 58 ‘51, Chi Grt West 48 '5y. ChiM&SLP 48 Chi M Str&P 6876, Chi M & St ¥ ad) bs. Chi&NW g 3%s Chi& NW gn 4387, Chi&Nwn 4 %8 2037 Chi& NW cond Chi R1&P gn Chi R &.F 1 48 '8¢ CRIR Lcv 43860, Chi RI&Pac 44562 ConUN X bk Con Pwr Jap Con Pow Japan o Deutsche Bk wodge Br el EI Salvador lurie 18t con Lirie Gen 4 Eirie cv 6367, tirie 58 76 0 - O MBI G AR AN NS RRONSANE-D Mok - French 78°49. ¥rench Gvt 7 Gelsenk'chen aa 0 German 5%s 65 German Bk 68 Ger Cen Bk Ger Cen Bk German 7s rep @ 3 ® Good 15t 6348 Goody'r Rub 68 '67. Grand Trunk 7s ‘40 Grt Nor 6873 Grt Nor gn b4, Grt Nor gen 7 Hud & M rf 58 Humble O1l 5 Hum O&R 643 6; IBTI1stpfbs A o NEA AR POO RS AN AR N Inland Stl 4s% 111 Steel 435 ‘40 Inland Stl $ 38 A'78 » int Hydro El Int M Co bs re Int Mateh PU Italy Pub Sv 7 Japanese 548 Japanese 6348 Jugosl Bank 7 Kan City Sou KanG&E Karstadt mmmmw L & N 58 B 2003 La & Ark 6869 Manh Ry 1st 48 Man Ry 24 4 Mu Market St 78 ontevideo ontevideo 78 Mor & Co 1st 4% NCh&StLds Nat Dairy 6% 48, N Eng T 1st N YCent4%s 201!. NY Cenrf 41452013 NYCreim bs 2013, N Y Cent db 68 °'35.. NYC&StLS%sA. NYC&StL6s'33 N Y Edison 68 B "44 NY ELH&P bs NYNH&H ab 48 '57. NY NH&H 4% Nia Sh Md 5%s 5 Nord 6% ‘60, Nor Am Ed 6%s 63 Nor Pac 3 zoc1. Nor Pac Nor Pac §s D 8., Paris-Ly M 746 Parls-Or 5% Pathe Exch 78 ‘37. Penn 45’48 Sta. Penna 4%s D'81. Penn gen 4348 ‘65. . Penn 414870, Penn 4% Pere Mar 4% Pere M 1st 53 ‘58 Phillip Pet 634839, P CC&StL 4%s8 77, PCC&StLbsA.., P& W V4%aCre0. Poland 7s "47 Poland 88 '50.... Port Gen El 4 %'l 60 Porto Alegre 8s ‘61 Prussia 6! Public Serv Pure O1l 5%s°37, Queenland 6547 Queeniand 7s ‘41 S| Shinyetsu 6% SIncO7scv A SineCrO 6 "l Sinc P L &8 Skelly O11 l% SW Bell T b5 Third Av Toho EI Pow Tokio El Lt 68’ 63.. Un Pac 1st 4847 Un Pac rf 48 2003 Unit Drug cv Utd King § Un StI W 6%s AT Ud StI W 6%sA ‘51 West Union Wil-Ov 18t 8 Yokohama 6s°61... Yng St1&T 58 B '70. B. & 0. MAY OPERATE RAIL LINES OF B., R. & P. Special Dispatch to The Star. 9 ConemuBronunanSannInSin nune RS cuanaaDSe 3 - o Ealafaonme e - i aemo BR®w ©ala - o PP —e ®3 ) o SronmnenBacoine annnton » wo +Z200 uBfn 11 12 1 12 8 1 21 106% 106% 102% 109 94% 9% 105% 102% 85 104% 106% 1AL, COTTON DECLINED DURING PAST WEEK Good ‘Weather in South and Weak Spot Market Force Prices Down. By the Assoctated Press. ood. weather ofer (he weik 08 1o the good weather over South, combined with continued '.I‘ ness in the spot market, were reflected by sharp declines in cotton mmu here during the earlier part of the week. Prices for all the active positions made new low records for fl\e season, July contracts selling off to 9.04 an “December to 9.63, or about 118 points below the best figures mchodm on the mon uidation had been sufficient prove the market's technical posi- tion and rallies later in the week were promoted by the reappearance of show- :’r; %:l{lku and lower temperatures Stocks Helped Cotton. Indications that the stock market was showing a little more resistance to 4:- cline may have helped cotton also, but the rallies met some further liquidation and flucw:um.l toward the end of the week were rather irregular. Prospects for warmer weather in the !mlta'm probably led to some realizing or cently has had to promote rather pessimistic views of general busi- ness conditions, according to some of the cotton brokers hre, and this have reactsd somewhat unfavorably on immediate sentiment s @ the outlook for cotton comsunpiies the Summer or early Aum Tl:e f"“sidulmnl the ment o iculture on last year's acre- age -nd Afim lhowed a slight &'n ward the estimated LY b luced from 150.8 to 147.7. Some muclmmmam the” flnn ginnings, however, ncurum 'k:t.n ‘without lpweni i % sEiF ;. PRODUCTION INDEX HELD SIGNIFICANT Volume Attracts Special Attention. Epecial Ditpateh to The Star. 100 92% T9% 104% 98% 105% BALTIMORE, May 23.—An operating lease for the Buffalo, Rochester & Pitts- burgh Railway is being considered by directors of the Baltimore & Ohio Rail- road Co., which owns the controlling interest, it was learned yesterdey. No details of the ‘were divulged by officials of me%m but George M. Shriver, 'nt, was quoted as saying that plan will be sub- mitted to the ite Commerce lon within one month's time. i ment in rundu.nenuf hcmr:. Most im- portant of all is the plain structure and to b et sults in the bond m: t, the large mvermmnul issues, ecessary reeo\‘rzry or meet unemployment -nn genc grapple in earnest with ueb- lems which business lemenh:p hn unable or unwilling to European conference upech.u: u:: progressive collapse olm]ll—,-l and the consequent unescapable appeal to public nuthnmy STEPHENSON SAYS WORST FOR BANKING IS PAST By the Associated Press. COLUMBIA, 8. C., May_ 23.—Rome C. Stephenson of South Bend, Ind. President of the Ameria jcan Bankers' As- sociation, the Sollth Carolina Bankers' Convention yes y “‘we may feel confident that flle 'M ll over. in respect to as well as in re- spect to general business conditions.” “Although we cannot ¥ 2 said, “the seriousness of the number of bank failures during 1930, especially’ eflect upon public sentiment g banking, we can confidently say Ghl-‘ me opening months of 1931 show con- clusively t SURPLUS RAILWAY CARS DECREASE THIS MONTH Gold Shipment Withdrawn. NEW YORK, I!l! 23 of Argentina has withtira in gold for States to pay The 1