Evening Star Newspaper, September 27, 1931, Page 55

News of Markets Pages 1 to 4 Part C. & P. NET INCOME IN AUGUST SCORES ADVANGE OF §82,130 Firm Reports First 8 Months’ Increase of $420,169 Over Last Year. 6—14 Pages EXPENSES ARE REDUCED WITH GAIN IN REVENUE New Plant and Equipment Added to System a a Cost of $1,410,821. BY EDWARD C. STONE. Net income of the Chesapeake & Po- tomac Telephone Co. in August showed marked improvement over the same month -last year, according to the monthly statement filed with the Pub- lic Utilitles Commission yesterday, the increase totaling $82,130. ° For the first eight months of the -present year, telephone net earnings increased $420,169 over the like period 8 year ago, the same report reveals. ‘The year is now so far advanced that the 12 months’ neét. income is bound to make & highly satisfactory showing. The shows that operating rev- enues have increased substantially, have at the Siime tne bee readied, this heing true motmunuutheeuh:; ‘monf revenue Rigist Totaics, $712405, gainst 4660, 364 in August, 1930, while operating expenses were $478,043, against $491,- nues amounted to d with $178,093 in the Non-operating in- ith 5 come totaled $184270, in comparison t of last vear. Wwith $130.211 Al After all o&k & lons, the telephone company reported a total net income; of $167,178, ewud with the much lower figure of $85,048 in the same 1930 Eight Months’ Phone Earnings. expenses required $4,084,050, in compari- son with $4.202,131 last year, leaving net operating revenues of $1,997,984, against $1,504,112, ‘Taxes have been heavi equipment ldzd the company’s Wflhmm_etolcobmbhlm eight months A 31 amounted to $1.410,821. Gross retire- ments this were $854,- 015, net itions for the eight months $556,806. ~ Net additions to lant for the 12 menths ending August 1_were $872,679. Washington was served .by 173,277 telephones at the eclose of business Au- 31. During August 31, 4797 telephones were | added to the system. Telephone users mads more than 15,018,000 calls in August, which was an increase of 11.7 per cent over thots made during same month in 1937 Fishburn Quits Reserve Board. Junius P. Fishburn-has resigned as | a Clags B director in the Federal Re- gerve Bank of Richmond. leaving a va- ncy to be filled ‘at once, as his term did ° He with- ressure r- aftairs. % His pl be filled at a special election to be held in the near future. ‘W. Meade Addison of Richmond is a candidate to succeed Mr. Fishburn, Mr. Addison being well and favorably known | S je was formerly president of the Planters' National Bank of Richmond, but retired from the banking profes- sion to become executive head of the Mutual Assurance Society of Richmond His friends in this city and Richmond nmmppm for him from the | which are entitled to in the special election banks which will take m in election include the Co- bia National, Commercial, District, Federal-American, Liberty, Lincoln, Na- tional Bank of Washington, National , 1 and Sec- The Pennsylvania Railroad reports | net railway operating income in August | of 34 inst $8,462, ust, , & , Gross revenues in August were 537, ‘45‘7,2”. compa{;flh::!h $49,166,227 in e same mon! ar, & decrease of $11,397,998, 3 | For the first eight months of 1931 gTo8ss revenues amounted to $310,202,- 456, against $391,412,649 in the like finod s m.r 8go, & decrease of $83,. 0,183, while net railway operating in come in the same period totaled $31,- | 138,756 in the first eight months of 1031 against $64,143,652 in the similar months last year. As usual, the larger part of the de- crease in earnings was in the freight department, but passenger ea: al ehowed a slump. The Pennsylvania has done well in cutting expenses so far this jear, having saved well over $7,000,000 ! he entered investment the eight months end- | ing FINANCIAL AND CLASSIFIED he Sunday Star MORNING, SEPTEMBER 27, 1931 WASHINGTON, D. C, ALLAN POPE SLATED AS HEAD OF U. S. INVESTMENT BANKERS New York Corporation Exec- utive’s Nomination Wil Mean Election. Former Army Officer Has Held Important Positions in Association. Allan M. Pope, executive vice presi- dent of the First National Old Colony Corporation of New ¥York, has been nominated for the presidency of the Investment Bankers’ Association of America, the election to take place at White Sulphur Springs, W. Va., in No- vember. Washington members of* the association state that nomination means his election as the slate made by the board of governors is always accepted at_the convention. Mr. will succeed Henry T. Fer- riss of First National Co. of St. Louis. He has taken a prominent part in the association’s activities for many years, serving on the and the Foreign He is a member of the Executive Com- mittee of the American Acceptance Council. His is an unusual career as he made an excellent record l: b-. soldier before He resigned from the United States Army in 1920 to enter the investment banking business in Boston, with the First Natioral Corporation. In 1921 Mr. Pope became manager of the cor- poration’s New York office and in 1928 was elected president of the corpora- the Old Colony Trust Co., also of that city, resulted in a merger of their re- spective investment affiliates and the formation of the First National Old Colony Corporation, which now has ALLAN M. POPE. offices in 21 American cities and repre- sentatives in London, Paris, Berlin and Buenos_Aires. M’r.R?ewl.lhorninBoswn‘No- vember 24, 1879, and is a descendant of . | two of New England’s oldest families. He received his early education at the Prince School and Boston Latin School. 1n 1899 he entered the United States Academy, from which he was graduated in 1903 and commissioned & second lieutenant of Cavalry. He served in the Philippines and in 1916 was commissioned a captain. On the entry of the United States into the World War he was advanced to the rank of major and attached to the general stafl. Mr. Pope is chairman of the Ad- visory Council and a member of the Executive Committee of the Institute|the astonishing of International Finance, a fact-finding organization which is conducted by New York University, in co-operation with the Investment Bankers' Association of America, for the benefit of dealers and investors in foreign securities. Survey of Debtor Situation Started In Midwest Area Investigators Seek Data On Ability of Farmers To Pay Loans. Special Dispatch to The Star. KANSAS CITY, September 26.— Coming into the intérior this month due in found f loaning ag cies have been cautious in valuations. The volume of farm foreclosures has only slightly increased over last year, h the number of deeds where abl to meet payments is evident are more numerous. The intense effort be- made to reduce expenses is having some helpful effect where the margin in lack of funds is small. On the whole, with a small upturn in wheat and better oil prices, the first = | month of Fall has perhaps shown gain, . | least well distributed Government bond, is commences to be realized. ansas, for instance. with its record yield, it 15 estimated there is yet unsold, either in ‘nnlrlefl on- farms ‘or in st subject to farmers’ . orders, lly as much as its five-year ay mr—lss‘m,ooo bushels. Most, of will go to market before next Spring, and any material advance will be a distinct impetus to buying and debt-paying power. Doubt surrounds the holding policy of the producers, so far as its effect on wheat prices is concerned. (Copyright, 1931.) OIL PRICE WEAKNESS IS REDUCING OUTPUT Operators in frid-Continent Field Find Production Un- profitable. Special Dispatch to The Star. TULSA, Okla., September 26.—Con- tinued weakness in the gasoline market of the midcontinent field is causing further curtailment of operations by refiners who are mot a part of an integrated system. United Stetes motor gasoline, the average grade used by motorists, for spot delivery is 3 cents a gallon, some offerings have been made at conces- sions. Despite this price, which is lower than quotations prevailing at the time the crude market was on the decline in early Summer, there appears to be very little buying. Even a reduction in output, caused by the shutting down of most of the plants in one small refining district, has failed to create 10 | confidence as to the stability of present quotations. ‘While thus far no concerted attempt to reduce operations at refineries has in A and more than $47,000,000 so far y::‘r A The costs of maintenance of way, equipment, trans tion, and tener:l expenses have all come in for substan- tial reductions during the year. Gleaned in Financial District, Directors of the Commercial National payable Oct. 1 to stock iber 2 & Lothrop directors have the usual quarterly dividend of lar 30-cent on common stock, both pa: able -September 30 to stockholders record September 35. Princs Georg>s Bank the regular semi-an- nual divicend of 3 per cent. payable October 1 to stock of record a?wmber stock being on the y- of been made, the unprofitable operation of many small plants is causing a grad- ual reduction of supply. The net back from & barrel of crude to the refiner at this time is the lowest this year. is | fully exempt securities giving .Copyright, 1931.) sl el SILVER PRICES DECLINE AS PROFITS ARE TAKEN By the Associated Press. NEW YORK, September 26.—Silver high level of the ed by feve Britain. suspension ard by Great lators whose rush to purchase rear to which it was ts today on cable that the INVESTMENT BOND PRIGES UNSETTLED Market Goes Through Series of Violent Changes Dur- ing Week. Special Dispatch to The Star. NEW YORK, September 26.—The in- vestment market fluctuated violently during the past week—alternately drop- ping to new lows and rushing up swift- 1y on the recovery. The sudden mmtm&mnfldobbmdmg; of all classes, the large volume of excited rumors and the lack of anything con- crete and definite on which mol a dation. | hol foundation. the days when selling was in the ascendant, every type of bond on the list was affected. United States Governments moved down at the rate of 2-32 to 4-32 between sales, losing as much as a point in a day, then regaining it. Their course was downward on the week, as in midweek a flood of dollar acceptances hit the New York market and forced up_the Federal Reserve bill buying rate. This was reflected in quotations of 2 to 2% per cent for 90-day loans, the first ad- vance in time money in months. Treas- ury 3s, the most recent and presumably dropped under 99. The 3%s sold un- der par. Other Treasury issues sold approximately on & 3.35 to 3.40 per cent yleld basis. Character of Changes. Because of the heavy liquidation in sthem the week before, high-grade cor- porate bonds did not reflect the tight- ening of money rates. Issues as sound and conservative as American Tele- phene 55 and Atchison general 4s had been sold off 4 to 6 points in the hysteria that had the market in its grip and were actually advancing on the recovery when the money market strengthened. Toward the end of the week there were many large bids in for blocks of good corporate bonds with few offerings. Junior domestic issues of the rall- roads, the utilities and industrial com- panies sagged heavily to new lows early in the week, but were firmer on Friday, when buyers took heart and sought bar- gains. They were sensitive to the move- ments of the stock market and it was not uncommon to see issues such as Missouri-Pacific general 4s, Pathe Ex- change 7s and Texas Corporation 5s drop 2 to 5 points and then jump back again in company with their com- panion stocks. Foreign bonds showed the worst de- clines ever established in a single week. Drops of 20 points in European and South American issues were common. Danish issues lost 15 to 18 points in a day. German dollar loans were off as much as 8 points in a day. Belgian, Dutch, Swedish, Norwegian and Aus- trian issues dropped with the rest when it became apparent that the collapse of sterling had made the gold position untenable for nearly all the countries of Europe except Prance. Canadian exchange dropped to a 10-point dis- count and the issues of the Canadian rallways, the Canadian government and its provinces dropped with it. Foreign Issues Improve. But even the foreign situation looked better at the end of the week. More mature consideration brought out the view that defaults were exceedingly re- mote in many of the European coun- tries. That Canada would default was not _even considered as possible. Signs of better business wer. not wanting. The collapse of sterling had the effect of increasing activity in many indus- tries in England. Distress selling forced down munici- pals, but owing to the fear of addi- tional income tax this year muer. .:1;:'“, of good municipals are in such demand that their prices were soon tightened an:n:d nnéi New York saw_its quoted at prices higher than quoted for United States bomds. (Copyright, 1931. o o FOREIGN EXCHANGE. those & Trust |made a sharp retrcat today from the | speculation follow- | London, pound of the free gold stand- | Br el | Berlin. “m co? (Quotations turnighed B2 5o 'm.‘e‘.;.m value. A ris, iranc. i Rome," 1i Zuri base | Thi bonds | ness have been reflected this SUNDAY ISECURITY MARKETS 'WAVER AS BRITAIN DROPS GOLD BASIS Stock Prices Reflect Unset- tlement Caused by Shifting Credit Conditions. FOUNDATION BEING LAID FOR RECOVERY IN TRADE Wage Cuts Are Offset by Decline in the Cost of Living. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, Septémber 26.—World conditions, bringing to & climax long- pending situations in _international banking and in industry, have produced this week greater unsettlement and be- wilderment in markets than in any pe- riod of the past two years. They have produced days of panic in stocks and in bonds, confusion in the fore! changes and serious financial d ances here and abroad. ‘When the markets closed a week ago it was the spread between demand sterling and futures that caused most uneasiness in banking circles. The ex- planation of this was forthcoming in news Monday morn! that Great Britain had suspended gol payments for a period of six months. Collateral to this was an advance in the Bank of England rate of discount to 6 per cent, a level nearly as high as in the Autumn of 1929, when London was trying to protect her money sup- plies from the American raid. All of the important stock exchanges in Eu- rope, except Paris, closed to protect themselves against the anticipated flood of tion from investors frightened by protective measure that took from London overnight her title as the banking center of the world. ‘Burden on New York. This general suspension of trading facilities abroad threw the burden en- tirely on New York. It was a grave question Monday morning whether the governors of the New York Stock Ex- change should, for the time being, per- mit transactions in securities. ir yote to open as usual was at the request of the Federal Reserve and the New York banking interests. To it was at- tached the unusual prohibition against short selling, which was not lifted until Wednesday. In this the New York Stock Exchange has officially gone on re?rd as ure';i::z }';hn’:.h“eu Ix::“ um;‘: and emergencies when pul lic interest to allow the !r::i:ooten of ‘Wall Styeet to run amuck and when the sanctity of a “free market” may be ignored. It is an undisputed fact that in the midst of the terrifying liquidation on ursday there was promiscuous short selling which had the same effect on 1 cry of “Pire” on- a theater audience already on the border of panic. These episodes have brought the ethical and the.practical gehlm of short selling more. concretely fore the public than ever before. They have produced among Wall Street peo- ple a sharper division of opinion than in the past and one that will be heard from more in the future. There is a considerable body of opinion believing that the policy of Great Britain in finally accepting the facts of her internal situation and edopting a drastic plan to meet it, and the wage cut of the United States Steel Corporation and others in the same in- dustry will, in the end, bring about a quicker and more permanent improve- ment in domestic and international trade than could have been built up on a temporizing policy toward these situations. They exhibit the initia- tive and courage that have been absent for s0 long and have replaced the pas- siveness and stupor t seems to vail throughout the business and nking world. It is obvious that they project new and unsettling factors into the situa- tion for the time being and that the difficulty of estimating their effects and the readjustments growing out of them temporarily increases the uncer- tainty where foreign trade is considered and dollar investments are at stake. It is such events as these that have Ibeen reflected and largely discounted in the price levels to which a majority | of dividend paying American stocks and interest bearing American bonds have been - reduced. ‘When the tradition that the pound sterling and the Bank of England rep- resent par in the world credit was | shattered on Monday, a new era in | international banking affairs was en- tered. Echoes of it have already been heard around the world. Other coun- tries in Europe, as Sweden and Den- mark, quickly raised their rediscount rates and placed embargoes on the ex- port of {:ld The sterling rate has now declined a maximum of 30 per cent, no man today knows where % will eventually be stabilized. Sound banking, shorn of sentiment and of national pride, will desire a revaluation of the pound at a level to which it goes of its own accord. This may be in the neighborhood of the current rate of 3.50a3.75 or nearer the quo- tation of 3.18 reached 10 years ago. Debtor countries, as some of those in Continental Europe and in South America, may be disposed to go off the gold basis. There is, however, no such program under consideration by credit- or nations, such as the United States and France, in spite of the high propor- tion of the world's gold which they possess. The effect on commodity prices of the new situation will be toward inflation, more abroad than here. This is one of the presumed requisites of an industrial recovery. distinct advantages in the new situation. He should be able to buy at enough . | discount from recent prices to permit the consumer here to share in his in- creased profits. The position of the exporter is not so good. It is of interest that the August figures showed a larger volume of imports for month than of exports. ‘Wage Reductions. Ths falling profits of American busi- week in numerous dividend reductions and in the readjustment of salaries and wages to the declining item of net income. The stockholder had to take the first cut made when it was evident that the country's business ills could not be cured in a few months. Then the salaried clacses were asked to make their sacrifices. They have done so0 to a degree and on a scale that has left its impress on the majority of American families. farmer has his profits taken from lim in the fall of the com- modities which he produces and has The American importer has certain ; taining wage the | effect, an employer can do no more than | Ma, "Classified Ads Pages S to 14 . THE HYPNOTIST FINDS IT DIFFICULT (Copyright, 1981.) INDUSTRIAL LEADERS DECLARE POLICY TO MAINTAIN WAGES BY DR. MAX WINKELER. Special Dispateh to The Star. Septem! bers of President Hoover's on Unemployment Relief are united in the conviction t.htcl t:onu.nuu;u of em- ployment and maintenance of wages in accordance with the purchasing power of the dollar will go & long way toward alleviating the present economic dis- turbance. The men, the majority of them big employers, expressed this conviction in answer to a letter which was sent them. Among answers received were the following: Walter 8. Gifford, it of the American Telephane & Telegraph Co. and head of the Committee on Unem- gloyment Relief—“Nearly a year ago, was asked the same question, to which 1 then replied as follows: ‘We have done and will continue to do everything pos: sible to maintain the maximum of em- ployment. Thl'ouih close contact with our employes we keep them advised of our intent and plans. We regard this as the best method for ourselves of preventing uneasiness on their part as to the security of employment. But conditions are so different in different businesses that our method may not apply to others or theirs to us.’” Wage Changes Few. Charles L. Edgar of Boston, chair~ man of the committee organized under the auspices of the National Electric Light Association to work out plans for the stabilization of employment as re- lated to the electric light and power industry—"There is greater stability of employment and wages in the electric light and power industry than in any other major industrial group reporting to the United States Bureau of Labor. This exceptional achievement, illustrat- ing the public service rendered by the electric utilities as a shock absorber during mm of depression, is shown by preliminary stu made by the comittee.” Plerre 8. du Pont of Wilmington, Del—“No doubt there is some justifi- cation in the fear that wages and sala- ries are to be cut. Many believe that such changes are necessary before .we can have a return to prosperity. I myself am not convinced that such is the case. As far as my own employes are concerned, I have made no change and at this writing do not expect to make one, but I confess that if the whole scheme of salaries and wages is altered, I might be obliged to follow.” William Cooper Procter, head of the Procter & Gamble Corporation of Cin- cinnati—"“I am one of those who be- lieve that wages should and must be adjusted in accordance with the re- duced cest of living before we can begin to move from the present depression.” ‘Walter C. Teagle, head of the Stand- ard Ofl Co. of New Jersey—"I do not see how any employer can tie his hands 50 that he will not be free to act ac- cording to the needs of his business at some future date.” 8. P. Bush of Columbus, Ohio—"I be- lieve emplofren will, without delay af- firm publicly that it is their intention to retain, as far as possible, those now in their employ, and as far as feasible, at the wage or salary scale now in effect, and I will urge employers in the State of Ohio, through suitable agencies, to do so. “I might say, however, in relation to the above, that when it comes to main- or salary scales now in say he will do this so far as it is feasible, because he is the victim under | De exist] which recur from time to time, of our vicious sys- tem of unrestrained and unregulated competition, sistent in most of our basic industries, with either the maintenance of profits or the standard of wages which he might like to maintain, and until the destructive element of our competition, commonly called ‘cut-throat competi- j tlon,” or selling below cost, s eiiminated from our economic system, the average employer is helpless.” Lay-Offs Have Been Necessary. W. G. Stuber, ident of the East< man Kodak ca.-—q‘,l‘;xtu the o circumstances, ber 26.—Mem- | 9L ppears likely that nothing short of a calamity, from which none will escape, will brln? all men to realize that the greed of those who feel secure in their own financial position or political power is the gcause of unbearable suffering among many millions of our pepole. Soup kitchens, bread lines and other forms of charity will only intensify the rising tide of mass hate for those who, for ultimate in, crush their less powerful competitors and exploit the public. “As a firm believer in the capitalistic system, I deplore the indications of widespread revolt against its -continu- ance, because of the abuse of their power by some of our leaders.” (Copyright, 1931. by the North American T8N ewspaver Alliance, Inc.) WHEAT MARKET HIT AS EXPORTS DECLINE All Grains Share in Downward Trend, Although Losses Are Small. BY JOHN P. BOUGHAN, Associated Press Market Editor. CHICAGO, September 26.—Disap~ pointment over almost complete ab- sence of export business in United States wheat today had a bearish ef- fect on grains. Canadians meanwhile disposed of 750,000 bushels of wheat for shipment overseas. Speculative sellers were restrained by opinions ex- pressed that deflation in money would bring about inflation of commodity prices, and that this in turn would re- sult in better general business. Wheat bears emphasized comment that although it was admitted most commodities were selling below cost of production, neither ~merchantile nor speculative interests showed sufficient confidence to take advantage of situation. + There was also talk that with large Russian’ shipments headed for Great Britain'and' with likelihood that Canada would receive preference under a proj d British tariff duty of 10 per cent, indications were that the United States was not pate in lish dems Wheat closed nervous unchanged to % lower. Corn, %-1% down. Oats at %-% decline to ¥, advance and isions varying from 5 cents setback to Ol&u. % 81 which is wholly incon- | bcee Pipe Line Work to Start. NEW YORK, September 26 (&) .— Construction of a total of approxi- mately 135 miles of oil pipe the Standard Oil Co. of Indiana will Aies, snnounces todey, Ths Inc., e 8, unc y. line will constitute mmmnnl loops STEEL OPERATIONS Rate for Industry Estimated at 28 Per Cent of Capacity. Special Dispatch to The Star. PITTSBURGH, September 26.—Steel producers view the 10-per cent fsode. ot that 1t s ‘unimportant . nof s but?hlt it was bound to come at this particular time. Many suggest that it might well have been made long ago, but there were log- ical reasons for delay. ] to the President,” made was the governing influence cannot be appraised, but months ago some steel producers felt that the President should have absolved them, on the ground that things had turned out so altogether the promise was. made. Then, while steel prices were falling, there was a feeling that a wage reduc- tion would simply much the :more, . wil heavier demand. awaiting action by the Steel an Corpora- tly followed when last Steel Corporation Steel prices are steadier than at any time since the war-time Government control. The Pittsburgh and Chicago districts have produced steel at substantially the same rates this week as last, the one at barely over 25 per cent, the other at a trifle under 30 per cent. Few districts have been above 30 per cent and the general rate for the industry may be set_at about 28 per cent in the last couple of weeks, against an Au closing rate-of about 30 per cent. e significant point is the absence of sea- sonal , not the slight increase, this it altogether improbable that there will be any general or sea- sonal rise, even for a few weeks. Come individual lines of steel consumpt.on can increase, and, indeed, have already done so0, but the influence of the ma- Jority is the other way. (Copyright, 1991.) HEAVY RAINS DELAY CANADIAN HARVESTING Special Dispatch to The Star. HONTR.IA!..M ww l?fl!;—-flefly rains have delayed harvesting opera- the | tions and cai damaged to the un- northern threshed grain crops in the Sording va the Iatect crop ropers of the o m{ o of Mwm "'.L)nthzw tage of the n Lty ) ed still unthreshed, Columbia rains have delayed threshing and so the grain that it can be used only for feed. NORMAL BUSINESS GAINS SEEN SINCE LABOR DAY Special Dispateh to The Star. ‘:‘l’lgmm level as at trade declined from August, and she United mometer rx:und the di in that month. August business was recorded at 31.7 per cent below normal. The latest mtg figure is 31.5 per cent. BOND ISSUE SOUGHT. St. Louis-San Francisco Railway has asked Interstate FOREIGN BUSINESS SEES TRADE L0SS IN CREDIT CHANGE Financial Incidents of Week Revolve Around Britain’s Decision on Gold. WORLD MONEY PARLEY DUE IN NEAR FUTURE ‘Workability of Gold Standard Un- der Present Conditions to Be Debated. Special Dispateh to The Star. and dispat to Week give the following survey of busi- ness abroad for the week ended Sep- e shock of Bty el Tl R oy e every 7«:';—;' Cirhatas 5 s (A brunt of covering sales from all ‘:ndl.fl‘ 10 - it to 15 it oen the GEARED TO ORDERS 552 anf First, there was | ;o late in 1929. How many months that eclipsed nevertheless be noted: Early convocation of a world mone- is expected. At this discussed the different from what was expected when | ;. terparts, the sibility of remonetization of silver. Agricultural Bank. ‘The League of Nations has that Austria’s economic position worthy of further credit, provided O, e Yo Switzerland has approved the ‘estab- lishment of an international agricul- SR SENENES nsion of fac and ~ exem similar to those o ptions for International Sef . " swe?en has lg"-nozd bank rate rom 1 per cent to cent. Al- though Sweden until 5!' has largely deprmlan;gmof, and is still thoroughly sound, the freezing of many Swedish assets has precipitated a situation paralleling England's. {COTTON PRICES DROP ON HEDGING SALES Final Market Tone Firm With Quotations Seven to Ten Points Off. decided is the By the Associated Press. tchewan is report- while in_British | 204 season' and & net decline of 12 points. above 10 | Prices for the later deliveries held Business - | t lows. & new low point for