Evening Star Newspaper, November 17, 1931, Page 15

FINANCIAL. B ISSUES GAIN AFTER SLOW START Recovery in Commodities and Better Trade News Aids Market. BY JOHN A. CRONE. 8pecial Dispatch to The Star. “YORK, November 17.—A rally, pérhaps inspired by a recovery in some commodities and improved trade reports, set in on the Curb Exchange at, midday today. In earlier trading T8 market had been quiet and ir- Vg Public utilities, under the leadership of Electric Bond & Share, backed and filled during the forenoon, while silver shares sold off. Ofis though dull were firm, with| Cisles Service less active than usual. Coppers waited on further word from the Curtailment Conference, which was resumed with a luncheon meeting to- day and may conclude tonight. Middle West Utilities preferred ex- warrants, typical of recent moves in utility preferred issues, opened off 2% points despite & statement that Sep- tember gross revenues were up 1.5 per cent. American Superpower preferred, however, was inclined to recover from its: recent weakness. Preliminary weekly output estimates | indicate a gain in oil production last week, but petroleum shares pointed up- ward. Even Lion Oil & Refining, which has:not appeared on the tape in more than a month, was able to ignore its ninesmonth deficit of $409,120, because of the general group strength. Glen Alden Coal was down two points and Lehigh Coal & Navigation inclined to softness, due to decreasing exports, which have been brought about by the & cheapness of Welsh coal since Great Britain went off the gold standard. The few_ bituminous securities on the curb showed no interest in the huge inter- natjonal conference now being held by that, branch of the industry at Pitts- burgh. Aluminum Co. of America mo\ through a range of three points. exchange opened _irregularly. Public utilities, for the most part, were eigher unchanged or higher, but the coppers were dull, and so were the oil shaxes. Electric Bond & Share at 18% was ‘unchanged, but Niagara Hudson Power opened up %, at 8%. American Gas & Eleetric rose fractionaliy to 46% and so dld m-g-m Shares, which opened at Bund-rd Ol of Indiana at 21% ¢-gained !z, but Standard Oil of Ken- tucky wu unchl.n‘ed at 16%. Oitles Service at 7%% lost 14, while Pittsburgh & imke Erie at 65}, rose Y. Pennroad Wwas up % at 4. Motors were inactive. Silyer stocks were dull, despite the par- tial pecovery of the white metal in Lon- CHANGES IN RAILROAD . OFFICIALS ANYOUNCED By the Associated Press. SAN. FRANCISCO, November 17.— With the resignation of Harry M. Adams as, president of the Western Pacific! Rallroad, three lines in which Arthur Curtiss James, capitalist, is heavily in- terested, will come under new manage- ment after the first of the year. ‘Adams, whose resignation was an- nounced here yesterday, will be suc- ceeded by Charles Elsey, now executive viee president of Western Pacific. Elsey, & specialist in the financial end of rail- road operating, will tackle the whole job of sénming the road, abolishing his posi- tionof executive vice president. Previous announcements of changes on the James Lines were that Ralph Budd, now president of the Great Northern, would go to the presidency of the Chicago, Burlington & Quincy, and that Willlam P. Kenney would suc- ceed Budd as president of the Great Northern. Adams resigned to “take a rest” hemulmn of the Western Pacific inced. He has sought to leave the road sincs 1926, but was prevailed w‘ft to stay until the Great Northern- Pacific link at Bieber, Calif,, was wmnlewd Net Revenue Gains. NEW YORK, November 17 (#)—In- ternational Paper & Power Co. reported for..the third quarter net revenue of | $10,920,409, compared with $9,724,119 in | ‘h« oorruponumx quarter of 1930. BONDS ON THE CURB MARKET. les in DOMESTIC BONDS. Low. Noon. T PAlabama Pow §s Aumnu-.° e 55105 k] Am"Gom Amer -Amer Amer. 7 Appalac A 1ArRan’ 3 e dlae 53 Bl z) ton S5 33 mm 1% lec P & L 88 A 8 Paso N kit R THE EVENING STAR, WASHINGTON, D. C., TUESDAY, VALUE OF COMMON | NEW YORK CURB EXCHANGE Received by Private Wire Direct to The Star Office. Stocks sold Il l“—llll" l'tl e’lfifl those designated by letter “s.” A4d 00, Open. Bigh. Low. Close. e 208 1023 102% R ~Prev. High 1931.- Low. 4% 1% 116% 102% “ mvmend Rate. Aero Supply B. ‘Ala Pow cum pf (7). Alexander Indust Allied Mills Inc. . Aluminum Co of Am 5508 AluCoof Ampf (6). 1 Am City P&L (A) a3 2 AmCit PEALBbI0O%. 5 Am Com P A (b10%) 16 Am Com PrB(b10%) 3 Am Com Pr 1st pfA 7 25s Am Corpn (£30c) 1 Am Cyanamid Am Equities. Am For Pow Am Superpwr (p4de) Am Superp 1st (6). Arkans Nat Gas Ark P& L pf (7). Assoc Elec Ind (3! Asso G&EI A (b2-25) . Ass0 G & El war. Atl Lobos Atlas Ut1l Corp. . Auto VM ev pr pt(2). Beneficial I L (1%) Blue Ridge Corp. : Blue Ridge cv pf(. Brazil Trac Ltn’u) Brill Corp A (34e). Brill Corp B. ... Brillo Mfg (60¢). 1% 20 7 s B 6% 3 284 Brit Celanese rets. . Bunker Hill & Sul] Cable Radlo T vte Celanese pf (7 Celanese 1st pf Cent Pub Sve A b5 %. Cent Stat E1 (b10% ) Cent Sta El nr(l)uu Chain Store Devel Cus! Mex Mining. gctr. &Co... East Sta Pow (B).. Bisler Electr} Elec lflll”n(hl%) l'l ElecB&Shcupfs.. ElecB&Shpf (6)... Elec Pow Assoc (1). Elec Pow Assoc A (1) Elec P & Lt op wa Elec P&L 24 pt A 7. Europ E Ltd A (60c 1 4 Evans Wallow Lead. 2 Fajardo Sugar...... 50s Ford M Can A (1.20). 18 Fox Iheater (A).... 6 Gen Aviation, GenE Ltd res 38 3-5¢ Gen G&E ov pf B(6).2008 Gen Pub Sve pt (6).. 108 Gen Theat Eq v pf.. Glen Alden Coal (4). Globe Underwr (15¢) Goldman Sachs..... Gorham Inc pf, Gorham Mf vte (fl). Groc Strs Prod vtc. . Gulf Oflof Pa (1%). Helena Rubenstein. . Humble Ofl (1234). . Hygrade Food Prod. Hygrade Sylvania(2) Imp Ofl of Can (50c) Ind Ter lilu Ol B... Insull Inv (b6%)... Ins Co ofNo Am 123 Insurance Securit. Intercontinent Pe Int Petroleum (1) Int Products Int Utilities Interstate Equitie: % Kolsi r (Am 8h), Koppers G&C pt(§) .. Lake Shore M (12.80) Len Coal & Nav 1.20. Lion Ofl & Refining., Lone Star Gas n 88c. Long Iscupt B(6).. Long Isld Lt pf (7).. Louisiana Lan & Ex. LaP&Ltpf(6).... Mavis Bottling (A).. Mayflower Asso (2). May Hos cum pf (4). Mead Johnson (15).. Meniph N Gas (60c). itt Chap & Scott 2 1508 2 1 1 4 [ 34 BT T e R ~Prev. 1931~ High. Low. 1% % 16% » 8 Mesabi 102% 102‘6 % 83 77 80% 28 4 Nelson Nitrate Nordon Iron. Mesta Machi! Mid Sta Pet v Mid West Ut (bl% Mid W Util A war. Moody's TS pt pf (3). Nat American Co.... Nat Aviation. . Nat Bd & S Corp ( Nat Fuel Gas (1) Nat Inv Nat Pow & Lt Nat Service Co. NatSh T Sec A Nat Sugar NJ (2) estors (Herman New Eng Pow pt Newmont Mining Niag-Hud Pow (4| Niag-Hud Pow A w.. Niag-Hud Pow B w.. Niag Sh M (40c). STOCKS EXP[AINEI] : Economist Decries “Liquida- tion” Idea as Applied to Good Equities. Special Dispatch to The Star. NEW YORK, November 17.—If the “liquidation of the common stock idea™ % | has been in process for the past few months, as many financially minded le say, then the time has arrived qui the idea of being in busi- ness in any way, says Laurence H. Sloan, vice president of the Standard Statistics CO 0( New York in his most recent book, “Every Man and his Com. mon Sk)ckl." biished by the Whil tlesey House division of the McGraw- 4 | Hill Book Co. C Corp Ltd Nor Am Aviat A war. North European Ofl. Nor Pipe Line (t4).. Nor St Pow pt (7). Ohto Copper. Ohio Ol cu pf PacG&E1stpf1%. Pac Western Oil. '« Pan Am Airways.. Pandem Of1 Pantepec O} Paramount Cab Mfg. Pender DGr B...... Pennroad Corp (40c) 11508 Penn Wi at & Pwr(3). Peoples LEPWT (A). Perryman Electric. . Philip Morris Inc.... Phoenix Secur Corp. Pilot Rad Tube A. .. 10 Pittsbi urph&LE(VlOIGEUA Plymouth Ofl (25¢).. Polymet Mfg Premier Gold Prod Roalty (b10%). Pub Uil Hold war Pure O1l pt (6) Reiter-Foster. Reliance Manag. % Sunray Swift & Co Switt Interna Byracuse W Mach B. Technicolor Ine. Teck HughesGM Tcbacco & All Stks Triplex Un Gas Unit Lt Walke. “xY"on nln I. l?l g Rossia Intl (10c) St Anthony Gol St Regis Paper (80c) Allfed Corp (1) Segal L & H (a50; Selected Industri Slct Ind €1 pd (5% ) Sle Ind al ctfs(5%).. Sentry Safety Cont, Shenandoah Corp. .. Shenandoah Corp pf. Sherwin-Willlams(4) Southld Royaity ve. SoCalEAptB (1% Southern Nat Gi Starrett Corp pf Stroock & Ci ont Corp wa Truns Pork Strs (1) ‘Tubize Chatel, B...., Union Of1 Assoc (2).. Unit L & Pwr pf(6).. Unit Shoe Mach t3%. U 8 Elec Pow ww U S Playing Card 2 Unit Verde Exten ( Utll P&Lt(at1.02% Ut P&L B(at1.02% Utility Equiti Util&Ind .. Van Camp Pkg. Western Air Exp 4 West Auto S A (3)... 3 W Va Coal & Coke. .. Woolworth (FW)Ltd Dividena ratee in deliars payment. ok B, ké"‘ X o 8. o BRI NN RS Rk B NREEBON &St 3% 1% 434 » 21% 16% 5% 5% T oil. 23w 314 3% b 24% 3 Y 2% 6% 1% Safety Glass, ; % 11% 3 of Canada (1) 5% 16% 5 3 * 10% 60 41 2! Joropa wrnEREB oo ma e b & Pw A (1) 3 e 8 e R o (H) (50¢). & Gas. RIGHTS—EXPIRE 5 L] 22 * * us 1n ut lest year—no Everybody’s Business Rail Co-op Building Group Head Says Hoover Hous- ing Plan Seems to Prom- ise Relief From Indus- try's Impasse. BY DR. MAX WINKLER. Special Dispateh to The Star. NEW YORK, November 17.—Presi- dent Hoover's housing plan seems to promise early and permanent relief from the stagnation in the home-own- ing and homegbuilding fields now exist- ing. according to George A. Martin, | | president of the Railroad Co-operative Building and Loan Association of New Yerk. ‘The President, continues Mr. Martin, has offered a plan in broad outline, but with certain fundamental requirements | dictated by sound considerations and practical experience in banking and junior financing. Mr. Martin concludes his observ tions by stating that much of the suc- cess of the plan will depend on details of structure and operation as worked out by Congress in framing the neces- sary legislation, Byoir Would Aid Confidence, Prompted by the belief that fear alone prevents the restoration of normal spending habits so essential to a re- vival of business, Carl Byoir, publisher of the Havana Post and Havana Eve- ning Telegram and war-time associate 214 | chairman of the government’s commit- ul : Pub Serv 55 B '50. aldorf-Astor 7s '54. FOREIGN !nNDs [ nid Ind B kY] 5‘.’; Cons Mun_6s '47 Gon Mun 7s '47 tee on public information, submits a plan to bolster the nation's Fear can be killed, accor to Byolr, and the business situstion and amp]amen& conditions definitely im- l national co-opennve effort iness men who will recognize ncz that the United States possesses all the necessary elements for its own F""P'fl'-{‘ n provides for the organiza- tion of 14 dflllll(mx to create public confidence. Mr. Byoir's idea of ending the present crisis is by creat ting among uu American public ‘the will to buy, | Norsk dl.nfl that the natural consequence will, created among those who lre hiding, hoarding and saving money, will take care of those unemployed who now have no wages. Copper Curb Planned. A favorable announcement regarding he copper curtailment plan is expected to be made in the very near future. Relative firmness of cnppfl‘ shares is generally regarded Zforeshadowing such developments. Although details of the plan are not known at the moment, it i wighin rea- | son to assume that the leading pro- ducers will agree to restrict output to 55,000 tons 5 ment will afford temporary relief, but 'nuine improvement in the industry upon the increase in the con- sumption of the metal, wm:n to a very appreciable extent is it upon the international lmuunn Retall sales of Chevolet cars u‘:w Oc- Motors. Mr. xuncer also pnlnu out that as a result of the increase in sales dealers’ stocks are down to a very sat- isfactory level. Work M the Callahan Zinc Lead Co. probably will be eonpleuly suspenced until metal prices show a decided im- provement, according to Donald A. Cal- lahan, president. He adds that the only work done at the company's mine since June consists of diamond drilling to_explore the parallel vein in the galena property. The company's opera- tions continue to show a loss, even though someéwhat smaller than in the corresponding period last year. R-K-O Plan Held Essential. If the reorganization plans drawn up in connection with the Radio-Keith- Orpheum Corporation could not be car- ried out, the company probably would be placed in receivership, according to B. B. Kahane, vice president in charge of legal affairs. Opposition to the plan seems to be based upon the feeling that it involves an involuntary assessment of $5 a share on the class “A" stock, with the alternative of losing 75 per cent of the n.fl“"’ if the new bonda are not_subscri Despite the partial recovery in the price of coffee futures, it appears that the only solution resides in the stop ping of overproduction. Brazil's pro- ducing capacity exceeds by far world requirements, and is likely to continue to do 50, perhaps on an increasing scale, since all lh. lctl\'ltlu of the leading coffee interests in Sao Paulo tend to create the belief among coffee growers that they have nothing to risk in grow- ing as much coffee as they can, because somehow or other some one will take care of them. Norwegian Banker Hits Debts. Lasting improvement in international trade cannot be expected until inter- naticnal debts have been reiuced suffi- ciently to be in a reasonable proportion to m prevailing price level, according to E. Sandberg, m:ammt of the Den Norweglan Bank- e ers’ Association). Mr. Sandl ascribes exis inter- national complications to the interna- tional debt burden. Commenting upon the situation in Norway, he empha- sized the necessity of a considerable reduction in public expenditure, lddlnl that the country is fully prepared to tional economic struggle. Exclusive of the refund received by the Nort! n Lioyd from the United States, income for the year, | based on Mneu done for the first nine 8 expecied to more than hold its own in the present interna- | 5 cover expenditures. ‘The refund was employed toward reducing short-term debt incurred in connection with the urchase of additional shares of the th American | 86. per cent dollar bond issue outstanding In the New York market, which is quoted on the New York gwcl hch&n’}.n 38, hl.mll: currently well over cen view ol,m Imw t in the company’s affairs, current quota- tions appear somewhat unduly de- pressed. (Copyrisht, 1931, el 27 00 Nopth | American wapaper Alliance, Washington Produce Butter—One-pound prints, 36; tub, 35. FEggs—Hennery, 38a42; current re- celpts, 28a33. Poultry, alive—Turkeys, young toms and hens, 25a30; old toms, 23; old hens, 22a25; chickens, 3 pounds and over, 18a20; 2 to 22 pounds, 20a22; Spring broilers, 23; hens, large, 18a20; small, 15a17; Leghorn hens, 13al5; roosters, 10a12; keats, young, 40a45; old, 25835, Poultry, dressed—Turkeys, young hens and toms, 36a38; old toms, 28a30; old hens, 29a31; chickens, 3 pounds and over, 21a23; 2 to 2!2 pounds, 23a25; Spring broilers, 30; hens, large, 21a23; smlll 18a20; orn hens, 16a18; roosters, 13al5; Island ducks, | 19220. Meats—Beef, prime, 17; choice, 16; | fair to good, 12'2a14; cow, 8'%a9; veal, top, 15; medium, 14a15; lamb, mp, 16; medium, 14 pork 8 10 pounds, 15a16; 10 to 12 Wlndl. ll*. 13; 12 to 15 pounds, 11812; fresh hams, 5uompoundn, wnw:spoum smp bacon, 22a23; lard, 50-pound tins, 9; in packages, 10; compound, 7a ‘Hogs, heavy, 4. 50‘5 00; light lnd medium, 5.00a5.20, B 4.71585.00; roughs, 2.50a4.00; cal ves, 3.5028.50; lambs, 3. M,IIG .50. Frui lemons, 4.50a5.00; grapefruit, 1. 75-2 MI limes, per 100, 1.5081.75; casabas, ‘PP Ppersimmons, 15. vmuhm—?owou Maine, 100- pound ncn 1.25; New York, 150-pound sacks, 1.7 Tdaho bakers, 100-pound sacks, 2.25; sweets, per bushel, 50a75; beans, 1.7582.00; cauliflower, 1.75 0; peppers, 75a1.25; mi 658 beets, per 100 bunches, 3.00; car- per 100 b\mchu. 3.00; tomatoes, Clllfofl;l;o.l!,“oo 1.75a2.50; lettuce, Ice- 00 Freas bunches, 75; celery, 2 Pea Deas, 3.50a 4.508 3.75; parsnips, 1.25; lb‘nc\n. 5.00; artichokes, 3.50. 4k % | lettuce, Mr. Sloan goes on to point out the | sometimes too-potent effect of popular catch phrases, giving as an example the now discredif “new economic era” of 1928-9, and continues as follows: “It is a fact almost too obvious to call for restatement that if the long- cially from the current level of a tivity, then the average common stock is a good long-term investment—the phrase long-term investment, of course, being subject to the qualifications laid down for the purposes of this study. “If the long-term trend of business prosperity is sidewise from the current level, then not the average common stock, but only a minority of them (those able to increase their profits while the majority are standing still) will constitute good long-term invest- ments. “If the long-term business trend is downward, then only the very excep- tional common stock is a good long- term investment. “Finally, if over the long-term future only the minority of common stocks, or, worse still, only the very exceptional ones, are to be good long-term invest- ments, then what are we to say of the prospect for the hundreds of thou- sands of smaller, prlvngly ovrned busi- nesses? Have we ever to assume thlt thg Lrend of profits of the average small business is going to be upward, or even horizontal, while the O.rend of the profits of the average large-scale enurprhe is movlnl down- ward? Do fractiol fer so rr:n L3 pem ity uver teg'nl ownerships? “If the liquidators of the common- stock idea are right in their premise, then they have only begun their ap- jointed task when they have liquidated this particular idea. They would better g0 ahead and liquidate the savings idea as well, use on a long-term down- ward trend of business profits the wash- ing away of common-stock equities would be only the beginning; the next—and 14 | absolutely inevitable—step would be the elimination, or at best the partial de- struction, of the savers’ underlying equity in our economic establishment. “On the other hand, if the phrase, 14| ‘liquidating the common-stock idea,’ chance est the de- iquidating the dangerous il reckless thinking about me common-stock problem, which disclose themselves at bull market crests and at bear market troughs * * then the quicker we get about this pm of the business, the better.” Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., November 17. White potatoes, 100 pounds, 75al.1 sweel potatoes, bushel, 35a50; yams, barrel, 1.00a1.25; beans, bushel, 1.00a 2.00; beets, per 100, 2.00a3.00; Brussels sprouts, ger quart, 6al15; Savoy cabbage, |bu.§hel 5a50; carrots, per 100, 2.50a 3.00; cauliflower, crate, 1.40a2.00; celery, crate, 1.5082.75; cucumbers, hamper, 3.00a5.00; eggplant, crate, 3.50a4. crate, 2.00a3.00; Lima beans, hamper, 3.00a4.00; okra, bushel, 1.50a 2.00; peppers, hamper, 25a75; pump- kins, per 100, 3.0026.00; onions, per 100 pounds, 1.7582.00; oyster plants, per 100, 4.00a5.00; .splnlch bushel, 30a60; squash, bushel, 1.5083.00; tomatoes, lug boxfi. 1.7582.50; turnips, hamper, 2 25; apples, bushel, 50a1.25. Dairy Market. Chickens—Young, 16a20; Leghorns, 16a17; old hens, 17a23; Leghorns, old, roosters, 12al4; ducks, 12a19; pigeons, pair, 25a30; guinea fowls, pair, 25a50; turkeys, 18a26. hn—mlpu 943 cases; current re- ceipts, 28a30; small pullet eggs, 22a25; & | hennery whites, 34a36; near! y firsts, 30a32; Western firsts, 30a32. Butter—Good and fancy creamery, 28a32; ladles, 20a32; process, 24a25; store packed, 15. Live Stock Market. cuue—meexpu 200 head; market Steers—Choice to prime, 8.00a to choice, 7.50a8.00; medium 6. DI’IM fair to medium, 5.50 plai air, 4.7085.50; common ain, ‘00!1.50 Bulls—Medium to 4.00a4.25; fair to medium, 3.50a lain to fair, 3.3583.50; common to n, 3.00a3.25. Cows—Medium to , 3.584.25; fair to medium, 3.25a 5 ‘ftair, 2.5083.25; common B s o 1.508: l:horh 5.3585.70; medium to good, 5.25a 5.50; fair to medium, 4.75a5.26; plain to falr, 3.75a4.75; common to pl.lln 3.25 23.75. Fresh cows and Springers, 30.00 260.00. Sheep Ifl% lumg)-‘—mlpu. zoo:aa market steady. ee] good to choice, 6. mgoo fair to medi- um, 3.50a6.00. Hm—necelm 1,000 head: market steady; lights, 5. .55; heavies, 5.25a 5.75; medium, 5.30a5.55; roughs, 3.75a 410° light pigs, 5.20a5.55; pigs, 5.25a 5.40: Ohio and Western hogs, 10 cents her. mgca!vea—necelpu, 50 head; market steady; calves, 3.50a8.50. Hay and Grain Prices. heat—No. 2 red Winter, export, no quxnnom No. 2 red Winter, garlicky, spot, domestic, 64; November, 64; De- cember, 64% Corn—No. 2 yellow, domestic, spot, 56a57; cob corn, new, 2.00a2.25. Oats—No. 2 white, domestic, spot, 365! l37NN0w3 5355§l36 Rye—Nearl A H{y—mnpu, none. New hay is starting to arrive in increasing quanti- ties, but so far no official grading has been attempted, selling being strictly on merit. Demand for old hay slow iand market is dull and quiet, with prices in buyeruhvur at a range of 217.50 per tcn. HSO".JIHW——NOP 1 wheat, 850a9.00 per ton; No. 1 oat, ‘.QOIIDOO per ton. should by ai Mnbfllu of inds New B. & 0 Director. Special Dispatch to The Star. BALTIMORE, November 17 (Spe- clal).—Howard Bruce, chairman of the board of Baltimore Trust Co., has been elected to the board of directors of the Baltimore & Ohio Railroad, it was an- nounced yesterday by Daniel Willard, sident. e dee was elected at a stockholders’ meeu to fill the vacancy of the‘]"lhle of the ‘Newton D. Baker, Bernard M. Baruch, John J. Cornwell, Robert Garrett, John R. Mornon, Frederick H. Rawson, Henry Buhlender, George M. Shriver, John F. Stevens, Paul M. Warburg and Joseph E. Widener. POTATO MARKET. CHICAGO, November 17 (#) (United States Department of Agriculture) — Potatoes, 46; on track, 222; total United States nh!pmenu, 519; steady, trading rather slow; sacked per hundredweight: | round whites, 70a85, nesota, North ota Cobblers, 75a80; Red River Ohios, 85a05; Idaho Russets, No. 1, 1.35a1.50; Commercials, 1.10. i Min- tso- | the St. Louis line who accepted it. It 0 | tober, 1930, a decrease of 2392 per cent. NOVEMBER 17, 1931. FINANCIAL. “COTTON BELT" MERGER PLANS HAVE EXTENDED OVER 25 YEARS Varlous Rall road InterestsHachttempted To Negotlate Consolidation Proposals With Important Southwest Carrier. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, November 17—If the experience of the St. Louis-Southwest- ern Railway, popularly known as the “Cotton Belt,” is a fair example of the delays that attend railroad consolida- tion, it will be another 25 years before general progress in the unification of American steam carriers s effected. The “Cotton Belt,” which runs south out of St. Louis and covers a portion of Eastern' Texas, been wooed by sev- eral suitors in the transportation fleld in recent years. It might be said that it has gone through the phase of “com- panionate marriage” with the Kansas City Southern, which divorced it. Later it found a congenial mate in a New York corporation that was supposedly interested in real estate but eventually turned up as the holder of 135,000 shares of its preferred stock, for which it paid a fancy price and afterward the penalty that comes from buying something not in one's own line. Real “Suitor” Appears. In July, 1930, the “Cotton Belt” had a real sultor and one whose attentions were based on the benefits that might accrue from a legal union. The South- ern Pacific Co. had been looking at this road, which perfectly supplements its own lines in Texas, for many years. While he was alive, Julius Kmmchnm the operating head of the Southern Pa- cific, made several surveys of the “Cot- ton Belt” and, long before L. F. Loree thought he ought to have this former Gould road, the Southern Pacific had quietly discussed its purchase with in- terested parties. The basis for the offer made last year by the Southern Pacific to holders of the common and preferred shares of the “Cotton Belt” was looked upon at the time as a liberal one. As market prices have gone it proved to be an ac- cident of fortune for the 85 per cent of ‘was not such a good glzce of business, however, for the Southern Pacific, but it had made its offer and is standing by it. The opposition consists of a small group of minority stockholders whn ave been buzzing around in affairs of the “Cotton Belt” for .oma years and have objected to practically every proposal that has been made for sale or merger. This was to the ad- vantage of the majority stockholders in the road up to the time when the Southern Pacific lnpen‘ed on the scene and requested from Interstate Commerce Commission fiu right to ac- passed into '.ht hands u( the V-n Bver ingen interests it has become greater competitor of the anfl!m Pl- cific for in Pwln:" the Van Sweringens have been able to gain control at the El Paso gateway of traffic moving up the the St. Louis gate- 3 necessary as & defen- sive measure for the Southern to have an ally in this same or else lose the high-rate traffic which it o ates on the Pacific Coast. It is difficult to see, therefore, why there should be ob) Pacific control of control of the Missouri Pacific and all of its leased and paralleling roads is permitted the interests which already have a network of lines centering on the St. Louis gateway. Next June the “Cotton Belt” has about $21,000,000 of first consolidated mort- gage 4s maturing. An evidence of how fearful holders of these bonds are that they may go into default is the current prlce of 60. Other bonds of the road sel] at q ons that an- mxp-u difficulties in mal SGuiem Pacinc, with it strong credit ern P2 stands willing to protect the bondhold- ers, even though it has already suffered n heaw depreciation on the “Cotton stock purchased, and has no in- come from the preferred ‘which were paying $5 annually when the Southern Pacific took them in. If the pi of the “Cotton Belt” and Southern Pacific fails, another small independent line will be left to its own resources. This is a serious matter in this day of low re- turn on investments. railroad proper (Copyright. 1931.) CHAIN STORE SALES OFF IN TEN MONTHS| Mail Order Houses Hardest Hit, Figures Show—Review of 47 Companies. According to a compilation issued by Merrill, Lynch & Co., 47 chain store companies, including three mail order concerns, show total sales for the first 10 months of 1931 of $2,948,704,360, against sales of $3,093,607,301, in the ?onding period of 1930, a decrease of 4. per cent. Three mail order companies alone show sales for the first 10 months of 1931 of $493,724,097, against $569,702,006 in the first 10 months of 1930, a decrease of 13.33 per cent, Excluding the mail order con- cerns, 44 companies show sales for 10 months of 1931 of $2,454,980,263, against sales of $2,523,905295 in the same period of 1930, & decrease of 2.73 per cent. Results for October, 1931, as rero by 47 chain store companies, including three mall order concerns, show total sales of $337,373,449, against $367,714,- 487 in October, 1930, a decrease of 8.25 per cent. The three mail order con- cerns show total sales for October of $52,187,795, against $68,597,766 in Oc- Excluding the mail order concerns, 44 chain store companies show sales for October, 1931, of $285,185,654, against $299,116,721 in October, 1930, a decrease of 4.65 per cent. New York Cotton Special Dispatch to The Star. NEW YORK, November 17.—Opening cotton prices were 1 point lower to 2 points higher today. Trading was in moderately active volume, and in all positions trade buying and hedge cov- ering served to offset liquidation by commission houses. Opening prices were: December, 6.29, off 1; January, 6.40, unchanged; March, 6.58, Gp 1; May, 6.77, up 2; July, 6.95, up 2, and oember. 7.20, up 1. ——l PUBLIC SERVICE CORP. DECLARES DIVIDENDS Central Public’Service Corporation of Chicago, which controls the Washing- ton Gas Light Co., has declared a quar- terly stock dividend of 1% per cent in class A stock on class A stock, pay- able December 15 to stock of record November 25. lar quarterly divi- dends of $1.75 the 87 preferred, $1.50 on the $6 prelmed and $1 on the $4 preferred were also declared, all wble January 1 to stock of record ember 12. - Similar dividend on the class A stock was paid in the previous quarter. — PARIS BOURSE PRICES. PARIS, November 17 (#).—Three per cent rentes, 84 francs 80 centimes. tPlVle per cent loan, 101 francs 60 cen- Exchange on London, 96 francs 81'% centimes. The dollar was quoted l‘ 25 francs 54! centimes. OIL OUTPUT HOLDS STEADY FOR WEEK | Increases in Some Fields Offset by Declines Elsewhere—Daily Aver- age Slightly Higher. By the Associated Press. TULSA, Okla., November 17.—Slight increases in some fields were balanced by small decreases in others to render the daily average oil production of the United States virtually stable the last two weeks, the Oll and Gas Journal es- timates show. ‘Total production for the week ended November 14 was 2,462,130 barrels daily, as compared with 2,456,864 bar- rels the preceding week, or an increase last week o6f 5,266 barrels daily. Oklahoma production was up 9,075 barrels daily to an average of 543,285 Texas production was down 8,113 barrels at 411,265 flll.l{ Kansas vmfl’ucec 107 710 els, compared 106,130. The \ohl lor thc enure M!d- continent area was down 1,486 barrels at 1 52".!52 barrels daily. Eastel rm_production was 120,000 bar- rels, as compared with a previous read- ing of 122,700. The fountain pools produced 93,968 hrnb, 233- California ptvducuon :‘na up 10,650 barrels at 506,150 barrels aily. Grain Market By the Associated Press. CHICAGO, November 17.—Brisk early upturns today in grain prices here ac- companied Liverpool wheat quotations higher than expected, together with re- ports that Russian wheat suj lles were declining. It was asserted July the Soviet government'’s mln col- lections had decreased 62 per cent. Opening at %-1l4 cents gain, Chi- cago wheat futures afterward rose fur- ther. Corn started -7 higher and continued to point I:uuu General demand for wheat quickly proved more than suf- ficient to absorb active profit-taking, which broadened out as the market advanced. Beneficial rains in domes- tic Winter wheat territory Southwest were almost ignored. An offset to the wheat was increasing, instead of ing off. ithwestern mills were re- po! yers, to cover flour sales already made. At times corn layed greater strength than wheat . Persistent scantiness of rural shipments of corn was illustrated {odurivnls of only 66 cars in Chicago lay, compared with 139 a week ago. Primary receipts of corn totaled but ZM 000 bushels, against 521,000 on the corresponding day last week and 15! 000 at this time last year. In addition to ordinary moves to hold corn in storage on farms, wet weather had a bullm: ef- fect. Oats followed corn. Late cables from Buenos Aires con- firmed severe damage to wheat in South Argentina. Provisions were steadied by natn strength, despite downturns in values, STOCK AND BOND AVERAGES By the As: Prom Yesterday ted Press. s 5:30 Edition. STOCKS. 50 Industrials. . 80.7 Previous day. Week ago. . Month ago. Year ago. .. Three years ago...... Five years ago. High, 1931 Low, 193 High, 1930 Low, 193 High, 1929 Low, 1929... Week ago. Month ago. Year ago... Two years ago. Three years ago. High, 1931. . | H urs| DANKING STUDENTS CHANGING BY-LAWS Chapter to Vote on 30 Amendments at Special Meeting Thursday Night. A meeting of Wi Ammnn\mmud called for Thursday, N .Wp.fl..hihlch mm articles association and by-laws which have already been d by the board of governors and national that of governors, f th m of the chapter and the re- sul expansion of its activities called {or certain changes in its mrnir; atudy the mgjtct and report its recom- ‘mendations to the board. The commit- tee was composed of: Aubrey O. Doouy. M-‘mmcln National ©Co.; es A. Soper, Lineoln N tional hnk l J. Roberts, tional Bank: Richard A. N Lin. coln National Bank; A. E. Henze, W. B. Hibbs & Co.; Frank M. Perley, Ameri- can Security & Trust Co.; T. Hunton Leith, Security Savings & Commercial Bank, and Robert H. Lacey, Columbia National Bank, chairman. The com- mittee held several meetings during the Summer, and in addition to reviewl it | the present articles of association a by-laws of Washington Chapter, also studied the constitutions and by-laws of several other chapters in cities of com~ parable size. Thirty Changes Proposed. Altogether there are more than 30 changes proposed of varying degrees of importance. Some of the major changes are: m‘%hwm be bonded in an amount an a surety company to dficrmmed by the board of gov- ’l‘he chief consul will lppolnt his con- suls, with the the board of governors. The old nrtlcle provided that each b‘nk&wld elect a consul to Anlch VI, covering “ been changed to include on ber governors any member or members of this chaj sel as an cil of the American Institute of Bank- m by-hvn, eoverlu mittee, hu been c.h‘nged 50 t the president of the chapter does not auto- 0t auf , as hereto- fore plovlded Two new sections have been added to the hy-h'l. which provide for the annual a itmen! association and by-laws of Washi Chapter were made in 1927 under the dlrecg:nlo‘l“; ml!'l:mee heltded by T. e Securit ings & Commercial Bank. oo et £ S. W. STRAUS PROPERTIES WILL BE REORGANIZED By the Associated Press. NEW YORK, November 17.—A gen- trl.l plan for the nization of the properties by 8. W. E'?ul & 5.504 :b‘i Kbonda lnlmt’whieh OW are e ) ault, was announced by " committees or- duflu the hlt two months ow effort, it m mnwncefl. will m to avoid receivemhig for the plan calls for the of new mone raisig i aed 07 where cOl'ldlfibo: option. The last changes in the articles of ngton mortgage ers, with the latter receiving in ex- change a cash distribution and junior debentures 'p\:il:lfl; ut“”“t;x T or the of mum: only whej 'n earned. o nt bondholders '0_compensate prese: xor any reduction in interest and other concessions made by them, common :htoclu in some huhnnu may be paid em. CHICAGO DAIRY MARKET. CHICAGO, November 17 (#).—But- ter, 11155 flm creamery-specials (93 score). %4a32%; extras (92 score), 3 exu'a nrst.s (90-91 score), 29a30; (88-89 score), 27a28; seconds (86~ 87 :rcoll;;& le? : 'standards (90 score central carlots), 29%4. , 5,293, firm; prices unchanged. b Brokers’ Comment NEW YORK, November 17.—Broker- age house market commentators today genen.fly felt that a cautious tra 'y was advisable. Uncertiinties o railroad situation are current ad- verse influences. Shields & Co.—Now that unwarrant- ed hopes, buflt up mainly by bullish front-page headlines, have been dashed, the market -g to be definitely headed to level where investment absorption will eatablish & resl bottom, Intermittent rallies are to be expected but they are not likely to offer much attraction for immediate future. E. F. Hutton & Co.—While the advice to traders to seek the sidelines is often merely a way of “begging the question,” we feel that with the market occupying an uncertain position, the side lines offer the best point of vantage to as- certain probable near term direction. Stain Alstrin—The Tail situation is still the weakest spot in the picture and if something can be done to put the carriers in nronlu' position, the market will respond accordingly. Cusick, Kent & Co.—Technically the market has had a week of correc- tive reaction, and if the swing is only technical t movement should be Corrective movemem.s in the mmmodlu markets have oc- curud. which has been logical in view extensive advances ‘While ition and short selling in the wake of fears that additional di: vidend reductions and prospect and the view is quite generally relud that the railroad averages g0 into new low ground before the end of uxe year. Homb!duor & Weeks—We do not ex- Fiiner: withont experiencing. o; jeast u) er wi 2 technical rebound of fairly substantial proportions. i that an oversold Thomson & of the market are