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A—14 *x% HOLDING COMPANY CHANGES FORECAST Pyramiding and Interlocking Practices Are Believed on the Wane. BY GEORGE E. DOYING. ‘The complicated device in the public utility feld of pyramiding and inter- locking holding companies is believed here today to be on the wane, and sim- plification of the financial structure is the new order of the day. That the holding company system eontains many elements of good is con- ceded, but it is equally obvious that it has been proved to be susceptible of manipulation to the disadvantage of the properties involved and therefore to the public served by such properties. ‘While it is the opinion of some ob- servers that the ?mcas of simplifica- tion is a natural evolution, there is little doubt that the publicity resulting from the methods revealed by the in- vestigation of the Federal Trade Com- mission and the threats of Federal legislation for control of holding com- panies have hastened the movement. Simpler Management Policy. ‘The tendency today is to merge con- tiguous operating companies and to simplify corporate structures by elimi- nating Intermediate holding companies. This is being done, according to Mat- thew S. sloan, president of the New York Edison Co., as a matter both of good business practice and good public policy. The stockholders of the International Paper Co. have been called to meet De- cember 5 to apfmve the ultimate trans- fer of practically all of the company’s waterpower properties in the United States, valued at $35,000,000, to the International Hydroelectric System, thus segregating all the power properties which are located on the upper Hudson River and elsewhere in New York and in New England. Both companies are subsidiaries of the International Paper & Power Co. The Investment Bankers’ Association of America considered the matter of eliminating the complicated devices in the public wtility finncial structure at a recent meeting. rinciples of simplicity should, above all, be applied to holding com- nies,” said a report by the associa- ion's Committee on Public Service Se- curities. “It is unjust to the holding company that it should be discredited by absurdities of corporate and finan- cial involvement and pyramiding, to which it occasionally has either de- liberately or thoughtlessly been sub- Jected. “It is grotesquely unnecessary that sometimes six, seven, even eight cor- porate entities should continue to exist piled one on top of another till respon- sibility is well nigh lost in the con- Tusion, however logical each may have been individually at the time of its creation. Readjustment Favored. “The different levels of securities that the public is asked to buy, the im - bility in not a few instances of fol- lowing their relative liens or obligations, the practical impossibility of pursuing some of them to ultimate account and settlement result in a market uncer- tainty about them and a public criti- cism of them that has been but too apparent and that has done much to prejudice underlying worth. “The strength and stability of the utility security markets depend in no small degree on simplicity of corporate and financial structures—not as a hope, but as a fact. Conspicuous holding companies are now simple or are in rocess of becoming so, while, unfor- junately, others are apparently obliv- fous of the need.” Leaders in the public utility field in- sist that the tremenduous advances made by the industry could not have been accomplished without the hotding company device, but the more far- seeing executives are flpldl{ reaching the conclusion that in at least some instances the system is in need of edjustment. ! (Copyright, 1931.) Baltimore Markets Bpecial Dispatch to The Star. BALTIMORE, Md, November 18.— 1.00a1.25; beans, 2.0083.00; Brussels sprouts, per quart, 6al5; Savoy cabbage, bushel, 35a50; carrots, per 100, 2.508 3.00; Caulifiower, crate, 1.40a2.00; cel- ery, crate, 1.50a2.7. 3.00a5.00; eggplants, crate, lettuce, crate, 2.00a3.00; Lima beans, hamper, 3.00a4.00; okra, bushel, 1.50a 2.00; peppers, hamper, 25a75; pumpkins, per 100, 3.00a6.00; onions, per 100 pounds, 1.75a2.00; oyster plants, per 100, 4.00a5.00; spinach, bushel, = 30a60; squash, bushel, 1.50a3.00; tomatoes, lug boxes, 1.50a2.25; turnips, hamper, 20a 25; apples, bushel, 50a1.25. Dairy Market. Chickens—Young, 16a20; Leghorns, 16a17; old hens, 17a23; Leghorns, old, 12a16; roosters, 12al4; ducks, 12a18; pigeons, pair, 25a30; Guinea fowls, pair, Eggs—Receipts, 4,173 cases; yeceipts, 28a30; small pullet eggs, 22a 25; hennery whites, 34a36; nearby firsts, 30a32; Western firsts. 30a32. Butter—Good and fancy creamery, 28 232; ladles, 20a32; process, 24a25; store packed, 15. Live Stock Market. Cattle—Receipts, 125 head: light supply, market dull. Steers—Choice_to prime, 8.00a8.50; good to choice, 7.50a 8.00; medium to good, 6.25a7.00; fair to medium, 5.50a6.50; plain to fair, 4.70a5.50; common to plain, 4.00a4.50. Bulls—Medium to good, 4.00a4.25; fair 1o medium, 3.50a4.00; plain to fair, 3.25 23.50; common to plain, 3.00a3.25. Cows —Medium to good, 3.75a4.25; fair to medium, 3.25a3.75; plain to fair, 2.50 325; common to plain, 1.50a2.50. Heifers—Good to choice, 5.35a5.70; medium to good, 5.25a5.50; fair to me- dium, 4.75a5.25; plain_to fair, 3.75a 4.75; common to plain, 3.25a3.75. Fresh cows and Springers, 30.00a60.00. Sheep and lambs—Receipts, 1,200 head; fair supply, market steady. Sheep, 1.00a3.00; lambs, good to choice, 6.50a7.00; fair to medium, 3.50a6.00. Hogs—Receipts, 1,200 head; fair sup- ly, market stead: lights, 5.30a5.5! heavies, 5.25a5.75; medium, 5.3085.55; Toughs, 3.75a4.10; light pigs, 5.20a5.55; pigs, 5.25a5.40; Ohio and Western hogs, 10 cents higher. Calves—Receipts, 50 head; steady; calves, 3.5088.50. Hay and Grain Prices. ‘Wheat—No. 2 red Winter, export, no quotations; No. 2 red Winter, garlicky, spot, domestic, 634; November, 63%: December 6415, Corn—No. 2 yellow, domestic, spot, $6a57: cob corn, new 2.00a2.25. Oats—No. 2 white, domestic, spot, 36a36'2; No. 3, 35a35'3. Rye—Nearby, 50a55. Hay—Recelpts, none. market New hay is FINANCIAL. THE EVENING 8/ FAR, WASHINGTON, NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star. Office. (Continued From Page 13.) Stock and L 3 Dividend Rate. ~Ads Pacific Tel&Teleg (T) 4 Packard Motor (40¢) Par-Pub (b10% stk). Park & Tilford. Park Utah Pathe Exchang! Patino Mine: Peerless Motor Car Penick & Ford(11%) Penney (J C) (2.40). Penn Dixie Cement.. Penna Rallroad (2).. Peoples Gas(Chi)(8) Petm Corp of Am(1) Phelps Dodge Co. ... Phila&Reading C& I Philip Morris&Co(1) Phillips-Jones Co. ..\ i Phillips Petroleum. Pierce-Arrow pf (6. Pierce Ol Plerce Pe! Pillsbury Flour (2 Pirelll (A) (m3.13) Pitts Coal pf. Port R Am Tcb (B).. Postal Tel&Cable pf. Prairie Oil & Ga: . Prairie Pipe Lin: Pressed Steel Car pf.. Proct & Gamb (2.40) Pro & Refiners 4 Public Sve NJ¢3.40) Public Sve NJ pf (8) Pub Bve G&E pf (5).. Pullman Corp (3) Punta Alegre Sugar Pure Ofl. Purity Bakeries (2). Rad10 COrpP..uevsnne RadioCorppf A 3%. Radio Corp (B) (5).. Radlo-Keith-Orph A Raybestos Man (1.60) Reading Rwy (4)... Real Silk Hostery. .. Real Silk Hosiery pf. Remington-Rand.... Reo Motor Car(40¢) . Republic Steei. 15 Republic Steel pf. 35% Reynolds Tob B (; 74 Richfleld Ol 2% Rio Grande Ofl...... 9 Rossia Insur (2.20).. 131% Royal Dutch of NY.. 38% Safeway Stores (5).. 75 Safeway Strs pf (6). 877% Safeway Strs pf (7). 9% St Joseph Lead (1) 614 StL-San Francisco. . 744 StL-San Fran pf( 5 Savage Arms. £ Loammwernmn- > wouRond oeraneSnonaninssaanBomoian ) 38% Scott Paper (11.40) % Seaboard Alr L 3% Seaboard Air Line pf 51 Seaboard Ofl. . 3% Seagrave (40c). 31 Sears Roebuck (2%). 33 Second Natl Inv pt. % Seneca Copper. 3% Servel Inc. . 11 Shattuck(FG)(t1%) 9% Shell Trading & Tran 3% Shell Union O1l.. 23% Shell Union Ofl pf. 3% Shubert Theaters. . 10 Skelly O1l pf ww. 12% Socony-Vacuum (1). 7 South Port Rico Sug 28% Southn Cal Ed (2)... 42 Southn Pacific (§)... 14% Southern Rwy (m6). 6 Spicer Mfg... o % 12% Stand Brands (1.20). 118 Stand Brands pf (7). 29% Stand Gas&El (3%). Y 281 Stand Oil of Cal(2%) 8815 Stand Oil Exp pf (5). 81% Stand Ofl of Kansas, 2814 Stand Ol NJ (12) 1 Sterling Secur (A).. . 19% Sterling Secur cv pf. 4% Stewart Warner.... 13% Stone&Webster(m2). 9 Studebaker Co(1.30) » - F3 SarnmBrnBa - —1931— High Low, 118 26% Sun O11 ( 5ig 13% 3% 11% Sweets o 1 15 Texas & Tobacco Tobacco Transam 24% 2% Truscon Un Tank Unit Fru U S Indu U S Pipe U S Real U S Steel U S Steel 571% 24 31 8 2 6% Univ Plc i3 Vadasco 60 109 T1% 26 27% 5714 b5 Wabash 17% Waldort Ward Bal Warn Br Western Western Western Western Willys-O Woolwor Dividend rates as payments -dividend. . {Plus 9% stock. D Plus 2%2% in Stock and Divigend Rate. 99 Studebaker pf (7 Unit Afreraft. Unit Carbon. ... Unit Cigar Stor Unit Corp (765¢). Unit Corp pf (3 U S Rubber U S Rubber 1. U S Smtg & Ref (1). 18% Vanadium Corp. . Van Raalte 1st pf. Va Ele¢&Pwr pf (6) Vulcan Detin (4) . son & Co pf . Worthington Pump. 124 Yale & Towne (2) 3% Yellow Truck. 7 Zonite Prod Corp (1) RIGHTS—EXPIRE. % Elec Po&Lt Sales of Stocks on New York Exchange. based on'the latest quarterly or half-yearly dec sLess thar ares. tock. 1 m Pald Sales— Add 00. High. 10s 1) £ Amer (1). Symington (A) 20 Tennessee Corom Texas Corp (2). 4 Tex Gulf Sulphur(3) Pacific (5).. Tex Pacific Land Tr. Thermoid Co. Third Avenu Thompson Pre ‘Water As pf(6) Tide Wat Oil pf (5).. Timken-Detroit Axle Timken Roller B(2). Products. ... Prod A t9be. erica Corp. . Tri-Contl Corp. ..... Trico Products(2%). Truax Traer Coal Co Steel (60c). Ulen & Co. Underwood-E! 3) Union Carb & (2.60). Union Ofl of Cal (2). Union Pacific (10).. Union Pacific pf (4). Car (1.60). it (3). Unit Gas&Im(1.20).. Unit Plece D W (2).. Unit Piece DWpf 614 U S Distributing U 8 Gypsum (1.6 s Alcohol. .. & Fdry (2). ty & Imp. ... ol .. Corpa (4).. pf (7). United Stores (A)... United Stores pf (4). 1st pf (8).. Utl] P&L(A) ot2.16. Sales Corp.. R R, Sys 3 king of (7). 0s Pictures. Warren Bros. ... s Warren Fd&Pipe(2). Wesson Oil&Sno(2). nt (6) “ . 110% Dairy (B).. 4 Maryland. . Pacific pf.. Union (6). . Westinghse A B(2). Westinghouse (215). Wsthse EM 1st mi % Westvaco Chlor 1.60. White Motors. . White Rock (1414).. Wilcox Oil & Gas. verland 2 1% -1% +1 th (14.40).. 10 8% - % ..Dec 4104 % % * 200,000 12:00 Noon. 1,100,000 2:10 P.M. given in the above table are the 700,000 200,000 nual cash ration: 3Plus Teguiar Tate. 55 than extra. 0 100 s 1Partly stock. —no a Paid last ye h 1 Pl ~ s J0c in special preferred stock. this year—no resular rate. n Plus FOREIGN BUSINESS SITUATION BETTER| Commerce Department Re- ceives Good Reports From Europe and South America. Encouraging trade reports from Eu- rope, the Far East and South America were received today by the Commerce Department. General business conditions in Can- ada are reported to be fairly good, with an appreciable pick-up in wholesale and retail trade, the department was ad- v Seasonal improvement has been noted in the German business situa- tion, with exports strong, according to a cable sent by the department’s repre- sentative at Berlin. Imports, however, ;tefléldetad considerable decline, the cable ated. Holland’s Trade Quiet. ‘The department said trade and in- dustry in the Netherlands remain at low levels, although some improvement is noted in certain commodity markets, especially grain. From Antwerp a cable stated there has been a slight improvement in Bel- glan industry, and strong national finances are lnsplrlnmonfldmce. Sea- sonal improvement been noted in Swedish industry, such as iron and steel, pulp, paper and foodstuffs. A Paris cable said unemployment has been increasing in France. Jumping from Europe to South America, the report on favorable and unfavorable factors in the week's de- velopment said the general outlook in Argentina has continued to improve, chiefly due to the increasing ceréal prices. Slightly firmer coffee prices have been noted in Brazil. Australia is the ouly bright spot on the business horizon in the Oceania and Far East sections of the world. Slight improvement has been noted there in merchandise turnover and in the wool market. Far East Conditions. Summarizing the situation in Man- churia, Japan and China, the cabled reports from that section said: “The Chinese situation continues un- settled, and boycott activities are in- creasing in Japanese-controlled indus- tries. However, general trading in South China continues fairly brisk. Dué chiefly to unfavorable conditions in Far Eastern markets, Japan's foreign trade declined in October to the lowest level of the year.” From Shanghai a report reached the department that Chinese industries, especially the cotton mills, are working at full capacity. Assistant Commercial Attache A. Bland Calder noted some apprehension starting to arrive in increasing quanti- ties, but so far no official ing has been attempted, selling be! trictly on merit. Demand for old hay slow and market is dull and quiet, with prices in buyers' favor at a range of 14.00a 17.50 per ton. Straw—No. 1 wheat, 8.5029.00 per ton; No. 1 oat, 9.00a10.00.per ton. ° Net Income Declines. NEW YORK, November 18.—Net in- come for the first nine months this year as reported by 304 large industrial, Tail and utility corporations aggregated $696,312,000, a decrease of 42.4 per cent from $1,209,573,000 reported by the same companies for the comparable fapiod of 1930, in Shanghai, however, that the Jana- nese-owned mills may be forced to close, thereby throwing 60,000 Chinese work- ers out of employment. ‘The warehouses of the Japanese mills, Calder added, are reported to be over- stocked with finished goods, and owing to the present boycott of Japanese products by the Chinese the export trade is virtually the only outlet for the disposal of the Japanese mills’ pro- | duction. German Duke Sells Books. BERLIN (P).—The Duke of Sachs>n- “lienburg, a victim of the times, has turned over to a second hand dealr SALES. Commerce & Savgs. Bk.—10 at 325. Natl. Mtge. & Inv. pfd.—100 at 4. AFTER CALL Pot. Elec. 5'%2% pfd.—1 at 107', 4 at 1073, 5 at 107%. Wash. Gas 55—8$1,000 at 100'5. Lanston Monotype—5 at 75. Ana. & Pot. R. R. 55s—$1,000 at 63, $1,000 at 63. Bid and Asked Prices. BONDS. PUBLIC UTILITY. ked. | d. Amer, Tel & Tel. 4%3s 30 | Am. Tel. & Tel. etl. tr. 5 . Anacostia & Pot. R. R. &, Pot. Guar b C.'d P._Tel. of Va. 55 Capital Traction R. R. City & Suburban 53. Georgetown Gas_lst Potomac Elec. Cons. Potomac Elec. 6s 1953....00 " Wash., Alex. & Mt, Vernon etf. Washington' Gas 4%as Washington Gas_5s Wash. Gos s, series A Wash. G Wash. Rwy. & MISCELLANEOUS. 01 100% 105 86% STOCKS. PUBLIC UTILITY. & Tel. (9). ction Co. (4 Light Co. (18 Tel. Amer. Capital Tra: Eiec prd Sy A El com. (1) . Rwy. & ELpfd. 5). NATIONAL BANK. Capital (14) : Golambia, (12 Commerctal (st Biserict (8). ... WASHINGTON STOCK EXCHANGE QUOTATIONS AND DAY’S SALES (99). .o Washington ' (12) 5 TRUST COMPANY, Amer. Sec. & Tr. Co. (15) . Continental Trust (8 atl. Sav. & Tr. (123) Prince Georges Bk. & Union Trust (8s)... Wash. Loan & Trust (i4). SAVINGS BANK. Com. B Seventh_Street (12) United States (30). . Wash. Mechanics (20 FIRE INSURANCE. 21 Columbia (8h). Real Estate (6h) . MISCELLANEOUS. Col. Medical Bldg. Corp. (8) Col, Sand & Gravel ptd. (1) C. Paper MIg. pi Dist Natl, Sec. pfd. Est. M. & G. 3, Storage’ (o). Wash. . Cor E Woodward & Lot Woodward & Lothrop ptd. (7). *Ex. dividend. bBooks closed. el,% extra. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, November 18.—The fol- lowing is a summary of important cor- poratiol news prepared by the Standard Statistic. Co., Inc., New York, for the Associatea Press. News Trend. Steel ingot production in the week ended November 16 remained at thz same level as in the preceding week.| According to Iron Age, ingot produc tion was at about 31 per cent of ca- pacity, the same as the previous week. The daily average crude oil produc- | tion for the week ended November 14 was 2,464,050 barrels, compared with 2,456,800 barrels in the previous week, an increase of 7,250 barrels, according to the American Petroleum Institute. Gasoline stocks at refiners declined 180,- 000 barrels during the week to a total of 31,891,000 barrels. Revenue freight car loadings showed a greater than seasonal decline for the week ended November 7. Actual load- ings, according to the American Rail- way Institute, totaled 717,029 cars, against 740,363 cars in the preceding week and 881,517 cars in the corre-| sponding week last year. Decreases | were reported in all commodities with the exception of coke. The Companies. Florida Power & Light net income, 12 mm'i‘;‘;:g September 30, $2,159,674 his library of 30,000 volumes to be sold prices, yuem"l at any acceptable ware net income on investment income only, 9 months to September 30, 217,- 360. Kansas Gas & Electric net income, 12 months to September 30, $1,351,267, Vs, $1,337,754. Hecla Mining common share earn- ings, 9 months to September 30, 34 cents, vs. 73 cents. Jewel Tea declared 50 cents extra and $1 quarterly common dividends. Standard Ofl New Jersey advances tank wagon and service station gasoline price 1, cent a gallon tnroughout ter- ritory, except Delaware. Bronx Electric rates cut 12 to 15 per cent, or about $300,000 annually. New England Public_Service October power output up 11.7 per cent; 10 months up 23 per cent. New York State Rallways deficit, quarter ended September 30, $478,890, vs. deficit $660,722. Paraffin Co. declared 75 cents com- mon dividend; paid $1 September 28. Pet milk declared 23 cents common dividend; paid 37'% cents in April. soclated Telephone Utilities net earnings, before depreciation, three months to September 30, up 58 per cent; 12 months, up 5.9 per cent. - Cooper-Bessemer Corporation deficit, nine months to September 30, $454,018, vs. net income $759,933, equal to $2.54 a common share. Republic division of Berger Manufacturing, sub- sidiary, acquired by Truscon Steel. Utility & Industrial Corporation net income, nine months to September 30, $1,151,619. Zllen Industries deficit, nine months to September 30, $3,667, vs. net income $156,573, equal to $1.82 a common share. nal Hydroelectric _System net income, 12 months to September 30, vs. $19: Insuranshares €orpgration of Dela- $2,995,646, vs. $3,811,758, D. BONDS UNSETTLED | (e s BONDS ot scmuns]| C., WEDNESDAY, BYDROPIN STOCKS General Tone of Market Re- mains Fairly Steady Despite Selling. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, November 18.—While there were sharp breaks in Parts of the bond list today, the market in general had a steady tone. The disappointing action of the stock market and the ab- sence of any constructive news on the Franco-German and Manchurian situ- ations tended to reduce the volume of trading to negligible proportions. The market was firm at the opening and trading was fairly active, but when the overnight accumulation of orders had been executed the market lacked bids and declined on small offerings. The/ reported capture of Tsitsihar by Japanese troops served to off-set the optimistic views expressed at the Paris meeting of the League of Nations Coun- cil. British securities, including those of the British dominions, firmed on the news that imports from the empire would be exempted from the provisions of the new anti-dumping duties. Canada 4s and 5s, Canadian rail- road issues, Australlan 5s, New South Wales 5s, Queensland 6s and 7s and similar descriptions gained by fractions to over a point. Exchange quotations for Canada and Australia also firmed. German government bonds pointed higher 1n early trading, with gains of over a point in the Young plan 515s and German Central Bank _descriptions. Later, however, these advances were largely canceled. Belgian and French obligations were about unchanged. Les- ser rated European bonds such as Austrain 7s, Sweden 5'3s, Norway 5s, Denmark 6s, Greek 6s and Italy 7s yielded grudgingly- to the general pres- sure. South Americans were quiet. Argentine 6s lost ahout a ponit. In the domestic lisi the feature was a wide-open brexi in Western Union bonds. Coming on top of losses of 3 to 6 points in these descriptions Tuesday, today’s declines brought the totals to 4 to 10 points in the two sessions. The 5s of 1938, after being offered at 94, were 90'z bid, a drop of 9% points. The 55 of 1951 were off over 2 points. The 5s of 1960 sold down to a 4-point’ loss. In addition to a break in the stock the market had reports that a new machine developed by the tele- phone companies would cut into West- ern Union's business, The revenues of the company have recently been de- creasing. Railroad bonds were generally lower. Chicago & Alton’s 3s lost 4 points. Drops of 1 to 3 points occurred in Chi- cago & Northwestern 4;s, Rock Island refunding 4s, Missouri-Pacific 5s, Frisco 41;s and many similar descriptions. High-grade rails were generally steady, however. United States Government long-term bonds lost small cpening gains and recorded net losses of 2-32 to 4-32. Trading in them was small. Bonds were active and firm at the opening. ‘The favorable terms accorded Canada in the new British anti-dumping tariff were reflected in a better tone to Cana- dian exchange and in higher prices for Canada 45 and Canadian railroad is- sues. Australian issues also firmed frac- tionally. German government 558 ad- vanced a point and most Europeans were_strong on reports of progress in the Franco-German negotiations. Domestic issues were little changed. A strong tone in railroad stocks was mirrored by junior carrier obligations. High-grade issues were unchanged. United States Government bonds were quiet. PARIS BOURSE PRICES. PARIS, November 18 (#).—Three per cent rentes, 84 francs 55 centimes. Five per cent loan, 101 francs 25 centimes. Exchange on London, 96 francs, 44 centimes. The dollar was quoted at 25 francs 54; centimes. Some buying of fur coats for holiday and January sales events is reported in the fur trade, but the volume continues substantially below expectations. Prac- tically since the inception of the Fall season the weather has militated against active turnover of fur garments, with the exception of a run on the lower- price short coats. INVESTMENT TRUSTS NEW YORK, November 18 (#).— Over-the-counter market: A B C Trust Shares Sha Sec BId. Asked. 3 3% 8% 5% B s Corporate Trust Corporate Tr Accum Crum Foster. ... Crum & Foster 8 Crum & Foster Ins. ... Crum & Foster Ins 77 Se PO 2 SRQEPEN, : & es, s Diversified Tr B ... Diversified Tr PR Cerp Fi Fixed Trust A;;H Fund Tr Shrs A Fund Tr Shrs B General Equity A . Granger Trade Gi T S L s goawi RCE - 2! 4| Gen Th Eq 6s°40.. s Consolidated Gas of New York—-|N'Y. BicTr Si Nor Am Northern o1 Steel—Building _ products | T NOVEMBER 18, 1931. UNITED STATES. (Sales are in $1.000.) Sales. 315832-47. . 47 Rs"49 3 9 3%s M4 Allegheny 68 '50. Am F P 552030 AmIGChb5%s"49. Am Metal 5%s°34.. Am N Gas 6%s"42. Am S&R 1st 58°47. Am Sug Ref 6s°3 Am T&T cv 4%8'39 Am T&T 6ss f'60. Am T&T 5%8°43. .. Am W Wks 53 '34. . Am Wat Wks 6s'75 Argentine 58 *45 Arpentine 5%s Argentine May ‘61, Ju's9. Argentine 63 Oc'59. Argentine 6s A '57. Argentine 6s B '58. Arm & Co 4%s'39.. Arm Del 53 *43... 1 Atchis 45 1905-55 Atchison gn 4s '9F Atchiscv 416m'48. . At CT, 1at 455 Atl Ref db ‘37 Australia 43 ='56. . Australia Fs '55 Australia 58 '57 Austria 78 "43 Austria 78 '57 B&O4n'4s B&O4%S'33..... B&Ocv4Ls'f0.. B&O 1st 55’48 95 Bk of Chile 6% :I Chile 6% Rell Tal Pa fx B 4% R Ind Loan € 6346 Rerlin Cv FI s '55. Rerlin C F £148'50. Rolivia 7s '60 Bordaanx 6= "4 Rrazil R14s 28 Rrazil A48 27, Rrazil 7 Rrazil 8= "4 Rremen 7835 Rk Ed en A §s Rklyn Man 6= Bkivn Un 1st 6850, Rudapest fe'62 ... Buenns A f<'f1 Pv. Buff Gen El 4% #'31 Calif Packine 5840 Canada 4260 ... Canada 44«36 Canada 5<'62 .. Can Nat Rv 41456 Can Nat 414n'67 Can Nat 43%s°68 . Can Nat 5s Tulv’a9, Can Nat 5= Oct 69, Can Nor 448°35. .. Can Nor 35 dh *46 Can Nor 7s db *40. Can Pac b 4x. . Can Pacific 434 Can Pac 434 '60 Can Pac §s '54. Car Clin & O fs Cent Pac 45 49 Cent Pac 5« 6 Cent "1l GAE Fa'51. Cen Rv NJ & 5887, Cort-tA ah f s *48. Ches Corp 5s°47. CAORgen4%s'92, C&O 4%mA'3 C&O4%sB'95 Chi & Alt 3s Chi M&SEP 4% F. CMEStP 4% 589, C M StP&P 63 °75.. Chi&NW 41452037, C&NW 4%s C 2037, Chi& NWen 4%« Shi & NW 6148 °36.. Chi RI&P gn 45 '88. ChiRT& Prfds 34 ChiRTev4%s’'60. ChiRT&P 43852 Chile Cop db 5s "47. Christiana 6s '5. Term 4%s Cley Term bs* Colomb 6s Jan "61. Colomb 8’61 Oct.. Colon Of1 6s '38 Colo & Sou 4%s '80 Col G&E b8 May'52 Col G&E cou b3 '61. Com Inves 5345 49, Con G NY 4%s'51.. Con G N Y 5%s"45. Con Pow Japan i Copenhag 5s '52 Cuba %8s '45 Cuba R R bs Cuba Nor 5348 Csecho 8s 51, Del & Hud rf 4s'34. Del & Hud 6%8'37. Del Pwr&L 438 71 Denmark 43s '62. . Denmark 5%s '55 Denmark 6s *42 Det Edison rf Deutsche Bk 4% Dutch East T Eriecon 48 A'53... Erie gen 4 Erle ov b5 '¢ Erfe 58'75 Finland 6% French 7549 French 7%s '¢1 Gelsenk’hen 6 Gen Baking 5 Gen Motora 68 ‘37.. Gen P SV 5%8'39 Gen St Cas 534549, 5 . 45 German 6%s¢5...309 German Bk 6s'38.. 10 Ger Cen Bk 65’60 O German 7s rep *49. Goodyr Rub 58'57 GrandTr sf db 6s'; Grand Trunk Grt Nor 55 °73 Grt Nor gn 5% Grt Nor gn 7, Greek Hud & M adj 5357, Hud & Mrf 5857, Humble O1l b Humble O 5% '3: Hungary T%s 44 111 Cent 45 111 Cent 4% 111 Cent 6% 36 11 CCStL&N 4%a., 111 Steel 4%8°40. Inland St 4348 A'78 Inland St 4%s B'81 Int Rap Tr 53 '66 Int Rap Tr sta ' & Int Rap Tr 6532, Int Rap Tr7832.., Int Hydro El 44 Int M Co bs ret’ Int Match 68 47 " Int MM col tr High. Low. 101 1019 2:58 1002 1013 10111 9330 94 958 996 99 6 99 6 95 14 998 998 99 8 100 30 100 30 102 2 102 26 106 15 106 18 Hieh. Low. 6! 46 2:58 464 FINANCIAL. Sales. High. Low. 2:55 10 63% 63 63% 46% Int Pap 58 A *47... Int Pap 6s'56. Int Ry C A 6%5s'47. Int T& T 4%s’52.. Int T&T cv '39. Int T & T 58°55.... Irish Free St 5s Ttaly 7s'51. Italy Pub S 7s Japanese 514s '65.. Japanese 614 '54. . Jugosl Bnk 7s '57.. Kan CFtS&M 45" Kan City Ter 45'60. Kan G&E 4%s ‘80 Karstadt 6s *43. Kend 5548 ww <resge Found 6536 Kreug & Toll 68°69. Lackaw St 55 '60. Lac G St L 6s'34. Laclede 5345 C'53 Laclede 5%s D '60. Lake Shore 3145’97 Lautaro Nit 6s ‘54. Leh Val cv 4s 2003. Lig & Myers 58 '51. Loew's 6s ex w *41. Lorillard 58 '51. ... Loriliard 5%s '37 Lorillard 7s "44. La & Ark 53°60. ... Lou G & Bl 55 '52... L & N uni 45 °40 Lvons 6s'34. . McKes & R 5% #60. Manh Ry 1 90 Marsellle 6s Midvale Stl bs Milan 6%s '52 Mil E Ry & L 5861 9814 90V Mo Pac gn 43 '75. Mo Pac 55 A ‘65 Mo Pac 5s F '77.. Mo Pac 53 G Mo Pac rf 58 ‘81 Mo Pac 5%s Mont Pow bs ‘43 Mont P db bs A '62.. Montevideo 65 ‘59. . Mor&Co 15t 4% 8’39 Nat Dairy 5% s 48, at Ry M 4%s'57., Nat Steel 656 3. NY Cnrf4%s2013. ¥ NY O&W gn 4s'55. NY Tel 4%s ‘39 NY W&B 4%s '46 Nia Sh Md 6%s 5 Nord 6%s '50. Norf South 58 or St Pw 6s B "41, Norway 538" Norway Oreg-Wash 45 Orfent dev 5% Orient dev 6s '53- Pac G&E 58 *42 Pac T&T 1st 6 101% 10214 4 1037 102% Paris-Ly M 7s Faris-Or 5158 Pathe Exch Penn 43%s D '81. Penncv 4%s 60 Penn gn 4%s "65. Penn 4%8°70.. Penn 6s 64 Penn gen bs Peoples’ Gas 5: Pere Mar 4%s ‘80 Peru 65 '60. Peru 65 '61 Phila Co 5 Phila Elec 4 Phil & Read : Phillip Pet 5%s '39 Pillsb F M 6s PCC&StL 4% i P C C&StL 55 A '70 Poland 6s '40. Poland 7s '47. Poland 8550, Port Gn El 4% Porto Alegre Por RAm T Pos Tel & C 55’ Prussia 6s'52 Public Serv 4s ‘71 PubSv G 4%8°67 Pub Sv G 4%s 70 Pure Of1 5%5°37. Queensland 7s 41 Reaa gn 4%s A '97. Reading 4%s B'97. Rem R5%s A "47.. Rhinelbe 7s *46. Rhine West 63 °'63.. Rhine West 6s '55 Rhine West 7s '50.. 4 2 Roy D 48°45 ww, StL TM R&G 4s'33 St L&SF in 4s A ‘50 StL&SF 4%s'78.1 StL&SF p 155 B '50 StLS W 1st 43’89, StS Wen 48’32 San A & AP 4s’43. Sao Pau 78’40 ret. 70 Saxon 7s'45.. Serbs-Cr-S1 Shell Un Of1 Shell Un Ofl 58°49. Shinyetsu 6348 '52. Sinclair Ol 6%#°38 Sinc O 7scv A '37 Sinc Cr O 5%s Sinc P L 6s'42. Solssons 63 '36. Sou Bell T&T 58 *41 Sou Pac ref 4s'55.. 118% 41 95 Sou Pac 4%48'68. .. Sou P 4%8°69 ww. Sou Pac 4%s'81... Sou P&Or l%lzh 51 0 BN ANNOHmmANR A DA Taiwan EP 5%#71 Tenn EI P6s A '47. 83 Third Av rf Third Av 1st 55°37. Third Av adj 2 Toho El Pw 2. Toho El Pw 7s *56.. Tokio 5% s Tokio E1 Lt 65°53.. 7.0 UnSt W 6%s AT, Ud St W 6% 8A'61.. Ud St W 5%4sC'51.. ‘Unit SS Cop 6s°37. Uruguay 6s°60.... Uruguay 8s '48.... Utah P & L 58 '44.. Util Pw 53 ‘59 ww. Util Pow 6%s Vert Sug 1st 7s "42. Vienna 6# 52 147 % 61% 100% 100% 95% 95% 32 32 90 89% 89y RAL WAGE AR, PLANS CONPLED " | Executives and Labor Lead- ers Prepare for Meét- ing Tomorrow. BY VICTOR EUBANK, Associated Press Financial Writer. NEW YORK, November 18.—Rallway »!oMcials and labor leaders were yester- |day preparing their heavy artillery for the “get-together” conference hé¢tween employers and employes which is sched- | ulsed to be held in New York tomurrow. While it is not expected that any formal decision or action will be taken at this meeting, both the and the workers are hoping that their vari- ous viewpoints will be thoroughly aired and the way opened for future con- structive action which presumably can be taken by the individual roads in negotiations with their men. From the standpoint of the rafl offi- clals the most important question to be faced at the present moment is the *. matter of wages. They think—and the wish is a close relative to the thought— that the brotherhoods should volun- tarily reduce their pay, at least ‘tem- porarily, around 10 per cent. Labor Leaders’ Position. On the other hand, labor leaders say they do not intend to discuss wage re- i duction, but that the matter of wmem- ployment is a serious one with. them, and they wish to put it before rail heads. Also some of them are expécted to argue strenuously for a six-hour day at the existing rate of pay as one means for combating the jobless situation. In some quarters it is said that's few of the union leaders who recognise the plight of the carriers under present depressing conditions might listen to a proposal voluntarily to reduce. wages the roads. ‘They would insist that whatever reduction was made should be paid back %y the railways when better business war- ranted. w vkmed w’x&eme ?m\-er. is said to be A grea favor by important officials, who brand it as a socialistic proposition. The labor men that while the situation of the 48 not at all good the employes should ‘not be Eenlllud in favor of stockholders who ave previously recelved more or less fat dividends. “ The heads of the larger lines are unanimously of the opinion that the only way they can now be saved is by a flat cut in wages. They contend:that the action of the Interstate Commerce Commission in refusing them a-18-per cent increase in freight rates leaves no other alternativé. They. say. that the scheme of the Commerce , granting them _increases in in rates, whereby the revenue thus raised lhl.li beunpoole‘: n&r the benefit of the weaker lines, not really assisting llnle.s at all. i n trying the case before the union officials, the rail executives. cite - in- creased cost of operation and declare 'thlt growing competition fromtruck - and bus transportation in addi to | pipe lines has decreased their retmlm to such an extent that the majority. of the roads are faced with ruin. ' Some Opposition Noted. Decision of the railroad officials to meet a committee representing, the workers was taken last week at &.con- ference of railway presidents ip~-New York. The conference was an, - mal one and followed a meeting. of .the Railway Executives’ Association, which accepted in principle the _Interstate mmerce Commission’s rate-popling P estratil inde veral of the presidents are -under- stood to have spoken against meet the labor committee on the 12t Gikted by the imdivia luct lual roads. It was finally agreed to meet the union Tep- mm;‘ve;cflthm the idea that ‘Some- l.h;_hmu-t:mn. 15 t o e railway officials’ - sists of nine prefidenWDmfl” Willard of the Baltimore & OmNI6 as chairman. ke CHICAGO LIVE STOCK MARKET CHICAGO, November 18 (/) (United States Department of Agriculture).— Hogs, 28,000 head, including 9,000 head direct; active; steady to 10 higher than yesterday's average; 170-280 pounds, 4.50a4.60; top, 4.65; 140-160 pounds, 4.40-4.60; pigs, 4.00a4.35; packing sows, mostly 4.00a4.15; smooth sorts to 4.30. Light light, good and choice, 140-160 pounds, 4.40a4.60; lightweight, 160-200 pounds, 4.5084.65; mediumwel 250 pounds, 4.5024.6! 250;‘350 pou:d.s, 4.4024.65; medium and good, 275a500 3.90a4.30; pigs, good and choice, m% pounds, 4.00a4.35. : Cattle, 10,000 head; Calves, - 2,000 h?d: active market on few loads strictly good and choice steers gofng on shipper account; these as well as most offerings selli-z from 10:50 upward strong to 25 Iigher; others slow, but undertone stady to strong; low tutter and cutter cows and common, and medium butcher heifers firm to higher; she stock supply being short; largely steer run; 12.75 paid for weightly bul- locks; 12.35 for long yearlings. Slaughter cattle and vealers —Steers good and choice, 600-900 pounds, 7.50a11.75; 900~ 1,100 pounds, 7.75a12.25: 1,100-1300 pounds, 8.00a12.75; 1,300-1,500 péunds, 8.00212.75; common and medium;, 600- 1,300 pounds, 4.00a8.00; heifers,! good and choice, 550-850 pounds, 6.25310.25; common and medium, 3.25a6.75; -cows, good and choice, 3.75a5.25; common and medium, 3.25a3.75; low cutter and lmg.elrl‘ 2(.25-3.25. < ul yearlings excluded), g choice (beef), 3.7524.50; cutter dium, 2.50a4.15; good and 4.00a5. stocker 3 good and choice, 500-1,050 pounds, 5.2587.25; common and medium, 3.50a5.25. Sheep, 20.000 head: killing dlasses mostly steady with week’s char' de- cline; feeders strong to shade higher; desirable lambs mostly 5.25a5.75 to packers; closely sorted kinds, 6.00a6.10 to outsiders; some held higher; choice feeders, 4.85. Lambs, 90 pounds glown, good and choice, 5.0026.25; medium, 4.2525.00; all weights, common, #3.50a 4.25; ewes, 90-150 nds, med; to choice, 1.25a2.75; all weights, cull and common, 1.00a1.75; feeding lamb$, 50- 75 pounds, good and choice, 4. .00. TREASURY CERTIFICATES. (Reported by J. & W. ) R RRIGRY - & W Selmn & G and me- vealers (milk fed), choice, 5.00a6.50; cull s Dec. Dec. Mar. 1 s Dec. 15 s Sept. 15, —— . ”fiwzx Andrew Carnegle was uimxg A a year and had dete: o exe € 1932 quit and spend his surplus penses for philanthropy. Sales. High. Low; 2 Wabash 2d5s°39.. 3 70 707 ] Wabash 55 D '30... Wabash 5%s'75... 11 Walworth 6s A *45. 2 40 51. Union 63 60. Wes: Un 648 ‘36 Wil & Co st 6 '41. WIinRAT ‘Wis Cent gen 4s ‘36 Yokohama 6s ‘$1 Ygstn SAT 65 A'78., Ygsto S&T §s B'70. 10