Evening Star Newspaper, November 25, 1931, Page 14

1A—14 wwx HOPEFOL BUSIESS FORECAST 1S ADE Signs o-l Recovery Are Al- | ready Apparent, Says New York Economist. i 4 BY VICTOR EUBANK, ® Associated Press Financial Writer. NEW YORK, November 25.—Ameri- can business is already showing signs of convalescence and 1932 may point the way to comnlete recovery, in the opinion._of Paul Mazur, prominent ‘economist, as expressed in his latest ook, “New Roads to Prosperity; the Crisis and the Way Out.” Whigh is ‘be published next month. At the same time Mr. Mazur, who s ‘a partner of the New York banking firm of Lehman Bros., points out that it is conceivable that conditions might make it necessary for the United States to follow England in checking gold e gut the banker-economist is highly ful for the future and states his nite belief that * toward event, like a physical dmxm or a radical social upheaval, or a com- plete loss of faith i nthe banks, inte nless some un- ‘enes, 1932 seems destined to be a year of ;nwlmenw of the world back to 27 status of reasonably good ess. Criticizes Capitalism. Mr. Mazur, although listed in the italist class himself, does not let m fact deter him in a sharp criti- cism of capitalism. “Capitalism,” he writes, “is guilty of allowing itself to grow up like Topsy— vmmut order, without contrcl, with- regulation. There has been no muumenc allocation of capital, no es- tablishment of fundamental forces of control; in fact, it is the brutal truth that in this respect dthe::n m‘heoe‘n t?l‘e) vidence unders! :m o‘ warsllht and concerted The writer, however, is not disheart- ened and believes that "unquunennbly, ‘we shall muddle out of the mess some- how, if political leadership does not interfere too stupidly with the action of ma economic forces involve "?.he ‘devaluation of the may very well prove to be the last dramatic act ol“th: geflnt!l:‘:nphue of clical depression.’ the gold standard of sterling was the most_striking anomaly of the second half of 1931, and ‘mutzd‘m:“m.-}:lly ects were noted when Eng- favorable effe " ‘-hmubc““; = < In discussing the y of United States following in the footsteps of England, which he believes is not so fantastic as it appears in the light of t.he large gold supplies of the country, . Mazur says: European Exchanges. “The depreciation of European changes t!?m'uu America wltb t.he loss of foreign markets and with in. creased competition in domestic m-r- it ition inst foreign ex- Wwwfo avln&egxhndl enmple u‘chlnle. Evefybody’s Business Acceftance of Wage Cut by Emgployes of Georgia & Florige Rastioad May In- dicate - Willingness of Labor to Co-operate in Meeting Emergencies. BY DR, MAX WINKLER. Epecial Dispatch to The Star. NEW YORK, November 25.—Accept- ance by the employes of the Georgia &flofldlmmldofllflpercentL wage cut may be looked upon as an indication of the willingness on the part of labor to co-operate in meeting emergencies of concern to both the employes and railroads. ‘The reduction does not constitute a ecedent likely to be followed at once E other systems, but was agreed to because of absolute necessity as re- quired by the situation of the carrier, which is in the hands of a receiver. ‘The men realized that unless economies could be effected they might be entirely out of employment. ‘The oversold position of the market was amply demonstrated by the imme- amw respouse on the part of railway res, with the improvement spread- ml the entire list. Method of Procedure. As to rallway wage adjustments in general, the question is not quite so simple as many incline to believe. Ac- cording to the railway labor act of 1926, 2 board of mediation is to act as in- termediary in disputes over rates of pay. If unsuccessful, the board must endeavor to induce the parties to sub- mit their controversy to a board of arbitr: ‘The latter has power to make awards, which are to be filed in the District Court, in which arbitration zroceedlngx are conducted. The award binding on both sides. If the work of the board of arbitra- tion results in failure, the board of mediation must notify the Druldenl who may create a board to investigate and report on the dispute. From the foregoing, i§ is apparent that unless the railway employes and executives agree in regard to a reduction in wages, juestion is not one which can be solved without much delay and in- convenience. the’ amply supplied with fa- ilities to meet requirements so that ulelytnbengneedtor FINANCIAL. THE EVENING STAR, WASHINGTON, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued From Page 13.) Stock and Dividend Rate. ll 1 94 10% N Y Chi & StL pf. 227 112 N Y & Harlem (5) 2% N Y Shipbullding.... 95 N Y Steam pf 10 Noranda Min 112 Norf& Westn (112). 314 North Am Aviation. 26 Nor Amer(b10%stk) U 35 Norwalk Tire & Rub, 19% 63 Ohlo O1l. . 4% 1 Oliver Fa 26 4 OlivFarm Eqprpf.. 5814 20% Otis Elevator (2%).. 16% 3% Otls Steel. . 6915 14% Otis Steel pr pf. 113% 106 Outlet Co pf (7) 39% 20% Owens I1l Glass (2). b4%h 29w Pacific Gas & ElI (2). 6914 35 Pacific Lighting (3). 26% 9% Pacific Mill; 131% 100% 133 114 1% 4 50% 10% 2% % 2% % 2% Pacific T & T pf (6) Packard Motor (40¢ Par-Pub (b10% stk) Park Utah. Pathe Exchange (A) Peerless Motor Car. Penick & Ford(t1 \fi) Penney (J C) (2. Penn Dixie cemem. . Penn Dixie Cmt pf. . Penna Rallroad (2). Peop Drug Strs (1).. Peoples Gas(Chi) (8) Pere Marquette Ry .. Pere Marquette pf 4% Pet Corp of Am (1).. 6% Phelps Dodge Co. ... 43 PhilaCo 6% pf (3).. Pplla&Reading C& I 111ips-Jones pf (7) 9 Phillp Morris&Co(1) 4% Phillips Petroleum. 10% 25% 56% 20% Pillsbury Flour (2) 26'% Pirelll (A) (m3.13). 3 Poor & Co (B).. 814 Postal Tel&Cabie pf. 89% Proct & Gamb (2.40). 114 Pro & Refiners. 51% Public Sve NJ (3. 00). 87 Public Sve NJ pf (5) 97 Public Sve NJ pf (8) 97 Pub Sve G&E of (5).. 22 Pullman Corp (3). 5 PureOll. 6414 Pure Oil 12% Purity B: 27% 8% Hadio Corp 56% 42% Radio Corp pf A l%. 21% Radlo Corp (B) (5). 21 Radlo-Keith-Orph A. 19 61 10 RRSecICstkC(4).. 50s 971% 45 Reading Rwy (4)... 30% 3% Real Silk Hostery... 90 13% Real Silk Hosiery pf. 19% 4 Remington-Hand.... 88 20 Rem-Rand 1stpf (7) 0% 8 Roo Motor Car(40¢) . 26% ubiic Steel 10% ‘1% )l'A Ritter Dent Mfg 1% . Insur (2.20).. Rossia m laV; Royal Dutch of N’ 3 St 48] %), 10% lnumfl&)(n'fl 10 Skelly Oil pf ". 2 Snider Packing pf. 12% Sncony-vumun (l) ISZEI 7 South Port Rico Sug 28% Southn Cal Ed (2) 35% Southern Pacific (4). 42 Bales— Auuoo High. Low. mou uhn 10% 10% 17 % 18 * Spalding 10% - % 15% —1% 9% - 6% — 1 15% 9% 6% 5% 2% 4214 Stand Ga: . + % -1% 28 —-2% -3 - % -3% i iy - 2% 4 8% 9% Starrett( 4%, Stew: 13% Ston 40% 1% 15% 61s 9ty 36% 65% 614 13 Superior +1 - % 2% Tenne: 15 Texas Col 20% Tex Gulf 4% Tex Pacl 5% Third Av 314 Tid, 814 Transam 51 2818 27% 1% 85'% Underwo Union Ca Un Tank Unit Fru 951 26 1% 8% 1 lE lO’h Unit Piec U S & For 4% 68 11 US Pipe 8 USReal 5% 9% 12% 35 57% U S Steel S Steel “ora, 11'/. 45 by 6% 3% 13 13% Walwort ‘Ward Bal Webster W West Pa West Pa West Pa West Pa Western Western 2% White Se: 1% Willys-O 42% Woolwor 50% Wrigley ~15%_ 3% Yellow T 76~ 17% Yellow T! 78 1% LN Dividend rates as XEg-dividend. stock. fPlus 9% BPlus 2% in stock. | ook PP 2% in 5 Stock and Dividend Rate. 12'6 Southern Rwy (m§). 315 Sparks Withing (1).. 9 Spencer Kellog(80c). 121 Stand Brands (1.20). 29% Stand Gas&El (3% ). % Stand Invest Corp. .. 281 Stand Oil of Cal(2%) Stand O1l of Kansas. 281 Stand O11 NJ (12). U S Freight U 8 Gypsum 1 U S Hoffman. U 8 Indus Al 2% U S Leather. U S Leather (A). U S Leath or of (7)., U 8 Rubber. U S Rubber 1st pf. U S Smtg & Ref (1). U S Smtg&Ref pf 3% nited Stores (A)... United Stores pf (4) x Uti) P&L(A) e12.16. ’lfl'\ 18% Vanadium Corp. 1 Vi a- Va-Caro Chem pt (1) Wabash R R. . Warn Bros Pictures. ‘Warren Bros Warren Fd&PiBe(Z) . son O11&Sno(2). Wesson 0&Sno pf (4) 3 Wilcox Oll & Gas.... % Wilson&C...... 15 Wilson & Co pf 20 Worthington Pump.. 80% 30 12% Yale & Towne (2)... . 19° Ygstwn Sheet&Tube. 141 Zonite Prod Corp (1) RIGHTS—EXPIRE. % Elec Po&Lt 8 PeopGL&C.Jan15 6 Sales of Stocks on New York Exchange. © Payable In cash or stock. Bales— Add 00. mieh tew. Close. 15 134 12% 12% (AG) (1).u s&E1 pf (4). DR BN B | LS) (12%). 19% Sterling Secur cv pf. t Warnel Webster 9 ' Studebaker Co(1.20)’ 99 Studebaker pf (7 1614 Superheater (2%)... Ofle. s 114 Sweets of Amer (1). Svmington (A) Cort o (2) Sulphur(3) 214 Tex Paclfic Coal&OIl. fic Land Tr. 2 Thermold Co en 201% Tide Water As pf(6) 4 Timken-Detroit Axle 9% Timken Roller B(2). 1% Tobacco Products. .. 7 Tobacco Prod A t95c erica Corp. . 3 Tri-Contl COrp...... Tri-Contl Corp pf(6) 71 Truscon Steel (60c) . 0d-EII-F (3) rb & (2.60) Union Ofl of Cal (2). Union Pacific (10).. Union Pacific pf (4). Car (1.60).. Unit Afreraft. . Unit Biscuit (2). Uit Cigar Stor Unit Corp (76¢). U2t Corp pf (3). Unit Elect tric Coal it (3). 'nit Gas&Im(1.20).. Unit Gas&Im pf(5).. e DWpT 6% rn Secur. oroammmmSanenda & Fary (2). ty & Imp. o 5 a= Corpn (4). pr(T)... Chem. h Co. king Eune weh aaaa - Eisenlohr. . T Elec A (T).. Elpt(7)... Pwr pf (6). Pwrpf (7). Maryland Union (6) Westinghse A B(2).. Westinghouse (23%). ‘Wsthse EM 1st m3% Wheeling Steel. Wheeling Steel pf 3). wing Ma pf. verland th (14.40).. (Wm) (4).. ruck. ‘ruck & C Df 10: ' 2 1 2 9 9 4 2 8 5 1 16 ..Dec 4 31 %% 3w 3 200,000 12:00 Noonm.... 21,000,000 given 1n the above table a payments based on the latest cuarterly or half-ye sLess than 100 shares. 1Partly extra. in stock. a Paid last year—no reguias " Phus 5% 1 stock. Plus 50c in_special K Plus this_year—no regular stock. 1 Dreferred stock. k¥ and for the year will likely as they were last year, Mitchell, chairman of last be fully as the board. Mfefl'lnl to the City Co., the securi- ties affiliate of the bank, Mitchell states that earnings are of the inactivity of the investment market. Although he could not, of course, this time indicate what the adjustment is likely to be in connection with the revaluation of securities accounts, Mr. Mitchell regards current earnings of the bank as very satisfactory. Prosperity Without Inflation. A return to prosperity without in- flation is assured, in the opinion of . A. Miller, president of Willys-Over- land Co. This, according to Mr. Miller, is the only true and lasting prosperity. Mr. Miller points to the fact that large sums will be expended by auto- mobile companies during the next three or four months to direct atten- tion to the merits of their products. He also thinks normal buying of auto- to meet actual Lrnnsponnlon necessities will in itself go far toward the restora- tion of good business of every kind. This lhould be helped very materially by the efforts of the United States Government along financial lines, both at_home and abroad. ‘There is nothing on the horizon to encourage business construction, in the | opinion of Louls J. Horowitz, chairman of the board of Thompson-Starrett Co. ‘This, says Mr. Horowitz, is true not only in New York, but even more 80 in Detroit and Chicago. Referring to his own company, Mr. Horowitz states that earnings in the last six months of the fiscal year will not compare favorably with the first six months. For the quarter ending Octo- ber 29 net profits showed a decline of about 45 per cent from the preceding quarter, and a shrinkage of well over 60 per cent as compared with the three months ending October 30, 1930. The decline in earnings of the Brazil- ian Traction, Light & Power Co. is due largely to the decline in the value of Brazilian exchange, according to A. W. Adams, secretary-treasurer. Considering the highly unsatisfactory congditions in Brazil, where the company owns and operates extensive utility properties, a shrinkage in gross of about 24 per cent for the first 10 months of the current year, as compared with the corresponding period in 1930, may be regarded as somewhat gratifying. (Copyright, 1931, by the North American Newspaper Aliance. Inc) Tobacco Products. NEW YORK, November 25 (#)—A plan for voluntary distribution of sets of Tobacco Products Coi tion, considered at a meeting of 3 will be presented to stockholders. It ides for approximately $10 for each share of class “A” stock and approxi- mately $7 for each share of common. iy eeinaac Merger Plan Approved. NEW YORK, November 25 mobiles, trucks, parts and accessories | An WASHINGTON STOCK EXCHANGE QUOTATIONS AND DAY’S SALES SALES. Pot. Elec. Cons. 55—81,000 at 102. Mergenthaler Linotype—12 at 62, Georgetown Gas 55—$500 at 101. UNLISTED DEPARTMENT. | “Army & Navy Club 55—$100 at 85. NOTICE. ‘This nxchnnze will be closed tomor- row, Thanksgiving day. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Am!r 'l'tl i TOI “zl illl l‘o Oun 5! c. of Va. Clmtll Tucllon R. R. 5 City & Suburban 5s ueorntovn Gas 1st 5s. Potomac ns. ;;ln'r‘nu & Wllhlnnon Gas 4%s hington ber RIS Snase Sm‘fi.m Sountry’ club” er D. 6s. Rash. Mk, Cold storass 5 STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9) g Capital ‘Traction Co. (4) 2 Washington Gas Light Co. \m N. & W. Bteamboat_(12). 165 3 o ol Ri w::g Rvy. & B pia ). NATIONAL BANK. g o0 ommercial (siamped) (10} Tod-Amer. Natl. Bk & T Iiverty" (i Eiberty, (b Metropolitan Riggs (15 e cond (9e) .. Washington (12) ms‘r COMPANY. 298 Co. (15) 6). @ 43% ] 00 Sec. & Tr Camlnznnl 'rnm ¢ Natl. Say, (123 Wash. Loan & Trii SAVINGS BANK. Bank of Bethesds (6). ngs (10) Nationsi "unton” (i85 TITLE INSURANCE. Columbia (6h) Real Estate (6 MISCELLANEOUS. Col. Medical Bldg. Corp. (8). Col, Band & Gravel ptd: (7). Mfg. ptd. 2 DI 5 Lanston Monotype (6) . Mer. Tr. & Stge com. (10 Mer: Tr. & Stge. pfd. () Mergenthaler - Linotype Natl Mtge. & Inv. pfd. ( Peoples Dris stnm pfd. s & G. pfd. . Mech. com’ s Wash. Med. Bldg. Corp. (1) Woodward & Lothrop com. (1.30) Woodward & Lothrop pfd. (7) *Ex. dividend. 52% extra. bBooks closed. ¥2toto extra. nzsc extra. 3% exi 130c ext 4% extr §1% extra. 5% extra. ell2% extra. Receivership Asked. LOS ANGELES, November 25 (#).— A receiver in equity was asked today for the Rio Grande Oil Co., $15,000,000 SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co) Allis-C) aimers Co. 55 _1937. Ve 93 Texas corporation, with hemqunrterswA here, in a petition filed in Federal Court by the Barnsdall Oil Co, of California | and the Interstate Equities Corporation. | The petition asked a receiver be named to conserve the company’s assets in California, a, New Mexico and Texas and prevent creditors from ob- taining judgments against them. mnsxm! CEBTIFICATES. DO, WEDNESDAY, NOVEMBER 25, 1931 FINANCIAL. BONDS AR LOWER | (o= vomx BONDS sroc scauvc] | PROVED COTTON AS RAILS DECLINE Market Slips. Gradually in Light Trading—New Lows Recorded. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, November 25.—Led by rallroad bonds, today's bond market slid resistlessly “into new low ground for the bear market. Some of the rail- road issues were at their lowest prices since the 1920-1921 depression. In some s comparisons could only be made ilng back to the 1907 panic and e 80s and 90s, and some of the prlces were the lowest on record. At no time, however, did trading approach active proportions. Those selling their securities were forced to accept much reduced prices because there were no supporting bids for many issues. Buyers could make their own prices. Industrials were inclined to be steadler, but few issues were able to withstand the pressure of the general weakness. Declines of a point or more were shown by Keith 6s, Texas Cor- porations 5s, Youngstown Sheet & Tube 5s, Phillips Petroleum 57 ican & Foreign Power W Union bonds continued their slump. International Telephone issues lost opening gains. International Match 5s and Kreuger & Toll 55 sold off in spite of reports of new extensive investments in the United States by the. Kreuger interests. Lorillard 525 gained fra tionally on the announcement that the entire issue was to be called at 10114 on January 1. The high-grade group was firm, wlth United States Governments higher. Yonkers, N. Tuesday to a syndie wWere reoffered at prices to yleld 4.50 to 4.60 per cent to maturity, which is in line with exist- ing_municipal quotations. ‘The foreign department was neg- lected. German issues slumped de- spite_announcement of the reception of December 1 interest and sinking fund payments on a long list of issues. Japanese bonds were lower. British 514s reflected the prevailing uncertainty he forejgn exchange market. So Canadian government bonds. I‘hexe was no new developnfent in the railroad situation beyond the an- nouncement by the Northern Pacific, the Great Northern and the Chicago, Burlington & Quincy managements that a 10 per cent wage cut will be put into effect if the unions refuse a vol- untary reduction. This was in line with the Street's expectations and was viewed favorably. Nevertheless, it did not serve to check the slump in stocks and bonds went with them. New York Central u(undln( 458 dropped 2 points to 8 new low. North- ern Pacific 3s were 1)> points lower. ‘West_Shore guaranteed 4s and South- ern Pacific collateral 4s both lost points. Similar losses occurred in Rock Island refunding 4s, Canadian Pacific 4s, Baltimore & Ohilo 4,8 and many other carrier issues of investpent quality. In speculative rails the declines were of about the same dimensions. Alle- ghany 5s lost 2 points. So did Pere Marquette 4!2s and Frisco 412s. Other weak issues were St. Paul 5s, St. Paul adjustments, Boston & Maine cago & Northwestern 4%s, Erie 5s, Illi- mois Central 4%s, Missouri-Pacific 5s and Nickel Plate 6s. Extent of Decline. NEW YORK, November 25 (Special). —The deciine that has been in progress since the high point of the recovery was reached on November 9 is one of ‘he longest and most violent of the year. It has erased about two-thirds of the average rally between October 5 and November 9 and has witnessed a break in the rails well below their former low average. During this decline, however, the volume of transactior® has been comparatively small. There has also been relatively little liquidgtion, except in the rails. Recently tHe tendency toward a diminishing turnover has been more pronounced. This gives hope of a nearby rally, if only on technical mar- ket conditions. INVESTMENT TRUSTS NEW YORK, November 25 (#).— Over-the-counter market: Bid. Asked. e 3% 5 &"Pac Int ‘inits " & Pac_com ww Atl & Pac pf war . Bansicilla B! o8 =l mZa sh Chain Grnvguulhes Chartered Chartered Inv pf Chelsea Excn A B! » : 3, Tra Gude: Winmill. Trad Incorp Investors . Incorp Invest Equii. Independ Trust Colony Iny Trust Qld Colony T lony, Trust Assoe Betrol Pubi A Selected Incoms Sh Selected Manage Trust Shawmut_Bank Spencer Trask Pin d Am = g-.;- S 5 Street 1 auur of Am Tr Ve ntacadon 1S : » 85 _wSuwscaal SO %! 's | C& W Ind cn 4s'52. UNITED STATES. (Sales are in $1 Sales. -47.. 25 Lmuua: 7 L 4th 43,8 33-38 U S3s1951-5. US3%s49. US3%sM41-3 US3%sJ40-3, US3%s43-47.. US3%s46-56 U S 48 44-54 US4%s47-52 Abitib] P&P 5s°53. Adams Exp 4s Alleghany Cp 58 '44 Allegheny 68 ‘5 Allis-Chalm 55 °37. Am Beet Sug 6835 Am F P 58 2030, Am Wat Wks 6s 76 Arpentine 5% Argentine M Australia 58 '55. Australia 58 ‘57 Austria 7843, ... Austria 78 '57 ctfs. B & O Toledo Ban & Aroos 4 Bk of Chile 6% 5 Bk Chile 6%s'61. . Batav Pet 4148 "43. Belgium 63 ‘5| B Ind Loan C 63 46 Berlin CE 6%s ‘50 Beth Stl pm bs ‘36 Beth Stl rf 53%s Bolivia 7 J Bush T Bldg Bd'lo Canads 4360, Canada ¢ Can Pacific 4% Can Pac 43%s '60. Cent 111 G&E 58’5 Cert-td db 58 '4 Ches Corp 55 47 C&O 4%sA’93, Chi M & StP 4%sC. C M StP&P 6s'75. CM&St Pad) 6 ChI&NW g 335 '87. Chi&NW 4%s8 2037, Chi Un Sta 65 B*63. Chi Un Sta '63 C& W Ind 5%s '62. Chile 65 '60. Chile $s°61... Chile Chile 78 * Chile Cop db CinUnTrust 5 CCC&St L 4%s E'7 Clev Term 68 '73 Clev Term 5 %: Colomb 65 Jan '61.. Colomb 68 Colon Ofl 63 '3 Colo & Sou 4%s Con G NY 434851 Con Pow Japan 7s. Constum Pow 58 '52 Com Inves 535 °49. CC Md 1st rf 58'50. Copenhag 5s '52 Cuba 5%s *45. Del & Hud rf 4s'34. Denmark 4%s ‘63 Denmark 6s°42. DRG& W 55"78... Det E G&R4%5'61 Det Edison rf 55'43 Deutsche Bk 68 ‘32 Dodge Br cl 68 40 Duquesne 4 Dutch Fast 1 5 Dutch East I Mar. . East C Sug 778 '37 Erfe con 48 A '53. Erie conv 48 B.. Erie gen 4s. Finland 78 ‘50 Fisk Rub 854 French T%s '41. 'hen 6s'34. . German 7s rep ‘49. German Bank 7s ‘50 Goodrich cv 68 '45. Good 1st 6% Goodyr Rub 68'67 GrandTr sf db 65" Grand Trunk 7s" Grt Nor 4%s'76 D. Grt Nor 6873 Grt Nor gn 5% Grt Norgn 7s Hud & Madj 5 Hud & M rf 5"57. . Humble Ol 6337, Humble O 53832, Hungary T%s 111 Bell Tell 58°56. . 111 Cent 48 '52. 11} Cent 48 111 Cent 4% '66...., 111 CCStL&N 58 Ao 000.) High. Low. 100 99 3 101 4 939 94 8 98 7 986 984 988 988 100 10 100 4 1028 1024 105 10 1058 1011 939 946 987 2:58. 9 100 28 100 23 100 27 1013 3 99% 66% 8 T2% 9% 9 100% 100 9 102 101% 1111% 1% 3 4 1 14 15 -~ CETEET - pRAaH® xonNee AnTenwBanEaD0 23% S 95% 7 lll 113% 21 118% 118% N 7% 36% 36 104% 104% 88 5T% 64w 52 41% 364 6 45 - MANN®D NLNND AR D 36% 45 T11 Steel 4345 "40 Inland stl%tA 8 Inland St 4 Int & Gr Nor 6s°'52, Int M Co 6s ret’dl.. Int Match 5s*47.... 5%8°65., panese 634s ‘54. Jugosl Bnk 7s 57, Kan City Sou 5 Kresge Found Kreug & Toll 5: Lac G St L 6s 34 Laclede 5348 C'53. Laclede 5% s D '60. Lautaro Nit 6s ‘54 Lig & Myers 5s '51 Lig & Myers 78'44.. McKes & R 5% %50 Manh Ry 1st 45'00. Man Ry 2d 4s 2013. Mexico 5s A *45. 1 Mil El Ry&Lt 68 *71 M StP&SSM cn 4s.. M StP&SSM MK & T adj 5s { MK&T pr In 6sA’63 Mo Pac 55 H '80. . Mo Pac rf 58 81 Mo Pac 5% A ‘49, Mont Pow 58’43 Nassau Elec Nat Dairy Nat Steel 556 N Eng T 1st 68 52 NOT&M5sB" NOT&M5%s 54, Nw S Wales Nw S Wales 58 ‘58. NYCgn3%s'e7., N Y Cent 438 2013. NY Cnrf 4%s 3013, NYC rf im 68 2013. 35 N Y Fd 1st cu-m. NY FLH&P 4849, NY NH&H 45 5| NY NH&H 4%s NYNH&H clt 65'40 NY O&W 18t 492, NY St Ry 4%8'62 NY Tel 4335 3 NY W&B 44 Nia Sh Md 5% Nord 6% '50. Norf South 58 Nor & Wn ev No Am Co 58 61 NorOT&L 6= 47, Nor Pac 3s 2047, Nor Pac 4%s 2047. Nor Pac r16s 2047, Nor St Pw 58 A "1, K Ore Sh L 53 gtd *46 Oreg-Wash ¢s "61. Orfent dev '53. .. Pac GRE 5s 42 Pac T&T 5. Paris-Ly M 6 Paris-Or 5% Penn gn 4% 5 '65 Penn 47%1°70. Poland 8s'50 Port Gn El 445’60, Pos Tel & C 5s'63. . Prague 1!4- '52. Pruss Pub Sv Pub SvG 4%s 7 Pure Ofl 5%5°37 Queensland 7s *41 Reaa gn 4%s A 97, Rem Arms 6s A '37. 47.. RIAr&L4% Il. Rome 6%s '52. St P Un Dep SanA&APds ll. Sao Pau 78’40 ret. . Sao Paulo 8s Sao Paulo 8550, .. Saxon P W 6% Seab A L 4s st '50.. Seab A L cv 6345 Shell Un Ol 68 *47. Shell Un Ol1 6849, Shinyetsu 63s '62. Sinclair Ol 6%8'38 Sinc O 7scv A ‘37 Sinc Cr O 5%s °3i Sinc P L 68’42 Sofssons Solvay Am bs Sou Bell T&T 68 *41 SW Bell T s 5 Sou Ry 6%s '§6... St Ol N J 58 °46. 3tOIN Y 4%s'61. Sweden 5%s '54... Tatwan E P 5% 71 Tenn Cop 6s "4 Texas Corp Tex & Pac 6s B "l‘l. Tex & P5sC'79... Tex & P 63 D '80. .. Third Av rf ¢s°60.. ‘Third Av adj 5s 60 Toho El Pw 6s°33.. ‘Toho El Pw 78 '66. Tokio 5%s61..... Toklo El Lt 6s'53.. UnSt W I" A" Bales. High. Low. 2.53 6 99% 99% 99'6 3 1s 10 37 1 ralomgrmaann Seak 18 16 2 27 3 28 1 4 % - 1 1 3 4 15 - - R = R L L 6 24 ET RS 10 EEI=TRR 11 1 3 10 i 10 82 LY P 12 5 4 4 26 2 30 4 * 3 3 85 85 !&68‘ so 20 60 s 1004 103 83 83 UUAlITY 15 URGED Commerce Department Su- vey Contains Suggestions for Southwest Growers. BY Y_LOUIS E. VAN NORMAN. The “simplest way to rem cotton situation in the Dnited Seain “I: to grow better cotton, not more of it. This is the conclusion to be drawn from the survey of the cotton produc- tion and distribution in the Gulf South- ;;-nt.mmadepubucbyme Department of Moreover, the report polnu ous, it pays to diversify crops, to lower costs of production through better orgapiza- tion and practices and, generally, to improve marketing methods. 3 Survey is Extensive. Released to the wbul: just aftervthe Board, in co-operation Federal Farm with Southern bankers, program to hold 7,000,000 bales oficot- ton off the market until July 31, i an effort to prevent further shrinkage.of prices, this study by the Domsuc glonal Division of the Bureau of "— eign and Domestic Commerce an interesting and useful NCW fll cotton production md distribu Arkansas, Louisiana, l]m. souri, Tennessee, Ok.l.lhwml and Texas. These_States supply 40 per cemt of the world's demand for cotton and:-to this region the cotton crop represents a value of a billion dou.n a yur,!'n.h more than five million people dw- ent on it, at least partially, for a living. ‘The cotton crop of these States repre- sents 70 per cent of the total United States output; occupies more tham 35 per cent of the area’s crop land; amounts to 64 per cent of the gross farm income from crops, and clai direct interest of more than one- nels of trade instead of being, M on the farms where it is produced— hence its profitable disposal after duction of vital interest toisi farmer. apa Trade Competition. Competition from other fibers, M as rayon, wool and flax, have tll'Qu- tributed to the present difficultiés of cotton. The crux of the problem, iow- ever, in the judgment of the compiiers of this report, is to be found in foreign competition, lower yields per acre. a marketing system whlch «does not . Better grade Mm would a lona way toward meeting foreign. - petition, the department investigators rrying lr!u. “The price of cotton is mhd world mrknl. from’ which it is Te- flected - to smaller ‘and lastly to uu l-mm' market,” the: re- port says. ' ’ | Ccommmiany, B o E CHICAGO LIVE s'mat lnnr CHICAGO, Novtml'r 25 m-(mn- ed States Department ot Hogs—Receipts, 22,000 head, ‘inclubling 10215 5,000 direct; active; 15a20 higher; 170- kid 210 pounds, 4.55a4.60; top, 4.65: m— 280 pounds, 4.50a4.60; ‘uo-‘no Wh‘lfl 13;2 4.3524.55; pigs, 3.75a4,25; packing 201 | 3.9084.10. Light light, lw-lw pounds 4.35a4.60; 'light - 1 99% o weum. e 84 70% 92 94 103 102 45-,5 and medium 50 4.5004. 45taiss; % 65; heavy weight, 250- 350 po\mu 4.408 sows, medium and 00 pounds, uo-us; igs, ‘-M chn!ee, 100-130 ds, 3.75a4.25. Cattle, 13,000 head; calves, 2,500 head; general steer market about steady; top- py kinds under pressure, but grades a little, ac- tion; sizable xuwly" choice offerings selected off international show. on 12\ -le uun.uptnuw-ndbc ~ 91 924 | © heavies, early, 12.2! um 'eghu, 12.50; bulky 7. fo 50% to strong; largely steer steady 451 |un. Slaughter cattle and 58 82 5% dlum 2.50a4.25. sfeen. and choice, 500-900 98% lmlll (mrlmu excluded), flod E choice: (beef), 4.00a4.75; cutter to me- ‘ealers (milk fed), good arid choice, e 51m7w~ medium, 460‘550‘“:“1 ‘and fed Western lambs, ooo 26.50. to pack- ers; few 6.60 to outsiders; some teld higher. 5.75; all weights, common, 3. .75, Ewes, 90-150 pounds, medium wmehdu. 1.50a3.00; all weights, cull and common, 1.25a2.00; feeding lambs, 50-75 wM. good and choice, 4.50a5.00. FOREIGN EXCHANGE. schi md-nm. pengo. Prague. crown (nom.) zloty. Bales. High. UdStWe%sA'S1.. 3 20 Utll Pow 5%8'47.. Vanadium St 68"41. Walworth 6 A" . l!% Warn Br Plc 68'39. Warsaw 7s ‘58. 1 IUK Wll Ih l.t 48 Zldl. P u Wm lu c 2% 2 West Pac 5846