Evening Star Newspaper, August 29, 1931, Page 14

A—I4 ¥ FIN ANCIAL. THE EVENING STAR, WASHINGTON, D. C., OF COURSE NOBODY LOVES A DETOUR, BUT SOMETIMES THEY’'RE THE ONLY WAY TO GET THERE IN AVIATION URGED! Draft of Proposed Legisla- tion Is Prepared by Bar Committee. BY DEAN DINWOODEY. One more plan for uniformity of State legislation regulating aviation has been presented for consideration with the numerous other proposals pre- viously offered. This subject has re- ceived the attention of many individ- uals and organizations and has been the topic of several conferences within the last two or three years. ‘The draft of a proposed “uniform seronautics code” prepared by the Standing Committee on Aeronautics of the American Bar Association, has just been announced for consideration of the annual meeting of the association st Atlantic City September 17 to 19. New Features. New features in this plan of the law- yers to remove some of the difficulties besetting aircraft operators, by making aeronautical laws and regulations iden- tical in every State, merit the study of those seeking a solution of this prob- lem. In no other field or industry, probably, is uniform State legislation more needed. Acting on the belief that the old rue of law to the effect that the own- ership of the air space above his land was vested in the land owner is “a legal untruth,” the committee has discarded this long-assumed property right. In only two cases in this country has a property owner challenged the use of air space above his land for the opera- tion of aircraft. In its aeronautical code the commit- tee provides that flight in aircraft ‘within the “navigable air space” is law- ful. “unless at such a low altitude as to interfere with the then existing use to which the land or water is put by the owner, or unless so conducted as to be imminently dangerous to persons or property lawfully on the land or water beneath.” The code would not prevent, it is suggested, an owner of land from taking possession “of the superincum- bent air space to any height to which fancy may aspire and pocketbook permit.” Every State adopting the ccde would have an aeronautical commission or officer to promulgate and enforce avia- tion rules and regulations. It would be given the broad injunction to foster aviation in the State. “An in- dustry so promising of convenience and prosperity” as aviation should thus b fostered, in the opinion cf the Sommit- #ee, “just as a State may encourage agriculture, stock raising, egg produc- tion or game and fish propagation.” Single Standard. For the licensing of aircraft and air- men, the committee has edopted the so-called “single standard” under which the State would require, as a condition to the operation of aircraft within its boundaries, a license of air-worthi- mass or air competency, respectively. issued by the Federal Governmen:. Conferences on uniform air laws have heretofore split on the question of whether States should require State licenses, Federzl licenses or opiiunally either a Federal or a State license. of the “single been ques- having legis- (Copyright. 1931.) Alol Factors Car lot shipments of fruits and veg- | etables continue lighter than at the end of the Summer season last year, says the United BL:‘_RS Dep‘artmexnétol , Bureau of Agricultura 0~ me News Service. The fall- ing off is due to a combination of de- layed marketing in some sections, lighter yields in certain lines of pro- lation on the subject now require Fed- eral licenses for all types of flying. Under the ccde the laws covering lia- bility of aireraft owners to perscns and form laws followed the law of England and other countries in making the air- craft owner absolutely liable for injuries to persons and property, irrespective of the owner's negligence, unless the in- Jury is caused by the negligence of the perscn injured. The proposed code pro- vides that the fact of the injury shall be only prima facie evidence of negli- gence on the part of the operator of the aireraft. In making this change the committee, expressing the hope for universality of air transportation, states that it “is unwilling to join the r2nks of those passed on but not foi- gotten solons who required a man with 2 red lantern to precede a raflroad train; or required a published notice of intention to drive an automobile on & public road; or fixed a maximum of | eight miles per hour for s°lf-prcpelled | vehicles.” ‘Oopyright. ashington Prod Butter—One-pound prints, 32; tub, 31 Eggs—Hennery, 26a28; current re-| eeipts, 18. Poultry, alive—Spring broilers, 3 pounds and over, 26a27; 2 to 2!; Ppounds, 24a25; 115 to 2 pounds, 22a23; Leghorns, 22a24; hens, large, 23; small, 21a22: roosters, 12a13. Dressed—Spring broilers, 3 pounds | and over, 32a33; 2 to 2!c pouncs, 29a | 30; 1'; to 2 pounds, 27a28; Leghorn, | 26a27; hens, Jarge. 25a26; small, 23 | roosters, 13al4; Long Island ducks, 21a | 22 1031) Meats — Beef, prime, 16%; choice, | 151:a16; good, 15; Texas steer, 13 al4; cow, 12; veal, top, 15216; good, 14; lamb, 20; pork loins, 8 to 10 pound average, 26a27: 10 fo 12 pound av-| erage, 32a23; fresh hams, 19, smoked hams, 21; strip bacon, 22a23; lard, 10a 105 | Fruifs — ns, 15a50; canta- | Toupes oneydews, 2.50; | oranges, 3.2585.50; lemons, 5.50a6.50; | limes, Persian. apefruit, 4.00: | apples. peaches. 50a75; pears. 3.00a | 3.25; blackber 3.00; huckleberries, | pies, 3.0085.00; Persian | bananas, 1.00a2.00. Vegetables—Potatoes, per barrel, 2.00 82.25; sweet, per bushel, 1.2581.50; car- Tots, per bushel, 1.00: per 100 bunches, 3:00: beets, per bushel, 1.00; per 100 bunches, 300; cucumbers, per bushel 1.00; turnips, per bushel, 1.00: string beans, 1.00a125; limas, 25023.00; okra, two-peck baskets, 1.00: ®celery, 2.50 corn, five-dozen sacks, 75; peppers. T5a 1.00° tomatoes, 1.00a1.25: spinach, New Zealand, 1.00° kale, 50a60: cabbage, crates, 175 lettuce, Tceberg, 4.50a6.50 caulifiower, 2.50; peas, 3.00 MAY SEEK REDUCTION IN LEASED WIRE RATES By the Assaciated Press NEW YORK, August 29.—Repre- sentatives 6f leading member firms of the New York Stock Exchange with ex- tensive wire connections are engaged in discussion on_ the advisability of pe- titioning telephone and telegraph com- panies to reduce rates on leased wire service It was pointed out that wire leases have proven an expensive overhead, in view of the smaller Wall Street busi- ness. ) In other quarters, how.ver, it was believed that strong opposition would be brought against the proposal, Many important Wall Street firms were said to feel that present rafes are DOt ex- cessive, contending that many of the 1.000,000 stockholders and bondholders of the Bell System, which does the largest wire-leasing business, are cus- tomers of Stock Exchange firms and that anything that would reduce in- come of the American Telephone & Te) h Co. might react unfavorably mm Exchange business. Rates on leased wires are l&n‘h‘ Interstate Commerce controlled Comuais- duce and the prevailing low prices, which tend to restrict distant ship- ments and those of low-grade stock. It | is a season for fruit production, but leading fruits, except peaches, | have fallen short of the car lot market supply a year ago. Prices often have | been too low to justify shipping anys thing but the better grades. A few lines of produce compare well with the market pesition of last year, ly onions, lettuce and grapes, | owing to lighter production of stock of | good market quality. In general, the ! price range on many lines of perishable | produce is from one-half to three- | quarters ' that of a year During | the last week of August tl markets | have been holding fairly well at recent . Onions made the most important gains, Lettuce and cantaloupes held recent values. Melon markets are ir- regular. Potatoes lost some of the re- cent advance, owing partly to more | promising crop conditions as well as to some increase of shipments. The main crop cabbage season opens at me- dium prices, with principal shipments from New York State. Potatoes Lower. Market position of potatoes weak- ened somewhat further toward the end of the menth, with average declines of about 10 cents per 100 pounds in producing sections and in most of the large markets. Prices in New Jersey and Long Island producing sections bave been ranging a little above $1 while shippers in the upper Great Lakes region sold potatoes - slightly below the dollar mark. About 25 States are making carlot shipments, New Jersey, Long Island and Wis- consin competing. Lack of size and good grading quality has prevented as yet much competition from the early Minnesota sections. Haulings are light, demand - limited and markets dull at Easstern -country shipping points and tone conditions wesk. City markets report moderate to liberal supplies and slow demand. New Jersey potatoes de- clined a little at Boston and Pittsburgh this week, but other markets were about steady the last week of August Prices of Eastern stock were $1 1o $1.50 per 100 pounds on jobbing sales Early Cenadian stock appeared in a few markets and Maine potatoes are becoming active in Boston. Barrel stock is still on the market from ern Shore districts at $1.50 to $2 Western Burbanks tended higher, a vancing 5 cents in mid-Western ‘mar- kets. Sales of potatoes for October delivery declined 2 to 7 cents and | Maine " Green Mountains are back to {$1.15 on that basis | " Sweet potatoes are in moderate gen- |eral supply, but receipts are rather |light in New York, Boston and Phila- | delphia. Some markets held prices un- changed, but declines of 25 cents a barrel occirred here and there later in the month, Jobbing range of North Carclina and Virginia Jersey sweets | $3 to 84, although New York and Ch | cago quoted top of $4.25 ishel stock from Georgia and Maryland, also | Louisiana Porto Ricans, sold 1 |to 8 st Onion Prices Hold. The advancing tendency onion prices was maintained fairly well early in the month aithough a few markets |sagged 5 to 10 cents. Shipments tended to increase slowly with heavier movement from Midwestern producing sections, but Massachusetts and New York continue leading sources of car- lot supply. Receipts are not far from 100 carloads daily from all sources. Duil steady markets prevailed in Eastern producing sections with sales a little below $1 per 50 pounds. Eastern yellow onions sold in the large city markets at $1 to $1.25 per 50 pounds. Com- plaints of small size are common in Midwestern onion districts, owing to hot, dry weather in Midsummer. Re- for August showed production in 17 late-shipping States, 31 per cent less than Jast season with average yield per acre only bushels compared with 359 last yea Shipments of Northern cabbage are mostly from New York State at present Prices in city markets of cabbage from various sources average a littie above $1 per 100 pounds. Much of the Mid- western cabbage chm to be af- fected z the condit responsible for the size and light yield of onions. | of Car Lot Supplies. LIGHT VEGETABLE SHIPMENTS | LAID TO DELAYED MARKETING Small Yields and Prevailing Low Prices in Slump of Lettuce markets are frregular, but in general hold a comparatively high level in the consuming markets at $1.75 to $2.25 per crate of two dozen heads on Eastern lettuce of the Big Boston type. Shippers in Colorado and California lettuce sections are getting about $3 per Western crate, but California country markets weakened a little near the end of the month. Receipts are | moderate at most markets, but light in Philadelphia. New York carots sell at 65 to 85 cents per bushel in New York and Boston. Production is much lighter this year. New York caulifiower de- clined 25 to 50 cents, reaching $2 to $3 in New York. New York and New Jersey celery of varying market quality sold at 82 to $3. New York peas of fair frade are steady at $1.25 to $1.75 Spinach brought 50 cents to $1 per bushel in several large markets. Peach Shipments Heavy. Carlot shipments of peaches are mov- ing in heavy volume from Iilinois but | Southern and Eastern States are ship- ping mcderately, snd total daily sup- | plies are not far from 600 cars. Nearly all markets are reporting liberal to heavy receipts and slow demand with wide range of quality and prices. Best H from Virginia and Maryland sell | at $1.25 to $2.25 per carrier or bushel in New York, but most markets and varieties are below than range. Many peaches from Virginia and Maryland, mestly Belles snd Elbertas, range 50 cents to $1.25 per bushel Southern Elbertas reached top of $2.25 in Boston iat> in the month. Pennsylvania Hileys sold at $1 to $1.50 in Boston and New York. Western markets are below $1 cn most lines of peaches. Apple Sales Limited. ‘The sales of apples have been re- stricted greatly by the abundance of peaches and cantaloupes. Carlot ship- ments have been lighter despite the larger crop. Considerable early fruit has gone to waste in some producing sections b-cause prices were disccurag- g to shippers. Better conditions were expected in the season for the later varieties. Prevailing price for early apples in city markets was 50 cents to $1 per bushel with tops of $1.50 in s~me Eastern cities. The only bright spot was the good reception given early ex- ports to British markets. This fruif arrived before the local supply was on the market in quantities and scnve lots sold as high as $6 per barrel 'n late | August. Tendency of the foreign mar- ket was downward owing to Increasing Teceipts from many sources. No verv heavy demand for apples is expected from countrics on the mainlend - of Europe owing to heavy native produc- tion. Cantaloupes and Melons. Although receipts of cantaloupes are moderate in most of the large markets demand has' been slow, quality some- what irregular and prices only fairly well maintained. Standard crates of Maryland and Delaware cantaloupes | cities there are local | negative, ) characterize foreign dollar bonds. sold at 75 cents to $1.25 in leading markets. Flat crates sold as low as 25 to 50 cents in Philadelphia. Trend of Midwestern markets was slightly weaker | near the end of the month and Colo- rado shipping points quoted prices 5 cents lower under slight demand. | Supplies of watermelons are mod- | erate in the large markets, so far as | car lots are concerned, but in many | supplies, which | tend to keep prices down. Demand has been iimited somewhat during the cooler weather. Sales of inferior stock | are still quoted as low as $5 per 100 in Baltimore, Washington and other mar- | kets, and not much stock is selling | above 25 to 30 cents. | Prices of Eastern grapes weakened a little near the end of the month, with | Delaware Wordens 35 to 50 cents per | 12-quart basket. New York Champions | fell off 1 cent at 12 cent per two-quart basket. New York pears—Clapp. Fa- | vorite and Bartlett—sold at $1 to $2 per | bushel in Bastern markets, mostly $1 to $1.50. i CONFLICTING CURRENTS IN GERMAN STATUS SEEN | Special Dispatch to The Star. NEW YORK, August 29.—“The Ger- man situation continues to present conflicting currents, with apparent evi- dences of economic recovery and greater political stability crossed by cconomic and political uncertainty and | ¥orse instead of alleviating 1t, according apprehension,” A. Iselin & Co. state in their current bulletin on foreign se- curities. “The failure of the plebiscite held on August 9 was widely acclaimed | as a signal victory, not only for the Prussian government, the dissolution or continuance of the Prussian Diet being the issue on which the referen- dum was held, but also for the Bruening government of the Reich, which had openly opposed the plebiscite and. would have suffered a moral rebuff if it had succeeded. The immediate result, of course, is decisive and the Diet, instead of being repudiated and a special election made necessary in November, will run its normal course until May, 1932. A scrutiny of the vote, on the other hand, does not leave the prospect for the future quit: so clear “As the constitution takes account only of the affirmative votes cast in a plebiscite and, as less than 500,000 voters took the trouble to vote in the it s apparent that the plebiscite was defeated by the stay-at- hcme vote. Whether those who re- frained from voting are all to be reck- oped as actively in onposition is a atter of speculation, but it is at least significant of the State of public opinion in Prussia that nearly 10.- 000,000 voters were ready to turn out the' Diet, overthrow .he government of Premier Otto Braun Bruening government. “Lately, relaxation crisis in Germany proceeded swiftly as- measure after measure for the Testoration of customary financial pro- cedure was taken by the authorities.” The bulletin also reviews the finan- cial_emergency in Great Britain and conditions in Chile, Columbia and Cuba -~ 700,000 Elevator Contract. NEW YORK, August 29 (P).—The elevator division of Westinghouse Elec- tric & Manufacturing Co. has closed a contract for equipment in the new Bankers' Trust Building, in New York City. totaling about $700,000. of the financial STOCK AND BOND AVERAGES SATURDAY, STOC 50 Tndustrials. 108.7 . 1079 . 1064 L1edT ..163.3 248.4 8 Today Previous day Week ago Month ago. .. Year ago Two years ago Three vears ag: High, 1931 . Low, 1931 High, 1930. . Low, 1930 High, 1929 Low, 1929 140.2 92.7 L2024 112.9 252.8 L1413 10 Industrials. Today R Previous day Week ago Month ago. . Year ago . Two years ago Three years ago High, 1931. Low, 1931. High, 19 Low. 19 High, 192 Low, 1929 By the Associated Press. AUGUST 29. "KS. 20 Utilities. BONDS, i spend now, according to bankers. 1, “Al and embarrass the | SATURDAY, IN QUIET MARKET Rail Group Subjected to Profit Taking After Re- cent Advances. BY F. H. RICHARDSON, Special Dispatch to The Star. NEW YORK, August #9.—The bond market was subjected today to a mod- erate volume of profit taking in railroad bonds that had recovered substantially from their lows in the last three market sessions, but the general list was steady and the undertone pf the market firm. Most of the selling was in issues that, have risen 4 to 6 points above their lows of the week last Tuesday, but their recessions were nearly all measurable in fractions. Strength continued to Credit Grant to Britain. ‘The granting of a $400,000,000 credii to Great Britain by a consortium of French and American bankers, while expected, was a favorable influence on sentiment. The support given sterling, both in Europe and in America, stimu- lated prices of British bonds, especially the 51us of 1937, and there was con- siderable market talk of a long term issue of bonds from London carrying a 4)¢ per cent coupon. Since the German and other European situations are linked with the British, buying also appeared in German govern- ment 5!5s. Dawes Reparations 7s, Ger- man Central Bank issues, Austrian 7s Hungarian 7'.s, Italy 7s, Serbian 7s | and the obligations of the Scandinavian | countries. South American issues were firm Brazil's ban on the importation of wheat for the next 18 months proved bearish to Argentine 6s, ‘which were freely of- fered, but they developed resistance and Tecovered approximately to their Fri. day closing levels. Brazlian issues, | which have recently been strong, held their gains. Sao Paulo Coflee loan 7s of 1940 were firm around 75. Heaviest Losses. The heaviest losses in the domestic railroad group were naturally in those bonds that have recently had the greatest advances. Nickel Plate 65 were | off a point. Missouri-Pacific 5s. Illinols | Central 434, Frisco A 4s and Alleghany | Corporation 5s eased. But to offset this there were small gains in Baltimore & Ohilo 4'; and 6s, Chesapeake & Ohio B 4s, St. Paul 5s. Chicago & North- western 4%;s, Rock Island convertible 4!25, Delaware & Hundson refunding 4s, | Great Northern 7s, Northern Pacific 4s, | New York, Westchester & Boston first | 4';s, Southern Pacific 4!,s, Southern | Railway General 4s and Wabash 41:s. Industrials were inactive. Interna- | tional Match 5s and Kreuger & Toll 5s reflecting further recovery in Kreuger & Toll common shares and the im- proved Eurcpean situation advanced fractionally. Oil company obligations such as Pure Ofl 5155 of 1937 and Shell Union Ofl 5s were higher. BALTIMORE BANKERS URGE THRIFT COURSE Suggestion of New York Institu- tion to Buy Now Meets Opposition. 8pecial Dispatch to The Star. BALTIMORE, August 29.—It is not only unsound but out of keeping with | Baltimore banking ethics to advise de- | positors to withdraw thelr savings and They were queried regarding action of the Emigrant Industrial Savings Bank of-New York which, according to dispatches, has urged its customers to deplet= their “thrift” and savings ac- | counts to take advantage of the dollar's new buying power—16 per cent above what it was in 1928 Such suggestions are mere radical cure-alls and render the depression to Frederick A. Dolfield, president of the Canton National Bank. such panaceas,” Dolfield said, “make depression worse than it actually |is. They are unsound, unhealthy, and beyond the pale of sensible banking. “To keep a reserve of one’s six-month earnings is, of course, wise. But is it not offset by advising the depositor to spend everything eise? What good will it do the economic situation when the | end of the rope is reached. “The present occasion one for observance of conservatism, not radical- |ism, in banking,” declared Willlam C. Page, president of the Calvert Bank. “This applies in Baltimore as well as any where else in the American finan- cial world. Hence, I doubt if any such | plan for unrestrained spending would even merit hearing locally. Certainly | Officlals at other banks explained that | | while the idea of conserving six-month salarly was not new, the other Malf of the scheme was literally a bombshell, | | too patently unsound to even discuss. | SEES UNEMPLOYMENT AS CAMPAIGN ISSUE | Ruth Bryan Owen Predicts It Will | Overshadow Prohibition in Presidential Election. By the Associated Press NEW_YORK, August 29.—Represen- | tative Ruth Bryan Owen of Florida, daughter of the late William Jennings Bryan, predicted yesterday that unem- | | ployment and not prohibition will be the chief issue in the next presidential | election | Mrs. Owen has just returned with her children from an European vacation. “There are more hungry than thirsty people in the country just’now,” she said. and then deftly parried all other questions on politics. ! “I'm not going to talk about politics,” she said, “because naturally enough after two and a half months abroad, I don't know™much about politics.” [ARMAMENT CUT URGED FOR WORLD ECONOMY By the Associated Press. CLEVELAND, Ohio, August 29.—The Midland Bank of Cleveland, in a brochure entitled “Can America Col- lect Her Foreign Debts®" declares that | world economic conditions are pressing for a scaling down of war debts and reparations, but adds that any scaling | down should be accompanied by a world-wide armament réduction. The brochure discussed United States ar Joans to the allies amounting to $22,000,000,000, principal and interest, as well as American private loans and investments abroad amounting to about $17,500,000,000. The bank said that America’s war loans and German rep- arations are inseparably interwoven, Germany's reparation total of $26,000,- 000,000 approximating the total of the allies’ war debt to America. RAI}.BOAD EARNINGS. NEW YORK, August 29 (#) —Ralil- roads reporting today net operating in- come for July, with comparative figures for last year, included 1931 1930. Canadian_Pacific. .$1,919,169 $3,250,059 Western Pacific. . .. 50,881 141,993 Delaware & Hudsor 379,021 486,030 Chattan. 45620 267312 12,904 2,608 not at the Calvert Bank.” | ¥ AUGUST 29, 1931, BONDS ARE STEADY | (oo /NEW YO d by Private Wire Direct to The Star UNITED STATES. in $1,000.) (Sales Sa Lib 3158 82-47 Lo1st 4% s 32-47 17 L 4th 4145 33-38 41 US3%a'49 U8 38 40-4 US3%s41-43. 36 US3had3-47.. 4 U S dn44-54... 102 US4%s47-52. 191 Ba Abitibl P&P 58’53 Ab & St 5% '43. Alleghan: Allegheny 65 '49 Allegheny 58 '50 Am F P 58208 Am1GCh5ln’49. Am Metal 5%834.. Am T&T c trbs '46. Arn T&T 55 81°60.. Am T&T 5%8°43... Am Wat Wks 6375 Am Wr Pap 68 '47.. ‘Ann Arbor 48" Argentine 5s 45 Argentine 6s J Argentine 65 A " Argentine 65 B " Arm & Co 41539 Arm Del 5% '43. .. Atchison gn 48 '95. Atchiscv 435848, . At & Danv 2d 45 '4; AtICL1st4 AtIC Ll 4 AtCL 47564, Australla 4%s Australia 58 Australia 5% *5 Austria 7s'4 B& B& B& B& B& Ocv 460, 0 OP&EWV 4 B&OSwdy s B & O Toledo 45 Bk of Chile 6158 Bk Chile 6% Belgium 63 Beigium 615849, Belgium 785 Belgium 78 '56 Bordeaux 68 Bost & Me 4 Bos &Me is Brazil 6135 '26 Eklyn Un 1=t 58' Budapest 63 '6: Buenos A 65’61 Pv Buff Gen El 4738’81 BR&Pitt 438" | Calit Packing 584 Canada 45 °60...... ‘an Nor 413 *~n Nor 63 Can Pa Cent 11| GRE Cent Pac 58 "6/ hi M&StP4%s'89,. M StP&P 58°75 ‘olomb 65 Jan '61. . “olomb 6s°61 Oct.. . “olon Ol 65 '38 "ol G&E cou 58 ‘61, ‘on G NY 4348°51.. e e » EETCIT TSRS PEPH Pt ] R AW RN B B x3% i ammoe > “on G N Y 5845, 1 “on Pwr Jap 6% “on Pow Japan 7s. Copenhag 41 Copenhag 58 Cuba 5845 Cuba R R 5 Cuba RR rf Czecho 88 '51 Del & Hud rf 4 Denmark 4%s Denver Gas 58 D& R Gren 4s Det E GER4%8'61. Dodge Brcl 6540, Duquesne 415567, Dutch East 1 6; Erie 1st con 4s'96.. ie con 45 A '53 Finland 518 '58 “la E Coast 5574, mID 7%s'42 nch 7s’ French T%s '41. Gelsenk'hen 6s'34. . Gen Baking 5%s ‘40 Gen Motors 6s '3 Gen P Sv 5539 Gen Th Eq 63 40 German 53%s 65 German Bk 63 '38. . Ger Cen Bk 6560 J Ger Cen Bk 63 ‘60 O German Bank 7s ‘50 Grt Nor 58 ‘78..... Grt Nor gn 5%8°52 Grt Nor gn 7s '3§ ireek 65 '63... Halti 68°52 Hock Val 4} Hud & M adj Hud & M rf s Humble Oil 5s " Humble O 5 111 Bell Tell 58 111 Cent rf 4s 111 Cent 4% 111 Cent 58 " 111 Cent 6158 Iniand St 43 Int Rap Tr Int Rap Tr sta '66. . Int&G Int Hy Int M Co 5 ret’4l. . Int Match 5 Int Pap 6s " 3 Int T&T cv 4348'39. IntT & T 58" E ree St 5560 .. 5 Jugosl Bnk 78574 Kan CFiS&M 4836, IKan City Sou 3s Kan G&E 4355 '80.. Karstadt 6s '43 Kreug & Toll 5 Lautaro Nit 6554 Leh Val cv 4s 2003. Leh Val 58 2000. ... Loew's 65 ex w Long sl rf 4549 Lerillard 5s ‘51 Lorillard 7s '44 La & Ark 55 '69 L & N uni 4540 L& N 4%= 2003, Lyons 65 '34... McKes & R 514550, Marseille @ 2HaZenitan o * Fxuo adomhemSo~ » anw e Brnann-ne Sonwe oo e » les. 3 5 10216 107 26 107 29 112 4 112 8 9215 95% 102% 106 100 99% 10115 104% 4 105 9874 51 54% 63 107% 107% 9% 928 95% 95 100% 105 103% 84 104 921 105 101% FINANCIAL, o] Bales. Milan 8% "52. MilE Ry & L 58 '61. MilEl Ry&Lt bs "71 MSP&SSM 6878, 5 104 Mo Pac 5% H '80. Mo Pao rf 55°81. Mont Tr 1st 55 '41 Montevideo 78 '52. Nat Dairy 5 Nat Steel N'Y Cent db 4s'34.. N Y Cent 4312013, NY Cnrf 4% 2013, NYCrt im b8 2013.. NY Centdb 6s°35.. NY C&StL 4% 78 NYC&SILE48A'T4 NY C&StL 65’32 N'Y Edisn NY Fdist NY NH&H 4% 867, NYNH&H cd 6548, NY O&W gn 45 '55. NY O&W 1st 45'92. NY St Ry 435563 NY Tel 414539, NY Tel 6s'41. NY W&B 438 "4 No Am Co 53¢ 2nSualB wn 4 Nor Pac 3% 2047, Nor Pac 48'97,.. .. Nor Pac 58 D 2047.. Nor Pacr16s 2047, ooy BN TONNIBIN BN B NBID Rt MU RD S RN Norway 68 ‘62, 'Orient dev 5 Orient dev Pac G&E 5842 Paramount 6; Paris-Ly M & Paris-Ly M 7 Paris-Or 53, Pennev 4 Penn 4% s D ' Penngn 4%s Penn 4% 5°70. Penn 4% u’63. Penn 5a '64 Penn 645’36 Penn P&T, 4% Penn O&D 43577, Peru s Peru 6561 Phila Co 58'67. . Phila Elec 48 '71 Phil & Read 85 '4 Phillip PCC P& W V4158 C60. Poland 7s ‘47 Port Gn E14345'60. Pos Tel & C 58'53.. Prague 71 '52., Prussia 6552 PubSy G 4%s’s Pure Of1 5337 Queensiand 7s*41.. Read gn 4% s A '97. Reading 41,5 B 97, Rem R5%3 A "47.. Rinde Jan 64853, Rio de Jan 8s 46 R Gr Do Sul 8s '46 Rome 6345 '52. Roy D 45°45 w- StL IM R&G 4s'33. St LASF in 48 StL&SF 4%s StL&SF p16s B ‘50 StLSWevds'az, 8ao Pan 78'40 ret. Saxon 78 45. Seine 7843, . Serbs.Cr-S1 75 T = Saex 7. Shell Un Ol 5549, Sinc P L 68’42 A Sou Bell T&T 55’41 Sou Pac ref 4; Sou Pac 4%s . Sou P&OT 43577, Sou Ry gn 45’56 e N - SenaBuan mulananaBes ok StOIINY 4%s'51. Sweden 53;s '54. Talwan EP 5%#'71 Tenn EI P 6s A 47, Ter As St L 4s’53.. Texas Corp 5s *44. . Third Av adj 5460, Toho E! Pw 78 '55.. Tokio 5358 '61. . Tokio El Lt 6s '53.. Un Pac 4s 68 Un Pacrf 4 PR +-1-1=1 [V, § Urnguay 6s°60.... Util Pw 5559 ww.. Vanadium St 5541, Vienna 65 '52 5 Va Ry & Pw 68 '34. Wabash 434878, .. Wabash 2d 9 Wabash 58 B 7. Walworth 6s A Warn Br Pic 65'39 Warner Sug 7s '41. Fomnt West El db 55 44 West Md 45 '52 West Md 5148 West Union 5 West Union bs '60. . t Un 6% s Wick S cv et 78'35.., Wil-O 1st 6%5'33.. Wil & Co 1st 6541, Wis Cen gn 48 '36. . Ygstn S&T 5 A'78, Ygstn S&T 6s B'70. 44 97 261 | < 19 4 13 it et T e D | FIND POET OVID’S TOMB _IN RUMANIAN CITY Scientists Hold Skull Found at Constanza That of Great Man. BUCHAREST (Special) eport has come from Constanza that agus just unearthed on the site of the old Grecian ity of Tomis is believed to contain the remains of the poet Ovid, who spent the last part of his life in exile from Rome in this city. Experts under the leadership of Prof. Braetescu say that the skull discovered has all the marks of an illustrious per- son of oratorical type. The archeolo- gists made the discovery near what is believed to be the extreme entrance to preceded the old citadel which The situation of the remains has given rise to the belief that the tomb was highly honored, occuj pying nt in t to BT (Copyright. :931.) S R N BALTIMORE STOCKS. Special Dispatch to The Star. ‘BONDS. Arvie e & A Railway 1st 5s Meh. Low. 5 81% 81% 104 ] (REDT TOBRTAN AROUSES INTEREST Wall Street Watches Keenly as Bankers Prepare to Extend Loan. Close. 81% 104 104 90 6514 55 7 76 6% 77 6244 108% 102% 101 a2 101% 90% 111% 5015 20% £sd 2% 9214 106% BY CARLTON A. SHIVELY. Special Dispatch to The m:lw YOE.K. A T.;-Ink’l’efl in reparations for a huge vate Nn!'gl[ credit to the British valm- ment has been so keen this week that every movement of bankers, every con- sultation of a special nature and even the routine meetings of bank direc- torates and the Federal Reserve Bank boards, here and at Washington, have been credited in Wall Street with some conffection to this credit. ‘Those who have had a hint of what was going on behind the curtains took & somewhat different view of things, As 8 matter of fact, the flood tide of confidence which greeted the forma- tion of the new British cabinet this week made it doubtful for a while whether a credit would be asked. 74 | Sterling. with only slight aid from the supporting credit at the Federal Re- serve Bank and at the Bank of France, recovered to the highest price level since the beginning of the German credit crisis two months ago. Precautionary Measure, As it is, the new British credit, which is one made directly to the ‘British reasury by a syndicate of headed in this country by J. P.mmb gan & Co. and by commercial banks in Prance, and which should not be confused with the recent $250.000,000 credit placed by the New York Pederal Reserve Bank and the Banque de Prance at the dis 1 of the Bank of | England, is arranged largely as a pre- ! cautionary measure. Bankers expect it will be drawn upon, but only to a small extent. Its great size is designed to impress the world with the still un- tapped hugeness of the resources of Great Britain rather than to measure the pressure expected on the pound sterling. concerned Meanwhile bankers are with other things besides bolstering the lcd“l;m{ck‘ ":t foreign nations and providing forei credits. Commenta- tors hastily assumed that the held in Washington this week of four leading Wall Street bankers with - Governor Meyer of the Federal Re- serve Board and President Hoover was concerned with the British credit. Such was not the case, it may be stated on the best of authority. Gov- ernor Meyer called the bankers to Washi to discuss one phase of the ess situation, and the dinner Vs lncidental and ta the abioloRTd cidental and in the na em_;l:gy call. g meeting was only one of i3 eral which have been ield and .:i'll be followed by others, whereby ‘the Federal Reserve Board and the ad- ministration hope to obtain view of the actual situation. is more likely that the real estaf sition rather than foreign mflt‘f::; discussed. Admittedly the bad condi- tlon of the real estate market and the frigidity of millions of dollars of bank loans based on real estate, as well as the depreciation and frozen nature of & vast amount of bank investment in real estate, is one of the worst phases {of the business depression. Bankers’ Survey. In a recent critical survey of th field, the Invsetment Bankers' A.odf ation published some ratiter startling figures. They estimated that approxi- mately 60 per cent of real estate - t. per cent. Of the estimated $10,000,000,000 in real ,huwm outstanding it was found that in Chi- cago alone $400,000,000 closure, with other cities same proportion. The in t bankers ted little new real es- tate bond financing until the situation has cleared. which it is showing no convincing signs of doing. (Copyrisht. 1931.) STREET CAR PASSENGERS DECREASE IN BALTIMORE Special Dispatch to The Star. BALTIMORE, August 29.—Reven: passenger carried by the United Rlflm- ways. which controls the trolley systems of Baltimore, showed a decline of nearly one and a half million last monh, compared with July, 1930, and a loss of 15.763,036 for the seven-month ly repor just ed with the Public Service Commission. Total revenue passengers hauled in July were 11,292,271, as compared with 12,725,985 in the same month last year, 'hfl!nllo:.,!:;‘seven months the total was 889,606, compared wit - 65;.:‘!6. pa ith 103,. the month of July the company reported gross passenger revenue of $1,- 091,302, a decrease of $130,005.40, or 13.2 per cent, from July a year ago, and a ne‘tu:ieflc". of ;lé'l,?’l.“. as com- pared with net pro or July, 1930, of $14,358.13. 4 s Gross revenue for the seven months was $8,384,020.47, as compared with $9.638,857.54 in the like period of 1930, while total expenses, i $958,000 for depreciation, were $5913.- 231.09. as compared with $6.646,837.06, & saving in costs of operation for the period of $733,605.97. For the seven months of 1931 the company a net deficit of $143,- 375.09, as compared with net profits in the like period a year ago of $313,440.66, a total decrease of $456,815.75. MOTOR TRADE IS FIRST IN COMMODITY SALES By the Associated Press. Motor vehicles, sales and service formed the largest single commodity in the retrail trade of the United States during 1929. A compilation of statistics by the Census Bureau today revealed that this item accounted for 12.33 per cent of the total net sales, which amounted during the year to $50.000,000,000. A total of 41158 establishments partici- pated in the year's business. Other individual groups which boast- ed a high percentage total of all sales included grocery stores without meat departments, numbering 204,345 and participating to the extent of 7.47 per cent of all sales; grocery stores with meats, numbering 94,923, and register- ing 6.43 per cent of the whole; depart- ment stores without food departments, 4,151 and 7.04 per cent of total sales; lumber and building materials, includ~ ing roofing, 21,672 establishments ac- counting for 3.78 per cent of total sales, and 34,265 arug stores witis fountains, accounting for 2.27 per cent. Filling stations, o; which there were 124,000, did a total business of nearly $1,900,000,000, whereas 135,600 restau- rants and other eating places con- ducted total trade of $2,097,000,000. Radio shops sold $535,000,000 worth radios, exclusive of those sold in other twm of stores, notably department stores. Y scaroph- an im- the city MAY RETIRE BONDS. 1n Wan . D YORK, August 29 (#). Street state that it is Sinclair Consolidated Oil will retire, before the n‘d of