Evening Star Newspaper, September 3, 1931, Page 15

FINANCIAL. CURB ISSUES SINK TO LOWER LEVELS Many Groups Affected by Heavy Liquidation—New Lows Made. BY JOHN A. CRONE. tch to The Sta: NEW RK, September 3.— Selling spread to many sections of the curb exchange as the volume of trading in- creased today. Electric Bond & Share was down about a point and Cities Service was off fractionally at midday. Gulf Oil of Pennsylvania lost about two points while Standard Oil of Indiana was stesdy around its previous final level. On pressure from C| utilities softened. Investment trusts and utilities led the downward swing, but soon were joined by a variety of miscellaneous indus- trials, pipe lines and motors. National short term securities A in point of volume and percentage of de- cline was the outstanding feature of the forenoon session, as the executives of the company at a meeting here dis- cussed the sharp break in that issue | Wednesday. _This movement had an unsettling effect on real estate issues and investment trusts, even though such issues were not even remotely con- nected with national short term’s type rporation was Off frac- tlonally. Shenandosh Corporation pre- ferred broke through its previous low. Ni shares eased. United Founders came within a small fraction of its low mark and Goldman Sachs was inclined tu_heaviness. Industrials ignored constructive news. Thus the numerous gains in August sales reported by chains were not mir- rored on the tape. Pender Grocery A and MacMarr Stores were conspicu- ously weak in the grocery chains. Schiff Co. receded. Willow Cafeteria, on slight turnover, was firm among res- taurant chains. The favorable sales report of Frank- lin Manufacturing for August had no tion opened lower. In the accessories a slight recovery took place in Parker Rustproof. Kruksal & Kruksal, subsidiary of Eit- ngton & Schild, world's largest dealers in furs, was up a point. Herman Nel- son, makers of heating and ventilatin, lequipment, was up more than 1 gomu. Sieberling Rubber and Rub- id Co. relapsed. e Securities Are Redeemed. NEW YORK, September 3 (P).— Hallgarten & Co. and Kissel, Kinnicutt & Co., fiscal ager.is for the $35,000,000 1928, announced that the Republic of Colombia has delivered to them $362,500 principal amount of bonds, which have been redeemed 177,500 par value of bonds outstanding. ‘The fiscal agents also announced that the Republic of Colombia has deposited funds with them for the October 1, 1931, coupon payment. CHICAGO STE)CK MARKET By the Associated Press. CHICAGO, September 3.—Following is the complete official list of transac- tions in stocks on the Chicago Stock Exchange today: Sales. STOCKS. 50'Am Pub Ber pf 1250 Am iy 100 Appalach Gas . 600 Art Metal . High. Low. Close. . IE:: Bl%a 8lia Assoc T & T 2000 Assoc Tel Uul ...... 10 Balaban & Ketd'vic. 1 i T aEE E3 o AR o TevawFes aene o Tt Tel... . d West Uil Md W Bt 8 idland United jdland Unit pf id Ut 7% Pl iss Val Utll P L. Modine 50 Morgan guun Mot Spec 00 50 100 50 28 wesis Nat Family Str. Nat Leather . Nat _Secur Nt Ny TERSESE Fad Bule LB ) 255%808w ! £ FEOEE tand Dredg of . tudebaker Mail witt & Co. 285! <§sddddflfl§?. !"Uu SEEEF Loty ELEL) a: e 2 2 e Sanull ortex Cup algreen Co.. aukesha_ Mot ern s§§s§§§§§s- s§§t i 8o e o T ach . 110,000 shares. BONDS. Util 6s 1940 cago, Middle West | NEW YORK CURB MARKET Stock and Dividend Rate. Long Iscupt B(6).. 50s 106% 106% 106% 106% | narrowiy. MacMarr Stores (1). Magdalena Synd. .. .. Mar Int Mar(73 36c). Mass Util Assoc.... Mavis Bottling (A).. Mead Johnson(t4%) 4 Memp’s N Gas (60c).. Mercantile 8 % Mesta Machine (2) Mid Sta Pet vic B Note—All stocks are sold in one hundred-share excepting those designated by the letter s ~Prev. 1031~ Stock and High. Low. Dividend Ra 10 4% Acetol Prod A 24% 11% Affiliated Prod mis 7 Ainsworth Mfg...... 115% ‘Ala Pow cum pf (7). 23 Allled IntInvevpf2 1 5% Allied Mills Inc ‘Aluminum Co o Am Austin Car - Am Cit PSLBb10%. Am Com P A (b10%) Am Com Pwr 18t 6%. Am Corp (f16¢c) ‘Am Corp war. Am Cyanamid B. Am Equities. Am For Pow Am Founders. . Am Gas & Elec (31). Am Invest Inc (B).. Am Lt & Trac (2%). ‘Am St Pu Sv (a1.60). Am Superpwr (p40c) Am Superp 1st (6).... Am Superp pf (6). Am Trans: Am Util & Gn B vt Am Ut&G cu pf 1% Appalachian Gas Arcturus Arkansa . Arkans Nat Gas A... Ark N G cu pf (60¢). ArkP&LDPL (). ... Art Metal Wks (60c) Assoc Elec Ind (30c) Ass0 G&EI (A) (al). 4 As80G & El war. AssoG & E1 Adbrts, Asso G&E all ct 1.60. AssoG&Elct (8). Tel Ut (b8%) Util Corp. . Sales— 0.. 114 13 4% 20 % 5% B8 3 Beneficial TL (1%).. Bigelow-Sant pt (6). Blue R Cp cv pf (a3). Brazil Trac Lt&P(1) Brit Am Of1 C (80c) .. Brit A cou B 97-7-10. Buckeye PL (4)..... Bulova cv pf (3%)... Burco Inc Burco Inc 5 4 Burco nccv pf Burma rets 127 3-5c.. Canadian Marconi... Carih Syndica Carrier Corp. Celanese 1st pf (7) Cent Pub Sve A b5%. Cent&Swn Ut (b7%) Cent Stat El (b10%) . Cent States El war. . Cent St El pf xw (6). 150 Cent WestPSAaly% 1 Chain Store Devel... 10 4 Cities Service (g30c) 163 Cities Serv pf (6). Cit Sv pf B (60c) CitSv P& L pf ( /% Colombia Syndicate. % ColonOil.... Col Oil& Gas vte. 1 Cmwith Edison (8)..825s Cmwlth & Sou war.. 34 Comstock Tunnel. o Consol Auto Merch.. 1 Consol Copper. 5 Con Gas Balto ( Consol G B pf A (5). Consol Gas Util (A Consol Theaters. . Cooper Bessemer. ... Copeland Pr Inc (n). Cord Corp. Corp Sec Ch (b6% ). Cor & Rey pf A (6).. Creole Petroleum. ... Cresson Consol (4c). Crocker Wheeler. ... 1 Crown Cent Petrol Crown Cork Intl (A) Cumberland P L (2).150 Curtiss Mfg Co (A).. Dayton Alr & Eng Deere & Co. . De Forest Radio. Derby Ofl Refining Detrolt Afreraft. .... Dubilier Cond & Rad. Dugquesne Gas. Durant Motors. Duval Tex Sul w! Eagle Picher Lead. .. East Sta Pow (B)... Eisler Electric...... Elec Bond&Sh (b6 %) Elec Pow Assoc (1) . Elec Pow Assoc A (1) Elec P & Lt op war Empire Corp. .. Europ Elec deb rts Federal Baking Shop Fedders Mg Co A... Fiat rets (94%¢).... Ford M Can A (1.20). Ford Mot Frn 37%c. Ford Mot Ltd 36 3-5¢ Gen Alloys - Gen Aviation. .... Gen Empire (1). . Gen G&E cv pf B(8). Gen Theat Eq cv pf.. Glen Alden Coal (4). Gold Seal Elec new. . Goldman Sachs. ... Gt At&P T nv (1634) Gulf Ol of Pa (1%). Hackmester Lind. Hazeltine Corp (1).. Hecla Mining (40c). Hudson Bay M &S.. s Humble O1l (12%).. Hygrade Food Prod.. Imp Ofl of Can (50c). Ind Ter luOllA. ... Insull Inv (b6%) . 1Ins Co ofNo Am 12 Insurance Sec (40c). Intercontinent Petn. Int Petroleum (1). Int Utilities B. . Interstate Equities. . Interstate Pw pf(7). Irving Air Chute (1) Italian Superpow A.. Klein (D E) Co (1) Kolster-Br (Am Sh). Leonard Oil..... Libby McNeil & L. Lion Oil & Refining.. Lone Star Gas n 88c.. Long 1sland Lt (60¢) 2 50 1 5 484 Add 00, Open. High. Lew. Close 9 2 8% 58 115 19 THE EVENING STAR, WASHINGTON, D. C, THURSDAY, SEPTEMBER 3, 1931 ~Prev. 1931.~ High. ‘Low. 107% 100% 12 W% % el 10 6% 4% 3% 5% 113% 12% 30 lots (80s) (250s). 9% 20% % - 8% 115 19 % 4% 121 % ) 6% 9% 21 8% 1156 19 Mid W Mid W Mo-Kan Pipe Line. .. Mont Lt H&P (1%). 176 Moody's 1 S pt pf (3) Moss Gold Mine: Municipal Service Nat Aviation...... Nat American Co. Nat Sh T Sec A $60c. Nat St Corp war Nat Transit (1) Nat Union Radio. New Eng Pow pf (6). New Jers Zinc (13).. NYP&Ltpf(6)... N Y Steam Cp (2.60). N Y Telpf (6%).... N Y Transit (180c). . Niag-Hud Pow (40c) Niag-Hud Pow Bw.. Niag Sh Md (40c)... Nipissing. 4 Nitrate Corp Chile B, Nordon Corp Ltd.... Nor Am Aviat A war, North European Oil. Nor & So Am Corp A. Nor Pipe Line (t4).. Novadel Agne (4)... Ohto Copper-. . Ohio Pow pf (6) Received by Private Wire Direct to The Star Office Bales— Add 00. Open. High. Low. Close. 11 6% b 2 65 8% 23 26% 10% # % 3% 2 64 85 23 25% s 15% 8 4% A4y 25 23 10% 6 % 6% (1) % 16% 8% % 46% 25 % 4% t Ut (b8%).. ts Ut b10%.. 1 1 L 4 3 1 2 2 9 3 7 s 1 R 6 6 2% 30% 1% % 4% 100% 1% 5% 2% 2568 . 30s Ohio Pub Sv pf A (7) 10s Outboard Mot A . Overseas Sec Pac Western Oil. Pan Am Alrways. Parke Davis (11.65). Parker Rust Pr (3) Pender D Gr B. Pennroad Corp (40c) Penn Mex Fuel(75c). Penn Pw & Lt pf (7) Penn Wat & Pow (3) Peoples L&Pwr (A). Perryman Electric. . Philip Morris Inc. Phoenix Secur Corp. Pillot Rad Tube A. Pitney Bowes (b4 Plymouth Ol (25c).. Premier Gold (12¢).. Prod Roalty (b10%). 1 Prudential Invest. .. Prudential Inv pf(6) 100: Pub Util Hold war... 1 Pub Util Hold xw Radio Products. . ... Rainbow Lum Pr B Reiter-Foster Republic Gas Reynolds Invest. .. Rossia Intl (10c) . Rubberoid (4)....... St Regls Paper (60). Salt Creek Pro(1.40). 4 Schiff Co (2)........ Schulte 5¢c-$1 St pf.. Seaboard Util (28c).. Sec Allled Corp (1).. Secu Corp Gen (40c). Sexal L & H (a0c) Seiberling Rubber elected Industriey Sle Ind al ctfs(513) Slct Ind prior(5%). . ShawiniganW&P 2% Shenandoah Corp. ... Shenandoah pf (a3). Sherwin Wil (1434). 10 Sherwin Wil pt (6 Silica Gel ctfs. . Singer Mfg (115) Sisto Finance Corp. Smith (A 0) (2). % Dividend r nual payment. a Payable in ‘cash o dividend, stock. § stock. 1 Plug s Spieg May Stern pf.. Stand Ofl of Imd( 1). Stand 011 Ohio (233).10 Stand Oil of Ky 1.60. Starrett Corp. Strauss (Nath: Stromberg-Carl(14 Stutz Motor Car Sun Invest. .. Sunray Oil (b5%) Swift & Co (2)... Swift Internat (3). echnicolor Inc. . ‘eck Hughes (60¢) Thatcher Sec Corp. .. Toledo Edison pf(6). 50s Trans Lux DLP 8 Tri-Cont Corp wa: Tri-Utilities. Unit Founders. ... Unit Corp war, Unit Gas Corp....... Unit Gas Corp wa Unit Gaspf (7)..... Unit Lt & Pw A (1) Unit L & Pwr pf(6) Unit Shoe Mach 2% Unit Stores v.tc..... Unit Verde Exten (1) U S Elec Pow ww. USLinespt..... Util P&Lt(at1.02%). Ut!l Pwr & Lt pf(7).. 50s Ut PAL B(at1.03%). Utllity Equitl Util & Ind . Util & Ind pt (1%) Van Camp Pkg. ... Walker (H) (50 Welch Gr Juice (12). 50; Wenden Copper Wil-low Cafeter 1 4 Woodley Petroleum.. 9% Woolworth (FW)Ltd Te1us 8% “in ‘stock, g Pius 8% in 5 Blus T Shotic i e g a0 sfiogk: Brsawnd 3. 0: o D s N 3315 61 61n 21 1031 4% Pa-1H 2% 1% 5 L 2 [FPNSPESIOrS- 119 29 3 = 3 1 1 5 s 5 2 2 19 10% 10% 108 ates in dollars based on last quarterly o -an- Ex dividend. * tPartly extra’ 7 4% i atock TPlus 4% 1 tock. s Adbustieni B Plus 1% in m Plus 3% in b Payable stock. k. in stock. p Paid last year—no regular rate. Business Notes NEW YORK, September 3.—The number of buyers registered in the New York wholesale merchandise market for the week ended yesterday, as listed in the New York Times, held up quite well to the total for the preceding week, and was far ahead of the corresponding period last year, when an earlier holi- day reduced arrivals. For the week ended yesterday 1,001 were listed, as against 1,033 in the previous week and 426 a year ago. Buyers registered dur- ing August this year totaled 4,573, against 4,579 in August, 1930. The course of Fall purchasing to date has amply confirmed the strong position of black and the darker shades generally, trade circles report. Black strongly dominates in coats and dresses, running more than 60 per cent of the total in a majority of instances. A high per- centage of favor is also accorded black in gloves, handbags and shoes. ‘The approach of the Fall retail sea- son brought a large volume of mail or- ders and & considerable number of buy- ers into the New York men's wear wholesale markets during the week, and the business placed was in excess of last pari ly furn! , for Sept T otions were sought chiefly, with some buyers placing orders on clothing for October. ‘The recent entrance of some of the retail buyin{ organizations into the blanket market with some fairly sub- " | stantial orders has encouraged the trade . S3%uSRIEsUES Bt B B B to believe that volume buying from these sources and from other retailers will develop .shortly. Jobbers have been ing fair sized commitments for the six weeks, and in a few cases de- liveries, particularly on all-wool num- bers, have been difficult to fill. Promotional activities carried on by retail stores during the last month in an attempt to stimulate the demand for Chinese and Oriental floor covering Bave increased activity in flu‘m market to a remarkable degree. Con- sumer interest in the imported goods has reached a point, importers said, where the better and medium price Tugs are now in almost as much de- mand as the low-end products featured in recent sales. Buyers from Western and New England stores were in_ the New York market yestere ekin, better goods. eIy = Demand for women's and misses’ anklets for Spring has been so strong recently that a few mills are sold up for several months on their production. Both jobbers and chain organizations have been operating freely, and it was predicted that the Spring volume will be the largest ever experienced. Buying activity in novelty jewelry is now approaching an early-season peak, trade reports say. While popular- price merchandise econtinues to' be sought, there is not the.strong trend to low-end items which featured the course of Spring p 3 ————— Baltimore fon Arrivals. BALTIMORE, September 8 (Special). —The Maritime Exchange reports ar- rivals at the port of Baltimore for the month of August as 219 steamers, 18 less than in July, and 44 less than in August, 1930. The United States lead with 151 vessels. e " For the first eight months of 1931 there were 1,648 arrivals or 285 less than for the same period in 1930. Among the arrivals in August were: 28 motor ships and 41 tankers with oil and molasses. T. S. TREASURY BALANCE. ‘The United States announced today as of close of business September 1, was $130,596,350.56. Cus- toms receipts for the month to date were $766,164.14. ‘Total ofdinary expen- ditures, $5,890,389.91. SILVER QUOTATIONS. ‘balance, | Bast TAX CAUSES PUBLISHER TO REMOVE TO CANADA By the Assoclated Press. WINNIPEG, Manitoba, September 8. —Notice that several United States magazines would be published in To- ronto as a result of the recent 15- cents-per-copy minimum on cer- tain type periodicals has been received by W. J. Dickson, president of the Ca- nadian News, he said yesterday. Dickson said he had received such notice from the publishers of Live Story, Western Story, Popular, Argosy, Flynn's, Adventure and Calgary Eye- Opener. C. W. Playfair, president of Western News Agency, expressed belief the new tariff might cause Canadian readers to to English magazines. MONEY MARKET. N!whv?dn.:. ?egumber :t%_cm money hel per cent, the re- newal rate, in the official market. to- day. In the outside market a lttle money was offered at 1 per cent. Bankers’ acceptances were moderate- ly active, with supply fair and demand spotty. Asking rates were unchanged. Time money was dull and unchanged and com paper was quiet and unchanged. e -_ METAL MARKET. NEW YORK, September 3 (#).—Cop- per qulet:m lyptic. ID:W ‘:l;d future, T%87%. 3 nearby, S S TR, w2 26.62; future, 26.87. Forr Yux;- . Lead steady; spot, New York, :.h‘.li‘;“du St. Louis, 4.22, Zinc quiet; 8t. Louis, spot and future, 3.80. Antimony, 6.60. Steel Industry Outlook. NEW _YORK, tember 3 ().— Frank Purnell, lent of Youngs- town Sheet & Tube Co., said that as far as he knows there is no important the outlook for the steel in- genetallis NEW YORK, tember 3 (#).—Bar | change in aummms?huum;zt __ jduatty and busingss % | United States Steel Co Markets at a Glance NEW YORK, tember 3 (A).— Stocks weak; Uni States Steel touches new low. Bonds irregular; rails decline. Curb heavy, leaders decline Forelgn exchanges _easy; sterling and Reichsmark steady. Cotton steady; local buylng: Sugar steady; trade support.” Coffee easy; lower Brazillan markets. CHICAGO, September 3 .—Wheat steady; unfavorable domestic and for- iy weather. Corn, steady; floods Illinois, bullish Iowa advices. Cattle irregular. Hogs steady to lower. New Steel Official. NEW YORK, eSptember 3 (#)— James A. Farrell, president of hu;e n, has -l-mv.-auncefl"tc the uh‘fiuo? o‘! &uhm A. Irvin as vice president of corpo~ ration, in connection with operations. Mr. Irwin heretofore was vice president of the American Sheet and Plate Co., in charge of operations. BONDS ON THE CURB MARKET. Salesin DOMESTIC BONDS. ; Hien. Low. Tlgss. v 8Amer Rad 4%s '47..101%2 5 Amer Roll M 4}2s '33 90% 8Am Seating 6s '38. 58 14 Appalach_Gas 6s 53Y% 1Appalac Gas 6s B 13 Appalach Pow 55 3 Arkang P & L 5 7Asso El Ind 4% 45 A E 3Bell Tel Can 55 B '57 10 1 Boston Con G 8s ' 3Can Nat RE 75 E 1Cap Adm 55 A ‘53 ww 14 Caroiina P & L 5s '3 61 Caterpiliar ‘Tr 55 8 Cent Il P8 4'u5 F | 6Cent Il P B 55 G 55 '56 Service 5 A v Gas ev'u K] r Gas Iy Pow Sias 15 SEFITET 1] 80 7 1 3 # 37 7 60 W22 A832 22282238 3223253 FF Det € 55 B 3 Det Inter Brdg 7s 3 Duquesne Gas s 3East Ut In 55 'S4 ww 3dis EI Boston 8s 33 109 Elec P & L 55 A 2030 Empire | O 42 152 ‘45 s8¢ 13, i 55ta [3 & bt A S S b FES 7 Gillette 8 Raz 55 '40 89 17Glidden Co 5ias '35 3Goeb B_6las A"35 W 1Grand P & W 65 Trok 6'3s '36 105 85 47, 10 SeeZsseseiszasateseatapaunaeny: SRS 87 & intern Sec Am's 47 ¢ 222821328 15 Towa Pw 2 Kansas Pow 58 1 Kentucky UL 8¢ H 55 Pot 12 Miss Riv Fl 68 '44 ww 99 3 Mont L H&P 5s A '51104'z 5 Narragansett 5s 103 © 1 8 Nat Electric 8s 9Nat P & L 85 A 203 24 Nat P & L 55 B 203 44Nat P'S 55 '18... 1Neb Pow 6s A 2022 New Eng G&E B 2 No Ohio P&L 8 Nor Stat Pw Sias 57 Nor St _Pw 4las 3 No Sta_Pw 633 40nio Edison 53 5 0Ohio Pow 55 B " 285225, T SEF e 28RN 0822382222828223238 8588855 ¥, e 83 i P W &S m $8832s0sseness L SREESEE SF & & & seasoagines *F B2 i B A e e i e 0 e v ambas O Henanaas 555 Sk 133 B R 32107 174 1047 A'42 38 & -, 2. 5 Gy 288 A Vhaldortaster § Wash W & Pow 85 a8 35 ww 7 5 3 8s 60 108 44 45 & ba 852888855 S Va8 IeWithout wrrants. n—New. Wi—When issued. i R LSV Grain growers of Argentina are build. 10g cosoperative elavalonk- . ' FINANCIAL. Everybody’s Business Budget Deficit Fears, Car Loadings Decline and Pessimistic Reports on Factors in Yesterday’s Stock Decline. Steel Industry Seen as . BY DR. MAX WINKLE! NEW YORK, September 3.—Several factors appear to be respon- sible for yesterday’s recession in the New York securities market, in- cluding, among others, fear of a large budgetary deficit, a sharp de- Special Dispatch to The Star. cline in car loadings, and pessimis industry. reports concerning the steel ‘With regard to the deficit, it is doubtless somewhat too early to form definite con- clusions bout it. As to car loadings, it is disquieting to note that for the week end- ing A s0 far figures, t 22 the decrease was the biggest is year when compared with 1929 and the biggest, with but two ex- ceptions, when compared with last year's statistics. In addition, there is a feeling that divi- dend changes might possibly be effected by some of the important railroads which are scheduled to meet for action this month. However, one cannot help feeling that some measure of relief is likely to be adopted on behalf of the carriers. This move is rather essential, if business men systems legality ments. DR. MAX WINKLER. of earnings is definitely improved. Autumn recovery may fail to mate certificates of indebtedness is proof which is borne bz the long-term and which has no On offered alike. Dying Business Declines. Few, if any, industries have proved immune against the downward trend in earnings. Even the dying business seems to have fallen off. This would appear to be borne out by the report for the first half of this year of the National Casket Co., which shows a de- | cline in profits per share of almost 17 per cent as compared with the same period last year. The management, as might have been suspected, refrains {from comments as to the future out- look. ‘Wire Service Embarrassing. New York stock brokers and commis- sion houses with extensive wire systems find themselves in a rather embarrass- ing situation. During 1928 and 1929 business was booming and out-of-town % | constructed is_the one from orders amply compensated them for the expense incurred in maintaining their wire connections. At the present this source of income has practically disap- peared, making it necessary to request & reduction in the rates. ‘The matter is understood to have been taken up with the American Tele- phone Co., with a view to bringing about an adjustment, but lower rates would tend to affect the. earnings of the telephone company, which does not suit the brokers, most of whom are stockholders hoth in their own name d that of their clients. The chances are that nothing will bs done, and the commission houses will merely await better days, which are bound to come. Constitution Change Urged. ‘That Brazil is in earnest about rem- edying the errors committed by previous administrations is evidenced by the proposals in régard to the projected As to the steel business, operations do not appear to be able to hold their own, and there is some fear that the much hoped-for position to gauge the outlook after Labor day. Demand for Liquid Securities. Applications for four times the amount offered of United States security. The huge oversubscription is especially significant in view of the interest rate of 1l per cent, as compared as yet been fully applied for. However, a substan- tial oversubscription is confidently expected. revious occasions, whenever the United States Government ong-term and short-term issues simultaneously, it almost invariably happened that subscriptions for the short-term obligations were closed first, because of the generally stronger appeal which this type of investment makes to institutions and individual investors are in earnest about protecting the credit position of the country’s transportation and about insuring the continued of railroad bonds as bank invest- According to testimony by Fairman R. Dick, chairman of the Security Holders' Committee on the railroad emergency, before the Interstate Com- merce Commission, the flight of capital from the American roads is more pronounced than the flight of capital from Germany. Dick regards Government ownership as inevitable, unless the trend rialize. One should be in a better of the popularity of a highly liquid with 3 cent, Government issue of ,000,000, constitution of the country. Sr. Boges de Medeiros, political chieftain in Rio Grande Do Sul, and leader of the party now in power throughout Brazil, pro- poses the foilowing conditions: 1. A federation of autonomous states, ‘with restriction against borrowing with- out federal government permission and limitation of state armament. 2. Presidential regime with a Federal Mr. | Council composed of five members, of whom two are to be chosen by secret vote of Congress, two by vote of State Congresses, and one by the judiciary. These men are to be of exemplary bity and mental capacity, not subject dismissal, and well . _They may not be related in fourth degree of con- sanguinity to any members of govern- ment or congress. Their duties will in- clude, among others, recognition of fed- eral elections; receipt of denunciation in cases of impeachment; decisions for federal intervention in the states; per- mission for state and municipal loans, and organization of lists from which judges may be chosen. 3. Suppression of vice presidency and Senate. 4. House of Representatives to be elected for a four-year term by the l"h'al. one member per 100,000 inhabi- nts. 5. Suppression of presidential veto or it subjection to the federal council. 6. Secret voting. 7. President to be subject to removal by_referendum. 8. Power for the House to call execu- tive secretaries before it. 9. Judges to be chosen by the judici- -r¥ through competitive examination. 0. Creation of a permanent economic council for Congress. { (Copyright. 1931, by the N ‘Newspaper Allianee, ‘Tne.) T TIcAn New York Cotton Special Dispatch to The Star. NEW YORK, September 3.—Despite the unsettling influence of weakness in both stocks and gralns, the cotton mar- ket held within limits of 10 points to- day and closed with a loss of 3 to 4 points on the day. Absence of selling pressure from pro- ducing sections and covering by pro- fessional operators in advance of the Government report on Tuesday main- tained the market on a fairly even keel. Spots were reduced 5 points to 6.80. Cotton range: Low. Close. [ 6. GENERAL FOODS TO GIVE AID FOR IDLE WORKERS By the Associated Press. NEW YORK, September 3.—Edward the General Food Corporation, an- away 100,000 boxes of food for the un- employed this Winter. Each box will contain 18 items of loo':lee and will have a retail value of $3 a] “I have not decided how best to dis- tribute the boxes as yet,” Mr. Hutton . “I want them to go where they will do the most good.” ‘The longest natural gas pipe line yet the Ama- rillo fleld in Texas to plants in Chi- cago, 960 miles away. nounced yesterday that he is giving | M! Grain Market By the Aszociated Press. CHICAGO, September 3.—All deliv- eries of wheat sold at the season’s low- est prices today in an jnactive session. Scattered selling found demand slow in developing, but a late rally finally car- ried prices out of the slump and above :Em quotations. ‘The market per- tently ignored bullish market news. Corn was unsettled for a time, slightly at the start, but advan sharply when a Chicago professional began buying. Oats were also unset- tled. Provisions were dull e losed eat c] firmer, 14a% cent higher than yesterday’s final quo"utlom; 1 corn finished strong, Jsal up; oats, mixed, % lower to 1 hgoher, and pro- visions uneven, 10.cents down to 2 cents advance, AT WHE; September December . High. Low a5n 40 e March May A3%-44 4 41%- R BEH A’ F. Hutton, chairman of the board of | Dec Holiday on Exchange. BALTIMORE, September 3 (Special). —Following the lead of the New York market, the Baltimore Stock Exchange Yyesterday voted to close on Saturday, September 5, thus giving emplo; a three-day holiday, Monday being Labor day, a legal holiday in the State of Maryland. STOCK AND BOND AVERAGES By the Assoclated Press. THURSDAY, J1413 September 3. BONDS. (Copyright, 1931, Standard Statistics Oo.) TURN FRBETTR 5 GFTEN CNORED History Shows Pessimistic Attitude Has Persisted in Face of Improvement. . ¥ %% Special Dispatch to The Star. NEW YORK, September 3.—Indica- tions of a change in the trend of in- dustrial affairs are almost universally igrored at the end of every business depression, it is pointed out by the Brookmire Economic Service, Inc., as a result of pessimism becoming so strong- ly rooted that happenings pointing to improvement are lost from view in the same manner as were the signs of an approaching depression. Evidence can be produced, it is siid, to show that this has been the attitude of the peo- ple following every depression of the past hundred years. “Public reaction to business depres- slon,” says the Brookmirc Analyst, “has always been much the same. When the first warning of the approaching col- lapse is sounded, every one is so im- bued with the ides of an unending pros- rity that all indications of a change the trend of industrial affairs are ignored. But the final collapse always comes unexpectedly and at a faster rate than is anticipated. There is the im- mediate prediction that the depression must be short-lived snd false indicators of returning prosperity are continuously seized upon. It is Anally realized, how- ever, that recovery must be based upen more fundamental conditions than a ‘will-o’-the-wisp." Report Recalled. “Forty-five vears ago the United States commissioner of labor made a re- port ending with the pessimistic predic- tion that ‘the day of large profitsis proba- bly past.’ If one is to accept the suc- cess which industry and commerce have attained since publication of this in- terpretation of the Nation's prospects there is much to be anticipated.” ‘With slight alterations in dates and names, the following statement written in 1836 would, according to Brookmire, still apply. The commissioner's report read as follows: “The rapid development and adapta- tion of machinery have brought what is commonly called overpreduction, so that machinery and overproduction are two causes so closely allled that it is quite difficult to distinguish the one without taking the other into consider- ation. “In England, Belgium and France, railroads and canals that are really needed have been built. Germany is provided with a full network of rail- roads, and in the United States rail- roads construction has been out of all proportion to the increase of products to be carried. Harbors and rivers are sufficlently developed, and warehouses, water and gas works, tramways, etc., are largely provided for; the Pyrenees and the Alps are tunneled, and the Suez Canal has been built. Terrestrial and transoceanic lines of telegraph have been laid and the merchant marine has been transformed from wood to iron. The nations of the world have overstocked themselves with machinery and manufacturing plants far in excess of the wants of production. Economie Supply. “On all sides one sees the accom- plished results of the labor of half a century. What is strictly necessary has been done oftentimes to superfluity. This full supply of economic tools to meet the wants of nearly all branches of commerce and industry is the most important factor in the present in- dustrial depression. It is true that dis- covery of new processes of manufacture will undoubtedly continue and this will act as an ameliorating influence, but it will not leave room for marked exten- sions, such as has been witnessed dur- ing the last 50 years, or afford em- ployment to the vast amount of capital which has been created during that period. * * * The day of large profits is probably past. SHARP DROP OCCURS IN GERMAN STOCKS By the Associated Press. September 3.—Despite ef- forts of the Governing Committee to stem & flood of sales orders, the boerse, reopening at noon today after 55 days of idleness, saw millions of marks lopped off German security values. Foreseeing an avalanche of sales orders, the committee, shortly after the opening, decided to prorate sales on a basis of 10 per cent of the offerings, allotting a proportion of each purchase among & number of sellers. Gilt-edged securities were thrown on the market, officlals said, by German easing | sellers, little selling being done for for- account. ces generally were 20 per cent to 30 per cent below those at the closing of the boerse July 11. ‘A committee worked more than an hour figuring the official prices for the At the pulse of the world .| TIMES SQUARE Where mazdas defy the dawn, the Taft reigns — largest hotel in Tim Square.Thecenterofshows, shops and business. A hotel - of dignity ond charm, mod- om in service. For exam- ple, Guest Secretarial Service gratis. 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