Evening Star Newspaper, September 8, 1931, Page 15

Fl1 CURB SHARES DROP - IN SHARP SELLING Unfavorable Trade Reports + Reslut in Active Liquida- tion—Leaders Off. BY JOHN A. CRON NEW/ YORK, September 8 —Faced with a series of pessimistic views cn the trade outl’ok and contending with a . sizable amount of foreign selling or- ders. the Curb Exchange turned active and lower today. Electric Bond & Share yielded 112 points by midday. while American Gas & Electric was cff ncarly twice that amount and Consolidated Gas cf Balti- more receded 4 points. Cities Service most of the time wes down about a half point. Humble Oil on its first sale opcned off 1'; ptints. Pivotal public utilitles were among the first groups to yield ground. They were quickly followed by miscellaneous industrials and investm>nt trusts, and somewhat later by the oi's.- New lows early were reached by Community Water Service. Hydroelec- tric Securities. Middle West Utilitles preferred, ex-warrants; Noma Electric. Rossia International, United Light & Power B. United States & International Securities and Utility Equities, The sharpest break in the forenoon was registered by Aluminum, Ltd.. down 9 points. Aluminum Co. of America, at this stage of the session, was off 41z points. Great Atlantic & Pacific Tea. making the bost showing in the oppo- site direction. rose 4 points London ng was responsible the heaviness while offerings from Montreal advers>ly affected Montreal Light, Heat & Power. Hiram Walker was off a small fraction Newmont Mining cased as Hudson Bay Mining moved up. Gulf Oil was a weak spot. but losses in the Standard group. if Humble Oil be excepted, were limited to small frac- tions. 'A. O. Smith Corporation was &trong. Cooper-Bessemer did not immediately respond to the quarterly preferred dividend omission. New York Cotton Bpecial Dispatch to The Star. NEW YORK. Scptember 8.—Cotton ' prices broke into new low ground for the vear after the Government esti- mate had increased crop figures, but the market met heavy covering at 6! cents for October and rallied near $1 a bale. Best prices of the day wes Teached in the last hour under steady short covering and the list ended 1 to 3 points higher than on Fridey. were advanced 5 points to 6 Oven Close €66 Ly 3 o tone: December January 35 73 RKET By the Associated Press. CHICAGO. Sepiember 8.—Following complete official list of transac- in stocks on the Chicago Stock High Low. Close. 791 18 7 30 Aesoc 9609 Bendix 2050 Borg-Wainer 100 Brach & Sons 50 Canal_Constru Co 100 Ceco Mz . 10 Cent Tl Pub S¢r pf 1l sec 20 C 230 Cent %00 Cent Cities Coleman La ©25 Comith £ 1550 Cont, Chicagro 1750 Cont Chic pf 400 Cord Corp 1800 Corp Sec 140 Crane Co . 10 Crane pr 130 Dexter Co 100 Elec mp & S 150 Goldblatt 950 Gt Lakes Aircraft 1450 Grigsby-Grunow 250 1l 20 111 N 9650 Insull 501 500 Katz D 400 Kelloge Switch "\ 1000 Ken-Rad T & L 20 Ky Ut Jr cum Bf 50 Keystone Steel 500 Libby-McNe 150 Lind 50 McWilliams_Dredge . 650 Merch & Mfrs A 150 Mid West T 16000 Mid West 50 Mid W Ut 550 Mid W U ULl reman 5 350 Midland 150 Midland 10 Mid Ut 10 Mid Ut 10 Mid UL 7' pi 50 Miller & Har 400 Mo-Kans Pipe 100 Modine. 100 Mohawk Rub 10 Monroe Chem i 100 Morgan Litko 150 Nat Elec Pow A 10 Nat Pub Serv pf 50 Nat_Sec Inv pf 150 Norwest 10 No West Ut 77 10 No West Ut pi 100 OntarioMfg 50 PArker 200 Perfect Ci: 400 Pines Winter 50 Polymet. for | of Brazilian Traction, | Corporation | Spots | ANCIAL. 1 { i i | | | | NEW YORK CURB MARKE Stock and Dividend Rats Acetol Prod A Aerc Underwriters. Affiliated Prod 1.60. . Agfa Ansco. . Ainsworth Mfg. . Air Investors vte ‘Aluminum Co of Am 7508 AluCoof Ampf (6). 3 Aluminum Co Ltd. 3 Alum Ltd Bwar..... 111 Alum Ltd Dwar...., 99 AmCit P&ALBb10%. 13 Am Com P A (b10%) 8 Am Com PrB(b10%) 8 Am Corp (f15¢)... 14 Am Cyanamid B. 21 Am Equities. .. 4 Am For Pow war.... 40 Am Founders. . 1 Am Gas & Elec (t1). 39 Am Gas & El pf (6).. Am Invest war.. Am Lt & Trac (2% Am Mfg Co (1).. Am Maracalibo. Am Natural Gas. . ... Am Superpwr (p40c) Am Superp 1st (6)... Am Util & Gn B vtc.. Am Ut&G cu pf 113 Amster Trad (48¢) ‘Anglo Chil Nitrate. Appalachian Ga Appalachian Gas wr. Arcturus Rad Tube. . Arkans NatGas A. Ark N G cu pf (60c). Art Metal Wks (60c) Asso G&EL (A) (al). Atl Sec cu pf wwi(3). Atlas Util COrp. ... s Atlas Utilities war Babcock & Wil (7). Bell Tel of Can (8). Bickford's (1.20). anford. W) (nl) Rlue Ridze Corp Riue R Cpey pf ( ¢ Brazil Trac LI&P(1) ~Prev. 1931.~ Bales— High. Low 10 4y 12 blx 26 1% 5 9 9 20% % 8 5 115% 99 46 17 224 6 11% 17 3 ke 4, 131 2% 49 1 12 1 1 3 34 13 2 R 12 4 25 1 15 2 508 b0s Buff N & RurcoInc...... Cable Radio T vic. nadian Marconi. rib Synd rrier Cor “elanese pf (7) “ent Pub Sve A b5%. “ent Pub Sv Del..... ‘ent&Swn Ut (b7 %) “ent Stat El (b10%) ent West PS Aally ‘enirifug Pipe (60c) “haln Stores Stock. . “ities Service (g30c) 110 ‘ities Serv pf (6)... 1 “laude Neon Lts Inc. 13 “olon Oil “0l 0il& ‘mwith E mwith & “om Wat Ser g1233¢. ‘omstock Tunnel. ‘onsol Copper. as Balto (3.60) “ont Shares cv pf. ‘ont Shares pf (B) ‘ord Corp. “orp Sec Ch (b6%) .. ‘orroon & Reynold ‘or & Rey pt A (8) “osden Ofl ‘reole Petroleum ‘resson Consol (4¢). ocker Wheeler Cumberland P L Cusi Mex Mining Dayton Alr & Eng. Deere & Co. De Forest Ri Detroit Alrcraft. .... Dubilier Cond & Rad. Duguesne Gas. Durant Motors. . Bast G & F Assoc «t G & F Aspf(6) st Sta Pow (B) st Util Assoc ev Educational Pic pf. . Hlec Bond&Sh (b6 %) Elec B& Shcupfs.. Elec B& Shpf (6)... Flec Pow Assoc (1). Elec Pow Assoc A (1) Klec P & Lt op war.. Europ Elec deb rts. .. Falcon Lead. .. Ford M Can A (1 « Ford Mot €an B 1 Ford Mot Ltd 36 Foremost Dairy Pr.. Foundation For Shs. Fox Theater (A) Gen Aviation. . 3 Gen Cable war. Genk Ltd res 36 3 Gen Empire (1) Gen G&E cv pf B(8).2508 Gen Theat Eqcv pf.. 13 Glen Alden Coal (4). 2 Globe Underwr (15¢) 1 Golden Center. TSI P ol S T TP Y © i Gorham Inc pf.. Graymur Corp (1), 3 GLA&P T nv (16 Groe Strs Prod vt Gulf Oilof Pa (1%) e Hackmester Lind. Hammond Clock (2). Hecla Mining (40¢) .. Hudson Bay M & § Humble Ofl (1214) Imp Ol of Can (50¢). Ind Ter 111u Oil B. Insull Inv (b6%) Ins Co ofNo Am 1214 Insurance Sec (40c)% Intercontinent Petn, Int Petroleum (1). Int Utilities B.... Int Utilities war. . Inter Equcv pf (3).. Interstate Hosiery Italian Superpow A.. Italian Superp war. . Kolster-Br (Am Sh). Lakey Foundry Len Coal & Nav 1.20. Libby McNeil & L. .. Lone Star Gas n 88c. : Lonx Island Lt (80c) Louisiana Lan & Ex. MacMarr Stores (1). Magdalena Synd. Mapes Cons Mfg(+4) Mar Int Mar(73 35¢). Marsay 15 Add 00. Open. THE EVENING STAR, WASHINGTON, D. C, TUESDAY. SEPTEMBER. 8, 193Y. Note—All stocks are sold in one hundred-share lots excepting those designated by the letter s (80s) (250s). High. Low. Close. 9 8% L o @y 9 20m 204 204 | B 6% bl 8 wig oM 17 113 29 99 46 46 17 12 224 \22'2 6'a \ 6 11 11w 181 17 s & T 6% 4, 4 13% 124 2% 2% 61'a 60 1114 1110% 1 364 24 % 1% 101y 92 324 6% 1% 901 901 134 1341 14% 14% 30% 304 13 18 3 3 201, 208 Ry 36 321 RO 102 11 36 34 89% 102 1% 1% 19 1% ~Prev, 1931.~ High. Low. Receiv stock and Bales— Dividend Rate. Mavis Bottling (A).. Mayflower Asso (2). Mead Johnson (t414) Meniph N Gas (60¢, .. Mer & Mfg SA (1%). Met ¢ to 50c Strs pf. Mexico Ohio Oil. ... Mid West Ut (b8%). MW Utevpfxwé 2 Mid W Sta Ut b10%... 12 Mid Unit prin (6)... 108 Minne-Honey pf (6). 208 Mining Corpof Can.. 1 Mo-Kan Pipe Line... 23 Miss Riv Fuelbd rts. 3 Miss River prpf (). 508 Mohawk Hud 2d (7). 2008 Mont Lt H&P (1%). 1258 Moody's 1Sptpf(3) 1 Moss Gold Mines Mountain Prod ( at American Co. at Aviation. Nat Bancservice at Bd & S Corp (1), 4 1% 27 5% 50 113% 1214 23 1% 25 64 8% 15 1 14 by a1 1 5 2 i 2 32 7 81 82 1 3% 4 107 99 Nat Food Prod B at Fuel Gas (1). at Investors. .. at Pow & Lt pf (6). 50 600, .. - ec A $60c. at Sugar N J (2) at Transit (1). at Union Radio ehi Corp (60¢). . ew Eng Fuel new. . Eng P S pr lien(7). ew Jers Zinc (13).. ew Mex & Ar Land. ewmont Mining. N'Y & Hond Ros (1). N Y Tel pf (633).... 508 tag-Hud Pow (40c) 166 g-Hud Pow Aw.. 3 Niag-Hfid Pow Bw.. /13 Niag Sh Md (40c)... 4 » emt-Pond (1) 2 Noma Elec (40¢) . 10 Nordon Corp Ltd. ... 5 r Am Aviat A war. NoAm L& P (b8%). Nor & S0 Am Corp A, North European Oil. Nor St Pow A (8). Ohio Copper. . .. Ohio I"w pf(6).. Outbo.5ed Mot A..... r A(1.30) ways. 58 15 i 1 Pac Pub St Pan Am A Pandem Ol Pantepec Oil. . 2 Parke Davis (+1.65). Parker Rust Pr (3).. Pennroad Corp (40c) Penna Gas & Elec A. Tenn Wat & Pow (3) Perryman Electric. . Petrol Corp war. Phila Conew (11.40). Philip Morris Inc. Phoenix Secur Corp. Pilot Rad Tube A.... Plymouth Ol (25¢). Polymet MIR. .. Premier Gold (12¢). Propper McCallum. . Prudential Inve Pub Util Hold Pub Util Hold xw. . Puget Sd P&L pt ( Rainbow Lum Pr A Reiter-Foster. Relfance Int A Reljance Int B Relfance Manag. Republic Gas Corp. Roosevelt Field Inc.p Rossia Intl (10¢) . St Anthony Gold. ... St Regls Paper (60). alt Creek Pro(1.40). it Co (2. ; Sec Allled Corp (1).. Sexal L & H (a50c).. Seiberling Rubber Selecred Industries. Sle Ind al ctfs(s henandoah Corp. ... Shenandoah pf ( lica Gel etf 4 ger Lid rets(28c) mith (A O) (2) Solar Refining. South Penn 011 (1).. SoCal Ed pf B (134). Sou Cal Ed pf C(1%) Southld Royalty 20c. 8 W Gas Utilities. .. Spieg May Stern pf. Stand Motors. ...... Stand Oll of Ind( 1) Stand Oil of Ky 1.60. Stand P& L (B) (2). Stutz Motor Car Sunrayv Oil (b5 Swift & Co (2)... Swift Internat (3). Swiss-Am EI pt (6) Technicolor Inc. Teck Hughes (8 Trans Air Trans. ... Trans Lux DL PS.. Triplex Safety Glass. Tri-Cont Corp war. Tri-Utllities. ... Ungerieider Fin Cp Union Tobacco. .. Unit Carr Fast (10¢) Unit Corp war. Unit Founders. Unit Gas Corp. ... .. Unit Gas Corp war. . Unit Gaspf (T)..... UnitLt& Pw A (1). Pwr B (1) Pwr pf(6) U S Elec Pow ww 'S Finishing & Intl Po S Inter Sec 1st pf. Linespt..... Plaving Card 2 1 225 * S Radio & Televsn. “nit Stores v.te..... Unit Verde Exten (1) Unit Wall Paper Util P&Lt(at1.02 Util & Ind . ¢ Utility Equities. Van Camp Pkg Walgreen Co........ Walker (H) (50c) W Va Coal & Coke Western Air Exp. Wil-low Cafe pf (4). Woolworth (FW)Ltd “Y" Oil & Gas. 508 65 1 6 20 . 22 e Bone man e R I P o - 154 4% bed 114 121 s = 00 a8y 12% 9% 24 % Dividend nual payment. *£x dividend. tPartly extri A Pavable in cash or stock. bPayable in st dividend. fPlus 5% in stock. &Plus 6% in st stock I Plus 2% n stock. k Plus 10% in stock. » » B Add 00. Open. atock. nPlus 8% in stock. D Paid last year—no regular rate. by Private Wire Direct to The Star Office High. Low. Close. 1% 1% 1% 27 27 27 63 60% 60% 8% 8% 8% W% 14 14% %o % % 3% 3% 3y 15 14% 14% 894 89 89 ™ T 7 4% TA% 83 84 m O 1% 3% 4 5% B 110 110 104% 431, 21 & an 24 5% 1 30 10 18% 101 rates in doliars based on last quarterly or semi-an- Plus 4% in stock. ock. e Adjustment’ ock. hPlus 1% in m Plus 3% 1n | | Markets at a Glance l NEW YORK, September 8 (A)— Stocks—Weak; U. 8. Steel and rails in new Jow ground. Bonds—Irregular; rails weak. Curb—Heavy; utilities soft. Forcign exchanges—Irregular; sterling sags.. Cotton—Lower; bearish Government _report.~ Sugar—-Steady: Cu:lan support. Coffee—Steady; steady cables. CHICAGO, September 8 (&) — ‘Wheat—Easy; favorable weather, lower Wall Street. Corn—Easy; forecast cooler weather, large country offerings. Cattle—Higher. Hogs—Lower. PARIS BOURSE VPRI’CES. PARIS, September 8 (#).—Three per cent rentes, 89 francs 35 centimes. Five per cent loan, 104 francs 20 centimes. Exchange on London, 123 francs 95 centimes. The dollar was quoted at 25 francs 50's centimes. BONDS ON THE CURB Bales DOMESTIO BONDS. in thousands. High. 25 Al Pw 4t 8 Alabama Pow b 8 Aluminum Co 58 1 Aluminum Ltd 85 ' 10Am Cmwih Pw 65 140 66'3 6 Amer EI Pow 6s A '37 59 38Amer G & E 55 2038 99% 10 Amer G & Pow s '83 67 15Amer B & 1, 65 2016102'4 4 Amer Roll M 4738 33 90 34'Amer Roll Mill bs 20 Appalach _Gas 6 3 Abpalac Gai 11 Appalach Pow 8s 4§ Arkans P & L 15 Akso Elec 1nd 4 2Ass0 G & E 4 28Ase0 G & E 415549 39 Asso Gas & Ef 5s 8 As0 Gas & EI 55 '68 2As50 G & E 5las " 3 Associat Ravon 5a '50 FAsso T & T 87as A '55 88 5 As Tel Util 5133 ‘44 C 2 Baldwin Loco 355 '33 10014 11 Beacon Off 68 ‘36 ww 98 4 Bell Tel Can B8 A 2 Bell Tel Gan 8% B El 4y 7314 5003 6Can Nat R E 18 F 3 S Gaterpillar Tr 5s 10 Cent Ariz LAP 5% 8Cen 11 P8 4.5 F 2Cen 11 P S 85 G ! Gen Pow & Lt 58 '8 89 Cent Db Ser' 81y ¢ 1 Cent Stat Elec 85 @ 13 Gent BL"E185s € 3Chi'Dis El 4138 70 ; Chi Dis Elec 3ls 101 Se . 82 4y 10478 103 103 omwh Ed 4125 C omwih Ed 438 E 2 Comwh Ed 4'38 D 114 Comwh Edis ds F 8Comm P & L 55 56Con Gas Balio 43 7 Con Gas Ul 63 A 13 Consum Pow 41as 108 Cont G & B 58 °A 3 Crane 'Co_ 38 40 rucible Steel 85 udahy Packe 5s udahy Pke b C P&L c o C Gas 55 uquesne Gas uquesne G ast Ut Inv 55 '34 w Bf Boston g1 321 P Boston 5s 33 1 & L 58 A 2030 1 Firestone C M 85 48 4 Fisk Rubber 5'p8 ‘31 18 Florida P & L 8s ‘3¢ 000 53 1 $ i 25 a: a: o) s ] 1O 3 1 33 3 13 5 Gatineau Pow 6s ‘41 4Gen Bronze 63 40 2Gen Pub Berv 83 1Gen Pub Uul 68 3 1Gen Ray 65 A 8 Georgia Power 8 Raz 53 Glidden Co 5is Grand_Trunk 6'3s { Oil Pa 38 Gulf 8¢ Utll Hood Rubber 3'28 HOU L & P 4133 D 1if o ‘& Lt 85 A il Pow & Lt 53 C linos P & L3 llin P & L 57,8 ndnap PAL 8 heull UL 68 B Intercon Px_ cv 68 410t Pw Bec 612 '35 $nter Pw Sec i3 & Intein Sec Am 3n 108 Intersta Power 8% 8 Interata Power 8 '52 7inves Co 85 A 47x 2 Iowa:Neb L&P 85 37 8 Iow-Nb L&P bs B 61 3lowa Pub Serv 85 ‘37 $Jer ‘Cen PAL S5 B 4T S Kans G&E 68 A 2022 100 10 Ken UGl 1st 35 69, 100%% 1 Kentucky Ut 89 0} 101% 3 Koppers G & C 5 '47 9 11 Kobper G&C 5125 '50 102% 3 Laclede Gas 8'/s - TLehigh P 8 65 306 1Libby MeN & L $s 43 81 2Lone Star Gas’ 35 42 98 1Lons isiand Lt 6 '43 106% 7 Manitoda Pw 5128 51 74 1Massachu Gas 85 35 101' 2Mass Gas Sige 46 105 Mem P& L 5 A etro Edison 48 71 West UL B8 32 v weat U west Ut v G & E nn G & Lt 41y n P& L 4 53 Pow & Lt b3 37 94 53 Riv F 65 ‘46 ww 98 58 River Pw b5 '31108'% P Blectric 5'as tP&LSeB Nat P8 §s°18 1 National Ten 88 3 Nebraska Pw 4l2s 3 Nevada Calif 55 18 New Eng GKE 9 New Enk GAE 5 43 New Eng GAE 5 INew Eng Pw 8 3 New. Orleans 402 '3 16N Y P & L 415 '67100% 1Niag Falls Pow 65 '50 1063 2Nor' Ind P S 85 C 66 1041 7 Nor Ind PS 4135 E'70 98%s 11 No Onio P&L ‘5135 31 105 5 No Ohio P & L, 55 '38 103% 7 Nor Stat Pw 5'us ‘40 104 20 Nor Stat Pow 415 ‘a1 991y 14 ORio Edison. 55 “60.. 10814 3 Ghio Pow 4'ss D' 361014 1 Ohio Pow 55 B 32... 104 1OKin Gas & EI 55 /30 103% 9 Pacifc GAE 4'.c '37101' 19Pac G & E 4135 F 8010113 3 Pacific G & E 35 C '321061% §Pac Inves 55 A 48 xw 8714 15 Pacific Pw & L 55 '35 98% 33 Penn Elec 4s 71 F.. 93% 10 Pa Ohlo’ P&L $1ys '3 27 Penn W&P 4733 B Peo) 43 102% 8013 82 10843 103 101% 40 EH : 98 . 104:; R 1 1 1 I 104% I 9 94% 962 104 1 KZEREREKEE PA= PO 22 £ 81 10234 1 56. 871, 881y 3 2 35555, DD DD0D! £ 0! 28 £ o through 612 | ols | B Politicians Reckless With . Everybody’ FINANCIAL s Business Taxpayers’ Money and Now Country Is Paying Penalty for Neglect- Special Dispatch to The Btar. | bution. Government as being indifferent fail to evaluate the future properly. do not realize thai a carpe diem because many a | to lead. Such conditions are not confined * | United States alone. We meet them In Europe, in the Far East and out Latin America politicians vie with one another to create new channels into which the taxpayers’ money can be They have no scruples about launching costly and often | sterile projects, so long as they succeed in winning the favor of their | where. poured. voters, and regardless of whether ing Sound Principles. BY DR. MAX WINKLER. NEW YORK, September 8—Ogden L. Mills, Undersecretary of the | Treasury of the United States and one of the country's leading authorities on matters pertaining to finance, always has regarded as | indefensible enormous cash payments to the war veteran. When the question of paying out a large sum first came up for serious discussion early this year, Mr. Mills, speaking before the New York Bond Club, pointed out that the dis- tribution of so huge an amount would retard the recovery in business and would be inevitably followed by the usual retri- And yet there are many who regard the toward the men who rallied to its aid a decade and a half ago. Those holding such Y!’%“ 3 ey (enjoy the day) phllosolphy is distinctly unsound, eader—alleged and actual —who adheres to it, does so to the great detriment of those whom he is called upon to the every- DR. MAX WINKLER. or not the expenditures involved ! exceed the taxable possibilities of the nation. | Not a New Device. | Exchanging favors by abuse or mis- use of the public treasury is not a new * ! device to which politicians resort. The | history of antiquity is replete with in- stances which substantiate these views., The middle ages and the present day | | do not differ very much from the earlier | | periods, except perhaps in the extent |and degree of the excesses to which | ! politicians fall prey. The politician is in constant fear [ lest he be obliged to vield his place to some one else. Public sentiment is ‘.wbjen to quick and drastic changes. In order to enjoy the present, he does not hesitate to mortgage the future. Let our children and grandchildren rovide, he says, with happy thought- feseness. Little does he realize that. very often, | the errors which he commits become so serfous in character and so inexcusable that the consequences fall upon those | who commit them. rather than upon | their posterity. Thus their fond and pleasant dreams are shattered and their castles in the air destroyed. For confirmation of this view let us consult Siles, late ruler of Bolivia: Leguia, late President of Peru; Ibanez, erstwhile dictator of Chile; Irigogen, late chief executive of Argentina, and | Luis, late President of Brazil. It was | but yesterday that they launched the | most ambitious public works, having { command over millions of dollars, cheerfully loaned by American bankers, return for pledges and promises | Todav they languish in exile or jail, and American investors hold notes on | which nothing is paid and on which | little can be realized. | Politicians Invoke Flood. Apres mol le deluge—after me the | deluge—a French king once said be- | cause he saw a flood coming as a | necessary and inevitable catastrophe and as an atonement for all the igno- miny of which the monarchy under him had been guilty. Not much differ- {ent is the slogan of the politicians of \today, who, too, invoke the flood which | is fast and relentlessly approaching with bankruptcy and unbearable tax- | ation. The danger lies in the fact that gov- ernments are ephemeral; that their days are often numbered. It is for these reasons that politicians know no restraint, either of decency or of patri- otism, in matters pertaining to the ap- propriation of public money for expend- itures of all sorts. They will invent | and unearth various types of taxation | as long as it is possible to obtain funds in that way. ‘The average voter is not seriously | ! Grain Market || | By the Associated Press. CHICAGO. September 8.—Led by cotn, the grain markets went downwar in tne late dealings today, largely as a result of sympathy with weakness of securitiex. September corn fell 214 cents a bushel, with pressure of liqui- | dating sales a feature. Little attention was paid to a “hold back grain” plan | that has been started in Tows. | Corn closed unsettled, % -1% cents down; wheat lx-7» off. and oats at| 3,-3, decline. Provisicns finished 2 to 12 cents higher, with pack-rs buying. WHEAT— Tose. September December September December Ssptember cember TREASURY CERTIEEATES. (Reported by J. & W. Seligman & Co.) te—Maturity. Ofter. s Dec. 15, 1031 affected; he rejoices and g no thought to the fact that the zeal with which the leaders dispense funds from the taxpayers' pockets would be less marked if they were called upon to pay with their own personal resnurces. Remedies Must Be Fundamental. Faith healing methods will avail lit- tle, if anything. The crisis in the grip of which the world finds itself today is fundamental and whatever remedies will be applied will aiso have to be of a fundamental nature. We have been neglecting for too long the sound princi- ples of economics and finance, and the irretrievable penaity is now being exact- ed. We permitted ourselves to be blind- ed by the preachings of a new school of economists, who were right so long | as it required genius and extraordinary skill to be otherwise. rely too much upon the many devices concocted in statistical laboratories from the chart and the graph down to the cycle, the aristocrat of statistical implements, forgetting the importance which the human element always plays. It is this intangible factcr which upsets very often predictions based upon pur: ly statistical material. We must cultivate the hebit of main- taining intact the necessity of balanc- ing outlay with income. We must real- ize the horror and the grave conse- quences of a debt beyond the capacity of the Nation to meet; and shun the prodigality with which' the taxpayers’ funds are expanded. ‘We must abandon a policy of isola- tion and sterile aloofness from world aflairs, and realize that because of the undeniable existence of the economic and financial interdepcndence of na- tions. no one country can prosper 1if chaos reigns in the land of its neigh- bors. Prosperity, in order to be genuine, must be shared by all or nearly all who are able and willing to con- tribute their share. (Copyright. 1831. by the North Newspaper Alliance. Inc) * RN American We inclined to | INCREASED OIL USE HITS COAL INDUSTRY Figures Show Gain ‘in Consump- tion of Liquid Fuel During Recent Years. | PR By the Associated Press The Commerce Department believes the major {ll confronting the coal in- dust:y today is its displacement by fuel oil. The world consumption of fuel ofl in 1928 is estimated to have been ap- proximately 600.000,000 barrels of oil used for fuel. This figure is equivalent to_about 150,000,000 tons of coal Domestic consumption of fuel oil in the United States in 1929 approximated 310,000,600 barrels on the basis of Bu- reau of Mines calculations. Imports into other countries were as follows: North America, 1,944.000 barrels: Cen- tral America, 7,131,000 barrels, of which the Canal Zone accounted for 6,193,000 | barrels; West Indies, 6,531,000 barrels including 5,057,000 for Cuba; Europe, 34,300,000 including 14,844,000 for Great Britain; Asia, 16,649,000 barrels. Africa ‘unbm'wd 3,246,000 barrels, New Zea- land 3.011,000, and South America 16.171,000. These data does not in- clude the consumption of fuel oil in pro- ducing countries nor fuel oil made impo-ted crude in others. | The Devartment says a large per- centage of coal entering into interna- tional trade is for use in bunkering steamships. That the export coal trade has been affected vitally and adversely | by the adoption of fuel oil under steam=- | hip bollers is indicated by the follow= ing facts: In 1914, of a world gross ton- nage of 45,404,000, less than 4 per cent burred oil; in 1920, world tonnage had increased to 53,900,000 of which oil burners represented 17 per cent, and in 1929, of a total tonnage of 66.409,000, 36 per cent used oil. DIVIDENDS.DECLARED NEW YORK. Septemver 8 (). — Philip Morris Consolidated, Inc., has declared an initial dividend of 43% cents a shar- on theiclass A stock. pay- able Octcber 1, to stockholders of rec- ord September 21. The = Cooper-Bessemer Corporation has omitted the quarterly dividend of 75 cents on the 83 preferred stock due &t this time. American Brake Shoe & Foundry Co. has adjourned its dividend meeting un- til September 15 Eastern Steamship Co. has declared & quarterly dividend cf 37!, c°nts on the common stock, payable October 1 to stock of record September 18. placing the fissue on a $150 annual basis, llrl'flnl 4 SZCZYE\'iou-SI y. la nsolidated Coppe: 0., | declared a dividend of ZEpCtYn(u: Dll’ll\..2 ble September 30. to stockholders of record September 18, previously 25 cents was paid quarterly. Homestake Mining Co. has declared an extra dividend of $1. in addition to the regular monthly disbursement of 50 cents, payable September 25. to stock | of record ptember 19. A similar ex- tra was gaid April 25 last | CHICAGO DAIRY MARKET. | | CHICAGO., September 8 (/). —Butter —11,769 tubs; firm: creamery specials (93 score), 30a30',: extras (92 score), 2915 extra firsts (90-91 score). 27'.a 28'2; firsts (88-89 score), 25a26; sece onds (86-87 score), 22-24; standards (80-score centralized carlots), 29 Eggs-—16,057 cas firm; extra firsts, 20!z fresh graded firsts, 19',: current receipts, 15a17!;. M&néy to Loan Secured by first deed iling intere Joseph I. Weller 01 Money Available for Mortgage Loans AKING FIRST TR fil tant feature of our UST LOANS is an impor- business—which means we have the facilities for prompt consideration of applications—and ample funds ready when approved. We are interested in making loans on apartment houses, office buildings, residential and business prop- erties—located in Washington or near- by Maryland and Virginia—covering periods of 3, 5 or 10 years, and at 5%% RANDALL H. HAGNER & COMPANY MORTGAGE LoAN CORRESPONDENT 1321 Connecticut Ave. Capital Decatur 3600 * OIII!IIIIl||||||Il||lll|IIIIll||Illllll|||I|IIIIIIIIIIIIIlIlIII|IlI|IIIIIIIII'IMI!I!IlIIIII|I||I|Il||||l|IlIII|II¥II||HIIIIIIIIIIIIIlII* and Surplus, $3,500,000.00 Such a Vitally Important Duty T G — Making Your Will should not be unduly post- poned. To die intestate is to complicate matters for those You predecease. - COur Trust Officers will be glad to talk this subject over with you, and point out the advantages of CORPORATE fiduciary service. as NATIONAL SAVINGS | 000 units; between 50,000 and 60,000 | New Sales Policy. cars reported scheduled f oduction | in Beptember. — cd for Production | ypg yoRK, Beptember 8 (7). —Cat- CORPO TION Mullins Manufacturing gets $1,000,000 erpillar Tractor Co. has announced a | order for automobile body parts. new policy whereby the company will REPORTS |~ Tobacco Products $1.40 class A share ' allow 2 per cent cash discount from its | earnings six months to June 30, 48 published factory list to cash buyers of | cents vs. same amount year ago. | caterpillar machines. STOCK AND BOND AVERAGES By the Associated Press. TUESDAY, SEPTEMBER 8. STOCKS. L Natl Stkyds aboard ULl egal Lock & Hdwe S0 Union Gag o West G & E pf 50 Stand Dredzing 50 Stand Dredz pf 50 Stude Mail A 900 Bwifl & Co Swifi 1ntl 100 Tel Bond & TRUST COMPANY The Oldest Savings Institution in the District of Columbia Corner 15th & New York Ave. e r R oot o nes T earors irn tand :ln: rdfl' k‘l 1) o n 12 739 OFFICES IN 1 $! CITIES 6. 104 23 Fexas Flec'sn 60 'wi ‘58 Texas Gas Ut 6y ‘45 42 Have An Extra 14 Texas & L 5s '56.. 1?3‘ LY 1500 o $Q).75 Monthly creates and delivers you $1500 cash on the exact scheduled. n,oo? o SII?OMO from proportionately small pay- ments. 37-year record. Free book- let" Multiplying Money"' explains plan, payments, meturity dates, certaln tesults. coupon. 200,000 INVESTORS PV VITVOVYYYYYY Sondbookiet"MULTIPLYING MONEY" & I TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. PRIOPERTY MANAGEMENT NEW YORK, September 8.—The fol- lowing is a summary of important cor- | poration new# prepared by the Standard Statistics Co., Inc., New York, for the | Associated Press: | Weekly News Trend. | ! Bond prices on the listed exchange | fluctuated moderately during the fine trading sessions last week. ding in railroad lssues continued active, with ! gains nominal. The Standard Stotistics | index cf 60 representative bonds showed | a slight decline for the week. | | On the Stock Exchange prices were | | reactionary, reflecting, iz is thought, the disappointment of security holders at the fallure of industry to register its normal seasonal expansion. Our index of prices of 90 leading stocks declined about 6 per cent for the week. Weak- ness in the rail group was pronounced, the index for these issues falling to lts} i & Ind 150 Ul ‘& Ind 200 Vortex Cup 100 Vortex Cup 100 Wahi 1630 Walgreen Co 10 Ward Mont A 210 Waukesha_Mo: 500 Western Cont_Ufil 100 West P L' & Tel A 1830 Wis Banksh 30 Yates Mach . 100 Zenith Radio . Stock sales today, 110.000 shares BONDS 65 1940 1053 20,000, Apartment House MANAGEMENT i A L4 va Publi r.uj ."e 8 v 6s § Vaikertstor 7 154 50 1 West News Del 44 . West B5s 2030 Two years ago Wi ‘Three years ago. High, 1931 Low, 1931.. High, 1930 Low, 1930 High, 1929 Low, 1929 i Pow 48 8 g n ex '\‘&P N FOREIGN BON Agr Mtz Bank 46 59 jaden Con Pfi 5 Eots, Mig Bk 15 (47 4 a8 47 LET us show you what our property management service comprehends—and how it will benefit you in the conduct of your apartment house. 71 8% 5000 Ins 5 12090 Come 1081, 10814 1081, [ 5 S00 Come 1 BREA A Br Bond sale muca_Valley 7s ‘48 1Cent Bk Ger 65 A BALTIMORE STOCKS. Special Dispatch to The Star. BALTIMORE, September 8.— STOCKS. Last sale. !l’l;fi Arundel Corporation . . 38 50 Baltimore Tube com 40 Baltimore Trust Co. 25 Black_& Decker com 5C & P Telephone Balto pfd 4 Commercial Credit pfd.... 450 Consolidated Gas com 10 Consolidated Coal com.. 15 Fldelll‘v né Neae INVESTORS SYNDICATE FOUNDED-1894 932 Barr Building ‘WASHINGTON, D. C. ‘Telephone, Metropolitan 1879 25 g 22333882 FEF 3 We have a long list of satisfied clients. B. F. SAUL CO. 925 15th St. N.W. lowest in some 30 years. 4 Hanover 3 Hanover Bro ¢ 20 Ital Sup Pow 6s A '63 1 Manst M&S7s ‘41 xw 12 Mendoza_Pr 7 51 2Rio de Jan uhr G 'Co 4 Runr The Companies. Botany Consolidated Mills deficit, six months to June 30, $1,898,456 vs. deficit 21.850.430. : Burroughs Adding Machine common | | chare earnings six months to June 30, | {56 cents vs. 80 cents. | Canada Power & Paper Corporation, ' | Ltd—Port Alfred mill being reopened, with two machin2s operating. 1 F. & W. Grand 5-10-35 Cent Stores | 1930 61 per cent preferred share earn- | ings $37.08 vs. $5.33. Ford Motor August outpl‘ about 20,- Week ago. Month ago. Year ago.... Two years ago Three years ago. High, 1931 . Low, 193 High, 1930... Low, 1930. . High, 1929. .. Saar Basin Con 78 2 Santingo Chile 75 ° 1Stinnes 175 38 x 11 8tinnes 175 ‘48 xw Terni © & Pover 3 Unfon Trust Co.. 10 United Ratlvay & E) 10U 8 Fidelity & Gu G4 10 Western Maryland Dairy pfd. .. BONDS. 1000 Marsiand Elsciric Rwy 6':x 1000 United Rwy & Elec lst ds. 1000 United & Elec 85 1949 3000 United Ry & Elec income 4s, Nat’l 2100 New 1931 low. MORTGAGE LOANS (Copyright, 1931, Standard Statistics Co.)