Evening Star Newspaper, September 15, 1931, Page 15

FiNANCIAL. THE EVENING STAR, WASHINGTON, D. C., TUESDAY, SEPYEMBER 15, 1931 NEW YORK CURB MARKE ~Prev. 1931.— High. Low. 2500 11 36Y 107% 2 FINANCIAL. UTILITIES FEATURE | TRADING ON CURB Pressure on Power Issues Causes Market to Slip Lower. BY JOHN A. CRONE. B0 Dispatch to The Star. NEW YORK, September 15 (C.P.A). —Pressure on public utilities at the out- sct of trading on the Curb Exchange| today was sufficient to ernse most signs of steadiness clsewhere in the list as the session progressed. Electric Bond & Share common held above its previous low, though the $5 preferred had no trouble in sctting a new low figure, Middle West Utilities, Eastern State Power B, American Cit- ies Power & Light B, Bell Telerhone of anzda and United States Electric w a fow of the utilities establishing new low prices. Cities Service ranged nar- Tovly in somewhat inactive dealings. e low on Middle West Utilities was registered just as the company was an- nouncing that its output of electricity for the two wecks ended September 12 showed an increase of 5.1 per cent over the same period of 1930. The figures did not include properties acquired dur- ing the past year. *¥¥ 'A—15 BULGES IN WHEAT BRING OUT SELLING Market Reflects Unstable Conditions in Grain ‘Trade of Nation. Received by Private Wire BUNIE O e CUn, Direct to The Star Office Everybody’s Business Sales in MES" b . 2 Albams Bow'is 7 Aluminum 0 55 22‘1’ Po N 83 Amer G & BONDS. High. Low. Close. . 98 % 13!% 10434 1085 153 10473 104%, 108 60 e 61 Sales— Add 00. Open. High. Low. Close. 24 124 11% 16 304 80% 508 106% 106% % 6 10% E e ‘ 17 6% i fi:: Al ) g 880 El Ind 4'as '5: 85 Asso G & 412 '49 C 60 Asso Gas & El Bs '50 11 0_Gi \k EL 55 "6 O&E 5Y28 '38 in el [<} 5las 77, 5%s A Stock and Dividend Rate. Lone Star Gas n 88c. Lony Island Lt (60¢) Long Is cu pf B(6) .. % Louisiana Lan & Ex. McCord Radiator B.. MacMarr Stores (1).. Magdalena Synd. Marconi IM(73 2-5¢). Mass Util Assoc. Mead Johnson (15 Memiph N Gas (60¢).. Met Edison pf (6)... Mid Sia Pet vtc A 22¢ Mid West Ut (b8%) . Mid W Ut ev pf xw 6 Midland Unit (b8%). Mid Unit pf A (a3).. Mo-Kan Pipe Line. .. Mo-Kan Pipe L (B).. 13 Mont Lt H&P (1) . 1768 Moss Gold Mines. ... Murphy Co (1.60). Nat American Co Nat Aviation Stocks sold In 100-share lots exeept those designated by letter “s. ~Prev, 1931 Stock and Bales— High. Low. Dividend Rate. Add 00. Open. High. Low. Close. 1 64 Aero Underwriters.. 1 10 10 10 10 24% 11% AfMliated Prod1.60.. 5 19 19 18% 18% 19% 5 Agfa Ansco... .1 A% A4 4% A% 3 Ainsworth Mfg « 1 8% 8% 8 8 Allegheny Gas Corp. 1 7% e R Aluminum Co of Am 10255108 109% 103 105 AluCoof Ampf (6). 2 98 98 97% 97% AlumTtaB war..... 2 1 7 6 -8 Alum Ltd cum pf(6). 96, '398 998 Am City P&L (A) a3 3215 321 32% Am Cit P&L B b10%. 5% 5% 6 Am Com P A (b10%) 10% 10% 9% Am Com Pr B(b10%) 15~ 15 18 Am Corpn (f30c) 2% 2% Am Corp war. .. . Y Am Cyanamid B. 6% Am Equities. . 4% Am For Pow war. 12 21 Am Founders. 2% Am Gas & Elee ($1). 53% Am Gas & El pt (6).. 108% Am Invest Inc (B).. 4% Am Laundry Mch(2) 1268 24 4 Am Lt & Trae (2%). 2 334 Am Maracaibo v 8 % 3 1% 84 9 Baruch Analyzes Economic Crisis and Says End Will Be Evident W hen Productive Interests Show Profits. “God of Economics a Jealous God.” 8% 12 % 10 4% 113% Amer Roll M 1% 9 Amer Roll Mill 85 3 Amer Seating 65 ffif‘“g BY DR. MAX WINKLER. Special Dispateh to The Star. NEW YORK, September 15.—“The god, and he invariably cxacts the irrei who transgress.” Bernard Baruch thus prefaced an analytical discourse today on the present economic conditions in the United States and abroad. Mr. Baruch is one of those rare mor- tals to whom not only the United States, but the whole world, looks for guidance and advice. His activities on behalf of the United States and her allies during the war are well remembered, and it is, to a certain extent, regrettable that the Nation cannot enlist his services today, when he might be as helpful as he wds during the trying period of the war years, when he was a member of the Advisory Commission. of the Council for National Defense, a member of the commission in charge of all purchases for the allies and chairman of tI txa Wm;i IngusgrlesblBoard. “In order to be able to appraise more intelligently the existing situation,” said Mr. Baruch, “one must familiarize himself with the causes of the present difficulties.” 1914-18 Cataclysm Mentioned, * Among these, he mentioned specifical- MAX ly “tll;:i cnI aclfi'sné oféotlll-ltsl?." elhlch, in 0 o a relatively short period of time, destroyed an enormous amount of physical property, to say nothing of untold damage of a spiritual| character; the orgy of inflation in which many nations sought salva- tion, failing to evaluate the serious consequences resulting from un sound ccopomic and financial policies; artificialities to which the world resorted In utter defiance of age-old economic laws, overlook- | |ing the fact ot *clief resulting from adoption of artificial methods | can, at best, prove of a transitory nature and render only more diffi- | cult a genuine rehabilitation; the creation of a fictitious prosperity, | %¢!ght. There is an unconfirmed ru- in the course of which perverse financial dogmas were, or still are, W% that Russia & trying to cancel sales carried to incredibly absurd limits; and last, but b. no means least"or e e o the partial payment plan as ‘Yracticed n:'tlculary in the United\gfix"lo&??\’mfi? :oggks“m St staués, mortgaging the tuture for the sake of a momentary enjoy-| Germany's purchase of 7,500,000 e érhnrr‘:dd é}rg?dg:gx‘]nel‘ll‘l":?ogap y ttl;loughltjlessness, O T o e | e for wheat is cre some sources to t} can commit with impunity. e s Ly B ATy e | e e wheatstn il e “So much for the causes,” continued tures and is said to have been made she | 8ainst the sale of low-guality native Mr. Baruch. “As to the present situa- tion, I shall choose as my text the 75 32% 5% 9N 15 24 ) 5% 0d of economics is a jealous levable penalty from those BB ERANDH BY FRANK 1. WELLER, Assocfated Press Farm Editor. ‘The economic position of wheat seems to have plenty of reasons for improving, but grain traders claim they can recall no time when bullish news fell so flat as a market influence. Week end prices at Chicago reflected a decline of 1 to 174 cents in future de- spite the fact that September wheat has been gaining on December to the point of almost erasing the spread narmally created by the carrying charge to the distant month. Undcubtedly a better securities mar- ket would be of great aid in advancing the price of wheat. For a week the news has been of a nature to make higher prices, but bulges have been hard to hold. g 3 European Crops. ‘The impression is growing that for- eign crops will turn out much smaller than estimated. Cereals in Western and Central Europe have been damaged by continual rain and unfavorable weather. The production estimated for 34 coun- tries now is 2,992,280,000 bushels, gainst 3,142,112,000 a year ago and is only slightly above the five-year aver- » 3 R » S frminem El 4V ut Gen El 55 ame Am Natural Gas. ... Am St Pu Sv (a1.60). 8 Am Superpwr (p40e) 251 % Am Superp sst (6)... 5 AmUt1&Gn B vie.. 15 Am Yvette (25¢) 2 Appalachian Gas.... 47 an Gas wr. 47 17 48 I s 33 k3 Chi Dis Elec 5‘42: 35 1008 'l 6s B . - Bervice 8 at Sugar NJ (2). 2 eisner Bros pf (7).. 50s evada Cal E1 pf (1) 268 Newberry (JJ) 1.10.. 1 New Bradford Oil... 1 ew Eng Fuelnew.. 1 I h ew Eng Pow pf (6). 408 1 Sng P'S prlien(7) 108 2 ew Jers Zine (13).. 8 ew Mex & Ar Land. 1 ewmont Mining. ... Y Shipbuilding Cp. Y Tel pf (635). ... Hud Pow (40¢) Hud Pow A w.. g 8h Md (40c). e e ns 8o A AT, iles-Bemt-Pond (1) 3 t Int Brdg 6lss ‘63 134 i GG 6as A '37 ww 81 uke Pow 4%ss 61, 104 uquesne Gas 8s ‘43 13 ast Ut In 55 ‘o4 ww 51%% dis EI Boston 5s '33 103 lec P & L 55 A 2030 1% pire OLR 55 '42 restone C M 5 ‘4 T rida P & L atineau Pow 58 'S6. atineau Pow 65 ‘41 atineau Pw 63 B 41 2Gen Mot Aec Bs '3 | 5 Gen Motor Acc 83 134 103 | Gen Pup Ut 8% 56 711 Gen Retractor 58 9i'a 1 Gen Wat Wk 6s B '44 25 24 Georgia Power 55 '67101% 10 Gillette 5 Raz 55 '40 88 3 Gildden Co 5ias '35. 393 10 Grand Trunk 6'zs '36 1051, Nat Gas. A at Gas A Ark u pf (60c) . Art Metal Wks (60c) ¢ Ind (30c) 21 (A) (al). ct (8) gt ser 47 Cit Berv Pow 1 Gleve EL Ly, 53 17 Comwh Ed 4%as 86 Comwh Edis 4s F '81 93% 5 Qomwith Edis 58 '43 98 Com P & L 65 '57,.. 85% conbou Balto 45 ‘81 98'a n 170 103% 1EER 1% 4 Con Gas Uil 3 Consum Pow e5Cont G & E 9 Gontinen Oil 18 Crane Co “5s & Asso G & Ass0 G & 258 13 Cotton Cloth Production. NEW YORK, September 15 Production of carded cotton Guring August amounted to 2 according to a compil Acsociati S New York €44,000 yards. which is | 1089 per cent of pro- duction. crders booked amounted to 16 5.000 yards, or 80.1 per cent of production. Stocks on hand at the end of August amounted to 250,855,000 yards, representing & decrease of 6.9 per cent. SILVER QUOTATIONS. NEW YORK, September 15 (#).— Bar silver steady and !y lowyer at 273, 11 Const Fish. Atlas Util Corp..... AutoVM cv pr pt 50c. Bell Tel of Can (8).. »— 48 cloths | ge. Definite indication that France will have to import wheat has been given by the ministry of agriculture. The native grain is sald to be of light 4% ooE Blue Ride e Blue R Cp cv pf (a3) Brazil Trac Lt&P (1) B to o or St Pow A (8). Novadel Agene (4) Ohlo Brass (B) (2).. 50s Ohio Copper. . Ohio Ol cu pf (6). Ohio Pow pf (6)..... 408 PacG&E1stpf1y, 2 Pan Am Afrways Pandem Oil...... Pantepec Oil. e Parke Davis (11.65). t A couB er Hill & Burco Inc war.... Burco Inc...... Burco ne ¢ Burma rets 127 3-5¢. Butler Bros Canadian Marconi Carib Syndicate. arnation Co (j1 ent Pub Sv Del. 000! folds of the very system which pretends to be fighting.” “Would you risk predicting the end of the crisis?” Even this question did | grain. Germany needs cash, 0o, and 1s suspected of selling from her own crop for ready money while paying for Br the Associated Press. CHICAGO, September 15.—Following he complete official list of trans: s in stocks on the Chicago Stock “xchange today STOCKS, HM{! Low Close. Abbolt _Leb ...... . 3 Bros ... Construction 1l Pub Ser pf 3050 Libby-Me 850 Lin 150 More 300 Nat Elec Pow Pub Serv Df. 100 Nat Rep Inv 2600 Nat Secur Inv 450 Ontario 200 Parker P; N0 Perfect C: 100 Pines Wi er Onts | 20 Quaker Oats i 00 Raflroad Sh ... 0 Rath Pack .. 50 Raliance Mfe 10 St L Natl Stk 200 Seaboard P 8 $3.95 bt So 3ns a0 Sn Weeo G & B bl 150 Stand Dredg pr..- R80 Swift £ Co 2200 Swifr Int 5 90 2014 Ay s an Pub " Util"'pf din T, nivot! cont T P 7, & Tel A nkshrs . Mach Rrdic 1 sales. 310,000 shares. BONDS., 1040 $40200 Tnerll U Ae 63 10, Bond ale FOREIGN EXCHANGE. “tQuotations furnished by W. B. Hibbs & Co.) ndon, pou ris. franc Brussels. belga. Rerlin, mark Rome. lira urich, {rane ihenc. drachm: Madrid, peset Vienna. schilline “Budapest. penro. . Prague. erown (nom.) Warsaw. zloty Copenhagen. crown Oxlo. crown. . Stockholm, crown. c 28114 " 234c 1951%4e "2i28%c e maig 28 73150 26.76%c L4 BALTOMORE STOCKS. Bpecial Dispatch to The Star. BALTIMORE, September 15.— oo STOCKS Last sale. 779 Arnndel Corporation . = whi 10 Raltimore Trust Co.. . 160 Rlack & Decker com . .. <33 AC & P Telsphona Bal'o pfd.. 5 Commercial Credit nfd. oo 267 Consolidat=4 Gas_ram.. .. . 80 Emerson _Bromo-Seltzer A" com 10 Fidelity #: Guar i-s Corp 40 Wdelit & Denosi* Cn 20 Mret Netional Ba 415 Marvland Casvolty Co 1 Merchante & Miners T 10 Wt Var-Wondbiry Mills m Cas Co. 644 11 S Fidelity & Gun. s 10 Western Maryland Dairy pfd BONDS. & Elec 1st 4 ~ 4000 United Rw 2580 %" ailway ist 5 L0W B & A Cent Pub Sve A b Cent West PS A Cent&Swn Ut (b Cent St El pf xw(6), Cent St Ecv pfna6. Cenirifug Pipe (60c) Chain Store Devel 5 Corp (13).... Service (g30¢) Cit Sv pt B (60¢c). ... Cities Serv pf (6). .. Claude Neon Lts Ine. Cleveland Tractor... Col O11& Gas vte Cmwlith Edison (8).. Cmwith & Sou war. . Com Wat Ser g12%¢ Comstock Tunnel. .. Consol Auto Merch., Consol Auto M cu pt. Consol Copper. . 9 Con Gas Balto (3.60. 3 ont Shares cv pf. .. 275s Cont Shares pf (B).. 60s Cooper Bessemer. er Range 113 manacR arwse { (b6%) .. Cor & Rey pf A (8).. Cosden Oil . “resson Consol (4¢). r Wheeler herland P L Curtiss Mfg Co (A). Cusi Mex Mining. Darby Petroleum. Dec ecord. Deere & Co. . De Forest Radlo. Derby Oil Refining. . + Detroit Atreraft. Doehler Die Casting. Domin St & Coal B Dow Chemical (2) Dresser Mfg B (2) Driver Harr: Duke Pow (5) . Duquesne Gas Durant Motor: Duval Tex Sul wi. t Sta Pow (B)... t Util Assoc ev sler Electric. lec Bond&Sh( lec B& Sheupt .. lec B & Sh pf (6)...2508 lec Pow Assoe (1), 7 lec Pow Assoc A (1) 2 lec P& Ltop war.. 1 1 Shareholdg (b6 %) \arhldg pf(a6) 3). &Feupt(7). b0s mp G & F cu pf(8). 1008 mpire Pwr pt(2.24) 4 >ub Sve (A). 3 mploy Reinsu 11.80 1 ureka Pipe L (4). . 2508 ans Wallow Lead. 1 uga; Mfx CoA... re Asso Phila 1.60. Ford M Can A (1.20). Ford Mot Ltd 36 3-5¢ Foundation For Shs. Fox Theater (A).'.. Gamewell pf (6) Gen Aviation. Genl Ld res 36 3-5c. pire (1). Ecv pf B(6). ien Theat Eq ov pf.. Gen W Wks & E1A.. ilen Alden Coal (4). ° Golden Center. Golden State Co Ltd. % Gold Seal Elec new. . Goldman Sachs..... 37 orham Inc pf .. B0s oth Knitback Mch.. 1 tAL&P T nv (163%) 1108 Great Nor Paper (3). Gulf Oil of Pa (1%). Hamilton Gas rets Hellinger Gold (6 Hudson Bay M & S.. Humble Oil (12%).. Hydro Elec Sec 1.40. 111 Pow & Lt pf (6)..250 Imp Ofl of Can (50c) Imp Tob Gt Br 7% Indiana Pipe Line(1) Ind Ter Hu Ol A.... Insull Inv (b6%) . Ins Co ofNo Am 123 Insurance Sec (40c). Intercontinent Pet n. Tat Petroleum (1)... Int Superp (11.10) Int Utflities A (3% Int Utilities B. Int Utilities war Interstate Equities. . Inter Equ cv bt (3).. Irving Air Chute (1) Italian Superpow A.. Italian Superp war.. Kolster-Br (Am Sh). Lackawanna Sec (4) Lake Shore Mines(2) Lefcourt Real pf (3) Libby McNell & L. .. 0 1 1 1 o @ o [ T N O LR T Pender DGr B. .. Pennroad Corp (40c) 19% 46% 5% B 107y 20% 30 5% L) 11 18% a4 2% 1 1 30 27% 20 9 Penn Wat & Pow (3) 3 Peoples L&Pwr (A). 1 Pepperell Mfg (6)... 108 Perryman Electric.. 3 Petrol Corp war P'hila Co new (71.40). Philip Morris Inc. .. Phoenix Secur Corp. Pilot Rad Tube A Pitney Bowes (bi% 2 Pittsburgh&LE(110)200s Polymet Mf&..... 2 Prudential Invest. 2. Prudential Inv pf(6) 60s Pub Sve No Illn p... 50s Pub Util Hold war... 37 Pub Util Hold xw 45 Pub Ut Hold cu pf(3) 2 4 Puget Sd P&L pf (5) 10s Puget Sd P&L pf (6) 10s Pure Oil pf (6) Pyrene Mfg Co (40c) 3 Quaker Oats pt (6).. 10s Reiter-Foster i B Reliance Int A, Reliance Ma: Republic Gas ‘Reybarn Co Reynolds Invest. Rike Kumbler (2.2 Rock Lt & P (90¢). .. Rossla Intl (10c) Ryan Consolidated St Regis Paper (£0). Salt Creek Pro(1.40). hulte Real k aboard Util ( Sec Allied Cor, Seral L & H t Selected Industries. . Sle Ind al ctfs(33).. Sict Ind prior (512 Shattuck Den Min Shawin W&Pwr ( enandoah Corp. Shenandoah pf (a3). herwin Wil (141). Silica Gel ctfs. Smith (A 0) (2). So Am Gold & Plat 0 Cal Ed pf B (13%). Sou Cal Ed pf C(1%) South Col Pwr A(2) South Corp. Southld Rovalt S WG & E pf (7) S W Gas Utilities Spieg May Stern pf.. Stand Ofl'of Ind( 1).. nd Ol of Ky 1.60. 1d Oil Ohio ( nd Pwr &Lt Screw (6). Starrett Corp. . Starrett Corp pf (3). Strauss (Nathan). ., Stutz Motor Car. SunInvest.......... Sunray Oil (b5%) ... 4 Swift & Co (2)...... Switt Internat (3)... Tampa Electric (32). Technicolor Inc..... Teck Hughes (60c). . Thatcher Sec Corp Trans Air Trans. Trans Lux DL P § Tri-Utilities. ... Tubize Chatel. B. 4 Ungerielder Fin Cp.. Union Am Invest Un Gas of Canada, Union Tobacco Init Carr Fast (10¢) “nit Chem pt pt (3). Init Corp war. ... nit Founders. Init Gas Corp. ‘nit Gas Corp wa Unit Gas pf (7).. Unit Lt & Pw A (1).. Unit L, & Pwr B (1).. UzitL & Pwr pf(6).. Elec Pow WWw. ... U S Finishing. . Foll (B) (50¢). S & Intl Secur. Inter Sec 1st pf. 4 US Linespf........ U S Playing Card 2% Unit Stores v.t.c..... ¢ Umt Verde Exten (1) Utah Apex. . i Utl P&Lt(at1.0 Utility Equities. Utll Equity pf( Util&Ind ... % Util & Ind pf (1 Venezuela Petrolm. . Vick Financial (30e) Walker (H) (50¢)... Western Air Exp...." i Wil-low Cafeterias. . Woolworth (FW)Ltd 10% Woolworth Ltd pf. .. 5 RIGHTS—EXPIRE. 4 Peop GL&C...Jan 6 20 5% 5% 5 Dividend rates in dollars based on Iast quarterly or semi-an- nual payment. *Ex dividend. {Partly extra. iPlus 1% in stock. vable in cash or stock. bPayable in stock. e Adjustment dividend. {Plus 5% in stock. &Plus 6% in stock. hPlus 1% in stock. JFlus 2% in stock. k Plus 10% In stock. mPlus 3% in stock. n Plus 8% In stock. p Paid Iast year—no regular ra 36 120% U 8 U U 10% 5 5 METAL MARKET. NEW YORK, September 15 Copper, easy; electrolytic spot and future, 71 to 7%. Iron, quiet; un- changed. Tin, easy; spot and nearby, 25.45; future, 25.65. Lead, steady; spot New York, 440; East St. Louls, 4.22, Zinc, easy; East St. Louis spot and future, 3.75. Antimony, 6.60. Quick- silver, 82.00 to 86.00. GRAIN EXPORTS. By the Associated Press. Grain exports last week from the United States amounted to 1,461,000 bushels, against 1,692,000 bushels the week before and 2,570,000 during the corresponding_week of 1930. Commerce figures today gave the fol- lowing comparison between last week exports and thcse of the week before: Wheat, 1,202,000 bushels, agajst 1,286,~ 000; barley, 180,000, against 245000; corn, 23,000, against 44,000; oats. 66,000 against 108,000; rye, 9,000. Canadian grains exported last week from United States Aflmfl‘: ports amounted to 90,000 bushels, 1,312,000 bushels, while exports of North eat flour totaled 81,000 nst 121,000 barrels. MONEY MARKET. NEW YORK, September 15 (&).— Call money steady, 1, per cent all Time loans stead; 1% to 1l5; 4 months, 1% to 13 months, 1% to 2 per cent. Prime com- Bankers’ acceptances American wh barrels agais day. mercial paper, 2. unchanged. 17,000, against Markets at a Glance NEW YORK, September 15.—Stocks: Heavy; American Telephone lowest since 1927. Bonds: Heavy; forelgn at new year's minimum. Curb: Steady; utili- ties weak. Forelgn exchanges: Easy; Canadian at new 1931 low. Cotton Higher; firm cables, trade buying. Sugar: Steady; Cuban buying. Coffee: Higher; steady Brazilian markets. CHICAGO, September 15 (#).—Wheat: Barely steady; bearish Canadian reports. Corn: Steady; high temperatures, cover- ing. Cattle: Steady to lower. Hogs: Lower. against 60-00 days, 5.6 ‘The business press of the country is Mukden, China, plans new city water and sewer systems. ‘made up of about 2,000 individual pub- lications. 4 g 1Gt Wes Pw Cal 85 '36 10512 3 Guardian Inv_ 55 ‘48, 49 13 Gulf Oil Pa 55 '31.. 9 Gulf Oil Pa 55 '4T; 6 Hood Rubber 7Hood Rubber, 15 Houst 5 Hudson 1 Hygrede Fd 6s A '40. 45 Hygrade Fd 65 B Il Pow & Lt 65 A 1il Pow & Tt 55 C Ilinols P&L 5%% Indnap P&L 5s A 84 Insull_Utilit 6s B 410t Pw Sec 0128 185, C gint Pow Bec M& 1 10 14 2 18 L&P b B '3 G Lt 4123 88 95% 17 Jer Cen P&L 55 B 471032 1 Ransas Pow 85 A '47 98 8Ken ULilit 1st 5s '89 100tz 4 Kentucky U 8s H '61101'a 5 Kimberly Cl 8s A '43 98 0 Koppers G & C 38 47 9874 Massac Metro 5 Mid St Pe 6':s A Mid West U 5s /32 Mid West U 58 '33 ¢ id West U 5s 34 c id West U 5s '35 2RERZ! RER; 1Neb Pow 65 A 202 4 Nebraska Pw 4% evada Calif 3s '56 Eng G&E 3s 47 Eng G&E 3s '48 Eng G&E 55 N Nor Stat Pow 5! Nor Stat Pow 4} No. Tex Ut 7s Y Do Nae it on s Bok Bl ARenE S o BumnSaonwn Y. 258223823 Inves 55 A 48 xw Pacific Pw_& L, 55 '35 ac Wes Ol €15 43 SepuesSoI3Es > ";EEE” cn H Wat _8ls 25t & Gas & C 65 5 Schulte R E 65 '35.. 5 3 Schulte RE 6s '35 XW § 18 Shaw W&P 4145 A 67 2 Shaw WAP 4135 B '6R 93 2 Shaw W&P 41is D 70 0 8 8haw W&P B3°C 70, 68 SE P&L 85 A 2025 xv 08 4 South Calif Ed 85 '51 uth Cal 1B BN Gas 0lh 1 30 South Cal Gas 55 1Sou Cal Gas 55 A 3 Southern N G 6s '44 3 8thw Dal Pr 6lex 138 8 Southw G&E 55 A ‘37 ¢ 5 So'thw P&L 65 A 2022 34 Stand Gas & E 65 135 13Stand G&E cv 65 20 Stand Gas & E 6s | 6 Stand Gas & E 65 23 Standard P & L 65’5 10 8tand_ Iny ‘5ias 2 8un Ofl Blss ‘39 19 Super ot TiIi 4ts g8 17 Super of Iili 4'ks '70 5 Swift Co 5y '40 wi.. 101 Switt Co 5% 44 8Tenn Elec Pow 55 5 Tenn Pub Serv 55 '70 98 SRR e Y xa3 5, 20 Texas P & L 55 '56.. 10114 2 Texas P&L 65 A 202 10014 4Tri ULl 55 "9 cv... 12 4Ulen & Co 65 4 6 Union Guif 5 '50 10Uni Am Iny 55 A 48 £0%4 24Unit P & L Slis ‘591047 17Uni Lt & Ry 5is /52 8812 30ni Lt & Ry 65 °A 521061 n 1.°6s 175 9114 38 '32 10214 i 8 &, : 60 6242 60 e 952 b . 10815 46 913 R EwiBnTuwmsmmsBe $g<<aadaqaaadda: e b s 5 Westvac Chl 5%s FOREIGN BONDS. .19 Aer Mtg Bank 7s '46 12 Buen Air Proy 7s '52 9 Buen Air Pr Tlas '47 a8 3 Ercole Mare 6ias op Mtg y 8 Finld Ind Bk 7s '4 14 Finld R M Bk 6s '61 65 3 Ger Cons Mun s 3 Stinnes 15 16 Stinnes 75 '46 XW. 17 Terni Soc 6%s A 1Tietz (L) 738 '46 xw 60 12 United El Ser 7s '56 78%: 6 Unit E1 Ser 7s '56 xw 71'2 ww—With warrants. Xw—Without warrants. n—New. Wwi—When issued. — . The Philippines consist of about 8,000 islands. 52 [ s being Tobbed by _prohibition—esti- passage from the author of the great classic “The Wealth of Nations, which at one time, and not so very long ago at that, was almost anathema in the eyes of what some had come to regard | s the modern school of economic | | thought. Gone and forgotten is many | |8 so-called modern economist, while ! some of the tenets laid down by Adam | Smith are still sound and instructive. | ree things are recuired to raise a nation from the slough ond to make it happy: | | Peace, easy taxes and tolerable ad- | ministration of justice. Have we these | three factors, which apparently are pre- | requisites to a nation’s happiness? Treaties Not End of War. “Officially peace was declared almost 13 years ago, but the world s still suf- |fering from that vast tragedy that cvertook it in 1914 and which ostensi- [b ended in 1918. But we have dis- covered that signatures to treaties of peace do not end wars. We have dis- | | covered that vast emotional and physi cal convulsions can be compos:d only | by time and wisdom; that there is no magic wand that can be waved where- by, with the restoration of peace, there | is a restoration of conditions as they were before the war. It is a new si uation we are called upon to face and one that requires new energy but old | virtues for its solution—virtues of un- | derstanding, of consideration, of dili- gence, of thrift and of honor. “Franc: and Germany are in con. stant dread of each other. Each seeks ! protection against the other, and botis probably need it. I am rather hopeful | | that they will get it. The forthcoming return visit to Berlin of the French | premier, Laval, and the minister of | foreign affairs, Briand, may well result | of despondency | 4 in some sort of understanding being | reached between the two neighbors, | | which, if genuine, equitable and mutu- |ally acceptable, may result in bringing about peace on the Continent, which the United States had the unique op- portunity of accomplishing 13 years ago. We missed this unusual oppor- tunity! uch an agreement between France and Gerriany would go a long | way toward diesivating the Erc\'nilmg\ pessimism. of which indeed this coun- | try, nay, the whole world, has an over- | supgly. “The world is struggling today with | the problem of ever-increasing taxes which, after all, must come out of the | toil and sweat of all. The basls for | levying taxes must be fair and well | within the capacity of the nation, if those charged with guiding its destinies | are in earnest about the welfare and | happiness of those whom they are called upon to lead. Restudy of Tariff Laws. “We might to advantage, restudy our existing tariff laws and, with the as- surance of continued peace, this should enable us and our neighoors to effect the necessary readjustment in our eco- nomic structures, thereby starting the world on the road to better deys. “Another factor, the importance of which meany are inclined to underesti- mate, but which is very essential to the economic stability of a country, is at least a tolerable administration of Jjustice, upon the maintenance of which genuine rehabilitation largely depends. “We seem to forget that constitu- tional government is on trial, indicted because of its inability to finance its recuirements. Deficit of $1,200,000,000 is staring us in the face. How do we expect to meet it? ““The repeal of the prohibition amend- ment and the consequent restoration of the respect for law end order may not provide a- complete solution, but should go a long way toward greatly reducing the threatened deficit. I do not know the extent to which the State | mates run from $500,000,000 to as {much as $2,000,000,000—but few will deny that the Nation is being deprived of a substantial source of revenue at a time when it could make the best | use of it.” “How about cancellation of inter- governmental debts, which many seem to regard as a panacea for all existing ills of mankind?” Mr. Baruch was | asked. “Not until we put our own financial ! house in order,” was the reply. “Only then shall we be able to listen to and examine the pleas for the remission of debts. We must bear in mind that these receipts have become an integral rt of our Nation’s financial structure. Y;you forego these payments some one has to make up the deficiency. Promised Blessings Lacking. “The placing of India on a gold basis has not, in my opinion, resulted in the blessings which its sponsors had an- ! ticipated. Is it not somewhat pre- sumptuous for us to undertake to cl radically the status of nations who have, for centuries, measured their values by silver? We ought to restudy the artificiality introduced by it which will restore the ‘hasing power of those hundreds of millions, at least to some degree.” The interview would be incomplete, it no mention were made of Russia, the most_talked-of and the most widely advertised place in the world today. “Russia,” says Mr. Baruch, “is at the end of her financial tether. How- ever, I fail to share in the apprehen- sions which seem to prevail rather generally over Russia becoming a menace to our so-called capitalistic system. “If the experiment fails, it may well turn out a tragedy to a country with 160,000,000 people whose sufferings we cannot forget and whose future is partly our trust. If, on the other hand, not frighten one of America's greatest and most clear-thinking leaders, and he retorted as follows: “As soon as all | American grain on long-time credit. The trade asserts that if credit con- ditions in Europe were anywhere near the experiment succeeds, Russia will slowly and Wfll] drift into the will receive equitable compens: | normal, the Continent would be buy- taelr tofl and thott Cffort. "This applioy | ing larger quantities of Western Hemi- to the farmer and the product of the | SPhere wheat. While the exports of soll; to the manufactures. ang. the | breadstuffs from various countries since manufactured goods, and to the artisan | JUlV 1 have been about the same as last and his handiwork. And. while I do| Year, perhaps 136,000,000 bushels, th: not wish to minimize the seriousness amount taken from North America of the existing difficultles, T refuce wn | totals only 57,470,000 bushels, or about quelifiedly to adhere to the theory | 3%:000.000 less than for the same period | which has recently been gaining ground | ® Year ago. in certain quarf World shipments for the week were b b ‘f;s‘,g‘; :};‘;’,fi{f:fi‘ that | Jhout 2,000,000 bushels larger than last Anxious to obtain a more concrete | Year, but those from North America answer, Mr. Baruch was asked specifi. | Were 4,000,000 bushels smaller. A for- cally when, in his opinion, it would be | €N scurce notes wheat stocks in Great cvident that the end of the crisis had Biitein increased 3,000,000 bushels cur- been reached. The answer was: | ing August and are about double those “When producers of agricultural Of @ year ago. products and minerals and metals com New Crop Estimate. mence Menice to make a profit from their en-| 110 pominion government estimates the new crop from the Canadian oy e A NOjth | Ameriean | prairies to be 28,100,000 bushels short of the 1930 production. The country == e has a_carryover, however, equal to an SURPLUS MACHINERY | &2 n e rag, s e els of fhe some 2]5.0001000 bushels of TR o b o s | sales are hinted. The board's policy By the Assoclated Press. calls for the sale of 5,000,000 bushels a month. Great Britain seeks to remedy its tex- There is a persistent demand for tile industry flls through a reduction in cash wheat from domestic mills. Good surplus machinery and a general re-| milling wheat is commanding a pre- organization of the spinhing and weav- mium over nearby options at Minneap- ing indsutry into larger and stronger | olis and Kansas City, and Some see units. in the narrowing of the spread between These suggestions are the result of September and December at Chicago the conviction on the part of & commit- | an indication that the latter market tee probing the situation that the basic | sces no great run of wheat in_ sight. causes of the depression in the nation’s | Stocks are said to have decreased 197, cotton textile industry may be found in | 000 bushels at Minneapolis, Duluth and the world-wide conditions of high pro- | Kensas City, suggesting that big in- duction costs and the increase in mill | creases in the visible supply may be capacity since 1914. Other adverse fac- | about over. tors, cited in the report as being be- yond the control of the British industry, | are_the accompaniments of economic | nationalism, such as tariffs, bounties, | boycotts and other less direct restric- e Bt commit in I e committee, in discussing | the expansion In World mill capacity, | B the Associated Press. points out that measured in spindles , CHICAGO, September 15—Enlarged and looms the growth has not beon bU7ing in which mills tock an active Grain Market | abnormal in relation to the growth in | Part led to material upturns at times in population, but that the newer ma.| Wheat prices today. Confirmation that chinery brought into use has been capa- | breadstuff crops in Western Europe ble of & high rate of production and | Were seriously damaged had a stimu- has been employed largely for making | lating effect. Furthermore, primary re- the lower quality goods in countries ccipts of domestic wheat showed a de- where long working hours and double | cided falling-off, amounting to only shifts prevail. 1,430,000 bushels today, compared with 5,441,000 a week ago. High. Tose. New York Cotton e s - Special Dispatch to The Star. | December NEW YORK, Scptember 15.—The |May cotton market developed considerable | oats resistance today, reccvering $1 a bale | September at one time and ending with a gain of | Risember 12 to 17 points. | RYE_— There was steady buying of contracts | September by the trade and active short cover- 'December . ing owing to the agitation over acreage | "7 ° Teduction next yvear and the limited hedging operations cf the new crop. Prices were little influenced by the ac- tion of the stock market. Spots were advanced 10 points to 6.70. * Cotton range: Open. High, e et | NEW YORK BANK STOCKS ‘Oym YORK, September 15 (#).— Tant Cige. ‘er-the-counter market: October December January Bid. Asked. March | Ghase Chat_Pheni¥ Commercial Nati'.. irst Natl N Y. anhat Co Natl City . Public .. CHICAGO, September 15 (#).—But- ter, 11,042, unsettled; creamery specials, | 93 score, 3175232: extras, 92 score, 31 extra firsts, 90-91 score, 28122295 | firsts, 88-89 score, 26a27; seconds, 86-87 Score, 23a25; standards, 90 score, cen- tralized car lots, 28a34. Eggs, 11,552, unsettled, prices un- chenged. ankers rooklyn Chem Bk orn Exch mpire Guaranty STOCK AND BOND AVERAGES By the Associated Press. TUESDAY, SEPTEMBER 15. STOCKS. 50 Industrials. Today. Previous day. Week ago. Moenth ago ;:-r ago.. 0 years ago. Three s ag0. High, 1931...... Low, 1931. ligh, 193¢ w, 1930. High, 1929. Low, 1929. * New 1931 low. Yoday...... Previous day. Week ago. Month ago Year ago Two years ago. ‘Three years ago. High, 1931. Low, 193! High, 193( Low, 1930.. High, 192! Low, (Copyright, 1931, Standard Statistics Co.)