Evening Star Newspaper, September 22, 1931, Page 15

- CURB SHARES FIRM = Utilities Group Irregular, but . -Remainder of List Has Steady' Tone. BY JOHN A. CRONE. " Bpecial Dispatch t6 The Star. . 5 NEW YORK, September 22.—In trad- ing chiefly noteble for its dullness, " especially when contrasted with the ; feverish turnover of Monday, curb ex- ehange stocks today held steady or ad- ! vanced slightly. The market from the opening hour | seemed to have rid itself of all hysteria and _individual movements of stocks could again be traced to other than general nfluencas. The most active stock on the list, American Light & Traction, dropped to a new low because of the postponement of its dividend meeting until Priday. American Gas Electric advanced sharply to 4335 at one time, owing to 2 « brief short squeeze, but finally dropped below its previous close on heavier offerings. Other utilities had varied movements. Brazjlian Traction, affected by lower clal prices in London, by the fall - hange, vvuhe'r"n the com- corporated, an change where it operates, hovered near its old low. Electric Bond & Share moved higher on the day. after fluctuating irregularly ot the opening. Electric of Boston was 25 poinis . lower at 223, but even at that price still enjoved the distinction of being the only active issue on either the stock or curb exchange still selling in the “blue chin” class. Sags in General Electric, Ltd., and Singer Manufacturing could be tt ced to. the influence of the British crisis. Drops in the price of gold stocks, in- cluding those of Hollinger and Hudson Bay Mining were traceable to reports that the Rand Mine in South Africa may be forced to curb production as the result of the British position. In the oils Cities Service was quiescent t a slightly lower price. Guif Oil e -l" ’, Wndpllmllld«'.“m. = A /a. easy, .50; future, 23.87. chal . Lead s antimony, 6.50. ksilver, 82.00284.00. CHICAGO STOCK MARKET * W7 the Associated Press. :i-SE" 2 G we 83! W SEEE ;fig'”; muoBEas! Bakoytugage. EateBullu! & 3 = e L GO g S o ;;l;—::-:-s-l . 5 B8l Ry n . 85! S oy i “E i ] £ FEFE el B & * 858 * i 5| 8 By T =a=§§!!;:!i::g*§=:s§s§sss } 2 BUSEE. Batubi! FEEF EERE b 5 gs - med S g f 3-1 T £ 5 e SUHIAEE - 585 e ’s§s§§§§s§‘§‘§§‘i L ok -..u:}é_uu | {1 . 5 ¥ RN &F LERESE- UL NI BIRESEE S8 5E, SaEs m N ‘winter . Berv n rv 88 9 Eub 55 BEizy 52 §Eicy.se. IS5 SRXEESE . ¥ B9 e * S38BuwBaw. o 3 S8 wnBa B8BwwBan-S85 & (o SRR BN >3 5 K o ¥ IN.QUIET MARKET = ligh. Low. Dit g:w 11% Affiliated in 100-share lots L~ Btock Prod 1.60.. 7 Alnsworth Mfg. .. % Allegheny Gas Corp 4% Allled Mills Inc..... 1 b ot~ designated by letter “s.” ane les— lvidend Rate. Add 00, Open. High. Low. Close. 1 1T% 1% 1% SRk 8 8 90 Aluminum Co of Am 1050s 11% Alum Goods (1.20).. 341 Aluminum Co Ltd... 4 Alum Ltd B war. ., 18 Alum Ltd C war 14 Alum Ltd D war 53 Am Cigar Co.. 100: 20 Am City P&L (A)a3 2% Am Cit P&L Bb10%. 6 AmComP A (b10%) 10% Am Com Pr B(b10%) 3% Am Cyanamid B. 1 Am Dept Store: 3 Am Equities. 6% Am For Pow war. 115 Am Founders....... 39% Am Gas & Elee (11). 2% Am Invest Inc (B).. 25 AmLt& Trac (2%).. 14 Am Maracaibo, 35 Am Meter (3). 4 5% Am Superpwr (pd0c) 74 Am Superp 1st (6)... % Am Util & Gn B vte, Am Yvette (25¢) Arcturus Rad Tub 21% Arkansas Nat Gas 2% Arkans NatGasA... 65 Ark N G cupf (60c)., 3% Art Metal Wks (60c) 2% Assoc Elec Ind (30c) 6% Asso G&El A(b2-25). 3% Atlas Util Corp. 1% Atlas Ut{ities wi 2% Auto Voting Mach. 5% AutoVM cv pr pt §0c., 70 Babcock & Wit (7) 1% Bellanca Afrcraft. ... 13% Beneficial J L (1%). 20% Bigelow-Sanford.... 11 Bliss Co(EW) (n1).. 1% Blue Ridge Corp. ... 20% Blue R Cp cv pt (a3). 4% Bourjols Ine (25¢). .. 9% Brazil Trac Lt&P(1) 8% Br AT couB 1.17 4-5 15% Brit A T rg 117 4-5c. 34% Brit Col Pwr (A)(2). 25% Buff N&FP pf (1.60). 18% Bulova cv pf (33%).. 24 8% Butler Bros.... % Bwana M Kubwa. % Cable Radlo T vte 1% Cable & Wire B rc 1% Canadian Marconi 3 Carib S¥ndicate. 12% Carman & Co A (2).. 20% Carnation Co (J1%). 4% Cent Pub 8ve A b5%. 9% Cent&Swn Ut (b7%). 2 CentStat El (b10%). 17 CentWestPSAall 4 Centrifug Pipe (80c) 1 Chain Store Devel. .. 63 Citles Service (g30c) 59 Cities Serv pf (6)... 74 CitSYP&LPL(7).. 2 Claude Neon Lts Inc, 36 Clev EIl Illum (1.60). 3 Cleveland Tractor,.. 6% Cohn & Rosen Inc... % Colon Ofl..... 2 Col Oil& Gas vte. x 5% Colum Pictures(75c) 1 Cmwith & Sou war.. 5 Com Wat Ser gl2%¢c. 1% Consol Copper...... 67 Con Gas Balto (3.60) 108 105% Consol G BpfA (5). L17% 8% 10 268'% 242 42 6% 4% Consol Gas Util (A). 97% Contl G&E pr pf (7). 3% Cooper Bessemer. ... 12% Cooper Bess pf A(3). 5 CordCorp.. .- 6 CorpSecCh (b6%).. 16% Corroon&Reynlds pf. 1 CosdenOIl.. 2 Creole Petroleum. 6% Crocker Wheeler. 1% Crown Cent Petrol. .. 2% Crown Cork Intl (A) 208 Cumberland P L (2). % Cusi Mex Mining.... % ,Dayton Alr & Eng. .. 12% ‘Deere & Co... 1% De Forest Radio. 1 Detroit Afrcraft..... 2% Doehler Die Casting. 34 Draper Corp (4) 25 DressSRA (3% 11% Driver Harris new. ., 2% Dubilier Cond & Rad. 891 Duke Pow (5).... 4% Eagle Picher Lead 17 EastG & F Assoc, 4 Bast Sta Pow (B)..« 29% East Util Assoc (2).. 5 East Util Assocev..: 6 Edison Bros 8t(50c). 758 168 8 Bunker Hill & Sull... 300s 1 161 2 1 1 18% Educational Pic pf.. 2Bs 2 Eisler Electric...... 18% Elec Bond&Sh (b6 %) 64% Elec B&Shcupfb.. 86 ElecB & Shpf (6)... 1% Elec Pow Assoc (1).. 6 Elec Pow Assoc A (1) 8% Elec P & Ltop war.. 7% El Shareholdg(b6%) % Empire Corp...es.e % Empire Pub 8ve (A). 21 Employ Reinsu 11.80 20 Eureka PipeL (4)... 4% Europ E Ltd A (60c). % Europ Elec debrts 1% Fairchild Aviation. % Fandango Corp..... 124 Fire Asso Phila 1.60. 99 Fiorida P& Lpf (7). 123 Ford M Can A (1.20), 5% Ford Mot Frn 37%e.. 5% Ford Mot Litd 36 3-5c 2 Foundation For Shs. 1% Fox Theater (A)...o 2% Gen Aviation, 4 GenE Ltd ree a1 40 Gen Pub Ul pf (7). 2% Gen Theat Eq cv pf.. 24 Glen Alden Coal (4). 7 Globe UnBlerwr (15¢) % Golden Center...... 14 Gold Seal Elec new. 2% Goldman Sach 19 GorhamIncA....... 1671 Gt At&P T nv (16%) 1 1% Groe Strs Prod vte.. % Guardian Invest. ... -5e 2 76% 38 GulfOllofPa(1%). 37 12% 1% Hamliiton Gas v.t.c. % Happiness Candy 23 Hires (CE) A (2) 5% Hollinger Gold (65¢) . 2% Hudson Bay M & S.. 49% Humble Ofl (12%).. 40 Huyler Stcupf (7). 2% Hygrade Food Prod. 80 INPow& Ltpf (6). 18% Imp'l T GtB&I(1.12). 7 Indiana Pipe Line(1) 12 Insull Inv.(b6%) 35% Ins Co ofNo Am t & Insurance Sec (40c). % Intercontinent Pet n\ 34'% Int Cigar Mach (2%) 8% Int Petroleum (1)... 8% Int Saf Razor B(1).. % Int Utilities war, 1 Interstate Equities 12 Inter Equcv pf (3) 41 Interstate Hosfery. 5 Irving Air Chute (1). 23% Italian Superpow A.. 7 Italian Superp war.. 12% Klein (D E) Co (1) 1% Kiein (H) pt pt. 10% Kobacker Btore: % Kolster-Br (Am Sh), 729 Lackawanna Sec (4). 6 Lefcourt Realty 1.60, 1 424 - - T L L T T - L Gen G&E cv pf B(6),400s 258 27 11 2 2 605 1 2 % S S 13 43 43% 42% PP TN B TR =T TP Ty =P oTes- 1% 1% 9 67% 73 B50s 107% 107% 107% 4% 24 Edison El Bos 13.60. 100s I;: 2% 1 2 7 13 181 1 ~Prev. 1931.~ High, Low. 19% 1% 8 or St W 4% 94 4% 94 225% 222 20 % % 1% 2% 8 5 W Th 6% " 185 1% 181 % 1% % 1% 5 22% % 2% 5% % 5% nual payment. dividend. stock. stock. B Stock and Dividend Rate. Lefcourt Real pf (3). Len Coal & Nav 1.20. Leonard Ofl.......o 3 Lone Star Gas n Lomg Island Lt (80c) Long Islg Lt pf (7).. Louisiana Lan & Ex. MacMarr Stores (1 Magdalena Synd. .. Mapes Cons Mfg(14) Mass Util Assoc.... Mavis Bottling (A) 4 Mayflower Asso (2) Mercantile Strs (1) Mid Sta Pet vic A 22¢ Mid West Ut (b8%). Mid W Sts Ut b10%.. Midland Unit (b6%). Mo-Kan Pipe Line. Mo.Kan Pipe L (B) Mont Lt HEP (133).. Merrison Elec Sup... Mountain Prod (1).. Municipal Service. .. Nat American Co 4 Nat Aviation...... Nat El Pow A (1.80), 4 Nat Family Stores. ., Nat Fuel Gas (1). Nat Investors. . at Service Co. Nat Sh T Sec A $60c. Nat Sugar NJ (2)... Nat Transit (1).. Nat Union Radl Neisner Bros pf (7) Newberry (J1) 1.10.. New Eng Pow pt (6). 708 New Jers Zinc (13).. New Mex & Ar Land. Newmont Mining.... NYP&Ltpt (6)...1508 Y Shipbuilding Cp. Y Steam Cp (2.60). % NY Telpf (6%).... ag-Hud Pow (40c) Niag-Hud Pow A w.. Viag-Hud Pow Bw. . ag Sh Md (40¢c). .. les-Bemt-Pond (1) North European Ol Nor St Pow A (8),.. Pow pf (6)...110: angineers (1). 1 Novadel Agene (4). 4 Ohio Copper....... Outboard Motor B. Overseas Sec........ PacG&EIstpf1%. Pac Western Oil. Pan Am Alrway Paramount Cab Mf Parker Rust Pr (3)..3008 Pennroad Corp (40c) Penn Mex Fuel(75¢). 1 Penn Wat & Pow (3) Perfect Circle(t2% ). Perryman Electric. . Philip Morris Inc ) Pittsburgh&LE(110)150; Pitts Plate Gl (2) ... % Plymouth Oil (25¢).. Pratt & Lambert (3) Prudential Invest. .. Prudential Inv pf(6) 250s Pub Util Hold war... 120 Pub Util Hold xw Pure Ol pf (6). Radio Products. . Rwy & Lt Secur ( Rainbow Lum Pr A Relter-Foster. Reliance Int A. Spanish & Gen rcts Stand Ofl of Ind( 1) Stand O11 of Ky 1.60. Stand 01l Ohio (2%). Stand Ol of O pt (5. Starrett Corp. . Starrett Corp 2 Stinnes (Hugo)... % Sun Invest pf (3) Sunray Oil (b5%) . 4 Swift & Co (2)... Swift Internat’l (14). Syracuse W Mach B. Tampa Electric (32) Technicolor Inc. . Unit Verde E: Utll P&Lt(at1.02%). Ut P&L B(at1.02% Utility Equities. Util Equity pf(5%). 3008 Util & Ind ose Util & Ind pf (1%) Received by Private Wire Direct to The Star Office Sales— Add 00. Open. High. Low. Close. 2:20 20 20 20 6 14% 14% 14% % 1y Y 55 7 108 8 9 26% 88c.. ROANANERAHDN MO R BB BN S » 2 2 4 101% 101% 31% 3% 60 60 115% 115% 8% 8 1% 3% 5 10 1 % “ % 9614 1 2 258 0 1% 3 4% 9% u 4 55 3 1 1 9 2 1 6 s 2 1 7 45 12 ( Rock Lt & P (90¢). Rossia Intl (10c) Rubberoid (4) . Ryan Consolida & St Anthony Gold. St Regis Paper (60).. Salt Creek Pro(1.40). Schulte Un 5¢-$1 8t.., Seaboard Util (28¢).. Sec Allied Corp (1).. Seeman Bros (3)... Slct Ind prior(5%) Sentry Safety Con Shattuck Den Min. Shawin W&Pwr (2 Shenandoah Corp Shenandoah pf (a Sherwin Wil (1433). 100s Silica Gel etfs. . . 2 Solar Refining. Sou Cal Ed pf C(1%) South Corp.... 4 4 4 120% 120% v, G SRR Y 20% 20 16% 15% 45 45 101 101 2 2 5% 2 20 ‘Thatcher Sec Corp Todd Shipyard (4 Trans Air Trans. Trans Lux DL P Tri-Utilit! Tri Utilit! Tubize Chatel, Tung Sol Lamp(1 Ungerielder Fin Cp 4 Unfon Am Invest. Un Gas of Canada(1) Unit Corp war. U S Dairy (B). U 8§ Elec Pow W' U 8 Elec Pwr wa U S Finishing. on 47 15 10 2 5 VenezuelarPetrol Vick Financial (30, Walker (H) (50¢). ‘Wenden Copper. Williams R C (70c. Wil-low Cafeterias. . ‘Woolworth (FW)Ltd “YT Ol &GaSs. ...... RIGHTS—EXPIRE. 4% Peop G L & C.Jan 15 Dividend rates in doliars based on last quarterly or semi-a eyl ‘mm:.' b Payable in stoc ble in cash or stocl 'ayal stock. e Adjustment o rend. 1Pius 8% in stock. §Plus 2% in stock. kPlus 10% in stock. mPlus 3% in Plus 8% in stock. D Paid last year—no regular rate. 70 3 5 4% “~ {Partly extra, 1Plus 4% in stocl ¢ Plus 6% in stock. hPlus 1% in BELGIUM LEADS MARKET FOR PASSENGER CARS July, advance to fifth position, while Canada, which formerly provided the greatest outlet for American cars, Was motor the United | September 19, $10,575,707, fell into the “l-ton but not more than 13;-fons” class. Belgium likewise led the truck mar- ket for the seven-month , l':‘rur- chases amounting to 4,784 units, valyed at $1,873,138. Japan occupled second fhhdm' p::ltzhm Spain following closely in n. U. 8. TREASURY BALANCE. ‘The United States Treasury balance anncunced today as of close of business was $643,369,835.76. Cus- for the month to date 70. Total ordinary ex- N - SEPTEMBER 22, BONDS ON THE CURB MARKET. Salesin ~ DOMESTIC BONI thousands. 21 Alabama Pw 4las ' 1Alabama Pow 55 '56. 12 Aluminum Co s ' & Aluminum _Ltd 3s /48 Am Com PW 5as 'S 15 Am Cmwih Pw_6s ' 8 Appalach_Gas € Appaiac Gas & El 5s '68 1 Beacon Ofl 6s '36, 29 Bell Tel Can 55 A '35 99%s 42 Bell Tel Can 5s B '57103% 35 Bell Tel Can 55 C 60102 ° 97 97 3 & 65 m '33. 1004 100% 1 56 933 olle 1Cities Bervice 5s "0 6Cit Serv 42 Gas 8'os '42 59% 572 Gas P 65 43, 110 T 6714 864 108%a 10515 5% 57% 99 It e unnecessarily add to the embarrassment v 91 o) 89 89 101% 101% 9 95 61 2€A 3T ww 2 Duke Power 4’48 "67.. 25 East Ut Inv 55 A ‘54 33 Edis E1 Boston 8s '33 102 S1Elec P & L 55 A 2030 T3 84 83 10812 104 101 101 1% 1 Firestone C M § Firestone Tire 58 SuaessSSe = F =§§‘ ul a 00d Ru 00d Rubber 7s '36. . oust Gulf G 65 A 43 36 G Yas '43 568 «g2?e: Q> > W OSRR ® gesien Jesasnanageineansat qeiies Jegezesesd 3 i 1Kans GAE 65 A 2 2Ken Utilit st 5 ‘89 £ht 8 5 Zfl.zs ® Ezaans .. szsufi::gax EERRZERRRERLL! 258 ® EEREE AERER: e 0wy R2=2y 55 ageSzeSeEieanny R 5 HEE wsBuotian s = o Dottt aSomaten ) EErsd 388 SR a Cep P&L 4%s on oo 4 ' 7| 'a Ohlo P&L 838 'bi 1 nn Tel 85 C enn WAP (Vs B S S & ngas ;,: 23857808 EsExnsStas ¥ = e 9! 4 BIITIIITIITIS Smgage igie ses3eseiesssy: S S =3 - ol G ouat Sirerinsy H Wat 4las 'T0 Gas & C 6s '47. ulte R E o [orovy BBt e 88 L 2 BB B o e e S iggfi::uss:g:‘agl PECTORTEL L D P PO TC LY PRLDLR0: 5550 8288 & L 833 22380338 I esieieens West_News Del 6s '44 38 105 Wes Penn Pw 4s H 61 977 13 Wes Tex Ut 5s A '57 Ti% FOREIGN BONDS. 47 47 0 3 47 2 4 Terni 17Tlets L) 7iis 3 Unit El Ser W 1Unit Indust 6las ' ww—With warrants. xw—Without warrants, n—New. wi—When issued. MORRIS MANK CONVENTION. NEW YORK, September 22 (#)— Plans have been completéed for the Twelfth Annual Convention of Marris Plan Bankers) which Columbus, Ohlio. ol by J. R. Hall, announged today . dent of the Morris Plan Bankers’ sociation. All _motion-picture theaters in the Stavanger consular district of Norway [Mts balance and exhibited its nerve. The 3 | Technically, 1931. FINANCIAL. ™™ gax A-J§! BAN ON SHORT SALES HELPS TO STEADY SECURITY -MARKETS BY CHARLES F. SPEARE. Special Dispateh to The Star. NEW YORK, September 22.—The first expression of the shock given by the suspension of gold payments by Great Britain was visible in a market for securities of great volume, but of less demoralization than has been wit- nessed frequently in the past two years and a decline sterling below $4 to the pound. ‘The prompt action of the governors of the New York Stock Exchange in prohibiting “short selling” undoubtedly vented a more serious fall in prices. t again gives official recognition of the fact that bear many quarters, ve frequently played havoc with security values. Street Keeps Balance. Under the trying conditions with which the week opened Wall Street kept action of the New York Stock Exchange officials in continuing a free market for trading in stocks and in bonds when the London, Berlin, Amsterdam, Stockholm, Brussels and Vienna mar- kets put up the bars against dealings had a good effect throughout the coun- try and was followed by all of the in- terior exchanges. Inasmuch as New York is now the undisputed financial center of the world, it was felt that to restrict dealings here at this time would | so intense in the rest of the world and might precipitate serious business and banking troubles. 1t is yet too early to appraise the ef- fects of the action of the . British gov- ernment, as the proportions of the new situation and its complexities are so great that those who have to deal with them and attempt to control and correct them were not able today to|: see clearly to the end of the situation. The seriousness of the banking condi- tion in Great Britain transcends that of all the other episodes of the last three months. It is believed to mark the culmination of the crisis that has been developing ever since last May. From this standpoint there is hope for ({:e l;efll’mll’;lg of l:np{ovfi;n!nt. once the shock of the actual ning been absorbed. b From one standpoint, that of reliet from the necessity of advancing fur- ther credits to Great Britain, satisfac- tion was expressed. crisis also made it more apparent than ever that the whole question of reparations and war debts would come to a head and, instead of bei tempo; wi and allowed to run along unt{l maturi- rations, minimized in | ties of short-term loans and of Ger- man debts were approaching, it would be treated as an immediate emergency and not one that could be put aside until next February or next ly. The entire status of the debt situation, which' has been built up on Great Britain's payments to the United States and the payments of European debtors to Great Britain, has undergone a com- plete transformation in the revaluation M»:'heum"nd":mn" ly of the opinfon all Street is strong] that an extra o{connul must be called early in the Autumn to deal exclusively with the entire reparations and war debts matter. The ition of silver metal in the new set-up that has been made also PRICES FOR WHEAT HAVE SHOWN GAINS Grain Market Appears In Stronger Position After Recent Advances. BY FRANK 1. WELLER, Associated Press Farm Editor. Although the steadiness apparent | domestic wheat markets eased off was the subject of intense interes’ l"'h‘ close of the last trading period, today. Last week there was a slight i, et S, o2 ommq oul evidence of !Mlmlflm has been given for several months, Pound Revaluation Seem. Looking at the matter from' s long- range viewpoint, bankers here were of the opinion that, although Great Britain hopes to be able to return to the gold basis early in 1932, there is grave doubt as to whether she will be able to do so and effect the improve- Ttkin IR it aecmeary tn guder T0r ual whic! r for her to re-establish her credit through- out the world. While great given her for her courage and her honesty in maintaining the gold stand- ard at, pmt‘f after France, Germany, Belgium and Italy had all revalued their currency and in @& measure thereby repudiated their internal debts, 1t s recognized that she is up against domestic and world conditions of too great severity to permit her to stand alone among competitors with her ex- 2 at par. Therefore, it is the bellef that eventually the pound must be revalued somewhere between $3.50 and $4. The best, bid at one time yes- terday was $3.75. Ci exchange was at a discount of 315 cent. British securities payable in dollars acted better than some of the Conti- nental issues yesterday. This was es- pecially true of the United Kingdom 51, per cent bonds, of which nearly $1,500,000 were sold last week at a decline of about 12 points. Belgium, Italian and Japanese dollar issues were distinctly heavy and, for the first time in the past two years, there was a thin market in all French issues, which have been holding at the highest premiums of any foreign se- (Copyright, 1931.) Everybody’s Business Chief Problem of Bpitain 1 resent Financial Situatio Is the Necessity for Resto ing the Pound Sterling to Stable Basis. BY DR. MAX WINKLER. Special Dispatch to The Btar. NEW YORK, September. 22—Wheth- er the partial and temporary suspen- sion of gold payments by Great Britain will ultimately result in a complete and permanent abandonment of the gold standard, or in a permanent de- v:.lultlm of the pound, is too early to state. To begin, what is the gold standard? the gold standard exists where it is enacted by law that gold shall be the measure of value, and that all forms of money issued or coined shall be maintained at a parity of value with this standard. It is the universal measure, having been adopted as much by law as well as by custom by all the léading commercial nations and bejng accepted in fact by every other country. jporary abandonment of the one country d’"&: dnot estroy permanently as & measure of value. At the outbreak of the war, Great Britain, in order to prevent the heavy outflow of gold, sus- pended the bank act temporarily, and the pound, in the course of 1920, was quoted at about $3.20 as emfiud with ?Ifl'y of $4.86%. It was until 1925 hat the country returned officially to the gold basis. Closing of Exchanges. As long as nat! incline to measure vAlues by terms of gold, the abandon- multholu this ue}onld hl:a:chnd.ur even though temporary character, not be viewed optimistically, It would, is notable that it was not until various tops had been L Kansas City made one dark hard with protein content &t 16.30 per cent at 62!; cents, the price on the crop. High protein whea advanced to 60 cents at Omaha, the highest prince since mid-July. September wheat sold at 70 cenis at ‘Minneapolis, which was a new high for the year. May wheat also went into new high ground. seemed to have been a change in the whole atmosphere surrounding wheat market, it being quite a feat establish new highs for the year in any market right now. Some said the early here and abroad indi- Buying power has been reluctant to follow advances, however, despite ac- cumulations on sharp late scale-down reflected ne e that attempts will be made to assums to attain during the of transition a certain degree of stability. Financial history is replete with instances of cur~ rency stability, without currency stabil- ization. It is here that Great cluding, apd the war the New York Stock Exchange. On the securities market in this city tish development for this reason, be futile to attempt |y to minimize the seriousness of the situ- 1931, by the North American (Copyright. Newspaper Alllance, Ine.) ation and its effects upon the economic world. * The ck:fi[ .:17( D vise “aiort period, . Germany! relativel period, y's bourses ywm ordered closed.. The same is trye of the Dutch exchanges and it is not unlikely that other European ex- ch: may find it necessary tb do like . Opening quotations on the Paris Bourse 'gere featured by marked re- cessions and a decline in the value of the pound below $4. In many instances the shrinkages were less pronounced than many had anticipated and, in a few cases, losses represented merely corrective processes rather than sense- less sacrificing of securities. S Pressure upon the pound is believed to emanate, to a very large extent, from professional quarters, where a feeling seems to prevail that the British cur~ rency is destined to depreciate or, and that it will eventually be revalued at a level materially below the fil: parity. The present quotation of sterling, resulting from the sensational news over the week end, does not n indicate its true or intrinsic position. ‘When the hysteria subsides, which com- TOBACCO PRICES FIRM AT FARMVILLE MARKET By the Assoclated Press, FARMVILLE, N. C,, September 22— Sales were blocked yesterday at Farm. ville with offerings mostly leaf and a small percentage of cutters and fair quality of primings. Prices were firm for good to fair leaf, cutters and fine to good lugs. Inferiof leaf and low to common lugs showed Hitle improve- ment. Good leaf and cutters sold above $35, I‘:uc notmmmmnm graded to quote verage Prices: Orange, leaf, fourth quality, $21.80; fifth quality, $11.80; sixth quality, $4.70. _ Orange lugs, second quality, $15.10. ‘Wa re) sales lighter than Priday with prices on better of leaf and cutters higher, but slightly ‘weaker on lower grades. sales petent observers believe will take place | o soon, the pound will seek a level more truly representative of its inherent worth., § . Britain’s Investments. In the meantime, the danger resides in the ibility of the pound fluctuat- ing within wide limits, which woul very detrimental to British trade and industry. It is, however, within reason be | for the it week, with tips dominating. Lug prices showed a slight increase for bet- ter grades but lower grades remained at about the same price as last week. ‘Williamson reported blocks sales of mostly tips and amount of better leat . better grades were slightly higher, but the lower grades showed no improvement. STOCK AND BOND AVERAGES By the Associated Press. TUESDAY, SEPTEMBER 22. d STOCKS. it §¥=§§§? § Eigssg g £f B i i . i ‘Sifiig §§ W Lttty By the Associated Press. CHICAGO, ber 22.—Big deliy- erles of corn, 2,021,000 bushels, to apply on contracts maturing this month, jolted the corn market down late to- day to a fresh bottom price record for the season. September corn quotations fell lhgut. 2 cents a bushel. thu“: sympathized with corn weakness, gave account of itself notwith- standing “spread” selling here ‘Winnipeg and W] needed over part of the States Winter crop belt. a good purchases at ite U'Zuna lower wheat, %-%2 up; oats at visions