Evening Star Newspaper, September 23, 1931, Page 15

Received by Private Wire Direct to The Star Office RULING ON SHOALS 1% _ % Leonard Oll......... ! i 825 B 8% Lone Star Gasn 88c.. §60 9% (104 9% 104 ) Long 1sland Lt (60c) 27% 27% 274 20l tn. ive lots excent those desismated by letter “s.” | ~Prev. 1931~ and Bales— igh. ‘Low. Low. Dividend Rate. Add 00. Open. High. Low. Close. 114 AfMliated Prod 1.60.. 30 17% Aluminum Co of Am !llfill:;!‘ 19% 17% 19 107% 102 92 or 17 10 i r Tone of European Markets Reflected in "X Upswing Here. e i — i i Siveat 1" T BY JOHN A. CRONE. @pecial Dispatch to The Star. NEW YORK, September 28.—The firmer tone of European markets, espe- cially London, and the lifting of the ban on short selling here created an sactive curb exchange session today. The former factor, offset the latter, with the result that the market Jeaders were from fractions to several points higher around noon. Electric Bond & Share at 221, was up 2%, Cities Service at 81, was up 3, Standard Oil of Indiana at 20% was up . % 8nd Niagara Hudson Power and . United Light & Power likewise ad- vanced. Movements in the metal list " were highly erratic. Newmont Mining, Hud- son Bay and United Verde attem to discount a better demand for the red metal. Aluminum Co. of America and Aluminum Ltd., were each up 7 points in the third hour. Pacific Tin Corpora- tion, however, was down 21 points. Bunker Hill, Sullivan and other silver mines mirrored the bettered tone of the ' white metal, while gold mine stocks turned quiet, but remained firm. Packing stocks were somewhat unset- tled by the movement in Swift Interna- tional, which reflected South American , foreign exchanges rather than corporate developments, as earnings had been, sufficient to warrant even the payment of a $1 extra dividend recently. American Gas & Electric, which was recently subjected to severe pressure, turned on the shorts today for a gain of more than 4 points. American Light & Traction, heavy because its dividend . meeting :::kput off until Friday, also Here and there throughout the list were a few soft spots that were' no- ticeable because of the generally firm ul ne elsewhere. Thus, such issues as New York Transit, E. W. Bliss, Du- bilier Condenser, Rubberoid, Aluminum Ltd. C warrants and Hachmeister Lind reached new minimum quotations for the year. MONEY MARKET. NEW YORK, September 23 (#).—Call money steady; 115 per cent all day. Time loans steady; 80-90 days, 1%l 4 months, 115a13; 5-6 months, 13%a2 ::: cent. Prime commercial papet, 2; ’ nces unchanged. CHICAGO STOCK MARKET By the Associated Press. GHICAGO, September 23.—Follow- ing is the complete official list of trans- actions in s on the Chicago Stock Exchange today: STOCKS. SEEETNE. 88 T3SV S2BenBes & F F Py o ) Svrnham Tri 209 Buraham Trad pi. Butler Bros. Cas! oy e Se! A_M: °P| Pub “Ber ‘i il Sec. .. 1ad Pow 258 & Ce! 34 Cent =0 Gent, LS 5 §s=’,§.-.-.~=u=..s=.a='=. 55 [ D Thea Ea vic t Lakes Atrc at Lakes Dredge. by Grun art Carter oudaille Hershey A oudaille Hershey B 191} North UMI Bf..... ok a5y #3800 Insull Ui 11 Insull U pf ‘ind Se) 100 Iron . Fireman 400 Jeflerson Elec @8 & F Ken-Rad ] Ky Ut Jr cum pf Keystanie Steel 100 Leat S Libby MeNeili 100 Lynch Corp Manhat Dear Marshall Pield e Sad-Buoods: i W T8 ¢ BrE - Bawiad S o 220 BERR S S 30 Pub Sery 7 pf 400 QRS DeVry . * 2,55 BESSue sea smwws s s BeniBanauit-SR0ate S B SR anEe S-S50 a 52! ) L L O 80 Viking Pump f 200 Vortex Cup 180 Vortex Cup “A’ e t P L DT . FE AR S . 20 1700 Wis Bankshrs ... 43 200 7enitn "Radio Vs 14 tock teles 10da»—_1%0000 shar #ogo0 neul) | U1, 6 nd. sales today—s BALTIMORE STOCKS. Specis] Dispatch to The Star. BALTIMORE, September 23— LY STOCKS. Last %5358 Arundel Corporation Atiantic Coast Lin 710 Baltimore Trust Co 120 Black & Decke! 373 Consolidated Gas_ o Bromo-Seltzer A" com. =-SxautE 20 Union 84U 8 P = st Co ... ity & Guaraniy Alu Co of Am pf (§ Alum Goods (1.20) ‘Aluminum Co Ltd. Am City PEL (A) a3, 2% Am Cit P&L B b10%". ‘6 AmComP A (b10%) 10% Am Com PrB(h10%) 2 Am Corpn (£30¢).... & Am Corp war. . 3% Am Cyanamid'B, ..., 110% Am DT NJ ev pf(7). o . PuARRBBA RN 6% Am For Pow war.... 1 13 Am Founders. ...... 39% Am Gas & Elec (31).. 23 Am Invest Inc (B) 23% Am Lt & Trac (3%). 5% Am Superpwr (p40c) 74 Am Superp 1st (6).,, % Am Util & Gn B vic,. 1 Am Yvette (25c).... 14 Anglo Chil Nitrate. .. 1% Appalachian Gas 2% Arcturus Rad Tube.. Ariz Power.,..... Nat Ga 215 Arkans Nat Gas 4% Ark N G cu pf (60c),, 3 Art Metal Wks (60c) 2% Assoc Elec Ind (30c), 6% Asso GEEl A(b2-25). 1% Asso G & El A db rt; 1 Asso G & E pur rt, % Asso G & El war. 11 Atlas Utilities war... 21 Auto Voting Mach... 5% AutoVM cv.pr pt 50c. 1315 Beneficlal I L (1%).. 201 Bigelow-Sanford. ... 10 Bliss Co(EW) (b8%) 1% Blue Ridge Corp. ... 20% Bilue Ridbecv pfas., 7% Brazil Trac Lt&P(1) 8% Br A Tcou B 1.17 4-5 14 Brit AT rg1.17 4-5c. 40 Buckeye PL (4)..... 25% Buft N&EP pf (1.60). 18% Bulova cv pf (3%).. 24 Bunker Hill & Sull. . 2% BurcoIne.....s.uus 34% Burco, Inc, conv pf.. 3% Butler Bros..... i Cable Radlo T vte. Canadian Marcon: arib Syndicate. Carnation Co (§ 4% Cent Pub Sve A b5%. 3% Cent States El war tPSAal 20% Charis Corp (13) brough, (15 Service (g30c) Serv pf (§) 2 Claude Neon Lts 1 Colombia Syndicate.. % Colon Oil. . 2 Col Oll& Gas vte. ... 5% Colum Pictur (b75c) 5% Colum Pic v.t.c. f75¢. 158 Cmwlith Edison (8).. % Cmwlith & Sou war. 5 Com Wat Ser g12% 1% Consol Auto Merch. 1% Consol Copper. 67 Con Gas Balto (3.60) 105% Consol G B pf A (5). 4% Consol Gas Util (A). 2 Consol Retail Stores 1% Consol Royal (20c).. 94 Contl GRE prpf (7. 3% Cooper Bessemer. . 1% Corroon & Reynold: 15% Corroon&Rey PL(A 5 Cord Corp. 214 Crown Cork Intl (A). 6 Cuban Tob vie (1%). 84 Cuneo Presspf (8%) % Curtiss Wright war.. # Cusi Mex Mining. . 2 Darby Petroleum 1 s Driver Harris new. . 2% Dubilier Cond & Rad 89% Duke Pow (5) 17 East G & F Assoc 4 EastSta Pow (B) 4% East Util Assocev.. 1% East Util Inv A..... 18% Educational Picpf.. 1 2 Eisler Eleetric..:... 18% Elec Bond&Sh (b6 %) 86 Elec B& Shpf (6)... 7% Elec Pow Assoc (1). 6 Elec Pow Assoc A (1) 8% Elec P& Lt op war. . 5% El Shareholdg(b6%) 7 Smpire Corp. , . 66% Emp G & F cu.pf( 25 Empire Pwr pt(2. 18% Employ Reinsu 1 Eureka Pipe L (4 % Europ Elec deb rt. 1% Fairchild Aviation. 20% Fajardo Sugar. 7 Flatrets (94%¢) 9714 Florida P & L pf (7). 12 Ford M Can A (1.20). 5% Ford Mot Ltd 36 3-5¢ 2 Foundation For Shs. 1% Fox Theater (A). 1 Gaiena Oil Corp 24 Gen Aviation. . 4 GenE Ltdrcs363 14 Gen Empire (1)... 30 2% Gen Theat Eqcv pf.. 24 " Glen Alden Coal (4). 6% Globe Underwr (15c) 3% Golden Center...... 213 Goldman Sachs. % Gold Seal Elec new. 17 Graymur Corp (1)... 167% Gt At&P Tnv (16%) 117 Gt At&Pac Tea pf(7) 20 Grier Stores pf (7).. 38 Gulf Oilof Pa (1%). 15 Hackmester Lind. .. 1% Hamilton Gas v.te... 70 Hartford El Ltd 2% . 4 Hecla Mining (40¢).. 1 Helena Rubenstein 2214 Hires (CE) A (2). 47 Hollifiger Gold(65¢) . 856% Horn & Hard ¢2%).. 21, Hudson Bay M & 8., 49% Humble Ofl (1235) ., 214 Hygrade Food Prod. 9 Imp Oil of Can (50c) 6 Indian Ter 1lu Oil A 12 Insull Inv (b6%) 35% Ins Co 0fNo Am 12 4% Jusurance Sec (40c). 1. Intercontinent et n 84 Int Petroleum (1). 2%4 Int SafRazor B(1) 17 IntSreerp (11.10) 3 Int Utilities 1 Int Utilities 5 Irving Air Chute (1 2% italian Superpow A.. % Italian Superp war.. 102 Jer Cent PAL pf (8 % Jonas & Naumburg. . 29. Lackawanna Sec (4) 5 Lefcourt Realty 1.60 19% Lefcourt Real pf (3) brotlers, k 2 to 215 to 2 pounds, 23a24; la) 23a2 hens, , 14a15, Dressed—Spring broilers, 3 pound: ‘over, 32a%3; 2 ta 2' 290 30; 1'; to 3. pounds, 26a: = w8 wo oW (TR0 | P RO W 8 b TS ) 50s 25 1 540 12 5 13 13 Gen G&E cv pf B(6).1008 31 12 B36% Long Isld Lt pf (7).. 108 Louisiana Lan & Ex. 2 MacMarr Stores (1).. 7 Magdalena Synd. ... Bottling (A).. flower Asso (2).) Mead Johnson (15) .. Memiph N Gas (60¢) .. Mercantile Strs (1).. Metal Tex pt pf(3%) Mexico Ohlo Ofl...... Mid Sta Pet vic A Mid Sta Pet vic B. ... Mid West Ut (b8% ) .. Mid W Sts Ut b10% .. Midland Unit (b6% ). Mo-Kan Pipe Line. .. Mo-Kan Pipe L (B).. Mtg Bk,Col Am § 96¢ 4 Mountain Prod (1)... Municipal Service Nat American Co. Nat Aviatiol tBA& S Ct Nat Family Stores. . Nat Food Prod B.... Nat Fuel Gas (1). 4 Nat Investors. . Nat Pub Sv B (}2.20), Nat Service Co...... Nat Sh T Sec A $60¢. 95 Nat Transit (1)..... Newberry (JJ) 1.10. 4 New Bradford Oil. .. New Eng Pow pf (6). Newmont Mining. ... % NY & Hond Ros (1), N Y Steam Cp (2.60). NYTelpf (6%).... B N Y Transit (180c). . Niag-Hud Pow (40c) Niag-Hud Pow A w.., Niag Sh Md (40c). .. Niles-Bemt-Pond (1) Nipissing. .. c.oounil Noma Elec (40¢). Nordon Corp Litd.... Nor Am Aviat A war. Nor Central Texas. . North European Oil. Nor Ind Pub S pt (6) 1758 Nor Pipe Line (14)..1008 Nor St Pow A (8). 1 Nor St Pow pf (6) Nor St Pow pf ( Novadel Agene (4).. Ohio Copper. . Ohio Pow pt (6 PacG&E 1stpf1%. Pac Tin Cop spec (2) Pac Western Ofl...4 Pan Am Airways.... Pandem Oil. Pantepec Oil Paramount Cab Mfg. Parke Davis (+1.65). Parker Rust Pr (3).. 508 Pennroad Corp (40c) Penn Pw & Lt pf (7) 150s Penn Wat & Pow (3) 3 Peoples L&Pwr (A). Perryman Electric.. Philip Morris Inc. ... Phoenix Secur Corp. Phoenix S C pf (3)... Pitney Bowes (b%) Plymouth Ofl (25¢) .. Pratt & Lambert (3) 4 Prod Roalty (b10%). Prudential Inv pf(6) 2008 Pub Util Hold war. .. Pub Util Hold xw. .. Pub Ut Hold cu pf(3) Pure Oll pf (6)...... Radio Product: 5 Ratlroad Shares(40c) Reiter-Foster . Reliance Manag. Republic Gas Corp.. Richman Bros (3) Rock Lt & P (30c) Roosevelt Field Inc. Rubberoid (4) Ryan Consolidated. . Safety Car Heat & L. St Anthony Gold. ... St Regis Paper (60). Salt Creek Pro(1.40). Schulte Un 5e-$1 St... Schulte 5c-$1 St pf. . Seaboard Util (28¢).. Sec Allied Cerp (1).. Seeman Bros (3).... Sexal L & H (a50c).. Seiberling Rubber. .. Selected Industries. . Sentry Safety Cont.. Shattuck Den Min. .. Shenandoah Corp. Shenandoah pf (a3). Singer M{g Co (116). Smith (A 0) (2) Solar Refining...... South Penn Oil (1).. SoCal EdpfB (1%). South Corp....... - Southern Nat Gas. .. Southld Royalty 20c. SW Bell Tell pf (7)..1508 SWG&EDI (7).... 108 Stand Motors....... 1 Stand Ofl of Ind( 1). Stand Ofl of Ky 1.60. Stand Oil of O pf (5). 20s Stand P & L pf (7) Stand Serew (4) Starrett Corp. tein Cosmetics tutz Motor Car. . Stutz Motor (war).. 1 Sullivan Machinery. 758 Sun Invest pf (3). 4 Sunray Oil (b5% ) Swift & Co (2).. Swift Internat’l (14). Tampa Electrie (32). Taggart Corp. Technicoor In . Teck Hughes (60c) . Texon Oil&Land (1). 27% 109 109 % 109 109 « 5% 5 10 % 1% 22% 17 5 A% 2 Ll 1% 4% 8 WERE RN e R eme R s Bonar e aan @ 2 - - - B B4 Bamm~mand 41 29 11 1 50s Se 28 . E£ FES=TNRS SPUNREN. N BRI 70 31 508 50s Thatcher Sec Cor, Trans Air Trans Trans Lux DL P Tri-Cont Corp war Tri-Utilities Tubize Chatel, B. Un Gas of Canada(1) 'nion Ofl Assoc (2) . Union Tobacco. Unit Corp Unit Founde Unit Gas Corp. Unit Gas Corp Unit Gas pf (7). Unit Lt & Pw A Unit L & Pwr pf(6 U S Elec Pow ww. U S Finishing 1 U 8 Playing Card 2% 200s Unit Stores v.t.c..... 2 Unit Verde Exte: 4 Utah Me & Tun Utah P & Lt pf (7). Ut P&Lt(at1.021%) Ut P&L B(atl 2%) Uity Equitie: ULl Equity p£(s Util & Ina . Util & Ind p! Van Camp Pkg pf. .. Vick Financial (30c) i Walker (H) (50¢). .. Welch Gr Juice (12). Wenden Copper. West Pwr pf (7). R Wil-low Cafeterias. . Woolworth (FW)Ltd 140 Woolworth Ltd pf... 2 “Y" Ol & Gas....... 4 2 ‘l'-"’ 2% 2 20 2 % 9 2% 0 RIGHTS—EXPIRE. PeopG L &C.Jan15 & “w s ased on last quarterly or semi-an- 1Part iPlys 4% In stock. tock” @ Adiustment « tock. m Plus 3% in regular rate. | | 12'2; cow, 812a9; veal, top, 15818 | medium, 1214813; lamb, top, ‘medlum, 14a16; pork loins, 8 to 10 | pounds, 20a21; 8 to 12 pounds, 18a19: Butter—One-pound prints, 34; tub, 12 to 14 \ds, 16; fresh hams, |3.75. 5. |15: ‘rmoked hams, 31 stétp bacon, 22 pac 915810, hu:y.“ fixm.w; 5.80a6.00; l?l ; r’. roughs, 3.25a4.26; -calves, 7.00a 9.00; lambs, 4.007.50. . Fruit>—Watermelons, - 15835; canta- | loupes, Colorado fiats, 1.26a1.35; honey-, | dews, '1.75a2.00; Persian melons, 3.50a5.50; lemons, 10.00a .75; apples, bushel stock, 2. 2.008 2.00; Thompson, seedless, 2.00; pine- apples, 4.00a4.50; prunes, 1.00; figs, 4.50; ns, two-peck baskets, 1.00a1.25; fruit, 5.00a5.50; bgnanas, 1.75a persimmons, 1.00; cranberries, Vegetables—Potatoes, per barrel, 1.75a 2.00; sweet, per bushel, 50a75; toma- 5“3‘.:’33-“&».“ 50a75; kale, 50; spin ach, 50a75; corn, 75a1.00; cficuh':u'l-. 3 , Iceberg, 1.00; celery, 3.75a4.00; lettuce, 3.2504.00; New York, 125a1.50; carrots, per 100 bunches, 3.00; pock Baskete, I pec! ets, 1.5082.00 3 H squash, 50a’ mnlln'ooml:e o gl —————— i o R “!Attomey General May Pass on Legality of Commis- sion’s Decision. BY G‘Zolfll E. DOYING. ‘The possibility of final disposition of the Government property at Muscle Shoals ‘before Congress has another op- portunity to indulge in further debates and enactment of another law for Gov- ernment operation, with the probability that it would again be vetoed by Presi- dent Hoover, was seen here in the con- clusion of the Muscle Shoals Commis- sion that the President has authority to sell the property. Naturally, this conclusion was & blow to the advocates of Governmeht ogeratton of the huge electric plant in the Tennessee River,-and immediately some of the Progressives in Congress were up in arms. “The, executive department certainly is unwarranted in taking such a di tic step,” declared Senator Walsh, Democrat, of Montana. “It looks to me like another attempt to steal the prdject,” said Senator Brookhart, Republican, of Iowa. Make-Up of Commission. Attorney General Mitchell, however, is likely to be asked at an early date to confirm_the finding of the commis- sion that President Hoover has power under existing statutes to of the Muscle Shoals property without further authorization from Congress. If he agrees that this is a correct inter- pretation of the lays, it might eventu- ate that Mr. Hoover could find some : group ‘that would relieve him of this ., ‘j‘pmlmc source of contention for 10 years. created at the suggestion of President Hoover when he vetoed the Norris bill passed by the last Congress for Gov- ernment operation of the property. ‘The commission-is composed of rep- resentatives of the American Farm Bu- reau Federation, Army engineers and '|the War Department, together with delegations from the states of Alabama and Tennessee. It was charged with the duty of investigating the situation and making recommendations to the Presi- dent as to the best means of disposing of the property. ‘The commission- has called for and received bids for the operation of the property, although this was announced as being only for the information of the commission, as it has no authority to enter into contracts. Neither has it any power to dispose of the property, but if the conclusions reached by its counsel are correct the President has all the authority needed. Basis of Opinion. ‘The commission’s legal advisers base % | their opinion as to the President’s au- thority particularly on the national ‘de- 4 | fense act of 1916 and the act of July 9, 1918, authorizing the President to sell war supplies, including plants.and fac- 4 | tories acquired after April 6, 1917, with the exception of dam No. 2 at Muscle Shoals. The Federal Power Commis- sion, it is understood, has power to dis- pose of this dam under the FPederal water power act of 1920 provided the ‘War Departinent should chocse to turn over the dam to that commission, Congress, it is declared, makes it - sible for the President to dispose all the Muscle Shoals property without fur- ther authorization from Congress. Under this construction of the law it is held that any contract entered into by ‘the President on recommendation of the Muscle Shoals Commission would not be subject to further legislation by Con- gress. All of which, if carried into execu- | tion, would be a serious blow to- the a “'oclus of Government operation of | public utilities, but would remove from the political arena one of the major elements of the “power issue.” ¥ (Copyright, 1931.) Grain Market By the Associated Press. CHICAGO, September 23. — Grain: advanced with Wall Street stocks wi day in the face of continued big de- liveries on Chicago September corn contracts. Today's deliveries of corn aggregated 1,618,000 bushels, an un- usually big amount after deliveries of 2,021,000 bushels yesterday. - Official estimates of the 1931 wheat crop of 31 countries showed 2,720,000,000 bushels now 'available, compared with 2,861, 000,000 harvested in the same countries last year. Wheat closed unsettled, 33-1%. cents higher; corn, unchanged to % up; oats, unchanged to 33 gain, and provi- sions varying from 10 cents setback to a rise of 12 cents. Cash lard prices today were the lowest since 1905. March |May Sebtmper ember December . RYE_ September December May ... New York Cotton % Special Djspatch to The Star. NEW YORK, September 23.—Trad- | Ing in cotton became more active sgain today and under an unusually large volume of business prices advanced sharply over 35 points at one time and closed with a gain of 24 to 26 points n the day. = Stimulated by a violent rise of nearly a cent a pound in Liverpool, a°bouy- ant stock market and increased demand from consumers prices moved upward sharply under an aggressive purchasing movement and the list closed over 35 points above .recent low fhmres.5 Spots % were edvanced 30 points to 6.5! Cotton range: n. High. 50 6.3 6.83 October December January The Muscle Shoals Commission was | Sin A combination of all these acts of | lyze, Low, 1929, (Copyright, 1931, Standard Statistics Co.) OW-PRICED STOCKS FAVORE BY CASH INVESTMENT BUYERS BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, September 23.—The astute senior partner of one of the largest Wall street houses was today | buying stock for his own account. He has been through all of the panics since 1893, and did not lose his head in 1929. | ce then he has kept an ample re- serve of cash. He mow believes that stocks have reached the level where cash should be turned into securities. is interesting side light on the the purchases that have been made by the public be found that it is among what might be classified as the stocks of low degree, so far as market quotations are con- cerned, that the dominant speculative and investment interest has prevailed. Few Above $100. In Monday's broad market the total number of issues dealt in on the New York Stock Exchange was approximate- ly 860. Of these over 60 per cent were quoted in the range between $10 a share and $20 a share. The common stocks that formerly enjoyed popularity, when they were appraised by Wall Street from $200 a share up to $500 a share, have so rapidly diminished in number that today there are barely a dozen that are quoted above $100. Of the entire num- ber of 860 there are only 50, including gc:th :hmll%: and kpulerred issues, still ‘er. the mark, or less than 6 cent of the. total.. 5 i In the range between $75 and $100 & share there are about the same num- ber; also between the levels of $50 and $75 per share. The relative unimpor- tance numerically of the between $50 and $75 a share is di e, s many buyers of stocks who are unwilling to pay as much as $100 a share are usually eager to “take them on” when they drop into the $50-$75 range. A‘mether. in the groups ranging be- tween $50 to above $100 are to be found only about 17 per cent of the entire body of listed stocks. Those the range between $40 and $50 account for 5 per cent and between-the $30 and $40 range for & per cent. . Coming to what would in.other times be regarded as the. “cheap” class of ificult to ana- | bo; stocks, it is found that in the ranges between $30 and down to stocks that sell anywhere from $5 a share to frac- tions, there are, in, all, 72 per cent of the list of issues dealt in 4n the pres- ent broad listed markets, Below $10 a share alone the number is $326, or 40 per cent of the total. Another surprising feature attached to this low-brice range group is the fact that if one selects for his present investment, quoted at share, or thereabouts, he is high proportion that are paying dividends. Normally, stocks in this category would be found in the non-dividend class. There has been so little relation, however, between mar- for cash recently, it would | TEEUTRE instances are frequent where turn on the stocks of strong and well managed companies, with large cash and security accounts, range from a half to three-quarters, and in some in- stances to a percentage in excess of the market price of the stock itself. Con- uquen!lg. those- who feel that the market is now at, or near, the turning point, and that these are ‘“bargain days” in Wall Street, expect not only to obtain a decided appreciation in the capital invested in stocks, but a yield on them which, in a year or two, would be sufficient to pay for their original cost. " Unlisied Shares. ‘What is true of listed stocks also obtains in somewhat lesser degree to shares in unlisted markets, here and in the interfor. It is applicable in a fair measure to shares of leading banks and trust companies and to those of the best of the investment m - ment trusts. It is especially noticeable in the market for low-priced railroad nds. The preference for stocks that are Jow in price and high in yield follows the study of market movements throughout every other panic, which St e e grea percentages of re- covery occur. It also reflects a kind of market philosophy among buyers who, while having faith in the stocks pur- chased, also consider the e max- imum loss of their capil ‘when_the speculative or investment counters rule at a Jow unjt cost. . (Copyrisht, 1931 . | Everybody’s Business Temporary Modification of the British Bank Act Is Suggested As Hysteria Over Suspension of Gold Standard Subsides. i | senseless sacrificing of securities may % | Investing public, derived considerahle 7.03 732 137 METAL MARKET. NEW YORK, September 23 (A).— ICoppe_r dull; elec'.rogmn. spot and fu- ture,7; tin easy, spot and nearby, 23.35; future, 23.62." Iron quiet: unchanged. ‘lgld steady; spot, New York, 4.40; | Bast St. Louls, 4.22. Zinc steady; East St. Louis, spot and future, 3.70. Anti- mony, 6.50. Quicksilver, 80.00a84.00. = NEW YORK BANK STOCKS' NEW YORK, Septe — Over-the-counter 'm:r'k,::.l:’" el America’ SE-: Phiifx Commercial Pirst Natl N | Marcly M beans, 50a75; limas, | Manhat Co ) Natl City . Public Barikers Brooklyn rn mpire Guaranty ng anu} New York E ; new crops into - Turkey is ed. | came at what may be 1 BY DR. MAX WRINKLER, Special Dispatch to The Star. NEW YORK, September 23.—The hysteria occasioned by Great Britain's drastic step appears to be gradually subsiding. No one wishes to under- estimate the seriousness of ihe measure to which that.tountry has resc:rted, but the feeling seems to prevail that the event, after it occurs, is less formidable than the fear which precedes it, A temporary modification of the bank | act may and probably will heip Great Britain, but -the important thing at the moment is to find ways and means of preventing the pound ftom fluctuat- ing within wids limits, which would be more harmful to British business than a lower but stable currency. Finan- clal circles appear to be regaining col fidence, and, barring any new untoward developments, it is hoped that the soon_cease. Unsettlement in the bond market is still a factor, the importance of which should not be ignored. But, here too, fundamentals are not heeded at all, and sales are often realized at levels which border on the fantastic. A 7 rican provincial interest is ac- tually on deposit with one of America' jmportant banking institutions sold 12 per cent. In other words, the next interest payment wil approximate 30 per cent of the price. & Laval Report, It -a) rs that ::m‘:m;‘-uon :ou!d be helped appreciably the stock ex- cnm“wou?f rule that bonds selling below a certain figure, be quoted flat, that is, minus interest. This should do away with short selling of bonds, or most of it, which has of late been an important factor in the downward movement of so-called second grade lssulls. The trading fraternity, as well as the setisfaction from a report that the French premier, Pierre Laval, might visit Washington. The United States and France t.:l)l’ltrold ‘most og.lx';heb:lofl"a 1 ld, and a meeting between FAEDEh i Armerican uthorities might possibly result in the evolving of & l) designed to adjust the existing mald tribution of the yellow metal. the world’s mmem and finance depend upon ree circula- tion of capital, u:vm:',h in 1:“3"& I’;n de; dent upon the free circulal of p'?d, it is obvious that a Franco- finulun agreement on tle gold ques- tion may conceivably mark a definite turn for the better. ‘Wage Reductions. The announcements that the United Corporation and the Youngstown Sheet and Tube Co. will reduce wages of employes 10 z:r'd e::: ent. while consumers may hold off ciders awaiting ible concession in prices, the situation in general may he said to have assumed 'a much more' clarified aspect. : Inasmuch as the reductions asmucl m'w “u should be faised on the part of labor. Other steel companies are expected to reduce also. Decline. in Stocks. revenues of the electric depression and account for nearly 70 E:r cent of the total revenue, accord- g to Harley L. Clarke, t. ‘He also points out that net profits for the 12 months ending June 30, aggregate $3.81 on the class “A” stock, which soid as low as 10, or only slightly more than 2}, times ummz. Inasmuch as there no_reason for questioning the accuracy of the above statement, the absurdly low levels for the shares must be af to - fessional activities. The recent rTuling by the exchange against short selling should result in the shares reaching levels which are more in line with in- herent values. Public Utilities. Public utility companies as a class have come through the srle ly, according A Sloan, president of the New York Edison Co. Mr. Sloan sees in the future an enlargement of the usefulness of the electric industry, an increase: of its sales and a beneficial working out of the problems with which it is fronted. Preedom from' labor and the riature of the business which eliminates the problem incident on large inventories, are also factors favoring the utilities, in the opinion of Mr. Sloan. Overseas Business. Overseas business is paying i according to Howard D. Williams, pmldl:m of the N‘nloml Cash ts way, vice s at | that torily, even though in profits may not be very large. Appreciable im] taken place in the domestic of the company, which prompted the board of directors to resume dividends clal position is entirely satisfactory, current assets exceeding current lia- bilities by about $25,000,000, with cash amounting to close to $4,000,000. , Calamity Howlers D-muud. The worst is over, according to Wil- liam D. Van Dyke, head of the Nath- western Mutual Life Insurance Co. Moreover, it was never as bad As i was advertised. According to this observer, mvh the world's depression is due petition by the mirrors and pessimism. 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