Evening Star Newspaper, September 24, 1931, Page 15

i obiamanis, B SHARES DROP | [NEW YORK CURB MARKE Stoek and Dividend Rate. Tone Star G Lonyg Island Lt (60c) Long Jsld Lt pf (7).. 508 MacMarr Stores (1). Magdalena Synd. Firmer Tone in. Money. Mar- i ket Followed by Easing of Stocks. l" JOHN A. CRONE. @pecial Dispatch to The Star. NEW YORK, Septéntber *23.--Curb’ Exchange prices slipped off, ‘after open~ ing higher, as theseésslon progressed to- day. Part of the selling was attributed to the firmer tone of money. Although n:,nmv‘y'd rates themulvuudweza’ un- changed, again being quoted a r cent on_the curb for' ot lcéofi\mog:- tions, oflernn ‘were less plentiful than Electric Bond & Share was down al- most 2 points from its earlier high and Cities ‘Service sl off a fraction. Early firmness in British shares here, resulting from the h and activity of the London market, likewise was par- tially erased as the supply of such stocks increased. A long list of miscellaneous, foreign and domestic shares opened up from 1 to 3 points, stimulated by the tone in London and by the firm close here ‘Wednesday, British American To- bacca B, for example, 2 points in the first few Chinese cables telling of a tax on man- ufectured tobacco there. One of the features in the first hour ‘was the better tone of public utility grc(emd issues. Electric Bond & re $5 preferred jumped $0 on & 100-share lot. Utilities Power & Light 87 preferred, some of which is held in London, opened up $6 on a lot of only 50 shares. Empire Gas & Fuel $7 referred end North American Light & wer preferred, however, did not share in this upswing. The decline of 7%, points in the former was explained merely by 'a limited market, it i the case of the latter the drop of 3%, points was explained by Chicago sell- ing and took place after the weakness North American: common shares .on the big board here. ; Markets at a Glance NEW YORK, September 24 (#).— Stocks weak; ' yesterday's advances largely lost. Bonds heavy; Governments reactiopary. Ourb weak; selling re- bm:’ 20 cents. 'got'h:efi)“"l.e: selling. Coffee sumes. sterling weak stock market, Soutl Sugar steady: trade buyihg. CHICAGO, tember 24 (#)—Wheat easy; weak Wall Street, bearish Ca- nadian estimates. Corn easy; larger estimyted Argentine exports. Cattle steady to lower, Hogs lower. Bank of France Statement. PARIS, September 24 (#).—The week- 1y statement of the Bank of France the changes in francs: ), sight d decreased 1.186,000,000, bills dis- gounted st homs decreased 59, Rate of discount, 2 per. cent. - TODAY'S MONEY RATES. . commercial paper, 3 -eezmnm firm; 30 days, 13se. 90 days, 1%al%; 4 ‘months, 1lsal §-6 months, 1%al1% 4 CHICAGO STOCK MARKET By the Associated Press. CHICAGO, September 24.—Following is the compiete official list of transac- tions in stocks on the Exchange today: Buier | STOCKS. 1020 e “Ger Radio 1300 Am A 100 Apbatsch G 50 Art_Metal .. 60- %5 s § e 2 EEEERE " 38255 o258unazsRans . 258 B 9999900022 22 99! 53 i y Granow . & Co. Hershey A T 353388 saunateast gggmmasazgaéésas ngull Ut . Insuil U pf 20d Ser Jefferson Elec ..... mazo Stove | 12, 3. 250258, E= ORI Leatn of g ibby-MeNeill 11l 1111 [incoig Print jon_ Ol Ref Manhat Dearborn 1 Field 50 2% 3 =3 McGraw Electric Met 1nd Co_allot ickelberry's Foor ia West Uti] et d w3538 $3a8e LT oo 290 Bolymet s B0 Public Berv' B Pub_Serv 65 pf. 8 De Vry. o T Sl alce 200 0 Storkline Pu; 1t Co v Swife Tntl ... Thom 380 Transformer of Am.. LT R =& LR 3 i3 ifi'" S B ! % o - F e E Chicago Stock ; 1 l FINANCIAL, WEW $toe [ Tots e g s ooy High. ‘Low. Bi Ada 00, 24% 114 Amliated 160..° 21 1 I’;n 7 Atnsworth Mg, P 2 Aluminum Co of Am fl1b|lM‘ 1% Alum Goods (1.20) 1 Aluminum Co Ltd Alum Ltd B wa Alum Ltd € war. . Am City P&L (A) a! Am Cit P&L4B b10% . Am Com P A (b10%) ‘Am Com Pr'B(b10% ) Am Com Pwr 1st 61 . Am Corpn (f30c) 8 46 14 2 Am Superpwr. (p40¢) Am Superp 1st (6) AmUtil&Gn B v Am Yvette (25¢) 4 Appalachian Gas Arcturus Rad Tu Arkansas Nat Gas Arkans NatGasA... ATk N G cu pf (80¢). Art Metal Wks (80c) Assoc Elee Ind (30c) 6% AsE0 GEEI A (b2-25). Asso G & Bl et (§) Ass0 G & Fl war, .. Asso Tel Ut (b8%).. Atlas Utll Corp.,. Atias Utilities war. . AutoVM v pr pt 50c. ‘Axton Fish To A 3.20 Babcock & W1t (7) Bellanca Afr v.t.e.... Beneficial | Lo(135).. Bickfords pf (214). Bigelow-Sanford. .. .12 Bliss Co(EW) (b8 %) Blue Ridge Corp. ... Blue Ridge cv pf(a3) Borne-Scrymser, ... 4 Brazil Trac Lt&P(1) i Br AT couB1.1%4-5 Brit A T rg 1.17 4-3c. Buckeye PL (4)..... Buff N&EP pt (1.60) Bunker Hill & Sull Buréeo Inc Burma ref Cable & Wire A rets. Cable & Wire B rets, Canadian Marconi. .. Carib Syndicat Cent Hud G&E (80c) Cent Pub Sv Del. .. Cent Pub §ve A b5%. Cent&Swn Ut (b7%) Cent Stat Fl (b10%). Cent St Ecy pfnaé. Cent West PS Anlly Chajn Store Devel, 18 3 73 1 Claude Neon Lts Inc. Clev EI Illum ( ‘ Clev El Tllum pt (6). Colon Oflsvvnnsnns Colts Pat Plre A 1%. Col O31& Gas vic, ... Colum Pio v.t.c. f75c. Cmwlth Edison (8).. 50s Cmwith & Sou war.. 55 Com His Am sh p3%,. 268 Con Gas Balto (3.60) 11 Conscl Gas Ut Bvte. 4 Contl G&Eypr pf (7). 50s Cooper Bessemer / Cord Corp. . .. Corp Sec Ch (b8% ). . Corroon & Reynolds, Corroon&Rey pf(A). Cosden Ofl. ... ; Crocker Wheeler. ... Crown Cowk Intl (A) Curtiss Wright war. Cusi Mex Mining. ... Darby Petroleum. Davenport Hos ( aSe g:ul RAGu).. sser Mg B (2) Driver Harrif new. . Dubilier Cond & Rad Duke Pow (5) . : Duquesne Gas. Durant Motors Eagle Picker Lead Eaxt G & ¥ As pi(6). East $ta Pow (B) . East Util Assoc (2 Bast Utll Assoc ¢ East Util Inv A.. Educational Pic pf . . Elec Bond&Sh (b6 %) Elec B & &h cu pf 6. . Elec B & Sh pf (8). Blee Pow Assoc (1) Elec Pow Assoc A (1) Flec P & Lt op war.. 4 El Shareholdg (b6 %) Empire Corp. % Emp G & F ¢ Employ Reinsu +1.80 Rureka Pipe L (4 Europ F; Litd A (6 Burop Elec deb rts. . Federal Baking Shop Fiat rets (94%5¢)...+ Flintkote Co A. . Fiorida P & L pf (7). Foltis Fischer Corp.. Yy Ford M Can A (1.20). Ford Mot Frn 3T%¢. Ford Mot Ltd 36 3-5e Fox Theater (A) Franklin Mg... Gen Aviation. ... Genk Lid res 36 3-5e. » oy » B R 1D 1 20 O 9 g 00 00 20 b a E aw 2% 0% 8 21 2008 2508 o atBoanammmon o4 Gen G&E cv pf B(6) 3008 Gen Leather 4 4 Gen Theat Eq cv pf.. Glen Alden Coal (4). Glohe Underwr (15¢) Golden Center. Goldman Sachs Goth Knitback Mch.. Graymur Corp (1). 4 GLAI&P T nv (16 Groe Sirs Prod vie Gulf Ol of Pa (1%). Hamilton Gas v.te... Hazeltine Corp (1).. Hecla Mining (40c). . 4 Hires (CE) A (2)... Hellinger Gold (65¢) . Hudson Bay M & S., Humble O11 (1275) .. Huyler Strs of Del., Hy@roElec Sec(1.20) Hygrade Food Prod. Imp Of1 of Can (50¢) Insull Inv (b6%). Ins Co 0fNo Am 123 insurance Sec (40¢). Int Holding & In Co. Int Hydro cv pf 3% .. Int Pétroleum (1)... Int Srmerp (11.10) Int Utilities B. 4 Int Utilities war Irving Air Chute (1) Italian Superpow A. Itallan Superp war. . Kleinert Rubber Kolster-Br (Am Lackawanna See (4) Lefconrt Realty 1.60 Len Coal & Nav 1.20, Leonard Oil. 10% Lerner Stores (2) 813 Libby McNell & L... * 3% Lion Oil & Refining. . =z 3 wahS varasanene BT anTanan 1Y% BANK STOCKS MAKE 25.YEAR RECORD New York Issues Selling Below , Book Values, Survey Reveals, Special tel 10 The Star. NEW YORK, September 24.—For the first time in more than 25 years stocks of the 20 largest New York City banks B are selling, in the aggregate, below book 4 ‘nlue. according to an analysis made #% New vork by Bheldon A. Du Cret, president of Depositor “Jn 1908,” Mr. Du Cret ~Prev, 1981~ Marg: Mass Mia W Nat Sh 4 Nelson 0 Am W Engineers (1) ovadel Agene (4).. GEEIstpf1l. & ¥ pf1.277 Pac Western Ofl. Pan Am Airways. Pac G Parker Patterson Sarg (2).. i Pennroad Corp (40¢) Penn Pw & Lt pf (7) Penn Wat & Pow (3) Perryman Electric. . Philip Morris Inc Phoenix Secur Corp. Pilot Rad Tube A Pitney Bowes (b4 Pitts Plate GI (2) Plymouth Ofi (25¢ Polymet Mfg. ... . . 4 Premier Gold (12c) Prod Roaity (b10%). Prudential Invest. .. Prudential Inv pt(6) Pub Util Hold war... Pub Util Hold xw Pure Oil pt (6)... Quaker Oats pt (6).. 108 Railroad Shares(40c) Rainbow Lum Pr A. Raytheon Mfg. Reeves (D) (1%5) Reliance Manag Republic Gas Corp.. Reybarn Co. . Reynolds Invest. Rock L Root Ref cv pr pf. S =3 19 - Jep Rossia Rubberoid (4) . Safety Car Heat & L.130s St Regis Paper (60). Salt Creek Consol. . . Salt Creek Pro(1.40). Seaboard Util (28¢). Sec Allied Corp (1).. Sexal L & H (as0c) Selected Industrie Sle Ind Slet Ind prior(5% ). & Shattuck Den Min Sheaffer (WA)P(13). Shenandoah Corp doah pf (a3). Sherwin Wil (t415). Silica Gel etfs. ..... Singer Mfg Co (116). 40s Smith (A0) (2)..... 4 South Penn Ofl (1).. TEdp B (133). al Bd pf C(1%) She: SW Dairy Products. S W Gas Utllities. .. « SW Penn P&L (1). Spanish & Gen rets. Stand Motors. ...... Stand Ofl of Ind( 1), Stand Oil of Ky 1.60. 3 Stand Oil Ohio (2%) 1008 | Stand Pwr & Light 3 30 | Stand Scre afrett Corp. . arrett Corp pf'(3) ein(A)&Co pf 613 Sun Invest pf (3)... Sunray [ T Pampa T Tri- U'n Gas Unit Lt Urit L & Pwr pf(§ ! 8 Dairy (A) (5) 78 Dairy (B).. 18 Klec Pow ww. c Pwr war Foil (B) (50c) Inter Sec 1st pf. U8 Lines pf..... Unit Stores v.t. Util P&Lt(atl. Ut P&L B(atl. Util Pw! 4 Utility Equities. Ul Bquity pr(%). Util & Ind ... Util & Ind pf (1%).. Van Camp PKg. ..... Vick Financial (30c) 1 i [ USE a 17 % o 2% | i 1 22% | 12y oy 124 M| 2% 29% | Walker Wwilson 51 % 5% 4% Dividend ousl payment. Aividena. 1Pius 5% lus 3% in 5 Peop G 161, | % *EX 150, ™ 3 “the average market value was 1.3 times |book value. In 1918 it was also 1.3 times. 1In 1921 the ratio fell to 12 times book value. At the peak of 1929 New York City bank stocks were selling {#t an average of over 6 times book value. This comparison is especially significant when it is considered that the resources of these banks are more liquid and infinitely greater today than | following any ar period in Ameri- | can history.” s PulsNEwErar [DECLINE IN_RAILROAD INCOME IS REVEALED By the Associated Press. NEW YORK, BSeptember 24.—The gust net operating income aggregating $11,082,000, against $18,746,000 in the ed bul, same month last yer, & decresse of w Mavis Bottling (A) Mayflower Asso (2) Mead Johnson (15 Memph N Ga¥ Met Chain Store Mid Sta Pet vic A 2 Mid Sta Pet vte B. ... Mid West Ut (b8%) . Mid W Sts Utb10% Miller & Sons. . Mo-Kan Pipe Lin Mo-Kan Pipe L (B) Mohaw! 4 Mountain Prod (1). Nat Ameriean Co. ... Nat Aviation. \at Elec PWr D! 1 Nat Family Stores. t Fuel Gas (1). t Investors Nat Service Co. Nelsner Bros pf (7) ew Eng Pow pf (6). 1 ewmont Mining. . ewport Industries. Vew York Auction. . Y & Hond Ros (1 Y Shipbuilding Cp. 61 N Y Telpf (6%).... Niag-Hud Pow (40c) iag-Hud Pow B w. & Sh Mad (40¢) es-Bemt-Pond (1) North European Oil. Swift&Co (2)...... Swift Internat’l (14) raggart Corp. ... echnicolor Inc. .. .. . Teck Hughes (60c).. Thatcher Sec Corp Trans Air Trans. Trans Lux DL P ont Corp war. . tilitles. . . Tubize Chatel, B. Union Am Invest. Urit Carr Fast (10c) Unit Corp war. . Unit Dry Docks. Unit Founders Unit Gas Corp Unit Gas Corp Unit Gas pf (7). Watson (4 W) Wenden Copper. ... Wil-low Cafeterias. Woolworth(FW)Lid 133 “Y" 01l & Gas. rate. in dolinre based on last quarterly or semi-an- dividend. cash_or first 11 railroads to report had Au-|gy Recoived by Private Wire Direct to The Star Office Sales— Add 00. Open. Mich. Low. Close. 47 10 10 9% 10 627 2T 2% 264 109 109 109 109 n 88c.. wBe ) .. e a Utcv pfxw 6 k Hud 24 (7). » = i an neR SN e anea - Eemon~a TS (Herman) =5 8 ST wrcon T 115% 814 1% 3% .5 » 5 sk 8% 1% 3% 5 B ¥ % Wi 1% 204 97 98 6 a8 2614 5 4% 224 51% 80 N 1 4 L &P pt (6). Rust Pr (3) 5in 200 204 415 4% 107% 107% 50 53 1% 1% 2% 2% o L 3% 3% 241 44y Ty 1% % 5% 82 W 1% 14 E 2 Y% 5% 82 % 1 59% 59% 17 117 21 24 % Sk 22 224 2% 2% e au W 1% 88 12% 3 t & P (90¢). Intl (10¢).... 2 1 334 3014 % 3 30 5 Tla 2 alctfs(53%) 43% | 45 214 29 | 2 17% 561, 2% 160 0% 15% 2614 26% 28% | 1% L 119% 119% ¥ Y% % | WM 1% 25 26 ok % 20 | 508 6 708 1 5 15% 26% (4).... 258 | 4 3 | v . . 1008 2| 2 OiL(b5%).. 2 4 i <23 30, 44 32 4% 5 14 12 A Electric (32). 2 1 3u 4u 2% | bl 3 1% of Canada (1) & Pw A T & Lt p! (H) (50¢) 4 2 2 8 1 1 Jones. RIGHTS—EXPIRE. L&C.Jan1s 11§ 5 % tPartly extra. 4% in stock. b Payable e Adjustment £ Plus 6% hPlus 1% in k Plus in m Plus 3% in p Pald last year—no regular rate. Plus stock. i in stock. tock. ock. | 408-10 per cent. August net “repre- sented a drop of 55 per cent from August 1929 In July these carriers had total net; operating income of $9,500,000, a de- crease of 35 per cent from July “1930, when the total amounted to $14,703,000. | making plans to protect their ‘future i throwing into. the discard of the buga- ! ferent picture and one which is mighty One year ago.[M the price in the midcontinent area for 2| 3 | starting to arrive in increasing quanti- | market is full and quiet, with prices in 1 6.0006.75; ! plain o’ fair, ! plain, 4.25a5,00, 7% | 4.0084.50; INCREASES N 0L PRIES DEMANDED Move Should Be Made to Aid Industry. BY WILLIAM VOIGT, JR, Associated Press Staft Writer. TULSA, Okla, September 24—A blunt query asking why ofl prices have not been increased is hurled at lead- ers of the industry in en article by Andrew M. Rowley, managing aditor of the OIl and Gas Journal, to ke printed in the forthcoming issue of that pub- lication: 3 Mr. Rowley writes that there “no longer exists any reason or even any excuse for délaying increases in prices for crude oil to an extent which will permit producers to vperace their prop- erties at a profit.” The article points out that the crude oll industry has been stabilized and the industry knows for the first time in years what output may be expected. Assuragee of Stability. “That the industry reAlizes + @ * production has been curbed definitely to market requirement or less * * * is indicated conclusively by the fact a number of companies are * * * already requirements by procuring promising acreage,” Mr. Rowley writes. He notes that assurance of stability in the industry is shown by (1) the fact curtailment of ]nro:iumun mpex’u:t dependent upon voluntary co-0] ~ tion of producers, but is fixed and en- forced by State bodles, and (2) the boo’s potential production.” Potential production, Mr. Rowley de- clares, “does not mean a thing and is the flimsiest myth that ever frighten- ed a big industry.” The article analyzes the water con~ ditions in the Hobbs, N. Mex., pool and the Oklahoma City area, and concludes that the operators themselves in those areas will hold production to a mini- mum in the“interests of conservation and prevention of water encroachment. Tt says that, though the Hobbs field has been estimated good for 1,000,000 bar- rels daily, the opérators will hold it to a maximum of 42,000 barrels daily to prevent ruin of the pool. In four months, Mr. Rowley writes, the 140- foot of] structure there has been re- | duced to & 75-foot structure because of | water encroachment. Watcr encroachment under unlimited production in East Texas also would result in physical waste, and that ficld under State control will be' pinched into 400,000 barrels maximum. Declaring that the economic reasons alone will tend to prevent production exceeding market demand, Mr. Row- ley draws from the records of the Jour- nal to show that the “petroleum in- dustry is in better statistical condition than it has been for years.” “Crude oil “production so far this year is about 68,000,000 barreis less than during the similar pericd last year,” the writer asserts. Crude ofl stocks on August 1, ‘he writes, were more than 40,000,000 barrels less thln, last year, while gasoline stocks were nearly 6,000,000 barrels less. Stocks Reduced. “Summarizing the situation.” Mr. Rowley writes, “crude -and gasoline stocks already are vastly reduced, and. under the plan of holding production in_the United States to 2.376,000 bar- rels daily,” the result would be con- tinued withdrawal of a minimum of 75,000 barrels daily from storage, “even after Oklahoma's flush fields are open- ed and the State is producing 546,000 barrels daily, 28,000 barrels more than it is producing now.” | Despite this optimistic condition, the writer continues “when. one views the price situation he gets an entirely dif- hard to understand.” 36 gravity crude was $1.29, Now it is 62 cents, | Baltimore Markets Epecial Dispatch to The Star. BALTIMORE, Md., September 24— Fotatoes, 100 pounds, ‘80a1.20; swest. po- tatoes, bushel, 40a60; beans, bushel, 50a 65; beets, per 100, 2.00a2.50; cabbage, | bushel, 35a40; carrots, per 100, 3.00a 4.00; corn, per dozen, 5al5; cucumbers, bushel, 1.00a1.25; eggplants, hamper, | 40860; lettuce, per crate, 50a3.75; cauli- flower, crate,” 1.25a2.00; celery, crate. 1.50a300; lima beans, hamper, 75a2.75; ! okra, bushel, 50a1.50; peppers, hamper, 30a40; onions, per 100 pounds, 1.75a 2.00; squash, bushel, 8021.00; tomatoes, hamper, '25a50; canners’ stock, bushel, 50860; apples, bushel, 40al25; canta- loupes, crate, 1.10a1.50. Dairy Market. Chickens—Young, 22227; Leghorns, 19a22; old hens, 18a26; Leghorns, old, 14a18; roosters, 12a15; ducks, 13a22; piscons, pair, 16a20; guines fowls, pair, 250 Eggs—Receipts, 1,884 cases; .current receipts, 22; henpery whites, 28a30; n:nrby firsts, 23a24; Western firsts, 23a Butter—Good and fancy creamery, 30a35; ladle, 20a22; process, 23a24; store packed, 16. Hay and Grain Prices. Wheat—No. 2 red Winter, export, no quotations; No. 2 red Winter, garlicky, spot, domestic, 50%;; September de- livery, 503;; October, 51%. Corn—No. 2 yellow, domestic, spot, 57a58: cob corn, 3.00a3.25 per barrel. Oats—No. 2 white, - domestic, spot, 31a32; No. 3, 30a31. Rye—Nearby, 40a45. Hay—Receipts, none. New hay is ties, but so far no official grading has been attempted, selling being strictly on merit. Demand for old hay slow and buyers’ favor at & range of 14.00a18.00 per ton. Straw—No. 1 wheat, 9.00a9.50 per ton; No. 1 oat, 9.00a10.00 per ton. Live Stock Market. Cattle—Receipts, 750 head; fair sup- ply; market steady. Steers—Cholce to prime, none; good to choice, 6.75a7.50; medium to good. fair. to ‘medium, 5.5086.00 5.00a5.50; common to Bulls—Choice to prime, ‘none; good to choice, 4.5024.75; medium. to good, fair to medium, 3.50a4.00: plain to fair, 3.25a3.50; common to plain, 3.00a3.25, Cows—Cholice to prime, none; good to choice, 4.2504.50; medium to_good, | 3.7524.25; fair to medium, 3.25a3.75:| plain to fair, 2.25a3.25; common to plain, 1.50a2.25. . Heifers—Choice to prime, none; good to_choice, 6.00a6.50; medium to good. 5.7586.00; fair to medium," 5.25a575; plain to- fair, 4.75a5.25; common to plain, 4.00a4.75; fresh cows and spring- ers, '30.00a60.00. Sheep and lambs—Receipts, 500 head: air supply, market lower; sheep, 1.00a .00; lambs, 3.50a7.50. . Hogs—Iteceipts, 700 head; light sup- ply; market lower: lights, 5.6085.95; medium, 5.9026.50; light pigs, 5.2525.6 heavies, 5.6026.30; roughs, 3.7584.65; pigs, 5.60a5.85. H Calves—Recelpts, 100 head;light sup ply; market steady; calves, 4.00a10.00. me. Zurich, franc Athens. drachma Madrid, Itbgmln'un. K Oslo. erown Btockholm, . of August end L |WALL STREET SEES BUSINESS ' AID IN STEEL WAGE REDUCTION| i Trade Journal Editor Believes Sir for this hap- pened fn 1921, The inevitability of the action of the United States Steel directors in' paring down the wages of their employes by 10 per cent has been supported all along by the preliminary policy of first cutting the pay of officers and office workers and then reducing the dividend on the common stock of the corporation from $7 to $4 a share. Whether or not the experience of 10 years ago will be duplicated, and out of a radéeal maniféstation of economic change there can develop greater stability in American industry, .something for the future to decide. is Wall Street, however, whaose judgment | Othe; on events of this sort is frequently keener than that of the rest of the country, today manifested & more hope- ful irit - and was willing to pay several dollars a share more for United States Steel Corporation common stock over Tuesday’s price. Definite Change Seen. The wage reduction which is expected to become general in the iron and steel industry may properly be put alongside Monday's decision of the British gov- ernment to suspend gold payments after the hopeless task of trying to maintain sterling at parity. Primarily, these two events appear to be destructive, rather than ‘constructive in character, and likely to produce dist rather than to make for a spirit of hopefulness. On the other hand, they definitely mark a turn from the demoralising laissez faire policy held by governments and corpora- tions for the past year to one of action based on conditions as they are and not as they ought to be. It has not escaped the attention of ‘Wall Street that J. P. Morgan in Lon- don on Monday publicly characterized the gold suspension policy of the Brit- ish government as “a hopeful and not a discouraging event” and that within two days the largest industrial corpo- tations with which the Morgan inter- ests are identified—namely, the United States Steel and General Motors—have announced a readjustment in wages and in salaries which they believe to be justified by the falling revenues of these companies and the decrease that has occurred in the past two years in viously the wage cut by two of the largest em of labor in the United States flm to changes in the wage scale in other directions. rmrhdwd:‘{mt-!owcmtmt le among the labor unions in the moving picture '\ Which has been among those suffering a heavy loss in earnings because of the depres- sion. The biggest of the wage problems ahead, however, has to do with the railroads. This may become an active subject for negotiation later in the year. The point of view of Wall Street is that the amount of freight rate in- crease that may be permitted by the Interstate Commerce mission will be s0 small and its effect on net earn- ings so meager that the position of the carriers cannot be permanently im- proved until wages of union labor are reduced. Many of the carriers, including the Pennsylvania and the New York Cen- tral in the East, have already reduced the salarles of officers materially. rs have been unwilling to ask for sacrifices on the part of the men who assume greatest responsibilities in the executive and operating departments. One prominent railr president is known to have reduced his own salary 20 per cent last Winter, but he stands out strongly against any change in the pay of his associates and does not be- lieve that the moderate average annual earnings of the engineers, firemen, trainmen. s shopmen and maintenance of way laborers should be disturbed. Opposing Viewpoints, 8o there, are two strongly opppsing points of view in the railroad world re- garding the wisdom of changing rail- road wages, with those who are most in favor of cuts influenced by Wall Street opinion. On the other hand, there is coming to be greater uniformity of opinion in industrial quarters, and particularly in the fleld of building construction, that the time has arrived when, in order to make progress and to start things moving, concessions must be made by union labor similar to those that have already been assumed by the large body known as the “white collar” class and by hundreds of thou- sands of people whose incomes have been materially shaken down in tht wholesale reduction and omission of dividends, the suspension of rent pay- ments and the temporary defaults on real estate mortgages. This change of policy carries with it a significance that is well understood in administra- tion circles in Washington. (Copyright. 1931.) Grain Market By the Associated Press. CHICAGO, September 24.—- Stock market ' setbacks . turned grain . prices downward in the late. dealings today. Official announcement’ by Secretary Hyde that the Department of Agricul- turc was investigating possible economic effects of legalization of beer had no apparent market influence... Deliveries on_September corn contracts were again heavy, 596,000 bushels, but much small- er than was the case yesterday and the day previous. Wheat closed nervous, 3a’; cents lower; corn, 3;a% down:; oats, lja% off, and provisions varying from 10 cents decline to 37 cents gain. New York Cotton Il By the Assoclated Press. NEW YORK, September 24.—Further advances todey 'on a continuation of the recent buying movement promoted by strength in foreign markets and in- creased Liverpool spot sales, were fol- lowed by reactions in cotton here, Southern selling was more or less in evidence, while demand tapered off after the close of Liverpool, and realiz- ing; or liquidation, was promoted by easineéss in the stock market. December sold off from 6.85 to 6.53 and the mar- ket showed net losses of about 4 to 6 points during the middle of the after- Futures closed easy, 18 to 21 points lower. October . 6.20-22; December, 6.41-43; January, 6.54: March, 6.74-76; May, 6.92-95: July, 7.10-12. Spot quiet; middling, 6.35. October { December January ho. PLEA FOR S ZATI OF SILVER IS ADVANCED By the Associated Press. .LONDON, September 24 —William | Jennings Bryan's old free stiver battle éry, “Sixteen to One,” echoed t-day in # proposal by Sir Hugo Cunliffe-Owen, president. -of the Board of Trade, for increasing and stabilizing the price of silver. Speaking at a luncheon as chairman of the British-American Tobacco Co., he asserted that quick action along this line is necessary if the world depression 1s to be eased. b Asserting that Silver has depreciated in value by 66 per cent and that it is the basis of value of for three-fifths of the world’s populaticn, heé -declared | & that its price must be increased and stabilized or business cannot be revised. China, India and Mexico he mentioned particularly as depending on silver as g 2 basis of value' just s other countries depend upon gold. 1l 9.00: lambs, 4.00a7.50. ’“Bumr—orne-pound prints, 34; tub, . -Hennery, Eggs—! 30a32; celpts, 20a22. { | Poultry, alive—Spring broilers, 3 ,pounds and over, 26a28; 2 to 2% | pounds, 25a27; 1'; to 2 pounds, 23a24: Leghorns, 22a24; hens, large, 23a24; Ilmnll. 21a22; roosters, 14a15. Dressed—Spring broilers, 3 pounds nd over, 32a23; 2 to 2, pou 114 to 2 pounds, 27a28; 27a28; hens, current re- top. 17: medium, ; pork loins, 8 to 10 pounds, 20a21; 8 to 12 pounds, }8al19: 12 to 14 pounds, 15a16; fresh hams, 19; smoked hams; 21; etrip bacon, 22a 23; lard, bulk, 9; packages, .‘/?II(L Live stock—Hogs, heavy, < 5.00a5.80; medium, 5.70a5.90; light, 5.70: pigs. 5.50; -roughs, 3.25a4.25; calves, 7.00a Fruits—Watermelons, 15a35; canta- | 75a1.25; grap bushiel basketa; 754,00 2.00; .Thompson, seedless, 2.00. apples, 4.00a4.50; prunes, 1.00; ns, two-peck baskets, 1. grapefruit, 5.00a5.50; bananas, 1. 2%; persimmons, 1.00; . cranberries, 1375, s i 1 Vegetables—Potatoes, per barrel, 1.75a 12.00; sweet, per bushel, 75; tor , 7581.00; cucumbers, 1.50a1.75; celery, 3.75a4.00; lettuc berg, 3.00a3.25; New York, 50a1.00; car- rots, per 100 bunches, 3.00; beets, per 100 bunches, 3.00; eggplant, 75; okra, two-peck baskets, 75a1.00; peppers, 65a | 15; squash, 50a75; mushrooms, 60a1.00. B e LYNCHBURG BANK DIVIDEND. LYNCHBURG, Va. September 24/ (Special).—The Lynchburg Savings & ! Trust Benk has declared its usual quarterly dividend of 5 per cent, to be| paid October 1 to shareholders as of The dividend aggre- | U. s. TREASURY BALANCE. ‘The United States Treasury balance announced today as of close of business | September 22 was $632,535,414.37. Cus- |toms receipts for the month to date were $25356,165.34. Total ordinary ex- penditures were $4,451,333.62. NEW YORK BANK STOCKS NEW YORK, September 24 | Over-the-counter market: »— Bid. Asked. America 38 40 ase Chat Phenix Comm, agssnaey Sl g STOCK AND BOND AVERAGES By the Assoc! inted Press. Tfil!lSDAY. SEPTEMBER 24. STOCKS. 50 Industrials. .. 824° Two yeats ago. Three years ago.. High, 1931. Low, 1931. High, 1930 Low, 19 High, 192 Low, 192 * New 19 31 low. STOCK YIELDS REDUCED. NEW YORK, SeptemBer 24 (Special). —The swiftness of the stock market ad- vance has produced a reduction of !> of 1 per cent on the a e. yleld of stecks since Monday, This yleld, Js still 1 per cent higher than at the end PRy .m':"‘l/:‘ per cent above the AL_gTQUP. of shares & bty S e 20 Rails. 20 Utilities. 122.4* 131.2 140.8 [ > i 3BALBEREB22BLIAZ388:! S ) Tl > § ipghiag g i STRERE #5321 s3eesasss: S & 1 i w L i>Sfssgdgun! 2=Seadguensiiassaaasessas - o y: Lo ) SEEEbE] & 7 04 wE 888553 _3,... 299 i Bewmnlond e 0008 6 A4 C Gas 55 B Int Brdg. fi"lq Inter Brdw 1s ° Uy b A ERETToD . o5 SERE, FEE FE T EL T T M 18ge=3 & 35 & 3 #2s 233IBRIIVBVSZI2TASTSY £8 P bl 82388 #5988 T S35meraoenns i B 8228338282 3N28283! = RS SEFEEE e 3 =§§=us§§s e e e i Eialeinean e £t 1 EETEEH o B 85 A g8 38 g S B2 B s g W ZEE Eioy o EESERE a ¥ EusmiBac! ZRRRE] 52 4 225 3 22 o} :‘.-;;..u- Beo 2222222 35352 23222332 SR AR R . o) 99900 ASREE: Q08,0 5288325s! 2 %x’ 3 3 2 3 5 it v TIRTY CHH 28 § g.# Sfigi* 2 N 7 CEEEEELENR >>5>Danuts 8&;28 ; Ergsde: ¥ W Ereg) TR 17T TN ST R (v Y S, s (] 228! SFF 3 35e8 &% Sdg» Sdpsses b & 5 Fd 3583 8 8 B oot @ 4 gee 228 SuRZisas o Fasiemy i ¥ g - 875 T SR 2 1o 22 PR T 0. B3 4 05l 05 238338 23, 2 F SR 5 3 Tenn Elec Por 19 Texas Elec 3s o] 3 guzeiivanas SR . 285 ng S3aes b FOREIGN BONDS. § Baden Con Mn 7s 's1 1Bosota Mt Bk Tn 47 3 wol BE 1s '47 n .-= o =pisunEuy g . £ P T T - & i SSSRLYE! & OREE 2 3 * Fr A LT RS RS e I 8 Runr Hous 58, 45 Sauda F Ltd_5s A '5§ 23 Stinnes s '3 xt 42 Stinnes_7: 4 Terni ww—With warrents. Iv_Without warrants. n—New. Wi—When issued. ALLIAXESS! FEE Pyt a3 BALTIMORE STOCKS. Special Dispatch t6 The Star. 10 Atlal BALTIMORE, September 24.— . Last ntic Coast »