The Wall Street Journal from New York, New York • Page 1

Braiilian government, and particularly against its London agrnla, N. M. RothKhild 4 Sons, be sun I is Krip Is not endorsed with any statement of the sinking fund suspension and because Braiil Is now paying Interest the rau of a per cent. v. purchased his bonds on a 4H Per cent a im sv.

A 4. I me te I a. IN t-a aafc im i.aa IX 1 ciiahcot, jr. "REVIEW AND OUTLOOK SOLVENCY AND THE GOLD STANDARD In a world of change few things have stood the test like gold as a measure of value. All mankind everywhere will accept it, in exchange for commodities or and nothing else has the same characteristic.

All VI nn n. Am Vol. lxxix. no. 86 MORNING EDITION NEW YORK, FRIDAY, APRIL 14, 1932 SIXTEEN PAGES SEVEN CENTS WALL JOUKinAIj Daily Morning and Evening Editions (Except Sundays and Following Stock Exchange Holiday) PubEshed by Dow, Jcnea Co, the Oldest New Agency Wall Street.

Largest Grculatioa of American Financial Paper. Enteral Under Bacon d. CUm at Peat Office, New Tark. of Liberty 31 Boaght, Sold Quoted OII1LDS, AMD OOr.lPAHT could The Oldest House America Dealing Exclusive! in Government Bonds Uem WamtH J. K.

RICE, JR. CO. For Sale Iwrini C-hSrW IN AawHraa-Hawallaa f. IN twitni (tull IN Aaara Ca-aaay IN Awrna.HiwilUi IN llllaa, B. W.

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raM4kja aa ia eee mm aais wsni no Broadway a we. n. iv. vn. us, UrOOKlTl uy OC newvuwn i.

i. oo, wu. Brooklyn City R. R. Co.

6s. 1941 stock Brooklyn Rapid Transit Co. Ref. 4S, 2002 Coney Island Brooklyn 4S, 1948 Si StOCk KingS County Elevated R. R.

4S, 1949 ColumbuS Ninth Ave. 5S, 1993 Lexington Ave. Sc Pavonia Ferry 5s, 1993 a fnnnv RtrvV i3LUl AlCllUC iwiliiuau wihbiii uvww. Second Ave. R.

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State Railway s. 1962 Ft Louia, JSpringf.eld Teoria 5., Tfxaa Tower Light S. 197 Yolo Water Tower So, 19o2 FREDERIC H. HATCH CO. 74 Broadtrajr, Xf York rmmm SWH Cmm ITJO mmm wm.i wtraa mm mm mm rkllaaiak Cusrcnty Trust Co.

CLINTOH GILDERT I Wafl StrNC New Tark Tl ilil Rartaf im av. v. a ri.ki. A jrMllnMl.lt kk. 14.., a (a.

ta. lrr'''w II in tit, al ra. T.a in mm in.ir Tfi in Maaarra win. IN Wni IS alMal aae im iera nil Trmmt 3n t. ii.i, sir.

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pi I 1 I currency, even when not secured by gold, circulates because the holder is convinced that he can get gold if he wants'gold. He rarely wants gold, but without this assurance our paper money would exchange at a It is interesting to note that the economic conference at Genoa, thanks to Great Britain and Denmark. asked to face squarely the necessity for a restoration 1M eold basis, It is wronirlv claimed th.t trillin nMM and oil- of marks can never be brought to a gold basis. It have been said, ind indeed was said, of the assignats by the French revolutionary government and actually secured upon confiscated land. But when Napoleon order from the chaos of revolution the assign.its ignored.

They bore no more relation to gold than dusty paper records of the revolution itself. It may laid down as a law which has stood the test of experience that fiat money tends to multiply itself 'to ex-Unction. A restoration of a gold basis for the currency of the involves certain acts of honest self-denial highly distasteful to politicians anywhere, or to those who fail to that fiat monev destrova the verv covtmmmt credit it I n. rw.iw wirti. I.

Mn. r-- tempUU a disgusd return to Berlin. He cannot foe. balancing of the German budget knowmg. as he evi- does, that it involves the rehabiliUtion of the msrk iSBcifl tt atAmatt 11nav lilr a Ana 4ta litinral san1 ft la vMia avint ktiiiiK asmv viiv ivi tvw umiuivu n.iu 1 with the ncelling of the internal debt the imposition of trot taxes upon the German voter ka KitV.ri.

til. i.f by tj. BritUh voUr. lgmoe a aorx 01 nan way nou 1 I nations more solvent man oermany. ever mere was food opening for the temporary expedient of a bimetal- basis for currency something on the lines of the B.nk ranee ana tne uun union it cxisia toa.j.

it wouia in I practice, as the world grew mora solvent, be gradual'y replaced by an honest universal gold standard. All propositions as that of a guttapercha dollar, based upon tn I a I'll m. i mini owe ta ma wona ana to eacn etntr tenaia vaices measurable in gold. There is no need to confuse ourtelvei lh eMnt tht Wlrth delud, German voter into believing that lie la rnU thought at Genoa Is developing In this way the e- ference Is good thing and will reach useful conclusions. But if thU hope prematura, and the world is to be fur- tr burdened with showy expedients, for diigniair-g insolv.

r. it 5 perhp en that Washington concluded to let Europe work out her own economic salvation. Congressmen who would 63 the Federal Reserve Board with unsuccessful farmer might note that Ford's staff Ls not made up of ex-veterinary surgeons. BORROWING AND SOVEREIGN POWER A sutmnber wrmi inat ne purrnaaea last ia.j a nun- ber of Braxilian sterling 4S per cent, bonds. Issued in 1 and payable oa December 1, 1922.

He subsequently dicnv. ered that the sinking Tund on this Issue was in 1914 ens- pended untU 1827, the interest payments being maintained. during the suasion, at the original rate cf 4, per Cfnt. basis, and as, moreover, Nsra. RothKhilds most assur- made the bet arrangement possible for the bondhoid- lers IB IVI.

W1UJ uirir rcnHOl, it un vi he has to complain. The original purvhaier certa nly Ihava a well-founded ghetance against the Braiihaa gov ernment for its default. Ersiil alaays pays debt ailh new loans. In the spring 1 of 1914 the government was la negotiation with l-nnJ-nl I banker with a view to obtaining the uual atcommoila- I lion. There was some diKussion about the rate of in terrst, and before this was aett'ed the ar trukt out.

I'tah IdaU Sugar Co, r. Bonds I'tah ldsVo Sugar Co Common Amalgsmatad 5uisr Co, Prvfrrrvd Amalgamated Sugsr Ca, Common We a', la IS. ftr ay IW kr araH'ira, BOWOMlaiANM 701 Sovor.teorxtK Slrl DENVER, COLORADO aJ.P.CAHlLL&CO. Btaatare Tar ttah LIBERTY BONDS II VraaJvvr TVaaa Pfn4 I OS Internntlonal rtalluny 3a, Inlrrnalloiuil IUIImht V. T.

('. rortland IUMuhj, Mht l'oer 5a, 1913 On Wm Pi. a a i.v.nc I it wey p.lace(1 1 -jiiivrt he will coHin 1898 nm to I HOLIDAY NOTICE Today, Good Friday, being a boll-day on the New York Stock and other exchanges, the news serviced of Dow, Jones Co. will not be operated. The Friday evening and Saturday morning editions of The Wall Street Journal will not be published.

rrangement tnai couw oe maae wen was 10 suspena me sinning mna. bondholders' opportunity will come in 1927, when fA.Atam. annn wm enuweQ 10 ine 01 10W De new tS8U! on a ba8is 01 thht I ui So far this is plain sailing. But this disgruntled bond- mated to contain between 150,000,000 and 200,000,000 not only wrote to The Wall Street Journal. He ad- rels of high grade oil.

According to department officials dresRed the Bratilian Ambassador at Washington, and says has elicited in reply an amaiing pronunciamento which give Braxilian bondholders furiously to think. Ac to hi. AmW-rlnr wmt, Man ..1. "The maturity of the 47. per cent loan of 1883 has been postponed by two funding loans of 13 years each in 1898 and 1914, in legitimate exercise of the power of a sovereign state." Students of international jurisprudence will be in- w.t 1.

iiticam uvai tush legitimate vcuwg ui ivtciciii power li 10 ucibuii iwnrc on turciKn ODiiEBUun. When Preiident Campos, Salle, went to London in with hi, to solicit the aid of the Rothschilds to save the credit and good name of Brazil, Ifil ii a. a i 1 1 1 1 1 innnirnr 1 nar mm nimncsi am wm wr rnmv Lcteriied by a Braxilian Ambassador twenty-four years lter, 1 1 1. 1 i L4naon cankers naa acani leisure ior consiaerauon 01 tn. ton n.

Braxilian affairs in the summer of 1914. The sovereign whose exercise of power kept them busy was not I Braxil. There is small need to labor the issMe. It should be to leave it to the good sense of the Braxilians them- selves. -BY THE WAT When labor leader ssyi chaos would follow wage re ductions It is safe to remember Qiat the lots of his Job looks like chaos to him.

a a That sound like an exhaust pump is the policeman on patrol sobbing over the denial of Hylan's $10,000 salary Tour Congressman knows you can't grow anything from free seeds that you can throw at him. High tariff for a creditor country I a luxury tending develop into a bad habit. a Mayor Hylan now knows something about home rule. STLKL EXPORT TRADE GROWS Export demand for steel is reaching larger proportions. Th L'nilxl SLatea Is armrinr tha eram of thm Vn.l.

TKra i. Iittl. can steel producers no longer fear Germany will develop into a formidable competitor in foreign markets. It Is be- lieved. however, that France with its present large Iron potons will eventually become one of the larreit prodwvinf countries.

Independent steel companies re not ifimnri piaorr. lor lorrijn nuiuieis. Most of it is going to V. S. Steel.

"Rubber Stocks Appear Attractive" and then. In our recent Fpevlal Letter npon the Rubber Companies, we rive the facta upon which this recommendation ia based. Client of aur Service are kept constantly Informed on conditions In the various netJa of industry and upon market trends. Information aut our work and copy af the Review of the Rubber t'ompaniee will be sent upon rtqurst. MOODY'S INVESTORS SERVICE JOHN WOODY, IWdeat fcaaaaa Ito.iaq rtll.4.lhla a lath Oiliili Central Ncw'England 4sp 19G1 Chicago Krie G.t, 19S2 Harlem River rortchejter 4 1931 TOBEY KIRK aaWtoaaa i era I.

r4 tr- Wl.ti.lini ii ibis taiciM tiWftMi rmm ON Ttl.iS.ae WakaN Ttt PtraH Vai fTiraa kSVan PreeaN rwajarak (Sa.aiaM raa HaSa. raaelslr. IJgKt la. Itt: t.aata WllliassB A Waaik Na, laleeaalMMBl GL NartX. IV Naea, ttll 7a, 1121 l.4i.s, riNN.

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IS Uil A r.4f la. ltlli Ta, 1I4T the for Thii 1 i the oi SINCLAIR CONSOLIDATED IN BIG OIL DEAL WITH U.S. CONTRACT SIGNED WITH GOVERNMENT AND SINCLAIR OIL INTERESTS FOR DEVELOPMENT OF TEAPOT DOME IN WYOMING Dome Estimated to Contain 150,000,000 to 200,000,000 Bar rels of High-Grade Oil ken Production Reaches SOflOO Barrels Daily, 1,000 Mile Pipe Line Will Be Built To Supply Navy With, Oil Washington A contract has just been signed by the government and the Sinclair Oil interests for development 1 naval un tteserve ino. z. leanoi uome.

wyoiimiac. eau- arrangement entered into marks one of the greatest petroleum undertakings of the age and signalnes a notatle departure on the part of the government in seeking part- nership with private capital for the working 01 govern ment-owned natural resources. Plan adopted has several distinct steps and is far- reaching in its effect. The first step is the immediate development of the Teapot Dome, an area of about 10,000 acres, This will be done without expense either to the government or to the Sinclair Consolidated Oil Corpora- jLtveicl has been pnvaUly financed by H. F.

Sinclair i nd several associates, a corporation having been formed thi, unde; tne of th, 0il Co. company will not have any stock or bond's for sale. DOMR TO TUB CILr When the oil is brought to surface by the pro- aucing company noming me contract, 11 win an dc taken 1 r. 1. 1 1 a.

LIJ! A 1. t- A-l me amciur wu 1 unn ni wn .1 iui on iw 1. j.m.. ii. -niount, u' i mn.trui-t a na i hiit i onn U.

lnne? from Wvomin to a noint near Kansas City, where con- nections can be made with the main trunk line system of Sinclair Pipe Line Co. and also with the lines of the Prairie Pipe Line Co, It is understood the initial capacity i. aaa i. j.m.. tne new pipe una win oe imuv Darren uaujr, thereby providing for an outlet for surplus production of (Continued en Eighth Page) Blair Co.

INCORPORATED 24 Broad Street NEW YORK WE HAVE ORDERS IN 8iager Maaafartarlag Ca, netelaad Electric lllasslaatiag "Rights" Gillette Safety Rasor Ui getta Int'l Ltd. Comssew and Preferred Klrby La saber tow won and Preferred ia healer 2ad Preferred Seutherm New Eaglaad Tel National Liberty lasaraaca Guaraaty Trait Company American Hardware MlsaJaalppI River Pawer la. 1JSI tpker Maaufactariag Preferred GWYNNE BROS. at.mk.ra H.w Tark la.h Xieh.nf. aa re airaat.

m. T. t.i seMi ura Direct privet telephone te Hartford What About Stocks Are tney still a purees following the eit.nded advance of recent weeks Should profits be takan- In wrtat Issues ran Immediate funds be placed to lest advantage. These questions and others of equal lmprtnce are being ably answered in Poor's Investment BervWe. Kind mil about It Srnd for specimen l.iues Ask Your POOira PLKU3X1INO CCTiriVNY' 4VJ Droodway Haw Ywrv Tti.l Ote 7a.

1111 Pa. I flrtdra Cmp lrr aa. 1111 I leearaia pig Feat, ht I-iv a. 19 StVa IW1I Tel A Tel la RL. L.

a haa P. Kef A ladlsaa la, ml Uckswaaaa Fteal 1 New Tarh TL Hie, 11)1 Jiniih 4a. lilt P. Uftll.rd rNcta raatera as. uie i.resl js.rtlr HI N.tiNsI TN la, 1111 Paialra Gas A Tael U.

If Ttiater OH ItU JsaaaeN GL Dia, tl r.icKirJLEY Ci r.ionnis IfewiWa Sew York Stk Knhmmft astr kVN4wr. V. T. T.1 swt tiaa sis 71 1 I I Empire Gos Fuel 6s. 1924 mm laU A Daxvcon, Lyon CcCo.

1 If you are looking (or paying results ia buiif have the confidence to advertise. Atlantic Lobos Pfd. Magnolia Petroleum New England Fuel Oil New Orleans Ry. Lt. 55 7s Pittsburgh Lake Erie R.

R. Holt Ci Company Broadway Thono 7000 Bowling Green Baltimore Ohio R. R. Collateral Trust Bonds Due April 1, 1924 To Yield 6 Curtis Sanger MEMBERS New York, Boston and Chicago Stock Exchange Boston New York Chics ja 49 WALL STREET flEXlCAN BONDS ooverntiiciu Statellallroad Industrial 4a. 1904 International 4a.

1977 (Speyer Certificates) 4 1910 National Rya. 4Vja, 1937 National Rya. 4s, 1977 National R. 4a. 1951 National R.

R.41i. 192C Vera Cms 1934 Irrigation 4ia Natioaal Packing to n.mmm p. Vwge and bmail i lecea) j9j (Urge and Small Pieces) Jahaca It, 1930 Erpest 5mith Co. to Broad Si N. faltpfaaaa ReUe S04hH Aruorhnn Cnn Deb.

1928 Hydraulic Steel Co. Ha, llKJO West India Stijjar Flnanec Corp. 7, 1929 CheKtnut Smith I'fd. (Jreat Atlantic TnclHc Tea Pfd. Uulc Klburn l'fd.

IxhlKh Valley Coal Salon rurllle Conut 2nd I'fd. Savannah Sujjur Com. Tfd. Went India Sugar Tlnanco Corp. Tfd.

SLOANE, PELL CO. 120 Broadway, X. Y. Thone Rector 4903 fSUa. rhmnmLmtmtt llll-KIS ait in.

fUN JJIS New York City Bonds New York State Bonds All Issues Bought Sold Quoted UWallSiatcl KcwYork 2501. Safety Car Htg. Ltfj. Bought Sold Quoted Coney laland A Ilrookljn 1st 4a, 1013 ron way 7th Avenue d. 1UI.1 I xlnBton Ave.

A ravonla Ferry .1, 1093 Ilrooklyn ity ISewtoMU fla. lUTJ Itrooklyn Hupld Transit la, 2002 Ilrookljn, tjueena Co. Suburban 3, 1011 THEODORE DROflSOri CO. Nwl, tmt lark Slah Kokaa.a IN Sm.r. J.

T. T.I. Tsaa TOBACCO STOCKS Co. (. W.

llelmc Torto Hlrnn Amerlran I'nlvemal Iaf Tobacco Ainer Tobacco Dl Scrip Moore Ci Schley Bl.aika,. Raw Vatfe lak 1M Waaday, Task Tel Racta 4IM lalaaikN a Blalh iinN Ba, IN. a ra.aala Vatrf Ba, IN. On. a.

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