The Brooklyn Daily Eagle from Brooklyn, New York • Page 13

EDITORIAL FINANCE BROOKLYN DAILY EAGLE CLASSIFIED SOCIETY AIR LEGION SPORTS LETTERS TRAVEL 13 NEW YORK CITY, FRIDAY, JULY 7, 1933 2 John Erskine's Column on Editorial Page Real 'Roar of Crowd' Found at Curb Exchange New Role Gives Unlermycr Big Transit Power Mlivl IS'VV behind 1 in I i 4V MGU GAP 1PR Mb Aon ULrK IQssTSV JOss4 lOOfl.S.'if"' 7 3400 .45 UOO.S.534 QUI PAUL MALLON I 1 I ill Expeeted to Ask Special HI fl LA j.f- t--s. L.L Washington, July 7. i i i Legislation for P.C. State Taxes Refund SCHEMES The farm subsidiary trustees of the brain trust have been in a lather for some days now. They see nature taking the farm issue right out of their hands.

Prices are rising so rapidly that their program is embarrassed. There Is grave fear that the natural law may settle things before they can. That would not do at all. If prices go too high they cannot use the processing tax. If they cannot use the processing tax, adequate acreage curtailment will be hard to accomplish next year.

Mayor O'Brien's administration and Tammany today were rejoicing over Samuel Untermyer's return to the fold as special counsel to the city In transit unification negotia So they have accepted a little scheme. ESTIMATING They found their new farm law full of Jokers. It states, for Instance, the processing tax shall be fixed on a basis of hi the current average farm price." Ct.cSfi? err That means the commodity prices you read In the papers every day ere not considered. They are Chicago, New York and other sectional prices. On wheat the average farm price Is about 20 cents below the Chicago price.

So far as the farm bill is concerned we will not have $1 wheat until the Chicago price is $120 or thereabouts. Further than that the Agriculture Department estimates the "current 4UUU.S.42 000.sJ tions, city financing and the Inter-borough receivership case. Mayor O'Brien today received a letter and a radiogram from Unter-myer in which he accepted the post of city representative In transit negotiations. The missive was dispatched from the liner lie France, on which Mr. Untcrmyer sailed yesterday.

The letter was placed ashore by the pilot boat. The new role thrust on Unter-myer, through a resolution passed by the Board of Estimate, was regarded as clothing the veteran war-horse with more power in city affairs than he has ever possessed In his active career and with influence in the city's pressing problems second to none. To Serve Without Pay Untcrmyer. a has been his custom, will serve without pay in his A .4 average farm price" for itself. It cannot walk from farm to farm.

The gjt6Lt Prtoros bill does not say what farms should be considered, how far they should be from railroads. Conceivably the department might consider the price enuncintor call boards on the north But Despite the Bedlam Millions in Stocks and! and south walls of the trading floor flash electrically Illuminated numbers assigned to members, who are rn tit) I of wheat at a farm in Hawaii. It will not go that far. But the situation may give you an inkling of what a few brain trustees can do interpreting a piece of legislation When they really set their minds to it. The point behind these backstage maneuvers is that laws of nature and of Congress are not going to stand in the way of the determined Securities Change Hands-Seat Peak Went to $254,000 in 1929 Thit it th fourth articl in a trit en th rmuival of trad' thus summoned to their respective booths when the buttons of corresponding numbers are pressed by new capacity.

Though the lie dn Prance was the telephone clerks stationed in the I'' ing and th gain in th valut of ttcuriti on th mxchang line th btginning of th "Nw Dtal." taking the newly selected counsel in booths for this purpose. outward for a brief vacation when The members' private telephone ill li," i i nit sections are located on the east and the board adopted Its resolution, Untcrmyer was expected to act By HARVEY DOUGLASS The true "Roar of the Crowd" Is not heard at the race track or in it; west sides of the exchange floor. swiftly. rising In tiers. at a heavyweight championship prize fight but may be heard from The widely expressed belief was Each of the trading posts, as Is that Untcrmyer will ask Governor Lehman to call a special session of the floor of the New York Curb Exchange, second in this city only to the Stock Exchange itself in the volume and Importance of its security transactions.

true of the Stock Exchange, has pneumatic tubes which connect with the stock and bond ticker transmitter stations located on the trading floor. Tubes carry a record of transactions made at each post the Legislature to permit the refund to the city, and other cities In the State, of 50 percent of the grass income and sales taxes paid If it seems to the average visitor to the Stock Exchange on a busy day that bedlam has broken loose, a visit to the Curb makes the scenes of the former seem staid and mild by comparison, for the voices of the fellows on the farm front. They know what they are after. CMOKE This idea of a dollar based on a commodity price index is Just in the formative stage. President Roosevelt started every one talking about it by mentioning It in his London Conference note.

He has nothing definite in mind now. Later something along that line may be worked out, but certainly not any time soon. The present program is to work the dollar down lower in relation to other currencies. It appears the index dollar talk is designed largely as a smoke screen for that movement. PTRATEGY The same tactics were noticeable In Mr.

Roosevelt's urgent request that the conference continue. Under the surface here no one wanted the conference to continue. They all knew it could not, unless it put the weather on the agenda. The consensus of backstage opinion was that the President performed a beautifully strategic Job in accomplishing his new purpose. What he oy tneir innabitants to the State treasury.

Curb brokers ascend from the floor in a seemingly constantly increasing Untermyer is expected to seek to to the ticket transmitter station, thereby eliminating the necessity for hundreds of pages formerly employed to carry the record of sales to the tlckcr-sendlng machines. In all crescendo until all other sounds are drowned out and until orderly have this legislation accomplished thinking Itself becomes impossible 1 before December, when the city will have to come through with mora to those unaccustomed to the din. there are more than six miles or pneumatic tubing Installed throughout the building. than $300,000,000 for the bankers. And yet it is said that the mem si I 5 bers of the Curb themselves become Complete Hospital 4 I 1 5 'ill 4 so habituated to the ceaseless roar as not even to hear It, Just as workers in a steel mill become accus Besides the space actually occu pied for trading purposes the Curb really wanted was to be free from any entangling international alliances prosperity came to the Curb Exchange when In 1921 it for the first time found a roof over its head.

In the old days membership in the coterie brokers who banded themselves together to conduct curb transactions could be obtained for as little as several hundred dollars, but all this was changed with the opening of the Curb Exchange's first building in 1921. The boom market of the ensuing years rapidly made membership in the Curb Exchange more valuable, until, as has been told, the high fX3 Exchange has a 14-story administration building in which are located J' -His Ui. for the time being. tomed to the terrific noises and as newspaper workers are enabled to pound out their stories amid the 00 It was the first conference since the war in which we did not give the executive offices, and on the ninth floor is a complete hospital Would Release $60,000,000 This plan, according to estimates, would release $60,000,000 a year to the city treasury, and is understood to have the approval of Controller Berry. Tammany strategists hailed the re-enllstmcnt of Untermyer, who had recently strayed to Fusion fields on the Issues of waste and corruption, under Wigwam colors as a muster stroke.

See Fare Issue Rfillrd The Untermyer determination to achieve unification on the basis of a 5-cent fare, It is held, will squelch the troublesome nickel Is whir of the presses. up something. to The method of transacting busi for the use of members and employes, containing examination and OLD The Idea of a free gold market has been dropped by those at ness on the Curb is largely pat consultation rooms, laboratories terned after that of the Stock Ex the top, That is a natural result of the new stand taken at London. X-ray rooms, etc. A free market would mean no revaluation of the gold dollar.

Presl' change, and the Curb market today The Curb Exchange, has 38 gov figure of more than a quarter of ernors, four fewer than the Stork dent Roosevelt Is riot ready to waive his' revaluation power Just yet. The crux of his scheme Is to keep the possibility of revaluation in the forefront Exchange, and the board of gov is housed in a building no less handsome or pretentious than the one in which the larger exchange is quartered. ernors room on the 13th floor, paneled in oak, is a handsome apart, ment 51 by 35 feet in sire. sue In the November election insofar as it can be directed against the O'Brien administration. of the public minds.

It buoys things up. TOTES President Roosevelt's handling of the London Conference re What Curb Handles The Curb Exchange deals in a million dollars for the privilege was reached in 1929, at which time the board of governors determined it was necessary to enlarge its quarters, and plans and specifications were drawn up for the pretentious and costly edifice which is now its home. The present building, overlooking Trinity Churchyard on Broadway and fronting on Trinity Place, between Rector and Thomas covers also the whole site extending from Trinity Place to Greenwich St, embracing an area 178 feet wide by 181 feet deep. stocks and bonds that are not listed semblcs nothing else much as the oldtlme "vodvil" act of two comedians one would help the other up gently, dust him off neatly and then punch him in the nose. By the time the process had been on the Stock Exchange, as well as Senate Probers To Return Here 'millll1 -i In so-called unlisted securities.

While the requirements for listing repeated three or four times, the crowd was usually in an uproar. Million share days have once again returned to the Curb, which on Oct. 29, 1929, recorded a transfer of 7.096,300 shares, the high for all time, as contrasted with a Stock Exchange high of 16,000,000 shares. Only this week the governors of the Curb Exchange promulgated new rules for trading and listing of stocks which more and more tend toward the rigidity of the practices enforced on the Stock Exchange. As a result.

Curb Exchange membership Is becoming constantly more desirable and one to which attaches a growing dignity. photographer; below, the handsome edifice of the Exchange fronting on Trinity Place, The financial advertisements In New York newspapers show how widely Is the trading on prominent administration names A seldom seen Above, one of the few photographs of the floor of the New York Curb Exchange in action ever taken, as made by an Eagle on the Curb are in some ways less rigid than the exactions of the member of the brain trust, Professor Warren of Cornell, had more to do with preparation of Mr. Roosevelt's rebuke to the London Conference Artificially Cooled Stock Exchange, many of the securities dealt In reach a large, volume of trading, in which the than you will ever know. Some credit also Is due John Maynard Keynes hose ideas were freely expressed. fluctuations are equally as great differ 1 design from those on the floor of the Stock Exchange in that the latter are round.

On the north and south ends of the floor are systems for carrying the quotations of both the Curb and Stock Exchange markets, one at as those of the Stock Exchange list. even on the hottest days of midsummer. The trading floor, with an area of 20,023 square feet and a height of 63 feet, or five stories, without supporting columns, is one of the largest in the country. On the floor itself are 28 octagonal trading posts, which In many respects the building is more modern and up to date and better equipped than that of the older Stock Exchange. It is, In the first place, artificially cooled and there is no discomfort from the weather on the huge trading floor Where the Stock Exchange has recent heavy Monday Rome profit-takers.

A Few Kind Words 1,375 members, the Curb's regular membership is limited to 550, although there are at present 424 either end. while two elaborate I Washington, July 7 fD Th Senate Committee Investigating private banking sent its agents b'-ck to New York today to dig for three)' months Into the records of bankers, brokers and the Stock Exrhange. Chairman Fletcher announced there were no pinna for further hearings until October, but served notice the committee was subject to his call and might be hurried Into action if developments warranted. The series of hearings rece.wd yesterday afternoon after Ptcora questioned H. H.

Lee, president, and A. J. County, director of the Penn-road Corporation, about its activities. Pecora expressed amazement at a statement by Lee that he did not know about negotiations by his company for a $38,000,000 block In th -By WILLIAM WEER- associate members, a large number of whom are members of New York Skeletonized Dry A voung man came me and said, "I am writing the Great Ameri Stock Exchange firms and some of can Novel." "No!" I said. "Yes, Indeed!" he answered.

"Not THE Great American Novel?" "Yes, THE Great American Novel. That's pre whom are members of European se curity exchanges. cisely and exactly what I am writing As on the Stock Exchange, activ Staff Makes Two Raids; Arrest 5 ity is humming today on the Curb and the appreciation of the value "Odd," I said. "Very odd. Very odd, ihdeed.

Why, there was a young man here only the other day who said HE was writing THE Great American "He's crazy," said the Young Man, "If he of the securities traded in since the general rise in the quotations ot Two Sea Flights May Start Here at Dawn Tomorrow Two transatlantic flights may get under way from Floyd Bennett Field about daybreak tomorrow if weather conditions are favorable, Maurice Rossi and Paul Codos, French fliers, are ready to start on the trip across the Atlantic which tliey hope will give them a record For the first time since the prohi said that." "Oh, he said it all right stock, bond and commodity prices Park Guardians Find Tennis Dropping Off Public Explains by Pointing to $2 Rake vi Cost of Permits Courts Which Were Crowded Last Year Often Empty Now Many years ago Adam Smith In England observed that the higher the price of a service the fewer would be the people who used It. The Park Commissioners of Brooklyn and other boroughs as well as frequenters of various parks are now readv to offer corrobora- has been relatively as great as for the securities listed on the larger "Then he's crazy Now, there is a moral in all this, or an object lesson, or a lesson of some kind. A sort of commentary on the eocksureness of human nature in general and of young men who are exchange. Where, therefore, llstlcssness, in lured into the madness called writing In particular ertia and melancholy affected the majority of Curb members only a Her are two writlnir youths, each certain that onlv he is doing what the other is also certain he is each swearing that the other must be insane The fact is they are both crazy. I happen to know Pittsburgh and West Virginia until they were consummated.

Names DJ. McLean Library Trustee Mayor O'Brien today appointed David J. McLean publisher of the Brooklyn Citizen, as a member of the board of trustees of the Brooklyn Public Library. He was sworn In at City Hall. Mr.

McLean, who lives at .188 Clinton Is to succeed Walter H. Crittenden of 70 Willow at bition enforcement army was radically reduced in personnel on July 1, agents in Brooklyn yesterday made two raids and arrested five men, all on charges of possessing stills, manufacturing and possessing liquor. A squad, headed by William dealer, raided a garage at 270 Hey-ward near Harrison confiscated a 1.000-gallon still, 30 gallons of alcohol and a quantity of material and paraphernalia. They arrested four men' who described themselves as Thomas Pallajizolo, 28, of 100 Bowers Mariano Bon- few short weeks ago there is today hustle, bustle, eagerness and optimism as to the future, and since April 1 143 Curb Exchange tickers have been installed, bringing the that your present editor is writing the G. A.

N. for distance, and Wiley Post hopes to have his plane ready to start on Brownsville Fagin At the start of the tennis Auto Climbs Walk eooenn crtrvtA mnntrie arm tVto Museum Willed Kammcrer Art his round-the-world solo flight, with a robot pilot. The Frenchmen had hoped to get away this morning, but unfavorable weather conditions caused them to postpone their start. But Misses Crowd total number to more than 1,000, while 12 regular memberships have changed hands at prices ranging from a loqr ot $27,000 to a high of $50,000, which marked the last sale. The all-time high for a Curb membership was $254,000, paid in September, 1929, as contrasted with $3,900, the figure at which a seat was sold In 1923.

Sought by Police Brooklyn police last night were of 28 Sklllman Peter A number of persons walking nlohg Central Ave. at Palmetto St. Bongiorno, 40, of 620 Lorimer St. Philip Castroglovannl. 28.

of SRI searching the Brownsville section torney, who Is retiring from the trusteeship in order to devote more time to philanthropic and other interests with which he has long been Identified. and decided that a 100 percent boost in tennis fees would be In order. Correspondingly the rate for a permit to use city tennis courts was raised from $2 a season to $4. In an effort to find a modern Fagin Widow and Baby Get Insurance O.K. barely escaped serious Injuries at 9 who, according to information re Staff Is Increased Seventeen etchings and engravings by Rembrandt, Durer, Zorn and Van Leyden are bequeathed to the Metropolitan Museum of Art by the will of Mrs.

Kammerer, it was disclosed yesterday when the will was filed for probate in Manhattan Surrogates Court. Lorimer St. All pleaded not guilty to the charges. The first two were held In $3,500 ball each and the latter two in $3,000 bail each by United States Commis Then Mr. Smith's phenomena be As a further indication of the celved by them, has been instructing a group of young boys how to snatch purses.

The man is supposed to receive half of the profits. Existence of the "school" was re gan to make an Impression. It was o'clock last night when two automobile trucks collided and one of them mounted the sidewalk and crashed into the plate glass windows tef a dry goods store at 389 Central Ave. The driver of one of the trucks was slightly Injured. i increase in the volume of transac- Hons that has come since the in Mrs.

Marion A. Smith of 446 Kingston widow of Sidney R. Smith, who died last March, and vealed yesterday when police ar auguration of the New Deal, it has Mrs. Kammcrer, who died on June their infant son, Howard, are en sioner Edward E. Fay for further hearing on July 18.

Police of the 11th inspection division yesterday arrested Rumaldo Riverra. 50, when they raided the premises at 102 Front near Adams and found there a 15- 27, was the widow of Dr. Frederick I S'8" i n.arLS'"C! 1 titled to the benefits of the a purse from a baby carriage out the micu io ine oeneiiis oi me o.duu 131 persons to the roster of Three other persons claimed to have side the home of Mrs. Elplda de in Insurance that constituted most of Smith's estate, the Brooklyn been injured but an ambulance sur exchange's employes, bringing the total today to 634. In addition to this there has been a flat 10 percent Increase in salaries for all geon could find no injuries.

The injured driver was Domlnlck Rnllon still In operation, nve gallons of alcohol and six barrels of mash. Riverra pleaded not guilty and was held by Commissioner Fay for further hearing on July 18 In $2,500 ball. found that the number of tennis players was dropping off. The law of diminishing returns was still in1 effect, it was observed. Tennis players who extracted the I extra $2 from their purses also ob-served the phenomena.

On one bright Sunday afternoon recently but two of the 24 courts In Hlgh-lond Park were in use. Last year at the same time there was a long waiting line for an opportunity to play at any of the 24. One official who was questioned said that only 20 permits four less than the number of courts had been Issued to date. He got pan The Curb Exchange has many. Mat tr lore at 21 Stanwyx St.

The woman told police she was sitting at her window when she saw the boys take the purse and run. She ran after them and was Joined by Patrolman Henry Wolf of the Wilson Ave. precinct. The patrolman arrested two boys who described themselves as Simon Flnkelstein, 16, of 268 Bcrriman and Eugene Scalzi. 14, of 406 Shepherd Ave, Kammerer, Manhattan surgeon.

The bequest was made in her husband's memory. Bequests also include $20,000 to the Herman Knapp Memorial Hospital, 500 W. 57th Manhattan: $10,000 to Columbia University and $5,000 to Smith College. The residuary estate goes In equal shares to six nephews and nieces. Rio Grande Valley Escapes Hurricane Supreme Court has decided.

The beneficiary named in the pol-icies was Smith's mother, Mrs. Rose Smith, of 217 Tompkins Ave. Denis H. Hurley, counsel for the widow, brought evidence to show that after his marriage to Marlon in 1929 he directed his mother to have his new wife named as beneficiary. The mother, according to the evidence, promised to give her son's new wife the Insurance money in the event of his death, but advised years of tradition behind It and is the outgrowth of the outside markets that gathered on the thoroughfares of the financial district since the early days of the Republic.

It is from this ancient practice Naval Aeronautics -MULBERRY SQUARE II LIDA LARRIMORE The charm, dolicacy and spontaneity of "Tarpapcr Palace" won for Liila I.ar-rimore the warm admiration of a host of enthusiastic readers and the wide acclaim of critics jn 1922. Now "Mulberry Square" hrinjrs you the best novel she has written. Start it Sunday, July 9, in the BROOKLYN EAGLE Poucl, 30, of 1668 Nostrand Ave. Ills truck owned by the Efficient Trucking Company of 239 South Manhattan, collided with one owned hy the Cameo Bedding Company of 215 New Lots Ave. and driven by Jack Detz of 187 Tapscott St.

No arrest was made. Police re potted the accident as due to a misunderstanding of signals. Chicago Thujrs Greet L. I. Officer at Fair Bureau Criticised of trading literally on the curb and which was continued until 36 Policemen Ready Washington, July 7 itv-Whether the Navy Bureau of Aerv icky afterward and asked that his that she be permitted to remain as! 1921 that the Curb Exchange dc rived its name.

To Quell Jail Riot record beneficiary to prevent her There are manv persona who snn'a former fa frm -intM nautlcs is "completely under the domination of battleship admirals" Is a question Renrcsrntatlve Dow name be withheld. At the Park Commission offices today no official confirmation of the reduction in the number of permits Issued could be obtained. Only recall the days of the Curb Vain it Chicago. July 7 P-In Chicago Lorton, Va July 7 (P) Three dozen policemen carrying tear gas and riot guns stood on guard out for a holiday, Policeman Josrna I W. Harter Ohio) asked vester- on Broad with the curb brokers' offices occupying overlooking windows and with the orders signaled Garland of 12 Hayden Great day while criticizing the navy's t- side the District of Columbia Re- Commissioner Browne, it was said Brownsville, Texas, July 7 (A) A tropical disturbance which struck furiously at the Mexican coastline midway between Tamplco, Mexico, and Brownsville, last night, causing an undetermined amount of damage there, was expected to spend it.

fury today in the mountains west of Tamplco. Residents of the lower Rio Granae Valley, tensely watching the storm's relentless progress across the Gulf of Mexico, relaxed as it hit far to the south. formatory here today, ready to to the brokers who filled the street could give the Information and the Neck. L. today discovered he I tltude toward development ot Its Commissioner was not available.

I had work to do of a personal na- aeronautics branch. His attack was quell any disturbance among the in front of the Stock Exchange and Players at park courts are con-: ture. For, he told police, thieves Inspired by the navy's announce BARBOUR LAUDS ROOSEVELT Trenton, N. July 7 UP) Praise for president Roosevelt and an expression of need for a united Republican party were contained in an address by United States Senator W. Warren Barbour at the Republican Club last night.

i ncgouaieci tneir Business ot iraaing ment It would seek $238,000,000 for vlnced, however, that official or not, tripped his parked automobile of 1.100 prisoners. The inmates have been restless for a week. Last Saturday they started a miniature riot over the food, which they claimed was bad. surface ships construction and while dodging passing taxlcabs. In those days the Curb brokers were a more or less itinerant and motley lot.

but dignity, prestige and 000.000 for modernization of old bat it is a fact that it Is much easier a hundred dollars' worth of lug-to get a court now that the feeaimue while he snd his family were have been raised than It was before. attending the World's ralr. tleshipe and naval unit. Si mm i I.