Evening Star Newspaper, April 15, 1930, Page 14

FINANCIAL INCREASE IN TAXES FACED BY BRITISH Snowden Indicates Necessity for Raising Additional Funds for Nation’s Expenses. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, April 15.—Mr. -British Citizen, prepare to pay more taxes! That's the gist of what Philip Snow- den, Great Britain’s chancellor of the exchequer, told the House of Commons yesterday in one of the shortest budget speeches in British history. Mr. Snowden is Labor’s most brilliant financial adviser, Sidney Arnold (now Lord Arnold) possibly excepted. Mr. Snowden has tried hard to to re- duce expenses. He wants to relieve un- employment and not increase the dole burden on the government. He wants cheap money. He wants the wheels of industry to hum. But the difficulties which he faces are the same ones that would face any other chancellor—Lib- eral, Conservative or Labor. Here's the way the British budget for 1930-31 figures. Estimated receipts, $3,698,000,000; expenditures, $3,909,000,~ 000—for the difference, $211,000,000, the British must tap new sources of revenue or dig deeper into old sources. Where will it come from? Chancellor Snowden suggests increased taxes on land values, cars, gasoline, beer and larger death duties. ‘The new budflet is further compli- cated by having to face a deficit of $70,- 000,000 in the last budget, or three times the saving of the army and navy esti- mates for the coming year. Andrew Mellon occuples the same po- sition in the United States as Philip Snowden does in Great Britain, but the Job which has faced the American Sec- Tetary of the Treasury has been to fig- ure out what taxes to cut. Of the two, Mr. Snowden'’s job is much the harder. In Havana yesterday the world's sugar monopoly Wwas broken! So sugar control is going the way of rubber and coffee. By a unanimous vote of all the sugar producers in Cuba, the Agencia Co- operativa Azurcarera De Exportaciones, the “sole selling agency,” was dissolved. The importance of this cannot be over- estimated. ‘The world price for Cuban raw sugar has been quoted about 3 cents a pound below the American price. Last week the two prices moved together. Cuba's large producers, who sell the United States about 60 per cent of its entire consumption, declared by their vote in Havana that they want to market their product individually. Can any product vitally necessary for mankind be controlled indefinitely by any group, no matter how powerful? ‘The story of coffee, rubber and now sugar indicates the reverse. ‘To the housewife what does this new sugar development spell? Will sugar prices be higher or lower? A large American sugar importer was asked this question. “Probably lower pflces. at least tem- porarily,” was his reply. A duty on crude ofl and a square deal in price-fixing—that's what the Inde- ndent Petroleum Association of Amer- rl.‘el demands. A new and aggressive force in the oil industry seems destined to come out of their national gathering next Friday in Fort Worth, Tex. ‘Wirt Franklin, 47, vice pruldem. and neral manager of the Cromwell- g'lnknn Oil Co., a valuable oil property holder in the Oklahoma City field, the man to reckon with. When W. Scott Heywood, who drilled the first oil well in Louisiana, told the Colorado Springs conservation confer- ence last year that what the oil indus- try needed was not a curtailment of production in the United States, but a tariff duty on crude ofl imports, he started some fireworks. A tariff on oil, rather than voluntary limitation of producuon and prorating in the larger American flelds, as ad- vocated by the American Petroleum In- stitute, Ls the battle cry of the inde- den pflv“lhfle the imports of petroleum in 2928 in the United States were nearly 80,000,000 barrels, and exports less than s fourth of that amount, gasoline ex- ports reached 51,756,000 barrels, as against but 4,207,000 barrels imported. Still the total of petroleum and gaso- line that came into the Unitetl States ‘was more than was sent out. This is the fly in the ointment. So_the independents, led by Wort Franklin and W. Scott Heywood, want a tariff to protect them against this outside oil coming in. ‘They consider it more important that proration and mn- servation, which in turn, according to their polmon, will favor big companies already powerful in the industry to the disadvantage of the small ones. The oil inmlstry itself is facing a real fight this week. “Copyright, uu. by North American News- per Alliance.) SHIP MERGER PROPOSAL IS FORMALLY RATIFIED By the Associated Press. IURG, Germany, April 15.— Stockholders of the Hnmbun-Ameflun Lines at a special meeting today rati- fied the fusion agreement ;ween that company and the North German Lloyd Lines, by which the two concerns come under a kind of joint operation, while preserving their identities. DIVIDENDS DECLARED NEW YORK, April 15 (#).— IIMIIL St Thm Met Sg Ltd $1.50 .. May Resumed. Patchogue Plym Mil $1.00 Q May 1 Increased. 62%c Q July 1 Stock.. Mo-Kan Pipe Line. 2%2% Q May 20 Omitted. 1] 3 'mi- P b W Abbott Labs... June 16 Apr. 30 nnual div. Due Jan. NEW YORK BANK STOCKS NEW YORK, April 15 (P).—Over- the-counter market: assed. 5. . Agked. AR 8t sdway Ni NQ.: Z York. Westchester Title & Gleaner Combine Co. NEW YORK, A 15 (A.—8. H. Hale, president of Gleaner Combine Harvester .Co., tes that “on the besis of all factors known at g::nf. e 1930 earnings will double . which amounted to $1,053,738. NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. (Continued Prom Page 13.) Stock and Sales— Dividend Rate. Add 00 IIIL Low. 8 Kresge Dept Stores. 1 50 Kresge Dept 8 pi . 108 E0' 49% Kreuger&Toll (i.3¢) 173 Kroger Gr&Bak(nl). % Lago Oll & Trans... Lambert Co (8).eeee Lee Rubber & Tire. . Leh Port Cem (33%). Leh Port Cm pt (7). Lehigh Valley Coal, Leh Val Coal pf Lehman Corporation Lebn & Fink (3) Libbey Owens (1)... Liggett & Myers(15) Liggett&Myrs B(15) Lima Locomotive High. Low Divi llfli 109% Rep Ir & S pf otfs(7) .l.lll 240 Mmlll hi l (fl. 224 Riohfield Ol (3). lD’V. 105% 57% 484 118% 107% 101 92 8t 8t L Southwn pf (5). Savage Arms (3) Schuite Retail Strs. 19 Schulte Retall pf(8) 100 Liquid Carbonie (l). Seaboard Alr Llpll . Loew’s. Ine (3). Beaboard Afr L1 % Loew’s, Ine pt 9% BSeagrave (e1.30). Looge-w Wil % Second Natl Inv Lorillard (P) Co.. Seneca Copper. 181808 Ofl.eeeeee Servel In .o LouG&EIA (1X).. Sharon Steel H (3) Ludlum Steel (3). Sharp & Do pt (334).. McGraw-Hill (3). ... Shattuck(FG)(11%) McKeespt T P(143%) Shell Unlon (1.40)... McKeason & Rob (3) Shubert Theatres. .. McKes & Rb pf(33%). Simmons Co (3). MeLellan Stor Simms Fet (1.60) Stoclair Con O1l (2). Skelly OIl (3) Snider Packin; Solvay Am In 8o Por Rico Sug (3. Southern Cal Ed (2 Southern Pacific (6. 32% 35 61 25% 4l% 4% 88k 70 luh 182 Manhat Elev gtd (7). Man Shirt (3)....... Marlin-Rock (14%).. Marmon Motor (3).. Martin-Parry. .. Mathieson Alkili (3). May Dept Stra (n3).. Maytag Co (13). .00 Maytag Co pf (3). Maytag Co 1st pf(6). Mengel Company (3) Mexican Seaboard. Miami Copper (4) Michigan Steel (3 M1d-Cont Pet (3) Spencer Kelg (1.60). Svlc'r M1, Splegel-May-St (l).- Stand Brands (1%). Stand Comm Teb.... Stand Gas & El (3%) Stand G & E pt (4) Stand Invest Corp. Stand O of Cal (3%). Stand Oil of Kan (3) Stand O11 N J (13).. Stand OfI N Y (1.60). Stand Plate Glass. .. Starrett (LS) (12%) Sterling See A, snrnnx Seo pf(1.20) Minn Moline Pwr... MStP&SSM11(4). lDOl Mo Kan & Texas.... Mo Kan & Tex pf(1). Missouri Pacifio..... Missouri Pac pt (8).. Mohawk C Mills 3). MonsantoCb (g1% ). Montgomry Wrd (3). Moon MoLOTS. ... s Morrell & Co (4.40).. Mother Lode (406) .e Motor Meter G & K. Submarine Boat..... Sun O1l (11) Sun O1l pf (6) Superior O1l Buperior Steel. Symington. Symington Telautograph (11.30) Tenn Cop & Ch (1). Texas Corp (3| Tex Gulf Sul Mullins Mg Bf (7). Munsingwear (14). . MurrayCor(b3%stk. Myer(FE)& Bro (3). Nash Motors (8). ... Nash, Chat&StL (7). Nat ACme (1¥)eee. Natl Air Trans Natl Bellas Hess. H 26% 17 59% 50 67%h 54% 187 17 14% 8% 16% 13 atl Biscuit pf (1 Nat Cash Reg,A(t Nat Dairy (32) Third Natl Inv (2) Thompson J R (3.60) Thompsn Prod(2.40) - Natl Enameling (3) National Lead (18).. Natl Lead pf B (6).. Naul Pwr & Lt (1), Natl Radiator pf. Natl Supply (6).eeew Tobacco Products A. Transcontl O1l (30e). Transue & W (1).... Trico Prod (3%) Tri-Contnental Cor. Tri-Cont Corp pf(8). Truax Traer (1.60). . Twin City Rp T (6).. Und-Ell-Fisher (§).. Union Bag & le . Union Carbid Union Ofl of Cal ul) Union Pacifio (10)... Union Pacifie pf (4).. Union T’k Car (1.60). Utd Alrcrafta Tra; Utd Atreraft&T pt Utd Biscuit (1.60)... Utd Carbon (3).eeee Utd Cigar Stores. Utd Corporatiol @ - 19 PHISCINOT S " : cennt B aualunnenbomE ORI A [T - ” S & North Pas et ( Northwestn T . Norwalk Tire & Rb. . 01l Well Bupply.. Oliver Farm Equip.. Olivr Fr Eq ev Dl(l)- Omnibus Corp. . Oppenheimer Col (l) Orpheum Cir pf (8).. Otis Elevator n(3%) o) Otis St Outlet Co (4) Pacific Coast. Pacitio Gas & B (3).. Pacifio Lighting (3). Packard Motor (1).. 160 Pan-Am Pete B..o.o. Panhandle P fi R Paramount. Park & Tilfor m . Rad Utll Pwr&Lt A (e3). Vadsco Sales Corp. Vanadium (14) Vick Chlmln‘l (l"). Virginia-Car Chem. . - Vule Detinning (4).. Vul Detinning 4 (4). Patino Min Peerless Motor Car.. Penney (J B) (3) Pen (J C) pL A (8). Penick & Ford (1) Penn Coal & Coke. .. Penn Dixie Cement. . P‘lnl’lv‘lfll RR4) People’s Gas Chi (8). Pere Marq pf (6)... Pere Marq pr pf Phelps Dodge (3). Phila Company (t' Phila& ReadC& 1., Philip Morris (1).... Phillips Petrm (n3). Phoenix Hosiery.... Phoenix Hos pf (7 Plerce-Arrow pf (6). Plerce Ofl. .. bash pf, A (6)e.ee Waldort Sysum (13) Walworth Co (3). 12% 12 86% 320 230 97% 95 1 War Bros P pt (I.l') Warner-Quinian (1). Warren Bros (19)... Warren Bros (new).. Warren Fy&Pipe3). Webster-Eisen p£(7) lOl Wells Fargo. Y% ot West Penn El pt (7). 20s West Penn Pw pf(6) 10s Weatn Dairy (B) Pillsbury Flour (3). Pirelli of Italy(3.14) Pittsburgh Coal. ... Pittsburgh Coal pf.. Westinghse &M (5) 268 Westhse £&M pt (6) 290s 29% Weston £l ins (1)... Westvaco Chlor (3). White Motors (3). ... White Rok MS(1434) White Sewing Mach. Wlluxolllou Wilcox Rich, B (3).e Wilysover u.xo)... & Co pt. ) P Rican Am To (B) .. Prairie Oil & Gas(3). . Prairie Pipe L (15 Pressed Steel Car. b i rth (2.40)s 00 Worthington Pump.. Yellow Truck & Co.. Young Spring (3)... 123% 130% 121 110% 107% B9 8% 2T lic Serv. NJ 3. Tub Svo N3 of (1) Pub Sve E&G p£(6). % Pullman Corp (4).... Punta Alegre Sugar Pure Ofl (1%) Purity Bakeries (4). Am Roll M., .June 16 3% SoCalBd.. .Apr3l « 615,500 .+ 2,854.600 "?A&.‘Eflm Ty o sttty urly OF Jaif year $hen 100 shaces, § Partiy watre * e (% Dividend rates as 4 46w | PV TER o tradine iess la“ lfl stock. lmlfihlflm" lllu')! n ;z“ l ) ,‘.}.Pllllm 6% T 5""‘-2&:“""‘ S 77 Rep Iron & Sti(new) 72 Rep Ir&Stlotfs (4).. CRUDE OIL PRODUCTION [port of the OF and das Journal, total light-oil increase for the INCREASES DURING WEEK | period was 37,084 barreis. By the Associated Press. Othhmnl 20,485-barrel increase ‘TULSA, Okla,, April 15.—Coincidental | conf ted principally to the total with increases in oll prices by various grnl:m:néclzz‘sls bymeflo:flmm Oity leading companies in the Midcontinent | ge14 Declines in the Gulf Coast and field, the estimated wly uverwe pro- | Southwest Texas flelds caused the de- duction_of petroleum United | crease in heavy-oil ction. Slight States for week Apr‘lL 12 Npu"nd the climbed. 42,2 » total fl%’m of 3,658,496 barrels, says the current re- 18 NEW YORK, April 15 (fl:—cwpa unsettled; mmw,mnnflmm. Iron steady, . easter, :pot and nnr-by 36 fu'.ure 36.65. Lead quiet. Spot, New York, 5.50; East St. Louls, 5.40; zinc steady, East St. Louis, spot and future, ‘m 5.00. Antimony, spot, 7.75. ostrich fans are becoming pop- London, THE EVENING STAR, WASHINGTON, D. C., TUESDAY, APRIL 15, 1930. FINANCIAL BONDS IRREGULAR | [ox-sev vomx BONDS roce sscausce] |(JTLOK IMPROVES Private Wire Direct to TI UNITED STATES. (Sales are tn $1.000. IN QUIET MARKET l-lu U. S. Group, Legal Rails and 3 Utilities Recover Par- tially After Dips. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, April 15—A hardening in time money rates, with 90-day loans at 4% to 4)2 per cent, was me im- mediate cause of a drop in bond prices during_the early hours of de 'S ses- slon. Later, money rates eased some- what and the losses were recovered. This was most noticeable in United States Governments, legal rails and public utilities, the balance of the list fluctuating irregularly. Convertible bonds, which accounted for. most of the Y-l‘ldlnl. were decidedly lower during the first hour, but rallied when the stock market retraced its in- itial dip. American Telephone convert- ible 4358, for instance, dropped over 6 points and then canceled half of the loss. Similarly. International Telephone 4158 were off 3 points at one time. De- clines were shown by Alleghany 5s, American International 5!2s, Commer- cial Investment Trust 5Yzs, Chicago & Northwestern 4%, Atchison 4l2s, Gen- eral Theaters Equlpmen'. 6s, Warner Brothers Pictures 6s and Loew’s 6s. ‘Treasury bonds dropped 1-32 to 5-32. Prime rails such as Bnmmore & Ohio First 4s, Pennsylvania General 4%s, Great Northern 7s and Northern Pa- cific 4s lost fractionally. Philadelphia Co. 55 and Utah Power & Light 5s also sagged. The hardening of money came with the final payment day for New York State income tax, but this influence was not enough to hold for long in the abundantly supplied money market, s0 -that around noon Monday's rates were reinstated. St. Paul AGjum.menM Missouri-Pa- cific General 4s and Chicago & Eastern Tilinois 5s, all fractionally lower, fea- tured the junior carrier list. In the industrials, Pathe 7s, Anglo-Chilean mmu 178, Dodge 65 and Goodyear 5s dropped. Chile Copper 5s gained frac- nonnlly despite the drop in the price of copper. Tractions stood up well. Otls were sold for small losses. In the foreign department Berlin Tractions were active at prices a frac- tion to a point below Monday's close. This trend reflected the coming out of a $15,000,000 issue of Berlin City Elec- tric 6 per cent debentures. The new issue was put out at 90’2 to yield about 6.80. United Kingdom bond: were back at their level of last week, following London’s acceptance of the new Brit- ish budget as not containing anything detrimental to the present status of British securities. Washington s.tock Exchange SALES. Washington Gas 6s “B"—$1,000 st 10512 Wuhinzwn Rwy. & Elec. 45—$1,000 Powmlc Electric 6% pfd.—5 at 11315, Washington Rwy. & Elec. pfd.—10 at 9813, Commerchl National Bank—10 at 237. American Security & Trust Co.—10 at 425, 10 at 425. Lanston Monotype—10 at 127, 10 at 127, 10 at 127, 10 at 127, 10 at 127, 10 at Mementhfler Linotype—10 at 108, 10 at 108. AFTER CALL. Capital Traction 55—$4,000 at 96, $2,000 at 96. Potomac Joint Stock Land Bank 55— $5.000 at 91. Capital Traction Co.—10 at 77, 10 at 77, 10 at 77, 10 at 77. National Union Fire Ins.—125 at 25. Lanston Monotype—10 at 127, 10 at 127, 10 at 127, 10 at 127. Bid and Asked Prices. Amer. Tel. & T Amer_ Tel. & Tel Am. Tel & Anacostia & Pot. e & T Capital Traction City & Suburban Georgetown Gas Potomac Elec. cons. Potomac Elec, 6s 19! Wash., Ale; Barber & Ross. Inc.. 8% Cham.-Vanderbilt Houl Cheyy Chase Club & Saper Sile, o ash. Cons. Title 6s. STOCKS. PUBLIC UTILITY. Amer. Tel & Teigs. (3 apital Tra (s wnnln.wn o-. Ligne (8} & wash. Stmi Commer District Feders Eincor Ketiona Metropoiitan (143 Union Trust (88 Washington Loan' & Trust (14). SAVINGS BANK. Bank of Bethesds (61}, & Savings (10). Firemen's (8) National Union (18). TITLE INSURANCE. Golumbia Title (6h).... Bite £0uy. of Naacom. (Il HMMNIWS. mufi . com. hase Py pid (7). ‘pfd. td. (7). d & Grlvel red. o guSegeess . :E. B fie)m e !‘;z:'lu pid. (@ Co. Srican’ nid. b ': S diacad U. §. TREASURY BALANCE. ‘The United States Treasury balance, as of close of business April 12, was ,578,613.37. Customs receipts for the month to date were tl'l 162,580.84. tures, $9,817,102.17. Union Pacific Railway. Bolivar 78 68. . Bolivia s ot 8! Dutch East 1 47. Dutch East I 68 French T%s... German El P §% German 7 Ger Gen E Greek 65 1963 Hungary % Montevideo 7 Netherland. 3. New So Wales 53 Nord 6% Norway s 1963. Norway 5% Ortent dev 63 68. Orient Dev'mt 6: Paris-Ly-Med € Pari, Poland Queensland 7 Rhinelbe Un 7 Rhine Wst E! Rhine West Rhine Wst EP Rio de Jan 85 1946. Rome 6%s. . Sao Paulo 8s 193 Sao Paulo 19560, Seine 78 42.... Cr Warsaw 7s §3. Yokohama MISCEL Abitibl Pa&P 8s 6 Am T&T cv é%s [ Am Tel&Teleg 556! Bethlehm Stl pm [T Bklyn Edison b Bush Term Bld, Chile Copper 38 Duquesne é34s Bast Cuba Sug '"L. !un 017 100 11 1o| 13 10111 10121 10116 100 10 100 10 1004 1004 104 20 104 10 1074 107 1114 11031 Low. 994 9% 9% 29 82% 904 90 106 97% 99 102% 108% 112% DE]!%INOVH.. German Bank 6373, Irish Free State 6s. 100% 108 107% 90 20% 102% Rio de Janeiro 6 %48 LANEOUS. 7 86% 1000 i 5166 10 Brumaveanas o e annd 1 1 Int Paper 6 e 20 Int Tel & Tel 4% Int Tel&Tel 43 e" *nt] Tel&T l|6 20 111 O 108 102% 108 Nor Ohfo Tr&L Nor States Po 10 108 Phila & Read Phillips Petro 6%, Pillsbury F M stz Postal Tel 5% Pub Serv Cas 4 a. Punta Alegre 7s. Richfield O1) smemr on Tenn ElecPowss 41 Tex Corp ov 6s 1944 Transcontl Ol 6%s Onited Drug 68 63. U 8 Rub 1st rf b USRub71%s..... Utah Pow & Lt 6» Utlities Pow 6% Vertientes Sug 7s. Walwortn War Quinland 6 Warner Sug 1 Western Eleo Westn Unton Willys-Ov 6% Wilson & Co 1st Youngstn S& T 6s. 23 Ann Arbor 48 Atchison gen Atch deb 434843 Atl& Danlst4s43. 1 Balto&Ohto gold ¢s. 21 B&Ocvay 3 B&O 4%scv 60.. 171 ort 2 Can Nat 448" Can Nat 4% Can Natl 68 July " Can Natl 68 Oct ‘69 Can Nor 8. Can Pac deb ¢ Can Pac 4% Cent of Ga Central of Ga 6% Cent Pac 4 Cent Pac 1st 68 50 Ches & O Corp: &O4KEIBA. : Ch&O 4%8 B 1996, 2 Ches & O con 6a. ... CB&Q4%48171 B, CB&Q1strt b Chi&E 11 gn 68 6 Chi Gt West 48 69.. ChiM&StP4 %8CS8: Chi M&StP 448 E.. Chi MiISP&Pac6a?b 35 CMSP&Pac adj5803152 Ch1& NWgn3ks.. 4 ChiN W 4482031, Chi& N W con ¢%s ® o PEIETUIOPR PSS SRS P CCC&StLés Clev Term %817 Clev Term 63, Clev Term 6s. Cuba Nor 6% ots. Del & Hud 18t rf D & Hud cv 55 36 Den & Rio G en Den&R G W 4343 36 {DRG& Wat 6865, - n Eriecv 63 67. Erfe 68 1930 wi... Erte conv £x 78 Erie & Jersey 6 Fla Bast C 68 7¢ Fonda J&G l%l‘l. Ga& Ala 1st 58 Gr Trunk st ab 68, o P Roone =S noSB8Nwr melrd wamr Gt Nor gen Hocking Val 4%s. Hud & Man a) 61 Hud & Man ref » roes N8a 0 Kan City Ft 8 4 Kan City Term 4 Lake Shore ¢s°31. . Louis & Nash 6%s. Louis & Nash 7 @ e Sorl viniun® as aomEneaS0ne - 1 M St P&SSM cn ¢s. MStP&SSM 6s gtd. o - MHEOARONON CaNREannONLE [} 2222222222222 flnu"nlgnflnnnn = 0006000 ] ERpE] 2z 2z - - B 0 ARG ] Reading gen 4%8 A Rio G Westel ¢s... Itlall”l‘ ‘l! L IM&S .lo.l P Au ..8 o RAILROAD. 1 23 1 SeBnonn - High. Low. 101% 101% 101 101 106% 105% 101% 101% 102% 102% 103 100% 100 96% 964 100% 100% 102% 102 104 103% 99% 99% 98y 9814 103% 103w 103% 103% 102% 102% 96% 96 87% 87 100% 1008 99% 99% 924 92 54 54 92% 92% 92% 92% 106 108 103% 103% 1021 1024 100% 100% 101 101 102% 102% Y B3% 315 931y 4 13T 623 62% 93% 93w 100% 100 103 102% 103% 102% 105% 105'% 109 108Y% 93% 9314 102% 102’». n!. 98% 93% 97 26 96% 102 102% 101% 111% 110% 56% 86 984 984 101 100% 96k 96% 96l 96 102% 102% 116% 116% 894 894 104 1057 108% 103% 98 938 1081 108% 105 105 99%, 80 89% 64% Y 93 101% 101% 94% 987 96 864 843 81 95% 95 100% 100% 13 113 60 59y 32% 324 83 82y 106 106 111% 111 109% 109% 111 110% 97% 974 9% 98 8913 ¥9 981 97 20 99% 87% 929 100% 1004 954 954 9% 9% 106% 106% 100 ¢ 100 538 52 4% 94% 100% 100 100% 100% 90% 13 13 66 55 98% 98 101% 101% 80% 80% 981 98% 100 100 106% 106% 105% 105% % 19 107% 107% 107 106% 102% 102% 91 0% 18 112% 20% 90% 101% 101% 101% 100% 99 99 85% 85 lo‘l 100% M lflfi 101% 101 106% 101% 102'% 103 101 100% 102% 103% 99% #8% 105 103% 96% 317 101 106% 104% 102% 106 103% 102% 100% 101 102% 83% 931y 138% 62'% 85% 8414 82 95% 95% 100% 13 60 32y 824 106 111% 1093 110% 971 79 98 891y 49 961 71% 72 60 9% 103% 87 97 90 100 87% 99 95U 107% 102% 112% 90% 101% 94% FOR OIL INDUSTRY - Recent Advances in Price Have Followed Reduc- tion of Output. BY PRESTON S. KRECKER, Special Dispatch to The Star. NEW YORK, April 15.—Announce- ment of a general advance in prices of crude oil in the midcontinent and Texas oil fields within the last few days indi- cates that the industry has “turned the corner.” The road has been a long and hard one. The fact that a turn has been reached is of important significance to investors in oil shares. The advance means that the con- servation campaign which the leaders of the oll industry have been carrying on for several years is at last bringing tangible results. The fundamental trouble with the petroleum industry has been that production has been out of balance with consumption, with the result that surplus stocks of crude and refined oils have been accumulating in huge quantities and prices have been borne down to levels which for many operators left little or no margin of profit. Output Curtailed. The rise in prices would not have been possible had not producers whole- heartedly co-operated in curtailing pro- duction with a view to restoring a bal- ance with demand. Statistics recently have indicated that such a balance has been virtually attained. Incidentally, the restoration of prices is a moral defeat for the Standard Oil Co. ot New Jersey, which, against the protests of an overwhelmingly large majority of competing major indepen- dent producers, cut prices of crude ol last January and forced a general re- duction throughout the midcontinent and Texas areas. Competitors, while compelled to meet that cutgin self- protection, denounced it as unneces- sary in view of the trend of develop- ments in the industry. Now, hardly three months later, the Standard Oil has virtually conceded that it was in error and has restored in part the cuts it made in January. Production of crude ofl now is run- ning at a lower daily average rate than it did a year ago. Moreover, it is down to about the daily average for 1929, which is the avowed goal of con- servationists, who have maintained that with huge surplus stocks of crude Available above ground, the industry need make no provision in new pro- duction this year for the normal growth of demand that characterizes each year. Curtailment of crude oil output in itself would not have solved the prob- lem had not refinery output also been cut. That step was taken at the sug- gestion of the Federal Oil Conservation Board, which several weeks ago ad- vised refiners to suspend operations one day out of seven. All important refiners have adopted that suggestion in principle, with the result that for the first time in months stocks of | gasoline have shown a substantial de- crease. “Distress” Gasoline. Already gasoline prices have been raised in important areas, including New York and New England in the East and a large area in the Middle West, with the probability that ad- vances will be made country-wide. A factor in the gasoline price advance has been the absorption of “distress” gasoline that pressed on the midcon- tinent and New York markets last Winter and forced the market down. ‘The method adopted by the oil in- dustry to correct the problem of over- production contrasts favorably with less ecomonic efforts tried in other commodity markets to hold surplus off the market and support prices. Such efforts to prevent operation of the nws of supply and demand invariably The recovery in oil prices indicates that the worst has been experienced in the market for petroleum and fits products, thus adding one more to the | small but growing list of commodities ‘ whose prices have turned upward after | prolonged depression. (Copyrisht. 1930.) ot GRAIN MARKET CHICAGO, April 15 (Special).—The wheat market was little changed today. The market opened easier under local pressure stimulated by wet weather | Teports from the entire country but commission house support developed on the dip. May opened 1.08a1.073;, July, 1.08%4a1.08%; September, 1.11ai.11%z. After first half hour May, 1.077%; July, 1.0812; September, 1.11%. “Corn_rallied after a welk start in sympathy with wheat. May opened 8173282, July, 8412a84'4; September, 851,a858. After flr!t ‘haif hour May, 82%; July, 85; September, 86. Oats were firm lfber a_ weak start. May opened 42%;a42%, July, 43',; Septem- ber, 4115, After first half hour May, 43'%; July, 43%; September, 42, Pro- visions were easy. NEW YORK COTTON NEW YORK, April 15 (Special).— Cotton prices continued their decline at, the opening today, with further re- ports of rain throughout the cotton belt. The list was 6 to 11 points below Monday’s close. Liverpool bought in small amounts. ‘The opening range was—May, 16.05, off 10; July, 16.05, off 9; October, old, 15.19, 'off 1i; October, new, 14.93, off 11; December, old, 15.34, off 6; Decem- ber, new, 15.09, off 10; January, old, 15.41, off 9; January, new, 15.15, off 1 Ml-l'ch, 14.36, off 10. INVESTMENT TRUSTS NEW YORK, April 15 (#).—Over the counter market: Am & Cont Corp. Bitee Brand ol U 8 Elec Lt & Pow Shares B Sales. High 100% 100% St L & San Frin 6s. St L&SW con ¢s 33. StLS8 Wist ¢ Seab A L ds.. Seab A L s sta. 1014 101% Texas & Pacific 1st. Tex & Pao 65 C 19. Third Ave ref ¢s 6 Third Ave aa) 6 TolStL & W 48 80..