Evening Star Newspaper, February 22, 1931, Page 57

News of Markets Pages 1to 4 FINANCIAL AND CLASSIFIED he Sunday Sta Part 6—12 Pages WASHINGTON, T oy D. SUNDAY MORNING, FEBRUARY 22 Lz, 1931. Classified Ads Pages § to 11 NEW LIFE POLICIES IND.C. SHOW DROP OF EIGHT PER CENT January Natidnal Figures Also Reveal Decline From Same Month in 1930. RECEPTION COMMITTEE FOR BANQUET IS NAMED Past Presidents of Institute Will Serve as Aides at Annual Affair. BY EDWARD C. STONE. New ordinary life insurance paid for in January in Washington showed a decline of 8 per cent compared with January, 1930, according to reports re- ceived from Hartford, Conn., yesterday. Sales for the country as a whole were off 17 per cent and Wyoming was the only one of the 48 States to reveal a gain, 16 per cent. Aside from Wyoming, Massachusetts, Nebraska and Califcrnia were' the only States making a better showing than the District of Columbia. Maryland lost 10 per cent in new insurance; Virginia, 12 per cent; North Carolina, 16; South Carolina, 18; Florida, 19; Georgia, 27, and West Virginia, 32 per cent. Missis- sippi came at the foot of the list with ;D;kop of 54 per cent below January, 0. It will be noted that Maryland and Virginia were also above the 17 per cent slump for the United States. Maryland, Connecticut and Vermont the exact same loss. Insurance leaders report that production is usual- ly some months behind a broad move upward in price indices in general busi- ness. They are most anxious to see an upturn in New York, New Jersey and Pennsylvania, since these three States pay for over one-third of the total in- surance volume of the country. New Jersey was off 11 per cent, New York 14 and Pennsylvania 21 in Jan- uary. The slump in new insurance in the whole country is laid to the indus- trial depression mainly, but also to the drought so long prevalent in large sec- Sions of the United States. Institute Committee Appointed. Sixteen past presidents of Washing- ton Chapter, American Institute of Banking, are included in the reception committee nam-d by President Frank M. Perley to serve at the twenty-seventh annual banquet to be held next Satur- day night at the Willard. The past presid nts include T. Hunton Leith, chairman; Charles D. Boyer, Harold W. Burnside, R. Jesse Chaney, Victor B. Deyber, Charles H. Doing. jr.; James C. Du'in, jr.; Joshua Evans, jr.; W. F. D. Herron, 'E. J. McQuade, Jjohn Pool James A. Soper, W. W. Spaid, Wilmer J. Wall'r, George W. White and E. P. ‘Wilson. The other members of the committe> sre Francis G. Addison, jr.; Wade H. Cooper, Robert V. Fleming, John B, Larner, Lanier P. McLachlen, Howard Moran, C. H. Pope, Laurenc: A. Slaugh- ter, Corcoran Thom and George O. Vass. Trading on D. C. Exchange. Trading was quiet on the Washington | Stock Exchange yesterday before the two-day closing. Capitad Traction, in which_interest was largely c-ntered during the week, ended the session at 361, a gain of nearly 2 points over the low point for the week and for all time. Only two tiny sales were register d. The mark-t closed with 3515 bid for the stock and 3614 asked. Bond trading was confined to George. town and Washington Gas issues unlisted department securiti s were called off, hardly any quotation changes being noted. The day's sales Georgetown Gas 5s -$500 at Washington Gas s “A” $1,000 at 1017, Washington Gas fs “B"—$500 at 104%, $1.000 at 105. $1,000 at 1047, Capital Traction Co-1 at 5 at 367, Mergenthaler Linotype—5 at 887, 36, District Natlonal Securiti's, prefr- i red-—10 at 68, 10 at 68 As Lansburgh Sees Business. In speaking of business in Washing- ton during the past vear, Mark Lans- burgh, president of the Merchants & Manufacturers’ Association, says “Washington has occupied a unique position among the cities of the cou in that it has not been seriof y_the countrywide depr In fact, the Federal Reserve report of department store trade for the year 1930 indicates that the total sales were but 2 per cent off as compared to from 15 to 20 per cent in many of the other | leadings cities, and an average for the entire country of 7 per cent below the previous year. ance is made for the decline in the level of prices, which has averaged more than 15 per cent over the previous year. it is quite apparent that the volume of sales really increased and that the number of units sold showed | the Western part of this country 50 |oughly liqu an actual for the ye: “Washington is indeed fortunate in having 1 a stabilized buying power as it possesses in the Government em- ployes. This buying power actually in- creased d the past year almost $10,000.000. becs of an’ increase in personnel from 63.904 to 68510 (an in- crease of per cent). and an average increase in sala ployes from $2.043 to 8. which re- sulted in a grand total of Government employes of $13 719. as compared to $123007.790 in 1929, or an increase in buying pow'r of this group of $9.244.929 Trust Co-ordination Urged. One of the best addresses made a. the recent trust conference in New York increase of over 10 per cent <al attended by local bankers. was goven by Smith of the Birmingham Trust of Mr. Smith sald that co-ordination is a subject of no little importance in the successful operation of a trust department. As tl;e sub- it becomes essential that the respective activities of each of the componerh divisions be performed with a definite relation to the other lc!h’lu;s ef- ficient administration of trusts is im- -ordina- y one and probably gives the trust executive as much trouble as any single phase of M. F. & Savings Co. on Trust Company Activities.” “*Co-ordination ent grows and work is de; divided. of the department. Without this, ible. He said the task of o tion is by no means an ea trust department management. E. E. Young. Commerce Trust Co. Kansas City, in discussing “Trust Au diting,” specified as the three major principles of audit control a rigid sys- and tem, co-ordinated responsibility actual check and verification when nec. essary. Heard in Financial District. tion requests are comin, xnk to be held Friday st the steadily for the Central States management umkre:no;. The | 1035, | f- | Internacional | THOMAS DAY THACHER, Solicitor general of the United States, who will address the Central States Bank Management Conference, which opens in Washington next Thursday. Eight States and the District of Colum- bia will be represented at the two-day session. REDUCTION N FOOD COSTS HAS BEGUN Nation’s Ration Is Large as Ever, but Price Shows Decline. BY J. C. ROYLE. Despite depression and distress in some of the drought districts, the Amer- ican people are ccnsuming just as much food as in times of utmost prosperity. food as in 1929, but prices in general are much lower than for that period. This is shown by reports from the pack- ing companies, which operate under Government inspection. The packing and other food industries are now ad- Justing themselves to the new level of prices. Costs are being lowered all the way from production of raw mate- rials up. Style, according to food producers, has almost as much to do with food consumption as with women's dress. This is shown in the sheep industry. Styles of food made lemb popular. Herds were increased to meet the demand. The styles changed somewhat, and in 1930 the largest number cf sheep and lambs in years was marketed. As a result, extremely low prices. Just about the same tonnage of beef is being slaugh- tered now as a year ago. Nation Must Eat. The people of America must eat and will eat, according to food producers. It simply is a question of the price they must pay. “One of the strongest fea- tures of our business,” said Louis F. Swift, former president of Swift & Co., today, “is that all meat which comes to market is consumed whether business is good or bad.” It is the general impression in the meat industry that cattle prices will advance in the last half of the year. i Pork stocks now are the lowest in years and stocks of other food products also are low. In most lines consumption is not continue indefinitely without im. provement in prices. It is doubtful, however, if the meat industry will show sales of more than $3.000,000,000 in 1931. The number of animals increasing and feed is at prices ad- | vantageous to feeding them, but the | number of range animals is decreasing, the ranges are contracting and the I profits of the range growers are lessen- |ing. "The range cattle industry in Mon- |tana in 1929, a good year, is estimated to have viclded less than 5 per cent on the _total sum invested | _The export meat business 15 extreme- ly unsatisfactory, according to the In- stitute of American Meat Packers. The ! business done abroad by the United | States producers is largely confined to | pork and pork products. The American | cattle producers cannot compete with | those of South America and Australia for | the European trade. This is shown by i the annual statement of Compania Swift operating in South | America entirely for the Yuropean | trade, “which has just reported net profits of $6.549.287 in Argentine gold | for 1930 on farms is Australia Catye Trade. Cattle men foresee a time. stant not far when Argentine beef will be When, however, allow- | Shipped here in competition with the | | American product. Australia now con- |trcls no small part of the world trade |in mutton and lamb and is building up | her cattle industry in districts where | range conditions approximate those of | years ago. Australia is dra | American cowboys to her n | In the drought distr: | has not greately affected the outside food ing many ranches ts | markets, since the inhabitants cf those | | districts normally grow their own food | and do not go into outside markets for “Diet,” "according to food men. | plays a much more potent part. The {are hundreds of thousands of pros- | perous people in this country who do Inot have all they want to eat, not be- (cause they cannot buy it, but because | they are on a diet (Copyright, 1931 {BUSINESS IS ‘SLOWER j THAN STOCK MARKET In its summary and forecast of busi- | ness conditions this week the United Business Service of Boston states: “De- spite the cheerful sentiment in the stock market, current statistics present little evidence of a sustaining force which will life the general business level sharply upward. The consensus of recovery will take place by easy stages, attended by temporary set-backs’ Business this week is 23.5 per cent below normal, according to the United Business Thermometer, a rise from last of last month. sured success. Chesapeake Corporation year ended December 31, . 1930, 1,799,745 shares of no-par stock. share in 1929 Many are not eating as expensive | dressed lamb went into consumption at | higher than production and this can- opinion among business leaders is that week and slightly above the average Willard. The conference is already as- reports for net | profit of $6,257.927 after interest and expenses, equivalent to $3.47 a share on This compares with $4,700,060 or $261 a ADVANCE IN STOCK MARKET HELD SIGN OF TRADE REVIVAL Gains of Week Accompanied| by Increase in Volume of Trading. GENERAL PRICE AVERAGE NOW HIGHEST OF YEAR Improvement in Commodity Values Seen as Portent of Beiter Business. BY CHARLES F. SPEARE. | Special Dispatch to The Star. NEW YORK, February 21.—Two months ago the urgent and imperative liquidation in stocks came to an end. Values of securities then had been marked down much below their real worth. They reflected the desperate state of mind of the public and the universal policy of turning securities into cash or Government bonds. That mood passed with the ending of the year and will not return. It has beenreplaced by one of caution in the repurchase of stocks of the soundest type and by the exploitation of a lim- ited group of what are known as the “blue chip” issues. Since the middle of December there has been an average advance in in- dustrials of between 25 and 30 points, in rails of about 20 points and ‘in public utilities of something less than 15 points. The general average of the stock market on Friday was the highest of | the year. Notable Rises in Leaders. ‘Taking the different groups of stocks we find that, in individual issues, there has been a notable appreciation in price since the liquidation period terminated. Dealing only with those shares that have moved normally—in other words, that have not been overstimulated by pool manipulation or by the predicament of a locked-in short interest—we still have a long list with a high percentage of gain. In the automobile shares, for in- stance, there is Chrysler with an ad- vance ‘of nearly 60 per cent. General Motors, 40 per cent, and Nash, 70 per cent. In the coppers there is Ana- conda with a 60 per cent rise, Kenne- cott. 45 per cent, and American Smelt- ing, 40 per cent.’ In the iron and steel | group advances range from 35 per cent |in Bethlehem Steel to 70 per cent in | Vanadium_Steel and 150 per cent in| | Republic Steel. Even in the active oil group there have been gains of from 15 | to 25 per cent. { Coming to the public utilities share |hst, we find such increases as 100 per cent in international Telephone A Telegraph, 80 per cent in United Cor- poration, 75 per cent in American & | Foreign Power, 60 per cent in Electric |Power & Light, 50 per cent in North {American, 35 per cent in Public Service {of New Jersey and over 25 per cent in Consolidated Gas. In th€ rails, Balti- more & Ohio has advanced 55 per cent, Chicago & Northwestern nearly 60 per cent, Great Northern 40 per cent, Chesapeake & Ohio about the same, New York Central 25 per cent and Union Pacific and Atchison each 20 per cent. In the miscellaneous industrials the improvement is reflected in such in- creases as 75 per cent in Radio Corpo- ration, 65 per cent in Montgomery Ward, 50 per cent in Johns-Manville, nearly 35 per cent in Corn Products, | 130 per cent in National Dairy Products | {and from 20 to 25 per cent in substan- | tial 1ssues, such as American Can. East- man Kodak, Union Carbon & Carbide, International Harvester and American | Tobacco. Course of the Market. In this same week of last year in- dustrial stocks declined an average of 10 points. But they had enjoved an average gain of nearly 75 points from the low level of November 13, 1929. Then, from the end of February to the middle of April, they advanced an average of 32 points, raising the total gain from the 1929 low to nearly 100 points and canceling about 60 per cent of the total average decline that had occurred between the middle of Sep- | tember and the middle of November, 1929. The sequel to this was a series of reactions that carried the industrial list last December an average of 40 points lower than it had been in No- vember of the preceding year. with rails 35 points down from their former low | | average figure. | Those who take issue with the market | in its disposition to igrore the unfavor- { 2ble elements in the business situation believe that the advances of the past | two months have sufficiently corrected | the relation between panic values and | real values: also the important change | {that has come about through an im- provement in so-called technical mar- | ket status. They were confident early! | in January that stocks had been thor- idated and were entitled to a substantial advance |~ Such an advance has now occurred. | of corporation reports for 1930 that! were even worse than had been antici- | pated and in a growing increase in the | number of dividend changes that reflect | ability to pay these dividends | nk uncertainty on the part of | | ements as to the outlook for | carnings during the remainder of this| y “They also take into account that | ihe public that makes big stock markets | | is still very poor or disposed to keep its funds in savings banks or in short-term ies. Primarily, however, it finds llittle encouragement in the immediate | business situation for following a gen- | eral upward movement in industrial or | | railroad stocks. As the Spring season | approaches there is tot vet enough in | |sight to verify earlier predictions that | industrial momentum will greatly in-| crease in the next few months. i ‘Wall Street As Prophet. It is true that Wall Street tradition- ally anticipates a revival in trade some distance ahead, following a long period of depression. It has an uncanny in- tuition of what is taking place under- neath the surface of business and fre- quently reflects this with surprising ac- jcuracy. It may be doing the same t again. It is on record that there has been an increase in the number of blast furnaces in operation lately.. A re- sumption in blast furnace activity has always been an indication that the turn in the industrial tide has come. Cer- A. I B. PRESIDENT WILL TALK AT LOCAL CHAPTER'S BANQUET Ben Aley Is on Program for Annual Dinner This Week. Visit Marks First of Kind to Capital—Career of Guest. Ben Aley, president of the American Institute of Banking, comes to Wash- ington this week to attend the annual | banquet of Washington Chapter, this being the first time the head of the| national organization has paid the local organization such a compliment. Mr.| Aley is vice president of the United States National Bank of Denver, and | has had a highly interesting career. Born and educated in Lincoln, Nebr., his first positions were with the Brad- street Co. and the Lincoln Gas & Elec- | trie Co. Later he worked for the Bur- | - ington Rallroad System until moving s to Denver. After Working for ATMOUF | tymiisite or Debeeinl lecturer & Co. three years he became associated ~In addition to his local A. I. B. work, with the United States National Bank. | mr. Aley has been active nationally. Hedbecamel fl“g“fi:’ Oé the b?nk in mxlziservmg as member and chairman of and was placed in charge of personnel, | several important committees and at- and then elected assistant casliier in|tending nine annual conventions. He 1917. 1In 1923 he was made & director | was elected a member of the executive and in 1927 was advanced to the vice |council at the Baltimore convention in presidency. 11924, national vice president at the When the Denver Chapter of the A.| Tulsa convention in 1929, and national I B. was organized in 1908 Mr. Aley | president at the Denver convention of became one of the leaders. He grad- |the institute in June, 1930, uated from the institute, held all the| In addition to his institute respon- important offices in the organization, |sibilities, he is a member of the Pub- studied law and was admitted to the |lic Education Commission of the Amer- Denver bar. For the past seven years|ican Bankers' Association. BEN ALEY. at the WARNS OF DANGER INHELPING SOVIET {Paper and Pulp Group Head Advises Against Finan- cial Aids. Special Dispatch to The Star. NEW YORK, February 21.—As long as Soviet Russia continues to apply “principles which are the enemy of democratie forms of menaces to economic systems” all financial, intellectual and moral support of its regime should be withdrawn, S. L. Willson, president of the American Paper and Pulp Asssciation, declared at the annual dinner of the associaticn. To continue relations with Russia under its present form of government, he added, would neither be good busi- ness nor self-preservation. Re-Elected President. Mr. Willson, who was re-elected president cf the association; is the head of the American Writing Paper Com- pany, Inc, of Holyoke, Mass. In his annual address, delivered before 1.200 inembers of the association, he advo- paper branch. At the dinner he said the paper industry was “confronted with overcapacity. and with little pros- pect of absorbing it for a number of years.” Qualifying his statements about Rus- sia_as personal opinion, he said: “I believe if all countries had the courage to withdraw financial, intellec- tual and moral support. the plans of Soviet Russia would soon crumble, and either through evolution or revolution a new and better country would arise with which international relations could safely be established “A problem in which our industry is vitally Russia, particularly with reference to the importation of pulpwood. But the whole United States Is vitally interested in the problem now arising or that may result from our dealings with country under existing conditions. Their preachments and thelr efforts t apply. wherever tolerated, principles which are the enemy of democratic forms of gov- ernment, menaces to economic systems, to agriculture, labor and _industry, should neither directly nor indirectly be given support. Reviews Industry. “Buying _their commodities under present conditions, selling them ma- chinery, furnishing skilled artisans, supplying ideas, methods and brains from which financial resources are to be built, and later used to still further spread their pernicious and destructive gespels, does not, to my mind, harmon- ize with either good business or prin- ciples of self-preservation.” In his review of the paper industry Mr. Willson said workers' wages had more than doubled since 1913, adding that the present purchasing power of the dollar was about 67 cents. ‘With current costs of the essential items required by the wage earner de- idedly in his favor,” he said, “and with the present large number of un- employed, the vital question of when there shall be a liquidation of labor in the distresc |1t has steadily progressed in the face|industry along with other commodities affected by the law of supply and de- mand confronts us. With the better understanding of the law of supply and demand, the purchasing power of the dollar and the proper application of wages to productivity of labor, a discus- sion and settlement of this question may be close at hand, or prices for aper must advance.” Among the resolutions adopted was one formally opposing an extra session of Congress. Another urged the Fed- eral Government to postpone sales of national forest timber “until such time when it is actually needed to meet the timber and timber product demand of the public.” —_— thev present a pitiful contrast with other years, as do gross earnings. There are many indications that the net returns of corporations in the March quarter will not only be poorer than those for the same period in 1930, but nearly as unfavorable as for the December quarter. this reason there seems to be no escape from a growing list of reduced dividends which now, for the first time since 1929, in- cludes those of railroad and public utility stocks. Bonus Bill Discounted. Both the stock market and the bond market have adjusted themselves to the tain commodities that had been equally demoralized with securities, notably cot- ton and copper, have been advancing. Steel production has moved steadily forward since the end of December and is today about 45 per cent greater than at its lowest point. There has been lately a sudden expansion in automobile ction. Silver seems to be on the produ The only States that went through|point of being stabilized, with all that 1930 without a single were Maine, Rhode Island, Delaware, Wyoming. New Mexico, Nevada and the District of Columbia, suspension | this means to the countries in the Far ,| East as well as to America. Car I ter comparisons wil Mexico and South are making & year ago, but passage of the bonus bill and have tried to counteract this unfortunate episode in congressional history in the confident expectation that Congress will adjourn next month and give the country nine months’ relief from legislative activities. The effects of the most outstanding m;n;u;eu |ol the last session, namely % ta , were consp this week in the foreign trade es I;g} Jmu-o?. showing = greatest .fi; ‘1922, (Mfll:hh 1931 government— | interested is our relation with | that | COMMERCE REVIEW FINDS TRADE QUIET |Bank Debits Outside New York City Decrease During Week. | Little improvement was noted in the | weekly review of domestic business con- | ditions conducted by the Department of | Commerce covering the period ended | Pebruary 14. Indicators available show that bank debits, outside New York City, decreased from ‘the preceding period and were |lower than the same week in 1930, Total loans and discounts of Federal | reserve member banks also showed a fractional decline from the jrevious | week and were lower than the corre- sponding week a year ago. Interest rates for call money, although | showing no change from a week ago, were considerably below the 1930 level. ( Time rates, on the other hand, while | higher than last week, were lower than a year ago. | Average Prices. Average prices for representative stocks, reflecting increased market ac- tivity, were well above the prices paid during the preceding week. Bond prices also showed an upward movement znd‘J were higher than the same week in {1930. | Business failures as reported by the |R. G. Dun & Co were less numerous | than both comparative periods. Wholesale prices, as measured by Fisher's composite index of 120 leading | commodities, were off slightly from. the |level of the preccding week. The de- cline in prices for agricultural products |was almost offset by the increases in prices of non-agricultural articles. The price of middling cotton at New York |increased over the previous week, while |iron and steel prices remained un- charged. Both prices were lower than a year ago For the week increascs occurred over |the corresponding period in 1929, two |years ago, in bond prices, the Federal |Reserve ratio, and net demand and | time depostts. In the foreign situation, Argentine commercial circles were more optimistic, owing to heavy exports of cereals, con- tinued good crop weather and a rise in the exchange value of the peso. Ex- ports of cereals for the year to date amounted to 1719.000 metric tons, as compared with 1,313,000 the correspond- ing period of last year. The Brazilian milreis exchange dur- ing the week declined to 11 milreis 700 reis and to an average of 11 milreis 555 reis to the dollar. Coffee shipments from Santos amounted to 204,000 bags, and from Rio de Janeiro to 94.000 bags Prices were firm, except that there was a slight increase in the price of Rio 7s Improvement in Canada. A slight improvement in manufac- turing activity in Canada is not: wholesale and retail trade shows signs of a seasonal turn for the better. Higher wheat prices have brought about an improvement in business sentiment in the West, although actual turnover has not been affected. Collections show comparatively little change. Reports on the automobile trade following the an- nual shows indicate that the flurry in Montreal demand for cars has not been sustained, but that sales of parts and accessories are fairly good. In the Philippines there is no im- provement, except for a slightly favor- able undertone in certain textil> lines. Retail trade continues stagnant. Credits and collections are unchanged, but the bulk of year end settlements seems to have been made without the anticipated degree of difficulty showing fairly clean books, and the wholesale cffects of the careful credit policies practiced during the last 15 months. 0IL COMPANY REDUCES | CHARGES FOR HAULING | @pecial Dispateh to The Star NEW YORK, February 21.—The Standard Oil Co. of New Jersey, which operates the largest motor trucking fleet in the world, has co-ordinated these |services in its marketing territory in this country on a basis that has ef- fected and is effecting immense savings over railroad freight charges, it was learned yesterday. Under the system perfected by the New Jersey company in the last two years, involving the “pooling” of trucks for use to correspond with consumptive needs of the various communities served by the company, ceasonal fluctuations in truck transportation requirements have been virtually eliminated. This occurs largely through development of fuel oil distribution in Winter monthe to offset the drop in gasoline demand. il KEEPS EARNINGS UP. ‘The Cream of Wheat Corporation re- ports net profits after all charges, in- cluding taxes for the year ended De- cember 31, of $1,868,164, equivalent to $3.11 per share on the 600,000 shares of capital stock outstanding. This com- pares with net profits of $1,882,122, or $3.13 per share, for the year ended De- cember 31, 1929, FOREIGN BUSINESS SHOWING EVIDENCE OF IMPROVED TONE Commodity Prices Display Firmer Character During the Last Week. GIVE STIR TO MARKETS Employment Situation Aided by Increase in Plant Activities. Special Dispatch to The Star. NEW YORK, February 21.—Cable dispatches to the Business Week give the following swift survey of business abroad for the week ending February at: Europe—Notwithstanding several un- settling developments and the disap- pointing January foreign trade returns, signs of business improvement are more evident this week than at any time since December. Commodity markets are holding their ground; declines are few, and such as have occurred have been shallow. Non-ferrous metals braced themselves conspicuously. PFrom various markets come reports that a somewhat larger volume is moving. Coal, iron and steel, however, have not shown any improve- ment and present curtailed production probably will be extended through most of the second quarter, notwithstanding the moderate, but widespread, improve- ment in engineering lines. Textiles, clothing, footwear, and generally those industries producing staple consumables are feeling the new stirring of demand which is substantiated by reports from the retail trades. Unemployment Situation. Germany is the first country to show a slackening rate in the increase of unemployment. Prophecies now indi- cate the peak will be turned early in March, if not in February. This is sig- nificant because, of all the countries in Europe, the depression was greatest in Germany. Practically all other coun- tries, except France and Spain, note some gains. France appears to be moy- ing steadily toward a serious crisis of inflation. In Spain, long-simmering po- litical antagonisms have come to a head. Parliamentary elections, scheduled for March, have been called off. The country now faces a trial of strength between the forces of monarchism and republicanism. Develbpments during the next few weeks will throw new light on the situation, which remains, a3 far as the rest of Europe is con- cerned, entirely localized. Continental money markets are un- changed, but London rates have so far stiffened that the Bank of England has been forced to reverse its policy and buy, instead of sell, bills. Smowden's solemn warning that Britain has reach- ed a fiscal crisis has lent strength to the ‘movement, now becoming nation- wide, for greater economy, both in na- tional expenditures and standards of living. On the other hand, the state- ment paralyized recent slowly revivii investment confidence and provoke: a fresh exodus of capital, because of the fear of a further increase in tax- ation. Great Britain has opened simul- taneous negotiations with nine conti- nental and Scandinavian countri ly on machinery and textiles. It will be recalled that when the Geneva tariff truce failed, the League of Nations Council adopted recommendations for regional or bilateral negotiations, of which the Scandinavian tariff truce, re- cently concluded, was the first outcome. Present negotiations constitute an im- portant further development. Prepara- tions to establish an inter-European agricultural mortgage bank under the auspices of the League of Nations is making rapid progress. The completed plan has been submitted to the League Committee and will be submitted to the Council in May. London.—General business is clouded and the stock markets are depressed by the pessimistic speech of Chancellor Snowden, by bad rail dividend and poor company results. The cotton stoppage has ended by the surrender of employ- ers, leaving the dispute unsettled. The employers were activated by the desire to give the cotton exhibition in London and Birmingham a good start, and to respond to Snowden’s plea in regard to the general gloomy state of industry. Markets are unimproved, but rayon and rubber are firmer. British Industries Fair. Industry is making a big effort to stimulate trade through the British In- dustries Fair. The cotton and rayon ex- hibitions opened Monday in both Birm- ingham and London. The fair reports a record has been booked for 10 miles of day of 6,000 home, and 500 overseas buyers. The largest rayon order on record has been bocked by 10 miles of fabric, the buyer previously buying the continental product. Publicity for these exhibitions is strengthening general morale, Paris.—There is no change in the measured development. of the local de- pression cycle. The spread of unem- ployment ‘and part-time employment to virtually all industries and the con- tinued rise, instead of decline, of living costs gradually is creating serious labor d’ content. According to government estimates, 1,500,000, or 14 per cent of the labor employed in the larger in- dustries, is now wholly or partially idle, indicating a probable total number of jobless in all enterprises well exceed- 000,000. Economic conditions continue to be characterized by the in- flation of currency, prices, tariffs and national expenditure. On the score of tariffs, the Chamber this week approved ancther 20 per cent increase in the sugar duty, while there is probability of a further increase in wheat duties. already the world’s high- est. The effect of these measures will be still further to inflate living costs, already said to be the highest on the continent. As this trend continues, the sharper and more difficult must be deflationary reaction wnen it comes. Berlin.—The firmer tone on the stock market, resulting in a further rise of the stock index durlng‘fim past week from 179.1 to 81.2, is the only pable symptom that the psychologle upturn to business has been maintained, since most other indicators, at best, have manifested a tendency to decline at an ) attenuated rate. The foremost factor— ‘more plentiful money for capital mar- kets, a prerequisite to any business re- vival—is entirely lacking in Germany. Hitlerites Watched. les looking to reduction of tariffs, especial- | lishments ‘The political situation also remains unsettled. Although the exodus of 151 Nationalist extremists, of a total of 577 members of the Reichstag, resulted in a mcre quiet atmosphere within Parliament itself and 1s likely to facili- tate smooth of the budget bill, is ed at the intention of the Hitlerites to start a vehement STATES AR URGED T0 CONSERVE CANE THRDUGH NEW PLAN Joseph P. Knapp Advises PROF. IRVING FISHER, Yale economist, who told the trust company division of the American Bankers’ Association that 450,000 estates are probated annually by trust com- panies. He declared that wills should be sufficiently elastic, so that endow- ments can more easily be applied to constantly changing conditions. DROPIN MARYLAND PAY ROLLS NOTED Employment in Selected In- dustries Declines 4.1 Per Cent During December. Special Dispatch to The Star. BALTIMORE, February 21.—Employ- ment in selected manufacturing indus- tries in Maryland decreased 4.1 per cent from December, 1930, to January, 1931, according to Dr. J. Knox Insley, State commissioner of labor and sta- tistics. He added that in the same period there was a loss of .5.4 per cent in the amount of combined weekly pay rolls reported. His statement was based on written reports made by 534 Maryland estab- lishments and employment units, in which there was employed in January of this year a total of 82,880 persons. Their combined weekly earnings were $1,889,273.58. The 534 Maryland establishments and employment units that reported to Dr. Knox's office were divided into 14 major groups. In the 14 groups as a whole employmens in January of this year was 11.98 pe: eent lower than in January of last year. Two of the 14 groups, howevcr, showed increases in employment during the last year. ““Of the 266 manufacturing establish- ments for which operating time was re- ported, 3 had withdrawn from business and 1 was not in operation,” Dr. Insley stated. “Of the remaining 262 plants, 125 were running on a normal full-time basis, 6 were working overtime, and 131 were o%flunl on a part-time basis.” Employment in a group of retail establishments showed a loss of 27.9 per cent from December, 1930, to January, 1931. Employment in these places was 14.4 per cent lower in January of this year than it was in January of last year. In a group of wholesale estab- loss of 1.4 per cent in em- ployment was noted from December, 1930, to January, 1931. The employ- ment, figure in this group for January of this year was 4.2 per cent lower than last January's figure. METAL PRICES SHOW FIRM UPWARD TREND Trade Circles Have More Optimis- tic Feeling as Values Grow Stronger. By the Associated Press. NEW YORK, February 21.—A more optimistic feeling appeared to be de- veloping in the steel trade toward the close of the week. Ingot production in- creased moderately and this was ac- companied by reports of a better demand from the automobile industry, as well as increased specifications against contracts from railroads. Pittsburgh advices sald some interesting orders for pipe lines may be placed shortly. There was some irregularity to prices, however, with finished steel stegdy, but heavy melting scrap easier in some localities. Pig iron was easier. The undertone of copper was firm, reflecting _good export demand and limited offerings. While electrolytic was qucted at 10.25c delivered in the Connecticut Valley, custom smelters and producers wars said to be reluctant selers at this level and some withdrew from the market. The bulk of recent offerings has been absorbed by foreign buying, but domestic consumers have not been active. Demand for finished products has improved somewhat, but \;:l;me of orders is still said to be lim- Tin was firm in anticipation of Brit- ish governmental approval of the pro- posed Malayan and Nigerian production and export restriction proposals,- official announcement of which was received to- ward the end of the week. After the sharp advance, however, a slightly easier tone developed and consuming d>mand remained dull. Lead advanced on quite active de- mand and a stronger tone abroad. Zinc was easier under increased scll- ing pressure in nearby positions, with consuming demand moderate. A quiet tone was reported for anti- mony. Far East markets were steady. CHICAGO DAIRY MARKET. CHICAGO, February 21 (#).—But- ter—Receipts, 11,622 tubs; market steady; prices unchanged. Re- glg:!,lfll,fldfiugel: m:;let eul:l;ueux:.zn sts, 1715 ; fresh graded firsts, %; ordinary firsts, 15a15; Wall Street Goes On Holiday Until Tuesday Morning By the Associated Press. NEW YORK, February 21.—Wall Street tonight closed up shop for an xtended weele holiday of two days. Business vif | y as] n's versary. The New York exchanges, banks and all Preservation of Wild Life as Economic Asset. SAYS PRESENT STATUTES HAVE PROVED FAILURE Propagation of Species Should Be Stressed in Legislation, He Believes. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, February 21.—"I hate waste. Economic profligacy to me is not only deplorable, but detestable. It is a crime against life,” said Joseph P. Knapp, chairman of the Executive Committee of the Crowell Publishing Co., who retired several years ago with a comfortable fortune and decided to .!p]ernd the rest of his life enjoying him- self. However, fate was against him. Like many other Americans, he liked hunt- ing. But game birds were getting scarcer every year. He began a study to yearn why this was so. To his as- tonishment, he feund that game birds decreased steadily for 50 years in the United States, while in European coun- tries they increased steadily. The more laws the United States passed, the greater the decrease. So this retired business man organ- ized, with the help of some other well known American business leaders, the foundation, “More Game Birds in America, Inc.” The object is what the name fitself implies—to increase the nymber of game birds in America. Among the founders and contribu- tors are such well known men as Joseph P. Day, F. H. Ecker, Joseph P. Grace, John P. Greer, Thomas W. Lamont Jeremiah Milbank, J. P. Morgan, Jam~s H. Proctor, Ogden M. Reid, Charles H Sabin, James A. Stillman, Myron C. Taylor and George Whitney. Would Aid Farmers. “I believe farmers can add from $300,000,000 to $500,000,000 a year to their incomes when the American peo- ple tackle this problem of game birds in a sensible way,” said Mr. Knapp in discussing the work of the founda- tion. “The United States has gone wrong on this matter. It has placed on i the statute books of the States thou- tsands of laws dealing with game bird protection. all restrictive in character. It has been limiting the number of birds that can be shot by any cne hunt- jer, as well as limiting the hunting season. ‘With what result? | country has less game birds than it had the year befors. Several of birds are already totally exterminated, {and yet the States keep on passing more restrictive legislation. Any busi- ness man who planned in such fash- ion would come to grief, as he should. “What has brought about this con- dition? It results from the fact.that all the legislation so far enacted in the United States fails to recognize that only through propagation, properly en- couraged, can game birds be increased and maintained permanently.” “What do you suggest be done?” I asked him. “The United States should do exactly what Europe has done. There they do not continue to grind out new legisla- tion to restrict further ard further ths shooting of birds. They aim to increaze the number of birds everv year and liberalize game-bird legislation, instead |of restricting it as the United States | does. Evéry year the British Game Act. “The game act of Great Britain, passed in 1831, has been the basic game law of that country for just a century,” continued Mr. Knapp. “It has been amended in only' minor detail. What's the result? Since that act was passed partridges have increased over 200 per cent and pheasants over 1,000 per cent. And during -that ‘time game birds have been and are being killed in increasing quantities during their long open sea- sons.” “But during the war years was Great Britain - able to keep up any system of propagation of game birds?” I asked. “I'm glad you mentioned that. For the British system had a severe test during the great war,” replied Mr. Knapp. “At the begining most of the gamekeepers—12,000 cf them—enlisted, and game production came to a stand- still. When the British government got hard up for feed they even decreed that certain grain should not be fed to game birds. It also made restrictions that only 10 per cent of the breeding stock in certain species should be kept on any gaming farm. Surplus breeds were killed and sent to hospitals for fcod. Vermin increased rapidly and took 2 heavy toll of wild nesting birds. So at the time of the armistice the number of gamekeepers was greatly reduced and the number of stock breeds on game farms was less than 10 cen! of the annual carry-over for breeding purposes.” “Thén what happened?” “After the armistice new game- keepers were educated, for game-keep- ing is a profession in Great Britain and should be in the United States. The business of supplying game in- creased until it was practically back to normal in 1925. In other words, in less than six years, from 1919 to 1925, therr was an increase of 900 per cent in breeding stock. And that's the test— for an increase of breeding stock is ti key to the difficulties in the Unitec States. Other Nations Follow Suit. “In other European countries, like generally e ‘many, Hungary and Czechoslovakia, substantially the same program ha: been followed. Natural enemies of game birds—vermin—are rapidly con- trolled, and the simple game laws are observed by all.” 4 “YDII; o!‘;leenmnedk that Grgt Britain as - 12,000 gamekeepers. How many would be needed in the United States under your plan?” I asked. “Probably there are not more than 100 men in the United States fully qual- ified to raise birds. At the same ratio of population, the United States should have three times Great Britain's 12,000—or 36,000. These would be widely scattered throughout the country. “Now let us suppose that each of these gamekeepers is g-id $2,000 & year. There's $72,000,000 that farmers could use pretty handily right now. But that's not all. In Scotland alone $10.- 000,000 1s paid to land owners each year for shooting privileges. Many Amer- icans go to Scotland for grouse and spend 10 times that amount while there. "“You s:‘e, the expert armers, if you please) tly. how many birds