Evening Star Newspaper, March 3, 1931, Page 12

NEW GRAIN MARKE WILL OPEN TODAY Only Canadian Product to Be Traded In on Produce Exchange. BY BRADLEY W. TRENT. Special Dispatch to The Star. NEW YORK, March 3.—Establish- ment of trading in_ bonded grain fu- tures on the New York Produce Ex- change today is a significant event in the business world. The importance of this lies not in the fact that New York will have a wheat market—there has been trading in wheat here before— but because the trading will bz entirely in_Canadian wheat. By “bonded grain futures” is meant Canadian grain, subject to all the rigid inspection standards pertaining to Canada's farm products which are ex- {on@d4 ‘The grain will be brought to he United States under bond for ship- ment to some other country and, of course, will not be subject to customs duty or other taxes. Move Considered Radical. ‘This is one of the most radical moves in wheat trading in years and it fol- Jows as a natural sequel to the rising importance of the Winnipeg market as s consequence of the Federal Farm Board's operations in the hitherto free market at Chicago. The Produce Exchange, in its official | announcement of the new market, makes the statementi “The activities | of the Farm Board have wrought havoc with the gram trade of this country. By maintaining an artificial price level for wheat and accumulating an enor- mous supply the Farm Board has ren- dered it impossible for the United States futures market to function prop- erly. Prices for Canadian wheats are, on the other hand, under no such arti- ficial influences and may therefore be expected in their price level to reflect accurately conditions as they exist in the world markets.” Just what amount of grain may be traded in New York is uncertain, but officials of the Produce Exchange are making elaborate plans to handle a Jarge volume. Canada’s exportable sur- lus will be brought by train and boat Buffalo, through which point this huge volume of wheat is now routed. The trading will be done here, but the deliveries will all be made at Buffalo. Warehouse facilities there will accom- modate 40,000,000 bushels. From Buf-| falo water and rail routes spread to every important point on the Atlantic seaboard, both in Canada and the TUnited States. There are five trunk lines to New York, three to Baltimore, two to Philadelphia and one each to Norfolk, Va.; Portland, Me.; St. John, New Brunswick; Montreal and Halifax. The grain will move from its points of origin to the elevators at the head of the Great Lakes, Duluth, Port Arthur and Fort William, and thence to Buf- falo by water. Criticism of Board. Recently grain men have given vent to considerable criticism of the Farm Board's supervision of grain trading at Chicago. The Farm Board's operations in the Chicago market have caused some houses which had branches at Winni- peg to transfer the bulk of their activi- ties to the Canadian market. In some cases famous pit traders, like Arthur W. Cutten, have purchased seats on the wmmpe&eucmm and have actually moved ir market operations to the Manitoba city. ‘Winnipeg, according to produce ex- change officials, is now the only free market for grain‘in North America. Another for the switching is that the Ui States, which has in ths past exported about 20 per cent of her crop, will bly adopt restrictive measures whic! 2 population of only 10,000,000, produces about 500,000,000 bushels of wheat an- nually—or about the equal of the entire American crop produced east of the Rockies—and is likely in the near future to produce as much as 700,000,000 bushel A “free market” in Canada is con- sidered guaranteed by the declaration of Premier Bennett that the Canadian government, will not appropriate any || inds for the purpose of supporting ‘wheat prices. ‘What effect the new market here will have on Chicago and Winnipeg remains to be seen. For some time the Cana- dian wheat pool has removed much wheat from the market through its sys- | tem of maintaining selling agents | abroad. But recently the pool an- nounced its decision to withdraw all its foreign agents and dispose of its wheat | in the open market. If it does so0, produce exchange officials think the w)l will find it of advantage to trade New York, in order to eliminate glecmell shipments west of Buffalo, will business for Amer- SUBSTANTIAL DECLINE FOLLOWS STOCK RALLY Special Dispatch to The Star. NEW YORK, March 3.—Since it reached its high level a week ago, the stock market has had an average de- cline of 10 points. It has been losing ground at about the same rate that it gained it in the previous week. The thinness of the market has been iliustrated in the wide-open breaks that have occurred in stocks like Allied Chemical which, is down nearly 20 points, in many of the popular public utilities such as American & Foreign Power, International Telephone and American Water Works, and in railroad shares like Baltimore & Ohlo, which is off 10 points and New York Central, down 12 points. Numerous stop-loss-or- ders have been reached, as those who had %rofits have protected them by this means. Brokers this morning thought the market would react further and the high level of February 24 would stand for some time as the upper price range. They expected, however, that there would be frequent rallies. MUTUAL SAVINGS BANKS PAYING 4.59 PER CENT Special Dispatch to The Star. NEW YORK, March 3.—The average interest rate paid by all mutual savings banks in the United States on January 1 was 4.59 per cent. That figure com- pared with 4.56 a year ago, showing an increase of 3-100 of 1 per cent in the worst depression known to American security markets for a long period of years. This rate of return was paid on $9,464,732,492 to 12,226,345 depositors. A single quarterly payment of interest would amount to well over $100,000,000. INVESTMENT SECURITIES Listed Bonds and Stocks. Excellent N ional 1926 A. C. & Northeast Speedometer Repairs MILLER-DUDLEY CO. 1716 14th St. N.W. North 1588-4. Money on Hand to Loan on First Deed of Trust 6% Interest Reasonable Commission and Prempt Replies to Applications JAMES F. SHEA 643 Louisiana Ave. NW. Shoreham Building Service mHE complete and smooth running service is one of the con- spicuous features of this most modern of Office Buildings. Every mem- ber of the corps of as- sistants knows his part in the conduct of this Building, and gives his best attention to its ex- ecution. Scrupulous care of the lobbies, halls and rooms; prompt elevator service —and all the other ma- jor and minor details upon which efficiency and satisfaction depend have supervising execu- tive attention. Consult us concerning available space. MSKEEVER £ GOS$S$ 5. Representative of the Owners SHOREHAM INVESTMENT CO. Rental Office, Room 520 15th at H National 5643 “Which Stock Shall I Buy? The utilities . Consolidated Gas... American Telephone ...the industrials... American Tobacco...du Pont... National Biscuit...the rails... Atchison...New York Central...Pennsylvania... the oils...Standard of New Jersey...Texas Corp.l” The market is always puzling, Moody's Composite Portfolis Rating " CORPORATE TRUST SHARES represents an ownership interest in deposited com- @on stocks of thess 28 Companies— con particularly when an individual stock is considered. Some recover more rapidly from depressed ditions than others. The same is true of industries. Skilled investors such as insur- ance companies spread their in- vestment. Why should any indi- vidual attempt to pick the one best stock? The soundest plan is n Stand. Oil (New Jersey) one 6tand. Oil of New York Stand. Oil of Ind. Stand. Oil of Cal. Texas Corporation American Tel. & Tel. Western Union Con. Gas of New York General Electric Westinghouse Elec. United States Steel American Tobacco can of placing available funds in a cross - section of companies representing the best of Ameri- enterprises. This maybe done in twenty-eight of our most important corpora- tions through a single invest- ment in— CORPORATE TRUST SHARES Price at Market, about 6% per share Descriptive circular on vequest GrAHAM, PARsONS & Co. 1422 WALNUT STREET PHILADELPHIA 48 WALL STREET NEW YORK 300 SOUTHERN BUILDING—~WASHINGTON Telephones District 9310 . 'THE EVENING STAR, WASHINGTON, D. C., NATURAL GASOLINE PRODUCTION GAINS U. 8. Accounted for 91.4 Per Cent of World Total in 1929, Says Survey. By the Associated Press. World production of natural gasoline increased 40 per cent in 1920 as_com- ed with 1027, the. United States ureau of Mines reports. The report shows production during the latter period at 58,200,357 barrels, and was made at the request of a number of American oil companies to supplement current data on the do- mestic production of natural gasoline and worli production of crude petro- leum. The information was assembled from official publications of foreign governments, through the co-operation of consular and commercial represen- tatives in various foreign countries, and through the assistance of a num- ber of companies operating in foreign countries. During 1920 United States produc- tion accounted for 91.4 per cent of the world total, but the output of for- eign plants formed an increased pro- portion of the total, advancing from g:"pet. cent in 1927 to 8.6 per cent in On_the 1920 production of 5,017,309 barrels reported for foreign countries, about 2,000,000 barrels were mixed with crude and transported from pro- ducing properties, the quantity of natu- ral gasoline production being included in the figures of crude oil production, while the remaining quantity was transported separately, either by pipe line, tanker or tank car, to refineries for blending with naphthas in the pro- duction of motor fuel. Aside from the United States, natu- ral gasoline production in 1929 was re- ported for 16 countries, namely, Neth- erland East Indies, Peru, Persia, Ru- mania, Russia, Poland, Colombia, Ven- ezuela. Argentina, British India, Japan and Taiwan, British Borneo, Egypt, Mexico and Trinidad. STONE & WEBSTER CORP. GETS $7,000,000 CONTRACT Stone & Webster Engineering Cor- poration has received a contract from | the Southern California Edison Co. covering the design and construction of a 94,000-kilowatt extension to the Edi- son company's plant at Long Beach, which is located on the Coast about 15| miles south of Los Angeles. The work covered by the contract amounts to ap- proximately $7,000,000, and construc- tion work on the condensing water in- take and tunnels is already under way. “Alien Soll,” an opera recently pro- duced at the Berlin State Opera, has a plot dealing with Lithuanian workmen who emigrate to Chile, where the leader falls into the trap of an exotic vamp, the proprietress of a mine, and when he remorsefully returns to his wife finds her dying. 3 TUESDAY, ACTIVITY IN COTTON Special Dispatch to The Star. NEW YORK, March 3.—Pointing out that increased activity in the cotton in- dustry marked the inning of general business recovery in 1921, the Alexan- der Hamilton Institute calls attention to recent developments. Cotton mills increased their consumption of raw cot- ton from 406,000 bales in December to 454,000 bales in January. According to irregularly on the Bourse tod: First Mortgage Loans On Improved Real Estate in and Nearby Maryland and year terms on your RANDALL H. HIAGNER & COMPANY Home Apartment MORTGAGE LOAN CORRESFONDENT New York Life Insurance Company 1321 Connecticut Ave. MARCH 3, the mww} current sumption in MARKED 1921 TURN | $ine® M8; 300 betee tece August by 29 g; cent. Weekly average of cot- 1931. cloth in January 59,777,000 ed with 36,531,000 , & gain of 63.6 per | PARIS BOURSE PRICES. PARIS, March 3 ()—Prices m;v;ed -r the District of Columbia Virginia for 3, 5 or 10 Decatur 3600 nr cent rentes, 88 francs 40 centimes, lve times. Exchange 4 francs. dollar was quoted at 25 francs 52%, centimes. Money to Loan i Joseph L. Weller 537735 % % ¥t per cent loan, 102 francs 20 cen- on London, 12 G.M.-P. MURPHY & CO. New York WASHINGTON Philadelphis Baltimore Richmond . 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