Evening Star Newspaper, March 22, 1931, Page 61

News of Markets Pages 1 to 5§ FINANCIAL AND CLASSIFIED he Sunday Sty Classified Ads Pages 5 to 12 Part 6—12 Pages WASHINGTON, D. C, SUNDAY MORNING, MARCH 929 1931. NEW HEH MARSS SCORED BY ISUES OND.C EXCHANGE Washington Gas and Peoples Drug Store Stocks Strong in Saturday Trading. STEADY BUSINESS GAINS SEEN DURING REST OF 1931 Economist Predicts Normal Times Early Next Year—Comment in Financial District. BY EDWARD C. STONE. Yesterday's session of the Washing- ton Stock Exchange attracted attention by the fact that two local issues established new high marks for the present year.. One was Washington Gas Light Co. Peoples Drug Stores preferred. Two small sales in Washington Gas were recorded at 127, against a previous high for the year of 125 and a low of 118%. The last previous sale was at 125." This stock has recently been in the limelight owing to the announce- ment that 84 per cent of the outstand- ing issue is to be put up for collateral back of the $6,500,000 bond issue being offered ‘Washington & Suburban Cos., the concern that has recently taken the place of the Seaboard In- vestment Trust which held a majority of the stock after control of the gas company left Washington hands. Preferred Stock Strong. It took only one small sale in Peoples S erred yesterday to ‘The last vious high for the year. - The stock has fluctuated very little during 1931, the low mark being 98. annual report showed a drop in mnet the company did an excellent business and expanded steadily by the addition of several new stores. ‘Washington Railway & Electric pre- ferred lea the market in volume of trading, the largest sale being a block of 50 shares. As usual, on Saturday, the unlisted securities were called off, few changes being made in quotations. ‘The asked price on Munsey Trust Co. stock was advanced from 156 to 160, quotations were lowered slightly on National Press bonds to 58 bid and 64 asked, whle the bid on Metropolitan Club bonds was raisxd | from 90 to 94. The day’s sales: Wi ton Gas 65 “A"—$100 at 1013, ‘Washington Gas Light—10 at 127, 10 at 127, ‘Washington Rail “& Electric pre- ::nu—lu at w/fli !t 98%, 20 at Mergenthaler Linotype—10 at 86%. les Drug Stores preferred—10 ‘ashington Gas 6s “A"—$1,000 at Washington Railway & Electric pre- ";Humuwn“ Gas ss—310 3 ,000 at 105%. Washington Gas 65 “B"—$200 at 10, stock and the other! ‘While the recent| PLATT SEES DISCOUNT RATES AS BEST CURB ON SPECULATION Former Reserve Board Of- ficial Discusses Methods to Control Credit. Open Market Operations Are Inadequate, He Believes. Favors Changes. Edmund Platt, former vice governor of the Federal Reserve Board, who helped steer the system through the strenuous financial year 1929, believes that in the next outbreak of specula- tion less reliance will be placed upon open market operations and more re- course will be taken to wates when it becomes necessary to attempt to ex- ercise control of the money market. ‘The former vice governor believes that 1928 and 1929 disclosed a flaw in the Federal Reserve System which must be remedied. In the current American Bankers' Association Journal, Mr. Platt declares that one defect in the sys- tem is the difficulty of getting the machinery into reverse, adding that when the time came to change from brakes refused to work. Mr. Platt says: “It does not seem to me that the speculative excesses of 1928 and 1929 can be attributed wholly or even chiefly to_the open market and easy money policies of 1927. Easy money will not alone start or sustain a bull market. The reversal could certainly have been made more emphatic in 1928 and 1929 by sharp increases of rates and a little less reliance upon the ‘hidden hand,’ l-nd upon ‘direct pressure.’ the easy money policy of 1927, the| EDMUND PLATT. “There remains the present policy with the lowest reserve bank rates in the history of the system, and hold- ings of Government securities at their highest. This policy has been in effect longer than any of the previous easy money policies, but so far without any visible result upon the business situ- ation. Meanwhile . the Open Market Committee has been enlarged to in- clude the governors of all the reserve banks with an Executive Committee corresponding to the cld Open Market Committee, and the reserve board in Washington has somewhat tightened its .control. Whether these changes will operate to still further retard the reverse m. @#nt of the system when the time comes for a firming policy re- mains to be seen.” LARGE FARM LOAN DEMAND EXPECTED Government Prepared to Aid! Rural Banks in Extend- ing Credit. Special Dispatch to The Star. KANSAS CITY, Mo., March 21.—As the interior approaches the period when normally there is an increased demand for loans from the farm oper- ator it is evident that this year will tee a larger need than is ordinarily felt. The rural sections have little to sell between now and harvest except the carry-over c¢f wheat. This, though larger than last year, is worth only about half as much per unit. The supply of credit for production will be less in most sections than in recent years, while, despite earnest effort to produce crops with minimum expense, the need for credit will be increased. Emergency Loans. A portion of this increased need will be met by emergency advancements of the Government seed loan fund, further Normal Business Seen by 1932. According to Dr. Warren M. 1{:rsons, P continue for a year or more without im- portant interruption. Dr. Persons has outlind his views in ® new book, just published by John iley - & Sons, of New York, called 'Forecasting Business Cycles.” His ex- tion of an upward' trend of busi- ness in 1931 is based upon a careful sludy of the six major business de- pressions which havs occurred in this country during the last 55 years. The deep depression which has grip- ped this country during the past year is not a novel experience, the author states, but rather repeats to a large d:gree‘ the experiences of 1884-85, 1907-08 and 1920-21. These depressions, being nearly el to the present one, ®ive Dr. the basis for the fol- “The of recovery will be probably in February-April, 1931; re- covery thereafter without important in. terruption until ‘normal’ business is Teached, not later than the middle of 1932 and probably earlier in that year.” Recovery May Be Spectacular, Naturally these ar: not iron-clad| prophesies, but rather statements of probabilities. The actual course of business during the rest of 1931 will be effected by all the variations and up- #ets which occur whinever the weather and human element enter. The predic- tions which the author makes, are based upon the assumption that there will be no pronounced credit restrictions, no wide spread strike to retard recovery, and that there will be roughly normal crops and normal meteoric conditions. Dr. Persons has listed the following external events which have delayed re- sovery in the present cycle: The drought in July-August, the Hitler agitation and war talk in September-October, and the collapse of security prices, bank faflures and loss of confidence in No- vember-Deccmber. In previous depres- sions, 20 per cent to 25 per cent under estimated normal for the time was the bed rock below which business: did not g0. The index for Dec:mber, 1930, was below 70, the lowest relative point since 1875, Recovery may be V shaped, how- ever, and as spectacular as was the decline of 1930. This will depend on favorable credit developments, inaugu- ration of a real bond market, and the action taken the leading central banks, particularly by the Bank of France and the Federal Reserve Bank. Elements which may retard the present business Teco are the international debt sit- uation” which may e inter- national lending and borrowing, and governmental attempts to control prices and production, the author concludes. Comment in Banking District. Claude H. Woodward, president of the Mount Vernon Savings Bank and chairman of the Program Committee for the coming convention of the Dis- trict Bankers Assoclation, held the first committee meeting Friday. The mem- bers have some excellent ideas for an expansion of the agricultural credit cor- porations and rediscounted paper sent to sections where reserves are plentiful and the local demand small. The farm mortgage credit is being restricted closely because of the conservatism of the loaning companies. This does not apply to marketing credit, which will probably be ample. ‘Two factors are present in the situa- tion of the rural banks. Most of them went into 1931 with a smaller volume of deposits than the year previous. The carry-over of loans was greater, and constant difficulty of liquidation of loans has continued since the beginning of the year. Added is a strain on the funds cf communities ordinarily de- posited in the banks of building lnfl‘ loan associations and by the install- ment selling of utility securities. | The Postal Savings Department has made a great growth in the rural sec- tions in the last year. In most towns the increase has been 50 per cent and sometimes more. Postmasters tell of customers who, lfe;ulul‘ gg c%lonkl.d are holding deposit cla! of $5,000 and up, :ceegzn; the post office as the one safe place for savings. This money goes out of the West, so far as furnishing credit is concerned, and affects the banks by reducing deposits and thereby the possibility of aiding customers. Bankers Conservative. Because of this situation bankers are following an exceedingly conservative course and refusing to make lcans ex- | cept for essentials and upon gilt-edged paper. Thereby they hope to be able to furnish sufficient credit to carry through the Spring production season and enable the farm area to operate until marketing begins. (Copyright, 1931) . EXPERT YEAST WRAPPER NOW COMPANY OFFICIAL Special Dispatch to The Star. NEW YORK, March 21.—Daniel P. ‘Woolley, who 22 years ago was wrapping tin-foll around yeast cakes in the Cin- cinnati plant of the Fleischmann Co., has been appointed vice president charge of sales of Standard Brands, Inc., according to an announcement by Joseph Wilshire, president. Mr. ‘Wool- Jey remains in charge of advertising, directing expenditures of millions an- nually in the newspapers as well as of one of the largest yearly appropriations by any single sponsor of radio broad- casting. Eugene R. Black, governor of the At- | lanta Federal Reserve Bank. Savings Parley Data Awaited. TLocal bankers are awaiting complete reports on the Eastern Regional Sav- ings Conference just held in New York. Among the matters discussed were segregation of savings deposits, cost accounting, educational campaign for stimulating savings and an educa- tional advertising campaign by the Savings Bank Section of the A. B. A. unusually fine program for the Hot Springs sessions. The proceedings at the recent -Cen- tral State Bank Manag ence held in this city have just been printed by the American Bankers As- socistion. As Chairman Robert V. Fleming said at the conference, “the addresses will take high rank in the banking literature of today.” Southern Bank Management Conference is to take place at Atlanta on Mareh 25 and 26. Robert V. Mad- dox. former president of the American Bankers Association, will preside and vh’ speakers include Harry J. Haas, . Varst vice president of the A. B. A, and ement Confer- | G. The Spring meeting of the Executive Council of the American Bankers As- sociation will take place at Augusta, Ga., April 13, 14, 15 and 16, Francis 3 , jr., president of the Se- curity Savings & Commercial Bank, is the Washington member of the council. Other local bankers on special commit- tees will attend. To boost passenger traffic on week ends in this territory during the Sum- mer, at least one rallroad running out of Washington has announced special low fares from March 27 to October 25. | bonds, Stopovers are allowed and the tickets are good on parlor and sleeping cars cn the payment of regular Pullman _— . Lo Motor Car Sales ; Speed Up Output At Leading Plants Present Buyers’ Market Results in Keen Competi- tion Among Producers. Special Dispatch to The Star. DETROIT, March 21.—Seasonable improvement as reported by various motor car companies is expected to make March volume of all the plants reach approximately 300,000 units, with pro- gressive expansion to 400,000 possible in tives are realized, production for the first time this vear will assume pro- portions comparable with those of 1930. As the first three months of this year April. If the hopes of the siles execu-l UPTURN N STOCAS 5 LAID 0 BETTER BUSINESS OUTO0K Traders Find Little of Bullish Character in Annual Statements. STEEL INDUSTRY LEADS IMPROVEMENT IN TRADE New Treasury Financing May | Have Influence on Immediate Market Movements. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, March 21.—If senti- ment has been cheerful this week, statistics of business have been cheer- less. Sentiment is the more powerful influence on speculation and has again outweighed that of reduced divid:nds, unfavorable 1930 corporation reports and estimates for the first quarter of 1931, smaller car loading figures, and a further decline in some commodities sufficient to bring the wholcsale index to the lowest point in the current de- pression, Added to these factors is that of the severe falling off in income tax pay- ments, with the consequent increase in the Government deficit. This can only be met by another large issue of Treasury notes or certificates. ‘The stock market this weck has been buoyant in spots and has broadened out to include groups that had been indifferent to the manifestations of manipulation in the public utility shar<s. One of the concrete evidences of industrial improvement was the ad- vance of $1 a ton in structural steel and the placing of one of the largest orders in the history of the trade. This offset the effect of th: omission of the common stock dividend of one of the independent steel producers and is ex- pected to give some impuls: to other departments of steel industry than those recently active under the influence of automobile demand. Shiver’s Rise Stimulating. The further rise in the price of sil- ver had a stimulating effect in all of those markets here and abroad that are sensitive to fluctuations in the white metal. By some the turn-about in sil- ver is regarded as a symptom of sta- bilization in the general commodity situation. This, however, is being de- layed by the continued fall in farm and food. products, so that the com- modity index this week is sharply lower and nearly 20 per cent under the have demonstrated, the comeback is a long-drawn-out but nevertheless steady process, with operations rigidly held to territorial requirements and varying ac- cording to week-to-week developments determined by survey. Selling Season on Way, The real selling season, during which the full extent of the country’s needs are to become apparent, is not to get under way until April. On that month will largely hinge the course that the plants will be able to chart for the period leading up to mid-year, when plans for 1932 will be up for decision. ‘With April as the immediate objec- tive, the sales divisions, reinforced with “front office” executive help, have taken to the road in the intensive effort to rally the retail end and build up & foundation for improved volume. To that end the presidents and general managers have turned their efforts for the time being to sales promotion. The prevailing buyer's market has ex- tended itself to a retail representation for which companies are competing with eacn other. The result is that the makers offering the more attractive models and terms are adding to sales outlets, with changes of lines to the territory more frequent than in normal years, Transportation Change. As another changing phase of the business it is noted that the transporta- tion of new cars from factory to distri- ' bution point appears to be switching from the railways to highway haulage. As a consequence the rates charged for rail delivery are being revised downward in an effort to reclaim the share of this business that the rail lines have had in previous years, MARKET IMPROVING Large Orders Give Firmer Tone to Prices—Copper Buying Is Quiet. By the Assoclated Press. NEW YORK, March 21.—Placing of a structural steel order fcr the radio center in New York City, estimated at from 115,000 to 160,000 tons, and an inquiry from a railroad for 100,000 to 125,000 tons of fabricated steel, created an optimistic tone in the steel market this week. Expansion in mill operations, however, was rather slow but steady, teel ingot production being estimated at 57 per cent of capacity. The under- tone is steadier, some of the leading mills announcing an advance in bars, shapes and plates for the second quarter. Pig iron is about steady with a fair inquiry reported. Copper remained quiet with foreign demand restricted by the premium of Y4 cent being asked over the normal export parity. A fair demand developed in the domestic market at the 10-cent level, at which custom smelters have been willing to sell and fabricating sub- sidiaries of large producers are said to have taken over moderate tonnages. A report that wire drawers have booked a number of good orders has been a sustaining factor. Large producers con- tinue to quote 10, cents for electrolytic | delivered in the Connecticut Valley. Tin advanced in sympathy with firmness in London, while reports early in the week of small straits shipments for the first half of March lent some steadiness to the market. Lead held steady. Although demand for zinc is light, it is absorbing producers’ curtailed output and the price is steady. Surplus stocks are held off tiie market, The undertone in antimony was easier. BONDS CALLED. J. & W. Seligman & Co. and the Na- tional City Bank of New York, fiscal (#zents of the Republic of Peru, are | rotifying holders of Peruvian national loan, 6 per cent external si , second series, due Oct 1961, that £11,200 principal am these bonds have been drawn by lot for redemption at their principal amount and accrued interest on April 1, 1931, figure of last March. It has been s distressing period for the holders of stocks in many different lines of enterprise. The number of divi- md reductions and omissions runs into large figures. The passing of the givi- dend on Missouri, Kansas & Texas Rallroad common stock emphasized the plight of the carriers in the South- west, whose margin of profit on their capital stock. even in normal times, is none too high in spite of the improve- ment effected in their capital struc- tures in the reorganizations of 15 years . Approximately $50.000,000 in rail- road dividends and interest on adjust- ment bonds has been cut off in the last six months. This figure will be materially increased in the June quar- ter of this year. Recently the dividends of banks and trust companies in the New York dis- trict, as well as in other parts of the country, have begun to show the effect of low interest rates, snialler commer- cial loans and the depreciation in their investments of securities and real es- tate. They have held out against the general trend but are now being com- pelled to make the same sort of ad- Justments that have become quite com- mon among the industrial and rallrcad corporations. Deficit Exceeds Estimates. A Government' deficit 1s something that the people of the United States have not had to deal with many times in recent history, although it is quite chronic with nations abroad. The seri- ousness of the present situation is that the deficit is running far in excess of the maximum estimates made when the soldiers’ compensation measure was, under discussion. That it will neces- sitate another huge offering of Govern- ment paper is obvious. It is also now quite apparent that it has indefinitely postponed any attempt to refund the United States Liberty fourth 4Ys in 1933. ‘The success of this month’s loans is evidence that the public will Buy Gov- ermnment paper and pay a premium for it. So there is no. occasion for alarm on the part of Secretary Mellon and his advisers over their ability to sell suf- ficient+Treasury certificates to meet the deficit. What it does is to extend the Government debt after a 12-year period of steady reduction and handicap those who had formulated the policy of re- funding a liberal slice of the war Joans at rates of interest which would have brought a substantial annual saving in debt service. It is not clear why the Treasury officials could not have realized what would happen when the March income tax statements were submitted with checks attached. It has been obvious to any one who has investigated the campaign among business men and in- vestors to limit their 1931 income taxes by taking every possible loss, that the total available for the Government from these sources would be materially re- «duced. It is understood that in the second district in New York City, which includes the Wall Street area, the re- turns are off 25 to 30 per cent from a year ago. Many individuals who paid thousands of dollars of tax in 1930 are ng only nominal sums this year. rinerships and industrial corporations are contributing little. Earnings of rail- roads and banks have been such as to reduce their tax commitments by a substantial percentage. On the other hand, public utility corporations had a satisfactory year in 1930. The increases in their taxes has helped to offset decreases elsewhere. One case is cited of a power and light holding company that paid $22,000,000 last year and now shows profits that will compel an income tax return this year of $30,000,000. Altogether it looks as though the original estimate of the Government of a falling off of $100,- 000,000 in March quarter income tax returns was 50 per cent too low. Foreign Trade Declines. ‘The foreign trade figures for Febru- ary published this week ran about the same as those since the, tariff bill went into effect last Summer. Each time the authors of this bill rise to remark that 1t has no effect on the country’s trade, Business News in Retrospect Although It Is Too Early for Any Predictions, Indi- cations Are That the Se- curity Markets May Benefit Substantially Through the Distribution of Bonus Money to Vetera: BY 1. A. FLEMING. “We are getting a little impetus in the stock market, nothing very en- ccuraging to the great army of in- vestors holding on to securities and longing for the chance of getting out at somewhere near the figures of the first half of 1929, but it is a start. Advances are checked every little while by profit taking, and this is nothing but natural, and we are holding part of the advance. “The distribu- tion of millions of bonus mony should be a factor of im- portance to the market. If it can gain impetus with some real activity before the bonus money has been entirely distributed by the veterans who have received, it, I lock for a good market running into 1932, when every effort will be made by the dominant political party to aid recovery of business. “If, however, the bonus money is 1. A. Fleming. situation, if some portion, and a fairly good part of it, is not diverted to the security market, the outlook will not, in my opinion, be better than at present.” This is the substance of an inter- view with a local stock broker who has followed the New York market for many years, who admits that there are always two sidgs to it but who refuses “to be interviewed,” in so far as using his name is concerned. It looks very much as if the security market is counting on the incurable habit of speculation to bring its share of emergency money, issued as a bonus to veterans, to its aid. Perhaps some of this cash has already made its ap- pearance and has been responsible for strength in the industrials of the last few days. It is next door to & certainty that the automobile trade has already been greatly benefitted by the bonus cash distribution. Many merchants are looking for their ~ share—many are gathering it in. Millions can not be Teleased without helping general busi- ness. Scme of it may pay off mort- gages but not very much. Bankers’ Luncheon Group. Weekly meetings of the Bankers' Luncheon Group, held on Wednesdays, are becoming more and more popular. Representatives of nearly all banks are frequently present, while a large repre- sentation is always waiting the call to order by the president of the local asso- ciation. About 45 minutes are devoted to a general discussion of problems that may arise, to questions that may de- velop in the discussions and to an exchange of technical information of importance. Officers of the District Bankers’ As- soclation are seated at the head table, with an array of past presidents at opposite end. In the latter group the bankers are generally long on experi- ence and are depended upon by the officials to aid in the solution of knotty problems that may develop. Many of the smaller banks always send representatives to these weekly meetings; indeed no bank can afford to miss the valuable information there disseminated. At the last session Wednesday, M. D. Rosenberg, president of the Bank of Commerce and Savings, was present. He has not taken a very active part in the affairs of the association for some time, leaving association representation to John M. Riordan, executive vice presidgnt. Mr. Rosenberg was president at the time of the first annual convention of the association, at Deer Park, and also presided at the second gathering, on the 8. 8. Midland, on the Potomac. His assoclates welcomed him at the lunch- eon and he has signified his intention to be a regular attendant. As to Florida. Yes, it _was a cold, raw Winter in Florida. Northeast winds were continu- ous and unmerciful. Enough rain fell to relieve the drought. The sun was busy shining every day, but behind clouds and rain. Banks in the State are collection ag-ncies, that is, in the smaller town; admitting that they have no money to lend, that the depositor of today will withdraw his funds temor- row. Hence, they all carry heavy cash balances. Most of the banks have compromised with the owners of frozen deposits and can exist on charges for service which they have installed against pafment of their own checks and all collections. In the towns the cash and carry mer- chants are doing a “cash” or quit busi- ness, as only in this way can they keep. their prices within speaking distance of the chain store figures. Natives are generally “short” but make no bones of it, finding some con- solation in th: feeling that this year Plorida is not an exception but that the State is keeping step with the rest of the world and taking cold comfort fiom the fact. Hotels with few exceptions have suf- fered, but most of them hav: stood up to the rack and maintained their repu- tation in the face of serious losses. ‘The fruit fly was the cause of a gen- eral clzan up of orchards that needed it ever so greatly. ‘The result was a greater crop of fruit this year than ever b:fore. ) CHICAGO DAIRY MARKET. CHICAGO, March 21 (#).—Butter— Receipts, 13,863 tubs, easy; '\ extras (92 score), 29; standards (90 score, car lots), 29: extra firsts (90-91 score), 28a28l2; firsts (88-89 score), 26;2-21%: seconds (86-87 score), 24158 25%2. Receipts, 22,808 cases, steady. changed. RAILROAD REPORT. YORK, March 21 (Special) — s of Cent: for February gross revs enues $606,101, as compared Y R come charge: $275,614, as compared with $401, NEW Internaf 1599 last SILVER QUOTATIONS. NEW silver, 20%, G oy 5. expended without effect on the security | thel herring because fish YORK, March 31 (#)—Bar FEAR CONPETTION OF SOVET WHEA Dominion Must Sell Huge Grain Stocks Before New “World Crop. OFFERINGS FROM RUSSIA ARE CHEAPENING PRICES U. §. Farm Board Also Faces Prob- lem of Marketing Sul- plus. BY JOHN F. SINCLAIR. | Special Dispatch to The Star. NEW YORK, March 21.—Canada is facing a serious problem. She has for sale about 200,000,000 bushels of wheat— as much as is held by the United States Farm Board—and is selling this wheat a3 fast as possible, but not fast enough to be rid of it before the new world crop arrives. ‘The Canadians feel threatens them. Last week while I was in Toronto I noticed that the bankers and business men there were more in- terested in the Russian wheat export business than in any other question. They wanted to know if Russia can lay down wheat in Europe at 50, 60 or 70 cents a bushel. Can the Soviet republic do this and develop her resources? If 50, it means great difficulties are in store for the Western Canadian wheat farmers. ‘The Canadian government knows this. Her business men know it. And the railroads know it, too. ‘That's why E. W. Beatty, chairman and president of the Canadian Pacific Rallroad, ‘Toronto last week demanded that Canadian government supply the bu ness men and agriculturists with more real facts about Russia. If Canada—and this applies to the United States also—is ever to make in- telligent plans to meet Russian compe- tition it will be necessary to know all of the important facts concerning Russia's wheat output, its cost, amount available for export, at what price, etc. “Russia knows to the last economic detail what is geing on in Canada, while Canada knows very little about what is going on in Russia,” says the Financial Post. of Toronto. That same criticlsm applies very largely to American business men and farme; America knows too little | about Russia Soviet Experts. Russia’s foreign trade during the past Soviet fiscal year, which ended Septem- ber 30, 1930, has entered the $1,000,- 000,000 class. For her imj ‘were that Russia $534,000,000, an increase of 21 per cent | s and her ex-|foo over the previsus year, ports reached $501,000.000, an increase of 14 per cent over last year. Thus she bought abroad $33,000,000 more goods than’she sold. The largest gains in Soviet imports were in the field of industrial machin- ery and equipment, and raw materials for their manufacture. Cotton imports into Russia regis- tered a decline. American cotton growers will want to know why. It was due to the increased planting of cotton in Russia. In chemicals, too, Russia is able to take care of herself. Sugar and herring were among the large food imports—sugar because Russia had a short domestic last year, and widely used as a substitute for higher priced meats in the Soviet Republic. ussian exports have taken an inter- esting turn. Oll, timber and coal show an increase, #s was expected. But an increase of 100 per cent in the volume of canned goods exported, was not ex- pected. Nor was the gain of 200 per cent in the export of chemicals. That's & warning to German and American chemical interests—that the Russian chemical industry can be counted a fim‘ factor in the world trade of the Roosevelt's Message. Gov. Roosevelt's special message to the New York Legislature, demll;‘laln( the passage of better banking laws to protect savings deposits in non-saving banks, has revived the possibility of LOCAL BANKER STIRS INTER- EST IN ORATORY. ‘WILMER J. WALLER, (Bachrach Photo.) Last year's president of the District Bankers’ Association and a vice presi- dent of the Federal-American National Bank & Trust Co., has aroused keen rivalry among junior bankers in Wash- ington Chapter, American Institute of Banking, by offering a silver prize for proficiency in publi¢ speaking. In the preliminary contest the list was cut to four competitors, who will take part in the finals on March 25. GANINOIL OUTPUT DECRIED BY TEXANS 'Agitation Against Midconti- nent Producers Revived in Southwest. Special Dispatch to The Star. TULSA, Okla., March 21.—Additional production of crude oil from wells in sorbed thus far with apparently very little concern. The increases occurring in the Texas fleld as a result of unchecked production and the gains in the Semi- nole pools, due to the temporary unre- stricted flow for the purpose of - ing the present potential capacity, to- gether with the augmentation of marketable output of the Oklahoma City fleld, which in all are nearly 125,000 barrels, are pfii?ut?:: R which com) - rished- fluwcph the nv:l‘g‘d pro- sppeased for the toward a larger ‘The production of the Oklahoma City field this week will average 135,000 bar- rels daily, against 90,000 a month ago. The additional production is being taken mostly by the Sinclair company, although the Standard Oil Company of Indiana and some of the smaller pur- chasers are also buying greater quanti- ties. It is doubtful, however, if all of the purchasers other than Sinclair are taking in the aggregate 30 per cent of the increased output. The Sinclair firm and a handful of independent operators were the princi- pal agitators for a larger output from the new flush field and it was at their insistence that the Corporation - mission increased the marketable oil in Oklahoma City to 150,000 barrels daily, although it has temporarily cancelled 25,000 barrels of this amount until the meeting of oil State representatives in ann;&p, to bs held at the end of the month. Prices Standardized. Since more oil has become available to the refining units and the price of the raw material has become standard- ized, with a few exceptions in the mid- continent, there has been an abatement in the political agitation, which had reached a pitch heretofore not attained Oklahoma. This waning of interest in this State, however, appears to be re- the passage of such laws at the pres- k: ent session of the Legislature. Savings deposits are not commercial deposits. Many of the larger commer- cial bankers would like to see the sav- ings’ accounts eliminated entirely from commercial banking. One of the larg- est of° New York commercial bankers told me this week that savings ac- counts and commercial accounts are 50 widely different in character and form that the only safe way is to have two kinds of banks—commercial banks, with no savings accounts in them, and savings banks, with no commercial ac- copnts in them. ‘Already the plight of the 400,000 Bank of United States depositors stands as a warning. New York legislators are being pressed from all sides to work out legislation which will prevent, as far as it is humanly pcssible, a repeti~ ticn of this tragedy, where the st ferings were largely in the savings ac- counts. R The suggestion of Senator J. Ham Lewis of Illinois that the United States suspend all war debt payments due to her, except interest, and pro- vide “that these debts be transferred to the generations that did not fight the war, and exempt from immediate pay- ment generations who did not fight and suffer the war” is the most ingenious one, ‘This new Senator from Illinois, who served a previous term in the United State Senate during the Wilson ad- ministration, offers this sugg:stion as a remedy that “will immediately awaken trade and revive prosperjty in America.” Therz’s no question that such a move would have, temporarily at least, (Copyright, ENGINEERS RUSHING 1931) They have lessened their FOREIGN ECONOMIC PIGTURE PRESENTS HOPEFUL FEATURES Recent Favorable Trend in Several Lines Is Being Maintained. | TEXTILES SETTING PACE FOR INDUSTRIAL GAINS Germany and Eastern Nations Are Showing Signs of Spring Revival Special Dispatch to The Star. NEW YORK, March 21.—Cable dis- patches to the Business Week give the fellowing survey of business abroad for j the week ending March 21: There were few high s in the week’s developments, but the favorable trend distinctly has been maintained. An unmistakably better tone is gaining 1 throughout Europe. Even Germany and the Eastern States are begin: to contribute signs of improvement. On the other hand, after six weeks of sustained advance, it is reasonable to expect that any period cf consolida- tion will be attended by ties, as was manifested in the slight reces- sion in non-ferrous metals during last week. Tin alone turned strong in mid- week. Copper demand is largely un- filled and readiness to cover is evident, ll;u:uguy:n are hoiding out for 10-cent Textile Demand Strong. Textiles continue their leadership in the industrial advance. chester | lagging while registered their first gains, are begin- ning to stir. Contrary to expectations, the improvement is 1y noticeable the mid-continent area is being ab-|in England. pral Con unc! second quarter, despite the fact quotas in the last three quarters. ital stringency and oney exchange markets during the :‘nk.’ Sterling reached a new high against francs. March figures Current reports of quiry and, in some cases, actual sales expal . oot e Mmoo : of tien, large! Al French investor. It is he who ’s_largest accumulation of funds. But today he is a doubter. mprelnd' ng’ ':vwnmd“u:: 1 ‘business. hoard rather than to invest. The final of the Rumanian loan, of which a French “consortium took Ty the Teguming of the opersion e of French capital congestion; may only show the investor will not support b“u‘.enkmnd issues advocated by French ers. Tariff Conference. ‘There is also a serious whether England will be able tribute capital as extensively as It merly. The disinf of Britain' economic position has seriously re- duced, if not actually vitiated, the cus- tomary favorable bal of payments. Meanwhile, financial activities in Eu- rope are charas wide internationalization. ‘Third Tariff Truce Conference has proved to be another stalemate and will probably vote an indefinite ad- . _No wholesale denounce- treaties after April 1 is tie-up collapse. nmcrnce that the HUGE WESTERN DAM ¥ Power for St. Louis and iining Districts Will Be Available This Summer. ¥ Spectal Dispatch to The Star. ST. LOUIS, March 21.—Stone & Webster Engineering Corporation hes closed the last few openings in the huge dam of the Osage development which it is building on the Osage River in the central part of Missouri for the Union Electric Light & Power Co. of St. Louis, and a new giant lake is being slowly formed. When the water has reached its maximum level, the lake will be 129 miles long, with about 1,300 miles of shdre line, and will cover approximately 60,500 acres, including former sites of towns, farms, bridges and highways. As a preliminary to the creation of this new body of water it has been necessary to move the town of Linn Creek, the county seat of Camden County, to new and more elevated site, as its former location' will be under 30 favorable and a far-reaching effect | a on trade and commerce throughout the world. Farmers and Financiers. Is Sinclair Lewis, the Nobel Peace Prize winner of 1930 in Literature, about to write a novel dealing with American financiers and kers? He may not, but in his first address given in the United States since his return from Europe, h> referred particularly to two classes of our citizens who would make excellent material for the wide-awake novelist Ananciers.” Here's th: way he sizes it “And there is fln!rfihfiol ent-day farmer of rm'mmmd, ‘who, ral on his rock-strewn to ing vegetables to eat instead of home-grown corn and then buyl canned corn for his table at se who sit wi cellors of onmhu‘h“m 1929, when L. H. Egan, ), whe 3 9 it of the Union Electric Light & authorized preferences in & solidation; tariffs tionism. STATES INNORTHWEST SEE IMPROVEMENT Planting Season Expected to Help Conditions.Already Reveal- ing Advances. L] closed econ for outright protec- Special Dispatch to The Star. out that the planting season soon will be' in progress, bringing with it pur- chases of seed, chemicals, tools, ma- Dakota, ‘Wisconsin, Montana, Washington, Idah and Wa';‘nmln‘ show_general conditions corporation | whole. the