Evening Star Newspaper, April 11, 1931, Page 15

FINANCIAL, CURB ISSUES EASY | - IN QUIET MARKET Short Covering Plays Part in Dealings at Week End Session. BY JOHN A. CRONE. Special Dispateh to the Star. NEW YORK, April 11.—Dullness and irregularity marked dealings on the Curb Excl y. After opening higher some of the pivotal issues frac- glgmlly eased on a small volume of e Electric Bond & Share most of the time was up about a half point on an extremely small turnover for this issue. Citles Service fractionally gained. Specialties like Agfa Ansco lost a good portion of their recent advance. ‘Two_pieces of trade istics, one from the copper industry and the other from aviation, were bullish, but these developments did not have immediate ,eflect on their respective groups of securities. Arcturus Radio Tube opened up frac- tionally higher despite reporting a 1930 et loss of $1,368,898, after various charges, against a profit of $538,429, or 89 cents a share in 1929. Most radios, including Polymet Manufacturing, De Forest and Canadian Marconi, inclined to_heaviness. National Transit rose fractionally, following an announcement that, ef- fective May 1, it would reduce its pipe line carrying charges 2 to 5 cen& a barrel on crude oil. Although other pipe lines are contemplating downward me revisions, their shares were inactive ay. Cities Service will publish its annual report Monday, and it is understood the showing will be hetter than expected. ‘This may have been responsible for some of the early short covering in that issue. DS ON THE CURB DOMESTIC BONDS. sands jsbam 3 Bale ia t] o3 < T 332 3 TESTFR SRS ¥ iy =832 ST 222! 151 S8 22822222032288228: ._..N_.. 2a2ae3Eangsse i ”;-;-::;u-_-.!o:nofl—»—!.. PEEERRECH i ¥e&£5 56 104 n pillar Tr s l E&G 55 'w & Lt 5s S R T AR T e G 23998805uFY 35y, o 8 £ i s - LEERTEY 28 i Dis Elec 528 '35 fe_Ry cod Ss 2027 % Bir_Real 575 '49 : Cities Service 5s 50 tles Service 5 102 € 8% 812 999900 St 5 ST k3 3 H H 1 4 6 2 1 s 5 1 1 5 4 4 BRI 332828 o _sg_::éaz::zs_ SEE T WS SIS il (=) 28 SERLEUTL L Lt > SIB3RR2 & 3Intern Sec Am 58 3 Intersta Power 55 7Intersta Power 65 S1Inves Co 55 A '41 w Co 55 A '47 Iowa Neb L&P 1Iowa Neb 55 B 16Iowa P&L 4 = 3 SSBIIIR! N s % s 8l2s "46... 1043, 1043 jtil 88 '32; 10034 100 t Util 55 '35 9674 9614 & 110214 102% . 93% ‘93ta 00 975 103% 10237 103 71 9514 §penn O Ed 5%is B ‘59 102} 3 Penn O Ed 65 '50 xw. 90 C.... ook a0 ees 5D aenrars e tacn @ 5.. 67 £ 102% 102% 108%3 108! 4615 46k 8315 sl - a B o100 o1 R Bty 453 RCEEEE 2%E 5 25973, o A 5T 89 88% 1371023 102% iscon PAL 55 P 58 102% 102 Youngst B&T 8s B '70 101~ 101 FOREIGN BONDS. Atr Mtg Bank 75 48 er Mtg 3 ; 4 3 G & NEW YORK CURB MARKET Note—All stocks are sold in one hundred-share those designated by the letter shows those stocks were sold in odd 1 Bales— Add 00. Open. 1008 52% 10% 22% 22% 16% 174 50s 108% 103y ~Prev, 1031 Stoek and Hieh, ‘Low. Dividend Rate. 52" 45 Aeolian Co pf (7) 11 64 Aero Underwrit 22% 11% AMliated Prod 1 19% 15 Agfa Ansco.. 103% 100 Ala Pow pf (6). 224 140% Aluminum Coof Am 100s 172 109% 106% AluCoof Ampf (6). 11 591% Aluminum Co Ltd. 28% Alum Ltd A war, 12 % Am Austin Car. 5% Am Cit PAL B b: . 11% Am Com P A (b10%) 7% Am Cyanamid B/ 4% Am Equitl 3% Am Founde it 2 £ 28 42 24 Am Maize Prod (2).. 14 Am St Pu Sve(al.60) 9% Am Superpow (40¢). 81% Am Superp 1st (6).. 82% Am Superp pf (6)... 3% Am Util&Gen (B)vte 1 Am Yvette new wi... 84 Apponaug Co (2). 4% Arcturus Rad Tube. » BRN T NN NN NN ANO R 84 Auto Vot M cv pf » 4% Aviat Sec of N Eng. 165% Beneflcial IL (1%). 25 Bigelow-Sanford. 8% lue Ridge Corp..... 8 Borne-Scrymser Co.. 50s 21 BrazTr& Lt (b8%). 1% Bridgep Mach (25¢) . % Brill Corp B. 98% Buf N&EP 4 BurcolInc...... 4 Cable Radlo T vte 1% Canada Marconl. . 15 Carrier Corporation. 17% Cent Hud G&E (80c). 14 Cent Pub SvcA b10% 9 CentStatEl (b10%). Chain Stores Stock. . Service (g30c) vte. Cmwith Edison (8).. 1% Cmwlth & Sou war.. 8 Com WatSv (b6%). P 82 " Consol Gas Balt 3.60. 5% Cord Corp.... - 40 Cor&ReypfA (6).. 214 Creole Petroleum. .. Cresson Consol (4c). Dayton Alr & Eng. De Forest Radio. . Detroit Afrcraft Cp.. Douglas Afr (t1%).. Dresser Mfg B (2). .- Duquesne Gas Cp wi. Durant Motors...... Eisler Electrie Corp. Elec Bond & Sh (b6). ElecB&Shcupf5.. Elec Pow Asso A (1) El Sharehold (b6%). EmpG&Ecunt (7). Empire Pub Sve (A). Engineers Gold... Europ Elec deb rts. Fairehild Aviation.. Fajardo Sugar...... Federal Baking 8hop . - - CETL TR PASTTIEE: PAR- PSS 1 AU STV 711 S 100100 JVp e vpppupm ') 2 % Foremost Dairy Pr.. 24 Foremost Fabrie 4% Fox Theater Cl A 5% Gen Aviation. . 50% Gen G&Ecv pf B (6) 1508 21% Gen The Eqcvpf(3). 19 38% Glen Alden Coal (4).. 2 7 Globe Underwriters. 6 % Gold Seal Elecnew.. 14 % Golden Center. .. 1 15 Golden State Milk. 2 5% Goldman Sach T 11 L 4 Goth Knitback Mch.. 1 117 GrtA&PTopf (7),.. 10s 97 Grief&Brpfx(7).. 258 60% GuifOflof Pa (1%). 1 54 Hamilton Gasrets. .. % Happiness Candy 4% Hudson Bay M&S .. 14% Imp Ol of Can (50¢) Indus Fin cv pf (7).. 25 Intercontinent Pet p) Int Superp (11.10) Kirby Petroleum. ... Kolster-Br (Am Sh). Koppers G&C pf (6) . Lefcourt Realty 1.60 Lone Star Gas n(80c) Loufsiana Lan & Ex. 6 2 k] 1 s 1 1 109% 109% 109% 109% % 75 kil 75 4% 4% 236% 236% 2% 2% & & 4% 24% 1% 102% 102% 10% 19% 1 ~Prev. 1931 High. Lew. lots N 1% 8% % 8 (80s) (2508 ota. High. Low. Close. B4 B2% 54 10% 10% 22 16 108% 172 M Met & 103% 172 172 2 42 42 1 1 8 Monroe Moss G Serv: Pac Wes Perryma; Pitney B Polymet 28 16% 10% 11% 18 838 1% Prudentl; Pub Utll Pub Uil Raliroad Reliance Safe Car St Re¢ Saxet Co Selected S1.1Ind full pd (5%). Sle Ind prior (5%)... Sentry Safety Cont.. Shenandoah Corp. Smith-Corona vte. South CEd pf B1%. SouthernNat Gas Stand Ofl of Ind (2).. % Stand Ofl of Ky 1.60.. Stand Oil, Ohio (2%) Stutz Mo % Tri-Cont Unit Ret U S Foil Vacuum % Dividends rates in *Ex dividend. 10214 | tn_ cash or stock. 1 1% 102% 10% 19% 1t 10% 19% 1% per cent in stock. stock ana Min Inc (1.20) Mid W St Ut (1%).., Mid West Ut (b8%).. Mining Corp of Can., MoKanP L (b10%). Mock Judson Voehr.. Moh HP 1st pf (7).. Nat American Co. Nat Aviation. Nat Family Stores. at 8 T Sec A (350c) Nat Transit (1). Nauheim Phar Nauheim Phar pf. Netsner Bros pf ¢7). 50s “ N Y Tel pf (6%)....176s Niag-Hud Pow (40¢c) 51 Niag-Hud Pow A w Noranda Mines. Nor Europ 0il Corp. Nor St Pow pf (7) Nor St Pow A (8). Ohlo Copper. . Ohio Pow pf (6) % ofl. . Parker Rust Pr (3).. Pennroad Corp (20¢) Penna Gas & Elec A .. PacG & E Istpf134. Petrol Corp war..... Phoenix Secur Corp. Pllot Rad Tube A. Pines Winterfr (1).. Plymouth Ofl (1). Premier Gold (12¢).. Producers Roy Corp. Reiter-Foster. Reynolds Inves Rubberoid Co (4). St Anthony Gold. Salt Creek Pro(1.40). 9 Seg Lock & H (50¢)., Sunray Ofl (b5%)... Swift & Co (2). Technicolor, In ‘Teck Hughes (60¢).. Tran Con Air Tran Trans Lux DLPS ‘Tubize Cantillon (B) Union Oil Assoc (2). Un Tobacco. U 8 & Inl Secur...... U 8 Inter Sec 1st pf.. Unit Stores. . Unit Verde Ext (2) Util PALt Utll & Ind Utllity Eqi Voght Mfg Co (1). Walker (H) (1) Zonite Products (1). RIGHTS—EXPIRE & Ford Mot Ltd.Apr 17 160 £Pius § per cent In stock. 3 Plus 3 per cent in stock. k Plus 10 per cent in_stock. m Plus 3 per cent in stock. b Plus 8 per cent In stock. © Paid last year—no regular rate Received by Private Wire Direct to The Star Office Tos— te. Oven. Hign. Low. Close. 8% % 8% & * % ~ 3 1 35% 1% 28% 21% 2% % am 3% 1 Chemic 4 d Min. # 3% % ice C 2% 18% 15 % 60 116% 12% 21 0 4 2 61 116% 124 2% 26% [ 1% 1% 1% 108 142 tern O11 n Electric. Pn (20¢) Mfg.. 17 14 al Inv pf(6) 2008 Hold war 5 Hold Cp x: Sh (50e)... e Int A = > R ® o 80 “w 17 o~ 11% 6% 4% 66% 66 H&L(8) Paper (1 Industries. . % 6% LR O TP APUT e = E tor (new) Corp war. » ONR N R RS a Rt maB0em s Chpf (3%). (B) (50¢). 11.02% 23] B 4% 4% * & doliars based on last quarterly or semi- 3Plus ¢ per cent in stock. a Payable @ Adjustment dividend. & Plus 6 per cent In stock. b Plus 1 IS CHESAPEAKE CORP. Paine, Webber & Co. Second Larg- est Holders of Popular Railroad Issue. The largest holder of Chesapeake & Ohlo Railway common stock as of No- vember 4, 1930, was Chesapeake Cor- poration, holding 2,449,300 shares of | $25 par value as of that date, com pared with 600,000 shares of $100 mri value held at the corresponding date in ‘ 1929, says the Wall Street Journal. Chesapeake & Ohio common stock was =plit up during 1930 on a 4-for-1 basis, as a result of the reduction in par value to $25, from $100. Many of the 20 largest holders of C. & O. common shares as of November 4, 1930, are understood to be nominees of Chesapeake Corporaticn. ‘Total hold- ings by the 20 largest holders were 4,180,713 shares, compared with hold- ings of 4,135,908 shares reported in the portfolio of Chesapeake Corporaticn as | of December 31, 1930. Chesapeake Corporation is a Van Sweringer holding company which is controlled by majority share ownership by Alleghany Corporation. A list of the 20 largest holders of Chesapeake & Ohio Rallway common stock as of November 4, 1930, and No- vember 4. 1929, with the number of shares held, follows: 1930. 1929, 325 par. $100 par 32,449,300 608,000 o 20 1 ARet mmons 20 latgest hoiders in 1030, Nove' Payment Plan. By the Associated Press. 2332233 8.'.-.3323 38 SR 3 283! (3 3 * 3333BBBV2 21222433 I3TLBINE S & gaeeye At the end of 14 days, one check had 27 endorsements and such of the $2,000 worth of checks as were utilized had recent developments in the fleld of pub- debt, demonstrate that warnings against | | symptoms are sharp increases in prop- |erty tax delinquencies rather generally CHIEF C. & 0. HOLDER |RISING COSTS OF GOVERNMENT BRING WARNING FROM BANKER |Felix M. McWhirter Comments Upon Prospect of a Period of Deficit Financ- ing—Fears Increased Tax Rates. Special Dispaich to The Star. { NEW YORK, April 11.—Significant lic finance, such as Treasury deficits, | delinquent taxes and defaults in funded | increasing costs of Government “have not been mere cries of ‘Wolf!’” it is declared by Felix M. McWhirter, presi- dent People’s State Bank, Indianapolis, in an article in the current issue of | the American Bankers’ Assoclation Jour- | nal. “For the first time since the war we have in Federal finance the unpalatable prospect of a period of deficit financing,” says Mr. McWhirter in part. “If tax rates are changed, revisions are more likely to be upward than downward. “A second development is an increas- ing number of States confronted with deficits in spite of large revenues re- ceft as a result of advancing taxes on property and business to discour- agingly high levels. Disturbing Symptoms. “Perhaps the two mmst disturbing | nor- throughout the country abi 1 securi- and mally large volume of municipal ties in default.” Current tax delinquencies reflect in considerable measure reduced employ- ment and drought and crop conditions in rural areas and to that extent may be regarded as a temporary element, says Mr. McWhirter. He adds: “But these passing influences by no means disclose the whole story. Other more fundamental, longer-range ele- ments are involved. The incipal cause of unpaid taxes is that in rate on real property are coming more and more to produce increases in delinquencies rather than additicnal revenues. Even in a comparatively wealthy industrial city of the Middle ‘West it recently was reported that 126,- 000 parcels of property out of 1,000,000 parcels within the city were delinquent in taxes for more than one year and were soon to be sold.” In a majority of cases the condition is due, he says, not to temporary or special circumstances, but to taxes being from popular realization by the boister- ous enthusiasm of an inflated era. Real profits and effortless en- safety against confihcation of capital values through excessive taxation has been reduced, some very real problems stand revealed to challenge our in- genuity. Basic factors out of which have grown the present acute symptoms of fiscal distress are: “First, the total cost of Government has increased from $3,000,000,000 in 1913 to $12,000,000.000 in 1927 and probably to $13,500,000,000 or $14,000,- 000,000 in 1930. “Second, between 1913 and 1928 population has increased by one-sixth. ‘Thus, per capita cost has increased more than three times over. “Third, in 1913 the ratio of public expenditures to national income was be- tween 6 cent and 7 per cent. Be- tween 1913 and 1928 wealth has doubled and national income has approximately doubled. The ratio of expenditures to income is now between 13 per cent and 14 per cent. “The causes of the trend are partly apparent, partly hidden. Great cities with their enormous maintenance costs and public works by the billion, new social concepts with their b 'ning of the humanitarian activities of govern- ment, thousands of miles of pavement for the operation of 25,000,000 automo- biles acquired in a few years, revised ideas of public educational responsibili- ies, with hundreds of millions of dollars for school plant, maintenance and operation—these causes stand out plainly. Expansion of Functions. “Less obvious is the startling expan- SeRviocs, PAFEAAY Of MUTIEIPAL oV services, ularly of mun gov- ernment. to perform which machinery has been created which is unique in its parallelism of function, dumluuon of sel and diffusion of indgpendent taxing and spending authority. “This is no outcry against all taxes, | only against those manifestly excessive .nl beyond the abllity of the rank and file of le to pay. This is no diatribe against all community progress, only against that entered uron hastily and ithout careful reckoning of the ulti- mate cost. We must recognize that we cannot permit the excesses and abuses to continue unabated without risking the appearance of more serious emer- gencies later.” BALTIMORE STOCKS. Special Dispatch to The Star. P mercis] 103 Consolidsted com 3 Prdeiits & Cuar Fire 54 Pidelity & it Co. 40 Pinance Co of Americ: 30 New Amsterdam Cas 208 Silica Gel com vt. 18 United, Railway & 680 U 8 Fidelity & Guarant: 70 Western Maryland Dairy 58.08538385 58! 3. pid’ H would catch up with the burdens placed paid $32,000 of old accounts. The idea is s upon i before any harm was done. *Paw, however, that the margin of BONDS, A atat B, BN B8 7%)eral have hailed with satisfaction the SATURDAY, APRIL 11, 1931, THE EVENING STAR, WASHINGTON, D. C., FINANCIAL, *¥ A_15 e e e PROSPERITY OF RAILROADS HELD VITAL TO U. S. BUSINESS OIL STABILIZATION PLAN WINS FAVOR Leaders in Industry Approve Policy Adopted at Meet- ing Here. BY BRADLEY W. TRENT. Special Dispatch to The Star. NEW YORK, April 11.—Oil industry leaders and business executives in gen- stabilization pact adopted at the Pe- troleum Conservation Conference in ‘Washington on Thursday and approved by President Hoover as the most con- structive step yet taken toward curbing the evils of overproduction. ‘While the stabilization planp as ap- proved by the Federal Oil Conservation Board differs from the so-called Tex- arkana plan, in that it makes no refer- ence to price-fixing, it makes effectiv an interstate agreement for the co- ordination of conservation methods in the ofl-producing States. Members of the Oil States Advisory Committee, who spent three days con- ferring with Government officials at ‘Washington, have returned to St. Louis, where they will hold a meeting with the marketing end of the industry on April 15 and 16. This session of the American Petroleum Institute’s division of refining will represent the $5,000,- | 000,000 re: hranch of the country’s $13,000,000,000 petroleum industry. Plant Production. ‘The St. Louis meeting gives the tech- niclans opportunity to present to the country a picture of the business oper- | ation of the more than 400 refineries which, located in 30 States, comprise more than 85 per cent of the world's refinery capacity. At present these plants are producing more than 2,000~ 000 barrels of oil daily, though their capacity is double that amount. Texas is in the lead with more than 100 re- fineries. California is second, Okla- third and Pennsylvania fourth. Kansas, Ohlo, Wyoming and Louisiana also have many refining plants. The rapld of “cracking” gl:.nu. producing “cracked” gasoline, been a big factor in the steady growth of this industry, whose annual production is valued at more than $2- | 000,000,000. Refined petroleum prod- | ucts are thus ranked fifth in value| among all the products manufactured in the United States. Oil men say that what they at- tempted to bring out at the Washing- ton conference, and will emphasize again at St. Louis, is that they are not attempting through proation agree- ments to have the petroluem industry prosper at the expense of any other sec- tion of the country or any other in- dustry. They aim to impress on the public the fact that prosperity in the oll industry is essential to that of count- less other lines of business. Pipe Line Increase. One of these is transportation. De- Spite the increase in pipe line mileaje in recent years it is a matter of record that for several years refined petroleum products have exeeeded all other manu- factured goods in volume of railroad shipments. Pigures of the Interstate Commerce Commission show that in 1930 petroleum products comprised 15.5 per cent of all carloads of manufac- tured goods moved by rail, filling 1,277, 366 cars. (Copyright, 1931.) New Yeork Cotton Special Dispatch to The Star. NEW YORK, April 11.—The cotton market, displayed both strength and ac- tivity today and after heavy buying for foreign as well as domestic mill ac- counts, prices advanced 15 points and ended 11 to 13 points higher than Pri- y. Increased interest shown by consum- ers at the lower price level proved the feature of the market. Spots were ad- vanced 10 pcints to 10.30. Cotton range: By the Associated Press. CHICAGO, April 11.—Following is the complete official list of transactions in S;‘;’cks on the Chicago Stock Exchange today: Sales. High. Low. Close. .. 39% 38V, 39% L o on 2 2% 2% 7% M 27% 30 Altorfer Bros 3B 3¢ Radio . % 3 b 514 50 Chic Invest D! 1500 Cities Service 100 Comwit 1700 Gt Lakes Afrcraft. 300t Lakes Dredge 1150 Grigsby-Grunow 50 Hall Print .. 150 Hart-Carter bt '/ 100 Houdallle-Her A 1100 Insull Ut ... Iron Fireman 56 Kalamazoo Stovi 100 50 RN L WS o Ba Ba uB e [eTeoTney Libby-McNe 50 Lincoln Print 200 Loudon Pack 3 Py 2885 1 10 Mid_Ut i 7% ‘pl 430 Mo-Kans Pipe ' -Standard blitt-Sparks th Am Car 2 100 Nor Am L & Povi... 40 No West Ut 1% pf. 93 50 P Pen. . i 1 50 Penn Gas & Ei 1400 Pines Winter . 100Q R 8 De r er 35885 & i o &5 g |the world and for that reason this Carrier President Claims Government Uses Rail Industry Agency for Its Bpecial Dispatch to The Star. CHICAGO, April 11.—Irdustrial and commercial activities of the United States are built more largely around the railroads than in any other part of country is peculiarly dependent upon the prosperity of its rallroads for the prosperity of all other business. There- fore, the prosperity of the country will be materially aided by making it pos- sible for the railroads to prosper. - This was the opinion expressed by Fred W. Sargent, president of the Chi- cago and Northwestern Raillway Co. in the course of a talk on “Railroads and Prosperity,” broadcast over a Nation- wide radio chain. The program was part of a series of talks on present con- dcluons. sponsored by Halsey, Stuart &% 0. 1 In the course of his talk, Mr. Sargent ! referred to the relationship of the rail- | roads and Government, saying: ! “In some countries the policy of the | Government toward its railways is to aid them by low taxes and subsidies. In the United States the policy of Gov- ernment has been for a number of years, and now is, to impose the most stringent restraints and regulations upon rallway management, involving every phase and feature of operation, rate: extensions and abandonments, account- | ing and the issuance of securities. | Railroad Taxes. | “In the United States we have grown into a policy that taxes the railroads to the utmost for the support cf Govern- | ment and the subsidizing of competing forms of transportation. | “We have used the railroads of the United States as a tax collecting agency, and through this means are securi revenues upon which national, Stat: and local governments are very largely dependent. | “Since 1890 railway property invest- | ment in the United States has increased | 203 per cent, but railway taxes have increased 1,220 per cent, which is 270 per cent more than the increase in all other taxes during the same period. as Tax-Collecting Own Support. “Many counties and smaller sub- divisions of Government throughout the United States have become and are al- most wholy dependent on railway taxes for their support. For instance, there are counties in some of the States that collect 50 per cent of all their taxes from railroads, and in some counties they collect as high as 82 per cent of all their taxes from railroads Turning to the question of bus and truck competition, Mr. some very pertinent comment on the economic relation of these forms of transportation, saying: “Much of the increase in motor truck activity 15 due to a popular notion that the cosi is less than by rall, whereas with relation to a large per cent of the business the contracy is true. For in- siance, University of Illinois Agricul- tural Experiment Station, at Urbana, I, a buletin says that the live stock shippers of Illincis would have saved over $400.000 in 1927 if the 1,115,606 head of live stock shipped by truck to three markets had been shipped by rail. Position of Railways. “No one questions that our farmers have been going through a period of deflation for the last 10 years, but in the State of Illinois they could have im- proved their condition to the extent of over $400.000 and saved this amount for themselves had they shipped their live stock to the three markets referred to by rail instead of by truck. “The railways stiil are and apparently for many years must continue to b2 our chizf mezns of economical transporta- tion for the great bulk of the country's commerce. Railways, however, like all other forms of business, are dependent upon volums if they are to hold down th unit costs .of transportation and at the same time preduce enough mar- gin to pay service charges on bonds and fair returns to stockholders. It is, therefore, important that the people give earnest consideration to both local and national policies relating to the transportation problem as a whole 5o as to avold unnecessary and costly duplica- tions of service.” | RECOVERY IN DAIRY INDUSTRY 1S SEEN Losses Suffered in Drought May Be Turned Into Gains This Year. By the Assoclated Press. | CHICAGO, April 11.—The dairy in- dustry is “perking up” a bit this year | and, by a strange paradox, heavy losses | suffered in the 1930 drought are bring- ing it about. ‘The output of all manufactured dairy products was lower in 1930 than in 1920 because drought-parched pas- | tures offered little feed for dairy herds during the months when production is ordinarily heaviest. The year 1929 had been an excellent one for dairy produc- | tion and staggering supplies had been carried over in storage. The storage holdings on January 1, 1930, were the largest ever known. Since, however, thanks to the drought, holdings have | been cut approximately 15 per cent. Government Figures. ‘Traders in dairy products around the Chicago Mercantile Exchange profess to see encoursgement in the sharply re- duced storage stocks of butter with| stocks of all dairy products on January , 1931, in terms of milk equivalents, were 14.4 per cent lighter than on Jan- uary 1, 1930. They also say that prevailing mild weather last Winter, which greatly encouraged fresh produc- tion and which also tended to discour- age movement of supplies from storage houses. Cold storage holdings of butter, the storehouse for excess supplies, totaled 30,556,000 pounds on April 1, 1939, al- most four times the average holdings of approximately 8,000,000 pounds for the five preceding years. This year the holdings have been al- place | most halved. Unofficial estimates the total around 16,000,000 pounds. This is still twice the normal carry-over, but the gloom is less thick, because already nearly two-thirds of the excess supply on hand last April has been absorbed. The_Government Bureau of Agricul- tural Economics, however, does not hold a too optimistic view of the situation for | 1931. The bureau’s estimate of the situ- ation says that demand for dairy prod- ucts has been distinctly reduced by the business depression, menifested by the curtailed consumption of fluid milk and the failure of lower prices to induce any appreciable increase in butter consump- tion. Prospect for 1931. ‘The Government estimate also says that “undoubtedly with business recov- ery demand will improve but the im- provement throughout 1931 is expected to be comparatively slight.. Imports and exports of dairy products were below normal in 1930. Domestic dairy prices have now declined nearly to the world level, but foreign markets do not afford an advantagecus outlet for the Ameri- can dairy industry. The outlook is for Sargent had | supplies of cheese, condensed and evap- | continued low prices for 1931.” orated milks also showing some reduc- N s AR tions, although not on the scale with| Many banks in Northern Ireland are butter. | operating linen mills which they had to They quote Government figures that :take over. HIGHER U. S. LIVING STANDARD 1S URGED BY SENATOR WAGNER Special Dispatch to The Star. | cized this policy as certain to lead to NEW YORK, April 11.—The organ- | greater dissatisfaction and suffering. ization of an “economic general mmi “Wage scales are no longer to be de- termined by the best t ca to plan the increased well being of the | for™ned Py the best bargain that can Nation was proposed by Senator Rob- w&g::e dml;’a‘tmhere;!{]mr’l:: retnrged as F. Wagner in an address at a dinner | affec public interest. In my Siven In his Honor by the New York | G8Tent i Is & sign of genuine prog- ng grouj - in the natiopal economic program h'gher | - wages, elimination of child labor, un- | Wants Incomes Raised. O I e craon] edue. | AD increase of $40.000,000,000 in the "Km";‘ Shie hiours'of smiplosmecit | annual income of those gainfully em-:| s ployed was suggested by Senator Wag- A chlef cause of the present national | difficulties is that the pgwer to produce | NeT a5 & goal to be attained within the in this country “has run away from | Xt sIX years. He sald he considered the standards of living,” Senator Wag- | e Program a major undertaking for ner asserted. Economic troubles are | bound to recur with increasing severity | ‘",,d"b{hg":sgg‘“ 'flo“!-l : g ’dz::-iln%d‘ rising standard of living, c‘wnuld > haw w Gtmton 2 000," Senator Wagner sald. “The ac- Warns of Unrest. Ic?‘l;l;lpllshmrnt of such a piolect would He decried the fact that only one|Still not mean luxury for the average experiment in national planning was| Wage-earning family. It would sim- under way, that of the public works|Ply mmke possible a little better hous- bill recently passed by Congress. ing, a trifle less drudgery for the house- Tiis bill, 1t s true, calls for plan-| Wife and a little more schooling for the ning in but a single segment of me‘cmldren- ecenomic activity of the country, but| “Upon American industry it would thereby it also tests a principle which | impose the burden of satistying an ad- if valid can be applied successfully to| ditional demand for $40,000,000,000 private enterprise,” the Senator asserted. | worth of goods and service. That is a ‘The wage-earning- classes are “in a| burden under which business would ferment of dissatisfaction and rebel-| thrive. To maintain the pace neces- lion” as the result of the current busi-| sary to satisfy such a demand, all ness depression, he added. Such stir- | forms of waste would have to be elim- rings cause unrest “even in the very| inated, including child labor, the cruel- citadels of smugness,” he said. Declar- | est form of human waste. The aged ing that some capitalists o this unrest by demand for a Teduc- | tion of wages, Senator Wagner criti- STOCK AND BOND AVERAGES By the Associated Press. SATURDAY, APRIL 11. ‘The involuntarily idle must be adequate- ly insured.” 20 Utilities, 9 Industrials, ...1262 183.¢ Two years ago ‘Three years ago High, 193 Low, 1931. High, 1930, Low, 1930. High, 1929 Low, 1929. 10 Rails. .3 SRR SR el a8 e s 28 Sg2<a agars 538888 0s853es! <% = Her =20 £ i H 51 3% £253: B el A T | sales today, 56,000 shares t P L&Te il O11-0- @, g " toc! * New. 1931 Tow. ¥ (Copyright, 1931, Standard Statistics Co.) the common good which could be real- ! had responded | would have to be comfortably retired. | 'BOND SENTIMENT - 1Distinct Advance Woted Dur- ing March in Views on Senior Securities. i i e Special Dispatch to The Star. | CHICAGO, April 11.—Sentiment in | the bond market showed a distinct im= | provement tn March, according to the monthly investment review of Lawrence Stern & Co,, investment bankers. The review, based on reports from | leading financial institutions throughout | the country, sald that the favorable re- ception that met the large volume high-grade* bond financing which ap- peared in March “gives substantial jus- tion to the general improvement of ntiment in bond eircles. ‘With the bogey of Govi financing large'y out of the wi review said, “and with a stock market that does not seem likely to absorb any large degree of public attention for some _ time, the high-grade bond markst ap=- parently has a fairly clear field ahead. “The stock market during March was largely featureless, characterized by a limited volume of trading and a gen- eral drift in the downward direction, Well informed opinion appears to ex= pect a continuation of this general downward tendency for soms time, per- haps throughout the second quarter of the year.” New Security Offerings in March. “New bond offerings in March total- ing $632,865.936,” said the Review, “set a high mark, both in quality and quan- tity. Stock offerings were in negligible vo'ume. aggregating but $42,118,167 “In the bond field the record-break-, ing total of new municipal offerings was the outstanding feature. Students of monthly security totals have be« come accustomed to considering $100.- 000,000 as representing a good normal month in the municipal field—and’ total monthly offerings of less than $50,000.000 have not n infrequent., Accordingly, the March total of $275,- 087,936 represents more than twice the normal monthly volume and is the largest 1 total offered in any one month for more than a year. Notable among. these municipal offerings were the $100,000,000 City of New York 448, $66,000,000 Port of New York auf 4%s, a $15.000,000 offering by the City of Detroit and the $13,. Angeles issue. this | decrease {s significant in view of the 486,000 City of Los Some Leading Offerings. “Railroad bond financing also shows a brilliant record in March, with a total of $188,943,000. Notable railroad include the $75,000.000 New 4 $50,000,000 $50,000,000 Southern Pacific 41%s. “Next to municipals and rails was public utility classification, with ign were small in volume—{falling below February, with a total of $10,620,000. Real estate bonds appear to have disappeared al- most from the market. “New York City bankers were re- sponsible for most of the new March offerings. go, which usually is in second place, offered a negiigible total—New York being followed by Philadelphia, Boston and Montreal in the order named.” t National Situation. A summary of the facts and opinions brought out in replies to a questionnaire from les financial _institutions in each of the 12 Federal Reserve d s in March follows: About 5 per cent of the bond dealers canvassed reported retail business above normal in March; 35 per cent reported “normal” business—the remainder de- scribing their business as below normal. Retail stock business is almost unan- imously reported below normal, except - among dealers in fixed trust shares. A large majority of dealers report that investors seek bonds rather than stocks—with exceptions again in the case of fixed trusts. New Issues in March were fairly well received for the most part—very well in some cases. High-grade bonds continue to lead in favor, with some mention of a rising demand for medium grade issues. Municipals are by far the most Wgul.lr classification, having been dis- tributed in record breaking total in March. A large majority of dealers foresee & good outlook for the bond market. With regard to stocks, opinion as to the out- look ranges from poor to fair. Demand for bonds on the part of banks shows some improvement—50 per cent of the dealers reporting fair to good bank demand. - Easy money is reported in most in- stances—a smaller number reporting tight credit conditions than was the case earlier in the year. The majority opinion is that the general business outlook is fair at this time, with somewhat more optimism than was noticeable in February. PRINCE & WHITELY $1,500,000 LOAN TRACED By the Associated Press. NEW YORK, April 11.g-J. M. Hoyt, senior member of the investment bank- ing firm, Prince & Whitely, which failed last year, acknowledged at = creditor's hearing that a company beare ing his name borrowed more than $1,+ 500,000 from the Prince & Whitely Trading Corporation, afiliate of the banking firm. Under the questioning by counsel for creditors of the banking firm which was expelled from the stock exchange | for violation of rules, Hoyt testified J. | M. Hoyt & Co. gave the trading cor- poraticn a demand note indorsed by all 1 of the members of Prince & Whitely. ‘The money was turned over to Prince & Whitely, Hoyt testified, and it, in turn, assigned accounts receivanle amounting to $1,574,089, to J. M. Hoyt & Co. The accounts transferred were “in the red” the broker sald. 1 The meeting of creditors before Fed- eral Judge Coxe was called to consider the offer of 25 per cent cash and 75 per cent in three-year certificates by a liquidating corporation. The brokers have estimated their assets at $75,000,~ 000 and liabllities at $60,000,000. Baltimore Markets Special Dispatch to the Star. y BALTIMORE, Md, April 11.—Pota- | tods, white, 100 pounds, potatoes, barrel, 6.00a8.00 's, barrel, 2. .00 3.0024.00; beans, bushel, 2.0024.00; beets, crate, 2.00a2.25; cabbage, bushel, 75a 1.25; carrots, bushel, 40as! crate, 1.0084.50; per box, 1.15a2.35; grapefruit, box, .00; s, box, 2.7584.25; ries, quart, strawber- 30a50.