Evening Star Newspaper, May 9, 1931, Page 15

FIN a CURB PRICES DROP- AFTER HIEH START Exchange Opens Actively, but i Slackens Pace at End of First Hour. BY JOHN A. CRONE. Bpecial Dispatch to The Star. NEW YORK, May 9.—Strong and active at the opening, today's Curb Ex- market slackéned its pace after rst hour and then moved slightly , ‘but showed signs of rallying at the close. Mixed price changes were the rile at the finish. Electric Bond & Share slipped about & point after showing a gain approxi- mating that amount in the first hour. Cities Service fractionally declined. American Light & Traction barely budged, while American & Foreign Power ' warrants erased their early gains. Amusements moved uncertainly on & narrow volume of trading. Swift In- ternational, one of the few packing is- sues to come out on the tape, was up & point most of the time. Gains about anced Josses in the natural gas divisfon, Phillip Morris was one of the few tobaccos to show life, gaining a emall fraction in response to 1930 net of $416,906, or $1 a share, against $426,- 432, or $1.02 a share, in 1929, Prospects of some revision in the terms of the proposed Vacuum-Stand- ard Ol of New York exchange, if the Government approves of their consoli- dation in General Petroleum Cor- poration, caused some irregularity in Vacuum, which is selling out of line with present exchange terms. Stand- ard Oll of Ohio early rose more than & point, but then relapsed into new low round. s Cord Manufacturing moved along elosely with Auburn and led the mo- tors during the first hour. Thereafter Ford Motor, Ltd, and Ford Motor of Canada A made a better showing. United Verde ht{:slon advanced a shade just after e company Aan- nmmeej April production of 3,074,000 pounds of covxer. Hudson Bay Mining also firmed. Another gainer was Pitts- burgh Plate Glass, which is joining American C: mid in an expansion of Bouthern all at Corpus Christi, Tex. (Copyright, 1931.) cha; the lower, BONDS ON THE CURB MARKE' DOMESTIC BONDS. A”l"'l % 1 100 E” .:fllv:' l:.‘/. l“"n 108 47, II:/: 130 “’1 52 o H L w & E s & N i g Y 84y i 228 TRECE 223333 FrE resuZal Hwis 25 ea o 3 SEE Sedss r2e; SEESESE S T meSeis 7 ) 7 it 5 it 8 SRS SSugeisesaae: & F SRS 2523243838 2 " Pos b4t s 0 nsas 50" ig! 83 S TETEEEERERKRELS 33322822182 2332333232088 2y : 112 101% 101%s 2891, 882, Public Sery bs ' 45 9 46 928 Pub Serv 55 B ‘50 91 2 ¢ 103 ises 103 1027 on P&l 83 E 36 103 Wiscon PAL 55 F '58 102" FPOREIGN BONDS. uen ole Mare E) Cp 628 :Eggigfl' oy Pr 1 ST B acr e S e agh ww - With b ey SiWhen tesued. ANCI NEW YORK CURB MARKE Note—All stocks are sold in one exoe] those ted by the m&u:’:om stocks were sold in ~Prev, 1931~ and Sales— High. Low. 3% 1% 224 140% 106% 59% 33 1% 17 6% 14% 604 Alleg Gas...oovnene Aluminum Co of Am 250 AluCoof Ampf(6). 1 Aluminum CoLtd... 1 Aluminum,Ltd Cwar. Am Com P A (b10%) Am Com Pr B(b10%) Am Cyanamid B..... Am For Pow war. Am Gas & Elee (11).. Am Lt & Trao (2%) Am Maracaibo...... Am Superpow (40¢). Am Superp 1st (6).. Am Uti1&Gen (B)vte Armstrong Cork (1). Assoc EI In Ltd 30¢.. Ass0 Gas & Electric. Ass0 Gas&El A (a2). Asso G & Elct (8) ‘Atl Coast Fish. Atlas Utll Corp. Auto Vot M cv pf pt., Beneficial IL (1%).. siue Ridge Corp. . Blue Ridge cv pras. Bourjois Inc........ Braz Tr & Lt (b8%). Burco Inc war....... Burco Ine ev pf (3). Canada Mareon! Carib Syndicate. .. .. Cent Pub SvcA b10% Cent Stat El (b10%). Chat Ph Al n.v. (1).. Citles Service (g30c) Cities Serv of (6)... City&Sub Hmes 60c.. Colon Of). ...vees Col O11 & Gas vte. Cmwith Edison (8). Cmwlth & Sou war. . Com Wat Ser g12%¢ Comstock Tunnel. .. Consol Dairy Prod Cont Shares pf (B).. B0s Cooper Bessemer. 60 1 3 PENBT AR NI R DS Cord Corp..... Creole Petroleum. .. Cres=on Consol (4¢).. Crocker Wheeler, Cusi Mex Mining. Dayton Alr & Eng. Deere & Co (1.20. De Forest Radio Detroft Alrcraft Cp.. DressSRA (3%)... Dubilier Cond & Rad. Duquesne Gas Corp.. Durant Motors. East G & F Assoc. Elec Bond & Sh (b8). 18 4 Emp Corporation. Emp G & E cu of ( Engineers Gold. Fairchild Aviation. .. Ford M Can A (1.20) Ford Mot Ltd 36 3-5c 3! RN S LA~ AT e D B S Gen Alloys..... Gen Avia Gen Empire Cor (1 Gen G&E cv pf B (6) 1251 Gen The Eq cv pf(3). Glen Alden Coal (4).. Gold Seal Elec new.. Golden State Milk Goldman Sach T C EEPY A Gt At&Pac Tea nv(§) 20 Great Nor Paper (3). Guif Ofl of Pa (1%). Hamllton Gas rets. Happiness Candy . Helena Rubenstein. . Hudson Bay M& S8 .. Humble O1) (12%).. Huyler Strs of Del. .. Hydro Elec See 1.40.. Hygrade Food Prod. 111 Pwr&Lt cu pf($). 1008 Insurance See (70c). 1 Intercontinent Petn. - 18 Int Petroleum (1)ees 7 12 2 BeSooen e 9% 6ia L 1 L1 12% 2% 14% Int Utilities B...... Klein (D E) Co (1 Klein (H) pt pf. T.one Star Gi i pL] hundred-share low letter s (80s) (280s), Dividend Rate, Add 00. Open. High. 1 2% 2 17% THE EVENING STAR, WASHINGTON. odd lota. Low. Close. 2% 2% 154 150 1084 108% 60 60 39 29 % 13% 2:!‘ 22% % 20% 20 7% 1% % ta M: Mid Roy Mid W 8 Mo-Kan an Gol NatccC PacG & Pac Wes! Pan Am randem Penn Me: Philip Mi Phoenix Plymout! Pubd Uil Pub Util Pure 0il Stand Of! Stand Sei ‘Teck Hui Vacuum Wall W Zoni! Bx di 13 in ‘eash or ‘ i Plus 2 n Plus 16% 164 | plock: Mead Johnson (14) Met & Min Ine (1.20) Mid West Ut (b8% ). Nat Aviation. . Nat Bd & 8 Corp (1).. Service 8 T Sec A (350¢] Nor Am Aviat A war. Nor & So Am Corp A. Nor Europ 0il Corp.. Northw Yeast Co 12) Ohio Pow pf (6). Outhoard Mot A. Outboard Motor B. Peop L & P A (2.40) Perryman Electric. Philip Morris A. . Pilot Rad Tube A. Pitney BP n (20¢)..: Pitts Plate G1 (2)... Producers Roy Corp. Rwy & Lt Secur (13). o nbow Lum PrA.. ainbow Lum Pr B.. Reiter-Foster..... Sisto Finance Corp Smith (A 0) (2). # So Am Gold & Plat. South CEApfB 1% South Corp. SouthernNaf Stand Ofl of Ind Stand Pwr & Lt (2) Van Camp Pkg. Venezuela Petrolm.. ker (H) (1).. t Air Exp (60c) Wil-Low Cafaterias, Products (1).. Dividend rates in d A ent. % in stock. 8% in stock. p P T | Received by Private Wire | | Direct to The Star Office | 34 10 3 2% 1% 12% 19 achine (2).. evpt (2). it Ut (1%). Pipe L (A). Pipe L (B).. 1d Mines. 1 714 3 3y 191 5 174 21 18% 18% A pf (165e).. 5 AT BN TN 9 T b 0 e 20 B30 -1 E1stpf1%. tern Of1. Alrways oll. .. Paramount Cab Mfg. Parker Rust Pr (3)..2508 Pennroad Corp (20¢) x Fuel (p3) . orris Inc. Secur Corp, h Ofl (1) MBS un LR neN e Hold war..: Hold Cp xw PL(6)..e...1908 508 1 1, Ohlo (3% )100s rew (6 Stutz Motor ( Sunray Ofl (b5% ) Swift Internat (3 ghes (80¢) 4 Tran Con Air Tran Trans Lux DL P Tri-Cont Corp war. Ungerieider Fin Cp.. Un NatGas,Can $1.45. Unit Corp wi Ut P&L B(at1.02%). Utllity Equities of1 (2) - 124 124 sed on Iast quarterly or semi-an- L Partly extra. !Plus 4% in stock. 'k b Payable in stock. ock. ;Plul 6% in stock. R Kk 10% 11 ock. ¥4 DECLINE IN CATTLE LOWEST FOR YEAR Drop, However, Is Not as Great as for Other Farm Products. BY FRANK 1. WELLER, Associated Press Farm Editor. 1t is small solace, with choice alaugh- ter steers down to $9.07, but the De- partment of Agriculture is advised by a private statistical source that the price of cactle has not dropped as much as that of numerous other raw mate- rials. The quantity of rubber that cost $1 from 1025 to 1929, it is pointed out, now may be purchased for 18.3 cents, whereas it still costs 70.9 cents to buy the same live weight of cattle that cost $1 during those previous years. Other materials represented as hav- ing lost more value than cattle in- cluce dlh?' products, grain, cotton, clothing, silver, tin, zinc, copper and coffee. The conclusion is that live-stock prices are not unduly depressed, and that the industry actually represents the best branch of agriculture. All Grades Are Low. Be that as it may, all grades of weighty steers now are slling ss low | as at any time during the season. Since the first of the year choice slaughter | steers have slipped from $13 to $9.07. The period decline last year was from $15 to $13.84. The three-vear average price for this date is $14.26. Common steers have dropped 1o $6.59, as against $9.65 a year ago and the three-year average of $10.40. To b* sure, prices have a mnormal downward trend at this time of year, but values have been 30 low that the current 25 to 50 cent break in fed steers and yearlings and the 25-cent flr’odp in common to light steers hardly been anticipated. The reactionary trend in dressed prices plus excessive receipts finally broke the market after two weeks rather active buying in the face of lib- eral numbers, Several weeks of activity, which actually was piling beef into magnet which attracted ‘sufficient Expected Halt in Drop. downturn will stop cattle, At Jleast temporarily, and break up the seemingly established conviction that the éreeping advence which has come over the |stopped. | Procezsors still are getring emunerative prices for products and | whils the outlet has been fairly broad until recently, consumer buying has not been broad enough to absorb the huge tonnage of beef produced by the big runs from every important feeding section of\the country. No one serious'y believes that the re- cent liquidation = wave is over, memb:rs of the trade taking the posi- tion that the moment prices start up- ward mgain anolher liberal run of fat steers will start to market. In view of this belief little permanent improve- ment it expected until there has been & moderate letdown in receipts, Killers show at every turn that they will buy l every cooler in the country, was the | slaughter stock to snap price resistance. | Trade opinion is that the lhlrp: market decpite big runs could not, be | liberal runs but they eannot absorb one big run after another without re- m!um prices downward. ble replacement cattle have shown a little strength due to acareity and a very ll.‘Illlt broadening in the country deman Hog receipts decreased 10,000 head this | week and the market wound up about where it closed a week ago. Heavy hogs running in lighter supply indicate | the near of the old crop. Indics. | tions are that slaughter during the second half of the present crop year may be from 700,000 to 1,000,000 head less than in the same period of last | year. Little Imprevement. However, the weak demand for hog products, which has prevailed in thir country for several months shows little if any improvement, Government offi cials say. The report demand for Amer- | lcan pork products is decidedly unfavor- | able and is one of the weak spots in | the hog_situation. | The most favorable aspect thus far has been the fact that feed prices have | been relatively low and feeding has not | been unprofitable despite the low level | of hog prices. Fat lamb prices went into full bloom | early this week and In the winking of An eye. wilted. Where activity was & paramount feature disaster followed. | The fact that a new peak since last August established remains of little consequence sincé in the last sessions | ;bum literally shunnéd lambs like poison. | | Perhaps lambs hought on the high | time lost money. At least they ran into | adverse dressed outlet, which condition was the principal undermining factor. | Reeeipts were 50,000 head less than & week ago but, for the present, the selling side has lost control and the market seems to be on the downgrade even though values still figure 25 to 50 cents higher than a week earlier. It is entirely possible, however, that a sacrcity of well finished lambs may give buyers concern shortly. The crop of Colorados has-been closely gathered | and the time is not yet ripe for the native springer movement to start. 80 far this year California springers have avolded the Chicago et and new crop lambs from Southern sections are r!e.%fl-efl to be moving directly into the | BALTIMORE MARKETS. Special Dispateh to The Star. -Potatoes, ; Rew po- ; sweet pota- yAms, barrel, doaen, I.IM.A&; bushel, 60875; celery, caulifiower, | crate, crate, 1. 3.50; qgeplants, crate, 2.00a5.00; kale, | bushel, 25a50; lettuce, hamper, 50a1.50; lima beaps, 5.00a6.00; peppers, crate, 1.5004.50; radishes, per bunch, 1.00a 1.25; spinach, bushel, 25a50; tomatoes, crate, 1.25a5.50; apples, bushel, A {2.50; per bo 1.7582.50: grapefruit, | box, 1.5083.00; oranges, box, 2.5024.25; strawbérries, quart, 1214820, DAIRY MARKETS. Poultry, alive—Chickens, young, 31a old hens, 21a23; Leghorns, 12a18 sters, 12a15; ducks, 16a26; guinea | lgvln each, 7 pigeons, palr, | 2341 cases: nearby | 16%; current re- 30a35. & g Eggs—Receipts, rsts, _dozen, celpts, 16%. | Butter—Good to fancy creamery, pound, 24a26; la¢ 20a21; rolls, 16a 18; process, 22a23; store packed, 14a15, OPINONS MIKED ON MARKET TREND, Brokers Emphasize Revival! of Pool Operations in Mer- chandising Issues. By the Associated Press, NEW YORK, May 9-Opinion on the stock market expressed in brokerage house advices to customers was mixed | today. Points emphasized included the revival of pool operations in mer- chandising issues and the probability of & secondary reaction after completion of the raily that started yesterday, comments follow: Pask & Walbridge -We would be in- clined to consider this rally purely technical in character and due entirely to a temporarily over-sold position, be- cause we can foresee no real turn in the trend as yet. Doubtless, many in- dividual issues are attractive for long term investment. Otis & Co—While we believe there is still & strong possibility of a sharp reaction following this first pronounced break out of the recent trading area we doubt that it will do more than temporarily interrupt a more sustained technical recovery of part of the ground lost in the averages since February. ‘While there is no important change in the general business situation as a basis for this recovery, we recall that in May last year there was even less justification for the technical recovery which was in evidence throughout the latter part of the month. Babcock, Rushton & Co.—We are in- clined to the belief that during the past week there has been fair sized | accumulation of stocks for the long pull and a large amount of investment buying in odd lots and otherwise, and if we are correct in this belief, it is a feir assumption that these stocks will not again come on the market until very much higher levels are reached, and therefore we think it possible that the usual so-called secondary reaction may not oceur, or, if it does, it should ot make itself feit until the rally has carried appreciably further. Jackson Bros., Boesel & Co.: The trend of the stock market for the near future, in our opinion, will continue to be governed by the state of industry. If easy money had been an important fac- tor it would have been felt long before this. As industry is now running into a period of seasonal duliness we see no reason to look for stimulating influences from this quarter. Hamershlag, Borg & Co.: Although we believe that stocks been in an investment range, we are inclined to the belief that any material rise at this time must necessarily be temporary, and that another test of the bottoms is apt to be made in many issues before a final upturn can be counted on. Shields & Co.: If group work in Woolworth and & few other ues proves successful similar activity will be encouraged In other stocks. There are 0 many possibilities still hanging over that would influence pressure at any % | Germans very forcibly called the atten- % | What will be the result no one can pre- only possible, but probable. | % | conditions pick up in the meantime, ! Floyd Chalmers of Toronto, editor of v | Canada has preferential agreements. 0 whole. D. C, SATURDAY, CHEAPER MONEY | NAY ELP UROPE Lower Rates Here Probably Will Be Reflected in Re- ductions Abroad. The world buisness leaders who are here attending the convention of the International Chamber of Commerce were interested in the announcement that the Federal Reserve Bank of New York had cut its rediscount rate to 1!z per cent, the lowest in its history, as well as the lowest in the history of any central bank in the world. The British bankers were particularly pleased, for to them it means that the United States is using the rediscount rate to force idle money into the bond market as well as to keep the gold movement in the direction of Europe rather than in the direction of New Yok, * In the last 12 months the United States has increased its gold supply by nearly $250,000,000, and the gold pile in use for credit issue stands at the all- time record figure of $4,743,000.000. Now that New York has reduced its rate it is expected that some of the Eupopean countries, especially Great Britain and Germany and possibly France, may follow with substantial re- ductions, Today the British discount rate is 3 per cent, while that of France is 2 per cent. Germany is higher with a 5 per cent rate. The Bank of Italy has a 5 per cent rate and so has Hun- gary. Spain has a 6 per cent rate, while Poland has the highest in Europe, 7% per cent. “With money so plentiful for short- term investment and the rates so lov, many bankers now believe that this ad- ditional cut on the part of the New York bank will have a very favorable affect on the bond market in the next few wecks. Germany did not_relish the idea of bringing up the problem of the modi- fication of the reparation payments be- fore the world business conference. But she was forced to do it because no nation represented here would sponsor the ‘movement. The German delegation, a most influ- ential one at the convention, hoped that up to the very last the critical condi- tion in Germany would force some other country to bring up this delicate ques- tion. When every nation declined, the tion of the world to their condition. dict, but that the subject of reparations and possibly war debts will receive a place in the resolutions is believed not Responsible German leaders here are saying that Germany will be forced to ask for a suspension of payments some time this Summer, unless world business the Financial Post, spoke of the diffi- culties which face a country of 10,000~ 000 people spread out for 3,600 miles.” He told of Canada carrying on a world trade with more than a hundred differ- ent countries in which it has preferen- tial tariffs with 29 British political units and favored-nation agreements with 43 other countries. Canada’s tariff is a three-decker affair, with the highest rates applying to countries like the United States, with which she has no trade agreement. The next lowest, rates are for countries such as France, Japan, Spain, Argentina and Ttaly, with which she has favored- nation agreements, and the lowest rates are for 29 British units, with which On_the subject of whether the Brit- ith Empire integration would shift Canada’s trade currents, Mr. Chalmers expressed doubt, for of Canada’s total fareign trade of $2.400.000,000 last year, 60 per cent was with the United States and only about 20 per cent with the British Isles, while less than 30 per cent was with the British Empire as a Canada is making its own plans, en- tirely independent of Great Britain | nd of other British possessions. The MAY 9, 1931 MEYER, HEAD OF SAYS WORLD NE Could Aid Condi Reconsiderin BY JOHN F. SINCLATR. “A gesture of confidence is the need of the world today. If the Interna- tional Chamber of Commerce would do something to show its interest in restoring international trade the re- sults would be far-reaching. | surprised that this attitude is not more | pronounced than it is.” In these words Aloyse Meyer, - d;nt lol Tfi mmmhu-?‘esml ‘artel, sharply outline 'ws regarding the steel industry and the business out- look of the world. Mr. Meyer's home is in Luxemburg, & small independent state between Germany and France, but contains some of the world's largest steel plants, As the head of the European steel combination, his views on that subject may be taken as rep- resenting those of Continental steel men. “The FEuropean Steel Cartel was formed by the steel manufacturers of France, Germany, Luxemburg, Czecho- slovakia, Belglum, Hungary and Aus- tria,” sald Mr. Meyer. “It now has about 70 _?_;‘r cent of the Buropean business. » balance is controlled by England snd a few countries who have not yet agreed to enter the com- bine. We are a mutual organization and attempt to control output as well as distribution in Europe proper.” Running at 60 Per Cent. *“Are your plants running at as large & capacity as those in .the United States at this time?” I asked him. “Probably more. I understand that your steel plants are averaging a little under 50 per cent capacity production now. We are using our plants at a capacity slightly exceeding 60 per cent,” he replied. “What part of the steel business of Furope do the United States manufac- turers supply?” was the next question. “If you refer to finished steel, such as automobiles, American competition is very keen. But if you refer merely to steel ralls, steel plates, etc., it is very small. I should say America's world demand outside of the United States is ual to about one-fourth of our de- nds. Roughly, the United States steel mills produce about one-half of the steel manufactured throughout the world. All the other countries com- bined supply the other half.” “Do you believe with other Europeans that American wages are too high and that they must come down to a lower level if America is to maintain its present position in world trade?” American Standard Higher. Without a moment's hesitation this European steel leader replied: “Not all. I don’t believe my posi- | tion on that subject has been made | clear. I belleve that the United States, | due to certain peculiar conditions within its vast free-trade area, is enabled to pay not only higher nominal wages than those of us who live in more lim- ited trade areas but that the United States can also, through its magnificent system of mass production, give the workers a much higher real wage than we have so far been able to do. That means that the American standard of living is higher than ours and the chances are that it will remian so for some time to come. How long I do not know, but until we find a formula which will do for Europe what mass production methods have done for the United States we can only hope that we may approach the wage scale that is existing In the United States.” But Mr. Meyer was not quite satisfied with his answer, so he proceeded to make it more clear: “You see,” he continued, wages in America per unit of product are mnot 50 high. Take one of your automobiles, | you pay higher wages per hour than any | one in the world, but American ma- chinery is so tuned and skillful that the United States is able to make the wage | factor smaller per car than we can.| The result is that every country in Europe is seeing mofe and more Amer- ican cars being bought. This is in spite a Chalmers speech was a notice to the world that Canada, commerciaily speak- ing, is now and will continue to be a free and independent country. Who are the outstanding leaders of this International Chamber of Com- merce convention? There are approx- imately five hundred foreign delegates and about seven hundred American delegates and alternates. Dr. Alberto Pirelll of Italy is con- sidered among the leaders. His wide and successful business experience have made him an international figure. Sir Alan G. Anderson, shipping mag- nate of Great Britain, has been wield- ing much influence here. His speech on the developments and direction of trade was one of the highlights of the convention. Prominent with him is his colleague, 8ir Arthur Balfour, steel magnate, who, because of his personal acquaintance of many years with a number of the delegates from the vari- ous countries, has been able to cover a great deal of ground. George Theunis, president of the international chamber, must be in- cluded in this influential circle. He speaks English fairly well and knows, by reason of his world-wide acquaint- anceship in the field of business and politics, most of the leaders present. He is one of the hardest working dele- gates here. Jullus H. Barnes and Silas H. Strawn are the two most active American dele- gates. Mr. Barnes has been for some years chairman of the board of the United States Chamber of Commerce, while Mr. Strawn of Chicago is the new president of the Chamber of Com- merce of the United States as well as a vice president of the international chamber. No one will be more pleased and relieved when the gavel brings the conference to a close today than these leaders. One American economist, watching the proceedings, made this observation: “I think the reason why these Euro- pean business leaders are so effective is that they are their own economists. They know from experience, and are theoretical as well as practical. American business man hires his econo- mist just as he hires his stenographer. True, he does not always take bis ex- pert’s advice, but when he gets into & conference such as this he is handi- capped because he does not understand of stiff tariff walls which exist, unfor- tunately, in nearly every country.” Must Lower Tariffs. “You mentioned the word ‘unfortu- nately’ in connection with tariff walls. ‘What do you mean by this?" “I believe that we have got to get away from these growing tariff walls if the world trade is to expand in the future. This steel cartel of ours is an attempt in that direction. The United States of Europe, economically speaking, is not only possible but the force of circumstances is making it absolutely necessary. I am from Luxemburg. I am not a German, or a Frenchman, but the size of our business makes me, s0 far as trade goes, an internationalist. No country today, under modern ma- chine methods, can hope to sell all that it produces or manufactures within its own boundaries. Every time an inven- tion permits one man to do the work of 10, that economic fact forces trade farther and farther over the borderline of the nation. World trade is merely an attempt to keep people employed by a swapping of goods of the machines of one country for the machine prod- ucts of another.” “Do you expect the European Steel Cartel eventually to include every steel company doing business in Europe?” I asked. Mr. Meyer looked puzzled for a mo- ment for the question did not exclude Russia. “With the possible exception of Rus- sia, which is playing fts own game in the industrial field, I see no reason why we should not be tied up to- gether,” he said. “In’ fact, perhaps in the days to come we'll be able to work out pians to include these powerful ccmpanies of the United States and Canada as well as those in Japan and in South America. The cartel, to be most effective, should be world-wide.” Reconsider War Debts. “In your opinion, what can the United States do which it has nct already done to co-operate in getting the world back on its feet?” “As I said at the beginning, the world has lost confidence in its busi- which, despite 1its size, | goods FINANCIAL. STEEL CARTEL, EDS CONFIDENCE uropean Industrial Leader Declares U. S. tions Greatly by g War Debts. situation, but true. Its banking lead- ers, t0oo, have not been able to keep themselves free from criticism. I still think that any moves which will aid in restoring business confidence are very desirable. For example, Germany, in the last analysis, must pay her repa- rations by selling to the world more goods than the world sells to her. If she cannot do this, then she cannot pay the reparations. Any one who has any knowledge of the situation knows that Germany eventually will not be able to sell an excess of gocds in an amount equal to the reparations unless the nations of the world accept German in such & ratio. But will they do this? High tariff walls are sufficient answer to say that they will not allow payment in goods. “If Germany cannot pay in goods, then she must pay in gold” Mr. Meyer went on. “But she hasn't got encugh gold to pay 10 per cent of her foreign debts. Then what? Then she must throw her hands into the air and tell the world that she’s through. So the greatest gesture that I know which could be made by the United States, with greater grace than by any other country, is one which wruld suggest & reconsideration of the whole matter of reparations and war debts.” Mr. Meyer has been in the United States for the past two months, dur- ing which time he has visited most of the newer steel plants both in the North and in the South. He is re- turning to Germany shortly and ex- pects to incorporate many of the newest devices in his steel plants in Europe. (Copyright, 1931. by the North Ameriean Newsbaper Alliance.) FARM EXPORTS GAIN FOR MONTH OF MARCH Index Figure for Period Raised to 87 Per Cent of Pre-War Level. | By the Associated Press. A general increase in agricultural ex- ports during March, as compared with February, was announced yesterday by the Agriculture Department. Larger shipments of all commodities except animal products, lard and tobacco raised the index figure to 87 per cent of the pre-war level in contrast to 71 the previous month and 82 in March, 1930, Increased cotton exports were said to be the result of larger purchases by Japan and Germany. The department said wheat and flour usually have rankéd second among United States agricultural exports, but in the nine months ending March 31 these commodities dropped to third lace, leaf tobacco exceeding their value Y 320,000‘00?‘.‘ Large shipments of boxed apples to continental Eurpope helped raise the fruit export index to the second highest month's figure on record, or 391 per | cent of pre-war. New York Cotton NEW YORK, May 8 (#).—Cotton opened steady at an advance of 6 to 10 points on overnight buying orders attracted by the firmness of yesterday and some buying on the relatively steady showing of Liverpool. The demand was not in large lots, but was fairly active on the advance, which carried July up to 10.19 and December to 10.79 at the start. It was supplied by realizing while there also appeared to be some New Orleans and commission house selling which caused reactions of 5 or 6 points from the best during the early trading. July sold off to 10.13, but the market at the end of the first half hour was quiet and fairly steady at rallies of a point or two from the low- est, with active months showing net gains of 4 points. Some traders were inclined to take rather a more favor- able yiew of the weather, while others thought it still too cool and showery. Liverpool cables reported continental and Bombay buying in that market and said that the spot sales of 10,000 bales reported included 7.000 bales of Russian cotton. Egyptian futures in Alexandria were 23 to 33 higher. Chicago Grain CHICAGO, May 8 (#).—Grains tended upward early today, influenced by absence of important moisture in Spring wheat territory and by cold wet weather in the born beit. Liverpool reported European continental countries buying wheat continually. Starting at Y4 cent off to 's up wheat afterward hardened all around. Corn opened un- changed to 3 higher and subsequently rose further. Anxiety prevailed regarding possi- bilities of a sudden and prolonged dry warm period which would evaporate surface moisture in the Spring wheat belt and aggravate lack of sub-soil moisture. A~ leading authority was quoted as asserting that frequent gen- erous rains were imperative to avert a poor crop. On the other hand, no fresh overnight export business in North American wheat was announced. Aside from adverse conditions for the growth and movement of corn, prices of that cereal were strengthened by persistent smallness of receipts. Chicago arrivals totaled barely 47 cars, against 122 a week ago and 91 at this time last year. Producers were reported to be reluctant in parting with their small supplies until it was known positively how the new crop developed. Oats chiefly followed corn. Provisions were upheld by steadiness ness leaders. This is an unfortunate the thooretical side as well as he does the practical.” ‘This comment, while striking, hardly does justice to some of the American delegates. But it certainly does apply to a good many of them. (Copyright, 1831, by N o Daper Alfaneenmorican News PRICE OF NEWS PRINT CUT $5 PER TON FROM MAY 1 of the hog market. STOCK AND BOND AVERAGES. By the Assoclated Press. SATURDAY, MAY 9. STOCKS. By the Associated Press. NEW YORK, May 9.—The Great Northern Paper Co. yesterday an- nounced a reduction of $5 a ton in the price of news print, eflective May 1 and retroactive from January 1. The price under the new schedule is $57 a ton delivered in New York. The price after May 1 is the same as the schedule announced by & group of Ca- nadian news print manufacturers, but tter, with the exception of the Power & Paper Co, made a tive reduction of $3 a ton. The Canada Power & Paper Co. put the fig- ure at $5 a ton from January 1 to April 30. BAR SILVER QUOTATIONS. NEW YORK, May 9 (#).—Bar silver quiet and Js lower at 28 moment and abruptly terminate recov- ery that the utmost caution is neces- ——— 2 Russis has placed a large order automobile fiu:h in ;uly g sary in following rallies for the immedi- ate future. ” . Prance has increased its 1031 appro- priation for aeronautics $7,000,000 above that of last year, Low, 1930 High, 1929 Low, 1929 (Copyright, 1931, Btandard Statistics Co.) CORPORATEBOND - YELDS SHOW RSE Index Reveals April Prices Made Spurt From Low Point in March. Special Dispatch to The Star. CHICAGO, May §--The average yields of the new corporate bond issues at their offering prices in April showed | a rise from the low point reached in March, registering 5.11 per cent, ac- cording to the weighted by volume in- dex of Lawrence Stern & Co., invest- ment bankers. In March the index stood at 4.75 per cent, and at 5.42 per cent in AprH, 1930. “The higher average yield on the new offerings,” said the index, “reflects a certain degree of increased activity in the fleld of medium-grade bonds— March ofl!rln;’s having been almost en- tirely in the hight-grade classification. Bond dealers are watching eagerly for signs of increased strength in the me- dium-grade field and, accordingly, & continuance of the April tendency to- ward higher offering rates would eon- stitute a favorable factor. It can hardly be said, however, that the action of the listed bond market during April sented any specific encouragement in this regard. The following table shows the average yields for April, both in 1931 and 1930, together with the figure for the previous month: Forelgn Financlal b New Security Offerings. Reports from leading investment dealers throughout the country showed that there was “a feeling of conserva- tive confidence in the future of the bond market, which showed real (€ 1 strength and a to nAMnd the punishment of news in pril. h;o::’ the ou:Aernlla‘nnd. the stock ?; , during April, presentsd & dis- couraging _picture—and the opini dealers was also at low ebb.” Analysis of figures em&tud review showed that bond of mna dur- ing April, amounted to $454,624,000, which is a declipe of about 28 per cent from March and nearly 34 per cent below April, 1930. Stock ofln\nfllfl he month totaled but $10,848, -less. of the volume— year ago. ofle‘r{: ,” said the review, “represent a rather large total under present. conditions, being in excess of the average for the past se' months. “It should be noted, however, that the larger part of the April volume came in the early part of the mon! resenting perhaps a continuation of large March offe; The tapered off in the half of month, following the ‘see-saw’ tend- ency which has been evident through- out 1931 to date. Outstanding Issue. “The outstanding bond issu $225,000,000, representing a large in- crease over the March figures. Tax- over the March totals; offerings in April were conspicuous by thel;'h absence, o S “The only stocl e of consequence during the entire month was the $8,000,000 offering of Colgate-! Peet, preferred stock. “The major part of the month's offerings was brought out by New York City bankers, who were le* for 83 per cent of the total. was in second place, with 14 per cent, fol- lowed by San Francisco and Minnea- polis.” Summary of National Situation. s A summary of the facts and brought out in replies to l:’mmm Stern & Co. questionnaire from leading financial institutions in each of the 12 Federal Reserve districts in April follows: “Eighty-five per cent of the bond dealers canvassed report retail distri- bution of bonds below normal in April. This represents a falling off m March, when retail bond business was business continues definitely below normal in every dis- trict—with a perceptible diminut in the recent strong demand for fixed trust 8. shares. “Practically all dealers that investors still prefer bonds raf than stocks, with emphasis on the higher grade issues. AI;:"ha rpcepl'ion ni new bond issues in was extremely irregular—reports varying widely. In general, new issues were not sa well received as in March. Municipals Head Field. “Municipals continue to lead bond field as the most flo lar classi- fication, with public uti] LE; a second. The popularity of ind and railroad bonds in the present mar- ket _appears to be diminishing. “Bond dealers remain reasonably op- timistic as to the outlook for the bon market—the majority wm!demmn prospects as fair or better. Te- gard to stocks, the future is more clouded—the majority describing the outlook as poor. “Bank buying of bonds appears to have fallen off somewhat in April, with & majority reporting poor bank busi- ness. “Easy money prevails in most locall- ties, but there a persistence of re- ports of tight money in the rural dis- tricts, such reports being slightly more numerous in April than in March. “The majority opinion is that the general business outlook is only fair at this time, and optimistic expressions ;‘re ;lomewhlt less frequent than in arch.” DIVIDENDS DECLARED NEW YORK, May 9 ().— Extra. Phiip= Dodge Mfg Ltd A GLEE N Guar Pub U Guard Rail pf. b 55 (i o H H S S K e < i 3 0On DOOOLOOO DOOOD: DOD: DOORZDOOOO i3 H 4