Evening Star Newspaper, June 13, 1931, Page 12

A—12 * FINANCIAL. THE EVENING STAR, WASHINGTO 1 DL, SATTTRIDAY, JUNE 13, 1931. COMPANY EXPANDS PLANT ACTIVITIES) Increase in Sales Since First of Year Scored by Min- nesota Firm. BY JOHN F. SINCLAIR. Bpcctal Dispatch to The Star NEW YORK, June 13—Charles L. Horn, president of the Federal Cartridge Co., of Anoka, Minn,, is one Northwest- ern industrialist who is expanding his business. “We have increased our force by 50 men since the beginning of the year Mr. Horn said. “We have no com- plaints to make. Our salesmen are getting results, and cur sales are ahead of last year. I cannot understand why more business houses do not at least make an attempt to send their salesmen out. Most of them have the blues. They do not think enything can be done, and hence any such movement would be mercly a waste of money. “But_that psycholegy is fatal, I b2- lieve, Its all too prevalent, not only in the Northwest but through the country. 1f business men would just quit sitting around complaining about what is going on, they would b> surprised at what would happen in their own lines. Of course we have had to go through the present crisis, but Tl bet my last nickel | that the fellow that's on the job cover- | ing his territory thoroughly right now is the cne that is g to b> on top when conditions bctome nermal.” Farmer Labor Party. orthwestern business men are eager- watching the increasing influence of the Farmer Lapor party in Minnesota. Eight years ago, the, party first came into national prominénce by the elec- | tion of Hendrik Shipstead to the United States Scnate, defeating Frank B. Kel- logg, then United States Senator. Last Fall the Farmer Labor party elected Floyd B. Olson Governor against a normal Republican majority of 200,000. This week W. A. Anderson, Farmer Labor candidate for mayor of Minne- apolis, defeated cx-Mayor George Leach, veteran of the war, by the biggast ma- | jority ever given a mayoralily candi- date in the largest city of Minnesota. With three major offices. Senator, Governor and mayor. the Republican party must look to iis laurels if it is 1o survive as the majority party. The Democratic party has long since ceased to be formidal “The two old partics b wake up or theyll find the Northwest under the complete domination of new | political forces,” said a leading Min-| neapolis b: this week. “We have! 100 granted in the and jobs. If they cannot g insist that their families supported. The 3 ’ r now is of our better | p stupi Competition for Work. “What are all these graduates going to do when they leave college today?” P ent L. D. Coffman was asked at the graduating exercis of Minnesota University last Monday night The university graduated over 1500 | in its various colleges this year. These graduates are now looking for work. How many will find the jobs they ‘want? “There is a definite number of these young people that needed _every Jear in the teaching profession,” said President Coffman. “It takes by far the largest per cent of every graduating class The others will have to stand up against the competition of modern life and do the best they can.” To an omtsider it looks as though the graduates of today are up against it harder than wer> those of 25 years €0, The competition for places in professional work is extremely keen much more than it was two decades 20. Vincent's Popularity. Dr. George E. Vincent, who has jus red as president of the Rockefe! dation, is s much in demand to- as a public speaker as he was 25 ago when he was a professor of sociology at the University of Chicago. Probably no public speaker in Amer- fca has & bigger vocabulary than this educator. When he speaks, every word is chiseled and distinct. He is com- paratively easy to follow. It is related that while he was president of the University of Minnesota he was asked to make an address before the Bankers' Club of New York City. On that oc- casion, John D. Rockefeller, jr. was sitting at the speaker's table, He had | never heard Dr. Vincent speak. When the doctor had finished, Rocke- feller turned to a friend and said: “Any men who can speak like that make an 1deal person to have | the Rockefeller Foundation.” many wecks later the announce- ment was made that Dr. Vincent had resigned as president of the University | of Minnesota to accept the presidency | of the Rockefeller Foundation. That was in 1919. Dr. Vincent was asked | recently how much money he had given | away as a Tepresentative of the Foun- dation during his term of office. He thought a_minute and then said “Rcughly, I should say a little over $100,000,000. Power Consumption. Net earnings for 1931 of approxi- mately $47,000,000 are indicated by the Associated Gas & Electric Co, Which | serves 3,000 communities and has more | than 200,000 security holders spread | over 48 States and 25 foreign countries. | About 73 per cent of its revenues is derived from electricity and 18 per cent | from gas. The net is a decline of only | 2 per cent from the year before. It is felt that solid results have been realized despite the slump in the in-| Gustrial use of electricity, because do- mestic use shows such wide expansion. The company during the last year has | secured 42,000 new customers and sold ' $9.000,000 worth of appliances. This /| may feem surprising to many people, who feel that unemployment and bad | business should cut purchasing power | and, therefore, consumption. But here | are the facts During the period named the com- pany also spent $32,000.000 pushing new | construction, ‘The main projects were the Saluda hydroelectric plant in South | Carolina, Gilbert Station in Holland, N. J, and the hydroelectric develop- ment of Botocan Falls, about 50 miles outside Manila, in the Philippines. In- cidentally, this last-named job, while| unheralded to the general public, has been characterized as another great | monument to American engineering 1 and persistence. It was necessary to cut through a dense tropical jungle and then up into a jagged mountain range to build the dam on a guicksand- like base. (Copyright a 1931, by North American News- paper Alliance, Inc.) ELECTRIC POWER OUTPUT. NEW YORK, June 13 (Special).— Figures received by the electric power companies indicate that the decrease in production is_bcoming smaller, and is now only one-half as great as a few months ago. The reduction from last year of 2.9 per cent for the entire in- dustry corresponds to the decline in the output of the companies operating un- der the largest single management in this country. Engineers believt that before the end of the September quar- ter the electric power output will have reached the figure in the corresponding period in 1930, and perhaps may pass it. Earnings of power anc light com- panies in the copper mining, coal min- ing, iron and steel and automobile sec- tions of the country are still showing decided I s in gross earnings. After Spain had ciscovered the New World, she staked out for herself”*he whole hemisphere, with the excepuion & Brazil, which was for Portugal. | greatest (worth of eggs and poultry. NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. (Continued From Page ~Prev 1531~ Stock and Sales— High. Low. Dividend Rate. 76% 23% Vanadium Corp'n 8% 1 Va-CarChem. 264 288 Wabash RR... 51 19 abash RR (A)..... 27% 21 dorf Sys (1%).. 8% 3 20% 4% W 46% 14 Warren Bros (2 32 221 Warren Fdy & P (2). 103 92 West Pa El pf (6) 19% 9 WesternMd........ 20 9% Western Md 2d pf 31% 101y Western Pacific pf. . 1074 56'x Westing EI&Mfg (4) 220 119's 87'x Westing E&M pf (4). 408 2% % Wextark Radio Str: 5 64 20s 13 2 2 Add 00. High. 32w 13% 243, 247 20% 201y 94 12% 13% 15k 63 92 11.) ~rrev. 1931~ High. Low. Prev. | 26% Close. Close. | 8 31% 31w W 1% 13 134 24% 24% 24% 24% 3% 31 8% 8% 20% 20 265 26% 94% 12% 17% 151 62 92 [ Low. 31 % 12 24% 24 3% 8 20 26'% 94 12! 135 15% 61% 92 % 3% Willys- 441 Willys- 4% Wilson 561 10% T2% 1067% 27 80% 15% 29 High. Low. Dividend rates as 1% 98 Wright 663 6% Yellow 3% 8% in’ stock. no regular rate. fPlus 8% in stock. 4 this year—no regular 54% Woolworth (2.40)... 874 Worthington Pump. . Wrizlev (Wm) (4).. 14% Youngs Spring (3) Dividend Rate. J Plus 50¢ in special preferred stock. Stock and 15'4 White Motors (1) Overland. . Over pf (T) &CoA.... 29 11 208 14 6 10 Add 00. High. iven in the above table ure,the Aeronaut Truck. . . 11:45. Close. annual cash payments based on the latest quarterly or half-vearly declarations. *Unit of trading less than 100 shares. §Payable in scrip. b Payable in stock. tPartly extra. iPlus 4% Plus 9% in stock. ePaid last year— e Payable in cash or stock. in’ stock. hPlus 2% In stock. k Plus 3% in stock. m Pald in stock. & Plus 6 rate. nPlus 5% DIVERSIFIED FARM POLICY 1S PRAISED Editor Tells of Benefits De- rived in Four North- western States. BY BRADLEY W. TRENT. Special Dispatch to The Star. NEW YORK, June 13.—Financiers and business leaders gatagered at the Downtown Athletic Cilud, catering to the elite of Wall Street, listened with rapt attention as a Midwestern apostle !'of diversified farming related how good farming, with good live stock, is doing a | better job than any poiitical “hokus- pokus” in the Great Northwest. Bankers and brokers heard with amazement from Charles F. Collisson, farm editor of the Minneapolis Tribune, that diversified farming, replacing sin- gle-crop wheat, has increased the farm revenues of the four Northwestern States—Minnesota, the Dakotas and Montana—nearly $700,000,000 in the $100.000,000 & year. He presented an array of facts to prove that “good farm- ing with good live stock” is a real shock absorber for the rocky road of 1931 business and azriculture. A New Agriculture. “Whatever radical politicians or pro- fessional gloom spreaders may tell you, the time-tried, cow-sow-hen-sheep style the Northwest, is far from being de- flated or begging Uncle Sam to pl Santa Claus,” said Mr. Collisson. “When farmer and business man really get together, a new agriculture is born. This is exactly what has hap- pened in the Northwest. Our farmers have found cut that no act of Congress or price-fixing schemes can ever restore | fertility to wheat-sick soils, clean up weady grain fields or raise sagging wheat yields one bushel. These, and not_price, are the real wheat problems n the Northwest. We came to the part- ing of the ways as a wheat country 10 years ago. We have chosen the cow- paths to prosperity. Steadily, surely, this system is push- ing single-crop grain growing clear off the map of the Northwest. Farmers are working out their own farm reltef, milk- ing their own way out of debt to pros- perity on their own farms—not in Washington.” Minnesota since the war has cut down her wheat growing 2,700,000 acres, now pianted to potatoes and corn, hay and feeding crops, according to Mr. Col- lisson. Her wheat crop, in the world's flour milling State, brought only $21.000,000 in 1929; only $12,376,- 000 in 1930. Yet Minnesota barnyard biddies gave their owners $80,000,000 Minnesota creameries lead all North America now in making butter, which sells for $125,- 600,000 annually. Dairy Industry Grows. The dairy cow is now a $200,000,000 industry in Minnesota, $300.000.000 in the four Northwestern States. Minne- sota’s butter surpesses all the output | <f her iron mines, valued at $90,000,000 a year. The Northwest's income from dairy livestock and poultry products leaped forward 87 per cent in eight years, to the impressive total of $807,- 500,000 in 1929. This is four and one- half times the wheat crops, $178,500,- 000 in the four States. It is more than all the ficld crops—everything grown on Northwestern sofls. In order to finance this development of livestock farming, a loaning com- pany was formed in 1924, the Agricul- tural Credit Corporation, to which New York business interests and financiers subscribed $5.000,000 of the $10,000,000 capital. This company lends money direct to farmers. Up to $1,000 is pro- vided at 65 per cent for a three-year period to stock up grain farms with | sheep, dairy cattle, pure-bred bulls and | Mr. Stephenson. fecder cattle. 1924, 13,600 farmers have been aided with loans totaling $6,780,833. They have repaid of this $4.474,391 out of the actual income from the livestock. (Copyright, 1931.) CHICAGO STbCK MARKET Sales High. Low. Close. 55 Alnsworth Mg ... Lox- Olos 50 Allied Mot Ind 50 Am Equities 30°Am Pub Ser pid L T0Assoc & & T “A" 7 Tel Tyl . 10 Haxter Laund A 590 Bendix Aviation . .00 1300 Borg-Warner ... 100! 160 Borg-Warner pfd ... 150 Bruce (E L) ....... 350 Butler Bros 200 Cent. 10 Cent 500 Cent 50 Geat 190 Cent Cold Storage .. 1il Pub Ser b 1l Sec Ind Po pf. tuy Serv a 100 Cent & So West . .. 50 Cent & So West pf.. 100 Cent & S W pl pf 50 Cent West Pu Ser Al 20 Chi No Sh & Mil Pl 1150 Cities Service . 400 Comwltn_Ed 100 Consumers 6 700 ContChicago 200 Cont Chic pf. 70 Cont Steel 1400 Cord Corp .. 100 Corp _ Sec 70 Crane Co s W e ta o ey s HIE2E8ST 10 Crane pf . 5 400 Foote G & ‘Mach 89 Gardner-Denver 200 Gen Thea Ea vtc 50 Gleaner . : 0Gt Lakes Aircraft 100 Gt Lakes Dredze 250 Greyhound ... 56 GTigsby-Grunow 100 Il Brick . 10 Inland Utii 4950 Insull Util ©:° 50 Jefferson Elec .. 100 Kalamazoo Stove 20 Ky Ut Jr cum pf 300 Keystone Steel 200 Libby-McNeill 300 McCord Rad ‘A"’ 100 Merch & Mfg A 50 Metro ‘Ind_..... 3100 Mid West Utii ..} 20 Midland Nat Gas “A’ 250 Midland _United 50 Mid Ut 65 pd 50 Mo-Kans Pipe 200 Nat Family Str .00 200 Nat Rep Inv 6 100 Nat-Standard ', 200 Nobliti-Sparks "' 100 Nor Am L & Po) 10 No West Ut 77, 10 No West Ut pi 100 Oshkosh Over - 250 Pines Winter .. 150 Polymet ... 100 Process Corp ... 10 Pub_Sery 6 50 QRS De Viy.. 10 Quaker Oats i 150 Railroad 8h 50 Rath Pack 50 Rollins Hos .. 200 Seaboard Utti ', 100 Segal Lock & 100 So Union Gas 300 Swift & Co.. 200 Swift Intl . 100 Thompson (J " Ri... 100 Twin_St Nat Gas... 50 Un Pr & Pub.. 50U S _Gypsum, 550U S Radio & Tel. 100 Util & Ind.. 2150 Walgreen Co 90 West P L & 300 Wextark _Radio..... 350 Wis Pankshrs. Stock sales today—-32.000 BONDS. 4000 Insull ULl 65 '40... 3000 Kresge 55 '45....... .. Bond sales today——3i7.000. =0 cofumnEn S na e 585055585585, 58553285 83 82 100% 100% PUBLIC CONFIDENCE WILL END DEPRESSION, SA Special Dispatch to The Star. PITTSBURGH, June 13.—The most significant aspect of the present busi- ness reaction is that, while there has been “perhaps th> worst general ect- | nomic breakdown in histo; have not had any semblance of a financial panic” such as characterized some pre vicus depressions, Rome C. Stephenson | president Amcrican Bankers' Associa- | tion, declared befcre the American In- stitute of Banking convention. Terming | unemployment the greatest public prob- | lem in the country today, he said that | the sooner we can get our masses ol workers back int> jobs on almost any | terms the better it will be for both capi- tal and labor. 3 | “The surest way to bring the Nation | out of the business depression is to raise | the pressure of pubfc confidence to the | peint of becoming a dynamic force,” M- | last 10 years, or at the rate of almost | Stephenson said, declaring that he was not pessimistic about the future. Com- menting on the general agreement that | the bottom of the depression has been | reached, he said there is such a thing as “overstaying a depression” just as there is of “overstaying a bcom.” He added: | " “Banking and corporate finance in this period are unflinchingly taking their portions cf short rations and en- ! of farming today, such as we practice in | forced self-denial that the nation’s need fcr readjustment demands. Interest rates on money, yields g securities and | dividends on corporate Investment have all dropped to levels that constitute drastic_reductions in the compensation cf capital. necessar all ph: must vival of industrial, business | clal activity can get under wa; Praises Institute. He commende dthe Institute and its work to the pe-ple of the couniry es an earnsst that our banking structure and | our banking people warrant their co: | tinued confidence. He pointed out that at no time has the banking structure as a whole been shaken and has always been ready during this recessicn to ex- tend support and co-operation to trade and industry. Bank workers, who are making themselves more valuable to banking tkrough taking educational | courses of the institute, are practicing | the best kind of “job insurance,” he de- | clared. |~ Mr." Stephenson would be agreed that the worst of the collapse of the period of prosperity” that preceded the present situation is the condition of insccurity for employment in industry and busi- ness which it caus:d. | “Unemployment is the worst wage cut that the worker can suffer,” he said “It is the worst cause of stagnation | that business has to strive agains The sooner we can g't our masses o | workers back into jobs on almost any | terms the better it will be for both capital and labor.” | Remarking that some look upon the matter of unemployment as a soc political problem and oth rs regard it | as purely an economic problem, he said | he was inclined to the belief that the more practical appreach to the preven- tion of such situations as general un- employment presents is along lines of econcmic foresight rather than along those of social legislation. Economic foresight is conceivable rot only for | the individual, but for business as a | whol>, he declared. % “The public welfare of the United States demands that industry adopt a | long-range viewpoint and lay out its production end distribution plans with | the thought that it is far betier to have |a long period of good sound business | activity than a short period of franti- | cally ov<r-competitive endeavor,” said “This would tend to economic realignments that s of the country’s working life go through before a general re- and finan- said he thought it spect “fals Since its organization in | lessen overproduction in various lines, to | | prevent overexpansion of plant capacit: | to avoid overstimulation of public buy | ing and, above all, to avoid periods of slumps and stagnation following ods of overstimulation with thcir disasters of unemployment.” | Bankers' Mission. | For business, too, he said, there is a part in such a conception of economic 1% | foresight. It should aim to co-operate | with industry in its endeavor to avoid reckl:ss overproduction, overstocking and overselling the public. “In this picture of national economic | prudence, banking and finance, too, have their place,” declared Mr. Stephen- |son. “Their effort should be to influ- |ence the use of credit and other finan- | cial facilities into channels of sound public economy consistent with the at- titude I have already sketched for in- dustry and trade. All finance, whether current commercial banking or indus- |trial investment banking, should seek | by their influence in granting or with- | holding credit to stimulate and build |up a palanced economic situation.” | “Comparing the present episode to | previous depressions, Mr. Stephenson |declared that “while we had a specu-| |lative panic and a general economic | breakdown—the worst, perhaps, in out | history—we have not had any sem- | blance of a financial panic such as oc- | curred in other years when the credit |and monetary machinery broke down |and we had money panics, suspension |of specie payments and kindred disas- |ters. None of these elements of a true » | financial panic has been present in this depression of the 1930s. At no time was the banking structure, as a whole, shaken, despite the unprecedented rate of small bank failures that it had to absorb. At no time was the banking support to the panic-stricken and broken stock markets and co-operation to all kinds of business and manufac- turing. Any one would have been a wise propnet who could have foretold that our banking and credit structure would 4 |stand up so well under conditions so bad as during the past two years.” The duty of. the individual in such a |plan for the sounder economic future | for the United States, he said, make every effort to take care of him- self and to provide for himself. Neither government nor industry can do that for him, he declared. “They can give nim the opportunity to succeed, but they can't succeed for him,” he said. He said that in the American Insti- tute of Banking bank workers have the chance to create greater s-curity for themselves by becoming better bank- ers through education and urged that this is no time to waste opportunity for s:lf-improvement. Some 43,000 bank workers are enrolled in the institute's courses in 300 citics of the country, but there are several -hundred thou- sand bank employcs, Mr. Stephenson said, and five or six times as many should be enrolled. The atter of getting and holding a job is a vital and. These are but phrt of the| and credit machinery unable to extend’| is to | YS BANK LEADER ‘Association Head Declares the Sooner Masses of Workers Return to Jobs Better It Will Be for All ) important one under existing conditions, he pointed out. . | Public Confidence Needed. i, “Business must tighten up its econ- |'omics and its efficiencies,” he sald. “In this period of reaction and depres- sion it must enforce mors intensiv lection cf its human working force throngh the elimination of the sub- efficient employe first. To the in- dividual employe th> meaning of this is plain. It d°mands efficiency, special fitness and the willingness to give the best that is in him. The possession of these qualities is the very best kind of job insurance that we can have. This statement has particular application to the bank worker. The responsibility of banking these days is too great for it to take chances with any but the very best employes obtainable. You, who are striving through institute work to make yourselves particularly proficient and valuable to your banks in your jobs, are fortifying yoursclves against the hazards of unemployment that lurk in_these d:pressed times.” M. Stephenson said that the pres- sure of returning public confidence has invariably been the force which started | recovery in the past and it is the| gathering power of this force which will start recovery from this present de- pression “As more and more manufacturers | and business men realize that a turn | has come and that th overstaying | the time to adopt con: they begin cautiously selling campaizns, to speed up their production, to enlarge their working fore's and increase their commitments for supglies. It is the gathering weight | of thece influences that finally raise the | pressure of business and public confi- dence to the dynamic pow:r of re- tructive policies, | to press their t is a favorable sign of the times that there seems to be gencral agree-| the bottom of the depression , cen reached and all eyos are pe-led and looking ahead for the first | tions that the turn for the bot- sight. Who knows but what the first thing we know we will find our- sclves 1 s we realize that the turn has v come. t is a rough and rocky | road that runs across the bottom of the | of business depression, and most | too busy st ering the old Ford from bump to bump to be able to take | in all the scenery. So who knows but | what some important changes in the landscape are alr:ady taking place?” - . Chimes on the Door Bell. | There s now avallable household signal system which gently plays the famed Westminster theme when a caller comes a-calling. A single ! contact of the door-bell button sets in | operation a small compact motor which es the striking hammer and | s the Westminster chime., The malkers of the outfit also provide a mallet and & book of dinner call music so that the chimes may be operated in e house by hand for those occasions when it is time to eat. DIVIDENDS DECLA-RED 1 a chiming NEW YORK, June 13 (#).— Extra. Pay- Hidrs. of pany. R: reco Fin Towa A.25c Processes oc Reduced. Const June 19! June 13 | June 20 | June 20 Juze 15 | Metal June 30 July W Boylston City Housing Corz ... July 1 Ozone Park July 1 Tagsart Corp A July 1 | A June 15 Am P& Lt o 5 July June 27 June 27 June 30 June 30 July Juiy July July July July | June 10 June 10 June 20 June 20 o ! DLOEOOODOD OO BOND PRICES MOVE IN NARROW RANGE U. S. Government Issues Steady—German Group Shows Slight Recovery. BY F. H. RICHARDSON. Bpecial Dispatch to The Star. NEW YORK, June 13.—Bonds were irregular today. In the domestic lst the ~ junior railroad group continued their improvement, with the best gains in Missouri-Pacific General 4s, Mis- souri-Pacific 55, St. Paul 5s, Frisco 4145 and Erie 5s. Reports out today indicated that, car- rler Tevenues for the first week in June would show a decrease less than the market had anticipated. The St. Louis- San Francisco May earnings were ex- pected to show a substantially improved Position. 'Bui probably the most pow- erful factor uplifting the carrier- list wes intimations that the Interstate Commerce Commission would lend a favorable ear to the raflroads’ applica- tion for_a rate increase. New York City traction issues were active and strong, mirroring a sharp advance in their companion stocks. The plan for the unification of the lines under the city government is now vir- tually completed. United States Government issues were steady and in brisk demand. The Treasury is expected to announce plans next week for anoiher bond issue to care for maturities of about $1,000,000.- n July 1 and Septerber 15 expected the new bonds Will be ar g. Prime such as Atchison General 4s, American Water Works 5s, New York Telephone 6s and Humble Ol 55 were a shade higher. The forelgn situation was consider- ably better and there wer: recoveries group. The granting by President Von Hindenberg to Chancellor Bruening of practically dictatorial powers allaysd the fears of those who sold on to enforce his emergeney taxes. This recovery in the German group affected practically all the lesser-rated foreign dollar bonds. Argentine 65 were about a point higher. Chilean and Colombian issues were firm and Brazilians pointed higher. "The municipal market was firm. Next week municipalities will seek about $60,- 000,000 in this market, against about $38,000,600 this week. The increase is 2ceounted for by the record prices cur- rontly quoted for good municipal ob- ligations. | CHICAGO LIVE STOCK MARKET CHICAGO, June 13 (&) - (United States Department of Agriculture) — Cattle, 500 head: compared week ago. fed steers and yearlings mostly’ 25a50 higher: most heifers 25a50 higher: dry lot cows, 25 up, but grassy kinds were cn an indispensable basis: low cut- ters and cutter steady: bulls continued reascnal advance, gaining 25a40; de- sirable milk-fed vealers. strong to 50 higher, but weighty Kkinds showing grass lost 50 or more; stockers and feeders negligible: long yearling steers topped 2t 8.90: mixed yearlings, 8.75; medium weight beeves, 8.65, and heavies, bulk steers and yearlings, 7.00a rling heifers, 8.60: bul ost fat cows, 4 age buils. 4.1524.3 . 8.5029.50. 3,000 head: market 23 doubles from 700 direct. ©Com- we sirable veale Shecp—Rezeipts nominal; for week feeding stat! 43 pared wee lower; yeatlings, lightweight fat off more. Week 3 loads strictly choice 77-po closirg bulk good and ewe and wether Jambs, 8.2: 7.2528.00 throwouts, cwes, 1.0022.00; ou on jamb order, 17.50: yearlings throughout we grassy kinds down to 4.00 few range-feeding lambs, 5.75. INVESTMENT TRUSTS NEW YORK, June 13 (#).—Over-the- ccunter market: 1.00 and more lower wes, 3.25 down: heav 's top lambs, 9.50 pafd for i Idahos; ioice native 00: buck Asked Bid 7 53, A B C Trust S 4 3 com 3 bl war Bankers Nat Inv sicilla British Ch Shain & Gen E Chain Store 1 Chain Store In Chain Store Sh Chartercd In { Chelsea Exct Chcisea Bxchange | Gumulative Tr Sh | Gorporate Tru g | Grum’ & Foster 8% bt | Gram & Foster b | Grum & Foster Ins i 'pf Crum & Foster Ins B Deposited Bank Shrs N'¥ Deposited Bank Shrs N Y Diversificd Trustee Shrs A... Diver Trustee Shre B Diversified Trustee Shrs C....0. Equity Corp €om.............. Equity Corb pf e Equity Trust Shrs.. irst Amer_Corp Five Year Fixed T+ | _bear " shrs Crown TC Dennison 146 Mon) 5175 Mf June 18 July 2 June 30 Aug. 1 Aug; 1 June 30 July 1 July 31 July "1 Aug. 1 July 1 June 9 June 30 June 20 July 20 July 20 June 20 June 30 June 30 June 15 Bt ceb Dom Rub C Ltd pf B (Chi) Esst Thea Ltd pf Elec Pub S Co pf.§ Elec Secur pf... Fed Con | _ Whse ., 3178 Fed Tr Co (Newark).§1 Fire Assn of Phila_dic First Fin C Iowad | . Do._pf First' 1 & § First NB Sharon Pa.$2 Freiman (A J) Lid PE oo 5150 Grmin Pass Ry §1.3114 Gray Processes. .. .50 | Greif (L) A.. Tic 1 Tr Co (Cleve) .33 Harrisburg Hotel.$1.75 Hart & Cooley Co.$1.50 Ho; Hrdt Bk byes 1 50c (NY) £150 isc O 0OWDLHHOL: June 24 June 2 June 20 June 20 June 20 June 22 June 15 Q usie 20 June 20 Juze 19 June 20 June 10 June 20 June 20 June 20 July 1 June 15 June 15 June 15 Dec. 15 Mar. 15 June 20 June 20 Bep. 20 June 22 Mav 20 June 15 June 23 June 30 June 30 June 30 June 30 June 30 June 20 June 20 June 20 June 22 June 20 June 15 June 16 June 22 June 15 June 15 ica. Kaybee Do. & NB Str: Juiy 1 June 30 July 1 Jan. 1 Aprl 1 June 30 July 1 Qct. 1 July 1 June July 43%¢ 2 p1.62} oyaity | Limest_pr 70 Do. 7% PL......62! |, Do 7% pi’ . '62 | Marsnall’ & Tiisiey { B (dilw) .. M:Kee (A) Co Bl | Do B 87 | McQuay Nor "Mie. .35¢ | Monroe Loan Soc A pt ] M invest pf...73 iCleve) ‘32 50c zc or N’ Eng Do. Do, $6 cony Do. 36 pf $1.50 {N Am Lt & P pf.31.50 | Packer Corp ....37} Pfaudler Co. Prov Tr (Ph.a Reed Roller Bit... Roben ' Con Cone. 3713 Shawmut Asso Southern Ry pf. Sou West L & P | Taggart Corp_pf. | Third NB & Tr | . (Springfd Mass)..$4 Vicheck Tool pf..$1.75 Waltham T (Walt).50c | Wells Fargo Bk & Un Trust....$3.25 | W Jer T iCamdenT.50c W Tex Ut $6 pf. .$1.50 P ASLTS Do. 6% _pt B...31.50 | wieh' U stk Yds$1:50 Workingman's 8 BK & Tr (Pitts)....$7.50 Wrigley (Wm) Co.§25¢c Do. “25¢ Do. June 8 June 20 June 21 June 20 June 20 June 15 June 20 June 20 June 21 June 23 July 20 Bep. 19 Oct. 20 Auz. 20 EZZO 0OOO0D DOD OMOOOOOOOOLOOOOONO LOOO LOLLO OOOD OwOO wOO OO, | Fixed Trust Shares A Fixed Trust Shares B | Pundamental Tr Shrs A Fundamental Tr Shrs B General Equity A........ Grange Trade 3 | Gude winmill Trad Tucorp Investors |Incorp Investors Fauit | Independence Tr Shr. Int Secur Corp Am Al Int Secur Corp Am B! 'l Int Secur Corp Am 67 bi | Int Secur Corp Am 6%as pf. Invest Tr Assoclates & Invest Tr of N Y Culiat A Investors Trustee Shares : Tackson & Curtis Inv Assoc Jackson & Curtis Sac pf ders of Tndustry A.. ders of Industry B Leaders of Industry C......11 Low Priced Shrs....... | Major Corp Shrs | Mass Investors Tr ohawk Invest Mutual Invest Trust A Mutual Manage i | Nation Wide Scciit National Incust Shis!. 1 Tr Shrs.... ank Tr Shis South Am_Cor atio) NY Nor Nor Am Trust Northern Secur. Oil Shares uni Old Colony In Petroleum Trad A Power & Rall Trustee Public _Service Tr. Representative Tr Sh cur Corp Gen $6 pf.. Ik Shares reownSanSaansl-EElanetails aoas econd Int Secur Corp A.. Sccond Int Secur Corp B.. See Int Secur Corp €' Selected Am Shares Selacted Income Shrs Selccied Manage Trustee | Shawmut_Bank .. Spencer Trask Fund Stand #m Trust Shrs Stand Collat Trusteed State Street Invest Super Corp of Am Tr A Super Corp of Am Tr B Super Corp of Am T C. Super Corp of Am Tr, D. Trust Srs of Amer . ® Trustee Stand Invest Trustee Stand Invest D Trustee Standard Oil A Trustee Standard Oil 8 Trusteed N Y C Bank. | Trusteed Am Bk Sh 20th Century Fixed Tr. Two Year Trust Sh United Fixed Shrs. United Founders 1/70th ¥, coi Jugoslavia is expanding’ its transport system. ' corporation issues, | of a point or more in the entire German | the | theory that Bruening would not Qe able | ago, lambs mostly 50 to 75 | FINANCIAL. | oo o BONDS o scnwr] (SOVIET 0L TRADE Received by Private Wire Direct to The Star Office UNITED STATES. (Sales are 1n $1,000.) Sales. Higl. Low. Close. Lib 3%s32-47.. 36 102 21 10219 10219 List4%s32-47. 7 10314 10312 10312 L4th41s33-38 64 104 31 104 30 104 31 US3%s40-43, 100 103 2103 2 103 2 JUS3%Ks4l-42.. 3 103 4102 4103 4 UB4%s47-62., 7114 4 114 2114 2 Sales. High. 1 99% 99% 5 69% 68 11 €8 65% 30 65% 6314 2 101% 1014 103% 103% 99 98% B5% 5% 25 204 102% 1023% 104'% 104% 130% 130% 108% 108% 1065 1061y 1084 108 110% 110% 104 57 714 Low. Close 99% 69% 66% 6315 101% 1034 Ab& St 5%8"43.. Allegheny 6s ‘44... Allegheny 5549, .. Alleg Corp bs '50 Allis-Chalm 68°37.. Am Ag Ch %541, Am Chain 65 33.... Am IntCpbies 49, H Am N Gas6%s'42. Am S&R 18t 6847, | Am Sug Ref 6537, Am T&T cv 4%8°39 Am T&T 5365, Am T&T c tr 65 '46. Am T&T 585260, Am T&T 5%s 43 AmWat Wk 6575 Am Wr Pap 6547 Argentine 5%s ‘6z, Argentine May ‘61. ! Argentine 63 Ju ‘59, Argentine 6s Oc ‘59 Argentine 6s A ‘57, Argentine 63 B Arm & Co 4%;s Arm Del 513 s "43 A e Of1 68 °35. Atchison gen 4s " Atchiscv4lgs'al.. AtCL4%s'C4.... At& Danv 4s48.., | Australia 4%s 56, Australia §8 '65. | Austraiia £s 57. | Austria is 43 ir\llbu‘la? Bole 85% |B&O4s48... 983 98% 1I1fil}1’ns‘33. 100y 100 B&Ocony4lys 89 & O 15t5s°48, ... Oref 5895 - O 58 D 2000. O 65 95 . J&OP&WY 41 B & O Sw dy 68°50. Bk of Chile 643 ‘67 Bk of Chile 6% s 61 Batay Pet 4155 42 Belgium 6s ‘45 Belgium 6%s ‘49 Belgium 78 G Belgium 7s ‘56, . Bell Tel P bs B Bell el I'a b . Beriin Cy El 6s . o8 Berlin CyEl 64551 Y Beth Strf is '42.., 102% Bolivia 7569 14 Bolivia 8s 45.., 243 Bos & Me b8 '55. v9 Bos & Me i3 '67, 99 Brazil 6% 26.. 46l Erazil 6%4827.. 46iy Brazn 7 47 | Brazil 8s ¢1.... 66 6! Eremen 7s '35 BTW Bt EdgnAs o 1064 Lkiyn llev 61y . 61's " 641y I2klyn Man 6s ‘68. . 101% 101ty dapest 6562, Gh% ffGen EL41 881 8 1064 Canada 45 '60... 9614 Ca 1025 1027 Canada os 52... 1067% 106 % CanNat4lks'54... ¢ 100 101% Can Nat 413s 68..., 1007 1008 an July "6y ¥ 106% 166% Can Oct'6y. 106% 106% ‘70 Can 106 106 Can Nor 443 '35, .. 10274 Nor 6125 db 46 » [LEPYS JONES - JOTS O PG 1 " 1027, 1024, 100% 100 1135 118 Y 100% 1097 42% 42% 547k 54 621 624 6: 62n 106Y 108% 100% 101 1077% 9% 10314 60 943 s 1037 109 114'5 11413 10514 1094 109'3 109, i B& & B & 704 102% 137 24 99 99 4614 464 47 46 Nat 5s Can Can Pac 4145 B0 0 0 105% 10213 1021, <102% 123 LTEd% 1 13e 59 39 IS { Can Pac 55 | Cent Iac 53 60 Cen Ry NJ g 53 '87. Cert-td de. Ches Corp C&Ogen 4% C&O 434S B3, CB&Qrends i8.. | Cl&Q it avias e OV 105 101 1051 1014 { "t West 45 59 h M&StE 43,8 85, Chi M SU&P 05 6 | Chit M & St P adj 58 { Chi & NW gn 4s ‘87 S 4158 ¢ 2057 | Chi & NW con « Chi 1 & P rf 4834 ChiR1ev 4% 60, Cni Un § C& W ind 534562, 5 1001 JUEN 60 60 59 76 10514 1037 hile 65°60. .00u0ns Chile 65 * lifle T8*42. 00 ounn hile Cop db 58 '47. Cinn GaEl 45 A 68, CC&St L atgs E. . “clomb 6s Jan 61. Colombia 6s'61 Oct Colo & Sou 41g5 Col G&¥ 53 May ' “om Inves 538 4y, C Md 1st rf 55 ‘60 S NY 4158 95wi ConG N Y blys 45, Con Pow J Copenhag 4143 63.. Copenhag 5 '52.. Cuba Cuba Cuba R Del & Hud rf 45° Del & Hud cv 55 1041 Del & Hud 5%s 3 : 104 Denniark 4143 62.. 3 3 Denmatk 538 '55.. 2 100% Denmark 65 4 106 D& R Gr gn 4s '36. ity D& RG W 68 55 54t {DIRG& Wstss'T 65 Det K4 G& 1415861 b 100% Deutsche Bk 65 ‘52, Dudge r el 65 40, Duguesne 4153 67 El Salvador §5'48. BrieGen4s....... Erlecv 65'67...... Brie 5876 65 9T 8l 1001 10615 911y 4% s et Gla 8la 105 100% 4 —o b 86 105% 100% 85w 81 Nilg 17 118 125 84 Wi 401y : Ftat 7s ex war "46.. Finland 6%s 66. £:niand 7s 60..... Fla & Coast 5s '74. French 71s°49...... French Gvt 7%s '41 Gelsenk'chen 6s ‘34 Gen Motors 6s 37. Gen Th k5g 63 '40... 23 German 5% 65... 145 derman Bn 6s'58.. 12 Ger Cen Bk 63’60 27 Ger Cen Bk €s ‘60 Ge:man Bank 7s German Ger Gen Goodrich cv 6345, Good 1st 6%s 47, Goody'r Rub 58 '57. GrandTr sf db 6s'36 Grt Nor 4%s 77 2 Grt Nor gn 5%s 6 Grt Nor ken 7s 36 Greek 6863 v | Hud & M aaj 6557, Humible Ol s °37.. Hum O&R 5'%s 62, | 111 Cent 45 *52 1 Cent ref 45 "565.. 1l Cent-4% s 66.. 111 CCStL&N 6s A 111 Steel 434S "40 \Unland Stl 4%s A’ Int Rap Tr bs ‘66 Int Rap Tr sta '6 Iut Rap Tr 6s 32... irt Bap Tr 7s 32 Int & Gr Nor 6s 32, Int &G Nad 6352, Int Hydro £] 6344, Int M Co bsret *41. Int Maich 58 47... Int RysC A 53'°3 Int T & T 4%s"53. 119t T&T cv 4343 ‘39 Int T & T 5355 irish Kree St ts'60. Italy 78 '51.. Italy Pub Sv 78 '52. Japanese 5%3°65.. Japanese 6%s '54.. Kan CFtS&M 4s'38 KKan City Sou 55 '50 Kan City Ter 43 '60. KanG & E 44580 Karstadt 6s 43.... Kend 5345 '48 ww. . Kreug & Toll 6859 LacG St L 58 34... Laclede 5%s C'63. Lautaro Nit 68 '54. Leh Val cv 4s 2003. Leh Val 53 2000, Lorillard 55 61.... 108% 42 63% 78 101% 1 1021y 86 807 8ty 89 104 954 99% 90 97 107% 92% 86's 978 98% 48% 5114 9% 10214 100%, 40 86% 104% ol 9% 91% 28 21 10 b 1 ’ Lon G&El5 L & N uni 45 ‘40 L&N4%82003.... McKes & R 6% ‘60 Manh Ry 1st 90 Market St 7s Midvale Stl 58 °36. . Milan 6%s ‘62 MK&T4sB'62... MK & T 1st 45°90.. Mo Pac gen 437 Mo Pac b8 F 11 Mo Pac 6s H ‘80 Mo Pac ref b Mo Pac 6%scv 49, Mont Pow 63 ‘43, Montevideo 7s ‘62., Mor & Co 1st 4%s. . Nassau Elec 43 '51.. Nat Dairy 6% NOT& M5%s'64. New S Wales 635’ New S Wales 63 58 NYCgn3ls'9r N Y Cent 45 °42.. N Y Cent db4s ‘34.. NY Cenrf 41452013 NY C & St L 4s ‘37, NY C&StL 4%8°78. NYC&StL6s'32. N Y Edison &3 B 44 N Y Ed 1st6%s 41, NY NH&H 3% 854, NY NH&H 45 '56. .. NY NY NH&H clt 6; NY NH&H cv db NY O&W 1st 4892, NY Rys Inc 6s '65. . N Y Tel 414539 N ¥ Tel 6341, N Y Tel 63°49 NY W&B 4%s N A Ed'son 55 C ‘62 Nor Am Ed 545 '63 r Pac 438 2047, Nor St Pw 65 A "41. Norway 5%8 65, Norway 6s ‘44, Norway 6s°52. Ortent dev 5= 'G8. Orient dev 63 53... Pac G & K1 68°42. .. Pac T&T ref bs ! Paramount 63 '47 Paris-Ly M 7s'58 Penn 45 '48 Sta. Penn cv 413 '60 Penn gen 4%1 ‘65 Penn 43870 Penna 4%s D'81. renn 58’64. .. Penna gen 55 '68. Penn 6% 8 ‘36 Peoples’ Gas Peru 6s'60. Phila Co 68°67. Phila & Read 63 '49 Phillip Pet 5% 539, P CC&SIL 43%38'77. Poiand 6s°40. ... Poland 7s 47.... Port Gen El 413560 Pos Tel & (' he ‘63 . Pressed St C 5333, Prussia 68 . Public Serv 4s '71.. Queenland 6s 47... Queenland 7s '41... Rem Arms 63 A ‘37, Rem R5%s A 47.. Rhine West 6 Rhine West 63'83. ., Rhine West 63 '55. Rhine West 78 Rich O!1 cal f« Riode Jan 6l%s I Gr De Sul 68 '68.. R1Ar& L 4l%s 34, Rome 6138'52... Roy D 4545 ww. StIL&SFindsA.. StL&SF 434578, StLSWev4es'3z., StP& KCSL4%s. Sao Pau 78 40 ret Sao Paulo 8s '36. Sao Paulo 8359 Saxon T8 45....... Seab A L 4s st '50. . Seab A L cv 68 '45. . Sea All Fl Shell Un Of] 5549, Shinyetsu 6158 '52. S'nclair Ofl 614838 SincO TscvA 3T, Stne Cr O 5%s 38 Sine PLE8"42..... | Skelly O 634539, Sou Pac 4%s 68 So Pacific 4135 "81.. Sou P&Or 4348 Sou Ry 68'94. Sou Ry 6s '56. Sou Ry 634 St 01l N J G846 StOIIN Y 4348 '51. Sweden 5%5 54 Tenn EI P 63 A 47, Tex Corp cv bs Pex & Pac 58 B '77. Tex & Fac 5s C 79 Third Av ref 4s 60 Third Av ad) 5 ‘60, Toho El Pow 78 §5. Tokio 58 '62..... Tokio 5%8°61... Un Pac 15t 45 °47. Un Pac 4s '68. Un Pac rf 45 2003 Un Pac 4% '67. . Unit Drug cv 58 53 Utd King 5% s 37.. U 'S Rub 1st 58 "47 Un St W 6155 A 47 Ud St1 W 61sA '51 Utd St W 6125 C'51 Uruguay 6s '60.. Uruguay 6s '64 Utah P& L 55 44. . Utll Pow 58 '59 ww. Utll Pow 5143 '47. o Vert Suz 1st 75 "42. Vienna 65 ‘52 . V4368762 Va Ry Ist b8 62 Wabash 414s 78. Wabash 1st 58 39, Wabash s B '76. Warn Br Pic 6339, Warn Quin 6s 39... Warsaw 7s = Wst Sh 1st 43 2361, West Eldeb 58 '44.. West Un Tel 58 '51. West Union 63 '60. . Wh Sew Mch Wil & Co Ist Yokohama €3 ‘61 Yxstn SP&T 6 Yng StI&T 55 B '70. lower than Friday. Less favorable influences. _ Spots points to 8.65. Cotton range: July .. October " December January | Marcn | May fused to orde *81.."106 659 H&H db 4s 57, and a setback left the list 4 to 7 1 1 116 79% 8614 i3y 1055 11215 53 3%, 104% 10614 1105 83g 10615 19% 997n 1011, 103% 10215 947 10315 987 1051 were oy Ereed) Merchants & Miners, BALTIMORE, June 13 The 153d dividend of the Merchants & Miners’ Trensportation Co. was de- clared yesterday. Directors declared the regular quarterly dividend of 62!, cents per share, payable June 30 to stock- holders of record June 15. T 12 1001 107 1037 New York Cotton NEW YORK, June 13.—Though an early advance of a few points occurred in cotton, the market today again met contracts around 9 cents for October points consumption figures than looked for and favorable growing weather in producing section® offset the strength of the stock market as trading reduced 5 (Special) — Sales resistance to medium and bet- ter priced kitchen utensils has com- pelled syndicates and other stores to confine their purchases to the extreme low-end branch of the market, buyers in the New York market this week ex- plained. All but one or two buyers re- better goods on the ground that demeand is becoming more restricted beyond the low-price range. .| plant food. speaker: IMPROVES RAPIDLY Shipments Abroad in 1929- 30 Were 4 1-2 Times Pre- War Exports. BY LOUIS E. VAN NORMAN, Announcement that the Moscow au- thorities had concluded an agreement with the new Republican government in Spain, vroviding for the importa- tion of & million tons of Soviet petro- leum products during the next three years, caused a flurry in American busi- ness_circles until the representative of the Department of Commerce at Madrid was assured by the Spanish finance minister that American oil companies were still free to bid for Spain’s needs in_this commodity. World excitement over Russian wheat really has less justification than might be aroused by the “menace” of Russian ofl. In wheat production the Soviet Union is not vet back to where czarist Russia was before the war. Soviet oil shipments abroad in 1929-1930, how ever, were four and one-half times t pre-war exports. In fact, oil and timber sre the Soviet Union's best cash crops Status of Soviet Industry. The sale of a million tons of Russian oil to Spain over a period of thre vears, of course, is not a very serious mena to the trade of the other petro- leum producing countries of the world All countrics have increased their con- sumption of oil and there is as yet room for &ll oil producing countric But the Soviet petroleum industry is {and coming and its 1eserves are al- most unlimited While the American petroleum fn- dustry is suffering from overproduction, with existing wells capable of produc- ing twice as much as can be consumed. with drilling carried on regardless of consumption propspects and an in- creasing sentiment in favor of some change of the anti-trust laws so as to prevent further price demoralization it is timely to note the status and activitles of the Soviet oil industry. In oil resources, Russia is the fore- most country in the world. Petroleum has been produced in commercial quantities in the Baku region since 1863. For more than half a century oil production was without organiza- tion. When the bolsheviks came into power they began to plan big things for | their oil ‘Interests and on January 1, 1930, all the oil and gas industries of | the Soviet Republic were unified under S " this syndicate tak:ng over sales and distribution of all Rus- sian oil products at home and abroad J the “five-year plan” the of crude in the R originally fixed at 54.000.000 bar according to Ru by the Departm much sooner than was ex- pected. It is now confidently predicted by the Rus thet the: year 1932-23 the production w less than 42,000.000 matric tons ized. ures reccived Commerce, Large Quant Russian cil has been moving abroad for some time in large qua ing 1928-29. 3600000 tons | ported, ch 11 'Great . Br lowed cic s Shipped. | cont s a large factor There is one drawback ation for Russia. T ing fact that the R lin petrol>um largely at the needs. If the gram of the | anywhere near rot be halr the farm mach official comm: partment of fact is alr GOOD PLANT FOOD IS HELD FARM NEED Fertilizer Association Reminded That Crops Depend Upon Froper Cultivation. ering in in the situ- pr comes re eived Commerce indicates zed in Mosc | Special Dispatch to The Star. WHITE SULPHUR SPRINGS. W { Va. June 13—Need for greater efciency oider that farmers ecan be sup with even better fertilizers than past in exch the agric dollar was stre by speakers at the open session of the s:venth annual convention of the National Fertilizer Asscciation. The association’s membership includes the leading manufacturers of fartilizer, and many executives from all parts of the country ove gatiered here for the four-day meeting. Prices of farm products have receded even more than prices of commercial pointed out. Ob- viously. they concluded, the factors that affect costs of production and dis- tribution of nitrogen, phosphoric acid and potach are differsnt from and i dependent of the complex forces that determine the prices of farm products L. W. Rowell of Chicago, president of the association and vice president of Swift & Co., his annual address Lstruck the note of industry efficlency. “Substantial savings in manufactur- ing and_distributing fertilizer,” declar- ed Mr. Rowell, “could be made by eli inating unnecessary grades and sell- ing higher analysis, thus giving the farmer the lowest plant-food cost.” By way of illustration, Mr. Rowell pointed out that one factory manufac- turing a single analysis can prepare and ship twice as much fertilizer in a da as two similar factories making the ordinary run of fertilizer now demanded by the trade In his opinion the average factory could meet all the needs of the farmer with from 6 to 12 analyses. Such sim- plification as he suggested would re- duce labor costs, save power, lessen fac- tory supervision and cut down many other items of expense. Because of the decreased purchasing power of the farmer and the large ca- pacity ‘cf American fertilizer plants, Mr. Rowell urged that production shouid be adjusted to hte prospective demand. Charles J. Brand of Washington, ex- ecutive secretary and treasurer of the asociation, described the many lines of wark that are being carried on to in- crease Vields per acre, less:n costs of production, and improve the quality of crops by the use of commercial plant focds in order that they may bring rela- tively higher prices. Because of the depressed condition of agriculture, he predicted, fertilizer consumption in 1931 will probably be as much as 25 per cent less ‘than in 1930. Mr. Brand pointed out, however, that there had been an increase in fertilizer consumption from the five-year average figure of 6,136 - 000 tons for 1910-1914 to 8,100,000 tons in 1930. “The slogan of the industry—fewer acres with greater profit—,” Mr. Brand sald, “is intended to direct attention to the efficiency of cultivating the best farm acres, using good seed, good cul- tural practices, modern farm machinery and efficient plant food in order that production per acre may be high at low cost per unit and without increase in total production. The fertilizer indus- try recognizes that it is poor economy to achieve decreased production at higher costs per unit.” Mr. Brand painted an encouraging picture as to the future of tho plant- food industry. He said that the farmer could reasonably expsct a return of more than two dollars for every dollar invested. even at the prosent depressed prices of farm products :