The Brooklyn Daily Eagle from Brooklyn, New York • Page 30

Brooklyn Daily Eagle Financial Section REAL ESTATE SHIPPING COMMODITIES BUSINESS 30 NEW YORK CITY, FRIDAY, MARCH 12, 1937 The Talk in Wall Street Progress? Oh Yes! U. S. Steel Is Going to Put on the Dog Tax Collections Expected to Set Post War Record Go By H. H. CLARKE Financial Editor The market could go brlow 190 in the industrial averages probably to 186 without causing any undue alarm among those who guide themselves by technical considerations.

A drop to 16, however, would be surprising to many inasmuch as it is thought that a good bit ot idle rash Is waiting to go into the market and would probably be put in storks should the present set-back extend much further. Trouble is that sold-out bulls may not be so anxious to reinstate positions if the immediate outlook doesn't change for the better. There is a good deal of reactionary sentiment around In the Street at the moment. It is based largely on the thought that Washington is much concerned over rapid increase March 15 Receipts May Exceed S8( Almost $1,12.,000 1 Above 1929 anclDoulile the IV.io figure Washington, March 12 (U.P1 Internal Revenue Bureau officials today confidently expected March 15 income tax collections to exceed those for any corresponding quarter since the World War, A IJiallHerS xLa-anc Mirrhnt Net for 1936 Equals $2.27 a Common Share Against SI. 17 in Preceding Year Allis Chalmers Manufacturing for year ended Dec.

31, 1936. re- 1 I -J 1AJ liuilivjii, iiuuu lima, cui ai iArs tization. flood loss. Federal taxes and 6.000 provision for surtax on undistributed profits. This is equal nil 1 Ten ict .1 aiintr vii i.ma.jui aiiAica.

exceeding 16.206 held in treasury. This compares with $1,985,137 or a share on 1,344.384 shares in 11935. in staple prices and would like to do Total receipts from levies on per-something to arrest the movement, sonal and corporate incomes are expected to surpass $800,000,000, al- -ii iv thintr (hp most $1,125,000 above the boom- JA. depreciation, interest, amor- Billings in 1936 amounted to $58 voiced its complete disapproval of 981.363 against $38,787,006 in 1935. the plan, contending that It would Orders booked in 1936 were correct few or none of the against $38,283,740 in the conditions which had caused preceding year.

i tlle company to go into receivership Unfilled orders on Dec. 31 in APr. 1933. amounted to $13,818,337 against can't conceive from this at the close of 1935. position argument," said Mr.

Glad- VULCAN OTTINNING Administration cou.d do which j. iici uui. would be big enough to stop present trend, the boys feel That would be to cut the price of gold. Onfninn in V.ir,V,t,. mivo Cn thl TV1S.

aihilltv of move. Some claim i alone it. would be impossible. However, what Washington could do would be to let the idea get around it MAY take some such action. It is calculated that the mere thought of such a threat would Instill enough fear In the minds of those who are pushing up prices to bring about the desired conservatism, Such talk is already making the boys cautious.

They feel it would be a good idea to lighten up their holdings on market strength and to play more for the couple of points stuff from this point on. Estimates are Crucible may show earnings of as much as $2.50 a share for the first half of this year. This would compare with 86 cents in the same period a year ago, Understanding is current sales of National Dairy Products are at the best levels in years. Earnings are better than a year ago, though, as is usual for this time of the year, they are said to be small. Profit-taking in the coppers and other metals continues.

Street feels that any break in the virgin metal situation will be reflected in sharply lower prices for shares. There are exceptions to this opinion. One source said today he felt that even if the price of domestic copper went down below 15 cents current levels for such shares as Anaconda and Kennecott would be justified on earnings. Some houses report good buying of Butler. The annual report was I 71 Broadway, Its N.

Y. Home, to Have Its Face Not Only Lifted Washed as Part of Rejuvenation Program By GEORGE R. MILLS That grubby old building at 71 Broadway, Manhattan, adjacent to Trinity Churchyard, is about to have Its face not only washed but lifted. And, what's more, is about to have a considerable part of Its innards moved around. So what? Well, thereby hangs a tale, for 71 Broadway is owned and operated by United States Steel Corporation and for years has served as the New York home for all the big boys whose brain and brawn guide that mighty battleship of Ameran industry.

Fact that the grimy pile is about to undergo a metamorphosis from which it will emerge sleek and modern Is interpreted by the smarter gentlemen around Wall Street a-, symbolic of Big Doings in Steel itself. It is symbolic, they explain, because it constitutes an outward vLsl-ble sign of an inward spiritual grace which only recently has made itself manifest in United States Steel but which already has brought about great changes. That grace Is effecting a complete regeneration of a company which many thought as lately as a year ago was dying a slow death by reason of its alleged inability to adjust itself to changing times. Small Outlay Observed from the point of view of dollars and cents involved, the plans which United States Steel has made for modernizing its New York home seem of relatively little importance. They Involve a sum considerably less than half a million dollars, which, compared with the $60,000,000 which is to be spent on modernizing the company's Clairton and Edgar Thompson Works, seems like nothing at all.

The exterior front of the building up to the fourth floor Is to be torn away. This means that much of the gingerbread which was considered great stuff when the building was put up in 1898 is to be removed. This goes not only for the front but all around. In its place will go a plain granite designed along modernistic lines. There will be a fair showing of stainless steel on the front In the way of decoration.

This, incidentally, will serve to remind those who see it that the building belongs to the greatest steel company in the world. As it is now, there Is nothing about the structure which would cause any of the many thousands which pass every hour to associate It with the steel company. To Move Shops All the small shops in the arcade of the building are to be removed. Modern office quarters will be provided there for a tenant. The arcade itself will be completely changed and there, too.

the stainless steel motive will dominate. When outside alterations are completed the entire structure will be washed. Simple as these changes are, they will constitute a major chapter in the history of a building which has played a dramatic part in the business and financial history of America. The building was one of Manhattan's first "skyscrapers," lifting its head no fewer than 20 stories into the clouds. Two additional stories were added several years ago at the time when new elevators were Installed.

The structure also boasts a penthouse which Is occupied by the superintendent. It was one of the first buildings In New York to be constructed of structural steel. The Building Of Trusts In Its early history it was often referred to as "The Building of Trusts," for the reason that so many large American enterprises occupied it. Among its early tenants were American Car Foundry, American Smelting, Otis Elevator and Pressed Steel Car. The building which preceded the present structure was also prominently identified with the early Industrial and financial history of New York and the nation.

Many Individuals whose names recall stirring doings in Wall Street made their headquarters within it, including Russell Sage and Jay Gould. The site at Rector and Broadway was originally occupied by Grace Episcopal Church. This institution was forced to move "uptown" to 10th St. and Broadway In 1837, when the business life of the community, which up to that time had been centered largely around the Battery, began to press northward. I anticipated -re fna' a.n".c'p i uiiuiur imiina earmarked by the Treasury for im mediate spending Secretary Henry announced that special Treasury bills aggregating 1300 000 000 mnttirinff immediatelv aIlpr March 15, and about 000 interest on the public debt due that day.

will be paid from quarterly tax receipts. Reflect Changes March collections for the first time will reflect changes incorporated in the 1936 tax law such as levies on undistributed corporate profits and tax increases in the higher individual income brackets. President Roosevelt's budget message estimated that the new tax provisions would yield at least additional revenue from income sources. In addition, individual and corporate incomes are expected to show the effects of improved business. Income Taxes Income taxes, on the basis of budget estimates, are expected to comprise almost half of the anticipated $5,828,151,000 receipts from all sources in the 1937 fiscal year.

The number of returns in the million-dollar income bracket also is expected to show a substantial increase over the "previous year when 41 "million-a-year" incomes were reported. A revenue bureau official explained that part of the antici pated increase will be due to better business and part to heavy dividend distributioas by corporations seeking to avoid the assessment on undistributed earnings. $2,372,900,000 The budget estimates income-tax collections during the 1937 fiscal year ending on June 30 will total $2,372,900,000. So far in the current fiscal year the Treasurv's dailv statement shows, income-tax re 000.000, an increase of almost over the same period last year. This sum, plus the anticipated $800 000,000 income receipts in the March quarter, would leave wuu) ier sua to De gathered before June 30 to meet the budget estimate.

Car Loadings Total 734,127 Cain Over Week Before Was More Striking Than Usual Lately Washington, March 12 IF) The Association of American Railroads reported today 734.127 cars of revenue freight were loaded during the week ending last Saturday. Tha twas an increase of 37,400 cars, or 5.4 percent, compared with the preceding week; an Increase of 99.557. or 15.7 percent, compared with a year ago, and an Increase of 146,937. or 25 0 percent, compared with two years ago. The report classified the loading i Blum Reports Defense Loan Great Success No Subscriptions ly American Banks-Offering Books Closed Parts.

March 12 (J1) The office of Premier Leon Blum announced today the first installment of the defense loan 5.000.000.000 franc (about $225,000,000) had been oversubscribed. Subscription lists were immediately closed. There were reports the loan had been oversubscribed three times, but official figures were not Immediately available. Today's subscriptions represent approximated half of the total loan of 10.500.000.000 francs ($479,850,000) approved by Parliament. Information available indicated there had been no subscription by American banks.

It was understood that the long-term nature of the proposed loan did not attract them. Financial sources reported London banks were taking up half of the installment and French banks were receiving many orders in view of the high interest offered 4'i percent. Officials hoped to Issue Uie second Installment later in the year at terms more favorable to the government. On the Bourse rentes were stationary, while domestic stocks improved and international issues were Inclined to be weak. The tone was calm but firm.

The bonds are Issued at 98. to bear 4'i percent interest, and payable In 60 years. The total loan is to be 10,500.000,000 francs Capital and coupons of the bonds will be payable in French francs, British sterling, American dollars and Swiss francs. Finance Minister Vincent Auriol expressed confidence that today's Issue would be covered quickly. Some financial experts foresaw a big repatriation of "frightened" money and a flow of gold from London.

It Is estimated that more than 100.000.000.000 francs ($4,583,000,000) are hoarded at home or Invested abroad. State Asks Bids For $15,000,000 New York State will ask bids on March 24 for $15,000,000 grade cross-in? elimination bonds, due in one to 50 years and maturing in equal animal instalments of $300,000. Bidders arc asked to name a rate of interest not to exceed 4 percent, and no bids will be received for separate maturities. Offering is part of a $300,000,000 issue authorized by voters under amended section of the State Constitution adopted in 1925. A total of $77,500,000 of the authorized bonds have bee nlssued and $6,710,000 have matured and been paid off, leaving $222,000,000 to be issued.

Last sale of New York State's bonds was Sept, 9, 1936. when of one relief bonds were awarded at a new low-interest cast basis of 1.3636 pcrsent. 17 Bank Shares Sell Over $500 Survey by the American Banker of the bank stocks publicly quoted reveals that 17 banks have shares which now have a bid price of $500 per share or more. All these stocks have a par value of $100 per share except for the San Francisco Bank and the Rhode Island Hospital Trust Company, both of which have a par value of $1,000 per share. The San Francisco Bank has had only $833 paid in on its $1,000 par, according to the records.

Eight of these 17 "blue chips" in the nation's bank stock markets have a bid price of over $1,000 per share. MINING INFORMATION SEND $1 for the new 32-parja sn-tion 'of THE MINING MANUAL. A complete depandabls service that gives you wht you want to know about the Mining Companlos History, Property, Equipment, Personnel, Finances, Latest News, etc. Extremely valuable to those interested In Mining Operations, Equipment or Securities. Ascertain for yourself the value of this reliable service.

Order this new section today. STATISTICAL RESEARCH BUREAU 315 Montgomery St San Francisco Atlas Corporation Dividend on Common Stock Noticf. is hfbfiy c.ivxN that a semiannual diidrnd of 40f per share has been dti laml nn the Common Stock of Atlas Oirporalinn payable April 15. IW, lo holders of such stock of rnord al the do of business March 24, 1017. Wai.tfs A.

TfTitsoN, Treasurer 10. MEETINGS A MEETING OF THE LOT OWNERS of The Oreen-Wood Cemeterv will be held at Its office. No. no Broadway, New York, on WEDNESDAY, MARCH 17. 1937.

at 11 o'clock noon, to receive the annual report ot tha Trustees. ALFRED L. BEAVER, Secretary. I Bush Terminal Plan Praised By Gladstone Former Critic of Plan Believes Modifications Necessary Are Slight The recently submitted reorganisation plan for Bush Terminal Company was pronounced "excellent" In Brooklyn Federal Court today before Judge Robert A. Inch by Milton Gladstone, speaking as counsel for the Sabath Congressional Committee on Corporate Reorganizations.

He qualified this pronouncement as subject to several minor modifications that had been suggested by other spokesmen, particularly that the plan be made to include a provision for the setting aside of a definite percentage of earnings for continuous Improvements of the company's physical properties. A bitter critic in the Dast of other niirirsi.t nt xnin nan farne compromise for the general good of all concerned, he criticized tC i.t umj lumiluiLee representing SOme 40 percent of the outstanding 6 500 000 of Bush Terminal Consolidated 5 percent bonds, which mature in 1955. The committee mun- 'Based on the receivership operation figures," he concluded, "ap proximately sioo.ooo would have been available for dividends on the common Artnur h. Dean of Sullivan Cromwell, attorneys for the consolidated bondholders committee, voiced opposition to the plan on behalf of the committee. Following his enumeration of reasons for opposing the authority over the reorganized company that the plan would confer on Irving T.

Bush and Charles E. Bedford as reorganization maangers and the plan made on provision for continuing alive a pending suit for recovery of of dividends allegedly paid to common stockholders from capital, Judge Inch interrupted: "In any order of confirmation of the plan provision would be made for vesting a continuation of this suit in an independent agency. If you didn't have this plan, what would happen to all of the other interests, granted your desire to foreclose?" "They would be protected," Mr. Dean said. "In other words," said Judge Inch, "if you have permission to foreclose, you promise us you'd do the right thing?" "Exactly," was the rsponse.

"You worry," said Judge Inch, "about the power put into the hands of the reorganization managers. What if this power was put in you?" "Our committee." said Mr. Dean, "would like to work out a real plan of reorganization." Judge Inch then adjourned further hearing to March 19, Co-op. Agency Favored Here Commission Optimistic After Survey Abroad Warns Against Graft Washington, March 12 (JP) A Presidential Commission which studied the co-operatives offering Europeans everything from food to funerals has recommended establishment of a Government agency to give Information and advice to such organizations in this country. Some members of the Commission warned, however, that "high pressure" promotion of the movement would lead to graft and failure.

The six members, who traveled through Europe last Summer studying mass buying groups in which the customer is part owner or shares in profits, differed widely on the possibility of adapting the Idea to the United States. They agreed, however, consumer groups should be given the same credit facilities as farmers' co-operatives and private business. They recommended a Government survey of consumer and service cooperatives in this country. Cite European Success All members agreed that European co-operatives were "big business" in many countries. Their 731-page report, made public last night, detailed co-operative experience in retail stores, manufacturing, and medical, Progress official, and Leland Olds New York State power executive, were most optimistic.

President Roosevelt has not commented upon the report or the suggestions of the commission, appointed last July. To Preside Over West Point Dinner Col. A. M. Point of the First Bos- lon Corporation, president of the West Point Society of New York.

will preside at the annual West Point dinner at the Hotel Astor on March 20 Many Wall Street bond mPn wno are graduates of the academy plan to attend. Principal speaker of the evening will be Count Ernesto Russo of Milan, Italy. considered highly favorable and thejeeipts aggregate approximately $850, e- 0 8 9 8h 9 CI 71 Broadway, Increase Tin Quotas by 10 Spectacular Drop in Prices Follows Action Co piper Also Down London, March 12 (P) The International Tin Committee today increased the tin production quotas of participating countries by 10 percent to 110 percent of the basic tonnages set in the international restriction agreement. The step-up is effective through the second quarter of the year. The action was taken as a result of the recent rapid increase in world prices.

It was followed by a spectacular drop in prices of the metal In Singapore and a similar fall in the London metal exchange. The slump here at one time was as much as $157 a ton at $1,350, but a later recovery carried the quotation to $1,455 at the close, a net loss of $52. Copper, which touched new seven-year highs yesterday, also reacted, declining to $382.50 a ton, a loss of $7.50. In addition to allowing expanded production, the committee requested participating countries to permit export of all available stocks at the mines irrespective of quota limits, but subject to adjustment to the quotas later. This was expected to make much larger quantities available shortly.

The increased quotas Is expected to add 2,700 tons monthly to visible stocks. Countries participating in the International tin agreement include Bolivia, Malay States, Netherlands East Indies, Nigeria, Slam and the Belgian Congo. The agreement, which set basic tonnages for each country and provided for restrictions to prevent overproduction, was recently renewed for five years from Jan. 1. MacBain Elected Vice President Hugh D.

MacBain has been elected vice president in charge of the sales and trading department of Mellon Securities Corporation. Mr. MacBain was formerly manager of the institutional division of Shields and prior to that was associated with Wood, Struthers fc Co. Mellon Securities Corporation, since its organization, has centered its activity on underwriting new issues and the election of Mr. MacBain marks the beginning of a more active interest in dealing in seasoned issues.

on all major labor legislation except the Ellenbogen bill to creat a NRA" for the textile industry. Connery said that he had the "personal impression" that the President's program would embrace two major measures, one including wages, hours, working conditions and child labor, the other dealing with fair trade practices. It was understood that Mr. Roosevelt intimated that wage and hour legislation should be based upon requirements of individual industries as a whole, instead of a blanket prescription for all. Connery's order will delay his own 30-hour work week measure, providing for licensing of industry, collec tive bargaining and outlawing child labor in interstate commerce and his bills governing wages, hours and child labor which would give States the right to prevent sales of goods made in outside States not comply ing with standards equivalent to its own.

renorr certifier! hv inrienenripnr auditors, shows net profit of equal after allowing annual dividend needs on preferred outstanding at end of year, to $6 66 a common share against $311,318 or $6.26 on common in 1935. No pro vision for undistributed profits tax was made for 1936. Cut in Whisky Prices Denied Leading Distillers Say IVo Such Movement Being Contemplated National Distillers Products Corporation and Schenley Distillers Corporation deny that they are contemplating any price reductions in bonded or other whiskies. Supplies of American bonded whisky are not yet large enough to make a price reduction feasible. On other grades of whisky it is more probable that for the time being the leading distillers will increase the age of whisky bottled, maintaining present prive levels rather than reduce price.

This has been a stated policy of the principal distillers for some time. Some reductions are Ukely In Canadian bonded whisky, which is in larger supply than American four-year-old stocks. Hiram Walker Gooderham fc Worts is expected to make a reduction in the price of 90 proof Canadian whisky and Old Tyme Distillers are reported to be considering a reduction In their Gold Seal Canadian bonded goods. There Is some expectation among retailers of a $5 a case reduction In American bonded goods but this is believed by American distillers to be based on their desires rather than on any contemplated action by the large American distillers. Canadian bonded goods, which are in large supply and which will be obliged to meet competition from large supplies of American bonded whisky in another year or two, are in a different position.

New Shoe Stores Open Next Week Four new stores of the Physical Culture Shoe Company will open in 'he metropolitan area during the next week, bringing the total of new openings for the first three weeks of tins month to six stores. On Saturday, March 13. a new More will be opened at 57-18 Myrtle Ridgewood. On Thursday, March 18. a new store will open at 605 Central East Orange, fj.

J. On March 19. a store will be opened at 4508 13th at 45th and the following day the fourth new store will be opened at 2151 86th near Bay Parkway. Other new Physical Culture Shoe Stores opened this month were in Manhattan and the Bronx. as Srf Manhattan.

Retail Sales Set Nov High Recent Wage Increases Stimulate Buying for Easier, Survey Shows The recent wave of pay Increases and pressing Easter requirements released additional buying forces during the week which enabled most key cities to report retail sales at a new high for the year, Dun Bradstreet said today in the review of trade and business. "Belated Spring commitments and more replacement orders from the flood areas brought a fresh impetus to buying in wholesale markets," the agency said. "A more fortified advance spread to most industries, despite the appearance of turbulent labor disputes in some divisions." The review estimated retail sales for the country as a whole at 6 to 12 percent ahead of the preceding week and from 15 to 30 percent over the same week a year ago. Per centage increases over the 1936 com- parative inthe major geographical areas were: New England, 15 to 25; I East. 16 to 30; Middle West, 17 to; 31; Northwest.

18 to 22: South, 30 i to 35; Southwest, 16 to 25, and Pa cific Coast, 15 to 20. Sales at Year's High "Typical variations in March weather, ranging from snow to Springlike temperatures, stretched consumer requirements over the entire gamut of offerings," the agency said. "The week's sales for mast of the key cities was at a new high for the year. "Shoes, hosiery and millinery dominated women's wear purchases, and Interest was equally strong in un-trimmed coats and capes, suits, furs and scarfs. Assortments in some of the popular styles of women's suits and coats became incomplete, with replacements difficult, due to slow deliveries." "Closely in unison with the lengthened stride in retail dlstri- bution," the review continued, "the buying movement in wholesale mar- i keLs was more accelerated fonnlpH with t.2 belated and repeat orders for Easter merchandise were more generous assortments of stock com mitments for Sprint; goods." Gold and Silver Imports Increase Washington, March 12 CP) The Commerce Department reported today a sharp Increase in gold imports during the week ended March 5.

Imports for the week totaled compared with $27,936,076 in the previous week. There were no gold exports in either week. Silver imnorls also increased. i standing at $2,702,238 for the week ended March 5, compared with $1,674,165 in the previous week, Silver exports were $34,125 and $182,787 for the respective weeks. 300TH DIVIDEND BANK OF THE MANHATTAN COMPANY Chirtered 1799 New York, Mirch 11, 19 J7 The Bojrd of Director! hu declared Quarterly Dividend it the rate of J7H hire on the Opiul Stock of the Com-pint, partble April 1, 1957, to nock-holders of record it p.

m. Eastern Standard Time on March 13L 1917. The Transfer Booki will not be cloaed. WALTER A. RUSH Stents rj 9 iifS outlook is thought to be bright.

Illinois Central continues to en-Joy good market sponsorship. Ara- bition of bulLs is to get the stock above Baltimore fe Ohio. There has been a 4-point for some time In favor of the latter. Street liked the way Remington Rand snapped right back at those who would like to stir up more labor trouble at the plants by informing Secretary of Labor Perkins that the company was operating at 100 percent of capacity on a collective bargaining arrangement. Apparently some ambitious labor leaders claim Remington Rand's strike isn't settled yet and they would like to do a little jockeying around on the collective bargaining Idea.

It would seem they are a little late. The oil boys feel price of crude oil ought to be up around $2 before the end of the Summer. If it gets there it should more than offset any increases in costs which Mr. Lewis might be able to impose on tha industry. There is talk around that producers of naval stores turpentine, etc.) may cot together to keep production this year down to the levels of 1936.

Stocks are not the lowest Vi years. The new crop comes in A out April 1. however, and it is trtnight that this may have a softening effect on prices. Recent high prices for naval stores, it is understood, have been encountering some consumer resistance. This has accounted partially for recent selling of Newport Industries.

Belief is, however, that ny dip in prices which may come shortly would be of a temporary nature only. Rumors are that International Printing Ink a new gadget hich may be put on printing presses and permit multiple color reproductions on single runs. The trick is that users of the device mast be customers of International Printing Ink. Though the boys are still thumbs down on the utilities they have been picking up a few of the leaders at current prices. "North American at around 28 looks like a gut to me, said one, and this sentiment goes for other power issues of the same caliber.

Estimates are Philip Morris may earnings of around $6 for the present year. This would be aoout. 20 cents more than was earned year. A larce resrarrh organization is listing its choices in the rail group as follows: Prime favorites, Penn-aylvanla and Atchison; second New York Central, Atlantic Coast Line and Southern Pacific; third choice, Baltimore Ohio, Southern Railway, Illinois Central, Pere Marquette and Nickel riale; fourth choice, Lehigh. as follows: Last Yrar Week Weplc Ako Miscellaneous frcichl 304 837 Inc.

16.511 Inc. 56.U'5 Less than carlot merchandise 170. Br Inc. 17.741 Inc. 11750 Coal .159.196 Inc.

52 Inc. 26.001 Grain and Krain 28 671 Inc. 899 Dec. 8 289 Western dlstrictl 17.2(17 Inc. 434 Dec.

5 033 Livestock 11 448 Inc. 445 Inc. 282 Western districts 8,342 Inc. 426 Inc. 1 Forest 3R.420 Inc.

1,741 Inc. 5 R55 Ore Dec. 19 Inc. 4.211 Coke 12 019 Tnc. 30 Inc.

3.813 Agricultural Leaders Plan To Insure Farmers' Crops President's Views Awaited For New Labor Legislation broaded proposal, to rut out the 1 laundry, housing, electic, credit and wide from too-much to too- 1 bnlc'ng services, little in the-' nations food supply. the possibilities in this coun-If consumers expert farmers to trv. Jacob Baker, former Works Washington. March 12 (Pi Government farm experts are seeking to cut down the risks of farming, which they consider the greatest gamble in the world. Senate agricultural leaders hope to send to the floor next week a measure setting up a jiuu.uuu.uuu corporation to Insure wheat farmers against the loss of their crops in i bad years.

Insurance will be extended later. t.liry predict, to cotton, corn, tobacco and other major crops. Washington, March 12 (U.P Word circulated among Administration Congressional leaders today to withhold action on almost all important legislation until President Roosevelt definitely reveals his views on wages, hours and child labor problems. This was revealed after several prominent Congressmen conferred with Mr. Roosevelt shortly before he left for a two-weeks vacation at Warm Springs, Va.

It came less than 12 hours after the House passed and sent to the Senate the Guffey-Vinson bill, regulating the bituminous coal industry. By setting up price-fixing provisions it affects the wages and hours of 500,000 miners. Chairman William P. Connery Mass.) of the House Labor Committee, who conferred with the President frequently over the Administration's labor program during the past several weeks, said he had ordered his committee to "alt tight" keep the granaries full. Secretary wanace said, tney "must be willing to safeguard farmers against disastrous consequences when the granary overflows." To do this, he proposed four stages: 1.

Continue present benefit pav- ments to assure abundant production this year and in the immediate future v. cut the surplus which forces prices down, the Government would turn to "storage in the new benefit payments to restrict production. I 4. Finally, if all else fails to halt excess production, a rigid crop con- trol program would be ordered. Such insurance Is one of a dual 2 If yields of any product go be-pro'ram to protect the producer yond the nation's needs, the Oovern-auauist the hazards of nature and inent.

will make loans on the stored to stabilize both price and supply. 1 surplus, granarv Private corporations have tried to the farmer against risks, but experts say now the job is too big any institution except the Government. "The 'ever-normal granary" pro gram of Secretary Wallace Is a.