The Birmingham age-herald., 1911-04-02
HIGH FINANCE
 HAS NEW PLAN Method to Deal More Openly
 With Public FARM GOODS DECLINE March Report of Department of Az riculture Shows That Butter, Cheese, Eggs and Other Pro-
 ducts Are Cheaper
FARM GOODS DECLINE
By PRESTON c. ADAMS

New York, April 1.-(Special.)- 1.-The new plan of high finance to leal more open ly with the public and apparently at least to let the prospective investor know something of what are really the facts is bearing fruit in an increased num- Der of small purchasers of securities for investment.
 It is coming to be recognized by our captains of industry that it is the man why buys stocks or bonds for investment and puts them away, rather than the speculator playing the market for turn who makes a safe, sound market for securities.
 The cultivation of small investors is an art only beginning to be understood and practiced in the United States. The notable achievements in this direction by France are so often cited that they need not be enlarged upon. Staid Britain is now giving the subject serious study, and the advisablity of making con- sols available in every small denomina- tions may be recognized before long by the government. The desirability of null tiplying the number of investors is great
 
 CT country, because of our essentially democratic system of government, which enables public opinion to be quickly writ ten into the statute boks. Unfortunate ly, capital In the past did not always act with due consideration for the public welfare, and in revenge harrassing legis- lation has been passed alike by the fed eral government and many of the states. Let a citizen own an interest in g. cor poration and he is much less likely to advocate hostile measures. The "have- nots' are always more radical than the "haves." Consequently by extending the number of the latter the result makes for moderation in agitation for Legislation aimed at business organizations. All this is being graudally realized by our. finan- ciers.
 r 1Tactics that were sometimes pursued iby high finance in the olden days are no longer regarded as respectable.
 Now that the complete statistcics have been compiled by the clearing house of New York city national banks. state banks and trust companies under the recent call of the comptroller of the currency and of the state bank depart ment at Albany, the position of these banking institutions is made clear. The combined figures show cash holdings of $626, ,295, ,0o0 against S455, 427, 900 on Novem- Der 10, 1910, an increase of $70.S6S, 900. Loans amount to $1,S23. .194,000. against $2,- 794S21, an increase of $16SSA,0O This amount of stocks, bonds and mortgages held reach a money value of s6l3, 636, 900. This is an increase of $33. .0o1 900 over the November figures and $12S, ,294,0O0. as com pared with the March total a year ago.
 An examination of the March report of the department of agriculture dis closes the fact that the prices of lead ing farm products, such as wheat, corn, oats, live hogs, butter. cheese and eggs have within year declined from Is to 40 per cent. The average decrease on the above articles is about 30 per cent.
 The question that naturally arises is, las the benefit of this decline of 30 per cent in staple products reached the consumer? And if not, why not? The following table of leading grocery ar ticles, giving the highest prices during 1910 in comparison with the prices of the same articles March 1, 1911, shows that while the consumer is getting moro than s1 now than he did a year ago he is only getting the benefit of at most 20 per cent decline in retail prices
 RETAIL PRICES.
 Lard--High, 1910, 20 cents; march 1, 1911, 16 cents; decline, per cent.
 Oatmeal-High, 1910, 5 cents; March 1, 1911, 31s cents; decline, I h per cent.
 Flour-High, 1910, $7.5o; March ], 1911, $7; decline, 5 per cent.
 Bacon-High, 1910, 27 cents; March 1, 1911, 2S cents; decline. per cent. aHam--High, 1910, 26 cents; March 1, 1911, "A cents; decline, 2 per cent.
 Butter-High, 1910. AZ cents March 1, 1911, 32 cents; decline. 10 per cent.
 Eggs--High, 1910, 50 cents; March l, 1911, 25 cents; decline, 25 per cent.
 Cheese-High, 1910, 21 cents; March 1, 1911, 19 cents; decline, per cent.
 It will be noticed that while wheat has declined about 3S per cent, the re- tail grocer has only lowered his price of flour E per cent. Corn and live hogs have yielded to a drop of 31 and 36 per cent respectively, but the re- tail price of lard, bacon and ham has responded in the decline to less than 15 per cent, while the prices of canned meats and cereals in packages have not varied at all. Butter, eggs and cheese are the only food products the retail rrica of which has declined in prOpor-