Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-07
in INDEPENDENT OIL STOCKS.
Washington Ticker
BY the Associated Press.

finances of European governments as
shown in recent reports to the Com
merce Department strikingly reflects
the economic recovery OF that continent.
In q survey published today the de-
partment finds that only Q Of the
rs European governments now have bud,
getary deficits for the current fiScal
year Of 192s-1e30 and that the budgets
nave become stabilized to such q degree
rs to make unlikely any radical alter
alton of their present form In the future.
On this side Of the Atlantic, the bud
get of the United States Government
now Is in the annual stage OF prepare
tion-at present for the fiscal year OF
l9OO.l93l. Director Roop Of the Budget
Bureau contemplates no marked changes
from previous budgets Of recent years:
except q continuance Of the policy OF
pairing down the governmental expendl-
lures 70 the last penny. WIN the
White House setting the pace OF Topping
Of . sizeable sum from its estimates, 1t
is expected that each department and
agency will do away with every unneces-
sary or deba table item in an EFFORT TO
hold down the Governments expenoi-
ture below - 1000, 00O, 900.
In discussing the European govern
mental budget situation. r. M. Stephen.
son, chief Of the European section OF
the Commerce Departments division OF
regional information. said that until
instability was o major problem OF
many European governments" The
problem, while not completely solved,
he added, at present is only in very
few cases still o serious issue"
Budget totals in European govern
ments," ne continued, ARE in general
much larger" than in pre-World War
days, the outstanding change being the
heavy increase for debt service ex-
These have increased for
example. in percentage OF total expendi-
45.3 per cent and for France from 1877
to 48.8 per cent.
appropriations for social services
also have markedly increased. Prob
ably the most general decrease is in
the proportion of Expenditures for de-
tense. On the revenue side heavy IN.
creases in taxation are universal"
American Government oficials. in
GLIDING Mr.. Stephenson, who are ex-
pert analysts of the European economic
situation. believe that material reduce
governments in the near future are
practically impossible because OF the
heavy OUTLAWS for debt liquidation and
for reconstruction purposes.
But with the gradual amortization
of public debts and a Slackening OF
capital needs" said Stephenson, the
tendency toward lower expenditures
may be expected TO become more
marked"
Interesting comparisons can Be drawn
from the European budget estimates for
the current fiscal year OF ls2S.3o with
that of the United States. America,
with its program Of diminishing its pub
lie debt, approximately $l6.500, 900 900
at present, by q billion dollars q year,
$l.1s0, 900, 900 for that fls-
cal period, while Great Britain appro-
priated 9l,795, zoe, 900, to be paid on Its
$50, 900 100000 debt. France allotted
1857 900 900 for payment on its $ll. 48l,-
600, 900 debt. Germany sos, O00, 900 and
Italy $3.50. 100000.
In expenditures and revenues Great
Britain topped the list, with $3,908.-
000, 900 of the former and $4,070, SOC, 900
in receipts, compared to the United
States revenues Of $3,84l 100000 and
So, $50, TOO, 900 expenditures. Soviet Rus
sia during the 1880 fiscal period came
third, with $2,943, 900, 900 revenues and
81, 240, 000,0 900 expenditures, o deficit of
1897 ,000, 900, and Germany with "a, $685.
D00.0 900 for both. France spent Sits
0O0. 900 and had 81 ,780, 00O, 900 receipts
and Italy $l,l27, ooo, 900 and $l,104,-
000. 900, respectively.
An advance in recent months of
American agriculture to o more salts
factory economic position Is depicted in
the reports by the Federal Land Bank
presidents just made to the Federal
Farm Loan Board.
Under a statement authorized today
from the board, the reports were cited
a. having shown in the II land bank
districts the status of farm lands was
much more improved than was previ-
ously forecast, having reached o stage
Of betterment which had been augured
not before next year. It was said that
the gist OF the reports would be trans
nitted to President Hoover.
In the Middle and Far West the
land bank ofiicials feel that the agri-
cultural industry Is on the upswing.
According to their reports better prices
were being obtained In land sales and
new demands for agricultural properties
were arising every week and apparently
IN increasing amount. Among the bank
r. II. Klawon of st. Paul,
2. M. Ehrhardt Of Spokane, Wash, and
Willard Ellis of Berkeley, Calf, ex-
pressed o view that the call for lands
has been unprecedented in recent years.
r. M. Thomson of the New England
bank at Springfield, Mass, held SINH
lar opinion.
The buying demand for the land, in
the opinion Of the IL bank heads, Is of
q most healthy sort, rs their records
show in most cases the purchases were
made by persons residing in the same
the properties produce
tivity. This indication was interpreted
IS meaning that farmers have con-
cluded the depression has ended and
the future promises an agricultural
and stability. The move
ment of land buying, the bank officials
averred, was an index of renewed con-
fidence in farming. q psychological re-
action which has been felt in WASH
ington to have been one of the greatest
needs Of agriculture in recent years.
While the f,rst question of radio
legislation to come before the regular
session of Congress In December will
be the extension Of the life of the
Federal Radio Commission, Govern
ment regulation Of radio undoubtedly
will be q much discussed subject, in the
opinion Of congressional leaders, during
the session. The life of the commission,
expires under the present law on De-
cember 81, 1929.
Congress will have to act speedily
too because there win be only o three
week interval before the commission
would cease to have any legal right to
be continued under the statute and its
powers would revert to the
Radio Division Of the Commerce De-
partment. A number of members OF
Congress believe the commissions life
will be continued for q brief period
until the proposal Of Senator Couzens,
Republican, Michigan, to create q
federal communications commission to
regulate radio, telephone, telegraph
and electric power Is presented to the
Senate. His commission plan Is now
before the senate interstate commerce
COMMITTEES which he heads and In the