Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-03-24
PRODUCTION OF OIL
SHARPLY REDUCED
Indications Are That Indus.
try Has Solved Problem
of Output.
BY JOHN F. SINCLAIR.
Special Dispatch to The Sta


NEW YORK, March 24.-The oil stu
alton is beins gradually brought under
scontrol. AS an evidence of this, one Of
: the big California fields, the Santa Fl
Springs, has decreased its output about
100000 barrels per day during the last
80 days.
Il look to see Santa he Springs al
IT'S, 900 barrels per day before June ],
writes California oil operator. The
only cloud on the horizon at the present
5 time is a small gas war, which is being
{ ragged in the Pacific Northwest. This
difficulty should be ironed out very
shortly"
Another big Western operator ex-
presses this opinion:
at believe that the Humble OIL Co,
will reinstate the old prices in the mid
continent field before long. The only
stumbling block at the present time is
the overproduction in Southwest Texas.
This dificulty will be taken care OF
I Also
These statements indicate sharply the
changed feeling regarding the produc-
ton of oil in the Far West.
Strange as it may appear, the largest
. holder of common stocks in American
corporations is a Canadian and not an
American organization.
This Canadian organization is the
Sun Life Assurance Co. OF montreal.
When T. B. Macauley, the president,
was asked recently for his views regard
ing the prospects for rise in the Value
of high-grade utility and mdustrial
stocks he replied that, IN his opinion,
prices of those stocks will recover en-
firelv before the end of 1881, with
strong possibility that at least 60 per
cent of the loss made in the stock mar.
ket break last Fall will be recovered
before the end of 1880.
Stocks selected carefully-even those
that were too literally advanced before
the crash-may also be worth the peak
prices in 1881, should the policy OF re-
investing surplus earnings continue.
Some stocks-patricularly IN the
amusement field, like Paramount and
Warner Bros.-have recovered the en-
tire losses suffered in the break. others
are approaching full recovery.
If dividends paid by corporations in
the United States were evenly divided,
every person would have received 500 In
1929. The per capita income In the
United States TOR 1929 was estimated by
DR.. w. I. King, an expert in this held,
at about $760, dividends contributing a
little less than per cent of the total.
DR.. David Friday estimates that the
total dividend payments last year
reached $4,000, 900, 900, compared TO So
800, 100000 in 1928 and $6,42S,OOO,OOO
in 1927.
However, figures show the per capita
incomes and dividends received are
purely theoretical. Millions OF people
never have received dividend In their
lives. They never had money enough
to invest in a hundred-dollar bond. So
when one speaks of the average man
receiving so much, he is talking about
a person that never existed and never
Z viii.
But for those lucky ones who have
invested In conservative stocks ana
high-grade bonds the outlook Is excel
lent. Dividends should remain high 1or
several years, basing that estimate on
millions have been left in undivided
profits made in the recent flush years.
-~he Encyclopedia Americana is au-
thority for the statement that the
women of the United States own more
than half of all the stock of the great
industries, railroads and public utilities
lin value about $4,000, 600 900.
If the national wealth Of the United
States was $3.50, GOO, 600, 600 in 1928, ac-
cording to the national Industrial Con-
ference Board, the per capita wealth is
about $4,000. Women's investment Is
about one-sixth. -
Most of the great wealth owned and
controlled by women today has not
come from personal earning power, put
through huge estates and fortunes left
to them on the death OF wealthy busl-
ness men.
Most of it is handled by trust COM
panies. It is one of the basic reasons for
the amazing growth in the trust held
since the war.
- One of the most disastrous years in
agriculture is drawing to a close. the
1929-30 farm income-about a billion
dollars less than the none-too-good year
of l928-29-will be so considered in the
coming years.
DIR. Bernhard Ostrolenk, well known
agricultural economist, believes that the
carry-over of wheat will be 50,000, 900
bushels larger than the record carry
sover of last year, while the new crop
promises to be normal. He thinks wheat
prices will be even lower than those
that exist today.
q Unless farmers in the cotton and
wheat regions, by some mysterious
method, cut their acreage and eliminate
the huge SURPRISES of the past the farm
situation is not going to be very much
better.
GAS for industry" says this economist
''the very conditions that make for farm
depression are helping in the industrial
sections. Low food prices will increase
the purchasing power of the urban and
semi-urban sections, comprising about
IS per cent of the population, and, as
in the past decade, new industrial
prosperity will be built on farm dis
tresS''
Many business and professional mer
now believe however, that no perma-
nent prosperity can come to the Natior
unless agriculture, too is revived.
Copyright, 1880. by North American News.
paper Alliance.)