Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-04-26
DENIES new YORK
RATES ARE HIGHER
Power Company Official
Takes Issue With Statement
by Gov. Roosevelt.
3. T..
BY JOHG F.. SINCLAIR.


Isle, chairman of the Hudson Niagari
Power Corporation, takes sharp issu'
with the statement of Gov. Roosevelt
of New York that the rates for power
in New York are much higher thar
those in the Province of Ontario.
According to Mr.. Carlisle the latest
available figures of. the Hydro-electrit
Commission of Ontario, those of 1928
show that the province sold in thai
year 3,061 ,545, 371 k. W. h. and received
therefor the sum of $50, 431 ,6l8. During
the same year the Buffalo, Niagara ano
Eastern companies (within the Niagara
SYSTEM, although generating 20 pei
cent of their energy by steam. sold
4.436. 4o3, 784 k. W. h. and received there
for the sum of S32,911,7 1882.
But this is not the whole story, says
Mr.. Carlisle These American COM
panies also paid $4,546,43 in taxes,
while the Ontario sales were free OF
taxes, because the plants were govern
ment owned and operated.
eff our companies were relieved OF
the payment of taxes to put them on
the same basis with Ontario" said Mr..
Carlisle, "they could have sold cleo
tricity TO their 100000 household and
farm consumers for s4,818,322, which
would have been less than one-half of
the amount paid by the householders
of Ontario
To the consumer the matter of rates
is all-important. In figuring rates,
however, the amount paid by the
private companies for taxes must be
American bankers, led by Speyer &
Co., have decided to take $4,000, 600
of the 97,330,000 coffee valorization
loan to the State of Sac Paulo, Brazil.
The bankers of Great Britain, Belgium,
Holland. France and other foreign ma
tions will take the rest.
1t is an expensive loan for Brazil, Tor
1t will probably carry per cent in
terest, mature in 1910 and be offered
at 96. The security for the loan will
be coffee valued at about 5000, 900.
The loan provides that free mar
ket for coffee will become effective
July / and every month thereafter at
least one-twenty- of the esti-
mated crop of the next two years Will
be sold, thus spreading the difference
between the large and small crops over
the two-year period.
Ut is expected that while minimum
of 100000 bags of coffee will be sold
by the State of Sac Paulo each year,
1850, 900 bags will come from the coffee
pledged for this loan. At this rate all
of the pledged coffee will be sold during
the life of the loan and the bonds paid
of as the coffee receipts come in.
\ Interest on the bonds will be secured
by a special tax on all coffee trans
ported for foreign export from Sac
Paulo after next July.
The coffee price-fixing experiment
Of Brazil now goes into the discard.
When DR.. Olaya, the President-elect
of the Republic of Colombia direct
descendant of Simon Bolivar-faced
distinguished audience of business
men at the Pan American Society din
ner in New York, he brought a mes
sage of friendship for the United States
and a promise of fair play for all for
eign interests during his administra-
ton.
Colombia and the United States have
much in common. We take more than
-fifths Of Colombia's exports, which
are largely oil and coffee, and supply
her with about half of her total i'm
ports.
President Olaya's return to the
United States is primarily a business
mission. It is understood that he has
in mind the appointment of a group
of American experts to help in restor-
ing his country's business, backed up
by ample credits furnished in the
United States. Highways, waterways,
railroads and airplanes will be con-
structed. Closer cooperation between
Colombia and the Tropical Plant Re
expand Colombian production of food
stuffs is another worthwhile effort.
Colombia, rich and waiting for de-
velopment, is expected to work very
intimately with American business
leaders during the Olaya administra-
ton. Colombia's business expansion
would have a most Statutory effect on
osher South American republics, which
in the past have been inclined to look
upon the United States with anxious
eyes.
new era In business relationships
should come out of DR.. Olaya's return
visit here.
In the Department of Commerce
summary of the business week which
ended April 10, the volume Of business,
shown by check payments, was about
per cent higher than for the pre-
vious week, but 8 per cent lower than
for the corresponding week year ago.
Steel operations, little higher than
last week, were not so active as a Jear
ago.
Petroleum production was up over a
week ago, but less by 2 per cent than
year ago.
Building construction showed i'm
provement, rising more than IL per
cent over last week, but 1t Is still less
than year ago.
The price level showed only frac-
tional drop during the week, hut was
per cent below that of 1929.
Bank loans, discounts and stocks re-
manned at about the same level as a
week ago. But bond prices were less
than last week, although little higher
than year ago.
In word, business continued quiet
even sluggish in spots, apparently
waiting for some industry to give the
command forward march"
So great has been the demand fol
information regarding the New Yori
Stock Exchange activities that h,
board of governors has decided to Is
sue monthly bulletin service on eco
nomic statistics relating to the ex'
change. The first one has just beer
issued.
1t shows that the stocks Of $50 com
panies were listed on April /. Thu
total number of shares was 1,l78,7 1856,
324 and their market value was $76,
OTIS, ,459. There were 851 common
and 465 preferred stock issues.
Railroads, represented by lob com
panies, were the largest group hsted.
Utilities were second Win o., Ietal
merchandise third with Sc, automobile
machinery and metals tied for fourtl
with So each: the food group was fiftl
with So, chemicals sixth with 81 ant
petroleum seventh with 4S.
Stock and bond issues, listed durin
March, were $273, 900 900, or 500 900, 90
more than March, 1929.
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