Evening star., 1931-04-23
Washington Ticker
BY CHAS. p. SHAEFFER,
Associated Press Financial Writer

AsSociated Press FINANCIAL Writer,
Railroads are the coal industry's best
customers, consuming slightly less than
rs per cent of the entire market.
Data made public by the Bureau of
Mines show the carriers leading the list
with 237 per cent of the total con-
sumption, followed by general manu-
featuring, which accounted for 1874 per
cent. The data covered generally 1929
but for the manufacturing industry the
bureau used 1927, the latest census
period available.
Consumption amounted to 500, 129. 900
tons. Railroad shops and stations alb
sorbed 2.5 per cent, while for other
classes of industries coke ovens used
ia per cent; electric utilities, 8.6 per
cent; steel works, As per cent; coal
gas and water gas plants, 1.3 per cent:
coal mine fuel, 09 per cent; mines
and quarries other than coal, O.8 per
cent; bunker, is per cent, and domestic
and all other uses, 20.4 per cent.
The total of 1874 per cent, represent
ing consumption of general manufac-
turing, is made up as follows: Stone.
clay and glass products, 4.8 per cent
metals and metal products other than
steel, psr cent; food products. %
per cent; chemicals and fertilizers. Q
per cent; paper, pulp and printing, 9
per cent; textiles and their products.
10 per cent; petroleum refining, OF
per cent; leather and rubber products.
03 per cent; lumber and wood products,
C.6 per cent; miscellaneous manufactur-
Ing industries, 0.5 per cent, and ice,
0.3 per cent.
E. B. Reeser, president of the Ameri-
can petroleum Institute, replying to the
demand by Senator Borah that the
Government fix the price of oil, declares
the industry acts for the benefit of the
public as we'll as for itself.
He says present prices for petroleum
and its products are based on flush pro-
ouclng wells and ara so slow that If
conditions are not corrected 300, 900
small wells which are now being oper-
ated at a loss will be permanently
abandoned"
Senator Borah suggests treating tire
petroleum industry as a public utility
and demands governmental control of
prices the public must pay for petroleum
products ''if the importations of oil
are to be restricted upon the initiative
and under protection of the Govern
ment and if domestic production is to
be restricted upon the initiative and by
authority of the States with the ap-
proval of the Government"
From the statement of Reeser it is
felt here success of the proration move
ment may bring to an end the low oil
prices the Government is depending on
to justify adoption of oil as fuel in
part of its multi-million- dollar building
projects.
The Department of Commerce is ad-
vised that delegates of the various
ha1 m Inf a
Steel Entente have agreed to the prin-
ciple of an export tonnage program.
After long discussions during the
Il, meetings an agreement was reached
to discriminate between the interior and
export quotas.
There remains to be fixed in later
meetings, it is said. the figure OF the
tonnage program which will be allowed
each group. In view of the essential
difference of the interior markets OF
the various groups there will have to
be determined what can be granted as
compensation under the heading Of in
demnificat on.
The question of fines for exceeding
the quota, remains mere than before. on
the order Of the day, because regulating
the export market can be efficaciouS
only if excesses are punished.
Argentina is seeking to interest for
e.gn nrmS, especially american anu
German, in bidding for construction OF
the proposed new dam and power sta
ton at Dique San Rogue in the province
of Cordoba. Calls for bids are due
May 70.
The project is to provide Cordoba
City with hydro electric power. Pre-
liminary Argentine data at the Com
merce Department indicate a hy-
draulic head of $50 meters would be-
come available. capable of being utilized
in a power station OF 10000 horsepower.
The reservoir to be created would cen
tain 200,000,0 900 cubic meters of water
as against 10000. 900 -cubic-meter ca
pacity of the present reservoir.
The Financial World declares fire in
Surance in the United States last year
decreased 10 per cent in volume.
Losses were nearly 10 per cent higher
in 1880 than the previous year for the
same companies. The underwriting
profits declined from S18,416882 in
1929 to $7,343,537, or approximately go
per cent.
In addition to loss of premiums. earn
ings from investments of the fire in
surance companies were reduced ma
terially.