The Bismarck Tribune Newspaper, August 29, 1929, Page 2

} { i * statement says. “Retail prices of food THE BISMARCK TRIBUNE, THURSDAY, AUGUST 29, 1929 Economist Sees Higher Prices Next Month for Farmer’s Produce WHEAT HOLDOVER OF LARGER QUANTITY 1s AFFECTING MARKETS Grain Quotations While Nonagricultural Prod- ucts Are Stable LAMB PRICES MAY SLUMP) Although Potato Crop Is Smaller Than in 1928, Low Fig- ure Is Expected Advancing prices for hard { and durum wheat. rye, beef cattle and | hogs provide bright spots which the | North Dakota farmer may look for- ward to in September, Rex E. Wil- lard, farm economist of the State Ag- ricultural college. says in a statement | Teceived here toda: Seasonal increases in quotations on | butterfat and eggs are expected to; appear in the next few men Prices on lambs, however. may be lower with wool prices holding their Present level. “Grain prices were considerably higher on August 15 than at ai during the past 12 month Flactuate have tended to follow these fluctua- tions. Nonagricultural commodity | SIDE GLANCES.- - - - By George Clark prices appear to be well stabilized but | @rain prices fluctuate wildly. | “Little change is indicated in the general level of business activity al- | though some lines show moderate de- | creases. Among these are the iron} ‘and steel business and automobile | Production. Building construction is | on the increase. | Interest Rate Advances | “Advancing caused some importation of gold, but | the sale of government securities by the Federal Reserve banks has tended to offset this increase of money in circulation.” Probable higher prices for hard red spring wheat and for durum wheat | are indicated above those of the mid- die of August. ‘The annual carry-over of wheat for the world was 557 million bushels ‘which was somewhat greater than the year previous. Most of this carry- Over was in the United States. The American crop was about 128,000,000 bushels less than a year ago, but this Goes not offset the carry-o1 The | ‘world crop is about 139,000,000 bush- | els less than 8 year ago. The amount | of durum wheat produced in the ‘United States this year will be ap- Proximately 49,000,000 bushels, com- pared with 93,000,000 bushels last year. The hard spring wheat crop ‘Will be about 156,000,000 bushels com- i pared with 231,000,000 bushels last gear. Winter wheat amounts to 568,- 000,000 bushels or only 10,000,000 bush- els less than last y Preliminary Teports on protein indicate that North Dakota wheat is running relatively high this year. While Canada in- creased her acreage of spring wheat about 186,000 acres the condition of the crop is so poor that the produc- | tion will be far below that of last year. The outlook for hard red spring wheat and for durum wheat is much better than for most classes of winter : Rye to Be Steady There seems little likelihood that Tye prices will advance materially in the immediate future. The trend of | Prices has followed wheat quite close- Jy, but the spread between rye and ‘wheat is about 40 cents at the present time, compared with about 15 cents six months ago. The rye crop in the United States is about the same as that of last year, although the North Dakota crop is about 4,000,000 bushels short. Rye| Production for the world as indicated | by five of the leading countries is jexport, this is not an unusual amount back.” “I ain't saying prohibition’s here to stay, but the :aloon will never come the building program now in opera-| tion continues. The flax crop in the United States/ is slightly less than of last year. Canada’ the condition of the crop is poor, be- with 78 per cent on the same date last. year. Argentina's coming crop; is not favorable because of drouth at seeding time. While Argentina has about 25,000,000 bushels surplus for Commercial stocks on hand in this country are from one to two million| bushels less than the last two years. The United States consumption something more than 40,000,000 bush: els of flaxseed annuall; $1 Spnds nm If present condit s of the potato! crop do not improve, a price of $1 a bushel will not be unexpected his fall. The crop is placed at 373,000,000 bush- els compared with 464,000,000 last year, and a five-year average of 383,- 000.000 bushels. This year promises to be somewhat comparable to that of 1926 when the production was some-) what below normal. The average farm price of potatoes in North Da- kota for the months September to December 1926, was $1.17. North Da: kota crop this year will be approxi: mately 9,000,000 bushels, compare to 15,000,000 bushels last year. Some further decline in the lower; grades of slaughter cattle may be, expected, but these should not be as| much as the usual seasonal decline, unless the unfavorable feed situation forces large numbers onto the mar- ket. Choice steers have tended to advance in price compared with the} lower grades. Supplies of cattle were| larger in July this year than last year) by about eight per cent. Lambs Bring Less Probably a slightly lower level of} prices for lambs may be expected this year than last year. Rather wide| fluctuations have occurred in lamb) prices in the last two or three months. | The July slaughter of lambs was 16! per cent greater in July than for the; same month last year, and 19 per cent | above the five-year average. The lamb crop in the United States this} year was one per cent less than that, of a year ago, but there was an in-| crease in the eastern part of the! | States. jever, “acreage was increased but|Year to year. On the basis of popula- |tion trends for the past several years, interest. rates have!ing 65 per cent this year compared| United States will have about 187,- 000,000 people by the year 2000. about nine per cent in the United This rate of increase, how- is becoming less and less from tationary population may be expect- jed in the first quarter of the next century. The production of farm products as increased nearly 18 per cent in the United States since 1920, in spite of the loss of some millions of acres Some tremen- dous changes are taking place through necessity on the farms of the coun- try. There is a strong tendency for a greater production of intensive crops and less production of exten- sive cr More than 2,000,000 acres of timothy hay have been plowed up and seeded to alfalfa which produces a feed value two and one-half times that of timothy per acre. The reduc- tion in the number of horses being replaced by motors releases 15,000,000 to 18,000,000 acres of pasture and hay for other agricultural production. Bet- ter methods of seed selection, tillage, sanitation, better breeding and better feeding are noticeable everywhere. The number of tractors has increased in the United States from about 80.000 on farms in 1918 to 900,000 in 1929.{ The number of combine harvesters sold in the United States since 1923 amount to nearly 24.000. At the same time that these im- provements have been taking place in the United States, there has been a tremendous expansion in agricultural production in Canada, Argentina. and Australia. In 1900 in those three countries there were 179,000.000 acres of whe 1913 this was 509,000,000, and in 1928, 908,000,000. The same im- provements in production are being put into effect in these countries as in the United States, although per- haps at not quite so rapid a rate. United States exports of wheat have ‘allen off more than 5 per cent in 25 ears, being replaced by these other countries. Likewise will beef and hog exports be superseded by those from other countries. Apparently more people should leave the country about seven per cent greater than a/country, and a considerable reduction | and go to town if this fundamental year ago. A slightly higher level of | flax prices seems likely for this fall compared with prices of last year, if! |” Weather Report 1 va! : 19! 8 ‘Temperature at 7 a.m. ..... Highest yesterday ...... Lowest last night . Precipitation to 7 2. m. . 9 wind velocity . _19 Temperature pe i |Precipi- Lowest - gesetsseascasesesseassess B cccoceccccsccccccesecccce * #iygee f i | {shorn is partly offset by decreased | | land the first half of August indicate | in western United States. Unless un- favorable feed conditions force con-) siderable numbers onto the market, | some advance in price from that of th. middle of August may be looked | for. There is little in the outlook to in-| dicate any change in the present; level of wool prices. The number cf | sheep is somewhat higher this year than last year in the principal coun- tries, such as Australia, New Zealand, and the United States. The increase of wool, however, in the United States due to a larger number of sheep! weight per fleece this year. Heavy marketings of hogs in July! ler supplies | September | The slaughter of hogs | in July was about 20 per cent greater | than that of a year ago. The average weights have been heavier, thus in- creasing the supply above the in- creased numbers. Storage stocks on August 1 were slightly less than those of last year, but were nearly cight per cent above the five-year average. | Lard stocks were slightly less than; last year, but are 22 per cent greater than the five-year average. Price Increasing ‘The seasonal low point in the price of butter is apparently past and the usual advance following July or Au- gust may be expected to be fully as Great as usual due to the generally poor feed conditions. The amount of | butter received at the principal mar- kets decreased by on July 15 in North Dakota 1 cents, but wes somewhat high- balance of agricultural production and consumption is to be attained. Letters to the number of 160.000 were sent by air out of England last year, while the total weight of that country’s airmails was about 5 tons. In America the airmails average 230 tons every month. Alyear showing the condition of the} INTEREST PAYMENTS ON STATE BONDS NOT LIKELY BY TAX LEVY State Now Has Authority to Decide on Levies Industrial Commission 1929 DEFICIT $85,000 LESS Governor Shafer Understood to Be Tentatively Opposed to Making Levies Although no decision has been an- nounced, it is considered probable | here that no tax levy for the pay- ment of interest on North Dakota real estate bonds will be made by the state board of equalization in 1929, In 1927 the question, which was between the contending factions of the Republican party, provoked a warm argument before the equaliza- tion board. The Nonpartisans, who then controlled the board, refused to make a levy and none has been made in recent years. The situation this what changed, how r, by which became effective July 1 and, backed by the Shafer administration | some legal interpretation will be necessary if the board is to avoid | making a levy. i The new law places the decision} as to whether a small levy shall be! made in the hands of the state in-| dustrial commission, which for many years has been controlled by the In-| dependent Republican faction. It requires this commission to annually | prepare a statement in July of each; ar is some-j} a law real estate bond payment fund. The statement is to be approved by the state treasurer and presented to the board of equalization together with the recommendation of the industrial commission. : Taxes are Mandatory The law provides further: “If an actual deficit exists in cither or both of said funds on July 1, 1929, or annually thereafter, it shall be mandatory upon the said board (of; equalization) to make an annual levy of taxes sufficient to make good the; deficit in such fund, including a levy} to restore said fund to solvency as hereinafter defined, on account of said fund or funds prior to the adoption of this act.” The funds referred to are the real estate bond interest and the bond retirement funds which were ordered by the law to be kept separate and apart. The law further states it to be the intention of the act to so arrange| matters “that at all times both of; said funds shall have sufficient mon- ey on hand to meet all payments of principal and interest when the} same become duc and to make it mandatory upon the state industrial commission to recommend and the state board of equalization to make ahnual levies when necessary in or- der that both of seid funds shall be} kept in such condition that the in- terest payments on North Dakota bonds, real estate scries, shall be promptly paid out of funds collected or levied for interest payments only, and that each year the sinking fund created for the purnose of retiring such bonds shall be proportionately increased so that this fund shall at all times during the life of said; bonds, be solvent and have in it the proper amount, taking into consid- involved in a political controversy ? > eo She’s ‘Air Race Girl of 1929’ ——_——_+ | 'BIG RUBBER MERGER GIVES GOODRIGH CO. COMMANDING PLAGE [Consolidated With Hood Com- pany at Directors’ Meeting in New York City SURPASSES U. S. RUBBER Leave it to those fellows running the national air races at Cleveland to choose pretty girls to help make their show a success. Look at the one above. She's Marie De Ville, WTAM radio soprano, who will appear in the nightly musical extravaganze during the air races. And she’s air-minded, having already started to learn to fly. ment fund on July 1, 1929, was $623,- 124.34. The amoynt of interest on real estate bonds which became due on July 1 was $763,488.25 and in addition there was $7,869.64 out-/ standing in past-due interest cou- pons, making a total of $771,307.89 chargeable to the fund. The ap- parent deficit, as established by these figures, is $148,183.55. This apparent deficit, however, some $85,000 less than the deficit jon July 1, 1928, and the industrial commission and the board of equal- ization are expected to interpret the law in such a way that the de- ficit will be considered apparent rather than actual. By doing this they can escape the duty of making a tax levy to support the real estate bond interest payment fund. Matter Not Decided Governor George F. Shafer, a member of both boards, said the matter has NOT been decided but} indicated that he is tentatively op- ed to making a levy this year. He pointed out that collections for the real estate bond interest fund are being made daily and that, when either of the two boards get around to considering the matter it will contain more than the $771,307.89 which was due and payable on July 1, as shown by Steen’s figures. Although due on July 1, bond in- terest coupons are not all paid on that date. Holders of bonds fre- quently are negligent in presenting the coupons at the New York bank where they are payable. The New York bank takes money for coupon payments from the balance carried with it by the Bank of North Da- kota and the Bank of North Dakota, when a report is made to it, deducts the amount paid from the balance carried with it by the state treas- eration the number of years before the due date of such bonds, to retire! the principal of such bonds at ma-; turity.” Authorized to Borrow If the fund is lacking in money jon any date when interest is due, the state treasurer is authorized to bor- row enough to make up the deficit, using certificates of indebtedness as security. According to data compiled b; | State Auditor John Steen, the balance {in the real estate hond interest pay: . GOOD SuFFRIN' GOSH! ro UNE T' SEEN "HOUDIN Do 1T—ToO NST Line Tt SEEN im GiT THEM two rer. All of this takes time and the past experience has been that the fund has always contained enough money to meet demands upon it when the coupons finally were presented at the state treasurer’s office. Stocks of Both Companies Show Increases on Market After Announcement | Akron, O., Aug. 29.—Talk between two boards of directors during the last several months resulted a few days ago in the merger of the B. F. Goodrich company of Akron, O., and the Hood Rubbe: company of Water- town, Mass., two of the. country’s largest rubber manufacturing con- cerns, All ‘liabilities and assets of the Hood company were assumed by Goodrich, placing the latter's credit behind Hood's outstanding preferred stocks and bonds, according to terms of the agreement. Previously approved by the Hood directors, at a special session in New York City, the Goodrich board rati- fied a proposal to exchange one share of Goodrich common for two shares of Hood common. Goodrich Is Second The consolidation places Goodrich in second place in the rubber indus- try, surpassing the United States Rub- ber company. Shortly after announcement of the merger, common stocks of both con- cerns moved upward on the stock market, local brokers said. No plans yet have been worked out as to the position Hood owners and officers will occupy in the merged company. When completed, the mer- ger will make the Goodrich company preeminent in the production of rub- ber footwear and add a total of more than 10,000,000 units annually to the Goodrich tire production. Last year the Goodrich company showed an_ operating profit of $9,014,360. Total assets were $117,- 071,002 and its current assets exceeded by $53,000,000 its current liabilities of $16,250,000. Hood Third in Footwear The Hood Co., third largest manu- facturer of rubber footwear, was founded Oct. 12, 1896. It has ex- panded from tiny manufacturing shop until it now has factories cov- ering 95 acres. It normally employs some 10,000 workers, and has 2,048,000 square feet of factory space. Of this 292,000 square feet is under lease from the Watertown Arsenal. The daily capacity of Hood plants is 75,000 boots and shoes, 3,500 auto- mobile tires, 65,000 rubber heels and 10,000 rubber soles. Thes products are distributed through 36 branches of the Hood Rubber Products Co., a subsidiary, in 94 foreign countries besides the United States. Hood's financial structure includes $5,400,000 in 15-year, 7 per cent gold sinking fund debentures, callable Dec. 1, 1936; $5,000,000 in 10-year 5'2 per cent gold notes, callable Oct. 15, 1936; $492,000 in 7 per cent preferred, 190,870 shares of employes’ 8 per cent specu- lative stock, and $5,627,400 in 742 per cent preferred stock. Hood common reached its 1929 low early in the year, at 21, Since then it has been moving upward steadily, although no common stock dividends have been paid. The last dividend on the common stock was $1 a share paid March 31, 1928. ONE-HALF CROP NEAR Improvement. in the condition of the bond interest payment fund since July 1, 1928, is the result of better payments by farmers who have received loans under the state farm loan system, money for which is provided by the sale of bonds, OUT OUR WAY By Williams ' \ READY FER GED WITH OUT WAKIN' oF WiLLinns - i us.u.8. nar. THIS CITY HARVESTED Laborers Pour Into City at Rate of 75 Men Each Day, La- bor Office Says Farmers in the Bismarck area are swinging into the harvest season with @ vengeance, it is indicated in reports released today by the office of the ie States department of labor ere. Work of combines is 60 per cent CThe Bi NING- By CLEANORIEARLY 122A, THIS HAS HAPPENED MOLLY BURNHAM, between plays and lovers, is leading a hec- tic fe. She has two plays on Broadway, both of them coining money. And she has three boy friends. RED FLYNN, a reporter, who spends all his money on his invalid mother, and has" sworn never to marry. BOB NEWTON, widower of Molly's dearest friend and father of the little girl she loves and has edopted. And JACK bce) Polen young cad ith a perpetual chip on his shoulder. Molly, returning one afternoon from a concert at the Ritz, finds Bob, with his ‘small daughter, Rita, who lives with Molly. Molly invites him in to tea, and he be- gins to make love to her. * oe NOW GO ON WITH THE STORY CHAPTER XXXIV Molly wondered why she hated Bob's hands. And why she thought they were horrid, because they were white. It might, of course, have been because they were also moist. .And cold. Clammy, she thought. And shud- dering slightly, drew her fingers aw “You don't like me, do you, Molly. Bob's face was flushed now, and his mild blue eyes were brighter than she had ever seen them. “Why of course I like you, Bob.” “Well, not very much you don't. “Not very much,” she admitted, try- ing to laugh, as though it were a quite | unimportant matter. “You see, you are not a bit my kind of a man, Bob. Not the type, I mean, that I particu- larly like. That is... oh dear, I'm afraid I'm not being very tactful... Anyhow I do like you.’ “What type do you like?” he de- manded. “Oh, a sort of an athletic type.” she man. The tender, powerful sort. You know.” “I mean it,” he insisted. “Don't kid me, Molly.” “Personally,” she said. “I've a la- mentable weakness for the shocking, fascinstine kind. Most women have, I guess. But the wise oncs never marry them.” “Now, Molly,” he reproved, “you're simply being adolescent. I'm quite serious.” “Well, I'm not,” she bantered. “Be- sides, it's time your young daughter was in bed.” “I'm a dood dirl,” announced Rita solemnly. “You're an angel-girl,” corrected Molly. “But it’s time to go to bed, just the same.” She swept the child into her arms. “T'll tell you about the gingham dog and the calico cat,” she promised, “and the hushaby lady from lullaby street.” ay i Rita sighed contentedly. “All wight,” she seid. “Dood night, | daddy.” * * * She climbed into his lap, and kissed him dutifully. Molly had noticed that the warmth of little Rita’s kisses was reserved exclusively for her. She hoped that Bob would not notice. It would probably hurt his fcelings. “You don't mind if I wait? asked, as she carried the baby awa} “No, I don't mind,” she told him. “Red's coming for dinner. Would you like to stay too?” “You're seeing an awful Flynn, aren't you?” “Oh yes!” she cxclaimed. “He's such good compahy. I love having him around.” “And you think I'm rotten company, don’t you Molly?” “You're no little ray of sunshine,” she countered. “Well, I'd hate to spoil your bright evening.’ What does Red do to amuse you? Turn handsprings and spring wisecracks? I suppose he has a lot of cute parlor tricks.” “Now you know better than that!” she exclaimed. “If there's anything I hate it’s one of those bright young men who's the life of the party. Red isn't a bit like that, and you know rt.” he lot of “No? Maybe he's the great lover then?” Bob smiled hatefully. “Of course he doesn’t look it. But there must be some’ explanation for the way he fascinates you. Some hidden charm. Tell me, Molly, does he make Tove to you?” Molly turned furiously. “I shan’t quarrel with you. Bob,” she told him coldly. “I've too much respect for your daughter's sensibil- ities. But, under the circumstances, I doubt if you would particularly en- Joy having dinner with us tonight.” “No,” he agreed. “I don't believe I would.” A few hours later Molly sat with Red over their coffee cups. There was & little pink alabaster table in the .| drawing room. And Molly's demi- tasses had roses on them. She par- ticularly liked pouring coffee in front of the pink porcelain fireplace, be- cause it was such an attractive cerc- mony. Sometimes she wondered what her father would think if he could see and/her. Sitting, in her low-cut evening gown, behind her great silver service. Pouring amber liquid china cups, as tiny as she could find. Her father liked his coffee in a big coarse cup, with plenty of cream and sugar. He would think her dainty demi-tasses a most absurd affecta- tion . . . Molly had traveled a long, Red was smiling now as he raised the little cup to his lips. “You've certainly done wonders to .” he remarked. police court reporter,’ “What's that they say about making a alle purse out of 8 sow's ear? What's & sow, Molly “An adult female swine,” she told him promptly. Red n “He's got @ nerve. "Molly condidered her me—do. you, Red? You're just sort of | He probably had feelings too. {likely she'd. been leading him on. Not | { | j dear. Put your arm around me, sometime +». And you hold my hand in the theater. But I shouldn't call that ‘making love.’ Should you?” Red looked startled. “Good lord, Molly, you don't want me to make love to you, do you?” She laughed at his alarm. “No,” she said. “2 tune i¢ wou. be simply poisonous. I should prob- ably want to slay you.” “No joking,” he told her solemnly. “You wouldn't want to start sc: thing we couldn't finish, would you, Molly?” She shook her head. “Because,” hee continued soberly, “I should love you so fiercely, my So unrelentingly. So terribly ... I think you would be afraid to be loved the way I should love you.” “It... it might be rather wonder- ful,” she murmured. He looked at her sternly. “Don’t cheapen yourself, Melly. Love's nothing to play with.” “Oh, I didn’t mean exactly that.” she declared, setting her cup down nervously, “I, I think you're wonder- ful, Red. I wouldn't have you chanz2 for anything. I like you just the way you are. Besides, there's your mether, Red. You know you have to think about her.” xk * He laughed shortly. “I wasn't talking about mai Molly. moment. “I don't think y marrying kind anyhow.” “No,” he agreed. “I don't know es -T am.” He came and stood in front cf her, and taking her hands, cr2w her to her fect. Then, for a moment, ho put his arms about her. * And then, abrupily, he released her. Red went away early that eveninz. Stiga Galt. “MANE beSeny he | And after he had gone, Molly sat for a long while, on the cubist sofa, de- liberating. It was time, she told herself grimly, to call a halt. Two men in a single evening. And both of them makinz love to her. She had even rather encouraged Red. Poor Red! He couldn't marry her, if he wanted to. Why make Red miserable? And Bob! Mos‘, really meaning to, of course. Molly, like most attractive women, played a game that is more or less unconscious. Some women cannot help baiting men. They are not purposely fat tanh nor intentionally unscrupu- lous. They have inherited an ert. whic! Eve had direct from the serpent. It was @ talent which Molly employed unconsciously. It is, moreover, the way of women, when they keep men dangling. And Molly, to'all intents, was dangling Red and Bob. Not be cause she wanted to. But becauss she couldn't help it. It wasn’t, she felt, quite honorable. “Now if I were only married,” she thought, “everything would be differ- ent. Bob wouldn't try to make love to me. And Red wouldn't get all bothered. ; “But Jack won't marty me!” she ; moaned, and put her head in the pil- lows. And shed an angry tear or two, Suddenly she sat up straight, and flung her feet determinedly to thé floor. “Ill ask him!” she cried. “I'll go over to New iors Til ask him!” Hurriedly she packed her bag. 82 wouldn't let him know she was com- ing. It would be better to surprise im. She telephoned the South Station, and reserved a drawing reom on the midnight. She would be in New Yer before he was awake in the morning. She would telephone him. and ask him to take her to breakfast. Then she weuld ask him rigit straight out. “Jack, will you marry me?” Just like that. And she would be explicis about it, too. “Now, I mean. Not next year. nor next month. But now. Teday, if we can get a license.” He would be astonished. ef cou Perhaps he wouldn't belieys meant it. Then she would tell him how she had always loved him. She would say he must not be stubborn. any longer. Love was all that coun-ed. Money did not male any difference. Nor success . . . Oli, money was nics, of course. She had plenty now. Eut success was hateful. She'd ns t29n bs @ nonenity for the rest of her life. They'd have to live in New York, of course, because Jack's busi:izss in- terests were there. She would sub- let the apartment end find onc in New York. Then sne could install a nurse and housekecoer with little Rita. And she and Jack would have @ perfectly wonderful honeymoon. They'd go to Italy! To Napiss, and Rome—and they'd sit ia the Cc!- osseum and she'd tell Jack about the Duke. And they'd go to Venice. ant drift around in a gondola, and live in ® palace, and feed the pigsons in St. Mark’s square. Then they'd co cn to Florence. And che would take Jaci to Ponte Vecchio, to the little o!d si7> where che bought his ring. Ai h? might buy her onc, too. And they might exchange them solomaly, in Pledge of their undying love, ’s heart was beating excitedly, She ran in to kiss little Rita gocd! And, ‘scribbling a note, left it und the coffee pot. Then she ran do: stairs to get a taxi. (To Be Centinusd) _ abet REDS In What Month Is Your Birthday? ~ jcamslly attectionate. Of course you