Evening Star Newspaper, May 21, 1929, Page 15

BONDS AREDRAGGY: *TREND UNCERTAN 'Market Fluctuates as Trad- ers Are Influenced by Credit Factor. BY CHARLES F. SPEARE. | @pectal Dispatcn to The Star. NEW YORK, May 21.—Money rates and the probable course of money in ! the next six weeks continue to control the investment situation and to offset ! the effect of favorable factors, such as | that of the Supreme Court decision in the O'Fallon Railroad case. + Consequently, bond prices today, ex- _cept in some ‘of the railroad converti- bles, were not improved, although sen- | timent_toward one group of bonds was more favorable than it has been in some time. ‘The largest gain among the railroad | eonvertibles was in Atchison 4'¢s, which | sympathized with Atchison stock, the leader of the railroad list, and rose 1’2 points. Missouri Pacific 5!2s had an early gain of 34, but did not hold it. | Southern Pacific 4!,s were again under pressure, selling back close to 90. The | 4355 of 1968 dropped below that figure. | It might have been supposed that the bonds of some of the roads that | need larger net earnings to establish a better basis of credit would have shown | greater strength, in view of the O'Fallon decision. Aside from Seaboard Alr Line | adjustments, which rose over a point, | they made no response; in fact, some of them were fractionally lower. High- | grade rails were irregular and approxi- mately at the lowest average of the year. : Government issues again acted as if there were further liquidation taking | place from the banks. Some of the ! Treasury issues declined %. The Fourth | Liberty 41s were at the lowest price in several weeks. Quotations for all of the 1929 Treasury certificates have been steadily slipping, giving & current yield of 530 per cent for the earliest ma- | turity and 5'5 per cent on those of Deéember, Forelgn issues were irregular. ‘The strongest group was composed of the South Americans. Chile Mortgage Bank 6s afd 63s made the best showing. Norvay Bank 5s were offered quite free- ly a% 91, representing a decline of ‘a point this week. They have fluctuated | this year between 875 and 95. ‘There were no important new offer- 'ings today. Annoucement was made that a plan of reorganization for the Wickwire Spencer Co. had been agreed | to, with the important feature an issue . of $6,000,000 in 6 per cent convertible | bonds, to provide cash to retire the company’s senior obligations, and about | $15,000,000 of bonds and notes to be | exchanged for new common stock. e ! Named Traffic Official. NAW YORK, May 21 (P).—H. W. Beyeps has been appointed vice presi- dent in charge of traffic of the Chicago | & Northwestern Railway. ' TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) Rate_Maturlty, Bid © “Ofter. 415 June 18, 1929. 30-3; Sept. s Dec. 18! 18, 18 [ v won BONDS o] 15 d Argentine §s. .. Argentine 68 Ju 5% Argentine May ‘61 Argeniine 68 Uct 5 Argentine 5%s ‘63 Argentine Argentin Australia Belgium 78 1956.. Beigium 78 1956 Danish Munic §s Denmark 4% Ni Dutch East 1 Dutch East 1 El Salvador 8 Fiat 78 x war 46.. Hungary 1% Irish Free State bs. Norway 581963, Norway 6%s. . Norway 6s 1943, Norway 68 1944. Paris-Ly-Med Paris Orleans § 3! Peru 63 1960 FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs% Co.) minal gold Selling checks lue (or par). Dpeset; Madrid, Vienna! schilling. ‘Warsa Oslo, crown. ... Stockholm, ¢reuE ————— Washington Stock Exchange SALES. Potomac Elec. Cons. 55—$1,000 at 102. District National Bank—5 at 238, 10 at 238. National Mtge. & Inv. pfd.—40 at 5%, ‘Woodward & Lothrop pfd.—15 at 107, "TIVO ¥aldV ‘Washington Gas 6s “B"—8$100 at 1031 Potomac Electric 5% % pfd.—5 at 106%;, 2 at 10634, Capital Traction 55—$500 at 97%;. ‘Washington Gas 6s “A"—$100 at 102 Capital Traction Co.—15 at 96%. Federal-American Co. pfd.—! 10 at 101. Bid and Asked Prices. BONDS. PUBLIC UTILITY. id. L. 3 :TQ‘. & !” - s, serl Wash. Gas 6s, series B.. | Wash. Rwy. & Elec. 4s. MISCELLANEOUS. ! Barber & Ross, Inc.. 6'4s. Cham -Vanbit.' Hotel 6133 Chestnut Faims Deiry 6 heyy Ch ub 525 D. C. Paper MIg. 6s.. oint Stock Ld. ‘B Mkt. Cold Storage . Cons. Title Co. 68 STOCKS. PUBLIC UTILITY. ash. Rwy. & E Wash. Rwy. & Elec. pfd... NATIONAL BANK. Nationsl Capital . lumbia District Federal-American Liberty ........ Rizes 5 Second 4 235 National Bank of Washington.. 307 TRUST COMPANY. American Security & Trust Co Continental Trust . Merchants' Bank National Bavings & Trust u Trist xton Loan & Trisi. nv. Co. of Md. com ‘Cons. Title pfd...... MISCELLANEOUS. Barber & Ross, Inc.. com. Chevy Chase Dalry pfd Col. Sand & Gravel pfd.. Commercial Natl. Co. pfd . Paper Mg, Cu... List. Nall Securities pid Federal Storace pfd Federal-American C Iederal- Lauston, Pe. Meich. Trans & Slorake Merch. Trans & Siorage bid Nielkenthaler Linotype Natl Mige. & Tov. pfd Peoples Drug Stores pid Wash Abram&Straus §% Ajax Rubber s Alleghany 5s '49 w! 1% An Smit & R,13t 88, Bush Term Bldg 6! Chile Copper Colon Oil & Col Gas&E! deb bs. Com Invest 5%s "4 Com Invest 65 Duquesne 4 %s 67. East Cuba Sug 7% Fisk Rubber 88 Gen Mot Ac Cor 6s Goodrich 6%48.... KanCity P& L & KanG & E 68 62. Laclede G 0 %8 62. Loew's Ine Loew's 6s Lorillard ManatiSug T %8, Midvale Ste Mont Pow 68 43. Mont Power deb Mor's&Co 18t 4%4s. Nat Dairy 6%s. Nat Tub 1st 5s. NewEnglandTel N Y Eison 63 44 N ¥ FEdison 6%s ELH&P4 ELH&PS Q 1 Real Fst. Mtge. & Guar. pid Brcurity Storage..... Ry T Wasn Cont Wath Medical Blde Woodward & I‘lmhron Pl q *Ex divideas UNITED STATES. (Bales are in $1.000.) Sales. High. Low. 2 10039 100 20 1003 FOREIGN. Sales. High. Denmark 6348, 55, Norway 6348 1953, MISCELLANEOUS. 2 Alleghany Cp b8 44 46 49 Am NatGas $4#'42 cltrés.. 18 Am T&T cv‘vfitli B89 Certain-Td5%srets Kendall5 %s'48 war Liggett & Mvers 78 % Loulsv G & E 53 52 Nor Ohfo Tr & L 6s. Nor States Pow 6s.. Nor States Pow 6s. Pacific Gas & EI1 b Close 9720 9714 9720 993 9823 993 9820 97 96 20 1044 10330 107 20 10730 Pathe Exchange 78, Phila C0 58 67. ... Phila & Read 6349, Philips Petro 6% s, Pierce-Arrow 83 : Pierce Oil deb 8= 9 Por Ric Am Tob 68 5 9 E 96 | Postal Tel & C 6% K Pressd Steel Car 63 Public Service 4%4s. RemingtonAr 6s 32, Rem Rnd 6%8 war.. Sinclair Of1 6s. Sinclair Ol 6% Sinclair O11 7 Sinclair Crud Sin Pipe Lt Skelly O11 6% Southwest Bell d 011 N J 68 md OIINY 4 SugarEstOriente Tenn Cop 6 B '44.. Tennkieckow 63 47 Transcontl Oil 6%8 United Drug 68 63 Low. Close. 90 90 99 99% 987% 987a 923 | Walworth 6% 92ia | Warner Sug 78 41.. t Elec 5s. ... tn Uniton 63 61. Westn Union 6% White Eagle O b %8s Willys-Ov 6%8 $3.. 110 | Wilson & Co 1st 8s. 1104 | WinRepeatAr 7348 1104 | Youngstn S & T bs. 873 99'a 103% 1017% 102 1024 109% 9" 100 104% 108 1% 105% 87 102 83 100% 101 964 9614 | Bklyn Un El 6s sta. 9214 | Buff R & Pitt 4% 911 | Bush Term con 5 Can Nat 4343 54 864 100 Atchison adj Atchison gen &0 1stfset. B & O rf Imp 63, B & O SWbs 60 B & O Tol Bang & Aroos 4s 61, Boston & Maine bs Brdway&7th Av bs. Brooklyn Elec 6 % Brooklvn Elev 6 %8, - Canada Natl414s'68 Canada South 5! Canad North 7s. Canad Pac deb 4s. Central Pacific Cent Pac 1st 68 90.. Ches & O Corpn 5s. Ches & O 4%s°93 A Chi & Alton 3s..... Chi B&Q gen 4553, CB&Q4%s77B.. oo e nevhmElounaummBanBinm"w e -5 Chi R1&Prf4s... 110 [ Chi RI& Pac 445, 100% | ChiStPM&O 65°30.. 8915 [ChI T H& SE5s..0 3 | Chi Union Sta 5s ¢4, 2 | Chi Union Sta $7 |Chi& W inden 5% 105% |Cd& W 163562 £9% | CCCa StLrt 68 Clev Term bs. Clev Term 6% “s o 7 1 3 1 9 2 3 6 2 3 3 3 2 4 5 2 103% | Briecy 5567 98% | Brie conv ext 86% | Fla East C5s 74. 80 | Gr Trunk stdb 6s 98% | Grand Trunk 7s. Gt Nor 4%876 D... Grt Northn 43%s E.. 104 | Great North bs. 1014 | Great North 5%s. 9914 | Great Nor gen 7 o peSIluNnen . 79 14 3% » 10 105% 104 101 99y 1131 4 95 100% 104% 7 Il Centrai rf 55 §5. 111 Cent Chi 4% 111-C-C-StL&NO bs. Int Rapid Tran b: tpd.. 0 : 3 T 103 |mtRyca e%sret. 106 Kan City Ft S 4 97% | Kansas City 8 3s. 104'% | Kansas City 8 §: Kan City Term Lake Shore 4s 3 Lehigh Val en 4. LehiVgen 4 %s Louls&N: 40. MU EIRy & L 58 61, M1l Kl Ry & L 63 61 Minn & StL ref M St P&SSM cn 4, MStP&SSM5s38gtd. M StP & SSM 6%, MK & T 1st 43, MK&T4sB., M K & T adj 6s MK&Tpriné Mo Pacific gen 1] 104% 9% 59 100% 1060 | Mo Pacific 65 G '78. Mo Pac 5% 49 vt sh Chat&StL ¢s, NYC NYC&SULG6sSA., NYNH&IH 4856, NY NH&H db 48 57, NYNH&Hé®s., NY NH&H cv db 6s NY NH&H clt 6s... NY O&W gen 4555, NY Rys6s65.. NYW&B4iYs Norfolk & W cn 4 Nor Pac 35 2047 93 2 Northern Pacifie ; Northern Pacr 16 Ore Short L rfs 4s Ore Wash lst Pennsyl con 4348 Pennsyl gen 458 Penna RR 4%s Pere Mar 18t 4s 56, Pere Marq 15t 6s... Portland El P L 6; Port RL P 6s47... Port RL&P T8 46, Reading gen 4%s A Rio G West ¢l 4s... RIATk& L 4% il St L IM&s s 29, 991y StL IM&S gn 683 100% St L IM&S R&G 8. Sales. 2 Bklyn Mannat 6s... 1 nanm e el et e ma e a S pen ot oS RN RO RS ARG A SR NI 7 [ 5 8 33 15 22 3 2 1 2 5 1 2 Peo & Iit4540.... 2 Received by Private Wire Direct to The Star Office High. Low. Close. 100 10 100 99 1043 104 100'5 100 1014 101 102 102% 1074 1068% 104’5 104! i 97la 97 1004 95% LIEY 102% 102 10415 104% 101 1004 95% 95 9 815 100% 100% 108l5 1084 98 87Ty 22 EdY 85 8 8874 83% 96'2¢ 9658 10814 106% 101 101 101 100% 1084 108 100% 100 101% 101% 101 100% 107% 107 100% 100 D. 5 8T o1y 118% olle 964 1075 95's 105% 893 100 100 104% 100 101 10214 107" 974 100% 1047% 62% KL 9914 107 98 811 93 9% 981y 28% WASHINGTON, TRADING 1S SHALL AT D. . MARKET 1R::liny Weather Interferes With Business—Dealers Are Well Stocked. Wet weather this morning was not | welcomed by market dealers, nor did | COMMERCIAL BANK farmers or truckers in nearby Maryland and Virginia give it a hearty welcome. Heavy receipts of farm products found a smaller number of buyers than usual :.xhi]s morning, dealers reporting business ght. Spring greens continued to reach the local market in large quantities, dealers reported, and prices were cheap. Kale, spinach, romaine and several other va- rieties of greens sold around 50 and 75 cents & bushel basket this morning. Vegetable Recelpts. Much of the supplies of greens, car- North Carolina growers, coming over the road in motor trucks and reaching here is as good condition as the prod- ucts received from nearby growers. Moderate receipts of tomatoes from Florida met moderate demands, weak- ening the market. Some of the supplies were of first quality, while others were small and some tly green. Prices ranged from $1 for some in poor cbndi- tion to $4.50 for the choicest stock. Peas, string beans, cabbage, lettuce, onfons and potatoes were other vegeta- bles recelved in fairly large quantities and offered at prices dealers termed moderate or cheap. Strawberrles, fancy stock, continue to come from the Eastern Shore of Mary- land and were in demand this morning at $4.50 and $5. Growers on the East- ern Shore also are shipping immense quantities of asparagus to this city, the as to size and quality selling .50, $3 and $4. A continued firm condition of the egg market was reported this morning, re- ceipts being Smaller, but with no change in prices. Butter prices also were un- changed. Prices of most commodities this morning were about the same as prices quoted the past few days. Today’s Wholesale Prices—Jobbers’ Prices Slightly Higher. Butter—One-pound rints, 44a45; tub, 43a44; store packed, 30a3l. Eggs—Hennery, 32a33; fresh selected, 31a32; current receipts, 30a31. Poultry, alive—Turkeys, hens, 30a32; toms, 25a28; Winter chickens, 42a45; Spring chickens, small, 40a42; larg: 46a48; fowls, 34a35; Leghorns, 30a32; roosters, 20; ducks, 20; keats, young, 60a65; old, 35a40. Dressed—Turkeys, 35a40; Winter chickens, 45a48; Spring chickens, 50a55; fowls, 37a38; Leg- horns, 35; capons, large, 50a5: 45a47; ducks, 32a33; keats, 80a1.00. Meats, fresh killed—Beef, 22a24; veal, 23a26; lamb, 30a32; pork loins, 30a3: fresh hams, 25a26; fresh shoulders, 15 20; smoked hams, 28: smoked shouldws, 17a18; bacon, 21a28; lard, in bulk, 1213; 'in packages, 1314. Live stock—Calves, 14; Spring lambs, Fruit and Vegetable Review. The daily market report on fruits and vegetables (complled by the Market News Service, Bureau of Agricultural Economics) says: Sales to jobbers except where other- wise noted. Apples—Supplies light; demand light, market steady. Barrels: Virginia, U. 8. No. 1, 213 inches up, yellow Newtowns, 6.50; unclassified, 2!2 inches up, slack, 500. Bushel baskets: Virginia, U. S. No. 1, 212 inches up, Winesaps, 2.35a 2 U. S. No. 1, 215 inches up, Wine- saps, 1.75a1.85, mostly 1.75. Cabbage — Supplies liberal; demand moderate, market about steady. Norfolk section, Virginia, 115-bushel hampers, pointed type, 75a1.00, mostly 90al.00. East Shore, Virginia, barrel crates, pointed type, 2.25. North Carolina, bar- rel crates, pointed type, 1.75a2.00. Lettuce—Supplies of Western stock moderate: demand light, market about steady. California, crates, Iceberg type, 4-5 dozen, 4.50a5.00; fair quality and “Onions—Supplies moderaté; demand light, market steady. Texas, standard crates, yell(;w Bermudas, mixed, No. 1 85a. Supplies moderate; de- mand moderate, market slightly weaker. Old stock: Michigan, 150-pound sacks Russet Rurals, U. S. No. 2.15a2.25. New stock: South Carolina, cloth-top stave barrels, Cobblers, U. S. No. 1, 5.00. Strawberries—Supplies light; demand light, market steady; East Shore Mary- land, 32-quart crates, various varieties, wide range, quality and condition, 3.50a 5.00. Few early sales higher, mostly around 4.50. Nearby Maryland, 32- quart crates, various varieties, 4.00a5.50, mostly 4.50a5.00. ‘Tomatoes—Supplies moderate; de- mand moderate, market steady; Florida, sixes, ripes and turning, wrapped, fancy count, 4.00a4.50; choice count, 3.00a 3.50; fair to ordinary quality and con- ditfon, fancy count, 2.75a3.50; choice count, 1.75a2.50; crooks, 1.00; few poor condition, 1.00a1.50. ‘Watermelons—Supplies moderate; de- mand light, market dull; Florida, Tom ‘Watsons, 32-pound average, 90a1.00; 20-24-pound average, 35a50 each. String beans—Supplies liberal; de- mand_light, market dull; Florida, 7a- bushel hampers, green, wide range qual ity and condition, 75a1.25, few higher: Georgia and South Carolina, bushel s green, 1.00a1.50; North Caro- lina, 5-peck hampers, green, 2.00a2.50 Cucumbers—Supplies moderate: mand light, market steady: Florida, 7;- bushel hampers, fancy, 2.00a2.50. Squash—Supplies. moderate; demand moderate, market dull; South Carolina, bushel hampers white, 1.00r 1.50. Peppers—Supplies liberal; demand lighet, market dull; Florida, pepper crates, fancy, 2.50a3.00; choice not wanted, no sales reported. Eggplant—Supplies light: demand light, market steady; Florida. pepper crates fancy high bush, 2.50a3.00; other varieties, 2.00a2.50. Carrots—Supplies moderate; demand light, market steady; Texas, Western lettuce, crates, 3.00. SILVER QUOTATIONS. NEW YORK, May 21 (# —Bar &ll- ver, 5373; Mexican dollars, 4035, Bales. High. Low. Clos 10 86 84' L} StL & Sown bs ‘52 St P & KCShL 4%s. San A & Arn P 4s. Seab A L ref 4 SeabAL ad) b8 Seab A L con és SBAIIFla6s35A. Sou Pac 48 29. Sou Pac clt 4s. Sou Pacific ref 4 Sou Pac 4%4s wi '64.8 Sou Pac 448 ret Sou Ry gen 48 Sou Ry Mo& O ¢s.. TexArk FS6%s 50. 1 Tex & Pac bsB 1977 98 Tex & Pac 58 C'79. 104 Third Averef 4560, 1 Tol St L & W 4s 50. 13 Tol Tr L&P 6%s 30. 10 Unfon Pacific 45 ‘68 on Pac 1st 4s. Union Pac 1st rf 4s. Unlon Pac 4%8'67. 1 Virginia Ry 1st &8 Whash 4 %8 78 ret Wabash 1st bs Wabash 24 5 Wabash 512875 West Maryland 4s. Westarn Pacific Wheel& LErf 4148, Wis Centgn 4549, 22 16 20 64 96 Bal% T rots and beets were received from | gtg:)dltlon. 3.7524.00; few fancy, 4-dozen, | U. S. GRAIN EXPORTS. Grain exports from the United States last week totaled 2,802,000 bushels, com- red with 2,103.000 for the previous week and 3,027,000 for the correspond- ing week last year. Department of Commerce figures to- day showed the amount of wheat ex- ported last week was 2,358,000 bushels, compared with 1,537,000 for the pre- vious week; corn, 309,000, against 191.- 000: barley, 85,000, against 103,000; oats, 50,000, against 46,000; rye, none, against 226,000. Canadian grains cleared from United States Atlantic ports totaled 2,518,000 bushels, compared with 2,054,000 for the previous week, while wheat flour pxpoorg;d was 108,000 barrels, against 155,000. DECLINE GONTINUES Mergers and Failures Cause Closing of Many Doors in Past Seven Years. Commercial banks in the United States are declining in number and will probably continue to decline. The peak of the number of banks was reached in 1921, when there were nearly 30,000 banking institutions in operation in the United States. Since then there has been a steady dropping off in the num- ber through mergers and other causes, it Is stated by the National Bureau of Economic Research in & survey on money and credit and their effect on business. “A conspicuous reversal of this tend- ency,” says the report, “has continued for more than seven years, and taking the country as a whole, there has been a decided reduction—nearly 4,000—in the number of commercial banks. “But with over 26,000 banks in oper- ation this reduction still leaves the bank- ing system of the country unchanged in its most characteristic feature. It re- mains a systemconstituted by a multi- plicity of local banks, exhibiting ex- treme diversity in size, in character and experience of management, and in the surrounding economic conditions of the communities to be served. Mergers Important Factor. “Whether there will be a further ma- terfal decline in the number of banks cannot be positively predicted, though it seems by no means improbable. u{n any event, it may be confidently antici- ated that the decline will be at a far| ess rapid rate, since the major cause of the disappearance of banks in recent years—numerous bank failures—reflects conditions abnormally unfavorable to banking solvency in many localities, conditions unlikely to reappear with any like severiiy in the future.” ‘The epidemic of small bank failures has now subsided and the present fac- tors contributing to the decline in bank numbers are mergers, voluntary liqui- dation and the growth of branch and chain banking, according to the re- rt. “Resort to the money centers by large borrowers is by no means a recent practice,” it is observed in the report, “but it is certain that the practice is| being more and more generally em- ployed and by a widening range of in- dividuals and corporations.” Commenting further on the fact that banks in large centers have been gain- ing, and seem likely to eontinue to gain at the expense of small rural banks, the report says: Outlook for Rural Banks. “To borrowers and depositors alike a further decline in the number of banks in . agricultural -sections particularly | would involve no appreciable inconven- fence, ‘and would result in a decided gain in security.” The survey of the National Bureau of Economic Research was made at the re- quest of the committee on recent eco- | nomic changes of the President’s un- employment conference and has been | published by McGraw-Hill with the committee’'s report. The survey was begun in January, 1928. The committee completed an examination of the sur- | vey data on March 2, 1929, CHICAGO LIVE STOCK MARKET CHICAGO, May 21 (#) (U. S. Depart- ment of Agriculture).—Hogs—Receipts, 15,000 head, including 800 direct; mar- ket slow, steady to 10 lower; top, 11.15 paid for load of 210-pound welghts bulk of better grades; 160-300 pounds, 10.60 a11.00. Butchers, medium to choice, | 250-300 pounds, 10.35a10.80; 200-250 pounds, 10.50a11.15; 160-200 unds, 10.15a11.10; 130-160 pounds, 9.85a11.05. Packing sows, 9.40a9.90. Pigs, medium to choice, 90-130 pounds, 9.50210.75. Cattle—Recelpts, 6,500 head: calves, receipts, 3,000; slow, but fully steady with Monday’s 25-cent downturn: steers in narrow demand. Slaughter classes, steers, good and choice, 1,300- 1,500 pounds, 13.25a14.90; 1,100-1,300 pounds, 13.25a15.00; 950-1,100 pounds, 13.25a15.00; common and medium, 850 pounds up, 10.75a13.25; fed yearlings, m]s m’lnd choice, 750-950 pounds, 13.25 a15.00. Heifers, good and choice, 850 pounds down, 12.75a14.75; common and medi- um, 9.25a13.00; cows, good and choice, 9.75a12.00; common and medium, 7.75a 9.75; low cutter and cutter, 6.25a7.75; bulls, good and choice (beef), 10.25a 11.50; cutter to medium, 8.00a10.35: vealers (milk fed) good and choice, 10.50 al4.50; medium, 9.00a10.50; cull and common, 7.00a9.0( tgcker and feeder steers, good and choice (all weights), 12.25a13.25; common and medium, 9.75812.50. Sheep—Recelpts, 15,000 head: market | slow around steady; early bulk shorn | lambs, 12.75a13.00; choice kinds held | above 13.25; few native Springers, 15.50a 16.25; fat ewes, 6.50a7.00; following | quotations on shorn basi: Slaughter | classes, Spring lambs, good and choice, 15.75a16.75; medium, 14.75a15.75; cull and common, 12.50a14.75; lambs, good and choice, 92 pounds down, 12.50a 13.50; medium, 1150a12.76; cull and common, 8.50a11.50; medium to choice, 92 to 100 pounds, 11.25a13.25; ewes, | medium to choice, 150 pounds down, 5.75a7.50; cull and common, 2.50a8.75. W . COUNTY BOND SALE. BALTIMORE, May 21 (Special).— Investors and bond dealers await with more than ordinary interest opening | of bids tomorrow for $1,000,000 41, per cent serial Baltimore County bonds, and the large offering by the State of Maryland on June 132. The State will sell four different issues, aggregating $4,280,000, all bear- ing 4* per cent interest. This will be | the largest sale of State obligations aL one tme for about four vears and | it is attracting attention in investment | circles, SHORT-TERM SKCURITIES. (Reported by J. & W. Seligman & Co) 0. off. Allis-Chalmers Co. 5s 1937 Aluminum Co .of Amer. American Tel. & Telga A:mour & Co. of Del. 525 1943 Baltimore & Ohio 41zs 1933 v Corp. 4158 1942 y: Internat, ch Oregon Short Line 45 1929, ... Phl Pet. Co. 5les 193900000 Pure Ofl Corp. §'zs 1937... 11! Shell Union Oil Co. 5s 1947 Siuclair Crude OIl Co. 5s 193§ Standard On N. Jersey 63 1946. St. L., Ir. Mt & So. Ry. 4s 1920 St. L) Southwestern Ry 4s 1932 t'& Co. S8 1932... 7 i United Drug 'Go. 55 195 B Western Electric Co. 33 1944 " 1 ling 2311 011 Wheeling Steel Corp. b'as 1948 9914 MNNEAPOLI GAN SHONN N BULDI City’s Skyline Has Grown at Rapid Rate in Re- cent Years. BY JOHN F. SINCLAIR. Special Dispatch to The Star. MINNEAPOLIS, Minn, May 21— The Minneapolis skyline 1is soaring. Several buildings 20 to 30 stories high are nearing completion. Never has there been so much downtown building here as the metgopolis of the Northwest is having now. These new bulldings will be suffi- clent -to give 1400 tenants each an office of about 20 by 30 feet. Where will these tenants come from? This is asked every time an old resident goes downtown to look at the sky- scrapers. For Minneapolis is supposed to be in the heart of the farming sec- tion, and that has spelled slow times in the city for many years. Office Vacancies. In the 55 office buildings of this city there was a 12,18 per cent vacancy Jan- vary 1, 1928. A year later there was an 8.4 per cent vacancy, a decrease of 315 per cent, or approximately 120,000 square feet. “Such conditions always adjust them- selves,” a real estate operator told me. “We may have more office space than we need now, but the city is growing, so liggg the slack will all be taken up by “We do not alm to get for our city any of the big national industrial plants,” said Arthur R. Rogers, an out- standing business leader of Minneapolis. “Our policy is to co-operate in obtaining many small plants and to help them bg the natural expansion of our country t develop and grow into successful busi- ness institutions. “To get big industries naturally at- tracts National attention, but the small industries are the basis of a city’s real development.” Since January 1, Minneapolis had added 37 industries, giving work to 1,000 employes. In addition, the ex- pansion of those industries already in the city brings the increased employ- ment to 2,330 persons. As a result the industrial pay roll of this beautiful city has increased $3,348,000 annually. New Business. To put it another way, business suffi- cient to support a new city of approxi- mately 10,000 persons has been added during the last four months. s one thing to be able to add a huge enterprise to a ciy's life, but quite | another thing to absorb that enterprise in such a‘way that the city maintains its industrial equilibrium and balance.” Continued Mr. Rogers. “To load a city with more industries of a similar type than a city can sustain is the height of folly, and bring more chaos than business. It complicates the | industrial problem, demoralizes wage lines, and brings anything but peace and prosperity. Our aim in Minneapo- lis to co-operate in bringing in such industries as will more nearly balance and complement those activities already established. “The Minneapolis flour mills have a daily producing capacity of 63,750 bar- rels. Its grain storage capacity amounts | to nearly 67,000,000 bushels. In both of these lines Minneapolis leads every other eity.” Last year the ecity's grain facilities handled more than 209,000,000 bushels —146,000,000 of wheat, 28,000,000 barley, 22,000,000 oats, 12,000,000 flaxseed, and the remainder scattered. Control of Flour Mills. For some years there has been a report that Minneapolis was losing out ||| as the first milling city. The process of decentralization has been going on in the milling industry, as it has in| nearly every other. e leading flour“ milling fir: of Minneapolis, in con Unconditionally GUARANTEED Guaranteed _Safety for Careful Investors - Your 6% Yield is as cer- tain as the sun rises in the East . . . your Principal is doubly secured by im- proved, owner - occupied homes, plus the uncondi- tional guarantee of this strong compan; Write for Booklet 923 15th St. Continental Trust Co. 14th and H Streets Capital, $1,000,000.00 ] Checking Accounts Savings Accounts Acceptance Credits Time Deposits F;»reizn Exchanges Commercial Credits Travelers’ Credits Travelers’ Cheques Collections Real Estate Loans Collateral Loans Investment Securities Corporate Trusts Individual Trusts Administrator, Executor?| Safe Deposit Boxes Continental Trust Co. 14th and H Streets WADE H. COOPER, President Capital, $1,000,000.00 trast to the policy they had for 20 years, are producing flour in several Amegrican_cities—Buffalo, Kansas City, Omaha, Great Falls, Seattle and Los Angeles. But all these mills are op- erated and controlled from Minneapolis. In wheat flour output 1928 showed the largest amount in five years. In 1924 11,679,000 barrels were produced and last year the total had increased to 12,241,000 barrels. The linseed products mills here have a yearly capacity of 16,700,000 bushels of flax, 893,000 barrels of oil and 339,000 tons of cake, making Minneapolis the largest linseed products center in the world, as it is the largest center in flour and wheat storage. Minneapolis and its twin sister city, St. Paul, are probably as much interest- ed in the development of water trans- portation as any other two cities on the Mississippi. The twin towns, with a combined population of three-quarters of a mil- lion, are watching the development of the barge movement on the Mississippl to the Gulf with much more than passing interest. As in Kansas City, also a large industrial inland town, the freight structure here is at the heart of the problem of industrial and business expansion. (Copyright, 1929, by North American News- paper Alll ) NEW STOCK RIGHTS SHOW SHARP DROP Speelal Dispatch to The Star. NEW YORK, May 21.—The under- writing syndicate which offered . in March $65,000,000 of Southern Pacific Co. 413 per cent bonds, with warrants permitting stockholders to subscribe in the ratio of 1712 per cent of their hold-| ings, was dissolved yesterday. The bonds declined nearly 3 points. It is understood that the privilege of exercising the subscription “rights” was exercised by only about 20 per cent of those to whom it was given, At the same time the ‘rights” to subscribe to the issue of approximately $215,000,000 of American Telephone & Telegraph 415 per cent convertible bonds declined to 41 after selling recently at 612. The stock of the company yes- terday was 16 points below the price at which. it sold last month, prior to the announcement of this new issue. Baltimore & Ohio common stock also was under pressure yesterday, touching the lowest of the year and quoted 16 points under the high of March. This company plans to issue $32,278,000 of additional common stock to its share- holders at par. Following the news of this new stock there has been an al- most steady decline in the price of the outstanding shares. ‘These incidents have a significance which bears on the general stock market situation and one that is causing Wall Street some anxiety. The volume of new stock financing this year has been run- ning higher than at any other time. It is felt that the market is being flooded with new stock issues and that present holders of stock are not especially keen to add to their investments and are selling their “rights” rather than take up the new subscription privileges of- fered to them. Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford Representing Mutaal Beneft Lite Ins. Co. 1520 K Street Main 475 Westheimer ; & _Companx New York Stock Exchange Balt! k Exchange Cincinnatl Stock Exchange Chicage Board of Trade ers of the WOODWARD BUILDING Telephone Main 5500 Private Wires to All Important Points THREE NEW UNITS JOIN $125,000,000 COMPANY CHICAGO, May 21.—Three new units have joined the $125,000,000 United Tractor & Equipment Corpora- tion, co-operative farm implement and industrial equipment company, Presi- dent Miiton W. Anderson announced today. The new members are the Maine Steel Products Co. of Portland, Me,, makers of snowplows; I. B. Rowell Co. of Waukesha, Wis., manufacturers of feed mills, ensilage cutters and silo fillers, and the Northeastern Manufac- turers Co. of Milwaukee, makers of portable electric arc welding equipment. Berkdull Nlmedr Vice President. NEW YORK, May 21 (#).—Charles J. Berkdull, treasurer, has been elected vice president in charge of accounting of the Standard Oil Co. of Indiana. Get 6%:% with First Mortgage Security ACH $1,000 of First National Bonds is se- cured by first mortgageson atleast $1,833.33 of real es- tate. In addition,each bond has behind it the full re- sponsibility of The First National Company, of Bal- timore, Md.; with capital and surplus of more than $2,000,000. You may invest in $500 or $1,000denominations, with a choice of maturities from ene to ten years. 4ok lor_Giseylar "EW® Marlow-Beech Corp. 1732 Conn. 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