Evening Star Newspaper, May 24, 1929, Page 15

CONVERTIBLE BOND - PRICES IMPROVED U. S. Issues Also Advance on - Refusal of Board to Raise Discount Rate. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, May 24.—Convertible ‘bonds, which had been declining steadily and were slow to follow the midweek rally in stocks, improved their posi- tion today on moderate transactions. There was also a further advance in United States Government issues, but & heavy tone to the market for high- grade corporation securities. International Telephone 41:s rallied over 2 points, the first substantial gain this week. American Telephone 4':s also gained, but only fractionally. Atchison convertible 4155 were up nearly 3 points, and Southern Pacific 4'zs sold a point’ above their recent low, while the Alleghany Corporation 5s and American 1. G. Chemical 5135 appeared to have settled around par. Additional declines occurred in the legal rails, with Baltimore & Ohio first (Sales Bale: Lib3%s.... 45 Lib1st4ks Lib 4th 4% US3%s43. US3%s47. US4s1944. 35 US4%sb2. 132 Belgium Belgium 6%8. Beigium 78 1966, Belgium 7% Belgium 8 ! Bolivia 7s ct '69 Bordeaux €3 Brasil 6348 1926 45 off nearly a point and close to the [ low of the year. Southern Pacific col- lateral 4s were 115 points under their price of a week ago. Little improve- ment took place in the new legal 4% r cent rails and public utilities in the Fiited market, while some of the unlisted members of this group, such as Ala- bama Power 4'ps, were quoted under previous prices. The refusal of the Federal Reserve Board to grant the application for a higher rediscount rate improved the | market position of United States Go ernment bonds and certificates. The | Treasury 4s advanced about 3;. The statement of the Federal Reserve banks this week shows they have reduced their holdings of certificates of indebtedness to $11,062,000, from $14.816,000 a week ago, with the New York bank's port- folio of Government securities only $20.684,000. Dealers report very good buying of high-grade foreign bonds for the ac- count of European banks. These have been taken in blocks of $50,000 and $100,000 recently and have helped to 1. Chile 781943 ... Chinese Gov Ry Colombia s Jan Copenhagen 4% 5 53 Czecho 85 1951. Denmark 4 48 - Denmark 6345, ‘55, Denmark 6s. . support a market that was in need of | 10 assistance. Itallan municipals showed a slight rally from the declines of 1 to 2 points they have had this week. Bonds like Warsaw 7s and Budapest 6s were in supply. They show the original buyers heavy losses. The critical situa- tion in Paris has the effect of restrict- ing_operations in the foreign depart- ment. where the present disposition s to sell rather than to buy. = Insurance Rate Fight Ends. FRANKFORT, Ky., May 24 (P)—A three-year fight between the State and insurance companies over a 1215 per cent insurance rate increase was ended y as a result of a compromise reached late yesterday after a confer- ence between insurance representatives and State officials. By the agreement fire insurance policy holders will receive a refund of ap- proximately $750,000. PARIS BOURSE PRICES. PARIS, May 24 (4).—Prices improved on the Bourse today. Three per cent rentes, 74 francs 60 centimes; 5 per cent Joan, 101 francs 30 centimes. Exchange on London, 124 francs 11 centimes. ‘The dollar was quoted at 25 francs 59 centimes. = 3 b Washington Stock Exchange . SALES. City & Suburban 55—$1,000 at 913, $2,000 at 911, Potomac Electric Cons. 5s—$3,000 at 102, $2,000 at 102. ‘Washington Gas 6s “B"—$1,000 at 12!1.0343,000 at 104, $3,000 at 104, $1,000 ital Traction Co.—2 at 951, 20 at Paris-Ly-Med Paris-Ly-Med 7s. . Paris Orleans 6 %8 Peru 6s 1960, Peru 65 1961 Peru 7s... [ Poland 7s (rcts) Poland 8s Porto Alegre Serbs Crot Slo Shinyetsu 6148 52.. Soissons 6s. Sweden 5% Swiss 5148 194 Tokio bs. Tokio %3 1961, Utd Kingm 6% 837. Utd SteamCopen 65 Uruguay 6s 1960 Uruguay Vienna 6s'62 95%,, 10 at 9514, 5 at 957, 10 at 95%, 10 at 95, 10 at 947 Norfolk & Washington Steamboat Co.— 40 at 300. Potomac Electric 6% pfds—1 at 113. Mergenthaler Linotype—10 at 106 at }g:?'!' 10 at 1063, 20 at 106! . He7 Estate Mtge. & Guar. pfd.—400 at Y. AFTER CALL. Potomac Electric 5%, pfd.—S5 at 108. ‘Washington Gas 6s “A"—$500 at 1021}, $1,000 ltzifll"r ectric 5% % fd.—10 1053%. s o Capital Traction 55—$1,000 at 9714, Capital Traction Co.—2 at 95. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Bid. Asked. Amer. Tel. & Telsa. 4% 93, 7 €. & P. Tel. o Capital’ Traction R. <i ban i Wash., Alex. L. Ver. Wash' Balto, & Annab. 5 w as Beno ut Faims Dairy Chevy Chase Club 8% D. C Paper Mig. 6s.. Pot. Joint Siock Ld Wash. Mkt. PUBLIC UTILITY. Amer. Tel, & Telea., ? Pistrict 5 ederal-American . iberty . Judih ineoln National ‘Metropolitan.. 3 s Riss: econd ational’ Bank of Wi 5 TRUST COMPANY. American Security & Trust C Continentsl Trust Co.. Merchants' Bank... ... National Savings & Trist Ynion Trust Washington Loan & Tristi. SAVINGS BANK. Bank of Bethesda Commerce & Savin East Washington Potomac : Security Batinks & Comi. B Seventh Street. . : United States Savings Washington Mechanics'. .11l FIRE INSURANCE. American $iremen's "1 National Usion TIT columbia Tifle.. nv Wasn® Title ptd Wash. Cons. MISCELLANEOUS. el pld Commercial Nati Co. pfd. D. C. Paper Mg Co...... Dist. Natl. Securities Bfd.. Federal Storage pfd American Co. com... Federal-American pfd 3 Lanston Monetype. Mereh. Trans. & Slorage Merch. Trans & Storage pfd Linotype Warsaw 78 '5 Yokohama és UNITED STATES. 1n $1,000.) High. 97 10 107 98 10 9818 9616 9616 103 FOREIGN. Low. 963 31 9% 14 9820 96 15 96 16 103 10612 10612 804 99 98% 9845 95t 90% "MISCELLANEOUS. Abram&Straus 6% AmAgriChem 7348 Am Chain 6s'33. 5 | Alleghany Cp 58 '44 18 35 | Alleghany 55 '49 wi 84 21 2 Am Chem b%s cv'49132 Am Cotton Oil Am Int Cor 538 ‘49 Am NatGas $ 45'42 AnSmit& R 13t Am Sugar Ref 6s. AmT&Ycltres.. 2 Am T&T ev nfi'n"lla; B. Bethlehm Stl pm Beth Steel rf b Bethlehem Steel Skiyn Edison bs. .. Bush Term Bldg 6s. Certain-Td5%srcts Com Invest §: Cun Coal Md 18t ConGasN Y 6% Cuban Am Sug DetroitEdison5s40. Detrolt Edison Dodge 6s. Duquesne 4%8 67.. East Cuba Sug T%s Gen Mot Ac Cor 68, Goodrich 6%8. Goodyear bs rets. Humble O1 58, Aumble O & R 6% (1linois Bell 1st 68 Indiana Steel b Inland Btl 43878, Intl Cement bs 48.. Intl Match b8 47.. & T Kendalls s’ Lackawanna Stl 6. Ligget&Myersssbl. Liggett & Myers 78 Loew's Inc 6 Loew's 65 w 0 war. Lorillard 6%8..... Louisv G & k b8 62, ManatiSug sf 7348, Midvale Steel b3 Mont Pow 68 43. Mont Power deb bi Nat Dairy § Nat Radiator | Pan-Amer Pan-Amer Pete Paramount 6x | thaler Netred & Inv. ptd Nath Mige Peopies Drug Stores pid Real Est Mige & Guar. pfd Betlriy Srothge Ter.'Ret & Whr. Corp Wain Mech Mige com Wash. Modical Bidg Cor Lothrop B 122 2% 1 0" Phila Co 58 67. . Phila & Read 63 Philips Petro 6% s.. | Por Ric Am Tob | P Pri Publ 1 28 9 6 PSP e s & PR =] d 18 104 99 100% 18 2 1 103% 989 100 100% 1181 107 974 86y 1004 941 97 99 97 95% 105% 99% 98% 104 100 10115 1024 108 1041, [ ver o BONDS mmcuna Reccived by Private Wire Direct to The Star Office Sales. High. Punta Alegre Ti 7 RemingtonAr Rem Rnd & Sinclair O11 Sinclair O11 & Sinclatr O1 Sinclair Cru Sin Pipe Line Skelly Ofl 6% South Bell Te! Stand O/l N J 68 Stand OIIN Y 4% SugarEstOrientels Tenn Copper 6s°41. Tenn Cop 68 TennklecPow 68 ¢ ‘Transcontl Oil 648 United Drug 5» 63, U S Rub 1strf U8 Rub T%hs U B Steel s f 6. Utah Pow & Lt Utilities Powr § Vertientes Sug i Wi Westn Union § Wiison & Co 18 Youngstn S & T 58, RAILROAD. Atchison ad) 4s. 4 86 Atchison gen 32 Atiantie C L 1st 4s. AtlanticC Lel 4s.. Atlantic CL 4%s 64 25 B&OGold Brdway&7th Av 68 Brooklyn Elec 6%s. Brookivn Elev 6%48 Bklvn Mannat Bkiyn Un El 58 '50. Bklyn Un El 63 ata. Buff R & Pitt4ls.. Bush Term con b8.. Can Nat4%830...0 Can Nat 448 67 Canada Natl4% Can Nor 4%s 193 Canad North T8.... Canad Pac deb 45, Can Pac 4%8 46.... Car Clinch&0 6 53. Central Pacific 8., 1 Cent Fac 1st 68 90., Ches & O Corpn bs. Ches & O 4%s'93 A Chi & Alton 3. - Chi & Alton 3% Chi B&Q gen 48 ChiMISP&PactaTs. CMSP&Pacadj5s03. Chi & NW ref 5 =2 ELITOR Chi Un Sta 4%8.... Chi Union Sta 58, ... CaWlbhs62 CCCaStLrt6sA Clev Term b Colo & SBou Cuba R R bs. Cuba Nor § ouw T L L L Erie conv 48 A. Erie Gen 4 Eriecv 58’67 Fla East C5s 74. Gr Trunk stdb 6 Grand Trunk 18 LTy ~23a3% Great Nor gen 1 Hav El Ry l%: 51.. 111-C-C-StL&NO int Rapid Tran 6s.. Int Rap Tr 58 stpd.. - wlauman e Iot Ry CA 6%sret. KanCity Ft 8 Kansas C!ll.! 1.0 LehiVgen 4%s 2003 Mo Pacific 55 G '78. Mo Pac 538 49 evt1l Mob & Ohio 4%5 17, NYChi&StL 6% B. NYC&StLG6s New Haven 45 § NY NH&H db ¢s 67, - o= TS PP~ -~ U=l T L IS oL TP - O e tate Ry NY Sus&Wn gen b8 NYW&B4% Norfolk & W en Nor Pac 382047 Nortnern Pacific Nortnern Pacr 1 Ore Short L rt Ore Wash 1st ¢ Pennsyl con 4}48. Pennsyl gen 418 Penna RR %863, = w0 BZam onRuramn Pennsyl 6% Pennsyl gold Ts. Pere Marg 1st bi PCCAS!L 58 B 76 Reading gen 4 %8 St L IM&S 48 29 StL IM&S gn 6831, St L IM&S R&G 48, StL&SFPpI4sA.. StL&SFreksis. StLSWistés.... St LS W con 4s 32. Seaboard AL 4s sta SeabAL ad) b5 1949 Seab A Lcon 6s.... SBAIlFlaés35A, Sou bac 4s 29 Tex & Pac 55 C'7 Third Averef 4s 60. Third Ave ad1 bi Union Pac 1st ds. .. Union Pacific 4s 68 Union P’ac iat rf 4 Virginia Ry 1st 5s. VaRy&P6s...... Whash 4% 78 rets, Wabash 18t b Wabash BATTLE OF RAILS ISNEARING CLIMAX Van Sweringens and Taplins Prepare for Final Show- down on Properties. JOHN F. SINCLAIR. Bpecial Dispateh to The Star. NEW YORK, May 24—The battle, between the Cleveland giants, the Van Sweringen brothers and the Taplin brothers, has been coming to a head for several years. If this impending battle had not come over the control of the Wheeling & Lake Erie Railroad. it would have de- veloped at some other strategic point— a titantic struggle in coal, steel, rail- roads and labor. The great struggle for control of certain railroad properties in the Cleve- land district has enough TNT in it to develop an epic struggle between these two groups of modern railroad giants. ‘The Van Sweringen brothers are well konwn, nationally. Their real estate holdings in Cleveland run into hundreds of millions. In 10 years they have become the most talked-of railroad men of the present generation. The Taplin brothers, powerful in the Cleveland district, are not so well known to the country at large. F. E. Taplin has been in the coal business all his life, in raliroads the last five years. His brother, Charles F. Taplin, is a Cleve- land attorney. They are sons of C. G. Taplin, who was vice president of the Standard Oil of Ohio. Both the Van Sweringen brothers and the Taplin brothers are comparatively young men—in their forties. The Van Sweringens began their meteoric career in Cleveland real estate. They are inseparable; one seems to be the complement of the other. One is dark, the other is fair. They are bachelors—live together, dine together, work together. ‘The Taplin brothers are different. Beginning life in easy circumstances, one became a lawyer and the other a business man. F. E. Taplin often plays a lone hand. He made a good deal of money in the coal business during the war. In 1925, he founded the North American Coal Co. and merged several other companies into it. It was in 1923 that he entered the rallroad business. First he bought the Pittsburgh & West Virginia, that short and expensive lines of bridges and tun- enters Pittsburgh, which is important. It also connects with the Wheeling & Lake Erfe. Now Taplin is building 38 miles of railroad, belting the Pittsburgh district, to connect with Western Maryland. It is costing him $300,000 & mile to ‘build. ‘Today Taplin owns the majority of the common stock of the Wheeling & Lake Erie, while the majority of the prior preference stock, which at present manages the road, is owned by others, mostly the Van Sweringens, and various companies. ‘Two days ago, at the annual meeting, A& controversy arose in regard to the voting of the prior lien stock owned by the Nickel Plate Railroad, a Van Swer- ingen holding. The Interstate Com- merce Commission ordered the railroad to dispose of it. The Van Swerifigens asked for an adjournment of the meet- ing to await the Interstate Commerce Commission decision. The Taplins said “No.” They went ahead, selected new Taplin directors, and Frank E. Taplin was made president. Today fhe Wheeling & Lake Erie Rallroad is torn with dissension. It does not know who its officers are. There are two sets—one put in by the Vans, the other by the Taplins. ‘The outcome? The courts will prob- ably decide. In the meantime F. E. Taplin, the taciturn, Scotch-American, known as a hard fighter, one who has rarely tasted defeat. The real bat- tle has only begun. ‘The rumor continues to persist that Andrew W. Mellon expects to resign his position as Secretary of the Treasury, Late reports indicate that the Federal Reserve Board is divided, three to three, on the question of permitting the ad- vance of the rediscount rate from 5 to 6 per cent, for which, it is understood, both the New York and Chicago Fed- eral Reserve Banks have asked. When it was announced three days ago that the advisory council of the Federal Reserve Board had recommend- ed the increase stock prices declined violently. Billions of dollars of per profits were again wiped out. With the Federal Reserve Board evenly divided the question of whether there is a foundation for the rumor of the resig- nation of Secretary Mellon becomes of first importance. It can be said, therefore, on the very highest. authority, that the Secretary is in excellent health and has no intention of relinquishing what has become the most_important office, next to the pres- idency, in the public life of the Nation. Important bankers and Federal Re- serve officials ve been in almost con- tinuous conference in Washington for the better part of two days. Should the Federal Reserve Board, or should it not, allow an advance in the rediscount rates from 5 to 6 per cent? That is the question. At the moment there are billions of dollars of undigested securities hanging over the market. It is felt that if stock prices drop sufficiently to allow the re- lease of a billion or two that the un- digested securities can be taken care of, and credit conditions will again become norm®l. Secretary Mellon's decision, there- fore, is awaited with the very greatest interest. Farm relief and tariff revision: When the special session of Congress was calléd these two subjects were to be given first consideration. Both of them have had wide discussion in the papers. Farm relief, however, has first place. This legislation will be worked out be- fore the tariff revision comes, although one is very closely tied to the other. (Copyright. 1920. by North American News- b paper Alliance ) FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) valug London, pound.. aris, franc belgs. mark. Madrid, pessta Vienna, schilling Budapest, pengo. .. Prague. crown (nom.) Warsaw, zloty..... ... Copenhagen, crown. Oslo, erown’ Stockholm, B 2665 crown. . ‘267212 SHORT-TERM SECURITIES. (Reported by J. & W. Selisman & Co) offer. Allis-Chalmers Co. 5s 1937 9974 Aluminum Co. of Ame: 101 imore & Ohlo 4'.s tavian Pet. Corp. 4 Oregon Shortt Phillips Pet i Pure Ol Corp. §15 1937, "1 Shell Union Oil Co_5s 1947 Crude Ol Co 8las 183 dard O1 N Jersey 5% 1948 . Ir. Mt. & 0. Ry. 4s 1929 St L. Southwestern Ry. 45 1032 Swift'& Co. 85 1932 ... ... .. . Tnion O1l Co. of Caiif ‘83 1938, Jnited Dru Bs g3 ‘estern Electric Co. 21 ‘Wheeling Steel Corp. l.m 1948, \ NING STAR. . WASHINGTON, nels, that broke George Gould, but it di CRABS INDEMAND AT D. C. MARKET Berry Supplies Continue Big. Poultry Sales in Fair Volume. Crabs, both soft and hard, and crab- meat were in demand at Municipal Fish Market this morning, wholesale houses in the vicinity of Center Market also being besieged by retailers looking for marine products for their Friday mar- ket trade. Numerous retailers were in evidence during _the early morning hours, getting supplies for the break- fast trade, while others appeared only in time for supplies for the dinner trade. ¥ Crabs were reccived from Crisfield, Md.: Hampton and Norfolk, Va., and points on the lower Potomac and near- by Chesapeake Bay. Crabmeat also came from Maryland and Virginia packers, smaller quantities coming from packers at Biloxi, Miss. Soft crahs sold from 50 cents to $1 a dozen, the hard crabs bringing around $6 a barrel. Cantaloupes on Display. Dealers had fairly large quantities of sturgeon on hand this morning, prices being somewhat lower. Wholesalers offered the fish at 35 and 40 cents a pound, enabling retailers to get a fair profit at 50 cents. California_cantaloupes Wwere among the fruits offered this morning. Re- ceipts were light, however, and were received from New York dealers direct by retailers. Florida cantaloupes, not of the best quality, were in slow de- mand at $3.50 to $4.50 a crate. Huckleberries, strawberries and black- berries were received in plentiful sup- plies this morning, and dealers had immense quantities of other fruits and vegetables. Some of the vegetables were from nearby, while others were shipped-in stock from the South and est. wwatermelons continued to reach here. Weather conditions the past few days had the effect of reducing the demand, dealers stated, and some of the smaller fruit may prove & loss. Practically no changes in prices of | = commodities were reported this morn- ing. The pork market continued firm, prices remaining unchanged. There was a falrly good demand for poultry, al- though business was not brisk. Trading along all lines this morning was only fairly brisk, and prices were substan- tally the same as prices quoted yester- Today's Wholesale Prices—Jobbers'® Prices Slightly Higher. Butter—One-pound prints, 44a45; tub, 43a44; store packed, 30a3l. Eggs—Hennery, 32a33; fresh selected, 31a32; current receipts, 30a31. Poultry, alive—Turkeys, hens, 30a32; toms, 25a2¢ Spring _chickens, small, 40a42; large, 46a48; Leghorns, 35a38; roosters, 20; ducks, 20; keats, young, 60a65; old, 35a40. Dressed—Turkeys, 35a40; Spring chickens, 50a55; Leg- horns, 40a45; fowls, 38a40; Leghorns, 35a38; capons, large, 50a52; small, ifill 47; ducks, 32a33; keats, 80a1.00. Meats, fresh killed—Beef, 22a24: veal, 23a26; lamb, 30a32; pork loins, 30a32; fresh hams, 26a27; fresh shoulders, 19a 20; smoked hams, 27a28; smoked shoulders, 17a18; bacon, 26; lard, in bulk, 1213; in package, 131;. GLive stock—Calves, 14; Spring lambe, Fruit and Vegetable Review. The daily market report on fruits and veegtables, compiled by the Market News Service, Bureau of Agricultural Economics, says (sales to jobbers except where otherwise noted) : Apples—Supplies light; demand light, market steady, barrels, Virginia, U. S. No. 1, 2'; inches up, Winesaps, fair quality and condition, some scalded, 5.00; Yellow Newtons, fine quality and condition, 6.75a7.00; bushel baskets, no sales reported. Cabbage—Supplies liberal; demand moderate, market dull; Norfolk section, Virginia, 115-bushel hampers. pointed type, 75a90; few 1.00; East Shore Vir- ginia, barrel crates, pointed type, 1.75a 2.00; few low as 1,50; North Carolina, holdovers, fair quality and condition, barrel crates, pointed type, 1.25. Lettuce—Supplies moderate: demand light, market steady; California, crates, Iceberg type, 4-5 dozen, 4.00a4.50; few oest, 5.00; fair quality and condition, low as 3.50; some slimy, 3.00. Onlons—Supplies moderate; demand light, market steady: Texas, standard crates, yeellow Bermudas, mixed, No. 1 and No. 2, 1.85a1.90 Potatoes—Supplies light: demand moderate, market firm: old stock, Mich- igan, 150-pound sacks, Russet Rurals, U. S. No. 1, 2.2522.35; new stock, South Carolina, cloth-top stave barrels, Cob- blers, U. 8. No. 1, 5.7526.00. Strawberries—Supplies light; demand | moderate, market stronger; nearby Maryland, 32-quart crates, various va- rieties, 4.00a5.00; few small size, fair| conditiol 3.50: Delaware, 32-quart/ crates, various varieites, few sales, 4.00. | Tomatoes—Supplies moderate; d mand light, market slightly Florida, 6s, ripes and turning, wrapped, | fancy count, 3.00a3.50; few best, 4.0 choice count, 2.25a2.50; few best, 2.75a | 3.00; some ordinary wasty, all sizes,| 1.0082.50. | Watermelons—Supplies light: demand light, market steady: Florida, Tom | Watsons, 34-36 pound average, fine, quality and condition, 1.00al.15; 28- 30 pound average, fair quality and con- | dition, 60a75. Cauliflower—Supplies light: demand slow, market dull; California, pony crates, 1.7582.00; mostly 2.00. In Nearby Virginia Prudential Loans Commonwealth Investment Co. P e Maln 2623 FIRST TRUST LOANS Low Interest and Commission Ral Prompt Service THOS. E. JARRELL CO. Realtors 721 10th St. NNW. Main 766 Over Third of a Century's Experience Special Department you appoint us ‘managers of your property place it under the of our trained ex- no time in making such readjustments as will insure maximum r. turns, with minimum ex- pense. Apartment hou management a specialty. B..'F, SAUL €0, Main 2100 925 15th St. P. C; FRIDAY, MAY 24 1929 Washington Ticker By the Associated Press. Some of the best-infcrmed men in Washington, in and out of official life, are positive now in holding the opinion that the Federal Reserve rediscount rates at New York and Chicago will not be ral This is in spite of the pub- lication of Reserve Board statements dealing with the subject clearly outlin- ing that majority banking opinion in- clines toward the marking up of the 5 per cent figure that now prevails. Unless brokers’ loan figures rise sub- stantially, the reasoning runs, the Re- serve Board will not have a majority within its membership for voting in- creases that have been sought by the group of larger reserve banks, The ad- ministrative elements of the board are credit 4 with feeling that national re- sponsibility, under the conditions, calls for treating the credit situation without using the reserve rate lever. Hearty support for the attack against the flexible tariff provisions instituted in the House recently by Representative Beck, Republican, Pennsylvania, is in- dicated in American Tariff League quarters. Joseph R. Grundy, Washing- ton representative of that body, points out that the whole scheme of allowing the President to vary tariff rates up and down to meet changing economic con- ditions was originally ooposed by the organization, though it is now part of the present law. “Mr. Beck has 100 per cent support from most American manufacturing in- terests when he objects to Congress delegating that power” Mr. Grundy said. “We regard it as a dangerous thing for the legislative body to sur- render any portion of its taxing power.” One of the next Interstate Commerce Commission investigations of general interest is now expected to relate to the corporations are rising to control of American railroads. While the most widely known instance of the trend is the creation of the Alleghany Corpo- gen of Cleveland, for the purpose of ac- of carriers they have operated, same device to an important extent has been adopted by the Pennsylvania system, and by other rail interests, In its last annual report, the com- mission indicated that the corporation device was presenting some difficulties for its application of complete railroa control. Neither the accounting nor the conduct of the holding corporations has so far been brought under official sur- " Westheimer : & Company Members of the New York Stoek Exchange Chicago Board of Trade 1 WOODWARD BUILDING Telephone Main 5500 Frivate Wires to All Important Points No. 2, Boulevard Apartments FINANCIAT." vey, but a recent announcement by | Attorney General Mitchell that thei ously taken up. Last month the United States im- | ported 5423,184 pounds of cheese, and but 167,069 pounds of butter. In spite of the fame Switzerland has attained in the cheese market, it was being the largest purveyor of- that com- modity for Americans. Italy. which fur- | nished 2,151,511 pounds of cheese in the month, was the biggest national source, | and the Swiss provision was barely half that total. France, Canada, Dentark, Holland and Greece are also large ex-'| porters of cheese to the United States. | the import list as cheese, but it travels much farther. New Zealand is vay ahead of all other countries in pro- viding the inscparable mate of bread for American tables, and in the last monthly customs statement furnished 95.656 pounds out of the 167,000-pound total that came in from all the world. CHICAGO DAIRY MA_RKET. CHICAGO, May 24 (#).—Butter— Lower; receipts, 16,493 tubs; creamery extras, 414 standards, 413% extra firsts, 40352411;; firsts, 3915a40%; sec- onds, 38a39. Eggs—Lower; receipts, 36,332 cases: extra firsts, 3015a31; firsts, 30; ordinary firsts, 28a297; storage packed firsts, 3134; storage packed extras, 32% Pouitry—Alive, firm; receipts, 1 car; fowls, 30a34; broilers, 36a4d; roosters, 21; ‘Turkeys, 22a30; ducks, 23a25; Spring ducks, 30; g 15, Money to Loan Secured by first deed of trust on real estate. Prevailing interest and commission 720 Wanh: L. & T Joseph I. Weller i Fah 1 § 7 ration by O. P. and M. J. Van Swerin- | quiring large blocks of stock in a group | the | Continental Trust Co. 14th and H Streets Capital, $1,000,000.00 Checking Accounts Savings Accounts Acceptance Credits Time Deposits Foreign Exchanges Butter may not bulk so largely mi 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 | i [ | o Properties Behind Smith Offeringi— THE BOULEVARD APARTMENTS Washington, D. C. CORPORATIONS Do You Need Money? ) If you hdve a good ‘business, with earning or dividend record, can u any amount Have capa- ble crew of salesmen— larges or small issue— in or out of Washing- ton. Reference: Write manager. Address Box 415-X, Star Office. Complete | Investment Service GreeT & CO. BANKERS INVESTMENT BUILDING WASHINGTON, D.C. Telephone, Main 1460 Is Your Money Earning 69,? 6% || i 6% 6% MORTGAGE & GUARANTY CoRPDRATION Capital Resources $3,400,000 _ 4 24 JACKSON PLACE your money 1§ gage notes and bonds. These safe securities are -producing prop- snd our tes in ington suburbs and backed by 33,400,000 resources. You can purchase these sound investments on con- venlent monthly payments. Denominatjons from $250 up: . Send for booklet, “The Success Plan.” A Building That PROVED Its SOUND Financing . . . HE Boulevard Apartments is a magnificent eight-story and basement fireproof structure located on New York Avenue between 21st and 22nd Streets, N. W., in the Potomac Park section of Washington. New York Avenue is 2 boulevard leading to the new Arlington Memorial Bridge now nearing completion. The Boulevard Apart- ments has been a popular building and has been well rented. It is typical of the prop- ecties securing bond issues offered by The F. H. Smith Company. Pioneers In This Section Several years ago The F. H. Smith Company realized the important future that lay before the Potomac Park section of Washington. It foresaw the great development that was sure to come and financed several apartment buildings there. Bonds Retired at 102 and Accrued Interest In October, 1925, we offered a 7G5 First Mortgage Bond Issue of $1,250,000 on The Boulevard Apartments. On October 15, 1928 (long before final maturity), the outstanding bonds of this issue were called at 102 and accrued interest and paid. The holders of Boulevard Apartments bonds received their interest regularly every six months when due and had their principal returned on the call date, together with a 29, premium. What better security for an investment can be found than real estate—land chosen with a view to future as well as present values . . . buildings that are erected in response to a known rental demand? ¥» THE F. H. SMITH COMPANY Investment Securities—Founded 1873 SMITH BUILDING (815 15th Street, N. W.) WASHINGTON, D. C. Branch Offices in Other Cities