Evening Star Newspaper, June 6, 1929, Page 15

FINAN BOND ISSUES FIRM ' [~ == vor BONDS IN PROFIT-TAKING List Shows Strong Tone De- . spite Fractional Losses in Selling. I L BY CHARLES F. SPEARE. Epecial Dispateh te The Btar b NEW YORK. June 6.—With the do-| A% mestic bond list up an average of about | A half a peint from the May low and for- |t eign issues having recovered a full | point, today's market was less aggres- sive and showed signs of profit-taking and a withdrawal of buyers. Individual issues have made satis- factory gains in the past week, especial- 1y the foreigns, so that the effort now will be to hold the market at the pres- ent level. There is no danger of a run- away situation developing. Dealers are not vet disposed to stock up, the banks | [N Bol Argentine Bank of Chile & CIAL," THE EVENING STAR., WASHINGTON. D. C., THURSDAY, JUNE 6, 1929.° Received by Private Wire Direct to The Ster Office UNITED STATES. Lib3%s b istans 4 Lib 4th 4ls 46 US3%sd3. US 4n 1944, US4%s52. are in $1,000.) 5. Hish. Lot 9612 96 o8 95 30 26 10 10217 103 FOREIGN. Bales. High. Low Clo: Ju bu. ntine May "¢1. Vet b9 stralia atralia 68 1967, . stris 7 Y nk of Chile 6% Belgium 6s. .. | Belgium 6% . Eelgium 7s 196! Beigium 78 1956 Belgium 148 Belzium 8s. . 1ivi Bolivia Bordeausx 6 have not changed their attitude and | grasi) §5s 19: the publie is still more interested in | prazi) gies 1927, speculative than in investment securi- | g, ties. | Foreign List German Corporation and municipal obligations sagged off from fractions to over a point from yesterday's prices One of the large banking institutions is- sued a statement to the effect that “Eu- ropean issues may be purchased now with confidence that price levels are favorable.” A eonsiderable portion of the advance in Germans the last few | Rrazil 8= | Bremen State 73 da 68 1931.... | Cunada ba 1962 Colombia | Con Pow Japan 1 | Cuba 5348 days has been for the account of those | Czecho §s 1953 who expect to resell at a higher level. | Danish Muniec 88 B. Prench and Belgian descriptions were | Denmark 43 irregular. Japanese and Italians were | Denmark 5% firmer. The South American market was spotty. Bolivian s were at & new low price, nearly 12 points under the high of the year. After a higher early range United States Government bonds and ecer- tificates cdeclined. Tegal rails were | easier. public_utilities advanced. notably Port- Jand Electric sixes, which gained nearly Dutch ast | 6847, Dutch East 1 68 63 Fiat7s x war ... Finiand 6%4s... .. Finland s f 6545 Finland 7 Framer| Some of the higher eoupon | French 7s o il gt L |Frencn T%s. . 80 LT 15 994 a9l 051y 16 1004 2 90k 35 88 14 2 93% (2 3104 5 96l 29 57 100t 6 104 X 108 32 105% 4 Ban 2 1001 10 100 15 92 10 92 21 9fy 20 108 11 100 8 1004 1a 103 R RY 13 924 30 93 B 101% 1 84 8 08w 1100 7110 21094 12 88y 6 100 6 1024 6 1024 9 93 18R 1 92 3 00l 4 1048 EIRTUN 81 11a% 92 98ia Edd 99 LI 100 L /b 93h a3ty 103% 96% 9% 100 10415 10715 103 T4 1% 11l 1081y 1084 0Kl Bd'y 100 a9 LI ain 96 1051 99y 100 102 9 a2's ol 133 a8 100 109% 10 RT3 995 1024 1024 IR Y 8% (3 9944 1043 108 113% 91 Close 90 ac 98 25 96 11) 103 14 65 10623 10813 10615 Bales. High. Low. Close Philips Petro 5%s. Pierce-Arrow 8s... Postal Tel & C 5148 | Pressd Steel Car b5 | Public Service ¢ s RemingtonAr 8e 32. | Rem Rnd 6348 war. | Sinclair Ol 6s. . Sinclair Ol 6% 8 | Sinelatr 011 T . | Sinclair Crude 6143 Sin Pipe Line Skeliy O11 b o Por Rico Sug. 4 O1 N J bs AONNTY é% ugATESIOrientel Tenn Cop 6s B "44. renniiecFow 8a 41 Transcont! Oli 8158 (initea Lrug U'S Rub 1str US Rub 7y4s |USSteelnrss. .. | Southwest Beli &8 Utah Pow & Lt b3 9%n 90% | a a5 | 1004 298 s8 2% L 103% 964 20ta 100 1041 108 1057 Vertienies Sug 7s.. Walworth 6%4s '35. | Warner 8ug 7s 41. 100 | West Eleces...... 15y | Wesin Unton b= 51. ) tn Union 6%a e te Eagle O 5 %8 ton | Willys-Ov 6133 o | Wiison & Co 18t * [ WinRepeatAr s, Youngstn S & T bs. 22 Sdh 100 100 10116 Ann Artor 4= | Atenison xen 1s | Atch deb 4145 48, Atianug C Licl 4s.. 1017 4 234 100 100% 109% 878 100 102 10214 &0rfimp B& O PLEWY 4s.. Brdway&ith Av bs. Brookiyn Elec 6% Hrookivn ilev 648 BKklyn Mannat Bkiyn Un E| . Bklyn Un El bs sta. t4sd0, 48 4. Can 294 10815 89'% 1014 10 95y 95% 031y 03ly 93 934 106l 106 101 1008 [IRI N g0 79 102 102 03% 103% 100 99 95 i BBl KSW 100%2 1004 108% 108ty 10215 26 1 108 25 1023 1024 1084 100% 1018 1004 106% 1004 | i RAILROAD. STOCK EXCHANGE 8bis 108 93% 91 2014 97iy ol R4 99" 101 6% 93ty 93t 100% 1018 1001 | 10614 1004 | CRABBING INLSTRY WEATHER AFFECTS | {Supplies Are Small and De- mand Heavy at D. C. 1 Market. | | Cool weather the past few days seri- ously affected the crabbing industry reducing the catches and causing prices | to advance. It is belibved by dealers, | however, that the effect is only tempo- | rary and that increased catches and |lower prices will return after several days of warm weather. Softcrabs are received in small quan- | tities from several shipping points on Chesapeake Bav and Potomac River, | primes selling at $1.25 and 51.50 this | morning, medium and small size crabs selling around 75 cents. Hard crabs, nothing like as plentiful and cheap as last week, were received | in_quantities equal to the demand and | sold around $6 a barrel, about $2 n bar- | rel more than dealers were asking a week agn. Crab Meat in Demand. 1 Crab meat this morning was in de- | mand at from 40 to 60 eents a pound The supplies came from packers along | the lower Potomac River, the vicinity of Hampton, Va.. and Crisfleld. Md. Small { quantities of the meat from Mississippi ( brought slightly higher prices. ! ‘The shad season ended June 1, but dealers have 10 days in which to dis- pose of their stock. and there will be | Monday's market. Herring are sim- ilarly affected by law, and dealers have the 10 days' grace. the same as with the shad, but there were no herring to | be_had this morning | Shad roe, always in demand during | the season, were offered at 75 cents a s=t | this morning. Roe shad were quoted | at 25 and bucks at 20 cents a pound this | morning. usually ge numbers in the Potomac Shad o be ‘had uniil ithe! olostg of | - CREDT RATIONIG 5 RESERVE POLIY Central Bank Is Declared Aim of Federal Board in Present Program. BY JOHN F. SINCLAIR. Special Dispatch to The NEW YORK, June Federal Reserve system trying to do? is a question often asked tod For the full meaning of the Federal Reserve | olicy is not yet realized in the United | tates. A definite program is being developed, | and when it is understood it will show gcirculating currency the Federal Reserve Board as the pow er behind the credit structure of the United States. | Naturally, the Federal Reserve system | did not operate nominally during the | war, or for a decade after the war, be- cause there was a sympathetic hnndlmg( of credit to meet refunding of United | States Government obligations | But those happy-go-lucky days are! over. A few factors already are in evi- | dence. (1) The Federal Reserve Board | and not any of the 12 banks is to direct eredit policy in the future, as a central | banking authority: (2) the board av | Washinzton ultimately will fix arbitrar- | iy the volume of credit each of the 12 Federal Reserve banks will be permitted to have outstanding. the proper amount for rach member bank being determined | by its position in the matter of lend- money on “call.” This program is already being put into execution. No member bank lend- ing heavily on call can get accommoda- tions today at the Federal Reserve, no matter how much eligible paper it has to_discount. What does this mean? It means that the Federal Reserve banks, working under the Federal Reserve Board, are rationing credit, and that they will con- tinue to handle eredit in this Their aim is to reduce the rediscount rate, say to 4 per cent, but when the board i a transaction, the intent of the operator. | | I think that the introduction of the | time element does this effectively. 1 Both meacures, when drafted, Senator | Glass intends to offer as amendments to the tariff bill when it comes before | the Senate. He indicated that he had | already received some notice of expected | hostility to his plans from brokerage | interests. . | Federal Reserve Board members met | yesterday with leading bankers from | New York and elsewhere for the cus- | tomary executive discussions of credit conditiens, but nothing was produced after the session to change the atmos- &hrrp and prevailing expectations in vashington. Few informed observers expect rediscount rate increases to be resorted to unless market and money conditions change radically. Board members indicated a good deal of dis- | taste, however, for the circulation in Wall Street of flat statements that their repressive policy toward the extension of collateral loans by member banks was being reversed and that the central svstem would resume the purchase of bills of acceptance and other activities which generally inerease the volume of It is intimated that there is no real change of front by the board, but that conditions them- selves are operating to remove the need of severe action. National bank note currency. once belleved to have been doomed to e: tinction by the establishment of the Federal Reserve system, apparently got a new lease of life this year durinz the regime of high interest rates. Issue of such notes ix a privilege held . banks owning blocks of old National | bonds of the Civil War issues and a small amount of Spanish War and Panama Canal loans issued 1y th century. For many vears Treasury re- ports have shown that redemption of such currency has been proceeding | faster than reissue, and in accepted | monetary theory, Federal Reserve cur- | rency, issued on the basis of gold and commercial paper. has been expected | to replace the whole National Bank | issue in about eight years. | However, during the last 11 months, | National Bank notes in circulation have | actually increased by more than $13. | 000,000. Banks owning the circulation | bonds have found it increasingly | profitable to take advantage of their | privilege to issue new bills as collatera) interest rates have soared, and t retirement of notes outstanding has | been notably checked. Notwithstans FINANCIAL. MONEY TO LOAN On District of Columbia Real Estate CURRENT RATES OF INTEREST FLOYD E. DAVIS CO. 733 12th St. W. Main 352-353 Over Third of a Century’s Every Condition —when we take over the management of property— Apartment hous for in- stance—we make a careful survey—of every income and operating expense—regu: lating them to proper re- lation one to the -other. It isn’t theory with wus, but practical, experienced management. Let us assume the details for you. B B SIATTLY GOk Main 2100925 15th St. N.W. We recommend Columbia Pictures Corporation Convertible Preference Stock Yielding about 7.06% Maix Orrice Underwriters - Distributors INVESTMENT SEECURITTIES Wasnincron Orrica 737 15th Street N. W, lephone, National 153 Barrimors German EI P 6 | ing, Treasury officials expect the con- dition to be but a temporary one, and look for the trend toward complete rnu'lment of the issues to resume shortly | not plentiful todav. recent | catches having been small. Perch were | | 30 scarce that prices were not quoted The rockfish sold at 20 and 25 cents a pound. Catfish and carp, received from | | Potomac River nets, were to be had this | morning, the former at 10 and 12 and | the Iatter at 10 and 1215 eents a pound. | count | Few eels also were recefved from the | _ Perhaps the founders of the Federal Potomac. They found ready sale at 15 | Reserve never contemplated such a de- |and 18 ‘cents, while snapping turtles, | velopment of Federal Reserve banking has completed its' work that lower rate will have no effect on the volume of | | avatlable credit in the speculative mar- ket. it is said Why? Because, with the control of eredit absolutely under the board, it is | the rationing and not the rate that will| a point The telephone convertibles were off 1, to 11y peints. §2 97 9i% In the industrial list the trend was | 4102 100k Interest s centered on i 2 83 N84 which mus 2 a0, 09l pevments on July 1. Phiadelphis & | Hungary T%s 1 100 100 Reading Coal sixes were slightly higher. s | 98 9K New Financin ;; ;-:}: ;;\ ‘The Seaboard Air Line group was 0 o . 24 105% 108 Common Stock Listed on New York Curb This duces and tures uted 11 1 831 95 108 101 corporation pro- “talking,” “somnd” lent” . motion pie- whieh are distrib- throughout the world, and has never 0% | Car Clinch&O 88 b2, i | Cent bac 18t bs . 95 &0 Corpn 8. | ltalian Pub 87 z SR | 1apane: 29 100% 100 weak, especially the adjustments, which have declined 10 points from the high of Iast month, with the Florida division sixes at_their lowest New financing (oday was almost en- tirely of tax exempt issues. A signifi- cant feature was the spread of a point in vield between the 1930 and 1932 maturities on the Yonkers bonds. The State of Tennessee fssue of $21.000.000 was reported es well taken. Another offering of Canadian provineial 5 per cent bonds was made, this time below par. CHICAGO DATRY MARKET. CHICAGO. June 6 (#)—Butter un- changed; receipts, 11405 tubs. Eggs higher; receipts, 10,016 cases; extra firsts, 30a30';; firsts, 20!52203,; ordi- nary firsts, :'7;:! storage packed firsts, 31; storage packed extras, 31!z, Pcultrx, alive—Weak: receipts, 3 cars; fowls, 28a2! Mil Pol. broilers, 36a40: roosters, 20; turkeys, 22a30; ducks, 18a23; Spring ducks, 28; geese, 15. Qu Borrowings Inocrease. NEW YORK. June 6 (4).—Long-term Rio Rio an 6i4s. Montevideo 1 ew So Wales 57 w So Wales 58 ord 6143 Norway 55 1963 Orleans 6% 8. ru 6s 1960 u 6s 1261, | Peru s Pireill and 78 (rets). Polana 8 Porto Alegre §s Prague 714 ensiand de Janeiro 6148 de Jan 85 1946 borrowing by munlcnfi.}mes and States | Rio GrDe Fel increased to about $177,000.000 in May | from $141,000.000 in April. Rio Washington Stock Exchange! SALES. Washington Gas 65 “A"—$100 at 102, 1.000 at 1013 Washingten Gas 55—$1,000 at 100. Potomae Elee. Cons. 55—$1,000 at 102. Capital Traction Co.—100 at 98315, Potomae Eleetrie 3's % pfd.—10 at 105. Mergenthaler Linotype—5 at 1047, 10 2t 1044, 10 at 104%, 1 at 104%. AFTER CALL. Real Estate Mige. & Guer. ptd.—100 | at M. Georgefown Gas 55—8$4.000 at Capital Traction 5:—$1.000 at §' . Washington Gas 65 “A"—$1000 a 10135, $100 at 101%. Potomar Elsctric 8% ptd.—9 at 111%, 5 at 1117, Potomac Electrie 813% 10515, Lanston Menotype—20 at 128%,. San Sao Sao Sax, Ser! Swi Utd wa Washingtan Rwy. & Electric 4s—8$1,000 474X Am t 850, at 8514 e Potomac 10574, Bid and Asked Prices. BONDS. FUBLIC UTILITY. Flectrie 513% pfd.—20 at Am An |Am Am ke | AM Axkert (i) ‘Am Am Amer. Tel Amer_ Tel Am. Tel Anacostia & Pet Ans & Pot 'k BT e 0, | C. & P. Tel of Va. 5 LRt A1 1 Traction E. R Suourban 5 Geergetown Gas Fatomac Ele:. cans Potomac Elec 63 195; Wash., Alex & Mt. Vernsn cif. Wasn ! Baito_a Annap. 8s.... Washington Gas B8 Wash Gas s, h Gas 65 o MISCELLANEOUS, ber & Ross, Ine 8les .. m-Vanoit Hotel #134 Chestnur Faims Dairy 8128 Cheiy Chase Club 5738 D.C. Paper Mfg 6c Fot Siock La. Bk 35 3 Coid Storage bt Title Co. #s STOCKS. PUBLIC UTILITY. & Te t 5 ot | Bel | Bet Bet | Bet | Bet Cer: Chi Col | ol Ba I Cub Det n Cash Gas riolk & U sn_Steambost 4. pla tomas B, by "nie lec. tom atomag hoRwY. & & Elec pfd NATIONAL BANK. National Capital Bank . Catumbia Zommercial 1 nealn 2'anal Métrepolitan P ash Rwy | Hu American | 1y ind nd Anal Bank of Washinston TRUST COMPANY. American Sec Int int Int I(nl 5 | 1at ngten Lean & Trust BAVING BANK. curity Bavings & Com Cenih Sireet rnien ingion Mecnanics ; FIRE INSURANCE. Amerl By Ny n Firemen s Kations1 ‘vnion TITLE INSURANCE nlymbie Title : i Etare Titie e &710\" o of Ma com Wash. Cons. Fiule ot : MISCELLANEOUS Barlgr & Rose. Inc. com \ Caag airy pte bia Sand & Gravel CoNQ\ercial Natl, Co. pfd B itgaper Mie, ptd Dist. | Securities Bfd Feder. : Federa.-American Co.'com. Federal-American pfd ... Lanston_Monotype ... Merch. Trans. & Storage Merch. Trans. & Stor. pid Mergenthaler Linotype atl. Mige, & Inv. pfd Phoples Stores pid & . ptd Secur, . Ter r. Coip Yash ™ Mech. Mige com : Medical Bldg. Corp. . ard & Lothrop pfd..... dend Mo pid Pai Tokin 648 1961 Utd Kingm 5%s 29. Utd Kingm 6%6 37, Gr Do Sul | Rome 6348, Paulo City 88 Pauio 8a 1936 on (PW) Seine 7s 42 bs Cr Slav 78 Serbs Crot Slo § Soissons §s Sweden 548 Sweden 6s. Swiss 5348 1946 ss Confed 88 SteamCopen 6s | Uruguay 6s 1960, Urugua Vienn Yekohama 0 13 24 98 1 20% 100 8Kig 10115 22 LIRS 101% 991y 3 101% 9 103 5 88 i2 100 104 8% R6le 86 BIIYDI- 19 41 83l 8 105ty 4 10215 3 110 PYSEIUA ib 93l 12 102 26 944 7 105% 5 B8k 4105% 9 89 2 1084 3 104 1104 5 984 42 1084 1 8 7 sel 6 w91y 11038k 4103 21038 1108 ST 19 3994 24 103 2 98 6 9% 9 107% £6% 14 82 1 93% 98 99% 100 88 101% 9ir Ay 1011y 25 29% 101% 1024 85 20t 1038 264, 6 £t 99 129 £3 9 10515 102 110 a0 9314 102 244 1051 85 105% 8% 108 104 104 974 106 8% 29 104% 103 10315 108 Bh7a 94 10714 98 10 861y 80% 937 MISCELLANEOUS. - Abramé&Straus bls 8 PIA—10 AL ekhany Cp ba 44 40 Alleghany 58 49 w1285 om 748, Chain 6833 Chem § NatGi Smit& R 13t Sugar Ref 6 T&Teltr T&Tecltrb T&TstS Tel & Tel Wrtg P Anaconda lst Armour&Codi4s 89 14| Armour Del 6% “ | Associated Ol 6 Atlantic Refin 3a. | Tel Paba B.. hiehm Stl pm 68 h Steelrf 5 h Steel 34 hiehem Steel 85, | Bush Term Blag bs. tain-Tdb 4 srets le Copper 58. on O11 6138, Gas& E1 deb As. Com Invest 634 '49 “un Coal Md 1s n G: 5 N Y648 ba Cana & Cuban Am Sug roit Dodge 6s... Donrner Steel 75 Duquesne 1148 67 East Cubs Sug 1% k Rubber § Gen Gen | Goodrich 648 Gordyear bs ret ot Ac Cor i mble Ol 55 1031 100 1004 108 9314 102 1034 74 100% 103 Humble O & R 5%48. nols Bell 1st bs.. 1ana Steel bs Inland Sti 4% Intl Cement 1 Match bs 47 Mer Marine Paper bs 47. & % el&Tel 448 Kan City P & L b KanG & B | Laclede 85, .. Laclede G 5% Liggett & Myers T8 Loew Loew's 63 w o war. Lortilard b Louss G& natiSug ot 71 Midvale Steel bs. Mont Power deb bs. r's&Co 18t 4% t Dairy 64 Radiator ¢ wEngiandT Y Tel6s4i.. N Y Tel 684 . North Am Edis bs., No Am Ed 5ls '63. Pacific Gas & E PacT & T Ist b n-Amer Pete § Pan-Amer Pete 7s. . Paramount 88 1047, Peopie 8 Gas bs PhilaCobs87..... Thila & Fead 6549 227 16 103 994 100 105 (93 . Ches & O 434593 A Chidets 11l g0 68 61., ChiGt West 48 69, 88 | Chi B&Q gen 43 83, 101% | Chi 4 & Q Lt rf ba. 2% | Chi M&ESIP 4 %8 E 9178 | ChIMHS P& Pacl 101% 25 99 101% 103 [ 99% 104 234 5 Cni& NW 6148 Chi& NW 1 Chit Rys bs. Chiki&Prt ChiStPM&O §: Chi T H ine Chi Union Sta CaWlbhsbi.... 1CCCaStLrtésA. Cuba R R 65 1936 cf Cuba Nerbi4scts., Del & Hud 1st rf 48 Del & Hud bys 1 Den & Kio Gen & | D Rio G Weat b, Tr T 20, 0 E . irie conv ext 7s. . Erie (Pa) clt tr 4, Fla East C és T4 . Ga & Ala 18t 6345, Grand Trunk s Grt Northn 4148 Great Ner gen 7 Hav El Ry b8 52, Hud & Man a) 51 Hud & Man ref nt 48 52 Int Rapid Tran bs.. Int Rap T 68 stpd. int Raptd Tran | int Kap Trans 78 Int Gt Nor § Int & G Nor Int&GINor ad) IntRysC A b8 73 Int Ry C Am 68 41.. Int Ry C A 648 ret. Kansas City 8 3 KansasCity 8 Kan City Term | Lake Shore 4531, Lehigh Val 63 2003, Louis & Nash T Man Ry 1st4s90... Market St 78 40.. .. MILK) Ry & L 68 61 Minn & Stl ref ¢s., MStP&SSM5«38gtd M StP & SSM 634 MK&T Ist4s..... MK&T4sB....., MK&TprinbsA, Mo Pacific gen 4s Mo Pac bs A 65. Mo Fac ba F 77, | Mo Pacific 52 G { Mo Pac 513540 cvt 325 N ¥ Cen gen 3348 10115 | N ¥ Cent deb 100's | N ¥ Centr f 58...0. 102i4 | N ¥ Centdeb 6a.... 903 | NYCDI&SUL 614 8A. 101 YChI&SIL 634w B. 102 FC&SLLESA 1064 | NYNH&H 98 | NY NH&H db 4 4 NH&HWK 93% H&H cv db a6 | H&H cit 6s... ose | N ¥ State Ry 4148, 94 | NV Sus& Wn 5837 6T INY WaBays.... 10514 | Northern Pacif 1 . | Northern Pac bl 1001 | Notnern Pac r 107 | Ore Snort L rts 1005 | OFe Wash 1t 4 1013 | Pennayl gen 414m 95 | Femna RR 4%s 9 I'zen 8 10 | 97k 101 10684 92l 100 56, 57, NY NY NY N Pennsyl 64 Pennsyl gold Ts Pere Marg Ist6a... CA&StLSsA.. Portiand EI P L 6s. 100% | Reading gen 4155 A 10215 | Reading J C 45 61.. 1035 | R1ATK& L4%s. 90% | 8t L, IM&S 48 103 [ StL'IM&S gn 6a 31, ?-'W\ISILIMASR&GI . 100 SIL&SFpidsA 90 StL&SFraus? 92 |StL&SFoprinb 123% | St L 8 W con 4s 31. 1024 [ $t F Un Dep 6 # 102 A& ArnP 4 97% | SeabA L ad) 102 [ Seab A L con . 11204 [SBAIFla6ash A. 106 | Sou Pac clt 4a 97 |Sou Paceasrers . 79% Sou Pac 4! 69 ww37 Sou Ky gen z Sou Ry Con Sou Ry 6s b8 Sou Ry 6 4s. Term Asso £ L as.. 1 Term Asso St L 53, Tex & Pac bs C'73. 11 Thiro Averef 4s 60, 2 Third Avead)bs.., | Union Pac st 4s. .. | Uninn Pacific 48 ‘88 Union Pac 4% s 67, Virginia Ry 1st § Wabash 6376 B bash 58 '75. Maryland 4 Md b%s 77 Western Pacific bs. West Shere 48 '61. ., Wis Cent gn 43 '4 In his modernizing program, Mus- | Bia 100% tepha Kemal of Turk 103 ik 957 980 851y 78 ¢ recently 937 “ a7 100%, 68 87 971y 101 931 103 77 957 27 851 8 had 974 , his photograph taken with a haif-dozen 98 doga | also from the Potomac, sold at 10 and 12 cents a pound. | Other Fish Supplies. | Trout and butterfish, received from | | the vicinity of Norfolk and the east | coast of Virginia, were among other | | offerings. The trout sold 7, 12 and 15 cents a pound, the butterfish bring- | |ing 7 and 10 cents, | Fish from Boston and_Jersey ecoast | | were quoted as follows: Boston mack- |erel, 1215 and 15 cents a pound; had- | dock, 8 and 10 cents; fillet of haddock, 16 and 18; flounders, 8 and 12'; cod, 12. | _Fresh shrimp, received from Florida | | shippers, sold at 30 and 35 cents a | pound, while the cooked shrimp was | quoted at $2.75 and $3 & gallon. Clams were scarce at $1.75 and $2 per 100, | Commodities of all kinds this morn- | Ing_were reccived in quantities more | than sufficient t@¥meet demands. Spin- Ach was the only Spring ble not plentiful, but dealers had other varieties of vegetables to take its place at cheaper prices. Spinach sold as high as $1.25 a bushel basket this morning, a price much | higher than prices the past week or more. Kale sold from 25 1o 50 cents a bushel, while bushel baskets of cabbage | sold at 35 and 50 cents, Homegrown carrots and beets were | quoted at $4 and $5 per 100 bunches, | while- turnips. more plentiful, sold at 82 and $4 per 100 bunches. | Strawberries wera quoted from $3 to 86 & crate. sour cherries selling at $4.50 and $5. Tartarians, a large red cherry, | not very plentiful, sold at 88 a crate. | Prices of most commodities this | morning were the same as prices quoted | vesterday. Today's Wholesale Prices—Jobbers’ Prices Slightly Higher. Butter—One-pound prints, 44a4s; | tub, 43a44: store packed, 30 i Eggs—Hennery, 33a34; fresh selected, | 33a34. current receipts, 31 | Poultry. alive—Turkeys, hens, 30a32: 26 Spring _ehickens, small, large, 42a45; Leghorns, 35a8 .'30a33: roosters, 20; ducks, 15a20 <. youns. 60265 old. 35a40. Dressed Turkeys, 35a40; Spring chickens, 48a 50: Leghorns. 3 fowls. 37a38: | Leghorns, 34a38 30832 keats, | 80a1.00. Meats, fresl. killed—Beef, 2224 veal, 23a26; lamb, 30a32; pork loin 31a32: fresh hams, 25a26: fresh shou! ders. 18a19 Smoked hams. 27a28 | smoked shoulders, 17a18; hacon, 26 | lard, in bulk, 1213 in packages. 13'3 Live stock—Calves, 13a13';; Spring | lambs, 15. i Fruit and Vegetable Review. The dafly market report on fruits ! and vegetables, compiled by the Market | | News 8ervice, Bureau of Agricultural | | Economics. savs | | Cabbage—Supplies liberal: demand | | light, market dull; Virginia, Norfolk sec- | | tion, barrels. pointed type, 1.00 | | Cantaloupes—Supplies moderate: de- | | mand moderate, market dull; California, | Imperial Valley, jumbos, 38s and 45, | | salmon tints, 5.00a5.50; standards, 45s. | [ 4.504.75; ponys. 455 and Sds, 3.503.75; | | standard flats, 125 and 155, 1.15a2.00. |~ “Lettuce—Supplies limited: demand | tight. market dull: California, crates, iceberg type, 4-5-dozen, fair condition, | 4.0024.50 Onions —Supplies light: demand light, | market _dull: Texas, standard _crates ellow Bermudas, U. §. No. 1, 1.75a2.00; | | mixed, No. 1 and No. 2, 1.80a1.90. Potatoes—Supplies moderate; demand moderate, market steady: new stock, | Norfolk section Virginia, cloth top. stave barrels. Cobblers, U. 8. No. 1. 4.2534.50; | North Carolina, cloth top, stave barrels, | Cobblers, U. S. No. 1, 4.25a4.50; old | | stock, - Michigan, _150-pound ~ sacks, | Russet Rurals, U. S. No. 1, 4.2504.35, Strawberries—Supplies very light; | demand moderate, market steady: nearby Maryland, 32-quart crates, vari- ous varieties, ordinary quality, small stz 13.00a3.20; good quality and condition, | | 4.00a4 50, Tomatoes—Supplies light; demand moderate, market, steady: Florida, sixes, ripes and turning, wrapped, fancy count 4.5025.90; choice’ count, 3.50a3.75; Mis- sissippt, fours, ripes and ' turning. | wrapped, No. 1, mostly around 1.75 Watermelons—Supplies liberal: de- | mand light, market steady: Florida, | Tom Watsons, 30-32 pounds average, 80a1.00; 26-28 pounds average, 60a80; | 24 pounds average, 50a60 each. i String beans—Supplies liberal; de- mand slow. market slightly weaker; | North Carolina. bushel hampers green, | best mostly 2.00: some ordinary condi- | tion, badly spotted, 1.25a1.50. | Cucumbers—Supplies liberal; demand light, market dull: South Carolina bushel hampers and square bushel | crates fancy, 1.7582.00. mostly 2.00: | Norfolk section of Virginia, hotbed ;w—k, 7g-bushel hampers faney, 2.75a | 00. Squash-—Supplies moderate; demand light, market dull: North Carolina, | bushel hampers vellow, 1.50. | Carrots—Supplies moderate: demand | moderate, market dull; California, West- | ern lettuce crates bunched, 3.00a3.25, | mostly 3.25; Norfolk section of Vir- ginia, 3;-barrel crates, 1.50. Corn—Supplies _moderate: demand | light, market slightly weaker; Texas, bushel baskets, 225a2.50; fair quality, 2.00; Alabama. cantaloupe crates, 2.50 Asparagus—Supplies light, demand light, market steady, Delaware, doun-l bunch erates, 2.5023.00; fair quality, 200; East Shore Maryland, dozen- green, long, 3.00a3.50; * bunch crates, small size, 2.00. | supplies |In the Federal Reserve | are {is often hard werk to do so for eur- | tax measures openly designed for the| | ator Glass explained, “but measure | are not policy. However, the board the eventual aim of is to keep adequate credit in areas which create it and In other words, the board's fim'p is to keep money working at ome, and therchy equalize the spread of prosperity throughout the Nation Until this policy is put under thor- ough control by the board there will be many headaches and*heartaches in the stock market There seems little question that this is the program the Federal Reserve Board has determined upon E. H_Simmons, head of the New York need it | 8tock Exchange. although vigorously op- posing Federal Reserve credit policies at this time, is against_any legislation which will restrict the Federal Reserve in its movements. There are numerous students of Fed- ! eral Reserve policy who belleve that many of the dificulties under which the Federal Reserve is laboring would have dissolved if a more complete policy of publicity had been followed. “Secretiveness is inevitably the par- ent of confusion, fear and suspicion,™ says Mr. Simmons. Whether one agrees with Mr. Sim- mons in his opposition to the Federal Reserve policies or not, it is undoubt- | edlv true that one of th: erying needs | of the Federal Reserve at this time is A frank and open approach to fiscal| problems in order that the confidence of everv eitizen of the Unjted States system be main- tained. | e | The vear 1926 was an epochémaking | period for the British empire, accord- ing to Sir Esme Howard, British Am- bassador. for it represented “a mo- mentous and astounding political revo- lution, accomplithed in perfect amity around a table in London." Sir Esme_gives Cecil Rhodes credit for developing the first conception of the British empire as a commonwealth of free states | Today each independent part of the | British_empire speaks for itself, Can- | ada does. Australia does, New Zealand does: so do all the other dominions. | | Therefore it is accurate to say that on Great Britain, but not the Bril commonwealth, is committed to Lausanne treaty with Turkev. It likewise true to sav that the dominions not committed to the treaty of | Locarno by the signature of Great Britain, | ‘The future? We slow, unlmaiml-l tive Englishmen do not worry over the future” bassador. ‘We are essentiall; opportunists. We cannot pretend to | arrange matters for our children. It | selves.” | Such a statement coming from Brit- ish lips a generation ago would have been nothing short of blasphemy. (Copr t, 1920, by Nerth American News- Gt paper Alliance) Washington Ticker Br the Associated Press Senator Glass of Virginia. ex-Secre- tary of the Treasury and the most ouf spoken legislative critic of modern specu- | lative trends, is preparing now a pair of repression of stock dabbling. The fir: of these, whose general terms the Sen- ator has already announced, proposes | to impose a tax of $5 per 100 shares upon all stock exchange sales of secur- ities held for less than 60 days by the seller, while the second, being formu- lated after the Senator's study of some court decisions, will propose an extra | income tax on the profit derived by speculators from sales of securities | owned for less than 60 days. “The tax on the stock sales, in the | nature of an excise tax, mizht be open to some constitutional objection.” Sen- the second which I propose to effer as a sort of alternative, will be founded upon the Federal Government's power to levy income taxes, which has been well sustained by the courts. I haven't| worked up the rates to be applied My objections to the speculative craze which has gripped the country based on moral distaste for gambling, or speculation, if the term is more acceptable. and I am no uplifter. It 1s only because of the engrossment of credit in speculation to the depriva- tion of legitimate business that I have moved in the matter. The Federal Re- serve Board hasn't fulfilled its duty in the matter. There is no question, Senator Glass added, that the tax he proposes on sales of stock would touch an over- whelming proportion of the current transactions on the New York and other exchanges. “In investigating the situation. I had a chart made up showing the New York Exchange transactions for several back,” he sald. ‘““That demonstrated that the average parcel of stock bought there during recent months has been sold within 221> days. The time of holding has steadily” shorfened. Sev- eral years back, when the study began, the chart showed that the average term of holding a parcel of stock was about 35 days and that the time has been steadily cut down since. I haven't cal- culated upon the revenue such a meas- ure would produce, since the object is to handicap the sales, and I have no intention of extending the tax to apply to speculation on the grain or com- modity exchanges. “In the past one dificulty in dealing with speculation legislatively has been to establish the speculative character of “Conveniently Located on 1ith Street” 1529 14th St. NW. Dec. 3320 C ompLETE FINANCING Ist & 2d TRUST MONEY On homes, apartment buildings and business roperties. No appraissl ee. Prompt Real Estate Mortgage & Guaranty Corp. 24 Jackson Place Main 1403 GODDARD, McCLURE & C0. taken loss on its pic- tures sinee its inception. Farnings for 12 months to June 30, 1929, will show about 51 times dividend requirements of Preference Stock. Complete information upon request Incorporated PACKARD BUILDING PHILA, PA, AMliated With GODDARD 4 CO, INC. NEW YORK PITTSBURGH CLEVELAND CHARLES Y. LATIMER 807 8mith Building 818 15th St. N.W. Washingten, D. C. 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