Evening Star Newspaper, June 21, 1929, Page 15

FINA -CONVERTIBLE BOND | 1 GROUP IN DEMAND '.Telephone Issues Strong. U. S. Government Offerings Display Steadiness. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, June 21.—Concentra- tion of buying on convertible bonds w again a feature of the market tod: following a session in which 35 per cent of all the trading was in issues ©f this type. It is significant of the trend in in- Vestment methods that a first. mortgage | industrial bond today carried with it stock purchase warrants. Ordinarily, these are attached to debentures and only rarely to a prior lien obligation. | ‘There are not likely to be many straight mortgage issues or new issues of pre- ferred stocks limited to a fixed dividend zate during the remainder of this year. The telephone convertibles, which yepresented 25 per cent of yesterday's total transactions, were prominent and strong. The International 4!5s made an early gain of over 2 points. The trading units in the American Tele- Euhm“ 4158 were the larger of the two, it owing to the size of the issue fluc- tuations were smaller. There has been steady accumulation of these bonds on the expected profitable arbitrage next C" year between the bonds and the stock. United States Government _issues were quiet and steady. The new Treas- ury 5%s are now selling close to a premium of 3. This week's statement of the Federal Reserve banks shows that they have recently sold over $30.- 000,000 of Government securities, with total holdings by the New York banks down to $15,536,000. High-grade issues were firmer. These included Atchison. General 4s. Balti- more & Ohio 6s, Kansas City Southern 5s, Pacific Gas & Electric 5s, Frisco ‘4148 and the Union Pacific and North- lern Pacific mortgages. Anaconda °°‘3." 6s sold within a small fraction ©f their redemption figure of 105. A _new low price of 70 was reached on Florida East Coast Refunding 5s. *This brings them down to a direct yield of over 7 per cent. There is still an uneertain market in the bonds of sugar- wucln; companies pending the &c- of the Cuba Cane Sugar Co. on its July 1 interest payment. As there 'has been no tariff action, and with the Imarket for raw sugar steadier, the July coupon will probably be pai . STOCK LENDING POST. CHICAGO, June 21 (#).—The board ©f governors of the Chicago Stock Ex- has voted to establish a stock- Jending post on the exchange July 1. o ! SEEKS STOCK LISTING. NEW YORK, June 21 (#).—The United Gas Improvement Co. has ap- to the New York Stock Exchange the listing of its common and preferred stocks. Washington Steck Exchange SALES. Potomac Electric Cons. 55—$1,000 at 100%. ‘Washington Gas 55—$2,000 at 9974 Washington Rwy. & Elec. 4s—$1,000 at 85. Capital Traction Co—10 at 91%, 10 at 1. Mergenthaler Linotype—10 at 104%, 10 at 1043, 30 at 104%. AFTER CALL. Capital Traction 55—$1,000 at 97%. UNLISTED DEPT. Chapin Sacks 8% pfd.—10 at 107%. Bid and Asked Prices. BONDS. Yokohama 6 Barber & Ross. Inc, Cham.-Vanbit. Hotel 6% Ches! Farms Dairy 6 Cheyy Chase Ciub Sias. . C. Paper Mfg. 6s. Fot. Jaint Stock Ld- Wash. Mkt. Cold Btor Cons. Tit] STOCKS. 28822382 TRUST COMPANY, American Security & Trust Co. Continental Trust 13! ferchants’ Bank.. ... gnloml Bavines & T nion Trust . . ‘ashington Loan & Trust BAVING BANK. Bank of Betnesd, Commeres & Savin East Washington . oma e tates. ashington Mechanics. American . Corcoran Firemen's . National Uni TITLE INSURANC Columbia Title .. MISCELLANEOUS. Barber & Ross. Inc., com....... evy Chase Dairy"pid Mong Merch. Tran: Merch. Tra genthaler Mtga. & Inv. pf w E Woodward & Lothiop Ex dividend. TEx warrants. or! pid. Unlisted Department. (These securities not listed under Exchange Tules.) BONDS. Army-Nay> Club 5: ymos Club_ 4i4s. mmercial Club st 5. ity Club 78, ... Metropolitan Club déi4s. Bid. Asked. %0 Bremen State 78 Canada 58 1931, Canada §s 1962, Canada 6%s 1929, 1 Con Pow Japan 7; Copenhagen Czecho 8s 1952 Denmark 4%s. Dutch East 1 65 47.. Dutch East 1 6s 62 Fiat 7s x war 46 German Bank 6s 33 Greek 65 1968, Haitl Hungary 7% irtsh Free State Ltaly Ts..... Italian Pub S 7a. Ja . Kreuger&Toll 5s et Norway 633 195 Orient Dev 53357, Paris-Ly-Med Paris-Ly-Med s, Peru 6s 1960, Peru 65 1961.. Rome 634s. . Sao Paulo 8s 193¢ } Sao Paulo 1950 Saxon (PW) Shinyetsu 6%s 52, Swed: o Swiss 5148 194 Abram&Straus 5% Alleghany Cp 63 '44 Alleghany 5s 49 wi AmAgriCh Am Beet Sug 6s°35. Am Chain Am Int Cor 6% Am NatGas 6345’42 An Smit& R 13t & Am Sugar Ref Am T&T cv 4%5'39 Anaconda 1st 6s. .. Anaconda cv db 7s, Armour&Co4%s 39, Armour Del § 1 Associated Oil Atl Gulf 8 bs. Atlantic Refin bs. Duquesne 4 %s East Cuba Sug T%8s NCIAL, THE EVE [ o BONDS o] Received by Private Wire Direct to The Star Office UNITED STATES. (Sales are n $1,000.) Bajes. High. Low. Lib3%s.... 8 966 962 Lib1st4}%s 61 99 98 26 Lib4ath 4e 142 9914 997 US3%s43, 1 9612 US3%s.... 2310024 10024 US4s1944. 610331 10323 US4%sb2. 20 1074 1073 1073 FOREIGN. Sales. High. Low. Close. Argentine 8s Juby. 4 99 99 Argeniine 6s Oct 69 7 Argentine May '61. 11 Argentine 538 °62.. 4 Argentine 6s A..... Argentine 68 B..... 15 Australia 4486 Australl Australia 68 1957, Austria 7s..... 9612 64 943 15 947 94 944 6 103% 103% 103% 4 96% 96% 96% . 2 984 98 98 17 100} 99% 99% 10415 104's 104 107 107% 107% 105% 105'% 105% Bank of Chile § Belgium 6s. Belgium 6%s. Eelgium 7s 19 Beigium 78 1956 3 9 12 106 105 105% 3 100% 100% 100% 3 99% 99% 99% 32 101 100% 100% 09% 9N 90N 23 92w 918 9% 4 934 934 93y 5102 101 102 6 83% 83 834 4 97% 9T 9T 11 874 B86% 86% 2 95 9 9% 1 100% 100% 100% 1110 110 110 1110 110 110 10 B8W 88 88 3 99% 99% 18 103% 10314 103 2 101% 101% 101% 4 102% 102% 102% 64 1025 102% 1023 10 93 93 93 30 88 87 88 3 93% 93% 931 1 104% 104% 104% 6 108'3 108 108 34 113% 113% 113% 2 92% 92% 92% 3 105% 106% 105% 11 90 B9% 89% 2 BAh BA% B4 8 981 984w 984 6 100% 100% 100% 1 96'% 964 9k 16 95% 951 95% 9 93% 9% 93% 6 92% 92% 92% 634 19 100% 100 100% 28 98 98 98 pan Sales. High. Low. Close 3 101% 101's 101% 9% 96% 96 Phila & Read 6s Philips Petro 6% Por Ric Am Tob Postal Tel & C Public Service 434 Punta Alegre 7 RemingtonAr 6s 32, Rem Rnd 6%s war.. Sinelair Ol Sinclair Of] Sinclatr O1l TennElecPow 63 47 Transcontl O1l United Drug b8 vate et anneatioaanah ano Utilities Powr 6% Walworth 65 4 Walworth 6%s Warner Sug 78 39.. Warner Sug 7s 41.. West Elec bs...... Westn Union bs 51. Westn Union 6%4s. . White Eagle O 63%s Wiison & Co 18t 6s. WinRepeatAr 7338, Youngstn S & T 5s. 18 100 RAILROAD. At&SF cvt4s05... 8 Atchison ad) 4s. ot S e B & O SWbs 60 B & O Toledo Brdway&7th Av bs. Brookiyn Elev 6% Bkiyn Mannat Bkiyn Un El 5s sta. Bush Term con 5 Can Nat 4%s 30. Can Nat 4%s 54. Nat4%s67. t14%5'68 Can Nor 43%s 1936.. Car Clinch&O 6s 52. Cent of Ga 55 C ’59.. Central Pacific 4s.. Cent Pac 1st 53 90. . Ches & Ocv 4%s... Ches & O 4%5°93 A Chidls 11l gn 65 61.. 9% 17% 88 1% 9% 17% 88% 9Lty 1 91% 9% 9% B0 101% 101% 101% 3 95 9 95 9 1004 99% 99% 3 1024 101% 101% 1 101% 101% 101% 6 102 101% 102 1 B5% 85% 85% 11 100 150 103 6 85% 854 o 9 86 85 « 6 100% 100 20 143 5 103 854% 86 100% 142% 1434 7615 854 96% 961y 6 10315 1031 103l 2102 102 102 . 1106 106 106 3 2 90% 90 90% 9248 - 5 105% 105% 105% 11 89 83% 88% 2 103% 103% 103% 4 103% 103% 103% 6 97% 97 9T 10 106 105% 105% - 16 77 6% 76% 2 B9l 89K 89y 25 90 90 90 1 102% 102% 102% 1035 1024 10218 108% 108 108 8 97w 97 9T 9 102% 102% 102l 96% 97 8l 10 81y 814y 1 3 93 93 MISCELLANEOUS, 22 107% i07 107% 3 98% 981 98N 98% 9TH 9TH m 7%s. 106 105 85 5 127% 129% 101% 102 102 2 86 | K 82 2 104% 104% 175 175 88 88 58 88 101% 101% %4 L% 100 100 10244 10235 104% 10 98 301% 101% 103% 103% w o8 9114 Colon Oil 65 '38. Com Invest6%s 104% 105 4 1011 101% 6L 6L 4 100 100 100% 100% 106% 106% 100% 100% 9T% 9TH 79 % 108 108 105% 105% 98 9814 100% 100% 106% 106% g8 e » 3 102% 4 964 28 90% 16 1034 (iinots Beil 1st bs.. Iilinois Steel 4 %48 Inland Stl 4%s 78, intl Cement 68 43. . [ntl Match bs 47 1024 102% Yol 96l 90 90y 103 1031 95% 95% 88 884 89 89 eg 4%s8. 3 92 91N 91N Int Tel&Tel 4348 cv 486 1331 132% KanCity P& L 11014 Kan G & K 68 b: Lauclede bs. Laclede G 6 100 100's 106 108 964 96% 9% 19% 851 86 90 90 977 98% 100t 100 Ligget Lo Lorillard b Lorillard 5% ManatiSug st 7348.. Midvale Steel b 3 % 103% 108% 102 102 111% 111% o 985 9% 104% 104% 110 ChiGt West 45 569.. ChiMIISP&Pac5s?8, T . ChiRI& Pac 4%s Chi T H inc 6s 60. Chi Un Sta 4%s.... Chi Union Sta 5: 99% 100% | Clev Term bs. Clev Term 5%s. Cuba K R 8. Cuba RR 7%8....0 Cuba Nor 5ascts.. Del & Hud 1st rf Den & Rio G cn Den&RioG 4%s 36. Erie conv Eriecv 58 Fla Kast C 58 T4.... Grand Trunk 7s. Great North 5 Great North b%s. Great Nor gen 7. Hud & Man Int&GtNor adj 6s 63 Int RysCAbs72.., Louls & Nash 7. Man Ry 1st 45 90 Market St 78 40.... Mil Xl Ry & L 6s 61, Minn & StL ref 4 M StP & SSM 6% M K & T ad) 5s. PR Mo Pacific 55 G '78. Mo Pac 5%8 49 evt NRM4%s51asst., 2SR loer SelatifonmrnwSmman mem NYC&StL6sA.. New Haven 3%s 64, NY NH&H db 43 67, NY NH&H cit NY Ont W 1st CIR) EaRanSu NY Sus&Wn gen b3 NYW&B4% Nor Pac 33 2047. Northern Pacifie Northern Pacr 1 Ore Short L rf Ore Wash 1st 4 Pennsyl gen 4%4s. .. Penna RR ¢%3'63 Pennsyl gen bs. o Callmrermag 3 KRuohmmAnacon oass Portiand 1 P L 68, RI0OG W 1st Rio G West el StL IM&S gn 68 31 St L IM&S R&! StL&SFplés StL&SFre% I Sou Pac clt 4 Sou Pac 4% o e meBBcntaen mmn Tex & P Tex & Pac Thira Ave Whash 4%s 78 rei 3 Western Pacific 5 97 T 97 MONEY MARKET. NEW YORK, June 21 (#).—Copper quiet; electrolytic, spot and futures, 18. 994 99y 10044 100" 995 99'% 9! 2105 106 106 1100 . 100 100 12 101% 10t 101 . 10 mza',}ozh 102% Nor States Pow 6s. Pacific Gas & £l b8 3 10751074 107% 9 98 97% 98 Iron quiet and unchanged. Tin steady; spot and nearby, 44.75; futures, 45.50. Lead quiet; New York, spot, 7.00; East St. Louls, spot, 6.80. Zinc steady; East St. Louls, spot d futures, 6.70a6.80. Antimony, spot, ‘Westinghouse Electric & Mannfactur- ing Co. may soom increase its dividend. MARINE PRODUCTS IN LARGE DEMAND Fruit Shipments Heavy at D. C. Market—Vegetables Are Cheap. There was the usual Friday morning demand for marine products registered at Municipal Fish Market and houses in the wholesale commission district this morning. Increased temperature required dealers to do an additional amount of icing to protect their sup- plies, enabling them to make them at- tractive. Dealers had_increased quantities or soft, crabs to offer the trade this morn- ing, some large and fat, while others were smail and not in such good con- dition. Prices were low enough to en- able retailers to sell them at $1 ana $1.50 a doze Numerous varieties of fish also were offered the trade, butterfish and trout being exceptionally plentiful and cheap, selling as low as 5 cents a pound. Lob- sters, scallops, shrimp and clams were in plentiful supplies and offered at prices dealers termed cheap. Fruit Receipts. Fruits, especially berrles and water- melons, continued in fairly heavy re- ceipts, while cantaloupes, in demand, also were fairly plentiful, but prices continued high, with a good demand registered. ‘All varieties of vegetables were plenti- ful and cheap, dealers quoting prices much lower than usually prevail at this season. Corn, beans and squash were reported very plentiful, while peas, not so plentiful, were higher. A fairly good demand for poultry for the week-end trade was reported, prices being lower than at the beginning of the week. The meat market, beef and veal prices high.1 con'.lnutlad firm but draggy. Lamb prices were lower. A'n'y lncrelse‘r demand for smoked meats, a condition usually existing when ' temperature increases, was re- ported, the market being reported firm. No changes were reported in the but- ter and egg market. Hot weather has increased candling losses of eggs, but prices were the same as prices quoted the past few days. Today's Wholesale Prices—Jobbers® Prices Slightly Higher. ‘Butter—One-pound prints, 45a46; tub, 44a45; store packed, 30. Hennery, 34a35; fresh selected, 34a35; current receipts, 31a32. Poultry, alive—Turkeys, hens, 32; toms, 30; Spring chickens, large, 40a43; small, 34a35; Leghorns, 35; fowls, 28a 30; roosters, 21; ducks, 15a20; keats, ung, 60a65; old, 35a40. Dressed— rkeys, 38a40; Spring chickens, large, 45a50; small, 40a42; fowls, 35a36; Leg horns, 30; fowls, 37a38; Leghorns, 30; ducks, 30a32. Meats, fresh killed—Beef, 22a25; veal, 23a26; lamb, 25a28; pork loins, 31; fresh shoulders, 19; fresh hams, 2! Smoked hams, 28a29; smoked shoulders, 18a19; bacon, 21a25; lard, in bulk, 12}2; in packages, 1315. Live stock—Calves, 15; lambs, 13. Fruit and Vegetable Review, The daily market report on fruits and vegetables (compiled by the Mar- ket News Service Bureau of Agricul- tural Economics) says: Cantaloupes—Supplies moderate; de- mand good, market stronger; Cali- fornia, jumbos, 36s, 5.25a5.50; jumbos, 45s, salmon tints, 5.50; standards, 45s, 5.25a5.50; pony flats, 16s, 3.00; jumbo flats, 12s and 11s, 2.00, Georgia, sup- plies light; demand light, market about steady; standards, 36s and 45s, pink meats, and 18s, best, 2.25; poor quality, green, 2.00. Lettuce—Supplies light; _demand light, market steady; New York, 2- dozen crates, big Boston type, 1.25a 1,50; fair quality, 1.00. Onions—Suplies moderate; demand light, market steady; California, stand- ard crates, yellow Bermudas, U. S. No. 1, $1.15a1.25. Peaches—Supplies _very light; demand slow, market dull; North Carolina, 6s, early Rose, very small size, 1.75a2.00. Potatoes—Old stock: Supplies mod- erate; demand light, market dull; Michigan, 150-pound sacks, ~Russet Rurals, U. S, No. 1, mostly 225; Maine, 150-pound sacks, Green Moun- tains, U. S. No. 1, mostly around 2.25. New stock: Supplies liberal; demand moderate, market about steady; Nor- folk section, Virginia, cloth-top stave barrels, Cobblers, U. 8. No. 1, 3.50, few higher! North Carolina, cloth-top stave barrels, Cobblers, U, S. No, 1, 3.50; poorly graded, 3.25. ‘Tomatoes—Supplies liberal; demand light, market dull; Mississippi 4s, ripes and turning, wrapped, No. 1, best, 1.25; fair quality, 90a1.00; Georgia, 6s ripes and turning, wrapped, fancy count, 2.00 a2.50; choice count, 2.50a3.00; 216s, 1.25a1.50; South Carolina, 6s, ripes and turning, wrapped, some over-ripe, wasty, fancy and choice counts, 1.25a 2.50; few 3.00. ‘Watermelons—Supplies liberal; de- mand good, market steady; Florida and Georgia, Tom Watsons, 30-32 pounds average, 60a75. String beans—Supplies liberal; de- mand light, market about steady; North Carolina, bushel hampers, green, best, 1.50; fair quality, 1.00a1.25; Norfolk section, Va. 5-peck hampers, string- less, 1.25a1.50; few 1.75. Cucumbers—Supplies light; demand slow, market dull; Norfolk section, Va., hothouse stock, bushel hampers, fancy, light; demand “Peppers—Supplies e - Florida pepper light, market dull: crates, fancy, 2.50a3.00; ordinary qual- ity and condition, 2.0 Eggplant—Supplies light; demand light, market about steady; Florida pepper crates, fancy, high bush, fresh arrivals, 3.00a3.50; holdovers, fair qual- ity and condition, 2.00a2.50. Carrots—Supplies moderate; demand light, market steady; California, West- ern lettuce crates, bunched, 3.25a3.50. Corn—Supplies liberal; demand light, market dull; , Alabama, crates, best, 2.00; fair quality, 1.50; North Carolina, crates, 1.25a1.50, few higher; Texas, bushel baskets, fair quality, 1.00a1.50; Florida, crates, 2.00. Oranges—Supplies moderate; demand moderate, market steady; Florida, boxes, No. 1, 3.00a3.50. Grapefruit—Supplies very light; de- mand moderate, market steady; Florida, boxes, No. 1, all sizes, mostly around 4.50. Blackberries-Supplies light: demand moderate, market, steady; North Caro- lina, 32-quart crates, wide range qual- ity and condition, best, 4.00; overripe, leaky, 2.25a3.00. Penney Co. Expands. NEW YORK, June 21 (#)—The six stores of Barnett & Co. in Northwest- ern Nebraska have been purchased by the J. C. Penney Co. ‘The stores are situated in Alliance, Hemingford, Rush- ville, Gordon, Lewellan and Chappelle. The' Penney 'Stores now in _operation throughout the country total 1,213, CHICAGO DAIRY MARKET. CHICAGO, June 21 (#).—Poultry, alive, steady; receipts, 3 cars; Springs, 38; broilers, 34; -roosters, 20; turkeys, 22a30; ducks, 17220; Spring ducks, 20a26; geese, 15; Spring , 25, Butter lower; receipts, 17,066 tubs; creamery, extras, 42; standards, 421, extra firsts, 41a41l5; firsts, 3915a4015! seconds, 38a39. Eggs- unchanged; re- | ceipts, 24,432 cases. PARIS BOURSE PRICES. PARIS, June 21 (#).—Prices were steady on the Bourse toda ‘Three per cent rentes, 75 per cent loan, 102 frages. Exchange on London, 133 francs 9915 lar - was quoted ab y. _francs. Five centimes. = The 25 francs 57} ce Commodity Notes Automobile Accessories. CLEVELAND, June 21—The Citroen cars of France will roll along the Eu- ropean highways on Cleveland axles hereaftér. The Columbia Axle Co. has signed a contract with the Citroen Co. for $1,500,000 worth of axles. Hops. PORTLAND.—While there is a lull in spot hops with prices at 14 to 15 cents a pound, there is a demand for contracts in the Willimatte Valley for contracts running for three to five years ab 16, cents for first deliveries and 17 cents for the ~emainder of the crop. Retail Trade. NEW ORLEANS.”-Retail sales here are running under those of June, 1928, in some departments, but others are showing gains. Cotton goods sales are 12 to 15 per cent higher and radio sets, electric refrigerators and housefurnish- ings also show rdvances. Vegetables. HAZELHURST, Miss.—Tomato grow- ers in this section have received $1,025,000 for their shipments made so far this month. Crates are averaging $1 an acre and the averag: production is 300 crates an acre. GOVERNMENT BOND OFFER IS SUCCESS New Treasury 5 1-8 Per Cent Notes Sell at Premium on Exchange. Special Dispatch to The Sta: NEW YORK, June 21.—As it turns out, the United States Treasury might have been able to sell a 5 per cent nine months’ note instead of one with a coupon rate of 51 per cent, for these notes yesterday were quoted at a pre- mium slightly above % per cent. The 34 over 5 per cent allowed to the buyer of these Government certificates was (000,000 added by Secretary Mellon to “sweeten” the issue and guarantee its successful flotation. This 15 the best record that any new Government 6ffering has made in over a year. Since the notes were taken up by the banks and the corporations that bought them.on June 15 they have steadily advanced in price, while there has been @ corresponding decline in their yleld from the initial figure of 5% per cent to about 4.65 per cent. At the same time, all of the earlier Treasury notes; including those due on Septem- ber 15 and on December 15, have been marching back toward par after having been at a substantial discount during the weeks when call money rates were ruling between 10 and 12 per cent and time money was 9 -per cent. In the first three weeks of June the, average rate on call money has been 7 per cent. This is the lowest average since the end of January and the first week in February. More important, however, to prices of low interest-bear- ing securities has been the decline in time money, which today is quoted under 8 per cent. It is of particular interest to note that the reaction in both call money and time money rates this month has occurred in spite of the rise in the prices of stocks. There is a probability that money rates in the next two weeks will again advance and remain strong during the period covered by the pay- ments for stock “rights,” and that dur- ing which semi-annual dividend and in- terest disbursements must be effected. There is another factor, namely, that of the large withdrawals of currency that always take place over the Fourth of July holiday, which marks the be- ginning of the active vacation season in_this country. ‘To some extent these demands on the banks, with their effects on money rates, will be offset by the gold now moving toward New York in large vol- ume from London and from the Argen- tine. By the end of June the net im- ports of yellow metal for the half year will have reached nearly $170,000,000, which substantially broadens the base of the country’s credit structure, CIGARETTE OUTPUT GAINS. NEW YORK, June 21 (#).—Cigarett> production in May in the United States amounted to 11,169,358,287, an increase of 2,276,859,065 over May, 1928. Cigars totaled 613,083,055, an increase of 31,- 909,480. Manufactured tobacco amount~ ed to 30,128,326 pounds, an increase of 369,364 pounds over May of last year. o TWO FIRMS MERGED. NEW YORK, June 21 (P).—The Paraffine Companies, Inc., of San Fran- cisco, has obtained control of the Coti~ Lap Co., ‘manufacturers of floor cov~ erings. The acquisition was arranged on an exchange of stock basis. TREASURY CERTIFICATES. (Reported by J. & W. Seligman Rate—Maturity. Bid 4%s Sept. 2 9520-32 DIVIDENDS. Stock of Corporation. Period. Rate. Pavable. record. Am Screw Co... Q@ $1.50 July 1 June20 Akron Rubber Hé- claiming Co pf. July 1 June 20 Am Water Works & Elec. special —Stk July 11 July 1 Bkiyn Trust Co. @ July 1 June 24 Ext July 1 June24 r Aug 1 July 15 July 1 June1s 10 June 28 2.00 10% 38.00 3! Q Co Continent surance R 28! ] 5 5 3.2 o doprB. i Mo Distillers Co Ltd Final Federated Meials Q Firestone Tire & 1 & 1 1 1 1 1 i 1 Jul H 0 5 1 1 10 June 28 g 553 15 July 1 July 1 JuneZ4 1 June 237 1 June 27 1 July 22 10 July 18 July 15 Aug 1 15 June 29 July 15 June 29 July 1 June 25 1 June 25 15 July 1 15 June 29 1 June 14 13 June 20 15 June 30 July July July July July July July July July 3 July July 1 June 26 18 July b 1 June 24 1 June 24 July 1 June 24 July 1 June 24 July 25 June 20 July 25 June 29 July 1 June20 30% Aug 1 July 15 ar iwia ) $1.00 Oct 1 Sept 10 e the diison Ruddid® ceRear oaltian ferest cert U. 5. CROP REPORT HELD FARMERS' Al Secretary Hyde Defends Sys- tem of Issuing Advices on Production. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, June 21.—In the July number of the Bureau Farmer, Arthur M. Hyde, United States Secretary of Agriculture, defends vigorously ~ the hsul{:g of crop reports by the Govern- ment. This article, “Crop Reports Are for the Farmer,” shows how much worse off the farmer would be if he had no such reports to guide him. “Crop information,” says Secretary Hyde, “since it is bound to get out somehow, is best obtained from a com- petent source which has no object in distorting the facts. Without Govern- ment crop reports the farmer would be compelled to deal with buyers in the dark. ‘The buyer would know the facts—the farmer would be in igno- rance of them.” Crop forecasts do not increase specu- lation in the agricultural markets. They have the contrary effect. “For,” Mr, Hyde continues, “when production is known with approximate accuracy the higgling of the market takes place within a narrower range, and prices throughout the marketing season more nearly express true supply- and-demand values. “Government crop reports come from a disinterested source, and the record proves that the information they con- tain reaches no one before it reaches the public, “Authentic crop information reduces the influence of misinformation or rumor and minimize the chance for fraud.” All this is in the interest of the farmer. Investment trusts are getting larger. Ten years ago there were none. If present plans are completed there will be at least one investment trust with a pald-in capital of more than $250,~ Many people are wondering if & num- ber of these investment trusts have not been organized for the primary purpose of purchasing stocks from the pools at the high valuations. Up to date there has been no regu- lation of investment trusts. Many people who have seen the large profits made in recent years have put hundreds of millions of dollars into these trusts. One shrewd market observer has stated that, in the event some of the stocks that have been turned into the investment trusts turn “sour,” a lot of harsh criticism might be avoided if more of them “put some of their own hard cash into their trusts.” How could this be done? One way would be to create an issue of con- vertible cumulative preferred stock, to rank ahead of the common in assets and dividends. They might secure this preferred by paying cash for a block of_common. But Maurice Holland of the National Research Council believes that many of the investment trusts today are going at the matter of future commitmerts in a really scientific way. The invest- men} holdings are so enormous that thorough knowledge of any new product which might affect the industry in any way is now being acquired through careful research and study. Research will play a most important part in the future development of the :‘\_xcctguful and well managed investment ust. “Ten years ago there were no broad- casting stations; today the broadcasting station equipment alone is worth $25,- 000,000, and 7,500 people, who repre- 4 1 qur 33| B 13 B | B Rom sent an gnnuai pay roll of $15,000,000, are employed in the hundreds of broad- casting stations,” says O. H. Caldwell, former radio commissioner. Mr, Caldwell said recently that the total amount invested in manufacture and distribution of rad:o sets, tubes and accessories was about $210,000,000. The {actories and distributing plants employ ,000 people, who receive about $215,- 000,000 annuaily. * .‘:u I this in o m?u:m; which 10 years as an infant, just bursting fr the laboratory of M:ijence. b Dr. Manly H. Harper of Teachers’ College, Columbia University, after an inquiry covering 3,000 educations, makes the statement that American educators are “so conservative in their social and E"’z‘r'.’i?' h'el:e!s t;mb they present a athetic picture of ignorance an of independence.” - Tk Dr. Harper believes that with few ex- ceptions American educators have done little fundamental thinking about our more vital social problems. He fing that the lack of individualistic think- ing power and uncritical reactions to important questions is due to following m!\e-worn habits and traditions so long. “While the higher the educational preparation the greater the measure of liberalism, the position of the American educator is interwoven with a complete lack of stability and independence, a wide inconsistency in beliefs and a lack of scientific attitude,” says this Co- lumbia professor. The Harper survey and its conclu- sions will cause widespread discussion in educational circl Admiral Horthy, vice regent of Hun- gary, and Count Stephen Bethlen, the oldest prime minister in Europe in point of service, seem to be fixtures in the life of Hungary, as much so as the Soviet group in Russin. Recently the premier said that the Hungarians would never accept the treaty which took away many Hun- garian citizens from under the rule of Hungary. “We celebrated, just before the war, our thousandth anniversary as a peo- ple; we will never rest until all Hun- garian peoples are again returned to us,” said the handsome,’ black-haired Horthy to me on one occasion. Count Bethlen made virtually the same statement at the dedication of the memorial to Hungary's unknown 5 | soldier. In the meantime a council of the League of Nations is tackling the hard problem of minority rights—the case of Hungary is only one. There are to- day about 50,000,000 people in Europe, citizens of countries which to them are entirely foreign. “Minority peoples” they are called. The League of Nations, knowing the problem, constituted itself the guardian for this group. Numerous governments taking over these foreigners have agreed to respect minority. privileges, but it is urged by many that this does not make for national unity. The case of Germany particularly is critical. There are millions of Ger- mans under allen rule. What can be done? To ignore the rights of minori- tles constitutes & danger spot—a ground for war. That's why the League of Nations is giving the problem major attention, By the League its far-reaching impli- cations are well understood. . (Copyright, 1929, by North American News- paper Alllance.) FOREIGN EXCHANGE. | (Quotations furnished by W. 4bb: 3 R % T R S50 ‘value (or par). 84 84 Zurich, franc. Athens. drach Madrid, peseta. Vienna, schillit Oslo, crown Stockholm, Pacific Gas & Electric and Pacific Lighting, in new high ground, may be wmdnud. FINANCIAL. LOANS Let us have your applications for LOANS ON REAL ESTATE Immediate Action Courteous Treatment Our record of 35 years speaks for itself. Percy H. 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