Evening Star Newspaper, June 27, 1929, Page 13

PINANCIAL, REANERY SALES MOUNTIN RAPILY Land o’ Lakes’ Co-operative Firm Increases Extent of Marketing. BY JOHN F. SINCLAIR. Epecial Dispatch to The Star MINNEAPOLIS, Minn., June 27— land o' Lakes Creamertes, Inc., is one of the most successful farmer co-oper- atives in the United States. In fact, it is one of the most successful indus- trial enterprises in the Northwest. Eight years ago A. J. McGuire, then associated with the extension division of the University of Minnesota, and a | lifelong student and believer in co-| operation, started the movement to get | the co-operative creameries of Minne- sota to join hands in a big marketing organization. through which all the product of these co-operatives would be handled. It took three years before the asso- eciation got under way, but in Novem- ber, 1924, the organization began to function. | In 1925 the total sales were $17,000.- 000. They doubled in 1926. In 1928 the total sales had reached $47.500,000. ‘This year the totals will go well over $50.000,000. Less than five years old, this organ- {zation today handles more than 00 per cent of the high-scoring butter in the United States. It handles all the output of the 480 creameries in Min- nesota, Wisconsin, North Dakota and South Dakota. In addition, it is han- dling the surplus of about 20 co-oper- ‘l‘:lllv.; creameries in California and 0. The cost of marketing is the im- |4 portant thing. The record for the last year shows that this cost just .27 of 3 1 cent per pound. With butter selling at 45 to 50 cents a pound, this figure of about one-fourth of 1 cent a pound s nominal. The headquarters in Minneapolis .are & beehive of industry. The directors, Jargely farmers. meet on the 10th of each month and set the price of butter. Checks go out on the 92,000 farmers in the organization. The organization handles—in addition to butter and cream, eggs, milk powder and poultry. “Our sales are now approaching $1,000,000 a week,” said Mr. McGuire. “We pay the creameries about 80 per ~cent of the value of the cream sent to us under bill of lading, and the re- mainder is sent out on the 15th of the following month. Our farmers are memun. intelligent and enthusiastic. peration not only gives the farmer a larger part of the sale price, but it Jnakes him a vital factor in the business ‘of the Nation.” Al the receipts, less the expenses, are returned to the members in proportion to the business done, as the company | Beli Tel. of G has no capital stock. So im| handling and feeding of fur-bearing animals become in the Northwest that the University of Minnesota held its third annual fur farmers’' short course | Edison this week. The early fur wearers, all wealthy people, used only genuine furs. Today more than a hundred million cheap furs are used annually. ‘Take rabbit fur as an example. Dyed, | 9 ic_seal, bay Bure Ol this skin is known as Arcti 'rn seal and sealine. seal, to imitate fox, it is sold as Baltic m«& S red and black fox, or fox.hare. Dyed imitate ) rd, it is called Baltic, Prench and Russian leopard. Rabbit pelts are used in more than 50 types | U of fur. The greatest wild-fur-producing area in the world lies within a 600-mile radius of St. Louis. More than 99 per cent of the silver fox pelts sold in Amer- jcan markets are ranch bred. St. Louis began as a fur treding center in 1764. ‘The pelts gathered in the Northern and ‘Western United States for a score of decades usually found their way to the St. Louls market. St. Louis continues to maintain its leadership as one of the great fur markets of the world. ‘Theodore Christianson, Governor of Minnesota, thinks of the State as a big business institution. A large part of the time of all State employes is given to matters of pure business. “The State, with its 11,000 employes, is spending more than $20,000.000 a year,” said the governor. “Almost hal is going into highways. This depart- ment in Minnesota, as in other States, has taken first place in public im- rtance. “While no State can afford to neglect the development of its important trunk lines, such matters must be put on a purely business basis. There is a limit | to the amount of mileage that can be bullt by any State efficiently in a year. | ‘There ir a limit also to the amount of money that can be raised annually from taxes, direct or indirect. “Sometimes I think States have moved faster in this particluar field than they should. By that I mean that many States have contracted a huge indebtedness for highways, which must be_paid some time. Interest on road The Trade Mark Guaranteeing Satisfaction The “S-F”’ Service Station for Business People Saves “Shopping”’ You do not have to move from your desk, in order to control the entire facilities and equip- ment of the most modern office equipment establishment in this section, Our “Sales Regresentatives” will call on you and take up any problems of Office Equipment you are facing. They “bring our Store to you." ‘They're S})gchllns and are thoroughly familiar with our stock and facilities. Consult them “without obligation. It's their job to serve you. Consult them about Print- ing, Binding, making all kinds of Blank Books, E: ngraving— and about the different Steel Office Cabinets, Filing Dévices, ete. Estimates, if wanted. Phone National 9176 th to the | i portant have the breeding, | & bonds has become a real burden in many places. “But to return to our first idea. A State government should be made just as economical and efficient as any other corporation. Why not? Until that conception permeates to the humblest employes we will not get the most out of government'’s activities.” R. W. Manuel, president of the Mar- quette National Bank of Minneapolis, one of the smaller national banking institutions of the city, belleves there will always be a definite and impor- tant place for the emaller bank in the_big city. “While we are seeing at this time unusual activity in the merger of im- portant banking institutions,” he said to me, “I am satisfied that the little bank, if managed efficiently, will not | have to give way to the larger unit. “In the Northwest we have now two outstanding institutions which largely dominate the banking field. But there are many people who want. to do business with an institution where they know the officers. The big banking institutions have become so large that few of their depositors can know the officers intimately. The personal touch is still an important factor in bank- ing. I think it will become even more important in coming years.” (Copyright, 1920, by North American News- | paper Alliance.) WHOLESALE PRICES GAIN. By the Assoeiated Press. Wholesale price levels in the United States advanced last week over the week before and have shown an up- ward 'trend for several weeks, The statistical index of the Census Bureau for last week and comparable periods. | based on éonsidering 1926 pricc levels | as 100, is gm\n below, together with | the prices during the same period for | an average composite products. ton of stecl All commodities. Week ending June 22.. 97.6 Preceding week. .. Same week last yea: Steel. | 96 TREASURY CERTIFI’CATES. (Reported by J. & W. Seligman Rate iy, Bid Sept. 15, FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks | value (or par), London, pound 54,5665 Warsaw, zloty . Copenhagen, cr Oslo, crown... Stockholm, crown. Armour & Co. Del. § Baltimore & Ohio 4} Batavian Pet. Corp. k 1s s Sudany Packing C3. 31 96 Delaware & Hudson Ry 7s 1930 . Il. Boston 4%:s 1930 Corn.‘u 1937 1 2, | trade in 1928 was the continued and 82883283233 A SEAESE Real Estate Loans ‘We Invite Applications For FIRST TRUST LOANS on Improved Property IN NEARBY MONTGOMERY CO. AND THE DISTRICT Por 1417 K St AT 5*% INTEREST (Minimum Commission) Periods of 3, § or 10 Years 01" if YO“ prefer The Trust May Be Made to Bear Interest at 6% to Include Commission .No Appraisal Fee FURTHER DETAILS ON REQUEST BOSSZ2MELPS Loan Correspondent John Hancock Mutual Life Insuranc: Co. +fAF EVENING STAR, WASHINGTON. D. C, THURSDAY, JUNE 27, 1929. TOBACCO EXPORTS SHOW GREAT GAINS Manufacturing Industry Also Increases, Trade Meeting Is Told. By the Associated Pre VIRGINIA BEACH, Va., June 27.— America’s tobacco trade is in very good condition, with exports of tobacco in- | creasing and domestic manufacturing showing increascs in many lines. A. B, Carrington of Richmond, president of | the Tobacco Association of the United States, said today in delivering his an- | nual address before the twpnly-ninth; annual convention of that organization being held here. The importance of Hampton Roads as a tobacco port was pointed to by Mr. Carrington. Leat Tobacco Exports. “Of the amount of leaf tobacco ex- | ported during 1928,” he said, “the port | of Hampton' Roads handled 4l9‘342.7lfll pounds out of the 584,000,000 pounds exported, a total of 71 per cent in quan- tity and 80 per cent in value of all to- baccos exported from the United States. | “Tobacco going through Hampton Roads represented 67 per cent of the value of all exports through Hampton Toads.” { The increasing importance of bright | tobarco as a type was dealt with by the speaker. “Bright tobacco,” he said, “holds a strong position in America as well as foreign markets, especially the cigarette | types, and provided there is no increase in the crop, outlets for a good sized crop will continue to be found.” Mr. Carrington said that “one of the outstanding features .of the tobacco persistent demand for cigarette tobac- cos, both at home and’ abroad. This | type has become so eminent in the in- dustry that it represented over half of the crop and three-fourths of the exports in 1928. “Cigarette production in itself,” he continued, “has shown an unbroken up- ward trend since 1921, and the output of registered factories in 1928, as in- dicated by stamp sales, amounted to nearly 106,000,000,000. This production represents a domestic leaf consumption of about 418,000,000 pounds.” Record Sales Abroad. Exports of tobacco for the year 1928, he said, represent a grand total of | 584 000.000 pounds. the greatest amount | Investment Service , GreeeT & Co. BANKERS INVESTMENT BUILDING ‘WASHINGTON, D.C. Telephone, Main 2460 OF COLUMBIA Main 9300 in the history of the indus- exported ,try, with the exception of 1919, when o treme occasioned endous surplus, by the war, was moved. In that year, he said, 777,000,000 pounds were sent abroad. “The acreage for the 1929 crop,” Mr. Carrington said, “in Virginia, North and South' Carolina and Georgia estimated to be about the same as last year, with some little increase in acre- age in some sections and a slight de- crease in others. The amount of to- bacco raised depends largely upon the seasons that will prevail between the time the tobacco is planted and the time it is cured and ready for market. 1t is too early to predict as to the siz or quality of the crop.” ' The demand for dark tobaccos is be- coming smaller, said Mr. Carrington. New Securities I By the Associated Press. NEW YORK, June 27.—New securi- ties offered today include: ‘Twenty million dollars mortgage Bank | of Chile guaranteed sinking fund 6 per cent gold bonds of 1929, due May 1, 1962. ‘griced at 92 and interest, to yield about .60 per cent. Twenty million dollars (additional) Canadian National Railways 40-year 5 per cent bonds, priced at 993;. Two million six hundred and fifty t! d dollars Cook County, Ill., 6 per cent tax notes, due January 1, 1931, and callable May 1, 1930, priced at 100.25 and interest, to yleld 5.68 per cent to optional date, and 6 per cent thereafter. ‘Ten thousand units Hudson-Harlem Valley Corporation class A participating preference stock (par value $50), with | | common stock, each unit consisting of one share class A stock and one-half re common stock. Price per unit, G. M.P. MURPHY & CO. WASHINGTON Richmond Philadelphia New York MEMBERS New York Stock Exchange Washington Stock Exchange Richmond Stock Exchange New York Produce Exchange New York Curb Market Copy of our “Fortnightly Review” on Request 1508 H Street Main e Wires and Telephone to New York FIRST Is one 6% ment. s The Over a Third of a Century Without a The excess Loss Aval National 2100 THERE THE SURETY OF so popular for income invest- the promptness and regularity with which it is paid is another - important factor., is unalterably fixed. $250 up. B. F. SAUL CO. IS NO SUBSTITUTE Special Dispatch to The Star. Retail Trade. CHICAGO, June 27—Department store sales in this district are running about 2 per cent over a year ago, while | chain store business is about 10 per cent over las year. Retail trade in gen- eral has been active and considerably in excess of a year Steel. PITTSBURGH.—While orders _are still down somewhat from their high of | the previous part of this quarter, there 15 & feeling manifested here that'in fu- ture makers can count on a larger de- mand for steel than has been the case in_the past since use of stecl products Money to Loan by first deed At Low Interest Rates Tyler & Rutherford Representing Mutual Beneft Life Ins. Co. 1520 K Street Main 475 | HAWKINS | NASH || “convententty Locntea on 1itn Streets 1529 14th St. NNW. Dec. 3320 Connecticut at K 9600 MORTGAGES SAFETY thing that makes our FIRST. MORTGAGES generous interest and loan is fully insured by value—and the interest ilable in amounts from 925 15th St. N.W. FOR SAFETY 1853 SteIN Bros. & Boyce We are pleased to announce that we have been appointed Fiscal Agents for the sale of the Short Term Guaranteed Notes of 1929 M July Dividends--- Put Them to Work The Fourth of July will simply mark four days’ interest lost, if you have delayed in investing your July dividends. Examine now the 6% First Mort- gage Notes offered through Swart- zell, Rheem & Hensey Company; consider their high factor of safety —proven by our record of 60 years without loss to an investor . . . Balance the possibility of disastrous loss in stock market upsets, against the assurance of a steady income, unfailing and growing through good years and bad . . . Then make your reservation now for purchase of these Notes—sold in denominations as low as $100. SwARTZFIL, - RHEEM & HENSEY CO MORTGAGE BANKERS 727 15 STREET N w./ Co R Tt T B e L FARMER & OCHS COMPANY of New York for the States of Maryland, North Carolina, Georgia and Kentucky, and for the District of Columbia. These Notes are in the form of a simple promis- sory mote, bearing on their face the unconditional guarantee of prompt payment at maturity by UNITED STATES FIDELITY & GUARANTY COMPANY and FIDELITY & CASUALTY COMPANY of New York We recommend these Notes as attractive high grade short term paper. MATURITIES: 3, 4, 5 and 6 months PRICE: 6.25% Discount Basis Circulars will be forwarded upon request. STEIN BROS. & BOYCE Established 1853 WASHINGTON D. C. Main Office: Baltimore, Md. Members New York, Baltimore and Washington Stock Exchanges has - expa Won this A Buying in | wire and standard pipe has shown the most marked drops. Live Stock. HELENA, Mont.—Livestock is in ex- cellent condition generally throughout Montana. The récent moisture has im- | proved the range conditions. Sheep are | in specially good condition, | uipment. NEW YORK, June 27 (#)—The Mo~ tor & Equipment Association reports | that although a seasonal slackening ap- peared in the automotive parts and ac- cessory industry in May, the decline from the record April level was med- erate and that business was well i\head‘ of previous years. June will show a| further recession, but a record first Lalf is assured, the association believt FINANCIAL.” RAILROAD EARNINGS CONTINUE ON INCREASE By tho Assoclated Press, NEW YORK, June 27.—Monthly re- ports of net operating income of rail- roads for May as reported to the Inter- state Commerce Commission continue to show favorable increases over the figures for May, 1928. Among the railroads re- porting today were: 961,902 727 610 795,575 The richest agricultural section of | Panama, which is said to be capable of | producing 75.000 pounds of coffee an- nually as well as other products, is to be opened in that country. To Holders of Chesapeake & Potomac Telephone First Mortgage Maturing July I, Company 5% Bonds 1929 First Mortgage Loans i Fair Rates of Interest J. LEO- KOLB | 923 N. Y. Ave. Dis. 5027 | Applications for Real Estate Loans receive prompt attention and the -‘:vllcnnt a_ service careful and complete will assure to Consultation. invited. e MKEEVER-GOSG e National 4750 1418 K St. Ask for Mr. Dean We offer and recommend for reinvestment the _following Bonds, all of which are listed on the Washington Stock Exchange: Chesapeake & Potomac Telephone Company of Va. First Mortgage 5%, Due 1943 Anacostia & Potomac River Railroad Company Guaranteed First Mortgage 5%, Due 1949 Anacostia & Potomac River Railroad Company Unguaranteed First Mortgage 5%, Due ‘1949 Washington Railway & Electric Company Consolidated Mortgage, 4%, Due 1951 City & Suburban Railway Company First Mortgage 5%, Due 1948 Georgetown Gas Light Company General Mortgage 5%, Due 1961 Potomac Electric Power Company Consolidated (now first) Mortgage 5%, Due 1936 Washington Gas Light Company T, Due 1936 CRANE, PARRIS & COMPANY INVESTMENT BANKERS National 0591 821 15th St. N.W. WASHINGTON, D. C. ‘TrroUGH THICK and THIN the par value of Shannon & Luchs, Inc. First Mortgagz Notes has always been 100 Established 1883 And now, for the reinvestment of your July Funds. we recommend a New Issue which yields a Net Annual Rcturn of HIS fact is of vital importance to you, since here values are as variable in this market, 6%. as the weather, it is a difficult task to pru- .dently choose a medium for reinvestment of your o July funds which will afford the return consistent with absolute s demand. This new issue of Preferred 5. Shannon & Luchs First Mortgage Real yields & net annual return of 6. By a NET INVESTMENT we mean that the owners of . the securing property upon application, the District of gible Tax of one-half of 1%. insures a net annual return of 6%. The value of this building, afte and conservative e perts, has been determined to be valuation includes th ing. The amount ol $300,000, or 607 of the value of for every dollar invested in 69 Real Estate Notes irst Mortgage Notes Thus this investment ate made by our staff of ex- e First Mortgage Loan largest possible afety which you equal to more tl charges on the secured by this splendid building there is a direct real estate security of more than $1.66. The annual rentals from the building will be proximately $70,000. After operating expens deducted the net earnings of the building will three times the annual interest t Mortgage Notes. Investors in these notes will he fully protected against loss through fire and other causes. the property is guaranteed by the District Title In- Estate Notes Company pany. Sui agree to refund, Columbia Intan. , Plans. The supervision of th Title to ' Title Insurance ble bond has already been posted for completion of the building in accordance with the apartment residence will be in the hands of the Property Management De- r a very careful $500,000. an important one, the property, so partment of Shannon & Luchs, Inc. A careful an. alysis of the property has been made and a rental schedule established which i assure prompt e is so reasonable as to This element, which is he environment and cha acter of the building have already attracted many applications for suites at the date of completion. | . WE are presenting this opportunity for safe investment, and urge that you fl] out and masl this coupon. On - receipt of it we will send you a Brochure which describes in detail the advantages of this unusual Issue of First Mort gage Securities. Shannon & 1435 K Stre Washington, MAIL TODAY Luchs, Inc,, et N.W. D. C. ‘Without obligating me in any way please send me Brochure on New Issue of First Mor ing the SIX PER CENT NET FEAT tgage Investments, offer~ URE. Name..ooviveriinoanentnnesiorasanatsanatosases