Evening Star Newspaper, September 12, 1929, Page 15

FINANCIAL, - INVESTHENTBOND MARKETINPROVE Popularity of Recent Treas- ury Issue Centers Atten- tion on Others. BY CHARLES F. SPEARE. Bpecial Dispatch to The Star. NEW YORK, September 12.—Heavy oversubscription to the new Treasury 475 per cent certificates had a good sentimental effect on investment securi- ties today and was especially helpful in directing attention to the unusually high current returns available to corporations and to individuals on short-term, tax- free issues. The certificates, according to Secre- tary Mellon, were largely taken by indi- viduals. The effect of this may appear Jater in the item of loans for “others.” as individuals have been supplying the eall money market liberally with funas rather than carry a bank deposit at a relatively small rate of return. The tax exemption feature of the new mnotes, however, appealed to them in its net re- turn, which some people estimate will be equivalent to the average rate for money in the latter part of the life of these notes. There was some evidence that cor- poration bonds were being sold today in order to pay for the new Treasury certificates. One of the weakest groups was that of the Canadian railroads. The new Canadian Pacific equipment trust certificates have declined from about 102 to 100 since Tuesday. Grand Trunk of Canada 6s and Canadian Northern 7s are both off a point. Substantial fractions have also been pared off the prices of Pennsylvania Railroad 4%4s, 58 and 6!,s. The general average of do- mestic bonds is at a new low for the ear. f 4 Y he two telephone convertible 415s moved up together tocay to the extent of 3 points, but reacted later. Atchi- son convertible 4!,s gained about a point, as did Southern Pacific 4!2s. American I. G. Chemical 5!2s rose over 2 point and American International 5148 about a point. The largest gain was in Philadelphia & Reading 6s and amounted to 4'2 points. Special issues were quite. The state- ment of the re-organization committee of the Cuba Cane Sugar Co. that a re- celvership was inevitable, had little effect on the already depreciated de- bentures of this concern. Certain-Teed Products 5'5s lost a part of Wednes- day's 3-point gain. TFisk Rubber 8s continued steady. Keith 6s were at ap- proximately their low price. There has been some liquidation in New Orleans, Texas & Mexico 5s, reducing the price 2 points. These bonds are off 10 points since they failed to qualify as legal. MERGE4R OF FOX FIRMS SEEN IN STOCK PLAN By the Associated Press. NEW YORK, September 12.—Direc- tors of the Fox Film Corporation have approved a plan for increasing the capitalization from 1,000,000 shares to 5,000,000 shares by raising the class “A” shares from 900,000 to 4,900,000, leaving the present number of 100,000 class “B"” shares unchanged. It was announced that the incrcase was to enable the company to expand its activities and acquire properties. This was generally understood, however, to indicate a con- solidation into one company of the va- rious motion picture and theater inter- ests of the Fox organization. These in- clude the Fox Theaters, Loew Theaters, Fox Metropolitan Theaters, Fox Film Corporation, Fox Case Corporation and the Metro-Goldwyn-Mayer motion pic- ture producing organization. ———e Washington Stock Exchange SALES. Capital Traction 55—$500 at 95. Potomac Electric Cons. 55—$3,000 at ‘Washington Gas 6s B—$200 at 103’ Potomac Electric 5% % pfd.—20 10635, Riges National Bank—10 at 615, 10 at 615, 5 at 615. Union Trust Co.—4 at 328. Barber & Ross com.—15 at 17. Federal-American Co. com.—8 at 4613. Lanston Monotype—5 at 130. National Mtge. & Inv. pfd.—60 at 415. ReaJl Estate Mtge. & Guar. pfd.—30 at 3. AFTER CALL. Lanston Monotype—100 at 130, Riggs National Bank—1 at 620. Fotomac Electric 65 1953—$1,000 at 10714, Potomac Elect. Cons. 55—$1,000 at 100. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Am. Tel. & Tel. ‘Anacostia & Pot 58. Anacostia & Pot_guar. 55 ©. & P. Tel. of Va. Capital Traction City & Suburban 55 Georgetown Gas 1st_5s. Potomac Elec. cons 57 Potomac Elec. 63 1953 Alex. & Mt. V. * Baito & Annal inglon Gas 5s.. Gas 6 MISCELLANEOUS. Barber & Ross, Inc.. 6las Oham.-Vanbit ¥ D. C. Paper Mfg. 6s.. 0. Pot_Joint Stock Ld Bk, §% Wash. Market Cold Sterage 5 Wash. Cons. Tifle €s STOCKS. PUBLIO UTILITY Amer. Tel. & Telza Capital Traction C Washington Gas Tolk & Wash Received by Private Wire. Direct to The Star Office UNITED (Sales are Bal Lib 3%s... Lib1st4%s 31 Lib 4th 43 s 239 US3%s47. 110 U 3481044 US4yss2., 25 Argentine 6sJu §9.. Argentine 6s Oct 59 Argentine May *61 Al Australia 55 1955 Australia 58 1957 Austria 7s. Bank of Chi! Belgium 7s 1 Belgium 7s 19 Bolivia 8s. Brazil 6158 481 Canada 5s 1931 Canada 58 1952 Chile 63 '60.. Chile 7s 1943..... Colombia 6s Jan '61 Con Pow Japan 7s. . Copenhagen 41538 53 Copenhagen bs ct. .. Cuba 5%s..... Czecho 881951, Czecho 8s 1952, Denmark 43, Denmark 53 Denmark 6s. Dutch East 163 6 El Salvzdor 8s 48 Flat 75 war 46 “iat 7s x war '46 Finland s f 6s ‘45 Framerican 73 s French 7s French 7 German Bank 6 German E1 P 613 Ger Gen Elec Greek 6s 1963. Italian Pub Japanese 61;s. Kreuger&Toll Lyons 6. Marseille Milan 6%s. Montevideo 7s. New So Wales ew So Wales 08 ord 61 Norway 651944, Norway 6148 195! Ortentdev 5%s b Paris-Ly-Med 6s. .. Parlg Peru 65 1960. Peru 63 1961. Rhinelbe Un 7s.... Rhine Wst EP 65'53 Wst E P 6s 61 RhineWst EP 7s 50 Rio de Janerio 6%s Rio de Jan 8s 1946. Rio Gr do Sul 6s 48, Rio Gr Do Sul 8s... Rome 64s.... Sao Paulo 8s 193 Sao Paulo 1950, Seine 71 42 Serbs Cr Sl Serbs Crot Slo Shinyetsu 6148 5 & An. com NATIONAL BANK. National Caplital.... Columbis, Gommerc| strict eral-American’ bet COMPANY. ©o 455 135 Wi TRUST Amerlcan Security & Trust Continental Trust. . Bank ‘ashington SAVINGS BANK. Bank of Bethesd: Commerce & Savings. ast Washington . Foromac 1t eventh_Street ed States . Washington Meéch %‘r,‘"‘"n rcoran emen's ational Union. TITLE INSURANCE. Columbla Title 1 Estate Tif e & Tnv. of Md. com’ ash. Cons. Title' pfd. Soissons 6; Sweden 53 Sweden 6: Swiss 5% Warsaw 7s'52. Yokohama 6s. . MISCELLANEOUS. Alleghany Cp 5s"44 2'G 109 Alleghany 5349 wi. AmAgriChem 7348. Am Int Cor 5%s 49.1 Am Chem 5%8 cv 49 Am NatGas 65 42. Am Smit & R 1st 63 Am Sugar Ref 6s... AmT & Teltrds... Am T&T cv 4%5 39,1460 21214 206 209 AmT& Tl trbs... AmMT&TS68..00 Am Tel & Tel 6%s.. Am Water Wksbs. . Am Wrtg Pap 6s 47, Aromur&Co4 143539, Armour Del 534s... Atl Gulf 5559. Atlantic Refin 5s. Bell Tel Pa 68 B Bell Tel Pa 58 C. ... Bethlehm Stl pm 68 Beth Steel rf b Beth Steel 5% . Bethlehem Steel 6 Bklyn Edison b Bush Term Bldg 0 4 | Certain-Td 5%s rof Com Invest 6: Con Coal Md Con Gas N Y 5% Consumers Pow Cuba Cane 8s. Cuban Am Sug Den Gas 6s. Det Edison Det Edison 6 Duquesne 4% . East Cuba Sug 7% Fisk Rub 8s. 3 —nBamEnearin s Lorlillard 5% Lou Gas & EI 5: Manati Sugar 1%s. Midvale Steel 5s... Montana Pw deb 6s. Mor's&Co 1st 4%8.. Nor Ohio Tré&L Nor Statés Pow Pac T & T 1st 5 Pan Amer Pete 6s. . 1947, Philips Petro 8% s Postal Tel & C 5%« RemingtonAr 6s 32 Rem Rnd 6%s war. Sinclair O Sinclair O1 Sinclair O11 7 10220 106 16 FOREIGN. Sales. High, Low. m:r. y 62 18 5% 49 102 41 20 STATES. in $1,000.) High. Low, 9719 9716 H 9826 9822 982 9830 9822 9714 9718 102 20 10616 98 10 98% 98% 999 104% 104% 107% 107% 105 106% 1148 115 1084 109 Blly Bl4 995 99% 100 100% 100 100 102 102 vk 1% 93 984 100 100 9 9 97 97 854% 854 9% 944 101% 101% 109 109% 109 109 86% 86% 997 100% 103 108 % 100% 103% 1024 110 121 904 854 875 104 103% 1124 110 121 90% 84in BT 103 109 109% 111% 1125 86 86 90 90 105% 105% 1011 101% Sl rnou-semuaRnSTananan avs o= _o Cial-anan E L) o 994 994 1021 1024 1017 102% 101% 101t 83% 83% 93 93 105% 105% d7h% 88 90% 90% 100 100 87% 83 104 104 804 80% 105% 106% 864 864 102% 102% 102% 102% 1054 105% 3% 73% 8% 84 87 85 99% 9914 Sales. High. Low. Closs. SinclairCrude8%s 156 35% 95 95 i) 108 % 101% 100% Sin Pipe Lin So Por Rico Su; Southwest Bell Stand Ol N J 46, Stand OfI N Y 4% Teun Cop 68 B 44 ‘Tenn Elec Pow §: Transcontl Oil 834 3. Walworth Walworth Warner Sug West Elec 5s. Westn Unlon Westn Unlon 6%s White Eagle O 534 Willys-Ov 6%s 33 Wilson & Co 1 Win RepeatAr 7 Youngstn S & T bs, 100 RAILROAD. Atchison gen 4s. AS&SF cvt 48 06 Atch deb 4348 43..,125 1 Atlantic C L 1t 48, - s cope NN~ arNUERE I NN OWIRO RO~ B &O rf fmp 6s. Boston & Maine bs.. Brooklyn Elev 6}4s. Bklyn Manhat 6; Buff R & Pitts 4348, Bush Term con bs Can Nat 4345 30 Can Nat 45 54 Can Nat 418 57 Can Nat 438 68 - e » SumCannS mmi Cent Pac4s...... Cent Pac 1st 63 90 Ches & O Corpn 5: Ches & O cv 414 Ches & O gen 4 13s. Ches & O 413393 A. Chi & Alton 3s. ... . Chi&E Il gn 58 61.., Chl Gt West 4s 59 CM &St P Gen 89 ChiM&StP44sC89. Chi MiISP&Pac5s76 CMSP&Pac adj5s03 aefome s o OO HE—e FlOGURAN BN BRSK-ANE N RO B O LR~ S SRNNK S~ ChStPM&O 68 30. Chi Union Sta 6 % Clev Term bs. Clev Term 51;s. Cuba R R 5s. Del & Hud 75 30. . Den & Rio G cn 4s.. DRIioG West 5s. .. DRG& Wst 6s78., Gr Trunk st db 6s. Grand Trunk 7s Gt Nor 4%s 76 D. Gt Nor s, Gt Nor gen . Hav El Ry 5%s51.. Hud & Man aj 6s. .. Hud&Man ref bs... 111 Cent ref 4s . 111 Cent 4853. .. 111 Cent 4% s 66. I11 Cent Chi 43%s. 111-C-C-StL&NO Int Rapid Trans b, Int Rap Tr s st, 103 103 102 102 101% 101% % 108 108 96% 96% 3% 78% 102 1024 97% 9T 108 108 8a% Riy 77 7 0% 90% 108% 108% 10813 108% 105 105 975 97% 110% 110% 115% 117% 83 83 99% 100% 1024 102% 95 96 39 109% 33 105 1 24 112% 37 115% 4 102% 1024 102% 91 102% 1017 101% 22 106% 105% 105% 2 99 99 99 1 8 80 5 89% 89% 86% 85% 864 OB TRE 100% 99% 100% 102% 1023 102% 1037 1033a 103% 100% 100 100% 101 104% 104% 104% 104% 104% 104 102% 102% 1024 99% 100 80 89% 22 105% 104% 1 0% 90% 66% 65'% 655 105 105 105 102% 101 87 5 11 102% 102% 102w 106% 106% 106% 99 98 98 101% 101% 101% 9% 97 7% 87% 874 BT4 102% 101% 101% 101% 101% 101% 106% 108% 1063 90% 90 90 90% 907% 90% 100% 100% 100% 102% 102% 102% 91 90% 90% 1044 1044 104% 100 99% 100 95 94ty 94y 100% 100% 1004 87 87 87 EYOTIOE - FSTOP -1 er e RPETe 1 % 211% 204% 204% 103 103 103 102% 102% 102% 99 93 98 100% 100% 100% 106% 106% 106% 94% 93 9% 85 85 85 101% 101% 101% 81 81 90% 99% 9T 9Th 80% 80% 96% 96 4i% 40% 40 104% 104% 104% ifl!k 1024w 1024 2 5 PP P - anSe 2.101% 101% 101% 43 109% 108% 108% 8 99% 98K 99% 51 96% 96'% 96% 922 4N 97 96% Yik OF% 98U OB 10995 W 0B 12102 101k 102. 10 100% 100% ) < Int & G Nor 1st 6s.. Int & G Noradj 635 IntRysCA 6s41.. Int Rys C A 633srct Kan City S 3s.. Kansas City S 6 Kan City Term 4s.. Lake Shore 4s 31... Lehi Val cn 4s. Long Is deb 5. Long 1s 58 37 Louis&Nash uni 4s. Man Ry 1st 45 90... Market St 7s 40 Mil E1 Ry & L 53 61. Minn & StL ref 4s. Minn & StL cn 5 M StP&SSM cn 4s.. MStP&SSMb% M StP & SSM 6131, . MK&ToprinbsaA. Mo Pacific gen 4s. .. Mo Pac6sA65..... Mo Pacbs F 77. .1 Mo Pac 5%s 49 cvt. Mo Pac 6s G 78. B N Y Cent 48 98. NYCrfima%s. NYCenrf5s.. N Y C& StLdeb 4s. NYC&StL5%sA, Y C& StL5%sB. YC&StL6sA.. w Haven 3348 54. NYRy6sAG5..... Y State Ry 4%s.. 4 904 | A Nor Pac 4s. Nor Pac rf 6s. Ore Short L rf 4s. .. Ore Wash 1st 4; Ore Short L cn 68 Penna con 4% Penna gen 4 %8, Penna 4% s 63 Penna 5s 64.. Penna 6%s. Penna gold Pere Marq 1s Port I P L 6s. Reading gen 445 A RIArk& L 4% StL IM&S R&G 4s.. SIL&SKFpla4sA.. | SIL&SF4%878.. StL'S W con +832.. Seab AL ref 4s. Seab AL adj 58 49.. Seab AL con 6s.% SBAIlFla6s35 A. SB All Fla 6535 B.. Sou Pac ref 4s. 1 Sou Pac 4% 69 ww 178 Sou Ity gen 4s. 26 Sou Ry con Sou Ry 68 5 Sou Ry 6%, FOREIGN W Endanest pengy: Prague, crown (nom. Warsaw, sloty . e Ry ) 934 106% % 104 102% 24 100% 106 82 100% A 881 S0ty Bdl 103% 102% 101 EXCHANGE. cEifge e u:u « type, best, MARINE PRODUCTS | INLARGER SUPPLY Cooler Weather Followed b Bigger Shipments From Nearby Points. Cooler weather was welcomed by dealers at Municipal Fish Market, en- abling them to make attractive displays of marine products without the use of large quantities of ice. Receipts for to- morrow’s trade—Friday being the one day in the week sales usually are heavy —were not especially heavy. Dealers reported receipts of most va- rieties of fish, soft and hard crabs and crabmeat not very heavy, and higher prices for some of them were reported. While receipts were not very heavy, according to reports, they were ample to meet demands. Oysters Plentiful. Plentiful supplies of oysters from the lower Potomac and Chesapeake Bay points were reported, mostly shucked stock, but the demand was slow. Prices ranged from $1.75 to $2.50 a gallon. There were but few oysters in shell received. Soft crabs, many of them large and fat, were quoted at $1.50 a dozen, the small crabs selling as low as $1. The three grades of crabmeat found ready sale, the lump meat selling at $3 a gal- lon, Flake meat was offered at $2.50 and $2.75, while claw meat was quoted at_$1.75 and $2. 4 Very few fish were received from the Potomac River nets. A few white perch, catfish and carp were the principal fish received from fishermen operating nets in fresh water, while trout, bluefish and spots were received from points on the salt water. Boston mackerel, very plentiful the past few weeks, were not so plentiful today, dealers reported, and most of them received here were small They were offered at 121, and 15 cents & pound. Haddock, one of the cheapest fish offered today, sold at 8 cents & pound, the fillet of haddock, not so plentiful, selling at 18 and 20 cents. Flounders were quoted at 12!2 and 15 cents, the fillet of sole selling at 35 cents. ‘Butterfish, not very large, were scarce spots, also not plentiful, 1, and 15 cents. Bluefish were offered at 10 and 15 cents, ‘while Spanish mackerel, received from North Carolina, were quoted at 20 and 25 cents. Commission merchants this morning reported continued heavy receipts of fruits and vegetables. Persian melons are more plentiful this season than usual, according to reports of dealers, and it possibly is because of the fruit's popularity that demands for other fruits are not so heavy. The jumbo melons this morning were offered at $2 and $2.50, few extra at- tractive ones selling as high as $3. Standards sold around $1.75 and $2, ponys selling at $1.50. Heavy receipts of Colorado cantaloupes sold from $1.23 to $2, honeydews, all sizes, selling around $2. Watermelon receipts were light and the demand slow. Concord grapes were more plentiful this morning, 12-quart baskets selling from 65 to 70 cents. Peaches and apples also were reported in plentiful supplies, the former selling from $1 to $3 a | bushel, while the apples were offered from $1 to $2 a bushel. Tomatoes continued plentiful and cheap, culls selling as low as 25 cents. Good quality tomatoes sold at 50 and top quality at 75 cents a basket. Plen- tiful supplies of most vegetables was reported on the country line, but the demand was only fair. A continued firm condition of the butter, egg and meat markets was re- ported, the only change being the price of lamb, dealers reporting a drop from | 26 to 30 cents to 25 and 28 cents. Today's Wholesale Prices—Jobbers’ Prices Slightly Higher. ‘Butter—One-pound prints, 47a48; tub, 46a47; store-packed, 30a32. Eggs—Hennery, 43a45; fresh selected. 38a40; current receipts, 36. Poultry, _alive—Turkey hens, 35; toms, 33; Spring chickens, large, 32a33; medium, 30; small, 30; Leghorns, 26a 27; fowls, 29a30; Leghorn fowls, 22a23; roosters, 22; ducks, 15a20; keats, young, 60a270; old, 35a40. Dressed—Turkeys, 38a40; Spring chickens, large, 38a40; medium, 37a38; small, 35a36; Leghorns, 34a35; fowls, 34a35; roosters, 26; ducks, 28a30; keats, 80a1.00. Meats—Beef, 2215a25; veal, 27a28; lamb, 25a28; pork loins, 35; fresh hams, 26; fresh shoulders, 22; smoked hams, 30a31; smoked shoulders, 20; bacon, 28a 32; lard, in bulk, 13!2; in packages, 1415, Live stock—Calves, 15a15'%; lambs, 12a13. Fruit and Vegetable Review. ‘The daily market report on fruits and vegetables compiled by the Market News Service Bureau of Agricultural Economics says: ‘Apples—Supplies liberal; demand light, market dull; bushel baskets; Vir- ginia, U. S. No. 1, 2! inches up, Grimes, 1.50a1.75. Cabbage—Supplies moderate: demand light, market steady; New York, 90- pound sacks, Danish type, 2.50. Cantaloupes — Supplies liberal; de- mand moderate, market steady; Colo- rado, pink meats, jumbos, 8s and 9s, 85 al.00; jumbo flats, 12s, 1.25; standard flats, 12s and 15s, 1.00. Miscellaneous melons; supplies liberal; demand slow, market dull; honeydews, California Imperial Valley crates, all sizes, best, 1.50; ripe, 1.25; Arizona, poor quality and ccndition crates, all sizes, 75a1.00; Colorado crates, all sizes, best, 1.50: poorer, 1.00; Persian melons, California, jumbo crates, 2.25; standard crates, 1.75 22.00; pony crates, 1.50. Celery—Supplies light; demand mod- erate, market steady; New York, 2-3 crates, early varieties, 2.50. Lettuce—Supplies light; demand light, market steady; Colorado, crates iceberg type, 4-5 dozen, best 4.00; fair to poor quality and condition 3.00-3.50; New York, 2 dozen crates, big Boston 15c; fair quality and con- dition, 50¢; poorer, 25c. Onions—Supplies moderate; demand light, market stcady: New York, 100-Ib. sacks yellow U, S. No. 1, medium to large size, 2.25. Peaches—Supplies moderate; demand moderate, market steady; Pennsylvania, bushel baskets belles and elbertas, 2% inch minimum U. S. No. 1, 2.50-3.00, few higher; Virginia bushel baskets elbertas U. S. No. 1, medium to large size, best 2.25-2.50, ripe 2.00; New Jer- sey, bushel baskets elbertas U. 8. No. 1, medium to large size ripe wasty 2.00, slack pack 1.50. Pears—Supplies light; demand light, market_steady; fornia_and Oregon, boxes Bartletts fancy medium to large size 4.00, choice 3.50. Potatoes—Supplies moderate; de- mand moderate, market slightly stronger; Maine and Pennsylvania, 150-1b. sacks Cobblers U. S. No. 1 4.75. Sweet potatoes—Supplies light; de- mand slow, market dull; top, I&c’rrdl yellows No. cloth re Virginia, a best, 75a1.00; poorer 50, Lima beans—Supplies liberal; de- mand moderate, market steady; East Shore Maryland, bushel hampers, best, 1.75; fair quality, 1.25a1.50. toes—Supplies 1l ‘market 3 lware, ¥ climax baskets, Concords, 16a17; A m cli- max baskets, Gon 18.° erate, “All Qulet on the Western Front” can be. found in every country in Europe in its native tongue. ~ # . Washington Ticker By the Assoctated Press. American Government officials are now considering means by which this Nation can negotiate a general conven- tion or separate agreements with the lndlnfi)toreun nations to eliminate in- ternational double taxation, which has been working a hardship on American citizens and businesses located abroad. At gr‘;nnt officials of the Commerce and asury Departments, together with taxation® experts of several non- ::ve:nme:mé‘:;nx;muom. are xaminaf of practical steps to achieve this objective. 'I’hmuhp:helr study of the problem they expect, ac- ?g:m 5 kto.lumnrmnve’muroe!, to program of legislation which probably will be suhmme‘du to the regular session of Congress next De- cember. Holland communicated informally to on its willingness to enter into nego- tiations with the United States on !hoe question. Great Britain, it is under- stood in governmental circles, is ready to recelve overtures from this Nation and other countries on the formulation of agreement to eliminate harmful in- ternational double levies. The study of the problem, according to Government officials, has become & matter of interest in all the principal nations and the movement to remove the injurious levies apparently has ternational agreement than ever be- fore. ‘The most notable step has been the formulation by a conference under the auspices of the League of Nations of three model treaties suitable for adop- tion by countries desirous of preventing double taxation. At a meeting of the League’s fiscal committee in October it is ex})ected that a code embodying the best features of the three model treaties will be formulated as the most-desirable plan to be adopted by the nations. In the discussions by the American Government officials four methods of agreement between nations on the problem are being examined. One of the participating experts is Prof. Thomas S. Adams of Yale University, adviser of the joint congressional com- mittee on internal revenue for the past 10 years. Prof. Adams, according to governmental officials, is the author of one of the model treaties and as head of the American section to the meeting of the International Chamber of Com- merce last July also took a principal part in the framing of that body’s res- olutions, which are considered a very valuable outline of injurious double taxes. ‘The four methods of solving interna- tional double taxation now under dis- cussion by this Government, are: For each nation to act individually in elim- inating undesirable levies; the United States to enter into a reciprocal agree- ment with another country; the utiliza- tion of bi-lateral treaties to bring about an agreement, and the negotiation ot a general convention with all the leading nations. The Government officials are hopeful of securing the acquiescence of another principal power to the formu- lation of a general convention, as this would be the speediest and most ef- fective method of solution of the prob- lem. It is considered likely that any legislative program on the subject will be incorporated in the next revenue act taken up by Congress. In a report on the question, the In- ternational Chamber of Commerce said conventions into a unified, simple sys- tem, and the adoption of this unified method by the principal industrial and commercial countries would constitute a really effective advance toward the final elimination of double taxation.” The international chamber also rec- ommended the convening of an inter- national conference on the problem, and Prof. Adams and Fred W. Sargent, president of the Chicago & Northwest- ern Railroad, have been delegated by | the Chamber of Commerce of the United States to make representations to President Hoover in behalf of this proposal. The United States already has “cleaned its own house” in regard to the imposition of double-taxation upon | Americans living abroad or deriving | their income from foreign properties, according to M. B. Carroll, chief of the tax section of the Commerce Depart- {ment’s commercial law division. Under | the provisions of the 1928 revenue act, | Mr. Carroll said, the Treasury re- nounced its tax in favor of the foreign country, either through a credit against the American levy or absolute exemp- tion in the case of income derived from foreign industries or securities. America's fast-growing radio industry will center its attention next week upon the deliberations of the international radio conference which opens at The Hague on September 18. For the United States the most urgent question before the conference will be the allocation to the nations of the short-wave radio fre- quencies for international use. The acute shortage of adequate channels on the fast-diminishing radio spectrum is a problem which all the nations fully realize and they hope that The Hague conference will work out a solution. The conference, however, merely maps out a program of recommendations for the respective nations to adopt, al- though most of the previous confer- ences’ proposals have been adopted by the various governments. At The Hague meeting for the first time in the history of aviation a com- mercial expert in the field of aircraft radio, Hugo C. Leuteritz, chief radio engineer of the Pan-American Airways. will be a delegate to an international { radio meeting. He has been sent to the conference by the air transport opera- tors of the United States, as aviation radio is considered a pressing problem of the meeting. Again the Treasury has demonstrated the high vaiue American investors at- tribute to Government securities. The $500,000,000 issue of Treasury certifi- cates of . indebtedness, opened for sub- scription last Friday and closed Mon- day night, was oversubscribed two times, with & _total of $1,486,000,000. The flotation was instrumental in aid- ing the Government to retire more than $200,000,000 of its outstanding indtbted- ness outright. Of the subscriptions, $104,249,000 worth of Treasury certifi- cates, maturing September 15, were re- ceived in full payment and $100,000,000 of the 3%, per cent Treasury notes, due in 1932, were taken in part payment. The small investors, in accordance with Secretary Mellon’s policy, received the major share of the allotments of the subscriptions. Production of stone in the United States in 1928, exclusive of stone manu- factured into lime, cement and abrasive ‘materials or crushed into sand, amount- ed to 133,869,510 short tons, valued at $196,820,697, according to a report by the United States Bureau of Mines. This represents a decrease of 2 per cent under 1927 output figures. FREIGHT TRAFFIC RECORDS. By the Assoclated Pre 5. The Nation's freight traffic continues to eclipse all records for this of the year with a total of 1,160,210 cars for the week ending g:xguxt 31. rting the loadings the Amer- ican Railway Association cited that the week's total was the highest for any week so far this year and the largest freight movement for any correspond- ing week on record. rative weeks were: SURETY FIRMS’' ASSETS. BALTIMORE, September 12 (Spe- casualty and_surel the State Department a few days ago Lo rogressed nearer the stage of a definite | p, that “a consolidation of the three model | g LOAN FIGURES FAIL TO CONTROL PRICES Speclal Dispatch to The Star. NEW YORK, September 12.—There has been enough selling of stocks in the past week to bring about a sub- stantial reduction in brokers' loans! when the next statement is issued by the Federal Reserve Board this after- noon. Since the last re| had two the market has points lower than on Wednesday and Tuesday when the range was 12 points and the net decline in the industrial ave: 9 points. It is true that after Thursday's re- immediately recovered the part of all of their loss and doubt, however, that during some of the substantial stockholding interests, including the investment trusts and large private operators, have been disposing of securities. This would occasion some _additional _borrowing though not .sufficient to offset a re- duction in loans by banks to stock ex- change houses. 1y part of June there ost continuous rise in rokers’ ns with the total increase in that period $1,070,000,000, or over 20 per cent. Whether a loan decrease or an increase in loans has any effect on market_sentiment depends entirely on the technical condition of the market at the time the figures are issued. Stocks have gone up more often on loan increases than they have gone down when an expansion was indicated. ‘There have been few occasions when prices have not advanced sharply when loans have shown a decrease even though Wall street might a few hours fore have been arguing that it made no difference to the stock market whether these loans were $5,000,000,000 or_$10,000,000,000. ‘The Wall street attitude toward money rates from day to day is similar to that toward brokers’ loans. It forgets one hour what position it took toward money the hour previous. After selling stocks on a 9 per cent call loan rate, it frequently buys them when loans are posted at 10 per cent. Here again the controlling factor is not the money rate but the technical condition of the stock market when this rate is quoted. During the Summer it was supposed that corporations that have been mak- ing heavy loans in Wall street would be reducing them in the Autumn when their own requirements began to in- crease, It was also expected that home demands would compel foreign lenders here to cut down their open market loans. The figures of the loans of “others” do not indicate that either group of lenders has changed its attitude. CHICAGO DAIRY MARKET. CHICAGO, September 12 (#).—But- ter—Steady; receipts, 4.057 tubs; prices unchanged. Eggs — Steady, receipts 4,901 cases: prices unchanged. Poultry, alive—Easy: receipts, 5 cars; fowls, 28: Springs, 25a26; Springs, No 2, 19; broilers, 26; roosters, 21; turkeys, ducks. 18a21: 19. THE IDEAL INVESTMENT “Trusteed Shares” An actual ownership in the com- mon stocks of 100 leading American Corporations The original investment increased 1 market value over 50% from Mav. A july, 1929, and _received dividends for the complete vear end- ed July 15. 1929. at the rate of 9% Offered by The Standard Collateral Shares Corporation etropolitan 3783 Woodward ———— First Mortgage "Loans Bl i Applications Invited at Current Rates of Interest i Glover & Flather 1508 H St. N.W. National 1753 [nvestments that withstand the test of time Now, more than ever before, you should seck investments with those atcributes which insure their safety and cheir profic possibilitiesinthe years to come. You can find such an invest- mene discussed in 2 booklee we have just prepared. Send for copy “P-43" ‘Nat {A“t— ) DETWILER&CO. IncomroRATED Finoucing- Eagisoering-Monagemeas of Pablic Utilitiss 11 BROADWAY, NEW YORK Phiadelpbia Wasbington Balcimore Bufalo Rochester Albany Newark New Haven bridgepors | Smmford Reading me Wilkes-Barre Potusville Paterson 66 THE actual value of your in- o PINANCIAL, First Trust Notes at 8% interest for sale at par and acerued interest Tyler and Rutherford, Inc. 1520 K Street National 0475 Invest in First Trust Notes Yielding 6% Interest Money to Loan on Real Estate J. LEO KOLB 923 NEW YORK AVENUE " Consult Us First If you need money for our Real Estate financing t us have your application today. Prompt Service No Appraisal Fee The dommucinl National Company raia o CaikCaniial. soon.c0e Commertal a-;fil Sons Bl vestments is de- termined by their continued earn- ing power—isn't that true of TIRES?P” CompLETE FINANCING Represent You When you appoint us managers of your prop- erty—we give it the same careful attention as if it was our own. TRUST MONEY On homes, apartment buildings and business properties. No appraisal fee. Prompt service. Real Estate Mortgage & Guaranty Corp. 24 Jackson Place Natl. 1403 Especially advantageous in apartment house man- agement. B.“F. SAUL CO. Nat’l 2100 925 15th*St. N.W. Guaranteeing The Trade Mark Satisfaction The “'S-F” Service Station Proper Equipment Promotes Efficiency! ‘This House Specializes in the proper_equipment for the mod- ern, efficient Office. Underwriters » Distributors INVESTMENT SECURITIES Our sales representatives are backed by the firm's 43 years’ experience in this line and you avoid experiment when you phone them to call and consult with you. They are more than salesmen—they are advisers. Phone National 9176 STOCKETT- =1 [ 3 8 PRODUCING STATIONERS QIS E ST- -N - W WASHINGTON -D-C WasuinctoN Orrics 737 15th Street N. W, Telephone, National 1053 G. M.-P. MURPHY & CO. New York WASHINGTON Philadelphia Richmond London New York Stock Exchange Washington Stock Exchange Richmond Stock Exchange New York Produce Exchange New York Curb Exchange Copy of our “Fortnightly Review™ on Request 1508 H Street Connecticut at K National 9600 Private Wires and Telephone to New York Are You a Cormorant? A multitude of lights bob in the waters off Gefu, fishing town of Japan—but the fishermen are not catching any fish. They let tha cormorants do that. With a stout cord attached to his leg, and & tight collar around his neck, the cormorant stands poised on the gunwale of a boat until fish appear, attracted by the boat’s light; then he dives, catches his fish—and is immediately hauled back into the boat and the fish shaken out of his gullet. He cannot swallow his catch because of the collar. A cormorant’s life is not a happy one in Gefu—but many a man in America is leading a cormorant’s life, earning money enough, perhaps, but never show- ing a profit for his work. The differ- ence is that a man has a ready means of escape, merely by setting aside the small, often-neglected portion of earn- ings and placing them in & savings fund invested in some sound security. The 6% First Mortgage Notes sold throngh Swartzell, Rheem & Hensey Company have built for thousands of investors a steadily growing sum, lead- ing in future years to an income inde- pendent of earning power. And the safety of the capital invested in these Notes is assured by our record: More than Sixty Years Without a Loss To -An Investor. SWARTZELL, - RHEEM & HENSEY CoO. MORTGAGE BANKERS 727 15 STREET N.W. WASHINGTON D.C. /