Evening Star Newspaper, November 25, 1929, Page 15

FIGHT TO CONTROL GRAIN PRICES SEEN Farmers of Northwest Con- fused by Problems in Marketing Product. BY J. C. ROYLE. Farmers of the Northwest, with op- pesing influences bearing heavily upon them, are proceeding cautiously in de- ciding what program they will follow. From Northwestern market centers came reports today that a st le for control of the grain markets of that section was impending. M. M. Thatcher, general manager of the Farmers’ Union Terminal Assocla- tion of St. Paul, and the Federal Farm Board are launching a vigorous campaign ao induce farmers to arrange loans on their wheat on the basis of $1.25 for No. 1 Northern Spring wheat in Minneapolis and- $1.12 for No. 1 durum at Duluth. Appeals have been sent out through every available chan- nel t. all holders of grain announcing that the Farmers' Union plans to ap- point a grain elevator in every grain town in Minnesota, North and South Dakota and Montana to represent the association in making loans to farm- ers based on Government Farm Board loan prices, less transportation costs and handling expenses. National Grain Corporation. The Federal Farm Board is working through the National Grain Co tion, and the board’s program is g sharply attacked by the part of grain dealers and commission men in the milling centers who charge that the Federal program is one of price-fixing. J. H. MacMillan, president of the Car- gill Elevator Co. of Minneapolis, after a conference with other grain trade leaders, issued a statement in which he declared: “The Farm Board has adopted a pol- fcy of attempting to fix a minimum price for wheat by making loans di- rectly to farmers. Price-fixing has been condemned by all economists of standing for years and has always ended in disaster. The Farm Board policy means inflation, with all its at- tending e It threatens to destroy all the existing agencies and markets, and while it is possible that with the unlimited amount of money which is available to the Farm Board it may be able to keep farm values above a world gnrlt_v for a short period, I do not see ow it can be anything but disastrous in the end. Co-operative Concerns. “It means that all farmers shall be forced into co-operative concerns. This could only lead to pools and monopolies. Monopoly always means waste and in- efficiency and I cannot too strongly condemn these policies, and 1 warn business men of the inevitable result.” Samuel R. McKelvie, grain represent- ative on the Federal Farm Board, sald today that his organization had no idea of attempting to create a detrimental ‘monopoly. “Co-operatives 'will ultimately con- trol grain,” he ‘added, “as the board will continue making loans enabling them to feed grain into the market ac- cording to the demand for if Mr. McKelvie explained that all of the grain co-operatives are not yet qualified to receive loans from the board, since to do &0 a co-operative must com- ly with the regulations of the Capper- gflhteld act. A regional organization for Minnesota, North and South Dakota and Montana. he sald, was being set up similar to the North Pacific Grain Growers' Co-operative Association, re- cently organized from the ind up with the assistance of the board. Hi made it plain that the loans on grain by the board are supplemental and are made in- addition to the credit- co- operatives are able to secure from other sources, From the point of view of the board, its action is not an inflating in- fluence of one capable establishing a ‘monoply. Baltimore Markets Bpecial Dispatch to The Btar. BALTIMORE, Md., November 25— Potatoes, white, barrel, 1.50a4.00; 100- pound sacks, 1.75a2.90; sweet hotatoes, barrel, 2.25a3.00; bushel 75a1.25; yams, barrel, 2.50a3.00; beans, bushel, 2.25a 4.25; beats, 100, 3.00a4.00; brussels sprouts, quart, 10a20; cabbage, basket, 35a60; carrots, 100, 2.00a4.00; cauli- flower crate, 2.25a3.00; celery, crate, 1.75a3.00; cucumbers, hamper, 5.00a 6.00; eggplants, crate, 3.50a4.50; let- tuce, basket, 75a1.00; onions, 100 pounds, 1.50a1.75; parsnips, basket, 40a60; peas, hamper, 5.0025.50; ppers, hamper, 50a65; pumpkins, 100, 3.00a10.00; spin- ach, basket, 35a60; squash, crate, 4.00a 4.50; tomatoes, crate, 3.00a4.00; turnips hamper, 15a25. Apples, bushel, 75a 2.75; cranberries, box, 3.00a4.25; grapes, basket, 20a22; grapefruit, box, 3.25a oranges, box, - 3.00a4.50; pears, 2.00a4.50; tangerines, box, Cattle—Receipts, 800 head; light supply, market steady. Steers, choice to prime, none; good to choice, 12.50 to 1275; medium to good, 11.00 to 12.00; fair to medium, 10.00 to 11.00; plain to fair, 9.00 to 10.00; compion to plain, 8.00 to 9.00. Bulls, choice to prime, none; good to choice, none; medium to good, 7.50 to 8.50; fair to medium, 7.00 to 7.50; plain to fair, 6.00 to 7.00; common to plain, 5.00 to 6.00. Cows, choice to prime, none; good to choice, 7.50 to 8.50; medium to good, 6.50 to 7.50; fair to medium, 5.50 to 6.50; plain to fair, 4.50 to 5.50; common to plain, 3.75 to 4.50. Heifers, choice to prime, none; good to choice, 10.00 to 10.50; medium to good, 9.00 to 10.00; fair to medium, 8.00 to 9.00; plain to fair, 7.00 to 8.00; common to plain, 6.00 to 7.00. Fresh cows and Springers, 60.00 to 150.00. Sheep and lambs—Receipts, 3,000 head; moderate supply, market lower. Sheep, 200 to 6.00; lambs, 6.50 to 13.75. Hogs—Receipts, 4,500 head; fair supply, market lower. Lights, 9.70 to 9.95; heavies, 9.70 to 10.00; medium, 975 to 10.00; roughs, 7.75 to 9.00; light plgs, 9.0 10 940 pigs, 950" to Calves—Receipts, 350 head; light g\;pfi%ly. market higher. Calves, 7.00 to Dairy Market. Poultry, alive—Turkeys, pound, 30a34; old and crooked breasts, 25a27; young chickens, 24a26; Leghorns, 22; old hens, 22a27; Leghorns, 18a20; poor and thin fowl, 17a18; old roosters, 18a20; ducks, 16a24; geese, 16a20; guinea fowl, each, 40a60; pigeons, pair, 25. Eggs—Native and nearby hennery, whites, dozen, 56; firsts, 52; pullets, 40 a45; current receipts, 43a45: culls and dirty eggs, 25a30; receipts, 602 cases. Butter—Creamery, good to choice, pound, 41a46; ladles, 35a36; rolls, 31a 32; store packed, 22; process butter, 40241, Hay and Grain Prices. ‘Wheat—No. 2 red Winter, spot, 1.24; No. 2 red Winter, garlicky, spot, 1.23%; November, 1.23'2; December, 1.23%; No. 3, garlicky, 1.20. Corn—No. 2 domestic, yellow, 1.10a 1.11; cob corn, new, 4.50. Oats—No. 2 white domestic, spot, 55a $6; No. 3, white domestic, spot, 54a55. Rye—Nearby, 85a95. Hay—Reczipts, 10 tons. Season for old hay is about over. A little new crop is arriving, but hardly enough upon which to establish quotations by grades. | Where in good order new hay sells at | from 13.00 to 6.50 per ton, according to its quality and condition, receipts by tiuck taking care of most requirements. 190 AmLt& % 23% 139 1 88% 26% 1 % 12% Stock and Dividend Rate. Aeronautical Ind 5% Aero Sup Mfg. B 14% Aero Underwrit: 3 Alr Invest 12 AirInv, Inc 40 Afrstocks, Inc v te. 5 Allegheny Gas Corp. 24 Alexander Indus 14% All Int Inv Corp 37! All Int Inv cv pf. 10% Allied Mills, Ine Allied Pow & Lt Allison Drug St Aluminum Co of Am. Alu Co of Am pf(8).. Am Arch Co (3)..... Am Cigar Co (8) 29% Am Cit PAL A (a3).. 10 AmCP&LB (b10%) 16 Am Colortype(33)... 18 Am Com P A (330¢). 22 Am Com P B (130c). Y AmControlOiIFlds 19% Am Cyanam B (1.80) 3% Am Dept Stores. 15 Am Equities. . 25% Am For Power wi 71 Am Ga: 5% Am In 3 Am Inve s (war). e (10) % Am Ma 5020000 51 Am Salamand (3%). 25'% Am Sol Ch ev pf (3 Am St Pub S(A)1. Am Superpower., Am Super 1st pt . Am Superpow pf (6). Anchor PostF (2). Anglo-A n v cod 35¢.,. 18% Anglo-Am v cod 35 15 Anglo Chil Nitrate. 3 Anglo Nor Hold. 15% Arcturus Rad Tul 374 Arundel Corp (13) 3 Asso-Dyeing & Ptg 51 Asso-Elec Ind Ltd 354 AS50 GRE A (12.40 315 Asso G&E A deb rt: 315 Asso Rayon. 3014 Asso Rayon p. # Atlant Frult & Sug % Atlantic Lobos. . 25 Atlas Plywoodn. . 30% Atlas Port Cem (2) 7% Auto Voting Mach. 1615 Aut V Mev prpt (2). 20% Aviation Corp of Am 12 Aviation Credit. 174 Bab & Wilcox (1) 60 Bala & Katz ctf ( 46% Bancomit Corp new 5 Bellanca Aircraft, 284 Bickfor Inc pt (2% Blaw-Knox Co (1). Blivs Co (B W) (1) 314 Blue Ridge Corp. 23% Blue R Corp év p 29 Blumenthal (S). 13% Brasil Tr& Lt (2).., 1% Bridgeport Machine. 10 BrillCorp A (1%). 1% Brill Corp B... 14 Brillo Mfg (120).... 26 Brit Am Tob B 11.20. 4 BrCelanese Ltd rcts 55 Buckeye Pipe L (15) 9% Budd Wheel........ 22 Buf N&E P pf (1.60, 00 Bunk H & Sull (19).. 3% Burma rets (31%c] 4% Bwana M Kubwa.. 8 Cab&WireLtdA ret: 80% Carnation Co. 5 Carnegie Metal: Caterpillar Trac (3). 20 Celanese Corp. 20 Cent PSv A (a1.75). 12 Cen States El (340¢). 20 Citles Service (330¢c) 2 Comwith & Sou war. 449% 210% Comwth Edison (3 4% 124 189 108% 1 92 Straw—Littls demand for straw. Re-. ceiptg.generally ample. Wheat straw, No. 1, per ton, oat straw, No. 1, per ton, 9.00810.90 93% Comwith Pow pf 4 Consolidated Copper 12% Con g-lrg:roa (32). 11% Courtaul Ltd (70¢) 6% Creole Petroleum. 0! 24 Curtiss Wright wai 2% Cust Mex Mining 6% Darby Pet (1). 7 Davis Drug Stor cf 8% De Forest Radio. 4% DH A Ltd rct n(50¢. 2 Derby Oil & Refin. 6% Detroit Afreraft Co 9 Dix Gas & Utilities, 1371 3% Durant Motol 3 Duz Co., The., % Duz Co, IncA ¢ 1% Barl Radio Cor] 00 El Bond & Sh pt 456% E| Sharehold pt ( 95 Em G&F cum pf (8. 26% Empire Pow pt (2) 14’ Em.p Pub S.A(1.80)., 5 Empire Stee] Corp. . 23 Employ Reinsur 1%. % Engineers Gold. . 13% Eng P 8 opt wal . 42 Eureka Pipe Line(4) 5% Evans Wallow Lead. 3 Fairchild Aviation. .. 61 Fajardo Sugar .10 Faicon Lead. % Fandango Corp 2% Fiat Stk deb rt 20% Fiat Stk deb ris ref % Film Inspect Mach 4% Finan Inv N Y (b8).. 30 Firestone T&R new. 8 Fokker Aaircraft. 15 Ford Motor Can A 3 Ford Mot of France 10% Ford Motor Litd..... 10 Foremost Datty Pr.. 16 Foremost Fab (2)... 3% Foundation For Shs. 20 Fourth Nat Inv..... 10 FoxTheatClA. 18% Garlock Pkg (1.20).. §% Gen Am Invest new. Gen Am Inv ot B ( 23 General Baking..... 47% General Bak pf (8).. 7% Gen B Ltd rots (50¢) 30 Gen Fireproof (2)... 13% Gen Gas& El (A).... 10% Gen Laundry Mach. 10% Gen Rity & Utilitl 60 Gen R & Utll pf (6. 24 Gen Theat Equip vte 95 Ga. Power pf. (6)... 80 Glen Alden Coal ¢10) 12K (ilobe Underwriters 1 tiold Coin.. . 3 Gold Seal El n 4 21 Golden Center.... . 324 Goldm Sach TC (b6) 42% Gorham Mf vte (32). 25 Gorham Ine pf (3).. 1% Goth Knitbae Mach 16% Gram'ph'ne rets 2.9 28 Graymur Corp. 2 - o - EXR-PYR L PR STV, O e p ey, » Ao a55 i 1 114 10% 6 5% 2508 225 2 2% 12% 26s 119 120 64% 64% Do oa S0 110 10 T ek e 8000100 1 IO bt =3 1 1S O 1 10 maa anass - BepnEBnrman 28! e 5 FRRomame @ s Bl RO R I 00 D O ekt it TV S O B woeh CuNTanHHNNNALS 19 400 o SR ROEOHAR D BO—BRNENN - PPN < {~g et o] o wHRaBeSn Ta amnZanal 10 8150% 1 6% 48% T 2014 33% 10 59 6% 1 1 % % % .% 2 25 24% 24% 10 © 104 16% 165 9% 80% 24% 24% 18% 4% 28 3% 18% 12 24 1 17 42 5% THE EVENING STAR, WASHINGTON, D. C, MONDAY, NOVEMBER 25 1929. 12% 119 64% 484 61 294 33 % 11 102% 103 102\; 8 28 28% 26 23% 20% 17 1% 98 37 18% 12 23% 1 17 42 5% 4% 65 23% 124% 120 64% 48% 614 201 33 25% 8 1% 6 102% 26'% 24% 21% 17% 3% 98 ¥ 18% 929~ Low. Dividend Rate. 30% 24% 209 115 10 16% 6% 15% [ 10 34014 260 1% 6% 36% % EiY 6% 15 5 26% 28% 3 12% 40% LY 14% oy 6% 12% 39% 1% 30 114% 12% 9 28 40 108 3w 20% W 93 7 28 1% i 464 40 % 15% 5 25% 32% 18 15 46 8 8% 1% 35% 5% 90 25 8 8% s 5 24 10% 15 9% 24% 124 17 ¥ 2% 6 40% 106% 98 110% 108 30 16% 94 45 58% 25 28 17 * 6 60% 6% 29 5% 17% % St St Regls Sales— Add 00. Open. 229 Stock and GrA&PTnv5)..110s Gr A & P Tea pf (7). 13 13 oc 8 Ground Gripr(t1%). Guardn Fire Assn(2) Guenther Law...... Gulf Oll of Pa (1%) Hall Lamp (12) Hall Printing(? Horn (A.C.) Co. . Houd-Her v pfA2% Houston Gulf Gas... Hydro El Serv (12).. Hygrade Food Prod. I'inols P L (20). fmp Chem (In: Ind Pipe Line (n Ind Fin ofts (b10%). Indian Terr Illum... InsCoN A (12%) Insull UL Inv...... Insurance Sec (1.40) insuranshar of Del.. Intercoast Trad Co.. Intercontinent Petn. Int. Hold. & Inv. Co... Intern Perfume (1).. Int Petroleum 37%e. . Internat Products. .. Int Superpower (31). Internatl Ut A(33).. Internatl UtB...... Interstate Equities. . Interst. Eq. ev-pf.(3) Inter Hos M (1.80).. LrvAlr C (2) (1.50). . Isot Fraschin (1.05) Itallan Superpow A. K1 (H) pt pf (11.40). Kobacker Stores (2). Kolsier-Br (Am Sh). Lackawanna Sec(4). Libby McNell & L. .. Lily Tulip Cup Corp. London T Syn rets 2, Lone 8t Gas _ (80¢c). Long Island Lt (40c) Long Isld Lt pf(7).. Loulsiana Lan & Ex. Mac Marr Stores. ... Magdalena Syndieat. Mangel Strs pf (61) Marconi Int M 62%c.91 Mar Midland Corp. Mason Valley. Mavis Bottlin, Mayflower Assn Mead John (133%). .. Memph Nat Gas Co. . Mer Chap & S 11.60), Met & Min Inc (1.20. Met bc-50c Strs pf... Met Chain Stores. ... M1d West UL . Mid Royalty evpf 2. Midid Stl Prod 15.92 Mo-Kan P L (v5%). Moh HP 1stpf (7)., Montecatini deb rts. Morrison Elee (1) Municipal Service. Mount St Pwr pf(7). Nachman Spring (3) Nat Amer Co (2)...0 Nat Aviation... Nat Biscuit Co new.. Nat Fam 8 Nat Fuel Nat Investors (new) Nat Mfrs & Stores. .. Nat Pow & Lt pf (7). - o 8 RuSn Tnoanaanmmmn ETHEETT T SO 9 - » Reo~~Snne Pac G&EI 18t Pae W Pae Tin Pandem Oil. Pantepee Oil. Param C Mf} Pend DGro A (3%). Penn O Ed pr pf(7). .404; Penn Pr&Lt pf (6).. Pennroad Corp. Peop Drug Strs (1).. Peo L& P A (a2.40). Petrolm Corp (1%).: Philip Morris Ine.... pf1% o1l PP TRy - ELS IO « 000 250 Powdrell & Al (3%). Prince & Whitely... Prince&Whitely pf 3 Prudential Inv, Pub Utll Hold war .. Pug SP & Lt of (6. 20s Pyrene Mfx (30¢) 5 Radio Products.... Rainbow Lum ProdA Rainbow Lum ProdB Red Bank,..... . Reiter-Foster (10¢). SuPanaBan 15 7 el 8 2 13 15 Reynolds Rike Kumler........ Roan Antglope Min.. L& . Ross Stores, Ruberold Co (4)...e Fifth Ave.. Paper...... 45 Paper pt(7) 50s Safety CH&L (110).. bs 1 Salt Creek Con (40c) Sait Creek Prod (2).. Stteway 8 war (2d). 1 Schiff (The) Co (2). Schulte Un 60-31 St. Sch U be-$1 8 pf (7) Schlet & Zan (1175) . Schlet & Zan pf 3% . Seiberling Rub (1) Selected Industrie: 50% Sel Ind allot efs & 48 6% 14% 15 1% 6014 3 110% 100 30 26 26% 20 381 18% 21% bW 24 1w 2 9% 128 114 220% Al 1% 102 7 % 111% 100 129 60 63 45 33% 46% 20 Sonora Products. 5% South Penn Oil (2).. Sheaffer Pen (13)... Shndoah Corp(bé% ) Shenan Corp pt (3).. Silica Gel ct. . - Singer Mf Ltd (30¢). Singer Mfg (123%) Siato Fin Corp. ., ucts. SEP&LDI(T)...,. SoCal Edpf A (1%) SaCal Ed pf Bi2%). So Col Pow A (2)... Southern Cor Southland Roy (1).. S W Dairy Products S W Bell Tel pt (1) SWGas UMl ..... Southw P&L pf (7). Spanish & Gen Reg. . Stan Gas & £1 pf (7) St Ol of Ohlo (2%). 50s Stand Oflof Ind 12% 133 54 Stand OiL Kan 12%.. 8 30% StOllof Ky (1.60).. 39 37% 38 B¢ High, 230 115% 115% 50 52 % 36% 103'% 103% % 73% % 124 125% 125% % 76 81% 18 18% 62% 58w 19% 15 234 % 5% 8 38% 8U 13% 42% 11% 14 10% 124 14 374 1% 36% 1% 14 37% L 3% 38% 1% 17% 10% 34 48% 48% 106% 106% L LY 38 17% 17% 10% 34 13% . 120 29% % | mon 13% 13% 113% 113% 14% 14% 4 4 ™% % 27% 31 3 16% 34% 6% 6% 158% 158% 18% 18% 1% 68% 12% 5 25% 1% 68% 12% 5 % | that week. 16% 56 8T% 20% 5 10% 138 10 10% 33% % 24% 24% 25 25 6 6 12 13 13% 18 116 116 6% 6% 107% 1078 1 1 105 105 87%. 87% 16 | 6 all industrials, 7; steels, 3; coppers, Steln(A)& Co(1.60). StelnA&Cocu pf 6%« Starrett Corp pf(6).. Syrac Wash M B (1). Tampa Electric (12). Teck Hughes (60¢) ‘Ten El P 1st pf (7) Texon Oil & Land. rmoid Co (2) Third Nat Inv (1), Thomp-Starrett. Thomp Star of Thomp Prod A (12). Tish Realty & Con... # Tobaceo Pr Export 40% Todd Shipyard (4).. 20% Transamer n (31.60). Trans Air Trans cfs. Tran Con Alr Tran.. Tr-Lux D.L.P. 8.(A) Tri-Cont Alied..... Tri-Continental Cor. Tri-Cont Corp pf (6) Triples Safety Glass Tri Utilities........ ‘Tub Art Silk B (10). 10% Tung-Sol Lamp (2).. = E 4 101% el 19 25% L3 a - A R AR AR AA BRI RN AR BN AN BN Jorey o Union Tobaeco. . Utd Carr Fastnr 1.20. United Ch pt pf (3).. United Corp wa United Dry Dock: Unit El Ser pur war. United Gas Co...... = © Prondin Stoek and u u u u u Unit 8h Walker annual payment. *Ex-dividend. 1) Dividen Unit L&P A (60¢).. Utd Lt & Po pf (6).. UnitedMilk Prod. ... United Porto Ric Co. Unit Prof Sh (1.20).. Unit Reproducers B. U S Fininshing (32). USFoll B (1).. S Gypsum (1.60) &InSctf(2%). Lines...... Rad ctfs (2)....: U S Rubber Reclaim. U S Shares Fin United Stores....... Unit Verde Ext (4).. Univers Insur (3%4). Utah Apex (506).... Utllity & Ind..ooovem Util Power&Lt($1).. UtP&L Betfs (31). Utllity Equities..... Vacuum Ofl (14%).. Van Camp Packing. . Veoder Root (2%)... Venezuela Pet (29¢). Vick F'in Corp. . Vogt Mfg Co (2) Walgreen Co. . Walgreen Co war. Watson (J W) Co... © Welch G Juice f1%.. ‘Wenden Copper..... Western Pow pf (7). Willlams R C (1.40). Woodley Petroleum, Zonite Prod (1.60) RIGHTS. % % Trans Corp........Jan. ¢ Dividend rates fn dollars based on Iast quarterly or semi- % cash or stock. b Pavable in stock. d Pavable in preferred stock. FINANCIAL. Bales— Add 00. Open. 89 26% 12 d Rate. High. L Close. 26% 25% 94 93% 934 5 30 2% O 4 2 89 0 Mch (13%).. P 2= (H) (1). 8 .35 35 .26 .26 r*ly extra. tPlus extra in stock. a Payablein STOCK PRICE INDEX REFLECTS ADVANGE Motors Only Group Which Failed to Participate in Broad Upturn. BY IRVING FISHER. Special Dispatch to The Star. NEW HAVEN, Conn., November 25.— ‘The 225 common industrials used in the Irving Fisher indexes made an ad- vance of 7 ~ v cent during last week’s three-hour iradings days. The common utilities advanced 8 per cent, the rails 6 and the preferred issues 4 per cent. upward movement was during the week, less than 6 T cent out of 320 Irving Fisher issues showed ‘The motors were the onl {roup to show a loss during the week. The coppers .showed only & 1 per cent ad- vance, Anaconda, Kennecott and Cerro de Pasco being_ ai the issues de- clining during the week. Percentages of Gain. Each group and its percentage of gain at the close over the preceding week's close is given below: Preferred stocks, 4; utilities, 8; rails, 1; oils, 6; motors, 1 (loss); accessories, 3; fods, 5; stores, 1 ~The compact survey of New York Stock Exchange movements of com- industrial is given below in price indexes (1926=100). There are two indexes of market price move- ment. The first (“shares outstand- Sales in st _ —--,= o v ExERooousmocenanyzx BBia 2 0, 322 3 nter Inters Pow elvinstor SeoR Dt Seswas et aBaad e oFaZEET Y 925238 -4 5 < A = 2388355322228 geegesSasEs b Sales in FOREIGN thousands. 4 Burmels & Wn 6s '40 9 Cont Bk Ger 6s B '51 Chile Cons 175 '60. Europ Mtg Ths 4 Gelsenkirchen 63 & LB3232228883293238 3 Rus FORE B e xd—Ex dividend. xr—Ex rights. Wi When issiied, ith warrants. ithout warrants. CHICAGO LIVE STOCK llAfiKET ing”) represents all common industrial | He shares listed on the Exchange, the im- portance of each stock being considered according to the shares in existence, or outstanding. The second index (“50 leaders”) shows the price movement of the common industrial stocks most heavily dealt in during the week, this list changing weekly with the shifts in trading ‘popularity. ‘The “shares outstanding” index shows what a substantially representa- tive $100 worth of stocks in 1926 would now amount to if held unchanged since t year. The “50 leaders” index shows the result of reinvesting the 8100 every week in the market favorites of ‘The last column of the table gives the rate of return on the week's 50 leaders at current prices. Shares Pifty out-- market stand’e. leaders. Rate of return, S S - - R PiCR R R I E ettt B Zovsupunsan "(Feb.’28) (Peb. Upward Trend Broader. Last week's stock market advance broadened in its scope. The speculative and intermediate grades of common in- dustrials gained slightly more than the investment grade whereas they have recently shown up less favorably than the investment issues during both de- clines and rallies. Below are shown index numbers of prices of common industrials on the New York Stock Exchange, arranged in classes derived from Moody's ratings. First Second Third grade grade grade (nvest- _(inter. inter- specu- (1926 = 100) ment).. mediate), lative). ,000; et mostly 10 to 20 cents lower than Friday; slow at decline; top, 9.30; bulk good to choice, 190-300 pounds, 9.10a9.25; 150-180 pounds, 8.75 29.10; butchers, medium to choice, 250- 300 pounds, 8.60a8.30; 200-250 8.85a9.30; 160-200 pounds, 8. 130-160 pounds, 8.25a9.15; packing 8.00a8.60; pounds, 8. Cattle—Receipts, 20,000 head; calves, receipts, 3,000 head: strictly choice, light yearlings, steady to strong; de- mand fairly broad for well conditioned long yearlings, but slow on weighty steers; slowness partly due to higher asking prices. Early, top, yearlings, 15.50; heavies, 14.25; later scaling 1,527 pounds; slaughter classes, steers, good and choice, 1,300-1,500 pounds, 12.25a 15.00; 1,100-1,300 pounds, 12.50a15.50; 950-1,100 pounds, 12.50a15.60; common and medium, 850 pounds up, fed yearlings, good hol pounds, 13.00a15.75; helhrli: ood and 0 ; low cutter and .00; bulls, good and choice 10.00; cutter to medium, ;. vealers (milk-fed), good and stocker and feeder steers, d choice, all weights, 10.00a11.00; com- mon and medium, 7.25a9.75. opening slow; steady to weak; fat lambs, 12.50 to 12.75; top, 13.15 to out- siders; fat ewes, 525 to 5.50: feeding lambs, quotable, steady; lambs, good and_choice, 92 pounds down, 12.35 to 13.15; medium, 11.00 to 12.35; common, 9.00 to 11.00; ewes, medium to choice, 150 pounds down, 4.25 to 5.85; cull and common, 2.25 to 4.50; feeder lambs, good and choice, 11.75 to 12.75. Commodity Notes Live Stock. KANSAS CITY, November 25.—The movement of feeding lambs into princi- pal feeding States points to some in- B e s asatstane =5 8382288253 bt A datated . 20.1 1. (Feb'28) (Feb’'28) (Feb'28) (Copyright, 1929.) PARIS BOURSE PRICES. PARIS, November 25 UI’).—!’H(?tl z:;nnl were irregular on the Baurle’ ay. 'nyree per cent rentes, 81 francs 15 centimes. Five per cent loan, 105 francs 15_centimes. on London, 123 francs 86 centimes. The dollar was quoted at 25 francs 39% centimes. i e Fish, NEW ORLEANS.—The shipment of Louisiana oysters will be vea:.e:vy in the next week. The State rvation Commission has just réefs on opened the east coast and the size and qual- ity of the oysters being shipped are ex- | 636,5 cellent. Rubber. ! AKRON.—Improvements in tire man- | ufacture have mace it possible to bring | down the mileage cost of tire service to the public to about one-fifth of what it wa. 20 years ago, accor to F. A. Selberling, president of Seiber! Rub- D eiberling, has been cxpARding steadsy rling, for the last 25 years, crease in lamb feeding this season com- pared to last. Shipments have been about the same, but the lambs returned to market before November 1 was smaller, Steel. WARREN, Ohio.—Extenslons to cost $300,000 are being made by the J. W. Brainard Steel Co. here. The additions will mean employment of about 50 men additional. The company makes strip steel and patented barrel hoops. BANK CHECKS GAIN. By the Associated Press. Aggregate checks drawn in leading business cities of the country last week, as reported by the Federal Reserve were in excess of totals for the same week last year, but sl low the totals for the pi this year. Figures for the total of checks for the comparable periods fol- low: Week ending November 20, $21,- ,508,000; preceding week, $21,831, 002,000; same week last year, $19,122,- 1) STORE SALES GAIN. NEW YO%K. November 25 (#).— Sales of R. H. Macy & Co. have been better each month this year than in the corresponding months of last year, and there are now more than 2,000 more employes on the payroll than at this time last year, it was announced today. A s :; close to his heart—perhaps his first “ | wood from the outside. the important thing.” %| Mr. Praser CHICAGO, November 25 () (United | 4 piss; medium to cholce, 90130 | in a8.75. ;| at Liverpool and in Stock Exchange Sheep—Receipts, 20,000 head; market |- URGES MORE WORK IN REFORESTATION Sees Unemployment Solu- tion in Plan. BY JOHN F. SINCLAIR. Bpecial Dispatch to The Star. NEW YORK, November 25.—For 15 years Willlam R. Fraser, general man- ager of the Harold Lloyd Corporation, was a member of the United States Forestry Service. This work is still interest in life. the subject: “No more important question is be- fore the American people today than that of reforestation. Look at the fig- ures! There is now left in this coun- try some 130,000,000 acres of commer- cial timber, of which the Government owns about 29 per cent. The other 80 per cent is in private hands. Disas- trous forest fires are consuming 4,000~ 000 acres a year and commercial cut-| accounts for another 4,000,000—to- gether 8,000,000 acres. Divide that fig- | ure into 130,000,000, and what does it signify? Just this: In less than 20 years our forests will be gone. Then what? We'll have to import expensive But this isn't 3 's courteous, mild manner of speech never leaves him even when he discusses the future of forests, but his views are none the less decisive. “The whole problem of rainfall, moisture, water tables and irrigation is tied up in a proper forest system,” he continued. “You see, a forest area will retain 94 per cent of’ the rainfall, as against 12 Fr cent in a deforested area. The far-reaching importance of that statement is tremendous.” Instead of spending millions of dol- lars in new irrigation projects, this for- est expert thinks, those millions would pay for themselves many times over if | used bv the Government in a sane and constructive plan of national reforesta- ion Here are his views on “It takes 40 years to grow a yellow pine tree eight inches in diameter, yet we think nothing of ruthlessly qutting such a tree down to meet & temporary situation,” said Mr. Fraser. For that reason he would compel every private landowner to plant a tree for every one he cuts and, further, he would encourage reforestation by ex- empting from taxation all private lands which adequate reforestration is being adequately effected. “Relieve the unemployment, problem by putting thousands of men to work in this virtually important and con- si-uctive fleld,” satd Mr. Fraser. An excellent suggestion at this par- ticular time. (Copyright, 1929, by North American News- T Alliance.) GRAIN MARKET CHICAGO, November 25 (#)—De- spite a big decrease of 4,302,000 bushels in the United States wheat visible sup- ply, wheat values here tended down- ward today. Setbacks in wheat prices quotations on this side of the Atlantic had a depressing effect, although to- day’s curtailment of the domestic wheat visible supply showed a reduction of nearly 13,000,000 bushels from the ex- treme high point reached some weeks ago. The total United States visible supply, however, was still approximately 52,000,000 bushels more than last year. Wheat closed unsettled, 74 to 15 per bushel lower than Saturday’s finish. ,Corn closed 73 to 1% down; oats, %a% to 3, off, and provisions un- changed to a setback of 10. DeemBer % ch s proportion of y NEW YORK COTTON. NEW YORK, November 25 (#).—Cot- ton opened steady at an advance of 11 to 18 points today in response to rela- tively steady Liverpool cables and cov- ering by near months shorts. According to early estimates the first December notices amounted to about 85,000 bales, but there aglxlred to be a good demand for the ecembor contracts which ;’\‘:‘lurllly helped the tone of the general Prices sagged off a few points right after the opening when Npg] Orlezns Former Government Expert|a FY 15 TRADING ON CURB TURNS IRREGULAR | Various Groups Show Heavi- ness as Profit-Taking Appears. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, November 25.—After opening active and lower the curb market today, in its first full 5-hour session since November 4, quieted and continued frregular. Utilities and mining shares were first to display heaviness. Aviation issues moved lower next, with motors follow= ing them. A majority of the oils were better at the opening, but encountered some profit taking as th2 session prog- ressed. Specific development affected industrials. Earl Radio was one of the features in early trading. A block of 25600 shares of Earl, the only large block in the forenoon, came out at 33 off 1lg from its previous close. The company was placed in receivership Saturday. The stock at times got as low as %, which contrasts with 1215, its high earlier in the r. Kolster conducted merger negotiations with the company but these were broken off more than a month ago. Formation of the Federal Neon Sys- tem, Inc, and the issuance of $10.- 000,000 of securities in connection with the acquisition by that company of Fed- eral Electric Co. Rainbow Luminous Products, Inc., and National Neon Agency, caused activity and strength at times in Rainbow Luminous issues. Anglo-American Oil Co., whose shares have been a feature in London markets recently, at intervals was active and higher on the reported exchange of its shares for Standard Oil of New Jersey. These reports, however, have not been officially confirmed. Colgate-Palmolive, which was to be the keystone in a merger of Kraft- Phenix Cheese, Hershey Chocolate and onllém, responded to an increased divi- e Possibility of a cut in the price of eopger, which meets with vigorous de- nials by producers, but is affirmed by consumers, created irregularity in min- ing shares. One of the features of the trading in industrials was the appearance of a number of inactive stocks. Quaker Oats, for instance, came out at 220 and the next sale was 215. Responding to the price advance in cement announced by several companies, Atlas Portland Ce- ment opened higher. Cash transactions in cents per share in Transamerica rights constituted one of the most active spots in companies. Goldman Sachs, after open- ing slightly higher, dropped more than 2 points and regained part of that loss in the early part of the session. 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CHICAGO, November 25 (#) (United States Department of Agriculture).— Butter—Receipts, 12,395 tubs; steady; creamery extras, 42; standards, 40; extra firsts, 40ad1; firsts, 37a381; sec- onds, 35a36. Eggs—Receipts, 3,642 cases: steady; extra firsts, 51a53; graded firsts, 48a49; current firsts, 42a45; ordinary firsts, 38a40; refrigerator extras, 37a37%%; refrigerator firsts, 36%. . Py e “The Safest Investment Start Now and Buy » OUR ; 6% MOoRTGAGE : NOTES P SRR R Founded 1907 M.La&m‘urimgm Known to Man FIRST PRORITIRT | BOSS and PHELPS 147 K st