Evening Star Newspaper, March 19, 1930, Page 12

- CRAINPIT TRADING METHODS SCORED { Wheat Farmers Declare .Present Prices Are Result of Speculation. @pecial Dispatch to The Star. CHICAGO, March 19.—Middle West- em farmers declare that $1.18 a bushe for what in Chicago, which means a price to the growers of $1 a bushel or less, according to kind and grade, is not nearly sufficient to afford any profit for raising the crop. While they report | that this year's wheat is now nearly all out of the growers' hands, they are strongly opposed to any effort on the part of the Government to stabilize the Ip;i:]e anywhere down around the $1.20 vel. | The erop is now largely in the hands| of the millers and speculators. Wheat growers who have lost so heavily on their grain blame the Chicago Board of Trade for many of their troubles, and are| bitter against trading in grain futures. If Congress would place a ban on the Chicago grain pit trading, the so-called farm problem would settle itself, many ©f the biggest wheat growers assert. Average Production Cost. Statistics show that the average cost of growing wheat in the entire United | States is about $1.65 a bushel, based on the average vield of 13 to 14 bushels per acre. The average cost of growing corn in about 90 cents per bushel, based | on the average yleld of 25 bushels per acre. In presenting their side of the case the farmers declare that supply| and demand are ignored, and that the | price is fixed unfairly on the Chicago Board of Trade, which permits the creating of a fictitious overstocked mar- ket by unlimited trading in “futures.” During the recent slump in grain sfleet there was sold in one day on the hicago Board of Trade 74,000,000 bush- els of wheat “futures,” or paper grain, while the actual wheat received that day in Chicago was seven cars. On another day 78,000,000 bushels of wheat “fu- tures” were sold, while the receipts of | real wheat were 29 cars. Another day the paper grain sold was 91,000,000 bushels, while the real grain received was 62 cars. Another day the paper wheat sold was 106,000,000 bush- els, while receipts of actual or real wheat was 18 cars. The total yearly on the Chicago Board more than 20,000,000,000 bushels, which 1s put on the market in competition with the real grain. Senate Bill. Tt is pretty certain, the wheat growers say, that a bill now pending in Congress (8.2846) that prohibits the sale of grain for future delivery, unless the seller has the uld, if made a law, in- P;filmunm have 'd of Trade system is of no use to to the manipula- and to the millers and foreign buy- ers, who get the /benefit of depressed ces. Prices have gone down In spite of & Union Pacific BY GEORGE T. HUGHES. More than any other issue, Union Pacific common stock is & diversified railroad investment. It is this because the Union Pacific has such large hold- ings of other raflroad stocks. It is interested in the Illinois Central, the New York Central, the Baltimore & Ohio, the Chicago & Northwestern and to a less degree in the Chicago, Mil- waukee, St. Paul & Pacific. Its largest holdings are in Illinois Central. The result is that Union Pacific stockholders stand to profit by the prosperity of these other roads and tand to lose by their adversity. It will be noticed, however, that the stocks of ail the roads named, with the ex- ception of the St. Paul, are seasone dividend payers, and that the outlook for the St. Paul over the longer term is distinctly encouraging. Union Pacific stock reflects in its market price these advantages, as well as the fact that it covers its current $10 dividend almost twice over. The stock sells for a price more than double its par value and the direct income return on shares purchased at prevail- in‘tmlrket levels is around 4!2 per | cent. This fs the premium investors are | willing to pay for the possibility of capital appreciation understanding full well that they take the usual business risk. This risk in the case of the Union Pacific is identical with that of the rallroads as a group. If the car- | riers as a class can earn a satisfactory | return on the capital invested the Union | Pacific will do the same and assuming | that the comparatively small yleld on | the stock is acceptable, the only prob- lem the prospective investor has to| solve for himself is the outlook for the d | stocks. Now that practically all the im- railroads as a whole. | From time to time there have been | reports that the Union Pacific would distribute to its own shareholders some of the stocks of other railroads it owns. These reports have never been encour- | aged by the management, and it safe to say they are unfounded, but, | whether the stocks are distributed or not, the equity represented belongs to the Union Pacific _shareholders. Fur- ther testimony to the prosperity of the company is in the high price its pre- ferred stock and its bonds command in the open market. On the former the yield is around 4.8 per cent and on the latter it ranges between 4.50 and 4.65 per cent. BUILDING CITIES TO ORDER. Summarizing _city planning and zoning accomplishments in this country the civic development department of the Chamber of Commerce of the United States lists 841 cities which have zoning ordinances in operation and 89 which are preparing ordinances, a total of 930. A decade ago, in 1920, there were only 38 cities with zoning ordinances. But this is only a part of the picture. City plan commissions have been estab- lished in 751 cities and regional plan commissions in 18. Comprehensive city laid out or started in cities comprehensive thoroughfare plans have been started or completed. In 161 cities park plans have been started or completed, and in 155 play- | currence. established or are under way. ‘The city of the future will not be the nrodllct"of hmbumflt ce. dm!: ‘:fll. A ly, accor: a dex:m pattern. ; Baron on Carolina Farm. , 8. C., March 19 (®). —Baron Eric Juel-Brockdorff of Copen- hagen, Denmark, is conducting a series of agricultural experiments for . Dr. Henry Norris, owner of a large estate on the Waccamaw Peninsula. He will pay no attention to the so-called money PRSI, Stock Decrease Voted. NEW YORK, March 19 (#).—Directors of the Al have voted to decrease authorized common stock from 10,000,000 to 5,000,~ “Voteless Washington™ by i "*-_ n, Folks. 28 rXf; near ime £ million e along t 1 Boys "!W crm:,nlchucotwn- tobacco, but nd ), but wi us‘ped.lllfi in vegetables, fruits and nuts. ) DE diversification of investments contributes to safety of principal and sta- THE EVEXING POPULARCOMHON STOCKS REVEALED Study of Investment Trust| Reports Finds Industrials and Utilities Favored. Seventy-seven investment trusts, with assets in excess of $1,800,000,000 and reprmntln’ 50 per cent of the total resources of all trusts, give a position of greatest prominence to public utility portant trusts have published their statements of condition as of the end | of 1929, a compilation of the stocks | appearing most frequently is possible, | and such an analysis has been prepared | by Clark, Dodge & Co. One hundred | trusts were examined, and of the 77| which gave detalls of securities held, 49 | had in their portfolios Consolidated Gas of New York common. American Tele- e & Telegraph and Union Carbide & Carbon were tied for second place, being included in 42 trusts. Electric Bond & Share appeared 40 times and General Electric 37 times. Of the 109 stocks occurring most fre- quently in these 77 trusts, industrials of all classes total 63, public utilities 24, rails 16 and banks 6. The analysis points out the lack of uniformity of opinion expressed in these reports, not- ing that only 63 per cent agreed on the most popular stock and only 50 to 63 | | per cent on 4 stocks as having the best | | prospects for growth. A list of 200 carefully chosen com- | mon_stocks was checked against the | reports of these 77 trusts. As a result a table of 109 stocks was prepared in | the order of the frequency of their oc- | The first 25 in this list, & ranged in the order of their popularity, | is | are as follows, the figures following | these stocks denoting the number of u:;au holding them on December 31, American Telephone, 42; Union Cas bide, 42; Electric Bond & Share, 4 General Electric, 37; New York Central, | 35; Standard Ofl of New Jersey, 35; Money to Loan Property in :l‘:c District of Columbia First Trusts Only Immediate Attention Wm. H. Saunders Co., Inc. 1435 K St. N.W. Dist. 1015 for Constrnction Loans James F. Shea 643 La. Ave. NW. ration, ASHINGTON, Columbia Gas & Electric, 31; Atchison, 29; Qillette Safety Razor, 29; Union Pacific, 20; United States Steel, 29; International Harvester, 27; American Can, 26; American Smelting, 26; Penn- sylvania, 26; United Gas Improvement, 26; American Tobacco, 24; Common- wealth & Southern, 24; National Dairy Products, 24; Gulf Oil, 23; North Amer- ican, 23; Public Service of New Jersey, 23; American Gas & Electric, 22, and Pacific Lighting, 22. {CERTAIN COMMODITY PRICES IMPROVING Comodity prices advanced one-tenth of 1 per cent during the week ended March 15, according to the wholesale price index of the National Fertilizer Association. This advance was due largely to butter, sugar, milk, apples, oranges and petroleum. The recovery in these items from the large declines of the past six months may not be per- manent, but a real advance should occur before many months. Seven groups declined during the past week, and only three advanced. Forty- three items declined, while only 20 ad- vanced. The declines occurred largely in grains, feeds, cattle, denatured alco- hol, cement, soft lumber, rosin, cotton- seed meal, superphosphate and’ textile Eclmonsto& o., Inc. Exclusive Washington Agency STACY-ADAMS & CO.’S Nationally Known Shoes For Gentlemen Spring Models in STACY-ADAMS SHOES for MN The real beauty of a shoe lies in its fit and comfort. The real art of the Stacy-Adams de- signers is expressed not only +in the smartness of their models but the fact that the shoes comfort the feet. It is said that, if the Edmonston & Co. experts FIT your shoes, they not only comfort but CORRECT ailing feet. Exclusively Sold at— oneo. Imonstc D€ MERCHANTS & MINERS. BALTIMORE, March 19 (Special).— Earnings of the Merchants & Miners Transportation Co. for 1920 were the best since 1925, the year of the Florida boom, and freight tonnage the heaviest for any recent year, according to the annual report of A. D. Stebbins, presi- dent of the company. Net income was $1,176,551, compared : with $961,454 the year before, repre- senting an increase of $215,097. Though there was moderate decline in passenger traffic, the steamship com- pany’s freight business rose substantia- ly, involving 1,058,783 tons, with a rev- enue of $6,811,310. This compared with 963,466 tons with a revenue of $6,- 466,480 in 1928. Passenger revenue was $1,519,097, compared with $1,585,856 in 1928, and the number of passengers transported was 59,937, against 61,781. Income from other sources last year amounted to $87,577, making a total gross revenue for 1929 of $8,501,003, against other income of $45779 and a total gross revenue of $8,188,426 for 1928. Aggregate expenses for the year were $7,324,452, compared with $7,- 226,923, The balance sheet disclosed current assets of $1,682,010 against current lia- bilities of $563,400, leaving net working capital of $1,118,610. is compared with net working capital of $377,586 at the end of 1928. Not the cheapest men’'s shoes but the Best that money can buy. EEEEEEEEEEEE No ] o] WEDNESDAY, MARCH 19, Stores CARL M. BETZ, Mgr. 612 13th Street through its large stock interest in American Founders Corpo- shares the strength of West Side Bet. F & G Sts. 1930. Lighter Shades are prominent in - Men’s Spring TOPCOATS 35 The most popular colors for Spring are light grays and tans—and the popular Topcoat choice is these at $35. Home- spuns, tweeds and cheviots . . . all shower- rroofed to increase their utility. Tai- lored in raglan and set-in sleeve models, as well as the new double-breasted, one- half belt effect. Other Topcoats, $25 to $50 THE MeN's Store, Szcono FLoOR. The Reasons Why ’ Men of Discriminating Taste Buy Their Neckties Here Our Ties Must Be Style-Right ...The Men's Store’s buyers are in constant touch with the leading Tie Manufacturers. +.0ur tie-silks are imported from 4 leading French Looms — 3 Italian Looms — 2 English Looms and 1 German Loom. +..The Men's Store carries a stock of 7,500 ties, from which you may select ties to express that which is individually you. +..The most up-to-the-minute patterns . . . stripes . . . dots . . . dashes . . . and plain colors are here in a diversified collection, .. .A wide range of colors, from the brightest red to the conventional black, are in The Men’s Store’s varieties. ...You may select from Foulards, Satins, Em- broidered and Figured Silks, and Knitted fabrics.. Our Ties Must Tie Better .. . The tie silks are carefully selected for their smart patterns and heavy, durable quality. ...Every handmade tie is made with ‘the pat- ented Resilio -construction that resists wrinkles. (This is a silk thread that holds the silk to its lining.) ... Ties bought from The Men's Store will not wrinkle up after a few wearings. .. .However soft the material may be, it will tie better because of the patented Resilio “ construction. Tomorrow We Offer This Special .Group of . . . Silk Four-in-Hand Ties, 95¢ this diversification. In addition, United Founders has substan- tial holdings in public utility and other important fields. bility of income. Such employ- ment of capital in numerous This outstanding collection includes striped and figured patterns in the most popu- lar colors and wanted patterns. Every tie is made with resilient construction to prevent wrinkling, thus prolonging the life of the tie. THE MEN's STORE, SECOND FLOOR. New Arnold Glove-Grip and Johnston & Murphy Oxfords Wing Tips and Tailored Styles ‘Are Equally Smart and varied investments is only practicable with relatively large funds. Many investors are avail- ing themselves of the facilities of well established investment companies for the distribution of risk in this way. United Founders Corporation is owned by more than 60,000 stockholders. DECORATIONS BY ROCKWELL KENT « CUT IN WOOD BY J. J. LANKES For years the American Founders group of investment companies has been diversify- ing its funlds among bonds, pre- ferred stbcks and commo:: stocks, and among securitic: representative of many types o: business, domestic and foreign. United Founders Corporation, THE MAYFAIR—an Arnold Glove-Grip wing-tip oxford, in tan and black calf- skin. Medium narrow toe, leather soles and heels . ... THE OLYMPIC—an Armold Glove-Grip straight-lace oxford, in black and tan calf- skin. Leather soles and rubber heels. Combination last — ey = [1LL11] 1) - - AN TR e A nnne THE HIGHLAND—a Johnston & Murphy Oxford—wing-tip style, in tan and black calfiking .o i THE AMBASSADOR—a new custom-type oxford made by Johnston & Murphy. It indicates a style trend toward the straight- tip, medium-toe models this season. . .$15 UNITED FOUNDERS CORPORATION P.S.—Store No. 3— 14th & Eye—Soon! Tur MEN's Store, Seconp FLOOR.