Evening Star Newspaper, July 5, 1930, Page 17

THE EVENING STAR. WASHINGTON. D. (., SATURDAY. JULY 1930. INVESTMENT MART FINANCIAL. B-5° WASHINGTON HEAD SEES SOVIET GREAT ' BILLBOARD SPACE Washington Produce INHILLS UNVEILED First of Mount Rushmore Memorial Shown at July Fourth Ceremony. By the Associated Press RAPID CITY, S. Dak.. July 5.—South Dakota’s Black Fills have witnessed completion of the first part of the world's largest art project—Gutzon Borglum’s head of George Washington on the Mount Rushmore National Me- morial. As a patriotic shrine in commemora- ) cf the founding, preservation and th of the United States, the mas- ive stone head of the first President was unveileg yesterday at the top of Mount. Rusi¥more Independence day ceremonies were held before 2,500 persons. A large flag was unfurled revealing the 60-foot head of Washington. While plans are under way for com- pletion for the memorial with figures of Presidents Jefferson, Lincoln and Roosevelt and for ipscribing of a brief history by Calvin Colidge, Doane Rob- inson. who first proposed the Black Hills monument. said Washington's face | alone assures its success. i Carved on a 60-foot scale on the | 6200 foot mountain. the great stone| face is visible for miles. BLAST IN ENGLAND KILLS 11, INJURES 20| Other Bodies Sought in Ruins of | 1 3 Chemical Plant—More Than { 500 Homeless. By ihe Associated Press. CASTLEFORD, England, July 5. Police and workmen today searched the | ruins of the Hicksons and Parsons | chemical works for other bodies to add to those of 11 persons taken from the debris after an explosion yesterday. More than 20 badly injured persons re- mained in the hospital here. Many dwellings were rendered un- inhabitable by the force of the ex- plosion, which was not explained, and more than 500 persons were homeless. The blast was felt in towns 10 mile: away. Many persons wandered ahou: | the ‘streets gazing at what was left of their homes. Many spent last night in the open. Dense smoke, fumes and noxious gases filled the air about the plant and hindered the work of rescuers. Fire aparatus and ambulances were rushed to Castleford from nearby towns, where the evplosion itself was heard. CASTLE TO BE BUILT ON CHICAGO’S SHORE| Y o I City Treasurer Will House His $5.000.000 Art and Armor Col- lection Gift There. By the Associated Press. CHICAGO, July 5.—European castles are calling County Treasurer George F. Harding. =Y If he finds the right one, he is going to duplicate it on Chicago's Lake Michi- gan shoreline to house the $5000,000 collection of antique art and armor he | is going to present the city Accompanied by a party of friends, including Howard P. Savage, past na- tional commander of the American Le- gion, Harding was on his way to thel continent. again today. ¢ It is a castle 60 miles from Vienna that beckons the collector. It s owned by Prince Rataleau and has been tentatively picked by Harding as his model. He hopes to have the reproduc- tion completed by the 1933 World Fair. JOAN D’ARC PYRE SOIL IS PRESENTED TO PARIS Relic Exhibited on Esplanade of Mrs. This remarkable picture shows Mrs. ward plunge. Plunging nearly 16,000 feet from pl Vita Shoemaker, 90-pound Wall street, New York, clerk and mother of ar-old child, established a new world record for wo! lane over Roosevelt Field, Long Island, man parachute jumpers. Shoemaaker as she left plane for her down- —P. & A Photo. TURKISH ARPLANES BOBING RAIDERS Aircraft Used Against No- mads Who Have Taken Ref- uge on Mount Ararat. By the Associated Press. I8TANBUL, Turkey. July 5.—Turkish airplanes are being used to bomb the mountain fastnesses of insurgent No- mads and raiders who have been caus- ing trouble in the northeastern part of Kurdish Turkistan. About 150,000 armed Nomads. of the local Djelali tribe plus Kurdish raiders from across the Pension border are es- timated to_have taken refuge in hiding places on Mount Ararat. Turkish air- planes for the past few days have been bombarding these lairs and Tur- kish soldiers have been making their | way up _the mountain. The Turkish authorities today said | that the success of the troops had | been such that within a few days the | insurgents will be forced to throw down their arms. The Turkish press has been charg- ing that Persia armed the Nomads to | play off tribe against tribe on the| border, but the Persian consul in Istan- | bul has denied this with the- implica- tion that the Nomads procure their arms through sources in Soviet Ar- menia and not in Persia. MORROW IS GUARDED | AS FUTURE PRESIDENT Mexican Detective Explains Reason for Elaborate Protection Given to Envoy of U. S. | I Special Dispatch to The Star. Hotel des Invalides, Guarded by Flaghearers of Many Nations. Bpecial Dispatch to The Star. PARIS, July 5.—Soil taken from the site of the pyre of St. Joan d'Arc at Rouen, was recently presented to Paris by the “Companions of Joan of Arc,” after being blessed by Cardinal Verdier, Archbishop of Paris. The relic is exhib- ited on the Esplanade of the Hotel des guarded by the flagbearers nations and patriotic organi- vations, including the Paris post of the American Legion. The reliquary s of red marble sur- mounted by the head of Joan, with a collar of silver thorns. (Copyright, 1930.) ALEXANDRIA. ALEXANDRIA, Va, cial).—Anthony Amos, Judge William S. Snow, accused of being drunk in jail. He his condition was a dandelion wine “hang- over.” The judge ruled that he finish out his sentence, without additional time against him. Elmer Beasley, 27, colored, of Wash- ington, D. C., was held for grand jury action’ following a Police Court hearing today. He is charged with felonious assault on Eddie Carter, colored, house- breaking and larceny of clothing Patrolman Posey and Special Officer willlam Griffith came upon a colored man at Hume avenue and the Wash- ington-Alexandria Highway this morn- ing who was suffering with a badly mashed foot. He said he had been in- jured on a freight train. He was taken 1o the Alexandria hospital A pair of pocket combs made of wood, said to be more than 300 years re exhibited yesterday by G. M. Bowie of Fairfax County. The comb Bowie said. were presented the fami! by Roger Williams, founder of the Rhode Island colony Guard W. H. Miller recently con- veyed the following prisoners to the Richmond penitentiary: Eddie Poole. two years for felonious assault; Carl Crockett, two years for grand larceny: Frnest Gatchell, two years for felonious sssault; Henry McNeil, colored, one vear for felonious assault and Robert L Taylor, colorer, two vears for grand larceny. Local troops of Boy Scouts celebrated the Fourth yesterday by a campin expedition to Dripping Springs. Games were held in the afternoon and con- certs were given July 5 (Spe- colored, faced Danville Arrests Decrease. DANVILLE, Va, July 5 (Special) ‘The_monthly report of police activities in Danville shows a decrease in the mber of arrests during June, there beipg nine fewer than May. A total of 144 arrests were made, drunkenncss and prohibition law violations leading the Tust Will Hold Service for Aged. ‘The services at the Metropolitan A. M. E. Church tomorrow morning will be devoted to the aged and shut-ins. ‘The minister, Dr. Williem H. Thomas, MEXICO CITY, July 5.—Dwight Morrow, when he attended the Fourth of July celebrations of the American colony here, was afforded the largest and most vigilant guard of Mexico City police ever given to any foreign func- tionary. There were 40 picked plain clothes men when he arrived here ‘Thursday night, and at least 30 detec- tives surrounded him durisg Friday's stivities. A prominent American resident com- mented on this to Col. Casimir Tala- mante, chlef of Mexico police detec- tives, who answered: “Why, of course, Mr. Morrow's = future President of the United States.” NEWSPAPER READERS SCARCE IN BULGARIA Official Figures Show Small Circu- lation for Newspapers and Periodicals. SOFIA (/P)—Newspaper reading is not exactly a habit in Bulgaria, judg- ing from official figures on the circu- lation of dailies and periodicals. In a population of 5,500,000 the total circulation averaged only 300,000 daily in 1929. This, however, is a big ad- vance in 20 years, as the circulation then was only 20.000 daily in Sofia, with an additional 10,000 for all the provinces. Only two newspapers have acquired circulations of 30,000 daily. They are non-partisan sheets and eschew party politics, the chief stock in trade of most of the other publications. Advertising is extremely limited. The price to the reader is generally equivalent to half a cent in American money. COUPLE WED 25 YEARS Floris Home Scene of Silver Wed- ding Entertainment. By a Staff Correspondent of The Btar. FLORIS, Va., July 5—A reception to relatives and friends, and a musical entertainment featured the silver wed- ding anniversary celebration of Mr. and Mrs. D. A. Sloper at their local resi- dence Saturday night Society of the Floris Methodist Church, many of Mrs. Sloper's friends of the Vienna Seventh-day Adventist Church and Dr. C. P. Hutchinson of Purcell- ville, Va. Musical selections were rendered by the male quartet from the Vienna -| Church, Mrs. George L. Middleton and Louise Cockerille. Veterans Invited to Sperryville. FAIRPAX, Va. July 5 (Special) Marr Camp, Confederate Veterans, Fairfax County, has been invited to tend the annuai reunion of veters Northern Virginia July 19 at the Sperryville, in Rappahannock County. Commutes for Opera. will preach at 11 o'clock on “The Faith of an Old Man,” followrd by the holy communion. At the evening service Rev. J. H. Gi siudent at Howard Laiversity Dizniy Scheol, will preach. years, Otto Kahn, New York banker, has made spec attend the opera season. opening of th® Summer \ 5 of | tute of Agriculture. ome | ing repo; of Mr. and Mrs. Willlam G. Wood of | potatoes, CHICAGO (#).—For the last eight GRUDGE IS BLAMED N TORCH KILLING Cab Driver Killed by Bullet and His Oil-Drenched Body Set Afire. | By the Associated Press. | NEW YORK, July 5.~A grudge, har- | bored during three ‘years in prison, was | one theory upon which police sought | today to solve the slaying of a man, | whose oil-drenched body was found | blazing in the Bronx. The body, charred beyond recognition, was identified by a scrap of paper and | police records as that of Henry Brink- ! man, 38 years old, a taxicab driver. He had been killed by a bullet through the {head. The scrap of paper bore the | name of a matron at a moving picture theater, where Brinkman had torn his | pants. * At the theater’ police learned from the manager Brinkman's name and address. His police record, which included six arrests and one term in Eimira Prison, furnished the clue for the grudge theory and set police looking for a man re- leased from prison a few days ago as the possible slayer. Brinkman and several others were ar- rested in January, 1927, in a raid on a gambling resort. ' They were discharged and as they left the court room an al- tercation arose among the defendants. Brinkman drew a knife and cut another man several times in the face. At Brinkman's trial for felonious gssault the victim refused to identify hinl and left the court saying he would “take care of him myself.” Police said the man who had been stabbed was subsequently sentenced to three years in pfison and was released recently. They are seeking him. ON TRIAL IN SICILY Violént Crimes Over Period of 20 Years Are Included in Charges. By the Associated Press. SCIACCA, Italy, July 5.—The Mafia scourge of Sicily, will be dealt anothe | blow with the opening here today of the trial of 214 men The crimes cover a period of 20 vears and the accused are charged, among other things. with 43 homicides, 24 attempted homicides, thefts, cases | of extortion and violence in the ter- | ritory of Madonie. The documents in the cases fill 69 volumes and the government prosecutors | are confident of a successful outcome. | They say the present round-up fs the mosi. important since the dramatic +| clean-up of the Palermo district in 1927 and 1928. The Mafia long has been notorious for its bloody vendettas and the course | of justice has been impeded by the | traditional Sicilian “omerta” or refusal | to testify. \VIENNA FIREMEN OPEN ANNUAL CELEBRATOIN | Bpteial Dispatch to The Star, VIENNA, Va.. July 4—The annual carnival of the Vienna Volunteer Fire Department yesterday opened on_the grounds adjoining the Town | Ball, _on Center street. The Elk | Club Boys' 50-piece band of Washing- | ton will furnish music for the Fourth, | with Manville’s Orchestra furnishing the dance music at night. The carnival will close tonight, A baby show. under the direction of Mrs. William Bennett and _the Ladies’ Auxiliary was held. The county health doctor and nurse were the judges. Two base ball games, Vienna and Colvin {Run and Vienna and Cadillac Motor | Co., are listed. All profits will | be used toward the next payment on the new pumper. The Ladies' Aux- iliary will serve a chicken dinner, the proceeds going to the same fund. The guests included the Ladies' A\d; BUYS SERVICE STATIONS. NEW YORK, July 5 (#).—Crew Le- vick Co. of Philadelphia, a subsidiary |of Cities Service, announces the pur- chase of eight service stations from F. | J. Fournier of Pittsburgh. Seven of the | statlons_are located in Pittsburgh and jone in Etna, a suburb, CEREAL 0UTLOOK BETTER. ROME. July 5 (#)—Italy's production |of wheat and minor cereals in 1930 will be somewhat better than pre ously forecast, according to yesterday’s { report reaching the International Insti- Similar encourag- rts were received covering corn, . SUGAr beets and hemp, as well as grapes and olives, Improved weather conditions gave rise to the new reports. | Heads Pre: ss Bureau. | appointed chief of the Press Bureau of | the Ministry of Foreign Aflairs. PARIS, July 5 (#)—Jean Knight, ] trips to Chicago to | French Minister to Canada, has been WHEAT COUNTRY C'ampbeu, Greatest Grain Farmer, Departs to Advise ‘Russia on Agriculture. BY JOHN F. SINCLAIR. Thomas D. Campbell of Montana, America’s biggest wheat farmer, who sailed recently for Soviet Russia, left & farm of 95,000 acres in Northern Mon- tana, upon which he raises 500,000 | ], bushels of wheat a year, without the aid of a horse, to advise the Soviets on the best way to handle their 165 state farms, and especially their new giant farm of 1,000,000 acres, in the Ukraine, now in Process of being cultivated. I asked him just before his departure why he was going at this particular time, when his own crops were just ripening. He laughed, and said he'd re- turn to his Montana farm before the Summer is over. In fact, he'll travel by airplane in Russia, covering enormous territory in three weeks via plane, and be back ready for his own harvesting in August. Then, turning around quickly in im- pressive fashion, he said: “Sure, Russia needs credit. Who doesn't? We all do—and a live country needs it on a larger scale. Don't make any mistakes. In three years Russia will be the greatest wheat exporting country in the world. “United States wheat farmers? They'll have to reduce their production and be satisfled with producing enough to sup- Ply American needs. Beyond that, they face disaster. There is no hoj We bave too many farmers anyhow, all small little unit fellows trying hard—so hard- to get by. They are trying to hold on to the days of small enterprise, when all other industries have gone ‘mass pro- duction.’ It can't be handled that way. “The ‘big’ unit farm, with its trac- tors, modesn machinery, modern meth- ods, efficiency, experience, can be worked out, but I see little hope for the small unit wheat farmer, for Russia —after 10 years, 15 years—is sure to be one of Europe's greatest wheat ex- porters.” Then in a lighter vein, this bonanza farmer, full of enthuslasm, said: “Better come along. It will open your eyes. Not there since 1923? The whole Russian world has moved far since then. Well, so long—good luck. See you when I return in August and T'll tell you plenty. What is the Federal Farm Board golng to do with its unsold wheat— perhaps 60,000,000 bushels—for which it paid $1.20 for No. 1 hard and $1.18 for No. 2 hard? George S. Milnor, head of the Grain Stabflization Corporation (the board's operating company), announced a few days ago that the corporgtion had dis- continued its sale of wheat while the new crop is moving. Wheat bought in 1929 will not be thrown on the market in a way to depress prices, so that “the grain trade itself need have no appre- hension of competition.” “While the visible supply of wheat in this country,” says Mr. Milnor, “is somewhat in excess of that of ‘a year ago—a fact grain traders are empha- sizing—the amount of 1929 wheat with- drawn from the market by the Grain Stabilization Corporation was ApProxi=- mately three times the amount of that increase, leaving the amount of wheat on the market substantially below last year's figure.” The board has withdrawn from the market millions of bushels. To do so 3qu1res!dnwr?gez space. But the new Op needs plenty of storage space, too. W)(l)mJlfl it to bg’ had? g e N January 2 wheat was selling for $1.33. Now it's much below 90 c’enu. The future price of wheat will be de- termined largely by the weather, plus the present supply of wheat stocks on hand, throughout the world. At this time good -weather, paradox- fcal as it may seem, will tend to de- crease the price of wheat and bad weather increase it. The larger the new wheat crop the less the price. But Canada’s problem is, if anything, more serious than that which faces the farmers of the United States. Butte, “the richest hill on earth,” has been entertaining the medical men of the West this week. Quiet now, as a result of the drop in the price of ‘copper, it still remains the world’s largest copper gamp, with a normal annual production of 300,000,000 pounds. Already Butte has given to the world nearly $3,000,000,000 in mineral wealth. It still produces several hundred mil- lion pounds of zinc a year. It has 2,700 miles of underground tunnels, tapping the rich veins of silver, zinc, gold and ‘copper. Now another product—that of man- ganese—has given thé jeweled city of the Rockies & new industry. Among Butte's inductrial leaders have been Marcus Daly, William A. Clark, John D. Ryan, C. F. Kelley, William Boyle Thompson, F. Augustus Heinze, Frederick Laist and Miles Finlen. The tourist business has struck the West in the last few years in the form of dude ranches. Today Montana has over $10,000,000 invested in dude ranch- es, where Easterners spend delightful Summer days and cool, lon7 evenings. Montana’s wealth is not all inside the mountains. She has scenery unsur- passed (both the Yellowstone and the Glacier National Park are réached through Montana) and she has broad, fertile areas enough to feed the Nation. Stuart Chase, well known economist- | writer, in a recent article entitled “The Nemesis of American Business,” says: “As a certified public ,aaccountant T | have been examining corporations’ bal- ance sheets for many years. Seldom do I find one without a ‘surplus’ account on the credit -side, and frequently an appropriated surplus, variously entitled ‘Reserved for dividends,’ ‘reserved for depreciation,’ ‘reserved for bad debts,’ ‘reserved for expansion.’ But a ‘reserve for unemployment’ I have never seen. Dividends and equities of stockholders have been protected by many ingenious devices. It is time, and more than time, that the flesh and blood which provide them receive at least equal consider- ation.” Mr. Chase is touching on a subject to which business leaders are giving plenty of thought these days. Its implications are very far-reaching. It will be solved in this generation. Flag day charity collections in the metropolitan district of London last year_totaled over $1.250.00 First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc Real Estate Loans 51% & 6, Applications invited for on District of and Maryland 1435 K‘;e. N.w. National 2345 BY CHARLES T. HUGHES, (This is the eleventh of a series of brief analysis by Mr. Hughes on Tail- road securities. The intent is not to recommend the purchase or sale of particular stock but the vestor such information as may enabl him intelligently to chart his oW course.) any Chicago Great Western. One of the few roads able to make | progress despite the general industrial depression this year is Chicago Great Western. The new management has met with surprising success in building up the property and in cutting down the operating ratio. No dividends have ever been paid on the common stock fof the present company and none has been disbursed since 1919 on the pre- ferred, on which the accumulated charges are 56 per cent as of April 1 ast Obviously both issues of these stocks are purely speculative, but they have an active market and a good sized public following. ~The capital structure is strong with only $39,208,198 of funded debt against $47,133,002 of preferred and $45,210,513 of common stock. Bond | Inteyest was earned 1.73 times in 1929, earned 1.53 tims in 1928 and has been fully covered in every year since 1923. Consequently the one large bond issue outstanding, the general 4s of 1959, is & reasonably good investment. The bonds sell in the open market on a basis to yield better than 6 per cent, but as the obligation of one of the smaller and non-dividend paying roads fluctuate through a rather large range. Although gross fell off in the first four months of 1930 7 per cent from the same period of 1929, net operating income increased more than 104 per cent, making it the highest in recent years. Presumably the first six months will not make so good a showing in view of declining car loadings, but the road is in a position to take advantage of a pick-up in traffic when apd if it comes. In the Interstate Commerce Commis- sion’s plan for railroad consolidation the Great Western is placed in the sys- tem headed by the Santa Fe. The present management, however, has let it be understood that it has no inten- tions of seeking a merger with any other road, but hopes and expects to put the property on a paying basis on its own_account. In 1929 net income was equal to $2.62 per share of preferred and based on the results to April something like $4 will be earned for the preferred this year. et FERTILIZER CONCERN FORMED IN BALTIMORE 0Berphos Company Is Organized to Use Improevd Processes in Phosphate Manufacture. Special Dispatch to The Star. BALTIMORE, July 5—Formation of the Oberphos Co. for the purpose of using and exploiting certain improved processes for the manufacture of ferti- lizers and superphosphates, has been announced here. A substantial interest in the new company has been taken both by G. Ober & Sons Co., fertilizer manufacturers, and the Koppers Co., through its subsidiary, the Bartlett- Hayward Corporation of this city. The board of directors consists of H. B. Rust, W. L. Rust, Howard Bruce, Gustavus Ober, jr.; Harry N. Baetjer and Beverly Ober. 'Gustavus Ober, jr.; will be president of the new company. Authorized capital of the Oberphos Co. consists of 16,000 shares, of which 6,000 shares of $100 par value, and ag- gregate par of $600,000 will be 6 per cent cumulative preferred stock and 10,000 shares without par value will be common stock. Howard Bruce is chairman of the board of the Bartlett-Hayward Cor- poration, while H. B. Rust and W. L. Rust are directors both of that company and the Koppers Co. R. B. Mellon and R. K. Mellon of Pittsburgh are also on the Koppers Co. board, indicating that the Mellon interests are identified in- directly with the new company. G. Ober & Sons Co. has been in existence here for 90 years and the company is said to be one of the oldest fertilizer manu- facturers in the country. STUDEBAKER STOCKHOLDERS, NEW YORK, July 5 (#).—A tabula- tion made by the Studebaker Corpora- tion shows every State in the Union and 17 forelgn countries represented in the .addresses of the company's 28,356 common stock holders of record May 10, compared with 25,596 at the begin- ning of the year. Foreign countries represented include Canada, Holland, | England, Japan, Sweden, Nicaragua, Germany, Brazil, Argentina, Mexico, Switzerland, Poland, Belgium, Austria, Scotland, Italy and Czechoslovakia. 6% LOANS ON HOMES and ' Business Property Run for § Years Without Curtailment Wm, H. Saunders Co., Inc. Founded 1887 District 1016 1519 K Loan Correspondent for the Provident Mutual Life Insurance Company of Philadelphia Over a Third of a Century sider Without o Loss National 2100 | | ACCORDED HIGH Among the variety of pre- * ferred investments none stands higher than our 6% FIRST MORTGAGES The two important fixed — secured principal and unchanging rate of Interest. May be purchased in amounts from $250 up. B.- F. SAUL SUBSTITUTE HAS FINERECOVERY |Emphatic Advances in Last Two Trade Days of Week Are Recorded. Special Dispatch to The Star. NEW YORK, July 5.—While the in- vestment market pursued a dull and featureless course during the first two sessions of the week, its recovery in the last _two sessions was emphatic. This followed the heavy buying by savings banks consequent on the de- posit of funds from half-year dividends and bond interest. It brought high- grade bonds to their best levels of the vear d in line with money rates. Speculative issues, foreign dollar credits and the balance of the investment list improved sympatheticaily. Probably the outstanding event of the week was the dissolution of the syndi- cate distributing the new German 5% per cent loan. of which $98,250,000 was put out here early in June. Naturally while the syndicate held, there was a standing bid from its members for all such bonds offered on the Stock Ex- change at 90, the offering pricg. This held the issue firmly at that level and for a short time it was at a small premium, Bullish on German Bonds. ‘When the syndicate was wound up, the Street had predicted, the price would drop to a discount comparable to that of the same bonds on the London market, which ran from 2 to 41, per | cent. The opening price of 88% on Thursday, when the syndicate finally withdrew its bid. seemed to bear out | this forecast. But when the bonds | proved to be tremendously popular at prices ranging to above 89, the market became bullish on German bonds and other issues improved strongly. Part of this was attributable to sav- ings bank buying in other sections of the list, thus forcing dealers who were stocking up to resort to foreign dollar credits, and part was caused by buying for foreign account. With a dull stock market and a re- duced volume of new capital offerings the market had much in its favor. Banks are taking advantage of the spread between the yields in the call money market—curfently at less than 2 per cent average—and those avail- able in seasoned bonds, which range from 4 to 5!, per cent. The popularity of short-term bonds continued so strong- ly that a virtual scarcity exists in this part of the market, and that is why many institutions turned to long-term bonds in recent sessions. ‘New Offerings Smaller. e total of new offerings was $94,- 000,000, compared with about $150,000,- 000 last week. The index of 30 bonds, as compiled by Standard Statistics, climbed above 100 at the end of the week, compared with the 1930 high to date of 100.5 and the 1929 low of 96.2. It was the utilities that showed the greatest strength, as 10 of these issues went over 100, compared with their previous high of 99.9. How- ever, railroads made a strong comeback from the low levels to which stock sell- ing had driven them in the previous week, with an average above 107, com- pa;esd with their 1930 high to date of Municipals, of course, continued in| strong demand in such a market, and there was some marking up of prices. The average yield in this market was estimated at 3.50 to 4.10 per cent for prime issues at the end of the week, compared with 3.70 to 4.30 per cent in the preceding week. In connection with the Municipal Market, Joseph A. Broderick, New York State superintendent of banks, an- nounced his semi-annual revision of the list of securities legal for investment by savings banks. Since New York State is the model for many othor States, this list has a national signi- ficance. There are a number of secur- ities removed from the legal list, notably bonds of West Orange, N. J. Oakland County, Mich.; Pontiac, Mich; San Antonio_Independent School Dis- trict, Tex.; Beaver Falls, Pa.; Lacka- wanna County, Pa.; Lancaster, Pa.; East Chicago, Ind., and, among rail- roads, all bonds of Central of Georgia Railway, all bonds of the New Orlea; 24-Hour Parking Basement of Investment Bhdg. 15th & K Sts. M n mission. ash. L. & T and 420 W, L1 N. Management Over 30 years’ suc- cessful handling of rents—economical con- sideration for owners. Personal attention to details and prompt remittance: Also facili financing. Moore & Hill, Inc. (Since 1900) 730 17th Street s for LISTING con- tions definitely are CO. 15th St. N.W. 925 FOR SAFETY Butter—One-pound prints, 3615a273; | tub, 341583515, | Eggs—Hennery, 23a24; current re- ceipts, 21a22. ( Poultry, alive—Spring broilers, 35a36: medium. 30: small, 25a27; | horn broilers, 20a23; hens, large, 22a23; | small, 20; Leghorn’ hens, 15: roosters,! 13a15; ducks, 15. Dressed. shipped-in iced—Spring ~_brotlers, 30a32; and small, 25a27: Legho fowls, 23a25; Leghorn fowl: roosters, 17 ducks, 15. Jobbers' prices— Spring broilers, large, 40a42; medium, | 35a36; small, 30a32; Leghorns, large, 29 | 25a27; ‘fowls, large, 28a30: 25a26; Leghorn fowls,” 22a23: Toosters, 18a19; ducks, 23a25; turkeys, 32a33. Meats, fresh killed—Beef, 18a21: veal, 15218; lamb, 25: pork loins, 25a28 fresh hams, 25: fresh shoulders, 18a20 smoked hams, 37; smoked shoulders, 20 ?;con, 27; lard, In packages, 13; in bulk, | Live stock—Calves, 915: lambs, 915. | Fruits—Watermelons, 50a75: 'canta- | loupes. 2.50a2.75; honeydews, 2.00a3.50; | honeyballs, 5.00; peaches, Hileys, 3.25a | 3.50;" Carmans, 2.50a2.75: biackberries, | cultivated, 6.00; wild, 3.00a3.50; rasp- | berries, black, 7.00; red, 40 per quart; cherries, 6.00; Washington State, 15- pound lugs, fancy, 3,00 plums, ‘Cali- fornia, 1.75a2.25;' apples, 1.25a1.50; pineapples, 3.253.50. Vegetables—Potatoes, 3.25a3.50; to- 4.00 per’ bushei: matoes, homegrown, 2.50; beets, 2.00a5.00 large, medium 2527 15a17; | Southern, lugs, P 100 bunches; carrots, 4. 60a65; corn, 1.50a1 cucumbers, 1.00a1.25; cabbage, 75a85. SRR i it FAILURES INCREASE Slight Gain Shown in In!olvencies‘ for Week Ending June 28. 1 Business failures during the week ended June 28 indicated a very slight increase over the preceding week. In the following table comparisons are given by the Commerce Department, | calculated on representing 1923-25 aver- | ages as representing 100: Weck ended June 28, 120.4; previous | week, 119.7; same week last year, 104.4. | SILK STOCKS LOWER. NEW YORK, July 5 (#).—Stocks of | raw silk in storage July 1, as reported | by the principal warehouses in New | York City and Hoboken, N. J., totaled | 28,450 bales, compared with 35,477 on June 1, the Silk Association of America reports. Imports during the month of | June totaled 22,639 bales. 75 | Texas & Mexico Railway. and all bonds of the St Louls Southwestern Rail- way. In the Public Utilities, the first refunding 5s of 1946 of the Bingham- ton Light, Heat & Power Co. nave been removed from the legal list. Many Additions. There are many additions, includ- ing: Bonds of Norwalk, Conn.; Chester, Pa.; Delaware County, Pa.; Lycoming County, Pa.; Monessen, Pa.; Evansville, Ind.; Scott County, Iowa: Battle Creek School District, Mich.; Wayne County, Mich.; Jackson County, Mo.: Omaha School District, Nebr.; Hillsborough County, N. H.; Canton, Ohio; Mahon- ing County, Ohio; Youngstown, Ohio; Dallas County, Tex.; Tacoma, Wash.; Charleston, W. Va., and among railroad securities, improvement 43;s of 1978 of Boston & Albany Railroad, some recent Chesapeake & Ohio issues, equipment trust issues of the Chicago, Indianap- olis & Louisville Railway, Chicago & Northwestern, Chigago, Rock Island & Pacific, New York Central, Pere Mar- quette, Reading, St. Louis-San Fran- cisco, Southern Pacific and Southern Rallway; additional issues of the Gulf, Mobile & Northern, Misouri-Kansas- ‘Texas, Morris & Essex and the Virginia, Railway. The entire funded mortg: debt of the Wabash Railroad is ad- mitted to the list as well. In the public utility fleld these are added: Peoples’ Gas Light & Coke Co. first and refund- ing 5s of 1976 series “A,” and the Public Service Electric & Gas Co. of New BEING CURTALED Newspaper and Magazine Advertising Makes Inroads on Roadside Ads. BY J. C. ROYLE. Many outdoor billboards, which have been occupied by advertising for years past, are blank today. Painted-out spaces on the great boards which abound along the main highways of the country have attracted such wide- spread attention as to cause discussion by Government officials of the probable explanation. The general impression here seems to be that the immediate cause is & falling off in such advertising as & re- sult of the business situation. Aside from the conditions which have affected nearly all lines of business, however, various explanations are advanced. | Newspaper and magazine men say the blank boards are dus chiefly to increased returns from newspaper and magazine advertising. Radio broadcasting com- panies claim that more money is being | spent for time on the air. Billboard People Deny It. Outdoor advertising _people them- elves insist that their business has not suffered extensively or permanently. They assert that they occupy a unique | field and that nothing has occurred to | make that fleld less attractive or re- munerative. There is no question, however, that strong opposition to billboards has sprung up in various sections of the country owing largely to the preserve scenic beauty. Some opposition is based by highway authori- ties on the fact that signs are many times placed at turns in the road, where motorists should be giving special con- sideration to their driving. In many instances, it is argued, signs cut off the view at curves and road intersections. Some Government officials have taken the stand in public addresses that com- plete elimination of commercial adver= tising signs should be enforced. In ad- dition, many of the States have regula= tions which bear upon the outdoor ad- vertising concerns more or less rigidly, so far as the highway limits are con- cerned, but, of course, these are not effective with regard to signs placed on private proyerty adjoining highways and rights of way. Heavy Taxation in Jersey. In connection with public safety, the American Civic Federation, through its president, has proposed an amendment to the uniform vehicle code which pro- vides that with the constant growth of high speed traffic and with increasing number of traffic direction signal signs and lights, all commercial advertising signs along the highways should be re- moved to a distance of at least 500 feet. New Jersey has recently put into effect a law which taxes the outdoor advertiser $100 a year for a license and 3 cents a , square foot for each billboard. The bill also provides that no billboard can be erected within 500 feet of any road in- tersection. Virginia has prohibited the erection of any billboard or advertising structure outside the corporate limits of cities or towns within 200 feet of the intersection of any two or more public roads, or near any curve or bend in the public roads. Nearly half the heavy industrial ma- chinery being taken into British Mae llx! is from America. First Mortgage Loans In Arlington County and Alexandria, Virginia Commonwealth Investment Co., Inc. 806 15th St. N.W. Phone National 2623 Mortgage Loan Correspondent for The Prudential Insurance Co. of America Jersey first and refunding 4'5s, 1970. and nearby Maryland and Home Apartment 1321 Connecticut Ave. First Mortgage Loans On improved Real Estate in the year terms on your S5%% . Apply RANDALL H. FHIAGNER & COMPANY MORTGAGE LOAN CORRESFPONDENT NEW YORK LIFE INSURANCE COMPANY t of Columbia Virginia for 3, 5 or 10 Office Building wsiness Property Decatur 3600 WHY Guess inJ DURING the clos- ing weeks of June, 175 stocks listed on the New York Exchange reached new lows for the year—some of them below the crash levels of 1929. Such facts prove the worthlessness of advice given so freely last December— “Now is the time to buy —they can’t go any lower!” The man who has invest- ments maturing in July will consider this evidence carefully before he takes a chance on speculative stocks He will eliminate guesswork—place his funds in a security in Again u which safety has been proven., The 6% First Mort- gage Notes offered through the Swartzell, Rheem & Hensey Company have weathered 61 years of financial ups and downs. During all that time #hey have not fluctuated a penny in value—and they have unfailingly paid every interest return, ex- actly on the day it is due. First Mortgages now pay the highest return of any safe investment, and now is the time for you to take advantage of it. SWARTZELL, RHEEM & HENSEY CO. - MORTGAGE BANKERS 727 15 STREET N.W, WASHINGTON D.C. /. [