The sun., 1918-07-29

direct appeal to the investing public
to purchase a $4,000, 100000 issue OF
certificates OF Indebtedness. which Will
be accepted in payment for income
and other taxes due on June 80 next.
These notes probably will not bear
more than An per cent. interest and
will run for only few months.
Effect of War News.
The strong undertone to stock mar
ket prices last week reflected the graf
ification OF the country at the favor
able turn OF events on the European
hattie fronts, as evidenced by the fur
Their successes achieved by the allied
forces The public was not in mood
to overspeculate, and no attempt was
made by the professional element to
force the issue at time when the
Government was borrowing immense
amounts from the banks. But the
declaration Of special dividends by
some corporations and the rumors OF
the impending increases by others
caused a partial revival in the prom
inent industrial shares, with n note
worthy movement in the better known
steel stocks. The railroad shares were
for the most part neglected, and until
the owners OF the roads reach an
agreement with the Government au-
thorities covering rentals and divi-
dends 1t Is not to be expected that
railroad securities as a class will re-
gain their old time popularity. The
Chicago. Milwaukee and St. Paul
shareholders have been without divi-
bends for seven months, owing to the
unwillingness of the directors to order
disbursements until the company
knows just what funds Il has to dis
burse.
Future of Railroad Securities.
These delays are vexatious and at
tended with hardships for those who
depend upon their dividend checks
TO provide living expenses. But the
fact to remember Is that the railroads
Of the United States are in a strong
position and stand to benefit greatly
from increased rates for passenger
and freight service. They are now
engaged in moving the largest aggre-
gate crops ever harvested, and they
will soon he handling the increased
general business which always de-
velops in a season OF plenty for the
farming communities. 1t Is apparent
therefore. that the securities Of the
American railroads are in many ways
more attractive investments than they
were in the days Of private owner
ship, when the solvency of the great
properties was jeopH rdlzei by their
inability to secure fair rates for ser
vice and when a dozen or more State
railroad commissions were telling their
managers what to do.
Increasing the Wheat Areas.
The nation is likely to gain a great
deal of new wealth from the country
wide movement underway to increa Sc
the production OF grain and foodstuffs.
The campaign just launched by the
Department OF Agriculture to obtain
this fall large increase in the area
planted to winter wheat has direct
bearing upon the work of winning the
war and insuring for the country a
sufficient surplus to carry us into
the next crop year. 1t Is essential
that this should be done, since the
reserves carried over this year were
the smallest on record and urgent
need exists for charging our ship
ments to the Allies The Department
is asking the farmers 10 enlarge wheat
production wherever IL is possible,
and while the planting OF 1880, 900
acres to winter wheat will not he praC-
ticable unless exceptionally favorable
conditions prevail, a campaign OF this
sort, having Government support. is
likely to produce important results
Notwithstanding our great industrial
progress, the United States Is first OF
all an agricultural country. with farm
ing its most important industry. With
the world crying for wheat and this
country the chief source OF available
supply an opportunity exists for the
experts in capacity production" to
render an important service to the
human race. This intensive cultivn-
ton Of the American wheat fields may
be an important benefit OF the war
Just as the scientific distribution of
the nations fuel supply Is likely 70
follow the famine conditions Of last
winter.
Money Rates.
The decline in call money last Fri
day to 4 per cent. gives rise to inter-
esting conjectures as to whether the