Evening Star Newspaper, September 28, 1926, Page 23

IN CENTER MARKET Meat, Butter, Eggs and Poul- try Prices Are Firm. Tomatoes Higher. More life was evidenced in trading this morning, due, it was stated, to cooler weather. The improved con- dition was more noticeable in the meat market than in other branches of the trade. Meat prices continued firm, dealcrs reported, a smilar condition existing in the butter, egg and poultry mar- kets. Practically mno changes in prices of commodities were noted this morning, prices being the same as at the close of vesterday's market, Fairly liberal supplies of apples peaches, pears. grapes and other fruits continued to be received, and vegetable receipts are large enough to meet all demands. Tomatoes were slightly higher this morning, half-bushel hampers selling at 73 cents and $1, some few bring- ing only 50 cent Today's Wholesale Prices. Butter—Fa . 1-pound prints, tubs, 49a packed, Eges—Fresh selected, 42; 45: current recelpts, 3%: s Poultry, alive—Turkevs, 35: broilers, ' 28a30: White Leghorns, 24a25; fowls, : roosters, voung, old, 15; kes 50860 440, Dressed— 135 keats, o, broile old, young, young. Meats—Beer, 26a30; fresh g 22a24: loins. 33a35: 35; smoked shoulders, Live st Ives medium, 11a12; thin, 7 Fruit and Vegetable Review. Today’s market report on fruits and compiled by the Market rvice Bureau of Agricultural Eeonomic Apple moderate, market Washington, medium tc : combination ex ney Grimes and Jona : Winter RBananas, Maryland Cabbage modor mand light, Supplies market fai ]y York, bulk per t/n Domesti round type, 25.00; Penr/ylvania, bulk hundredweizht, Danish type, 1.651 1. Celery moderate, market steady two-third ecrates. 2.00a full crates, most Grapes— Eastern supplies modes demand moderate, . ms New York, Z-quart O Concords and Niagara. ming Reds, 17a18; Californin, s —Supplies 7noderate: demand New York, . mostly Lettuce Market Stron Lettuce—Supplics mode mand moderate, market stronger; New York, 2-dozen Rig Boston tvpe, o condition, mostly crates, Iceberg type, 5.25. Onions— Suppli light, market steady: Tndiana, 100-pound s yellow: slightly ates, ity and Michi mand moderate, market steady: Penn svivania, bushel bask very large size, mostls medium to large si Jersey. s, large to ve 00; mostly aronnd 1. bushel baskets. Llber mostly 1. Pears—Supplies moderate: moderate; market ; New bushel No. 1, slze, 2.25 200, Potatoes- mand moderate Jersey, 150-pour No. 1 4 sacks Cobblers, 1 Michigan, 150-pound Rurals, 1°. & No. 1, 4.00a4.15 Sweet DPotatoes - Supplies moder: demand licht: market dull; North Carolina, _cloth top stave barrels, Yellows., No. 1. some medium 2 2.50a3.00; Maryland, bushel baskets, Yellows, No. 1. best, 1.25a1.50. Corn—Supplies moderate; moderate; market steady: homegrown, sacked pgr dozen sugar corn, mostly around ©0. Tomatoes demand York large Supplies moderate: de market firm: New sack Cobblers, U. 8. ne. 150-pound . 4.00a4.15; Russet Supplies moderate; mand moc¢ e market stead, grown, 1:bushel hampers, few low as b0, CHICAGO LIVE STOCK MARKET CHICAGO, September I8 (United States Department of Agriculture). Hogs—Receipts, 20,000; mostly 15 to 2 lower on average weight under : pounds as compared with best pr Monday: spots off more on 189 to pound weight; light light and pi improved demand: heavy butcher. packing sows steady to a shade lower: =pots 10 to 15 off: top, 13.65: bulk desirable 180 to 240 pound av 3 13.25a13.60; most good and choice to 300 pound butchers, 13. desirable packing sows. 11.00a most strongweight slaughter 11.25a12.00; heavyweigh 13.50; medium, 13.00a13.65 18.60; light light, 11.50a13. sows, 10.50a12 -25a12.40. Cattle—Receipts, 9,000 head; slightly improved action on vearlings and me- dlum weight fed steers: steady; prac- tically nothing done on in-between grades and heavies; few loads of vear- lings, 12.00; some held higher: numer- ous loads of yvearlings and light-weight steers at 9.85a11.50: fat cows slow; steady; all cutters strong: few low cut. ters under 4.00; bul v; bulk of medium at 5.35a. alers around higher; selected kind of pa 15.60 and above to outsiders; stockers and feeders steady; bulk, 6.50a7 Sheep—Receipts, 30,000; very lit- tle trading done; better grade of fat lambs about steady: bidding or more lower on in-between and lower grades; no Westerns sold: few opening sales of natives 12.00a12.50; odd lots culls, 9.0089.50; sheep steady: fat ew 6.00a 6.50; feeding lambs, 50 lower; opening sales, 12.75a13.10. . BURGER succzéné iSMON. NEW YORK, September ). R. H. Ismon has resigned as a direc- tor, secretary and treasurer the American Can Co., effective November 1, and will be succeeded by R. A Burger \as secretary and treasurer. C. E. Green was elected controller und succeeds Mr. Ismon as a director. POULTRY MARKET. CHICAGO, Sepember 28 (#).. --Alive, firm; i 24 cars; fowls, Springs, s, 3 SILVER QUOTATIONS. NEW YORK, September 28 UP). Bar sives: 683, Mexican dollass, ¢4% some ripe, | demand | ~Poultry | MEN AND MONEY By M. S. Rukeyser (Copyright. 1926.) In spite of the new trend toward| crop diversification, the happiness, ( welfare and prosperity of the solid South still fluctuates with the chang-| ing fortunes of King Cotton. Samuel T. Hubbard, jr., the 42-year- old Harvard man who was recently elected to the presidency of the New York Cotton Exchange, the largest cotton futures market in the world, told me that he thinks the South generally is soon to benefit from a striking revival of prosperity in the| textile trades which clothe the human race. Incidentally, he is confident that New England, despite the recent drift of cotton mills to the South, has a brilliant business future and will share in the renaissance which he expects before long in the textile trades, which up to the present have been depressed. while other industri have been prosperous to a high de- gree. To any one who gets his economics from the Congressional Record and looks upon the cotton market as the greatest gambling den in the world, Mr. Hubbard will be somewhat of a shock. Although zot_his bachelor of arts d 907, he has never ceased to be a student. His operations the on market are based on es of weather conditions, farm problems, consumptive proba ities, and trade psychology-—not on mere guesses, hunches or tips. | New England Lineage. Mr. Hubbard, who is tall and slen- der, with an oblong face and sharp features, in appearance suggests his New FEngland lineage. He has ex- pressive, friendly brown eyes. After college, he learned the cotton bus ness in the fields of Arkansas—far from the Wall Street ticker tape. He toiled as an office boy and clerk and learned how cotton grown, picked, compressed and shipped. Then he went to New England in the heart of the cotton mill district and studied that phase of the industry. “I think,” said Mr. Hubbard, “that we are on the eve of a revival in the cotton _textile industry, which has been abnormally depressed There was a great surplus of war materials, particularly cotton clothing and cioth, and also a war- time expansion of manufacturing this time hung like a cloud of disaster over the industry, which has suffered also from the shrunken buying power of Iurope. This r, however, Kurope appears to be taking more cotton than last. Domestic stocks are ow hand-to-mouth buying. The goods trade is still cautiously feeling its way, watching the raw cotton market.” | growing in the South and which will of November, Mr. Hubbard peered through his glasses and, after deliber- ating, sald: “There is an extraordinary diver sity among the trade at present a to the size of the new crop. Isti- mates in thoughful quarters var from 14,000,000 to 16,000,000 bales." Medium Crop Best. Queried as to whether the farmer would profit more from a short crop than a bumper one, Mr. Hubbard said { that a short crop usually means great unevenness as between localities, bringing great prosperity for some and hardship for others.” The farm ers generally, he said, profit most from a medium sized crop. sked Mr. Hubbard the reason ble short crop in u year 1 unprecedentedly large acre- d been planted in cotton. He |answered that excessive rain and the activity of bugs had. in the opinion of many persons, rious damaged the crop. In addition to the boll 2 familiar foe of Southern pros- the hopper, or the Mexican as heen for the first time active throughout the belt, he said. Both types came from Mexico. With all ctions on immigration, \ select and examine human be- we have not succeeded in ex- cluding these pests from below the Rio Grande, which are certainly more harmful than an influx of non-Nor- would be. “The farmer.” explained the presi- dent of the Cotton Ixchange, “is | necessarily a speculator. First, he speculates on the weather. Then, aftex his crop is picked, he must de- cide whether to sell at prevaiing | prices or hold in expectation of a | higher price. 1f he holds his cotton, | he becomes leng of cotton, a bull sperulator.” | i ton farm do to heighten his prosperity. “The farmer,” lained, “can fmprove his lot through wttending agricultural schools, learn how to use fertilizer more ef <ly, the use of better seeds, the use of the soil through rotation crops. Moreover, he can learn something of the price situation by watching cotton markets and stati ties and learning how to interpret them. Variation of Ability. “There is as wide a variation of abil- { ity among farmers as among busine: men. Some are just two-horse plow farmers and others, like L. K. Sals { bury of Memphis and Lee Wilson of Wilson, Ark. run their enormous plantations. covering many thousands of acres, with all the skill of corpora | tion executives, fully conversant as to costs and other factors which condi ! tion their prosperity | Mr. Hubbard thinks that the long { term prospects for the cotton growers |are good because he believes that the { world, when post war normalcy is fully established, will take 16,000,000 bales of American cotton a vear. = As for New England, he believes that the labor leaders are constructive and in- telligent, and will help employers and managers of the textile mills to work out a satisfactory wage hasis and bet- ter methods of production. { I believe the trend,” he declared, | *will be toward more staple products |in the textile field. ~We have gone to extremes in &tyle changes, and many women are beginning to tire of radical and quick changes in fabrics and colors, which comparatively soon become obsolete. Mr. Hubbard is striving to make New York one of the great cotton ports of the world. Recently the New York Cotton Exchange entered into a contract with the Bayway Ter- minal providing for the establishment of a cotton concentration point at Elizabeth, on the New Jersey side of the Staten Island sound, where 200, 000 bales of cotton eventually can be stored. When away from the cotton market, Mr. Hubbard shares the responsibility of raising five children, the oldest of | which is thirteen. He likes golf, | but says he plays a wretched game. His chief hobby is yachting, and when indoors he finds relaxation at bridge. | He inherits his taste for boating {from his father, who though past | three score and ten, is still his active business partner. His father had {also been president of the New York | Cotton Exchange. The Business of Getting Ahead Books As Sound Investments. The successful individual literally regards his graduation from school or college as only a commencement of a career of independent study. The old notion that mental growth ceases after the award of a diploma is passing. The heritage of human knowledge 18 o huge that in u span of even 70 years the man @F WomaR ince the | equipment, which have almost up toi because of the prevalence of | Asked about the crop which is now | { probably be entirely picked by the end | I asked Mr. Hubbard what the cot- | he ex-| PROSPEROUS TIME Food Products Companies in General Are Doing Well. Live Stock Going Up. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, September 28.—Food products companies in general are in the midst of a remarkably prosperous period. In addition, the approach of the holidays, which always give a spur to food sales, promises exceptionally large gains. Eleven large food prod- ucts companies so far this vear have reported an aggregate net gain of 23% per cent as compared with the corre- sponding period of 1925. Perhaps the flour manufacturers huve done as well as any one, and while grain producers in many In- stamces have suffered from low prices, their returns have been dictated by protein content as much as by any other factor. Durum wheat, of Which macaroni is made. has been selling around 20 cents a bushel higher than in 1925, or higher than the best brgad wheat. The latter is 10 ceents or more lower than in the corresponding pe- riod of last year, owing to gains in production. The advance in durum lis due to the failure of the Italian harvest, and it is the first time in vears that durum has been higher than bread wheat flour. Stimulates Flour Production. The lower price of bread wheat flour has stimulated flour production. The Oriental demand from the Pacific Northwest has provided a marvelous oullet for the production of Idaho, | Montana , Washington and Oregon. with vessels in the carrying trade fully engaged. While mills in Minne- apolis in 1924 and 1925 averaged a production of 12,000,000 barrels of ! flour a year, a decline from peak pro- duction reached in 1916, other North- western mills have been increasing their output. This trend has been followed by a decided spurt in production in the mills of Buffalo which bids fair to be well above the 1925 record of 9,000,000 barrels. The Minnesota mills blame freight rates for this trend. But Kan- City is gradually climbing toward a point where it can challenge Minne- apolis and Buffalo for supremacy as {a milling center. Kansas City has set a series of new weekl production records this year, and the month's production is well in advance of the previous high mark established in September, 1924, or 1347 barrels. This has been accomplished through the operations of the new unit of the Washburn Crosby Milling Co. and the new plant of the Monarch Milling Co. there. In 1925 the output of the Kan- City mills was 5,600,000 barrels, {but a decided improvement antici- | pated before January 1, 19 Milling Output Increased. Kansas City mills grind only hard Winter wheat, whereas both the other rival centers produce a certain amount of flour from Spring wheat. The Kansas City elevator capacity now is in excess of 32,000,000 bushels of wheat, distributed among 44 eleva- tors, many of them attached direct to mille. The St. Louls district has also increased its milling output material- Iy in late months, Firmn live stock prices are anticl- pated this Winter, although the profits of the meat packers may fall slightly below those of 19 The current trend of hogs and cattle is up- although no sharp advance is anticipated. This is due to the fact that low prices for feed have resulted in a large number of heavy animals arriving at market. The demand for the lighter grades of cattle and hogs, however, is still unfilled. With slightly higher feed prices expected as the season advances, the trend again will be toward marketing animals of the light weights. This will benefit the packers and possibly make possible slight advances in prices of cattle and hogs to breeders rather than fatteners. Marketing of has been over 5,000,000 animals ess than at this time last yvear. | Yood imports now exceed food ex- ports in this country, but the de- pendence of this country on other is for articles regarded as luxuries rather than on the essentlals of bread and meat e can hope to achleve expertness only {in a limited field. Experience is perhaps the best teacher, but life is too short for us to undertake to find out everything for ourselves. From the mathematiclans we must take in good faith the dogma- {tism that 2 and 2 makes 4. Books are the vehicles through which the age-long experience of the race is transmitted to indtviduals. In recent | vears, a significant new literature has sprung up—books about every form {of economic enterprise have leaped {from the press. The man who is bent on rising will supplement his own observations in the shop, the office and the factory with inteiligently selected reading. 1f he becomes a ribbon clerk, instead of being subconsclously ashamed of his vocation, he will read the best avail- able books on the technical and eco- nomic aspects of ribbon and will sup- plement his fundamental studies by following trade periodicals. 1f he does this and digests his studles, he will be moving inevitably toward the position of buyer and head of stock. His employer cannot think of hold- ing down an individual who shows such genuine interest in preparing himselt for larger responsibilities. Business’ New Dignity. Business has ceased to be looked upon as a lowly pursuit for the vul- gar. Having attained a new dignity, it is no longer apologetic. In the twentieth century, the work-a-day world has become scientific, and is for the first time recording its practical wisdom in books. In the recent development of a new literature about barter, production and money matters, tones, profound and superficial, on every aspect of the American national pastime of money- getting have been written. Practi- tioners and philosophers have rushed into print to express in systematic form the hows and wherefores of pres- ent-day finance. Almot every question about any phase of money making and saving is completely answered in some volume. Yet business, of course, fs @ llving organism, perpetually changing and offering the highest re- wards to those of creative minds who are resilient and resourceful. Books can_ reinforce native mental capacity by buttressing it with the facts, but cannot supply the spark of intelli- gence itseif. The inexperienced layman, attempt- ing to find his w through the ever increasing mass production of bool on every subject from floogwalking to the art and science of managing a chestnut stand, needs a specialist to | guide him from the less important to the anore significant books. Go to the nearest public library and enlist the aid of the librarian. If still unable to find the particular business book vou need, send me vour inquiry. in care of this newspaper, with i self- addressed stamped envelope. I SCaRTiERE 35S BALTIMORE IMPORTS. BALTIMORE, September 28 (Spe- clal)—Bulk imports received at Balti- more last week included: Bananas, 46,620 bunches; cellulose, 5,759 bales; chrome ore, 5,500 tons; gasoline, 137,- 000 barrels; iron ore, 43,000 tons; | manganese ore, 12,035 tons; magnesite, 3,515 bags; molasses, 1,200,000 gallons; crude oil, 478,400 barrels; potash, 19, 750 bags; rags, 1,328 bales; sugar, 101, 420 bags: tea. 627 chests; wood pulp, 36,659 bales; limestone, 4,500 tons. SRR Y PRICES ON PARIS BOURSE. PARIS, September 28 (#).—Prices were heavy on the Bourse today. Three per cent rentes, 48 francs, 40 centimes; exchange on London, 173 francs, 40 centimes; 5 per cent loan, 52 trancs 95 centimes. The dollar was quoted at 35 francs 761 centimes. e % DIVIDENDS. Pe- rm&l. Rlb!('. 148 0 25 1.50 Pas- Stock of able. record. Qct18 Oct § Qct 21 Oct 15 Corp. Alliance Realty. Arch D M pfd. “om Edison. € Dis Corp pfd Davega_ Inc. . Gen P S s pl Do. 78 con D! Iron _ Produet Miller Rub Co. Pittsbgh St1 Stanley H. 1015-1017 14th St. Fletcher Motor Co., Alexandria, Va. Bury Motor Co., Anacostia, D. C. " MUSKRAT PELTS HIGH. éouthem Skins Bring $2.36, Rec- ord Price at Fur Auction. NEW YORK, September 28 (P).— Southern muskrat skins sold for a record price of $2.36, about $2 more than they would have brought a few vears ago, at the opening of the eleventh annual Fall auction of raw furs here yesterday. Sales for the day were $750,000. Beaver sold freely at prices averag- ing 10 per cent above the Spring sale. Auctioning of northern Quebec, On- tario and Yukon beaver was lively, best northern Quebecs reaching $36.25. N. Y. C. NET INCOME. NEW YORK, September 28 (#).— Net operating income of the New York Central for August amounting to §7.- 544,696, a gain of $269,321 over Au- gust last year, brought the total for the eight months of 1926 to $47,494,100, compared with $44,216,767 a year ago. August gross revenues were $714,481 larger and for the eight months gain- ed $11.908,042 over the same period of 5. ‘ROCK ISCAND'S SURPLUS. NEW. YORK," September 28 (#).— Of the 40 or more railroads whose earnings for August have been made public, those of the Chicago, Rock Is- land and Pacific have attracted most attention in Wall Street. The month’s surplus of $2,751,998, an increase of §1,676,475, or 155 per cent. over Au- gust last vear, far exceeded estimates. Surplus for the eight months of 1926 was even more impressive, reaching | 85,487,538 after all charges, a gain of §3,912,049, or 243 per cent, over the corresponding period of 1925. PREFERRED RETIRED. NEW YORK, September 28 (#).— The Archer-Daniel-Midland C has retired 7,000 shares of its preferred stock, leaving 43,000 shares outstand- ing. The regular quarterly preferred dividend of $1.75 a share was declared. CUDAHY INCOME GAINS. NEW YORK, September 28 (®).— Net earnings of the Cudahy Packing Co. to June 30, eight months of the current fiscal vear, are reported to exceed $3,500,000, which compares with $2,790,000 for the 12 months ending October 31, 1925. After allow- ing for preferred dividends for the period this would be equivalent to - | more than $14 a share on the 212,490 ‘shares of common stock. EXPORTS ARE SMALLER. BALTIMORE, September 28 (Spe- | cfal).—Exports through the port of | Baltimore last week showed a de- crease of $2,192,430, compared with the previous week, one of the largest | declines in months, whife imports in- |creased $983.543, according to the weekly report of the collector of cus- toms. Total imports for the week were $2,41 7, of which $1,460,202 was ad- mitted free, while exports amounted [to $1,000,515 and consisted principal- 1y of lumber, copper, coal and grain. . EQUIPPING TOKIO SUBWAYS. The International General Co., through Mitsui Bussan Kaisha, is furnishing motors for passenger trains in the subway under construc- "tion in Toklo, the first of its kind in a city of the Far East. The con- struction is similar to that in New York Ci The civil engineering work is about 50 per cent complets. FRENCH REVENUES GAIN. NEW YORK, September 28 (P).— French government revenue from all sources In August, except postal re- amounted to 3,206,763,500 francs, against 3;661.100,700 francs the month before and 1,812,719,700 francs in August, 1925, the Bankers' Trust Co. of New York reports. The increase of '1,394,043,800 francs over the preceding year is due to increased taxes imposed by recent laws and by the increase of indirect taxes. celpts, USE COPPER CARBONATE. NEW YORK. September 28 (#).- The use of copper carbonate in the treatment of seed wheat for the pre- vention of smut is growing rapldly, says the Ofl, Paint and Drug Re porter. A larger demand than ever before for the chemical was noted during the last few weeks, ns farmers in Pennsylvania, Virginia' and Mary land prepared for Fall sowing. CLEVELAND'S NEW PLANTS. CLEVELAND, September 28 (Spe cial).—Cleveland’s _industrial family has been increased by 196 plants in the last two vears. These plants now employ over 8,000 people. The production value of the goods made here has risen 70.366. The aver- age number of workers dropped from 141,648 to 136,577, but this was due_ to installation = of laborsaving machiner: ulet-atevery point on the speedomeler , The new Valve-in-Head Engine in the 1927 Buick hardly seems to be in the same car with you. This wonderful result is due to vital engine improve- ments which have made the 1927 Buick Valve-in-Head Engine vibrationless beyond belief. Quiet and smoothness prevail at every point on the speedometer. The rumble you have been accustomed to in closed cars for years is gone. Come in and try this remarkable new car. You never have driven anything like it Horner 1620 M St. Buick Motor Company (Division of General Motors Corporation) Fourteenth at L Emerson & Orme 1016 Conn. Ave. Dick Murphy, Inc. 1835 14th St. Fred N. Windridge, Rosslyn, Va. Rushe Motor Co., Hyattsville, Md. @ WHEN BETTER AUTOMOBILES ARE BUILT, BUICX WILL BUILD THEM'r‘D r