Evening Star Newspaper, November 30, 1926, Page 13

BEEF SALES SLOW INLOCAL MARKET Fish and Rabbits Proving Popular—Turkeys Still in Good Demand. A draggy condition of the market invariably follows a holiday season, according to dealers, and such was re- ported of the market this morning, Dealers say the plentiful supply of fish and rabbits is affecting meat sales. Dealers reported a firm condition of the meat market today, but with no material change in pricen. Colder weather probably will mean + decided increase in the volume of Lwats and other commodities handled by market dealers. There still is a fairly good aemand for turkeys, with prices about the same as those reported during the holiday season last week. The: but- ter market continues very firm, while & weaker egg market in the near fu- ture is predicted. Today’s Wholesale Prices. Butter—Fancy, 1-pound prints, 54a §5; tub, 53a54; store packed, 38. " _Fresh, selected, 55; hennery, B6ab6; current receipts, 52; storage, 40a42. Poultry, ens, 25a26; White Leghorns, fowls, 25; roosters, 18; ducks, young, 20a25: old, 15; Ke young, 60a70; old, 30a40. Dre ‘Turkeys, 45a48; capons, fancy, heavy, 47ads; smaller, ‘chickens, 32a33; keats, youns, 80a90; old, 35a40. Meats—Bee! 15a17; veal, 22a23; lamb, 25a27; fresh hams 26a28; shoul- ders, 23a24; loins, 28a30; smoked hams, 30; emoked shoulders, 18a21. Live stock—Calves, choice, 13; me- aium, 11; thin, 6a7; lamb, 13. Fruit and Vegetable Review. Today’s market report on fruits and vegetables, compiled by the Mar- ket News Service, Bureau of Agricul- tural Economics, said: ‘Apples—Supplies _liberal; demand light, market steady: barrels, Virginia, No. 1, Delicious, 2% inches up, 3.5 Pennsylvania, U. S. No. 1, Grimet 21, inches, 3. boxes, Northwestern, medium to large extra fancy Delicious, 3.00a3. very large size, ripe, 2.75; extra fancy Spitzen- burgs and Staymans, 2.00a extra fancy Romes, ripe, 1.50a1.75; bushel baskets, Maryland and Virginia, No. 1, various joties, 214 inches up, 752 1.25; mostly around 1.00. ‘Cabbage—Supplies moderate; de- mand moderate, market steady; New York, bulk, per ton, Danish type, .00a30.00; poor condition low as 20.00. Celery—Supplies moderate; demand rket steady; New York, -50a3.00; California, crates, allve—Turkeys, 40; chick 22a23 or 5.0026.00. Lettuce—Supplies _moderate; _de- mand moderate, market steady; Cali- fornia, crates, Iceberg type, 4-5 dozen, 4.00a4'50; Idaho, crates, Iceberg type, 3.7524.00; Florida, 1%- bushel hampers, Big Boston type, 2.50 22.75. nions—Supplies light; _ demand light. market steady; New York and Indiana, 100-pound sacks, yellows, 1. S. No. 1, 1.75a2.00; Michigan, 100- pound s U. 8N large 3 Potato Demand Slow. Potaoes — Supplies moderate; de- mand light, market steady; Michigan, 150-pound sacks, Russet Rurals, United States, 1, mostly 4.50, few higher; New York, 150-pound sacks, Round Whites, United States, No. 1, 4.25a4.50. . Sweet potatoes—Supplies light; de- mand moderate, market firm; North Carolina, cloth-top stave barrels, Yel- lows, No. 1, best, most fair condition, large size, low as 2.25. Cucumbers—Supplies light; demand light, market slightly weaker; Flor- ida, square-bushel crates, fancy, 5.00a 5.50; choice, 3.00a3.50. gplant—Supplie light, market steady crates, 4.00a4. cayed, 3. Peppers—Supplies very light; de- mand light, market slightly stronger; Florida, pepper crates, fancy, 5.00a light: demand Florida, pepper slightly de- Supplies light; demand et steady; Florida, pepper white, wrapped, 3.00a3.50; low as 2.50. beans—Supplies moderate; demand light, market slightly weak- er; Florida, 7-bushel hampers, green, best, most ew fair quality and condition, 2.50a3.00. L e INVESTS IN ARIZONA. French Syndicate Buys Railroad and Mining Interests. 1.OS ANGELES, November 30 (A.— Purchase by a French syndicate of the Arizona and Swansea Railroad and the Clara-Swansea mining inter- ests in Yuma County, nounced here v 1s 22 miles lon town of Swansea to Bourse, a point on the Santa Fe. The mining prop- erties, copper mines, consist of 150 acres. More than $4.000,000 was said to have been spent 1n developing them and $500,000 invested In the railway. IMPORTS UP; EXPORTS OFF. BALTIMORE, November 30 (Spe- elal).—Imports through the Port of Baltimore week showed an in- crease of near! $1,000,000, compared with the previous week, while ex-| ports during the same period declined more than $2,000,000, according to the weekly report of the collector of customs. STOCKS EX-DIVIDEND. November 30.—In the elling ex-dividend to- . S. Steel common, Norfolk & Western common, Diamond Match, Bastman Kodak, Tennessee Copper & Chemical, Atlas Powder common, Cal- umet & Arizona and National Transit. SHORT-TERM SECURITIES. (Reported by J. & W & Co.) Seligman 85 19 78 1 f& 14 Adirond, P & L ¢ Nt ol jershey Choc amble Ol Gas ¢ Chinese tea is manufactured by na- 1ive methods which have not changed | much in hundreds of years. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY CHICAGO, November 30.—Packing house trade picked up during the past week with all lines more active. Beef prices advanced a trifle, while pork showed an active trade at stiffer values. Smoked meats, though, were rather slow with the trend lower. Lamb trade was a bit better. NAPA, Calif.—A marketing plan, calling for the co-operation of 90 per cent of the California prune pro- ducers and 18 packers, is being worked out here with the object of improving distribution and selling methods. FORT WORTH, Tex.—Texas trap- pers are finding fur-bearing animals more numerous this season than in any season for five years. Wild cats, raccoons, wolves and skunks have especially been numerous. BOSTON.—All units of the New England Southern Mills are operating at 100 per cent of capacity today, ex- cept the Lisbon Falls, Me., unit, a yarn factory. Since labor day the print-cloth factory has been on a full- time basis as against 75 per cent of capacity before that. YOUNGSTOWN.—The Youngstown Steel Door Co., makers of doors for freight cars, expects to build in this district in 1927. The Midland Steel Products Co. does the fabricating for the steel door concern. P NEW BOND MARKS MADE IN NOVEMBER Monthly Review Shows U. S. Issues Among Leaders in Steady Upswing. Spectal Dispatch to The Star. NEW YORK, November 30.—No- vember was another month of rising prices in the bond market. While the general list was pronouncedly strong throughout the entire period and the averages reached a level higher than at any time since 1917, the features were the advance in U. S. Government obligations and the upward turn in French and Belgian bonds. The buying of Government lbans was centered chiefly about the Treas- ury issues with the result that all three, the 4%s of 1952, the 4s of 1954 and the 3%s of 1956, sold in No- vember above anything recorded since they were first issued. At the high points the yield basis was ap- proximately 3.60 per cent. Apparent- ly the buying favored the Treasury bonds rather than the Liberties, al- though the latter were very firm also because the Treasury issues have longer terms to run and bankers are of the bellef that, no matter what may be the future of money, U. S. Government securities are not going to sell substantially lower for a very long time to come. One reason for this confidence is that through operation of the sink- ing fund the supply is constantly diminishing and there is no other in- vestment of comparable quality for temporary employment of the funds of financial institutions or of corpora tions. There is always sure to be a steady demand from these sources for Government bonds. Thirds Mature in 1928. It is now less than two years be- fore the Treasury will be faced with the necessity of meeting the maturity of the third Liberty loan, which falls due September 15, 1928. The amount of these bonds outstanding on Decem- ber 31 last was about $2,725,000,000, but by September 30 the total had been reduced to $2,354,000,000. Doubt- less further amounts will be retired before maturity, but even so there will be a large refunding operation to be accomplished. The last Govern- ment bond issue, the Treasury 3%s, carried a coupon lower than any other long-term financing since the first Lib- erty loan in 1917. When the time comes to offer a new bond issue it is generally be- lieved that it will be on a basis to yield the investor only 314 per cent, all of which measures not only the improvement in the investment mar- ket in the past 10 years but the in- creasing demand for Government bonds. Meanwhile the Treasury De- partment will have $450,000,000 of 834 per cent certificates of indebtedness to pay off on December 15 next, which is also the quarterly income tax pay- ment date. The chances are that this will be cared for with a new short- term issue, possibly a 315 per cent ob- ligation. It is not likely that any long-term financing will be attempted vet. The strength in the general mar- ket was founded on the abundant supply of money and encouraged by the distinct downward trend of com- modity prices. The very moderate hardening of money rates during the month was only occasional; notwith- standing seasonal demand for busi- ness purposes the normal condition was one of continued ease. An Unusual Procedure. In the domestic investment field as well as in the foreign the rela- tion of market price to redemption price was increasingly interesting to investors. Continued refunding of capital obligations on terms more favorable to the corporation involved led bondholders to scrutinize their lists and the bond buyers to check up on the callable price on new of- ferings. The financing program of the Standard Oil Company of New Jersey announced in the latter part of November was an object lesson to investors along this line. That great industrial organization cut down the charges ahead of the common_stock by the retiring of its preferred issue on which the dividend requirement was 7 per cent and the substitution in part of a debenture bond was a 5 per cent coupon and in part of additional common stock. This was an unusual procedure in that the stock, even though pre- ferred, was in a position to do exactly the opposite, to increase that part of their capital represented by stock. (Copsright. 1926.) $100,000,000 POLICY. General Motors Takes Out Record Group Insurance. NEW YORK. November 30 (P.— Group life insurance exceeding $100,- 000,000 has been taken out by General Motors Corporation with the Metro- politan Life Insurance Co. for more than 100,000 employes who have been on the pay roll three months or longer, Alfred P. Sloan, jr., president of Gen- eral Motors, announces. The policy covers each worker for $1,000 without medical examination. All new employes wili become eligible after serving three months. —_——————— AUTO SALES DIVIDEND. NEW YORK, November 30 (®).— Auto Sales Corporation declared a dividend of $3 a share on the $50 par value preferred, payable December 24 |° to stock of record December 15, the previous payment having been $2.50 on December 29, 1925. THE EVENING STAR, WASHINGTON, D. ©, AMAZING STRIDES INLIFEINSURANG Total New Policies Expected to Reach $10,750,000,000 During Present Year. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, November 30.—New life insurance policles written in 1926 will aggregate more than $10,750,000, 000. That figure was practically as- sured today through the announce- ment that the General Motors Cor poration had finsured its 100,000 em- ployes for $1,000 each under the largest group life policy ever issued. This announcement was scarcely needed. New business written up to November 1 by companies which rep- resent 81 per cent of the total volume of life insurance in all the United States legal reserve companies ag- gregated $9,151,000,000. This total represents new business only and ex- cludes revivals, increases wnd dividend additions. It represents a gain of $559,000,000 as compared with the cor- responding period of 1925. Gains in some months of this year have reached as much as 14 per cent, and excellent authorities say the total for each month has been higher than last year. These men, who are actually in the business, anticipate that when the results for all the com- panies are totaled up the new busi- ness of the year will be 10 per cent ahead of that of 1925, the previous banner year. Group Plan Popular. The policies taken out by General Motors {illustrate the most outstand- Ing feature of the insurance year, the trend toward group and industrial in- surance. For the first 10 ménths of this_year, group insurance amounted to $688,000,000 in 45 companies, as compared with $574,000,000 in 1926, a gain of 19.9 per cent. The huge policy of General Motors brings this total to approximately $840,000,000. To take advantage of insurance un- der the General Motors plan, employes must have been three months in the service of the company. Each em- ploye is insured for $1,000. The $1,000 is paid at death to the beneficiary, or in event of the employe being perma- nently disabled before he is 60 years old the amount is paid him in 20 in- stallments of $51.05 a month after a three-month waiting period. Cost Is Divided. The plan Is co-operative, the em- ploye and the company sharing the cost. But to get the plan started promptly, the company is assuming all cost for the month of December. No medical examination is necessarv, but those who .o not take advantage of the plan within 31 days must sub- mit to an examination at their own expense if they want to come in later. The employe can convert the insur- ance medical examination to a stand- ard form of policy it he leaves the employ of the company. He retains all rights under workmen’s compensa- tion laws. Another feature of the insurance year has been a tremendous growth in income Insurance, whereby pay- ments to beneficiaries are spread over a period of years, instead of being paid a lump sum. It is estimated this plan has saved inexperienced bene- ficiaries tnillions of dollars in the last year from sharpers, confidence men and illicit promoters. (Copyright. 1926.) MEN AND MONEY By M. S. Rukeysef- (Copyright. 1926.) ‘Now that America has become since the war a nation of investors, the vital statistics of those who are finan- clally comfortable may perhaps tell a more encouraging story than they have in the past. Formerly nine out of ten Individuals lacked a sufficlent competence at the age of 60 to live on the interest on their own investments. According to the traditional view, an individual spent his 20s getting experience, and would not begin ac- cumulating a real surplus until he reached the age of 30. The newer no- tion is to start saving much earlier in life, and thus take advantage of the pull of compound interest over a much longer period. - In discussing this subject, Willlam A. Schnedler, counselor on personal financlal problems to employes of Western Electric Co., sald: Must Save Money Rapldly. “When a man reaches the age of 40 he is not quite as old as he was on his 21st birthday, but if he wants to be well off at the age of 60 he must save four times as much each month. “If, for example, a young man at the age of 21 should make up his mind to have $40,000 when he reaches the age of 60, he would have to invest only about $22 a month at 6 per cent compound interest. Whereas, if he does not reach this determination un- til the age of 40, then he must invest about $87 a month.” This is a vivid way for stating a fact which every one vaguely realizes. The explanation of the difference is that money doubles itself every 12 years when invested at 6 per cent, with interest compounded seml-annu- ally. Continuing this discussion, Mr. Schnedler, in his new “How to Get Ahead Financially” (Harper’s), adds: Where Young People Falil. “The thing that makes it hardest for young people to save is that to- day’s wants and needs seem so much more real than those which will come with middle and old age. When they are tempted to be extravagant, they find it hard to stop and think how much more real and important the joy and satisfaction of future finan- clal independence will be. Most young people do not give more than a pass- ing thought to the terrible possibility of being poor at old age; it seems too far off. Full of health and vigor, they cannot help being optimistic and self-confident. An old man is going to be dependent upon you some day. He is vou. You had better provide for him now while you are earning more than you need to make you com- fortable and happy.” The precise effect of age on present sacrifice in order to build up a com- petence at 60 has been worked out by those insurance companies which sell income bonds, under which the in- sured pavs in specific amounts each year up to the age of 60, after which the company pays % the insured a guaranteed monthly income. Such arrangements have disability provi- sions, which continue the arrange- ment if the insured is unable to keep up policles. The habit is growing of providing for the future of children soon after birth. Many fathers take out endow- ment policles to assure a fund to finance a college education for the offspring. Some companies write in- surance policies on the lives of young children. There is & penalty in postponing vour thrift program. The most ad- vantageous time to start is now. (Covyrixht. 1926.) —_— Examination of 225 pupils in a New York school showed that 164 wore faunty shoes, most of which were too short. CROWNED CORN KING. 12-Year-0ld Lad Wins Title at Live Stock Exposition. CHICAGO, November 30 (#).—For the fitth time national corn-growing honors have been awarded a member of the Lux family of Shelbyville, Ind. Twelve-year-old Thomas J. Lux was crowned junior corn king of America at the International Live Stock Expo- sition here, a title won previously by his two brothers, Frank and Maurice, and a cousin, Victor M. Lux. Thomas’ father, Peter J. Lux, twice held the title of “corn king.” RAILROAD’S SURPLUS UP. NEW YORK, November 30 (#.— October surplus of the Hocking Val- ney was $284,602, against $209,163 in October last year and for the 10 months this year rose to $2,437,199 lromgzgl,lsb‘.fid in the same period of 1925. PENNSY STOCK CALLED IN. NEW_ YORK, November 30.—The outstanding 20,410 shares of first pre- ferred stock of J. C. Penney Co. have been called for redemption on Jan- uary 30 at $105 a share and accrued dividend. UTILITY STOCK TAKEN. Electrlc Service Co. Purchases Colorado Power Firm. Special Dispatch to The Star. NEW YORK, November 30.—The Electric Public Service Co. has ao- quired the entire capital stock, ex- cept directors’ qualifying shares, of the Colorado Central Power Co., which will own and operate an elec- tric light and power business located in the vicinity of Denver. Sixteen communities are included in the ter- ritory. Bankers for Electric Public Service are offering an additional issue of $500,000 in 7 per cent cumu: lative preferred stock at a price of 96% to yleld about 7.25 per ceht. il e S BIG COCOANUT CARGO. BALTIMORE, November 380 (Spe- clal).—Nearly 200,000 cocoanuts, rep- resenting the record number received here in a single shipment, arrived on the fruitship Fort Morgan yesterday, together with 16,482 bunches of bananas. 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