Evening Star Newspaper, December 28, 1926, Page 16

TRADE IS LIFELESS IN CENTER MARKET Turkey Prices Are Lower Due to Increased Receipts Today. ‘A lifeless market was reported this | morning. Dealers take it that con- | sumers are still living on what they purchased for the Christmas holiday season, today’s orders being small and scattered. | Due to slow demands and wet ‘weather, dealers reported, most of the early morninz trading was done over the telephone. Dealers had more than ample supplies to meet demands, their only complaint being the absence of a brisk deman Additional shipments of turkeys are being received, Increasing the hold- over stock on hand from Jast week, and prices today were reported much lower than last week. Live turkeys were quoted at 35 and 38 cents, dress- ed stock selling at 42 and 45 cents. Dealers also reported a dull condi- ton of the meat market, the demand for meats being exceptionally slow. Butter and egg prices today were practically ‘what they were at the close of last week's market. Today’s Wholesale Prices. Butter—Fancy, one-pound _prints, 59a60; tub 58a539; store packed, 38. Eggs—Fresh, selected, 48; hennery, gga.sz: current receipts, 45a48; storage, White Leghorns roosters, 16a17; du young, old, 20; keats, youn; 60a70; old, 30a40. Dressed turkey 42845; capons, fancy, heavy, 47a48; smaller, 40a42; chickens, 27a28; keats, young, 80a90; old, 35a40; rabbits, No. 1, 35a40; No. 2, 20a25. 15a17; veal, MEN AND MONEY By M. S. Rukeyser. (Covsright. 1926.) Benjamin Strong, governor of the Federal Reserve Bank of New York and unquestionably the outstanding personality in the Federal Reserve system, is recovering from a serious illness. Wall Street is gratified to learn that Mr. Strong is getting well, for bankers in the financial district’ like the governor as an individual and are appreciative of his work in developing Federal Reserve banking. It took the banking genius of men llke Mr. Sirong to convert the Fd- eral Reserve into an effective plece of banking machinery. There was no precedent to guide these pioneers, who had to learn through experience the nature of the toois they have to work with. The system of having 12 re. serve banks instead of one central bank, as is the custom in other coun- tries, raised new problems. The ef- fect of recent practice has been to co-ordinate the policles of the re- serve banks and give the practical result of having a central bank. Strong Diplomatic Link. Mr. Strong In the last two years has been the chief link between the reserve system and the central banks abroad. Mr. Strong’s recommenda- tions have been received with cordial good will in European countries, which during this turned to a sound money standard, And the Federal Reserve bankers ve been eager to supply gold or credit wherever they consistently could. -‘There has developed a new rapprochement between the central banks of the world, which attempt cooperatively to direct international financial adjustments, instead of leav- ing them to blind chance. Central banks fot the time being act with a regard for the effect of their de- cisions on the gworld financial posi- tions. Mr. Strong has been head of the New York Reserve Bank since it was established in 1914. His salary is $50,000 a year—which is less than a banker of his eminence would receive as chief executive of a great National ders, 21a23; loins, 22; smoked hams, 27; smoked shoulders, 26a28. Live stock—Calves, choice, 13; me- dlum, 23; thin, 6a7; lamb, 13. Fruit and Vegetable Review. Today’s market report on fruits and vegetables, compiled by the Market News Service Bureau of Agricultural Eoonomics, says: Apples—Supplies liberl; demand and trading light, market steady; bar- rels, Pennsylvania, No. 1 Grimes, A23 inches up, 3.25. Cabbage—Supplies moderate; de- mand and trading light, market steady; old stock, New York, sacked, per hundredweight, Danish type, 2.00; new stock, Florida, 11;-bushel ham- pers, round type, 2.35a2.50. Celery—Supplies moderate; demand light, market dull; California, crates, medium sizes, 5.50a6.00. Lettuce—Supplies liberal; demand light, market slightly weaker; Cali- fornia, crates, Iceberg type, o mostly 3.00; poorer, low as ; Ari- zona, crates, Iceberg type, 4-5 dozen, 8.00a3.50, few higher; Florida, 1%5- :!lsohoel hampers, Big Boston type, 1.50 Onions—Supplies light; demand light, market firm; Michigan, 100- pound sacks, vellows, U. S., No. 1, large size, 8.00a3.10; few high as $3.25; Ohio, 100-pound sacks, yellows, N. . No. 1, medium to large size, 2.7 Potato Market Firm. Potatoes — Supplies moderate; de- mand moderate, market firm; Mich- igan, 150-pound sacks Russet Rurals, U. 8. No. 1, 4.65a4.75; Maine, 150- id sacks Green Mountains, U. S. No. 1, 4.85a5.00; 120-pound sacks Green Mountains, U. 8- No. 1, 3.90a 4.00. Spinach — Supplies moderate; de- mand light, market steady; Tg;u, bushel baskets Savoy type, 1.10a1.15; Virginia, Norfolk section, no sales re- ported. . Sweet potatoes—Supplies light; too few sales reported to quote. Peppers —Xlorida express receipts light; supplies light; demand moder- ate, market steady; Florida, pepper erates, fancy, 4.50a5.00, String beans—Florida. ceipts moderate; supplies liberal; de- mand moderate, market dull; Florida, %-bushel hampers, green, 1.50a2.00; few higher. Strawberries — Florida express re- ceipts very light; supplies light; de- mand light, market dull; Florida pony refrigerators, Missionaries, wide range condition, 60a%0 per quart. DIVIDEND RAISED. Allied Chemical and Dye Corpora- tion Increases Payment. NEW YORK, December 28 (#).— Common stock of Allied Chemical and " Dye Corporation today was placed on an increased annual dividend basis of $6 a share, with a quarterly distribu- tion of $1.50. The previous rate was $4 annually A. C. L. TENTATIVELY VALUED A tentative valuation of $152,766,705 was found by the Interstate Com- merce Commission yesterday for the Atlantic Coast Line system as of June, 1917. - This figure compares with total issues of capital stock and bonds of $212,095,335 which the company had outstanding on the valuation date. ‘The total book investment account ‘was placed at $182,233,075. - : TOKIO, December 28 (F).—A bal- ance of trade against Japan of 328, 846,000 ven for the year 1926 up to December 25 was shown by foreign trade figures made public by the com- merce department yesterday. This is 61,778,000 yen greater. than | the adverse balance in 1925, BALTIMORE PORT TRADE. BALTIMORE, December 28 (Spe- elal).—Exports through the port of Baltimore last week declined §1.884.- 829, as compared with the previous week, while imports showed an In crease of $703,784, according to the weekly report of the collector of cus- toms. " Imports for the week amounted 10 $3,842,461, of which $2,316,674 was admitted duty free, while exports to- taled $2,198,864. BALTIMORE BALTIMORE, December ciul).—Ofl receipts last week were of the crude product only, from the fields of Louisiana and Texas. The tanker ‘Walter Jennins brought 115,000 bar- rels, the Willlam Rockefeller 5,880,000 gallons and the Charles F. Pratt 4, 410,000 gallons, all from Baton Rouge. ‘The Sunoil delivered 80,000 barrels from Houston. The Jennins' cargo ‘was unusual for its size. OIL RECEIPTS. 28 (Spe- BOSTON, December 28 (). —Busi- ness interests here hope that when the Government takes over the Cape Cod Canal the channel will be deepened. The property will probabaly mnot be formally taken over for some months. A larger portion of the water-borne freight traffic south out of Boston now is compelled to pass outside the cape. bank or trust company. Mr. Strong was formerly president of the Bankers Trust Co. of New York. He is now recuperating from .a ‘severe case of bronchial pneumonia and expects to return to his desk early in 1927. Individuals Count Less. Individuals count less in the world of finance than they used to. The business and money markets have been so large and complex that they have transcended the power of single men. The passing of no Wall Street leader would affect sentfment and prices today in the way that the death of the late J. Plerpont Morgan did. When the market was narrower, the demise of a consplcuous specula- tor would throw chills into the Wall Street community. Now scarcely any man is big enough greatl- to affect the picture. ‘This is the day of organizations and institutions—not individuals. Capable business men and financiers develop a staff of executives who can carry on. Even enterprises il which the per- sonality of the founder has been fea- tured frequently continue to thrive and develop after he withdraws. George F. Baker, chairman of the First National Bank and director of many corporations, is the only surviv- ing member of the big three of the ‘Wall Street of two decades ago. The late Mr. Morgan arnd the late Senator Stillman, who headed the National City Bank, were the other two mem- bers of-the financial triumvirate. Mr. Baker, who will be 87 next March, con- tinues active. His activities are so far-reaching that he would be missed probably more than any other single individual in the world of finance., At 2. meeting of the Bond Club held in his honor some months ago, Mr. Baker was characterized by his asso- clates as the first citizen of New Nork. It is wrong to think of this silent veteran as the grand old man of Wall Street, for, in spite of his years, he is strangely sensitive to new ideas and new roads to progress. For example, he is keenly interested in the newer methods for diffusing corporate securities among the masses. More- over, if venturesomeness is a sign of youth, then Mr. Baker is youthful to an extraordinary degree. He has dur- ing his life observed the growth of American industry and finance from an infant's to a giant’s stature, and he therefore feels that he has good reason to be optimistic. Dillon’s Influence Great. Another figure who would also be missed to & singular degree is Clar- ence Dillon, head of the banking house of Dillon, Read & Co., which, under his dynamic leadership since the war, has clearly become one of the three most influential banking houses in Amer- ica. Unlike J. P. Morgan & Co. and Kuhn, Loab & Co., which have shared the responsibility for leadership more evenly among the partners, the public is inclined to think of Clarence Dillon as his firm. Mr. Dillon himself would be the last to take this position. He gives credit to his assoclates, and his success has depended to a large extent on picking able men to head-up outside enter- prises which he has financed. He has also bullt up a capable personnel in HOURS, 8:45 to 5:30 1215-17 F STREET R SR INCOME IS LARGER. NEW YORK, December 28 (#).— Net income of Motion Picture Capital rporation for the 11 months this year rose to $398,931 from $239,991 in Bae same period of 1920, tion is Bowl Plates, dozen, $40. ~eriod have re-]| THE EVENING STAR. | LIFE’S DARKEST MOMENT. Teachers The offce hours of blh L EAST ORANGE PUBLIC SCHOOLS PRy sy A Indesten excellent work . B, good werk . C, medium - D, poor: E. (aiure. It is hoped that parents will msist on prompt and regular attgndance. In o cases of abaence or tardiness writen excuses will be required. Vittors are wekcome. Piease calla¢ office before vigting class roome. ind prncipals may be consulted hetween 300 and 330 o'clock en schos! d: Superintendent of School are 390 t0 5.0 on seoo d. anp Street) - ,_,,,_M Lomidl WASHINGTON, D. C, —By WEBSTER. N N his own banking house. In spite of his varied activitles he is a great be- liever in the art of lelsure. Besides banking, he is interested in the cul- tural aspects of life—and for the mo- ment in his herd of Guernsey cows, which is perhaps his newest hobby. THE BUSINESS OF GETTING AHEAD. Friendships Business Assets. It is a paradox that those who make the most helpful friendships are un- selfish. Those who make contacts out- side of business for purely mercenary reasons not only lose the spiritual valuo of friendship for its own sake, but in practice are likely to get less satisfactory practical results. Business is a great co-operative ef- fort, and the man with numerous friendships has just 8o many channels of communication open. The man with many contacts hears of develop- ments and opportunities which never reach the hermit who shuts himself off in an office and lives unto himseif. uently younger men wonder how their chlefs have made s0 many friendships. The roads to such human contacts are infinite in number, and each man will discover them in ac- cordance with his own tastes, intelll- gence and experience. Be Interested in Others. The chief way to make business friends is to be genuinely interested in the other fellow—his hopes, his difficulties, his problems and his op- portunities. A star salesman frequently func- tions most effectively when not talk- ing about his wares, or thinking of immediate profits. He might be com- municating a useful piece of informa- tion to a customer which has no bearing on his own desire to sell him a bill of goods. In this indirect way the salesman proves himself use- ful—and establishes confidence and good will. It is sometimes good busi- ness to forget your own interests for a while and think In terms of the other fellow. Many executives informally set themselves up as clearing houses for information about jobs, getting a man well placed and serving an employer by recommending a good man. The middleman, who thus serves two others, gets no Iimmediate tangible result, but has rendered a service which two others are likely to ap- preciate and remember. Some busy executives take time to straighten out eome acquaintance who is stumped by a difficult prob- lem. It is not part of their regular job to do this, and technically they would be justified in remaining aloof on the ground that it was none of thelr business. And yet men at the top of the biggest corporations find time to be human and to render this intangible service to others, thus building up through the years a body of friendships and contacts. Open to Small Men. The same opportunities are open to the small business man—the shop- keeper. The druggist should willing- 1y perform operations, such as selling stamps or taking a cinder out of the eye of a passerby, in which there is no remuneration for him. Such incidents build up good will, and estab- lish the reputation of the storekeeper in his community. He should not only be willing to render these gratuitous services, but he should be gracious in doing so. ‘Word of mouth recommendations constitute advertising that no money can buy. It plays a great part in business success—particularly in that of theaters and books. Executives are frequently picked for high-salaried posts because of the random recommendation of a friend who has watched his work. Able and generous men make busi- ress friends automatically, but the modern tendency is to consclously cul- tivate this tendency. The little business man and the employes in a humble post should see the value of similar habits and im- pulses. UNEMPLOYMENT GROWS. CLEVELAND, December 28 (Spe cial).—A considerable number of work- ers are unemployed here, owing to in- ventory taking and curtailment until 1927 demands commence to make themselves felt. There are now eight applicants for every job, according to B. C. Selple, director of the City Free FEmployment Bureau, but he expects 4 sharp change for the better about January 16. OCEAN RATES 0. K'D. The rate agreement of the Levant North Atlantic Range Conference, filed with the United States Shipping Board, was approved yesterday by the board. The lines which compose the conference are the Export Steamship Corporation, American-Levant Line, Limited; Consulich Line, Ellerman Line, “K” Line and Navigazione Libera Pirestina. The Export Steam- ship Corporation is the only American line of the group. PHONE MAIN 1294 Dulin & Martin Company 121418 G STREET Crystal . . . for Entertaining Our assortment includes every new crystal pattern. Plain Crys- tal, Colored, Sterling Silver or Gold Encrustations. We invite you to inspect our selection before completing the appointments for ‘your” table. New arrivals in attractive Salad Plates—plain colors and crystal. A distinctive Sterling Silver Encrusta- shown above—Tall Goblets, dozen, $50; ‘Tall Sherbets, dozen, $60; Finger Bowls, dozen, $40, and Finger etched. An appealing Dinner Service comes in both greem amd amber, COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY PORTLAND, Oreg., December 28.— The export demand for apples is un- usually strong and this is bringing out a better supply of good keeping stock. MANCHESTER, N. H.—The large orders recently booked for handkers chief cloth by the Amoskeag Manu- facturing Co. will Keep that division of the mills busy at full time at least until February. FORT WORTH.—Texas cotton gins are completing the best season they ever had. Some plants have paid divi- dends on the season’s work of 85 to 100 per cent. The plants have run day and night all Fall owing to the crop yield. g BOSTON.—The Massachusetts Real Estate Exchange will reintroduce in the State Legislature a measure pro- viding for a tax of 2 cents a gallon on gasoline. BERWICK, Pa.—The Berwick plant of the American Car and Foundry Co. has been assured of steady work throughout the Winter and Spring by recent raflroad equipment , orders, which include 800 freight cars for the Lehigh Valley and 15 motor coaches for the Pennsylvania.. ——— e In Great Britain there are more than 10,000 women employed in con- nection with the coal mines. TUESDAY, DECEMBER 28, 1926. DAY OF SMALL CAR RAPIDLY NEARING Little Automobile Luxuriously Equipped Now Choice of Manufacturers. BY J. C. ROYLE. Specigl Dispatch to The Star. NEW YORK, December 28.—Auto- mobile manufacturers in general are optimistic concerning 1927. What anxiety is expressed is being largely confined to the speculators who make a specialty of dealing in motor shares. ‘The automobile shows, starting with the New York exhibition Janu- ary 8 to 15, are counted on to stimulate sales by awakening dor- mant demand through new and at- tractive values. The Detroit show, January 22 to 29, will supplement this trend, and further impetus will be given by the Chicago show, Janu- ary 29 to February 5, and other later exhibits in large trade centers. The exhibits in these shows will be more elaborate than ever befors, and will contain a larger number of models by individual manufacturers, although the total number of exhib- itors will doubtless be cut down. ‘Will Stress Luxury. The cars themselves will stress luxury, artistic design and color more than ever before. The latter factor is one on which manufacturers count heavily, but the equipment, lines, im- proved riding qualities and mechani- cal refinements will mark a full year's advance in automobile building and present a new standard of values. Prices, however, are not expected to show many marked changes. Several companies, among which are the Reo, Hudson, Chevrolet and Olds, will exhibit new lines. Other manufacturers who have already in- troduced new lines will have new models on display. At least one new name will appear, the Erskine, a light six of foreign design, manufactured by the Studebaker company. The Fal- con Knight, to be made in Detroit by the Falcon Motors Corporation, a newly organized company, will not be ready for the New York show. Rumors that a new light eight, to be made by a_well known manufacturer of a standard eight-cylinder model, will make its initial bow early in 1927 cannot be confirmed at this time. Automotive engineers are agreed, in most cases, that 1927 will be featured by the productibn of many fine small and medium sized cars and the forma. tion of many new companies, some of which may be the result of mergers. Getaway Is Factor. “The fleet, low-hung masterpiece,” sald Thomas J. Little, jr., president of the Soclety of Automotive Engi- neers, today, “with its soft-purring engine, will have the road virtually to itself immediately after the green light has flashed. “The public will soon discard the lumbering cars and cease buying the cheap vibrating ones. A small car will be evolved that will be equipped just as luxuriously as the finest car on the American market. The low- priced four-cylinder model will grad- ually pass away and be superceded and outperformed by the small smooth running six, propelled by a little high speed, high compression, high econ- omy engine, In every center through- out the industry I find the principal I*Mortgage 1/2 Ample funds Reasonable interest % Reasonable charzes Prompt approvals Repayment privileges ~ Expert advice H.L.Rust Co. ESTABUSHED 1889 - 1001-15% St. N.W. NS | activities centered about the high per- formance small car.” Manufacturers and dealers are get- ting closer together. The used car situation is well in hand. Dealers are becoming conservative in the matter of credit extension and makers have ceased trying to overload distributors. There will be a renewal demand of at least 2,000,000 vehicles in 1927, and it s anticipated the market for the year will absorb some 4,600,000 cars and trucks. All of which indlcates the motor industry should have a good year in 1927, BROKERS' LOANS UP. Loans held by brokers and dealers from New York City Federal Reserve member banks amounted to $2,723,- 465,000 for the week ending December 22, compared with $2,692,450,0008 for the previous week, it was announced yesterday by the Federal Reserve Board. PSSR 2 % BEER CRATES SHIPPED. BALTIMORE, December 28 (Spe- clal).—Holland imported a shipment of 5.385 beer boxes from Baltimore on the steamship Boshdijk recently, rec- show. They went to the City of WILL LIQUIDATE LOAN. $20,000,000 in Bonds to Be Retired by Early Next Year. NEW YORK, December 18 (#).— Liquidation of all outstanding bonds of a $20,000,000 Dominican customs loan sold hero in 1908 will be com- pleted early next year—31 years in advance of the authorized maturity - the Guaranty Trust Co. of New York announced yesterday. Increased revenues from customs sources, far exceeding the a- tions of Dominican and United officials who drafted the plan of financing, made it possible to acosler- ate the retirement of the bonds through the operation of e sinking fund. The final outstanding block of about $2,100,000 has been for payment on Febru: 1, 1927, OIN THE J CHRISTMAS SAVINGS CLUB OF THE FEDERAL-AMERICAN “Everybody's Doing It a genm’ne new Willa STORAGE BATTERY Rubber Case Automobile Battery 112 Atall Willard Battery Stations ] - The WILLARD BATTERY men of WASHINGTON WE SERVICE ALL MAKES OF BATTERIES Modern Auto Supply Company 917 H Street N.E. LINCOLN 3896 Owen Motors Company 3700 Ge: NW. COLUMBIA 565 Esseno Auto Supply Company 801 _H Street N.W. MAIN 2219 Brooke C. Furr 706 G Street S.W. FRANKLIN 5310 Hundley’s Auto Supply 3436 14¢th St. N.W. COLUMBIA 6041 Stanton Battery & Electric 4th & Maryland Ave. N.E. LINCOLN 9309-. Bradburn Battery & Electric 616 Pennk, Ave. S.E. LINCOLN 7828 Instant Service Tire Co. 2025 14th St. NW. NORTH 42 Washington Battery Co., 1621-23 L Street 14th St. Battery Shop 1740 14th St. N.W. NORTH 9914 Georgia Ave. Batter; Tire Shop 4306 Georgia NW. COLUMBIA 6116 Mount Vernon Auto Supply 1232 Penna. Ave. NW. FRANKLIN 7192 Spencer Battery & Electric 2419 Penna. Ave. NW. WEST 2005 Wardman Park Garage 27th and Calvert Sts. N.W. ol BIA 3078 ~ E. J. Penning 2505 Champlain Street NW. ¥ ADAMS 4394 Uptown Auto Supply Co. 18th and California Sts. N.W. NORTH 68 Tobin’s Service Station 18th and_Monroe Sts. N.E. NORTH 169 W.. Main 180 Does Christmas Savings Pay? . 72,000 Washington People Are Answering “YES” They received this month from the banks listed below checks totaling over five million dollars =~ all saved in one short year from the salaries of thrifty people, including business men and women, clerks, stenographers, skilled and unskilled workers and bright-eyed little newsboys on the street corners. What a tremendous story of thrift, of satisfaction, of Christmas joys, is contained in that enormous sum of saving easily and painlessly accumulated. | MOST OF THEM AND MANY MORE HAVE ENROLLED IN THE 1927 CHRISTMAS CLUBS o OPEN YOUR CHRISTMAS ACCOUNT TODAY At Each of the Undersigned Banks You Will Find a Varied Group of Wi come, Whether Small or Large. SECURITY SAVINGS & COMMERCIAL BANK Ninth and G Sts. N.W. DISTRICT NATIONAL BANK Main Office—1406 G St. N.W. Branches—Conn. Ave. and McLACHLEN Main Office—10th Ltis b Branch Office—1 9th and New York Ave. N.W. COLUMBIA NATIONAL BANK 911 F St. NW. CHEVY CHASE SAVINGS BANK Connecticut Ave. and McKinley St. POTOMAC SAVINGS Wisconsin Ave. and M St. N.W. WASHINGTON SAVINGS BANK 10th and Gramt Place N.W. AMERICAN SECURITY & TRUST CO. Main Office—15th St. and Penna. Ave. N.W. Branches—Central: 7th and Mass. Ave. Branch Office—17th BANK 312 Penna. NORTH CAPITOL 1th and G Northeast: 8th and H Sts. Southwest: 7th Northwest: 1140 15th St. and E Sts. FRANKLIN NATIONAL BANK Main Office—Penna. Ave. at 10th St. N.W. Branch Office—1111 Conn. Ave. CORPORATION WASHINGTON LOAN & TRUST CO. Main Office—Ninth and F Sts. N.W. FARMERS & MECHANICS NATIONAL BANK Thirty-second and M Sts. N.W. EAST WASHINGTON SAVINGS BANK North Capitol and H Sts. N.W. FEDERAL-AMERI BANK THE - ANACOSTIA BANK 2000 Nichols Ave. S.E. BANKING and G Sts. NW. 350 B St. S.W. and G Sts. N.W. Ave, S.E. SAVINGS BANK CAN NATIONAL Sts. N.W. eekly Savings Plans Adapted to Every In- BANK OF COMMERCE AND SAVINGS Seventh and E Sts. N.W. NATIONAL SAVINGS & TRUST CO. N.E. Cor. I5th and N. Y. Ave. N.W. PARK SAVINGS BANK Fourteenth and Kenyon Sts. N.W. COMMERCIAL NATIONAL BANK Fourteenth and G Sts. N.W. WASHINGTON MECHANICS SAVINGS BANK Main Office—Eighth and G Sts. S.E. Branches—Ninth and E. Capitol Sts. 3608 Georgia Avenue LINCOLN NATIONAL BANK At Branch Only—17th and H Sts. N.W. SECOND NATIONAL BANK Main Office—509 Seventh St. N.W. Branch Office—1333 G St. N.W. RIGGS NATIONAL BANK Main Qffice—1503 Penna. Ave. Branches—Dupont Circle 18th St. 14th St. and Park Road 7th and I Sts. N.W. and Columbia Road Christmas Savings Clubs are maintained by members of the District of Columbia Bankers’ Association for the ben- efit of the community and not as a squrce of profit, E