Evening Star Newspaper, January 31, 1927, Page 13

‘ THE EVENING STAR, WASHINGTON, D. ¢, MONDAY, JANUARY 31, 1927. 13 “—._—_——P—————————_‘————M H;Gs ARE U]WER MEN AND MONEY EU”UN IS I_UW[R' mBBERS [}HANGE e e S N N D e Capital flows rapidly across national boundary lines to the places where it can command the highest rewards. UNDERTONE STEADY N CENTERHARKET L2 TRADEWETHOLS | (Covyright, 1927.) 1Big.Increase in Receipts Has |, ba>fuaiy Shugations. Iack of re. Wholesalers Seriously Con- 1 Lo n- ” Effect—Trading Is Not | fividusle st a fxed point. even though cerned With Modern Trend Very Brisk Today. of Merchandising. AS SOON AS SAVINGS OCCUR, A&P PASSES THEM ON TO THE PUBLIC! ND THROUGH THIS TRADITIONAL POLICY IT HAS STEADILY GAINBD THOUSANDS UPON THOUSANDS OF FRIENDS 1777717 LI A LT LAY Spot Houses Buyers of North. Liverpool Makes Quite a Firm Showing. their present habitat may constitute & less favorable market place for their services than a distant city or coun- try. And, although this is true, men are tending to move about more rapid A decided Increase in receipts of |}y than in the past. Modern trans-| By the Associated Press eggs resulted in a slight decrease in | n—rall, steamship, motor and| N YORK, January 81— BY J. C. ROYLE. he | special Dispatch o The Star SUNNYBROOK BRAND BACK AGAIN January 31.—The 4 . is revolutionizing life, and | o0y prices this morning. Buying was not very brisk, however, according to dealers, Monday market usually being slow. Thirty-six cents was the lowest price mentioned for current receipts, accord ing to dealers. although most dealers held them at 37 cents. Dealers expect materially lower prices will rule before the close of the week. Buying was quiet in all lines of food- stuffs this morning, according to re- ports, and prices reported were sub stantially the same as those quoted at {the close of last week's market Today's Wholesale Prices. Butter—Fancy, 1-pound prints, 55a 56: tum, 53ab4; store packed, 30. Bggs-Fresh, selected, 38: hennery, 41; current receipts, 36a37; storage, 30a32. Poultry—Alive: Turkeys, 40a42; chickens, 30a32; white Leghorns, 20a 22; fowls, 27a29; roosters, 18; ducks, 20a26; keats, 65; old, 27a28. Dressed: Turkeys, and crooked it 3 , 35; capons, - { Dr. smoked shoulders, 20. v Live stock—Calves, choice, 15: me- dlum, 11a13; thin, 7a8; lambs, 12%. Fruit ani Vegetable Review. Today’s market report on fruits and vegetables, compiled by the Market News Bervice, Bureau of Agricultural Economics, says: Apples—Supplies libera demand moderate, market stead: barrels, Pennsylvania, A 2% inches up Yorks, 3.00; West Virginia, A 2% inches up Delicious, faced and filled, 5.00; Mary- ¢)and, No. 1 Yorks, 21 inches up, pale, 2.00a2.50; Delicious, 2-inch pale, 2.00; hoxes, Washington, medium to large size extra fancy Deliclous, 3.75; wine- saps, 2.75a3.00; fancy Staymans, 2.00a 2.50; bushel baskets, Virginia, No. 1 Romes, 3-inch, 1.00. Cabbage—Supplies liberal; demand moderate, market slightly weaker: new stock, Florida, 1% -bushel 4 hampers pointed type, 1.75; Texas, barrel crates, approximately 100 pounds pet, round type, 3.50; old stock. New York, sacked, per hundred- weight, Danish type, 1.50a1.60. Celery—Supplies liberal: demand moderate, mparket slighily weaker; California, crates medium to large size, 5.00a5.50, mostly 5.00a5.25; Florida, 10-inch crates, 3.00, few higher. Lettuce—Supplies liberal; demand moderate, market firm; California, Im- perial Valley, crates Iceberg type, 4-5 dozen, 3.5024.00, mostly around 3.76; Florida, 1%-bushel hampers Big Bos- ton type, 2.00a2.25. Onion Market Steady. 4 Onions—Supplies _ light; demand light, market steady; Indiana and Michigan, 100-pound sacks Yellows, U. S. No. 1, large size, few sales, 3.50; Indiana and Ohio, 100-pound sacks Yellows, U. S. No. 1, medium size, 3.00a3.25. Potatoes—Supplies moderate; de- mand moderate, market slightly weak- er; Michigan, 150-pound sacks Russet Rurals, U. S. No. 1, 4.00a4.25; mostly 4.25; Maine, 120-pound sacks Green Mountains, U. 8. No. 1, 3.50a3.75; few high as 3.90. Spinach—Supplies moderate; de- mand moderate, market slightly weak- er; South Carolina, cloth-top standard ¢barrels, Savoy type, 3.50; Texas, Shushel baskets, Savoy type, 1.35. Sweet potatoes—Suppiies light; de- mand light, market steady; North Carolina, cloth-top stave barrels yel- lozs and Porto Ricans, few sales, 3.00. A mi market stead: Florida, Missionarys, best mostly 75; few as low as 66 per quart. 0 String beans—Supplies light; de- mand light, market slightly weaker; Florida, 7-bushel hampers green, 7.00a8.00; wax, few sal 7.00. Carrots—Supplies moderate; demand moderate, market steady; Texas, bushel baskets, bunched, 2.00. e EARNINGS ARE LARGER. NEW YORK, January 31 (#).—In- dependent Oil and Gas earned $6.05 & share in 1026, against $6.12 a share in 1926, net income rising to $3,028,- 063 from $2,561,663. POULTRY MARKET FIRM. CHICAGO, January 31 (#).—Poultry ~—Alive, firm; receipts, 3 cars; fowls, 26; Springs, 27; turkeys, 30; roosters, 19; ducks, 20a31; geese, 21a22, EVERYMAN’S INVESTMENTS BY GEORGE 7. HUGHES. Extra Dividends. On March 1 next holders of the common stock of the Atchison, To- ka and Sante Fe will receive an Trtra dividend of three-quarters per cent—that 18, 75 cents per share. The { regular dividend on Atchison common 1= 1% per cent quarterly, or §7 & year, The policy of declaring extra divi- dends i= generally adpoted when a board of directors does not wish to commit itself to paying out the amount involved every time dividend day comes around. Sometimes an extra {s declared at the end of the year when the books have been balanced and it is definitely known just what profits the corporation has accumu- jated. In that case the extra is not intended to be kept up. At other times an extra is declared when the earnings at the time of the declara- tion warrant it, but there is no as- surance that profits will continue at this rate throughout the year. Then again extras are sometimes paid in- ead of increasing the regular rate 4 simply because that is the most con- servative thing to do. Undoubtedly the instance of the Atchison falls in the last described classification, The declaration of an extra divi- dond involves some confusion in cal. culating_the return on the invest. ment, Taking Atchison again as an illustration the common stock selling at 166 yields the purchaser at that price only 4.2 per cent it $7 s all that is disbursed in a vear. If, how- ever, the Atchison should continue to pay 75 cents extra each quarter, or §3 e year in ail, that added to the $7 ¢ regular would make a total of $10, end then the return on the invest. ment at a price of 165 would be over 6 per cent. It becomes very important, therefore, to the buyer of stocks for investment purposes to consider carefully how Drobable it is that an extra dividend 4 Il be continued. About all that he can do is to take the best information avallable and act accordingly, keeping in mind this speculative feature. The United States Steel Corporaiion, be- fore it mado the §7 rate on the pres- regular, had been paying for .:nmn $5 annually regularand 50 1, cents-quarterly extra, abits. The human {race is gradually becoming more | mobile, yet people still move slowly | compared with capital, which tends to make quicker adjustments to chang- ing conditions. For the first time the country today gets authoritative data on the wisdom with which forelgn immigrants took advantage of prosperous business con- ditions in this country in finding a better market place for their services, Originally the early settlers in Ame) ica came in search of religious free- dom. But for nearly a century the { primary motive for migrating to America was the belief that human labor was more richly rewarded here than in Europe. The flow of the human tide that sweeps into the United States in boom times and out during depressions is not well timed with the fluctuations in employment opportunities, accord- ing to Dr. Harry Jerome of the Na- tional Bureau of Economic Research. Industrial Employment Sure. “With the passing of the era of abundant and fertile free land,” said i Jerome, “industrial empioyment, rather than agricultural opportunity, has been_the lodestone attracting the foreign worker to our shores. Par- ticularly during the last few decades. the typical immigrant has been a prospective wage earner seeking em- ployment in factory, mine or construc- tion camp. “A comparison of the data pertain- ing to male immigration, pig iron production and factory employment in the pre-war period reveals the fact that cyclical fluctuations in male im- migration are ordinarily associated with prior changes in the same direc- tion in production and employment. “The influence of a major change in industrial conditions is usually ap parent in immigration within less than half a year. “The movements in emigration are inversely correlated with those of im- migration and employment, with large emigration in depression periods and relatively small emigration in boom periods, “The fluctuations of ‘net immigra- tion’ exhibit a high degree of sensi- tiveness to employment conditions in the United States. -This is evident when immigration and emigration are Jjointly considered, either in terms of the ratio of emigration to immigration or in terms of the numerical excess of arrivals over departures or of de- partures over arrivals.” Economic Effort of Policy. In discussing the economic éffect of the new policy of restricing immigra- tion into the United States, which be- :l’:. effective in 1921, Dr. Jerome | remaking human “This quota law was apparently due, in part at least, to the fear that the volume of immigration in 1920 was but an indication of the growing momentum of a flood of immigrants which had been dammed up by war conditions and which now, spurred by actual or impending economic and political chaos in Europe, threatened to inundate this country with an un- Drg’codentod volume-of aliens. ‘Because the quotas began to be available in July, and 20 per cent the quota of any country could be ad- mitted in a single month, the law s tended to concentrate the arri- vals in the second half of the calendar :’n:rl;i t‘::: a’uultlng 4 seasonal move- erially different fi characteristic of the pre-w:romug:d‘, and obscuring the effects of industrial ity and depression except for those countries which were obviously :;iln..“;h:‘rtx?f the quota or, like Can- exico, were not subject Y.h: h::." sul t to n the new for exact knowl- edge about the science of business, it is well that the scholars are not over- looking the place of human beings in the commercial structure. Rise to Giant Size. America’s industrial hist story of the rise of inhntolt;{du‘:l.rtl:: to glant stature. What Industries are likely to have the largest rate of growth in the next five years? Elec- trical refrigeration is one possibility. The manufacture of airplanes is an- other. There are signe that America is at llln&t;;ulllu‘ luelf'tn;lm its leth- argy matter of t m’x‘n‘:aof alr trl.n,x\"ol. ana st new pl of the New York Stock Exchange to enlist foreign eomo 5 mon stocks in their native dress is economic sense. As the new world capital of finance, New York has found it necessary gradually to im. prove its financial machinery and to train a new personnel. _ Thus far the colossal forelgn financ. ing has been primarily a question of floating bonds, The next phase will no doubt consist of buying new and old atock issues, which will give Amer. ican investors a partnership stake in forelgn business enterprises. THE BUSINESS OF GETT! AHEAD. Sticking to Your Gun. Courage to go through the difficult period of building and development with less compensation than you can get for your services in the open market is one of the costs of going into business on your own purpose to carry them thfough. Men of less fixity of purpose yleld to the temptation to cash in on im-. mediate earning possibilities and thus sacrifice the longer term prospects for a brilliant future. Two highly successful bond sales- men resigned from their lucrative jobs to go into business for them- selves. They voluntarily cut their drawing accounts to onethird of their previous earnings, determining in the meantime to live on “snowballs.” Now--three years later—they are not only earning more than they ever did, but probably more than theay ever would have if they had remained as hired help. Reaping Full Benefits. They are not only reaping the full benefits of their own selling capacity, but are also making a profit on the activities of other salesmen. Another individual quit a moderate- ly attractive job as a Wall Street stat- istician to go Into business on his own as a broker in public utility proper- ties. It took a long time for him to establish himself. During the days of development, he looked longingly back at his old job, which had the great merit of paying a regular salas each week. For the first year in busi- ness for himself, he falled to earn business expens nd was able to draw nothing. After the first year, he became Increasingly successful. The good will that he began to develop from the start did not bocem jmme- diately productive. The other day he consummated an international deal which will yleld him more than twen- ty vears’' salary at his old job. of his sul drawing. part of the city's coming of age in an | = When John Wanamaker went into business for himself, he paid several market opened steady at a declinc of 3 to 4 points under Southern selling and realizing or liquidation, prices easing off to 13.29 for March and 13.70 for July during the first few minutes, or about 4 or 6 points net lower. Liverpool made a relatively firm showing, however, while spot houses were buvers of March here. Some trade buying in later months led to rallies, the market selling back to l\hmn Saturday’s closing quotations by the end of the first hour Private cables said there had been calling and covering in the Liver- pool market and that manufacturers of cotton goods were well engaged, with home trade improving New Orleans Market. NEW ORLEANS, Januar; —After opening 3 to 4 points down, prices in the cotton market today declined further until March traded at 13.26, May at 13.44 and July at 13.62 Later the market ra practically to Saturda timent appeared bearish { Liverpool cables were reported { TOBACCO T.AXES GAIN. Receipts $11,553,341 Over 1925, Internal Revenue Bureal Reports. ‘Tax collections on tobacco manufac- tures for the 1926 calendar year to- taled $371,667,583, the Internal Rev- enue Bureau announces, showing an increase of $11,6563,341 over 1926. The 1925 total was $360,124,241. Of the 1926 collections $268,444,648 was from the tax on cigarettes. The same tax in 1925 was $240,007,001, North Carolina led in the collections; eceipts for 1926 amounting to $180,- 069,360 with $159,881,751 in 1925, Other States with large collections were: Virginia, $50,378,843; Ne: $ today 31 P Good Misouri, $10,568,684, tucky, $8,680,317. TOBACCO RECEIPTS DOWN. Only 97 Hogsheads of Maryland Weed Reported in Week. Special Dispatch to The St BALTIMORE, Janua 1.—Receipts of Maryland leaf tobacco last week to- taled only 97 hogsheads, against sales of 461 hogsheads, leaving a stock 1in State tobacco warehouses of 9,494 hogsheads and 625 hogsheads of ground leaves. Quotations today for Maryland leaf tobacco per 100 pounds: Inferior and frosted, firm leaf, $3a$s; sound common and greenish, $9a$1 good common, $15a$24; medium, $25a $34; good to fine red, $35a$51; fancy, seconds, common to medium, $6a $20; seconds, good to fine, $21a$40; upper country, air cured, $7a$35 ground leaves, nominal. — UNITE OIL GRADES. PITTSBURGH, January 31 (®).— Consolidation of two grades of crude ofl quoted on the market here—Som- erset medium and Somerset light—in Cumberland lines, at a price of $2.20 a barrel was announced by purchasing agencies today. Heretofore medium was quoted at $2.20, while light sold at $2.35. The new market name will =>1e “‘Somerset grade :in Cumberland nes.” and Ken- PROFITS RISE GREAT. NEW YORK, January 31 (#).—De- cember net operating income of the Atchison, Topeka and Santa Fe de- clined to $4,968,347 from $5,122,705 in December, 1925, but the total of $66,- o;.i.ss?lfi for 1926 was $12,412,189 ahead o E BALTIMORE GRAIN EXPORTS. BALTIMORE, January 31 (Special) —Grain exports last week were fea- tured by one full cargo of 153,326 bushels of wheat in the Swedish steamer Kolsnaren for Bayonne, France. The maritime exchange re- ports that the total exports were 507, 678 bushels, compared with 1,217,800 for the previous week. Of the amount shipped 74,376 was of barley and the remainder wheat. Flour exports were 7,667 barrels against 4,597 previously. at the start in order to make their dreams come true. Once the line of action has been determined upon, the new proposition should receive a full and fair trial. Premature discouragement brings an abortive death to all too many busi- ness hopes. - Frequently a little more perseverance—one more push—would have put through a half developed roposition, which superficially seemed 0 be getting nowhere. The Seductive Outsider. At this stage, the individual should steel himself against the seductive out- sider who seeks to tempt him from the course he has laid out for himself by offering immediately far greater re- turns for other work. Each individual, in undertaking commitments, must welgh the imme- diate returns against the ultimate pos- sibilities, All too frequently, the "% | capable man, in need of funds, ylelds to the present comfort and emoluments of a blind-alley job, which over the long pull will not get him nearly as far as some more diMcult and promising venture, which must be nursed along during its early days. Generalization in all such matters is dangerous. The individual should be self-reliant enough to make the cru- cial decisions in life for himself, but a man is helped by knowing that the temptations and problems that beset him are not peculiar, but are in modil fled form common to the race. There are high rewards for capable men who are persistent enough to It is NEW YORK, | wholesale and jobbing trade of the United States is revising radleally 1ts methods of doing business. A care [ ful canvass of the situation just com- pleted in the principal jobbing centers of the country shows that individual units in the trade which are not changing their policles are facing a situation which threatens their very existence. Formerly the jobber ana whole- saler were on the main road of mer- | chandising traffic, but in the last few vears business has been detouring yund them. This has come abou | through developments and changes of policy. In the retail fleld Many individual department stores and department store companies with establishments in several cities have become so large and buy in such quan- titles they have been able to go around the wholesaler direct to the manufac- turer. The chain store systems have | made a policy of buying the bulk of | the stocks in this manner. Finally, | the smaller merchants, to meet the competition of these groups, have banded themselves together in co- adve buymg groups. Many v | thexe groups now are represented in | production centers by purchasing |agencies which pass the wholesaler by. | Met in Different Ways. Wholesalers have met this problem in widely different ways. Some firms are turning away from the purely wholesale business. One whole- saler, for example, has bought out a chain system and combined the func- tions of wholesale and retall distribu- tion. Others are restricting distribut- ing operations to a few selected lines of high-class goods. ©thers have be- come manufacturers of special lines. One firm has started a cash and carry wholesale business which sells neighborhood stores and small pendent retailers for cash on a 2 per cent profit margin, provided the buyer hauls his own goods. Another firm has started a chain of service -|and credit stores operated in connec- tion with 1ts wholesale business. An executive of one of the big mall order houses said today that so lon as the public demanded service an credit there would be a place for independent stores and fbr the wholesaler. One class of jobbers is making a specialty of quick delivery and special service. The wholesalers are care- fully nursing the small mercantile firm, for they feel some of thelr best customers will drop out if the smail merchant is put out of business. Concentrating Efforts. The more farsighted wholesalers seem to be concentrating their effort reducing the number of lines ried, restricting the territory covered and keeping a closer ratio between stocks on hand and demand. One jobber of almost national importance has cut his lines 33 per cent, his v 25 per cent and his accounts of John Wannamaker's stores, does not take the' plight of the wholesaler seriously. “While we have a very arge annual turnover,” he said today, 'we buy a large proportion of our supplies abroad. We continue to use American wholesale houses to a large extent, however. 1 look upon the idea of dispensing with the wholesaler {and jobber as visionary.” | Morton E. Snellenburg, manager of a number of department stores in Pennsylvania, said: ““The old-fashioned wholesaler is to a large extent al- ready eliminated because manufactur- ers have become wholesalers. I look upon the jobber as a different prop- osition and expect him to continue, as he Is still useful to event the larg- est distributors.” 15,000 OUT OF WORK. Large Number in Baltimore Unem- ployed, Bureau Head Says. Special Dispatch 1o The Star. BALTIMORE, January 31.—Despite Dprosperity in many lines of bustness over 15,000 men in Baltimore are out of work, it is estimated by Director McAllister of the Municipal Employ- ment Bureau. McAllister said he is forced to turn away about 1,000 men a day because of industrial conditions which have caused many factorles and stores to lay off empioyes. He said the labor situation after the holidage always is ._l,)t;j(‘l,l;jy nl‘):'l‘ ;‘l::u ’yur k\here are over f of worl y em\ploymlil L who would be No_ relief from present conditions f'&:ffi;:m? Spring is Indicated in "1)1,1‘: survey rece byfla:Allilur. >4 ently completed ting In February labor will more In demand, but the demand wll,l‘l not equal the supply until April, hM;AIlI.nn blames conditions on do- yed consummation of big contracts for future deliveries which are made at the beginning of the year. i PROFITS SHOW GAIN. GNEW YORK, January 31 (P).— rings’ of American Works and Blectrlo Co. foy 1020 weren $45,399.463, an increase of $4.943.008 over 1925. Net income was $4,525,890 equal to $5.46 a share on ‘the tom. mon stock, against $3,31 o shave, in Togs, T OITB18, or $3.90 & —— ROCK ISLAND ORDERS RAILS, VEW YORK, Janvary 31 (#)— Chicago, Rock Tsland and Pacifia pog given orders for 23,000 tons of stee] fails to Iilinols Stel, subsidiary of es Stoel, Unlted states Stoel, and 3,000 ton B WILL REDEEM PREFERRED. NEW YORK, January 31 (®).—The Thompson-Starrett Co. will redeem its 15,750 sbares of prefered stock on April 1 at $)10 a share. GINGER ALE 0 MATTER where or when you drink National Ginger Ale you'll recognize that decidedly distinctive gingerness that never varies—hecause— made today the same way that made it famous. By case or bottle at grocers and delfcatessens. clubs and fountains. inates more than he was Men of vision must :lk. sacrifices Served at cafes, o} | | m | | fl | | | | E | | FRESH EGGS Sunnybr o o'k Eggs are strict- ly fresh the year round. They are the pick of the nest from mearby henneries. A&P Brand OVE BAKED A Meal In Themselves 4 cans 25¢ Doz. 45c FANCY BLUE ROSE I RICE 2 72 Pounds 1 3C or 4 Pounds 25(: PINK SALMON 2cms27¢ | 3 Fancy Creamery Butter CAMPBELL’S CLAM CHOWDER A good supply of this popular variety in all our stores. r 10¢ FIG BARS Lb. 10c YORK IMPERIAL OOKING 5u13-10025 DEL MONTE FRUIT SALAD Tall Cans 2 KINGAN'’S SLICED BACON Lb.48¢ SUNNYFIELD LICED BACON Lb.45¢ DEL MONTE DRI PACK 271177 I IS LI TIPS I 45¢ SWEET SUGAR TOMATOES, 3 BUTTER Lb. 58¢ Better Flavor—Better Quality—More Economical “It’s Simply Delicious” N Broadcast 71771720777 And Better Than Ever THE A&P GYPSIES TUNE IN TONIGHT VJ772771 1171 EE T2 1P IIL L 27 2L LEL L LLRL LI, 2L AT L Del Monte BEANS, SARDINES In Tomato Sauce i 25C Pound Tins Free SAL Regular or lodised LUX For All Fine Laundering 25¢ Reg. 10¢ Pkgs. A SPECIAL SALE OF APPLES A&P BRAND PURE GRAPE JUICE Pressed from the finest York State Concord 35¢ CORN, 3 e 25¢ 25¢ NAVY BEANS, 2 1 15¢ IVORY SOA STAR SOAP, 6 e 25¢ _grepes. Pint Bottles STANDARD QUALITY CHOICE HAND-PICKED B LT SUNNYFIEL A DECIDEDLY BETTER through Station WRC 9 to 10 P.M. each Monday evening. } MORTON'’S Running HEINZ Tomato Soup “Cut From The Tub” Med. Cans Med. Cake 7c 770777717, POTATOES 5=-17¢; 15+49¢ Free From Frost! PROCTER & GAMBLE'S CRISCO Pure Vegstable Shortening o 3¢ or Pound Lifebuoy Health SOAP An Exceptional Value CREAM OF 3 cans 25¢ THAT IS PROVING VERY POPULAR . e milk minerals. Per 23c Pkg. . LARD Bulle or 1.Ib. Carton Lb. 15¢ VAN CAMP’S DELICIOUS PUMPKIN 29¢ FLOUR PILLSBURY GOLD MEDAL CERESOTA 12 & 65¢ SULTANA PEANUT BUTTER %‘fi&» 230 LUX TOILBT FORM SOAP Large Cans e S 77777077 Lb. 55¢ A NEW ADDITION TO OUR REGULAR STOCK of cheese, milk proteins, milk sugaer, | |fl | o] o} B