Evening Star Newspaper, August 29, 1927, Page 13

" TRADING S SLOW IN CENTER MARKET Prices Unchanged — Wet Weather Cuts Activity Among Wholesalers. Wet waathor = morning was not conducive ive trading. Reports | from growe nearby Maryland and v ndicated there was no ueed for rain today. the ground beinz in| €004 condition from last week's rain. { 1o It was also indicated in reports that this mo s rain will do little or no harm. Fruits and vegetables are all doing well, according to reports of farmers, and immense quantities of vegetables are gathered and brought to the local market Growers fear a continued wet spell will play havoe with the cantalouy usually robs the (ruit < are continuing to os of peaches to in boves and or dinary stock in baskets. coming fairly plentiful Prioe: commodities this morning stantially the same as prices reported Saturday. Today's Wholesale Prices. Butter — Fresh, one-pound prints, 44ad6; tub. 43a44; store packed, 2! Eggs—Fresh, 3 selected, 34a35: hen. receipts, 30a32. Turkeys, hens, 2§ 24; Spring ch medium, 26a small, 26; roosters, 13a16: ducks, 16; keats, youns. 0: cld Dressed — Turkeys. 28a30:; Spring chickens, pons, fancy, heavy, 3%a40; sma 35; duc 30135, keats, young, $0a$0. Meats, fresh Kkilled—Beef, 18a20; veal, 26a28; lambs, 28a30: fresh hams. 24a25; shoulders, 17a18; loins, 33u353: smoked hams, 26; smoked shoulders, 18, Live stock—4Calves, choice, 15; me- dium, 12a13; thin, 8a3; Spring lambs, 13a13%3. Fruit and Vegetable Review. Today's market report on fruits and vegetables, furnished by the Market News Service Bureau of Agricultural Economics, says: Apples—Supplies light; demand light, market dull; Virginia and Maryland, bushel baskets various varieties No. 1, 1.25a1.50. Cantaloupes—Homegrown receipts moderate; demand slow, market about steady; Delaware and East Shore Maryland, standard flats 9s, fair quality, 75a90; few best, 1.00; honeydews, ' supplies light: demand light, market steady: California, Turlock section, jumbo ‘flats 12s and 68, 1.00a1.50. Peas—Supplles light; demand light; market steady; Colorado, 45- pound crates, 4.00a4.50; few best high as 5.50. Lettuce—Supplies of Eastern stock liberal; demand slow, market about steady: New York, 2 dozen crates big Boston type, 75a1.00; supplies of Western stock light, demand slow, market dull; California, crates Ice- berg tvpe, 4-5 dozen, 3,50a4.00; Colo- rado, crates Iceberg tvpe, dozen ordinary quality and condition, 2.00a 2.50. light; Ne demand Onlons—Supplies York, 100~ light. market stea pound sacks vellows, United States No. 1, ordinary condition, 2.00a2.25, few best, Massachusetts, 100- pound United States No. 1, Peaches—Supplies moderate; de- mand moderate, market slightly stronger; Virginia, bushel baskets, El- bertas, large to very large size, 300; few fancy, 3.50; 6s, Elbertas, me- dium to large size, 2.25a2.50; Gs, Belles, medium_size, 1.65; Maryland and Del- aware, bushel baskets, Elbertas, me- dium to large size, 2.50a2.75; few high- er; small to medium size, 2.00a2.50. Pears—Supplies moderate; demand light, market steady; California, boxes, Bartletts, 3.50a4.00. Potatoes—Supplies moderate; de- mand moderate, market slightly weak- er; New Jersey, 150-pound sacks, Cob- blers, United States, No. 1, 3.25a3.35: East Shore Maryland, cloth-top stave barrels, United States, No. 1, 3.50. Sweet potatoes—Supplies moderate; demand slow, market about steady: Virginia and North Carolina. cloth-top barrels, vellows, 2.50a3.00; old stock, Tennessee, bushel hampers, Nancy Halls, 1.00a1.25. Tomatoes—Supplies moderate; de- mand moderate, market about steady: ;‘ms-grown 13-bushel hampers, 285. Blackberries—Supplies light de- mand moderate, market steady; New Jersey, 32-quart crates. 4.75a5.00. Celery—Supplies moderate; demand moderate, market steady; New York, two-third crates, 2.25a2.50; crates, dezen, washed, few sales, mostly 5.00. e CHICAGO LIVE STOCK MARKET CHICAGO, August 29 (#) (United Ftates Department of Agriculture).— Hogs—Receipts, 42,000 head; uneven; hogs of 210 pounds down weak to 10c lower; others fully steady; 225 to 280 pound butchers of good and choice quality, 10c to 15¢ higher in spots; top, 10. numerous sales, 180 to 200 pounds averages at that price; bulk good and choice, 160 to 200 pounds, 10.50a10.75; 220 to 250 pounds weight, 9.90210.50; 260 to 300 pounds, 9.50a 10.00; 310 to 350 pounds, 9.00a9.50; packing sows, mostly 8.00a8.50; light- weights up to 5.75; most pigs. 7.50a 25 Cattle—Rceipts, Killing _ cl slow, steady; highly finished steers all weights compara- tively scarce; yearlings in much more liberal supply than heavies; run in- cludes about 2,500 Western grassers, mostly cows and heifers: stockers and feeders strong; vealers, 50c lower; best yearlings ; at 14.40; matured head; most steers, 14.25 ed v 13 most fed s 12.00at west grass co 8.5 50. 13.000 head: fat g fairly active; strong to Sheep—Receip! lambs ope 25c higher than close of the week: sarly of zood native lambs mostly 12.75a13.25; few loads downward to 12.50 below: culls, 8.50a29.50; no rang Jambs _sol 1350 for best offe: 0od to cholce 87-pound fed. clipped California lambs 12.00: sheep slow. weak o 23c lower few fat ewes, 5.50a6 50, POTATO MARKET WEAKER. 2 cars: trading fair: market slightly weaker; Minnesota sacked early Ohios, 1.40a1.45; Wisconsin sacl Irish cobblers i5a1 Irish _cobblers. 1.60als triumphs, sacked Biiss DRY GOODS QUOTATIONS. NEW YORK. August 29 (Sp Cotton goods market was moderately active at the outset of the week with 8x72s print cloths marked up 13 at he standard #4x60s were t 87 anged pric RUBBER DECLINES. (Special) — Crude rubber, declined ; at today’s noon quota of 3i%. This compares with 34% a month ago and 40y a year a There are more than 40 species of' Rule, “Do unto others as ye would be' $3.89 a share on the preferred in mosquitoes in New Jersey. Apples alsg | | to Fisher’s Price Index The following table shows the aver age movement from week to week (1) of the wholesale prices of 200 rep- resentative commodities (from Dun’s | Review) and (2) of the purchasing | power of tha doltar Purchasing ower. of the dol- lar in pre- index No_of Drices in per went of pre- war hasis, ie 1913- 100 pet . 2470 aver: First quarter. April average a - &0 1zo Foreign Weekly Inde: Crump's_(London_Financ index number ) 1l Times) | tinlex No. of Date— Averaga . rage ... . irst_quarter.. Second guarter Third quarter. . Fonrth October November December 7 Jannary— First week auarter. Th Fourth J January_average ' weeld Februars average March avera First quarter. | Aoril averagze May averare June average. . uarterly ave uly avera; —_———— SUGAR MARKET QUIET. Price Movements in Futures Are Narrow Today. NEW YORK, August 29 (#).—The raw sugar market was quiet early today and with no sales reported. prices were unchanged at 4.65 for Cuban duty paid. The inactivity in the spot market and easier London market restricted operations in the raw sugar futures market to some extent, and in absence of any aggres- siveness on either side. price move- ments were narrow. The undertone was barely steady and prices at mid- day were net unchanged to 1 point lower. Houses with trade and out- side connections were the principal sellers, while offerings were absor by Cuban interests. The refined sugar market was quiet and prices were unchanged at 5.75 to 5.90 for fine granulated. NEW YORK MARKETS. NEW YORK, August 29 (#).—Flour steady; Spring patents, 7.30a7.75 ft Winter straights, 6.0026.40; hard Win- ter straights, 7.00a7.40. Rye firm; No. 2 Western, 1.16 f.o.b. New York and 1.14% c.if. export. Bailey steady: malting, 93% c.if. New York. Pork steady; m 31.00; family. 35.00a 3 Lard steadier; Middle West. 5a13.05. Wheat futures opened 3 domestic, September, 1.40 asked; December, 1.4315. OIL OUTPUT HEAVIER. NEW YORK, August 29 (£).—Crude oil production in California last week averaged 628,000 barrels daily, an in- crease of 4,500 barrels daily compared with the week before. EVERYMAN’S CREDIT BY LEWIS SINCLAIR GRIGSBY Assistant Secretary Associated Retail Credit Men of ‘Washington. No. 1—What Is Credit? The word credit is derived from the Latin “creditum—credo—believe,” and is defined as the belief in the .truth of a statement or in the sincerity of a person. It is, in short, confidence in vour fulfillment of a promise to pay. Credit is one element of human so- clety that is given to each and every one to make the best of. We all start from scratch, and at the end each must reckon the result from his own attitude toward this overwhelming item of existence. ‘While we consider credit brictly as a matter of personal use, realize the national and international aspect of this world-wide activity that causes nations to treat with one anothér on a mere promise. At first hand we are greeted with the paper currency of the United States, simply a direct obligation of the Government, yet ac- cepted throughout the country as le- gal tender. To the individual credit constitutes ofttimes the difference between a mere existence and a living of comfortand happiness. We must necessarily use this element in our daily existence whether we believe in the cash-and- carry plan or not. No doubt your house was bought on credit to a cer- tain extent. Certainy your electricity and gas is bought on t basis. Your doctor or dentist never asks for cash in advance. Sometimes you arrive in this world as the result of credit ex- tension and leave in the same way. Tho relation between cash and credit is the problem of the individual. One may exert more power than the other. It is vour decision. You may main- tain checking accounts at various banking institutions, buy on credit in business and patronize stores in a per- sonal w or, if you prefer, the cash may be carried around on your person and expended as you see fit. The ac- ceptance of your personal check with- out certification an example of credit. The purchase and delivery of merchandise simply upon the ex- change of a slip of paper is certainly the personitication of belief in the sin- cerity of d person. The use of credit enables yourself or wife to purchase items of comfort and sometimes necessity without ex- penditure of cash on hand. 1f you have felt the temporary pinch of ad- versity and the approach of cold weather, no doubt you appreciate very much the benefaction from an institu- tion that enahles vou to purchase wearing apparel, heat and light on your mere promise to settle later on. Credit has gradually graduated from the oldfashioned *“buy on tick™ or ook mathod, until today every large tablishment maintains a departmes properly care for its credit cus- tomers. e the use of credit in its scs? s it your pleasure to sccure accommodation from banker, merchant or friend without collateral or indorsement? If not, why not? A proper appreciation of the responsi- bility assumed at the time of the un- | obligation 1s a great factor in estab- Raw silks were quiet | lshing vour reputation in the com- munity as one whose word is a bond for the fulfilinent of a promise. IExamine your dalily life, treat your- self fair] Determine now that credit shall be a part of your regular routine, and if you are a confirmed addict of this system, pledge yourself to a fairer attitude toward the same. In effect, the whole s ance of the daily use of credit may be summed up in the immortal words of the Golden done unto,” g e { rupt. OId planters blamed the weather, | cuiture that cer | tion THE EVENING STAR, WASHINGTON, D. C. MONDAY., AUGUST 29, 1927. | DUISIANA SUGAR SAVED BY SCIENCE >New Type of Cane Developed More Able to Resist Disease Ravages. ngar industry of Louisiana. Sugar in the South Is really “coming back.” Ten years ago the Louisiana sugar industry spread over 275,000 acres. A hundred-odd mills ground out wealth from the cane. and contributed to the livelihood of neariy 100,000 persons. Then production fell off and for years the industry w practically bank- soil and luck But it remained for a sroup of warni ;s of the Department of Ag: n diseases had in- vaded the fields and that this un- healthy condition could only be rec fied by chamging the variety of the cane planted. To the others the ex- periences of the cane growers of Ar gentina and other countrics meant nothing. Started in 1922, In 1922 the managers of the South- down Plantation, Charles Krunbhaar, David Pipes. jr. and Elliott Jones, planted 21 eyes of POJ 234 cane, which had been developed by Govern- ment experts at the exper on the Southdows From this tiny enough cane for a larger pls next vear, and distributed some seed to other planters. who were willing to give the new idea a chance. The variety was far from ideal, but the younger element among the Louisiana planters went earnestly to work to improve it. The president of the Amer- lean Sugar Cane League, Stephen Munson, was a leader in the move- ment. This year conservative estimates place the harvest of P O J 234 cane in Louisiana at 400,000 tons, all the growth coming from that planting of 21 eyes five years ago. It seems now to be well established that this P O T 234 cane will vield an average of tons to the acre. while most of thes: plantings this season will vield 30 to 35 tons. This has practically con- verted the old-time planters. The vield in 1927 will be sufficient to sup- ply seed to the entire State and leave 200,000 tons for grinding. In the meantime, two ohter varieties—P O 1 213 and P O J 36—have been tried and seem to surpass the original PO J 234, both in yield and disease-resist- ualities. m‘ltqis safe to say. that but for the encouragement of a few far-sighted bankers and business men in suppart- ing these experiments, the Louisiana cane industry would have been wined out two years ago. The banks would have written off their losses, the acre- age would have gone into the discard and the sugar country would have ceased to exist This would have meant wide economic loss through default of bond issues, since Southern sugar lands are assessed at twice what they would bring in the open market, and with no future in sight. owners would have let their holdings go by default for taxes. Have Large Expectations. 028, it is confidently believed lheByLoluisslann vield will pay planters approximately $50,000,000, since (hr{- hew canes produce an average o 165.6 pounds of sugar t0 the ton. m]: against 158.4 pounds for the old VAl ear Bankers and business men of Louisiana organized the s«:at; Agricuttural Credi, Cop e i of al of $325,000. ll‘h‘e:a;"‘e‘dl',:l'al Intermediate Credit Bfll;l; this capital financed the crop of 191 A Now the capital of the organization has been increased to $600.000 to finance the 1928 erop. ‘The ‘“scounI: rate on this %::oml!h!l Federal Ban bly will 5 for 1. Fr\n\fmi)enythh money is loaned to lhe. planter, it is gilven on a mnni'h!) budget basts. Inspectors visit every plantation every few days to see thal the funds are being properly lptmll and proper methods of cultivation fol lowed. 1t is one of the most thorough lessons in farming that the United States ever has had. e TOBACCO MOVING WELL. IMORE, August 29 (Special) ——g:l‘l:'rrecdm and sales of Maryland leaf tobacco continue heavy, totaling 2,042 hogsheads and 2, 20 hogsheads, respectively, last week. compared with receipts of 3,357 hogsheads and sales of 2,049 the previous week, and leav- ing a stock in State tobacco I’If& houses of 17,124 I\(}p‘:]she_au(‘lyl. N’:[‘A;-l: in prices, with 56% ¢ ;‘;:%‘being top values. Quotations to- day for leaf tobacco per 100 poun st Maryland. inferior, 5.00 to 8.00; frosted, 3.00 to 4.00; sound common and greenish, 9.00 to 16.00; good com- mon, 17.00 to 30.00; medium, 31.00 '0‘ 10.00; good to flnedred. 41.00 lol SJ‘::S ., 56.00; seconds, common to - hrs 5.00 to 24.00; seconds, good to dium, fine 35.00 to 45.00; upper country, ait cured, 3.00 to 25.00; ground leaves nominal. RUBBER FIRMS ACTIVE. NEW YORK, August 20 (P).— Akron dispatches to Wall Street say preliminary estimates show that sales and production of the leading rubber manufacturers there in August have been close to the record-breaking fig- ures of July. Current output of auto: mobil tires in_ that district exceeds 140,000 units daily, with most factories operating on a three-shift basis. There are indications of a slight slackening in demand from the retail tire trade. however, which probably will result in reduced operating schedules by some plants next month. WARD PROFITS GAIN. NEW YORK. August 29 (#).—Net profit of Ward Baking Co. for 33 weeks ended August 13 was $2,553,403 equal to $6.27 a sharve on the *“A” stock and $1.20 a share on the “ stock, against $2,513,203 in the corre- sponding peris of 1926. or $6.20 a share on the “A™ and $1.13 on the Py SHEET MILLS SLOWING. NEW YORK, August 29 (#).—Lack of buying by the automobile industry has cut down sheet mill activity in the Mahoning Valley, only 57 out of 127 mills now operating. Carnegie Steel is maintaining 65 per cent of capacity average operations in the district, while Youngstown Sheet & Tube is at 60 per cent and Republic Iron & Steel at 55 per cent. NEW YORK, August 29 (A).—The Chicago, Burlington & Quincy had net operating income of $1,409,836 for July. against $2,305,338 a vear ago, and for the seven months this year. $13.182,517, against $14,285,244 in the same period of 1926 L0SS IS REPORTED. W YORK, August 29 (#).—Net loss of $1,924,134 for the year ended Agri- June 30 is reported by American cultural Chemical and gubs against net profit of $8.023,7 2, or the previous year, BY J. C. ROYLZE. Spevial Dispateh to The Star NEW YORK. Augus —Young ileas have saved the §200,000,000 | vounger men to take seriously the | COTTONADVANCES Weevil Report Factor in Staple’s Rally. | | By the Associated Press. | NEW.YORK, August ton market opened barel | day at a decline of 2 to 14 points | under selling promoted by relatively easy Liverpool cables and rather a better view of the weather map. | There were rallies of several points | after the call on covering, or a re-| newal of the demand responsible for | last week's advances, but they met 29.—The cot- steady to- | considerabla cotton, December sell- ing off (o 22.45 and March to 22.60 | in early trading, or about 15 to 18| | puints net lower Offerings seemel to t, r off some- what at these figures. owing to con- nued unfavorable crop reports and | veiterated complaints of holl weevil damage, and the market showed r: lies of 4 or 5 points from the lowest at_the end of the first hour. | Private cables said local and Amer- ican_buying in Liverpool had been supplied by hedging, combined with AFTER EARLY 546 - Expectations of Bullish Boll | London and continental lquidation, and that the advance im prices was i ‘f‘"(‘(‘kihg business in cloths and yarns at_Manchester. Offerings became comparatively searce after the early selling had been absorbed and the market advanced rapidly on a renewal of the recent ving movement, stimulated by ex- pectations of a bullish boll weevil report tomorrow and unfavorable features in the weather forecast. Prices for all positions made new high records, December selling up to 25 and March to 23.35, or about 60 to 63 points ahove Saturday’s closing quotations. The advance of approxi- mately 3.00 per bale attracted real- izing, and the market was a few | points oft from the best at midday. —_— WO0O0LS MORE ACTIVE. fal).—Fin ¢ wools were more the peak started in the Bos- market. Quotations toda: nd Wyoming origin {, August of territo bag woc basis; g strictly combing Fine Ohio 11,50, estimated clean ;i d alf blood at 60, ound $1 clean Ix e comhing fleece was 546, greev f blood and three-eighths blood, 43, and quarter blood, 43 i BUTTER BARELY STEADY. W YORK, August 25 (#).—But- ter—Barely s v 95 3 extrag, score), sh gath: 5 ), 291504 rent make, No, SILVER QUOTATIONS, NEW YORK, August 29 (#).—Bar silver, 543 Mexican dollars, 4114. - Making special bid for LIVING COSTS DROP AS WAGES ADVANCE Purchasing Value of Dollar Up Nearly 8 Per Cent Since Decem- ber, 1925, Survey Shows, NEW YORK, August 29 (#).—Since December, 1925, the purchasing value of the dollar has increased nearly 6 | per cent and now stands at the highest | point since July, 1924. tha National | Industrial Conference Board announc- | On the basis of living costs last { month, the board says the dollar now s worth 61.7 cent as compared with | the 1914 dollar. Tt was lowest in July. {1920, when its purchasing power had shrunk to 48.9 per cent of the pre-war ining living costs were given by | the board as the reason for the in- rease in the dollar’s purchasing pow- . which it is said has been steady 1926 and the current year. During this period, the board said, average wage earnings have fluctuated | not more than 4 per cent and em- | ployment has been steady, and in theso k it saw a fundamental auguring well for wholesome sinyss conditions in the immediate future. | Average wage earnings, the board | said, show a remarkably steady up- ward trend, average earnings per worker employed in June being even slightly higher than they were ai the beginning of 1926. The average total cost of living in the United States, as 13 —_—————— computed by the board, decreased 1.6 per cent from the middle of Jigne to the middlg of July, due wostly to an average d@ecline in retail food prices of 3.8 per cent. Contribifting faptors, it said, were a slight decfine in rents Land retail clothing prices. Commodity News MONROE, La., August 29.-—Con- struction work on the ptpe line from the natural gas fields from North Louisiana to Pine Bluff and Camden. Ark.. will be started shortly Iy the Touisiana-Texas Conmstruction (fo., for the Excalsior Pipe Line Co. Tise pipe line company will extend its lirtes into Memphis early in 1928, ST. PAUL—Stocks of creamgry but ter in storage have increaskd over 4,500,000 pounds in the last month and are 3.365,000 pounds heaviers than a year ago. DETROIT—The administratfon build ing at the Fordson plant of ‘the Ford Motor Co., will be completell Decem- ber 31. SAN FRANCISCO—Thegradio show just completed here shpsved conclu sively that the demand hgre at pres- ent for tone selactiom and greater selectivity as against distance getters. The main interest was in units wit out batterfes. EASTPORT, Me.—Loral brokers are expectesl to organize yo handle the business cqnducted by the Maine Co- operative Sardine Co., which has been dissolved. The object is to prevent a monopoly I this food Hroduct going to companfies with heaidquarters in New York and Chicago. total of General’s outstanding sales gain in the tire industry Our special allowance for your tires will offset much of the cost of Gener- al’s quality. SIZE TAKEN IN INCORPORATED ompaty 13th Street at Eye TRANSACTION PROBED. New York Exchange Invntlnten‘; Vulcan Detinning Common Trade..).“ NEW YORK, August 29 (#).—Trans" actions in common stock of the Vulcan Detinning Co. from August 22 to 27 during which the shares advanced 40 points, closing the week with a net gain of 13 points, are being investi- gated by officials of the New York Stock Exchange. Members of the exchange have been asked to furnish by noon, August 31, a list of all transactions for the week. giving volume and prices and names of members or firms with whom trans- for whom they acted. The name of every individual or firm having a posi tion the close of giving “long’ also was re the stock at in e NEW SHIP SERVICE. BALTIMORE, August 29 (Special).—~ Sponsored by the Bethlehem Steel Co., whose interests in Baltimore already are large, a new ship line linking thi city and Philadelphia with Los An- geles, San Franeisco and Seattle will bhegin operation Friday, when the first ship will sail from Baltimere. The e. recently incorporated under and laws, will be the Calmar amship Corporation PRICES ON PARIS BOURSE. PARIS, August 29 (#).—Prices were buoyant on the Bourse today. Three per cent rentes, 58 francs 6 centimes; exchange on Lendon, 124 francs 2 centimes; 5 per cent loan, 76 francs centimes. The dellar was quoted at 25 francs 51 centimes. GENERAL TIRE more new customers Adding thousands to the already swelling Continuing all this week—our greatest Trade-in-Sale—with new economies that ~ bring down first and final cost. You get the ol mileage at a remarkable saving com- pared with any other tire. Come today, tomorrow or next day. Bring your car and let us equip it for the balance of this season and several more to follow—for the most economi- cal tire mileage you have ever known. Little @ C — Rt STE - The Famous G-T-A-C Payment Plan A matter of nickels an Special for owners of ’ During this trade-in sale we also extend GENERAL TIRE ACCEPTANCE CORPORATION For those who want the convenience of easy terms FORD, CHEVROLET, DODGE, ESSEX AND ALL OTHER POPULAR PRICED CARS All or Part of Your Trade-In Allowance Accepted as Down Payment~Terms to Suit You on the Balance d dimes FOR A FEW WEEKS and you get the extra economy of Generals FOR A YEAR OR TWO