Evening Star Newspaper, November 6, 1928, Page 15

FINANCIAT., - THE EVENING STAR WASHINGTON, D. C, TUESDAY, NOVEMBER 6, 1928, FINANCIAL Money to Loan Becured by first deed of trust Prevailing Interest and ; Joseph 1. Weller 47, Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford Representing Mutual Benefit Life Ins. Co. 1520 K Street Main 475 First Mortgage Leans Avplications invited for st trust loans at : 51/2% Interest No curtails—No appraisal fees Prompt Attention W. H. WEST CO. Founded 1894 1519 K Street OFFICES Fo r‘"l::Pase Edmonds Building 917 15th St. in the center of _the and Realty districts. 8ev- able suites xow available, Main 9900 Very low rentals. HANNON - & LUCH Over a Third of a Century's 4 Ezperience A Profitable Investment —for the owner of an apartment or other rent- able property is our man- ager-service. Hard and fast rules can’'t be advantageously made. We solve every problem; decide every con- dition on its individual mer- its. Which means satisfied owner. and tenant both. B. F. SAUL CO. Main 2100 925 15th St. JF irst and Second Trust Money Available On Homes, Apartments and Busjness Properties * Prevailing Interest Rates Moderate Charges No Appraisal Fees District National Securities Corporation Main 2994. 1406 G St. N.W. 6% ionally GUARANTEED Ideal for the Small Investor The inexperienced man or woman is often be- wildered in the search for a sound investment for surplus funds of modest size. Our 6% First Mortgage Notes are ideal for this type of investor. First, they are absolutely sound, being secured by high- class, conservatively ap- praised modern Maryland homes. Second, they may be purchased in amounts tem- pered to your buying pow- er. And, finally both prin- cipal and interest are un- conditionally guaranteed. OF Mary1ano 1** 923.15th St. N.W. Your Money Earns 6% O N first mortgages — right here in the Nation's Capi- tal. The conservative and pro- gressive men of this organiz guaranty of safety on your investment. Write or call for our booklet, “THE SUCCESS PLAN” tion give you a REALESTATE MORTGAGE & GUARANTY CoRPORATION Capital Resources § 3,400,000 24 JACKSON PLACE RESERVE DEPOSITS AT RICHMOND DROP Report Shows Gain in Bills Discounted, bqt Loss in Assets. BY EDWARD C. STONE. According to the monthly review just published by the Federal Reserve Bank of Rjchmond, on October 15, 1928, bills discolnted for member banks in the fifth district were approximately 74 per cent more than a year earlier, but _the circulation of Federal reserve notes was_slightly less on the 1928 date. Although the bills aiscounted this year exceed- ed those of Octo- ber 15, 1927, by more than $21,000,~ 000, reduced hold- ings of acceptances and Government securities in com- P parison wllldl ln;t Vi year lowered the Alexander Woll. £021 of earning as- sets of the Richmond bank. On Oc- tober 15 last year rediscounts for member banks totaled $29,176,000, com- pared with $50,666.000 this year, and the circulation of reserve notes was $71,151,000 on October 15, 1927, com- pared with $69,896,000 on October 15, 1928. Total earnings assets of the, Federal Reserve Bank of Richmond declined during the year from $91,732,000 to $70,- 224,000 as a result of decreases in hold- ings of acceptances and Government securities. Reserve deposits of mem- ated $71,403,000 Y ,000 at the mid- dle of October this year. ' ‘The cash reserves of the Richmond bank totaled $61,794,000 on October 15, 1927, but rose to $79,550,000 on the corresponding date this year, while the ratio of cash reserves to note and de- posit liabilities combined rose during the year from 42.11 per cent to 56.04 per cent. Washington Retail Sales Gain. Fall retail trade in the Fifth reserve district, the Review adds, opened up splendidly in . September, sales in 30 leading department stores in the dis- trict averaging 23.6 per cent above sales in August. In the district as a whole, sales in September were 4.6 per cent above sales in September, 1927. Baltimore, Richmond and Washington stores reported larger sales in Septem- ber this year than in the same month a year ago, but the other cities show- ed an average decline last month amounting to 2.5 per cent. Total sales during the first nine months of 1928 averaged four-tenths of 1 per cent above sales during the corresponding period in 1927, and September, 1928, sales were 12.9 per cent larger than average September sales during the three years 1923-1925, inclusive. Stocks increased seasonally during September, rising 10.1 per cent above stocks on the shelves on August 31, but on September 30 average stocks were 4.7 per cent less than stocks on | September 30, 1927, 22 of the 30 stores reporting smaller inventories this year. The rate of turnover increased sea- sonally in September. The percentage of sales in September to average stock carried that month was 26.1 per cent, ‘and the total sales since January 1 to average stock carried during each of the nine elapsed months was 223.5 per cent, indicating an annual rate of turn- over of 2.98 times. The turnover dur- ing the first nine months of 1927 in- dicated : an -annual rate of 2.94 times. Collections in September totaled 24.5 per cent of receivables outstanding on the first of the month, exactly the same percentage attained in August this year, but ‘better than 23.4 per cent of out- standing receivables collected in Sep- tember, 1927, Third Quarter Business Improves. Investors Syndicate of Minneapolis, Minn,, ends the third quarter of 1928 with total resources of $23,019,480.16, an increase of almost $4,000,000 for the first nine months of the year. New business written for the first nine months of 1928 totaled $56,552,- 900, an increase of 93.2 per cent over the same period in 1927, ‘The company operates in 38 States, the District of Columbia and British Columbia, Wolf to Entertain Bank’s Staff. Alexander Wolf, general counsel and director in the Bank of Commerce & Savings ever since the institution was established in 1907, will entertain the officers, directors and all employes at In addition to Mr. Woif, three others in the gathering have the same record for service with the bank. President Maurice D. Rosenberg, Vice President Joseph Saunders and Executive Vice President John M. Riordon hold this distinction. The/ other officers and directors in- . A. Bennett, second vice pre: ident; Irvin Owings, third vice pre: dent; Joseph H. Milans, secretary; Clarence A. Weaver, auditor; Frank Owings, cashier, and Oliver Exline, as- sistant cashier; Louis Bush, A. Bry- lawski, J. E. Cauliflower, E. T. Chewn- ing, Floyd E. Davis, R. L. Elliott, C. E. Edwards, A. 8. Gatley, G. A. Kneessi, Sol Lansburgh, M. 'A. Leese, J. F. Maury, Vernon G. Owen and Elie Sheetz, directors. Heard in Financial Distriét, Frank W. Patterson, formerly finan- clal editor of the Post, was a visitor in’ the financial district yesterday. The major reports business booming in and around Manassas, Va., where he is now the publisher of a very fine newspaper. ‘The George A. Fuiler Co. has de- clared the regular quarterly dividend of $1.50 on the prior preferred and a quarterly dividend of $1.50 on the par- ticipating preference, both payable Jan- uary 1 to stock of record December 10. ‘The McCrory Stores Corporation has declared the regular quarterly dividend of 50 cents on the common and Class B common, both payable December 1 to stock of record November 20. During the first nine months of 1928 United States imports of leather manu- factured goods were valued at $18,120,« 746, compared with $15.477,365 in the same period of 1927, according to the Commerce Department. Prices of commodities during the week ended November 3 declined 1.4 per cent, according to the wholesale price index of the National Fertilizer Association. The local banks will distribute about $7,000,000 in Christmas Savings Club funds on December 1. Last year quite a part of this money was put back into permanent savings while the remainder was a most important factor in local holiday trade. Brokerage houses were closed today and bankers refused to talk about any- thing but the election. They predict good business during the remainder of the year regardless of voting results. WILL EMPLOY 30,000. BALTIMORE, November 6 (Spe- cial) —The Western Electric Co., which is to build a $15,000,000 plant here, eventually will give employment to be- tween 30,000 and 40,000, according to Mayor William F. Broening. The com- pany’s engineers are preparing plans for the development of the property, and construction work is to start at once. A A letter marked “Personal” and ad- dressed to “William Shakespeare, Strat- ford-on-Avon, England, Europe,” has been marked “Deceased, 23 April, 1616,” and returned to Springfield, Mass. ‘Three postmen actually tried to de- liver it and a fourth caused it to be returnied to America. P a dinner tomorrow evening at Harvey's, | da VENDING MACHINE MAY OUST DISINTERESTED STORE CLERKS By the Associated Press. NEW YORK, November 6. —More than $40,000,000 worth of small package merchandise will be sold automatically in 1929, in the opinion of Albert C. Allen, executive vice president of the United Cigar Stores of America. He regards the growth in volume and scope of autopatic selling as one of the most interesting phases of modern retail dis- tribution. “From a small beginning and a dormant state of nearly a quarter of a century,” Mr. Allen sald, “the science of selling by machine has suddenly de- veloped into great economic importance and seems likely now to change all our ideas of retail distribution. Eliminates Poor Salesman. “This is largely due to the fact that the idea is fundamentally sound and eliminates the type of salesman who has always been more or less a liability to an organization—~that is, the man without selling ability, who merely goes through the motions of making change and delivering goods. The leading chain stores of the country do not want this type of man, but the sort who can contribute to the merchandising of their goods. “There are so many articles, notably the popular brands of cigarettes, which have become so well known through national advertising that virtually no selling ability is required to dispose of them. This type of merchandise, which, in addition to cigarettes, includes such things as razor blades, shaving cream, cough drops and a score of other ar- ticles, can be sold with advantage through the vending machine at a saving in distribution cost. Problems of Production. “During recent years much time and money have been spent in solving the problems of production and advertising. I believe the next few years will see more concentration on the problem of distribution, and in this work the vending machine will undoubtedly play a large part.” BUSINESS LOSSES - INELECTION HUGE American Firms Will Drop $100,000,000 on Account of Layoffs. BY J. C. ROYLE. Special Dispatch to The Star. CORPORATIONS SEE GAIN IN NEW STOCKHOLDERS By the Associated Press. NEW YORK, November 8.—Industrial corporations, which have made many changes in their corporate minds and methods in the past few years, at last have recognized new stockholders as real assets—also as potential purchasers. An increasing number of corporations is adnpling the practice of welcoming new stockholders by letter. Many in- close literature describing the corpora- tion's plants, products and prospects. Recentiy one corporation began sending with its friendly letter of welcome a “stockholder’s packet” containing sam- ples of its products and the suggestion that the stockholder, learning the qual- ity of the products, might wish to become a user. NEW YORK, November 6.—The presidential electjon today will cost American business between $100,000,000 and $125,000,000. The amount expended by the Democratic and Republican national committees and that paid out by State political organizations will be only drops in the bucket of costs. This is the conservative opinion of sound business men. The actual expenses of the election for ballots, voting machines, judges and watchers and police protection, which must be absorbed by the taxpayers, will exceed $50,000,000. In New York State the cost will be above $5,000,000, accord- ing to employes of the board of elec- tions, and of this sum New York City will require over $2,000,000. Similar but lesser expeditures will be made in every other State. In some parts of the Far West it is still necessary for an election official to make a two- day horseback ride from his polling place to the county seat to report the vote. Loss in Commissions. ‘The New York Stock Exchange and most of the other exchanges were closed. On an average day’'s trading involvini 4,000,000 shares, which now is a. dul day, this means the loss of $1,700,000 in commissions alone. Bankers on the stock, grain, cotton, naval stores and other exchanges in Chicago, Philadel~ phia, Toledo, Toronto, Pittsburgh, Cleve~ land, Cincinnati, St. Louis, Hartford, Boston, Denver, Sali Lake City, Savan- nah, Atlanta, New Orleans, San Fran- cisco, Los Angeles, Portland and Seattle will suffer likewise. ‘The layoff of men in the coal industry will mean the loss of $500,000 in wages, to say nothing of production. ‘ The out- put of steel will be -cut practically in half, as the layoffs range in the mills from a quarter to a full day, The automobile workers and manufacturers, the building trades, the textile, the metal industry, the lumber and nearly all major 1 vor will, lose_something. The blow bly will be awe:elt tlz retail ‘::‘richmu, for it they a day, over] goes on and the; e e e i o e never n the te future. Some industries will benefit, but even these will not gain the same return as in former presidential years. The res- taurants will reap a est. Many are preparing to do just double the normal day’s business. However, even the food pugveyors will do less well than four years ago dui)lte the increased interest in the campaign, since restaurant par- ties are being supplanted by private par- ue:iq which listen to election returns via radio. v Some Business to Benefit. The hotels are booked full in nearly zv;? big center. Voters are too ex- cited to go home and the suburbanites will many of them spend the night in town. The taxicabs and busses will reap a harvest, but what the railroad trains gain in passenger traffic they will lose several times over in the slackness of freight loadings due to the election holi- y. ‘The theaters will have one big night, for voters must have some place to go while they await final returns, but the theatrical business has already paid many times over for this one big night in the slim audiences which have-at- tended performances during the excit- ing nights of the eampaign. will find thefr revenues increased by the flood of press dispatches and congratula- tory telegrams sent by earnest office seekers to successful candidates, but they will be lucky if this business counte: balances the loss from the reduced vol ume of financial and commercial mes- sages: METAL AND UTILITY SHARES FAVORITES Oil Is Also Prominent in Recent Trading on Stock Exchange. Special Dispatch to The Star. NEW YORK, November 6.—From the action of the stock market in the clos- ing hours yesterday it appears that Wall Street looks with most favor on Telegraph and telephone com) nle!l the public utility, ofl and metal shares. There i§ a certain relation in this to its views on the election result. Take, for instance, the late betting of 5 to 1 1 favor of Mr. Hoover. This might readily explain why the shares of electric light, gas and power com- g:enue were so strong, This group has n quiet for several months. The power fssue has been the only one in the campaign that directly af- fected securities. It is not improbable that those speculative interests who look to see Mr. Hoover elected would have some days ago begun to accumu- late utility issues. ‘The situation with respect to the oils and metal stocks is somewhat different. It is to a certain extent tied in with the prospect of consolidations to supple- ment those already announced in both industries. Both ofl and copper have the advantage also of a strong statis- tical position, The September figures of the Bureau of Mines show that in that month stocks of all ofls decreased 2,~ 421,000 barrels, The price of copper metal is ‘the highest in several years and is likely to go higher before Jan- uary 1st. The merger of both oil and copper companies would not be opposed in Washington, it is believed. Wall Street Briefs P. W. Litchfield, president of the Goodyear Tire & Rubber Co., and the Goodyear Zeppelin Co., and G. H. Hous- ton of the -Fisher Body Corporation, have been elected directors of the National Aviation Corporation of New York, a financing concern for aviation enterprises. George E. Willls, assoclated with the Studebaker Corporation for 15 years and for the past 2 yeéars managing director of the Studebaker Corporation of Australia, has been appointed vice president of the - Pierce Arrow Motor Car Co. of Buffalo, in charge of sales. Studebaker recently acquired control of Plerce Arrow. October sales of the National Cash Register Co. of Dayton, Ohio, were $4,130,775, the largest in any months this year and the second largest Octo- ber sales in the company’s history. The Toronto sales agency turned in 600 per cent of its quota during the month. 8. 8. Kresge Co. reports sales for the past 10 months totaled $109,484,821, compared to $98,710,972 in the first 10 months of 1927, Sales of the McCrory Stores Corpora- tion of New York for the past 10 months were $30,430,238, against $29,~ 242,481 in the same 1927 period. Martin-Parry Corporation of York, Pa,. maker of motor truck bodies, ended the year on August 31 with a loss of $620,905, but cleared $791,574 on the Taking the situation as a whole, the losses far outnumber the gains and most business men will heave a sigh of relief and prepare for a return to normal busi- ness routine when the last votes are tabulated. GROWTH IN U. S. TIN TRADE IS REVEALED By the Assoclated Press. CARDIFF, Wales, November 6.—One of the most important Anglo-American been completed between tin manufac- turers of South Wales and the United States. The parties to the agreement are the Uniled States Tinplate Export Association and the South Wales - plate Corporation. The cartel provides for a regulation of the output of tin on both sides of the Atlantic so that production will not flood the market and for & geographical division' of foreign markets. It reveals the tremendous advances the United States manufacturers of this metal have made since the beginning of the World War. How great has been the progress of the United States in this direction may be judged from the fact that in the first seven months of this year America produced 30 per cent of the total ex- ports from the two nations combined, and the United Kingdom 70 per cent, although in 1913 the American rl’n T- tion was 13 per cent and the British 87 per cent. At the same time the export trade has greatly increased. This year the exports, it is estimated, will be 790,000 tons, 539,000 for Britain and 251,000 for America. Style for Homes. NEW YORK, (#)—Furniture and home furnishing manufacturers and dealers have subscribed & fund of $500,- 000 to launch an advertising campaign with the object of making the home manager “style conscious” in the matter of furniture and furnishings. House- wives will be told that fine furniture must have a background of selected g:rpef-s, hangings and linens to look its est. An automobile highway connecting Cali, Colombia and t) flort of Buena- ventura is nearing tion, o trade agreements ever arranged has | g sale of its investment in the Oakes Co., manufacturer of automobile accessories, bringing the net income to $170,669. Net income in the previous year totaled $5,23¢. The net income was equal to $1.36 a share on 125,000 no par shares. Decision of the United States Rub- ber Co. of New York directors to sell additional common stock to sharehold- ers was actuated by necessity for pay- ing off bank loans in order to meet maturities of short-term notes, the I;g;l; of them falling due August 1, Officials of the Calumet & Hecla Consolidated copl)er Co. explain that the recently declared quarterly divi- end of $1 does not necessarily place the stock on a $4 annual basis, as the company does not follow the com- mon practice of placing its stock on 8 fixed yearly dividend basls. Pre- ceding payments had been at the rate of 50 cents quarterly, and the stock has been commonly regarded as on a $2 annual basis. Recent interpreta- tions of the $1 dividend as placing the stock on a $4 annual basls. therefore, were erroneous. Crude production of the Lago Oll & Transport Co. of New York in the week ended November 3 totaled 886,665 barrels, an average of 126.666 barrels daily, a new high record. This compared with previous record of 862,140 barrels, or 123,162 daily, in the preceding week. A. Atwater Kent, manufacturer of radio sets and receivers, Philadelphia, has broken ground for a new $3.000,000 factory that will double the slze and capacity of the present 1615- acre plant. The company claims it wl have the world's largest radio fac- y. Stockholders of the Libbey-Owens Sheet. Glass Co. of Toledo, Ohio, have approved increasing the capitalization to $25,000,000 from $10,000,000. New stock will be offered to stockholders of record November 15 at $115 a share in ratio of one share of new for each five shares then held. Live Stock Inore: Due to the fact that large crops have reduced the price of farm feeds, Federal economists believe the production of hogs cattle and dairy animals will be ;tlimullhdl in wshe lmmebd!hte 1‘:‘“’:4‘! Cat- lemen already are beginning en- large their herds. » . FEARS OF MARKET UPSET DISCOUNTED Traders Do Not Believe Elec- tion Result Will Affect Conditions. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, November 6.—There were no visible signs in the stock market yesterday that suggested disturbance of mind on the part of the speculative public over the results of today's election. This prompted the opinion in Wall Street circles that unless there is an unexpected upset in the calculations of the political experts, the market, for a time, at least, wil move in the same fashion as during the past few weeks | industrial activity is expected from the and is more likely to be influenced by its technical position, which Includes the high average prices for Industrial shares, than by any other factor. Money Conditions. Emphasis is again placed on the un- usual conditions that now surround the stock market, compared with those ob- taining in other presidential years. Not only has it had a remarkable rise dur- ing 1928 and on election day stands within a few points of the high average for industrials for all time, but it is surrounded by money conditions that are the exact reverse of these on the eve of elections in the past. In some quarters there is a feeling that the market will go on for a while showing a generally firm tendency, but that, later in the month, the real test of its position will take place. Linked with this opinion is the thought that with the election over and no further occasion for withholding such action as may be required to check specula- tion and the rapid rise in brokers' loans, the Federal Reserve may attempt to enforce a more drastic policy on the banks than it was willing to do during the pre-election period. The argument against this is that the season of heaviest requirements for money now has passed without inflicting any se- rious penalties on business and that, therefore, the Federal Reserve is not likely to change its discount program at this late date. Europe Interested. European markets are deeply interest- ed not only in today’s election, but in the possible effect of the election on speculative markets and on money rates. Since 1924 not only has Europe been a heavy borrower here, but within the last two years her nationals have been large buyers of American stocks. Consequently Europe and the United States are closely bound together and whatever affects the prices of stocks or the rates for money in the United States will have a direct response in London, Paris, Amsterdam and Berlin, ‘The general opinion of the foreign markets is that from now on there will be a slowing down in the speculative activity in this country and with it some reaction in prices. CAPITALISTS INCREASE INVESTMENTS ABROAD Special Dispatch to The Star. NEW YORK, November 6-—While the American & Foreign Power Co., with an invested capital of $328,000,000, a subsidiary of Electric Bond & Share, is busy buying up electric, gas and other public utility properties in Cen- tral and South America, the Utilities Power & Iight Corporation, a holding company with an invested capital more than $219,000,000, has been acquiring the gas and electric utility units of Lon- dor. Already more than half have been secured. This holding company has utility properties scattered through- out 20 States in the United States and serves 600 cities and towns, mostly in the Middle West. Othér utility companies, formed or being formed at the moment, are in- vestigating utility possibilities in near- ly every country in Europe. The fact is, America is becoming very much inter- national in its business life. American business interests have in- vested more money in foreign business since 1914 than have all the rest of the nations of the world combined. The next 10 years is destined to see this expand to even greater proportions. (Copyright, 1928, by North American News- er Alliance.) . BOURSE PRICES DECLINE. PARIS, November 6 (#).—News of the resignation of the Poincare cabinet caused a flurry on the Bourse today, which showed immediate weakness, Bank of France shares dropped a thousand francs from 21,600 on early trading, and other issues showed & cor- responding decline. TIRES “Popularity is Proof of Quality” MARTIN J. BARRY 1636 Conn. Ave. Pot. 3501 Prompt Service—We Hurry CALL CENTRAL B./KEECH'8&« COMPANY Members New York Stock Exchange Washington Stock Chicago Stock Exchange New York Curb Market New York Coffee and Sugar Exchange 1610 H STREET N.W, New York 52 Broadway Phil Chic: 231 So. La Salle St. Private Wires to Chicago New York Baltimore Boston adelphia The Ritz-Carlton Grosvenor Building Packing House Products. CHICAGO, November 6.—Packing house business on the whole is good. Demand for beef has been curtailed again because of high prices, but fresh pork products are moving well at good | prices and trade in smoked meats is brisk. ‘Wheat. - HELENA, Mont.—Although the wheat harvest this year was much smaller than in 1927, shipments of wheat to date have been 2,000,000 bushels heavier than a year ago. This has been due to weather favorable to thrashing and hauling over country roads. Cotton. ATLANTA—It is now certain that the first frosts have killed some of the “top crop,” which was very late in ma- turing in the Southeastern cotton belt. State officials say the Government cot- ton crop estimate for Georgia is 10 per cent too high. [ Non-Ferrous Metals. CLEVELAND.—A decided impulse to decision of the Chase Brass Co. of Bridgeport, Conn., to build a plant here to supply the Midwest. It is reported Cleveland industries alone use 25,000,- 000 pounds of brass annually, Steel. PITTSBURGH.—The agricultural im- plement manufacturers are expected to absorb a large amount of steel in next two months. grown quite scarce. the | Basic pig iron has ‘Wool. BOSTON.—Domestic wool prices are somewhat below parity as compared with foreign wool prices, but the wool DOWNTOWN 2nd COMMERCIAL At a Bargain Price A home for your busi; in ti of the city. Ideal !0\'”( % l"’:h’;?;;:t‘ Dnn"“:fl establishment dry. three-story building, side and r alley, electric elevator, oil heat. Thos. E. Jarrell Co. Realtors 721 10th St. N. Main 766 Consult Us First If you need money for your Real Estate financing let us have your application today. 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Providence Providence Richmond Philadelphia Telephone Main 245-6-7 markets are firm. Fine Territory wools are being made closely held. In Texas buyers have advanced vids to 34 to 35 cents for new Fall wool. ELECTRIC CO. IS SOLD. NEW YORK, November 6 (#).—Sale of the Graybar Electric Co., Inc., to the Graybar Management Corporation has been announced by Edgar S. Bloom, president of the Western Electric Co., Inc., of New York. All capital stock in the Graybar Management Corpora- tion will be owned by officers and other employes of Graybar Electric. The change in ownership will go into effect December 31 0il for Moscow. BAKU, Russia (#).—Plans are under | way for building an oil pipe line from the Baku flelds direct to Moscow at a cost: of more than $40,000,000, an idea the Soviet Oil Syndicate obtained in a study of pipe lines in the United States. Refineries in the Moscow region con- sume about 1,500,000 tons yearly. 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