Evening Star Newspaper, November 21, 1928, Page 13

WALSON PRESIDENT OF . C. EXCHANGE Other Officers Re-elected at Annual Meeting Held Today. Slaughter Treasurer. George O. W n, president -of the Liberty National Bank, was today elected president of the Washington Stock ExcHange, succeeding C. C. Glover, who has served two terms. Edward L. Hill- yer, vice president of the Union Trust Co., was re-elected to succeed himself as vice president of the exchange. C. J. Gockeler, vice president of the District Na- tional Bank, who has served the ex change for several years as secretary, [ was re-elected to the same office. Lawrence A. Slaughter, vic president Commercial National Bank, was elected treasurer, taking the office long held by George O. Walson. Fugene E. Thompson and C. J. Gockeler were re-elected to three-year terms as members of the governors. C. C. Glover, jr, was elected to fill the place on the board of George O. Wal a member ex-officio. The treasurer's report showed the exchange is in excellent financial con- dition. A vote of thanks was passed, acknowledging the fine work of the George 0. Walson. officers during the past year. Following | , the meeting the board of governors again elected Mr. Thompson chairman. The usual trading session was held | prior to the election, recent prices pre- vailing today. Security Savings & Commercial Bank stock sold at 501 for the first time, a gain of 21 points over the last sale. American Security Tr Metropolitan and Riggs National sold at recent levels. Bonds were firm in rather light trading. st, National CHICAGO LIVE STOCK MARKET CHICAGO, November 21 (#) (United States Department of Agriculture).— Hogs—Receipts, 32,000 head; mostly 10al5 lower; active at declin top, 9.00; bulk, 170 pounds up, 8.75a8.80; butchers, medium to choice, 250-300 pounds, 8.60a9.00; 200-250 pounds, 8.60a9.00; 160-200 pounds, 8.25a28.95; 130-160 pounds, 8.00a8.75. Packing sows, 7.75a8.25. Pigs, medium to choice, | §; 90-130 pounds, 7.50a8.25. Cattle—Receipts, 11,000 head; calves, receipts, 3,000, a little action on good and choice sters and yearlings, others very draggy and unevenly lower; slow- est trade in years on steers and fat she stock; best sters early 16.00; pro- spective top strictly choice offerin; around 17.00. g Slaughter classes, steers, good and choice 1,800-1,500 pounds, 12.75a17.00; 1,100-1,300 pounds, 12.75a17.00; 950- 1,100 pounds, 12.75a17.25; common and medium, 850 pounds up, 8.50212.75. Fed yearlings, good and ice, 750-950 bounds, 12.25a16.50. Heifers, good and choice, 850 pounds down, 11.25215.00; common and medium, 7.50a11.25. Cows, good and choice, 8.25a11.25; common and medium, 6.7528.25; low cutter and 5.5086.75. Bulls, good and choice (beef), 9.50a11.25; cutter to me- dium, 7.0029.35. Vealers (milkfed), good and choice, 12.50a15.00; medium, 11.50a12.50; cull and common, 8.00a 11.50. Stock and feeder steers, good and choice (all weights), 10.50a12.00; common and medium, 8.50a11.00. Sheep receipts, 17,000 head; market slow; fat lambs unevenly, 25a50 lower; | 2/ few choice lots early, 13.25a13.40; fat sheep around steady; feeding lambs strong; best, 13.00a13.25. Lambs, good and choice, 92 pounds down, 12.50a 13.60; medium, 11.75a12.50; cull. and common, 8.25a11.75. Ewes, medium to choice, 150 pounds down, 4.50a6.75; cull and common, 1.7525.00. Feeder lambs, good and choice, 12.25213.50. e L ?OTA_‘I‘O MARKET DULL. CHICAGO, November 21 () (United States Department of Agriculture). — Potatoes—Receipts, 105 cars; on track, 366 cars; total U. S. shipments, 558 cars; trading slow, market dull; Wis- consin sacked round whites, 80a1.00; Minnesota and North Dakota sacked round whites, 80a95; sacked Red River Ohio’s, 1.00a1.05; South Dakota sacked early Ohio’s, 90a1.00; Idaho sacked rus- sets, 1.50a1.75; few fancy, shade higher. board of C n, who now becomes | D. ¢ | | Amer. Ter. | Amer. T Al | Anacostia Washington Stock Exchange SALES. Chamberlin-Vand'bilt 6>5—8$2,000 at 98. Pot. Elec. cons. 55—$1,000 at 101%. Cap. Tract. Co.—20 at 106, 4 at 1063, 5 at 10615, Pot. Elec. 6% pfd—1 at 111, 5 at 111 Pot. Elec. 5%% pfd—5 at 107%. Riggs Nat. Bank warrants—1 at 315, 210-265 at 315, 130-265 at 315, 15-265 at 315. : Amer. Sec. & Tr. Co.—2 at 4531, Sec. Savings & Com’l Bank—10 at 501, Firemen’s Ins. Co—15 at 37%. Col. Sand & Gravel pfd—10 at 913. Lanston Monotype—10 at 118. Mergenthaler Linotype—10 at 10114, 10 al 10175, Nat'l M. & Inv. pfd.—200 at 53;, 100 at 57, 100 at 6. AFTER CALL. Capt. Tract. Co—5 at 1061, Nat'l Met. Bank—10 at 405. Dist, Nat'l Sec. pfd—20 at 102, 10 at 102, 10 at 102. Pot. Elec. 6% pfd.—5 at 111%. Wash. Gas 6s B—$500 at 107. Bid and Asked Prices. BONDS. PUBLIC UTILITY. > Bid, Asked. 99i " . mer. T elga. 4 m. Tel. & Tel. ctl. tr. & Pot. R. R iy & Suburban 55 Georgetown Gas 1st 55 Potomac Elec. lst Potomac Ele Potomac Elec. 65 Wash., Alex. & Mt. Wash., Balto_& Al Wash. Ri Wash. In ain-va estiut Farms y_Chase G . Cold Wash. Cons. Title Co. € Wardman Park Hotel STOCKS. PUBLIC UTILITY. & a NATIONAL BA National Capital ........ Soiumbia . Commercial Dustrict . reuerai-American’ ", Liberty . Lincom ) National " Nef R TRUST COMPAN American Secur. & Trust C Continental _Tiust. Merchants’ Bank National Savings & T Union Trust... < Washington Lo: SAVINGS BANK. Bank of Bethesda & sa Unf tes . Washington Mechanics’ FIRE INSURANCE. 30 TITLE INSURANCE. 1 Columbia_Title. . Real Estate Title'!! Title & Inv. Co. of M« Wash, Cons. Title pfd MISCELLANEOUS. Barber & Ross, Inc., com... Chevy Chase Dairy pid . Chestnut Farms Dairy col Chestnut_ Farms Dairy pfd. Col. Sand & Gravel pid.. Commercial Natl. Co ptd. D. C. Paper Mfg pfd District National Secu Federal Storage pfd.. Federal-American GO com. Federal-American pfd . Lanston_Monotype. . Merch. Trans. & Nat'l Mige & Inv. pfd Peoples Drug _Stores Woodward & Lothrop b SExdiviaera, NEW YORK PRODUCE MARKET. NEW YORK, November 21 (Special). —Western New York celery in the rough packed in two-thirds crate whale- saled at 3.00a3.50, occasionally 3.75 on the good to fancy and 1.50a2.50 on the poor and ordinary. Pacific Coast celery in large crates brought 4.50a7.50. ‘Western New York Kieffer pears, No. 1 fruit, sold at 1.37%al.75 a bushel basket. Western New York Concord grapes in 12-quart baskets peddled out at chiefly 50 cents, occasionally 55 cents. Bulk round white potatoes from the ‘Western part of the State realized chiefly 2.00 per 180 pounds, while the Willisden, England, will spend $750,- best Green Mountains from Maine 000 in erecting new homes for workers. brought mainly 2.25, occasionally 2.35. . Hunting for icebergs Mountains of ice break off the Greenland glaciers and haphazardly cruise the North Atlantic, a grave menace to ships and shipping. Hunting out these icebergs, so that giant liners may be forewarned, is a cold job if ever there was one. On lookout duty in dirty weather, in freezing sleet and great sea winds—no wonder the men take instant pre- caution at the very first hint of a cold. Theold reliable remedy is GROVE'S BROMO QUININE. How good for a cold it is, you may judge from the fact that 22,000,000 boxes were bought last year, It doesn’t merely eliminate symptoms. Its tonic and laxative ingredients helj nature to help you. Thus you either side-step the cold entirely or throw it off quickly . .. . Be sure! Emphasize GROVE'S when asking for GROVE'S BROMO QUININE. Price 30c. GROVE’S : BROMO QUININE LAXATIVE TABLETS _'THE EVENING BTAR, WAS TRADING PGS ATD.C.MARSE Drop in Temperature Stimu- lates Business Along Wholesale Row. _Lower temperature this morning had the effect of putting a little more life in business and making commodities ap- pear at their best. Business was not especially brisk, however, consumers probably holding off for the approach- ing Thanksgiving holiday season. ‘Turkey receipts are not as heavy as dealers had = anticipated, shipments probably being held back because of last week's warm weather. Live turkeys thus far received, it is stated, were in s{)lendfld condition, and dealers expect shipments of thin stock probably will not be as heavy as usual. Live turkeys this morning were quoted at 40 and 42 cents, dressed stock selling at 45 cents. Spring chickens, alive, ‘were quoted at 28 cents. Vegetable Displays. Vegetable and fruit dealers had their accustomed attractive displays to offer the retail trade, oranges and grapefruit proving best sellers in the line of fruits. Apples, still plentiful, did not move so fast, and only a moderate demand for citrus fruits was reported. ‘Turnips were very plentiful this morning. Bushel baskets were offered at 75 cents, bunched stock selling at $4 per 100 bunches. Country potatoes were offered at 75 cents and $1 a bushel. Sweet potatoes along the country line this morning were offered at $1.25 and $1.50 a bushel, and dealers expressed the opinion that such prices will pre- vail most of the Winter season. Fairly heavy receipts of rabbits this morning found' ready sale, condemna- tion of so many of them Monday having lessened the supply. They were sold at various prices according o size and condition. Today’s Wholesale Prices—Jobbers” Prices Slightly Higher. Butter—One-pound prints, 5114a52%2; tub, 501%a511,; store-packed, 30a32. Eggs—Fresh, selected, 40a51; hennery, 54a56; current receipts, 47a48; storage, 33235. Poultry, alive—Turkeys, 38a40; Spring chickens, 28; Leghorns, 25; fowls, 25a 26; roosters, 19a20; keats, young, 60a80; old, 30. Dressed—Turkeys, 45; Spring chickens, 36a38; Leghorns, 35; fowls, 30232; capons, large, 40a45; small, 30a 35; ducks, 30a32; keats, young, 80a1.00. Meats, fresh killed—Beef, 18a27; B 22a27; lamb, 20a25; pork loins, 26; freash hams, 22a24; fresh shoulders, 20a21; smoked hams, 25a27; smoked shoulders, 21a23; bacon, 22; lard, 13} al4. Live stock—Calves, 15a16; lambs, 13. Fruit and Vegetable Review. ‘The daily market report on fruits and vegetables from the Department of Agriculture says: Apples—Supplies moderate; demand moderate, market steady; boxes, Wash- ington, medium to large size extra fancy Delicious, 3.25; Staymans and Romes, 2.50a2.75; Jonathans, mostly 2.25; bushel baskets, Maryland, Virginia and Penn- sylvania, U. S. No. 1, 2% inches up, Grimes, 1.26a1.65; mostly 1.40a1.50; un- classified, 2% inches up, Staymans and Romes, 1.00a1.25. Cabbage—Supplies light; demand moderate, market steady; New York, 100-pound sacks, Danish type, 2.10a ‘2:225: 90-pound sacks, Danish type, 2.00 .15. Celery—Supplies moderate; demand moderate, market firm; California, crates, 5.5026.00; few fancy higher; New York, two-thirds crates, 3.25a3.50. Lettuce—Supplies moderate; demand moderate, market slightly stronger; Cali- fornia, crates Iceberg type, 4-5 dozen, 5. | NESTLE'S CERTAINLY TASTES, GOOD WHEN YOURE HUNGRY AT FOUR )\ o HAT creamy choce olate!” ‘That’s what everybody sayse who tastes Nestlé’s, Rich, full-cream milk == that’s what does it. For all the rich cream of that high-grade milk goesright into Nestlé’s — blended the Swiss way with smoothest chocolate. Look for the clean, sil- very wrapper. In 5c and 10c bars—red-let- tered for Plain Bars —blue-lettered for Almond Bars. Onions—Supplies light; demand light, market steady; Michigan and New York, 100-pound sacks, Yellows, U. 8. No. 1, medium to large size, 4.25a4.50; Holland, 100-110 pound sacks, Yellows, No. 1, 4.50a4.75. Potatoes—Supplies moderate; demand moderate, market steady; Pennsylvania, 150-pound sacks, round whites, U. 8. No. 1, 1.75a1.90, few high as 2.00; Michigan, 150-pound sacks, Russet Rurals, U, S. No. 1, 2.10a2.25; Idaho, 50-pound boxes, Russet Burbanks, bakers, mostly 2. 100-pound sacks, Russet Rurals, U, S. No. 1, 2.50a2.75. Sweet potatoes—Supplies light; de- mand light, market’ dull; East Shore Virginia, cloth-top barrels, yellows, No. 1, mostly 2.50; nearby Maryland, bushel baskets, Nancy Halls, No. 1, 1.25a1.50. String beans—Supplies light; demand moderate, market steady; South Caro- lina, bushel hampers. green, best, 4.30a 5.00; ordinary quality and condition, 3.00a4.00; Florida, 7a-bushel hampers, green, flat type, stringless, 6.00. Cucumbers—Supplies very light; too few sales reported to quote. Eggplant—Supplies very light; de- mand light, market firm; Florida. paper crates, fancy, irregular size, 7.0027.50; choice, 6.00. Squash—Supplies very light; too few sales reported to quote. Peppers—Supplies very light; too few sales reported to quote. Cauliflower—Supplies moderate; de- mand_moderate, market about steady; New York, Long Island crates, 2.25a 2.75. Tomatoes—Supplies light; demand light, market about steady; California, lugs, ripes, wrapped, medium to large size, 2.75a3.00; best mostly 3.00; fair to ordinary quality and condition, 2.00a 2.50; Ohio, 10-pound baskets hothouse stock, small size, 1.75a2.00; medium size, 2.50a2.75; large size, 2.25a2.50; re- packed 3s, ripes, wrapped, fancy count, soft, 2.75. Oranges—Supplies moderate; demand moderate, market steady; Florida, boxes, No. 1, medium to large size, 4.00a4.25; No. 2, medium to large size, 3.25a3.50; Tangerines, 1 straps, medium to large size, 4.0024.50; mostly 4.00; small to very small size, 3.00. Grapefruit—Supplies moderate; de- mand moderate, market steady; Florida, boxes, medium size, No. 1, 4.0024.50; No. 2, 3.50a3.75. Peas—Supplies light; demand good, market stronger; Norfolk section Vir- ginia, 5-peck hampers, good quality and condition, 6.00a6.50; few high as 7.00. New Stock Is Offered. NEW YORK, November 21 (/) —Do- minion Bridge Co. of Lachine, Quebee, is offering shareholders of record De- cember 8 37,312 additional shares at $50 a share on a basis of 1 share for every 10 now held. The new shares will rank dividends for quarter ending April 30. Proceeds will be used for plant expan- sion. Youaan GAIN IN METAL ISSUES CLOSE TO BILLION MARK Special Dispatch to The Star. NEW YORK, November 21.—The ap- preciation in the market value of cop- per metal, mining and smelting securi- ties this year approximates $1,000,000,~ 009, including the high prices that were a feature of yesterday's sensational trad- ing in stocks. Not since the days when H. H. Rogers promoted the last big copper merger has there been anything like the present craze for copper Securities. The public has gone mad over them, but with more Jjustification than exists in respect to many other groups of stocks that have been leaders of the bull market. Within the year 15 copper and smelt- ing stocks have had an average rise of 50 points. Some of the largest gains in this industrial list are American Smelt- ing and Refining, 116 points; Interna- tional Nickel, 127; Greene Cananea, 80; Kennicott Copper, 66; Federal Mining and Smelting, 65; Anaconda Copper, 57; Cerro_de Pasco, about 50, and Amer- ican Zine, 43 points. Anaconda has more than doubled in market value, In- ternational Nickel has risen 170 per cent, Calumet and Hecla 135 per cent, Greene Cananea 90 per cent. and Chile Copper 85 per cent. Naturally this movement has been based on the improvement in the copper situation, which, in turn, has brought higher dividends to holders of copper shares. Since January the stocks of copper metal have decreased 100,000,000 pounds, and are now at the lowest in years, representing less than a 10 days’ supply. The scarcity has pushed up the price of the metal 2 cents a pound, and some producers have been able to in- craase their dividends. Kennecott has raised its rate from $6 to $8 per annum, and others are expected to follow. Behind the movement in copper stocks there is also the possibility of two or three large consolidations in which sev- eral moderate-sized producers may be brought into the Anaconda group. “Con- versations” are being held informally and have given rise to extravagant rumors of the basis on which the shares of the independent companies are to be taken into the Anaconda family. - Steel Scrap Prices Weaker. NEW YORK, November 21 (#). Scrap prices have become weaker. Se eral Pittsburgh district mills have been unable to obtain substantial tonnages of No. 1 grade at $17, off 25 cents a ton, Heavy melting steel scrap No. 1 is now quoted at $17. NEW YORK BANK CLEARINGS. NEW YORK, November 21 (Spe- clal). — New York bank clearings, $1,667,000,000; New York bank balances. $163,000,000; New York Federal Re- serve credit balan $129,000,000. GTON, D. C; WEDNESDAY, NOVEMBER 21 DENIES MONEY MARKET RATES ARE CONTROLLED By the Assoclated Press. NEW YORK, November 21.—Money market rates are high because of the law ot~supply and demand, not arti- ficial control, George E. Roberts, vice president of the National City Bank of New York, told the National Associa- tion of Pinance Companies in confer- ence here yesterday. Mr. Roberts said that banks have been giving preference to general business and letting the stock market have what they had to spare of available funds, with the result that the market has not had enough money to meet its demand, has been bidding vigorously for more and thereby has been making the high rate necessary to attract the supply of credit wanted. “It is not the usual thing to have money supplied at 5%, to 6 per cent for commercial purposes,” he said, “while bringing 6 to 7% and sometimes 8 upon good Stock Exchange collateral. The explanation, however, is simple enough. The one is eligible paper, which can be passed up, if desired, to the Reserve Bank, and the other is not. Furthermore, there is the funda- mental difference that the one class of paper represents productive uses and the other does not. The industries and business of the country must be car- ried on. They are the basis at last of even Stock Exchange values and it is important that their needs shall be supplied at reasonable prices.” Rise in stock values, he said, has re- sulted only in a revaluation on paper, benefits of which cannot compare with the benefits to be derived from keeping the regular business of the country in motion. Mr. Roberts declared that the Fed- GREATER SOUTH SEEN. Speakers Picture Industrial Growth at Trade Conference. ATLANTA, Ga., November 21 () — vislons of a greater industrial and agricultural South and billions of dol- lars' worth of goods annually to the peoples of the world were brought to delegates to the Southeastern foreign trade conference here yesterday. Gathering for a round-table discu sion of forelgn trade problems, Sout! ern exporters, importers, manufactur- ers and business men heard speakers tell of the possibility of tremendous industrial and agricultural growth for the South through cultivation of for- eign markets. Increased sale of Southern manu- factured products abroad, economic experts told the conference, not only would afford an outlet for surplus raw Active products, natural water power and in- dustries of the. South, but would give steadier employment and higher wages to Southern working men. . Gain in Canadian Insurance. NEW YORK, November 21 (#)— Canadians in October bought $55,743,- 000 ordinary life insurance, a new high record for any single month and an in- crease of $5.000,000 over May, 1928, the previous high month, the Life Insurance Sales Research Bureau reports. The bureau represents companies having in forcé 84 per cent of the total legal re- serve ordinary life insurance outstand= ing in Canada. . Trade Board Seat $35,000. ° CHICAGO, November 21 (A).—Ad~ vancing $5,000 over the last sale, a Chi~ cago Board of Trade membership was reported sold today for $35,000, estab- hing a new high price record. People want and need sugar The “Fuel of Preference” in the body AN EMINENT food authority recently stated that any person who has a very active body is eral Reserve System, sometimes blamed for the tightness of credit, was estab- lished to give protection and stability to the credit situation in the interest of all business and its member banks would not be justified in applying for credit for the purpose of supplying it for purposes, such as investment and speculative, clearly outside the scope of the reserve act, o New 0il Stock Offered. NEW YORK, November 21 (#).—Inde- pendent Oil & Gas Co., of Tulss, Okla., is offering stockholders of record No- vember 30, rights to subscribe to addi- tional stock at $30 a share in ratio of 3 2-3 shares for every 10 shares held. The proceeds will be used to retire bonds likely to be always on the edge of the sugar reserve in his body (glycogen). “That is why,” he said, “the soldier and athlete wants and needs sugar. That is why the active child wants and needs sugar.” He went on to explain that sugar is the fuel of preference in the body, that sugar can be more easily and quickly con- verted into energy than any other food. He emphasized the fact that sugar should form a part of the regular diet of every family and that any reducing diet, as well as any other diet, should contain sugar. The best way for sugar to be eaten is as a flavorer of other foods. In that way, it serves the double purpose of furnishing energy to the body and also of adding appetizing delight tp other healthful foods. Sugar added to healthful grain cereals makes them welcome and preferred stock of Manhattan Oil Co., controiled by Independent Oil. Additional Stock Taken. NEW YORK, November 21 (#).—Rights offered by Charles Freshman Co., Inc., of New York and Chicago shareholders to subscribe to additional stock on hasis of 1 share for every 2 held at $10.50 have all been exercised. nd enjoyable to growing children. Think of how many health-giving fruits are objectionable to the taste without sugar. Scientists tell us that we need the daily roughage of salads as well as cooked fruits and vegetables. Any good cook knows that adding sugar makes all of these welcome and pleasant to the palate. In addition to being the best and cheapest fuel for the body, sugar is nature’s perfect flavor. It makes nearly all other foods more enjoyable. For health and enjoyment, there is mo substitute for sugar. The Sugar Institute. ma Your present car‘is worth more to you today than it was worth a month ago, and at least $100 more than it will be worth in another month or so. On that basis, buying your new car now is like finding money. It means you can have the pleasure and comfort of a new car at once, and save real money. by doing se. Plainly, then, you can’t afford to wait. More People Buy Hudson-Essex Cars Than Any Other Six The outstanding leadership of the Essex Super-Six is a matter of actual and vital fact on the outright issue of what people want. On that basis it -has es- tablished its long time position 'as the world’s largest selling **Six.” Here, for the first time, real car luxury, with brilliant performance and fine appearance, were presented at less than $1060. Essex alone combines these qualities. They result from original design, with a chassis as remarkably engineered in every detail as its Super-Six motor. Tt is that characteristic wixich differentiates Essex from any but costly cars. Itis that which accounts formance. Hudson’s two for its smooth, effortless case in every phase of per- t factors of performance su- no other maker. remacy are exclusive inventions and can be shared The released Super-8ix principle converts to useful power, energy that in other types is lostin vibration, ' And Hudson’s companion invention to the Super- Six principle, upon which patents have been granted, ’ adds a further step in efficiency by actually converte ing hitherto wasted heat into useful power. The new Hudson motor gives the snap and per= formance of the high compression type without sacrifice of flexibility and smoothness. HUDSON-ESSEX The Only Super-Sixes LAMBERT-HUDSON MOTORS CO. Corner Fourteenth and R Stree 1. C. Barber Motor Co. 2917 14th St.—Columbia 18 {Cor. 14th and Columbia Rd) Universal Auto Co., Inc. 1529 M St. N.W. Telephone Number, North 39§ METROPOLITAN DEALERS Saunders Motor Co. Howard Motor Co. DISTRIBUTORS—PHONE DECATUR 2070 ts N.W. B Cor. Rhode Island & N. J. Aves, £ 326 M St=Weat 14 Ty N ¥N.W.~Phone Nosth 456 Service Station, 24th and M Streets N.W. Schitltia's Matbe Co. Yo & 1496 H St. NE wPhope Lincolp 6268 -y A