Evening Star Newspaper, November 24, 1928, Page 15

"FIN BALTIMORE FIRM GETS BOND ISSUE Sanitary Commission Awards $300,444 Offering—Plans for New Currency. BY EDWARD C. STONE. Following its recent request for bids, the Washington Suburban Sanitary Commission opened the replies late yes- ferday at its office in the Evans Build- ing and awarded an issue of $300.444 Washington Sub- urban Sanitary District 4'2 per cent. bonds. due on November 1, 1978, and optional in 1958, to Strother, Brogden & Co. of Baltimore. The firm's bid was 103.65. The bank- ers today placed the bonds on the market at 105, to yield 4.20 per cent. The second highest bid Was 103.63, made by Estabrook & Co., and the third 102.94, was presented by Dewey, Bacon & Co. There were five other bids. The Washington Suburban Sanitary Commission is in charge of extensive sanitary improvements adja- cent to the Capital. Watches Exchange Exchequer. Lawrence A. Slaughter has been as- igned the duty of keeping his eagle cyes fastened on the finances of the Washington Stock Exchange during the coming year. Mr. Slaughter was elected treasurer at the annual mecting this week, succeeding George O. Walson, who was elevated to the presidency. Mr. Slaughter is one of the vice presi- dents of the Commercial National Bank and widely known in financial Wash- ington. He has been active in the af- fairs of the District Bankers' Associa- tion and was last year's chairman of the important transportation commit- tee in connection with the annual con- vention at Montenk Beach, Long Island. Land Bank Meparts on Conditions. Farmers are #ng in such good finan- cial condition and are not so optimistic a5 at the first of the year, Vulesko L. A. Slaughter, Vaiden, president of the Second Dis- | trict Federal Land Bank of Baltimore, serving Virginia, Pennsylvania, West Virginia, Maryland and Delaware .re- ports to to the Farm Loan Board. “There have been many disappoint- ments in productien and market prices, and the taxes on farms have apparently | continued to increase,” the report states. “The tax assessment is quite a drag on the farmer. The bank has made more foreclosures, but has been more success- ful in the selling of farms it owns. It eppears the number of foreclosures may | decrease and the number of sales ma- terially increase. “The farmers as a whole are believing that some special legislation may be | cnacted soon by Congress that will| stimulate the price at which they must | soll their products, and they believe that the price of land and farming conditions cannot get worse; therefere, they must grow better.” Automobile Output Ahead of 1927. October production (factory sales) of utomobiles in the United States, as reported to the Department of Com- ricree, totaled 398,818 cars, or nearly couble the output of 219.682 cars in « bar, 1927, but was less than in ember, 1928, when the output was 5.283 cars. October's production in- | this" proved | vesterday fell just short of the 7,000,000~ ANCIAT. Margin Schedules Are Advanced by Brokerage Houses By the Associated Press. NEW YORK, November 24— With the ‘record trading on the New York Stock Exchange and the ticker still falling far behind the market, many of the Wall Street brokerage houses for the second time in @ month have re- vised their margin requirements. One firm announces this sched- ule, which is typical of the re- quirements of the other houses: Stock selling under $15 a share, payment in full. Those selling between $15 and $20 a share, 50 per cent of mar- ket value. Stocks selling between $20 and $30 a share, 10 points. Those selling over $30 a share, 331-3 per cent of market value. On high priced and highly speculative stocks, special mar- gins. Fifty shares of any one stock is the minimum that will be car- tied on margin. Stock listed on outside markets, except Standard Ofl shares and issues which banks and lending institutions recagnize as good col- lateral to loans, handled only on cash basis. Only seasoned issues of stocks listed on Chicago Stock Exchange will be carried on margins, rang- ing from 33 1-3 to 50 per cent. SPECULATIVE ORGY SWAMPS MARKETS Stock and Curb Exchanges Closed to Catch Up With Business. By the Associated Press. NEW YORK, November 24.—Wild speculation in stocks, which piled up a series of record-breaking sessions, again dominated all financial markets this week. Price movements developed in- | creased irregularity, but the main tendency was again upward with rather definite indications that many stocks | were passing from the hands of strong financial interests fo a small army of speculators throughout the country. Stock Exchange officials, confronted with a virtual demoralization of their price recording machinery, wore forced to eliminate all sales volume from the tape, except at the opening, and even inadequate. Total sales share mark, with the ticker 52 minutes late in recording the final quotation. | All Markets Affected. $176,000,000 in Federal Reserve brokers’ | loans failed to check (he cpeculative |orgy which apparently has spread to all the security markets of the country. The New York Curb Market and the Chicago Stock Exchangs were among those which established new high rec- ords for sales volume this week. So great was the congestion of work in the brokerage houses, and so weary many. of the brokers and clerks, that a special holiday was declared today. ‘While the market seemingly pays lit- tle attention to day to day news develop- ments, most of them continue favorable. Steel reviews reported the usual sea- sonal slackening in output but em- a1 cluded 341,705 passenger cars and 57,- 113 trucks, - Figures were received from 136 manufacturers, of which 47 make'! prssenger cars and 123 make trucks. | The production in the United States | hown comparatively by months in 1928 d.1927 was as follows: | Passenger | Cars. ‘Trucks. | 46 26,083 | 32,645 Angust Sentember October .. Total (10 months| 341,705 New Currency Plans Announced. The governors of the Federal Reserve Board at their last conference an- | nounced plans for the issuance of the | new small size currency, subject to, modification. July, 1929, has been fixed | as the time for the initial issue. All{ kinds of currency except national bank notes and all denominations from $1 | to $20 will be included in the initial | issue and it is probable that the higher | denominations will be issued at the | same time. Issues of old size United States cur- | rency by Treasury Department will cease about April 30, 1929, and there- | after for two months currency demand | will be met by Federal Reserve banks | from their stock of new or circulated | old size currency. At as carly a date as possible the | Treasury will require redemption of all | outstanding old size -urrency as rapidly as it reaches Reserve banks. Advance orders for currency cannot | be accepted, it is announced. National | hank currency will not be included in | initial _distribution. The matter of changing national bank currency should | be submitted to Congress at its next session, Secretary Mellon has decided. | Life Insurance Trusts Mounting. A Nation-wide survey of the actual omount of life insurance covered by life insurance trusts: recently col pleted by the American Bankers' Asso- ciation. indicates that at the present rate of development may reach the billion mark before the close of this year. The returns from approximately 400 reporting banks and frust companies show that thus far a total of $750,000.000 in life insurance is covered by trust agreements. The figures are significant because | life_insurance trust service is a rela- tively recent development, and within the past six or seven years has grown with increasing velocity. The amount | of insurance trusteed during 1927 was | $276.785,000, representing a gain of | 8367, over the total for 1923, The total amount of insurance trusteed for the five-year period from | 1923 to 1927 is $541 38. The size | “he average life insurance trust is 800. Credit Versus Imports of Gold. Continued importation of gold from road over the past few weeks is not to affect greatly the credit situ- ion in this country unless it assumes rger proportiens than at present. With a very hea indebtedness of banks to the Federal Reserve system such gold as does come into this country is almost certain to be used at once by memebr banks to pay off as much as possible of this indebt- edness. Federal Reserve authorities report many banks are anxious to reduce their heavy borrowings. Stockholders of Happiness Candy Stores, Inc., have been offered the priv- ilege of exchanging their common shares for America common on_a basis ‘of one United share for five Happiness shares. Happiness, operator of a chain of .100 stores, has a sales agreement with United. Stock Offer Is Made. NEW YORK, November 24 (£).— American Depattment_Stores Corpora- the aggregate | | beans, United Cigar Stores of | 4 phasized the firm price level and ihe in- creasing jnquiries for first quarter de- livery next year. Except for a violent | advance in Midland Steel Products pre- ferred, based on rumors of a stock split up, and a brisk rsie in Canadium, the steels did*not participat: extensively in the week's upswing. Olls displayed a somewhat, firmer un- derfone 8s»a result of a few extra dividend distributions and stock split- ups and reports that storage stocks were being heavily drawn upon. Cop- pers gave an impressive demonstration of strength in response to the increase in the Greene Cananea dividend and {the resumption of payments on In- spiration - Copper. Airplane Stocks Active. Airplane stocks were the real “high | fivers,” particularly Wright Aeronauti- cal, which soared to a new high re ord at 280, or 61!z points above last week's close, and then dropped back to 255. Radio, Victor Talking Machine, American Railway Express, Interna- tional Harvester, Case Threshing Ma- | chine and Commercial Solvents were among the many other issues to sky- rocket, some of them probably at the expense of an overcrowded short in- erest. Buying of the rails was rather selec- tive in character, with Erie common, New Haven, -Canadian Pacific, Pere Marquette and - Norfolk & Southern lifted to new high levels for the year { or longer, Motors were mixed, but Nash and Packard moved into new high ground and General Mofors staged a brisk recovery on Friday. Wall Street heard reports that the Chrysler Cor- poration would acquire an electric re- frigerator concern and that Hupp and | Chandler were to be merged. Outside the stock market, chief in- terest dentered in the outflow of gold to Canada, the rise in sterling ex-| change above the “gold import point,” the earmarking of $43,000,000 in gold by the Federal Reserve Bank of New York, presumably for the account of Prance, and the relative steadiness of | call money around 6 per cent in the tace of the violent fluctuations in stock prices. [ Baltimore Markets .o THE EVENING STAR. WASHINGTON. D. C, NATURDAY. NOVEMBER 24 1928 FarUEEERE jdfl yalll 4 X HOOVER-BUILDING FUND PLAN RECOGNIZES VITAL INDUSTRY BY CORRINGTON GILL. President-elect Hoover's proposal this week to create a $3,000,000,000 State and Federal construction reserve fund to stabilize labor and industry is an- other indication that the building in- dustry is still. considered to be one of the most important factors in our eco- nomic welfare. With an annual expenditure of $7,000,000,000 upon construction, of Even the record-breaking increase of | which about $1,500,000,000 is for pub- lic buildings, the importance of this in- dustry is apparent. Many million peo- ple depend on construction directly and countless others depend on it indirectly. The reserve fund proposed by Hoove: would safeguard the whole country by providing one of the best forms cf insurance against panics such as we have witnessed in the past, according to Gov. Ralph O. Brewster of Maine. one of the most enthusiastic supporters of the plan. Possibilities of Plan. “It may not be a cure-all but it cer- tainly will alleviate our ills,” said Gov. Brewster. “In some measures it is pos- sible to do for employment what the Federal Reserve System has done for finance and with equal advantage to the country as a who! It is believed a plan such as pro- posed by the President-elect will not only spread out construction more evenly from year to year, but that it w so do away with much of the seasonal fluctuation which may be seen in the above chart. This chart repre- sents graphically the monthly value of building contracts awarded as compiled by the F. W. Dodge Corporation. These) figures, although they represent but 90 per cent of the country’s total awards, are generally considered by far the most accurate available. Two barometers may be used in measuring the amount of building in progress. One of these uses figures of actual contracts awarded, as in the above chart, while the other uses figures of huilding permits granted. As the granting of & permit to build does not necessarlly mean contracts will be let, and as the permit figures are not com- parable for different localities because of local differences in classification, the value of contracts awarded is preferred as_a barometer. ‘The sharp seasonal variations are well inllustrated in the chart, Building operations expand rapidly during March which is usually followed by & recession until Midsummer or early Fall when operations again take a spurt upward. The closing months of the year ordi- narily witness a rapid decline in build- ing operations. Record Year Indicated. In spite of a decline of more than seasonal severity this Summer, 1028 will unquestionably surpass all previous years in value of contracts awarded. Up to November 1 contracts let amount- ed to $5,724,000,000, compared to $5.- 359,000,000 for the same period of 1927 which was a record year. Record building oj)ernlum in 1928 with the resultant demand for labor, steel, cement, lumber and all other component elements, help in explaining this year's business activity which in turn caused the tremendous rise in security values. VALUE OF STOCK EXCHANGE SEATS HAS GROWN RAPIDLY BY JOHN F. SINCLAIR. Special Dispatch to The Star. % NEW YORK, November 24.—Five hundred and fifty thousand dollars was | paid yesterday for a seat on the New York Stock Exchange, a 100 per cent increase in one year. Three Stock Exchange memberships sold on October 27, 1927, and ohe on November 3, 1927, for $270,000 each. So this last figure is a little better than 100 per cent increase in one year. Is it worth it? “It is a better buy now than it was one year ago,” a Stock Exchange mem- ber said today. “I would not sell mine for one million dollars.” ‘The young man, under 40, who made this statement bought his membership five years ago for less than $100,000. Why is a Stock Exchange member- ship now more valuable than ever be- fore? There are 1,100 memberships in the New York Stock Exchange, Some firms have 10 memberships. Others have 5 memberships. Some have 3 memberships and some only 1. Some are- very active. . Some are inactive, John D. Rockefeller is a member of the New York Stock Exchange. He never appears. So is J. P. Morgan. He never appears, Scale of Commissions. But why has the membership price risen $60,000 this week? A membership derives its value from two sources. First, commissions on the sale of listed stocks —and bonds, too——made to other mem- bers. Second, interest on money loaned to clients. ‘The minimum scale of prices for pur- chase or sale of stocks listed on the ex- change is as follows: Seven and one- half cents per share for every share quoted on the New York Stock Fx- change for less than $10; 121; cents, over $25 and under $50; 15 cents, over $50 and under $75; 20 cents, over $75 and under $100; 25 cents, over $100 and under $200; 30 cents, over $200 and under $250, and 5 cents additional for every $50 extra. For example, a storekeeper in Lincoln, Neb., likes a stock which is selling for $30 .a share on the New York Stock Exchange. He goes to his broker and buys 200 shares, paying $6,000. For the privilege of buying this stock, he, in addition, pays the broker. who is pre- sumably a member of the New York Stock Exchange, 15 ccnts a share for each of the 200 shares, or $30, The broker is not interested in the stock value. He effects the sale and receives his fee of $30 for it. This scale of commissions went into effect on October 31, 1924, on the eve (Ef'the now famous “Coolidgs bull mar- On October 1 of this year there were 1,131 stocks listed on the New York Slock Exchange, of which approxi- mately 800 are. active—that is, being bought and sold frequently. Increase in Business. Orders are sent in daily from every town and city in the United States, | and the number of “shares dealt in largely determines the value of the membership. Before the 1924 scale of commissions went into effect :2,000,000-share days were unusual. Last year the 4,000,000~ share day was unusual. This week 24 —Po- 7521.00; 50; bush- ¥ , 1.7523.00; | bushel, beets, 100, | 4.0025.00: broccoli, bushel, 75a1.00; brussels sprouts, quart, 1.10a1.20; cal bage, ton, 28.00a40.00; carrots, 100, 4.00 25.00; celery,, crate, 1.50a3.00; cauli- flower, crate, 1.7582.50; kale, bushel, 75a 90; lettuce, bushel, 75a1.50; onions, 100 | pounds, 1.2524.00; oyster plants, 100, | 6.0027.00; parsnips. basket, 40250; pep- pers, crate, -3.00a7.00; pumpkins, 100, 10.00a30.00; spinach, bushel. 60a90: to- matoes, crate, 2.00a4.00: turnips, bas- ket, 20a30: Savoy cabbage. bushel. 75a 1.00; apples. bushel, 7522.00; cranber- ries, box, 3.00a4.00. Graves, basket, 40a50: pears. bushel, | | 1.2503.00; grapelruit, box, 200a4.00; | oranges. box. 2.5024.50; Keifer pears, basket, 20a35. Dairy Market. Poultry, alive—Young turkeys, pound, 42a45; old, 35a40; Spring chickens, 20a 28; Leghorns, 20a26; old hens, 22a27; Leghorns, 21a22; small and poor, 18a20; old roosters, 17a20; ducks, 22a25; small and old, 18a20; geese, 20a24; guinea fowl, each, 40a85; pigeons, pair, 30. Eggs—Receipts, 1,403 cases; native and nearby selected whites, free cases, dozen, 52; firsts, 47; current receipts, 5. Butter—Good and fancy creamery, pound, 46a52; prints, 52a54; blocks, 50a52: ladles, 37a38; store packed, 34a 35; process butter, 43a44. Turkey Shipments Record. Special Dispatch to The Star. GALAX, Va., November 24—Farm- Special Dispatch to The Star. BALTIMORE, November tatoes, white, 100 pounds, sweet potatoes, barrel, 1.2 el, 50al1.25; 5,000,000 and 6,000,000 share days have been usual. From January 1 to November 23, 1927, a total of 504,482,000 shares were dealt in. For the same period this year a total of 796,677,000 were dealt in. Here is an increase of 292,000,000 shares, or better than 50 per cent in- crease over last year, Stocks are higher. Commissions are higher, and memberships are, too. The earnings from commissions are double this year what they were a year ago. It is estimated on good authority that about $3,000,000 a day is being taken in commissions by the members of the New York Stock Exchange. value of memberships. Another one is the profit made on loans to clients. On $3.946,000,000. October 31 of this year time it has gone up to over $6,000,000,~ 000. So members have loaned over $2,000,000,000 more now than a year ago to ciients. It is customary to add an interest charge above what a broker pavs his bank, of from 1 to 2 per cent. If that figure were even 1 per cent, there would be another $20,000,000 added income over that of a year ago, or around $40,000 per membership this year, if this amount were evenly divided. Ten-Million-Share Days Seen. ‘The Natlon is growing. Millions of people have money now who never had any before. It is freely predicted that within a few years 10,000,000-share days will be seen. Should this come about, the New York Stock Exchange member- ship will be indeed an exclusive million- aires’ club of at least 1,100 members, worth not less than $1,000,000. This does not include the New York ers of Carroll County have shipped tion of New York has offersd stock- holders right ta subscribe to additional common at $15 a share in ratio of one &hare for every 10 shares 65.000 pounds of turkeys from this place within ‘;‘he pc.s:/3 week. a record. They were s| % various | markets for ‘Thanksgiving by cariosd lots Curb, ‘the second largest exchange in the United States, with its 550 member- ships one of which sold this week for $160,000. It doee not include any of the other Bumeious - atock - October 31, 1927, brokers' loans totaled | This is one reason for the rise in the | & the total was $5,879,000,000. Since that | H: for every membership then would be | po of both young and old. The directors throughout the United States and Canada, whose total dealings run into many millions of shares daily. Nor does it include the 1,513 different bond issues which are also listed on the New York Stock Exchange and for the sale of which, members receive addi- tional commissions. (Copyright, 1928. by North American News- AMUSEMENTS A new step in children’s plays, devold of the disappointing elements so often found in presentations of this type, opened at the Wardman Park Theater last night. The first play was “Kings of Nomania,” a charming phantasy with a finish that made the evening enjoyable for adults as well as children, It will be repeated this afternoon and evening. The drama and ist method was above expectations. It possessed the qualities of subtlety which amuses all and had the atmosphere which envelopes all of us when we read fairy stories. There were kings and villagers, counts and gendarmes, a colorful landiord and a youthful gang. There was none of the stiff-jointed movement and’ unattenuat- ed speaking which so often gives plays of this type an air of amateurishness, even when performed for the youthful audiences by professionals. The series is under the direction of | Jane M. le, Glenna Smith Tinnin | and Katherine S. Brown and is in-| tended to give plays which will thor- oughly please an audience composed have realized that children are the| most. sincere and ungraclous critics, | and the result has been that this series is designed for their benefit, in the belief that what is good enough for them certainly will be entertaining to their elders. Shirley Horton displayed character- istics of an outstanding actress in the two performances yesterday. She has a fine perception often lacking in a young performer. Maxwell Davis was one of the finest actors on the stage. He has a tremendods unction and a magnificent flair for the stage. He| was equaled by Mason Hardy. ‘The main production was preceded | by a brief curtain raiser called “‘Crea- tures of Impulse,” by W. P. Gilbert.! It was a little sketch in one scene, with | Mason Hardy holding the stage, with the aid of Miss Horton. The next play of ‘the series will be given two weeks hence, when “The ‘Tempest” will be presented. Others will follow on Fridays and Saturdays between now and January 4. ‘The patrons and patronesses for the series are Mrs. James J. Davis, Minister and Mme, Edgar L. Prochnik, Mrs. Proctor Dougherty, Commissioner and Mrs. John W. Childress, Maj. Gen. and Mrs. Summerall, Dr. and Mrs. Gilbert Grosvenor, Dr. and Mrs. Thomas Sid- | well, Dr. and Mrs. John Foote, Mrs. Royal T. McKenna, Mrs. Marion Butler, Mrs. Walter Tuckerman, Mrs. Merritt ©O. Chance, Mrs, Truman Abbe and Miss Edna Patton. CHICAGO POULTRY PRICES. CHICAGO, November 24 (#).—Poul- try, alive—Easy; receipts, 8 cars; fowls, 21a24'; Springs, 251,a26%;; roosters, 20; turkeys, 30a35; ducks, 17a24; geese, 21. " DIVIDENDS, Regular. 6. Pay- HIdrs. of Company. Rate.riod. able. - Aliled Ref Tn pr pf.3150 Q Jan. Am_Home Prod 28¢ M Jan. Bush Term b. . deb . Calit’ Tnk A " Case (J 1) Th M Do. DIf... Cleveland * Ry LoEEaE g iFasiusy PR D Peitn & oms S pf. Gulf M & N RR pf. all Lamp. . Lehigh' Valiey 'Ol 8. 9 London Tin Syndicate $3.50s-aJan. Metal & Ti $1.50 @ Jan. Do. 4%, ex Jan 200000000000 5 51 51 i1 ) o0 5 A Do pf ;. Siand olt ‘5t i Mo an 6 n. 018 Didttigut S0 %3 Bosadan: n B P 6% bf31.80 G Dec. % Norfolk South R R.$1.26s-aJan, Extra, California Ink A..12%cex Jan. nk 1% Peoples Nat Bk of or & Co. Portland Co. .. 1% % PrALt & ambert. .1 92 ¢x Jan: Final. Da Beers Cons Mineh Ltd def. ock. Boston Insura: B inal Bl ADEQUATE TURKEY SUPPLY EXPECTED Dealers Are Unable to Predict Prices on D. C. Whole- sale Market. It is yet impossible for dealers to; forecast the probable retail price that | will prevail in the turkey market the coming week. Retallers getting their week end supplies this morning made anxious inquiries about probable tur- key prices the coming week, but whole- salers were unable to_enlighten them. Conflicting opinions are being ex- pressed by wholesale poultry dealers concerning the Thanksgiving turkey market. All are satisflec, however, that supplies will be sufficient to enable con- sumers to obtain all the turkeys they want at whatever price prevails. “I doubt if the demand for turkeys will be as heavy as usual at Thanks- giving,” said one dealer, while another predicted a fairly good demand. Predictions Made. On one hand, it was predicted that the retail price probably would be around 60 cents, another dealer sug- gesting the probability of a cheaper market. Reports from Texas tell of a comparatively dull market in the northern part of the State, where buy- ers were offering 25 cents for No. 1 stock, alive, delivered at dressing plants, ‘28 cents being reported for small lots for the nearby demand. Government reports from San An- tomo, southern part of Texas, the past few days, told of a wide range of prices—24 to 28 cents for live turkeys. It also was reported that all dressing plants in “that section were trying to get out the stock they had on hand. Dressed stock was reported firm at 40 and 42 cents. More liberal receipts of turkeys in New York were mentioned in Agricul- tural Department reports from that State, with a slow demand that was ex- pected to improve. Small sales were reported at prices ranging from 48 to 52 _cents. Recelpts of turkeys in this city the t few days have been anything but iberal, according to reports, although dealers do not expect heavy shipments before tomorrow, Monday and Tuesday. Weather conditions have been such in nearby States, it is stated, that turkey raisers lost their usual interest in the Thanksgiving market and concluded to hold back their stock for the Christmas market. “Should immense quantities of them be held back for the Christmas mar- ket,” observed a dealer this morning, “it may result in higher prices next week and lower prices for the Christ- mas market.” This particular dealer sent out to shippers probable prices of 40 and 42 cents for live turkeys and 45 and 48 cents for dressed stock, admitting next week’s prices may be lower or higher. He said, however, he did not look for a particularly high market. ‘There were many early morning re- tailers about the Wholesale Market this morning anxious for definite informa~ tion as to probable prices in order that they may take orders from their cus- tomers tomorrow for their turkeys for their Thanksgiving dinner. Chickens, ducks, keats and rabbits were fairly plentiful this morning and probably will continue so until the close of the market the day before Thanks- giving. Rabbits this morning were plentiful and in much better condition than during the early part of the week. Prices ranged from 35 to 50 cents. Buying this morning for the week end trade was fairly brisk. Retailers were out early, as usual, wanting the first pick of commodities for their early store trade. Today's Wholesale Prices—Jobbers’ Prices Slightly Higher. Butter—One-pound prints, 51%a 5215: tub, 50'2a51%;; storepacked, 30a32. Eggs—Fresh, selected, 50a52; hen- 54a58: current receipts, 48a49; storage, 33a35. Poultry, alive—Turkeys, 38a40; Spring chickens, 28 Mshom 25; fowls, 25: 26; roosters, 19a20; ts, youns 80; old, 30. Dressed—Turkeys, 45: Spring chickens, 36a38; Leghorns, 35; fowls, 30a32: capons, large, 40ad5: small, 30a35: ducks, 30a32; keats, young, 80a1.00. Meats, fresh-killed — Beef, - 18a25; veal, 27; lamb, 20a25; fresh pork loins, 19a22; fresh hams, 21; fresh shoulders, 19; smoked hams, 25a27; smoked shoulders, 22; bacon, 22; lard, 13al4. Live stock—Calves, 16'2; lambs, 13. Attractive displays of fruits along the B street wholesale line this week gave the block a decided Summer appear- ance, Piled high along both the build- ing and curb lines were apples, oranges, satsumas, casabas, pears and other fruits, receipts suggesting plentiful sup- plies of all varieties. Prices were quoted at a wide range, dealers re- porting them reasonable or cheap. Apples, most plentiful of fruits, were from nearby and distant States, prices depending entirely upon size, variety and condition of the fruit. Government reports showed a shipment of 552 car- loads one day this week, the State of ‘Washington leading with a total of 220 carloads, Virginia being second with 105 carloads. Only moderate supplies of the fruit reached this city the past few days, according to Government reports, prices depending entirely upon size, variety and condition of the fruit. Box stock from Washington sold from $2.50 io $3.25 a box, various varieties of the fruic from other States selling from $1 to $1.65 a bushel. Supplies of Eastern stock grapes have become lighter, the same being true of grapes from the West shipped in boxes. Only a slight demand for grapes was reported the past few days, and prices covered a wide range. Keg stock soon will reach the local market, Oranges and Grapefruit. Moderate supplies of oranges in this | city the past few days met a moderafe demand and steady market, Receipls were heavy enough to reduce prices, ac- cording to merchants, the smallest of the stock selling as low as 15 cen's & dozen at retail. Some choice orarges are being received from Florida and the West, those of the navel variety being large and selling at advanced pricss. Grapefruit have been received in moderate quantities this week, meeting a moderate demand and steady market. Florida boxes, medium size, No. 1 fruit, sold at $4 and $4.50: No. 2 stock sell- ing at $3.50 and $3.75. Cranberries, in liberal supply, sold at prices covering a wide range. Dealers have had small quantities of honeydews this week, | second crop, it is stated, that was of much better quality than the first crop. | Bananas are plentiful. Wholesalers this week also had at- tractive displays of vegetables to offer the trade, some from nearby farms and gardens and some from distant places. Norfolk, Va., growers continued to sup- | ply quantities of peas, kale, spinach and brocolli, the early frost experienced nearby not having affected their grow- ing crops to any great extent. Included in the list of vegetables offered this week were potatoes, Brus- sells sprouts, cabbage, carrots, caull- flower, celery, cucumbers, lettuce, onions, peppers, pumpkins, tomatoes and tum:rs. A decidedly firm condition of the egg market was reported. Strictly fresh eggs are scarce and hard to get, according to remm of dealers, and prices continue A fair demand for storage stock lower prices was Reserve Bank Chief GEORGE L. HARRISON, Deputy governor of the New York Fed- eral Reserve Bank, who has been elect- ed governor of the bank, to succeed the late Benjamin Strong. J —Associated Press Photo. GARNER IS FAGING - CHOICE OF POSTS Minority Leadership and Ways and Means Commit- . tee Up to Texan. Representative John N. Garner of Texas, in line for minority leader of the House to succeed Representative Finls J. Garrett of Tennessee, must de- cide whether he prefers the leadership to continuing as ranking Democrat on the ways and means committee, which carries with it the chairmanship of the committee on committees for the Democrats. With a tariff revision bill in prospect it is a serious question whether Mr. Garner will be willing to surrender his important post on the tariff drafting committee. He has leanings toward a protective tariff such as was advocated in the recent campaign by the new na- tional leaders, Smith and Raskob, and for this reason some tariff-for-revenue Democrats are hoping that Garner will relinquish his ways and means post. Representative James W. Collier of Mississippi is next in line for this posi- tion under the seniority rule. Committee on Committees. As chairman of the committee on committees for the Democrats, Mr. Garner has a deciding say on the appointment of all the Democratic members to the various committees. It is obvious that this is a position not only of prestige and power but of responsibility, wnich will not be re- linquished except after mature con- sideration. Mr. Garner is now in Texas, busy with the special campaign expenditures committee, His opponent in the pri- maries filed charges of improper ex- penditures and then dropped them, but Mr. Garner insists upon a thorough in- vestigation. His decision as to whether he will accept the party leadership in the House awaits his return here. There is no known opposition. Successor to Oldfield Coming in to the short session the Democrats will select a new whip to succeed the late Representative Willlam A. Oldfield. Representative Joseph W. Byrns of Tennessee, ranking Democrat on the appropriationé committee, and Representative Robert L. Doughton of North Carolina, a member of the ways and means committee, are being urged for this position, which is ane of great responsibility and entails more hard work than honor. Ths whip has the job of reconciling differences of opinion among members on party measures and policy, seeing that they are in the chamber to vote and to vote right on such questions as involve party policy or expediency. Whoever is elected whip for the l?procnhlng short session will undoubtedly be re-elected whip in the Seventy-first Congress. HELD ON THEFT CHARGE. Philadelphia Man Accused of Pos- sessing Stolen Pocketbook. Harold Norton, 34 years old, of Phil- adelphia, was arrested last night and has been charged with robbery. Police say that when he was arrested they found on him a pocketbook that had been stolen from the pocket of | Joseph Luchs, 728 Sixth street. Luchs had not missed the pocketbook until notified by police of its discovery. He says that a $5 bill had been removed from it. Morton is the sixth man arrested here in the last few days in a drive on pick- pocket suspects. Five cases were due in court today. —_————— In Nearby Virginia 5 1/2% I Prudential nsurance Co. Loans Commonwealth Investment Co. 017 15th St. N.W, MERGENTRALER LINOTYPE CO. Brooklyn. N. Y., Nov. 20, 1928, DIVIDEND NO. 132. A_auarterly’ dividend of $1.25 and an extra dividend of 50 cents upon each of the 256,000 shares of present outstanding stock of no nar value of Mergenthaler Lino- type Company will be paid on December 31. 1928, to the stockholders of recard as they anpear at the close of business on Decem- ber 5. 1928. The Transler Books will not be closed J._T. MACKEY. Treasurer. 7'WE WILL BUY ) COMMON STOCK B. HANSFORD WILLS CO. Barr Buildin, First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. Ind | Construction Loan !day and electric service was inter- FINANCIAL,D PHILIPPINE STORM RAZES 400 HOMES 7,000 Persons Without Shel- | ter in One Province; Typhoon? | Visits Other Points. ' By the Associated Press. MANILA, November 24.—Advices that | = several thousand persons had been | ; made homeless and hundreds of homes | destroyed in the typhoon which hlfl! raged through the south central part | of the Philippine archipelago for two days were received here today. No deaths have been reported. A dispatch to the Bulletin from Le- gaspi, Albay Province, said 7,000 per- sons were homeless and that 400 dwel- lings and seven wharves had been de- stroyed as the result of a 100-mile-an- hour gale. A big landslide at Mayon Volcano, a short distance north of Le- gaspi, also was reported. Relief Measures Planned. Red Cross headqurters here made preparations to launch relief measures in the event that later information in- dicated such a need. A bad storm was reported by Cebu, on the island of that name, but advices from there said no outside aid was needed. Iloilo, on the Island of Panay, likewise reported a storm. Communication lines were down in other sections believed to have been touched by the storm. The government weather bureau reported that the southern part of Luzon Island and the northern part of the Island of Samar probably bore the brunt of the storm and that the damage there undoubtedly had been heavy. Fear for Safety of Ship’s Crew. ‘The fate of the Japanese steamer Saka Maru, which went aground on the Island of Masbate soon after the storm struck, remained undetermined here and fear was expressed for the safety of her crew. The vessel was almost in the direct path of the typhoon. . A high wind prevailed in Manila to- rupted, but otherwise there was no|| damage in the capital. i R i U. 8. TREASURY RECEIPTS. Treasury receipts November 22 were $8,804,302.80; expenditures, $6,572,763- .39; balance, $116.267,359.23. ‘The three refining subsidiaries of the Cities Service Co. of New York shipped in October 5,535 tank cars of refined products, a record and an increase of 49.43 per cent over October. 1927. Money to Loan first deed of Joseph I. Weller 420 Wash. L. Secur & Trast F NW. WE FINANCE —all classes of income-producing property Large Loans a Specialty Current interest rate and commission. Higbie & Richardson, Inc. 816 15th St. N.W. Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford Representing Mutval Benefit Life Ins. Co. 1520 K Street Main 475 Consult Us First If you need money for your Real Estate financing Iet us have your application today. Prompt Service No Appraisal Fee The Commercial National Company y % Interest When You Can Get 15, We are offering small prop- erties, well rented and ex- tremely well located that show returns of more than 15% net on money invested. For full information call J. Dallas Grady 904 14th St. N.W. Main 6181 Office open until 9 P.M. COMPLETE FINANCING TRUST MONEY On homes, apartment buildings and business properties. No apprai- sal fee. Prompt service. Real Estate Mortgage & Guaranty Corp. 24 Jackson Place Main 1403 Over a Third of a Century’s Ezperience Management No matter how d an apartment, it have had over a third of a century’s practical experi- ence in property manage- ment. B. F. SAUL CO. Main 2100 925 15th St. APPLICATIONS INVITED for LOANS on IMPROVED PROPERTY Located in the Disi and adjacent. suburbs and Prince Georges 5V it of Columbia in Montgome Counties, MZ % INTEREST Apply to H. L. RUST COMPANY LOAN CORRESPONDENT The PRUDENTIAL INSURANCE COMPANY OF 1001 15th St. N.W. AMERICA Main 8100 The Zodiac The zone through which its yearly path among ti as the Zodiac. the sun passes in he stars is known It is divided into twelve signs, named from the twelve constellations which coincided with these signs in the time of the astronomer two thousand years ago. Hipparchus about But even here, where calculations seemed constant as the stars themselves, a change has taken place. The path of the sun has moved forward until now each sign of the Zodiac is actually found in the constella- tion which precedes it. The first mortgage notes issued by Swart- zell, Rheem & Hensey Company are not based on any assumption that things will never change. properties which secure Rather, the selection of the them is made to anticipate the changes which our experi. ence of nearly sixty years in Washington tells us must take place. Thus your return of 6 safeguarded against an; Applications Invited at 5%% Glover & Flather a firm condition Prices have but only a cent or at 8 time, the also report of the butter market. fluctuated this week, fraction of & cent ngt rl 1508 H St. N.W. Main 1753 estate values or any cha % per annum is y change in real nge in the cha ter of the locality in which the property behind your investment is situated. SWARTZELL, RHEEM & HENSEY CO. MORTGAGE BANKERS 727 15 STREET NoWo/ WASHINGTON D.C.