Evening Star Newspaper, December 9, 1928, Page 54

10 SMALL INVESTORS - ARE HIT BY SLUMP {Those on “Fringe of Market” Wiped Out—Danger in Situation. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, December 8.—The cor- Toding effect that prolonged big money yates inevitably has on a top-heavy ktock price structure revealed itself this aveek in the first decline of any conse- iquence since last June. The average of the market broke 17 points, which ! cleared the air and brought people who | have been operating with borrowed capital to their senses. The reaction, however, was small in | proportion to the advance that has taken place since the Federal Reserve | discount rate was raised to 5 per cent in July. While the situation has im- | proved, it still is dangerous. The ‘slump caught those who might be said to have been on the fringe of | the market—those who first entered it after the election and were still buy-| ing when the top prices were made on November 30. They have been pldying chiefly on the day-to-day “tips.” Th2 worst that has happened to them has been a loss of 15 to 20 points, with still ample protection to their brokers. The instability of many of the pools that have been formed since November 6, having taken the leavings of earlier pools satisfied with their success, is evi- d in the lack of protection which y gave to their specialties in Thurs- | day's and Friday's breaks. Speculative Leaders Analyzed. Let us analyze a few of these specula- tive situations. Take, for instance, Amer- | jcan & Foreign Power common stock. | which sold at 2215 earlier in the year and a short time ago advanced to 78. At that price it was selling between 35 and 40 times its earnings per share. This week it was down to 61. Then there is Andes Copper, still in swad- dling clothes, but recently bid up from 36 to 56 by the brute strength of one pool after another which succeeded the original distributors of the stock when they were pleased to take a 10-point profit. Friday it fell like a plummet to within 2 points of its initial price. Erie common was taken up in the high 50s and forced to about 7212, against the readily avaflable informa- tion that dividends on the preferred shares are not in prospect, to say noth- ing of a distribution on the common. This stock had also a weak under- pinning and dropped a dozen points before those who had bought on some one else’s say-so could protect them- selves. Between two sessions, Packard, the latest market pet, already up 100‘ points without visible reason, dropped 20 points. These are only a few typical situa- tions in which imagination rather than good sense has played a part in boost- ing prices to levels that could not be maintained under pressure of high THE SUNDAY S'i‘AR‘ WASHINGTON, D. C. DECEMBER 9, ‘]928—PART 2. THE YEAR 1928 TO DATE ON THE WASH- INGTON STOCK EXCHANGE. Sales. 347,000 341,000 27,000 15,500 50.000 45,000 62.000 136,000 73.900 5.000 ! 197,500 262.200 Washington Gas Light series A s, 133,700 Wi | 283.500 | 67.000 PUBLIC UTILITIES. Capital Tractian 1st 5s, 1947 .. C. & P. Telephone 1st 5s, 1929 Potomac Electric Power 1st 55, 1920 MISCELLANEOUS. 79.000 Barber & Ross 6'as. 3.000 8.000 4,000 22,500 3,000 1937 ... Chestnut Farms 6izs, 1941 Chevy Chase Club 1st 5'4s, 197 Wardman Park Hotel 5'2s. 1941 Washington Arcade 6'as, 1942 . PUBLIC UTILITIES. Capital Traction .. Norfolk & Washington Steamboat Potomac Electric Power pfd. Potomac Electric Power pfd. Washington Gas 5 Washington Rail Elec. Washington Railway & Elec. ptd.. NATIONAL BANKS. 1 Capital 273 Commercial ... 192 District % 3 Farmers & Mechanics 680 Federal-American 40 Liverty 7 139 Metropolitan 912 Rigss e 7-50/265 Riggs warrants 213 Second 171 Washington TRUST COMPANIES. 682 American Security & Trust . 5 Continental Trust 78 Merchants’ Bank & Trust 235 National Savings & Trust 398 Unfon Trust . 65 Washington Loan & Trust SAVINGS BANKS. 52 Bank of Bethesda .... 10 Commerce & Savings . 100 East Washington Savings 30 = 40 Security Savings & Commercial FIRE INSURANCE. Firemen'’s National Union . 455 TITLE INSURANCE. Columbia Real Estate Title & Invest. Co. of Md. com. Washington Cons. Title Ins. pfd.. MISCELLANEOUS, Barber & Ross, In Chestnut Farms Chestnut Farms Dairy com. . Chevy Chase Dairy pfd. carrying charges and a more critical judgment of actual values. It is not intended to disparage these particular issues, but through them to indicate what has happened to some of the late arrivals on the scene. Wealthy Holders Undisturbed. ‘Turning to the stocks that have most distinguished themselves this year, we find that in the reaction Montgomery Ward is off 100 points from its recent high, Radio Corporation 124 points, General Motors 33, U. S. Steel 20, New York Central 16, American Smelting & Refining 25, and General Electtic 25 points. This average loss of 50 points would bankrupt the little player on the speculative stage. It is not sufficient to-disturb the large numbers of wealthy individuals, to say nothing of the in- stitutions and investment trusts, who can still reckon their profits in this high-grade group of securities in terms of from 50 to 250 points. So long as prices of stocks were ris- Mg it did not much matter whether money rates were 7 per cent or 10 per cent. The new public was inclined to give the money market the “merry ha-ha” every time there was a flurry and figuratively to put its fingers to its nose when bankers advised caution. The shoe is now on the other foot. Prices are declining: money is rising. A com- bination of the two is fatal to those who borrow in order to play the na- tional game of stock gambling, unless they have a well filled purse. At such’ times the public remembers some of the advice that had been given to it and gets more worried than it needs to over cach unfavorable development. Mellon Statement Effective. What Secretary Mellon said in his annual report about speculation and the ineffectual efforts of the Federal Reserve to check it in its early stages— for his reference seems to have been to the period prior to June—was not nearly so forcible as the statements of others who do not profess to be so sacrosanct. It timed, however, with the discovery of a series of leaks in the dikes that had been thrown up around the market and, therefore, was disturb- ing. There is always some specific tech- nical situation that discloses the weak- ness of a speculative market. In this instance Canadian Marconi did to other stocks what the Giannini group of bank shares had done to them in June. Those who have to meet the present high rates for money naturally rebel against it and maintain that there is no excuse for 12 per cent call loans when commercial paper rates are 5% per ‘cent. They are paying the penalty of their excesses, which are as danger- | ous in their way as those of a drunken motorist who crowds other drivers into the ditch. The signals have been clear- ly enough set against them for a long time and should have been recognized and obeyed. The ratio of reserves of the member banks in the Federal Reserve system ls, at present. the lowest since the Sum- mer of 1921. The renewal rate for money at the closing of the week was at the highest in nearly nine years. Along with this week’s rise in call money has been a return in time loans to approximately the previous high level established in October. * These rates are not artificial. Even if the Federal Reserve were inclined to aid speculators, this would not be the month of the year when it could do so without the risk of injuring the legiti- mate claims of merchandising and in- dustrial interests. Prosperity Evidence Abounds. As the year closes there are increas- ing evidences of the prosperity which it has brought to a large number of cor- porations. Dividends are being in- creased, not only from the profils of direct operations, but in many cases from the return on investments in se- curities of other companies, as well as in surplus funds placed to advantage in either the time money or the call money markets, The peroration in the President’s message to Congress aptly describes conditions as follows: “The country is in the midst of an era of prosperity more extensive and of peace more permanent than it has ever before experienced”” In order to pre- serve this prosperity it is necessary that speculation be checked before it in- volves not only business, but the banks that must finance a considerable por- tion of it. Post-War Specilation. In the 10 years since 1918 there have been three great speculative manifesta- tions. The first was the rise in commodity prices that grew out of the war and reached its climax in the col- lapse_#f 1921. Nearly three years of business prostration followed. Coinci- dent with this was the inflation in farm lands in the Central West and North- west and a seven-year period of eco- nomic distress to which this led and “which involved hundreds of banks. The | members of the picture industry. Oer-l.vmy/' second phase was the Florida boom and D. C. Paper Mfg. Co. pfd. District National Security pfd. . Federal-American ' com. . Federal-American pfd. Federal Storage ptd. Lanston Monotype . i Merchants’ Transfer & Stg. com. Merchants’ Trans. & Stg. ptd. Mergenthaler Natfonal Mtg. & Inv. Co. pfd. Peoples Drug Stores pfd . Peoples Drug Stores pf Sanitary Grocery pfd. Security Storage ... Terminal Ref. Whg. Corp. Washington Conventlon Hall pfd. Washington Medical Bldg. Corp. Washington Mech. Mtge. Co. com. Wuodward & Lethrop pfd. UNLISTED Army & Navy Club Bs, 1961.. Cosmos Club 4338 (retired an: Metropolitan Club 41zs, 1936 ... BONDS. Chapin-Sacks 1st pfd. Miller Train Control Raleigh Hotel .. Departmental Bank Munsey Trust Co. . Park Savings Bank . its counterpart in suburban land specu- lation all over the East. Associated with it was an extravagant program of hotel and apartment house building in many sections of the country. Echoes of this are heard frequently, especially from the South. ‘We are now passing through the third post-war period of speculation, the most widespread and fantastic of all, and therefore more dangerous than the oth- ers. It is distinctly the business of the Federal Reserve and its members to do everything in their power to control it and thereby preserve the prosperity to which the head of the Nation refers and which he says “can easily be lost.” BOATS IN COLLISION. Both Craft Resume Voyages After Crash Off Peru. CALLAO, Peru, December 8 (#).—A collision between the steamer Mantaro and- thé motor boat Intrepido was re- corded in a wireless message from the steamer’s captain yesterday. The cap- tain said that the collision happened off the coast between Salaverry and Pascas- mayo, the Intrepido being northbound and the Mantaro southbound. The motor boat threw her cargg overboard, then headed for Pacasmayo. The Man- taro proceeded on her voyage after ;g:‘?dmz by the other vessel for 23 TS, LEAGUE REGISTERS BOOM. World Law Is Now Reaching Im- pressive Proportions. GENEVA (#).—World law now being collected and classified by the League of Nations is reaching impressite pro- portions. During the year between the last two assemblies, 310 treaties were registered. Four were sent by the United States, which participates in this League activ- ity so far as publication is concerned. Of this total, 59 treaties dealt with com- mercial and navigation matters, 20 with economic questions and 12 with politi- cal subjects. Seventy-two volumes of treaties have now been published by the League. Each volume contains 450 pages. The number of treaties registered has now reached 1,700. CINEMA MASS DBSERVED. Immense Possibilities Are Seen in Motion Pictures in France. PARIS (#).—The authorities of the Roman Catholic Church in France see in the moving picture immense possi- bilitles as a spiritual influence. A con- ference has just been held under the sponsorship of the hierarchy with great success, most of the diocese being repre- sented by delegates. The church intends to assist French film production by every means in its power, and its dignitaries have placed themselves at the disposal of producers as advisers. ‘This union of screen and church was consecrated by “Mass of the Cinema,” rtecently celebrated at the Church of the Madeleine by Cardinal Dubois, Archbishop of Paris, in the pres- ence of a number of archbishops and bishops and many of the prominent tain passages of the mass were filmed. BONDS. Anacostia & Potomac River R. R. 1st 5s, 1949 C. & P. Telephone of Virginia 5, 1943 . City & Suburban Ry 1st 5s, 1948 .. Georgetown Gas Light 1st 5s, 1961 . Potomac Electric Power cons. 55, 1936, Potomac Electric Power gen. 6s. 1953 . Washington, Alexandria & Mt. Vernon ctfs.. 2 Washington Gas Light gen. 5s, 1960 .... hington Gas Light series B 6s, 1936 ... Washington Railway & Elcctric cons. 4s, 1951 Washington Railway & Electric gen. 6s, 1933.. Chamberlin-Vanderbilt Hotel §'zs, 1042 . District of Columbla Paper Mfg 65, 1937 Washington Consolidated Title 6s, 1951 .. Washington Market Cold Storage 5s. 1938 . (Reported by W. B. Hibbs & Co., Hibbs Building, Washington, D. C.) SALES OCCURRING ON THE WASHINGTON STOCK EXCHANGE FOR 1928 UP TO AND INCLUDING FRIDAY, DECEMBER 7, Hiato Open. High. Low. Close. maturity. 100 101 96 96% 5.30% 104 105 100% 103% 4.75% 100% 101% 99% 5% 104%2 10475 10312 4.68% 9 100% 9 5.50% 104 108 103% 4.80% 1013 101% 100 5% 103% 104 101% 4.80% 108% 109 108 5.42% 103% 4.75% 4.80% 5.30% 4.55% 5.45% 2 1063 106 105% 1091, 10414 94%% 2 92 1047 10245 103 105% 107 9115 103% 7.30% 6.70% 5.85% 5.40% 6.40% 5% 6.70% STOCKS. Par. value. rate. .. §107 $7.00 100 160 100 20 100 100 Div. Approx. vield. 6.5% 3.9% . Low. Close. 103% 107'% 310 300%2 304%a 14 110 112 109% 106 109% 106 84 102 485 425 104 9% 10912 305 1113, 108% 84 457 101% 11612 12.00 6.00 5.50 3.60 250 265 2463 330 343 263 406 57113 320 270 315 250 260 240 330 336 253 405 560 303 270 310 462 135 158 521 340 815 4523 135 158 508 337 75, 330 35 325 501 20 TRUST CO. SHOWS REMARKABLE GAIN D. C. Institution Now 39 Years Old—Maryland Mort- gage Changes Name. BY EDWARD C. STONE. Thirty-nine years ago today the American Security & Trust Co. opened its doors to the public. Deposits, which aggregated $260,000 during the first year, have in- creased to more than $33,000,000, while accounts numbering 132 at the beginning have passed the 70,000 mark. For this unusual progress a great deal of credit is due Charles J. Bell, chairman of| the board; Presi- dent Cbrcoran Thom and their associates. the trust compa- ny's first office was C ‘Thom. temporarily lo- COroT" Thom .| cated at 1419 G street and moved later to permanent quartersat 1406 G street, where it remained until the completion of its new home at Fifteenth street and Pennsylvania avenue in 1905. Alexander T. Britton was the first president of the company, and Charles J. Bell was first vice president. Mr. Bell succeeded to the presidency in | 1893, holding the office until his as-| cendency to the position of chairman of the board in February of this year, when Corcoran Thom became the third president of the institution, When the company started it had a capital of $1,250,000, which was in- jcreased to $3,000,000, and finally was increased to $3,400,000 in 1919 at the time of the merger with the Home Savings Bank. It has built up a sur- plus account of $3,400,000, which equals its capital, and today has a total cap- ital, surplus and undivided profits of $7,200,000. Its total resources have grown from $327,000 in 1889 to over $40,000,000. The merger with the Home Savings Bank in 1919 marked one of the col pany’s outstanding transactions, in- creasing its resources over $13,535,072, as well as providing three additicnal branches. The present officers include: Chair- man of the board, Charles J. Bell; president, Corcoran Thom; vice presi- dents, B. F. Saul and Howard Moran secretary, Frederick P. H. Siddons; treasurer, Charles E. Howe; trust officer, real estate officer, auditor, J. Dann ; assistant secretaries, Albert H. Shillington and Robert L. Flather; as- sistant trust officers, T. Stanley Hol- land, Arthur G. Nichols, J. Eliot Moran and Earl G. Jonscher; assistant treas- urers, Willlam W. Keck, Hans W. Ireland, Percy C. Brady, James C. 1% 6 13815 Dulin, jr.; Edward E. Swan, Richard E. Harris, Harry P. White and Charles C. Boswell; assistant auditor, John E. Benton. Mortgage Company Changes Name. Robert G. Merrick, president of the Maryland Mortgage Co. of Baltimore announces that the stockholders at a sgeclll meeting Friday voted to change the name of the corporation to_the Maryland Mortgage & National Title Co. "This change was recommended by the directors on account of the recent acquisition of the Washington Con- solidated Title Co. of this city, and also because the Maryland company is pre- paring to engage in the national title insurance business, the new name be- ‘Wholesale Market Yesterday's daily market report on fruits and vegetables, compiled by the Market News Service Bureau of Agri- cultural Economics, said: Apples—Supplies moderate; demand light, market dull; too few sales re- ported to quote. Cabbage—Supplies moderate; demand light, market steady; New York, sacked, per_hundredweight, Danish type, most- $2.75. Celery — Supplies moderate; demand moderate, market steady; California, crates, 6.00a7.00; New York, 2-3 crates, 3.00a3.25. Lettuce—Supplies moderate; demand moderate, market steady; Western stock: California, crates, Iceberg type, 4-5 dozen, best, 4.00a4.50; fair quality and condition, 3.00a3.50; Eastern stock: Florida, 1%,-bushel hampers, big Bos- ton type, '1.75a2.00; ordinary quality and condition, low as 1.00. Onions—Supplies moderate; demand moderate, market steady; Michigan and Ohio, 100-pound sacks Yellows, U. S. No. 1, medium to large size, 5.00; small to medium size, 4.50; Holland, 100-110- pound sacks yellows, No. 1, 4.9025.00. Potatoes—Supplies moderate; demand moderate, market steady; Michigan 150-pound sacks Russet Rurals, U. S. No. 1, 2:15; Pennsylvania 150-pound sacks Round Whites, U. 8. No. 1, 1.85a 200; Idaho 100-pound sacks Russet Burbanks, U. os‘ No. 1, 2.50; 50-pound sacks, 1.25a1.50. String beans—Supplies moderate; de- mands light, market slightly weaker: Florida, 7a-bushel hampers, green, 2.50 23.00; few fancy, 3.50; ordinary quality and conditions low as 1.50. Eggplant—Supplies very light; too few sales reported to quote. Squash—Supplies very light; demand light, market steady; Florida, pepper crates, white, wrapped, 5.00. Peppers—Florida express receipts light; supplies light; demand light, ‘market steady; Florida, pepper crates, fancy, 10.00; choice, 28.50. Peas—Supplies light; demand light. market steady; California, crates, 6.00 a6.50; few high as 7.00. i Tomatoes—Supplies light; ‘demand light, market steady; Ohio, 10-pound basket, hothouse stock, medium size, 2.75a3.00; large size, 2.25; small size, 2.00; Florida, no sales reported. Cauliflower—Supplies moderate; de- mand moderate, market steady; Cali- fornia, pony crates, 1.75a2.00; Long Island, crates, 2.65a2.75. § Oranges—Supplies moderate; demand light, market steady; Florida, boxes, best, medium to large size, mostly 4.00 24.50; few fancy higher; small size, 3.00a3.50; fair quality and condition, medium to large size, 3.00a3.75; small size, 2.50a2.75; California, boxes, Navels, medium to large size, 5.00a5.50; very large size, 4.0024.50. Grapefruit—Supplies moderate; de- mand moderate, market steady; Florida, boxes, best, medium size, 4.0024.25; fair d condition, medium size, Fined for Kissing Horse. A pretty girl was charged at Bow Street, London, says the Daily News, with drunkenness, and a policeman sald: “She stood in the Strand with her arms around the neck of a horse, kissing it. There was great danger of the horse taking fright and running 5 “bob.® ing more descriptive of the true char- acter of the business that the com- pany would perform. ‘The pi ent also announced that the company had just completed ar- rangements with a banking group com- posed of Gillet & Co. and Robert Gar- rett & Sons, Baltimore bankers, for the sale of $750,000 of 20-year 5! per cent debenture bonds convertible into common stock. ‘The recent strength in the company’s stock on the Baltimore Stock Exchange is attributed to the purchase of large blocks by interests who have confidence that the earning power of the com- f.ny will be substantially increased hrough the acquisition of the Wash- ington Consolidated Title Co. and the Baltimore company, and the decision of the company to enter the field of national_title insurance. ‘The Maryland company, after fits present plans are completed will show total resources of about $14,000,000 and capital and surplus of over $2,700,000. ‘The directors have declared a divi- dend at the regular rate for Novem- ber and December to the common nocymald:n of re‘cord Eo( December 15, payable January 1. Eugene A. Smith of Washington has been elected a di- rector. Heard in Financial District. Sales of Peoples Drug Stores, Inc., tor November were reported yesterday as totaling $1,001,9:4, against $715,250 for the corresponding month in 1927, up 40 per cent. Sales for the first 11 months of 1928 totaled $9,992,986, com- pared with $7,214,825 in 1927, a gain of $2,778,161, or 38 per cent. Sales of Safeway Stores, Inc., with which Sanitary Grocery, Inc, is now | reached $9,665,685 in No- | affiliated, vember, a gain of 42.4 per cent over the same month last year, Sales for the 11 months amounted to $94,560,- 456, another gain of 37.3 per cent. Negotiations are pending between F. B, Keech & Co., New York Stock Exchange brokers, and the governors of the Metropolitan Club for the leas- ing of office space on the street floor of the clubhouse at the corner of Seventeenth and H streets. The mat- ter is expected to come up for de- cision at the next meeting of the Met- ropolitan board in about two weeks. George A. Garrett is the firm's local manager. ‘The week closed with a record num- ber of Christmas savings clubs started in local banks. These, together with new permanent savings accounts opened in the past few days, assure ‘Washington of a new thrift record in 1929. On November 14. 1922, 84 regularly reporting member banks in the fifth Federal Reserve district had time de- posits aggregating $243,460,000, com- pared with $247,445.000 on October 10 of this year and $243,887,000 on No- vember 16, last year. MRS. OLDFIELD IS GIVEN CONGRESS NOMINATION Democratic Committee Averts Pri- mary Battle in Arkansas by Naming Woman. By the Associated Press. LITTLE ROCK, Ark, December 8.— A potential free-for: primary battle for the two-year congressional term to which the late Representative W. A. Oldfield was elected two weeks before his death last month, was averted yes- terday when the State Democratic cen- tral cpmmittee gave the nomination to Mr. Oldfield’s widow for the full term and for the short term expiring next M ted upset in th rring an unexpected upset in the second district, which would give the place to a Republican, Mrs. Pear] Peden Oldfield will take her seat in Congress from the second Arkansas district as the State’s first Congresswoman. CHRISTMAS TURKEY PRICES UNSETTLED Indications Point o Levels Similar to Those Prevailing at Thanksgiving. Everybody in the wholsale market district this week will begin making in- quiries about the prospects for Christ- mas turkeys for Christmas is the holi- day when the king of the barnyard fowls takes the lead in the market. Nothing definite as to the prospective receipts or prices has been learned by local dealers, according to reports, but the condition in the sections where | most turkeys are raised is said to sug-| gest the probability of prices similar to | those_that prevailed during the recant | Thanksgiving holiday season. Prices during the Thanksgiving holi- | day season covered a wide range, con- | dition of the birds being an important | factor. Early in the season a 60-cent market was predicted and, in some instances, such a price prevailed. A break came just before Thanksgiving, however, and the eve of the holiday saw some dealers disposing of supplies as low as 30 cents. Chain Stores Set Pace. Along the line outside Center Market early on the eve of Thanksgiving day prices dropped to as low as 45 and 50 cents, the first break having come when low prices were advertised for choice stock in certain chain stores. Information received by the Bureau of Economics, Department of Agricul- ture, two days ago, from Fort Worth and San Antonio, Tex. heart of the State's turkey raising belt, gave infor- mation of interest to local dealers. From Fort Worth came the informa- tion that movement of turkeys in North Texas continued light, and at Waco, ac- cording to the message, local competi- tion had resulted in some buyers pay- ing 25 and 26 cents a pound for young toms and hens, but at most places, the message added, No. 1 toms were bring- ing 25 and young hens, 20 cents a pound, old toms selling at 15 cents. Rains Reduce Receipts. A slight increase in haulings of tur- keys in South Texas was reported from San Antonio the middle of the week, receipts being held up because of heavy rains Thursday. “Many buyers are offering 20 cents for No. 1 young hens and toms, live weight, delivered at dressing plants, with old toms 5 cents less and No. 2s 10 cents less,” was stated in the mes- sage quoted by the Bureau of Economics. “There is an effort by some dressers to make a differential between toms and hens,” the message added. “These concerns are offering 23 cents for young toms, 18 cents for hens, 13 cents for old toms and 11 cents for No. 2s.” Just what effect prices in Texas the past few days will have upon the local turkey market during the approaching Christmas holiday season is problemat- ical. Dealers never fail to keep in touch with the Texas situation, but it may be a trifle early to tell just what may happen before the holiday turkey market is in full sway. Local @ealers yesterday quoted live turkeys at 36 and 40 cents, dressed stock selling at from 40 to 48 cents. Only a fair demand was reported yes- terday, consumers holding off for the, Christmas holiday season, when the de- mand for the king bird always is great- t. est. Until the approach of the Christmas holiday scason the demand for turkeys promises to be light. Chickens are in good demand at this time, according to dealers, and supplies are more than ample to meet demands. Many ship- pers, more especially those who raise turkeys, endeavor to sell off their sur- plus chickens before Christmas, ex- plaining why recent shipments have been fairly heavy. Live chickens yesterday were quoted at 28 and 30 cents, dressed stock sell- ing from 36 to 40 cents. Ducks, geese, capons, fowls and keats also will be| in demand during the approaching | holiday season, the purchase of these | varieties enablifig consumers to. avoid | the outlay of so much money for their | Christmas dinner. Keats, always in demand, have been plentiful this season, perhaps a trifle more so than usual, the prices obtained for them, it is stated. making them well worth raising. There is no de-| mand for old keats at 30 or 40 cents | a pound, while the young stock finds ready sale at 80 cents and $1. There promises to be no scarcity of trimmings for the Christmas turkey, | according to dealers, mention being made of cranberries, celery and numer- | ous vegetables that go to complete the | inner. Cranberries have been a trifle | higher recently, a natural result of the | supply and demand. while celery has | continued plentiful and cheap. Fancy Fruits In Quantity. Fancy fruits and vegetables from distant points promise to come in quantities that will enable their sale at reasonable prices. It is believed that firm conditions of the butter and egg markets will continue, although egg prices may become cheaper the next two weeks, Nothing short of blizzard weather is expected to cause anything like a| shortage of marine products for the Christmas holiday trade. according to reports of dealers. Fish are not es- pecially in demand during the holiday season. but there usually is a fair de- mand for cysters. There usually comes a_ shortage of shell stock oysters just after Christmas. oystermen generally knocking off for the holiday week. Meat dealers are certain there will be no shortage of supplies in their line. Roasts, steaks, cutlets and various other cuts and meat products always are in demand. High prices affect sales, how- ever, but prices of most meats at this time are what dealers term right and | reasonable. | Rabbit Market Glutted. Rabbits have come in such large | quantities the past week that the mar- | ket was fairly glutted, and had it not been for the circulation of a report of a disease having affected many rabbits | | this season it is believed their selling price would have meant much to d crease the cost of living. No. 1 stock sold as low as 25 cents. No. 2 grade | being offered as low as 15 cents. | It is pointed out by dealers that the | disease referred to is not felt by stock | offered in this city. Every rabbit re- | ceived by local merchants is inspected and passed upon by Government offi- clals, and the instances of rabbits af- fected by the disease have been ex- ceptionally few. Cooking, it is de- clared, destroys the effects of tho| isease. x COTTON PRICES LOWER. NEW YORK, December 8 (Special). —Continued weakness in New Orleans, where prices lost more than in New York, brought steady pressure on (hc| local cotton market today and the list closed at the bottom $2 or more lower on the day. Spots were reduced 40 points to 20 cents. —The most appreciated of all is a BULOVAWATCH Here is a gift that is permanent in its love- liness. Its handsome case always retains its character. And its sturdy Bulova move- ment will keep time dependably and acea- rately through the years. All Bulova watches come in rich gift boxes. BULOVA WATCHES for Ladies BULOVA WATCHES T ) TREASURER - White sold flled case P e T L e PRINCINE —White gold filled case; flexible bracelet to match; 15 $9 (75 jewel movement 29 hite gold filled case; flexible bs white g i exible bar PRESIDENT —17 jewel movement; Fhkegoldtllel s s kingr ot 3 € the wrisc, - e S T 1SOBEL.- Bxceprional raue. 1le e gold case set wi - $4050 D. J. HUGHES JEWELER National Theater Bldg. Franklin 7472. In a Christmgs Sale at Kann’s— These Reg. $110 and $120 ectric Sewing Machines First Time Offered at the Low Price of Convenient Terms, too! $2 Down Balance in Monthly Payments 69 Both Models are Westinghouse Electrified —Here is an unusual opportunity for any woman who has been wanting a new sewing machine—or any family trying to think of a useful and beauti- ful home gift! Two of our most popular desk-model electric sewing machines at a single low price! Actual savings of $41 and $51. Both are fully clectrified —with Westinghouse motor, light and knee control. Every one is new and perfect. Solid oak cabinets in walnut and light oak finishes. Free operating’ lessons here in the store! It is an opportunity that comes but seldom! Third Floor, The State committee decided to make its own nomination without a primary and Mrs, Oldfield will be the Democratic nominee in a special election to be called by Gov. Parnell.