Evening Star Newspaper, December 11, 1928, Page 13

SUPPLIES OF FRUIT PLENTIFUL IND.C. Dealers ~ Expect Turkey Prices to Remain Steady for Holiday. Local poultry dealers are yet with- out definite information as to the pros- pects for the Christmas holiday turkey trade. It is generally believed, how- ever, that turkeys will be no higher than they were during the recent ‘Thanksgiving holiday. No change in the chicken markst has been reported since last week, accord- ing to reports of dealers this morning. Spring chickens, alive, were offered at 28 and 3) cents this morning, dressed stock selling at 32 and 35 cents. There is no great demand for chickens at this time, dealers stated this morning, and limited receipts are holding the market firm. Increased re- ceipts would mean lower prices. Fruit Receipts. Anticipated advance in the price of rk loins today did not materialize. t was thought by dealers yesterday that the price would advance to 25 cents. but this morning it was reported that the demand was not great at 23 and 24 cents, Liberal supplies of oranges and grape- fruit and moderate receipts of apples ‘were reported this morning. The mar- ket on oranges was slightly weaker, Florida stock, small, selling at $2.50 and $3 a box, medfum to large selling at $3.50 and $4. Grapefruit prices ranged from $3 to $4. Strawberries made their ‘appearance | in the local market yesterday. So few were received, however, that wholesale prices were not reported. Retailers of- fered them at $1.40 and $1.50 a quart. They were not much in demand at the high prices. y light suppliss of eggplants, squash and ‘peppers were reported this morning. . Cabbage, potatoes, lettuce, onions, string beans and caulifiower were reported in moderate receipt, and light receipts of tomatoes were men- tioned in market reports. Prices of most commodities this morning were substantially the same as prices reported yesterday. Today's Wholesale Prices—Jobbers’ Prices Slightly Higher. Butter—One-pound prints, 53a54; | tub, 52a53; store packed, 30a35. Eggs—Fresh selected, 47a48; hennery, :::;6:; current receipts,| 45a46; storage, Poultry, alive—Turkeys, 38a40; Spring chickens, 28a30; Leghorns, 25; fowls, 26a27; roosters, 19a20; keats, young, 60a80; old, 30. Dressed—Turkeys, 40a 48; chickens, 32a35; Leghorns, 28a30; fowl, 30a32; capons, large, 40a 45; small, 30a35; ducks, 30a32; keats, young, 80a1.00. Meats, fresh killed—Beef, top, 25; medium, 2115a23; common, 17a18; veal, 25a27; lamb, 28; pork loins, 23a24; fresh hams, 22a23; fresh shoulders, 18a 19; bacon, 22; lard, in tins, 12%; in packages, 14a15, 1 L{:e stock—Calves, 16al7; lambs, 3al4. Game—Rabbits, No. 1 grade, 25; No. 8 grade, 15a20. Fruit and Vegetable Review. ‘The daily market report on fruits and WVegetables, compiied by the Market News Service Bureau of Agricultural Eco- nomics, says: Apples—Supplies moderate; demand light, market steady. Boxes, Washing- ton, medium to large size, extra fancy Delicious, 3:25; Staymans and Romes, 2.50; few higher; Jonathans, 2.00a2.25. Bushel baskets, Virginia and Pennsyl- ia, U. S. No. 1, 2! inches up, ; Staymans, 1.50a1.6 8. No. 1, 3-inch St (Cabbage—Supplies moderate; demand light, market steady. New York, sacked, hundredweight, Danish type, mostly .75; bulk, per ton, 55.00: moderate, market about steady. fornia, crates, 6.0026.50; New York, 2-3 crates, 2.75a3.00. Lettuce—Supplies moderate; demand ‘moderate, et . - Calife crates, iceberg type, 4-5 dozen, bast, 4.0004.50; fair quality and condition, 3.0023.50; Florida, 1!2 bushel hampers, big ton. type, 1.50a2.00; poorer low | Ame as 1.00. moderate; demand Onions—Supplies light, m-l'ket'I steady. Holland, 110-|C. & pound sacks, yellows, No. 1, medium to large size, fair condition, 4.75a5.00; and Ohio, 100-pound sacks, Special Dispatch to The Star. NEW YORK, December 11.—Many reports have appeared during the past few days to the effect that the big stock market pools have been trying to stem the tide of the reaction. This theory hardly seems warranted, since pools do not operate on that principle. One of the oldest rules of manipulation, and one which many large operators have made public, is that pools liquidate when the market is declining. Pool stocks are generally manipulated | to the highest point possible and sold to the public on the way down. When | stocks react slightly from a high there | are many people anxious to buy, for at mediately. As prices continue to de- cline, however, the amount of public buying grows less and finally the public | is forced to part with their stocks which have been carried all the way down. ‘When margin calls force the public to dump securities on the market in quantities the real bargain day arrives. Thus. it is the insiders and pools who usually throw stocks on the market early in the break, and the public throws them on toward the end; the public gives the market support early in lh(; decline, the big traders toward the end. No one can tell how long the present decline will last, but it is safe to con- this point new highs are expected im-| THE EVENING STAR, WASHINGTON, REPORTS OF POOL SUPPORT FOR MARKET ARE DISCOUNTED clude that speculative sentiment has been so severely shaken that it will take a real change in the business and credit situation to bring about a permanent improvement. Prices ;;m the "t‘mlgmti'l(e%m;d as cipitously as on the xc} ', m as might be expected, those smcfi which led the recent advance declined sharply. Stocks on most of the local exchanges finally began to feel the ef- fects of liquidation in New York, but the declines were extremely moderate in comparison. As _was the case in the June break, San Francisco declined more than any ever, it was Kolster Radio instead of Bancitaly Corporation which caused the break. Kolster has replaced Bancitaly as the speculative favorite of the coast, and the severe break in this stock last week caused heavy liquidation in other stocks. During the past two weeks the mar- ket struggled heroically to reach new high levels but the opposing forces were too strong. The fact that good business had been fully discounted and that high money rates were in prospect for at least another month made it impossible for stocks to continue on. It looked as though stocks must either move hori- zontally for a long time or they must react. On Thursday 12 per cent call money decided for them. CANADIAN MARCONI DEAL LAID TO POOL OPERATORS By the Associated Press. NEW YORK, December 11.—Recent activity of common stock of the Cana- dian Marconi company. which had a sensational rise to around $28.50 per share after the head of the ¢ompany had declared earnings did not merit purchase of the stock even at the year's lowest price of $3, is regarded here is typical of what pool operations can do in_a bull market. It is understood pool operators bought the stock last year or before for around 86 cents a share. On some days sales ran_above 500,000 shares, and paper profits reached a staggering total—more than $10,000,000. b The pool was actually a group of brokers with a mutual understanding and well made plans for buying and selling an issue at steadily ‘advancing prices and with a definite campaign for bringing about such an advance. It is believed to have sold out at least twice, first at $7 and again around the $10 level, and then to have gone back into active trading, but to have sold again before the disastrous break which sent the issue back to below $10 a share. e iiis % Washington Stock Exchange SALES. ‘Washington Gas 55—$500 at 103%. ‘Washington Gas 6s A—$500 at 10533, $3,000 at 10515, $500 at 1053, Washington Gas 6s “B”"—$500 at 107. Washington Rwy. & Elec. Gen. 65— $1,000 at 102. Potomac Electric 512 % pfd.—b5 at 1083, 10 at 10814, 10 at 108%,. W;;bznmn Rwy. & Elec. pfd.—23 at Riggs National Bank—10 at 549, District National Sec. pfd.—5 at 101%. Lanston Monotype—20 at 118. M:l:hfl%‘.;‘h\ns{er & Storage pfd.— Mergenthaler Linot; 10 at 105, 20 at 1043, 10 at 1049, 20 at 1043, National Mtge. & Inv. pfd.—40 at 5. AFTER CALL. Chestnut Farms Dairy pfd.—17 at. 106. Lanston Monotype—5 at 1181, 5 at 1183, " CHAIN STORE IDEA DEVELOPS RAPIDLY Latest Nation-Wide Organi- zation Joins in Bid for Retail Trade. Special Dispatch to The Star. NEW YORK, December 11.—An- nouncement today of the formation of a natlon-wide chain of department stores was greeted here as a distinct development in the new merchanriz- ing methods which have caused a bitter controversy among business men. The preliminary moves toward for- mation of this chain were taken some months ago, but the formal declara- tion of the scope and intentions of the chain was made today. The prize for which the various disputants are competing is a larger part of the retail trade of the country, which in 1928 is expected to reach $45,000,000,000. It is indisputable that the chains have captured no small part of this business in recent sea- sons, and the development of chain systems is proceeding at an astonish- ing rate. Example Cited. In Detroit there are now 9,181 chain stores, representing 36 different lines of business. This is a gain from 4,903 stores, representing 30 lines, last May. Similar developments have taken place in_other sections. Some business men regard this trend as a menace and some. as a blessing. The latter point out that chain stores sales have gained from 20 to 25 per cent 50 far this year, as compared with the corresponding period of 1927. The for- mer, among whom are influential mem- bers of the United States Chamber of Commerce, express fear as to what the effect on the communities will be if more trade drifts through the chain Potomag Elec. 5%2% pfd.—11 at 108. Mergenthaler Linotype—10 at 1043;. Washington Rwy. & Elec. 45—$2,000 at. 913, 81,000 at 913, isbingion Gas Lignt.os ot 901y n at 9974, Barber & Ross com.—5.at 21. Potomac Electric 1st 55—$3,000 at 100. Washington Gas 6s “B"—8100 at 104, Bid -and Asked Prices. BONDS. PUBLIC UTILITY. Sio %-Tfi‘ R R. . Traction R. City & Suburban 8s... town 1st s, yellows, U. §. No. 1, medium to large | porom size, 5.00. Potatoes—Supplies moderate; de- mand moderate, market steady; Michi- gan, 150-pound sacks Russet Rurals, | Wash. G U. 8. No. 1, 2.15a2.25; Pennsylvana, 150~ pound sacks round whites, U. 8. No. 1, 1.85a2.00; Idaho, 100-pound sacks Rus- set Burbanks, U. 8. No. 1, 2.50; 50- pound sacks, 1.25a1.35. Sweet potatoes—Supplies light; de- &h . Gas 6s, seri yi g e Wash. Rwy. & Elec. gen. mand light, market steady; Maryland, | Ch bushel baskets yellows, No. 1, 1.40a1.50° | b nearby Maryland, bushel baskets, Nancy Wash. MKt. Halls, No. 1, 1.50a1.60. String beans—Supplies light; demand light, market dull; Florida, 7s-bushel hampers, green holdovers, few 2.50; fair to ordinary quality, 1.50a2.00. Eggplant—No supplies on market, Peppers—Supplies very light; too few sales reported to quote. Squash—No supplies on market; no sales reported. 5 Peas—No supplies on market; Cali- fornia, 40-pound baskets, 6.50a7.00; ‘mostly 7.00. ‘Tomatoes—Supplies light; light, market steady; boxes, ripes;, wrapped, 3.00; Ohio, 10- | demand pound baskets hothouse stock, 2.50a2.75. | i Caulifiower—Supplies moderate; de- mand light, market steady; California, pony crates, 2.00a2.25; fair quality, 1.75. Oranges—Supplies liberal; demand moderate, market steady; Florida, boxes, various varieties, No. 1, medium California lug | § Amer. Tel. & Washington Gas Norfolk & Washy Potomac Elec. 8% pfd. Potomac Elec. 5%¢% pid. Wash. Rwy. & Elec. com Wash. Rwy. & Elec. pf NATIONAL BANK. gton ‘TRUST COMPANY, 10 1 size, 3.50a4.00; small size, 2.50a Merc!}\l n 3.00; few fancy, medium to large size, 4.50, Grapefrult—Supplies liberal; demand light, market about steady; Florida, boxes, No. 1, medium size, 3.50a4.00, mostly 3.50; No. 2, medium size, 3.00. Kale—Supplies moderate; demand moderate, market steady: Norfolk s:c-‘ tion Virginia, barrels, 2.00. Spinach—Supplies moderate; demand light, market steady; Norfolk szction Virginia, barrels, 2.50a2.65; bushel baskets, 90a1.00. Strawlerries—Supplies very light; de- mand light, market steady; Florida, pony refrigerators, Missionaries, 1.40 per quart. $20,000,000 SPENT DAILY FOR NEW CONSTRUCTION Bpecial Dispatch to The Star. NEW YORK, December 11.—More than $20,000,000 has been spent every | B working day so far in 1928 for new 1 Wash. Loan & Tru SAVINGS BANK. Botomac _ .. . .. Security Savings & Com Seventn Strect United Staces........ { Washington Mechanics' . | FIRE INSURANCE. American Corcoran Firemen's National Union. TITLE INSURAN Columbia Title. ... . oM Bitars Hiite. Title & Inv. Co. of Wash Cons. Title p.d.. MISCELLANEOUS. arber & Ross. Inc. com...... Chevy Chase Dairy fd..... Chesinut Farms Dairy co; Chestnut Farms Dairy pft Columbia Sand & Gravel pfd Gomme! tl. Co. p! Feder: building and of this almost $10,000,000 a day has been put into the construc- tion of dwellings. The total is huge. It amounts to $6,700,000,000 or 5 per | Merc! cent more than for the same period | according to Thomas J.|F last iXe-r. ‘Varnia. As the result of figures compiled from several hundred cities and towns, he says that, “with the exception of % the Northwest, the Pittsburgh district and Southeastern States, all sections of the country have shown an appreciable increase over the same period last year.” The “Big Ten” in point of valuation of building permits are, in the order named, New York, Chicago, Detroit, Philadelphia, Los Angeles, BEoston, Cleveland, St. Louis, Pittsburgh and Baltimore. T. 8. TREASURY RECEIPTS. Treasury recelpts for December 8 were $7,739,752.57; expenditures $20,- 881,234,83; balance $49,188,236.67. store’s doors. The complaint is that the chain stores get most of the cash business, leaving the less desirable credit busi- ness to the independent merchant, and that the chains have little or no in- terest in the communities as such and are not prone to join in civic better- ments. The chain store adherents declare that the chain is not a danger to trade ‘and that it is the answer to modern needs, which involve doing a large amount of business on a narrow mar- gin of profit. Chain Store Records. Not all the chain lines have proved successful this year, grocery chains are repo: done $1,200,000,000 worth of business or nearly 50 per cent of the total. Ap- parel and drug chains made gains, but the betterment in candy was small and in tobacco there was a falling off in most months. This was true also of the restaurant chains. The new chain, comprising 22 depart- ment. stores under the name of the Hahn Department Stores, Inc., will give opportunity for a thorough tryout of chain methods from one side of the country to the other, since the units extend from Boston to Seattle. In their last fiscal year these 22 stores recorded sales of $108,000,000. The concern cor;::mplnm acquisition of further units. Nathan Eckstein of Seattle, whole- sale grocer and a civic leader, recently sald: “First we the department store, which was going to take all the business away from the independent retailers. Then the mail order house. Then the chain stores. Then the mail order house retail branches. However, there is a place for the independent merchant. The independent store is bound to grow and prosper if there is personal initiative and merchandising ability behind it. The big stores started small and the little store will grow if it gives the people what they want < |in T;:my of merchandise, price and Service? 5 Independent Merchants. J. W. Spangler, Seattle banker, said: “I am not one of those who believe the independent merchant will disappear. To meet the competition of the chains and the mail order branches, there must be a higher order of organizing ability. If the ine ndent merchant has merchandising ability, capital suf- ficlent for his needs, and industry, he can hold his own; but he needs all three of those things now.” ‘WAR SCARE’ CAUSES DROP IN BOLIVIAN BOND PRICE By the Associated Press. NEW YORK, December 10.—The strained relations between Bolivia and Paraguay caused a “war scare” in Bo- livian bonds today, the. first time war clouds have caused a break in any of the foreign securities listed on the New York Stock Exchange in a long while. Republic of Bolivia 8s fell 8 points to $87.50, the lowest price of the year, as holders of nearly $300,000 worth of the issue dumped thelr holdings into the market. Republic of Bolivia 7s sold as low as $90, also a new low for the year. and nearly 7 points bzlow the closing price last week, but closed at $93.75. Sales of this issue were only about $54,000. Repairing Telephone Damage, BALTIMORE, December 11 (Spe- cial) —Although approximately 700 h g ical Bldg. Corn. d_& Lothrop bid dend. bBooks ¢ CHICAGO DAIRY MARKET. CHICAGO, December 11 (#).—Butter, lower; receipts, 9,981 tubs; creamery exiras, 40; standards, 48; extra firsis, 482481>; firsts, 45%,a47; seconds 43a It Eggs, lower; receipts, 6,547 cases; exira firsts, 43a44; firsts, 39a42; ordinary firsts, 30a36; refrigerator ex- tras, 31'%; refrigerator firsts, 301%. Poultry, alive, steady; receipts, 5 cars; fowls, 251,; springs, 261, roosters, 20; turkeys, 25a30; ducks, 17a24; gese, 22. [ 5 telephones are still out of service .on the Eastern Shore due to the heavy snow which blanketed that section Sat- urday, officials of the utility company said they expected to have all repairs ‘finished today. The greatest damage was eentered around Salisbury, although wires were carried away throughout the peninsula. [ Bond Issue Ove;;xi;ribed. BALTIMORE, December 11 (Spe- cial).—The new issue of $750,000 Mary- land Mortgage & National Title Co. converiible 5% per cent debenture bonds offered by Robert Garrett & Sons and Gillett & Co. of Baltimore, was oversubscribed shortly after being put on the market yesterday, ‘ of the local exchanges. This time, how- | isuuoms AND LOAN ASSOCIATIONS GROW Statistics Show Increasing Num- ber of Investors in Various Institutions. BY JOHN F. SINCLAIR. Special Dispstch to The Star. NEW YORK, December 11.—Will the building and loan associations become | the dominant savings institutions of the country? | George L. Bliss, vice president of the Franklin Society for Home Building & Savings of New York City, belleves they will if they show the growth dur- ing the next flve years that they have during the last ten. If they do, the building and loan association resources of the Nation by 1932 will total $15,000,000,000, deposited by more than 19,000,000 members. “Throughout the country the aver- iage rate of growth expansion in total i resources is about 16 per cent a year,” | said Mr. Bliss. ‘The growth record is astonishing. In 1917 the total resources of all the building and loan associations in the country were $1,769,000,000. This had grown to $3,342,000,000 by 1922 and to $7,178,000,000 at the beginning of 1928, Membership growth, too, is large. In 1917 four persons in every hundred in the United States were members. In 1927 10 persons in every hundred were members. The number of members is not grow- ing quite so fast as the resources, due to an increase in individual wealth, In 1917 each member of a building and loan assoclation averaged a $460 bal- T;l;; This had grown to $633 in (Copyright. 1928, by North American News- Dapér Alliance.) oo OLD STYLES RECORDED IN LIBRARY OF TEXTILES By the Assoclated Press. BOSTON, December 11.—Frequent donations, together with an annual ap- propriation expended for additions, are building up a unique textile reference library for the National Association of Cotton Manufacturers. Among recent gifts are 50 colored grlnt.s from the Japanese imperial ousehold collection showing d tex- :ue‘mmcs of the sixth and eighth cen- uries. This group of plates is being bound as the latest addition to that part of the library devoted to styling and de- signing of fabrics and dresses. ‘Such volumes are of particular value to the designers in the mills and provide them with inspiration for modern fabrics. The technical section has been en- riched by the gift of a serles of 16 volumes of Dockham's reports and tex- tile directories dating back to 1888 from the York Manufacturing Co. of Saco, Me. NEW CONSTRUCTION FIRM. BALTIMORE, December 11 (Spe- cial).—The North Washington Con- struction Co. of Silver Spring, Md., has been incorporated under the State laws of Maryland. Under the charter the company is suthorized to engage in the general construction business. James I. Medley, J. Curtis Walker and E. Brooke Lee are the incorpor- ators. TUESDAY, DECEMBER 11, 1928 anti-freeze REG. U.5. PAT. OFF, One filling of Lots of people use anti-freeze and still have freeze-ups. That’s because ordinary anti-freeze evaporates. Its protection steals away. Then eomes the freese-up, the car goes out of commission, and there is often a fat bill for repairs. It saves you worry But Radiator Glycerine users never worr; about evaporation. One filiing protect: their cars for the entire winter becaust glycerine will not evaporate. Amundsen used glycerine at the Nort!. Pole. Its virtues are pointed out by the U. S. Bureau of Standards. Thousands of motorists rely on it. It gives complete %L_z are cora/ia[[y invited to visit our STYLE RADIATOR ycerine THE SAFE ANTI-FR protection against freezing, Won’t harm your car, deface the lacquer finish, or give off unpleasant odors, It is tried, tested and safe. Put it in NOW Get mour winter’s anti-freeze pro- tection now. Have the cooling system tightened to prevent leakage. Then put in Radiator Glycerine and be free of freeze-up worries for the winter. Make sure the servicing instructions are tollowed. Yourown garage probably has Radiator Glycerine. Any distributor listed can tell you where to get it. Act to-day. * SALON Wlxére we are J/towz’ng anc[ Custom ‘ft'ne RUDOLPH JOSE, President Radiator Glycerine lasts all winter — because it won’t evaporate Wholesale Distributers: Taylor-Korman Oil Co. Inter States Sales Co. . P. May Hardware Co. 3utler-Flynn Paint Co. Rudolph & West Co. J. P. Scott, Inc. Swift & Co. Durins the periocl of December 10th to 16th inclusive at THE -MAYFLOWER HOTEL THE NEW WILLARD HOTEL 0/711a/ our @isp[ay _\Rooms on Connecticut Qflvenue THE NEW CADILLAC THE NEW La SALLE THE NEW FLEETWOCOD Defuxe, Motor Cars are fitted with the Latest Joa’y Creations 5)' FISHER and FLEETWOOD THE WASHINGTON-CADILLAC COMPANY