Evening Star Newspaper, March 12, 1929, Page 13

FIN ANCIAT. 26 PRICES SLUNP ATD. . MARKET More Favorable Weather Is Attended by Increase In Receipts. Dmpping out of the bottom of the €zg market was the interesting feature of this morning's market, a condition forecast by dealers last we Lower temperature and clearing of the coun- Toads in nearby States resulted in the heaviest Teceipts of the product of t hennery local dealers have secn in al months. It is a condition that is naturelly to be expected,” commentcd a dealer this morning. “And,” he added, “receipts prcbably will be still heavier before the end of the weck and prices correspondingly Jower.” Thirty cents a dozen was the top price for current receipts ihis morning. dealers reported, with every n-dication of a drop to 28 cents before the close of the day's market. Henncry and fresh sclected were quoted as 32 and 33 cents. Many Turkeys Received. Cases of cggs and Virginia coniim Should receipts continue so according to dealers, the price op 10 as low as 25 cenis before of the week’s market Poultry dealers are still handling many turkeys, but the demand for them the remainder of the scason probably will be slow. The season for home con: sumption to any mater extent usuelly ends about March 4, emands be- ; THE TEVENING STAR, WASHINGTON, ¥. €. TUESDAY, MARCH 12, 1929. 0IL OUTPUT DECREASES IN WEEK ENDED MARCH 9 By the Associated Press. TULSA, Okla, March 12—An av- erage daily decrease of 40,757 barrels in the crude oil production of the country in the week ended March 9 was attrib- uted by the Oil and Gas Journal today largely to the proration agreement in effect in the Seminole field of Okila- lower production. The deep well field of Santa Fe Springs, Calif., which had boosted pro- duction to record heights in recent months, showed a decline of 2,000 bar- rels last week. Oklahoma fields showed a decrease of 32,680 barrels. ‘Total average daily production for the week was estimated at 2,663,562 barrels. Washington Stock Exchange SALE! Georgelown Gas 35 $1,000 at 10115, Washington Gas 6s “B"—$100 at 10315, Capital Traction Co.—10 at 1035, Potomac_Elec. 5%:s pfd.—2 at 1085, 7 at 10855, chm 1-American National Bank-—4 at 43. Columbia Sand & Gravel pfd—6 at 9335, 4 at 933;. Federal-American Co. com.—7 at 53. { Lanston Monotype—10 at 129%;, 10 at 129%, 10 at 1297, 10 at 130. | AFTER CALL. Georgetown Gas 5s—$500 at 1011, Wash. Rwy. & Elec. pfd.—5 at 981%. | Chestnut Farms Dairy 6%:s—$1,000 at g | Washireton Gas 6s “A"—$100 at 1023, {8100 at 1023, | Columbia Sand & Gravel-—-7 at 937, Bid and Asked Prices. BONDS. PUELIC UTILITY. ing principally for supplies for hotels - and other public eating places. Dealers had attractive supplies of the king of the barnyard fowls this morn- ing, live tu selling at 28, dressed stock selling at 40 and 45 cents. Spring | chickens continue pientiful at 40 and 42 cents, most. other varieties of poul- try selling at prices quoted at the close of last week's market. Prices of most commodities this morn- ing werc the same as prices quoted vesterday, | Today's Wholesale Prices Slightly Higher, ‘Butter—One-pound prints, 51; 60 store packed, 30a35. Eggs—Hennery, 32a33; fresh selected, 82a53: current receipts, 20a30. Poultry, alive—Turkeys, 38: Winter chickens, 38a39; Spring chickens, 42a43; fowls, 32: Leghorns, 30a35; roosters, 19a20; ducks, 25; geese, 20; keats, | voung, 50260; old. 30. Dressed—Tur eys, 40a45; Winter chickens, 38a4 Spring chickens, 45; fowls, 34a35; Leg- horns, 40: capons, large, 45a46; smnl!,\ tub, 38240; ducks, 32a33; geese, 25a30; keats, | ¢, 80a1.00. Meats, fresh killed—Beef, 20a2 Jamb, 20231; veal, 20a27; pork loins, 27; fresh hams, 25a26; fresh shoulders, 18a 19; smoked hams, 26; smoked shoulders, | 17; bacon, 22; lard, in bulk, 13';; in} packages, 14'2; compound lard, 13':. Live stock—Calves, 16al7; lambs, 13'2a14. Fruit and Vegetable Review. ‘The daily merket report on fruits and vegetables (compiled by the Market News Service Bureau of Agricultural Economics) says: Apples—Supplies moderate; demand light, market firm; barrels, Virginia U. 8. No. 1, 25 inches up, Winesaps, slightly scalded, 5.00a5.50; boxes, Wash- ington, medium to large size extra fancy ‘Winesaps, 2.7523.00; extra fancy Romes, 2.50a2.75; bushel baskets, Virginia U. S. No. 1, Staymans, 2’ inches up, 1.65a 1. ew, 2.00; U. S. No. 1 Staymans, 3 inches up, 2.00a2.25; U. S. No. 1 Romes 1;55.0 inches up, 1.75; S. commercial, Cabbage—Supplies liberal; demand light, market steady; new stock, Florida, 175-bushel hampers pointed type, 1.50a | B 1.60; Texas, barrel crates approximate- 1y 100 pounds net, round type, 2.75a3.25. (Correction of report issued in Sunday's Market—Jobbers" D, Georgetown Gas Potomac Elec. Ist Potomac Llec. c as W w wen, 650 * MISCELLANEOUS. Barber & Ross. Inc.. 6lis.. Cham-Vanblt Hotel 6'as. . Chestnut Farms Dairy’ 6125, Chase Club 5las C. Paver Mfe. 6s.. . Joint“Stock L'd BK . Mkt. Cold Storage 3 . Cons. Title Co. 6s. STOCKS. o ptd.. Elec. 5'%7% prd wy. & Elec. com Wash. Rwy. & Elec. pfd.... NATIONAL BANK. Capital, ommercial .. istrict . . Pederal-American Potomac Wash National Columbia Liberty Lincol Natiol Rigas Second | Syl National ‘Bi f Washington. . TRUST COMPANIES. Ameriean Security & Trust Co. 469 Continental Trust 135 Merchants’ Bank National Savings & Trust Co. Union Trust............. Washington Loan’ & Trust SAVINGS BA Bank of Bethesda Commerce & Savini East Washington. Potomac 5 Security S Beverth _Stree United States... Washington Mechanics. i FIRE INSURANCE. Insd e o nal’ Metropolitan American Corcoran Firemen's """ National Unioi TITLE INSURANCE. Columbia Title. Real Estate Titl Title & Inv. Co. of Md. com. Wash, Oons. Title pfd... MISCELLANEOUS. Barber & Rosg. Inc. com paper—Texas quotation should have|D. C. read “barrell crates round type, 3.50; some yellow, 2.7523.00” instead of “bar- rel crates 3-4 dozen, mostly 2.25; ordi- mary, 2.75a3.00.”) Celery—Supplies moderate; demand light, market dull; Florida 10-inch crates, % dozen, mostly 2.25; fair qual- ity and condition, 1.75a2.00. (Correction of report issued in Sunday's paper- “Florida 10-inch crates 3 ~dozen’ should have read “3-4 dozen. Lettuce—Supplies liberal; demand light, market firm; California crates Iceperg type, 4-5 dozen, 3.50a3.75; few 4.00; mostly, 3.75; Florida, 1%-bushel hampers Big Boston type, fair quality and condition, 1.50a1.75. Onions—Supplies light; demand light, market weak; Ohio, 100-pound sacks, yellows, U. 8. No. 1, medium to large size, 5.00a5.50; fair condition, 4.50; me- dium size, 4.00. Potatoes—Supplies liberal; demand light, market steady; all U. S. No. 1, Maine, 120-pound sacks, yellows, 1.75a 1.85; New York, 150-pound sacks, round whites, 2.10a2.15; Michigan, 150-pound sacks, russet Rurals, 2.15a2.25; Idaho, :go-pound sacks, russet Burbanks, 2.40 .50. Spinach—Supplies moderate; demand light, market steady; Texas, bushel baskets, Savoy type, mostly 1.00. Tomatoes—Supplies light; demand light, market about steady; Florida sixes, ripes and turning, wrapped, fancy count, fair quality and condition, 2.50a 3.25; choice count, fair quality and con- dition, 1.50a2.25. Sweet potatoes—Supplies light: de-! People’ Security Storage Ter. Ref. A Wash. Conv. Hall pfd. Wash. Mech. Mtge "com. Wash: Medi¢al Bldx. Corp Woodward & Lothrop pfd *Ev dividend. GERMAN BONDS AND STOCKS. Special Dispatch to The Star. NEW YORK, March 12.— Bid. Ger Govt Red Loan with draw ctfs att per 100 R M Govt Red Loan draw ctfs per 1000 R (Quoted in dolia: Hamburg 4’25 1919 (Quoted in dollars per Ger Gen Elec 4} W Asked. Hamburg 3. 3}, Hamburg Amer! North German LI Krupp 5s 1921 Dusseldort 4x pry Frankfort a-M 4s pre-war, Munich 45 pre-war. . AE G (Ge Commerz and Priv G Farben ... Disconto Gellschaf Berliner Handels. Dresdner Bank.. Heyden Chem . Mercur Bank Vienna mand light, market steady; East Shore | ¢ Maryland, bushel hampers, yellows, No. 1, 1.75a2.00; bushel hampers, Nancy Halls, No. 1, mostly 2.00. Siring beans—Supplies light; demand light, market slightly stronger; Florida, 7g-bushel hampers, green Bountifuls, 2.50a few, 3.00; Refugees, best, mostly 250; ordinary quality and con- dition low as 1.50. Eggplant — Supplies light; demand light, market steady; Florida, pepper crates, fancy high bush, very small size, 2.50a3.00. Peppers-— Supplies light; demand | light, market steady; Florida, pepper cral fancy, 2.5023.00; choice, 2.00. Squash—Supplies very light; too few | sales reported to quote. Strawberries—Supplies moderate; de- mand moderate, market slightly weak- er; Florida, 32-quart crates, various va- rietles, 35a40; pony refrigerators, va- rious varieties, mostly 40 per quart. Peas—Supplies light; demand mod- erate, market firm; Mexico, 45-pound crates, mostly 8.00. Beets—Supplies light; demand light, market steady; Texas, Western lettuce crates, bunched, 2.75a3.00. Carrots—Supplies moderate; demand light, market about steady; Texas, Western lettuce crates, bunched. mostly 3.00: bushel baskets, bunched, 2.00. Cauliflower—Supplies moderate; de- mand light, market about steady; Cali- forata, pony crates, mostly 2.25, Cuctmbe: ales Teported. pplies moderate; demand e, market about steady; Florida, . 1. large size, 3.50a3.75; me- dium - size, 3.00a3.50; small size, 83.00. Grapefruit- -Supplies moderate: de- mand light, market steady. Florida boxes, No. 1, medium_size, 3.5023.78; emall size, 3.00a3.26; No. 2, all sizes, 2.7523.25. Copper Stocks Decrease. NEW YORK, March 12 (#).—Stocks of refined copper i North and South Amerfcs decreased in February W 55213 tons at the end of the month from 62,749 tons at the end of Janu- wry and 6o Americd 250 | Do 8 DIVIDENDS. Stock of . 21 121 120 Pay- Corp. e. Auburn Auto. Do. ......stoch Beatrice’ G’ Co... DA DL .00 Bendix Corp, Byllby HM Ci Do. B. Do._ pi Can 88 Lus L pf. Can L Co L _pi Can Canrs Ltd, Do. 6% 1st pi. Do. conv pf. Canron Mills Co. Coca-Cola In C.. Con L&Z Co A... Do. '00D0OOE000PO0000DT T P&L Co pf... Gdyr TER Co Do. pt...... 000000000000 M Co. Natl Inv C pf. v C 1 atl Cask Do, 2 = & Do. b NS PCo Do. 7% Do. 67 Rmgtn A 1y Royal Bak ¢ Do. ot e —seenn Do. 67 bt 0. T pL. Schite R 8 C pf.. Shilr O&R C pt Sothistn P&l Co Std . E. oo 0 C pf..l Wilex-Rich ¢ Willy-Olnd ¢ White Eagle Of *Btock. . or | ¥ pr. 50 Apr. 20 £0D0COLLOLLOLOOL00000D, Maehiné Tools Du;and. NEW YORK, March 12 (#).- While business in machine tools continues above normal, taking the industry as & whole, buying is not quite so spirited as earlier in the year, says American . Demand from the railroads shows signs of steady improvement. In stics Tepor st. month decreased to 9 neluding 50.150 tons for exy ompared with 25118 1005 1 0BG ol {the automobile tadustry the call for equipment, has subsided somewhat. due Jargely to_heavy sales booke B 000 FERAD . homa. Nearly all fields, however, showed | ! mand is still increasing steadily. The | uses for aluminum in the alloys, which | to the aluminum industry, that metal IWAGES OF MINER SHOW BIG INCREASE Recent Rise in Price of Cop- | per Reflected in Larger Pay Rolls. BY J. C. ROYLE., Special Dispatch to The Star. NEW YORK, March 12.—Money is pouring into the peckets of the metal | miners all over the world. This is a re- sult of the sharp advance in the price of copper and the effect which the de- mand for that metal has exercised on | the other metal producers. More men are on the pay rolls than at any time in a decade. Moreover, some of them have had two and thre pay raises since the move upward start- 'ed, and metal miners never have been | cheap to secure, because of the danger of their calling and the craftsmanship required. This situation is strengthening the position of the coal miners as nothing else could, as the entire mining indus- try is organized, where men are organ- United Mine Workers of America, Effect of Revolt. Lead is the metal next actively in de- mand. The Mexican revolt has im- proved the situation for the operaters and workers in this country. The great lead-silver properties in the central part of exico, many owned by English firms, like the Santa Gertrudis, have not been interfered with, so far as operation is concerned, but they cannot ship bullion. Stocks of s re high and grow- ing higher for several reasons. One is that silver is produced in conjunction with copper, lead and zinc, and output ¢ of those metals is on the upswing. Also, considerable silver coin has been de: monetized in Europe. The British In- dian government has released some hoards also. Silver alone would not get far, but it still is a most valuable by- product along with the so-called baser metals. Tin stocks are fairly extensive, and they gained 2,165 tons in February to a total of 26402 tons, the highest reached in 20 years. But demand is higher than it has been in years. There is every indication that with continued demand for tin plate and for use in the sutomobile industry consumption will catch production. Other Metals in Demand. Production and consumption of aluminum are higher today than at any time in the history of this country. De- are more durable and harder than the | metal itself, are increasing by leaps and bounds. The development of the air- craft industry is responsible for no small part ol(xhis demand. High prices for copper, Brass and bronze are favorable being used in substitution. Nickel production also is higher at| this time than ever before. 1t also is affected by the automobile and alloy steel demands. Producers are scarcely able to fill their orders. The pfice list is not changed materially, however, since 1928 contracts were re- sumed at practically the same price for 1929, BUILDING WORK DECREASES. NEW YORK, March 12 () .—New building and engineering work con- tracted for in the 37 States east or the Rocky Mountains, as compiled by F. W. Dodge Corporation, decreased $24,000,000 in the week ended last Fri- day under the previous week's total and $22,000,000 under the correspona- ing 1928 week. The total for the week was $90,445,000. This brings new building since January 1 to $875.979,800, a dally average of "$16,221,800, com- rared with $20,068,500 in the same 928 period. SIL;ER QUOTATIONS. NEW YORK, March 12 (#).—Bar silver, 56%; Mexican dollars, 42%. The Commercial National Bank Pays interest on DAILY BAL- ANCES on Savings Accounts. Interest starts from DAY of deposit and is earned to DAY of withdrawal. Come in and let us explain. Resources Over $19,000,000 14th & G Streets R. GOLDEN DONALDSON, President CoMmrLETE FINANCING Ist & 2nd TRUST MONEY On homes, apartment buildings and business properties. No appraisal fee. Prompt service. eal Estate Mortgag & Guaranty Corp. Main 1403 24 Jackson Place You can increase your income Youcan putyour sparemoney to work where it will substan- tially increase your income. Invest it in Cities Service Company Common stock at its present price and yougeta net yearly yield of over 7% and your dividends are being paid to you monthly, part in cash and part in stock. Let us send you full information about thisstrong security which has 2 $100,000,000 record as a dividend payer over the last 18 years. The coupon is for your convenience. [ Please send me without obligation, a eo of your folder, *“Cities k!fim (nmlnz:: Stock usa Profitable Investment “and full information about an investment in Citica || serice Commonsiock. ized at all, under the auspices of the MAXIMUM RATES FOR MONEY ARE PREDICTED DURING WEEK Special Dispatch to The Star. NEW YORK, March 12—Having been | accustomed for so many months to such high rates for money, Wall Street yesterday professed to be satisfied when |overbid London for this week's gold | renewals were posted at 9 per cent, | compared with 10 per cent last Friday | and with the recent 12 per cent rate | at which money loaned. Supplies were slightly larger, but in | spite of the day's comparative easiness | in quotations, predictions were made that the maximum rates of this season will be reached coincident with Thurs- day's large turnover by the Government and as a result of income tax pay- ments on that date. Foreign money markets, however, | funds away from those centers where they are bedly needed. Already the | effectiveness of the recent advance in the Bank of England rediscount rate to 51, per cent is vanishing. It would not be surprising if New York banks coming into the English market. Addi- tional arrivals are also expected frol Germany. One significant development is the decline in Canadian exchange, which yesterday was at the lowest level in months and at a substantial discount. This is one of the direct effects of th loaning of Canadian funds in the New York market at the attractive rates avail. able here. Under the circumstances gold shipments from Canada to the United States would be logical. It is es- | show increasing anxiety over the Amer- | timated that in order to bring Canadian |talized for 60,000,000 marks, were held |icon credit situation, which is pulling | exchange up to par $60,000,000 of York. Both the Canadian banks and The truck shown is Ne BUIC K-pmvered Type 5003 —for heavier duty. 14,500 pounds STRAIGHT RATING capacity. Price, chassis only, F. O. B. Pontiac, Michigan: $2,800 real test of YOURWORK HIS whole story is in the head- lines you’ve the Canadian government are unwilling to part with a sum sufficient to return | their exchange to a normal level. In some quarters it is argued that as | soon as the Government financing has | been completed this week the Federal | Recerve Board will be more inclined to look with favor on an advance in | rediscount rates above 5 per cent. There | | are still three Federal Reserve districts |in which the rediscount rate is quoted at 415 per cent. In all of them there |is strong resistance to conforming their jrate wiih that of the nine other banks throughout the United States. | Buys German Auto Firm. BERLIN, March 12 (#)—The Tele- |grafen Union reports the sale for 125.- 00,000 marks of the Opel Co. to General otors. Alfred Sloan. president of | General Motors, was said to be at Rues- selheim to open headquarters. All shares of the German company, capi- [by the Opel family. The plant has n| I bicycles daily. FINANCIAL?Y 0il Drilling Starts. OIL CITY, Pa, March 12 (#).—The Derrick today said the South Penn Oil Co. is starting the greatest drill- ing campaign in the history of the | Bradford oil fields, with 500 wells to be drilled before the close of the year. Sixty strings of drilling tools will be in action, the paper said. The article also will state that the South Penn Co. has purchased the S. I. Dresser office building in Bradford to facilitate the handling of its in- | creased business in the Bradford field, HARDWARE TRADE REVIEW. NEW YORK, March 12 (Special) Reports from important market centers indicate that the hardware trade of the country is marking time awaiting the arrival of real Spring weather, Hard- ware Age will say tomorrow in its weekly market summary. As an indi- cation of the present trend it is noted that the appearance of even a sem- ] <:s are confident of good b &5 Spring volany of irade. Meantime the averages an well maintained. “The’ unemployment existing at th present is entirely of a seasonal na ture,” says the ral Reserve report “Cases of distress due solely to unem ployment are estimated to be abou one-half as numerous as a year ago.” Residential building has shown a de crease, while other types of construc tion have gained, the latter havin; shown an incsease of 16 per cent. Hardware dealers reported for Janu ary the largest decrease in stock sinct December, 1927. Prices remain very firm and collec tions are fair, COTTONSEED REPORT. The Census Bureau announced toda; that cottonseed crushed from August . to February 28 totaled 4.230,549 tons compared with 4,028,539 tons for t' same period of 1928, and cottonseed hand at mills on February 28 totale | gold would have to be exported to New |caparity of 500 automobiles and 5,000 | blance of Spring temperature demand |646,849, compared with 483,157 a yeal | is immediately felt. Jobbers and retail- ' previous. akke it; put it to the just read. That offer means just what it says. We provide a Truck—any available model, body or chassis that most closely meets your exact requirements. We provide General Motors gasoline, and a man to accompany your driver. Put them at the same work your own men*and your own trucks handle today. Keep them at it for a real, an adequate test. You’ll find out exactly whether modern trucks do reduce time and distances. Whether they actually increase work-capacity and work- speed. Whether, and how much, they reduce operating costs. How and why they contribute a greater Richmond Branch 107 BROADWAY, Va.—Miller-Hoover Motor Co. DANVILLE, Va.—Motor Service Co, MADISON, Va.—J. B. Carpenter. Va.—Wright Motor Co, a.~H, M. Tessler, COVINGTO! PHOEBUS, ALWAYS % new trucks. obtained in the only practical way. Accept the offér. Get the benefit of this modern truck buying-safe- guard. Find out about STRAIGHT RATING —another modern development by General Motors Trucks, that aids wise investments. vantages of “EXTRA VALUE instead of EXCESS ALLOWANCES.”? Find out just what General Motors Trucks offer you, today! Learn (Time payments financed through Y.M.A.C.planatlowestavailable.rates.) degree of safety in all traffic your trucks encounter. This is information you can uses in judging your present equipment: in considering the purchase of any It is information LIGHT DUTY 1929 PONTIAC-powered Advancements have made it even greater than past PONTIAC engines « » 10% to 30% v ¢ r Real greater actual performance r v » Four-wheel brakes r » » More strength in axles, transmis= sions, propeller shafts + + » Longer, huskier chassis ¢ + A long list of extra value features modern beauty in lines and finish v ¢ ¢ 7 different ba: CAPACITIES—3800 to 8000 Ibs. (Chassis only, STRAIGHT RATING F.Q.B., Pontiac, Mich.): 8623 to $1083 the ad- MEDIUM- and HEAVIER-DUTY New BUICK-powered More power and speed than you'll ever need e Vrl:'ntloMm smoothness and flexibility v ¢+ » Big safety-margins of reserve strength in every detail of construction ¢ + » These trucks brought new ideas of work-capacity and workespeed + « + With the beauty that pays dividends ¢ v ¢ 33 different basic STRAIGHT RATING CAPACITIES=—8000 to 18000 lbs. (Chassis only, F. O. B., Pontiac, Mich.): $1395 to $3315 FOR HEAVIEST DUTY BIG BRUTE-powered S. O. S. Call—Franklin 505 TRANSPORTATION ENGINEERS TER TRUCK e (L E NC R - TRUCK MAINTENANCRE I incoF GONTROLLED BY YELLOW ‘TRUCK AND COACH MFG. CO;A SUBSIDIARY OF GENERAL MOTORS Norfolk Branch 1611-13 Granby St. West Canal St. INVE 30.38 M St. N.E. CHARLOTTESVILLE, Va.—Carpenter Motor Co. WINCHESTER, V. NEWPORT NEW! LYNCHBURG, ORANGE, Va.—Smith-Hood Elcar Co. a. Vi Va.—J. W. Fretwell. Eugene M. Garrett, Inc. —Sheflield Motor Truck Co. ROANOKE, Va.—Martin Bros. GLOUCESTER, Va.—T. W. Turner. SUFFOLK, Va.—Highway Motors, Inec. STRAIGHT RATING CAPACITY 28,000 1bs. (Chassis only, F. 0. B., Pontiac, Mich.): $4250 and $4350 FREDERICKSBURG, Va.—GMC Sales and Service, ASHLAND, Va.—Ashland Hudson-Essex Co, SPECIALIZING IN COMMERCIAL TRANSPORTATION HAS BEFORE YOU BUY