Evening Star Newspaper, March 24, 1929, Page 38

10 STOCKS WEAKENED BY CREDIT STRAIN Continuing High Money Rates Are Taking Vitality Out of Market. BY CHARLES F. SPEARE. Bpecial Dispatch to The Star. NEW YORK, March 23.—The mills of the gods on the seats of the money | power in New York, Washington nnd} Chicago have been grinding extremely | slowly, but between the upper and the nether stones they have been gradually squeezing vitality from the stock mar. ket. serve discounts have become a national | problem. The pinch of high money on business can no longer be regarded as academic, There is an old play in which the villain enters with threatening mien, exclaiming, “I will now sharpen my knife.” 1In the succeeding acts he re- peats, “I will now sharpen my knife.” He never does. The Federal Reserve has been issuing intimations and warn- ing for several months and adopting a somewhat browbeating attitude toward ‘Wall Street, but it has not yet sharp- | ened its knife or thrust it home. Money rates and rates of Federal Re- | © 42 | Special Dispatch to The Star. | BALTIMORE, Md, March 23.—The egg market continues to be a day-to- |day market and while prices fluctuated | Islightly the past week, they are hold- | ing fairly steady, although the tendency {15 lower, but receipts of -native and Inearby stock are keeping pretty well cleaned up from day to day. The situa- tion, however, is unsettled and prompt shipments are advisable to realize best results as buyers are critical and all held eggs have to be sold at a discount. The market closed today at 28 cents a dozen for firsts in free cases, a decline of a cent a dozen from opening prices Monday, and 25 and 26 cents for cur- rent receipts. Market for duck eggs| holds firm under light receipts and a good demand at 47 and 48 cents a dozen, but prompt shipments even in single case lots are advisable, as held ieggs will not bring any more than Southern stock, which is- selling at 38 i Live poultry receipts have been run- ning light the past week and the mar- ket holds firm on all lines, especially young broiling chickens, which are scarce and meet with ready sale, often at a premium over quotations. Spring Chickens on Market. Spring chickens made their first ap- pearance of the season ' this week and cleaned up readily at 46 and 48 cents a pound. Young broilérs are bringing €0 to 45, while large, smooth, fat young chickens, 22 pounds and over, sell mostly 40 to 42. Old hens are in good demand and Money Situation Bewildering. H It is & strange and bewildering situa- tion. The rediscount rate has stood at | 5 per cent for the past eight months. | Since it was raised to that figure time | money rates have advanced from 53| per cent to 8 per cent. Call money has | ranged between 6 and 12 per cent. With | this week's rise in bankers’ acceptances | 2 to 5% per cent, they are 1 per cent higher than in July and are likely to go still higher. The cost of money to commercial borrowers has likewise ad- vanced and is approximately 1 per cent above the bank rate. At the Economic Club dinner on Mon- day evening Gov. Harding of the Fed- eral Reserve Bank of Boston openly ad- | vocated a 6 per cent rediscount rate| and the abandonment of the policies of | meral suasion, having in mind what | happened in 1920 and in 1921 because | of the timid policy of the Federal Re- serve Board in 1919. At this same dinner the stock broker- age element responded joyfully to the lambasting which one of the speakers gave the Federal Reserve, and on Thursday aftrnoon ticker tape festooned the financial district after it was an- nounced that no change had been made in the discount rate. It is foolish to say that there is| no contest between Wall Street and the Federal Reserve. The latter has the power to end it quickly and will| eventually win out. With brokers’ loans increasing at their present rate and abundant signs that business is being affected already by high money and the diversion of funds to Wall Steet, delay in exercising proper discipline to a band of greedy speculators is difficult to understand. Banks' Position Stronger. ‘The end of the March.quarter is like- | Iy to see another severe pinch in money rates, though perhaps not as serious as that in December. Corpora- tion requirements then will be heavy. A portion of them must be met by the withdrawal of funds for the ac- count of “others” from the call mar- ket. This throws the burden on' the banks, which, fortunately, are in a stronger position to carry it than they ‘were three months ago. The business of buying stocks or trading in them has been less profitable since the first of January than in any similar period during 1928. Taking into account the high carrying charge for those who are dealing on margin— which charges in January and in Peb- ruary were approximately 9!2 per cent and 8 per cent and so far this month represent the highest average since money began. to rise—and the irregular price movements meanwhile, it will be found that moderate profits were ab- sorbed by interest rates. As a matier of fact, ‘except in the coppers, iron and steel, a few of the public utility and motor stocks, there is very little premium at present over prices pre- vailing two months ago. Others, in- cluding the rails, oils, merchandising | Wh: and numerous trade mark issues, are actually lower. ‘The market, as a whole, has had practically no permanent trend this month. It has been only the nimble trader who has been able to make his living from it. swings each way, with the present tend- | ency decidedly downward and this week’s average decline erasing most of the gain of the two previous weeks. Not only have stocks been heavy, but a seccndary reaction has occurred in bonds, following the temporary improve- ment that took place out of compliment to Secretary Mellon’s advice to gu vestment securities. The recently o fered 4% per cent Treasury certificates are already selling at a discount and if it were necessary today to bring out another large issue of notes it would be found that Government short-term g‘es?;t is approximately on a 5 per cent Copper Continues to Rise. ‘The outstanding incident in the busi- | ness world this week, intimately asso. ciated . with movements in securities, | was the further rise of 3 cents a pound | in copper metal. This has its bearish | as well as its bullish aspects, for it| means_that many manufacturers can- not afford to pay the going rate for copper and wil either attempt to use-a | ogPECsq" Bigher: substitute for it or limit their output. From the standpoint of the producers the situation is an ideal one, for they | ‘will have the benefit of long-term con- tracts at prices ranging from 19 cents upward during the greater part of 1929. It is obvious what this means to them | in the way of earnings and what share- holders in these companies may expect to receive in dividends. ‘There is an actual scarcity of copper today. Given such a condition and an extreme quotation there nearly always | shade higher at 32 to 34, but Leghorns | stock moves slow at 20. It has had violent|14 under lighter receipts, the market is a | will not bring over 30 to 32. Capons are in steady demand at 43 to 45 for birds weighing 7 pounds and over and 39 to 41 for smaller, but slips not so active at 35 and 36, while old roosters are in ample supply at 18 to| 0. There is no surplus of desirable stock in the daily arrivals of large, fat ducks, 4 pounds and over, which are in | good demand at 25 to 32, but smaller | Guinea fowl and pigeons both fairly active at 50 to 1.00 each for the former and 35 to 40 a pair for both young and old of the latter. The season for dressed poultry is| practically over and with th warm ! weather prevailing only limited ship- | ments are advisable, a5 in only a few instances will dressed poultry bring | more than live. A fair demand is still noted for small to medium sized pen turkeys, straight lots of young chickens and large, fat capons, but other lines are generally slow sale at the same prices as live. Old stock white potatoes are in only | moderate receipt, but ample for the de- | mand and the market holds steady. Long red potatoes free from blight | continue to move fairly well, but stock | showing blight has to be heavily dis- | counted. New potatoes from the South | in more liberal receipt and as prices decline demand shifts more and more from old stock and it takes strictly No. | 1 well graded potatoes to bring top prices of 1.00 to 1.25 per 100 pounds, while McCormicks and Reds sell mostly 5 to 90. Other Vagetable Receipts. Recelpts of sweet potatoes and yams have been running heavy the past week and generally in excess of the demand, which is only fair, and -the market is easy with prices a shade lower at 3.00 to 350 a barrel for the former and 3$.50 to 4.00 for the latter. These prices, however, can be obtained only on clean, bright, medium sized stock, as all large, rough and dark stock moves slow at| 175 to 2.25, while No. 2's and culls are not wanted at any price. With the decline in prices of early Spring vegetables from the South de- mand for_ native and nearby garden truck is easing off and only first qual- ity stock attracts attention at the fol- Jowing quotations: Cabbage, 1.00 to 1.50 hamper; kale, 150 to 1.75 barrel; onions, 3.00 to 5.00 per hundred pounds; parsnips, 50 to 60 basket; spinach, 80 to 1.00 bushel, and turnips, 35 to 50 basket. Live Stock Market. ‘The general live cattle market holds steady under light receipts both on the | wharves and at the stock yards and a | fairly good demand, but centered on first quality stock. Next week being holy week, demand will not be so active until Saturday. Spring lambs, 40 to 45 pounds, scarce, and meet with ready sale at 18 to 20 cents a pound. Quotations today at Light Street arf: Beef cattle, first quality, per pound, 1115 to 12; common to medium, 8 to 10; bulls, as to quality, 7 to 9; cows, choice to fancy, 7 to 9; common to fair, 4 to 6; oxen, as to quality, 6 to 8; calves, veal, choice, per pound, 16 to 16 ; large, fat, 15 to 15; large, rough, 10 to 12; thin, 8 to 10; rough and common, 7 to 8; sheep, choice, 6 to 7; old bucks, 4 to 5; lambs, choice, 15 to 16; fair to good, 12 to 14; common, thin, 8 to 10: Spring lambs, 40 to 45 rounfls. 18 to 20; sows, 8 to 9: live pigs, 10 to 14; shoats,| 10 to 12. CHICAGO LIVE STOCK MARKET CHICAGO, March 23 (#) (United States Department of Agriculture).— Hogs—Receipts, 7,000 head, including 5,000 direct; market mostly weak to 10 cents lower: top, 11.85, paid for an oc- casional load of around 200-pound- weights; shippers, 2,000 head; estimated holdover, 3,000; butchers, medium to choice, 250 to 300 pounds, 11.25a11.70; 200 to 250 pounds, 11.35a11.85; 160 to 200 , pounds, 11.36a11.85;- 130 to 160 pounds, 10.50a11.85; packing sows, 10.50a11.00; pigs, medium to choice, 90 to 130 pounds, 9.50a11.50. Cattle—Receipts, 1,000 head; market compared ‘with a week ago, light year- little heifer and mixed yearlings scaling under 800 pounds, showing most advance; light, fat steers and stockers and feeders 25 higher; better grade, weighty steers,, steady to strong; lower grades, scaling over 1,250 pounds, 25 lower; very ac- tive market on light steers and year- lings; slow and erratic on heavies; she stock 25a50 higher; in-between grade cows and light butcher heifers show- { ing most advances; bulls, 15825 higher; | vealers, 1.00a3.00 lower: extreme top, results a sufficient supply to break the price and flood the market. This is what is feared in the trade some time during 1930. Another important development in the business world was the settlement | of the gasoline war on the Pacific Coast, | which has been ruinous to” the dis-| tributors in that territory and which | follows closely after the steps taken to stabilize the petroleum industry not only in this country but in South Amer- iea, from which enormous supplies have | been coming the past two years. Price | stabilization and industrial and banking | consolidations are the conspicuous tend- | encies so far this year and should have a sustaining effect during the period | of liquidation in securities that sooner or later is bound to come. Larger Banking Units. | The trend toward large banking units | represents a certain amount of com- petition and effort to maintain prestige for size. There are deeper elements connected with it. One of them has to do with investments and the change in their form. With corporations going directly to the market for securities for their borrowings and stocks replacing bonds to such an extent, the modern banking institution must be equipped not only to deal with its clients as de-| positors and borrowers but as investors who demand proper information re- garding securities and good average advice as to when to buy or sell them ‘There is also the growing tendency to give over the direction of estates to trust companies and to delegate dis- cretionary power to these trustees in | the matter of investments. The obvious outcome of this must light mixed yearlings, 14.50; heifer year- lings, 14.10; heavy steers, 13.85; not {many Kkiller steers any weights below 112.00; light stockers, 13.00; mostly | 11.50a12.50. Sheep—Receipts. 6,000 head; for the | week 96 doubles from feeding stations, 20,500 direct; receipts light early mod- erate at the close; dependable outlet to packers daily: shippers bought :par- ingly: scattering of Spring lambs of- fered around the cireuit; compared with close last week, fat lambs strong to 15 cents higher, aged sheep steady: to) prices for the week: Fat lambs, 17.75; clipped lambs, 16.50; fat ewes, 11.00. Bulk prices for the week: Fat wool skin, 16.90a17.40; shorn lambs. 15.25a 15.75; fat ewes, 9.50a10.50; feeding and shearing lambs, 25 cents higher; strong weights, 16.00a16.75. POTATO MARKET WEAK. CHICAGO, March 23 (#) (United States Department of Agriculture) — Potatoes—Receipts, 101 cars; on track, 302; total U. S. shipments, 785 cars: trading very slow, market weak; Wis- consin sacked round whites, 60a70; Minnesota and North Dakota sacked round whites. 60a70; sacked Red River Ohit;s, 1.00; Idaho sacked Russets, 1.45 al.65. upon which the stamp of legality has been placed. Another week or two should see some positive programs adoptzd by the com- mittee on reparations. The first for- ward step has already been taken in establishing & minimum. annual pay- ment by Germany. This is another be a modification of the laws regard- ing bank investments, ‘when- a ‘larger field of opportunity will be open in securities’ that' today are disbarred but situation where .stabilization enters as THE SUNDAY STAR. WASHINGTON. D. ©.” MARCH 2% 1929—PART 2. Wholesale Market Yesterday's daily market report on | fruits and vegetables, compiled by the Market News Service Bureau of Agricul- tural Economics, sald: | Apples—Supplies moderate; demand | light, market steady: barrels, Virginia, | U. 8. No. 1, 2% inches up, Winesaps, | few sales, 6.00; scalded, 5.00; U. S. No. | 1, 2% inches up, Black Twigs and | Romes, slightly scalded, 4.00a4.50; boxes, | Washington, extra fancy Winesaps, medium to large sizes, 3.00; small size, | 250t02.75; extra fancy, Romes, large | size, 2.50; extra fancy Delicious, medium | to large size, 4.00; extras, fancy Stay- | mans, 2.75; bushel baskets, Virginia, ] U. 5. No. 1, Romes, 3 inches, 1.90a3.00; | U. S. No. 1, 2% inches. Romes, 1.75; | U. S. No. 1 21; inches up, Romes, 1.50 | al.65; U. 8. No. 1, 2 %inches up, Para- gons, 1.90a2.00; U. S. No. 1, 2!5-2% inches, Deliclous, 2.00a2.25; Virginia, | U. S. No. 1, 2% inches up, Delicious, | 250; U. S. No. saps, few sales, 1.75. Asparagus—suppies very light: 'de- | mand light, market steady; Georgla, | dozen-bunch crates, green, large size, 10.00212.00; small to medium size, 6.00 9.00; South Carolina, dozen-bunch | crates, green, large size, 9.00a10.00; small | to medium size 6.00a8.00. Cabbage—Supplies liberal; demand moderate, market steady; new stock, | Florida, 1':-bushel hampers, pointed type, 1.50a1.65. Celery—Supplies limited; demand light, market firm; Florida, 10-inch crates, 3 to 4 dozen, 3.00a3.15. Lettuce—Supplies moderate; demand |lows, U. 8. No. 1, fair condition, 3.75a 4.25. 1, 215 inches up Wine- | 425 light, market firm; 5 dozen, 3.75a4.25; few, 4 dozen, high as 4.50; Florida, 11,-bushel hampers, big Boston type, wider range, quality and condition, 50 22.50. Onions—Supplies light: demand light, market dull: Ohio, 100-lb. sacks yel- Potatoes—Supplies of d1d stock mod- erate; demand light, market steady: New York, 150-1b. sacks, Round Whites, U. S.-No. 1, 2.10a2.15; Maine, 120-lb. sacks Green Mountains, 1.75a1.85; Mich- igan, 150«Ib.-sacks Russet Rurals, U. 8. No.' 1, 2.15a2.25; new stock, supplies light; demand light, market stead: Florida, double-head barrels, Spaulding Rose, U. S. No. 1; mostly 8.00. Spinach—Supplies moderate; demand light, market dull: Texas, bushel baskets Savoy type, 75a90. Tomatoes—Supplies moderate; _ d mand light, market about steady; Flor- ida, sixes, ripes and turning, wrapped, | fancy count; best mostly 6.00; fair| quality and condition, 4.50a5.00; choice | count, fair quality and condition, 3.75a | a5, | String Beans—Supplies light; demand | moderate, market steady: Florida, 7a- | bushel hamper Green Refugees and | Stringless, best, 2.75a3.00; iair quality ! and condition, 2.00a2.25; Black Valen- | tines, best, 2.50. i Eggplant—Supplies light; * demand light, market steady: Florida, pepper crates, fair quality and condition, 3.50. Peppers — Supplies light; demand light, market steady: Florida, pepper crates, fancy, 2.75a3.50; mostly around 3.00. Squash—Supplies velz light; too few uote, Strawberries—Supplies very light; de- sales reported to q machine, equipped with which assure easy, spee and can be bought for No Interest! —A liberal allowance Machine toward the Westinghouse Electric Main- 7200. In a 4-Day Sale! | Our Regular $115 | Westinghouse Electrified Sewing Machine! “—A beautiful, most efficient electric sewing And for the next four days you can buy it for only $69.00. Every machine is fully guaranteed Only $2 Down! Balance in Convenient Payments cleaning and adjustment service on an; make of Sewing Machine—$2.00—Call Kann's—Fourth Floor. ‘A HOOVER For the Price of an Ordinary Vacuum Cleaner $59.50 all the latest features dy and correct sewing. No Extras! i on your Old Sewing urchase of Any Free- Machine. Complete Lib;ral Alowance For Your Old Cleaner a possible prop to markets that are technically unsound and have every as Part Payment! Before you start housecleaning, let us send a Hoover out to your house for a demonstration. When you see how wonderfully its remarkable cleaning principle, “Posi- tive Agitation,” vibrates to the surface all the grit buried at the bottom of the tug, you'll want it immediately, not only to cut short your work of house- cleaning, but to give youhousecleaning- time cleanliness of floor coverings all the year 'round. The popular-priced Hoover, Model 543, can be purchased for only $59.50. Convenient Terms Street Floor mand light, market firm: Florida pony refrigerator various varieties, 55a60; few low as 50 per quart. Peas—Supplies light; demand light, market about steady; Mexico, 45-pound crates, 7.00a7.25. Beets—sSupplies light; demand light, market steady; Texas, bushel baskets, bunched, fair quality and condition, 1.50a1.75. Carrots—Supplies moderate; demand light, market steady; Texas, Western lettuce crates, bunched, 2.25a2.50: mostly 2.50; bushel baskets, bunched, 1.50a1.75. A Pre-Easter Sale of Beautifui New Celanese Satin hCostume Slips ~—In Script T ~—Shaded Old English. —Shaded Roman . —Trinity Text .. I 100 Wedding Announcements, 7 lines Script type I 100 Wedding Invitations, 10 lines Script type. 100 Wedding Announcements, 7 lines Trinity Text..$14.00 | 100 Wedding Invitations, 10 lines Trinity Text. I 100 Wedding Announcements, 7 lines any shaded type, $23.50 I 100 Wedding Invitations, 10 lines any shaded type. ..$27.00 Victrola VV 2-60 —Ancient or Modified Roman, Pooley Phonograph ...... Adler-Royal Phonograph . Adler-Royal Phonograph . Carryola Portable Phonogr: Victor Portable VV 50............. Orthophonic-Table Model VV 1-70. Orthophonic-Table Model VV 1-90. Superphonic Cremona Phonograph Superphonic Resonata Phonograph Superphonic Barcelona Phonograph...Was $50.00. Convenient Terms if Desired Cauliflower—Supplies moderate; de- mand light, market slightly weaker; California, pony crates, mostly 2.50. Cucumbers—Supplies light; demand light, market steady; Florida, 7s-bushel hampers, fancy, 7.00a7.50; 6.0086.50. Oranges—Supplies moderate; demand light, market dull; Florida, boxes, No. 1, large size, 3.2523.50; small to medi- um size, 2.50a3.00; No. 2, medium size, 3.00a3.25. Grapefruit—Supplies light: demand light, market steady: lorida. boxes, No. 1, medium _size, 3.00a3.50; fair $2.9 Sizes 36 to 44 ~—You could not want lovelier, daintier, or quality, ' T i | quality, small size, 2.50; No. 2, medium } which steadied prices for a time, but size, 2.75a3.00. :1-&; the reaction. | —— | i | Closing prices were 1% to 1% lower | WHEAT CLOSES LOWER. = |and for the week 63 to 7% lower CHICAGO, March 23 (Special).--A March, 1.18%;; May, 1.217%a1.2 | further break occurred in wheat prices 1.247:2125; September, 1.26! | today due to continued liquidation,; oc-| Corn closed % to % lower and for casioned partly by the stringent .,-,d"} the week 4 to 5 lower. March, 92'%; | situation here and by favorable icrop ?‘.‘,.’sp"fi';fi""; July 973 news. Margin cal [AoTE S | argin calls went out overmight % to 3% lower and for | Oats closed {and -forced a sharp early reaction.| the week 2' to 3 down. May. A 453,; September, 4! ' There was some profit-taking for *profit ' 4634 July, { A gg@% 2"‘cmdfl Special Sale! Handmade Handkerchiefs 19¢; 3 for 55¢ —Dainty handkerchiefs for your own use and for giv- ing at Easter. Made by hand of fine linen with corners decorated with col- ored hand-embroidered de- signs—or with appliqued atches. Most attractively low priced for handker- chiefs of this quality. Kann's—Street Floor. 5 more practical slips than these we are now of- fering for only $2.95 each. They are beauti- fully made of a heavy, lustrous celanese satin, which is guaranteed to wear satisfactorily and launder nicely. Nor will these garments pull out at the seams, White Coral Pink Tan Choice of— Nile Peach Kann's—Second Floor. 3-Day Engraving Sale! New Plate and 100 Cards .$2.50 .$4.00 $4.00 $4.00 $3.00 Reprint 100 Cards ~—From your old plate, any style. “Nestle” Permanent $1.55 Waving. now Kann's—Street Floor, Our Entire Stock of Floor Sample Orthophonic Victrolas | | } - Combination Radio-Orthophonic, Adler-Royal E‘ and Pooley Phonographs—All at Exactly ] Y Orthophonic Credenza, spring motor. .. Was $300.00. Orthophonic Credenza, electric motor.. Was $335.00. Orthophonic No. 4-40 . ¥ Orthophonic VE 8-4, electric Radio-Orthophonic Radiola-Orthophonic VV Radio-Orthophonic VV 7-10 Orthophonic VE 4-7, electric. Orthophonic VV 4-7, spring motor. - Orthophonic Consolette VV 4-3. -Was $165.00. -Was $270.00. ...Was $325.00. -Was $250.00. -Was $275.00. .Was $160.00. .Was $125.00. .Was $95.00. .Was $125.00. .Was . .Was .Was .Was .Was .Was .Was .Was .00. -Was $125.00. ' motor. Kann's—Fourth Floor, Rogers Silver Plated Ware Guaranteed 50 Years—Homestead Pattern 14, Price —This beautiful discontinued, the can sell it for so ..$11.50 ..$13.50 —If you have intended having a permanent wave for Easter — now is your chance to do it, at a sav- ing. Make your n?polnt- g}eg:r at onr?, andmet one expert, operators put it in for you. 5 I Beauty Sal Kann's—Third o?!w i ..$16.00 $10 i \ | Keep Up With | ‘The Latest Fiction Dark Hester. . By Anne Douglas Sedg.w*]e!: Hell's Loose............$2.00 By Roland Pertwee The Buffer...........52.50 I By Alice Hagan Rice I —All of the above books are in our Circulating Li- brary—and may ;or the small sum of 3c a ay. Kann’s—Downstairs Bookstore., WK X Unusual Sale! Scissors and Shears 45¢ —A special purchase from the manufacturer is the Now $150.00 Now $167.50 Now $82.50 Now $135.00 Now $162.50 Now $125.00 have any wedding gifts to buy, or need silver for your own use, now is the time to buy it and save this will ing I I Every pair is carefully pattern is now for el? of the fines'.x .2:91, i which assures a ng only reason we edge and easy working Il little, So if you sheat reason we can offer you the scissors and shears you h dj go nts. 12 to 6 inches long. The quantity of manicure, cu- opportunity to secure need for Spring sew- at such a low price. The scissors are rs 6, 7 and 8. A small ticle and barber scissors | money. also in the assortment. " Reg. Sale Kann's—Street Floor. price price I . $3.00 $150 I D 6%0 300 . ‘ :an' . 400 200 . 600 300 EaSter dy i iR 2 Vicgiia Dare B | . 4 . —Virginia Dare Eggs, if b BT el e filled with fruit and nuts, I o knives (atainless) ... 1250 625 also cocoanut—>5c to $2. i knives Toase 235 —Quaker City Eggs—Sc | . Hg .cg to $1.00. | Cold meat forks, each .. 156 38 —Chocolate Easter Nov- i Gravy ladles, each..... 200 $1.00 elties—5c to 69¢ ea. I Kann's—Street and Third Floors. Kann's—Street Floor. I which intrinsically are, in many in-'appearance of showing strain at their stannes, of greater value -than those foundations.