Evening Star Newspaper, April 2, 1929, Page 13

TRADING 15 BRI ATD.C HRAE | : Merchants’ Supplies Plentiful ! as Trade Shows Sea- : sonal- Increase. | Bupplies were plentiful and trade fairly brisk today as wholesalers on the | Jocal provision market prepared to cater | to the demands.of Capital visitors here for the Spring holidays and the cherry blossom season. . Prices of butter showed a slight rise today. The supply, usually unstable at | this time of the year, has been strength- ened by shipments of creamery butter i from Iowa, although little of the prod- uct is coming in from surrounding rural districts. Eggs are also on hand in large quan- tities, with prices on an even level. Little change was noted today in the poultry, meat and pork products lines. Today's quotations matched, approxi- mately, those current here last week. Today's Wholesale Prices. Butter — One-pound _prints, 47a48; tub, 4615a47; store packed, 28a30. d Eggs—Hennery, 29a30; fresh selected, | 28a29; current receipts, 27. Poultry, alive—Turkeys, 35a38; Win- ! ter chickens, 38a40;: Spring .chickens, , 48a50; fowls, 32a33; Leghorns, 30; roosters, 22 ducks, 25: geese, 20; keats, | young, 60a70; old, 35a40. Dressed— Turkeys, 40a45; Winter chickens, 40a45; Spring chickens, 53a55; fowls, 34a35; capons, large, 45a46; ; ducks, 32a33; geese, 208 25; keats, 80a1.00. Meats, fresh killed — Beef, 20a23; Jamb, 30a33; veal, 22a27; pork loins, 30; fresh hams, 26; fresh shoulders, 20; smoked hams, 28: smoked shoulders, 17; bacon, 22; lard, in bulk, 13%2al4; packages, 1415a15; compound lard, 13 | 81315, Live stock—Calves, 17; Spring lambs, | 23a25. Fruit and Vegetable Review. The daily market report on fruits and vegetables (compiled by the Mar- ket News Service Bureau of Agricul- tural Economics) says (sales to jobbers except where otherwise noted): ‘Apples—Supplies moderate; demand light, market dull; barrels, Virginia, U: S. No. 1, 21 inches up, Winesaps, few sales, 5.00a5.50; boxes, Washington, extra fancy Winesaps, small size, 2.50a 2.75; medium to large size, 3.00; bushel baskets, Virginia, U. S. No. 1, 2 inches up, Staymans, 2.00a2.15; Winesaps, 2.00a2.25, mostly 2.00; U. S. No. 1, Winesaps, 2% inches, 1.50; U. S. No. 1, 215 inches up, Romes, 1.60a1.75, Asparagus—Supplies moderate; _de- mand light, market dull; South Caro- ' lina, dozen-bunch crates, green, large size, 5.50a6.00, few higher; medium size, 4.5025.00; small size, 2.5023.50. Cabbage—Supplies moderate; de- mang light, market steady; Florida, 11,-bushel hamper, pointed type, most- 1y 1.50, few low as 1.25; South Carolina, barrel crates, pointed type, 1.75a2.00. Celery—Supplies moderate; demand light, market steady; Florida, 10-inch erates, crate washed, 4-6 dozen, 2.75a 8.00; some fair condition, 2.25a2.50. Lettuce—Supplies moderate; demand light, market dull; California, crates, Tceberg type, 4-5 dozen, 4.25a4.50; South Carolina, 11> bushel hampers, Big Bos- ton type, 1.25a1.50; crates, Iceberg type, 4-5 dozen, ordinary quelity and condi- tion, 3.00a3.50. Onions—Supplies moderate; demand light, @market steady; Michigan, 100- pound sacks, yellows, U, S. No. 1, 4.50a 4.75; standard crates, yellows, U. S. No. 1, mostly 2.50; Ohio, 100-pound sacks, yellows, U. S. No. 1, some sprouted, 3.00 3. 23.50. & Potatoes—Supplies of old stock mod- erate; demand light, market steady: New York, 150-pound sacks round whites, U. S. No. 1, 2.00a2.10; Michigan, 150-pound sacks, Russet Rurals, U. S. No. 1, 2.00a2.15. New stock: Supplies moderate; demand light, market slightly weaker; Florida, double-head barrels, Spaulding Rese, U. S. No. 1, 7.00a7.25. Spinach—Supplies moderate; demand light, market steady; Texas, bushel baskets, savoy, 75a90; South Carolina, bushel hampers, savoy, 65a75. o Strawberries—Suppiies light; demand moderate, market about steady; Florida, 32-quart crates, various varieties, 45a50; fair to ordinary quality and condition, 20a40; Louisiana, arrivals late, no early sales reported. Tomatoes—Supplies _light; demand light, market steady; Florida, 6s, Tipes and turning, wrapped, No. 1, fancy count, 5.0026.00; choice count, 4.00a 5.00; No. 2, fancy count, 3.5024.50; choice count, 2.50a3.00. String beans—Supplies limited; de- mand light, market steady; Florida, 7% bushel hampers, Green Refugees, wide range quality and condition, 3.00a 4.50; Black Valentines, 2.50a3.00. Peppers—Supplies light; demandl light market steady; Florida, pepper crates, fancy, few sales, 3.50a4.00. Squash—Supplies very light; demand light, market firm; Florida, pepper crates, white, wrapped, 3.00a4.00. Peas—Supplies light; demand light, market steady; California, 40-pound crates, 7.25; Mexico, 45-pound. crates, 6.50; South Carolina, bushel hampers, large-pod varieties, 3.00a3.50. Beets—Supplies light; demand light, market dull; Texas, Western lettuce, crates, 2.50a2.75; bushel baskets, bunched, 1.75. Carrots — Supplies light; demand light, market dull; Texas, bushel bas- kets, bunched, 2.00. Caulifiower—Supplies moderate; mand moderate, market steady; Cali- fornia, pony crates, mostly 2.50. Cucumbers—Supplies liberal; demand | Ror; slow, market weaker; Florida, 7-bushel hampers and square bushel crates, fancy, 3.00a3.50; choice, 2.50. Oranges—Supplies moderate; ~ de- mand light, market dull; Florida, boxes, | 4, 1 te; de- all sizes, 2.50a4.00. Grapefruit—Supplies mod mand light, market dull; Flory all sizes, 2.5024.00. a 'boxes BY KENNETH S. VAN STRUM. NEW YORK, April 2—The events of last week in the stock market were al- most too well advertised in the daily ress to warrant retelling. Stock prices ke seriously early in the week, when in one day call money rose to 20 per cent and the volume of trading reached more than 8,000,000 shares. Prices ral- lied sharply directly afterward, finally ren:'l:’u the point from which they had 8 Few issues were spared in the de- cline, and while mest of them regained, at least, a small part of the nr;rn lost, several groups showed only miod~ de- | §¢ Lmnket. It = further broad rise in stocks from their present level begins to absorb additional supplies of credit, it is impossible to tell what call rates will be. It is safe to assume, however, that the Reserve banks would at last be forced to act. With Spring business activity making CURB DETROIT’ PITTSBURGH {CLEVELAND, * PHILADELPHIA BALTIMORE BOSTON ST. LOUIS CHICAGO CINCINNATL ' SAN FRANCISCO| * heavier demands for credit, continued high call rates are evidently in pros- pect, although they will fluctuate errat- ically until stock liquidation finally re- duces brokers’ loans. . Variable Bank Policies. ‘The public has at best a hazy notion of the real situation in the money mar- ket because the leaders have been say- ing one thing and doing another. Last week, a prominent New York banker, whose bank had formerly gone on rec- ord as strenuously ‘opposing further use of Reserve credit for speculative pur- poses, stated that in spite of the Reserve Board's warnings, his.bank would not idly watch call money precipitate a panic in the stock market. The result was a E_r:mpt reversal in the stock market nd, accompanied by the ab- sorption of additional credit by the market. It is rather difficult to see how the banks who are avowedly favoring “an orderly reduction of loans for specu- lative purposes” intend to accomplish their aim. The market being a specu- lative medium, will forecast the future, and if stock traders had been con- vinced that the multitude of threats to curb credit sent out by the banks were to be carried out, prices would have dropped long ago. Stock prices continue high, however, end call rates go higher. If a large majority of banks actually decided to liquidate brokers’ loans, they have the power to do it. It is only too obvious, therefore, that there are mnot enough banks desiring to cause this liquidation, perhaps because they dislike to open themselves to the accusation that they have caused heavy losses to small speculators. Speculation is evidently to be allowed to run its course until a decline in business activity becomes imminent. A Popular Theory. The frequent sharp drops and equally sharp recoveries which have been typi- cal of the stock market for the past few months have led a large group of inexperienced speculators to form a theory that to make money in the mar- ket one has only to buy stocks after a drop. In their short experience stocks have always rallied back abruptly whenever they declined any distance. The more experienced traders know, however, that in all the past as a bull market progressed these dips have be- come increasingly severe until finally one decline is severe encugh to leave many- small holders of speculative stocks “holding the bag” until the next bull movement brings prices back. To the investor who buys investment stocks outright, however, and who is not con- cerned with month-to-month fluctu- ations, but is content to see the market go against him for a time, these sharp reactions’ present an opportunity to pick up high-grade investment securi- ties at ptices which are at least some- what below the highest prices. There is little chance that the generak level of the market will rise far above the resistance points it has met several times during the past few months. Sharp reactions may be expected in the near future, so that it is dangerous to hold speculative stocks on margin. Con- servative traders are selling the widely tipped speculative issues whose future is somewhat obscure whenever the general market approaches the old highs. (Copyright, 1929.) GERMAN BONDS AND STOCKS. NEW YORK, April 2 (Special) — Ger Govt Red Loan with d e e er Govt Red Loan with draw Cufs att per 100 R M........ 55.00 60.00 d Loan Wil 0 draw cifs per 1,000 R M.... 40.00 (Quoted in doliars per million marks.) Hamburg 4'2s 1 . 2000 38.00 (Quoted in doiiars’ pel usand matks. Ger Gen Elect 4lus prewar... 2200 2 b Hamburg 35, 8 s 3 Hamburg American Line 4!:s. rman Y e ) SEES meenBl ot R T 552 Honossasosms 3883838388583 1228383388 ot o Hurus! Austrian A E G (Gy Rudoiph Karlstadt & ‘Twenty-five scholarships have made available to Philadelphia high school students by Mrs. Samuel Paley. ZD ubbm”g’r—_r SONDITION North Capitol Savings Bank Of Washington, D. C.. at the close of busi- ness on March' 27, 1939, RESOUR 1. Loans and discounts. 2. Overdrafts \ 3. United _ States * Government securitics owned - 4, Other bonds, curities owned 6. Banking _ho e Bma 9. Cash’and due’ {rom ban 192,413.88 10. Qutside checks d othe cash items. .. 1,084,538 $1,774,775.04 3,700.90 78,646.27 erate price changes from the previous week’s close. In fact there were a few groups, including coppers, mail automobile and which lost ground for the week. But the most spectacular gains were made by the telephone and electric manufac- turing groups and, above all, the oils. - As is usually the case, when stocks break badly on the New York Stock on the Curb and local most . radio stocks, | I COPPER IDUSTRY MAKES GREAT G Increased Uses for Metal Result in Growing Demands. BY IRVING FISHER. Special Dispatch to The Ster. NEW HAVLN, Conn., April 2—In no industry has solentific research and management done more to extend the uses, stimulate the demand, and steady prices than in the copper industry. Notwithstanding the tremendous in- creases in output, copper now sells around 24 cents a pound, or higher. But little more than a year ago it was at 14 cents, to which it had risen from an average of less than 13 cents dur- ing 1927. Production has been stepped up all along. The copper production index number of the Federal Reserve Bank shows a fairly steady rise from 101 in August, 1927, to 133 in Novem- ber, 1923. That is an increase by near- 233 Rl 5, 2009 1y one-third in monthly output. An efficient and far-seeing assoclation of producers is responsible for this in- crease without either depressing or boosting the price disastrously. The sudden growth in demand has been due not alone to the recent ad- vertising campaign to popularize the uses of copper. Nor has it been wholly due to the general increases in output of the automobile, electrical and other industries using copper, although the stimulus from these industries has been pronounced. The General Electric Co., for example, reports an increase of 13 per cent in its business of 1928, with a much “broader adoption of elec- trification in hemes and on the farms, on raflroads, in many industries, and in ship propulsion.” Production of motor cars during . January last rose 10.5 per cent above that of January, 1928. There has been increased de- mand for copper for water pipes and for sheets and strips used in building and in the manufacture of many mod- ern utensils. REPORT .OF CONDITION of the Potomac Savings Bank of Georgetown, D. C. the close of business on March 27, 1929, RESOURCES. . Loans and discounts . Overdralts . . United States securities owne . Other bonds. stocks curities owned . . Banking _house, furniture 2,619,081.37 187552 1,000.00 620,969.47 5 fixtures, 1 16452393 s owned than banking house, . Cash and due from ban| Outside = ehecks and cash ftems . . Other assets Total LIABILIT] . 15: Capital stock patd 1A e . Surplus . Undivided 1. Due to bani tifled and outstanding . Demand deposits . . Time deposits Tatal .. Diatzict of Columbia. &5: A MAKER, cashier of t apovecamed bank. do solemnly wear tha ment (s my knowle v‘v:e é’hdsbvliflr.ug i g . W. SHOEMAKER. Cashier. Subscribed and sworn_t h 200 day of March jeae.c eore me ihis (Seal) ¢, IRVING WOOD, Corsee—attet, Notary Publie, E W. 3 GEQRGE W. OFFUTT, 8.280.72 . 34194879 585.00 1.140.58 profits_—net ks, including ‘cer- shiers’ checks ______ Directors. REPORT OF CONDITION OF, THE McLachlen Banking Corporation Of Washington. in the District of 3 at the close of business ‘:nnun;?chcg;‘.mifl;. 1,334.440.73 42748, 8,000.00 857.855.46 0,402.50 231,155.33 1,616.12 +$2,483,897.62 9 Cash and d ffi.'-".rg ks 4 e fro; s 10. Guiside ch other ¢ items . Reserves for dividends, tingencies. etc. . 3 . Due to banks, including cer- tified and cashiers’ checks outstanding .. ., 7.769.93 Demand deposits . . 1,086.126:91 . '856.358.21 5 199.505.47 Time deposits .. ...32,483,807.63 6,604.25 23 . Bills. payable and Total .... District of Columbia, 1, John A. Massie, casiiler of the sbove- nam K. do_solemnly swear that the above statement is trug to the best of my knowledge and belief. JOHN A. MASSIE, Cashler. Subscribed and sworn to before me this ist_day of April. 1929. (Seal.) JOHN' M. McLACHLEN, Notary Public, D. C. . A WATSON, Directors. Gharier No. 11639, Reserve District No. 5. REPORT OF CONDITION * of the ‘Liberty National Bank , in the District of Columbia, O N ashinEicl Bisiness on March 27, 1920, RESOURCES. . Loans and. discounts : Querdratts 170,146.39 s 114 100,965.94 Sectrities own 258,271.08 cd .. < . Baniing house. $333.180.0: Furniture ~and fixtures, 8. Raseive with Federal Serve Bank . 9. Cash and due I 14, Other assels . Total .. 232,487.78 220,170.23 347.920.60 1,314.74 4,335,351.12 bk u,‘m.’?s’ LIABIL) 3 1. Gamital stoek pald i vided profi 1, v 5 faterest, ¢ Commodity Notes ' 3 Textiles. Carolina and Tennessee are anticipat some labor difficulty as a result of on the part of mhfi;;‘ l'l-:'he latter Corn. SPRINGFIELD, Ifl.—A reduction of 5 | start a ux_nnflupnper and radio advertising g:r cent in the Tllinois corn acreage will shown this year if farmers carTy out 14 per cent. Sugar. NEW ORLEANS.—The acreage plant- l ed to sugar cane in Louisiana this year Iti(#.'\)swnbout 225,000, m&wfid with , ,000 & year ago. - tically completed. - 4 i Apparel. OTTAWA, Ontario.—Easter purchases of clothing ranged from 10 per cent to 15 per cent higher than a year ago, ac- cording to reports from sales centers throughout the Dominion today. Company. Atl Refin Co pf. Commonw _Edisol 5c IRV, Go 84" pF, 6 Florsheim 8h'C pf Firestone T & K. 0 6% pf. Housenold Fin' Cp’ Hart Schafin & Incorp Investors Intern Print Tnk 8.7885,,38588 *ODOOD 8! >0000D0; > N % Outlet C do 1st pf do 2d pf. Phillips_Jo' Cp 'pi Public Serv Co of 11l ($100 par). (no par) EEET 25238 LODOODD DOOD: 5% LOANS 5% On High Class Residential Property for Booklet Jos. {VV Brooks & Co. Insurance—Frank. 2913 212213 Transportation Bldg. The Commercial Naticnal Bank Pays interest on DAILY BAL- ANCES on Savings Accounts. Interest starts from DAY of deposit and is earned to DAY of withdrawal. R Come in and let us explain. Resources Over $19,000,000 14th & G Streets R. GOLDEN DONALDSON, President STUDEBAKER R. McREYNOLDS & SON - 1423-25-27 L St. N.W. Decatur 686 NEW CARS USED CARS Complete Investment Service Grieer & Co. BANKERS INVESTMENT BUILDING WASHINGTON, D.C. Telephone, Main 2460 WILL SELL $10,000 Jefferson Apt. 1st 6%, 1939, @........ 91% $2,000 Corcoran Courts 7%, 1935, @ i e by oI 200 Units Real Estate Mortgage & Gty. @ 8% 150 F. H. Smith 7%:% Pfd. 200 Units_Vasco Prod- ucts @ 50 Great National In- surance @ ........17 109 Washington Base Ball @ 67% Thomas L. Hume 1412 G Street Main 1346-4733 - ment of property is one of PAINT DEALERS CONFER. Representatives Hold Meeting in This City to Increase Sales. ATLANTA, April 2—Mills In South | About 75 dealers connected with the activity gn‘h Rellly Co. 334 caused "".Ym'k avenue northwest, Awa ’APRfi'J 9, 1929. met _recently at 1. sto MANUFACTURERS and JOBBERS Some of the advantages in . selling your Accounts Receivable to us include epportunities— lemours Co. The by C. I. Smith of the Rel announced tha campal L. i B, A, Wilson, du Pont uwhtlu: present plans. They also intend to cut | 8. 8, Santmyers of Philadel; oat acreage 7 per cent and Spring wheat | Browne mfie E. L. . sentatives of the same com The point was clear] out t people buy what they want more often than ‘Mfi: what they need and that the paint deal fore, should at all willing to supply their wants. Ao 1B spoke, ‘The Orego! publication will omit editorials from its colums. t the firm was about to and J. 8. Mays, local repre- ny, also brought lers, there- times be ready and n Daily Emerald, student at the University of Oregon, Let us have your applications jor LOANS ON REAL Immediate Action Courteous Treatment Our speaks for itself, | Percy H. Russell Co. 1731 K St. N.W. ESTATE record of 35 years T o providé better trucks isabigaim. To buy haul- ' age equipment with greater care and wisdom is equally important. Increased efficiency in all use of trucks will be the sum, theresultof these twofactors. Those are the reasons back of three modern develop- ments made by General Motors Trucks. 1. Straight Rating: Clarifies the question of what a given truck and body will actually handle with year-in, year-out efficiency. Avoids the vagueness, hedging, and hid- den penalties of the old ‘“‘one ton”, “two ton”, etc., rating terms. Itis based on maximum allowable total gross weight of any General Motors Truck. From this subtract known chassis and body weights—the answer is clear, exact. A guar- antee takes on new meaning. Tire equipment gives utmost mileage. 2 No “Excess Allowances” " e=but Extra Value, built in. No unsound allowances are made on trade-ins, as far as General Motors Trucks are concerned. Actual used truck value is determined by im- partial, fair appraisal. The buyeris free to conside? real value in a new truck — without “hoss- trading” methods. List prices of General Motors Trucks containno “water”’, SALES GONTROLUED BY YEEEQW TRUCK AND COACH “Richmond Branch * 107 West Canal St. 1. To conduct your business on practically a cash basis. 2. To accept discounts offered for prompt payment. 3. Ay . . To increase your turnover on th 4. To protect and improve your credit, 5. To pick up “spot cash™ bargains. 6. To carry larger inventories. 7. To obtain better deliverie me overhead expense. 8. To avoid increase of capital stock or taking in an additional partner. 9. To release your outstanding accounts receivable. 10. To extend longer terms when justified. 11. To take care of your “peak" seasonal requirements. We will supply you with details of our plan without obligation.- The Finance Company of America AT BALTIMORE COMMERCIAL BANKERS Munsey Building They share fairly, with buyers, unusual advantages wisely used. 3 A Real Work Test: .4t our expense. We provide any available General Motors Truck—model, chassis or body that most closely meets your exact needs. We provide gasoline and a man to accompany yourdriver. You give them yourreg- ular loads and regular routes—and keep them at work for an adequate test. Our purpose is to help a man get work-facts, in advance. To put something more than words back of every General Motors Truck. ’ v v v This company believes it is sound business to further the interest of truck-buyers in every possible way. That is the big reason back ofthese GeneralMotorsTruck developments. That is what our pledge to further Better Delivery means. Put these practical safe- guards at work for you, in consideringany truck-invest- ment. See these modern trucks, and get the facts. (Time paymenta financed through Y. M. A. C. plan, at lowest available rates.) B LIGHT DUTY 1929- PONTIAC - Powered 7 basic types of different STRAIGHT RATING CAPACITIES—- 3,800 to 8,000 lbs. 86235 to 81085 (Chassis only, F. O. B., Pontiac, Michigan) . MEDIUM and HEAVIER DUTY - Nero BUICIK -Powered 33 basic types of different STRAIGHT RATING CAPACITIES=8,000 to 18,000 1bs. $1395 to $3315 (Chassis only, F. O. B., Pontiac, Michigan) FOR HEAVIEST DUTY - BIG BRUTE - Powered STRAIGHT RATING CAPACITY 28,000 Iba. $4250 and 84350 (Chassis only, F. O. B., Pontiac, Michigan) $. 0. S. Call—Franklin 505 RE 17T LEASES 30.38 M St. N.E. NG pefgai ", MAINTENANCE MFG, CO3A SUBSIBUARY OF GENERAL MOTORS Norfolk Branch .1611-13 Granby St. Telephone PLaza 8450 {¥4,995.950.18 Exchange prices markets follow suit. It was rather un- usual, however, to see them recover as -1 ‘bank, do ney emal A T We are sl in the dark regarding »;g:g;;“’:&' fl% % %"’ ecs e 20l o T e | : ‘Tuesday’s X 5 showed a redustion e week. How- ever, when the rise in p::u ‘which E Dt of b, Tl Wanon St : nemed bank, do sclemnly SWear that BROADWAY, Va.—Miller-Hoover Motor Co. STAUNTON, Va~~Motor Sales Co. MADISON, Va.—J. B. COVINGTON, PHOEBUS, Va.—H. M. 7" ‘There isn't & feature or phase of the service with which we are not thorough- Iy familiar—as results will prove—in apartment es- ROANOKE, Va.~Martin Bros. quClST‘g:& Va.—T, W. Turner, - CHARLOTTES Motor Co. nmn' &..Sl , Va—~GMC and Service. HLAND, Vi Hudson- Co. { VILLE, Va—Carpenter Mof e TER, Va.—Eugene M. Garrett, Inc. Y NEWS, o etieia Motor Truck Co. o EERRRS, Y e o 'a~—Smith-Hood, Elear Co. i AS -Essex . SPECIALIZING IN COMMERCIAL TRANSPORTATION IRSE AND e B i RS UCH A PURPOSELE g v 20 TR