Evening Star Newspaper, April 16, 1929, Page 13

SUPPLY OF CITRUS - [SPLENTIFUL HERE \Wholesale Market Men Hnar CaliforniaCrops Suffer Storm Damage. Local dealers are interested in reports of dunm sustained by growing crops in Ci omhusmucofflnnee:: pes, hit, woord.ln{ All fruits suffered, it is repvmd np- tter than the others. Indications were reported as suggest- ing there will be less than 50 per cent normal crop this season, the frost hav- ing wiped out spproximately $55,000,000 ‘orth of fruits and nuts. “The reports from California would make the situation appear alarming,” remarked a local merchant, “but usu- ally when such reports conie early in the season the result is not so serious after all.” Oranges and grapefruit were in plen- titul supply in the local market this morning. The heaviest receipts were from Florida, however, and the juicy fruit from there was reported reason- able to cheap. Many small oranges continue to reach the local market, the smallest selling at retail as low as 10 cents a dozen. Apples Are Scarce. Grapefruit, especially the small size, ‘were plentiful and cheap today, whole- sale prices depending entirely ' upon size and quality of the fruit. Eight for a quarter was the cheapest retail price | © quoted for small fruit, the larger fruit selling around 15, cents. Apples were scarce this morning, the season for the popular fruit being about over. Dealers had only small quantities of them to offer at $2, $2.50 and $3 l bushel, and they were not much .in demand. Light receipts and a corresponding light demand for tomatoes, product of Florida growers, continued me market steady. Many of the tomatoes are smail and crooked, such stock selling as low as 83 and $3.50. Cheicest: stock sold at from $5 to $6.50. Only moderate rece!pu of asparagus from Vi ia and South Carolina met a light demand and steady market. Prices this morning ranged from $3 for small ungraded stock to $6 for- the choicef.u receipts. Arizona lettuce, ice- rg type, continues scarce and chnlce stoek selling around $7 a crate. Peas continue in liberal supply, while peppers, string beans, eggplant, cucum- bers, beéts and carrots from the South are coming in quantities just about mmcient » meet demands. Limited nllzs +* old stock potatoes are in glt deruhed, while a fairly good de- mmd for new stock is reported. Prices of most commodities this morniny were substantially the same as prices guoted yesterday. TAdsy’s Wholesale Prices—Jobbers’ Prices Slightly Higher. Butter—One-pound pnn!.s 4575246, tub, 45a46%;; store packed, 28a29. Eggs—Hennery, 28a2! (nsh selected, 27a28; current receipts, 28. Puultry aliye—Turkey: | 35; Winter chickens, 42a45; Spring chickens, 50855; fowls, 33; Leghorns, 32a33; roosters, 3: 25; keats, young, ‘60a75; old, Dressed—Turkeys, 40; Winter chictens, 45a Spring chumi 58a 60; fowls, 35a36; Leghorns, 35; capons, lll‘! 50a52; small, 45247; ducks, 32a 33; mu. 80a1.00. , fresh killed—Beef, 22; veal, 24-2 ; lamb, 28a30; pork loins, 30; fresh hams, 26; fresh shoulders, 1 houlde ducl 35a¢0. tock—Calves, mlu. dhun. IOIII llnh. 80 'fludfll!w M? Wflu!hr News Burea! :'Em:?"..,. (A:luhnbhmmpz l—s l!u ht; d d M .&ple uvp u‘ mmu. barrel [ No. 1, 3% I.m:hes up, W‘flm .u ml Scaldéd, “5.0083.50; U, 8. Mo, 1. ;f inches up. yellow Nevmwn s, 5.00; No. 1, 215 inches \ép, GW bunul.bu- 5.0085.50; medium size, 350.400 mlll "“'bme_s lies moderate; demand upplies erate; deman light, market slightly weak: Caroliga, lw-bus,:\‘el ‘hampers, type, 2.508: mostly 2.50. Celery—suppllu light; demand light, market firm;. Florida, 10-inch crates, individually ' washed ~and precooled, 3-4 dozen, 2.75-815‘ 8 dozen, 2,5082.75. Lettuce—Supplies moderate; demand light, market slightly weaker; Arizona, crates, Iceberg type, 4-5 dozen, 6.50a 6.75;, few low as 6.00 Onlons—Supplies light; demand mod- erate, mlrkez steady; old stock, no sales reported; new stock, Texas, stand- ard crates, Yellow Bermudas, mixed, No. 1 and No. 2, 2.50a2.60; as_2.35. Potatoes—Su -of old stock lim- ited; demand light, York, 150-pound’ sacks, Round Whites, U. S. No. 1, 185IL90 wl:hlg‘n !50- pound nch. Russet Rurals, few low m, doumeheld b‘;“’;.i Spluldinx Rot Spinach-—Receipts light; ‘trucked-in stock supplying tile market. Strawberries—Supplies light; demand slow account of weather, market slight- ly weaker; North Carolina, 32-quart ites, various varjeties, generally fair quality, 5.00a7.00; Louisiana, u-mnz cr-ttfs x%z{mdékr%s few. Glli&'. 3. mov- rection—Yesterday Hlds Excelsiors should have read ondt‘kfle: ‘Tomatoes—Supplies very llghr. de- mand light, market slightly stronger; Florida, 6s ripes and turning wrapped, No. 1, fancy count, 0501700‘ choice 108600 count,” 5.5 Stringbeans—Supplies lerate; demand slow, market firm: orida, Ta-bushel hampers, green Bountifuls, 2:5023.00; mmfly 2.50; few fine qual- M, | iy, 3.50. Peppers—suppliu light; demand light, market steady; Florida, pepper crates, fancy, 310. Eggplant—Supplies light; demand light, market dull; Florida, pepper crates, fancy, 3.09a3.50. Squash—Supplies light; demand light, market firm; rida, pepper crates, fm!cgowhlbe ‘wrapped, 3.00a3.50, most- ly Cucumbers—Supplies light; demand light, nurkez steady; Florida, %-bushel hampers and square bushel crates, rlncy, :.'.onon upplies liberal; demand light, market dull; South Carolina, bushel hampers, Laxtons, - 1.50a2. quality, holdovers, low as Beets—Supplies light; demand light, market steady: Texas, Western lettuce, crates, bunched, 2.50a2.75; bushel bas- kets, 1.75. Carrots — Supplies light; demand light, market steady; Texas, Western lettuce, craf bunched, 2.75; bushel baskets, 1.7522.00. Oranges—Supplies moderate; demand modorate, market steady; P'lorldl, boxe«, medium to large, No. 1, 75; No. 2, medium to large si troversy between the high Federal Reserve 2% REDISCOUNT RATE DEBATE PERSISTS Durant and Ayres COntnbute “Latest ' Arguments in Controversy. Special Dispatch to The Star. % last nm INDUSTRIAL WOHKERS’ WAGES SHOW- lllcREASE Specia] Dispateh to The Star. NEW YORK, April 16—The ‘“resl weekly” wajes of workers in American industries at the beginning of the eur- _cent, and eamings per greater than n he ‘This is statement of the National !nd\umfl Board, Conference an aythority on such. NEW YORK, A 16.—The matte > high and. the low | The discount advocates and ‘| those who believe in maintaining. muu quo of the mnney situation’ has intensified by the demand of w C. Durant, on one hand, for a rate of 3 per cent, and the recommendation of Col. Leonard that the P. Ayres discount rate be lifted sbove its present | trial hvel ol 5 per cent. Ayres has taken an attitude ll.mllir to that outlined by the Na- tlonal City Bank in its April circular, which strongly advocated & discount rate of 6 per cent. He i “Our reserve system is trying the experiment ut emhlm member banks to re- wed reserve funds at a &ront during a period of prolonged’and creasing inflation.” In other words, banks in the districts that have a rate of 5 per cent have been able to use their leral reserve facilities to obtain funds which they could loan as high as 20 per cent, with even a greater spread in favor of those in the three districts where the Federal Res:rvc discount rate is still 4}2 per cen! Finds Credit Inflation. © Col. Ayres further stated that many other cenlnl banking systems hln the experiment charged the Federal Reserve, but thet it wu doubtful if a “record can be found ot its evér having been done without re- sulting in ultimate disaster.” He finds credit inflation in the rapid increase i the turnover of bank deposits rather than by expansion eposits and loans, which is due, in his belief, to the “development of an invisible banking system consisting’ of corporate and In- dividual lenders to brokers who are outside the control of banking synmn!; g but are using banking facilities.” the reduction in brokers’ $366,000,000 from the high of March 20 lll but $52,000,000 has been for the account of New York and interior banks, with the loans by “others” not considerably more than 50 per cent of the total amount. While there has been inflation in credit and in security prices, this week’s index of commodity prices shows an opposite tendency, so the commodity price average is now at the lowest since last December. This drop has been affected by the break in metals pri- marily, although other commodities have reacted considerably from the huh hlevel made in the first week of| Export Trade. ©One of the objections on the part of the Federal Reserve Board to raisin its rediscount rate is the possible effect of such action on this country's export trade. Judging from the figures for March, this trade continues to boom, for the total value of shipments of com- modities and manufactured lucts was $486,000,000, compared with $420.- 711,000 in the same month in 1928. This makes the March quarter a con- spicuous gne in the annals of foreign tnde as ‘the total exports in this pe- riod exceed those of the same qmmr last year by $213,000,000. Imports last month were $103,000,000 less than ex- ports. For the quarter the foreign mde balance in favor of the United States amounted to $395,000,000, against $133,000,000 last year. It 'will be surprising to many to know EUGENE C GOTT Presndent - Sidn For All Around Service, Choose Ennyweather Topcoats TAILORED BY STEIN-BLOCH OU can’t dqnnd upon the weather in Wash- upon your Enny- weather Topcoat for real comfort and " tion—now and for’ woolms,m hand-tailoring' by - Messts, Stein-Bloch, invisible , fleecily warm, but fllht in weight, tion. The rest is ington, \‘&‘ch MEN'S WEAR eyWesfi (INCORPORATED) 14th and G Streets N. W. but you can months to come.’ Bu‘thsthmlypntoflb& best obulmd threwh —hommowl wor! the | This 15 The purchasing power of the indus- wage earner’s dollar, based on living euu. at the of this Toan ‘the average of AL of any 1922. Living costs, com nx.:mh the irchasing power ar the dollar just fore the war in 1914, are nearly 61 per cent hlcher than they were then, Based t.hm figures, the average “real wee " earnings was 38 per ecnt and the “real hourly” urnhn cent greater than 914, e CHASE & SANBORN. BOSTON, April 16 (Special) —Official announcement was made 'odny of the affilation of ohue & Sanborp of this city, one of the country’s largest and oldést coffee and. tea dhtfibutoni ;hekflo}'ll Baking Powder Co. of New orl By the terms of the agreement Chase & Sanborn, & New firm which has operated as a close for over half a century, will incorporated as & new company, the Royal Baking Powder Co. acquiring a substantial in- terest in the new corporation. " DIVIDENDS. D.?"WI"IIOI\L Period Rate. huil'!au%rad' 2 Q $1.75 May!1 April20 QBN MY RS I HEP I i ) July 50 May 31 ‘May 15 x,uf- g, Bauman T S 1sEB. . Q 1%% May 15 s gy a4 ey 2 A5 May 15 May 1 a3 Yl 28 May 1 with | be & [ hat 1n tne “.’:fi".":’.".‘.‘:."..s'm CHAIN STORE SYSTEM "USED IN TAXI FIELD o .hmfimlumumnlw- ment of Plan to Extend Organization. - BY J. 0. ROYLE: Special Dispatch to The Star. NEW YORK, April 16.—Chain store methods lun Msd under eum-ol of this compar 000 or over, with -ppronnnmy so Ooo np%.unl employes. Chicago, fittest could survive. ve cut in many eities below s poim. ‘which five years ago ruin. Just as has been m eu- in chain store develnnmt, um alv-y: “vgll ubl openka nncly lnd in groups and there always will be a place for oper- ators who uuhllsh close tact with clients or who speci: certain branches of transportation. addition a hze number of cab com- panies are g absorbed and their vehicles operated by the street railroad companies in vlfloul citles. ‘The lowering of rates, however, has made the taxicab a factor in:American passenger transportation. Now the new cab chain expects to be in a position to cut costs still further by the same methods of bu: which have been adopted by the chain store corporations. PARIS BOURSE PRICES. PARIS, April 16 (#).—Price changes were irregular on the Bourse today. ‘Three per cent rentes, 73 francs 50 centimes. Five per cent loan, 99 francs 55_centimes. Exchange_on umdon. 124 francs :e centimes. The dollar was quoted at 25 francs 60 centimes. in ooy m"mfmyh: by nn num Although tes have not b..;"”” "";1,":’23:’@2 to Eafqit Esg 5 Despite’ this great increase in stock popularity, many in Wall street see certain points in the present situation which resemble conditions existing in o r‘slnm; “lho’u two periods, sharp t wo a rise in stock values created much pub- lic mwg‘:. making lt easier to u::u stocks. ther than incurring ob! tions in the form of bonded lndelmd- ness, companies as a rule preferred lssue stock when wishing to ohmn capital. At the same time, rising ih- terest rates caused declining bond prices and the feeling toward bonds was ,‘ correspondingly depressed. Bonds Regain Favor, On both of these former occasions, in 1906 and 1919, however, the point was finally reached when bonds again came into favor. Declining interest rates brought rising bond prices, which, to- gether with an appreciation of the ad- vantages of bonds, led to an increase in the number of bonds in proportion to stocks. In both cases, it was not long before bonds regained their popularity. The scramble for common s 3 which reached its height during closing months of last year and the nnc' qulnfin olll tlgt fi.flfln be shown most grap! y by igures showing the volume of new securities issued for reasons why 5 families bought used cars - At the right are statements typical of interviews with hundreds of families—in cities, towns and in the country—who have purchased used cars, Used cars are unused transportation More than 3,000,000 American families have learned that a second car is not only a great con- venience but an economy. The second car need not necessarily be a new car, Mmy used cars have thousands of miles of unused trmupomfim in them and can be purchased at very low prices.. General Motors dealers offer a wide selection of ‘used -cars, plus the convenient GMAC Pur- “chase Plan. 'GENERAL MOTORS A ear for m‘m and purpese” cllml.l'l‘ PONTIAC « omuom.l + OAKLAND : VIKING . BUICK 8 LaSALLE « CADILLAC * AN with Body b Misker ~ GENERAL MOTORS TRUCKS -« + YBLLOW CABS ssd COACHES G“ACM‘MP.— u is Imneulble say .whether t t demand for common | * as far as the leve!. n um-e are several in- closer approach to stocks | the old remlomhlp is now under wa, Y. It is well known that the money- tightening policies of the reserve bcnlyu last year caused severe declines in bond prices. The bond market has suffered ever since the banks began to sei: | their holdings of Government securities in January, 1928. Last Fall, when the reserve ban! somewhat to accommodate Fall crop moving, the bond market rose mod- erately. But in December the money- tightening tactics were again resumed and bond prices continued to decline. High-Grade Bonds. During most of this time there were., steadily -decreasing numbers of new bond !-uu. but some improvement has been witnessed within the last five or six weeks, when the reserve banks have eased on the sale of Govern- ment securitfes. At the same time, while- money rates have rot declinec NEW ORLEANS.—Retail sales in this ummy have increased greatlv owing to the favorable lm:anthen ‘They, mamw running al of those of > 4 ¢ 1 4 Packing House Products. CHICAGO.—Packers report that while trade in meats is quiet. some sctivity has developed in pork. Demand is slow again for beef, and there has been some reduction in dressed as a result, Smoked meats are quiet. |~ CRUDE OIL OUTPUT. TULSA. Okla., April 16 (#).—Daily | crude ofi prodiiction in the United | States decreased 44,736 barrels during ;flu week ended April 13, the greatest | decline in the industry since May 12, 192! the Oil and Gas Journal says 'flw reduction was attributed to pro- tion in d-Continent fields, Of l wm light oil decrease of 49,141 bar- 1s, Oklahoma nt area was 46,044 barrels, = Californis ‘101'9.31!;‘1“';“‘“ fornia showed a ated dally average produc- tion for the United S{I?et Iog !&?e w‘el:k ended April 13 was 2,616,082, as com- p;re“d to 2,660,818 for the week ended: ks eased the credit situation | ARZ S0 as to cause a broad rise in bond prices, the number,of new bond issues; is on the increase. It is rather widely believed that the market for high-grade bonds will not fall much further unless credit becomes tighter. In view of the fact that the lhwrpzlm of credit by the lwck markes the pglnntly been checked and uuom naed'“. for mmmu- md“ws now near its maximum, the higher ra which would ecause mch & decline are* considered improl (Copyricht, 1929.) “I am a carpenter. By owning a car I can work -on any job that comes along in any of the surrounding towns. My car was a used car. It cost .very little and makes __money for me ‘every day.” *We bought a used car which we call our . utility car. Every other week I take my own and a neighbar’s children to and from school. The week in between, my neighbor drives and I get the weck off.” *We kept our old car w! hen we bought a new car, instead of trading it in. It'ssuch a convenience to have two cars that we hardly know how we got along with only one.” 'When our children grew up and bc}nn have #ngagements of their own, we found that one car was not enough. We could not afford two'new cars. So we bought oné new car and a used car.” . *We live out of town. Ou:Al.:ew""cu is the family car. Our used car is what we call our “work car.” Itdoellllkmdlof)obumdl’ kmdl of weather.”