Evening Star Newspaper, April 21, 1929, Page 25

LANSTON REPORTS CROWTH N SALES 2 March C. & P. Telephone Net Ig Lower—Local Insurance Business Holding Up. BY EDWARD C. STONE. Yocal stockholders in the Monotype. Machine Co. will be interested in a report just published in Philadelphia, which states that 1928 was the fifth year in wish an increase in sales was Fecorded. Since 1924 the company has en- Joyed steady growth in business both in the sale of ma- chines and mat- Tices. ‘The de- mands from news- paper and maga- zine publishers, as well as from other v printing plants, as brought about this income im- provement. The company is holding back a + definite statement on earnings for the annual meet- g, N. Brawner, Jr. ing, which comes in a few weeks, this taking place in Alexandria, as the company holds a Virginia charter. But from the large ount of information given out on s the yearly balance sheet will be most favorable. The Lanston Co. has completed tak- g over the Thompson Type M=chine Co. of Chicago, purchase of which was announced several weeks ago. The en- tire Thompson plant has been removed it0 the monotype plant at Philadelphia |and the manufacture and sale of {¥hompson machines are being contin- ‘ued there, i Lenston Monotype stock is now, fQuoted on the Washington Stock Ex- thange at 123 bid and 128 asked. J. T. Hendrick of this city is chairman of the board and George W. White, presi- dent of the National Metronolitan Bank, one of the directors. H. D. Best Is president of the company. So far this year 562 shares have changed hands on the local exchange and at pre:ent prices the stock yields 4.7 per cent. March Phone Net Lower. ‘The report of operations of the Chesapeake & Potomac Telephone Co. filed yesterday with the Public Utilities Commission shows that telephone operating revenues for the month of March were $704,045. Operating ex- penses were $514,635, making net operating revenues for the month $189- 410. Taxes assignable to operations ‘were $48,020. Net income, before interest and dividends, for the first three months of 1929 was $474,387, a slight decrease when compared to the same period of 1923. Plant and equipment added to the telephone system in the District of Columbia during the first three months of this vear amounted to $944.043. Retirements during the period were $385,752, making net additions $558,291. Net additions to plant and equipment for the 12 months ending March 31, 1929, amounted to $1,548,236. At the close of business March 31 there were 153,274 tblephones serving the District of Columbia, an increase of 2914 telephones since January 1. During March Washington telephone vsers made 17.226.000 local and 454,000 out-of-fown telephone calls. This was &n inerease of 7.1 per cent on local end 145 per cent on out-of-town calls over the same month in 1628. Woancial.-romoarigsons for March, 1929 and 1928, follow: Mateh, March, 1928, 1929. m-] operating revenves.. $376.818 3704,045 o) ina expenses and uncollectible........ 452,428 514.635 224,390 189,410 48,020 Operating iacome. 141390 Non-operating income...." 2,8 3,593 144,983 4530 140.453 25,881 Yot overating revenues. 'axes assigna tioas ..... Gros income. s amw Mt deductions ... Enterest deductions Net income... .. $146,001 $114,572 The traders’ column in Barron’s Wimpncial Weekly reports the same Likelihood of a broad advance or de- cline, however, seems no greater now careful analysis of all commitmen for the attempt to forecast profit trends for the third and fourth quarters, rather than the first and second, of representa- tive issues, to detel’mklne !.l'i‘e ld;lllbfllty of buying upon weak spots ang upon advances, for the business factor transcends money considerations.” Radio Reaches Automobile Stage. ‘With more than one radio receiving set to every three families in the United States and with total sales in 1928 ex- ceeding $650,000,000, no saturation point is yet visible in the radio industry, the Union Trust Co. of Cleveland reports. Moreover, last 's export record of $12,000,000 virtually leaves the world market untouched, the bank says in the current issue of its magazine, Trade Winds. A significant movement in the in- dustry, according to the bank, is shown by the simultaneous increase in annual sales of recelving sets from $5,000,000 in 1922 to $306,000,000 in 1928 and de- crease in sales of parts from $40,000,000 to $12,000,000. This is explained by the statement that the passing of the novelty stage of the radio and the down- ward trend of retail prices of manu- factured sets since 1924 has discouraged the assembling of sets by their owners from parts, “In general, the radio has reached the same stage as the automobile. The general engineering principles are pretty well stabilized and the immediate de- velopment should follow the line of further refinement of the present pro- duct rather than the introduction of revoutionary innovation. “Television, radio engineers declare, is still in the experimental stage and it may be some years before it becomes a commercial possibility.” ‘Washington Market Quiet. Saturday trading on the Was%'ngton Stock Exchange witnessed Mergenthaler Linotype selling at 108 and 1077, the issue being active and strong through- out the week. Two oddlot sales in Columbia Sand & Gravel preferred were recorded at 91, Potomac Electric 512 per cent pre- ferred came out at 107}, Peoples Drug Stores preferred moved at 114!, and Merchants Transfer & Storage prefer- red at 110. Twenty shares of Chevy Chase Dairy preferred sold at 107, and the closing stock sale was in Norfolk & Washington Steamboat Co. shares at 305. Only two bond sales were noted dur- ing the session, $5,000 Washington Gas 6s, Series A, selling at 1023, and $2,000 Potomac Electric Power Consolidated 5s at 101%. General prosperity throughout the country is evidenced by the record amount of life insurance sold during March. The March sales of new ordinary life insurance represent a 6 per cent increase over March 1928 sales and a 2 per cent gain over December 1928, formerly the highest month on record. This gain was shared by 55 per cent of the reporting companies. Of the nine sections in the United States, all but three shared in the gain, the lessers being slight in the North West Central, South Atlantic and West South Central States. The South Atlantic section shows a decrease of 2 per cent over sales in March, 1928. A 1 per cent increase is reported for the first three months of 1929 as compared to the same period in 1928. Maryland and District of Columbia show substantial quarterly gains, however. Sales in the 12-month period just ended show & slight loss over those of the preceding 12 months. Financial District Notes. One of the most interesting financial notes of the week was the election of Henry N. Brawner, jr., to the director- ate of the National Dairy Products | SO Corporation. Mr. Brawner has been active in Washington business aflairs for some 30 years and is president of the Chestnut Farms Dairy, which has now become one of the units of the National Dairy Products Co. He will continue as head of the local firm. Daylight-saving time starts in all the Washington broker offices one week from tomorrow, April 29, the date on which the New York Stock Exchange goes on Summer time. The market will open at 9 am., an hour earlier than at present. ‘With one of the most noted bank ner meetings of the Washington Bank Women's Club, under the administra- tion of President Mary Jane Winfree, will take place at the Women's City Club Thursday evening. According to Chairman Marion Sebastian of the committee in charge, there will be ohiediveness and discrimination in theiabout 100 present. - __THE SUNDAY. STAR, WASHINGTO Baltimore Markets Special Dispatch to The Btar. BALTIMORE, Md., April 20.—The live poultry market continues to hold steady especially for Spring chickens two pounds and over, which are scarce, but receipts of small Spi , 1% pounds anr, under, ere libe and a3 this class of stock is not so desirable shipment not advisable, as it only tends to lower the values of the larger Springers. Under light receipts and due to the approach of the Jewish pass- over next Wednesday old hens shown an advance of 5 and 6 cents a pound over last week and demand will be good the first part of next week. The market closed today at 35 cents a pound for old hens 3% and over, but Leghorns will not bring m;/er 30 to !‘2, ’:vmlo with smeukm u:‘dz: 3% pounds it is more a ques buyer than price. Mixed colored Spring chickens 2 pounds and over sell read- ily at 50 to 52, but fowl under 2 pounds will not bring over 45 to 48, while Leghorn Springers sell mostly 38 to 48. Young chickens 2% to 3 pounds, in fairly good demand at 42 to 45, but poor thin stock is slow sale at 25 28. Choice fat ducks meet with ready sale at 27 and 28, but most of the re- ceipts consist of common thin ducks, which are hard to move at 20. De- mand for guinea fowl holds steady at 50 to 1.10 each, but it takes large fat birds 134 pounds and over to bring top prices. ‘Market for pigeons also steady nltda.'a to 40 a pair for both young and Egg Receipts. Receipts of native and have been running nm{ past week and although slightly in ex- cess of the demand the market has held firm and shows an advance of 1 cent a dozen over opening prices Mon- day. While street sales are repor fairly good, trading on the exchange continues light and unless eggs show quality and are strictly fr buyers prefer Western refrigerator eggs. ‘The market closed today at 27 cents & dozen for firsts in free cases and 20 t0 22 for current receipts. Receipts of old stock white potatoes have been light the past week and with 3 slightly improved demand but centered entirely on No. 1 stock. The market is firmer and values a shade higher at 90 to 1.10 per 100 pounds, but Mc- Cormicks and Reds will not bring over 65 to 1.00. Maryland and Virginia asparagus made its first appearance of the sea- son on the local market this week and met with ready sale at 4.00 to 6.00 a dozen for medium to large size with smaller bringing 3.00 to 3.50. Demand for other native and nearby garden truck fairly good, but prices are mostly in buyers’ favor at the tollowlng quotations: Cabbage, 5 to 1.3 hamper; kale, 1712 to 40 bushel; onions, 2,00 to 4.00 per 100 pounds; Sfl"“' onions, 75 to 1.00 per 100; radishes, 2.50 to 3.50 per 100; rhubarb, 3.00 to g.fll}‘ lbel‘ 100, and spinach, 60 to 85 ushel. nearby eggs liberal the Live Stock Market. Receipts of live cattle continue light on the wharves, and, under a good de- mand, the market is a shade firmer, but it takes quality stock to bring top values. Quotations today at Light Street Wharf: 5 Beef cattle, first quality, pound, 11% to 12; common to medium, 8 to 10. Bulls, as to quality, 7 to 9. choice to fancy, 7 to 9; common to fair, 4 to 6. Oxen, as to quality, 6 to Calves, veal, choice, 15 to 15%2; fat, 1315 to 14; large, rough, 9 to 1 thin, 8 to 10; rough and common, 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 pounds, 18 to 20. Hogs, straight, 10% to 11%. ws, 8 to 9. Live pigs, 10 to 14. Shoats, 10 to 12. Closing Grain Quotations. Wheat, No. 2, red Winter, garlicky, April delivery, 1.231%; No. 2, vellow domestic spot, cob- corn, 5.75a6.00 per barrel; oats, No. 2, white domestic spot, 60a60%;: No. 3, white domestic spot, 58a581%; rye, nearby, 1.10a1.15. STEEL MILLS ACTIVE. NEW YORK, April 20 (#).—While there has been an improved demand for , |rails and track accessories and struc- tural steel contracts estimated pending were said to be large, the steel mills reported the volume of new business especially for finished stesl was smaller. There was no let-up in the request for shipments egainst existing contracts and as a rule mill production in nearly all instances was maintained at a high rate. Pig iron was unsettled. Lets you write relaxed Lifetime® pen and pencil performance has been so changed and bettered by Balance, the Sheaffer discovery, that previous writing experience holds no comparison. You write without tir- ing, flowingly, with handwriting character unhampered, for Lifetime® Balance makes these splendid instruments feel as natural asyourownfingers. Sonewandfine is this sense of writing freedom that for the pleasure of it we ask you to try it. See your Sheaffer dealer, watch the Bal- ance Test, then write. .. You will want Balanced Lifetimes® forever. 2S At better stores everywhere HEAFFER’ PENS-PENCILS-DESK SETS-SKRIP W. A. SHEAFFER PEN COMPANY, Fort Madison, Is., U.8.A. ‘New York Office: 80 Fifth Avenve ©OReg. V. §. Pat, OF, D. C, APRIL 21, TRANSFER OF FUNDS AIDED BY FEDERAL RESERVE METHOD System Safeguards Huge Sums by Operat- ing as Banks' Agent Through Revolving Gold Fund. BY I A, FLEMING, ‘Ina general way the public under- stands that the Federal Reserve system to 37| operates to control credit; at least that pounds | its action advancing rediscount rates at a time when hundreds of banks were extended to the limit with what developed as “frozen” assets and again its recently when threats were suf- lently important to start liquidation on Wall Street, where everybody, near- ly everybody, had speculative accounts on_the long side of the market. It is also a matter of common knowl- edge that the system offers rediscount- to | ing fl-mlnes to member banks, that the latf ter are required to carry their legal reserves with the regional Reserve bank of which they are members and that it is a par check collection agency for its clientele, This latter function cut deeply into the profits of many Southern banks who have counted on their exchange returns. It was never intended that the Re- serve system should be a competitor of banks, but when there is little redis- counting or borrowing by member banks the Reserve system must have lneomsun::n some &p‘f’rmgn and the regional ve gone open mar- ket and bought large amounts of the holcest T, r: ‘There ;::e numerous other functions ted | of the system available to banks therein and to non-member banks through their correspondents that are members and none more important than the re- volving gold fund. The system had been in operation less than a year when, in 1915, the Fed- eral Reserve Board put this fund into|to operation. ‘The Revolving Gold Fund. It has been a most successful prop- osition and has removed from the oper- ation of transferring large sums of cash from one section of the Nation to an- other every handicap, every delay, In- cluding the day or days required to transport the currency across the open spaces; the insurance fees to guarantee that there will be no loss by hold-ups, or loss of interest through the fact that money in transit is not available for employment, and several other handi- caps, more or less important. Each one of the 12 regional banks contributed to this gold fund, which after neerly 14 years of operation is reported to total not far from $700,000,- 000, reposing entirely idle under the care of the Federal Reserve Board, title to considerable sums of the yellow metal changing many times during the course of a month, with each operation a simple question of ledger entries, without the actual shipment of an ounce of the yellow mass. The Methods Used. If a local national bank wishes to send $1,000,000 to the Bank of Italy, San Francisco, the first procedure would be for the bank to increase its reserves with the Richmond Federal Reserve Bank so that it had surplus eredit of a million with that insti- tution, Then notice would be given through the Federal Reserve Board of intent of the local bank to transmit $1,000,000 to the credit of the 'Frisco institution. ‘The clerical work necessary would be simply to transfer 2 million of the re- volving gold fund from the ownership of the Richmond bank to the owner- ship of the San Francisco regional re- serve bank, which simple operation, wired by the Reserve Board over leased wires free of charge to the banks them- slves, would complete the debit and credit operations necessary, with credit the Benk of Italy and a counter charge to the reserve of the local in- stitution, It is an instantaneous operation, it obviates at once all the hazards of the old system and costs but a few cents where the old way cost many dollars. Formerly it cost as high as $30 a thou- sand dollars to ship cash between New York and Chicago, showing what an enormous expense would attend the shipment of a million between the el &‘ /’/’_l“l-\ Fr—— MA :) TELEPHONE rel ORDZ=RS ACCEPTED /6 J 1929—PART former metropolis and "Frisco, now free to member banks. Since the enactment of the Federal Rescrve law the reserves of the re- glonal banks have never been danger- ously low. Many of the h-\'get banks look upon rediscounting as if it were borrowing and they have never made use of the facilities offered, while others have occasionally gone the limit. Re- serve banks are careful not to give too much leeway to any member bank, in- sisting that there shall always be am- ple securities, bonds or commercial pr.- to the credit of the member bank fore being given consideration. ‘The law r and 3 per cent of their tims with their regional bank and large sum of money, assets of glonal, the actual owners recel interest whatever. This has been other strong objection of bankers the system, but all in all it has worked such wonders that it would be consid- ered in the nature of downright foolish- ness to make radical amendments. These reserves to the credit of the member banks are constantly with the increase or reduction in de- posits of the various banks. Says Charges Are True. George J. Seay, governor of the Rich- mond Federal Reserve Bank, in a sign- ed statement, upheld the action of the Federal Reserve Board in its re- cent promulgation against the advance- ment of money by the banks to Wall Street. He stated that the movement had greatly reduced avasilable funds in the Federal Reserve Banks and there- fore restricted loans in the interest of legitimate business. There are those who argue that the Federal Reserve Board should not have taken the action it did, but whether or not, it is plain to be seen that the threat was not without its effect. “Speculation does not thrive on the steady or even on a down-grade mar- ket, but requires long-continued ad- vances to bring it to the danger point Epeculators want action. Inaction makes for nervousness and quite often ugldnflon of accounts. Express Companies Losers. Naturally the express companies and the insurance underwriters were: the losers, the former very heavily by the improved method of exchange, using the revolving gold fund, but the latter interests have not suffered as severely as the former. Insurance companies have such enormous sums of cash con- stantly accumulating that they are positive competitors with banks for business. Competition from this source 1s coupled with the large cash resources i 1l Y to foreign 3 are as well, if not better, in some sections than American Bankers’ Association, ally offered for sale by all banks. It is but natural that the Chase Ni tional Bank will push the use of ican Express checks to the limi lbnifimre competition for the . A s. Within a comparatively short time the Mellon National Bank of Pittsburgh, A. B. A, and, with general succees, their checks free to baniers, probably until such time as they feel that sufficient advertising has been given, when the returns will be a matter requiring attention. Wholesale Market and ve L (! Market Ne kg Apples—Supplies light; demand light, market dull; barrels, too few sales to establish market; boxes, Washington, medium to large size, extra fancy Wine- saps, 3.00. ushel baskets, Virginia, U. 8. No. 1, 2¥% inches up, Ben Davis, 1.25; U. 8. No. 1, 2% inches up, Ben Davis, 1.50; U. 8. No. 1, 3 inches up, Staymans, fine quality and condition, 2.35a2.50; U. S. No. 1, 215-2% inches up, Yellow Newtowns, 2.25a2.50. Asparagus—Supplies moderate; de- mand light, market firm; South Caro- lina, very large size, green, lon!. 5.50a 6.00; few huhzr;'mh:fie, 5.0085.50; me- dium, 4.0084.50; , 3.0023.50. Cabbage—Supplies moderate; demand moderate, market steady; South Caro- lina, 1%-bushel hampers, pointed type, 1.40a1.50; fair quality, Iowas, 1.25; bar- rel crates, pointed type, 2.25a2.50; few best, 2.75. Correction yesterday’s re- port South Carolina, 1%-bushel ham- pers, good quality, 1.00, should have been described as fair quality. Celery—Supplies light; demand light, market steady; Florida, 10-inch crates, individually washed and precooled, 4-6 dozen, 2.75a3.00. moderdte; demand t, market tly weaker; Arizona, crates Iceberg type, 4-5 dozen, s .00; few fair quality, 5.75; ina, 5-peck pers, Big 1.75a2.00; Boston , falr * quality, poorer, 1008150, . Onions—Supplies light; demand mod- erate, market slightly weaker; old stock, no reported; new stock, Texas, jstandard crates. yellow Bermudas, mix- ed, No. 1 and No. 2, 2,10a2.25. Potatoes—Old stock; supplies light: demand moderate, market ll"khtly i stronger; New York, 150-pound sacks reund whites, U. 8. No. 1, 2.00a2.15; - Michigan, 150-pound sacks Russet - Rurals, U. S. No. 1, 2.1032.25. New - stock; supplies moderate; demand mad- erate, market slightiy weaker; Florida. double-head barrels, Spaulding Rose, U. 8. No. 1, 6.75a7.00. ¢ Spinach—Nearby, truck receipts light; trucked in stock supplying market. Strawbe upplies light; demard moderate, market firm; North Carolina, 32-quart crates, various varieties, wide range quality, best mostly 5.50a6.00; few high as 6.40; fair quality, 4.50a5.00 (Correction, Louisiana prices in Thurs- _ day's and Priday's reporis should have read for “24-pint” crates in stead of “24-quart’ ‘Tomatoes—Supplies light; demand moderate, merket firm; Florida, sixes, ripes and turning, wrapped, No. fancy count, 6.50a7.00, mostly 7. :r;%lu count, 5.50a6.00; few high as String beans—Supplies moderate; de- mand light. market slightly weaker; Florida, ~7-bushel hampers Green Bountifuls, best, 3.00; poorer, 2.00a2.50. Peppers — Supplies light; demana light, market steady; Florida, pepper crates, fancy, $4.50: choice, 3.! Eggplant — Supplies light; demand light, market dull; Florida, pepper crates, fancy, 4.50; choice, 3.50. Squash—Supplies light; demand light, market about steady; Fiorida, pepper crates, fancy white, wrapped, mostly around 3.00; fair quality and condition, 2.00a2.50. Carrots—Supplies light; demand light, Iln;;‘kel dull; Texas, bushel baskets, Beets—Supplies light; demand light, market siightly weaker; Texas, Western lettuce crates, best, 2.50; fair quality and condition, 2.0022.50. Oranges—Supplies moderate; demand light, market firm; Florida, boxes No. 1, medium to large size, 3.75a4.00. Grapefruit—Supplies light; demand light, market steady; Florida, boxes No. 1, medium size, 3.5023.75, mostly 3.50; No. 2, medium size, 2.75: 0. CASTELBERG’S o By special arrangement with the famous MANNING-BOWMAN Company, offer these high-grade NICKEL SILVER electric percolators S \\ at a much reduced price. Only by purchasing a tremendous quantity have 2\ We been able to do this. Don’t confuse this Manning - Bowman percolator with the cheap aluminum percolators that are be- ing offered elsewhere. This percolator Is substantially con- structed on a COPPER BASE with a heavy plating of NICKEL SILVER. SOLID COPPER BASE! HEAVY NICKEL SILVER EBONIZED HANDLE! FULLY GUARANTEED! DELICIOUS COFFEE! azeuir DOt DOWN 310 Value! O<AWEEK