Evening Star Newspaper, May 8, 1929, Page 13

THE EVENING STAR, WASHINGTON, D. C, WEDNESDAY, MAY 8, 1929.° JELON SHPWENT AT, MARKET 960 in Carload From Florida. | Other Fruits in Good Supply. K A carload of 960 watermelons, grown in the vicinity of Gainesville, Fla., reached the local market this morning. Sise and quality were all that could be desired, dealers reported, and the melons claimed much attention. They | were priced at $1.50 each, and retailers made only small purchases. First cherries from nearby growers this season came from the neighbor- hood of Tetotum, King George County. Va.. this morning. They were received oniy in small quantities, however, and found ready sale at 20 cents. The cher- | ries were of a red variety and excep- tionally large for Virginia fruit, and re- tailers bought them up before they had been on hand many minutes. Other Fruit Recelpts. Some exceptionally fine quality black- berries from the Rocky Point, N. C.. neighborhood were offered the retail trade this morning at $8 a crate. Some | from other States, not in such good | condition, were offered at lower prices. | Oranges and grapefruit continue in | fairly heavy supplies, receipts being in | excess of demands, and fairly large quantities of pineapples also were of- fered the retail trade this morning. | Pineapples have been ofe exceptionally | fine quality the past month, and prices | depend entirely upon size and condition of the fruit. Vegetable _offerings this morning | were heavy, both homegrown and ship- ped-in stock being received in quanti- ties in excess of the demand. Increased | shipments of onions, cucumbers, cab- bage, peas and string beans were re- ported. Lima beans were not so plenti- ul. Meat packers reported an easing of the pork market, especially on Western stock. The meat market generally, however, continued strong, demands being fairly good and prices the same as those quoted yesterday. Eggs are not so plentiful, and the market continues firm. Packers are continuing their storing operations, local dealers report, and probably will continue the storing until stopped by warm weather, Prices continued un- changed. A slight drap in butter prices was reported, prices of practically all other commodities being the same as those reported yesterday. Today's Wholesale Prices—Jobbers” Prices Slightly Higher. Butter—One-pound prints, 4415a45%; tub, 44a44’':; store packed, 30a3l. Eggs—Hennery, 33a34; fresh selected, 32a33; current receipts, 30. Poultry—Alive: Turkeys, hens, 30a32; toms, 25a28: Winter chickens, 42a45; Spring chickens, small, 40a42; large, 46a48; fowls, 32a34; Leghorns, 30a32; roosters, 20; ducks, 20; keats, young, 60a65; old, 35a40. Dressed: Turkeys, 35a40; Winter chickens, 45a48; Spring chickens, 50a55; fowls, 36a38; Leghorns, 35; capons. large, 50a52; small, 45a47; ducks, 32a33; keats, 80a1.00. Meats, fresh killed—Beef, 22a24: veal, 23a26; lamb, 30a32; pork loins, 30a32; fresh hams, 26; {esh shoulders, 26. Smoked hams, 28; smoked shoulders, 17; bacon, 22; lard, in bulk, 13a13l%; In_packages, 14al4ls. Live stock—Calves, 15; Spring lambs, Fruit and Vegetable Review. “The daily market report on fruits and vegetables (compiled by the Market News Service Bureau of Agricultural Eco- nomics) says: Apples—Supplies light; demand ligh market dull; barrels, Virginia, No. 1, 2% inches up, Winesaps, 6.00; U. 8. No. 1, 2% inches up, Winesaps, fine quality and - condition, 5.50a6.00; U. 8. No. 1, 213 inches up, Yellow New- towns, 6.0026.50; U. S. No. 2, 2! inches up, Yellow Newtons, 4.50a5.00; boxes and bushel baskets, no sales re) % Asparagus—Supplies liberal; demand moderate, market slightly weaker; Dela- ‘ware, dozen-bunch crates, partly white, large ‘size, 2.50a3.50; mostly around 3.00; small to medium_size, 1.50a2.00; East Shore Maryland, dozen-bunch crates, green, long, large size, 4.00a4.50; mostly 4.50; small to medium size, 3.00a 3.50; South Carolina, dozen-bunch crates, green, long, large size, 3.50a4.00; medium size, mostly 2.50; small size, 1.50a2.00. Cabbage—Supplies liberal; demand light, market slightly weaker; South | Carolina and Norfolk section Virginia, | 112-bushel hampers, pointed type, 1.15a 1.25; Norfolk section Virginia, 1;-barrel | Boto crates, pointed type, 1.25; Celery—Supplies very light; demand light, market firm; Florida, 10-inch | crates, individually 'washed and pre- | cooled, 3-6 dozen, 4.5084.75. i Lettuce — Western stock; few lower. supplies moderate; demand light, market steady: | Arizona, crates, Iceberg type, 4-5 dozen, 45024.75, mostly 4.50; 6 dozen, mostly 4.00. Eastern stock—Supplies light; de- mand light, market dull; Norfolk sec- tion Virginia, 2-dozen crates, Big Bos- ton type, fair quality, leafy, 1.00a1.25. Onions—Supplies moderate; demand slow, market steady; Texas, standard crates, yellow Bermudas, mixed No. 1| and No. 2, 1.85a2.00. Potatocs—Old stock—Supplies liberal demand light, market steady; Michigan, | 150-pound sacks, Russet Rurals, U. S. | No. 1, 2.50. New stock—Supplies liberal: demand moderate, market about steady: Florida, double-head barrels, Spaulding Rose, U. S. No. 1, 8.00. Strawberries—Supplie liberal; de- mand moderate, market slightly weaker | North Carolina, 32-quart crates various varieties, mdstly fair quality, ripe, soft, 2.00a8.05, mostiy around 3.00; few high as 3.50; East Shore Maryland, 32-quart crates, various varieties, wide range con- dition, some watersoaked, 3.00a4.50, mostly around 4.00. Tomatoes—Supplies moderate: de- mand light, market steady: Florida, sixes, ripes and turning. wrapped, fancy count, 4.50a5.00; choice count, 3.50a4.00; 216's, 2.0082.5¢ String beans—Supplies moderate; de- mand light, market dull; Florida, 74- ! bushel hampers, green, black Valentines, | practically no demand, 1.0021.50, few | fancy stringless | Peas—Supplies Liberal: demand mod- | erate, market about steady; Norfolk | section Virginia. 5-peck hampers, green, | large pod varieties, 2.5022.75; small pod | varieties, 2.00a some ordinary quality low as North Carolina, | liampers i 1.00 larg Supplies ligh demand | Tk firm: Florida, p crates icy, 3.50a4.00; choice, 2.50. Eggplant—Suppli light. market_sieady crates fancy, 3.00a3.50; choice, 2.50. Cucumbers—Supplies moderate; mand light. market dull: Florida, 7,- bushel hampers fancy, 3.00; choice, 2.25a 2.50. Squash — Supplies light: light, magket steady: Florida, s, some large size, ly 3.00. $=Supplies moderate: demand moderate, market about steady: Cali- far light: demand Flor pepper demand pepper .00a3.50,; fornia, Western lettuce crates, bunched, | o 3.25. Beets—Supplies light: demand mod- erate, market steady: Norfolk section of | Al t, | Cap u. 8 (¥ 2.50a2.75. | N pod varietles, | Is Public Utilities Special Dispatch to The Sta) NEW YORK, May 8—Bonbright & Co. offer today 30,000 shares of Birming- ham Gas Co. $6 first preferred stock at 95 per share and accrued dividends, to yield over 6.30 per cent, ‘The report of Federal Light & Traction, including subsidiaries, shows March gross of $708,968, compared with $664,791 in March of 1928 and net, after taxes and charges, of $172,950, against $176,081. Gross for the 12 months ended Harch 31 amounted to $8,107,088, contrasted with $7,193,610 in the pre- ceding 12 months, and surplus after preferred dividends of subsidiaries amounted to $2,032,263, against $1,- 593,877, POTAHHARKET STEADY. CHICAGO, May 8 (#) (United States Department of Agriculture).—Potatoes —Receipts, 117 cars; on track, 86 ne 301 old tal United States shipments, 725 cars; new stock trading fair: mar- ket steady; Texas sacked Bliss triumpl 4.25a4.35; fancy, 4.50a4.65; Alabam: Louisiana sacked Bliss Triumphs, 4.00a 4.25; old stock, Russets, steady to firm: other stock barely steady; Wisconsia sacked Round Whites, 65a90; Minne- sota-North Dakota sacked Round hites, 70a75: sacked Red River Ohios, Idaho sacked Russets, 1.90a2.25 for medium to iarge. SILVER QUOTATIONS. NEW YORK, May 8 (#).—Bar silver, 54'3. Mexican dollars, 41. Washington Stock Exchange SALES. Cug);l'l’racl, 55—$500 at 983, $2,000 at 4. Pot. Eiec. 65 1953—$1,000 at 107, $2,000 100 at 107'5. cops. 55—$1,000 at 100 . R. & E. 45—$500 at 86!;, $500 at 86, Cap. Tract. Co.—10 at 97'%, 10 at 87, 10 at 97',. Pot. Elec. 5158 pfd.—15 at 107%, 5 at 1073, 10 at 1073, 5 at 107!, 2 at 107%, 10 at 107!, 10 at 107)3. Wash. Gas Lt.—10 at 1073;. Fed.-Amer. Nat. Bk—2 at 338. Nati. Union Fire Co.—11 at 2615, Chevy Chase Dairy ptd.—10 at 106%. Dist. Nath, Inv. pld-—10 at 101, Fed.-Amer. Co. com.—10 501%, 10 at 50, 2 at 50, 10 at 50. Lanston Monotype—10 at 128, 30 at 128, 8 at 128, Mergenthaler Linotype—10 at 107%, 10 at 10715, 20 at 10715, Natl. Mtge. & Inv. pfd-—16 at 8%. AFTER CALL. C. & P. Tel. 55—$1,000 at 100, $1,000 at 100. Pot. Elec. cons. 55—$1.000 at 10014. Wash. Gas—10 at 1073, 20 at 108, Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telg: Amer. Tel, & Telw; Am. Tel. & Tel. ctl Anacostia & Pot. R. Ana. & Pot. Guar. 5 C. & P. Teiephone C. & ¥. Tel. of Va Capital Traction R. R. Cliy & Suburban Ss.. Georgetown Gas 1st Potomac Elec. st 5s. Bid. Asked. 09 o, jash.. Alex. & M. Vi Wasn. Balto & Annal hington Gas 5s. . Ga: Wash 6s. series . G Wash. Rwy. & Elec. 4s. Barber & Ross. Inc.. 6% Cham-Vanderbilt _ Hotel Chestnut Farm Dairy 6 i g Wash, Cons. Title Co. #s, STOCKS. NATIONAL BANK. National Capital. Columbia Commerc! District Lincoln National Riggs Second ' 2 . 23! National Bank of Washington. . TRUST COMPANY. American Security & Trust Co.. Continental Trust 3 SAVINGS BANK. Bank of Bethe: 2 Security Savings & ‘Com. Seventh _Sreet... . Columbia Title . Real Estate Titi Title & Inv. Co. Wash.. Cons. Title pfd. MISCELLANEOUS. Barber & Ross. Inc., com. Chevy Chase Dairy pfd. Col. Sand & Gravel pfd Commercial Natl. Co. pfd D. C. P Mig. pfd ties . Dist."Natl. Sec: edéral Storage prd. Federal-American Co Federal-American pId. Lanston Monotype . Mercnants’ Irans. erchants' Trans. & Stor. Mergenthaler Linotype . Natl. Mige. & inv. pid les Diug Stores pid... SxSes : S2EEE.EE GERMAN BONDS AND STOCKS. NEW YORK, May 8 1Bpedlll; Ger Govt Red Loan with ctfs attached per 100 ... 55.00 60.00 Ger Govt Red Loan - without drawing ctfs per 1,000 R M 30.00 (Quoted In dollars per million marks.) Hamburg 4125 1919... .......... 28. 00 (Quoted in dollars ‘per " thoi German Gen Elec 4135 pre-war. German Gen Elec 41as 1919 Berlin ds pre-war....... Hamburg 3s. 31:5 & '4s D! Hamourg American Line 41z orih German Lloyd 473s Krupp 5s 1921... Dusseldorf 45 pre- Frankiort a-M 4s pre Munich 4s pre-war Qud Asked. drawing RM.. Quoted 1n_dollars per shay A E G (German Ge Elec)....... A E G (German Ge Elec) bfd B. Comnlers wnd Privat Bank...... G en 4E waS8SS800e8] | | =22 ol 832838388228888- 55523353033 3, coionoa 2. Liova: o Gt Eied Rudoish Rariscad sl SHORT-TERM SECURITIES. (Reported by J. & W. Selim SuSwue! Allis-Chalmers Co. 55 1937. u o of COOLIDGE ENTERS | Former President Is Now Ac- tive in Rapidly Growing Business. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, May 8.—Calvin Cool- idge, former President of the United States, today was inducted into the directorate of one of the greatest in- vestment trusts in the world. He took his part, for the first time, in the delib- erations of the heads of the New York Life Insurance Co. 2 ‘The former President accepted this position, as he said himself, because it would bring him in close touch with the thritf and investment programs of a huge number of people. It is doubt- ful, however, if even Mr. Coolidge realizes to the full how great a part life insurance has come to play in the lives of his fellow citizens. This in- fluence is not exerted alone by the company with which he has affiliated himself, but by a score of others fully or partly as influential along those lines. Growth of Insurance. Life insurance has grown and changed to a remarkable degree in late years. The bigger companies have done much to turn Americans into a Nation of in- vestors. A man no longer has to die in order to benefit from this type of investment. It is true that the pro- tection of dependents still is a major factor in the sale of policies, but the power and purpose of concerns like the Prudential, the New York Life, the INSURANCE FIELD Travelers and others of similar charac- | ter, have gone much further. With huge sums available for in- vestment, the insurance companies are today one of the major factors in the | development of industry, commerce, agriculture and trade. They hold hun- dreds of millions of dollars’ worth of | securities in businesscs of nearly every legitimate type. Policyholders, from their connection with the companies, have equities 4n_these well chosen and | properly diffused holdings in the ratio of the amount of their policies, just as do stockholders in investment trusts, al- though the large insurance companies are more powerful than most investment trusts. As a result of these developments, the whole business of selling insurance has changed and Mr. Coolidge, as a director, directly connected with the | agancy ' department, is in a_position to promote these changes. It is no {longer necessary to sell the idea of life insurance to the American people. | This is shown by the fact that some | $3,875.000.000 worth of new business was this year. The same general rate has been fully maintained during April and | is likely to be eclipsed in June. | Modern Selling Methods. | The whole training, technique and procedure of life_insurance agents is | being changed. There are being de- | veloped insurance specialists, just as | specialists have risen in law, medicine and in other branches of finance. They |act in much the same position as the | family doctor or the family lawyer. They do not sell insurance, but they sell | advice, pointing out what insurance is needed and when and how to buy it. | These superagents are instructed to |be just as careful not to oversell a prospect as to undersell him, and while it will always be difficult to prevent agents from writing as large nolicles | as possible, the gauging of new policies to requirements undoubtedly pays in | the long run. The huge growth of the | trust business of the banks and trust | companies has led such institutions to | employ insurance experts to judge the | needs of estates they administer from an_insurance angle. Banks nowadays frequently insist one in the first three months of | the first week of May and this average | | | | | Wilmington, Del. that the heads of concerns to whom they lend money or for whom they float bond or stock issues shall be insured in their favor, and the experts determine the requirements for such business in many instances. 5 ER AT A S COMMERCIAL CREDIT, CO. HAS FINE QUARTER Study of the report for the first quar- ter and for March shows that the Com- mercial Credit Co. of Baltimore, is en- joying a particularly good financial year. Net income for March and for the first quarter were both the largest in the history of the company, being at the annual rate for March of $3.79 per share, against $2.50 per share in March, 1928, and $3.20 per share of the first quarter of 1929, against $1.69 per share for the first quarter of 1928. The balance sheet as of March 30, 1929, shows assets of $14,699,841 Among the asset items are cash and due from banks, $19,739.504; open ac- counts, $40,143,271: motor lien retail time sales notes, $77,526,124. The company's liabilities include un- | ecured short-term notes amounting to $74,603,585. and capital stock amount- ing to $42,743,715. Bn_r'den Co. i;pands. NEW YORK, May 7 (4).—The Borden Co., which has been expanding rapidly in the last vear and a half, announcec today completion of negotiations for ac quisition_through exchange of stock ¢ eight milk and ice cream companies ii. various parts of the country. The additions to its system of dairic are Dairy Dale Co. and subsidiarics San Francisco; Springfield Dairy Prod- ucts Co. and the Purity Ice Cream & Dairy Co., Springfleld, Ohio; Terre Haute Pure Milk & Ice Cream Co., Terre Haute, Ind.; A. H. Barber & Co. and Grunert Cheese Co., Chicago: Hammond Dairy Co.. Hammond, In and Sharpless-Hendler Ice Cream Co, ‘The annaal election of officers of the local institute chapter takes place tomorrow at headquarters, FRAUD PREVENTION Conference Here Friday to| Seek Methods of Pro- tecting Investors. A conference.looking toward co-ordi- | nation of present efforts by public and private agencies to prevent the sale of fradulent securities was announced today by Jesse V. Craig, Lincoln, Nebr., president of the National Association of Srecurities Commissioners, to be held in Washington, Friday, at the Chamber of , Ccmmerce of the United States. Among the organizations to be repre- sented at the informal conference are the American Bar Association, National Better Business Bureau, Affiliated Bet- ter Busine: urcaus, Inc.; American Bankers' Association, Mortgage Bank- ers' Association, Association of Real Tistate Mortgage Bond Houses, Chamber ~f{ Commerce of the United States, In- stment Bankers® Association of Amer- 1. National Education Association, As- wciated Stock Exchanges, American olcum Instifute, National Associa- 'n of Mutual Savings Banks, Nation- ! Association of Real Estate Boards, ional Association of Finance Com- anies, American Industrial Leaders’ Association, Post Office Department, Attorney General's office, Department of Commerce, Federal Trade Commis- sion, American Newspaper Publishers’ | Association, New York Curb Market, and the stock exchanges in New York, Chicago and Boston. . “Each of these agencies has turned its attention to the enormous preventable losses involved in the sale of bogus se- curities,” said Mr. Craig today, *“and their studies have demonstrated the need for co-ordinated work if this de- ' PARLEY IS PLANNED : sirable, practical movement is to make headway on a national scale. “A half billion dollars a year—some | estimates place it at a billion—is too great a price to pay for carelessness in the purchase of securities. Instead of merely driving a fake stock salesman rom & community ich is alert to his game to one which is less alert—and this unforunately is took often the case—it is desirable to bring these pow- erful agencies together for a persistent national effort to exterminate this prey upon legitimate business financing.” Discussion at the conference will cen- ter around the possibilities of “intensi- fying and co-ordinating the efforts of public and voluntary agencies to pre- vent fraudulent transactions in securi- ties and of developing improvements in pertinent laws and administrative prac- tices of official bodies.” The creation of a continuing national conference also will be considered. STOCK IS LISTED. BALTIMORE, Md., May 8 (Special). —The Baltimore Stock Exchange has admitted to listing 39.840 additional shares of the Delion Tire & Rubber Corporation, which is controlled by ‘Washingtonians, making 100,000 shares | now listed. The exchange's committee on securities recommended the listing in order to bring to agreement the amount listed with the tptal amount outstanding, the corporation having is- sued additional stock fram time to time without giving proper notice to the ex- change. In its application for the additional listing the company reports that in the year ended February, 1929, it had a net loss of $152,420, against a net loss of $145,769 in the previous 12 months. Total assets of the company are given as $725333, with current assets of $41.271. Delion Tire stock has been active on the Baltimore Stock Market recently, rising from a low of 1 to a high of 5%, Last week the company’s plant here be- gan working on a five-day week sched- | ule. Previously it had been operating two days a week. Mrs. Ann Francis died recently at Fowick, England, at the age of 102. #5313 JUNIOR BANKERS SEEK HONORS IN ORATORY Philadelphia Girl to Represent This Area in Contest at Tulsa Convention. Miss Helen M. Wilcox, employe of the Eighth National Bank of Philadelphia and representing Philadelphia Chapter, American Institute of Banking, won the public speaking elimination trials for the second district of the institute, held last night at the Raleigh Hotel, | and will represent the district at the national convention at Tulsa, Okla., June 10-14. | _W. H. Neal, Charlotte National Bank, | Charlotte, N. C. was declared decond best speaker and Harper Clark, First ‘gattlonal Bank of Baltimore, the third | best. | ~There were 10 contestants, represent- | ing North Carolina, West Virginia, Vir- | ginia, Maryland, New Jersey and Penn- | sylvania, competing, Washington being chosen as the scene of the trials by rea- son of the fact that no candidate was entered from the District chapter. The. contest, sponsored by the insti- | tute, was originated by A. P. Giannini, | Los Angeles banker, who offers a first | prize of $500 in the contest to encour- age public speaking among young bank- |ing men and women. Judges of the | local contest were Alexander Wolf, gen- | eral counsel, Bank of Commerce & Sav- ings: Raymond B. Dickey, attorney and | member of the faculty of the local chapter of the institute. and Arthur | Deering, instructor in public speaking, Catholic University. | “James A. Soper, president of Wash- ington chapter, presided and there was |a large and deeply interested audience. | I g Mt Several local banks are now charging 8 per cent on call loans in connection | with the purchase of New York stocks. | Others . are cutting down_their loans | on tocks to a minimum, but charging [the usual 6 per cent rate. The cur- tailing of such loans by banks all over the country is said to be one of the main reasons why stocks have recently made such slow progress. Pride that Mounts as the Miles Roll By With the possession ofa Doclge Brothers Senior comes a pricl‘e that never wanes. As month {o“ows mbntll, as mlle{onow‘s mile, its beauty and luxury grow increasingly impressive. For the Dodge Brothers Senior in every way typifies DoJfie Brothers high staridards and Chrysler genius. Dependability is as thoroughly engrained in its rich outer beauty as in its sound inner mechanism. The higher your mileage when driv- ing this big, spirited car— the more sincere your admiration for its matchless style, the deeper your appreciation of its fine per{ormance, the greater your wonder at its new lower prices. 8 Dupont Circle SEMM The Luxurious DODGE SENIOR BROUGHAM Convenient terms if desired DODGE BROTHERS SENIOR @ CHRYSLER MOTORS PRODUCT o/ ES MOTOR CO.’ Inc. €36stNw. Virginia, crates 42 bunches, m Cauliflower—Supplies moderate - mand light, market steady; Callfornia, pony crates, 40. ng(‘:onl Supplies moderate; n it, mark: about steady,; n Shore bushel baske A | Eheli Dhnasie Bu’ do. a8 To4i odmnges D n&udcr?lv:ddnrl;\oand |8 ‘5';“ Crude Olf Co. 8us i 3 Mmoderate, market steady; Florida, Standar o . 3. 88 No. 1, small to medium 'size, 3.75a4. RIS P R Jarge size, 50a1.00 discount. & Co 55 1032...4 . . Grapefrui{—Supplies moderate; de- mand moderate, market firm: Florida, boxes No. 1, medium size, 4.00a4.25. Mitchell Motor Co., La Plata, Md. Princé Georges Motor Co., Forestville, Md. E. B. Semmes, Inc., Alexandria, Va. Warrenton Sales, Inc., Warrenton, Va. H. C. Fleming Motor Co., Hyatts Frye Motor Co., Leesburg, Va. Leonardtown Motor & Hardware Co., Leonardtown, Md. Lusby Motor Co., Prince Frederick, Md. ille, Md. neral Petroleum Corp Goodyear T. & R. id_ Trus Gulf Oil of Pa. s Humble Ol §'3: Lutersut, iMatch Corp. b5’ Orevor AR . demand | Texas, Open Sunday and 'Nights Main 6660—Night Phone Main 1943 A