Evening Star Newspaper, November 6, 1929, Page 12

12 FINA NCIAL. THE EVENING STAR, WASHINGTON, pAY. D. C, WEDNE: GAININ POULTRY RECEIPTS IS SEEN . C. Dealers Look for Heavy Shipments for Holiday Trade. R Attt } Dealers In poultry are continuing to ecelve information relative to the tur- ey supplies for the Thanksgiving hol- lay season, about 3 weeks off, all the eports telling of probably increased eceipts and correspondingly lower rices. PriNext week” commented a_dealer, 4we will have to give much more seri- us thought to the question of supplies, s live turkeys for the holiday season will begin to arrive.” ¥ Receipts of the king fowl have been Jairly heavy thus far this season, ac- | ording to reports, dealers ordering nough to meet demands, and prices have been what wholesalers termed reasonable. light, market steady; Parson Browns, No. 1, 3.50a3.75; few 4.00; No. 2, 2.75a3.00. V Poultry Receipts. {Many of the turkeys were small, weighing 7 pounds or under, just the | size wanted early in the season when | the weather is not cold. Some heavy turkeys also have been received, the Heavy ones being in greatest demand in hoteis and restaurants. « Dealers _also reported fairly heavy riceipts of chickens, ducks and keats, prices today being about the same as those quoted yesterday. Increased quan- tities of keats were mentioned in this rning's_Teports. B Keats have been more plentiful this on than ever before,” said a dealer, “§ncreased receipts not meeting an in- oreased demand and prices taking a op.”" (?Whnlcsnlcrs also reported increased ceipts of ducks that found ready sale. | In the commission-house district there | was a continued attractive display of | ftuits and vegetables to claim the at-| tention of retailers, the list of fruits| ificluding apples, oranges, pears, grape- ( fruit, bananas, pineapples, papayas, Mprsimmons, honeydews and honeyballs. \Lima beans were not so plentiful, while. dealers had large quantities of sfring beans to offer, many of the latter ot being in the best possible condition. Caulifiower, beets, carrots, potatoes, cab- bage, onions, artichokes and several iirieties of greens were in plentiful sup- iies. ~ A continued firm condition of the ‘!,"’ market was reported, butter sup- es continued fairly heavy and there s no scarcity of meats. Prices of t commodities this morning were stantially the same as those quoted sterday. -5 Today's Wholesale Prices. i ¥ Butter—One-pound prints, b, 44a45; store gacked, 30a32. iEggs—Hennery, 55; fresh selected, 48 i j0; current receipts, 45. »Poultry, alive—Turkeys, young hens, ; _toms, 38; hens, old, 35a36; young, a38; Spring chickens, large, 27a28; ilers, 30a32; Leghorns, 22a23; fowls, 29; Leghorn fowls, 20a21; roosters, fi ducks, 15a20; keats, young, 40a65; 3 45a46; Lanrllie 1 g Turkeys, young, 452 | wned coal lands in Cargon County, Utah, which it mines on a royalty basis, peying the Government 123, cents a |l ton. It also has lime deposits and other raw material supplies. ; old, 40; Spring chickens, large, 3: : medium, 32a33; broilers, 37a38; Leg- herns, 35; roosters, 24a25; ducks, 28a30; ats, 70280. o yMeats—Beef, 20a22; veal, 24a28; b, 26a27; pork loins, 23a26; fresh ms, 22a25; fresh shoulders, 20a23; oked hams, 25a26; smoked shoulders, 20; bacon, 28; lard, in bulk, 14; in Wackages, 15. yLive stock—Calves, 14}%a15; lambs, 12a13. Fruit and Vegetable Review. *™The daily market report on fruits and E&elahles (compiled by the Market ws Service, Bureau of Agricultural onomics) says: % Apples—Supplies moderate; demand ht, market steady; boxes; Washing- n, extra fancy Delicious, medium to | rge size, 3.75; extrr fancy Jonathans, edium to large size, 3.25; C grade ing David, 2.25a2.50; bushel baskets irginia, U. S. No. 1, 23; inches up, licious, mostly 2.75; Staymans, 1.75a | }25; 3 inches up, 2.2522.75; U. S. No. , 214 inches up, Grimes, mostly around 2.00; few higher; U. S. commercial De- licious, 2% inches up, pale color, 2.00 U. 8. No. 1, 2%, inches up, Grimes, 1.75 Pennsylvania, U. S. No. 1, 212 inche: , Grimes, slight russeting, 2.00. *Cnbhuge—suppfles ‘moderat; t " i tht, market dull; New York, 90-pound cks, Danish type, 1.30a1.40. & Celery—Supplies light; demand light, arket firm; New York, 2-3 crates, 75a2.85; few high as 3.00; some small #ize low as 2.50. & Lettuce—Supplies liberal; demand ight, market unsettled; prices lower; Qalifornia, crates, Iceberg type, 4-5 small sizes low as 2.00. mand mod: Island crates, 2.75a3.00; Ltah, pomy crates, 1.7581.85. United States Firms Seek Better Special Dispatch to The Star. prices, are the weapons counted on by markets at home and abroad. It is now recognized by the progressive leaders | that America’s strength, both at home | and abroad, lies in volume of produc- tion and distribution and quality rather than in advances in price. The narrow- ing of the margins of profit, which vol- ume permits, is counterbalancing cheap foreign labor. and Government officials see in the ac- quisition of the Columbia Steel Corpo- ration by U. S. Steel a long-range sighting shot in the bombardment of domestic and foreign markets. steel interests, in the first place, sources of raw material supply at points partic- ularly well situated with respect to mar- kets for finished products, which are growing with utmost rapidity. It also provides plants for turning those raw materials into manufactured products cheaply. Combined, these factors mean a striking reduction of production and distribution costs. ln?é)l their own—its a different prop- osition. Steel Co. and the Utah Coal & Coke Co., with tremendous bituminous coal deposits Milber, Dear-Lerch holdings at Iron Mountain, Utah, which include an en- tire mountain of high-grade iron ore. éoxhlmah: at Torrence and Pittsburgh, alif., U. S. Steel Corporation holds control of has held in reserve for years. It was with the idea of eventual utilization of these deposits that the company ac- quired the old Scott Iron Works at San Francisco years ago. These Ori- ental iron supplies can be laid down at the company’s Pacific Coast plai a minimum _expense, since trai rta- iLl‘!on is largely by water and production The leading interest has tremendous holdings in the iron districts of Min- nesota, but the days of even these huge deposits are numbered. Moreover, man- ufacture of steel products near the cen- ters of consumption is economically advisable. lumbia plants have prospects of a mag- nificent future. By the Associated Press. by the Mines Bureau was in excess both of output for the previous week and for dozen, 2.25a2.50; Virginia, Norfolk sec- tion, 2-dozen crates, Big Boston type, 75a1.00; some leafy low as 50. Onions—Supplies light; demand light, market steady; New York and Michi- gan, 100-pound sacks, Yellows, U. S. No. 1, medium to large size, 2.00a2.15; some slightly decayed 1.85. Potatoes—Supplies liberal; demand light, market about steady; New York; 150-pound sacks, round whites, U. S. No. 1, 4.25a4.40; some decayed, 2.50a 3.50; Maine, 120-pound sacks, Green Mountains, U. S. No. 1, 3.60a3.75. Idaho, 50-pound ~ boxes, Russet Burbanks, bakers, 60s to 80s, 4.00. Sweet potatoes—Supplies light; de- mand slow; market steady; Eastern Shore, Va., cloth-top barrels, yellows, No. 1, 2.65a2.75; Eastern Shore Md., bushel hampers, yellows, No. 1, fine quality, 1.25a1.50; ‘poorer, 90a1.00. String beans—Supplies moderate; de- mand moderate, market about steady; South Carolina, bushel hampers, green, 2.25a2.75; poorer, low as 1.50; Vir- ginia, Norfolk section, bushel hampers, green, 1.75a2.25. Tomatoes—Supplies light; demand moderate, market about steady; Cali- fornia, lugs, ripes and turning, wrapped, 6x6 and larger, mostly around 2.50; de- Cauliflower—Supplies moderate; Long erate, market firm; Oranges—Supplies moderate; demand Florida, boxes, DISTRIBUTION HELD KEY TO TRADE GAIN Quality in Goods as Aid to Sales. NEW YORK, November 6.—Costs, not American industry today to_capture It is for this reason that steel men This move assures to the leading The Columbia Steel Corporation in its formation combined the Columbia in Utah. It also owns the t also has a lease on Government- Columbia has steel plants at Iron- and at Portland, Oreg. The remendous iron deposits in China it at by use of low-priced Chinese labor. The markets available for the Co- COAL PRODUCTION. Coal production estimated last week the same week last year. Figures for the week and comparable periods fol- low: Week ending October 26, 11,383~ 000 tons; preceding week, 11,150,000 tons; same week last year, 11,248,000 ing far too high yet. some cases where corporations own val- uable basic patents which have not come common stock. company—true, this is important—but another factor must How many shares has the company now, compared with what it had last year or five years ago? right,” said INQUIRY ON CREDIT BEGUN N BRITAIN Chancellor Snowden Appoints Committee to Examine Con- ditions for Government. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, November 6.—Philip Snowden, chancellor of the British ex- chequer, wants to know more about credit, how it operates and who re- ceives its major benefits. Prosperous con- cerns sometimes get into serious credit difficulties and are forced to the wall. He wants to know why. So do other business men in Great Britain. So the fighting chancellor has ap- pointed a committee to look into the matter and report back to the govern- ment. J It's a most distinguished committee. The banking profession is represented by Lord Banbury and Robert Brand. both outstanding bankers of London; Cecil Lubhock, the governor of the Bank of England, and Reginald McKenna, former chancellor of the exchequer, and now governor of England's greatest commercial bank, the Midland. Industry and commerce are repre- sented by Lennox Lee and Sir William Raine. Labor is represented by Ernest Bevin, one of Labor’s big leaders. The scholar in business is represented by two of the keenest members of the committee, John Maynard Keynes and Prof. T. E. Gregory. Its one of the ‘strongest committees ever gotten together in Great Britain, Its report on “credit strangulation” will be awaited with keen interest, not only in En¢land, but in every civilized nation. For the problem of credit, after all, is the most vital and important in the business world. What yardstick can be used in esti- mating common stock prices? How much should one pay for a good conservative common stock? five and ten times as much stock out- standing as they had a few years ago. Some of them have Conservatively, a seasoned good common stock should give the investor a return of 5 or 6 per cent. This at least was the accepted principle long before the inflationary movement sent stock prices skyward. “A seasoned stock, selling at from 10 to 12 times its earnings, is ordinarily a good buy,” says a broker friend of mine, who has had a quarter of a cen- tury's experience in Wall street. On that basis many stocks are sell- Of course, in Possibly such a stock is Radio. It is estimated that the net income of the Radio Corporation of America for the first nine months of this year will be about $12,500,000. This is equal to $1.30 a common share as against $7.53 on 1,155,400 old common shares in the same period of 1928. While Radio made more money for the first nine months of this year than ast, it had more partners to divide it with. That is why its earnings for the individual share this year are about one-sixth of what they were last year. is really the problem of the Not how prosperous the be considered: Putting these two together, one should have a good idea of when a common stock should be bought. John J. Raskob is one of the outs ssf.tl‘r:dlnc financial powers of the United es. his financial strengfh are reckoned, and has been a distinct success is chosen field of business. He is rich, young, as men of in hi So his answer to the charges made in Congress that he has been a “stock market plunger” is ¥orth quoting. shows that his business philosophy is full of common sense. Listen to this: It “I have always purchased stocks out- Raskob, “Investing in the securities of those companies that I thought had an attractive future, and have held the stocks until such time as I felt they were selling for all they were worth.” Could anything be simpler than that? If every worker, mental or physical, would take such a common sense view of stocks,he would not find himself in 8o many financial jams. ‘The obvious—the simple way—seems oftentimes the hardest road to travel. (Copyright, 1920. by North American News- peper Alliance.) Stocks Ex Imélgination T has been aptly said that stocks are now selling ex imagina- tion. In other words, future prices will be primarily governed by earnings, past history, financial condition, dividend return, etc. So that our clients would have accurate information regarding the securities in which they were interested, they have re- ceived by mail, from our Statistical Department, 10,455 earn- ings statements or items of special interest since January 1, on 385 companies whose stocks they were carrying with us on open account. We believe this service will be particularly valuable under market conditions which will probably prevail for some time, and its scope will be materially enlarged. Accounts carried on conservative margin Mackubin, Goodrich & Co. BANKERS Established 1899 Members: New York and Baltimore Stock Exchanges Associate Member: New York Curb Exchange 1508 H Street Washington, D.C. 111 East Redwood Street Baltimore, Md. RAILROAD SYSTEM IN OPEN WARFARE Deal by Penn Road Corpora- tion Fans Flames of Controversy. Oil. SHREVEPORT, La. November 6.— Average dally production in the North Louisiana and Arkansas field is grad- ually dropping off. Ten new gas wells have been brought in in Northern Louisiana. One is producing 50,000,000 cubic feet and another 40,000,000 Wool. BOSTON.—Wool prices are being steadily maintained, although the vol- ume of trading is small. There is a demand, however, - for best territory three-eighths blood around 90 cents a pound. BY J. C. ROYLE. Open warfare has broken out be- tween some of the great rallroad lines in Eastern trunk line territory. The tasks of the Interstate Commerce Com- mission have been greatly complicated thereby and the whole matter may be- come subject to congressional action at the coming session. That feeling was in evidence here today following the announcement that the Penn Road Corporation had acquired the stock of the Taplin interests in the Pittsburgh & West Virginia Railroad. The Penn Road Corporation was formed by in- terests affiliated with the Pennsylvania line to make investments in other com- panies on a broader scale than was pos- sible in the case of the railroad itself, but it has no power to operate railroads. Live Stock. HELENA, Mont.—Range conditions are not exceptionally good in some sec- tions of Montana at present, but stock is in excellent shape. Heavy shipments to market are in progress, growers pre- ferring to reduce herds rather than buy Winter feed. Steel. CHICAGO.—A quiet market during November is looked for by Western steel producers owing to the slack in auto- mobile demand. However, by early De- cember a_decided pick-up will be ex- pected. Prices for steel are holding well. Railroad buying continues of ex- ceptionally good volume. Pottery. EAST LIVERPOOL, Ohio.—Opera- tions of the Ohio pottery industry have shown a big increase, due partly to anticipated holiday trade. The Homer Laughlin China Co. this week started operation of its new No. 8 plant here. The new plant cost $1,500,000 and is recognized as one of the most complete ceramic plants in the world. ] armistice in effect among the ‘four great Eastern trunk lines, all of which have merger programs. The Baltimore & Ohio system and the Van Sweringen system, including the Chesapeake & Ohio, Erle & Pere Marquette and other roads, are most anxious to have mer- ger proposals go through. The New York Central was somewhat indiffer- ent as to speed, but not actively opposed to some sort of merger plans. Th Pennsylvania having a system almost complete in itself is reported not to have been anxious to have rival carriers acquire strengthening lmes. Connecting Links. ‘The Pittsburgh & West Virginia, with the Wheeling and the Western Mary- land, offers connecting links to Norfolk and have valuable terminals. The Bal- timore & Ohio, and Van Sweringens have asked that they share its control with the New York Central. nn Road Corporation also has acquired control of Henry Ford's De- troit, Toledo & .Ironton, which the Baltimore & Ohlo is believed to have desired. The Interstate Commerce Commis- sioners are known to feel that it has not yet been determined what juris- diction they have over action by hold- ing companies such as the Penn Road U. S. GRAIN EXPORTS. Grain exports from the United States for the week ending November 2 were reported by _the Commerce De- partment as 2,389,000 bushels, as com- pared with 5,688,000 bushels for the corresponding week of last year. As compared with the previous week of this year the total rose 782,000 bushels. ‘Wheat exports for the week endling November 2 totaled 1,554,000 bushels, against 1,140,000 the previous week; barley, 332,000, against 315,000; corn, 163,000, against 135,000; oats, 339,000, against 15,000; rye, 1,000,000, against 2,000,000, Canadian grain cleared from United States Atlantic ports totaled 836,000 bushels, as compared with 451,000 the previous week. Wheat flour exported from American ports totaled 214,000 barrels, against 361,000 barrels. THE MEN’S STORE, SECOND presents ; break slightly over the instep. The Tuxedo . . . coat and trousers. .. The Full Dress . . . coat and trousers.. 4 Dress Shirts, with pleated or pique bosoms, show two studs spaced equally between the collar and the lowest point of the waistcoat OPERINE ..vvisinsiieene B0 Long Narrow Bow Tie has pointed ceses Bl to §2 Bold - Wing Collar, cut with a wide opening at the front.........35¢c Fold-over Collars ....... .35¢ Black Silk Socks, with black or white clocks.............$1.50 and $3 Gray Suede and White Kid Gloveu.‘.ss White, Gray and Black-and-White Silk T TSR eI L L Smoked and White Pearl, or Black and White Enameled Studs. . > .$4.50 to $25 set Opera hat with slightly curled, nar- row brim. P Silk Hat ....oveveevocncnsessss $I2 Black Homburg, correct for wear with dinner jacket...............$10 Pearl Gray English Spats, leather bound; pearl buttons.........$5 Plain -toed Oxfords, of dull- finish BRIE - bl e v e s Al Black Patent Leather Oxfords....$10 THE MEN’s STORE, SECOND FLOOR. For months there has been a sort of | nied. Gray Cashmere or Black French Sedan Montagnac Overcoat. ... . b Corporation and the Chesapeake Cor- tion and the Corpora- lne::b:!‘! ‘?.confe-vm ha xpn-ed the of ve e e belief that the formation of such com- panies and their activity are in contro- the regulation of railroads as contemplated by Congress and that the whole matter may be taken up at the regular session starting December 8. In the meantime the Interstate Com- merce Commission is holding sessions nearly every day for the purpose of working out a consolidation plan which it can submit to Congress. It is under- stood that the program outlined by Commissioner Claude R. Porter is form- ing the basis of their consideration, but nearly every other commissioner has a program which involves some angle of | 5 the question. The commission has no means of forcing the carriers to agree to the merger plans, which its final delibera- tions will involve. The program there- fore must be sufficlently attractive to make the various railroad interests de- sire it, or at least accept it as a matter of advantageous policy. Such a program must necessarily involve com- promise and the outbreak of og:n war in the Eastern territory, it is believed, will not tend to make the parties at issue more receptive of compromise. Loree’s Plan. FINANCIAL |G0OD OYSTER SEASON | | IS SEEN IN MARYLAND Spectal Dispatch to The Star. BALTIMORE, November 6.—Oysters should be plentiful this year, according to Swepson Earle, State conservation commissioner, who bases his prediction on reports received from inspectors since the dredging and scraping season opened last week. ‘The dredging areas arz in the Chesa- peake Bay and Potomac River and the craping areas in the Great Choptank and Honga Rivers, Hoopers and Kedges Straits and Tangier Sound. “While reports during September relative to the condition of the oyster bars were very discouraging,” Mr. Earle said, “subsequent investigations and reports state that large quantities of young growth were observed on the shells planted by the State as well as on old shells. ““This is most important for the oyster outlook of the State. Young oysters have been reported in many localities in the last two weeks. The saving of this young growth is a big problem for the conservation department during L. F. Loree of the Delaware & Hud- |. son outlined a plan for a fifth trunk line system from the Atiantic Seaboard | westward. He is alleged to have had some support from the Pennsylvania interests, although this was strongly de- . Possibility for success of his plans singularly died out, but it is known that Mr. Loree has not given it up entirely. ‘The Wabash has filed a tentative plan with tHt commission and Mr. Loree is watching this with keen attention in view of his holdings in the Kansas City, Southern and other roads. Some financiers feel that the flames of conflict may spread furtder and at least drive a cloud of smoke around the lofty fortifications of two great banking houses, probably among the most powerful in the world. One of firms financed a stock issue for $50,000,000 of the Penn Road Co ation, the proceeds of which were used in part in opposition of the Tap- lin interests in the Pittsburgh & West Virginia. The other is the financial agent and banker of the Van Sweringen lines. Heretofore these great houses have shown a mutual consideration for each other's plans.” Neither has in- fringed on the other. Whether this state of affairs will continue is a problem, according td some men in the financial world who are close to the picture. Oth- ers say that this viewpoint is that of those too close to the picture, (Copyright, 1929.) Great developments of the pension system of Scotland are promised. Wo0ODWARD & LOTHROP FLOOR Th F Roorh Authentic Evening Apparel With Thanksgiving festivities and the gay dinner and supper dances of Winter in mind, The Men's Store presents authoritative style and distinctive quality in Formal Apparel. Shoulders and lapels in evening jackets are broader . . . waists and hiplines are snug fitting . . . the peaked lapel is seen more than the notch . . . sleeve cuffs are closely fitted . . . trousers .$50 ....570 o 8125 the next two years in drder that it may reach maturity. Te] Cambridge says small !bofl-s are returning with 80 to 100 bushels to a boat and prices range from $1.10 to $1.25 a bushel. At the mouth | of the Choptank; where oysters are com- | ing in from Tighmans, the boats con- | tain ‘rom 50 to 75 bushels each and are oringing $1.10 a bushel, “A number of boats from Crisfleld working in the Chesapeake at the | northern end of Poplar Island report oysters are not so plentiful, but very gn:‘ in quality and bringing $1.25 & | bashel.” U. 8. WINS TAX SUIT. NEW YORK, November 6 (#).—A de- | cision of the United States Circuit Court | of Appeals yesterday kept approximate- ly $6,500,000 in the .United States Treasury. The unanimous ruling of the ap- pelate court upheld a directed verdict by Federal Judge Henry W. Goddard, who had ruled that the American Can Co. and three subsidiaries were not en- titled to a return of $3,902,936 which they paid in income tax for 1917. In- terest on the payment would have brought the total to $6,500,000. When you wish you were in the other fellow’s in SMOES., .. and get a bit downhearted — and look at the clouds and can’t see a silver lining any. where— then’s the time to go out and treat yourself to some new things to wear. It’s amazing what a new pair of shoes, for instance, will do for a man’s opinion of himself! Slip your feet into a new, keen-looking pair of Florsheims, and . . . you won’t wish you were any other fellow’s shoes! Man’s Shop 14th at G 7th &K 3212 14th AW (INCORPORATEDS Uth and G Strects N. W, EUGENE C. GOTT—PRESIDENT Velver (ollars Are Smart In* Stein-Bloch Overcoats Louoon wears them. Paris wears them, New York wears them. They are the season’s most fashionable fashion, so to speak, We have them—and plenty of them—in rich Blues and handsome Oxford Grays. Hand- tailored to fit snugly, yet flexibly, and to bring out the full style-expression of this smart and youthful model. VELVET COLLAR OVERCOATS Tailored by Messrs. Stein-Block