Evening Star Newspaper, November 16, 1929, Page 13

FIN BANK CLEARINGS ' SHOW DROP IND.C.. Slight -Decrease Occurs for Week Ending November 14—Price Decline. BY EDWARD C. STONE. Bank clearings in Washington for | Leban the week ending November 14 totaled $30,294,000, against $31,792,000 for the | week ended November 7. Clearings for the week also revealed decline of 2.5 per cent over the corresponding week & year ago. -Balttmore clearings: were far below | b the previous week, being $98,908,000, ainst $126,076,000, but an increase of per cent over the same period last year. Richmond was about $1,700,000 / &head of the previous week and 7 per cent ahead of last year, while Norfolk also showed a good gain over the pre- vious week and the corresponding week Inst year. | Bank clearings in the whole United States for the week of November 14 amounted to $15,426,049,000, against $17.487,594,000 during the previous week and $12,754,718,000 last year. This was a drop of 11.7 per cent over the previous week, but a substantial gain of 20.9 per cent over the comparative week a year ago. ‘The Department of Commerce in summing up business activity during the week ending November 9, as in- dicated by check payments, reports a recession from the high level of the preceeding week, but a substantial gain over the corresponding week last year. The report states that wholesale prices continued to decline and were aybstantially lower than for the cor- ponding week in 1928, Business a lures, while fewer than. during the piPvious week, were larger than in the cqyresponding week in 1928. Eand Banks’ Assets Higher. @ssets of the 12 Federal land banks on September 30 total $1,292,969,026, as against $1,264,438,317 on corresponding date last year, Of this year's assels $1,202,490.482 was in net mortgage logns, Parm Joan hondx outstanding amounted to $1,181,149,515, as against $1,161,394,645 a year ago, with $2,489.- m ‘n-.x;'g ss‘fim hen édx “zm et 1,877,580 on hand last year. Combined assets of the joint stock land banks on September 30 were $647,003,876, of which net mortgage col $592,743,765, This corresponds with assets a year ago of $659,841,129 and mortgage loans of $608,- 451,480. Bonds outstanding amounted to 577,741,600, with $7,714,900 on hand but unsold, as against $591,527,800 out- standing and $3,890,300 unsold last year. i The 12 Federal intermediate credit banks had assets on date of the report ‘worth $113,§77,227, against $100,477,987 a year ago, Of the assets, the principal sources were $55,343,000 in discounts; $30,000,000 in capital callable from the United States Treasury and $4,804,866 on hand, Earnings of the 12 banks for the quarter were $384534, and for the nine mohths ended Sep- tember $1,033,441, against earnings last year of $228,513 for the quarter, and $750,973 for nine months, Credit Experts to Meet. Four hundred specialized commercial ‘bankers, deali in consumer credit, ‘will meet in CI 0, November 19 and 20, to discuss the prospects for business during the coming year, and problems arising out of the stock market situa- tion. The meeting is the annual con- vention of the National Association of ce ies, consisting of all the leading houses providing funds for the purchase, on the installment plan, of automobiles and l:fli:l’ commodities upo nterms recogn as sound by banks and other business interests of the country. In the opinion of C. C. Hanch, mana- ger of the association, unpaid install- ments, based upon the potential pay- check of the salaried man and wage earner; and the earnings of the small ANCIAL. Special Dispatch to The Star. NEW YORK, November 16.— Bid. Asked. 140 145 200 1 k of Yorktown rondway National . Bryant Pa Central Nation: Chase . ... Chat Phenix Chelse hai Gity . SwLinsg33sa. 3 ki e s B »E8EE BEDgsy war Sixth Averiie’ ! Sterling Nationa Straus National 85555333585 eI Yorkville . TRADNGINSTOCHS DELARED NORHAL Banking Group Finds Market on Even Keel After Forced Selling. By the Associated Press. NEW YORK, November 16.—The stock market was closed today, end- ing its trading week under conditions described as normal by Thomas J. La- mont, partner in J. P, Morgan & Co. As spokesman for the group of bank- ers who organized to help stabilize the market at the beginning of the break three weeks ago, he said after an in- formal meeting’ in the Morgan offices yesterday that the bankers considered the market had been normal during the past few days. The comment was made after the close of the second trading session marked by advancing prices in a re- covery from the slump, which reached its climax last Wednesday, when hun- dreds of issues hit rlew lows for the year, Mr. Lamont said that throughout the deflation efforts to stabilize the market had not been confined to the original six bankers who formed the consortium, but that other banking institutions had glven assistance. The bankers had found no weak THE EVENING STAR, WASHINGTON, D. C., SATURDAY, NOVEMBER 16, 1929. U.S. GRAIN LOANS 10 BE DISTRIBUTED Federal Board Prepared to Assist Wheat Farmers During Low Prices. BY JOHN F. SINCLAIR. | Special Dispatch to The Star. | NEW YORK, November 16.—These are the davs when the Federal Farm Board is doing some real thinking. Wheat prices have been going down because the foreign demand has been less than the supply. Argentine wheat is being shipped into London and Liver- pool in competition with Canadian and American wheat. So the Farm Board is loaning on the basis of $1.25 a bushel for No. 1 North- ern at Minneapolis, in spite of the fact that wheat prices have dropped below that figure from 5 to 10 cents a bushel. Reports coming from North Dakota indicate that the farmers in that State are borrowing a dollar a bushel on their wheat, although they would get only about 90 cents if they sold it locally. The Farm Board, belleving prices too low, announced that it was willing to loan up to $100,000,000 to farmer or- genizations and individual farmers who still owned grain. ‘The Farmers' National Grain Cor- poration is humming with activity this week, for it expects to handle the loans made by the Farm Board in the future. In the Canadian West, where prices are from 10 to 15 cents a bushel higher for the same grade of wheat than in the United States, the elevator and sturage conditions are serious. Just how much wheat is in the farmers’ hands in the United States is prob- lematical, but some estimates place the figure at from 50 to 60 per cent of the crop in North Dakota. Liverpool prices will be watched in the Northwest with an anxious eye until this price situation clears up. Inventory Situation. Harry W. Hosford of Cleveland be- lieves this is the time to watch the inventory situation. “1 think it will be discovered that the public is well inventoried end does not thing more ness man. “And a grea mas inventories will be left intact in the stores; also the inventories of the jewelry stores and other luxuries, “It may be discovered that motor companies, which feel they have kept their inventories in god shi will find they have two or three million second- hand, used, repossessed cars in their inventory.” It is true that during the first six months of 1929, 1,634,392 cars were sold on credit in the United States. Of these 42 per cent were used cars. At present the individual dealer in used cars is bearing the brunt of the situations nor had any serious diffi- culties been revealed, Mr. Lamont said. ‘The upturn of the market, which n ursday continued yesterday, but at a more moderate rate. Leading issues made net gains of 1 to 15 points. Governors of the Stock Exchange voted to continue the three-hour ttrading ses- sions, from 10 am. until 1 p.m., next week and close the exchange all day Saturday, as has been done the last two weeks, to enable brokerage houses to catch up with their clerical work. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., November 16.— Potatoes, white, barrel, 1.5024.00; 100 pounds, 1.75a2.90; sweet potatoes, bar- rel, 1.00a2.00; yams, barrel, 3.00a3.25; beets, 100, 3.00a4.00; brussels sprouts, quart, 10a20; cabbage, hamper, 35a60; carrots, 100, 4.00a5.00; celery, crate, 1.75a3.00; eggplants, crate, 5.0085.50; lettuce, bushel, 7581.00; lima beans, bushel, 2.50a5.50; onions, 100 pounds, business man and farmer, remain a Rock-of Gibraltar in a sea of uncertain market values. | “Salaried men and earners are | holding their jobs, and their unpaid notes are valid and can be considered high class securities,” he said. “The National Association has, for one of its| objects, the demonstration of the sound- ness of installment paper when based standard terms.” upon ‘The question of making finance com- pany paper subject to rediscount at Federal Reserve Banks will be one of the chief topics of the convention. The seizure of cars by prohibition authori- ties will be covered by Attorney Nathan B. Willtams of Washington, D. C., ad- dress on “Losing Cars Legally.” ‘The consolidated statement of con- dition of the Federal Reserve banks on November 13, made public by the Fed- eral Reserve Board shows decreases for the week of $19,500,000 in holdings of discounted bills and $30,900,000 in bills market and an in- ,800,000 in holdings of United States securities. Member bank reserve deposits increased $50,300,000, cash reserves $15,300,000 and Federal rve note circulation $18,800,000, ! Government deposits _declined $19,900,000. Total bills and securities ‘were $31,300,000 below the amount re- ported & week ago. Praises President’s Action. ‘Robert V. Fleming, president of the Iu'ge:infionll Bank, gives high praise to. ident Hoover for calling a con- ference between Government heads and industrial leaders to assure continued iness prosperity following the col- 1 of the stock market. *1t is an excellent and constructive ve,” he said, “Some business reac- tion bound to follow the stock ex- changé depression. By sitting about b round table these civilian and ernment leaders can iron out any roligh spots which develop. President ver's step is certainly forward- X ing.’ I think it is 2 good move in the right direction,” said Charles W, Darr, président of the Washington Chamber of-Commerce. “What we need is su- preme confidence and faith in the American industrial structure, There is ng@ better way to assure that confi- degice than by governmental and civilian ingerests. It will bring about a bet- tep understanding and make the coun- iny realise that we are ‘all in the same “The board of directors of the Liberty Ni ay afternoon, declared a special d nd of $1 per share. The disburse- ment is payable December 1 to share- hélders of record on Nevember 22. This spacial dividend has no connection with tHl regular semi-annual dividend which Zvoted at the December meeting of tis board. g Yesterday’s New York Stock and Bond Averages. From the 5:30 Edition. By the Associated Press. fiest-grade rai »uflr- rails guplle, wibitie 1 Bank, at a meeting held yes- | IOIMJ]; Deas, el, 3.00210.00; tomatoes, hamper, 40 25; apples, bus box, 3.00a4.00; grapes, basket, 75; pears, bushel, 2.00a4.50; grapefruit, box, 3.00a 4.00; oranges, box, 2.5024.25. Dairy Market. Poultry, alive—Turkeys, pound, 28a 36; Spring chickens, 22a27; Leghorns, 22a24; old hens, 23a28; Leghorns, 18a 20; poor and thin, 17a19; old roosters, 18a20; ducks, 18a22; geese, 18a24; guinea fowls, each, 40a65; pigeo pair, 25. Receipts, 602 cases; native and nearby firsts, 50#52; current receipts, 43a45; hennery whites, 56. Butter- to fancy creamery, pound, 42a48; ladles, 35a36; store packed, 23a24; rolls, 31a32; process, 40a41. EQ’B’XPKENT ORDERS. NEW YORK, November 16 (#).—The Chicago, _St. Paul, Minneapolis & Omaha Railroad has ordered 10,000 tons of steel rails from the Bethlehem S‘:deel Corporation, Railway Age reported today. Other new equipment ordered in- cludes four oil-electric locomotives for the Michigan Central, to be_ built by the American Locomotive, Ingersoll- Rand and General Electric Cos. The North American Car Co. has ican Car & Foundry Co., and the Bal- timore & Ohio Raliroad has placed an order with the Pullman Co. for 50 pas- senger coaches. The Texas Co. was reported as being in the market for 600 tank cars. SAVINGS CLUB 19 YEA‘RS OLD. ‘The inception of the Christmas club idea, 19 years ago, anticipated the need of providing an easy, simple and prac- tical method of systematically accum- ulating funds for the specific purpose of Christmas needs. It sponsors, however, in the creation of the plan, were mind- ful of the opportunity it would bring to wage-earners of systematic permanent savings by encouraging small weekly deposits, and the history of the Christ- mas club plan would indicate that it has been a real contribution to economic progress in_this accomplishment. i e | In Nearby Virginia Prudential 51/2% fnsurance Co. Commonwealth Investment Co. 17 15th 85 N.W. Phene Natlena! 2633 } Money to Loan ..lm'r'\ deed of trust l-l :::‘I.:Illt Prevailing nf and co; Joseph I Weller § skt 4 ! "Consult Us First It need money for our g’“] Estate financing et us have your application today. Prompt Service No dppraisal Fee The Commercial National Company Pate o otk aniial eo0en ordered five tank cars from the Amer-l over supply. The opinion seems to be that there are conservatively between 500,000 and 1,000,000 automobiles taken in trade, which have not been resold by the dealers, Naturally automobile production will lag until the used cars now on the market decrease. Just how long that will take depends largely on the trend of business during the next three months. Social Service Costs. Sir Arthur Balfour, late chairman of the committee on industry and trade for Great Britain, estimates that the per capita cost of social service for the population of Great Britain is now nearly $20. This is almost twice as much as in Germany, second nation of the world in such expenditures. Today the cost of these services in Great Britain stands at the staggering figure of $1,716,300,000. Of that amount the principal beneficlaries, 17,000,000 working people, are contributing $130,- 000,000, less than 9 per cent. The figures are hard to comprehend. In 1926 and 1927 the sum paid out for these services covered by insurance was $676,382,000. An addition to the $130,- 00,000 contributed by the working people, the employers contributed $145,~ 000,000, and the tax and rent payers $401,201,000. Other social services came to $1,239,919,000. The unemployment, old age, and widows' pensions will cause a big jump in this huge figure during the present labor government. Dress Contest. A novel, economical dress contest was held in Mexico City by a newspaper. Many young women, mostly of the middle classes, entered the competition. The contest was divided into several groups — cotton, woolen and silk dresses—based on motifs derived from Mexican regional costumes. Dresses had to be made and worn by the competitors themselves, and mate- rial of domestic manufacturer was pre- ferred. A cotton dress won the prize. It was made of domestic material woven at a Mexican mill equipped with American machines. It was a stylish, little home- made frock and cost only 65 cents in United States_currency, according to a report by A. F. Nufer, commercial at- tache in Mexico City to the United States Department of Commerce. Today there is a rapldly growing de- mand in Mexico for greater variety in modes of dress among women of the lower classes. The urge for better and more attractive things has been pro- nounced during the last five years. Gas Industry Income. Within the next five years the total gross income of the gas industry should WALL STREET POOLS BY A POOL MANAGER, AS TOLD TO JAMES ABELLE. CHAPTER VIL Recent Bear Pools. (In describing some of the recent bear pools in this article, it is shown that the “short interests” have their virtues as well as their vices and often contribute to the settling of the market and normalizing values.) From the Spring of 1926 until near the end of 1928 the bears in Wall Street were compelled to “hide out.” During the early part of this long bullish season the setting of “bear traps” was a favor- ite sport of pool operators, and ‘bear steaks” were frequently served for the enjoyment of the victorious bulls. Later the bears learned that the market ad- vance represented & huge expansion of business activity, which would terminaie only when it had fully run its course. Many famous bear operators retired; some went broke; while the others either were converted to the bull side or con- tented themselves with “scalping a few filn'-l" on minor technical reactions. 1928 the great strength of the bull movements of the stock market was due, in part, to this lack of a short interest. ‘The bears hibernated for the season, but they were not exterminated—as more recent events testify. One friend of mine who prefers operations on_the short side, left for Europe early in 1927 and watched the bull markets of the next two years from the cafe tables of Paris. His was not an isolated case. Many operators in-the stock market understand short selling tactics, and do not understand the psychology necessary to success in bull markets. These “con- genital bears” leave the market when conditions are unfavorable for trading on the short side. Sometimes they re- main quiet for a long time, but sooner or later they always return to activity. ‘The hibernating bears began to wake up and take a serious interest in life at the time the copper stocks staged their rapid advance in the early months of this year, It is a tradition among professional speculators that a “boom in the coppers” marks the end of every bull market. Like other supposedly in- fallible indices of market movements, I suspect this dogma is a little too facile, but. it cannot. be denled that last Spring when the price of wgwr metal reached 20 cents a pound and the copper stocks ‘shot through the roof” many sleeping bears awoke with & snort and pre; for action. My friend in Paris dropped his study of French menus and wine lists, caught the first boat for New York and took u? ‘the more intensive study of charts of price movements in the copper stocks. When I greeted him in his new offices he announced with enthusiasm: *“I believe this prosperity I've heard so much of is about to arrive!” $15,000,000 Bear Pool in Coppers. ‘This man has earned his reputation for succesful bear operations. He has been among the guests at every big bear party since 1903. In 1929 he was able to organize a $15,000,000 pool to finance his renewed activity. This pool closed in June, after having materially as- sisted in the readjustment of prices in three copper stocks. Prosperity arrived on_schedule for one big bear. In this connection I hope that no reader will fail to note the fact that the coppers were very, very high. Coi servative opinion was almost unanimous that a reaction of the copper stocks was inevitable. Bears cannot force a market pools which were caught in the Oc- tober break, with heavy losses on hold- ings retained too long, were able to recover the loss from bear operations. ‘This brings me to a technical aspect of short selling operations not clearly understood by some people, which should be clarified as it explains the preference of many speculators for the bear side. This is the fact that, provided the judg- ment of the market position is equally good, the bears have an advantage over the bulls in the conditions under which they operate. It is not always pos- sible to sell stocks in large quantities at any price, but, barring a “corner,” it is always possible to buy stocks at a price. Once the bear has placed his “short line,” that is, made his short sales, he can always “cover.” He can cover at & profit if he is right, and at a loss if he is wrong. The bears are not compelled, as bull operators often are, to “sit tight on the anxious seat” through a long period of inactive mar- kets and uncertain grlce trends. It is this consideration which tends to prej- udice the more cautious and conserva- tive speculators in favor of short selling operations. Describes October Bear Raid. One of the most interesting bear pools which took a large profit from opera- tions was formed as a result of a chance fionversnlon the pool manager over- eard in his club. This bear, who is well known in the Street, but not to the outside public, has a way of speaking in a slow drawl and in a delightful vein of ironic humor. I will tell the story of the club conversation as he told it to me, ‘but first I must explain that when large investors wish to sell a big block of stock they sometimes approach the bull pool handling the issue. The pool, in order to avoid having to meet this large sale in the market, will often take | than the block at a small reduction under prevailing quotations. Under normal conditions this discount is only 2 or 3 points for very active stocks. “I was sitting alone at lunch at my club,” sald the bear-pool operator, “twiddling my thumbs and gazing out the window, wondering if it wasn’t about time to do something. But stocks were so high wherever I looked I couldn't make up my mind what to sell. All of a sudden the two men at the next table began fo talk most interestingly. “They were two wealthy investors, old friends meeting to talk things over. One asked the other: know about this Blank stock?’ naming & utility which had been going up like & balloon for months.” “ ‘T don’t know much about it, Harry, replied his friend, ‘Why do you ask?’ ™ “‘I own S0) of it’ the first man went on, ‘and I thought it was pretty high. So I went over to see the outfit, thinking I would sell them some of mine. But they would not offer me within 15 points of the market for 20,000 gm\;e_s.; Now, what i3 your idea of that, “Bill had no ideas” continued the bear operator, “but I had! I left the two gentlemen to finish their Junch and went out to check up. It seemed a shame not to take a hand in such a sweet little game. Well, I found the bull crowd in this blank stock were unload- ing as fast as the market would take the stuff. Of course, I hated to delay them, but I decided I owed it to my- self to sell about 50,000 shares of that stock before I let the bulls out. I man- Is!d to get a short line out within 20 points of the top, but I had to play lmugdi :t'_lth the bull outfit for a monti break; they can only take advantage of | %0 & inherent weaknesses in the financial structure to hasten the day of judg- ment. For my part, I confess to & sym- pathetic attitude toward the bears on these occasions. I see more virtue in re- ducing overboomed stock prices to proper levels than in boosting prices to figures which can neither be justified nor maintained. And it should not be deduced from | 9. ;}e): ‘bg;’:at references to nital rs” at this group alone participates in bear raids on the market. Other pool managers and large speculators are more versatile, They are able to operate successfully on the long side in full seasons, and on the short side in bear seasons. I know of more than one pool operator who quickly switched to the short side in October. Several trial and domestic uses with manu- factured gas, and even with other fuels. Long pipe lines are already tapping the gas fields in the Southwest. The latest liné under construction is 950 miles from the midcontinent flelds to Chicago, and the longest constructed line now is 540 miles, from Louisiana to St. Louls. Of course, the final problem—that which will be the determining and con- trolling factor in the expansion—is ‘whether tural gas can be delivered to sell at a profit in competition with other forms of fuel, particularly manu- factured or coke oven gas. If it can be, then natural gas de- velopment should assume an expansion similar to that of electricity during the last 25 years. Pipe Cost Decreases. The cost of gas pipe has decreased materially since the automatic machine development started by the A. O. Smith Co., Milwaukee. The opinion now seems nearly unanimous that cities such as Washington, Philadelphia, Baltimore, New York, Chicago, Cleveland, Detroit, Milwaukee, St. Paul and Minneapolis, New England cities and Seattle and Portland in the West, should be made available for natural gas facllities. Kansas City, St. Louls and Omaha are sure to benefit by the development. T the industry is an infant, but a t] g one. \ (Copyright, 1929, by North American Ne exceed $1,000,000,000 annually—double the figure in 1920. Natural gas, averaging 75 per cent of the gas produced during the last 10 years, has been moving ahead of manu- factured gas since 1923. At that time the total yearly income in the gas industry was $663,000,000. This moved to $875,000,000 in 1928, and by 1930 it should pass the billion-dol- lar_mark. The market for natural gas is na- tlon-wide. The supply is available around the oil fields mostly in the Southern section, particularly in Okla- homa, Louisiana and Texas. But long- distance transportation of gas under pressure has proved feasible, so natu- ral gas will eventually be piped to the threshold of all important cities in the Nation, and will compete for indus- able on request. Commere T Py aie FOR RENT One Room, Kitchen, Bath and Reception Room. Electric Refrig- eration. THE ARGONNE 16th & Columbia Rd. OO “E have prepared a list of Common Stocks with estimated earnings per share which we are recommending for investment purchase at this time. The list is avail- WESTHEIMER & CO. Members New York Stock Exchange Members Baltimore Stock Exchange Members Cincinmati Stock Exchange Members Chicago Board of Trade Ground Floor—Woodward Bldg. Telephone National 5500 Short Covering Ends Break. My bear friend leaned back in his chair, puffing his cigar contentedly. It was near the end of October when he told me this story, and the blank utility issued had ‘dropped over 50 points from the September high. How far did you ride i7" I - ed, “Oh, we have covered most of it. I never let myself get too ambitious. Twenty or thirty points profit is always enough for me,” Most bears are similarly willing to take profits. Throughout my experi- ence in Wall Street I have noticed that operators on the short side are seldom as greedy as the bulls. Bears are never ‘l.llbject to the delusion that stocks wi'l ‘g0 down forever.” And usually, by the time the tales are out about bear raids and the huge operations of rich bear pools, the shorts are actually covering their sales and taking profits. This short covering is often the chief support of the market at times when stocks have been overboomed by overenthusiastic bulls. The resulting crash is inevitable, and would sometimes be much worse were it not for the “short interest.” (Copyrisht, 1929, by, Current News Features, ‘What do you | d POULTRY SUPPLIES | IN-LARGE RECEIPT Dealers Report Orders for Turkeys to Be Delivered for Thanksgiving. ‘Turkeys, chickens, ducks and keats, suggestive of the approaching Thanks- giving holiday season, were very much in evidence in the wholesale market district this morning. There also was & fair sprinkling of rabbits, practically the only game permitted to be sold, Federal laws prohibiting the transporta- tion for sale of wild ducks, quail and other game. Retail dealers had a few South American quail to offer the trade, Chief interest displayed by retailers this morning concerned the probable price of turkeys for Thanksgiving, but wholesalers were unable to enlighten them. All agreed that there will be plentiful supplies of the choicest of the poultry family, and that prices probably will be somewhat cheaper than last year. “‘And, after all,” said a dealer, “some- thing may happen to upset all calcula- tions. It is not probable that anything will happen to increase prices, however, but extra heavy anticipated reeeipts may send the price below what is now ex- pected. Orders for Turkeys. “Looks very much like a 45 to 50 cent retail market,” the dealer added, “but there is something about early reports to suggest a possible lower market.” Orders are being taken by retailers for turkeys to be delivered not later the eve of Thanksgiving, but dealers today were unable to tell just what charge will be made for them. Receipts of turkeys the past month have been heavier than heretofore for so early in the season, it is stated, and there was a steady demand reported during the time the weather was cold enough for consumers to take hold. “But with the warm and damp weather,” sald a dealer, “came a de- cided curtallment of demand, which probably would have been greater ‘were it not for the fact that there are so many persons who like to celebrate Thanksgiving day with their first turkey r of the season.” poultry this morning were offered at prices dealers termed cheap. Chickens were much cheaper than they were a short time ago, it was reported, and keats also were lower in price. Rabbits were in plentiful supply, many of them not of the best quality, it is stated, the result of long shipments in ice. Prices to retailers were around 30 and 35 cents for best stock, inferiors and culls selling at 20 and 25 cents. Dealers reported a continued firm condition of the egg market, choice hen- nery stock and fresh selected eggs being in demand, while short-time storage eggs also found ready sale. Fresh eggs were not so plentiful as they were a week ago, dealers reported, and con- sumers are displaying a willingness to pay premium prices for them. Butter prices continue lower than those quoted the first of the week, while most meats continue without change. Commission merchants and haulers First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. Offices for Rent in the Chandler Building 1427 Eye St. NW IN the heart of Washington's financial district. Single Offices and Suites 'EATURING free secretarial service, public stenographer, ice water on each floor, high- speed elevators, excellent outside light and Venetian blinds at all windows. Managing Agents 1435 K St. Nat. 2345 It’s a Question of Experience —and we have had long training in the manage- - ment of properties—especially apartment houses— with the result that we can render most efficient service. More Than o Third of Natl, 2100 B. F. Saul Co. a Century's Experience 925 Fifteenth M anagement DO YOU WANT $5(0(0) more for your old car? TRADE IN NOW ON A BRAND NEW Hudson or Esse Stocks are limited, so act now to . get the Super-Six of your choice. LAMBERT-HUDSON MOTORS CO. DISTRIBUTORS—PHONE DECATUR 2070 Corner 14th and R Streets N.W. Service Station, 24th and M Streets N.W. ‘0. Uni T MeDevitt 1 A o 3 RTTON OhCA ‘el Nerth 1177 Motor Co. 2017 14th Tel. C in ‘Turkeys, chickens and other lines of |y, FINANCIAL. b |, from nearby Maryland and had | the T not in best condl- 3% sty ot Tyl bt i, i o S S the | South Caroling sold at $3 and $3.50 a, tically everv variety this morning, former also having immense quantities of frults from nearby and distant points. Prices of most commodities today were the same as those reported yes- terday. 4 Today's Wholesale Prices—Jobbers’ Prices Slightly Higher. Butter—One-pound prints, 4215a43; tub, 41842%,; store packed, 30. Eggs—Hennery, 58a60; fresh selected, 55a56; current receipts, 50a52. Poultry, alive—Turkeys, young, 35a37, old toms, 35; Spring chickens, large, 27a 28, medium 26a27; broilers, 30; Leg- hcrns, 23a24; fowls, 26a27; roosters, 18; ducks, 15a20; keats, young 40265, old 30. Dressed—Turkeys, young 43a45, old 39a 40; Spring chickens, large 34a35, me- dium 33a34; broilers, 35a36; roosters, 24a25; ducks, 29a30; keats, 70a80; ca- pons, 50a55. Meats—Beef, 20a22; veal, 24a28; lamb, 26a27; pork loins, 23a26; fresh hams, 22a25; fresh shoulders, 20a23; smoked hams, 25a26; smoked shoulders, 18a20; bacon, 28; lard, in bulk 14, in packages 5. Live stock—Calves, 1415al15; lambs, 1215a18. Surprisingly large quantities of so- called Spring greens, chiefly spinach and kale, continue to reach the market from nearby Maryland and Virginia, prices being so low that shippers at distant points have ceased sending supplies here. Both spinach and kale this morn- ing sold around 50 and -75 cents a bushel. They also had quantities of other vegetables, including carrots, beets, parsnips, cabbage, potatoes of both varieties, lettuce, parsley, Spring onfons and radishes. “Displays of - commodities from the surrounding country the past several days gave the market line a decidedly Spring or Summer appearance,” sug- gested a dealer, “and surprisingly low prices for so late in the season have prevailed.” It is sald by growers and dealers that the output of both spinach and kale this Fall eclipsed thc output of the cor- responding periods the past few years, and the quality, they stated, .is about perfect. Prices of the vegetables have been so low recently that growers re- ]ce,l;acd poor remuneration for their abor. Carrots today were very plentiful and exceptionally large, being as big as any ever previously grown nearby. They are not quite as smooth as most of the shipped-in carrots, but dealers say they are better flavored and in better de- mand than the shipped-in stock. Many of zm beets received this morning were small. String.beans, mostly from South Caro- and the Norfolk, Va., section, were in ght I\lg! this murn!n! much of ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. & La. Ave. N.W. 63rd Issue of Stock Now Open for Subscription Shares of Stock, $1.00 Each Payable Monthly James E. Connelly P.S§ o president b bushel hamper, Norfolk beans selling at’ $2.50 and $3. Poor as low as $1. South Carolina growers also furnished local market dealers very light supplies of new peas, shel selling at $5.50 and $6. Moderate receipts of egg- brought $4. Fruit dealers reported moderate re- ceipts of apples. It is said by dealers that there is no particular scarcity of the fruit, but orcbardists are not ship- ping or hauling much more than enot to meet demands. Several truckloads of choice fruit cames from the vicinity of Winchester, Va., the past few days, find- ing ready sale, medium size fruit sell- ing at $2 a bushel. Fancy stock sold « around $3 a bushel, box stock from Washing and, bringing $4. ,V{i;ld‘ and small it sold around » .50, Receipts of grapes, heavy the past several weeks, were much lighter todsy."' Pears continue in fairly heavy receipt, mostly box stock from the West, and dealers reported continued fairly heavy receipts of oranges, it, honey- . dews and bananas. ey also had sup- plies of fancy persimmons. 4 ———e - More than 175,000 bushels of onions will be sent from the United States to « Canada this year. a Now Available JAMES F. 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