Evening Star Newspaper, December 8, 1929, Page 85

[FiNnanciaL | 6 e — TRADING GAIN SEEN | [rnderrosress svena] | NONEY STABILITY AT D. C. MARKET 1S DECLARED VITAL Merchants Expect Usual In- Sir Joshua Stamp and Owen crease—Vegetable Re- D. Young Comment on m THE SUNDAY STAR, WASHINGTON, D. C, DECEMBER 8, 1929—-PART FIVE. - D.C.STOCK MARKET STRONGER MARKET [ Week' Financial High Lights AT HIEHER LEVELS DEVELOP N WEEK = o Firmer Trend in Trading in . \Hoater | Stocks (average of 50 issues).......oooo. 21136 20522 20150 19094 Conferences an i e Past Few Days—Bank . 8120 86 { Message Tend to Restore | roreign bonds (average of 10 issues). 108’ 10577 This Week. Last Week. Year Ago. Bonds (average of 40 issues) . 95 Call Soon. BY EDWARD C. STONE. Migher quotations are prevalling in stocks listed on the Washington Ex- ehange, the past week having witnessed ry. 0 outstanding features during the Week were Peoples Drug Stores pre- ferred and Mergenthaler Linotype. Both established new high marks on the present advance. Peoples Drug preferred closed the week yesterday with a sin; sale of 10 shares at 108, ex dividens of about 5 points in as many days. monthly sales report showed a of over 40 per cent in November, | cent. being reflected in the action of the stock. Peoples Drug opened the at 137, climbed to 134, and dropped 100 just before the present u Mergenthaler Linotype ck the Week with a small sale at 105, ex dividend. The stock enjoyed a substan- tial advance following the annual re- port issued a few days ago. Mergenthaler opened the year at 104, went to 109Y, sold off to 100 and then started the Ppresent upward move. yesterd: market Washington Gas Light sold at 100, Potomac Electric Power 5% per cent preferred came out st 104, Lanston Monotype closed at 107 and Commercial ational Co. m;m registered 101 Columbia & Gravel was stronger at 90. Pifty Trust Co. stock sold at 130)3. Wash- Railway & Electric preferred eame out at 94%. Leading sales in the bond division ‘were in Potomac Electric Consolidated 8s at 101, City & Suburban 55 at 81 snd Wi m Gas 6s, series A, at 1013, and 101, Bank Call Due This Month. Controller John W. Poole is e: rt of this month asking for the con- the summaries of the situation put out by the 13 banks indical ll’ktly'ob. Il!'l.in‘u;-fl s compared with the October the; 3 nm{aym'lt.hdn'n!muuhnn stock market at the time of the g5EsE H. B. Miller, vioe president and fimw of Ce. of Bta there The mmy‘lv-nh has mflnlg! (e nounced that it proposes to nake con- extensio: ‘While ission no ‘ashington, w] T8¢ | the of Miller Train Control stock are | country in Europe, tion where her Bills Aimed at Margin Trading. Stock market affairs are slated to attention during the present ses- sion of Cot having been introduced. A bill making it uniawful to ecarry on marginal transactions in securities, stocks and bonds in interstate commerce has been | Hatry failure introduced in the House by legreunu- tive Cross of Texas. The bill pro- vides that it shall be unlawful for any eoncern to deliver for transmission through the mails or interstate com- merce market quotations or offers to sell bonds, stocks or shares in any listed with such exchange by owners thereof for sale and immediate settle- ment. Two similar measures have been in- troduced in the House, providing a bar. on marginal transactions in stocks. Klein Urges Quicker Pgyments. At the Chamber of Commerce “pros- perity conference” Dr. Julius lein suggested the quicker payment of bills. He said: “If the present average turnover in charge accounts of some 70 days could be shortened to such an admittedly fair interval as, say, 40 days, the resultant values by saving in inter- est charges and by general acceleration of the gul.nul of the Nation would Tun into hundreds of millions of dollars. “The situation calls neither for sud- den outbursts of excessive buying under the erroreous impression that such abnormally accelerated consumption will help prosperity, nor, on the other hand, is it necessary to indulge in undue frugality in spending. The outlook will be promising if buyers cultivate normal sobriety—neither hoarding nor extrava- gance. “So, too, the prospect can most cer- be strengthened into assured if business will do its part to y from emotional extremes and get down to brass-tack realities.” Thempson on Tax Committes EBugene E. Thompson of Crane, Parris & Co. will serve on the 1929-30 Federal taxation committee of the Investment Bankers’ Association of America, it was Tevealed todsy in the announcement of the association's committee personnel by_Trowbridge Callaway, president. In an effort to secure greater com- pactness and efficlency, personnel of the association’s 22 standing com- current year has been reduced sub- stantislly. Whereas in 1928-20 there HENRY W. OFFUTT, President of the Potomac Savings Bank, nnounced this institution is lare a stock dividend of 40 per The bank is alse to reduce the par value ';c_ $100 will be asked at the annual meeting Tuesday aftern CHAIN STORE SALES GAIN OVER 19 PCT. &l e puronger at % |New Record Established Dur- ing First Eleven Months of Present Year. Special Dispatch to The Star. NEW YORK, December 7.—Gross ted | sales of 23 leading chain store sys- issue another bank call the latter | tems which have thus far reported sales for the 11 months of 1929, aggre- 246,996, a new high record e, and an increase of $230,- ported by Co., Lerner stores and ner Bros., Inc. Sales for the month of November for these same stores also rec record aggregal increase of $20,429,039, or 15. it Following are the sales reported by the various cha in systems for the eleven help protect commitments in the months ended November 30. 1,394,246,996 230,013,501 FRANCE INCREASING IN GOLD SUPPLIES mmucm&‘n: Accumulation of Metal Has Been | bank mmn.,m % Steady Since Ending Special Dispatch to The Star, NEW YORK, December 7.—The with- drawal of gold by France from the United States today in an amount larger than at any other time this year is in ms to its signaling | line with the policy of the Bank roads are expected 10 | France to repatriate its foreign bal. the Interstate | ances and to f is whether th on building up its gold of the fact that they have been before and are next in size to those located with the Federal Reserve and places her in & posi influence as an in- ternational lender will become steadily more prominent. s rt of un en ngress, three bills already | located in this country for the account of foreigners for several years have now 'k _home. This movement following the in London, and has con. tinued in large volume ever since. It is expected that one of th financial developments in the shipment of large amounts of gold to Europe, and that this as an influence may offset the tendency of money rates here to decline as a result of funds re- leased from Wall Stree France has also been g back some of her dollar bonds listed in the New York market. Her investors have been among those that have been reach- bargains in American stocks since the November breaks. Hoarding of gold by France has con- tinued ever since the end of the war. been of considerabl embarrassment to®London, which mar- ket has had to release gold to France at inconvenient periods. Involved in m are certain political con- d out from time 1t 1s obvious that France has considered it good busine Judgment to get hold of all the rts of the world on which s! with the Annacostia Bank, has resigned his position to become business manager of American University. He has been in the banking business for 25 years and is a native of Iowa. P, & W. Grand 5-10-25 Cent Stores report sales for November, -929, totaling $2,067,104, against $1,71 same month last year, ‘Total 11 ‘months just ended were $18,32 ed with $13,773,110, & gain o rogram, involvi tion-wide installation of new stock tickers, will be in: and the general publie for faster quo- tation service. Bank Club Helds Dance. Riggs National Bank Club gave & dance and card party at the Willard last night, about 200 bel, it mittees and four subcommittees for the | da cfllllb year under the leadershi) ‘were 353 names on the committee list, the appointments for the current year number but 270. Finaneial District Notes. Washington bank clearings totaled $28,710,000 last week compared with $29.903,000 for the previous week, and & decrease of 16 per cent compared ‘with the same week & year ago. Waldo W. Young, for several years dents Stephan Ramsburgh and John R. Keener, Secretary Constance Treasurer George Irelan. The c! one outstanding event each during the year. It was announced yesterda: annual election of the club will be held on December 10. spirited affair, as, with treasurership, lglv:: are sgveral can- Lost Confidence. By CARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, December 7.—Leader- ship in business and in financial affairs has been transferred this week from New York to Washington. Out of the national capital has come most of the news on which stronger markets for stocks and bonds have developed. Dating from President Hoover's an- nual message to Congress on Tuesday, there has been a broadening of inter- est in securities reflected in daily transactions nearly double those of the week previous, and quite extensive advances in various industrial and pub- lic utility E:Oupm Following the mes- sage was the conference on Thuraday of several hundred prominent busi- ness men, who listened to a frank talk by Mr. Hoover on the current situa- tion and who were able to check u among themselves as to the actual ef- fect of the Wall Street panic in the buy- ing power of the country. ‘Then came on Friday the announce- ment from the Treasury Department that it had decided to offer its new certificates of indebtedness at the low figure of 3! pre cent for a nine months’ maturity, which clinched the argument that interest rates for a con- siderabl period will be at a level where all classes of borrowers may readily be accommodated. 14 Brokers Loans Halved. Supplementing these events were the strictly financial ones of a further reduction in brokers’ loans of $58,000,~ 000, with the toal now exactly one-hali that on October 2, a drop in the Fed- eral Reserve rediscount rae in San Francisco to 414 per cent, which carries the readjustment from coast to coast, and time money rates at a parity with the rate on call. A slight offset to these conditions took the form of the highest !xchln,l quotations of the ycar in most of the leading European money markets and further gold exports from this country. ‘The first statements coming out of after November 13 were to | Washington & | inclined to minimize the effect cf stock Co. leads the losses on business. organ of one of the national organizations stated that Wall Street was isolated from the rest of .the country and that trade and indutstry would go on as usual. Gradually there has been a franker attitude toward what has taken place d its consequences and, with 1this, gained in respec ‘While admitting that the business cession was under way early in October and was probably an influence in caus- ing holders of stocks to sell them, it is no less certain that in volume business has dropped off materially in several directions since the country woke up to | banks u‘:z fact thatl:'hu‘kfl many "l;l.ll’l of paper profits and consequently felt poor. This is quite apparent in the sta- cent in the second week of Novem as compared with a year ago than in the first week and still more in the third week than in the second week, and in the evidence of reduced sales that come from all of the luxury and near-necessity trades, Sound Foundation Shown. The important econtribution that President Hoover and his advisers have made in this emergency has been to steady the wavering lines in the busi-| tof ness world and to make clear the fact in| and is now full of promise Federal Reserve ratio ra Time . Unfilled steel orders. Pig iron production. Bullding permits: $250,583, Commercial failures (R. G. Dun & Co. m’x’?fi Liabiis . 31314900 ‘Week of Novombe’r 23, 1929. Pre\nri.a‘ua week. Yeflr ago. Revenue car loadings All commodities. Grain and grain Coal and coke. Forest prpducts. Miscellaneous Ore . Live stoc! EETTE PR PRTPPRP ¢ ) 1.8 648 ‘This Week. Last Week. . 4% 413 L 4% 0 4% 4% tos Monthof Monthof Monthot Oct., 1929. Sept., 1929. Oet. 4,086,562 3,902,581 115,745 115,653 584 596 584 $218,344,506 $292,359,188 1,568 2,023 $34,120,000 $34,990,000 50,280 323 1,029,237 39,760 3 77 211,449 |ing themselves as satisfied with the ceipts Larger. Closing of the week's market late yes- terday found merchants divided upon the question of the condition of trade during the six-day period, some express- week's business, while others reported trading slow and draggy. It was reported among the retail trade that the outfourln( of Christmas savings had materially stimulated zfi- ing, increasing the outout of foodstuffs to an appieclable extent. "Withdrawal from !ilx;l banks of the 7| Christmas savings trading along every line,’ 5 | dealer, “and certainly its beneficial ef- 33,452 WALL STREET AGAIN OPTIMISTIC AS MARKET BEGINS RECOVERY Traders Show Disposition to Take Profits on Modest Gains, However—Motor Firms Strong. BY I A. FLEMING. Optimism is again manifesting itsel? t | in the New York stock market, not the |50 same eonfident brand that prevailed during the weeks previous to the recent cataclysm, but a chastened brand, ready and anxious to gather in profits on opportunity, regardless of income taxes which so disturbed the minds of traders with big profits before the re- cent break. Bankers have not absorbed much optimism, still having out precaution- ary signals against speculation, which may be charged directly to the very heavy withdrawals of cash which have greatly reduced bank d its, ‘There are those who that fur- ther liquidation may be necessary, ba: ing their opinion on the strenuous ef- forts that are being made to maintain industrial prosperity as an evidence that all is not as it should be. The economist of the National City Bank in the regular monthly business circular, refers to the “termination of the distress liquidation in the stock market as being accompanied by a better feeling generally among the iblic.’ w‘na enormous savings tat have ac- cumulated as Christmas money in the of the country, estimated at $600,000,000, has been one of the most important causes of improvement in the holiday trade which started slowly because of the distribution of the buying power. Looked For Weakness, Found Strength. It was generally supposed that the r | first signs of trade depression would be in the automotive business, where the luxury feature was evidently considered with the necessity forgotten. November showed a slight decrease in production compared with the same mon:{l of 1928, but the m’od" llfulnl lcm'- porations are very generally splen- did financial condition, nor do they look for any hard times in their busi- ness, For the first 10 months of the y¢ tal production, including Ca was 5,266,982 passenger trucks, about 5 per cent of the total being for the month of November, atock | Estimates for the annual production urren their history and minimum inventories. Commodity prices that have steadily been tuml have begun to stiffen, which will increase buying by those who have deferred to a falling market. It is just such a foundation as this that is essential to the beginning of any healthy business boom. The main difference of opinion now re is to be a brief and rather severe trade reaction or one of moderate extent but of a prolonged character. The weight of evidence seems to favor the former. It will take the coun some months to recover from the k of a crisis that came is near to being & national calamity and for business to readjust its policies to new situations. Given, however, a set of conditions so sound as those which Mr, Hoover has em in all of his utterances recen it would seem logical to expect & return to normal business by next Spring or early Sum- mer. It would certainly be unfortu- nate if any attempt were to be made now artificially to stimulate industry and to force an increase in production, where already there exists the elements have been placed at 5,700,000 units. Pigures compiled by the National Oity Bank as of December 31, 8, showed that the Ford Company leads all others in cash and securities, havi on hand $275975,000, with Gener: Motors, with $215,000,000, a close sec- ond. In the matter of assets General Motors leads with $1,242,000,000 versus $688,200,000 for Ford Motor Co. Tho item cash and securities of the Ford Co. includes receivables, patent rights and trade marks. All the leading producers were well fixed a year ago as far as cash and securities and assets are concerned. The Auburn Company, the stock .of which melted away in the breaks of October and November, had $3,919,000 cash and securities on hand and assets of $12,004,000, while its capitilization was $9,925,000. Here is the showing of the various American corporations in the manufac- turing end of the business, of De- cember 31, 1928, three cyphers being omitted, Tot: Auburn Automobile RN Bockway ' Sover” 5% Corp ", cnrysier of disturbance because of overproduc- | 3¢ tion. A Lesson for Congress. Some good features are likely to come out of the recent misfortunes of the market. It should, for instance, be clear to Congress and to regulatory bodies in ‘Washington that it is of little value to try to encourage business while at the same time punish legislation and endless investigations. One may not subseribe to the argument that the delay in passing a tariff bill was one of the prime reasons for the panic. At the same time one feel that the inepitude of such bodies the | —— Senate, the Interstate Commerce Com- mission end the Fed Trade Com- mission has been damaging to business morale. The country, therefore, has the right to expect of Congress that it do its part in re-establishing confidence, of the Interstate Commerce Commission that it stop bickering over petty ma ters and get down to brass tacks on the railroad consolidation question, and z')tr the htd"i:l 'n:‘die (l:ommlmon that separate its political activities fre Iullentlm'll:.e ‘work, - n_another way improvement ma also follow the unronu:.vp episodes 1!3; Wall Street affairs. President Hoover indicates the direction this should take when, in the final sentence of his ad- dress to Congress an Thursday, he rec- ommended as the best antidote for pres- ent ills—work. To this might be added. thrift. There are already indication< that people who have been engaged in promoting speculative operations are giving full attention to their legitimate gurlulu. returning money to savings anks and increasing their life insur- ance policies. There is not, however, far any visible change with respeot to investments, Most of the urchases of bonds and notes in the last few weeks ave been made for the account of stitutians or for corperations that have transferred their funds out of the call money market into short-term securi ties. ‘The smell private investor has not yet come back into the fold, Market in Uncertain Zone, Nearly one-third of the total ave decline in stocks from the high pol;’tlol September to the low level of mid- November has been recovered. This brings the market again into an uneer- tain price area, any margined a counts that were in the danger zone last month have moved out of it and are no longer a source of anxlety to their holders. Traces of liquidation for the be a account of the bankers' pool are re. {vealed in each da; rations. |un¢ou':ualy will dhle’ 10 saney business through | 5% 5 11,043 60 i 3717,950 33,083,136 recelvables, patent White M Willys-Ove ind . Yellow Truck and Goat Mtg. Co. . urities. e marks. Should Be Larger. The figures for the close of the eur- rent yel‘ru should be better, as stock speculation has not been charged to any of the companies, so that they have no serious losses and business has held up fairly good. Net profits for the current year, par- tially estimated, for the group of cor- porations named has been about $336,- 711,000, with net profits for the first nine months of $218,981,000. The Ford Co. in 1928 showed a big deficit by rea- son of the change in atyles, and re- cently announced a cut on all models. followed by a number of advances by manufacturers cf moderate-priced cars, which would seem to indicate that there would be no general cutting. Local Building Operations. 1t is fortunate for this city that the Government has its great building op- 50 | eration plans under way, and that the Potomac Electric c:d has ; 45,000,000 rogram under way. hu‘\’l’d.l::hcmp ton is l:llu‘lhll overbuilt on apartments and business _establish- ments, as well as downtown hotels, Local lenders of money find the sale of Teal estate notes and mortgages slow, and are consequently not making any but the most desirable loans, with some of the fra‘>rnity out of the market as lenders en irely. Looal Securities. Business in the local security mart has been decidedly slow, e from modest commissions in bonds, generally at slightly better prices. Street rallway shares are soft, and will be until the final adjudication of the fare question, now transferred from the Public Utility Commlnk:’n ’tflo'dnu courts. Some day 1t will be dect . Mergenthaler is displaying about the best :’:cn in the stock list, while the bank shares have settled down into inactivity, with prices more steady. With _the advent of January 1, 1930, there should be a better demand for shares, and for bonds as well, with the reinvestment of January disburse- ments. Capital Traction directors will meet lvidend for the last soon to declare uarter of the year. The general opinion avors & cut to a 5 per cent.rate. Any- thing less will be a surprise. BALTIMORE, Md., December 7.— With the exception of turkeys, which show a decline of 5 cents a pound, the live poultry market holds generally steady, with prices showing little change from last week. Supplies of the better grades of live poultry have been gen- erally light the past week, but ample for the demand, which eased off with the advent of warm weather prevailing the latter part of the week, and prices are generally in buyers' favor, especially on small, poor stock, for which, in many instances, it is more a question of a buyer than price. Demand for turkeys limited and market not only lower but unsettied at 28 to 30 cents & pound for young stock 8 pounds and over, while crooked breasts and old toms are slow sale at 28. Old hens in better demand and market shows an increase of a cent a pound for fowl welghln’m!l& s pounds and over, 23 to 28, but. Legl will not bring over 18 to 20, while all foor. thin fowl moves slow at 17 and 8. Old roosters in ample supply for the demand, which is limited at 18 to 20. Cholce fat young ducks in fair de- mand and the market holds steady at 19 to 25 for stock weighing 4 pounds and over, but small and poor ducks will not bring over 16 to 18. Weather conditions are against the sale of geese and the market is easy at 20 to 22 for fat stock, while poor, thin ese are neglected at 16. Demand for th guinea fowl and pigeons limited and market easy at 40 to 50 each for the former and 25 a pair for both oung and old of the latter. Receipts of eggs from nearby points eontinue light, but all desirable stock meets with ready and the market holds steady to sale firm, with prices unchanged from last week. Buyers are critical as to qual- ity at this time of the year and only eggs grading firsts will bring top prices. A number of shippers continue the practice of mixing pullet eggs with firsts and this class of stock will not bring top values. The market closed today at 53 and 54 cents a dozen for hennery white firsts, 50 to 52 for firsts and 40 to 45 for pullets, while current receipts will not bring over 43 to 45, and all dirty :nu. as well as culls, move slow at 25 0 Potato Prices. White potatoes are in moderate re- ceipt from all sections, but ample for the movement which is slow and the market is unsettled at 3.50 to 4.00 a barrel for No. 1 stock, and 2.50 to 3.00 for ungraded with No. 2 potatoes gen- enll{oenn'lnud at 1.50 to 2,00, Sack Dotatoes selling mostly 1.75 to 2.50 per 100 pounds, as to size and grading. Market for sweet potatoes and yams casier and lower, especially on yams, which are hard to move. No. 1 sweets are hrlngmz 2.00 to 2.25 a barrel, and ungraded 1.50 to 1.75, while yams will bring 135 to 200. Bushel ham- pers in better demand than barrels at 1.25 and 1.50. Native and nearby gar- den truck in liberal receipt and with slow prices are mostly in buyers’ favor at the following quotations—Beets, 4.00 to 6.00 100; cabbage, 30 to 50 basket; car- rots, 4.00 and 5.00 100; kale, 1.00 to | th 1.25 barrel; onions, 1.50 to 1. er 100 pounds; parsnips, 50 to 65 basket; umpkins, 3.00 to 10.00 100; sglnfich, 5 to 1.00 bushel, and turnips, 25 to 35 hamper. Rabbits in more liberal receipt the past week and with the demand limited H owing to warm weather prevailing the market is easy. Values show a sharp decline, 3.25 to 3.00 a dozen for choice nearby and 1.25 to 1.75 for fair to good. Live Stock Prices. The live cattle market holds generally steady under light receipts, both on wharves and th> stockyards, but de- mand centered on first quality stock. All undergrades moving slow at inside %‘ce" otations today at Light Street. 'harf—Beef cattle, first quality, 10a11. j Common to medium, 8a9. Bulls as to Quality, 7a9. Cows, cholce to fancy, 5a 7. Common to fair, 485. Oxen as to Tumy, 7a8. Calves, veal, choice, 16a 61, Large, fat, 14'¢ai5l. Large Tough, 13%5a14,. Thin, 8'4a10. Rough and commo Sheep, choice, 2a5. Old bucks, 3a¢. Spring lambs, fancy, 12a13%. ' Cholce, 10%4allls. ' Hogs, straight, 9a9'>. Sows, 8a0. Live pigs, | 10a15. Shoats, 10a12. UTILITY EARNINGS UP. Gross earnings of public utility enter- Pprises in October, exclusive of telephone and telegraph companies, as reported to Department of the Commerce by 95 firms or l{luml operating gas, electric light, heat, power, traction and water Services and comprising practically all important groups in the United States, were $197,500,000, against $185,000,000 in September and $190,795,000 in Octo- ber, 1928. Net earnings for 10 months ended October were $814,500,000, ugainst $696.338,000 in like _renod last year and $626,035,000 in 1927, UTILITY FIRM'S GROSS. West Virginia Water Service Co. subsidia; f Federal Water Ser Corporat! reports gross revenues of L nr;ll for the year ended October 31, 19! s nom’plred m:h t'gt.lu"éor the preceding 12 months. Operating ex- penses. :uinwnlnct and taxes, other than Federal income tax, totaled $429,- $428,156. Gross income 73, which campares with $346,008 for the year ended Octo- ber 31, 1928. | ported most of the week, box stock of the season. | in which to run. 3 ' "It is different with ducks and |shg, added. fects have been clearly demonstrated this week.” Dealers in all commodities are look- ing ahead with much interest to the Christmas holiday trade. They are un- able to suggest just what volume of business to expect, but all are ce business will be as good as it usually is on occasions of the Christmas holi- day season. Vegetable Receipts. Increased eelrh of vegetables the past two 8 followed the freezing weather earlier in the week, the weather ,;mng warm enough to get most of the ost out of the ground and enable growers to gather crops. “Freezing weather and slippery streets invariably hurt business,” was remarked by a dealer, “but not to the extent of years ago, when nearby growers were depended upon for supplies of vegeta- bles and fruits. “During the time before shipments of early vegetables were received from Cuba and Mexico, and later on from the South,” the merchant added, “a se: vere freeze meant & resort almost wholly to canned goods, but now con- ditions are different. “No matter how severe the weather or of what duration,” he concluded, “there is never a time when fresh vegetables are not to be had, and usually at prices which are not prohibitive.” Earliest fruits usually eome from South Africa and Argentina, according to reports of merchants, but prices are high. Then California and Florida gowlen follow receipts from Cuba and exico. Strawberries, early erop of the Florida iruit, appeared in the local market the past week, being of exceptionally fine quality for the first picking, according to dealers, but sales were slow. Whole- salers sold them around $1.75 a qu making it necessary for retailers to get $2 for them. There was no scarcity of foodstuff: reported for the week-end trade, d ers in most commodities having plies to carry over for the opening of business the coming week. Prices were about the same as pri terday morning, jobbers’ prices bein slightly higher, as follows Butter—One-pound prints, 44,845%; tub, 43%a44%%; store-packed, 30832, Eggs—Hennery, fresh aselected, 57a88; current receipts, 52a53. Poultry, alive—Turkeys, young hens, 32a33; old toms, 27a28; Spring chick- ens, large, 26a27; medium, 25a26; broil. ers, 30, Leghorns, 22a23; fowls, 25a2 roosters, 20; ducks, 15a20. Dressed— 28a30; ducks, pons, 40a45; keats, 0. Meats—Beef, 20a22; veal, lamb, 2¢a27; pork loins, 22a25; fresh shoulders, 18a20; bacon, 25a26; lard, in bulk, 1: in_packages, 12. g Livestock—Calves, 15; lamb, 123813, Strawberries, the show fruit of the week, claimed much attention, dealers stated, but were not much in demand at_the prices %neud. t has been “The late berries came from the ern shore of Maryland and yere of ex: ceptionally good quality. “Seems as if berries will be in the market during the entire year hefore long,” the dealer added, Florida oranges are being received in liberal quantities, while grapefrult is not so plentiful, Some tree-ripened frult of both varieties were received during the weck, their quality being re- ported better than other it. Oranges, as to size and quality, sold from $375 to $4.50 a box, grapefruit being similarly priced. Pears, box stock from the West, sold around $4.50, while bushel baskets from the East sold at prices determined by the size and quality of the fruit. Tan- gerines, Florida, half boxes, were of- fered from $2.25 to $3. Other Shipments. Moderate receipts of apples were re- from Oregon and Washington, and bas- ket stock from other sections, some of the latter slightly frosted, selling as low as $1. Other fruits offered the trade during the week included ba- ;| issues du: MELVIN A. TRAYLOR, Former leader in the American Bankérs' Associatien, ju The big and in come. The American stock market break helped Europe by releasing money attracted to this country by high in- terest rates. It is now loosening up Eurepean markets, INVESTMENT PEAK FOR PRESENT SEEN Ability of Market to Absorb|t New lIssues Shown During Week. BY BYRON SELLER. Special Dispateh to The Star. NEW YORK, D:cember 7.—While bond prices this week were strong, they did not make any wide advance into new high ground, and its is generally conceded that the investment market has reached a temporary peak to its re- vival 50 far as prices are concerned. The new important factors are its greatly increased ability to absorb new issues, particularly munici) and_the new high range of Unludp;lt'n!u Gov- ernment obligations reached as a sequel to the announcement that the Treasu: would sell $325,000,000 of n\ne-mng u:lléflclm of indebtedness at 3’4 per cel Municipal Offerings. This last development has given a strong impetus to new munu:*al offer- ings, and the price at which New York City will market $65,000,000 of 4l5s next Wednesday is consequently ex- pected to be a one, The announcement of such a rate stimulated the purchase of all Treasury issues and generated a demand for Fed- eral farm loans and municipals. Not since 1927 has the Government been able to borrow at such a low rate. 1t comes at & time, since there is at present a strong demand for short- term notes and municipals. Over $100,- a1 000,000 of short-term ecertifica are wanted, with 3 to 6 month maturities the most rg?pullr. The auction of sucl g the past week has brought out some strongly competitive bids. Another factor consequent on the de- mand for short<erm notes is the pres- ent increase in new rallway-equipment bonds. These have been sparsely issued for the past two or three years, and the total for 1929, up to the end of No- vember, of around $180,000,000, was al- most three times the total brought out in 1928. Since nearly all the railroads have construction or expansion pro- El‘m. in consideration, many new such ues are expected in the next two or three months now that the market is so favorable. There are about 50,000 freight ears on arder for delivery during the first three months of 1930, and in addition to American railroad plans al- ready announced, the Canadian Pacific has on hand plans for the electrifica- tion of some hundreds of miles of road, which also ought to result in a substan» tial equipment issue. ‘That the conditions are right for this style of bond is evidence in the ce secured by the last New York ntral equipment trust. Issued at 4! per cent, these maturities compa with previous issues only last month at 6 to 5.15 per cent. Recent Issues. ‘The testimony is clear that the mar- ket has had & rally since the end of the panic effects and for the time being had discounted the drop in money rates, the exception being where a cor- poration is in need of some certain kind of short-term financing, The uvong! for 40 domestic bonds is still about three points below the hlfh of the year, but foreign dollar credits are close to their best 1929 level. nanas, pineapples, grapes, lemons and persimmons. Lima beans, product of Cuba, ugl; peared in the local market early e week, receipts increasing later on, and dealers quoted them around $6.50 jand $7 a basket. “And the beans were of as good quality as any ever offered here,” com- mented & dealer. “They were gathered at the right time;” he added, “growers not holding ;Ihum for size before shipping them ere.” amnr beans were recelved in large quantities and offered around $2 and $3 a bushel basket, some not in the best condition selling sligh Broceoll, kale an ported more plentiful since the appear- ance of warmer weather, and prices were a trifle cheaper. Peppers, not so lentiful, continued high, dealers quot- ng them at $8.50 and crate. Light supplies of cucumbers, squash, eggplant, tomatoes, cauliflower, carrots and beets were mentioned in late week Government reports, while potatoes, cabbage, onions, lettuce and celery were reported in moderate receipts, Warmer weather late in the week came to the rescue of the fish and oyster trade, increasing receipts of | D! both. Fish, not so plentiful early in the week, were higher, while oyster prices remained at prices quoted most A continued firm condition of the butter and egg market was reported. Fresh eggs continue fairly scarce, the demand for them not being so great, according to reports, consumers de- pending largely upon first quality stor- age s from the West. Much _interest is being displayed in the probable condition of the Christ- mas turkey market. Dealers still are without definite information as to the prices which probably will prevall, but Government agents are reported to have expressed the opinion that prices probabiy will be about the same as pricos during the Thanksgiving market. Turkey Purchases. | It is stated that numerous purchases | of live turkeys by consumers have al- | ready been made for the Christmas dinner, many persons laboring under the belief that the turkeys can be fat- tened in their back yards. “This is a mistake,” commented a Government inspector. “Turkeys lose weight unless they have plenty space eese,” he rs a0 many Jersons_boi ducks During the week there was a total of close to $175,000,000 new bond offerings. of which $86,000,000 consisted of mus 1 loans. The biggest of these in- led: Detroit, $28,266,000; Philadel- is, $12,976,000; Province of Ontario, and British Columbia, $6.- Of the others the New York Central equipments totaled $5,895,000 and a Chicago & Nerthwestern con- vertible issue the balance. The last- named rail deseription was half sub- seribed to by steckholders before it was offered to the %ublln at par. Its first appearance on the bond market was the s&nll for heavy trading and two single sales were for $1,000,000 and $839,000. respectively. rning to the foreign department, many new high prices were registered during the week, but there were also some declines. Generally, foreign loans reaponded to a considerable volume of foreign buying, especially from France and England, where the higher yields on the American market are the in- centive. This buying was tempered by local profit-taking. It is noteworthy in this respect to paint out that just now a great many more foreign bonds are being called are being issued. Such a_condition not occurred since the New York market first broadened its activities in such credits 10 years ago. Further Activity Seen. Brazilian bonds were strong all week, presumably in response to financing re« cently secured and to the fact that coffee prices have improved somewhat. Spain is arranging a loan of $50,000,000 to cover credits secured in New York and London last year. German loans have been much in d, as obstacles in the path of the eventual eosummation of the Young plan have been eleared away. There is also a strong demand from German }trll l’o‘r Ig ol Ill!lnn: ":ld some Swed- sh ane orwegian funds have been brought into the local bond market in ssarch of German investments. Generally speaking, traders predict a two or three year period of bond ac- tivity, although for some time to com~ they think that the high yields current on ths stock market will offer strong competition. | (Capyrisht, 1920.) . DIVIDEND DECLARED. CHICAGO, December 7 (Special).— | The Celotex Co. has declared the regu- lar quarterly dividend of 75 cents a re on the common stock and $175 8 share on the preferred stock, payable 40ad1; firsts, 36 December 31 to stockholders of record December 14. . Problem. BY JOHN F. SINCLAIR Special Dispatch to The Star. NEW YORK, December 7.—Business solves one problem only to find an- other one walting Trade recession; eredit too soft, or too hard; unem- | ployment; growing taxes—all import- | It's hard to say what is the biggest busincss problem in the world today. 8ir Jorhua C. Stamp, English busi- ness leader, sald recently that “the roblem of the price level s the most Bn rtant single problem of the age. Solve the problem of the price level and all other problems of business and finance become small.” Ow:n D. Young agrees that the ‘stability of money” goes to the very basis of life. “When any sudden change affects the purchnln& power of money, it touches every kind of moral question and every kind of obli- gation” says he, The Stable Money Association, or- ganized a few years ago to get people to think about stable money, has been expanding and doveloping. No organi- zation in the world has affected mor2 of the world's business, financial and labor leaders. “How could I do business if the yard- stick I use for bullding cars was 30 inches in length one year, 25 in- ches in lenfl:h the next year, and 40 inch length the = following year? The thing is unthinkable, Yet is what business is trying to do with a ‘fluctuating’ dollar. Some years the dollar, considered the basic measure ;‘I:.l:lllllle, is wefl.{:hw :2: in purcl g power; other 100 cents. Stabilize the purchasing power of the dollar and one of busi- ness's big problems will have been done away with.” With these words Henry Ford summed up his vlz\lnlm while discuss- ing the money gquestion. ,\nd who is there to challenge the wisdom of the statement! Cigarette Smokers Increase. Clgarettes take the front page this week with the notice that one luc firm flmu the yrkloo from 15 cen! to_12 cents a package. Not only are the number of cigarette smokers _increasing rapidly, but the number of cigarettes per capita are lkewise incre at a rapid rate. “That yellowish stain that on the fingers of so many smokers is not nicotine, as many have sup) , but coal tar." said J. D. Berger, large atock holder in the Reiss-Premier Pipe Co. of New York. “Dees that surprise you? Every one knows that the base of all colors is oils and coal tar products. The tobacco leaf is green. It dies and turns brown. But the basic color re- mains. The coal tar is there. So when one smokes the coal tar produets are released.” A well known tobacco company has placed on the market a cigarette holder which it elaims will remove 80 per cent of the coal tar. In the last 60 nz: . million of these cigarette holders have been sold. Government Salari Once, when I was talking 1 Sec- retary Mellon about eeonou.. .n the administration of the Govcrnmn.nt, the matter of the salaries paid Government employes came into the discussicn. “My hardest jo in Washington is to keep around me a group of men able to handle the Government finances at the ries which the 'Government pays. M: of these men, since I have taken charge, have been offered positions at four ten times the salaries paid by the Government. That's why it is a very difficult matter to keep good men in the service very long,” commented the Secretary. So the Treasury is losing another good man in the resignation of J. ¥. Ebersole, head of the section of finan~ clal and economic research of the ‘Treasury Department, the first of the year. Mr. Ebcrsole bei:n his_career after aduating from Chicego University by ding a Summer wl i the First Na- tional Bank of Chi g, He was a member of the facui. ~ . the University of Minnesota for wal years and served, even then, as officer for three years of a State bai, in Minneapolis. Next, he was assoclatey with the o eral Reserve Bank of Minneapolis as assistant Federal Reserve agent. There he spent the next seven years, until h was called to the Treasury Depnrtmm! in Washington to head the department of research. Upon January 1 he leaves the Treas- ury to become professor of finanee at Harvard University, “Washington 1s an ideal placc to lve. The Treasury Department is an ideal place to work. The fiscal problems of the Federal Government at this time are of a nature to appeal to any student of finance. But Harvard University has made me an offer that I have :nund difficult, even impossible, to re- use." Prof, Ebersole is one of the best known of the younger economists in the United States. Drought on Coast. ‘The West Coast—Washington and California particularly—have suffered this Fall and early Winter from severe drought. For November, Seattle had only about one-fourth as much rain as the average November shows. The entire State of Washington has had less rain during the last three months than it has had fer a cor- responding period during the last 40 years, As a result, both in Seattle and Tacoma, electric power curtailment has come into effect. The Se lighting has been reduces fourth, and industries have been urged to curtail the use of eleetrical energy. San Francisco reports that this last Autumn will go down in history as the driest Autumn in the entire history of its Weather Bureau, which dates from 1840. And this, in a measure, is also true of the entire State of California. ‘The champlons of reforestration, in such a time, should have plenty to say. The movement should have a big im- petus, as a result, (Copyright, 1929, by North Ameriean News- paper Alliance.) : Morris Plan Reports Gain, Savings in Morris Plan banks and the |volum¢ of investment certificates held by the public in Morris Plan hanks and companies throughout the United States totaled $93,300,000 on October 30, an increase of more than $5,000,000 since the first of the year, and a record for Morris Plan oper , it was an- nounced yesterday by Arthuc J. Morris, founder of this system of banking and oresident of the Industrial Finance Cor- poration, | CHRISTMAS BONUS. ! NEW YORK, December 7 (Special) — imerican Founders Corporation and ubsidiary investment companies have declared a Christmas bonus of 5 cent‘ul u: lh:ll tm}fl each officer or employe du ended Nm?amb'r Ig. ol icas CHICAGO DAIRY MARKET. SEI0A0, Decal | P extras, 42; '&“F;;“i «l)l: o em: }2a38l5; seconds, 34}5a 35. Eggs steady; uoo‘ b 1 cases; prices unchanged. s