Evening Star Newspaper, December 18, 1929, Page 12

12 DEALERSIN GRA - FACING QUANDARY farm Board Policy Draws Objection .From Ranks of Brokers. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, December 18.—The grain trade is in a quandary. The grain business has been handled for more than 50 years by grain dealers. The Farm Board, anxious to build up co- operative institutions, has agreed to Joan co-operatives such money at low rates of interest as is necessary to carry their grain until sold. The grain traders, seeing the hand- writing on_the wall, have protested to Chairman Legge and the Federal Farm Board that its policy would destroy their efficiency and their business. Yesterday when Jullus H. Barnes, ehairman of the board of the United States Chamber of Commerce and one of America’s largest exporters of wheat, told the Senate lobby committee that, while he was sorry that the Farm Board's policies had to be discussed at this time “because business was willing to give the board a chance to get started,” he had objected in person to Chairman Legge to the board’s plan of lending money to wheat co-operatives at the current grain price, with the un- derstanding that the producers were to share in any subsequent increase. Mr. Barnes' statement is a clear statement of a definite point of view. ‘The position which he takes is the one held largely by the grain dealers. But the Farm Bo faced with the largest problem that any governmental board has had to deal with since the war, may have to overrule the objec- tions of many of America’s most influ- ential leaders. A reading of the Barnes' statement yesterday brings this fact out very de< eldedly. When W. W. Aldrich, lawyer and financier, brother-in-law of John D. Rockefeller, jr., was elected president of the Equitable Trust Co. yesterday to succes C. A. Austin, who died sud- denly last week, it recalled the pa which the new Equitable presiden father had in developing the idea of a central banking system for the United States. For it was Mr. Aldrich's father. the late Senator Nelson W. Aldrich of Rhode Island, who, as chairman of the finance committee of the United States Senate, made an exhaustive study of all the central banking systems of the world as a preliminary to the introduc- tion of one in the United States. The Aldrich “plan” for a central bank was not passed. It was considered by Congress too centralized, not demo- eratic enough, although it had the sup- port of many leading American bankers. After a stalemate of several years, the Tederal Reserve System was brought into being. It was more liberal in its interpretation, provided for 12 Federal Reserve banks instead of 1, and had more democratic control, or at least it ‘was suj to have. Only this week in Montreal the presi | dent of the Royal Bank of Canada, Sir Herbert Holt, made reference to Senator Nelson W. Aldrich in his conversation with the writer, when he said: “The d work of the Federal Reserve Bank of the United States was laid by Senator Aldrich and his com- mittee. The Rhode Island Senator has no* been gven enough credit for the work which he did in creating public sentiment in favor of a central king organization, without which the United States could neither have survived the Great War, nor its aftermith.” This new Equitable Trust Co. presi- dent is 44 and a graduate of Harvard, both in arts and law. He was admitted to the New York bar in 1912 and has practiced there since. He is a director of many institutions, particularly bank- ing and railroads. Among his director- ships are the Bankers’ Trust Co., West- ern Maryland Railroad, Western Pacific, Delaware and Rio Grande Railroad. The Aldrich family has been for gen- erations one of the most distinguished in the business life of Rhode Island. ‘With the dealth of Horace S. Oakley aboard a steamship this week bound for Naples, the investment banking world loses an important figure. The law firm of Wood & Oakley of Chicago passed upon the legality of as many is- sues of municipal bonds. especially those created in the Middle and Far West, as any other firm of legal experts in the country. The firm of Wood & Oakley (the senfor partner being Charles B. Wood) two years ago. after 40 years' practice, announced its re‘irement from this field in which it had occupied so large a place. Mr. Oakley, who had been spending the Winters of the last few years at his estate near Florence, Italy, was born in Prescott, Wis., 68 years ago. He spent two years at the University of Michi- an and graduated from the Law School of the National Universit of Washing- ton, D. C. ‘This expert on municipal bonds also was a famous classical scholar. He was a trustee of many civic enterprises in Chicago, and also of the American School of Classical Studies at Athens, Greece. His interest in Greece grew out o1 his residence of one year there while deputy commissioners of the American | Red Cross relief expediton. and for which services he was decorated by the Government. ‘Two basic factors enter into the pro- duction of rubber tires—crude rubber and cotton fabric. During the month of October the manufacturers in the United States produced 5918912 pneumatic casings, while the number of inner tubes was estimated at 5,309.710. Inventories, according to the recent report issued by the Rubber Manufac- turers’ Association, as of October 31, were estimated at 12.844.537 for all pneumatic casings, 13,655,866 for inner tubes and 146,586 for sol ind cushion tires. During this month of October the tire industry consumed 55,609,924 pounds of crude rubber and 18,275,557 pounds of cotton fabric. While there is considerable unem- ployment at this time at Akron and other rubber centers, the 'ts are present. The 25,000,000 automobiles now moving up and down the highways of the Uni States have to replace nd that applies to secona- hand cars as well as to new ones. tions should take place in before the close of 1930. (Copyright, 1929. by North American News- r Alliance.) Built upon a investment companies in Americen Founders group have for years main- tained substantial holdings of bonds, and at present have approximately $60,000,000 invested in such securities. This foundation of investments yielding a fixed return has given the group added stability in times of severe declines in stock prices. American Founders Corporation owns a eontrolling interest in the four subsidiary f THE EVENING STAR. POULTRY SUPPLIES INAMPLE VOLUME Raisers of Maryland and Vir- ginia Make Large Ship- ments to D. C. Uncertainty as to pro:’pecuve prices of turkeys the next few days continues to cause speculation among dealers as to just what course to pursue. It was said by local dealers that fail- ure of dealers in some of the big cities indicated to their minds the possibility of a fear that quoting the low prices, which are reported to prevail, may re- sult in raisers diverting supplies in other directions. Government reports trom Fort Worth and San Antonio, Tex.. quote prices of live turkeys delivered at dressing plants from 18 to 22 cents, old toms bringing 15, and No. 2 quality bringing as low as 10 cents. An increased demand for dressed tur- keys in Texas was mentioned in Mon- day's reports, and the market was fe- ported sharply higher. Holding back on part of raisers is said to suggest heavy express shipments, the period for freight shipments having about ended. Raisers in nearby Maryland and Vir- ginia also are reported holding back supplies, hoping better prices will.pre- vail before the beginning of next week'’s market. Moderate receipts were report- ed this morning, small truckloads com- ing from both Maryland and Virginia, but haulers held back on prices offered. Pouliry Receipts, One truckload of the king of the barnyard fowls from the vicinity of Prince Frederick, Calvert County, Md., attracted much attention in thé whole- sale district this morning. Some of the turke; weighed approximately 25 Immense' quantities of live chicki . pounds. Equitable Co-operative Bldg. Ass'n Organized 1879 JOHN JOY EDSON, President «...$5,662.549.55 Subscription for the 98th Issue of Stock Being Received 915 F St. N.W. WASHINGTON. D. and ducks were received from nearby States this morning, receipts being far in excess ot demands, according to re- ports, and many of the chickens were promptly billed to New York dealers, | ices there being much higher than | grm, it 1s stated. Poultry dealers this morning had at- tractive nupzllu of capons from Mary- land and Virginia raisers that were | offered at 35 and 40 cents. Keats, also | in plentiful supply, were not much in | demand. Christmas greens were very much in evidence on the farmers’ line, both lhlJ)ped-ln trees from New England and trees from nearby Maryland and Virginia, prices ranging from 50 cents to $10. Holly and mistletoe, very green | and well filled with berries, were plenti- | ful, the holly, as to size of bunches, seliing from 15 cents to $1. | Fairly large holly trees also were | plentiful. ey sold, as to size and | appearance. from $1 to $5. Mistletoe was offered in bunches as low as 15 cents, while the large branches sold as high as $3.50. Wreaths of running pine, holly, cedar and hemlock were offered at prices ranging from $1.25 to $3 a dozen. Fruit Prices. Heavy receipts of fruits and vege- tables were displayed in the commission house and along the farmers’ line. Fruit prices continued without much change, while vegetable prices, reported cheap, covered a wide rlnd!. Cranberries continued high, receipts not being heavy. Half barrels were quoted at $9, quarter barrels selling | at $5. California and New York celery, recelved in large quantities, was in de- mand. The California celery, whole | crates, sold around $5 and $6, while the New York stock, two-thirds crate, was offered at $3.50 and $3.75. A sharp advance in price of bananas was reported, the increase amounting to more than $200 on a carload. Straw- berries, ripe, well colored and flavored, sold around 60 cents a quart this morn. ing, pints selling at 30 cents. alers reported & continued firm condition of the butter and egg market. Increased receipts of fresh eggs are meeting an increased demand. The in- creased receipts have not yet become great enough to lower prices to any material extent. 50th YEAR COMPLETED WALTER S. PRATT, Jr., Secretary Surplus & Profits......$1,705,130.78 SAVE AS YOU EARN HE Equitable’s plan of sys- tematic savings encourages thrift in a manner that.if con- |/ sistently followed will even- tually lead to financial inde- || pendence. Start now while you have a steady income. Come in and let us explain about our systematic plan. Strong Foundation of Bonds common shares (prior to the recent split-up) outstanding during the year. The companies in the group, whose con solidated resources exceed $200,000,000, diversify their holdings as follows: (a)among many securities, (b) among securities orig- inating in many countries, (c) among bonds, preferred stocks and common stocks, {d) among the issues of many governmental York City. investment companies in the group and also has a general portfolio of investments. At the close of the fiscal year, November 30, the total value at market quotations of all securities held by American Founders Cor- poration exceeded cost by more than 20%. Earnings of the American Founders group DECORATIONS BY ROCKWELL authorities and many industries. After careful study of the principal security markets of the world, securities are selected, bought outright and held under constant supervision. a a . ' Additional information may be obtained from bankers and dealers or from Founders General Corporation, 50 Pine Street, New KENT o CUT IN WOOD BY §. J. LANKES WEDNESD.AY, Today's Wholesale Prices—Jobbers' Prices Slightly Higher. Butter—One-pound prints, 401:a41%;; tub, 3915a401%; store-packed, Eggs—] i 53a54; current receipts, 48a50. Poultry, alive—Turkeys, young hens and toms, 28: old toms, 25a26; Spring chickens, large, 23a24; medium, 22a23; broilers, 28a30; fowls, 22a24: Leghorns, 17a18; roosters, 20; ducks, 15a18. Dressed—Turkeys, young hens and toms, 34a36; old toms, 32a33; Spring chick- ens, large, 30; medium, 28a29: broilers, 35a36; Leghorns, 26a27: fowls, 27a28; ducks, 28a30; roosters, 23a25; capons, 35a40; keats, 50a60. Meats—Beef, 20a22; veal, lamb, 24a27: pork loins, 22a25: hams, 20a22; fresh shoulders. smoked hams, 25a26: smoked shoulders, 18a20; bacon, 2 ; lard, in bulk, in packages, 12. “lee stock—Calves, 15; lambs, 12!5a 24a26; fresh 18a22; Fruit and Vegetadble Review. The daily market report on fruits and vegetables, compiled by the Market News Service Bureau of Agricultural Economics, says: (Sales to jobbers except where other wise noted.) Apples—Supplies moderate; demand light, market steady: barrels, Virginia. U. 8. No. 1, 2%, inches up, Yorks, 4.50 ; boxes, Washington, extra fancy few high as 4.00; mans, medium to large size, 3.00a3.2: bushel baskets, Pennsylvania, U. 8. No. 1, 21, inches up, Yorks, 1.40a1.50: U. 8. No. 1, 2% inches up, Black Twigs, 1.75: few higher; Virginia, U. 8. No. 1 2% inches up, Yorks, fine quality, high color. 2.00a2.25; unclassified, 2% inches up, Staymans, generally good quali 1.50; unclassified, 2% inches up. Sta: mans, generally good quality, 1.75a2.00. Cabbage—Supplies moderate; demand moderate, market firm; New York, 100- pound sacks, Danish type, 2.00a2. 90-pound sacks, 1.75a1.85; South C 3; | Potatoes—Supplies moderate; demand DECEMBER 18, 1429, ——. 'nn-. mostly 2.00; fair quality, 1.75. Celery—Supplies liberal; | crates, 5.50a6.00; 1; crates, 3.75; New | | York, 23 crates, 3.50a3.75. | ~ Lettuce—Supplies moderate; demand | moderate, market about steady: | fornia and Arizona, crates, Iceberg type. '52-bushel hampers, pointed type, ‘ Peppers—Supplies light, market slightly weaker; Filorida demand " pepper crates, fancy, 6.50. 5 ed, moderate, market steady; California, | Peas—Supplies light; demand lght, -Hennery, 55a58; fresh selected, market slightly weaker: Gattornis. 4o | pound crates, mostly 7.00; few higher. ' moderate, market steady; Carrots—Supplies ‘moderate; demand | No. 1, medium size, 4.0084.50; large size, Gall | Ught, market steady: Californi 3.75a4.00; No. 2. medium 'size, 4.00a ern lettuce crates, bunched, 3.25a3.50; | 4.25; mostly 4.00; large size, light; demand | tion, 25, West- Strawberries—Supplies very light. dee mand slow, market. dull; Florida, | refrigerat tors, quarts, |1y 60; pints, fair quality and ' condie Oranges—Supplies moderate: deman 4-5 dozen, mostly around 5.00: Florida, | Texas, Western lettuce crates, bunched, | California, boxes Navels, 5.5 13;-bushel hampers, big Boston type, best, 3.0083.25; fafr quajity, 2.50. Onions—Supplies moderate; demand | sacks, yellows, U. S. No. 1, size, ‘mostly 2.00; Indiana, 100-pound sacks, yellows, U. 8. No. 1, large size, | | mostly 2.25; Colorado, 50-pound sacks. | valencia type, U. 8. No, 1, very largs | size, 2.00. | | moderate, market steady; Maine, 150- | pound sacks, Green Mountains, U. S. | | No. 1, 4.50; 120-pound sacks, U. 8. No. | {1, 3.60a3.65; New York, 150-pound | 1':84(30&(. round whites, U, 8. No. 1, 4.25a | String _beans—Supplies liberal; de- | mand light, market dull; Florida, bushel hampers, green, round and type: 2.00a2.25; fair quality, low 1.5 % -b'll.lh"] hampers, green, 1.25a1.50; few higher. | Eggplant—Supplies very light: de- | mand _light, market steady; Florida, | pepper crates, ordinary quality and con- | dition, 2.00a2.50. light: ‘Tomatoes—Supplies light, market, steady; Unknown origin, | 3s and 4s ripes, wrapped, fancy and | choice count, 2.50a3.00; Cuba, 6s, green | turning, wrapped, choice count, 6.00; | 216s, 4.00; | Spinach—Supplies moderate; demand | light, market steady: Virginia Norfolk | Section, bushel baskets, fair quality | and condition, 75a1.00; ordinary qual- | ity and condition, 35a50; Texas, bushel baskets, Savoy type, 1.50a1.60. Caulifiower—Supplies moderate; de- | mand light, market steady; California, | pony crates, mostly 2.75. | demand | Bronze Desk Lamp $27.00 Other Lamps $8.95 up THE BUSIN! 1018 15th St. N.W. $ | 2.75a3.00; New York, bushel baskets, | | cut, washed, 1.50a1.60. Beets—Supplies light; demand light, | Florid: light, market steady: Ohio, 100-pound market steady; Texas, Western lettuce | 4.00a medium | crates, bunched, 3.25a3.50; mostly 3.50. size, 3.504.00. e Desks for tl 59 Other De. boxes, No. 1 while. oln Memo- al Statue. e home & office 50 $30_up Upholstered Revolving Chair $77.50 Others from £21 up le Desk Set ith Sheaffer Pens Standing Floor Lamp — Bronze Standard........ FURNITURE AND OFFICE EQUIPM Decorators of Commercial Interiors Met. 5660 | By Way of Suggestion Giveables that will have a specially strong appeal to the men folks—because they are exclusive in effect and with the Mode’s sponsorship Neckwear $] to § Importations Margetson of from TLondon, of quality: Mufflers $195 to $]16-50 Welsh-Margetson and Amer- ican makes—featuring the very latest in wool, cashmere and silk, 6 Welsh- Paul mere. Olner et Cie of Paris—and pro- ductions of our American makers. coterie of Special lot of handmade Cravats; fine imported silk. much higher than t price Hoéier 75¢ to $5 Values are plaids Welsh - Margetson and foulards ......... Rib silk in college Specials Scotland - made $3.50 value plaid cash- §7.69 silk ’5.00 stripes and plaid Gloves Beginning at $3.50 Mark Cross gloves exclusive Handkerchiefs 25¢ to $4.50 Fancy silk and linen—includ- ing Welsh-Margaretson products. Imported linen initial handker- 6 for $2.75 Imported linen hand-embroid- ered handkorchiefs 6 for $5.50 Grapefruit — Supplies moderate; de- mand moderate, market about steady: . medium size, ; few fine quality higher; large Unusual Christmas Gift Selections EAUTIFUL, practical gifts for the home or office, for those you wish to remember with something really worth Book Ends — representing $15.00 Others from $3.50 up $17.00 Other Sets, $7 up $21.00 Other Floor Lamps, $8.95 up W.D. CAMPBELL COMPANY i 4 1506 L St. N.W. with us in Washington—featur- ing all the popular materials in the desirable shades—a glove for every occasion and every hand. for the fiscal year ended November 30 were considerably in excess of those for previous years. Consolidated gross earnings exceeded $30,000,000. American Founders Corpora- tion, after adding more than $1,000,000to the reserves protecting preferred dividends, had consolidated net cash earnings in excess of $16,500,000, equivalent to approximately 48 per share on the average number of Dress Jewelry Beginning at $4.50 Allen Solley of Scotland, and American makes—in silk and wool, lisle and silk—fancy pat- terns and plain colors—street and golf. Special lot of silk and wool Krementz shirt sets for eve- ning and informal wear—the kind that wears, Special British-made pigskin gloves Shirts Broadcloth, madras, silk—new colors in plain shades, and exclusive fancy effects—collar-at- tached, neckband and with™ separate collars to match. Pajamas Included are the regular pajamas and the new lounging suits—some from Welsh-Margetson, others made especially for us by leading domestic designers, $1.65 to $25. THE AMERICAN FOUNDERS GROUP Including AMERICAN FOUNDERS CORPORATION -_ General Management Investment Companies INTERNATIONAL SECURITIES CORPORATION OF AMERICA SECOND INTERNATIONAL SECURITIES CORPORATION UNITED STATES & BRITISH INTERNATIONAL COMPANY, LTD. AMERICAN & GENERAL SECURITIES CORPORATION Special Daffodil radium silk; with t 1k match; choice of colors. ...... : i .;;;s White English Broadcloth Shirts; -shrunk; collar attached and neckband styles. . . ’". lln.” 8 for $5.50 Special Pure silk pajam tached .......:.. , plain shades; collar at- The Mode—F at Eleventh 4 Sharing the Prosperity of Many Companies, Many Industries, Many Countries )