Evening Star Newspaper, January 2, 1930, Page 10

LOAN AND BULDNG ASSOCIATIONS AN Prosperous Year Indicated in Survey—Gradual Growth Shown in Council Report. Secretary William S. Quinter of the Bullding Association Council of the Dis- trict of Columbia has received a re. view of the year 1929, prepared by Sec retary H. F. Cellarius of the United States Building and Loan League. The | Teport is based on facts obtained from all corners of the United States and shows a year of progress. The official says. in part: The building and loan associations of the United States have for a num- ber of years past been showing a most remarkable and consistent increase in assets. At the close of 1928 their in- vestments, largely mortgages on home: amounted to a little over $8,000,000,00¢ one-half of ich was accumulated dur- ing the preceding five years. large rate of increase will not, be fully maintained for 1929 on account of unusual conditions which developed during the last half of the year. “The prevailing abnormaily high in- terest rates and the credit stringency prior to the stock market collapse, as well as the speculative fever which ap- peared to have seized a large portion of our population, and which caused heavy withdrawals of funds from buil ing ‘and loan associations, restricted their operations to a considerable ex- tent. Receipts were not up to normal and the associations had fewer funds available for loans on mortgage secur- ity to finance Rome construction or home purchasing projects than they have had for a number of years past. Notwithstanding these unfavorable fac- tors, however, 'the building and loan associations will end the year by show- ing a fair-sized increase in their total resources. Enormous Sums Invested. “Advance reports received from the various States, giving carefully prepared estimates of the total assets of these associations on December 31, 1929, in- dicate that there are $8,606,000,000 in- vested in these associations in the United States, which is an increase for the year of $490,000,000, or about 6 per cent. The estimated membership is 12,000,000 members, which is just a slight increase over the number reported for 1928. “The crash in the stock market, with its trail of losses in its wake, is not «without some compensating features, which will have a salutary effect upon building and loan associations in the coming year. It will forcefully bring home to their members and patrons, Who were tempted to dabble in the mar- ket, that safety of their principal, with & fair return of interest or dividends, is more important and more profitable in the long run than a speculative venture in stocks, however alluring, and they will return to the safe and sane method of again saving their surplus earnings in building and loan associations or other well established financial institutions. “During the year 1929 it is estimated that the building associations of the United States made mortgage loans to the amount of $1,850,000,000, which en- abled over 500,000 of their members to enjoy the blessings of home c~nership. In 1928 the sum so inves! by them amounted to $2,000,000,000.” The consistent growth of these asso- clations during the past 20 years is well shown by the following comparative figures, by five-year periods: No.of _ ‘Total Total Assns. Mem'ship. et s Zoleest Assets. 38! 719 RAILWAY EXPRESS A_GEN CY. NEW YORK, January 2 (#).—The Railway Express Agency reports that its October rail transportation revenue amounted to $14,335,038 after taxes and other charges, and available for pay- ments to the participating railroads and other carriers for express privilege: Corporation News NEW YORK, January 2.—The follow- ing is today’s summary of important corporation news prepared by Standard Statistics Co., Inc., New York, for the Associated Press: News Trend. Latest revenue freight car loadings continued the trend of the past several weeks. Total loadings for the week of December 21 amounted to 842,483 cars, a decline of 80,757 cars from the pre- ceding week and 58,137 cars under the same week last year. Coal and coke, for the fourth consecutive week, showed an increase over the corresponding week last year. The recent severe weather is believed to account for this stepping up of coal and coke loadings. Steel produc- tion in the past week declined to 40 or 50 per cent of capacity, as compared with 85 per cent a year ago. Improve- ment is expected for the current week, with production at 55 to 60 per cent of capacity. Undiminished demands of the railroads, structural steel industry and farm implements manufacturers has given much encouragement to the pro- ducers. Unfavorable corporation news was the appointment. of equity receivers for the Submarine Boat Corporation. - The Companies. Cessna Aircraft stockholders file re- ceivership suit. Clorox Chemical declares stock divi- dend of 2 per cent on A and B shares, payable A stock. Colorado & Southern (System) No- vember net off 12.6 per cent; 11 months, down 8 per cent. De an\'(;land Aircraft earned 59 cents in 12 months to September 30, against 24 cents a year ago. H. H. Pranklin Manufacturing Decem- ber shipments 1460, against 1,041 a year ago; 12 months shipments 14,500, against 7,769 in 1928. Grand Union acquires Glenwood grocery chain of 36 stores and 11 meat markets; 1929 sales of new acquisition totaled $1,444.800. Havana Electric Rallway receipts January 1-December 22 6 per cent over year ago. Joh‘n‘ Morell & Co. earned $8.58 in 13 months to November 3, against $6.22 in 12 months to September 30, 1928. . National Air Transport planes flew 2,646,966 miles in 1929, an increase of 400,000 miles over last year. Malil car- riers, 2,027,959 pounds; express, 75607 pounds. Total exceeds 1928 by 900,000 unds. poPlthe Exchange deficit 40 weeks to October 5 $410,081, against deficit of $2,454,357 a year ago; before applying special reserve for absorption of excess costs over normal costs. Pittsburgh Forgings revised earnings $2.38 in 12 months to October 31, against. $1.98 & year ago. Public Service Corporation of New Jersey plans expenditure of $47,000,000 on extensions and improvements in 1930. Reynolds Spring earned 36 cents in nine months to September 30, against 7 cents a year ago. Simmons Co. president e: ts 1929 43 per sales to exceed last year's cegfx'bmlrlne Boat—equity receivers ap- onth L 135,903 five months $179.835, inst in same 1928 period; a‘tgr adjustment of bond interest. BALTIMORE EXCHANGE HAS PROSPEROUS YEAR Special Dispatch to The Star. BALTIMORE, January 2.—The Bal- timore Stock Exchange last year en- joyed one of the most active years in the institution’s history, official figures indicate. At the close of trading Tuesday the total of stock transactions on the ex- change had amounted to 1,304,688 shares, which is a gain of 198,089 shares over 1928, when the total transfers amounted to 1,108,599. The peak of trading was reached on the exchange in t‘:‘"& 1928, when 189,758 shares changed ands. While the stock transactions during 1929 ran far ahead of the previous year, bond transactions ed. At the close of business the par value of bonds which changed hands during the year amounted to $7,951,200, against $9,445,- 800 for 1928, 194, Choice is left to you —in our Semi-annual Clearance Sale of Suits, Overcoats, Top Coats The entire stock is included, with the exception only of Full Cutaways. Dress and It's unquestionably the finest cloth- ing in America and England—and fea- tures the prevailing terpreted. Fashion Park Mode fashions expertly in- Charter House Richard Austin No Charge for Alterations Suits $38 and $40 Suits. $45 and $50 Suits 9.15 $55 and $60 Suits. $65 and $70 Suits $75 and $80 Suits. Overcoats 85775, .$6575 $35 and $40 Overcoats. .529.75 $45 and $50 Overcoats. .$3075 $55, $60, $65 Overcoats, $4975 $75 and $80 Overcoats. . 36575 $85, $100 Overcoats. . . .37 9.15 $150, $165 Overcoats. .$]11975 Top Coats $35 and $40 Top Coats. .$2975 $45 and $50 Top Coats. .$39.75 $55, $60,$65 Top Coats, $4975 $75 and $85 Top Coats. . $§575 $90 and $100 Top Coats.$7575 The Mode—F at Eleventh enifs ot~ THE EVENING STAR, WASHINGTON, D. C., THURSDAY, JANUARY 2. 1930, BUTTER AND EGGS AT CHEAPER PRICES Marine Products Also More Reasonable at D. C. Mar- ket—Receipts Large. An easing of the butter and egg market, cheaper prices of se varieties of fruits and vegetables and appearance of shad and herring at both wholesale and retail dealers in marine products were the high spots in the local market this morning. Shad and herring, received from Florida shippers, presented the appear- ance of having just been taken from the water, “And prices are right,” observed a dealer this morning, “roe shad selling at 60 cents and bucks at 40 cents a pound. Herring are 15 cents a pound.” Other Fish Prices. Dealers also had supplies of jumping mullets, product of North Carolina waters; Spanish mackerel from Froidra and fresh croakers from the South. Mullets and Spanish mackerel were quoted at 25 cents, the croakers selling at 15 cents a pound. Potomac River netters supplied carp at 20 cents, yellow perch at 15 cents and pike at 45 cents a pound. Frozen fish from the North and crabmeat from the South met a fairly good demand. Oysters continued in good demand. Strawberry receipts this morning were heavy enough to suggest that the fruit came from nearby. The berries were exceptionally large and in splendid *Be Moderate! . . . Don’t jeopardize the modern form by drastic diets, “anti-fat” remedies condemned by the Medical nostrums. Be Sensible! Be Moderate! We do not re; the reduction of flesh. ! 1 | prices slightly higher: condition, dealers offering them at 30 and 40 cents. Hothouse rhubarb, received from "mwen in Canada, was offered at $3 or 15 id boxes, and dealers con- tinued to have attractive displays of fruits of numerous varieties. Lima beans were scarce and high, selling around $7 a basket, while peas, much more plentiful, were offered at $4.25, enabling retailers to offer them as low as 2 pounds for a quarter. String beans, not so plentiful, sold at $3. There were plentiful supplies of most other vegetables to claim the attention of retailers. Greens, some from nearby and some shipped in, continued plenti- {ul, and dealers reported plentiful sup- plies of other vegetables, prices con- tinuing at prices reported the past few days. Today’s wWholesale prices—jobbers' Butter—One-pound prints, 4015241 tub, 391524015 ; store-packed, 30a32. Eggs—Hennery, 53a54; fresh selected, 51a52: current receipts, 48a50. Poultry, alive—Turkeys. young, 32a35; old toms, 27a28; Spring chicknes, large, 28a30; medium, 28a30; broilers, 30a32; fowls. 27a28; Leghorns, 20a23; roosters, 20; ducks, 15a18. Dresseds—Turkeys, young, 40a42; old, 35a36; Spring chick- ens, large, 34a35; medium, 34a35: broil- ers, 38a40; fowls. 33a34; Leghorns, 26a 27; ducks, 28a30; roosters, 23a25; capons, 35a40; keats, 50a60. Meats—Beef, 20a22; veal, 26a28; lamb, 26a28: pork loins, 24a26; fresh hams, 25; fresh shoulders, 22; bacon, 25a26; smoked hams, 25; smoked shoul- ders, 20; lard, in bulk, 12%¢; in pack- ages, 1315, : Live stock—Calves, 15; lambs, 13a14. Fruit and Vegetable Review. ‘The dally market report on fruits and vegetables (compiled by the Market News Service Bureau of Agricultural Economics), says: Sales to jobbers ex- cept where otherwise noted. Apples—Supplies moderate; demand light, market dull; weaker tendency; barrels, no sales reported; boxes, few sales; Washington, medium to large size extra fancy Deliclous, 3.75; extra fancy Spitzenburgs, 3.50a3.75; extra fancy Stayman’s and Romes mostly around 3.00; bushel baskets, Virginia, U. S. No. 1, 2% inches up, Staymans, 2.50; Yorks, 1.75a2.00; U. 8. No. 1, 2% inches up, Yorks, 1.50; Grimes, 1.75a2.00; U. S. No. 1, 2% inches up, fine quality and condition, 2.75a3.00. Cabbage—Supplies moderate; demand light, market steady; New York, 100 pound sacks, Danish type, 2.15a2.25; South Carolina, 1!3-bushel hampers, flat type, 1.80a2.00. Celery — Supplies moderate; demand light, market stehdy; California, crates, individually washed and precooled, 6.00 a6.25; 13 crates, individually washed and precooled, 0a3.75; crates in the | rough, 5.00a5.5 Lettuce—Supplies light; demand light, market steady; Arizona, crates, Iceberg type, 4-5 dozen, mostly around 5.00; Florida, 14-bushel hampers, Big Bos- ton type, fancy, 2.75a3.00; choice, 2.00. Onions—Supplies moderate; demand light, market firm; Ohio and New York, 100-pound sacks, Yellows, U. S. No. 1, medium to large size, 2.15a2.25; mostly 2.25; Valencias, demand light, market slightly weaker; Colorado, 50-pound sacks, Valencia type, large size, 1.60a 1.75; very large size, 2.00. Potatoes—Supplies moderate: demand light, market firm; Maine, 150-pound sacks, Green Mountains, U. 8. No. 1, mostly 4.75; Pennsylvania, 150-pound sacks, Round Whites, U. 8. No. 1, mostly 4.50. String beans—Supplies moderate; de- mand light, market firm; Florida, bushel hampers, green, stringless, mostly 3.00; ordinary quality and condition low as 2.00; J4-bushel hampers, Wax, asking | 2.00; no sales reported. Squash—Supplies very light; demand light, market steady; Florida, bushel | hampers, 2.25a2.50; pepper crates, 3.50 a3.75. Eggplant—Supplies light; demand light, market steady; Cuba, pepper| crates, 4.50a5.00. ‘Tomatoes—Supplie: light, market stea Washington Ticker BY CLINTON COFFIN, Associated Press Financial Writer. Today’s estimate of the American Railway Association as to the total vol- ume of railroad freight traffic antici- pated for the first quarter of 1930 un- questionably presents the most depend- | able and extensive forecast of business | conditions for the immediate future that can be given the business world. The railroad traffic estimating mecha- nism somewhat surprisingly concludes that the first three months of the new baskets, hot house, medium size, small size, ed, Ipes, wrapped fancy and choice count, 3.00 a3.50; 6s, ripes, wrapped fancy, count, 6.00; choice count, 5.00. Spinach—Supplies moderate; demand light, market firm; Texas, bushel bas- kets, Savoy tyge. good quality and con- dl‘tlon, 1.60; holdovers, fair condition, 1.40. Caulifiower—Supplies moderate; de- mand light, market steady: California, pony crates, 2.00a2.25; mostly 2.15. Peas—Supplies _moderate; demand | light, market dull; Mexico, 45-pound crates, 4.00a4.50. Carrots—Supplies light; demand light, market steady; Texas, Western lettuce crates, bunched, long, 3.00a3.25. Beets—Supplies light; demand light, market steady; Texas, Western lettuce crates, bunched, 3.00a3.25, Strawberries—Supplies moderate; de- mand slow, market weaker; Florida, pony refrigerators and 32-quart crates, Missionarys, 30a40 per quart. Oranges—Supplies moderate; demand light, market firm: Florida, boxes, No. 1, medium size, 4.2584.50; few higher; No. 2, medium size, 3.75a4.25; | 1arge size, 3.2523.50, Grapefruit—Supplies light; demand light, market steady: Florida, boxes, demand | No. 1, medium size, 4.00a4. few fine d | quality, ; large size, 3. 00. 2.50; ripes light; : Ohio, “’Coming events cast their shadows before” profession! Millions of dollars each year are year will furnish a traffic volume within six-tenths of 1 cent as great as last year. When it is remembered that 19290 set a new high record for railroad earnings and railroad business alike it Will be seen that the rail outlook for 1930 is shaping up to disclose more than mederate prosperity. As to the dependence that can be Pplaced upon the forecast, it can be said that six or seven years of experience has demonstrated “that the shippers and the rail officials who co-operate in preparing it are amazingly successful in laying out advance figures which con- form regularly with later experience. They have seidom been as much as 1 per cent away from the actual reali- zation in their prediction. Breaking up the estimates by indi tries, the association fixes the exPec- tancy for automobile industry activity during the next 90 days at 13.5 per cent less than that of 1929, but it antici- pates that agricultural implement ship- ments will increase 7.3 per cent over the same period last year. Iron and steel shipments are expected to be 4.6 per cent below those of last year for t! period, but coal and coke shipmen! should be up 2.8 per cent. Lumber, it is predicted, will furnish 6.3 per cent less traffic, but petroleum and petroleum products_should furnish 3.7 per cent more. So the changes balance off through the whole freight traffic clas- sification, with the result that railroad operators who moved 17,708,404 cars of freight in the first three months last year are advised to be in readiness to move 7,664,499 cars in the same period this year, . “The astonishingly small business de- cline, estimated as compared with last year, seems to cenfer in the automobile industry,” remarked H. G. Taylor, who represents the assoclation in board matters. “Shippers expect to load 38,- 000 cars less with auto products this year than they did last. it has some corollary effects on steel, notably on Ohio Valley plants which feed auto ghnu more than do those of the Pitts- urgh and Chicago steel areas. “Regionally, the Atlantic States, the H i §§Ei§.§a £ - 4 Barnes, who is serving as chairman of the National Business - vey Conference set up by President Hoover last Fall, made a flying m'z'w Washington this week and tentatively arranged to assemble the executive committee of that organization about January 8. There are 20 of the coun- try’s most notable business and financial leaders enumerated on the conference executive list, and the session contem- lated will be the first at which they ave been brought together since the formation of the business stabilization group. It is promised that Chairman Barnes will have a good deal of data to lay be- fore the committee on business since the setting up of the conference early in December. The most interest- ing and important branch of this deals with the employment situation in the country, about which all authorities, both governmental and industrial, feel there is now too little information. il e CHICAGO DAIRY MARKET. CHICAGO, January 2 (#).—Butter weak; receipts, 11,644 tubs; creamery, extras, 36; standards, 36; extra firsts, g:ml!%; firsts, 31a33%; seconds, Eggs steady: receipts, 7,627 cases; extra firsts, 4215a43; graded firsts, 424843; ordinary firsts, 38a41; refrig- erator extras, 39; refrigerator firsts, 38. TIN PRICES REDUCED. NEW YORK, January 2 (#).—The American Sheet & Tin Plate Co. has reduced the price of tin plate from $5.35 & base box, Pittsburgh, to $5. AVOID THAT FUTURE SHADOW”* By refraining from over- indulgence, if you would maintain the modern figure of fashion Why let over-indulgence ruin the flatter- ing curves that make the modern figure so seductive? Be moderate—be moderate in all things, even in smoking. Eat health- fully but not immoderately — when your eyes are bigger than your stomach, light a Lucky instead. Coming events cast their shadows befdre. Avoid that future shadow by avoiding over-indulgence if you would maintain the irresistible youthfulness of the modern figure. Lucky Strike, the finest Cigarette you ever smoked—made of the finest tobacco—The Cream of the Crop—"IT’S TOASTED.” Everyone knows that heat purifies and so “TOASTING” not only removes impurities butaddsto the flavor and improvesthe taste. “It’s toasted” harmful reducing girdles, fake reducing tablets or other quack wasted on these ridiculous and dangerous present that smoking Lucky Strike Cigarettes will bring modern figures or cause ‘We do declare that when tempted to do yourself too well, if you will “Reach for a p I.ucky" instead, you will thus avoid over-indulgence in things that cause excess weight and, by avoiding over-indulgence, maintain a2 modern, graceful form. TUNE IN—The Lucky Strike Dance Orchestra, every Saturday night, over a coast-to-coast network of the N. B.C. © 1930, The American Tpbacco Co., Mirs.