Evening Star Newspaper, January 12, 1930, Page 36

' FINANCIAL WASHINGTON BANK DEPOSTTS DECLINE | Savage Reports Decrease of Nearly $14,000,000 as Shown by Call. BY ECWARD C. STONE. Audley A. P. Savage, audiwr of the National Savings & Trust Co., reported | yesterday that total deposits in ‘Wash- | ington banks on December 31, 1929, the | dats of the last controller's call, were | off just $13,806,538.79 from the total! deposits on the call of October 4. | The compilation covering every bank | in the city had been expected for sev eral wecks to show a hcavy decline. the stock market break being assigned by bankers as the main reason for the, drop in deposits due to general business | recessions and withdrawal of funds at | the same time to protect New York | and other investments. Perhaps the most interesting feature in the tabulation, which appears els where in_the financial section of The ! Sunday Star, is the fact that every savings bank in Washington. with a single exception, reported a declin® in d-posits since the October call. The exception was the Prudential Bank on Florida avenue, which recently con- ducted a special campaign for new and larger accounts. As a class the national banks were down $7.947.361.95 in their deposits, compared with October 4, the savings banks had a decline of $2.897.700.98, while the aggregate slump among the trust companies amounted to $2,961,- 475.86. Of the 12 national banks in the city five showed a gain and seven reported d-=clines. Two trust companies increased deposits while five were below their October figures. Total Deposits on Recent Calls. ‘Total deposits on the December 31, 1929, call were $255783.346, ccmpared with $269,589,885 on October 4: $264,- 479,968 on the June 29 call, and $268,~ 200.277_on March 27. On December 31, banks had on deposit $264.183.127, while the October 3 call in 1928 smashed all previous records with a total in deposits of $274,232.831. On the last day of 1927 local bank de- posits amounted to $249,760,607, well under the figures at the close of 1929. | Reports from many of the Federal | Reserve districts indicate that Wash-} ington is no exception to the rule and that most other sections of the coun- try will show as large or larger pro- portionate deposit declines. Some of this money. needed for a host of year- end purposes, has already found its way | back into the banks. Hand-to-Mouth Buyers Acquitted. | If hand-to-mouth buying, headlined feature of the post-war distribution | system, has increased marketing costs, | it has more than made up by reducing capital tied up in inventories. This is the conclusion of an exhaustive anal sis of a decade of hand-to-mouth buy- ing by Dr. Everett 8. Lyon of the Brookings Institution in this city. ! Actual case studies showed another compensation. If buyers make out| fewer advance orders, they buy more uniformly throughout the year: if they | order in smaller quantity, they often buy more in the aggregate. Ingenious and frequently excessive lures have been.used to tempt customers back into the quantity-purchase fold and have generally failed. Even steel is on a hand-to-mouth basis. Con- sumer buying has been least affected. but housewives do not stock their pan- tries as they used to a decade ago. | Dr. Lyon traced hand-to-mouth buy-| ing back to 1839: the phrase itseif to, 1868. A post-Civil War wave lasted to | 1897. But present hand-to-mouth buy- ing is less risky, less costly. because of | present speed and dependability of mod- | 1928, Washington [ now on a “moving pl Committee Chairmen Named. President A. E. Henze of Washington Chapter, American Institute of Bank- ing. yesterday appointed the 1930 ban. quet officers and chairmen of subcem- mittzes for the twenty-sixth annual ‘Washington’s birthday dinner at the ‘Willard, Pebruary 22. Those in charge will be: Chairman—T. Hunton Leith, Securit; Savings & Commercial Bank. Vice chairmen—Frank M. Perley. American Security & Trust Co., and/ Miss Lois A. White, Federal-America National. | Secretary—Miss Mabel V. Royee, ‘Washington Loan & Trust Co. Treasurer—Robert E. Lee, Lincoln | National. Decoration committee—Miss S, Wini- | fred Burwell, chairman, National Met- ropolitan. Entertainment — Henry F. Kimball, chairman. Central Branch, Americen | Security & Trust Co. Menu—James A. Soper, Lincoln National. chairman, | | as served as chairman of | Mr. Leith h: the dinner committee four or five times| J. R, and is nothing less than a banquet ex- | pert. He is surrounded by members who also have done a great deal of institute | work most successfully. The new com- mittee heads had a luncheon at the) Raleigh yesterday and started the plans | for a very elaborate event. Two Local Market Features. There were two features on the Washington Stock Exchange yesterday On another small turnover Capital Traction stock sold up to 8215, a gain of a full point over the close Priday and an advance of 7! points from its tecent price of 75, the figure at which & number of smali lots changed hands. The annual report came out during the week the Supreme Court granted the Baltimore street railroad a 10-cent fare The other leading incident in yester- May's market was the sale of 20 shares M Washington Gas Light stock at 96'5. This was the first time the local gas| ttock has sold under 100 for nearly two pears. The stock last sold at 105, while Ihe high mark for 1929 was 132, Peached at the time the lively contest | fer control of the company by New York interests was at its peak Potomac Electric 6 per cent preferred rold yesterday at 111; iwo shares of iRiggs National moved at 516, and shares of Merchants Transfer & Btorage common came out at 118. Peo-| les Drug Store preferred registered 04!2 and Commercial National Co. preferred recorded two sales at 95. In the bond division. $4,000 Capital *Traction 5s sold at 92%, $1,500 Wash- Ington Gas 6, series A, moved at 101%5, ehile $500 B bonds sold at 105);. The unlisted sccurities held at recent levels. Lonsdale on Money Outlook. “Our institutions stand ready fo as- ist, within their proper flelds, prudent usiness undertakings. While financial conditions as a whole are strong and tnoney rates have eased, and no credit A'ringency is in prospect, a word of caution must be expressed concerning arousing too much expectancy of cheap money,” says John G. Lonsdale, pres| dent of the American Bankers' Assccla tion. ; “Easy credit, whether short or long term, is not in itself a solution to all difficulties, Easy credit wisely used is always a help, but easy credit, govern- mental or private, unwisely used, will be a hindrance and not a constructive force. Our financial agencies, fully supporting all effor.s in the direction lof stabilization and expansion of busi- ness, appear resolved to resist unwise | banquet of Washington Ch: | th |3c I Banquet Chairman T. HUNTON LEITH, Assistant_cashier of the Security Sav- | ings & Commercial Bank, was yester. | day appointed head of the committee | to arrange the Washington's birthday ter, A. 1. B. He is a past chapter president and | has arranged several of the 25 dinners | already held. CHAIN STORE SALES AT RECORD FIGURE Rep’orts of 36 Systems Re veal Gain of 17.8 Per Cent Over 1928. Special Dispatch to The Star. NEW YORK, January 11.—Gross sales of 36 representative chain store ; systems operating in the United States, for 1929 broke ail records, according to figures compiled by George H. Burr & Co., specialists in chain store financing and securities. Total sales of these systems aggregated $2.124,918.366 for 1929, against $1,802,351,493 for the pre- vious year, the increase of $322.566,873 being equal to 17.8 per cent. Companies representing every branch of the chain store field reported an increase in sales compared with the previous year. Some of the smaller chain store systems, viewed from the standpoint of per- centage gain compared with the pre- vious year, appeared to make a better showing than did some of the larger chain store systems. For December gross sales of these same systems totaled $285519,748, against $255,459,623 in December, 1928, the increase of $30,060,125 being equal to 11.7 per cent. In December some of he systems, including Woolworth. N: tional Tea and National Bellas-Hes: thowed reductions in gross sales. com- pared with the year before, but the so- called mail order houses. which are now important factors in the chain store field, and also the smaller chain sys- tems in general reported substantial gains compared with the previous vea Following are the sales reported by e various chain systems for the 12 months and the month of December: 12 month; 1929, Sears Roebuck P. W. Woolwo Montgamery. Ward J.C. Penney...... S Krese Naiion: § H. Kress.. W. T. Grant National Bellas-H Walgreen Co McCrory Store Deniel Reeves.....! J. J. Newberry. . ..! ds “ Co Stores 11"’ etropolitan Chain Sovthern Grocery.. Waldort System West'n Auto Suppiy R Thompson Co. C.C Murphy... Peoples Drug.. .. Neisner Bros Mangel Store: N Kline Bros .. Federal Bake Shops Nat'l Shirt_Shops 355888 She Bros..... Fishman $2,124,918,366 *Eleven months. December Sears Roebuck I W. Woolworth Ward.. Berla Edison M. H. ontzomery - Valgreen McCrory Stores. Daniel “Reeve: J 3. Newberry.. Childs Co..... McLel Eagsila ou Waidor! System.... West'n Auto Suppiy Thompson Co . G. Mur . Peoples Drug. Nelsner Bros Mangel_Store: ac Silver. Nat'l Family Kline Bros Federal Bake Sh Nat'l Shirt_8bo b A AR 355! e da, *Decresse. PRICE DECLINE DOUBLE ADVANCES Commodity Review Indicates 'nmj Copper Will Remain at 18 Cents Per Pound. Special Dispatch to The Star, NEW YORK, Jenuary 11.—For still another week the main trend of com- modity prices has been in a downward | direction. That fact is evidenced by Dun’s list of wholesale quotations, but | the excess of declines was slightly nar- | rower this week. Thus, 33 out of a total of 55 changes were toward lower levels, whereas "9 of last week's 44 al terations represented reductions. The | movement a year ago also was in the | me direction, although the increases | d recessions were much more closely in_balance. One interesting occurence of the pres- ent_week was the reported gain in de- mand for copper, which was regarded as giving strengih to the belief that there will be at least no immediate concession from the 18-cent level. Other metals were irregular in price, but were chiefly easier, contrasting with the dis. tinctly firmer conditions in hide mar- kets. The monthly compilation of Dun's Index Number showed the ex- pected furfher decline, yet it was only about 113 per cent. | tures. We b-lieve in promptness of action, with a due regard to all whom that action may affect.” Federal-American Co. Officers. The Federal-American Co. has or- ganized for the coming year by elect. ing these officers: John Poole, presi- dent; Willlam J. Eynon and Wilmer J. Waller, vice presidents; Charles B. Lyd- anticipation that shorter or long term { money or_credit through them will be svaileble for any but well planned and geasonably conservative business ven- dane, secretary-treasurer, and Charles D. Boyer, ngmnt secretary and as- sistant treasurer, ‘ent public indifference to speculative | Interest. the | penditures and a close study of all sug- 26 | be supported by one which the Federal | per cent bonds at the end of this week. {to be refunded at a great saving of | | this week was a decision by the United | x | a box, 27 to 60 persimmons to the box. HE SUNDAY STAR, WASHINGTON, IRREGULAR STOCK MARKET CONTINUES Business Trend Leaves Trading to Professionals. BY CHARLES F. SPEARE. Special Dispatch jo The Star. NEW YORK, January 11.—The pre: securities represents an unwillingness to make commitments in them until con- ditions in the business world improve. As the latter tend to increase the sup- plies of money and to lower rates of ere is on the other hand, a gradual awakening to the attractive- ness of various kinds of investment 1sst 'gfile' attitude of Wall Street and its | clientele toward stocks is clearly enough | revealed in the current low daily aver-: age of transactions and in the lack of | a sustained price movement in either direction. The market is in the hands of the professional element. The bull leaders of the last two years were so ! Absence of Public Pending' [ Week’s Financial High Lights By the Associated Press. | Brokers' loans. z Federal Reserve m Holdings (United States) Securities .. Gold reserve. Rediscounts . Bank clearings (Final three ciphers omitted in al Car loadings week ending December 28 Crude oil production (barrels)... . Stock sales . Y. Stock Exchange) Bond sales . Y. Stock Exchange) New financing Call money rate ‘Time money rate. Commercial per. ve.) . $50,207,000 D. C, JANUARY 12 Last week. Same week '28. $3,424,000 $5,312,799 60.6% 66.37 $510,587 2,857,051 632,421 10,669,681 $239,242 567,615 12,325,603 842,483 2,607,700 12,643,000 $37,296,000 $68,661,000 5-6% 4%4-5% 5-5%% 667,974 2,591,050 | 23,8C2,950 $55,620,000 $148,920,000 638,445 2,652,300 11,728,540 $51,326,000 4237 413-5 4%-5%% WHOLESALE MAR much crippled in the November panic that they will not be active factors for | some time. Their contribution to the | rokerage business was a substantial | one. The lack of it is being seriously ! felt in commission house circles. Aside from one or two conspi operators the bear element is not espe- clally strong and is represented by in- | dividualists in speculation rather than | by & co-ordinated group. Banking Attitude Passive. The attitude of the banking interests | is a ive one, with a strong senti- ment for slow but permanent recon- struction of the market with an oppor- tunity in the next few months to strengthen the weak spots in this situa- tion as well as to recast some of the present unfavorable features in the financial set.up of recently created cor- porations. This involves the simplification of corporate structures and the question- able practice being indulged in by finance companies of bringing up the liquidating value of junior securities through the retirement, with a portion of their investment assets, of preferred | stock. It also includes the quiet dis- | tribution_of blocks of stocks salvaged | icuous | | | { ( | | | | the market or into the hands of those who agree to put them away for perma- nent investment. On the side of business it is also a time of cautious buying and careful ex- gestions making for more efficient and | more economical operations. i The fact that bank deposits, aside from those influenced by the liqu:dation | in stocks, have been rising recentls after a sharp decline is evidence that | the public is saving once more cn a | substantial scale and that rescrves ot funds are being accumulated for rein- | vestment at a later time when the | clouds now over the business skies dis- appear. Easier Money in Prospect. Money rates this week have been easier as currency has returned after employment over the holidsys. This has influenced another decline in the Federal Reserve member bank redis- counts, which are now nearly $200, 000,000, or 25 per cent lower than two weeks ago and are approaching the traditional level of $500,000,000 at which a comfortable state of credit is estab- lished. The Government program of keeping business on an even keel must Reserve Board can dictate—that of making money easy for those who must borrow that this .program be carried out. Consequently, even lower rates of interest than those current are ex- pected during the Winter, and with this decline in rates, a broader and higher market for prime investment securities. beginning of this movement is to | be seen in the $150,000,000 issue of | American Telephone & Telegraph 5 Easier money conditions are devel- oping steadily in other parts of the world as the effects of deflation in the United States spread over a wider circle. While the Bank of England rate of re- discount was not reduced last Thurs- day, it was not from lack of a strong statement by the institution or a wide spread between the present 5 per cent rate and the open market rate. Japan this week has removed its embargo on gold. She has been assisted in this by the decline in the world's level of interest rates following the deflation in American securities. ‘The French money market, already | the easiest in Europe, has witnessed within the last few days additional | idence of an over-abundance of funds | both in a decline in rates for money | and an advance to the highest prices since the war in a number of the | PFrench internal loans, which are soon | interest to the government. The unfavorable incidents in the in- | ternational situation this week have | been the decline in silver to the lowest | price on record, which has had disturb- | ing effect in China, India and Mexi- | co, and a drop in Spanish exchange to | a figure that had not been approached in 30 years, and which grew out, in part, | of the serious political conditions within the kingdom. i Traction Decision Important. Among the constructive departments | States Supreme Court giving the United Railways & Electric Co. of Baltimore the right to charge a 10-cent cash fare | and a ruling that a return of 7.44 per | cent on the present value of this com- pany's property is not excessive. This is still another verdict from the high- | est court in the land that invested | capital has a right to a fair return. It again confounds State commissions that for political or other reasons attempt to force rafes to a level unprofitable and_cenfiscatory in their effects. ‘There should be sufficient legal prec- edent after the decision in this latest case and in those of the Southwestern Bell Telephone, Indianapolis Water Co., Consolidated Gas of New York and others to stand as a barrier against attacks on property rights for all time. In their bearing on the values of public utility securities they #re more impor- tant to the investor than such dis- closures as may be made by the Ped eral Trade Commission in its investiga- tions of the alleged irregularities of the public utility holding companies, Rail Mergers Mark Time. Those interested in railroad securities have been waiting for some one to make the first move that will indicate official recognition of the Interstate Commerce Commission’s consolidation plan. This may come in an unexpected way ‘and along constructive lines, It is more likely to develop out of the East- ern situation than in those affecting other sections of the country. The general impression is that while the commission made a close study of grouping east of the Mississippi, it did not _exhibit the same care and under- standing of the problems of the West- ern roads It is becoming more evi- dent as time goes on that there is comparatively little public demand for railroad mergers either among shippers or bankers and that their value as a means to effecting economics has been | overestimated. Therefore, the different combinations that have been set up by the commission have an academic in- terest. Of more importance to the holder of railroad securities is the enthusiasm which members of the commission ex- | press in their report for the present strong credit position of the railroads and the fact that the; are well equip- ped and efclently operated. These guarantee a continuation of existing dividends throughout as long a period of business Teaction .. it i3 now pos- sible to discern. | ize. during the panic, either directly into | he Closing of yesterday's market termi- nated a week's business which was not altogether satisfactory along all lines of trade. It had been anticipated that the reassembling of Congress would bring about largely increased business. but the anticipation failed to materis | | | ‘Business was fairly good, hovever,” was the comment of a dealer, “and when the unseasonable weather is con- sidered there probably is reason to be satisfied with business. ‘Weather such as was ex) early in the week,” he added, “certainly could not be expected to help business, for the warm, unseasonable weather was calculated to decrease demands to satisfy appetites which naturally would be affected by warm weather appearing in the middle of the Winter. “But there is a satisfaction in know- ing a change in weather conditions must come sooner or later,” the mer- chant concluded. Future of Market. In spite of trading being only fairly brisk most of the week, many dealers found it possible to refrain from busi. ness de;ling from time to time to dis- cuss the question of the future of the ouses in the wholesale district. Dealers still are divided upon the question of the future of the wholesale market, some urging the site on Water street southwest near MunicipalgPish Market, cthers contending for the mar- ket on.the Patterson tract in the north- east section. Thirty-four buildings on the south- west site have been completed, while work on the northeast site is progress- ing satisfactorily, but it is said that most dealers in the old-established mar- ket district are not anxious to move. When the new houses will be for- mally opened, it is stated, has not been definitely determined, and one dealer asked yesterday when he expected to move, promptly replied: “When the Government drives me aw “I have no desire to leave here,” he added, “and intend to remain as long as_possible.” ‘There was no time during the week that there was a scarcity of commodi- ties of any kind, according to reports of dealers, and prices of most com- modities did not change to any material extent. Prices at the close of the week's market were substantially the same as ]nrlees quoted in the morning, as fol- lows: Butter—One-pound prints, 381583915 tub, 3715a38';; store packed, 25a30. Eggs—Hennery, 48a50; fresh selected, 47; current receipts, 44a45. Poultry, alive—Turkeys, young, 30a32; old toms, 27a: Spring chickens, large, 28a30; medium, 28a30; broilers, 30a32; fowls, 27a28; Leghorns, 20a23; roosters, 20; ducks, . Dressed—Turkeys, young, 36a38: old, 32a33; Spring chick ens, large, 34a35; medium, 34a35; broil- ers, 38a40; fowls, 32a33; Leghorns, 26a 27; ducks, 28a30: roosters, 23a25; ca- pons, 35a40; keats, 50a60. Meats—Beef, 20a22; veal, 28a30: lamb, 26a28; pork loins, 28; fresh hams, 24 fresh shoulders, 22; smoked hams, 25 smoked shoulders, 22: bacon, 25a26; lard, in bulk, 12'3; in packages, 1315. Live stock—Calves, 16; lambs. 13a14. ‘There was quite a variety of fruits, some foreign and some domestic, found in commission houses the past week to ?III‘T rll!':nfionkoéflrnellfl! the show ruit of e weel ‘apes imported from Belgium. The'ls\:n?l’elel o';o the large grapes averaged more than 1'; pounds and sold at 60 cents a pound. ‘Some show fruit, remarked wholesaler,” but the quality does n qual that of California stock.” 5 ‘The grapes attracted much attention, however, but sales were slow. They were packed five bunches in a box, most of them weighing something over 2_pounds, Receipts of some exceptionally fine pineapples from Cuba was another in- teresting feature of the week's fruit market. The ‘“pines,” as they are termed by dealers, were of exceptionally large size, weighing approximately five pounds each, dealers stated, and sold at $5 a box, the boxes containing 14, 15 or 16 pineapples. Fruit Prices. California grapes, one of the attrac- tive fruits of the week, were offered around $5 a keg, while fancy pears, product of Rogue River Valley, Oreg.. growers, were in demand at $4.75 a box. Dealers’ also had fancy persimmons, product of California, to offer at $1.76 | | t ot | They were not much in demand. Strawberries continued plentiful | throughout the week, receipts, it was | stated, being heavier than usual so early in the season. Prices dropped as low as 25 cents a quart, enabling re- tailers to sell them as low as 30 cen's. Plentiful supplies of Florida oranges were received during the week, prices Tanging from $4.25 to $4.75. Grape- fruit, not so 'plentiful, were offered from $4 to $5. Tangerines, bananas, alligator pears, kumquats and lemons | were other fruits offered the trade. | Only a little initiative was necessary | for commission merchants and haulers | on the farmers’ line to stage an apple | eceipts during the week being very heavy. Receipts were so heavy | that there was scarcely space enougn on portions of the farmers' line to display them. Many of the apples came from the Shenandoah Valley of Virginia ana were of various varieties and sizes, some being particularly small and others o Jarge size. Most of the apples from: Virginla were received by motor trucx, heavier shipments to other sections n dO‘lh Valley, other varieties including Baldwin, Jonathan and Rome Beauiy Smallest and most unattractive re- ceipts sold as low as $1.25, best quality selling around $2.50. Fancy, extra fine stock of Deliclous, Washington, box stock, sold around $3.75. Endive, imported from Belgium, was received in plentiful supplies through-,( out the week and offered at $2 a box. During the few warm days the veg table was In fairly good demand, but decreased temperature was followed by a largely decreased demand. Vegetable Receipts. Celery cabbage, product of California, was received in fairly large quantities and consumers are gradually increas- ing their demands for it. Broccoli, re- ceived from various places, also is gaining in favor, dealers report, and sales are increasing. Cucumbers, always in demand, have not been so plentiful the past week, receipts being so small that prices were not quoted to any great extent. Re ceipts of brussels sprouts were not very heavy. Good quality receipts sold around 20 and 25 cents, few not so good selling as low as 15 cents. Only moderate receipts of | string WITH DEALINGS IN FEW LINES| iMerchants Are Divided on Question of Future Location—Little Change in Commodity Prices. |as low as $2. | South Carolina_shippers_sending sup- | herring_were not so plentiful and the | price 'St 15 cents a pound continued. | 6.50. | market slightly weaker: KET IS QUIET. beans, ‘product of Florida, were reported. Green stringless beans sold at $2.50 and $2.75, some of ordinary quality selling Wax beans, 3 -bushel };;mpem were offered around $1.75 and “Washington is not a good market for wax beans,” remarked a commission merchant. “In some sections the wax beans are in great demand and sell higher than the green stock, but for | some reason they do not seem to meet with favor heref” White squash, received from Florida in small quantities, met a light demand at $3.50 a bushel hamper. The vege- table came neatly wrapped and pre- sented a splendid appearance. The only objection merchants registered was be- cause many of them were too large. ‘Tomatoes have not been nlentiful, a cording to reports, but rec pts of Flor- ida and Ohio hothouse stous were more than ample to meet dem .nds. Moderate receipts of both white and sweet potatoes were reported, receipts being ample to meet demands. Idaho bakers continued in demand. Cabbage continued in, Jeral supply, Florida and plies of the early vegetable. Much of the old stock came from New York. Beets, carrots, caulifiower, celery, eggplant, mushrooms, onions, peas, pep: pers, spinach and kale were among other vegetables dealers had to offer. Egg Prices. Yesterday's colder weather appeared to have come to the relief of egg haul- ers, those selling in small lots holding up prices in anticipation of the cold weather making the market firmer. “But it will take a long cold spell to keep up prices very long,” com- mented a dealer. “When hens begin laying it is not an easy matter to stop them, and the starting came some time ago.” m‘;rlces have not changed to any considerable extent the past few days. Butter prices have experienced several Cchanges, the changes being great enough to materially reduce retail prices. Dealers in marine nrodncdu, bo"l'l;r:; Municipal Fish Market and sca wholesale houses, repdtted fairly good business, Oysters continued in demand, the demand having been increased by yesterday's cold weather, and a good demand for fish also was registered. Shad and herring continued in favor, receipts of the former having increased to the extent of lowering prices, while Fruit and Vegetable Review. Yesterday's daily market report on | fruits and vegetables, compiled by '.he! Market News Service Bureau of Agricul- | tural Economics, said (sales to jobbers, except where otherwise noted ‘Apples—Supplies liberal; demand moderate, market steady; boxes, Wash- ington, medium to large size, extra fancy, Delicious, 3.7524.00; Staymans, mostly 3.00; bushel baskets, Virginia, U. 8. No. 1, 2!, inches up, Staymans, mostly around 2. U. S. No. 1, 23, inches up, Staymans, 2.25a2.50; extra fancy, 2% inches up, Staymans, 1.75a 2.00; Pennsylvania, U. 8. No. 1, 2% inches up, Yorks, from common storage stock, 1.25. Cabbage—Supplies liberal demand light, market about steady; New York, 100-pound sacks, Danish type, 2.00a2.25; mostly 2.15a2.25; 90-pound sacks, most- ly 2.00; South Carolina, 11!;-bushel hampers, pointed type, 1.90a2.00. Celery—Supplies light; demand light, market steady; California, crates, 6.00a 6.25; fair quality and condition, 5.00a .50; Flori 10-inch crates, 3, dozen. mostly 2.50; 6 dozen, mostly 2.25; 8-10 dozen, 1.75a2.00. Lettuce—Supplies moderate; demand light, market about steady; Arizona and California, crates, Iceburg type, 4-5 dozen, 4.75a5.00; some fair quality, 4.50 6 dozen, 4.00a4.2! Onions—Supplies moderate; demand light, market steady: New York and Michigan, 100-pound sacks, yellows, U. 8. No. 1, medium to large size, 2.25; Ohlo, 100-pound sacks, yellows, U. S. No. 1, medium size, fair quality, 1.90a 2.00; Colorado, 50-pound sacks, Valencia type, U. S. No. 1, very large size, 1.65a 1.85; large size, 1.50a1.60. Potatoes—Supplies moderate: demand light, market firm; Maine. 150-pound sacks, Green Mountains . 8. No. 1, 4.75a4.85; 120-pound sacks, 3.25a3.90 few low 3.75; New York, 150-nound sacks, round whites, U. S. No. 1, mostly #.65. String beans—Supplies moderate; de- mand light, market slightly stronger: Plorida, bushel hampers, green. mostlv 3.00: fair quality, 2.25a2.75: % -bushel hampers, green and wax, 1.75a2.00. ‘Tomatoes—Supplies very light: de- mand light, market slightly stronger: repacked, unknown origin, 3s, ripes, wrapped. fancy count, 5.00a5.50; choice count, 4.00a4.75, according to condition: 6s, ripes, wrapped, choice count, 8.50. Spinach—Supplies moderate; demand light, market dull; Texas, bushel bas- kets, savoy type, 1.50a1.40; poor to ordi- nary quality and condition, 25a75. Caulifiower—Supplies light: demand light, market slightly stronger. Cali- fornia, pony crates, good quality and condition, 2.75; fair quality and condi- tion, 2.00a2.25. Peppers — Supplies light: light, market steady; Florida, crates, fancy, 6.50a7.50; demand pepper cholce, 5.50a Peas—Supplies light: demand light, Mexico, 40- pound crates, 4.7585.25, mostly around 5.00. Carrots—Supplies moderate: demand light. market steady; California, West- ern lettuce, crates, bunched, 3.00a3.25, mostly 3.2! Strawberries—Supplies light; demand light, market firm; Florida, pony re- frigeratol various variet] mostly around 50 per quart, Oranges—Supplies moderate; demand light, market steady. Florida, boxes, No. 1, medium size, 4.50a4.75; No. 2, me- dium size, 4.25a4.50; California, boxes, Navels, large size, 4.50a4.75. Grapefruit—Supplies moderate: de- mand light, market steady; Florida boxes, No. 1, medium size, 4.5025.00; No. 2, medium size, 4.0024.50, STOCK SALE CONTRASTS. To what extent the public has with- drawn from the stock market, by com- pulsion or choice, is evident from the sales on the Stock Exchange, which are less than half the total at this time last year, when a roaring market was in progress despite tightness of money. Sales to date this year have aggregated 16,944,340 shares. To the! corresponding dafe last year they were | 39,843,340 shares. INVESTMENT BOND | shortly in connection with the Cana- 1930—PART TWO. DEMAND NOT LARGE Cleaning Out of Weakened, Accounts Held Responsible | for Hesitant Market. Special Dispatch to The Star. NEW YORK, January 11.—While the past week in the investment market did not come up to the prediction made for it during December, it nevertheless provided some comfort for those in- terested in bonds in that legal and other high-grade descriptions were | strong, and the better grade of issues In the forelgn department advanced to | & high level. Apart from that, there was disappointment. The expected re- | vival consequent on the release of about $1,000,000,000 in dividends and bond in- | terest did not materialize, This 1 sibly 15 due to the employment earlier of anticipated income and: stock pur- chases at 1929 low levels, Liquidation of accounts that have sho. 1 losses since the November de- cline continued, and until these losing accounts are cleaned out traders con- cede that the market is not likely to | have a general advance. Volume Is Smaller. ‘Volume was considerably less—thou it did pick up at the end of the weer but the volume did not by any means reflect the amount of securities being moved, as during this same quiet period | many new issues were distributed with an expediency reminiscent of a boom market. During the week offerings— which totaled $138,207,000, against $5,- 511,000 in the previous week and $17,- 874,000 in the same week last year— included: $60,000,000 Insull Utility In- vestment, Inc., 6 per cent convertibles: $7,500,000 Butler Brothers 5s, $4,000,000 Province of Buenos Aires 61;s, $35.- 000,000 Boston Edison Illuminating 5s. | $29.050,000 Tennessee highway, bridge and refunding bonds and a number of | small municipals. | Close to $300,000,000 of new issues are in immediats prospect. The American Telephone & Telegraph Co. will offer $150,000,000 of sinking fund 5 per cents at a price said to be in the neighbor- hood of 99!5. These bonds, on a “when issued” basis, were traded on the Prod- uce Securities Exchange, Friday, and went to a fractional fremlum So did the Boston Edison Illuminating 5s on the Curb Exchange. While the $150,000,000 issue is all that is announced at present, the Ball System generally is considering an ex- pansion program for this year calling for the expenditure of $700,000,000. Another large flotation in prospect is $35,088,000 of Chesapeake & Ohio 415) per cent mortgage bonds to retire bonds due at the end of the month and to reimburse the company's treasury for past expenditures. The Interstate Commerce Commission granted permis- sion for the issue during the week. The Newton Steel Co. is to offer a $3,000,000 issue; the Pittsburgh & West Virginia has applied for permission to issue $6,~ ,000 in bonds; Associated Telephone Utilities Co. will offer $6,000,000 of 5> per cent convertible debentures and some large issues are expected down { dian National's Montreal. new terminal in ! | Foreign Financing. As to foreign financing, the early months of the year are expscted to see the flotation of a German reparations loan and with this a certain amount of German industrial and other corpora- tion bon although German muniei- palities and provinces are not likely to float further dollar credits here with- out the indorsement of the central gov- ernment. The financial world will not | tolerate any factor which is likely to | lessen the reception of the reparations | loan. The Berlin municipal trafic com- pany is negotiating in this market for A $25,000,000 credit. But the New York syndicate has already indicated to the company tha’ the loan will have to wait | until the financial situation in Germany is_cleared up. Every day this week the list has ended about unchanged after minor fluctua- tions. Each group that rallied had some special interest behind it. Sugar bonds ended the week strong, with the promise of something tangible coming out of the conference of American refiners with representatives of the Cuban co- operative selling agency. Traction bonds were active and higher following the Supreme Court's decision granting the United Railways of Baltimore a 10-cent cash fare. Legal bonds moved up under buying by savings banks, which have more reinvestment funds on hand. To aid these moves, money was easier. Call money mchedx per cent and time loans dropped fo 4} to 4% per cent. ‘The attraction of high-grade bonds recently is well illustrated by the aver- age price of 10 grade railroad bonds against 10 second-grade railroad jssues. The high-grade average today stands at 94.08, against a high average for 1928 of 94.8 and a low of 89.11. The second-grade average is today 75.6. against a high of 83.27 and a low of 68.31. In other words the high-grade issues have recovered nearly 5 points from the low and stand within a point of the high, while the second-grade group is still nearly 8 points from the high level, even though it has recovered | 7 points from the low. French Loans Strong. In France the price movement of government loans was paralleled by strength in French loans here, govern- mental and otherwise. In his connec- tion it is_worthy of note that the 4 per cent French loan of 1917 touched 100 during the week. This same issue dropped to 36 in 1926. The French government will convert about $2,400.- 000,000 of 5 and 6 per cent loans early next year. Dropping of the acceptance rate "by Paris bankers helped the strength in French bonds. Another feature of interest in the for- eign section during the week was strength in Argentine bonds. This was credited to the action of the Argentinc National Bank in providing $25.000 000 through a London loan with which to | increase the circulation of the paper | peso. The tight money situation in the | Argentine has been acute and the re- lease of 56,000,000 paper pesos by means of this loan should see the country through the trying period of crop move- ment, although the amount seems too | small to provide any permanent solution of the economic tangle. Probably the national bank can again call on Lon- don or New York for further funds should necessity arise. (Copyright, 1930.) | | i | MARRIED MEN LEAD IN TAKING INSURANCE Married men greatly outnumber bachelors among those who own life in- surance, according to an extensive sur- vey recently conducted.’ Of a total of 4,200 policy holders investigated, 3984 were married men, of whom 76 per cent named their wives as sole beneficiaries. while an additional 6 per cent named their wives as beneficiaries jointly with other persons, ‘The bachelors numbered 303, and 43 per cent named their mothers as sole beneficiaries, with 8 per .cent naming their mothers as joint beneficiaries. NEW DIRECTORS NAMED, Donald Symington, president of the Baitimore Trust Co., and J. G. Gosling of Otis & Co. have been elected di- rectors of tne Glenn L. Martin Co., aircraft manufacturcrs of Baltimore. Other directors are Glenn L. Martin, president and chairman; Dusen, first vice president: burn, second vice presiden . 2';3?.".'.1 aecre';‘l.ry: W. A. Crenning, as- s fecret T M. . Shook, treas- urer, and T. . Ginp. : | without risk of damage to any sound flutters on the speculative side. Special Dispatch to The Star. used in building construction has been awarded to Post & McCord by Starrett be used in the building, with delivery within five months. tract was ever near this amount, that being for 52,000 tons, covering the re- gl::;emenu of the new Hudson River Eastern States Power Corporation an- dividend of 25 cents per share on its dividend of $1.7 dividend of $1.50 ‘ FINANCIAL | l Traction Head I JOHN H. HANNA, Who has just been re-elected president of the Capital Traction Co., has been with the local utility eorporation since | 1894. From 1916 to 1926 he was vice president and has been at the helm | since. He ls a director in many other corporations and a member of the ex. ecutive committee - of the Ameérican Electric Railway Association. LONDON BANK RATE REDUCTION ASKED Financial Circles Disappoint- ed at Failure of Governors to Cheapen Money. BY LEONARD J. REID, Associate Editor of the London Economist. Special Cable Dispatch to The Star. ° LONDON, January 11.—The end of the week was signalized by surprise and disappointment at the ultra-con- servative attitude of the Bank of Eng- land. London is asking if the cheap money needed to stir the dry fi,nancial bones will eventuate, after all, before the restrictive influence of the proba- bility of a heavy increase in the budget and taxation becomes acute. It is_considered here that the New York Reserve rate could be reduced American interest, thus facilitating the lowering of the Bank of England rate. But even in the absence of this as- sistance, the general feeling in com- mercial and money market circles is that Gov. Norman is not justified in maintaining the 5 per cent rate when Paris and Berlin are believed to be anxious to effect parallel reductions and when the necessity of stimulating the sluggish trade by the psychology | of easy credit is so great. ' Wholesale Prices Drop. British wholesale prices have fallen 6 per cent since last July. The cor- rection of this trend is desirable on all grounds. The argument which is understood to be influencing the bank directorate is that frequent changes of the bank rate are objectionable. This is not accepted by progressive banking circles, which would prefer a maximum of elasticity in the official rate and have no objection to a quick rise in the improbable event that the 41; per cent rate would cause an efflux of foreign hl’?r:\ces‘{rum London. e city is now frankl, uzzled its efforts to forecast the B?ll’ll’k of En:': land’s decision next week, since the fac- tors in favor of reduction are equally strong as they were Thursday, when they were overruled. In the meantime, the market rate, practically 1 per cent below the official rate, represents an anomalous position, rendering dealing difficult. But it is incapable of rectifi- cation by this market while the foreign demand for sterling bills is unabated. During the week business on the stock exchange showed perplexing cross cur- rents, but an undoubted improvement of sentiment with the broadening of most markets, which frequently caught professionals unprepared. The chief bullish influence, the monetary outlook, was not decisively dampened by an ab- znce of change in the rate on Thurs- a. Trend to Investment. Initiative on the speculative side came originally from Paris, where it is believed the recent influx of gold is at length'| having an effect on financial activity. French purchases of Kaffirs, though dwindling later in the week, encouraged modest buying of Rhodesians, while signs of more stable psychology in the | New York market caused London to buy internationals. British domestic purchases, however, were directed toward investment rather than_ speculation. Gilt-edged shares were conspicuously firm d many bonds were higher, thus duplicating the experience of New York. The demand for ordinary shares is centered, first. on the big banks, whose maintenance of profits, despite difficulties and increased bad debts in 1929, is well regarded, and, second, on companies in groups where prices are low after the depres- slons, such as iron, steel and textiles, The general opinion is that the next few weeks will see attention mainly devoted to high-grade stocks, as the return of confidence encourages the placing of the fairly large sums that have accumulated awaiting investment, while there will be only temporary Hatry Settlement. There is satisfaction at the terms of the Hatry settlement on the eve of a definite conclusion, as they involve no ! in loss to the outside public and no fail- ures on the stock exchange. (Copyright, 1930.) HUGE STEEL CONTRACT AWARDED IN GOTHAM| nection With Empire State Building. NEW YORK, Jan 11.—The largest contract ever awarded for steel Bros., Inc., bullders of the new Empire State Building, which will be erected on the site of the old Waldorf-Astoria Hotel. The contract is for 53,000 tons of fabricated steel, costing about four and a quarter million dollars, which will to start April 1 and be completed According to Willlam A. Starrett, only one other fabricated steel con- INITIAL DIVIDEND VOTED. MEW YORK, January 11 (Speclal).— nounces the declaration of an initial class B stock, the regular quarterly 5 per share on the $7 BRITISH BUSINESS WITH INDIA DROPS i Gradual Decline in Trade Is Noted—Political Situation Still Unsolved. BY JOHN F. S Special Dispatch to The NEW YORK, January 11.—Britich business men are worried about India. For trade between India and England Is drying up. It's anything but healthy. The Indian National Congress, which met less than 10 days ago, declared for complete independence of India. The British Labor government knows England cannot permanently hold In- dia without Indian co-operation. Irby Page, writing from India sz “Atter all, there are only 165,000 Brit- ishers in the whole of India and an inflamed and infuriated nation of 320.- 000,000 cannot be permanently ruled by bayonets.” Gandhi's Message. Before the National Congress met, Mr. Gandhi led the group that favored a status for India similar to that of the Dominion of Canada in the Brit- ish Commonwealth. Thursday he sent a message to the American public through the Associated Press of the North American Newspaper Alliance. In this message he said the declaration of independence the Congress passed became' inevitable when it was an- nounced that the proposed round table conference with Lord Irwin, the vice- roy of India, would not consider a scheme for a dominion status for India. Mr. Page met Mr. Gandhi. His de- scription of the man who wields more influence over a greater number of mankind than probably any other liv- ing being is particularly vivid: “He has a frail little body and weighs less than 100 pounds. He wears a mini- mum of clothes; usually goes stripped 0 the waist, with his feet bare except for sandals when outdoors. His ears are large, his teeth in wretched shape, his head is shaved and yet you would not think of him as homely. He eats only fruits and nuts and drinks goat's milk. Arising at 3 or 4 o'clock every morning, he is an indefatigable worker. Rarely alone, he does much of his work with a crowd about him * * * as punc- tual as a clock. His mind cuts like a razor. He expresses himself with brev. ity and clarity in the purest of Eng- lish * * * no trace of austerity about him. On the contrary, he is the most Jjovial of per: p LAIR. Anti-British feeling is running high in India. Even C. F. Andrews, the old- est and most beloved Britisher in In- | dia, is being attacked because he dined recently with a British Ambassador in ‘Washington. “To grant complete dominion status at this time would undoubdedly be a dangerous procedure; to ‘withhold it might prove far more perilous,” savs Kirby Page. Unemployment Problem. William Green. president of the American Pederation of Labor, esti- mates that 3,000,000 men are unem- ployed in the United States, due to (1) a displacement of labor by mechan- ican devices and (2) the effect of the downward economic cycle which fol- lowed the stock market crash. It is well known that the main ob- Jjective of the recent conferences in Washington, under Government and business sponsorship, had in mind the unemployment problem more than any other. Unemployment figures are all guesses. It seems paradoxical that a country which boasts the finest business statis- tics in the world should be so lame in authoritative figures dealing with un- employment. Senator Wagner of New York, with this in mind, is expecting to introduce in Congress a bill to meet the situation, providing for co-operation in the main- tenance of State and municipal pubiic employment offices and a complete sta- :lst:nl reporting service to give all such acts. No one will deny the immense value of such a move. The problem of un- employment has never been tackled in America except in a Weak, vacillating and indifferent manner. Meat Consumption Declines. “The per capita meat consumption has declined 4 per cent in the last 20 years. Consumption of wheat and cof- fee also has been declining,” says Dr. Bernhard Ostrolenk, well known finan- gradual increase in the standard of living of the great majority of the people, more variety is demanded, with a constant tendency to change th= form of diet. ‘Through the advice of doctors and through widespread advertisements of manufacturers offering new kinds of food, the public taste had been rapidly changing. Certain so-called health foods differ quite radically from the basic foods of our ancestors. Coffee substitutes are coming in. Many physicians declare that too much meat is not good for the human system. This problem is constantly in the minds of the manufacturers of the stable food products. It is one of those things which every industry must face and watch carefully. Popular taste is not clearly defined. An industry may find its demand rapidly declining be- cause of some passing whim. An example is shown in the fluctuat- ing consumption of coffee in the United States. The 1928-29 consumption was almost 800,000 less than in the gemedmx year. The month of Decem- T, 1929, showed a decrease in coffee consumption in the United States of 25,000 bags, in comparison with Decem- ber, 1928. More people, less coffee consumed. But for the six-month period ending last December 31 the total coffee con- sumption was 5,317,811 bags, compared with 5,072,652 during the correspond- riod of 8. s hard to analyze such figures. Gold Shipments. France continues to be a magnet for American gold. During the past six days, from January 2 to January 8, France has taken more than $8,000,000 of American gold, in a total of net ex- port of $8234,000. The rest of the world was a negligible factor. ‘The last week of 1929 France took | New Record Established in Con-' §1330s 000 ‘ver tonlpmet export of $13,255,000. Yes, the French strong in all parts of the world. France is anxious to become a lead- ing creditor power—a world banker, Lately she has organized her banking and credit system to compete seriously with London and New York as a world credit center. No nation has come through the war any more painlessly, so far as financial opera s are concerned, than France. Her operations continue to astonish and puzzle world financiers. (Copyright. 1930, by the North American Newspaper Alliance.) BROOKMIRE FORESEES SLOWER BUSINESS PACE Business for the next few years is likely to follow a quiter course than during the boom years from 1922 to 1929, according to the latest analysis of business conditions by the Brook- mire Economic Service, Inc, which : “We anticipate a temporary re- business during the first quarter, with a renewed decline to lower levels in the second quarter. It is impossible to tell how far the de- cline may go or how long it may last. In the nature of things, there cannot be a permanent turn in the trend of Activity before the third quarter. It may be delayed somewhat longer. In ranc is preferred and the regular quarterly r share on the $6. . all payable February preferred stock. any event, the reconstruction boom of 1922 to 1929 is past. Business for the o next few years is likely to follow a' 1 to stockholders of record January 15. quieter course.