Evening Star Newspaper, January 15, 1930, Page 12

FGG PRICES DROP AT D. G MARKET Wholesalers Report Decrease in Values Following Receipt of Large Supplies. Realization of the anticipated drop in cgg prices was reported this morning by wholesalers, the drop following largely increased receipts of supplies. Heavy receipts of fresh stock from the Shenandoah Valley of Virginia was mentioned this morning by wholesalers, hundreds of cases of eggs having come from there the past two days. “Reccipts of eggs from the Shenan- doah Valley have increased to a con- siderable cxtent the past few years,” caid a dealer, “poultry raisers there taking the best care of their chickens. “It is their custom to sell off their old stock each season,” the dealer added, “and have young pullets take their places. In this way they have succeeded in largely increasing their output.” Current Quotations. Dealers this morning reported cur- rent supplies at 41 and 42 cents, coupling their report with a suggestion of probable lower pFices tomorrow. Hennery stock was quoted at 47 and 48 cents, fresh selected stock selling at 45and 46 cents. Butter prices have undergone numer ous changes the past two or more weeks, decreased prices in the wholesale mar- ket already having reculted in large decreases in the retail market. It is sald by dealers that packers have more buitter on hand this season than at any time in recent corresponding seasons. ¥It is not all top quality stock,” said | a local dealer, “but it will have quite an important bearing upon the market in the near future.” Print Butter this morning was quoted at 371, and 381, the tub butter selling at 361, and 37%. It was reported that increased quantities of country butter also is being offered by dealers from nearby Maryland and Virginia. ‘Poultry dealers reported continued fairly heavy receipts of turkeys and chickens, many ducks and geese also being received. Only small quantities of keats are coming to the local mar- ket, dealers stated, and reeeipts of rab- bits have fallen off. «Commission merchants had _their usual attractive supplies of fruits and vegetables to aitract attention of re- tailers, receipts of vegetables being heavy enough to give the market much The Chesapeake and Ohio Railway Company REFUNDING AND IMPROVEMENT MORTGAGE 4% GOLD BONDS large dition. They were offered at 45 and 50 cents a quart box. Apples, pears, fruit and other varieties of fruits con- tinued in plentiful supplies and were | offered at” prices dealers considered | reasonable or cheap. Hothouse asparagus, received in small quantities from Ashtabula, Ohio, and hothouse tomatoes from several sections proved attractive, but no lively demand for them was reported. Re: ceipts of tomatoes from Florida reported light. were dealers in evidence on the farmers’ line this morning with supplies of vegefables and apples. Supplies of vegetables were heavier than demands, dealers reported, business being slow and draggy. Today's _Wholesale Market—Jobbers’ Prices Slightly Higher. Butter—One-pound prints, 371:238'2; tub, 3615a37',; store packed, 25a30. Eggs—Hennery, 48a50; fresh selected, 45a46: current receipts, 41a42. Poultry, alive—Turkey, young, 30a32; old toms, 27a28; Spring chickens, large, 28a30; medium, 28a30; broilers, 32a33; fowls, 27a28; Leghorns, 20a23; roosters, 20; ducks, 15a18. Dressed—Turkeys, young, 36a38; old, 32a33; Spring chickens, large, 34a35; medium, 34a35; 38a40; fowls, 32a33; Leghorns, 26a27; ducks, 28a30; roosters, 23a25; capons, 35a40; keats, 50260. Meats—Beef, 20a22; veal, 28a3 smoked shoulders, ' 32; 3826} lard, in bulk, 1213; in packages, 13%. Live stock—Calves, 16; lambs, 13al4. | Fruit and Vegetable Review. | The daily market report on fruits | and vegetables (compiled by the Mar- | ket News Service Bureau of Agricul- | tural Economics) says: |~ Apples—Supplies _liberal: demand |1light, market about steady: barrels, New York, U. S. No. 1. 2}, inches up, Baldwins, 5.506.00; boxes, Washington, extra fancy, medium to large size, Romes, mostly 3.00; extra fancy, dium to large sizes, Staymans, |3.25; extra fancy, medium si thans, dead ripe, 2.50; fanc: to large sizes, Staymans, 2. baskets, Virginia, U. S. up, Staymans, mostly aroun classified, 23, inches up, Staymans, 1.7522.00; few low as 1.50; U. S. No. 1, 23, inches up, Yorks, 1.75; few higher; Pennsylvania, U. 8. No. 1, 215 inches up, Yorks, 1.25a1.50; New York, un- classifed, 213 inches up, McIntosh, .00. : Cabbage—Supplies liberal; demand light, market dull; few sales; New York, 100-pound sacks, Danish type, 2.15a 225; 90-pound ~sacks, mostly 2.00; South Carolina, 1%;-bushel hampers, THE mostly around 2.00; Texas, g o1 aypr‘o;olmluly 100 pounds net, round_type, 4.50. Celery—Supplies l:’ht; demand light. market steady; California, crates, 6.00 26.25; fair quality and condition, 5.00 a5.50; Florida, 10-inch crates, 3-6 doz- en, good quality and condition, 3.00a, , grapes, oranges, grape- | 3.25. Lettuce—Supplies moderate; demand light, market steady; Arizona, crates, Iceberg type, 4-5 dozen, mostly 5.00; few, 4.75; 6 dozen, 4.00a4.25. Onions—Supplies moderate; demand light, market steady; New York, Michi- gan and Ohio, 100-pound sacks yellows, U. S. No. 1, medium to large size, 2.00a 2.15; few, 2.25; Colorado, 50-pound sacks, Valencia type, U. 8. No. 1, very large size, 1.65a1.75; large size, 1.40a There was an increased number of | 150, Potatoes—Supplies moderate: demand light, market steady: Maine, 150-pound Green Mountains, U. 8. No. 1, 4.75a4.85; 120-pound sacks Green Mountain, U. 8. No. 1, 3.75a3.90; New York, 150-pound sacks round white, U. S. No. 1, 4.50a4.65. String Beans—supplies light; demand light, market firm; Florida, bushel hampers, green. fair quality, 2.75a3.25. Cucumbers—No arrivals, no supplies on_the market. Eggplant—Supplies very light; de- mand light, market dull, few sales; Florida, pepper crates, fancy large size, slightly spotted, 4.00. Tomatoes—Supplies very light: de- mand light, market firm; repacked, un- known origin, threes, ripes, wrapped, fancy count, 5.50a6.00; choice count, 4.5085.00; fours, ripes, wrapped, fancy count, 4.75a5.00; choice count, 4.00a 4.25; sixes, ripes, wrapped, fine quality, fancy count, 12.00; choice count, 11.00. Spinach—Supplies moderate; demand light, market steady; Texas, bushel baskets, Savoy type, 1.50a1.65; fair quality low as 1.25. Caulifiower—Supplies light: demand light, market steady; California, pony crates, best, 2.50; ordinary quality and condition, 1.75a2.25. Peppers—Supplies very light; demand lght, market firm: Florida, pepper ;raua, fancy, 7.00a7.50; few high as .00. Peas—Supplies light; demand light, market steady: Mexico, 45-pound crates mostly 5.0¢; California, 40-pound crates, 4.5024.75. Carrots—Supplies light : demand light, market steady; California and Texas. ‘Western lettuce crates, bunched, 3.00a .25, Strawberries—Supplies light: demand moderate, market about steady: Florida, pony refrigerators, Missionarys, 45a50 per quart; 32-quart crates, various vari- etles express receipts, poor quality and condition, 10a25 per quart. Oranges—Supplies liberal; demand light, market steady: Florida, boxes, No. 1, medium size, 4.25a4.75; No. 2, medium size, 4.00a4.50; large size, 25a75 discount. Grapefruit—Supplies moderate; de- mand light, market steady; Florida, boxes, No, 1, medium size, 4.5085.00; No. 2, medium size, 4.00a4.50. - $35,088,000 SERIES B Dated January 1, 1930. Interest payable January 1 and July 1 in New York Cisy EVENING STAR, WASHINGTON, PURCHASING POWER IS DECLARED GOOD Editor of Financial World Sees! Bright Prospect for United States Industry. Not since 1920 has the prospect for a new year been more clearly defined than that for 1930, according to Louls Guenther, publisher of the Financial ‘World, who notes in his annual review and forecast that while there has been a great shrinkage in estimated wealth, there has been no important impair- ment in income, which represents the purchasing power of the country—8& power from which new wealth is created. “If we are to visualize conservatively what is ahead for 1930 and, as far as human judgment is permitted. to pene- trate the future, it is primarily neces- sary to place our finger upon the power which alone can generate and main- tain prosperity, and this in its essenich is the purchasing power of the people,” says Mr. Guenther. “Two dominating facts of which we are aware assure us that this power has been little injured by what hap- pened in the stock market. The in- comes of our people during the year have been augmented by increased profits and larger interest and dividend -disbursements. While there has been more unempioyment, a considerable part has been of a seasonal nature and that slack could be quickly taken up with a trade revival. A large backlog of savings was built up. The excellent condition in which we find our pur- year. While the shrinkage in security values has been tremendous, still this raises the question whether its effect upon us is not more psychological than actual, Mr. Guenther points out, | adding: “As we view the decline in the stock market, we assert that it represents a loss of fifty billion dollars. If we com- pare it with the estimated wealth of the Nation, computed at one trillion dollars, it represents a shrinkage of but 5 per cent. The bulk of this wealth is more or less fixed, in the opinion of its owners, since it represents surplus capital permanently invested for pur- poses of income and, therefore, is not in transit or in circulation. What real losses we sustained were largely con- fined to people who indulged in exces- sive speculation. Compared ot the huge bulk of our wealth that loss was rela- tively small. The real owners of wealth can bide their time for the restoration | of their estimated wealth; they are not | out of pocket in the real sense of the | word; they have sustained only & tem- porary paper loss.” B €L chasing power augurs well for the new o Redeemable in whole or in part, at the Company’s option, upon sizty days’ published notice, on any intercst- at the jollowing prices and accrued interest: Until and including January 1, 1945, payment date, 110%; July 1, 1945 to January 1, 1960, both dates inclusive, 107%:% ary 1, 1975, both dates inclusive, 105% ; July 1, 1975 to January 1, 1990, both Coupon Bonds in denomination of $1,000 registerable as to principal. and authorised multiples of $10,000. Coupon and regist: dates inclusive, 102% % ; and thereafter, 100%. registered Bonds interchangeable. July 1, 1960 to Janu- Registered Bonds in denominations of $1,000, $5,000 $10,000 ered Bonds and the several denominations of The iscue and sale of these Bonds have been authorized by the Interstate Commerce Commission. Legal investment, in the opinion of counsel, for Savings Banks in the State of New York GUARANTY TRUST COMPANY OF NEW YORK, CORPORATE TRUSTEE | | & \ | | | J. J. Bernet, Esq., President of The Chesapeake and Ohio Railway Company, has summarized as follows his letter to us describing this issue: 7 PROPERTY Company. The Ch Railway Company, and purposes, The Chesapeake and Ohio fields of West Virginia an: and westward to Louisville, Ky., and Chicago, IIl. Hocking Valley Railway Company at Toledo, esapeake and Ohio Railway erties of that company. PURPOSE OF ISSUE where connecti subject to authorization by the Interstate Commerce Commission, These Bonds are being issued to provide for the retirement of $31.390,000 43% Twenty- ble Gold Bonds maturing Felruary 1, 1930, and to reimburse the Company in part for the pavment of Railway Company now operates 2,735 miles of railroad extending from the coal d eastern Kentucky eastward to the Atlantic seaboard at Newport News, Va., Near Columbus, Ohio, its lines connect with the main line of the on is made with the lines of the Pere Marquette Railway Company now owns over 80% of the capital stock of The Hocking Valley to acquire the prop- ear Converti- $3,698,000 General Funding and Improvement Mortgage 5% Gold Bonds which matured January 1, 1929. BARNINGS Years Ended Dec. 31 Gross Operating Revenues Income Applicable to Fixed Charges Total Fixed Charges Net Income 1925 1926 1927 1928 *1929 $123,184,103 133,974,031 133,042,174 124,825,172 129,719,000 *December Estimated. In the five vears covered by the above table, income applicable to fixed charges averaged more than 3% times the amount actually required. Combined income applica ing Valley Railway Company in combined fixed charges of $10,353,000. SECURITY the liens, so far as EQUITY The Co based Upon the completion of this financing, the s Refunding and Improvement Mortgage wi road owned in fee, and on the Company's interests $ 31,512,836 39,415,418 34 $ 11,360,567 s 10,120,615 9,805,839 10,039,831 9,182,000 20,152,269 29,294,803 28,607,315 28916925 32,399,000 ble to fixed charges of The Chesapeake and Ohio Railway Company and of The Hock- 1929 (December estimated) amounted to $47,717,000, or more than 4V: times the 39,872,000 Series A and B Bonds outstanding under the I be secured by a direct lien on the entire 1999 miles of rail- n 666 miles operated under lease and trackage rights, subject to they attach, of $98,225,000 underlying bonds outstanding in the hands of the public. mpany has $148,620,491 on current quotations, par value of captal stock outstanding, which has an indicated market value, of approximately $306,158000. In 1929 the Company paid dividends on its common stock at the rate of 10%, and the aggregate amount paid on account of such dividends for that year totaled $13,333,335. The foregoing is subject to the more complete statements contained in the circular, a copy of which may be obtained upon reque: st. ‘ THE ABOVE BONDS ARE OFFERED FOR SUBSCRIPTION, SUBJECT TO THE CONDITIONS STATED BELOW, AT 94% AND ACCRUED INTEREST, TO YIELD 4.80% TO MATURITY. Subscription books will be opened at the offic 15, 1930, and will be closed in their discretion. in any case, to award a smaller amount than applied for. issue of the Bonds as planned, and to approval by counsel of the form and validity of and proceedings. The amounts due on allotments will be payable at the office of J. P. Morg: an & Co., e of J. P. Morgan & Co. at 10 o'clock A.M., Wednesday, January The right is reserved to reject any or all applications, and also, All subscriptions will be received subject to the due the related documents in New York funds to their order, and the date of payment (on or about January 30, 1930) will be stated in the notices of allotment. Temporary Bonds, exchangeable for definite Bonds when received, are to be delivered. J. P. MORGAN & CO. FIRST NATIONAL BANK, New York New York, January 15, 1930. KUHN, LOEB & CO. GUARANTY COMPANY THE NATIONAL CITY COMPANY OF NEW YORK WEDNESDAY. January 15 BOSTONIANS JANUARY 15. 1930. 1319-1321 F Street STETSON HATS Hours: 8 A.M. to 6 P.M. 345 and 5() O vercoats "And every coat is new!—a genuine St Alban. Far too many in stock for January. Won't carry them over. Get yourself a bargain! 60, $75, 85 Coats 49 Our lines include smooth Vicunas, short-nap Chin- chillas, Boucles, Worumbos, Montagnacs and peerless Camel’s Hairs;. lined ble-breasted, with expensive silk or satin; single-breasted, dou- velvet collars, self collars. : Dark blues and smart oxfords; every one in some dark shades, date. 45 for heavy coats in light colors are absolutely out of Two-Pants Suits These St. Albans Suits include fine cheviots in blue and oxford; wunfin- ished worsteds gle and double in blue and dark gray; the heavyweight blue serges in sin- breasted models. i There are styles for both the young fellows and their elders, with regu- lar sizes from 33 to 48, with special sizes for short, slender and stout. *50 - *55 - ‘60 t. Albans Suits Dark blues, '35 Many with 2-Pants oxfords and dark mixtares, all silk lined and silk trimmed. Many exceptional values.