Evening Star Newspaper, January 19, 1930, Page 36

BRTISHCONFIENT OFTRADEUTLODK B, I :Progress of Hague Confer-| INANCIAL i WARRINGION, -0, FANUARY. 19¢ 1930 PART . TW0 New Director GREATFREE TRADE - ENPRE DISGUSSEE Business Men See Possibilii¥ of British Pacts With STOCKS WITHSTAND SHARP BEAR DRVE Attacks During Week Reveal Steadiness of List Despite NEW ISUE LSTED OND. . EXCHANCE Definite Business Upturn; | Last week. Same week '28. | $3,352,000 $5,395,000 29% 67.0% | $484,842 2,929,347 567,615 325,603 ‘This week. $3,365,000 5.4% 5179,050 2,961,052 442336 5 10,745,449 bove.) By the Associated Press. Brokers' lcans. Federal Reserve Holdings (United Securities Gold rse Rediscounts Bank clearings em ratio. tate: $238,343 | ,630,570 Noted — National Thrift Week Being Observed. BY EDWARD C. STONE. The board of governors of the Wash- ington Stock Exchange yesterday .":ed 55,070 shares of class A no par. non- voting cumulative cwnmon stock of Emerson’s Bromo-Seltzer, Inc. Trading in the newly listed issue will begin to- morrow. The stock has already been listed on the Baltimere Stock Exchange and is being traded in in the unlisted department of the New York Curb E: The,_ total issue of the cla: A stock was 56,000 shares, it being of | fered in October by the Century Trust Co. of Baltimore Brawner & Co.. Inc., ¢f Washington. The company owrs and controls not only the Emerson Druz Co., manufac- turers of Bromo-Seltzr. but also the Maryland Glass Corporation, manufac- turcrs of the blue bottles and other standard glass containers. The glass plant, located at Baltimore, has a year- Iy output of 72,000,000 bottles. The_officers of the corporation are: Isaac E. Emerson. president and chair- man of the board: Phillip I. Heuisler, vice president; Joseph F. Hindes, vice president; Parker Cook, secretary; Fdmund Murray, treasurer, and F. C McCormick. assistant sccretary. These, together with Maj. Ennalls Waggaman, president of Waggaman, Brawner & Co., Inc.; W. W. White, president of the’ Ciiro Chemical Co., a subsiduary cf the Emmerson Drug Co. and M. E. Amory of Boston, comprise the board of directors. Quiet Week on Exchange Here. Quiet trading_yesterday wound up business on the Washington Stock Ex- change for the week. Potomac Elec- tric Power 6 per cent preferred was active in small lots, opening at 107, advancing to 1071 and closing at 108. The day's turnover totaled 40 shares. The corporation’s 5'c per cent prefer- red sold at 1101:, and later at 108%:. Washington Railway & Electric pre- ferred figured in several small sales at 941:. District National Securities pre- ferred opened at 93 and closed at 92 on light sales and a single share of Riggs National Bank stock changed hands at 500. Mergenthaler Linotype again sold at, 106'; and Peoples Drug Stores pre- ferred moved at 104. Carpel Corpora= tion sold at 233, and 10 shares of | Washington Medical Building Corpora- tion appeared on the board for the first time in a good while, sclling at 100. Another stock sale was in Wood- ward & Lothrop preferred. at 107. In the bond division, $1,000 Capital Traction 5s sold at 9314 and Chesa- peake & Potomac Telepoone of Vir- ginia 55 sold at 98. The unlisted stocks were called off and few changes were noted in_quotations. The highest priced stock in this list is Anacostia Bank. on which the bid is 325. Frank- lin National, bid 165, and - Munsey Trust, bid 160, come next. Thrift Week Now in Progress. ‘The annual observance of Thrift week started last Friday with National Thrift day starting first on the pro- gram. Yesterday was National Budget | day, in_ whieh ‘every family in the | United States was urged to adopt some kind of a budget in order to keep a | better line on expenses and bring about economies wherever possible. ‘Teday is National Share-With-Others day, having to do largely with sharing the financial burdens of others and the | helping of worthy charities so far as possible. Sunday is always the day set for this discussion as many ministers | make reference to it from their pulpits. | Tomorrow is National Make-a-Will day, which is followed Tuesday by Na- | tional Own-Your-Home day. This is | followed by National Life Insurance day on Wednesday and the big Thrift week program winds up Thursday with Natjonal Safe-Investment day. To the banks, probably thrift, budget and in- vestment days are the mest important, | but each of the seven days is considered | of vital importance to cverybody every- | ‘where. Checks Go to 469,000 Tnvestors. | The 161st dividend of the American ‘Telephone & Telegraph Co. was dis- tributed last week to more than 469,- | 000 stockholders. This is the largest | number of shareholders of any corpora- | tion in the world and represents a relatively large increase of 14,000 over the previous quarter. Shares are held | in every State of the United States and in_more than 50 foreign countries. ‘The average number of shares held | by stockholders decreased to 28.2 from | 29.0 as of the September, 1929, record ' date. Holders of five shares or less in- | creased more than 6 per cent during the quarter. and holders wf 6 to 10 shares, inclusive, increaed almost 4 per cent. Shares held in brokers’ names declined more than 15 per cent for the quarter. As of the current record date, almost three-fifths of the stockholders owned | 10 shares or less, and approximately four-fths of the total held 25 shares or less. Definite Business Upturn, i ‘There is fairly definite evidence of an | upturn in business activity in the records for the first .two weeks of January, says The Business Week in its report covering the week ending | January 18. | Steel production has risen somewhat | #bruptly; building contract awards are | distinctly ,Jarger: *coal production is | running high: non-bulk car loadings | have made a fairly good first-week up- turn: and business transactions by check outside the stock-trading cities | shot up astonishing'y for the first week | of the year, higher than for any week | in 1929, and 7 per cent above last year | at_this time 1t is, of course, too early to say that | these few statistical swallows insure an | early Summer, and it is likewise too 00n to forecast the probable time when | a sustained upward movement will be- | gin. But sufficient evidence is now Visible to assert that general buying power was not so greatly hurt by the market crash as has been supposed that the recession following the boom | expansion of the first half of 1929 has | probably gone as far as it will go, and that renewed buying activity is begin- ning to get under way. Riggs Bank Branch Managers. The following _officials will be in charge of the Riggs National Bank branches during the coming year: Parmers and Mechanics—Harry L. Selby. assistant cashier and manape. Harold W. Burnside, assistant cashier and assistant manager. Park Road—Carl H. Donch, assistant cashier and manager; Joseph A. Keene, assistant manager. Northwest—Gregg C. Burns, assistant cashier and manager; Charles G. Hub- bard, assistant manager. Dupont Circle—Ralph R. De Prez, as- sistant cashier and manager; Louis E. Jefferies, jr, asdistant manager. Seventh Street—Bernard 1. Boudren, mssistant cashier and manager. Friendship—W. Edmund Freeman, assistant cashier and manager. Times Change in High Finance. “What % you think of General Motors?” asked a taxicab driver of a Washington benker just before the Tecent stock maaNet crash. “That is rathet a difficult question swer considerit@ the present mar- replied his*‘fare’ “Why do you and Waggaman, ask “I have 50 shares on margin and would like to know just what yJu think of it.” the taxi man explain: Times have changed and (ke con- versation might now run something like this, with the taxi driver asking: “What do you think of a savings | tiations that nad already been begun! ! | i 1 | | C. H. POPE, | Viee president of the Munsey Trust Co., i has just been elected a director in the Washington Gas Light Co, to fill a vacancy. He is secretary of the District |of Columbia Bankers' Association and | has held many committee consignments in this organization. INVESTHIENT BOND MARKET STRONGE New Offerings Absorbed Dur- | ing Week, With Small Price Recessions. Special Dispatch to The Star. NEW YORK, January 18.—Under the strain of absorbing the largest total of new issues brought out in any one week cince war time, investment market prices sagged somewhat this week; but the declines were comparatively small and the readiness with which the new offerings wer~ disposed of proved the market’s favorable temper. The $150,000,000 issue of American Telephone and Telegraph 5 per cents, of course, was the piece de resistance and its oversubscription was the only hint needed to bring out many other sizeable issues. The Telephone bcnds were subscribed to the extent of $551,- 000.000 and although insurance com- panics were allotted around 80 per cent of their needs others received only fractional port. of their application amounts, The bo.ks for the loan were closed almoct immediately after open- he bonds sold as high as a 2-point ium, but dropp2d to around 1-point premium’ tovard the end of the week. | Additional Issues. Then followed other large issues, such | as $35,088.000 Chesapeake & ~Ohlo | 4155, $30,000,000 Associated Gas and Eleciric 55, $25.000,000 North American Edison 55, $12,500,000 Forty Wall Strest 65 and many other lesser offerings. The Chesapeak: & Ohio bends were sold to the offering syndicate at 9115, or 215 points below the public price cf 94, 2 commission commensurate with those received before it became the fashion to do most financing by means of stocks. Attention was diverted from outstand- ing bcnds with the new offerings and prices saggcd, but all of th> new issues were quickly sold out and the week end finds the market with practically a clean slate. ready for the 10 or so large public utility offerings known to be scheduled for immediate announce- ments. The week's total of over $305.000,000 compares with $297,380.000 in the week of February 4, 1937, the mext largest total in any week since the war, and with $227,499,000 during a mid-Décem- ber week, the largest total in 1929. In| the December week the bulk of the | offerings were municipal issuss, while this week municipals totaled arcund | 40,000,000, the balence being public utilities and industrials. The fact that nearly all of the week's offerings were long term indicates that the easier trend of money—time money was again | off fractionally toward the week end. and then dullness in stocks have placed such bonds in favor. Foreign credits were affected by a fair volume of buy- ing for overseas account and reached a new high average for 1930. In_fact, 10 high-class foreign government bonds stand at a level above the high price for 1920, Europeans bought Japanese de- | >mbargo by Japan, German issues were also firm under foreign buying and French and Belgian bonds were still at | their highest level in over a year. i scriptions with the lifting of the gold | ence Restores Hope of Business Stability. | BY LEONARD J1. REID. Special Dispatch to The Star. LONDON, January 18.—Sat at The Hague | toward the final liquidation of the war gives London solid confidence in the | growing stability of international pros- | pects. The assembling of the naval con- ference has attracted great attention in London’s financial district, which par- ticularly indorses the proposal to ex- tend a five-year truce in battleship re- placement. = Some disappointment is expressed that American opinion seems adverse to such an agreement. 1t is pointed out that the battleship now as but doubtful strategic value and costs an intolerable amount to build. The city holds a realist, not Utopian view, on the disarmament question, but ctory iit 13 insistent that no effort be spared to secure a substantial alleviation of the financial burden of the navies. Increased Taxation. The alternative in this country would certainly be increased taxation, and though the rapid oversubscription this week of the Ceylon loan indicates that ample money is still available, it is known that borrowers on gilt-edged terms have a growing recognition of the necessity of raising within the next few years many hundreds of millions of new capital to refinance industry in the process of amslgamation and re- equipment. It is already doubtful whether the savings accumulating in the hands of the potential investors, as orposed to the 100 per cent consuming class, are adequate for this purpose if | London is not to forego her traditional role of foreign lender. A further increase in the tax burden is calculated to produce serious results | in_supplies. industry and resources. The week's events on the Stock Ex. change confirm the view that the pub- lic is not ready for a definite resumption of share activity. There was steady strength in gilt-edge securities and all high-grade investments, but the with- drawal of one stimulus of continental buying. especially that of the French, induced quick profit-taking and business has dwindled each day, though prices are not seriously low. One exception to this tendency was the underground railway group, which was strong under the influence of informed buying in anticipation of a favorable outcome of negotiations_with the Government on London tarfic problems. Restrictions of Output. Rubber was also stronger. This mar- ket has been saturated with bad statisti- cal news and therefore quite ready to give evidence of the psychological fac- tor that British d Dutch producers are conferring on a restrictive program. ‘That many speculative shares are held down by the low price levels of rimary commodities is evidenced by the restriction schemes, actual or con- templated, in copper, tin, diamonds, nitrate, coffee, tea and rubber, Much {nterest is concentrated in the Hatry settlement proposals and it is recognized that the solution of this dif- ficulty will remove the largest single obstacle to permanent recovery of the | market. (Copyright. 1930.) REPARATIONS ISAN. Tentative Allotments Made to Float First War Debt Issue. NEW YORK, January 18 (Special).— Agreement was reached at The Hague between French and German repre- sentatives on the question of deferring German loans of a quasi-public charac- ter until the reparations loan was out of the way. Germany has been at- tempting to float a large government issue and various German cities had | almost reached the point of completing | Wegotiations for dollar issues under American auspices. The reparations loan now is to have the right of way over all others and as the Young plan is expected to go into effect shortly, | bankers here anticipate that this loan will come into the local market before Spring. The total amount of the first portion of the loan will be around $200,000,000. The American allotment is likely to be from $50,000,000 to $75,000,000. It will probably be underwritten by J. P. Mor- gan & Co,, the First National Bank of New York and the First National Bank of Chicago. The coupon rate and, the ! price which the bankers will pay for { it and. subsequently, that at which they | will offer it to the public are matters of further negotiation. While there has been a heavy shrink- Tardieu Proposal. | The virtual ultimatum of Premier | Tardieu at Ths Hagu2 conference that | no German financing in New York or | London, apart from reparations bond | issues, be permitted until the repara-| tions bonds are floated, was in line with | what the Street expected and nego-| to float large German issues for public | utllities and railroads here have been postponed for this reason. Comparison of current prices of groups of foreign bonds with their issue prices and high levels of 1929 indicates their credit ranking and makes an_interest. ing _study. A group of governmen municipal and railroad bonds of France stands today at an average of 107.48, compared with a high level of 107.03 in 1929, and an issue average of 90.2. similar group of Belgian bonds is 107.37 compared with a 1929 high of 108.17, and an issue average of 95.2. Japan- ese bonds average 95.9. compared with a 1929 high of 95.7 and an issue aver- age of 91.86. Next in rank comes a group of ‘Scandinavian issues at 100.12, against a 1929 high of 10097, and issue average of 97.45. A German group is at 95.36, against the high level for 1929 of 98.93 and an issue average of 93.9. Central and South European descrip tions average 90.6 today, compared with ja high last year of 9457, and an lssue average of 91.85. Lowest in the scale is group of South American bonds. standing around 85.4, of 96.2. Present Prices Thus these groups stand, compared to their issue prices, as follows: French, up 17.28; Belgian, up 12.17; Japanese, up 4.04; Scandinavian, up 2.67; German, up 141; Central and Southern European, off 1.25, and South American, off 108 points. At their | 1929 low’ level, the South American { group was 17.7 points below the issue | average. | “Listed domestic bonds . dropped off | to a low average for 1930, but they | still stand at a level about 3 points | above the low price of 1929, | " Prime bonds, second grade rails and the speculative section all suffered this week under the selling occasioned by the adjustment of portfolios to ac- commodate new issues. Other movements_were traceable to | special influences, Obligations of Cuban { sugar companies were active and strong at the end of the week with the Sen- ate’s refuscl to increase the existing tariff of 1.76 cents per pound on sugar to 240. The estimated Cuban crop for this year of 4,500,000 tons compared | with a crop of 6,500,000 tons last year | would ordi have been a bullish l\ (Continued on Ninth Page account for & man in the taxi busi- ness?” “Nothing safer or better,” the banker replies. “If you are going to put all ypur eggs in one basket, the savings b{nk is the pface for the basket.” | | ainst the 1929 | high level of 98.3 and an issue average , age in the market values of many sec- ond and third forelgn credits—particu- larly those of South and Central Amer- jca and Eastern Europe—in the past ear, the position today of the first credit European loans is strong. A ma- jority of them are selling_well above their original prices. with French dol- lar bonds at the highest average in their history. ‘The German govern- ment 7 per cent loan has stood up splendidly during the period when | German municipals and German co: | poration issues have been under pres- | sure. This Joan has the first claim on | reparations payments. | "1t is hoped that the “set-up” of the | proposed reparations loan will be such | that it can be made as much of a suc- | cess as was the German government | loan which was brought out in 1924 in A | the amount of $110,000,000 at & price of 92 and immediately sold at a sub- stantial premium and has held it ever since. About $23,000,000 of the original | issue has been retired by annual re- demptions at 105. During 1929 less than $70,000,000 of foreign government loans were sold in the American market, or about one- | tenth the amount disposed of here in | the two years previous. 'TWO FACTORS NEEDED ' FOR SOUND BUSINESS ;Blnker Finds No Substitute for Hard Work and Efficient Management. { Bpecial Dispatch to The Star. NEW YORK, Jan. 18.—In connection with the annual meeting of the stock- holders of the Bank of Manhattan { Trust Co., J. Stewart Baker, president, After having passed through such a serfous securities panic, with the con- s:quent viclent adjustment in prie and values, it is cnly natural that a period of convalesence should follow before general business regains its strength_and vigor. Fundamental con- ditions, I believe, are sound. We must not be too impatient but rather let the improvment be gradual and sure. Strong stimulants cften kad to a weaker conditions aftsr the effects have worn off. During the coming year there will be no substitute for hard work and efficient management. QUALITY STORES SOLD. NEW YORK, January 18 (Special) — National Family Stores announced here today the acquisition of Quality Stores, Inc., operating wearing apparel stores at Binghamton and Elmira, N. Y., and Waterbury, Conn. This brings the total eonference | number of units comprising the chain ,to 78, and marks the compgny's first entry into Commecticut territory. (Final three ciphers om | car loadings week ending January 4 Crude oil production (barrels).... Stock sales (N. Y. Stock Exchange) . Bond sales (N. Y. Stock Exchange). New financing. Call money rate. . ‘Time money rate. Commercial paper . $12/939.170 . 294.558.000 . -41:% . 40-4%% 434-5% 776,259 638,445 2,689,250 2 652,300 $11,728,540 51,326,000 54,207,000 4-5% 5% 5 50 49,264,000 103,000 WHOLESALE MARKET BENEFITS BY RECENT WEATHER CHANGE Cooler Tcm}?ratures in Latter Part of Week Bring About Upturn in Dealings. Supplies Are Plentiful. Several changes in weather condi-|coming from various States. tions the past week put a ditfaper ubon ; receipts were from the Shenandoah | trading in the wholesale district, stich changes invariably proving a 3erious in- terference with business along all lines. Clearing and colder weather Thursday morning brought about a change, how- ever, business picking up so materially that the week's market was brought to a much more satisfactory close than deal;rs had anticipated earlier in the week. “In fact,” remarked a dealer, “the week's business ended very satisfac- torily.” “There was nq scarcity of commod- ities at any time during the week,” he added, “and prices of most commodities continued reasonable.” Warm and wet weather early in the week made trading conditions so un- pleasant that retailers were not out in their usual large numbers, consum- ers failing to take hold to the extent that is usual during more favorable weather conditions. “But, after all” observed a whole- saler, “people have to eat, and commod- ities must come from some source.” Closing of the week’s market found | most dealers with various quantities of commodities to carry over for the be- ginning of the coming weck's market, dealers realizing additional shipments from various sections will reach here before tomorrow morning. “It is not unusual for fruits and veg- etables from the South to reach here Sunday and Monday mornings in time for the opening of the week's market,” obserevd a dealer, “and at times ship- ments come too late Monday mornings for the day's trade. he added, “Late receipts,” “‘mean smaller profits for growers and commis- | sion merchants, except in instances where the products received late are in unusually heavy demand.” “But early receipts.” he added, “usual- | ly mean better results for both grow- ers and dealers handling supplies.” Yesterday's cold and sloppy weather had the effect of driving many dealers to cover with their supplies of perish- able commodities, covering of their supplies preventing them making their zual attractive displays. “And in many instagces.” observed a dealer, “it is the attfactive displays which count so much. “Many a retailer will purchase com- modities making an attractive display he added, “whereas no thought would be given to the commodity if it were not so displayed.” Despite the cold weather, however, there was almost as many haulers on the line from the country as there was a week ago, and they had their ac- customed supplies of fruits, vegetables, butter, eggs and farm produce in gen- leral, some also having quantities of home-dressed meats and meat products Farmers dealing in home-dressed meats have largely increased in num- bers in recent years, according to state- ments of dealers, and have broadened the scope of their business with various home-prepared meat products. These farmers had large quantities of eggs, and efforts were made to keep up prices, it was reported. because of the changed weather conditions. In- creased reccipts and lower prices are expected, however, as soon as there is a rise of several degrees in the tem- perature. Dealers in all commodities yesterday had supplies of everything ~retailers could demand at prices substantially the same as prices quoted the past few days, as follows: Butter—One-pound prints, 3775a38%; tub, 3614a371%; store packed. 25a30. Eggs—Hennery, 46a50; fresh selected, 4546 current receipts, 41a42. Poultry, slive—Turkey, young, 30a32; old toms, 27a28; Spring chickens, large, 28a30; medium, 28a30; brollers, 32a33; fowls, 27a28; Leghorns, 20a23; roosters, 20; ducks, 15a18. 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. 28a30; pork loins, 28; fresh hams, 24; fresh shoulders, 22; smoked hams, 25 smoked shoulders, 20; bacon, 25a fax']”d' in bulk, 12!2; in packages, 2. Live stock—Calves, 16 lambs, 13a14. Dealers in all lines of business, in both the wholesale and retail markets, still are deeply interested in a solution of the market problem, and until some Gefinite action is taken, it is stated, a feeling of unrest will continue. “So far as a new retail market is con- cerned.” sald a Center Market dealer yesterday, “I think it would be well for all conceined, dealers and consumers, if the Federal Government would follow the example of Baltimore City in the matter of constructing markets. In Baltimore,” he added, “the city bullds the markets and charges ground rents for stands, occupants of the stands paying a nominal sum each month for upkeep. “This method of conducting the city’s markets business,” he concluded, “means the giving of the consumer the benefit of cheaper prices instead of trying to make big profits for the city's govern- ment.” Gathering of more than 200 farmers in the auditorium of the National Mu- seum Wednesday night proved inter- esting to dealers urging the location of the Farmers' Market on the Patterson tract, in Northeast Washington. It was Teported that only two of the large number of Maryland and Virginia farm- lers in attendance favored any other site. Wholesalers along various lines are much interested in the matter of in- creased receipts and the long period of the year in which'so many of the com- modities are offered for sale. “There was a time when certain commodities were only to b> found at certain seasons,” remarked a dealer yesterday, “but such no longer is the se. ‘Until recent years,” he added, Spring chickens were taken off mar- ket reports early in the Winter, dealers substituting Winter chickens for them. but now we have hot house chickens the same as we do hot house frui's and vegetables, giving consumers the benefit of young chickens 12 months in the year. “And a still more interesting fea- ture of the hot house chickens is the fect that prohibitive prices for them are not demande the dealer said “Today, for instance, we have large ~uantities of such chickens from the Shenandoah Valley of Virginia and prices are as low as 32 and 33 cen's for them, alive. “Dressed stock,” he concluded, “is selling around 38 and 40 cents, prices of the same grade of chickens at this season A number of vears ago running as high as 75 cents.” Apples continued to lead the fruit market throughout the week, supplies | | | Califcrnia. Heaviest Valley of Virginia, chiefly the vicinity of Winchester, prices ranging from $1.25 to $2, few selected apples selling slightly higher. Pears, not so plentiful, were of splendid quality and in demand, Alli- gator pears, not so plentiful, were much higher than early in the season. Grapes, in fairly large receipt during the week, were in fair demand, and wholesalers continued with plentiful supplies of bananas, oranges, grapefruit, cran- berries, pineapples and other fruits. “Next we will have cantaloupes.” ob- served a dealer. “Cantaloupes always are in demand when in season, price meaning nothing to many consumers.” It was said by the dealer that canta- loupes may appear in the local market t any time, first receipts coming from Chicago and New York markets usually make efforts to get first shipments, it is stated, but Chicago merchants usually are willing to pay prices to insure receipt of the first pick- ing. Last season, according to a merchant, Chicago outbid New York for the first shipment, paying around $20 and $22 a crate for them. Watermelons will nutd appear for several weeks, dealers sald. Vegetable supplies continued fairly heavy throughout the week, kale from the Norfolk, Va., section being partic- | ularly plentiful, hundreds of barrels of the vegetable being received in a single shipment. Spinach, not so plentiful, sold at approximately twice the price paid for kale. Increased shipments of red cabbage during the week met only a fair de- mand, prices being higher than prices demanded for other varieties of the vegetable. “Growers of red cabbage years ago,” remarked a local dealer, “reaped a harvest, but so many persons entered the field that profits dwindled. and in some instances much money was lost.” Tomato receipts from Florida have not been very heavy the past week and hothouse supplies also were light. Mush- rooms, another interesting hothouse output, continued as plentiful as tomato receipts did light. They were offered at cxceptionally low prices, choice stock selling not higher than $1.25. while some not so good were offered at 75 cents. Potatoes continued in moderate re- | ceipt, while string beans, celery, squa: | and ‘eggplant were received in’ quanti- ties only about equal to demands. Yesterday's snow did not prove mugh of an interference with market condi- tions, most of the haulers from the country having started their trips to market before snow appeared.' Those who were not fortunate enough to get protection afforded by sheds improvised coverings to keep off the falling snow. Such haulers had their accustomed quantities of eggs and other supplies and consumers wended their way through the snow to patronize them. Butter and eggs were offered at prices reported the past few days, the storm not having afforded an excuse for in- creasing prices. Dealers at Municipal Pish Market had plentiful supplies of fish, oysters, clams and shrimp to offer the retail trade during the week. Frogs, received from New Orleans, was the interesting re- ceipt of the week. They were by no means plentiful, however, and sold at high prices, dealers quoting them at $4 and $6 a dozen. Prozen fish from the North and fresh fish from the South continued in plen- tiful supplies during the week, receipts of fish from the Winter seines below Alexandria not being so heavy. Oyster prices continued unchanged, dealers receiving fairly heavy shipments of the bivalves from points along the lower Potomac, vicinity of Norfolk and points on the ocean front of the east coast of Maryland and Virginia. Meat prices changed very little dur- ing the week. Packers had supplies more than sufficlent to meet the fairly heavy demands, and prices of poultry also continued with but little change. Fruit and Vegetable Review. Yesterday's daily market report on | fruits and vegetables (compiled by the Market News Service Bureau of Agri- cultural Economics) said (sales to jobbers except where otherwise noted) : Apples—Supplies liberal; demand light, market dull; few les. Boxes, Washington, extra fancy, medium io large sizes, Delicious, 3.75a4.00; extra fancy, medium to large sizes, Stay- mans, 3.00a3.25; fancy, medium ‘o large sizes, Staymans, 2.85. Bushel beskets, Virginia, U. 8. No. 1, 215 inche up Staymans, mostly around 2.00; un- classified 2%, in'acs up, Staymans, 1.752.00; few low as 1.50; U. S. No. 1, 23, inches up, Yorks, 1.15; few higher. Pennsylvania, U. S. No. 1, 2!z inches up, Yorks 1.25a1.50. Cabbage—Supplies liberal; demand light, market steady: few sales. New York, 100-pound sacks, Danish type, 00a2.15; few, 2.25. Texas, approxi- ately 100 pounds, net barrels, crates, round type, trading slow, 4.50. Florida, 1, -bushel hampers, pointed type, 2.50. Celery—Supplies light; demand light, market steady. California, crates, 6.00a 6.25; one-half crates, 3.00a3.25. Lettuce—Supplies moderate; light, market steady. Arizon: Iceberg type, 4-5 dozen, 4.7585.00. low as 4.50;° 6 dozen, 3.75a4.0¢ low as 3.50. California, no sales re- ported. Onions—Supplies moderate; demand light, market steady; New York, Michi- gan and Ohio, 100-pound sacks, yel- . 8. 1, medium to large size, ; Colorado, 50-pound type, U. 8. No. 1, very 15 large size, 1.40a1.50. lies moderate; demand light, market firm; Maine, 150-pound sacks, Green Mountains, U. S. No. 1, 4.85a5.00; mostly 5.00; New York, 150~ pound sacks, round whites, U. 8. No. 1, 4.6584.75. String Beans—Supplies light; demand light, market firm; Florida, bushel hampers, Green Refugees and flafs, 3.75a4.00; few Pearls, 4.50; flats, coarse, ordinary quality, 3.00a3.50. Eggplant—Supplies very light; Florida, pepper crates, fancy, 5.00a6.00. Squash—Supplies light; demand light, market steady; Florida, pepper crates, white, wrapped, large size, ordinary quality, 2.50; bushel hampers, medium to large size, 2.00a2.50. ‘Tomatoes—Supplies light; likht, market steady; unknown origin, ripes, wrapj fancy .50; choice count, 4.00a4.50. D h—Supplies moderate: demand light, market steady; Texas, bushel bas- kets, Savoy type, mostly 1.50; fair qual- ity, 1.25. Peppers—Supplies light; light, market slightly weaker: Florida, pepper crates,. fancy, 6.50a7.50. . Peas—Supplies moderate: demand light, market ebout steady; Mexizo, 45- large size, 1.6! toes—Sup) demand demand | Business Recession. BY CHARLES F. SPEARE. Special Dispatch to The S: NEW YORK, January 18.—The mid- dle of January brings into clear view _the effects of the slow recession in business which began months ago and | was accelerated by the November break | in_stocks. i It also permits a better judgment on | ! money conditions in the eountry and | abroad in the next half year. Both situations, that of corporation profits and interest rates, are related more closely than any others to the stock them satisfactorily in four of the six sessions of the week. The significant elements in business, or at least the ones to which most at- |tention are being given, are those of ! overproduction, the decline in commod- | ity prices and decreasing ~mployment. It is these that have been furnishing ammunition to the bear element in its operations against a limited number of shares. A surplus of supplies over require- tations there, except for copper. Latesl i copper statistics are unfavorable. They indicate an accumulation of metal stocks in spite of the fact that De- cember output from the mines was the smallest since September, 1928. They have caused the Anaconda Copper Co. | to suspend operations at its largest pro- ducing units. Commodity Prices Weak. Overproduction of oil has again be- cume an embarrassment to the ofl com- panies, with the sequel a sagging price st. pear to be saturated above the seasonal condition. groups have been suffering because of it. Commodity prices in general have been weak. This has a direct bearing on business, not only in this country, where it leads to postponement of pur- chases of raw materials, but it affects other nations whose trade balances re- spond directly to supplies and prices of cciTee, rubber, sugar, wheat and silver. With overproduction and the neces- sity for counteracting the effect of it through curtallment of raw materials or manufactured products, there has been less employment. The December figures of the Department of Labor indicate a decrease of slightly more than | 3 per cent from November in the num- {b'r of workers in manufacturing in- dustries. The shrinkages were largest where identified with iron and steel, automobile, textile and building ma. terial production. Comparatively speak ing, there is no unemployment problem, with only about one-fourth as many idle among skilled and common la- borers as in the early months of 1928. ‘There undoubtedly will be an increased number, however, before the end of Spring. Belief in the outlook among indus- | trial'sts and bankers continues strong, while recognizing the possibility of a | slack Winter season. Three weeks ago | Secretary Mellon made this statement: “I have every confidence that there will be a revival ofg activity in the Spring and that durifg the coming year the country will make steady progress.” Bankers Exhibit Confidence. On Monday A. H. Wiggin, chairman of the board of the Chase National Bank, in his report to shareholders ald: “A moderate business recession was already in evidence before the stock market break, and has gone further as a result of the break. But the business situation is strong. No business crisi is possible, because the business com: munity has very little quick debt. Buri- ness morale is L A few days later Charles E. Mitchell, chairman of the National City Bank of New York, in addressing his stockhold- ers said: . “The correctives have caused the new year to begin with a somewhat dimin- ished business activity, but the busi- ness organization is not incapacitated |in any respect, nor is the physical wealth of the country impaired. * * * A general feeling of confidence exists throughout the country. In view of these conditions it does not appear probable that business will remain below the normal stage of activity for any protracted period.” Dividends Hold Well. ‘The momentum of several years of good earnings and the careful adminis- tration of their finances meanwhile will permit a great many corporations to continue paying present dividends, al- though current earnings may not cover these dividends. An evidence of this is avallable in the record of dividend dis- | bursements from the end of November | to the middle of January. This shows a | ratio of about 4 to 1 of dividends in- ! augurated or increased to dividends re- | duced or passed. Out of this slowing down of industry and the policy of restricting production, and as a result of the deflation in stocks, has come a conditlon in the money market of comparative ease, so far as it has an identity with securities and acceptances, but a decided firmness ! when related to commercial borrow- ings or real estate mortgages. Brokers' loans are 50 per cent lower than in the first week of October, 1929. In contrast, the loans on securities by the reporting member banks in the Federal Reserve system were approximately $200.000,000 greater on January 8 this year than on October 9 last year and are $2,400.- 000,000 in excess of the figure for such loans in September, 1927, although brokers' loans are about the same as on that date. This is one of the difficult problems with which the banking world must deal this year. It represents a condition of overloaning on securities owned by bank customers that can only be corrected through liquidation. Un- fortunately, a considerable amount of the collateral in such loans is not read- {ly marketable and will remain in a “frozen” state for a long time and con- tinue to restrict the loaning powers of individual institutions. The improved status of the member banks at the Fed- eral Reserve is indicated in a reduction of rediscounts this week to $442.336,000, or a reduction of 60 per cent from the peak of last year. Slow Liquidation Process. The same situation obtains abroad, where money is becoming easier in the open market and is readily available for loans that are liquid, but remains tight otherwise. The banks of England and on the continent are also overloaned on securities and on business paper. The one class cannot be sold or the other paid off at maturity. The slow process of liquidation following a ‘five- year period of intense speculation in | nearly every part of the world fur- nishes the argument to those who, while expecting only a moderate and hrief recession in business this year, believe that it will be some time before the high levels of production | | pound erates, 4.25a4.50; Califcrnia, 40- pound crates, mostly 4.00; Florida, bushel hampers, 2.00a2.25; pale, hard, 1.25a1.50. market, which had severe tests and met | 7 i ments has been visible for some time iP | the metal trade and has affected quo< | ‘The motor industry and that de- | voted to the manufacture of radios ap- | Stocks of both of these | HARRY G. MEEM, Who began climbing the banking lad- der as a messenger, has just been made | first vice president of the Washington |Loan & Trust Co. taking the place {vacated by the retirement of Andrew | Parker on December 31. Mr. Meem has " been a director in the bank for a num- iber of years. WARFIELD CONTROL OF SEABDARD ENDS Election of Coverdale as Chairman Marks Change in Railway Management. Special Dispatch to The Sta PETERSBURG, Va., January 18. The final steps connected with the con- summation of the plan of capital re- organization of Seaboard Air Line Railway Co. were taken here yesterday when Willlam H. Coverdale of Cover- dale & Colpitts assumed office as chair- man of the board of directors and the following new members of the board were elected directors: Preston S. Arkwright, Atlanta; Wi ter W. Colpitts, New York City; Har- vey C. Couch, Pine Bluff, Ark.; Nor- man H. Davis, New York City; George S. Pranklin, New York City; Robert Lassiter, Charlotte, N. C.; V. Everit Macy, New York City; Oscar Wells, Birmingham, Ala.; Louis H. Windholz, Norfolk, and E. A. Yates, Birmingham, Ala, Old Members Re-elected. The stockholders also re-elected the following present members of the board: Franklin Q. Brown, New York City; F. N. B. Close, New York City; Mills B. Lane, Savannah; Robert F. ‘Maddox, Atlanta; Willlam H. Cover- dale, New York City; Robert L. Nutt, New York City; L. R. Powell, jr.,, Nor- folk: John Ringling, Sarasota, Fla. C. Sidney Shepard, New Haven, Conn. J. P. Taliaferro, Jacksonville, and A. H. ‘Wodoward, Woodward, Ala. It is understood that the new board will re-elect as president Mr. Powell, to which office he was elected follow- ing the death of the late 8. Davies ‘Warfleld. Syndicate in Control. ‘The election of the new board, in- cluding assumption of the chairmanship by Mr. Coverdale, marks the final step in the passing of control of Seaboard from the estate of the late S. Davies Warfield, former president, to the in- terests headed by the syndicate or- ganized under the leadership of Dillon, Read & .; Coverdale & Colpitts, Charles S. McCain, president of the Chase National Bank: Norman H. Davis Harvey C. Couch. associated with . Z. Mitchell utility interests. It is understood that this syndicate has invested approximately $10,000,000 in Seaboard securities, including ap- proximately $6,000,000 expended for common and preferred stock, and s now the largest single stockholder in Seaboard. With the consummation of the plan of reorganization, the company has been left with no debt maturities be- forc 1935 which should present any dif- ficult refunding problem; a considerable reduction in aggregate of outstanding debt; ample funds for any desirable additions and betterments, and greatly improved working capital position. Financing Successful. ‘The underwriting of a new stock of- fering, from which the Seaboard realiz: tracted for by the company with its bankers before the October break in the stock market, but the offering to stock- holders was not actually made until late in November. The successful carry- ing through of the underwriting under distinctly less favorable market condi- tions than those prevailing at the time the program was agreed upon marks the successful consummation of one of the largest stock underwriting projects com- plel%dl since the October stock market tumble. COTTON IS LOWER UNDER LIQUIDATION Selling by Commission Men and Market Operators Forces Declines. By the Associated Press. NEW YORK, January 18.—Cotton tion and selling by commission house and local operators, promoted by a show of weakness in the Liverpool market and extremely cold weather in the Cen- tral and Western cotton belts, which some thought might kill the boll weevil and hibernation. ‘The volume of offers was not large and the market was quiet throughout the day. The March position sold down to 17.29, a decline of 8 points, and, while the market rallied at times on covering, the final quotations were only 2 to 3 points above the lowest and the goneral market closed quiet, with net declines of 3 to 8 poin's. Futures closed steady, 3 to 8 points lower; January, 17.17; March, 17.31; May, 17.51a17.52; July, .66a17.67; Ocawbes r, 17.64. Spot quiet; middling, 17.35. Range: January March ay . July . October CLEARINGS NEW YORK, January 18 (#).—The Strawberries—Supplies light; demand light, market steady; Florida, 32-quart crates, various varieties, freight receipts, 40245 "per quart. Oranges—Supplies liberal: light, market steady; Florida, boxes, No. 1, medium size, 4.25a4.50; No. 2, medium size, 4.00a4.25, mostly 4.00; large size, 25275 discount. Grapefruit—Supplies. moderate: _de- mand light, market about steady; Flor- ida, boxes, No. 0a4.75; No. 3, me- dium si7=, me. demand weekly statement of the New York Clearing House shows: ‘Total surplus and undivided profits, $1,154,996,600. unchanged. ‘Total net demand deposits (average), $114,685,000, decrease. Time deposits (average), $6,690,000, increase. Clearings week ending today, $7,005,~ 714,053, Clearings week ending January 11, 7.849,105,171 § ,171. Clearings ghis day, $1,151,278,396. ed more than $20,000,000, was cnn-‘ lower today under more or less liquida- | Dominions. BY JOIIN F. SINCLAIR. Spectal Dispatch to The aer. NLW YORK, January 18.—Baron Beaverbrook of England, who left New Castle, New Brunswick, Canada, to carve a name for himself in Great Brit- ain, may be prime minister of Great Britain before many more years pass. After making a fortune in cement and gllln in Canada, this son of & Scotch minister became the Canadian government representative at the war front in 1916. Already he had been six years a member of the British Parliament. Then he entered the pub- lishing business and became an owner of some of Britain's largest dailies. As the leading champion of free trade within the empire, he has much busi- ness support in England and in the dominions. The powerful Rothermere papers, his greatest competitors in the newspaper field, are backing him up, too, in this fight. Business men see the possibility of a great free trade empire, where the dominions send their goods to the mother country free, and where the mother country sends her goods bacik in the same way. Sir Thomas White, vice president of the Canadian Bank of Commerce, at the annual meeting of his bank, in- dorsed the principle of butldifig up the empire economic unity through the en- largement of existing preferences. H. B. Henwood, general manager of the Bank of Toronto, likewi® empha- sized the opportunities of greater trade between Britain and her dominions. “The British Empire within its vast boundaries produces every variety of commodity required for the use of man,” said Sir Thomas White, in speak- ing of this new trade. ‘The movement has more significance | than many American business men realize. Realty Values. Real estate values—in fact all busi- ness values—are based on a growth of population. The world’s population is increasing at present each year at the rate of about 5-8 of 1 per cent. Should this continue, the earth would be over- populated some day. But an anhalysis of these figures in- dicates that the increase comes from “an age composition,” which tends to increase the number of births and lower the number of deaths. “If fecundity and mortality remain what they are, the proportion of old people will increase; this means the birth rate will further decline and the death rate will mount. There is, there- fore, no immediate danger of a gen- eral’ over-population,” says Robert R. Kuczynski, of Brookings Institution in Washington, an authority in this field. According to this expert, fecundity has already declined so much that the number of children in all the coun- tries of Western and Northern Europe, North America and Australia combined is no longer sufficient to replace the reproductive age groups, “the Anglo- Saxens, Germans, Scandinavians and French no longer reproduce them- selves,” says this expert. “They are doomed to die out and their countries will sodner or later be occupied by other race: ‘This sul from the standpoint of business in the future, is tremendously important. Insurance companies have done a lot in extending the life limit. But this, in itself, is not enough. Income of Banks. How do banks make money? The large profits being reported now are not made by merely loaning the bank's deposits. A bank’s chief income is derived (1) from loans, (2) from trust business, (3) from safety deposit business, (4) from foreign exchange transactions, and (5) from acting as registrar and transfer agent. It is in this last category that the greatest development has come recently. Commercial banks today have invesi- ment departments formed to under- write investment issues. Some have gone farther, and formed affiliated in- vestment companies, such as the Chat- ham Phoenix, National City, Guaranty, Chemical Assoclates, Continental Illi- nois Co., First National Co. These actively participate in the market. Banks have found that with the shifting of interest to common stocks, such & field could not be ignored. Investment companies, associated with banks, did lose considerable money in the crash. How much, no one can say. This week, when Charles E. Mitchell, president of the National City Bank of New York, was asked by a stock- holder to make a comprehensive re port of the National City Co., he de- clined upon the ground that the di- rectors have never given out such a re- port and he did not feel warranted now in changing the custom. The department store idea is grow- ing in the banking field. Banks of the future will be service stations, handling many lines of business. New Business Boss. I entered the office of a big business leader. He was sitting, gazing out on New York harbor—glass-top desk clean of all papers. Waiting, gazing, think- ing. Everything about his handsom:ly furnished office was orderly. “What kind of a man is the new boss of big business developing into.* I asked by way of introduction. “The new boss? Surely not one 'h i goes to his plant in a blazz of spar’ shooting ahead a furtive acceleration ¢ activity, barking orders and blowi up at the discovery of one thread lj many or too few in a joint piucked of a bin. But if he doesn't know r chinery. he dozs know man. He kno that he must work for Sam Smith / John Jones. but with pride. venit ', greed, ambition, jealousy. hope, f , and love,” answered my fiiond, “The new boss does not look for perfect balance of thare cmotions » Tesponses in any one men, and wo' probably reject it if he found it. T . is willing to take his men as God r:- them, tempered, groovcd, polish>d directed to his purpos=.” “Just what do you— He interruptad quis 3 ' 3™ culiar twists. propensitics and y. \ - tions are all grist for his mill. his job to cultivate an iz individual inclinations, to give 1 ‘? head or hold them in lcash, to f & them upon the problems and the v of the business. Fire and water : & both servants of men. So are gr. | and generosity. The ncw boss pl 3 ) . ) with and upan the responsa of his m with “So I should say the new boss is man who understands and siu:ie: above evervthln{ else, humaon nature. (Copyright, 1930, by North Amcrican News- paper Alliance.) . REGULAR DIVIDEND. NEW YORK, January 18 (Spec.al) —Directors of 'National Food Products Corporation have declared the regular quarterly dividend of 62!, cents per share on the. class A stock, payable February 15, 1930, to stockholders of record February 3, 1930. SPECIAL DIVIDEND VOTED. *' NEW YORK, January 18 (Specie’) Directors of American & Continer .3 Corporation have declared a spacial ¢ "+ idend of 50 cents per share on common and class A shares, pavah. Mareh 1 to stockholders of recore. Feba, ruary 18, of