Evening Star Newspaper, February 5, 1930, Page 11

FINANCIAL . INCREASE IN EGG PRICES IS NOTED Falling Off in Receipts and Better Demand Cause Firmer Market. A slight and probable temporary stiffening of the egg market this morn- ing was attributed to the mis>rable con- dition of the country roads in Maryland and Virginia, a number of haulers re- siding off the lines of the State roads not having brought supplies here this | week. Light receipts and a heavier demand | = were noted. “But the stiffening probably will last only a day or two,” was the comment of a dealer. “As soon as the roads become passable it is probable that re- ceipts will become heavy and prices lower.” Dealers this morning quoted current Teceipts at 37 and hennery at 38 cents a dozen. In some instances, however, it was stated, sales at prices slightly in advance of quotations were made. The interesting feature of the poultry | market this morning was a slight drop in the price of fowls. Turkey receipts continue fairly heavy, meeting a de- mand far heavier than dealers usually experience so long after Christmas. Spfl.nfnchicke , ducks and geese also ‘were plent: supply. Vegetable Prices. Several motor trucks from the Nor- folk, Va, section reached the local market this morning, having been de- | layed because of the inability of growers | to gather kale, spinach and collards. One truck brought 147 barrels of kale and 200 baskets of collards, approxi- mately a carload. Commission merchants offered kale | at $1.75 a barrel; spinach sold around $1.75 a bushel basket, while collards were offered at $1 a basket. Dealers | had some top-quality broccoli from California to offer at $6 a crate. Lima beans, product of Florida growers, were more plentiful and cheaper, selling around $6 a basket, a drop of $2 since last week. Plentiful supplies of peas from Mexico were sold at $5 a crate, the California peas sell- ing slightly higher. Parsley, unusually scarce, was much higher than usual. Dealers offered small bunches at 15 cents. Most of the supplies came from Texas, dealers stated, where it was sold at a price of $17 a barrel. Cauliflower, product of California growers, was slightly cheaper, selling around $2.50 a crate. Indian River oranges, reputed to be one of the best variety of the popular fruit from that State, have appeared in the local market and found ready sale this morningg at $4.75 and $5 a box. | Grapefruit, also from Florida, sold at $3.25 and $3.75 a box. California oranges were offered from $4.25 to $7. Strawberries, much more plentiful, were somewhat cheaper this morning. VG STAR, WASHINGTON, D. C, WED ESDAY, F EBRUARY 1930, . FINANTIA #¥% A1 NEW YORK STOCK EXCHANGE Stock and Dividend Rate. McLellan Stores. . .. Macy (RH) & Co(n2) Madison Sa G (13%). Magma Copper (5).. Mallinson & C Mandel Brother: Man Elec Supply. ... )'u Man Elev mod (d5). 3 Manatf Sugar pt. Market St R Market St R: ~Prev. 1930.~ Sales— High. Low. 204 16 614 Maytag Co (12). 914 Maytag Copf (3), Melville Shoe (2). Mexican Seaboard Miami Copper (4) Michigan Steel (2%). Mid-Continent P (2). Middle Sta ctfs (n).. Midl Stl Prd pf t14.. Miller Rubber...... Mil Bl R&L pf (6) 3 o s 2 EuhSrunaBosnnuoanenan Mo Kan & Te . Mo Kan & Tex pf(7). Missouri Pacific..... Missour! Pac pf (5).. i Mohawk C Mills (3). Monsanto Ch (£1%). 38 Montgomry Wrd (3). 3% Moon Motors. .. ; 5815 Morrell J (3.60). 1% Mother Lode (40¢).. 41y Motor Meter G & E. 5 Motor Products (2).. % Mullins Mfg. ... M 4674 1 103 46 51'4 Nash Motors (6) 18% Nat Acme (13%) 11 Natl Alr Trans . H 9% Natl Bella Hess (31). 26 Natl Biscuit (7) 5 71 NatBisn (p2.80).... 73 Nat Cash Reg,A(14). 45% Nat Dairy (32) 20 Natl Dept Stores. ... 90 Natl Dept St 18t (7). Nat Distillers (2)... 27% Natl Enameling (2). 137 Natl Lead (5)... 116 32 NatlPwr&Lt (1) 1% Natl Radiator... 1'% Natl Rys Mex 2d pf.. 70t Natl Surety (6). 35% 32% 274 51 40 444 183% 167 31 172 17 37 44 1% 9219 1 . 3 Alrbrake (3.60).. Central (8). 139% 130 NYChi&StL (6)... 324 180 N Y & Harlem (5)... 40s 114% 108% NY NH & Hart (6)... 90 15% 13% N Y Ont & West 2 1% N Y State Rallway 19% 16% Norfolk Southern. 10415 93% North Am(b10%stk) 51% 45 Nor Ger Lloyd(3.41). 87% 84% Northern Pac (5). 86 82% North Pacet (5).. 1 7% Norwalk Tire & Rb. 11% 9% Ol Well Supply. 3 2 140 3 .58 110s 3 49 1 S ‘The best fruit was offered at 50 cents a quart, some not so good selling at 25 cents. Prices of most other fruits were ge same as prices quoted the past few yS. Business this morning was not excep- | tionally brisk. Dealers say it seldom is brisk on Wednesdays and conditions ‘were not disappointing. Today’s Wholsesale Prices—Jobbers’ Prices Slightly Higher. Butter — One-pound prints, 42a43; tub, 41a42; store packed, 25a30. Eggs—Hennery, 38; fresh selected, 38; current receipts, 37. Poultry, alive—Turkeys, young, 32a33; old, 27a28; Spring chickens, large, 28a ; medium, 28a30; broilers, 32a33; Leghorns, 28; fowls, 28a30; roosters, 20; ducks, 15a18. Dressed—Turkeys, young, 36a38; old, 32a33; Spring chickens, 35a 37; broilers, 38a40; Leghorns, 35; fowls, 30; roosters, 22a23; capons, 35a40; | ducks, 28a30; keats, 50260. Meats, fresh killed—Beef, 23a25; veal, 28; pork loins, 28; fresh hams, 25; fresh shoulders, 20; smoked hams, 25a 27; n’n:ked lhol\lld ‘:2: bclkmn 25a26; lard, bulk, 12%;; packages, 1315, Live stock—Calves, 17; lambs, 13, Fruit and Vegetable Review. ‘The daily market report on fruits and vegetables (compiled by the Market News Service Bureau of Agricultural [Economics) : Apples—Supplies moderate; demand light, market steady; barrels, no sales ;!Wmd mboxet:; Wi , extra ancy, medium to large sizes, Staymans, 3.00a3.25; bushel baskets, Virginia, un- classified, 2'% inches up, Staymans, 1.40a1.50; Yorks, 1.25a1.40; Pennsyl- vania, U, S. No. 1, 21, inches up, Yorks, 1.40a1.50; U. S. No. 1, 2% inches up, Yorks, 1.50a1.65. Cabbage—Supplies light; demand moderate, market about steady; new stock, Florida, 1}5-bushel hampers, folnted and round type, mostly 2.25; lew higher; Texas, barrel crates, round type, 4.7525.00; old stock, New York, 100-pound sacks, Danish type, 2.85a3.00. Celery—Supplies moderate; demand light, market steady; Florida, 10-inch crates, 3-4 dozen, 2.75a3.00; mostly 3.00; 6 dozen, 2.50a3.00; 8 dozen, 2.00a2.50; 10 dozen, 1.7582.25; poor quality and condition, 10 dozen, 1.25a1.50. Lettuce—Supplies moderate; demand moderate, market slightly weaker; Cali- fornia, Imperial Valley, crates, Iceberg type, 4-5 dozen, 4.50a4.75; few 5.00; 6 dozen and 75s, 3.00a3.50; 120} crates, Icel Ar ., berg type, 6 dozen, ordinary quality, 2.00a2.25; few 2.50. Preferred Stocks BY GEORGE T. HUGHES. Their Position Today. ‘The technical conditions that affect the market price of preferred stocks are numerous. They include the call price, if any, the question whether the divi- dends are cumulative or non-cumula- tive, whether or not the stock has vot- ing power and whether or not it is pre- ferred over the common as to assets as well as to dividends. If a stock is callable its possibilities of advance in market price above the call figure are limited. Some stocks do sell higher than the price at which they may be redeemed, but they are excep- tions and generally they are high-grade investments. The purchaser of such stocks takes the risk that he will lose a prt of his principal if the issue is re- ired. In times of easy money and falling commodity prices such as ob- tain now, investors want securities ‘which they may hold over a long period, because it is such that appreciate in price, and for that reason they give the Ppreference to non-callable issues. ‘Theoretically & cumulative stock is worth more than a non-cumulative one, but when dividends are covered by a ‘wide margin little attention is paid to that provision. It is only when there is some doubt about earnings being suf- ficient for disbursements that the ma ter of cumulative status becomes im portant. Ordinarily purchasers pay no atten- tion to the voting position of a pre- ferred stock, but there are times when there is some contest for control of the eorgonunn or some dispute about & matter of policy that gives & voting pre- ferred issue a value aside from its in- ‘vestment merit. Such a situation arose Bome years ago in American Light & “Traction, when the preferred stock was 4n demand because it had voting power. Prosperity Factor. If & corporation is prosperous it is no advantage to have t.hep-enm shares pr ferred over the common as to assets. In fact it may be a disadvantage. If pre- ferred and common share and share ':ll.hl hreg‘lmwu:eu -‘:x‘ytlpeci‘-ol% ribution of property m: Stockholders of both ciasses, 23% 13% Oliver Farm Equip 81% 70 Olivr Fr EqQpf A(6).. 42 31% Olivr Fr Eq cv pt(3). 3% 2% Omnibus Corp.. . 320 280 Otis Elevator (6). 836 30% OtisStee] (23). 91 Otis Steel prpf (7).. 521 Owens 11l Glass(n4). 52% PacificGas& B (2). 72 Pacific Lighting (3. 1 Pacific Oil stubs. 15% Packard Motor (1). 50% Pan-Am Pete B. 4% PanhandleP&R.... 48% Paramount-F-L (3).. 2% Park Utah.e..voooes 17% Parmelee Trans 1%.. Bromammononm a4 e BwwaSena~I 60% 5% 66% 3% 23 ® 28% Patino Mines (3.89). 6% Peerless Motor Car., 26% Penick & Ford (1)... 63% Penney (JC) (2%) 6% Penn Dixie Cement. , 72l Pennsylvania RR(4) 230 People's Gas Chi (3). 221% Phila Company (17). 235 31% Phillips Petrm (n3; 18 Phoenix Hosiery - T -l LT LD O T T P PSSP Aoy 45 Pirelli Co A (2.88). 70 Pittsburgh Coal. 20% Pittston Company... 27% Poor & Co (B) (2)... 12 P Rican Am To (B).. - 52% Proc & Gamble (2).. 81% Public Serv, NJ 3.40. 92% Pub Sve NJ pf (5)... 109% 106% Pub Sve NJ pf (6)... 126% 121 Pub Sve NJ pf (7’ 151 143 PubSve NJ pf (8 108% 107% Pub Sve E&G pf(6). 89% 82% Pullman Corp (4).... 8% 6 Punta Alegre Sugar., 24% 2214 Pure Oll (1%). 8 113% 112% Pure Oil pf (8) s 87% 77 Purity Bakeries (4). 45% 34% Radio Corp... 55 53 RadiopfA (3%) 68 Radiopf B (5).. 19 Radlo-Keith-Orph 33 Raybestos Man 2.60. - 2 125 155 N 8 43% 88 Real Silk Hos pf (1) . 3% Rels (R) & Co. 25% Rem Rand (50c) 10% Reo Motor Car (.80).. 7215 Repub Ir & Steel (4). 107 RepIr & Stlpf (1) 4 Reynolds Spring, ... 72% Reynolds Tob A (3). 49% Reynolds Tob B (3)., 22% Richfleld Oll (2)..... 18% Rio Grande Ofl (2).. 447 Ritter Dent Mfg (13) 3734 Rossia Ine (2.20).... 52% Royal Dutch (a3.20). % 111% Safeway Stores(es). 96% 96 Safeway pf (6)...... 3 56% 48% St Joseph Lead (13). 107% St L-San Fran (8)... 92 St L-San Fran pf(6). 59% St L Southwestern 2414 Savage Arms (2). 4% Schulte Retall Strs.. 20 35 Schulte Retail p£(8). 10s 9% Seaboard Air Line... 7 22 Seaboard Air Linepf 2 1 10% (Continued From Page 10.) Add 00. High. Low. 17% 156 154 12% 12 % 319 320 1% 244% 242 244% 108% 108% 108% 108% 85 84 6% 24 234 20s 113% 118% 6 84% 83% 40% 39 ~Prev. 1930.~ High. Low. Prev. . Close. Close. 17% 171 18 153 17 4 103 Kt 132 98 33 5 10 54% 54y 105% 1051 90 135% BT 32 901, 1 13616 33 378 12 38 77 6 20 13 102 29 29 16916 177 116 116 36% 38% 3 3% 4 87% 407 40% 307%™ 30% 56'% b56% 53 44% 4% 44U 181% 183 182% 138% 139 139 295 295 292 114% 115 113 4% 14% 14% 1% 2 2 19% 20 19% 103% 10415 103% 514 bBlu b51% 864 87% 85% 4 85 84 1 1 104 10% 20% 20% 81 814 39% 40% 3 3% 1 86% 40% B0% 70 35 56 35% 85% 9 0 56% 57 55% 56% 84' 84 1% 16% 17 534 53% 5 6 S4% 654 28, 2% 19% 19% 3% 4 ™% 32 32 18, 13% 35° 35% 7 76 6% 6% 80% 81k 4 49% 5% 235 235 1 214 36% 49 69 20% 33% % 125% 155 6% T2% 53% 26% 18% 564 42% 52% 12% 36% 10:30 A.M... Dividend rates payments based on 5 Unit m P of stockholders. Stock and Dividend Rate. 82i5 Sears Roebuck (321 214 Seneca Copper. ., 77n Servel Inc. .. Sharp & Dohm 36% Shattuck(FG) (113 21% Shell Union (1.40)... ell Un OIl pf (53%) 8% Shubert Theatr Simmons Co (g: % Simmas Pet (1.60) 4 Sinclair Con Oil (; 4 Skelly Oll (2) Snider Packing. , Snider Packing p., 27% The Falir (2.40) The Fair pf (7) 11% Tide Water Ass 801 Tide Wa 867 Tide Water 14% Timken Det Ax t80c 70% Timken Roller (3. ‘Woolworth (2. Worthington Pum; ‘Worth Pump B (8. Yellow Truck & C Young Spring (3) RIGHTS % Am R Mills. .June 15 1% Balto & Ohio.Mar 11 1% Col Carbon..Mar 11 % ErfeRR......Feb 28 Sales of Stocks on New York Exchange. ,938,000 wiven 1 S Hizen o the above tal of trading less than ble in s bl Recelved by Private Wire Direct to The Star Office, Pre w. Close. Cl T Cow N 970 Sales— Add 00. High. Lo a1 9 119% Southern Pacific (6 Southern Rwy (8). Southern Ry pf (5) Spalding(AG) (2). 19% Spang-Chalfant 13 Sparks Withng 20% Spencer Kelg (1.60 21% Spicer Mfg. 3512 Splexel-May 2644 Stand Brands (1%). Stand Com Tob (1).. 109% Stand Gas & 1 (3%) 6413 Stand G & E pt (4). Stand Invest Corp, and O of Cal (2% Stand OII N J (12). Stand OILN Y (1.60 Stand Plate Gla: Starratt (L §) C 10% Sterling Sec A. Sterling Sec pf( 36% Sterling Sec cv pf(3) Stewart-War (h3%). Stone & Webster (2 40% Studebaker Co (5). % Submarine Boat. 561 Sun Ol (11). 10215 Sun Ofl pf (6) Superior Ofl. Superlor Steel. 815 Sweets of Amer (1) gy Symington (A).. 15% Telauto Cp (11.25) Tenn Cop & Ch (1 31 Texas Corp (3). 547 Tex Gulf Sul (4). ) 4 1041 6l bl o S ELE TN T SPOEIes- - R 30% Trico Prod (234). Twin City R T pf( 97% Und-Ell-Fisher (5).. 76 ~ Union Carbide (2.60) 184 43% Union Ofl of Cal (32) 215 Union Pacific (10)... 82% Union Pacific pf (4) Union Tank Car. . 43% Utd Alrcraft& Tran: Utd Afreraft&T pt 3., 36 Utd Biscuit (1.60) 44% Utd Carbon (2 Utd Cigar Sto: United Cigar Strs pf. 60 U S Realty (5). 21% U S Rubbe: 47% U S Rub! 31% Utll Pwr&Lt A Vadsco Sales Corp... Vanadium (14)...... 37% Vick Chemical (2%). Y of the Guaranty Trust Co., New York | City, until he moved to Buffalo_to be- Vulean Detin pf (7) 2 Vulcan Detin A.. Vulcan Det pt A(7) Wabash............ Waldort Systm (1%) Walworth Co (2)... Ward Baking A Ward Baking B. Ward Baking pf (7)., Warner Bros Pic (4). 380 War Bros P pf (2.20) ot 5 10 White Motors (2).... White Rock M S (14) White Sewing Mach. White Sw Mch pt (4). Wilcox Ol & Gas.... Wilcox Rich (A) 2%. Wilcox Rich, B (2).. Willys-Over (1.20). » orerero =St ) e =& EXPIRE 718,900 12:00 Noon 2:10 P.M.. ] 1; rati 1 Par lr”cdl.ut' Bl stock. a Pal in stock. k- Pllll'!i“:n lwekl? stock. p Subject to approval or haif y quarter] 100 ahares. 9% Seagrave (e1.20).... Baltimore Markets Spectal Dispatch to The Star. BALTIMORE, Md, February 5.— Poultry, alive—Turkeys, pound, 30a35; old toms, 24a25; Spring chickens, 20a 33; Leghorns, 22a25; old roosters, 17a 18; ducks, 15a26; old hens, 25a28; Leghorns, 23a25; geese, 18a28; guinea fowls, each, 40al igeons, pair, 52. Eggs—Receipts, 1,403 cases; nearby firsts, 381%; pullets, 32; hennery white, firsts, 39a40; culls and dirty eggs, 25a26. Butter—Good and fancy creamery, pound, 34a38; ladles, 31a32; store packed, 20a21; rolls, 25a28; process, 33a34. Live Stock Market. Cattle—Receipts, 50 head; light sup- ply, market dull; steers, choice to prime, none; good to choice, none; medium to good, 11.50a12,50; fair to medium, 10.25a11.25; plain to fair, 9.00 210.00; common to plain, 8.00a9.00; bulls, choice to prime, none; good to choice, 9.50a10.00; medium to good, 9.00 29.50; fair to medium, 8.50a9. plain to fair, 8.00a8.50; common to plain, 7.0028.00; cows, choice to prime, none; good to choice, 8.5029.00; medium to good, 7.50a8.50; fair to medium, 6.75a 7.25; plain to fair, 5.50a6.50; common to dium to good, 9.00a10.00; fair to me- dium, 8.00a9.00; plain to fair, 7.00a8.00; common to plain, 6.00a7.00; fresh cows and springers, 60.00a150.00. Sheep and lambs—Receipts, 25 head: light supply, market steady; sheep, 2.00 26.50; lambs, 7.00a14.00. Hogs—Receipts, 250 head; tht sup- gly, market steady; lights, 11.25a11.45 eavies, 10.75a11.35; medium, 11.258 11.45; roughs, 7.50a9.35; light pigs, 10.25810.50; pigs, 10.80a11.00. Calves—Receipts, 50 head; light sup- ply, market lower; calves, 7.00a16.00. Vegetable Prices. Potatoes, white, 100-pound sacks, 2.25a3.00; sweet potatoes, barrel, 2.00a 3.00; yams, barrel, 2.00a3.00; 5 crate, 3.50a4.00; hamper, 75a1.00; car- rots, 100, 3.00a4.00; caulifiower, crate, 1.50a2.25; celery, crate, 1.50a3.00; let- tuce, crate, 2.2525.00; kale, barrel, 1.50a 1.76; onions, 100 pounds, 1.50a1.75; peppers, crate, 3.0085.00; peas, bushel, 1.50a2.25; parsnips, basket, 50a75; spinach, bushel, 75a1.50; squash, bushel, 2.00a2.50; tomatoes, crate, 2.50a6.50; turnips, hamper, 40a50; apples, bushel, | shade high 60a2.75; cranberries, box, 5.0085.50; grapefruit, box, 3.50a4.50; oranges, box, 2.10a4.75; tangerines, box, 1.25a3.50; strawberries, quart, 55a80. Hay and Grain Prices. Wheat—No. 2 red Winter, plain, 4.00a5.00; heifers, choice to prime, none; good to choice, m.qq-_um‘; me. 1.19; No. 2 3¢¢ Winter, garlicky, spot, s, ] 1.19; February, 1.19; No. 3, garlicky, no quotations. Corn—No. 2 domestic, yellow, new, 98299; cob corn, new, 4.65a4.75. Oats—No. 2 white, domestic, spot, 55; No. 3 white, domestic, spot, 54. Rye—Nearby, 90a95. Hay—Receipts, 23 tons, General hay market is quiet. Some little hay is arriving, but hardly enough upon which to establish quotations by grades. Bet- ter grades for timothy and clover mixed are selling from 15.00 to 18.00 per ton, according to quality and condition, receipts by truck supplying most re- quirements. Straw—Wheat, No. 1, per ton, 9.00a 10.00; oat, No. 1, per ton, 9.00a10.00. POTATO MARKET. CHICAGO, February 5 (#) (United States Department of Agriculture).— Potatoes—Receipts, 99 cars; on track, 308 cars; total United States shipments, 817 cars; trading fair, market about steady; _Wisconsin, whites, 2.50a2.60; round whites, mostly sacked, Russets, 2.95a3.20, er. Idaho, few fancy TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) te—Maturity. spot, | 138 4 | Special Dispateh to The Star, *) banking, just like Chicago, Minneapolis, * | see one of t) BUFFALOEXPANS | INBLSIESS LIS City Benefits by Natural Ad-| vantages in Extension of Trade Position. —_— BY JOHN F. SINCLAIR. BUFFALO, N. Y. Februa 5.— “Cheap power, wide "diversification of industry, favorable water and rail rates, close proximity to markets and a united business front are factors which have caused Buffalo's great expansion since the war,” sald Walter P. Cooke. Mr. Cocke is a lawyer, chairman of the Marine Trust Co. and chairman of the council of the University of Buffalo. ‘But more important—or, at least, | equally important—has been 'the atten- tion which the business interests have given in the development of education, centering in the University of Buffalo,” continued Mr. Cooke, ‘The University ©f Buffalo had as its first chancellor Millard Fillmore, later President of the United States. “Fill- more had his finger in most of the organizations that have remained in Buffalo in the last hundred years,” was Mr. Cooke’s comment on_Fillmore. But the university really began de- velopment in a large way in 1920, when Buffalo citizens, under "the leadership of Mr. Cooke, raised more than $5, 000,000 from 24,000 subscribers. This again was duplicated three months ago, when another campaign under the same auspices raised an additional $5,424,000 | from 32,687 subscribers. “Business is necessary for a city's growth, but a cultural background is just as vital and important. That's why our business men have given their millions in the past and will give more millions in the future. We belleve in it.” Bank Shows Growth. Buffalo is discussing the trend of Kansas City and other American cities. In this city is located the Marine Trust Co., which, with its various hold- ing companies, controls banks in many of the importont cities of upper New York State. Already its resources are more than $500,000,000. “Nothing unusual about our devel- opment,” sald George F. Rand, the 37- year-old president of the Marine Trust Co. and its associated group banks. “The development of banking into larger and larger units seems perfectly consistent and logical to any one who has made any study of the subject and who is not himself prejudiced against the new tendencies. But what is com- ing is efficiency, resulting in cheaper and better banking service. I believe we can serve our customers better by teing in shape to handle all of their business than by having to go outside of our bank and co-operate with various other banks in order to accommodate those who require larger banking serv- ice.” “In your opinion, do you think this movement of larger banking units will continue? If so, where is I asked hi “None of us can say with certainty what the final solution will be—perhaps there isn’t any. The law of life is the law of change. This principle applies to banking as well as to other activities of life. I do not see any factors which will arrest the development of larger and larger units of banking control.” Branch Banking. Lewis G. Harriman, 41, president of the Manufacturers & Traders’ Trust Co. of Buffalo, takes a different point of view on the banking problem. Mr. Harriman began his business ca- reer as an engineer, after graduating from Trinity College in 1909. Later he became an investment banker, asso- ciated with two different New York Stock Exchange houses. Then he was investment trust officer e end?” come vice president of the Fidelity Trust. Three years ago, at 38, he became president of the M. & T. Co. one of “the big three banks” in Buffalo. “I may dead wrong, but I don't see any advantage in chain banking or branch banking outside of one's own city,” sald Mr, Harriman to me. “T am a unit banker and have no chain afli- ations with any other bank. I do not public utility companies,” was the way Alfred H. Schoellkopf., 37, vice prosident of the Niagara Falls Power Co. and a director in a score of other utility and business corparations centering in Buf- falo, replied to a question, ‘The Schoellkopf family have been re- sponsible in a large measure for the gawer development centering around iagara Falls. It was on May 2, 1877, when the grandfather of the present generation of Schoellkopfs bought at public auction f'?r less than $100,000 the power properties centering arou Niagara. Horace Day had sgrn vmol;g of vast possibilities; but he did not have the capital to carry his visions through. The grandfather of Alfred and Paul Schoellkopf risked his fortune on the enterprise and built the founda- tion of what has become the finest natural water power development on the North American continent. Buffalo has an area of 42 square miles within the city limits. It has not been increasad for 75 years. In reality it is part of a great industrial area known as the Buffalo-Niagara Metropolitan District, covering 1,556 square miles and having a population of more than 827,000 people. “We believe that there are unlimited ibilities left for industrial expansion n Northern New York, and as public utility operators we have organized an expensive research department to co- operate with other business and semi- public institutions in bringing this about, It is our opinion that the Buffalo-Niagara area will become in time as important a manufacturing center as any in the Nation,” says Mr. Schoellkopf. Buffalo is awake to its future, (Copyright, 1930 by North American News- | paper Alliance.) FIRM PLANS EXPANSION. NEW YORK, February 5—A special | meeting of stockholders of the S. H. Kress Co., chain store system, has been called for February 28 to vote on a proposal to acquire the John Franklin Corporation for 206,700 shares of Kress common stock. The Franklin Corpora~ tion owns 71 stores, about 35 per cent of the number in the Kress chain. POWER COMPANY SOLD. NEW YORK, February 5 (#).—The Dixle Power Co. of Cedar City, Utah, has been sold to the Nor.h American Electric & Gas Co. for $1,175,000 by the receivers for the Foshay companies, which recently were petitioned into bankruptey. Real Estate Investments JAMES Y. PENNEBAKER Nat5201 1520K St. N.W. The Commercial National Bank Pays interest on DAILY BAL- ANCES on Savings Accounts. Interest starts from DAY of deposit and earned to DAY of withdraw: Come in and let us explain Resources Over $21,000,000 14th & G Streets WADE H. COOPER, President First Mortgage Loans for 3, 5 and 10 year periods on houses, apartments and busi- ness property in Washington, nearby Maryland and Virginia Randall H. Hagner & Company, Inc. 1321 Conn. Ave. N.W. Decatur 3600 Mortgage Loan Correspondent New York Life Insurance Co. believe that any bank can give any better service than we can, co-operat- ing with our correspondents in the larger cities as we do today. “In a word, I am frank to tell you that I believe the strength of the United States is in the individual. ‘Take away the ability of that individual to de- velop as he wants to and put the con- trol of money and credit in the hands of a very few men and 50 years from now we will have r;‘omms but a soviet- ized form of industry. “No, I am for the individual. I have seen the larger men pass on credits and I have seen the smaller ones. Perhaps that's one of the reasons why I think that each local community can handle its own job much better than some one on the outside not familiar with those cenditions. “I am talking now about banking conditions in the thickly populated in- dustrial East. I am not talking about banking in any other section of the country, of which I know very little.” ‘When I asked George G. Kleindinst, president of the Liberty Bank of Buf- falo, another of the Big Three, for his opinion he refused to uss the sub- Ject for publication. “Buffalo has nothing to fear in the future. Her business conditions are in excellent shape. The stock market drop did not seriously affect us and condi- tions are rapidly clearing up. I look to he best years in our history developed for 1930.” ‘The Liberty Bank has specialized on the smaller accounts and the smaller businesses. It has more than 150,000 accounts on its books. tal sition speaks volumes for Bu healthy business situation. Power by Wireless. “Sending power by wireless is hardly a practical matter. It is good for the imagination, but it will be a long time before it affects the balance sheets of e Money to Loan Secured leed of tru: "I“ estate, Councilor & Buchanan Certified Publie Accountants Wm. Gordon Buchanan Tower Buflding National 611061116213 (Telephone Directory Omission) Secured by First Mortgages Safe—Conservative ety « 42 Years' ent with sbsolute omes and in the curities. Wm. H. Saunders Co. Inc. REALTORS safety. Dist. 1015 1433 K FREIGHT BUSINESS. By the Associated Press. Freight business on American rail- roads during the latest week for which | totals have been estimated by the Amer- jcan Railway .issociation showed con- siderable increase over the volume esti- mated for the previous week. Figures for the total of cars loaded with revenue freight for the week and comparable periods foljow: Week ending January 25.. 862,621 cars Preceding week . 847,353 cars Same week last yi 926,474 cars SHOULD be based on the amount of safety you secure. When you place a Diebold Safe in ‘muximum protection for your business. You can afford nothing less than a !)lehold—uncernin safety is expensive. Guard your vital assets with this sturdy and tested sentinel that will suc- cessfully withstand the stealthy attacks of fire or theft. Select the choice of big business—place a Diebold safe in your office. We represent them exclusively in Washington. W.D. CAMPBELL COMPANY BUSINESS FURNITURE AND EQUIPMENT Decorators of Com: il 1018 15th St. NW g oy 1506 L St. N.W. SAFE PIRST MORTGAGES YOU HAVE PLENTY OF PRECEDENTS for investment in first mort- gages—favored as they are by trustees, executors, etc., who are in honor bound to choose a form of investment that offers the maximum of security and return. Our 6Y,% FIRST MORTGAGES Over a Third of a Century Without a Loss give you both. May be purchased in amounts from $250 up. B. F. SAUL CO. National 2100 925 15th St. N.W. THERE IS NO SUBSTITUTE FOR SAFETY From Coast to Coast OUR Real Estate loan plan is the result of experi- enced study of the loan situ- ation in the United States. It dives to the public a plan acceptable to the needs and Contact with the Center of Financial New York Our direct communication far cilities by wire with our main office in the center of financial New York provide a ready means for the rapid transaction of New York banking business. THE EQUITABLE SECURITIES COMPANY I A Subsidiary of The Equitable ‘Trust Company of New York STANLY CARR, Representative 922 Fifteenth Street, N. W, ‘WASHINGTON, D. C. — “WHAT IS YOUR WISH?” Perhaps it seems hope- less because it involves a lot of money—but it is far from hopeless if you will start now to save part of every dollar and invest it where it will be absolutely safe. We Recommend First Mortgage Notes « 6%% 1435 K St. Nat. 2345 pgcu]iarities of any local con- dition. Call EAVER BRO REALTORS 809 15th St. NW. District 9486 Mortgage Loan Correspondent Metropolitan Life Insurance Company LOAN CORRESPONDENT FOR “THE PRUDENTIAL" May we show you the several possible savings through refinancing at’ 1% Five and one-half per cent First Mortgage Funds for loans on residences and busi- ness buildings in the District of Columbia and nearby Maryland suburbs. H. L. Rust Company 1001 Fifteenth Street National 8100