Evening Star Newspaper, February 27, 1930, Page 10

0 % CHAIN BANK PLAN DEBATE IS REVIVED Controller Pole’s Statements Reopen Discussion of Capi- tal Readjustment. BY CHARLES F. SPEARE. Bpecidl Dispatch to The Star. NEW YORK, February 27.—Atten- tion NHas been again drawn to the ques- tions of branch banking and chain banking by statements made before the House banking and currency commit- tee by Controller Pole and by reports| that the Marine Midland Corporation is negotlating for the purchase of a trust company in New York City to round out the banking chain which it put to- gether last Summer. Controller Pole has been a strong ad- vocate of branch banking. His remarks before the San Francisco convention of the American Bankers' Association last October formed the basis on which dis- cussion of this subject became active at that time. At the convention theré was also a strong element which pre- sented the case for chain banking. With the break in the stock market that started a few weeks later, bankers had all of their time taken up by straight- ening out the tangles that developed from the November panic. Controller’s Position. 1 Controller Pole draws an attractive picture for branch banking, and par- ticularly as it enlarges the field of the commercial banks in centers outside of | New York. He visions the day when there will be such a concentration of capital in Detroit, Cleveland, Boston, Atlanta, New Orleans, St. Louis, Buf-| falo, Minneapolis and other cities that| they will be able to meet all of their Jocal banking requirements without be- ing dependent to the present extent on New York and Chicago. This would be the second step in the banking development in the United States toward local autonomy, the first of which came when Chicago began to take care of her local requirements in the way of commercial credits and financing issues of securities. A bank- ing consolidation on the Pacific Coast created resources of sufficient size to make San Francsco and Los Angeles institutions to a considerable degree independent of their Eastern corre- spondents. The chain banking movement devel- oped rapidly during the first nine { months of 1929. It was to some extent | complementary to that of the forma: | tion of investment trusts and trading | corporations. It was going at a rapid pace and causing much anxiety among small independent bankers when it was checked by the break in securities. Revival of Movement Seen. ‘There are indications now that a revival of the movement is taking place, its s advocates belleve. This is indicated in the negotiations between the Marine Midland Corporation and those in control of a New York insti- tution, which would complete the pro- . This had always included con- mfl a bank in theu M}tropotl&{\knnl 8s the directing center for activities of the 17 units in the Marine Midland chain. 1t i5 understood that one of the large groups of investment trusts, which has already put considerable capital in the stocks insurance companies, is con- -mflng‘;hsummhl investment in chain and in this way carrying out its policy of diversification in each one of the branches of business to which it makes a commitment." (Copyright, 1930.) POLE AGAIN ON STAND. Controller Continues Testimony Before - House Banking Committee. By the Associated Press. Development of a system of branch banking, in the opinion of John W. Pole, controller of the currency, would not necessarily be another step toward consolidation of business interests, but would result in locally centralized capital. Occupying the stand for the third day in the House banking committee’s in- into group, branch and chain , the controller, who advocates “decentralized branch banking” to fill the need for stronger rural banks, to- day agree with committee members that there should be some restriction to prevent. consolidation of branch bank systems. Representative Letts, Republican, Iowa, recalled the work of President Roosevelt in breaking up industrial and commercial combinations with his “big stick” and asked the witness if the de- ‘velopment of branch banking would not be a step in another direction, Pole replied that branch banking ‘would result in concentrating. banking Tesources in a great number of economic centers over the country and would bring about a decentralization of capi- tal so far as the great financial cen- like New York and Chicago were concerned. s e MILLION-DOLLAR TAX. ‘The Rodman Wanamaker estate has m,m&ofl to the commonwealth of lvania-on account as a direct in- heritance tax. The personal estate of Mr. Wanamaker, who died in March, %‘D‘:B. amounted to more than $57,000,~ Railroad Revenues. NEW YOPRK, February 27 (#).—The first 29 railroads of th:ymunu:‘;)w Te- the result of January operations an aggregate net operating income of $21,672.000, compared with $29,939,- 000 in the corresponding month last year, —_ Officials of Wandsworth, England, report that they spent $140 last year in destroying blackbeetles. SERVETHE FINEST TEAS ONLY You will like the delicate fla- vor of fragrant ()oioNe Wholesale Market 38a39; 2% 180; Northwestern Gre.aings, 175, Butter—One-pound prints, tub, 36a37: stm?eo packed, 18a20. s ?em-nd light, market dull; Eggs—Hennery, ; current racel by 7. - i Holland, Poultry, alive—Turkeys, young, 32a baskets, Danish type, 4.00. 33; old, 38a30; Spring broilers, $7a38; | _Celery—Supplies modera Winter chickens, 32a35; fowls, 27a28; | light, market steady; - Florid: Leghorns, 30; ducks, 15a18; capons, 32 | crates, 6-8 a35; keats, 60a65. Dressed—Turkeys, | 2.25a: young, 35a38; old, 32a35; Spring broii- | Lettuce—Supplies ers, 40a42; Winter chickens, 37a38; fowls, 32a33; Leghorns, 32; ducks, 30; capons, 35a40; ducks, 30; keats, 80a90. | slimy, low as 2.00. gphicats, fresh killed_Bee, 20a33; veal. | a30; lamb, 23; pork loins, 28; fres] rket steady; v hams, 26: " freah shoulders, 20023 | Tohiace urp. Me smoked hams, 28: smoked shoulders, 22; bacon, 28; lard, in bulk, 13; in packages, 13%%. Live stock—Calves, 8a13; lambs, 10a 13; Spring lambs, 20a25. The daily market report on fruits and liberal; 1, large size, 35; medium to large size, 2.15a! 50-pound sacks, Vale; | type, very large size, 1.75a2.00, | weaker; Maine, 150-pound sacks, 60 vegetables (compiled by the Market | nrountains, U. S. No, 1, 4. News Service Bureau of Agricultural Economics), says: Sales to jobbers except where other- wise noted. * Apples—Supplies moderate; demand light, market steady; barrels, Virginia, U. 8. No. 1, 2% inches up, Staymans, | badly scalded, 4.00a4.50; Staymans, | U. 8. No. 1, 2% inches up, badly scald- | ed, 5.0085.50; boxes, Washington, extrn fancy, medium to large sizes, Delicious, 4.00a4.25; Winesaps, 3.0083.15; mostly 3.00; bushel baskets, Virginia, U. S. No. 1, 21 inches up, Black Twigs, 1.50a | No. 1, 3.50a3.65; No. 1, Tomatoes—Supplies moderate; 75a3.00. ico, lug boxes, ripes | fancy count, 5.00. Eggplant—Supplies very light; early sales reported. 1.75; Yorks, mostly 1.50; 3 inches up, Yorks, 2.00; Pennsylvania, U. 8. No.. 1, inches up, Yorks, 1.40; Baldwins, bbage—New stock, supplies light; Florida, , pointed type, 2.75a 100-pound ‘ demand demand light, market steady; California, crates. Iceberg type, 4-5 dozen, 3.00a3.50; some | | Western lettuce, crates, bunched, 2.50 Onions—Supplies light; demand light, 100-pound sacks, Potatoes—Old stock, supplies moder- ate; demand moderate; market slightly Green ; 120- U | new stock, supplies light; demand slow, market dull; Flori- da, bushel crates, Bliss Triumphs, U. S. de- | mand light, market about steady; Mex- and turning, wrapped, mostly ripe, 5x6-to 6x6, 3.50; | Florida, 6s, ripes and turning, wrapped, no String Beans—Supplies light; demand light, nmrket steady; Florida, bushel hampers, green, fair quality, 4.00a4.50; few ?.i.n as 5.00. 3 Cucumbers—Supplies moderate; de- mand light, market about steady; Illi- nois and Indiana, 2-dozen cartons, hot- house, extra fancy, 3.00; fancy, 2.75; No. 1, 2.50; showing decay, 2.00. Peppers—Supplies very light; demand light, market steady: Florida pepper crates, fancy, 5.50a6.50. Peas—Supplies light; demand mod- erate, market, slightly stronger; Mexico, 45-pound crates, 5.0085.25. Carrots—Supplies moderate; demand light; market dull; Texas, bushel bas- kets, " bunched, clipt topped, 2.25a2.50; 23.00. Beets—Supplies moderate; demand light, market dull; Texas, Western let~ tuce, crates, bunched, 3.50a3.75; bushel baskets, bunched, clipt top, 2.50a3.00. Strawberries—Supplies light;' demand light, market abouf stéady; Florida, pony refrigerators various® varieties mostly 40; few, 45a50 per quart. Cauliflower—supplies_light; demand light, market steady; California, pony crates, 1.65a1.75; badly spread, 75a1.00, Spinach—Supplies _liberal; demand light, market dull; Texas, bushel bas- kets, Savoy tvpe, 75a1.00. Oranges—Supplies liberal! demand moderate, market about steady; Florida, boxes, No. 1, medium size, 4.50a4.75; few fine quality pineapples, 5.00a5.2: large size discounted 50a75 per box. Grapefruit—Supplies moderate; de- mand moderate, market steady; Florida, boxes, No. 2, medium size, 4.00; large size discounted 50a75 per box. Yol ~ INcoME TAX | Deductions for depreciation form an important item in the returns of many taxpayers, and are the subject of fre- | quent inquiries. “Depreciation” is de- | fined as “a reasonable allowance for the exhaustion, wear and tear of property used in the trade or business, including | a reasonable allowance for obsoles- cence.” In claiming a deduction for depre- | clation, several fundamental principles | ‘must be observed. The deduction must be confined to property actually used | in trade, business, profession or voca- | tion. In general, it applies to the t payer's capital assets—buildings, ma- chinery, etc.—the cost of which cannot be deducted as & business expense. Depreciation may be claimed on all | business_property, which includes not only buildings and machinery of a permanent character, but automobiles, farm tractors, mine and mill equip- ment, office furniture and books. lawyer, doctor or other professional an may not charge off as a current | Xxpense the cost of & library used | wholly in his profession, this being a capital expenditure and the library a capital asset. But he may deduct an theTeem e P St HEAVY MEAT PURCHASES MADE BY CHILDS CO. ‘The Childs Co., which, under the leadership of William Childs, curtailed |the serving of meat in its restaurants, reports to stockholders that during 1929, under the new management, the company purchased about $1,500,000 worth of meat for use in its chain in United States and Canada. This was apart from fish and sea food purchases, but included poultry. Company's rec- ords show that among the most popular meat dishes during the year were roast lamb, veal cutlet, beef stew, chicken croquettes and corned beef hash. There was a marked increase in demand for liver and bacon and liver and onions, two dishes which a few years ago gen- erally were overlooked. ‘The United States maintains four consulate offices in Australia, two in New Zealand and six in India. is guaranteed torelieve Itching, < Blind, Bleeding or Protruding (A Piles or money will be refunded. = 4 You’ll be surprised by Whelan’s money-saving values, unless you day meeds— “Go to Whelan’s” and save money! And donm’t already, know them. For drugs, cigars and many other every. Ashes of Roses ROUGE COMPACT With each purchase amounting to $1.00 or more in drug department. (Limited Number) FREE—21/5-0z. Bottle LOWEST CIGARETTE CHESTERFIELD LUCKY STRIKE OLD GOLD DEEP CUT PRICES 50c Kolynos . . . . ... 75¢ Dextri Maltose . . . $1.00 Adrosol . . . . .. . 70¢ $2.00 Renault Wine Tonic, $1,59 $1.00 Frostilla . ... .. 653 50c Hennafoam ., .. . $1.00 Mellin’s Food . . . . 60c Watkins Mulsified . . $1.25 Manon Lescaut Face Powder . . . . 75¢ Carlova Lotion . . . $1.00 Wildroot Hair Tonic . 50c Modess . . . . 60c Hospital Cotton . . . 50c Pepsodent . . . .. 3] 60c Theatrical Cold Cream, 39¢ 14th & Penn. Ave. Franklin 3249 11th & Penn. Ave. Franklin 6394 DAINTIEST OF TEAS - f/ 9th & F Streets Franklin 10195 of Williams Aqua Velva Given FREE with u.el Purchase of a 35c Tube of ' Williams Shaving Cream 60c Value Both for DEEP CUT $1.00 Jad Salts . . forget our delicious sodas and sundaes are famous for quality! PRICES 59¢ 35c Milnesia Wafers . . . 32¢ $1.00 Aspirin, 100s 25¢ Carter Liver Pills . . 45¢ Kotex ., . . 85c Kruschen Salts . . . $1.00 Cod Liver Oil, ««. . 59 17¢ 29¢ 79¢ pt.. . . 79(3 30c Hill’s Cascara Quinine ] 8¢ 50c Lysol . . . 45¢ e o o e $1.25 Pinkham’s Veg. Comp. §9¢ $1.20 Moone’s Emerald Oil, §9¢ 60c Rubbing Alcohol,” 3 for $] $2.00 S.S.S. Tonic .+« - §L.67 29‘3. GleZomits . .. 5. A0 Y% PRICE SALE JERGEN’S Smart Novelty HANDBAGS Handsome bags nicely lined and fitted. En- velope, pouch, back s! in a variety of lea HUNDREDS to Choose From Reduced as Follows: Reg. Famous 15¢ Value Glycerine Soap or Bath Tablets 2 for 15¢ 13th & H Streets Franklin 6767 14th & H Streets Franklin 4596 trap and other chic styles thers and materials., $2.95 cut to $1.49 4,95 cut to 2,49 7.50 cut to 3.79 10.00 cut to 4.99 Handbag and Jewelry EXTRA SPECIALS (At 14th & Penna. Ave. and l4th & H St. Stores Only.) Costume Novelty JEWELRY Values to $1.50 18th & Columbia Rd. Columbia 5857 MRS. HOUSEWIFE:— IF YOU LIKE TO PATRON- DEALT—AND IF YOU LIKE IZE THE GROCER WITH THE KIND OF SERVICE HE WHOM YOU HAVE ALWAYS HAS ALWAYS GIVEN YOU AND IF AT .THE SAME TIME §%UU\}¥OLY!fi?\}{'l£§¥I§g B% YOU ASK HIM IF HE EVER PRICES THAT ARE BELOW THOUGHT OF BECOMING A HIS PRICES—WHY DON'T UNITED MEMBER? ASK YOUR GROCER TO INVESTIGATE e UNITED Foan sTOR A Washington. owned institution composed of independent merchants who have organized into a strong body for the sole purpose of en- abling themselves to render a real service to their customers at prices as low as any in the city. 1 CORAE YELLOW - 3 5c BB o i g e House ...~ 43¢ MARIETTA MARKET | - 65c war ... 49¢ 503 KENNEDY ST. | MALT ....... TUNA Phone GA. 3587 | Fisk ... % an 23C EGGS & = 39c DAY OLD” IOWA STATE | "%, BUTTER CHASE A Creamery Marvel MILK By Test Redeemed 33c cok3}s Marshmallow Cream Coupons = Ai" Quben OBV, v oo s o aivlaseiaes, ¥ PGSR Royal Gelatine, all flavors... ... .......3 ™™ 25¢ Wesson Ol .o vricorine i o M2 2cs - orid 5% Palmetto Peanut Butter.............." * 23¢ Strawberry or Raspberry Preserves. .. .*™ ** 43¢" EXTRA SPECIALS ON DEL MONTE Brand FRUIT SALAD..................Ige.can 39¢ ROYAL ANNE CHERRIES. .. ...Ige. can 39¢ 5c vee...lge. can 250 169 | 175 ANOTHER NEW STORE STRICTLY FRESH SEA GARDEN SHRIMP In glass Jars CLICQUOT CLUB doz. Pale or golden. Budweiser BEER doz. CANADA DRY doz. 2.05 | CERESOTA FLOUR.........5 Ibs, 31c GOLD MEDAL FLOUR.... .12 Ibs., 59¢ Campbell’s | LEGRANDE old Witch A\ Ammonia Pint BRAND BEAP‘IS PEAS 2 &= 25 At Hand Picked Tomatoes loc No. 2 Can.... 5w e .2 bunches 251: vos2 heeis 28 w2 I for 19¢ TOMATO SOUP Juicy Florida Oranges. Fancy Celery. ...coeoee Fancy Lettuce Fresh Spinach... Fancy Carrots. . Prime Rib Roast. Fancy Leg Lamb. ... Fountain Brand Hams Chipso Granules........... Ivory Flakes Chocolate Covered Marshmallows Queens Delicious Sugar Wafers Lb. Two specially delicious sweets, DISH TOWEL SYRUP | “Noobies' | POWDER NOODLES 6 oz. 2 5c 27¢ Jre23e| o 45¢ UNITED FOOD STORES, Inc. Table Use