Evening Star Newspaper, December 1, 1921, Page 29

STRONG MARK FOR SPECIALTIES Rails, Oils, Studebakers Are Leaders—Exchange Situ- & ation Is Improved. e BY STUART P. WEST, NEW YORK, December 1.—A fur- ther violent recovery in German marks was the leading incident of the day in the financial markets. It reflected even more than yesterday the feeling of confidence in banking circles that something will come out of the informal negotiations which the German business leaders are hav- ing in London, that Germany may be successful in her plea for a morator- ium so far as cash payments on the mnext indemnity installments are con- cerned. Should the other allies, in face of the opposition of France, agree to Germany’s proposal, to pay in kind, it would certainly warrant the jump which the German mark had today. had some curious effects on the other markets. Sterling got up well above the four- dollar level and was quoted higher than at any time since the spring of 1920. French francs had an equally sharp upturn and were back over the entire ground lost during the last three weeks. And yet, with French exchange improving rapidly, French government bonds dealt in in the New York markets were heavily sold, and in the case of the new 7ks were driven down quite close to the low record of 93%. It was evident that the belief pre- valls that a possible moratorium on German cash payments would be a very bad thing for the French bud- get and would curb French govern- ment credit. On the other hand, the substitution of goods for cash in the reparations payments would not so much effect exchange rates, because it would not influence France's position in the international money markets. Stock Market Active. No doubt today's remarkable recov- ery in the exchanges was a factor con- tributing to greater confldence in the situation generally, and this had its bearing upon the market. However, the better tone of the share list might quite well have come about any way through the recognition by speculators for the decline that they were making no headway toward forcing prices down. Further weakness at the start ap- peared in a few special issues, among them Mexican Petroleum and Interna- tional Paper. The rest of the market was not at all perturbed, and after the first hour or two began to pay more attention to the counter-balancing strength in other stocks. Standard Oil of New Jersey was bid up sharply and this had its ef- fect upon the rest of the oil group. The Mercantile Marine shares were very strong, carrving American Inter- national along with them. Baldwin Locomotive got up to its previous high under short covering by speculators, who did not care to pay the dividend which comes off the price of the stock tomorrow. But of more consequence still was the consistent strength of the stand- ard rails_ under the leadership of Northern Pacific and Great Northern preferred. The action on the Burling- ton dividend was the principal topic of discussion. North Ameriean. The advance in North American was associated with the circular offering new stocks to holders of record De- cember 8 at thé par of $50 a share. As the present stock was selling be- low 43 when the circular was sent out, it seemed at first glance rather a peculiar [voposition. The special attractiveness of the offer lay. how- ever, in the provision for easy pay- ments extending over two years. It did not necessarily mean, there- fore, that North American common must sell at 50 by December 8, but it did seem to imply confidence by in- siders that their stock is worth at least this figure as a long-run in- vestment. Trading in the North American rights was to have begun today, but it was later announced that the listing had been postponed. An Oil Merger. With the financial district filled ‘with all sorts of discussion regarding the independent steel merger, which is now in an advanced stage. there appeared rumors today of an impend- ing oil merger. This amalgamation of oil companies is reported under consideration in New York this week, but the only point in its favor, b cording to one source, tivities are being dirccted by Stand- | ard Oil officials and that one of the companies to be taken is a small'|Goodrich. Standard Oil subsidiary. BIG CHRISTMAS FUND. About 4,000 Banks to Distribute $150,000,000 Among 5,000,000. NEW YORK, December 1.—Approxi- mately 4.000 banks in the country will distribute next week among 5 000,000 persons about $150.000.000. rep- resenting the accumulations of va- rious Christmas funds for 1921. One- tenth of this amount will be disbursed by banks operating the Christmas club plan in New York city and nearby points in this state, New Jersey and Connecticut. The disbursements of the banks in Hudson county, N. J., will total near- 1yly $2,000,000, which is more than $3 per capita. The Union Trust Com- pany of New Jersey, in Jersey City, will disburse $880,000, the largest dis- bursement of any_institution in the vicinity of New York. The largest disbursement in Manhattan will be about $500,000 by the Maiden Lane Savings Bank. The Christmas Club Corporation said yesterday that, according to recent estimates, “over 1,000.000 people have started their first savings account with funds accumulated through this plan. FEATURE LINEN FOR SPRING. NEW YORK, December 1.—A large business in linen dress goods is ex- pected to feature spring trade, ac- cording to leaders in that line. Im- porters and jobbers are reported as in_ receipt of big orders for early delivery, interest centering_in plain and colored dress linens. Retailers, however, have not placed their or- ders for spring delivery and indica- tions are that they will wait until the early part of March. A brisk demand for Christmas linens is ex- pected and the call, it is predicted, will be especially heavy for Yuletide packing, holly and mistletoe boxes of household and handkerchief sets. Low prices are the dominating fea- tures for such offerings. —_—— FOREIGN EXCHANGE. Selling checks—dollar values at noon today. Budapest Prague Warsaw’ Copenhagen Cbristiania Stockholm . ‘Amsterdam Relgrade Montre: By the ted Press. NEW YORK. December 1.—Foreign exchange strong. Great Britain, de- mand, 4.04%; cables, 4.05: sixty-day bills on banks, 4.01%. France, de- mand, 7.28%; cables, 7.29. Italy, de- mand, 4.27%; cables, 4.28. Belgium, demand, 6.9912; cables, 7.00. Ger- many, demand, .55; cables, .551%. Hol- land, demand, 35.53; cables, 35.59. Norway. demand, 14.30. Sweden, de- mand, 23.75. Denmark, demand, 18.65. Switzerland, demand, 19.12. Spain, demand, 14.00. Greece, demand, 4.10. Argentina, demand, 32.; Brazil, mand, 13.12. Montreal, 91%. FINANCIAL.” that the ac. | Gen Motors. . | Intl Harvester. Penusylvania Received by Private Wire High. Low. Close. Open. Adams Express... &% ‘Adv Rumley pt Alr Reduction. Ajax Rubber. All-Amer C: Allied Chemical. Allis Chalmers. ... 7% Allis Chalmers pr. 8% Am AgrChem..... 824 ‘Am Bank Note pf Am Beet Sugar.... 2% Am Beet Sugar pf. 5% Am Brake Shoe. .. 53 Am Can.... 31% Am Canpf...... 1% Am Car & Fdy. u2% Am Car & Fdy pf. Am Chicle Co. . Am Cotton Oil. Am Druggists. Am Hide & Lea. .. Am Hide & Lea pf. Am Ice... Am Ice pf. Am International. 88% Am Linseed Am Linseed Am Smelting. . Am Smelting pf. 85% Am Steel Fdy.. 3N% Am Steel Fdy pf... 2% Am Sugar.. Am Sugar pf. Am Sumatra. Am Tel & Teleg. .. 116% Am Tobacco. .. Am Tobacco (B).. 126% Am Tobacco pf (n) 9% Am W Wks 6% pf.. 16% Am Woolen....... 80% Am Zinc & Lead. Anaconda..... Art Metal Const'n Asso Dry Goods. .. 45% AssoDryG2dpf.. 6 Atchison. 0% Atlanta B 2 Atlantic Cst Line.. 90% Atlantic Fruit Co 2% Atlantic Gulf. . 0 Atlantic Gulf pf... 2% Atlantic Petroleum 21% Atlantic Ref pf....112% Auto Sales... 3% Baldwin Loco. % Balto & Ohio 3% Balto & Ohio pr. 6 Beth Steel. ... 82 Beth Steel (B). 55% Booth Fisheries... 4% Bklyn Rapid Trn ™ Bklyn Rap Tr ctfs. 6l Burns Bros....... 118 Butte Copper. 5% Butte & Superior.. 16% Caddo Oil. . 12% California Pckg... 0% California Petrol » Canadian Pacific. Case Plow Work Carson Hill Gold Central Leather. Central Leath pf Cerro de Pasco.... Chandler Motor. Ches & Ohio....... Chi & Alton. C&EstnIllwi. C&EstnIllpfwi. C & Estn Tl pfetf. 6% Chi Great W pf Chi Mil &St P. Chi Mil & St P pf 7% Chi & Northwn. ... 0% Ghi Pneu Tool..... 62 Chi R1& Pacific.. 3%% Chi R1& P 6% pf.. To% ChiRI& P 7% pf.. 8% ChiStPM &Opf.. 8 Chile Copper 2% Chino Copper. 26% CCC&StLo L Coca-Cola. 374 Colo Fuel.. 4% Colo & Southern... 43 ColGas....... . 6% Col Graphophon 3% Col Graph pf. 1% Comp Tabulator... 42 Cons Gas of N Y. U4 Cons Intl Cal Min. 6% Cons Textile...... 1% Cont Insurance 66 Corn Products. 874 Corn Products pf.. 107% Cosden & Co... Crucible Steel. . 64 Crucible Steel pf.. 88 Cuban-Am Sugar.. 14 Cuba Cane Sugar.. 7% Cuba Cane Su pf... 16 Davidson Chem. Del & Hudson. Del Lack & Wstn.. 111} Elk Horn Coal.. Emerson-Brant. Endicott-Johnson. 78% Erie. . Erie 1st pf. 18 Erie 2d pf. 12% Famous Players.. 68% Fisher Body of Opf 76% Fisk Rubber...... 9% Freeport Texas... 5% Gen Asphalt. Gen Cigar. Gen Cigar deb. Gen Electric. Gen Mot 6% deb. Gen Mot 7% deb. Gray & Dav Great Northern pf. 7% Great Nor Ore..... 32% Gulf States Steel.. 4% Haskel & Barker.. 80 Hendee Mfg. . 15% Homestake .. 88 Houston Oil. . T Hupp Motors Illinois Cent Indiahoma. Inspiration Interboro Me Int Cement. . Intl Mer Marine... 12% Inti Mer Marine p! Intl Motor Truck.. 26 Intl Truck 1st pf. Intl Nickel. . Intl Nickel pf. Intl Paper... Intl Paper (sta)... Invincible Oil. Iron Products. Island Oil. Jones Tea. Kansas City Sou.. 25 Kansas & Gulf Co.. 8% Kelly-Spring Tire. 40% Kennecott. . Kresge (S 8) . Kresge (S S) pf... 106 Lackawanna Steel 41% Lake Erie & W pf. 26% Lee Tire & Rubber 28 Lehigh Valley. 58% Liggett & Myers. . 151 Loews Inc. % Loose-Wile: . 3% Manhattan Elev... 37% Market St prior... 36% Marland Oil... May Dept Stores. 89 Mexican Pete. nz Miami Copper. . 2% ‘Middle States Oil Midvale Steel. Minn & StL (n). MoK&Twi.. MoK & Tpfwi. Mo Kan & Tex.... Mo Kan & Tex pf.. Mo Pacific. .. Mo Pacific pf Montgomery Ward Mullins Body. Nevada Copp New Or Tex & N Y Central. N Y Dock..... . NYNH & Hart... NYOnt& West... NY Shipbuilding. . Norfolk & Wstrn.. North America.... North American pf. Northern Pacific. ‘Oklahoma Prod. Orpheum Circuit. . Otis Steel..... Pac Development. Pac Gas & Elec. Pacific Mail. Pacific Oil. Pan-Am Pete. Pan-Am Pete Panhandle. Parish & Bi Penn Seabd Ste. People’'sGas.... Pere Marquette. .. Pere Mrq prior pf. Pere Marq pf.. Phila Company Phillips Petroleum Flerce-Arrow. Pierce-Arrow 18 102% 101% 101% 57 ed Steel Car. ed St Car pf. Producers & Ref. .. Public Servof NJ. Pullman Co... Punta Alegre... PureOll..... Rallway Stl Spr. Ray Con Copper... Reading.... Reading 2d pf. Remington Typr Rep Iron & Steel. . Rep Motor Truck. Royal Dutch. . St Joseph Lead St L& San Fran. StL & San Frpf. .. St Louis Southwn. St Louis Sown pf. . Santa Cecilia Sug. Seaboard Air Line. Seaboard AL pf... Sears Roebuck Sears Roebuck pf. Seneca Copper.... Shattuck-Arizona. Shell Trad & Tran. Sinclair Oil. .. Sloss-Sheffield Southern Pacific So Porto Rico Sug. Southern Railway. Southern Ry pf. Stand Oil of Cal Stand Oilof NJ... 1 Stand Oil NJ pft.. Stewart-Warner. . Stromberg Carb Studebaker. Tenn Copper. ‘Texas Compal ‘Texas Gulf Sulphur Texas & Pacific. % | Texas & P C & Oil. Assets . Surplus atically. 1343 N. Y. Ave. THE EVENING STAK, WASHINGTON, 22% | Estate. % N:TIONAL MORTGAGE AND INVESTMENT CORPORATION EQUITABLE Co-Operative Building Fes-srimpch Results —Join the Equitable and save system- Then you will establish a fund to make a deposit on a home. Subscriptions for the 82d Issue of Stock Being Recelved Shares, $2.50 Per Month 4 Per Cent interest EQUITABLE BUILDING 915 F St. NW. JOHN_JOY EDSON, Presiden FRANK P. BEESIDE. See’y, 4 Money In Ang Sum ur connectfons locally and in other cities enable us to nish money in any amount for Washington Real Estate En- terprises. Stone & Fairfax D. C., THURSDAY, DECEMBER 1, 192T. HOLD YOURS Do not part with them lled to do so. s Atpresentattractive prices, thus reducing cost. Booklet No. 210 gives interest- ing and profitable information. Write TODAY for your free oopy ‘ 1 FINANCIAL.™ LIBERTY BONDS BOUGHT FOR CASE. nd Ex e 604 14th Street N-W. | CITIES SERVICE SECURITIES Bt Bought, Sold, Quoted ey ohenne seaient or sunaios oass. ||| THOS. W. BRAHANY & CO. M. 2345 5 713 14th St. S10.11 Evmg.niglm' Main 6189 Money to ‘Loan Wcmllll?llt‘i'-ullnm “The Partial Peymext House™ Perpendicular or a Long Slant? As far back as last June it was evident that business had rounded the corner. The com- modity price index turned definitely upward. Golabliched 18 .94,303,530.65 -$1,007,900.91 Savings With Greatest FIRST TRUST NOTES 7% Safety Ease of Mind Convenience In denominations of $1,000 LOAN DEPT. SHANNON & LUCHS 713 14th St. Mats 2424 ‘Tide Water Oil.... 1 Tol St L & Westn., Trans Contl Oil... Transue & Wilms. Union Bag & Papr. Union Oil... Union Pacific. Union Pacific pf... Union Tank Car pf United Drug United Fruit United Ry Inv United Ry Inv pf.. United Retail Strs. U S Cast Ir Pipe USCastIrPpf. 12% 12% 124 U S Rubber 1s! U 8 Smelt & Ref. U 8 Smelt Ref pf U S Steel pf. Utah Copper Utah Securities Vanadium Corp. Va-Car Chem. Va Iron Coal & ‘Wabash pf A Webber & Heilbrn Wells-Fargo Exp. Western Md 2d.... ‘Western Pacifi ‘Western Pac p. Western Union. Westhse E & M. ‘White Motor. Wickwire Spencer Willys-Ovld pf.... ‘Wisconsin Central Worthington Pmp Getting Suspicious. From the Birmingham Age-Herald. “Well, my dear?” “The cook has issued an ultimatum.” “What about?’ “She says cvery time she has an afternoon off our car is in the repair shop, and it's beginning to look to her like a put-up job." 51% 48% B1% 100%3 108% 108's LOANS . If you have money to in- vest we can safely place it on gilt-edge first D. C. Mort- gages. Our record of 30 years insures your protection. Cour- teous treatment. Percy H. Russell Co. S.W. Cor. 15th & “K” Sts. First Trust Notes secured on mew houses Absolutely Safe Guaranteed Title Notes in demomination of $500.00 and up. For information 173% 173% 178% 26% 26% 26% 168% 160% 163% Money to Becured by first deed of trust on real eststs interest and_commission. 420 Wash. L. & Trust bldg., 9th and P a.w. R, 72 MEMBERS: New York Stock Exchange 111 Broadway, New York Washington Office COLORADO BUILDING ‘Telephone Main 1603 771 A G. B. Chipm R R . mg. % W.B. HIBBS & COMPANY Members New York Stock Exchange Everyman—and the Market An exchange itself does not buy or sell any- thing. It is solely a market place for securities. ‘Why is the subject of exchanges of deep concern to every man? Exchanges give ten-fold power of service to the dollar, mobility to capital and flexibility to credit. By attracting and distributing the combined re- sources of many individuals they enable the rail- roads to maintain service, the mills to buy raw materials and equipment, the city, the state and the nation to undertake those vast public enter- prises which make for the progress of civilization. For a century, the New Yotk Curb Market has thus served the nation. It owns and occupies a modern exchange building at 78 Trinity Place.- And Jones & Baker, nearly 40% .of whose new customers are introduced by old customers, are one of the leading factors in this great market. them the na “information headquarters” for the stocks traded on the New York Curb Market. An interesting booklet on develop- this market and its ment will be sent on request Baltimore Office 433 Equitable Building Telaphons s St Eaul 8651 Over a Quarter Century Without a Loss. PRODUCTIVE and PROTECTIVE man who knows value of a consistently pro- of un- which yields an interest return re- of business tions, is the man First Mortgages. Descriptiv e ; booklet of abovesecuri- ties may be ob- tained by call- ing at our Sta- tistical Libra- ry, Room 201, Hib b s Build- the condi- who buys Mortgages are protected by every known safeguard developed in over a quarter of a century which we have specialized in this class of securities. For Safety—Satisfaction— Yield—invest in our 7% Firat B. F. SAUL CO. Mortgage Loans, 1412 Eye St. N.W. Main 2100 Washington’s Oldest National Bank 5:30 P.M. Is the Closing Hour Here Today {[Plenty of time “after office” to drop in and make your usual semi-monthly deposit in OUR SAVINGS DEPT. fWe suggest also the timeliness of in- quiring about the opening of SAVINGS XMAS bestowal—as ACCOUNTS gifts they're difficult to excel. 3% Paid on 5avfngs Accounts ational Metropolitan Bank Capital, Surplus & Undivided Profits Over $1,500,000.00 5th St., Opposite U. S. Treasury—107 Years Old ONES & BAKER New York Crurb Market Direct Private Wires Will its continued progress from now on be indicated by a perpendicular line or by @ long slant? Important developments in the business situation are dis- cussed in our Latest Market Letter. Fust Mortgage Loans % Write Department M for a copy Smith, Lockhart& Co. ESTABLISHED 1911 Continental Bldg., Baltimore, Md. Members Baltimore Stock Exchange “Safety, Convenience, Profie” In Convenient Denominations 12 Gfteenth. Stweot OMain 6888 Consider Washington— ASHINGTON is a city without tene- ments. Assuming five persons to a family, there were 87,000 families here in 1920 of whom 28,500 lived in their own homes. UCH a community, where the spirit of home-ownership is so strong, is the finest possible market for first mortgage investments. The typical Washington family is soundly influenced by this Wash- ington tradition. - Swartzell, Rheem & Hensey Co. 727 15th Street N.W. ‘Washington, D. C. The Natiow's Home Town. 53 Years Without Loss to An Investor. Municipal Bonds For Investment Municipal Bonds, when properly issued and safeguarded, have always been recognized as among the strongest investment securities. The full faith, credit and taxing power of a Municipality (State, County, City or other subdivision) issuing bonds, such as we recommend, are pledged for the prompt payment of principal and interest. To fulfill this promise, the Municipality has the power to levy taxes on ail taxable property within its boundaries. Taxes come ahead of all other liens, even the claim of first mortgage bonds. If a property owner fails to pay his taxes, provision is made by law for the sale of his property to pay the taxes due. Another contributing feature to the attractiveness of Municipal Bonds is the fact that they are exempt from the Federal Income Tax, both normal and surtax, and in many States are also exempt from local taxes. Municipal Bonds have for generations been the favorite form of investment of the most conservative investors. Among the largest holders are savings banks, insurance companies, trustees of estates, and other institutional and individual investors, who place security of principal as the first consideration in the selection of their investments. Because of the widely varying laws and taxing powers in the different States, it is important to purchase them through Houses known for their fong famil- iarity with all technical details and for their thoroughness in safeguarding the issues they approve and recommend. Municipal Bonds now yield a much larger return than in normal periods, a conservative estimate of the increase in return, as compared with the pre-war period,' being about one-third. They are available at the present time to yield from 434 % to 6%, while Canadian Municipal Bonds (not exempt from taxes in the United States) can be had to yield as high as 654 %. This house was or‘anized in 1882 to deal chiefly in Municipal Bonds, and for many years its business was confined largely to this class of security. While we now deal in other classes of investment, we have for nearly forty years been among the largest dealers of Municipal Bonds in this country. We have on hand at all times a very wide assortment of Municipal Bonds (usually covering 100 to 130 different issues) which we offer with our recommendation. Upon request we shall be glad to send a copy of our nett Monthly Bond List Harrls, Forbes & Company MMGMMNWYMR i Talephone Mua 2078 . .