Evening Star Newspaper, December 25, 1921, Page 12

1 2 FINANCIAL. THE ' SUNDAY STAR, WASHINGTON, D.. C, DECEMBER -25, 1921—PART 1. FINANCIAL. Week’s Price Range New York Stock Exchang High. Low. Div. —1921— 1833% 19% 52 4T3 3034 593 103% 6255 7634 T3y 533 1135 6215 03 104 14 144 0 1n#4 35 9% 10734 88 o1 11915 13635 131%5 9934 8314 1435 407§ i50 505 1075 94 8 91 76 4415 25% 93814 4235 5636 6215 65 e 1474 765 1221 6% (22 333 1193 74 5034 88 60 123% 8% % 3614 186 (654 21% 9% 112 4% 1074 33% 67% {595 110 219 25% 108% 1% 1224 1% 8234 16% 5024 254 86 1654 2% Rate. lapunl ewl = Am Chicle Co. Adams Express. Adv Rumley. Advance R pf Air Reduction. Ajax Rubber.. Allied Chemical Allled Chemical pf. Allis-Chalmers. ... Allis-Chalmers pf.. Am Agri Chemlcal.. Am Ag Chem pf.... Am Beet Sugar..... Am Bosch Magneto. AmCan... Am Can pf. Am Car & Fdy. 5% — Am Cotton Oil. 354 — Am Coiton Oil pf.... 113 8 Am xpress... 8 — AmHide & Lea 40'4 — AmHide &Lpf.... 42 6 AmTce.. 57 7 AmIcepf . 214 — Am International.. 7% 1 Am LaFrance...... 17— AmLinseed........ 39% 7 AmLinseed pf..... 73'; € Am Locomotlive.... 43{ — Am Ship & Com 2055 — Am Smelting. . 63!4 7 Am Smeiting pf. 95 12 Am Snuff.. 18 3 Am Steel Foundr; 47?6 — Am Sugar... 67 7 Am Sugar pf. 28'3 — Am Sumatra. . 6434 7 Am Sumatra p! 933 9 Am Tel & Tel.. 11134 12 Am Tobacco... 110 12 Am Tobacco (B). 86 6 Am Tobacco pf (n). 57 7 Am Woolen . 6 — Am Zinc. 227 — Am Zincpf. 313{ — Anaconda..... 24 4 Asso Dry Goods.... 91 6 AssoOil. 76} 6 Atchison . 75'4 5 Atchison pf . kg 7 Atlantic Cst Line 18 — Atlantic Gulf. 15% — Atlantic Gulf pf. 10 24 Atlantic Petroleum. 62} 7 BaldwinLoco...... 303§ — Balto & Ohlo . 47 4 Balto & Ohio p! . 39 5 BethSteel... 41'2 5 Beth Steel (B). 3 — Booth Fisheries. 63{ — Bklyn Rapid Tran 51 — Bklyn Union Gas. 81} 10 BurnsBros.. 3% — Butte Copper & Z... 104 — Butte & Superior... 1414 — Butterick... 734 — Caddo Central 53% 6 cCalif Packing. 25— Calif Petrol. 681 7 Calif Petrol pf. 4134 2 Calumet & Arizona. 101 10 canadian Pacific... 2214 — Central Leather. 57% — CentralLeapf..... 2 — Cerro de Pasco, 384 6 Chandler Motors... 46 2 Ches & Ohio... €% — Chi Gt Western. 14 — ChiGt Westernpf. 17% — Chi Mil & St Paul 2934 — Chi Mil & StPpt. 60 5 Chi& Northwn.. 95 7 Chi& Northwn pf.. 47 4 Chi Pneu Tool. 22% — ChiR1& Pacific. 5614 6 68 7 g 19% — 32 — CleveCC&StL. 36} — Cluett Peabody 19 4 Coca-Cola... . 22 — Colo Fuel & Iron... 21% 3 Colo & Southern. 52 6 Columbia Gas. 2% — Columbia Graph... 914 — Colum Graphonet pf. 283{ 4 Comp Tabulator.... 13 — Consol Cigar.. 53 7 Consol Cigarpf.... 7% 7 ConsolGas.... 33 — Cons Inter Callahan 123 — Consol Textile..... 34% 7 ContCan.... & 59 6 Corn Products..... 9 7 Corn Productspf. 2214 250 Cosden & CO.....vo 49 4 Crucible Steel. 102 — Cuban Am Sugar... 5% — Cuba Cane Sugar. 13)4 — Cuba Cane Sug P! 3 4 Davidson Chem. 90 9 Del& Hudson. 93 6 DelLack & West 16 — Elk Horn Coal. 52 5 Endicott Johnson.. 87 7 Endicott Johnpf... 10 = Erie..... . 15% — Erie 1stpf. 10 — Erie2ndpf.. 445 8 Famous Player 74% 8 Famous Playerspf. 5% — FedMines&S...... 21 4 FedMines&Spf... 8% — Fisk Rubber....... 9% — Freeport Texas.... 40 6 Gen Am Tank Corp. 39%% — Gen Asphalt. 54 6 GenCigarCo, 109% 12 Gen Electric. 9% 1 Gen Motors, . 60 6 Gen Mot 6%deb.... 6 7 GenMot7%deb.... 26% — Goodrich (BF)..... 62)3 7 Goodrich (BF) pt. 15 — Granby Consol 94 — Gray & Davis...... 60 7 Great Northern pf.. 25% 4 Great NorthnOre.. 18/ — Greene Cananea. 25 = Gulf States Steel... 505 4 Haskell & Barker.. 13 — Hendee Mfg. 4414 — HoustonOll... 103 1 Hupp Motor. &Y 7 2% — % - 35 — 31 — Inter AgriChmpf.. 21 234 Int’l Cement........ 67% 5 Inter Harvester. 7% — Inter Marime....... 36 6 Inter Marinepf.... 25% — Inter Motor Truck. 63% 7 Inter M Trk1stpf.. 114 — 338 — 67 6 Inter Paper (lu). . 5% — InvincibleOfl...... 22} — Iron Products. 2 = IslandOil. 4 = JewelTea... 8% — Jewel Tea pf. 14%5 — Jones Bros Tea. 184 — Kan City Sou. . 45} 4 Kan City Soupf. 434 — Kansas &Gulf..... 334 3 Kelly-Springfield.. 16 =~ Xennecott Copper..: Week cndiu December 24, 1981, Net. High. Low. igh. Low. Close. Chge. | —1021— 50;4 0% O%— %| 1% 8% u4 1% W4+ %17 130 36 35 35 —1 |58 32 mg 4% A%+ 2R| s W 15% 1% —1 | 145 10 50% 56% Sné+ u| 30 17% 1035 #1015 101 — 26| 30 174 30 A% K — K| 6 4% 8 814 STs+ M[102 o 30 20 29% A% 10 9% s 54— M| 12% % /Y 2 20— %1644 136 365 335 33— 26| 2 30 B/s—1 (18 &7 9315 — 15| 894 21 1235 — 3% | 8% 32 154+ %[ 36 18 s 2%+ 3| 30% 121 8% 8% BY-2 | B uy4 127% 121 — %| 15 8 1B 1316 — 14|14 65 61 581 585 — 25 |1673C 8415 % % 6 +2| B 1% 704 68 70 —1 | 164 10 815 39y 40% — 15| B4 2 10 87 9%+ 1| 144 5K 347 3% 32 — 2% s975 8 88 — 2% 104 983 1033+ 45 5 5% %+ % 5 2 4H5 - % 87 81T — 1% u 12 +1y 313 325 — 1% o 52 + Y4 8175 11§ 8%+ 1% 3 30 3K+ 1K 661 65 6%+ % 11714 #1315 113% — 1 13315 1301 13134 — % 12816 126 126 — 2% o175 95 95 — 3l 813§ % T4 — 1K 1B% 12 12%— % 0 3 37 —2 4976 41% 4%+ % | B 16 501 48 8%+ 4| B 134 105 102 102 — 43610475 88 ot 91§ Wi— %| 46 3K 86y 8% 85% — 3| 44 3% 90y 84% *85% 8¢ 61 3315 303 3176 — 1% 3 2045 o 2 2 —2 | 4 1% 255 2 4%+ %| 36 144 o136 9434 9B — L |MS &7 37 3y 3 — |16 8 5335 52 52— gf 9B 4 53 52 5% 6% 46% 51 5o seis— %) 1% 8 o 5% 5% — | 0% 204 n4 6% 6% — K| % B4 e 124 46— Dg| T4 84 122 19 121% 4+ 2% | 4 82 516 s - |V 6% o1 17% 19% —1%| 8 33% 33 2% 31 — 14|12 9 18 1% 12%+ %| 26 1% 700 60 60 — 14| 3% 26% 505 67 48% +1%| B 304 88 8434 5615 563 122 118% 314 29% 63% 624 3% 33% 51 *46 32 5676 5% 55% — 11| 18% '12% 6 6% 6%+ K| % 8 7 16% 16% 344 2034 193 1% 18%— 3| 104 54 32 2015 34— k|14K 8 90y; 63 — 13| 54 2% 1044 %8 9 —2 | 4% 204 - 335 32 1% 1 7% 12 + Y| 8% 60% 8114 8 —1 |5 364 Mg 1%+ %[ 5 84 6% 8 + %| B 104 475 49% - 5% | 39 18 01 45 %+ 1g| B 4L 417 3% 41 + 14 g;’z 43% 34 4% - 3 7 26% ?g% m“—fi ek i 655 65% — 1| 305 194 3% 3 3w+ n|d B 155 1% 12 2Ved w6 13 S+ 2| K2 7 0 2 + K| 125 44 60 51 51 —1 | 54 @y g 92 — | W 1% & 5% 6 — %| 8 &% 1% M4 14— 1| B 0% sy 1 .y — K| B 16 0% 9% 9%+ ¥%| B 24 n2 100 10— %|18 204 38 3y 7 + %[0l 604 61 64§ 65y — 14| 4% 1% 18% BY 1B%— 4|0 £ 6% 6% o 8 1B 18— %| 06 % 51 5335 — 54|192 1243 104% 106 —1 |14 105% 164 1200+ 23| 37 2 Ws Wh— | % 2K 0 T Y- K| 8K 8% 105 1044 10455 —2 | 1% 3 105 10 10 — | BX 3% 16% 1% 15%— %| 48 2% 10 10% 10— 3| 1% 6% T B T - %8 B 7 B %+ %| 4% 3% 1210 10 — 2| 2% 164 2% 3% 38 — 4| 3N 1% BY 12 124+ Y| 2% 124 15% 13% 44— %|72 6 53 #1 51 —1%| 1B 6 695 63% 5% — 3| 46 B 683 664 66— | 5 57 1413 136% 139% — 1 | 2% 15% 105 105 — 5|13 11 B N% NG-— 1%| W 62K 85 814 82— 24|34 19 MK s BK+ %16 46 8 *8 &8 — 1|0 % 28 25% 28 —1 124 6 18% 126 12— %| % 17 BY% 4 M- %] 62 6% 32 3% 32 + %|19 14 B 7 Y- %| W% 84 47 46 46y —-2g| 185 3K sl 79% 9% — 13| 6344 44 18 In§ 14— | % 404 80 03§ % —5 |18 74 % 1% 1%+ x| 8% 0% 9% K oG —2 |14% 165 41y 3% 39 —2 | 68% 44 1% 1K 14— %| 124 8% 45 35 s— H| 4 BK 35 31 31 — 45| 426 20% 2035 %26} 264 — %1026 57% 834 %80 8 — %| 9 64 M% 13 14 —1 |24% 18 653 61 633 — 13| 1536 1256 0 W M- %| 2 8% 1 w28 WK+ %| s 84 125% u¥% 12%— 3| 30% 16 554 514 520 — 24| 04 5L4 7% 0 0 —1%|% M35 115 " My + 2% | 516 38% 30 5% 2%+ 5%| 14 64 2% 26 W— ¥4 M/ 12 1% M- K| 1% 7 ey 2 £ —2%| 18 84 g By W+ | 4 24 A% B VY- %[ 100 54 83y BY%- N|e2 B T 6 Th— |14 105 “ig 4035 424 — 14| 8K mu 2% 4% 26 % * Ex e/ JANUARY DISBURSEMENTS ARE ABOUT THREE MILLIONS S NOTE OF OPTIMISM | ESTATE & LOANS REAL ST n‘.‘i!:' Workisnune r”,mn".“' é.‘:‘l. -“'. If you have money to in- — Keystone Tire. 1% 4% 17% i 2% |N ]’RA"[ FUIUR[ vest we can safely place it on First T 6 Kresge (S8). . 176 171% 174 1% gilt-edge first D. C. Mort- .lm — Lackawanna Ste 4 el Banks and Corporatlons Among Distrib~ gages. Our record of 30 years Exclusively ~ Laclede G i Son Conre T Uy 1314 u}i ¥ 2% t Pl bt f A u.ltu t I A t ::;::""’e::;:;:t“‘m Conservative — DakeErle&Wpt.. 30 284 30 + 1| BEOTS= 1ght o gnc rists.is galns Survey of Competent Au- N Valuations 2 Lee Rubber.. 2 8K BY- % ¥ Tota 3 Lonien Valley. .. e ong- 1 Betterment in Many Lines of Business. thority as Year Draws Percy H. Rll”Ol!CO. 7% Interest e D e : ; to a Close. S.W. Cor. 15th & “K” Sts. Loft Ine. o %5 10 + % BY L. A. FLEMING. man cl.l"loon on' this page the active, e R . Lorillard (B 154 152 152 —2 | Most of thebanks, trust companies | FiSHESLS FIERACRL Of 1o DORTIC y car drawe to s close survevs of com. M to Loan |.° Loose Wiles. 364 35 363 — 23 |®nd corporations pay interest or divi- [of many business and charitable andPetent authorities regarding the out- oney e " STOCK BARGAINS wlalBalg Manhattan Elev. 13{ Manhattan Shirt. — Marland Oil. Mathieson Al 8 May Dept storu... 12 Mexican Pete...... 2 Miami Copper. 120 Middle States. . Midvale Steel Minn & St L (n) MStP&SSM. Mo Kan & Tex w | MoKan&Tptw Mo Pacific. . Mo Pacific pf. Montana Power Montgry Ward. Natl Acme. Natl Biscuit Natl Cloak & S... Natl Cloak & S pf. Natl Conduit. Natl Enameling. Natl Lead. ... Nevada Copper. N O Tex & Mex. 5 NY Central 24N Y Dock. . — N Y New Haven. N Y Ontarlo & W. N Y Shipbuilding. Norfolk & Westrn. North American. North American pf.. Northern Pacific. .. Nova Scotia Steel Oklahoma Prod. . Orpheum Circuit. Otis Elevator Otis Steel. ... Pacific Develop. Pacific Gas & Ele: Pacific Mail Pacific Ofl. . Pan Am Petrol. Pan Am Petrol (B). Pennsylvania. [} lewl 5 7 s 6 K Peoples Gas..... Peoria & Eastern Pere Marquette. . Philadelphia Co. . Phillips Jones. .. ... Phillips Petroleum. Pierce Arrow. . Plerce Arrow pf. Pierce Oil.... Pierce O1l pf. lool llllwllllgooXlal low! | cwwaan IK Pond Creek Coal.... Pressed Steel Car. .. Producers & Refinrs Public Service NJ.. Pullman Co........ Punta Allegre Sug.. Reading 2d pf. Remington Typr. Replogle Steel. Rep Iron & Steel. .. Rep Motor Trk. 520 Royal Dutch,, StL & San Fran St L Southwestrn, St L Southwn pf.... Savage Arms. . Seaboard Air'Lin Seaboard Air L pt. Sears Roebuck. Seneca Copper. Shattuck Ariz Cop.. Shell Trans & Trd.. Sinclair Consol. Sloss-Sheflield. South Porto Sug... Southern Pacific. Southern Raflway. Southern Ry pf..... Standard Milling. .. Standard Oil of Cal. Standard OINJ... Stand 1l N J pt. Stewart Warner. Stromberg Carb Studebaker.... Submarine Boat. Superior OIl... Superior Stee! ‘Tennessee Cop. Il 1l leoowal ool oall Texas Gult Sulphnr. Texas & Pacific.... Third Avenue. . Tobacco Products. Transcontinental. Transue & Willims., Union Bag & Papr.. Union Ofl...... Union Pacific. . Union Pacific pr.... United Alloy Stl. United Drug... United Fruit. United Ry Invst. United Ry Inv pr. United Retail Strs. U S Cast Iron Pipe.. U 8 Food Prod. U 8 Ind Alcohol U S Rubber 1st pt.. U S Steel... U S Steel pf.. Utah Copper. Utah Sec Corp... Vanadium Corp.. Va-Carolina'Chem.. Va-Car Chem pf.... Wabash. . ‘Wabash pt A. ‘Wabash pf B. 250 Wells Fargo Exp. Western Maryland. Western Pacific. . ‘Western Pac pf.. Western Union..... ‘Westinghouse Elec. ‘Wheel & Lake Erfe. ‘White Motor... IIIII|»~.am|I.IIaIImIl,.slm..loln-lIulmllqln..‘...g.llq.llll'llll . ‘Wickwire Spencer.. ‘Wilson & CO...ccu0e ‘Willys Overland.... ‘Willys Ovind pf. ‘Woolworth..ceeese ‘Worthington Pump. dividend. 8% 17% 45 5814 13% 104 123% 64 14 38 1434 575% 72 2% 6954 12614012134 2] 2 5434 8 20 513 1644 5244 9 8274 107% — 2% 25 — 2% 36 + 3% 30 -6 4 -24% 205 — 2% W5+ % 107 - % 1146 — 1% a7 - % BY — %) 26 —-2% down $27, The Amerlcln Security and Trust Company heads the lrlllt companies with a dividend of $170, the $68,000 extra Christmas distribu- tion. 66 . 1% — 33 - 8 -2 15 515 + 1% | X 3% — 15| Coplta 30 —3% f;}:fi-’:‘?g:‘fi"&iu : ;2;“; 1% rém:.l. and M 1 L B+ % 7 - % ati ;g%: 5 fi;.gm:!?‘: t}:c;;m and Trust nion Trus 7814 — 134 | Washington = % é&‘e"hl:n(filvl e - | - fon .. 125 103 — 1) '?fx'.':":’if.’.’éfi of Viegia 54— % fircuflw Storage 663 + 134 Wasnington Marke .:f’y‘ = r'{r’fi.’l.:"; ‘E.".'.."".’c. 78 *Estimated. - 17 i:% = ;A over $1,100,000. B - K 1056+ % 6134 + 234 W+ 3% 20— % B + X 8 +3% 32%— 1 1% — % 2 -3y 12% — % 00 — 2% 62} — ¥ % 4+ 4% 1% — 3% 6 — 214 3044 — 2% 6 +3 10754 — 13§ 26% — 14 3% — 13 sm—z/i 15 % 2% - % 3% - X% “3% - 1% 2434 — 234 2504 — 244 51 — 2y 7 —1% 504 — 2% AY - ¥ 2 - % 31— 2 12%+ % 28— K% - % M +1 B+ % 85— 34 Bs+ % 26— % 38 % 3236 — 235 79, — 13 1856~ % 4“4 -2 19 +4 Zing 181% — 5 114 + % 24 — ¥ 344 — 34 9 — 2% 3% - positors. and trust 1922, banks. drawn down. statement. banks dend accounts around January 1, it being the heaviest season of the year for payments. their dividends and interest at other seasons, but January 1 payments are important enough to be looked for- ward to as a means of stimulating trade and investment. ‘The Potomac Electric Power Com- pany is the heaviest. payer of the hol- iday season, as it distributes $295,730, on account of interest on its bonded obt. The Washington Gas Company has maturing coupons on u- 7% per cent notes for nearly $42, In the matter of dlvldandl the Cap- ital Traction Company, paying $210,- 000, is thé most liberal, while Wash- ington Stelmbnl( shareholders draw Interest Payments. Government bonds nte” Tranefer and Storage. The grand total of this sum iy well| largely into the pockets of the vestors of Washington. Probably as much more will flow from investments outside of the city and payments on account of mortgage interest to local investors. Agalin, the savings banks and trust companies have large payments make on account of interest to de- Estimates of more than $1,000,000 for this account would be very mod- erate indeed, for our savings banks companies, and national banks hold large savings accounts. It may be readily estimated that $3.90,000° new money will be distrib- uted in Washington with January 1, Deposits May Be Off. It s expected that the call of the controller of the currency for a state- ment of condition of banks will be made_soon after the advent of the New Year, perhaps before the close. In the interim between September 6. the date of the latest call, two large issues of Treasury certificates were | marketed, drawing much money from In addition the fourth install- ment on income and added taxes for 1920 was paid, and the Christmas sav- ings were checked out. part of this large fund has or will find its way back into the banks. It is understood that a large Red Cross withdrawal was made and that a large amount of cash held in escrow for a foreign government pending a settlement of a question has been porations and banks have reduced the deposits of the former, but part, at least, of the bonus funds have found their way back into banks. The chances at this time seem to favor a loss in deposits with the next At the same time a number of new will rlnort to the controller for the first tim Statistics of d‘wlltl ‘will show the totals of the American Commercial and Savings, of the Banking Trust and Mortgage Company, the Depart- mental Bank, the Chevy Chase Bank and the International Bxchange Bank. as well as the Union Laborers’ Savings Bank. Counting the Woodbridge and Clarendon banks and the Connecticut Avenue Savings, there are now, In- cluding branches, banks in this city. Merry Christmas, Mr. President! Bankers and many others in Wash- ington will recognize in the Berry- payment of 13 per cent. Some institutions pay | picted. the duties of the day. Larner, president, gathered around |of the substantial with inaugurated the Christmas season. There were presents for everybody. 1ks, cheers and good wishes| These are offs voted a 10 per cent bonus to all em- |iron, friendly recognitions and exchanges of gifts in evidence of the happiness of the season and hope for the future for each other and for the great trust company with. which they are con- 0, including | ne Better Outlook. A year ago conditions were de-. cldedly dubious; today they are much [were in control. better, but still far from normal. It is evident that the recovery from the world’s most disastrous war is not a matter of a year or two, but that years must pass before the enormous destruction is completely paid for. Each day of the year has been at- tended with some recovery up to the middle of the fall, since which time, the larger lines have been showing the effect of further economies and !a slacking in demand. g8 $3ESsiiesasaseatasaseaseas seasss were disposed January of o industrial interests month of December. It is unfortunate that the greatest|trade: cultural classes—grain, live stock interests—although there under discussion. has been no transmission of the de- pression to the retail prices of the products of these interests. | "It has been broukht home very strongly to the American public, par- ticularly to that part of it that is in trade, this importance of the buying power of the great American pro- ducera. are less hopeful, ievery wholesale and retail Interest|F¢Parations payments. dealing with the necessities of life. in the ranks of the producers has been Moreover, the dissatisfaction created reflected in legislation and will be more and more as bloc after bloc in- sists on its demands in treating of the most delicate and important subjects. The story of Josenh and his thrift | and wisdom. which saved Egypt and his own family, was not heeded by the agrioulturists. They had their fat years with prices that they never had dreamed of and reveled in prosperity and $2.65 wheat, while cotton rose from th bale at 7 cents a pound.” to 30 cents and affiuence, and live stock soared. But the bubble burst, and the banks not only were not loaded with sav- gf-‘ changes. $5.775,000. Changes Total in that will go very in- NEW to beneficial institutions in Washington. |look in finance, trade and commerce It s a question whether Mr. Lar- |are noteworthy because with scarcely rer is really enjoying the quiet de- [an exception ‘they sound a note of He will be too busy with [optimism. The work of the arms con- ference at Washington, resumption of -Yesterday afternoon the employes |dividends by railroads and industrial | of the Washington Loan and Trust | companies recently in arrears, the de- Company, senior and junior, and some |crease of unemployment and general | of the directors, including John B. |enhancement of bond values are some or constructive in- 2 jolly big Christmas tree and duly |cidents of the past few weeks. Ya or neutralized in a measure by reduced exports, a marked increase of business failures and the' In the first place the directors had |slackening of production in steel and with further price reductions. ployes based on annual salary, and | Fully one-third of the recent mercan- the harmony and good feeling exist- | tile embarrassment occusred in_the| ing between the executive officials |south, but last week's reduction of re- and the junior bankers permitted of | discounts by the Atlanta Federal Re- serve Bank was acepted as proof that financial tension in that section | is gradually relaxing. Share List Featare In the share list the most significant feature was the fact that stocks were most active when strong and very apathetic when the forces of reaction Dealings in stocks were subordinated to the steady in- quiry for bonds. Although liberty is- sues and some of the foreign war bends occasionally were heavy, the ease with which new underwritings suggested interest and divided pay- ments were confldently anticipating new channels of investmet. Negotiatios now in progress point to numerous mergers by secondary in the Thus the steel corporation shows 45 months of the new year. Acquisition per cent activities against 50 per cent|of American Brass by Anaconda Cop- in November and the first days in the|per is likely to be followed by the amalgamations in the steel and motor where conditions now are at depression has been among the agri- [low ebb. In the oil industry consolida- cotton and |tions of various minor companies are Foreign Exchange Uncertain. Bankers believe the turn into 1922 will be accompanied without serious disturbanee to domestic credits. They however, as to for- €ign exchanges, which, in their opin- ion, will be largely influenced by the attitude of the allied powers toward The lack of this buying has injured | G€rmany’s January and February The bond list today retained its re- cent uncertain characteristics, Liberty issues and the domestic division ali- most as a_whole closing at mixed sales (par the weekly clearing house statement were slight, consider- ling the heavy transfer of funds in connection with new underwritings. NO SUGAR MARKETS. YORK, December sugar market was closed today, but it was reported a sale of 15,000 bags of old crop Cuban had been made at 1%, cost and freight, equal to 3.50 for centrifu- gal. a new ‘low record for the vear. 24. 2 :fi tr-! on teal eststa nterest and_commiseion. eller 4 L & Trest | Will Sell Al Amy Part of the e oek aba ¢ nw Following: YOUR s 510 Aetns Petroleum Invested in Our 17 First Mortgage Notes Is Always Worth a § "I'Ill Joseph 1. Realization 5000 Onmal Fetroloum 5000 Congressional 500 Edmons Oil Refining 5000 :-Mn Texss § E ! 11000 France 25 $100, $250, $500, $1,000 |} 228 €L 2 1719 K Street : !m?:::_ % “In Business Since 1886” I oL B s e ———————————— | 5000 Mik; :',’: LIBERTY BONDS | fifrgez - i BOUGHT FOR CASH. l % g:s":‘.’;f °co... Ifi Liberty Bond Exchange |« &iicnsi i that 604 14th Street NW. & o afi§ ver a 2 early Quarter B of a 329’3 Century 14.00 Without i . Bargai: Six Keys to Safe 100 5 Korage Ve . Investment M Tontutimen }-7::..‘“" 3 F. C. SCHULTE, 4023 Arrott Bldg., Pittsburgh, Pa., Dhoekiod Broker, soi 1. Safety of principal—always. 2. Attractive interest return— 7 per cent. 3. Convenient amounts _of securmes—such as $250, , $1,000 and up. 4. Absence of fluctuation in price under all conditions. value) 5. Regularity of interest pay- ments—every six months. For Investors, that has proven successful 3 months’ trial subscription free The Rose Investment Review, published monthly, describes a merhod of mvesting that has proven su.cesstul by acrual use. 6. Freedom of care, worry or management. Our 7% First Mortgages meet every requirement above listed. ‘The ings, but they were loaded with obli- gations. Came then trouble. The crops are againJarge, but the fact that Europe could not buy as freely as she would had her moneys been worth dollars cut down exports and prevented big foreign trade to the loss of the railroads, the farmers and to all business lines. Crops are recovering some of their | lost value, but war-time prices are sone. Learn how to make your money earn and multiply. Take your frat siep to- ward financial independence today by writ. ing for your free copy of 1. R. No. 210. ROSE & CO. INVESTMENT SECURITIES 50 Broad St.. New York City B. F. SAUL CO. Mortgage Loans 1412 Eye St. NW. Main 2100 Economfes. The success that has so far attended the great conference now on in this | city means an enormous saving to this | country, and the installation of the budget system and economies intro- duced at the behest of the executive | will greatly reduce the expenditures | and should lessen the taxes. Talk is rife of a financial conference, | but the outcome of such a gathering is difficult to predict, as the problem cannot be settled by any known means. In the meantime blocs mare urging speedy payment of all foreign | loans and interest thereon—a slow ! process at best. FANCY SPRING HATBANDS. NEW YORK, December 24.—Predic- tions aere made for a return next spring to fancy bands for summer straw hats. Although the vogue for that type of hatband has been domi- nant for a long time among college men, particularly as a fraternity designation, the idea has never proved The larger “INVESTMENTS" Liberal bonuses of cor- of Interest. | vestors. vestor. First Mortgage 1% can be cured now in amounts of $250 Up to $10,000 The only absolutely safe form of investment ylelding such a liberal rate courteous, eMclent “eonsidcration given to all in- = prompt Certified Certificates of Title ac- company each mote without cost to in- Chas. D. Sager 523 Fifteenth n 38—Losn St. NW. De Andrew Carnegie Wrote . . . In His Autobiography: “I resolved not even to own any stock and sold on any stock exchange . . should commend itself to every man in business and to all professional men . . no sound judgment can remain with the man whose mind is disturbed by the mercurial changes of the stock exchange.” bought 35 such a course and Follow this sagaciohs advice by investing your money in our First Mortgages, which never fluctuate, require no watch- ing and leave your mind entirely free for your business. They pay 7 per cent. In denominations of $100, $250, $500 and upward. Investigate our mortgages. Write, phone or call for book- very popular with the average busi- ness man. That condition Is likely to be changed next spring, however, and certain dealers claim that the season will not be far advanced before the entire consuming public will be in the market for the fancy band. WILL RESUME DIVIDENDS. CHICAGO, December 24.—The Peo- ple's Gas Company of Chicago today announced it would resume payment of dividends January 17, with a quarterly about fifty-eight erry Christmas ODAY we feel that our happiness could not be complete without an expression of the good will which we so sincerely feel. And so—to you and yours—to rich and poor—to great and small—to old and young— we wish from our very: hearts the fullest meas- ure of Christmas cheer and happiness. AMERICAN SECURITY and Trust Company Capital and Sarplas, $5,400,000.00 15th and Penna. Ave. HOME SAVINGS BRANCHES: 7th & Mass. Ave. - 8th & H N.E. 438 7th St. S.W. Attention, Builders jon of home buflding. NATIONAL MORTGAGE AND INVESTMENT CORPORATION Temporary office. Sansbury Bldg. 1418 Eye Street N 2 2 2 i % : ; & 2 2 % % i % B ¥ ; ,” which explains every detail. It's FREE. WILLIAM S. PHILLIPS First Mortgage Investments 1409 New York Avenue Main 98 let “ What is the Outlook for Industrial Stocks for 1922 ? Read this and other interesting articles ~HAYNESVILLE-Louisiana’s latest Oil sensation. —How Copper situation and outlook are improving. —How to buy or sell stocks; deposit requirements, etc. There’s a fund of information in the _INVESTOR & TRADER Copy given on request .I‘?_E’ES&BAKER New York Curb Market amuel Ungerleider & Co. ;‘ New Willard Hotel ‘Messanine Floor James Sloan, Jr., Manager 5 MEMBERS New York Stock Exchange Cleveland Stock Exchange Pittsburgh Stock Exchange Colambus Stock Exchasge Chicago Beard of Trade Telept Main 3364-3367 Leader-News Bldg., Cleveland, Ohio Chamber of Commerce, Columbus, Ohio J. S. Bache & Co., and Halle & Steiglitz New York Correspondents