Evening Star Newspaper, January 4, 1925, Page 32

FINANCIAL * FALLBELON 193 Holiday Business Enormous. . New Year Business Starts ! Off Well. BY HARDEN COLFAX Notwithstand holiday trade, of all kinds suops and somewhat goods 1,300,000 apparently fell the great total Officlals of the oard estimate the $35.000,000,000 to iry Teports supled with r 11 months of ¥ by some- will it be omplete 1924 returns e of the year before retail in th store: short of with within ten mon couraging factor in sight. Commerce, Labor and other governmental depart- ment officlals forecast a continuation of the present upward tendency, which to carry 1 s volume of over the and dollar en rising at Department 2 per cent a his increase to the W ear. While retail establishments ap- parently have failed to hang up & new record for last year, the mail order and ch sro companies seem to have succeeded in passing 1923 total mplete figures for the first 11 months of 1924 for the 11 leading establ! of that kind show total 000,000 as com- pared with 000 during the same period 'he grand total of these firms for 1924 probably will Tun to more than $500,000,000. an av, figures Labor ut rage rate show, of ab and will contri ¥ Firms Included in Totals. tncluded in the com- Ward, Natlonal , Hart- W. T. ccord- the Stand- ew York, these sales during 1924 by from nt in the Rosbuck to 29.50 of W. T. Gran of about group. putatic p Sears, Woolworth, m L Grant g to a « firms iner rst 11 mata The suntry is 000, ral Resserve Board for the entire pproximately $22,000,000,- gures, however, do not automobil 4 some other items which are iicluded in the Re- serve Board's re Farmers Are Careful. Advices to the by 1rpri to retail t ard show tuation the a some- with re- farming in - the r first taste It was ex- of retail trade communities would e crops were was not 11 are bur- both mort- owinis, and rather than 1 the stors POUND STERLING WITHIN 12 CENTS OF PARITY Assoc YORK ad of prosperity & pected that the in agricul vo od Press January 3.—T) developments two n the stock prices, 1 industrial in his- iatlon in pound ster- w hin 12 cents at t level al war-time , 1919, ADVANCE IN YARNS. Dry Goods Market Slowed Up on Account of Storm. which carr average to tory, and the the doilar ling, which of parity and of the January Cotton ere quiet today with ustained. Raw silk closed abroad and dull we Yarns in the worsted d advanced, while cotton varns w quiet with spin- ners’ prices unworkable at this time. The storm interfered greatly with shipments and with trade in primary markets. markets wer hers. Burlaps sion house WO0oL BUYIN«G 7DULL. BOSTON, January 3 (Special).—The aw Wol arket ended z quiet week with | price q ns st mostly nominal, but han Pulled wdols have figu ulk of BUTI—'ER PRICES’ HIGHER. (HICAGO, January 3.—Butter high- extras, extra fir econds, 32 set. ; firsts, § refrigerato 42'%2a44 receipts, 4,626 ordinary firsts, extras, 444a44% FLOUR UNCHANEED. MINNEAPOLIS, January unchan, hipments, 64,466 Bran, Wh No. 1 1.71a1.75; July, 1 Corn, No. 3 vellow, 1.19%4 i Oats, No. 3 white, 54%a541s 1. 3.06 23.10, —Flour arrels, northern, d SEE GOOD TRAFFIC YEAR. President Harat c peake and O ditions war will be a trafic in me that ghould the Chesa- isiness con- that there increase in our de not seem to a Loom year, but be traflic in 1925 to be ater than in 1924, says Preside r the Baltimore and Ohio, FURNITURE ORDERS UP. CHICAGO, January (Speclal).— The furniture industry in the middle ‘Western States in a very satisfac- tory condition, with gent over those of a Year ago of production has been iner most manufacturing concerns from an average of 79 per cent of normal tn 1928 to 83 per cent to normal at present. B i Sty Butler's Son Under Knife. BOSTON, Janua 3.—Morgan But- Yer of New Bedford, president of the National Association of, Cotton Manu- facturers and son of Sénator William M. Butler, was operated on vesterday for appendicitis at the Massachusetts General Hospital. Late yesterday it was said he was resting comfortably, A Story of Mystery and Adventure BY VICTOR MacCLURE. Copyright, 1834, by Harper & Brothers. (Continued from Yesterday’s Star.) At once Milliken sprang for the en- gine hatch, but Dan Lamont seized him by the arm. “Don’t open anything yet, Milll- ken!” he velled. “Not yet—wae're still in the haze. It might be fhe ga “Gas—hel said Milliken. “I want to ses what's happened to the en- gine!” “Jimmy!” Danny cried in distress, as the mechanic gently put him aside. “Just & moment, Milliken,” I inter- vened. “Let's think this thing out— Mr. Lamont may be right.” “Right, sir”” sald Milliken, stood aside at once. The pinkieh haze lay about us as we rode the sea. To the north of us the liner still wallowed in the troughs and the British cruiser was coming up hand over fist from the east. The airship floated motlonless In the sky to the south of us, seemingly none the worse for our attack, nor making any attempt to get away. My glance fell on the clock attached to the control board. “Mighty!” I exolalmed in surprise. “It's hardly ten minutes since We sighted her!” “What's to be done about the en- gine, Mr. Boon?" Milliken demanded. “We'll be gulded by what Mr. La- mont says, Milliken. What's your no- tion, Danny?” 1 asked. Dan was op his knees working the bottle for sampling the gas. He looked up, then rose. “I've worked the bottle” but T can't test the gas here. If this haze is what I think it is, we can't open anything for long without being doped. This s what I say. It' damned* unscientific—but I don’t be- lieve in tests even on white mice. Let me open a port slightly and take a whiff—I'm certaln the ralders are averse to the use of anything lethal. I 1 keel over, shut the port quick and bung my nose up against the oxy- gen tube and leave me to recover. That will be enough if I don't show signs of choking- 1 was taken aback at having to sanction such a proceeding, but there was no time to argue the matter. “You're O. C. Stinks, Danny,” I sald quietly, “and what you say goes. Is that the order?" “Sure It Is, breathlessly. “Right,” T sald. “If I dldn’t think— I pray God it's nothing worse than the usual gas—"" “I don't see why they should change their tactics now,” sald Dan. “If I don’t come round, try the ether injec- tions I showed you. - Stand by, boys.” He went quickly to a porthole and undid the screw, then swung the cover aside and stuck his head out. “It's the ga—gas—allri'—" he mut- tered with a funny little smile. Then he seemed to crumple, and I caught him as he fell. Milliken whipped the cover back Into its place and threw in the fastener, while I gently laid my friend down with his fair head against the oxygen nozzle. Whether it wag seelng Dan keel over in that fashion, or that Millfken and I got a whiff of the gas, I can't attempt to gauge, but we both had the symptoms of being pretty sick. I know that when my mechanic went to fetch a pillow to put under Dan's head he reeled and went white, while I was as dizzy-headed as could be. Dan was breathing quietly, and de- spite our anxiety there seemed no need to inject ether or try artificial respiration as he had showed us. Pluck, if you like, sir,” Milltken muttered, and very gently he lifted Dan’s head and put the pillow under it. That was all we could do, for Dan’s shirt collar was open and his clothing loose. We made the little fellow as comfortable as we could. We were just rising to our feet, Milliken and I, when the cabin shook to a aistant fhud. A wispy ball of smoke was drifting from one of the barbette guns of the crulser, and as we watched a string of bunting was broken out on her signal halyard. “Look!” sald Milllken. “There's a plane up Sure enough, while we had been at- tending to Dan the cruiser had cata- pulted one of her machines into the air, and it already was climbing after the airship. “Reel out the aerial, Milliken,” T said. “We might pick up a message or something. I switched into the open receiver as he let the wire down, then we watched the progress of the fight. The airplane was climbing steadily and cleverly after,the dirigible, which was making no attempt to get away, but as the pink haze still lay about the enemy, T saw that the men In the open machine would be doped before they could attack. I sprang to the radio to warn them if I could—for the aerial was a bit short for sending, since we were afloat—but just then a message came belting across the phone: “His Britannic Majesty’s ship Bril- lMant to the damned pirate: Surren. der!” came the voice. “The game's up!” Tmmediately came the calm reply} “Alrship Ark of the Covenant to H. M. S. Brilliant: On the contrary, the game has not yet begun. Don't | be absurd, Brilliant!” | A second machine flashed off the cruiser's stage and began to sSoar after the other. I switched into transmission. |, "U.S. seaplane Merlin to H. M. & Brilliant,” I shouted. “Keep your pi- |iots out of the pink haze round the irehip. It is the sleep-producing and he said, sald Dan, a little ““Thanks, Merlin,” came an English e. “That was a jolly good try of yours. Hope you aren’t damaged?” “Don't know vet,” I said. Up above us the first plane opened fire with a machine gun. We could hear the “rat-tat-tat!” of it. But ms the sound came and we heard the warning to go out from the cruiser we saw the plane enter the fringe of the haze. Only for a second after that was it under control. It stalled, then got into a spinning nose dive, right- ing just before it crashed flat into the sea. As it crashed its companion also went out of control on a sudden, though it had not reached the haze. Then it righted, to go sliding down after its fellow. 'hat wasn't the ga: behind us, startling us. other piece of devilment. It was Danny, who stood behind us, fully recovered. Milliken and I each grasped a hand of his, silently. thud! The anti crulser were speaking. “Cease fire, you ldiots!” came the voice from the airship. “Stand by to pick up your airmen, unless you want them to drown. We don’t want to sink you just nk and be damned to you!! splut- tered a Britlsh voi “Tut-tut!” the calm rejoinder came from the airship. “Don’t be so melo- dramatic. You sound like a penny novelette. Stand by and pick up your men. The first lot are uncon- Or you, Merlin—you do it. sald a voice “It was some you'll find your area free of the gas. Certainly the pink haze had gone trom our vicinity. How about it, Danny?” T asked. ake thelr word for it." Miiliken had the hatclh open on the instant and was down on the floats without harm. 1 gave him contact and he swung the propeller. The en- gine plcked up as if there had never been anything wrong with it. As the mechanic climbed in through the hatch and we were taxling along {to the rescue of the downed alrmen we saw the airship assume an angle of 45 degrees and mount at incredible speed far out of range of the now silent guns of the crulser. Presently she was lost in the up- per air, apparently heading for the Atrican’ coast. CHAPTER XI. The League of the Covenant. 3 ‘We found the ‘pilot and observer in the first machine inert and uncon- sclous, stretchcd out in thelr cockpit, which was filling fast. The crash had sprung all their timbers, and we were just in time to drag them out on our floats before the waterlogged plane turned nose down, to sink with the welght of its engine. We holsted both men into the cabin of the Merlin and put their heads agalnst the noz- zle of the oxygen cylinder. Then we went on the second machine, a big, amphibious, two-engined De Hamiville fighter. Here the crew were in better case. They had made a good landing in the sea. They were afloat and cursing their engines, over which they were clambering In an endeavor to locate the trouble that had brought them down. We persuaded them to recon- nect their leads and flip over their propellers. To their intense surpris: the engines acted at once. In a little the cruiser came smash- Ing through the seas to us, and a casual hail invited us to breakfast. With the big fighter, the Merlin was hoisted up to the landing platform and snugged down. The air me- chanics of the ship took charge of Milliken, and Danny and I were be- sieged by the commissioned officers. The doped airmen were still uncon- sclous when they were taken from our cabin, and on Danny's advice the surgeon ordered the sick bay stew- ard to put the two to bed to sleep off the effects of the gas. The cruiser meantime had come alongside the liner and {n an exce! lent display of seamanship had grap. pled her. It was the Parnassic all over again. Sleeping people were huddled ‘about her decks, nor could any efforts of the boarding party bring them to consciousness. It was decided to take the liner in tow to Madeira, and the bluejackets quickly bent a cable from ship to ship. By the time Dan and I had stepped down to the wardroom for breakfast the liner was being towed astern. (Continued in Tomorrow's Star.) BALTIEOEE'J PRODUCE. Special Dispatch to The Star. BALTIMORE, January 2.—Pouitry shippers of Virginla are advised that the embargo recently placed against other States shipping into Maryland is only on live chickens. All other lines of poultry can be shipped and dressed poultry of any description, including dressed chickens, can be shipped to the local market. In ship- ping live poultry, however, care should be taken to see that the coops are thoroughly cleaned before ship- ping. Demand for poultry generally has eased off following the holldays, and with but few exceptlons dressed poultry will not bring any more than live stock. Small to medium dressed turkeys will be In more demand now and heavy shipments are not advis- able as demand is only falr. Heavy old toms and. poor and crooked breasts in only limited demand and liberal shipments will only tend to depreciate the market. Cholce, live hen turkeys will bring 40 cents a pound and young gobblers 35; old toms 30, and poor and crooked breasts slow sale at Young chickens are holding falrly firm at 30 and leghorns, 25 and 26, but rough, poor chickens will not bring over 20a22. Good demand pre- vails for large fat old hens at 28, and 25227 for small to medium, but poor and thin stock and leghorns will not bring over 20a22. Only fair demand for ducks and geese, and centered en- tirely on fat stock at 29a30 for the former and 27a30 for the latter, with Kent Island geese bringing top val- ues. Small and poor ducks will not bring over 20a22. Guinea fowl and pigeons continue in light receipt and in good demand at 75a85 each for Young and 40a50 for old of the for- mer, and 35 a pair for both young and old of the latter. The egg mar- ket has a steady tonme, with current receipts only fair of strictly fresh stock, but demand continues light under prevailing high prices, which has turned considerable of the trade to Western and Southern so-called fresh and cold storage eggs. The market closed today at 56 cents a dozen for firsts in three cases, but it takes good quality stock to bring top values, while held shipments are slow to find favor, and to move eggs of this character prices have to be shaded. Receipts of white potatoes have been light and under a fairly good demand for well graded No. 1 stock the market rules firmer at 1.25 and 1.50 per 100 pounds and 2.00 and 2.50 for 150-pound sacks. McCormicks and Reds sell mostly 1.00 and 1.25, while No. 2 and ungraded potatoes are slow sale and of irregular vaiues. Culls not wanted at any price. Mar- ket for sweet potatoes and yams firmer and values a shade higher un- der active demand for No. 1 well graded, stock at 5.00 and 6.00 a barrel for the former and 4.00 and 5.00 a barrel for the latter. Stocks running poor or showing effects of frost will not bring full quotations, while No. 2s are slow sale at about half price, and culls unsalable at any price. Native and nearby garden truck continues in good demand, and prices generally hold firm at the following quotations: Beets, 4.00 to 8.00 hun- dred; brocoli and kale, 50 to €5 bushel; cabbage, 5.00 to 7.00 hundred: carrots, 4.00 to 6.00 hundred; onions, 2.65 to 8.00 hundred; oyster plants, 8.00 and 10.00 hundred; parsnips, 60 to 75 basket; savoy ‘cabbage, 60 to 85 bushel; spinach, 2.00 and 2.25 bushel, and turnips, 60 to 75 basket. LIVE STOCK MARKET. Special Dispatch to The Star. BALTIMORE, January 3.—The gen- eral live cattle market rules steady under an improved demand for cattle of all sorts, but centered principally on first quality stock. Not much call for common to ordinary cattle, which has to be sold at the inside values quoted. Choice Spring lambs con- tinue in light receipt and are wanted at full quotatioms, but thin stock is slow sale at lower values. Quota- tions today at Light street wharf: Beef cattle, first quality, 1b, 7 to §; medium, 1b., 4 to 6; bulls, as to qual- ity, 2 to 4; cows, choice to fancy, 3 to 4; common to fair, 1 to 2; oxen, as to quality, 3 to §; milch cows, cholce to fancy, head, 50.00 to 75.00; common to fair, 30.00 to 50.00; calves, veal, choice, 1b., 15 to 16; ordinary to medium, 12 to 14; heavy, fat, 9 to 11; rough and common, 7 to 8. Sheep, cholce, 1b., 7 to 8; old bucks, 5 to 6; common, 3 to 4. Lambs, Spring, choice, 17 to 18; fair to good, 14 to 16; common, thin, 6 to 10. straight, 11 to 11%; sows, 7 stags and boars, 4 to 5; live , 10 to 11; shoats, 8 to 10. —— WEEKLY BANK REPORT. NEW YORK, January 3.—The ac- tual condition of clearing house banks and trust companies for the week (5 days) shows a deficit in reserve of $3,105,610. Reserve decreased $38,~ 471,860 compared with last ‘_{IL 3 - i ATWOOD M. FISHER. GREATER ACTIVITY INSTEEL MARKET Copper Outlook Brighter—Tin in Demand—Price of Lead Higher. By the Assoiated Press. NEW YORK, January 3.—The steel market {s more active and firm. It is estimated that unfilled orders at the end of December aggregated 4,500,000 tons, or the best showing since last March. Operations of mills represent about 30 to 85 per cent of capacity and in some sections 90 per cent. Many be- lieve the outlook for business Is better than at the beginning of any year since the war, and predict a good de- mand for at least half the new year. Pig iron is also firm and stiffening, with increased demand, surplus stocks at low levels and sentiment optimistic over the future. Confidence in the trade outlook had a sustaining Influence in the copper market during the holiday lull in de- mand. End-year reactions in London led to some price shading by second hands, but small ofterings were readily absorbed, and the week ended with an improvement in demand following re coveries abroad and with® prices firm at_the 15 cent level. Tin ruled firmer with operators good buyers. The increased world's visible was offset by the reported exhaustion of the Far East pool stocks, and dealers anticipate & generally good business in the new year. . Leed continues to advance, and as production has barely kept pace with consumption, many expect further advances. Zinc has eased off slightly during the past few days, but offerings were not aggressive, and the undertone ap- pears firm with expectations of a com- tinued good export demand. Antimony continues firm for nearby supplies, - but distant shipments are easier. COTTON PRICES RALLY. Trading Saturday Turns Quotations Upward. NEW YORK, January 3.—Trade buying checked an early decline in the cotton market today and rallies followed on covering for over the week end. March sold up from 23.77 to 24.14 and closed at 24.13, the gen- eral market closing steady at net advances of 12 to 18 points. The amount of cotton on shipboard awaiting clearance at the end of the week was estimated at 126,000 bales, compared with 114,000 last year. These figures were regarded as fore- shadowing continued good exports, and according to advices received here recently from Galveston export room available for January shipment from that port has been fully booked. Late NEW ORLEANS, January 3.—Cot- ton futures closed steady at met ad- vance of 8 to 15 points. Close: Jan- uary, 23.95; March, 24.02; May, 24.31; July 24.33; October, 23.51. Spot, quiet and revised; middling, 15 points up; middling, 23.95. OIL ISSUES IN DEMAND. Recovery of French Bonds Also Feature Saturday. NEW YORK, January $.— Bond prices maintained a firm tone in to- day's trading, which was featured by & further broadening in the demand for the oll issues. The recovery ol French obligations, based on the progress made toward a settlement of the debt-funding -difficulties con- tinued and semi-speculative rail liens displayed additional improvement. Responding to a rise in Pan-Am jcan Petroleum shares, the company’s 6 per cent convertible bonds eclipsed their 1924 high record, while Skelly §%s also broke into new ground. Sin- clair 6%s joined in the upward move- ment which was based on growing optimism regarding the 1925 outlook for the industry as a result of the recent cuts in production. While changes in other parts of the lisi were largely fractional, a steady de. mand lifted the prices of many rail issues, including New Haven 7s and convertible 6s, New York Central 6s, Central of Georgla 53%s, Chicago and Alton 3%s, Seaboard 6s and Chicago Great Western 4s. Considerable new financing is scheduled for next week, when public offering will be made of a $30,000,000 issue of Federal land bank 4% per cent bonds at a price which will yield 4.30 per cent and better. —_— EGG EXPORTS FALL OFF. CHICAGO, January 3 (Special).— Exportation of eggs and oleomar- garine were lower during December than for the same month in 1933. Oleomargarine exports totaled 66,853 pounds, compared with 105,291 last year, while egg exports were 2,167, 164 dozen, compared with 3,363,930. MARGIN CASE OPENS. ATLANTA, January 3.—Constitu- tionality of the Georgia law prohibit- ing dealing in futures on margins was involved In the hearing this morning befors three United States Court judges to pass on a petition for an injunction to prevent prosecution in State courts of brokerage con- cerns operating in Atlanta. —————— PARIS MARKET FIRM. PARIS, January 8.— Prices were firm today on the bourse. Three per cent rentes, 49 francs 55 centimes. Exchange on London, 87 francs 55 centimes. Five -per cent loan, 61 francs. The dollar was quoted at 18 francs 43% centimes. L — ‘The establishment of State parke is growing throughout the country. A2 Pepco’s Impounded Fund Put In First-Class Securities Government Obligations Account for Half of Fisher’s “Foster Child.” Other Financial Notes. BY CHAS. P, SHAEFFER. Inquiries among the many Wash- ingtonians who will share In the dis- tribution of 50 per cent of the im- poundage of the Potomac Elsotric Power Company. aggregating $3,000, 000, have developed heretofore unpub- lished information anent this fund. The fund is familiarly known in financial circles as the “foster child” of Atwood M. Fisher, treasurer of the ‘Washington Railway and Electric Co.. as well as of the Potomac Electric Power Company. Given to his charge in 1917, when litigation first began, this officlal has carefully nursed it from its infancy until it has grown into a sturdy financlal giant of ap- proximately $6,000,000 proportions. Mr. Fisher has been the sole cus- todian of this fund. He has invested it in first-class securities, reinvested maturing obligations, taken profits from time to time, etc, an operation which, It safe to say, has resulted in a gross turnover of nearer $10,- 000,000 than the original amount of the account. Roughly, thers are four classes of securities which hold the fund. Gov- rnment securities account for ap- proximately 50 per cent, or $3,000.000 of the gross, while there fs about $1,500,000 invested in utility bonds. In obligations of States and municipal- itles is placed about $800,000 of the remainder, while first mortgage real estate notes make up the balance. The obligations so acquired repose in strong boxes of various local bank- ing institutions. It 1s understood a handsome profit has been realized on the custodian's investments during the ourrent bull movement of the stock and bond market. Mr. Fisher was acquired by the local utility as treasurer in the early part of 1918, being formprly connected with the General BElectrio Co., where he spent 15 years speclalizing in credits and collections. Notable Banking Steps in 1924 The most notable change in the banking situation, from a national angle, In the past year is in the ex- pansion of credit by the member banks through loans on stocks and bonds and by purchase of securities, according to survey issued by the National City Bank of New York. The impression seems to prevall that by some kind of management on the part of the reserve banks, to- gether with an unusual degree of self- control on the part of the business public, the super-abundant gold stock of the country has been kept in cold storage and prevented from having its usual effect in the expansion of credit and rise of prices. This is only partially true, the survey finds. The low interest rates of the past year have not had the effect of en- couraging speculation in commodi- tles, and business policies in general have been nservative throughout the year. Notwithstanding the rise of farm products, the Bureau of La- bor's index table of commodity prices shows an average of 152.7 for No- vember, 1924, against 152.1 in No- vember, 1923. Commercial loans of the reporting member banks stood at $8,369,000,000 on December 10, 1924, against $8,150,000,000 on‘ the cor- responding date in 1923, an Increase of only $219,000,000, which is less than a year's normal increase. New Facts Revealed. When, however, the loans of these banks upon stocks and bonds and their investments in securities are examined, @ different situation is revealed. The total of loans and in- vestments, according to the statement of December 12, 1923, was $16,- 389,000,000, while by the statement of December 10, 1824, it was $18, 576,000,000, showing an increase of $2,187,000,000. Largely as a result of placing this additional amount of credit In circulation, but partly as the result of gold imports, slacken- ing trade, etc., the deposits of these banks increased in the year from $15,340,000,000 to $18,125,000,000. More- over, it is significant that the greater part of this expansion has occurred since the 1st of June, last, by which time the member banks had reduced thelr rediscounts at the reserve banks to comparatively low figures. At the beginning of June the corresponding figures’ were $16,662,000,000, or less than $300,000,000 above the figures of December 12, 1923. The increase since June has been over $1,900,000,000. This does not look as though the gold importations had been in cold storage. Condition of National Banks. The reporting member banks do only about 65 per cent of the total banking business of the country, but as they are located mainly in the larger cities, the reports of all national banks are of in- terest In this connection. The con- troller's abstracts of these reports show that from September 14, 1923, to Octo- ber 10, 1924, deposits of the' national system increased $2,068,268,000, bills payable and rediscounts decreased $469,764,000, loans and_discounts In- creased = $275,692.000, United States Government securities decreased $23,- 572,000, other bonds, stocks, securities, et increased $498,736,000, due to banks and bankers increased $920,998 000. The latter signifies a drift of sur- plus funds to the centers. New Loan Record in 1924. The year 1924 set up a new record in State and munieipal borrowing. Bond issues floated by States, co ties, cities, towns and districts to finance the bulld- Ing of permanent public Improvements aggregate not less than $1,400,000,000. This figure includes loans of territorial and insular possession of the United States and municipaiities therein. In addition, there was raised, through the placing of temporary loans, a total of $864,459,262. The corresponding totals for 1923 were $1,111,159,388 and $49 436,400, respectively, and for 1921, here- tofore the record year for municipal financing, $1,383,368.900 and $762,087,- 232, respectively. The figures are fur- nished by the Bond Buyer. As of January 1, 1925, the total out- standing amount of American Htate and municipal bonds held by the public may be said to approximate $11,000,- 000,000, or about five-sixths of all the fully tax-exempt securities in existence. Year Remarkable Period. The last year was a remarkable one from the standpoint of the municipal bond market, the Buyer continues. A sharp reduction in the volume of new loans was generally expected. Instead, borrowing was on a larger scale than ever. This In- creased supply, together with a less valuable tax-exemption feature, Te- sulting from downward revision of fngome tax rates, did not prevent the market value of this class of bonds trom advancing steadily throughout the greater part of the year. The average price of 20 large city bonds (expressed in yleld to the investor) on January 1, 1924, stood at 4 per cent. On November 1 it read 4.11 per cent. A deciine in November and December carried the average back to 4.16 per cent at the close of the year. The record of the municipal market in 1924 illustrates how close- ly municipal bond prices follow the money. market and how slightly they are affected by a materially increased ! supply of new bonds or the greatly overestimated factor of tax-exemp- tion. Unlisted Securities Prices. The following latest “bid” and ‘asked” prices for unlisted securities are quoted for the guidance of hold- Commercial Ciab 1t bs. Metropolitan Club 4% BTOCKS. Auacostia_Bank. = Banking Trust aud Mortgege Departmental Ean rict Titie Ineu uklin National Bank. Munsey Trust Co orth Capitol Savings Bank. vings Bank eigh E Washington Washipgton Base Ball Clul -6 ‘Woodridge and Langdon Sar. Bk, 12 Ol sustacoustont He seseeve BATKA Wesbton el iAsen I O Y L Washington Stock Exchange Transactions in 1924. Purnished by W. B. Hibbs & Co., Hibbs Bldg. Rales. BONDS. 1,000—Pot. Jt. Stk. Land Bark 5% $12.000—Ana. and Pot. River R. R. 58 23,000—C. and P. Tel. of Va. bs. 65,000—C. and P. Tel. 1st 5s. 337,500—Capital Traction 1st 5s. 12,000—City and Suburban Ry. st 86,600—Georgetown Gas Lt. 1st & 35,000—Metropolitan R. R. 1st bs. 31,000—Pot. Elec. Power 1st 5s 617,800—Pot. Elec. Power 6s, 1958 35,200—Pot. Elec. Power ref. 7 238,000—Pot. Elec. ywer cons. bs. 24,000—Pot. Elec. Power deb. 8s. 2,000—Wash., Alex. and Mt. Ver. bs, 4,000—Wash., Balt. & Annap. 1st 5 243,000—Wash. Gas Light gen. 5s. Open. High. . 101% s3 flat. 343,000—Wash. Ry. and Elec. cons. 4s... 295.000—Wash. Ry. and Elec. gen. 6s. 329,000—Wash. Gas 6s, 1933. 1.000—Wash. Gas 6s, reg. 00—Dist. of Col. Paper Mfg. 6s. 26,900—Riggs Realty (long) bs 10,000—Wash. Market Cold Storage 5s. 28,000—Wardman Park 6s.... 16,500—Southern Bldg. 6%s. Shares. STOCKS. 1,876—Amer. Tel. and Tel. rights 7,416—Capital Traction .... 5.833—Washington Gas . 211—N. & W. Steamboat... 4,289—Wash. Ry. and Elec. com. 9,989—Wash. Ry. and Elec. pfd. 1,000—Wash,, Alex. and Mt. Ver. ctfs. . 3—Terminal Taxi com . 112—Capital Nat. Bank.. §—Columbia Nat. Bank 641-—Commerclal Nat. Bank. 282—District National Bank 30—Farm. and Mech. Nat. Bank. 5—Federal-American National 25—Liberty National Bank 56—Lincoln National Bank 41—National Bank of Washington. 13—Nat. Metropolitan Bank 930—Riggs National Bank. 66—Second Nat. Bank..... 734—Amer. Sec. and Trust.. 481—Continenta] Trust. 67—National Sav. and Trust. 414—Union Trust .. 41—Wash. Loan & Trust.. 685—Mer, Bank and Trust. 162—East Wash. Sav. Ban 61—Washington Mechanics’ 2—Corcoran Fire Insurance. 104—Firemen’s Fire Insurance. 212—Natlonal Union Fire Insurance. 1,306—Columbla Title Insurance. 117—Real Estate Title Insurance 20—Dist. of Col. Paper Mfg. com 114—Mer. Trans. and Storage 1,407—Mergenthaler Linotype 2,900—Lanston Monotype . §6—Security Storage Co. .. 637—Washington Market 23,146—Nat. Mtg. and Inv. pfd... Bhares. UNLISTED 108—Chapin Sacks 8% pfd. 5—Chapin Sacks 7% pfd. 61—Departmental Bank 270—District Title Insuran . 5—Franklin National Bank. 150—Standard National Bank..... 200—~Washington Base. Ball Club. 208—Washington Title Ins.. DEPARTMENT. 94% FINANCI MORENEW HIGHS INLIST.ON CURB Radio Division Leads Rise on Saturday—Week Also Very Active. By the Associated Press. NEW YORK, Januar; ket on the Curb E demonstrated its ability in today's short session to withstand short selling and profit taking on the con- tinuous upward movement. Increased activity was noted in the different groups and high records were established, particularly in the radlo division. Radio Corporation was higher, selling to 15%. The new company formed by General Electric, known for the time as Electric Bond and Share, when issued, made a fur- ther gain, selling to 91%. Petroleum shares also were bought freely and quotations were bettered throughout the list under the leader- ship of Prairfe Oil, which rose early 4 points to 219, The week, broken by New Year day, was one of the most actlve in the history of the curb market. MONEY TO LOAN 5% i Apartment Houses L.E.Breuninger& Sons Business Property Galorado Bldg.- Main 6140 3~—The mar- ange further Guaranteed 7% First Trust Notes Denominations of $50 - 100 - 250 500 1000 Doubly Secured for Investment or Savings. Interest Paid the Day Due Goldsmith & Co. Goldsmith Bldg. 1405-7 Eye St. N.W. Phone Main 9670 REAL ESTATE LOANS $25,000.00 Available for 20d trust notes. Total amount of trusts must not exceed 757 of estimated vaiuation of the property. Apply Loan Dep ©. L. O'DONNELL, Mgr. 024 14¢h St. N.W. R - | | First Mortgage Notes Are the type of investments that appeal to conservative investors. Banks Recommend Them Insurance Companies Prefer Them Courts Advise Them (the three most conservative institu- tions one can go to for advice.) Buy them and worry will dismissed from your mind. We have on hand a limited nount in denominations of $100 and up. 7% Interest Apply Loan Dept., L. O’'Donnell, Mgr. Chas. D. Sager 924 14th St. N.W. be Bear Main 37 38 !Joseph L. Weller 420 %+ AL BOND MANAGER WANTED —b well known house mnot represented in Washington— a=young and energetic Bond alesman with sufficient estab- lished clientele to support him- self while building up an or- ganization. Liberal profit- sharing arrangement to the right man, Address Box 140-K, Star Office o] LOANS | FROM $50 TO $100 Can Be Obtained by Using Our Certlficate of Inventory, Appraisal and Titie CHATTEL TITLE COMPANY 805 Fifth St. N.W. o WE FINANCE Apartment Houses Business Property Residence Property Hotels, Etc. Higbie & Richardson, Inc. SI8 15th St. N.W. When You Need a Loan, Think of WELCH, Loan Specialist Money to Loan At 6 and 6} V% Interest Befors Placing or Renewing Your 1st or 2nd Trust Consult WELCH, Realtor Loan Specialist 15th and N.Y. Ave. Main 4346 When You Have Funds to Invest, See WELCH, Loan Specialist Established 1599 Real Estate Notes for Sale in Amounts from $250 Up to $1,000 or More. Consult Welch, Realtor Loan Specialist I5th & N. Y. Ave. Main 4346 Reference or Title Co. loss to an Money to Loan real estate ission L. & Trust & F N.W Washington Money for Washington People Interest Rétes / 6% and 6'1% Wanted First Mortgage Applica- tions on N.W. Property Apply Loan Dept €. L. O'Donnell, Mgr. Chas. D. Sager ,, Realtor 924 14th St. N.W. 36 37 38 Large Loans Available Insurance Company Loane Long Term Financing Building Loans Refinancing Interest 5,9, Weaver Bros., Realtors 735 15th St. N. DON’'T INVEST —the January funds UNTIL you have inv in FIRST MORTGAGE NOTES upon improved real estate i THEY carry the we require, as wel approval. Prudent men and vest a substantial proportion of their funds in such mortgages — because are safe, do not d liberal interest. We look after charge. all Main 1821 you have available estigated our service n the city. margin of security 1 as our absolute women always in- they epreciate and pay details without o NO LOSS TO ANY INVESTOR MORTGAGE INVESTMENT DEPARTME - IDHANNON - & LUCH ING 713 and 715 14th St. N.W S Main 2345