Evening Star Newspaper, November 22, 1925, Page 97

FINANCIAL, THE SUNDAY STAR, WASHINGTON, D. C, NOVEMBER 22, 1925—-PART 6. INSURANCE FIRMS | B¢ BEST BOND BUYERS Materially Higher Money| Rates Not Expected—Many New Issues Frrecast. BY GEORGE T. HUGHES. 1 Dispatch to The Siar YORK, November through this week's turmoil in the stock market, with its violent ad vances and its equally violent declines, bonds have E 1dy At times tradin fell off and quotations were shaded, but there was no real liquida dation, and when tempts were made 1o buy large the offers would | be withdrawn, Of course the si rarket bhears no M stocks. The or bonds has. involvec Yielding railroad i even this has been ve moderate. he bonds of the ses ‘nd-paying roads ave of such estment rating m respond only to changes in he mo. rates, and that ver rad-| was inf 103 g On | “g715 735 | (90 634 bsord- | 105 < el 1418 time | oo 201K rket has been e, 101 25 10221 102 102 23 103 107 08 Tign 96 B! 1034 mo:f 98 Tow. 85% 96% 97 % 1 109 91 99 91 1044 99y 104% 100% 1045 10214 109 101 108 101 47T% 39% 964 8Tie 101% 85 101% 93y 923 —All tion in the bond nce to that lation in | of the high 91 91 105% 84 65 104 99y 2% 89% nal traders ed in stocks tha - for bonds 117% 106% 107 98% 101 g2 | o714 .92 106% 101% 1024 964 98y 92% 102% 974 99% 9414 103% 944 87 £3% 29% 967 101% 97% 9% RTH 100 93 112 89 20% 86 101% 87y 107% 104 98% 89 102" 92u 1101 100% 120% 114% 1003 96% 103% 997 20 79% 884 £21y 105% 96% 94y 88 100 957 101% 974 91 £6% 101% 97% 114% 109% 102% 98% 97% 93% 107% 104 99 914 95 90% 94 0% urance in the mn more e shrewd buvers id up prices on themselves have been looking for this seasoned_rail n a 4.75 to these in any not been oad mortgs & 5 per cent 1 volume ng 1 have devel securities xes would in ment wh f this grade he an money, promisin thing more than a t Despite all the talk of the nt r. Federal Reserve Ba h could out of unmis brin stron able be s Affair advanc varioy the future nount of than | to the tions around nd even this applies | s with a high return in the so-called gilt- All the Summer and the mn new bond atively wre The which Friday, i er for shortly. loan, ed 000,000 heavily undoubted- new _for- te ent placing of ind while As from | upon the her 7 105 | esu | 101 " 10015 ) 1061 99 1054 102% 94 14 85% 52 113 107 99 79% 100 464 e a_dra This is attention. re giving ciose nl Move Vital. loan overs nt of th 1b- St n neeme nizat nteres % 2% £9 5% i 90% 824 £8% 83 103% 100% 56 9 was gene plan was a victory for the bondholders in that they not only 20 per cent of their holdings ed inter hearin; mortgage the ‘adju take for the a - wre convertible into original plan the the holders of the wlt were given new. in effect were only n stock 844 1% 117% 111 £2% 8% 9% 8 967 8K 31 844 1057 87% 45 324 1 4 96% 69% 50 52 4% 1% 59 48% 2% 62 112% 105% 89 74 so% 73% 931 B9% s which they 1 80 per cent Under th objection was that he b hy v in def 62% 62 arnings Best Sinc 1917 estern railroads ire the best s 1 Street Generally the ) 2 turn for the r in an industry which has been ssed or in a commodity in which | 118% 1124 has been overproduction is| 78% 71% the securities markets. This {108 1008 ccurs long hefore the oper- | 106% 105 15 of the industry or the) 1% 04 it deals in the commodity [ 8% E14 ined confidence, but in thig [ 103% 374 he reverse has been true. It ' no confidence to say that one pres of a North- railroad has writte nd i Wall terms as to the buin ; pect in the region served by his road. (Cobyti has 107% 102% 117% 110% 101% 96% 110% 106% 8% 80% 69% b8 104 100% 80 68% 94 824 70 40% 82% 73% 1w 67 91 6 99% 94% $7 92% 94% 884 107 104% B8 B84 103% 101% 834 75% 9% bl% Bt 8% 51% 2% 89% 95 BALTIMORE LIVE STOCK. BALTIMORE, Md., < sneral to fir s from November 21 live cattle 1 with it last week. the w] to Handy weight 7 lambs in light ull quotations, stock has to be Quotations to- wharf: uality, im, 1b., 5 to ih., 4 to 6; cows, wnted at heavy scounted street first 10 mon to & Lulls, as to quality choice to fancy, 1b., 4 to 6; common to fair oxen as to quality, 4 to 6: milk cows, choice to fancy, head, £0.00 to 75.00; common to fair, head, 30.00 to 50.00: calves, veal, choice, Ib., 14 to to medium, Ib., ind common, 1b., 6 to 6 to 8 b, 9 to 01d bucks to 3 to Ib., lambs, Ib., 33% 106% bk ob% £6% 804 1u8% 101% ysle Y24 106% 101% sd44 9% 95 90% s 99 11 107% 354 21 os% 91% 9a% 88 Tih 60 8T 4% 86 12 L73% 66%., 874 804 954 BT% 86% 72 817 08% 61% 4T 7% 43% 57 68 b8 2% 861 91 954 1024 107% 101% B8% 39% 94 884 100 95% 9T% Y24 101% 964 and 013 . WEEKLY BANK REPORT. YORK, Noverw r 21 (P).— tual condition of clearing house banks and trust companies for the week show excess reserve of $22.278,- 930. This L decr of $22,304,490, compared with when excess reserve of $44,683,4 s reported. POTATO MARKET DULL. CHICAGO, November 21 (P).—Po- tatoos tr practically at standstill; market nd unsettled around 3 oce ar, 2 sac States shipments, BUTTER IS LVOVW'I:&}L CHICAGO Nov 21 (A).—But- ter lower; receipts, 8,374 tubs; cream- ery, extras, 49%a50; standards, 45; ex- tra firsts, 46a48; firsts, 4314ad4’ 4lad2. ower; receipts, 58; ordinar; 1453 cases; firsts, 48ab4; 66% 68 ———————— 93K % Other Financial News on Page 11.| 84% 824 High, o Jow U. S. BONDS, 101-29 99 15 Liberty 31 s 1982-47. 102-30 10i-1 Liberty lst 4345 1932-47. 101-19 100-20 Liberty 2d 43 s 1927-42.. 102-1 101-1 Liberty 3d 43%s1928..... 103-9 101-2 Liberty 4th 41 1933-38.. 10°-10 194-13 Treasury 4%s 1947-62.. High. 101.3 1012 FOREIGN. Argentina 65 A 1957.. Argentina 7s 19 5 Austrian Govt 5% Austria s f 78 1943. Belzium 6a 1955 Belgiun 738 1946. Belgium 85 1941 Bordeaux 65 1934 Brazil 85 1941 Canada 6# 1952. . Canada 5bys 1929 Chile 8s 19 Chile 83 1941 Chlle 851948, - Chinese Govt Ry bs 1961 Copenhagen 5 s 1944 Czechoslovakia 85 1951. Denmark 6s 1942 % Dutch East Indies 65 1947 Dutch East Indies 6s 1962 French Govt 7%5 1941 French Govt 85 1945. German 7s 1949...... Holland-American s f 63 1947. Japanese 48 1931.. ... Japanese 6%s 1964. . . Jergens Utd Margarine 6s 1947.. Lyons 63 1934 5 Marseilles 6 Netherlands 65 1972...... Paris-Lyons-Med 63 1958. Quecnsland 6s 1947 Queensland 7s 1941 Rio de Janelro 85 1946. Sao Paulo, State of, 83 1936. Selne, Dept of, 7s. Serbs Crotes Slo Sweden 651939. ... Swiss 5l4s 1946.. ... 115% United Kingdom 618 1929. 104 United Kingdom 6%s 1937.. INDUSTRIAL AND MISCELLANEOU 93% Amer Agri Chemical 738 1941... 45% Amer Smelt & Ref 1st 53 1947. 103% Am. Smeit 1st 6s 1942, ..., 991, Amer Sugar Refining 6s 193 961 Amer Tel & Telcl tr 48 1929 100 Anmer Tel & Tel ci tr s 1946 ¢9% Anaconda Copper 68 1953 100 Anaconda Copper cv deb 78 ‘38 €5 Armour & Co 4%481939. ... 97% Atlantic Refining deb 68 1937 100% Bell Tel (Pa) ref 531948 90 Bcthlehem Steel p m 55 1936. 93% Bethlehem Steel s f 65 1943. 105 Chile Copper 6s1932.. 4 78% Cons Coal (Md) 1s ref 5s 1950 94% Cuba Cane Sug cv Aeb 8s 1930 4 106% Detrolt Edison ret ds 1940 94% Dodze 85'41............. 973% Emplre Fuel & Gas 7%8 198 100 Goodrich (B F) 6%s 1347, 107% Goodyear Tire 85 1931. 119 Goodyear Tire 8s 1941 99% Humble Ofl & Ref 5145 1932 101 Indlana Steel 55 1952. . 82% Inter Mer Marina 68 1941.. #7% Inter Paper 5s 13 1947. 101% Internationzl Te!5sr 90 Kelly-Springfield 83 1951. £9% Lackawanna Steel 6s 1950 97% Liggett & Myers 5n 1951 97 Manat! Sugar s 7%s 1942. 87% Midvale Steel 58 1936. .. 99 New England Tel 5s 1952 112 New York Edison 18t 6%s 1941.. 100% N Y Gas EL H & P 55 1948 95% New York Tel 4%5 1939 106 New York Tel 65 1941. €6% North American Edlson 6s 19 £3% Pactfic Gas & Elec 58 1942 9214 Paclfic Tel & Tei 531952. .. 101% Philadelphia Co ref 68 1944. 95 Public Service 65 1944 8% Sinclair Ofl 75 1937 106% Skelly 6las 1827.. 102 South Porto Rico S ¢3% Union Bag & l'aper bs D. 100% United Drug 6s 1944. . - 25 US Rubber 1st & ref is 1947, 104% U 8 Rubber 715 1930 104% U S Steels £5s1963.. 91 Utah Power & Light 55 1944. 73 Va-Carolina Chem s ¢ Ts 1947 109% Western Unlon Tel 635 1936 ¥15 Wilson & Co 15t 63 1941. . 53% Wilson & Co cv 7% 1931. RAILROAD. F8Y% Atchlson gen 48 1998... ... 19 Atlantic CoastLine 1s 48 1952 * £64 Balto & Ollo &old 451943, 5% Balto & Ohlocv 4148 1938, £6% Balto & Ohlo ref 55 1995. 102% Balto & Ohlo 6s1929....... §3% B&OPItta LE& W Va 451341, 95% B & O Southwestern Div 5 cfs 50. £21 Brooklyn-Manhat s f 6a A 1968 116 Canadian Northern 6%s 1946. 79 Canadian Pacific deb 4 +6% Central Pacific 48 1949 94% Chesapeake & Ohio cv £7% Chesapeake & Ohio gn 435 1992 5102 Chesapeake & Ohio cv 58 1946. 44% Chicago & Alton 3145 1950. . 100%: Chi B & Quincy 1st ref 55 1371, 71% Chi & Eastern Il gen 68 1951 9% Chi Great Western 4s 1959. . 44 ChiM & St Paul cv 4345 1933, 774 Chi M & St Paul gen 433 1989 43% ChiM & St Paul ref 43%s 2014, 44 ChiM & St Paul cv 58 2014... 107% Chi & Northwestern 648 193 73% Chicago Railways 651927, 83% ChiR I & Pacific ref 4s 1934 91% Chi Union Station 4'ys 1964, 116% Chi Union Station 6%s 1963 761 Chi & Western {nd con 43 19| 1024 CCC & St L ref 65 A 1929. 104% Cleveland Term 5%s 1972 90% Colorado & Southern 435 1935... 83% Cuba R R 58 1952.... 101 Delaware & Hudson 5%s 1937, 82 Den & Rio Gfande con 45 1936 55 D. & R. G. West 65 1955, 86 Detroit United 4%8 1932 70 Erle ist con 43 1996. .. 61% Erle gen lien 48 1996 63 Erlecv 4s A 1353 69% Erle cv 4s D 1953. 93 FlaBCB5sTi...... 106% Grand Trunk s f deb 65 1936 114% Grand Trurk 7s 1940. . 99% Great Northern gen 5i4s 1 108% Great Northern gen 7s 1936 $6% Hudson & Manhattan ref bs 1957, 67% Hudson & Manhattan adj bs 1967 101% Illinois Central 5%s 1934.. .. 69% Inter Rapid Transit 58 1966. #6 Inter Rapld Transit cv 7s 193 66 Inter & Great Noradj 6s 1952. . 80% Kan C Ft Scott & M 45 1936. . 70% Kansas City Southern 3s 1950 $814 Kansas City Southern bs 1960 97 Lake Shore 48 1928, 5% Lake Shore 48 1931. p 917 Louis & Nash unified 45 1940. ... 104% lLouls & Nusi 18, ref 5lps 2003, . 84% M1l Elcc Ry & Lt 1st ref 5861, 1025s MStP&SSM6%s1931... 80 Mo Kan & Tex 1st 4s 1990 76% Mo Kan & Tex ad; 68 1967 $6 Mo Kan & Tex prIn 6s A 1962 624 Missouri-Pacific gen 4s 1976 92% N O Tex & Mex inc b5 1936 934 New York Cent deb 45 1934. 99 New York Cent ref imp b3 2013 106% New York Central deb 6s 1935.. 93w NYChi&StL5%s74.. 54 New Havendeb4s1957.......... $7 NYNH&H cvdeb6e 1948... .. 59% N Y West & Boston 4145 1946. . .. +8u Norfolk & Western con 4s 1996 125% Norfolk & Western cv 6s 1929, 60 Northedn Pacific 3s 1947. .. §3 Northern Pacific 4s 1957 s 104% Northern Pacific ref imp 63 2047. 96% Ore Short Line ref 4s 1929 10245 Ore Short Line gtd 58 1946. §1 Ore-Wash Ist ref 48 1961. 91% Pennsylvania gen 4%s 1965. 9y% Pennsylvania gen 681968. . 109% Pennsylvania 6%s 1936. ... 31% Peoria & Eastern In¢ 4s 1090. 97% Pere Marquette 1st s 1950. 92% Readinz 4%sv7... 71 Rio Grande Western clt 4s 194 84% RIATK & L 41451934, . $8% StLIM&SR & G 451938 71 StL&SanFranprin4sA 1 86% St L & San Fyan pr In 58 1950.... 93% StL & San Fran5%s B1942..... 84% St L & San Fran adj 6s 1956 7¢% St L & San Fran Inc 6s 1960 691 Seaboard Air Line ref 4s 1958 ... 3% Seaboard Air Line adj 65 1949. £4% Seaboard Air Line con 68 1945. . 6% Southern Pacific cv 4s 1929 84 Southern Pacific col 4s 1949 87% Southern Pacific ref 4s 1955. 73% Southern Ry gen 48 1956. ... 100% Southern Ry lst bs 1994. 106% Southern Ry dev 63%s 195 34% Third Ave adj 65 1960 0% Union Pacific 1st 4s 1947. §8 Union Pacific ev 1927 96 Virginian Ry 1st 551962, 100% Wabash 1st 63 1939, 94% Wabash 5% '75., 63% Western Maryland 4s 1852, 90% Western Pacific 55 194 81% West Shore 1st 48 £0% 80 102% 704 101% 109 934 100 82U 84% 103 100% 96% 6% 99-20 Low. 100 21 100. 1o Migh, Low. Last. 97 102% 105 1007% 64 102% 01" 101% 105% 91 9974 114% 103% BOND SUMMARY FOR THE WEEK | Last. 99-17 3 5 21 395) 10 9%, 100 5% 1083 10714 by 101 103% 102 102% 108t 100% 8% IR 101 34 103% 108% 9745 1024 1014 85 83% 921 994 84 84 107 7% 88 4 914 104% 103 8 1015 10314 981, 105% 101 100% 101 11k 90 9914 101% 93 954 10815 8% 110ty 120t 101 103 85% 91y 106 1024 oy 100% 9Tl 914 100% 114% 108%4 471 1067 §9% 3% 120 106 10315 10815 0% 1004 w5 1084 11 110% 76 561y % 794 1034 106 uay 5% 101% ok 92 74% 1u2% 2 39% 54 73 9y B4 % 106 89 1031 24 88% 95% 64t 96 54 101 107 9B Y% 6 8. 7% 103% 1108 384 91 ¥9 99% 101% 97% 664 94% L] Yieta 978 | 1007 | 6l % % 10 % 105 102 102% 10 10.% 4 981 101% 103% 103% 104% 987% | 1021 1005 a5 83% 92% 100 847% 5474 1074 8% 1064 12 104 8845 92 104% 13 1158 105 107 1064 102 9i% 101 101 104% 91 1015 937 108% 551y 1074 103, [ 1101y 1207 1014 103 56 10 164 93 100% 1007 1144 103 99y, 94 1234 106 1035 1084, 0%, 107 105 95 { 1035 | 111 110% 78 57 93% 118 80 115% 1% 1y 924 Ta% | 1033 677 894 75 8514 734 914 984 96 928 106 891 1084 Bdw | 8914 96% 6844 8 I o BO% 1085 | 1% 395 S1% 9cm Y 101% 9ER 67 95% 83 | FINANCIAL. HOW IS BUSINESS? Showing Current Business Aectivity Compared With the Same Week a Year Ago. GENERAL BUSINESS ACTIVITY for the country as a whole, Indicated by Daak Leoits outside New York, compared with the same week of Last year. ACTIVITY BY FEDERAL RESERVE DISTRICTS Chack Transictions compared with the corresoondine week of last year LEADING BAROMETERS ‘Showing trend of important factors Present Trend Steady Increasing Increasing Steady Increasing Steady Steady Increasing Increasing Business in Dollars (Checks casbed) Emplovment (pept. of Labor1 . . Wages (bept. of Laborl. . . . Cost ot Living tind. Cont. Board) . Wholesale Prices |Fisher's Index) Agricultural Prices 1Dept. of Aeri) Movement of Goods Car Leadings! Retail Trade (Fed. Rex Boart) . Wholesale Trade (Fed. Res Board) Failures (Duse) . . . . . Increasing Bond Pricesannatiety . . . . Steady Stock PricesiAnnatist1 . . . . Mized Stock Mkt. Vol. (Thous. shares traded) Heavy Compiled and Copyrighted by Cambridge Associates, Boston 35 77 8.3 2.7 + 2.9 +37.6 +33.2 THE YEAR 1925 TO DATE ON THE INGTON STOCK EXCHANGE. WASH- Purnished by W. B. Hibbs & Co. Up to and Inciuding Saturday, November S Open. 0—Ana. & 00—C. & P. 00—C. & P 271,000—Capital Traction 1st 000—City & Subur .000—Georgetown 78,000—Pot 3] Power 48.000—Pot. Elec. Power 00— Pot Power 00—FPot. Elec. Power Ref. Ts. 000—W, Balto. An 1st 5s 171,000—W. Gas Light Gen'l 5s. 289.200— WY Gas Light ®s......... W y. & Eiec. Cons. 43 —W n. & Ref. 000—Dist. of Col. Paper Mfg. 1st 6 00—Pot. Joint Stock d B 00—Riggs Realty (Long) 5s 00—Southern Bldg. Co. 300-—Wash. Market Cold Stg 3 Wardman Park Hotel 6 STOCKS. Capital Tractio Wi ington G . —~Wash. Ry. & Elec. Com —Wash. Ry. & Elec. Pfd >otomac Elec. Power Pfd. -Capital National Bank... —Commercial National Bank rict National Bank.............. Farmers & Mechanics National Bank. ational Bank. Telephone 1st Tel. of Va. Cons. en. & Ref. 138 14—Second National 55—Washington Nation Securit —Continental Trust.... erchants Bank & Trust.. 23—National Savings & Trust.. ~Union Trust ‘ashington Loan & Trust. East Washington. .... Vashington Mechanics’ 458 Firemen's Insuranc 751—Columbia Title Insuran state Title Insurance Paper Mfg. Pfd... nston Monotype. ... . lerchants Tr. & Storage.. lergenthaler Linotype Mtg. & Inv. Steamboat . 400—0ld Dutch Mkt. of Va. pfd 30-—Security Storage . 90—Washington Market 20—Yellow Cab Co. i . 22% UNLISTED DEPARTMENT. 371—Chapin-Sacks 8% Preferred. 4—Chapin-Sacks 7% preferred . 6—Chapin-Sacks common 50—Washington Base Ball Club . —Banking Trust & Mortg: 960—Citizens’ Saving Bank 48—Departmental Bank 12—Munsey Trust —District Title 36—Washington Title Insurance..... BONDS. vy Club 5 . Metropolitan Club 413s. $100—Army and N $5,000 Money to Loan Secured by first deed of trust on real estal Prevailing interest and commission. 420 Wash. L. Joseph I. Weller #79 Wash. L. & Trast WE FINANCE —all classes of income-producing proparty Large Loans a Specialty Current int. rate and commission Higbie & Richardson, Inc. 816 15th St. N.W. First Trust Notes CHAS, D. SAGER 924 14th St. Main 36 Stocks WE BUY—SELL S Coal Tarp. | Tnternatl. Bank. Tr. Mte. | Int Mtz Bonds Mte. Bond-Guar. Miller Trafn Natl. Mig.-J WE PAY MORE INTEREST {ON SAVINGS ACCOUNTS Than Any Other National Bank in Washington on Finanee Internatl. Finance | Wardman Mtg. MEHLMAN & CO. 1319 F St. N.W. Interest on DA Y Balances Come in and let us explain Commercial Nat'l Bank 14th and G Streets Resources $17,000,000 R. GOLDEN DONALDSON, PRESIDENT First Mortgage Brokers We supply investors with first mortgage notes, and have plenty of money available for D. C. loans based on 509 appraisal. Write, Phone or See Clarence L. O’Donnell, Mgr. Mortgage Dept. FIRST MORTGAGES FOR SALE Denominations of $250, $500, $750, $1,000 and Upwards 6Y2% All Loans Made on Located in the District of = Columbia JAMES F. SHEA 643 Louisiana Ave. N.W. ! list 175,000 additional shares of no STOCK LISTING SOUGHT. NEW YORK, November 21 (#).— International Combustion Engineer- ing Corporation has made application to the New York Stock Exci 1.34; Poland, 15. Czechoslovakin 2.96; Jugoslavia, T%: Austria, 147 Rumania, 45; Argentina, 41.6 14.25; Tokio, 4 Shanghai, Montreal, 99 29 FOREIGN EXCHANGE. NEW YORK, November 21 Foreign exchange irregular; tions in cents: Great Britain, demand, 48414 cables, bills on banks, 480% demand, , 3.8915. nd, cables, 4.00%. elgium, 4.51%; Germany nd, 40.16; Norway, 30.40; 5; Denmark, 24.9 %; Spain 1 ) quota- ange to - P ——— v, LIVE POULTRY FIRM. CHICAGO, November 21 (®).—Fou! try, alive, firm; receipts. 5 cars; fo 17a24; springs, 2 ers, 16; ducks, par value capital stock. Tae com- pany increased its capital stock May to 700,000 shares from 450,000, There are 470,969 shares outstanding. | zerland, 19 ew Issue. We Offer Peoples Drug Stores, Inc. Common Stock Present carnings at the annual rate of § Mr. M. G. Gibbs, president of the company, has summari i r " y T y, has s arized his letter to the bankers £ regarding this stock as follows: HISTORY AND BUSINESS—Peoples Drug Stores, Inc.. operates a chain of 18 modern type drug stores in Washington, D. C. The business was founded in 1905 with an investment of $9,000, and sales for the first year amounted to $22,000. It has been built up to its present size with sales of over $5,000.000 per annum, entirely through the reinvestment of earnings. I'he Company was among the first in its territory to apply modern chain store methods of merchandising to the retail drug business.” Its record has been one of constant growth, with never a backward vear. Price Upon Application Descriptive Circular Will Be Furnished Upon Request Crane, Parris & Company 823 15th Street N.W. advertisement. while n. WhICh We belteve 1 The statements printed in this Fuaranteed by us. are obtained from sources New Issue. Peoples Drug Stores, Inc. Common Stock SALES AND EARNINGS Sales and net profits after Federal taxes, computed at present rates, for vears ended December 31, are reported as follows : Farnines per Shi o Common After P'f'ra Dividenax $ 21 40 Net profits after Federal Taxea at Present Rates $101.289 120,477 263,129 305.317 338594 450,000 Earnings per Share on Preferred $i0.12 12.04 26.31 30.53 33.85 45.00 Sales . $2.356,476 3,089,454 3,681,413 4,039,231 s e 4,828,736 (3 mos. est.) Price Upon Application. Descriptive Circular Will Be Furnished Upon Request. STEIN BROS. & BOYCE 211 Woodward Bldg. Main 1079. The statements printed in this advertisement, while not guaranteed by us, are obtained from sources which we believe reliable THE LAUNDRY INDUSTRY The Public Utility The Industrial World The Government Census does not classify the Laundry industry as a Manufacturing industry. By the very nature of its business, it is more of 4 Public Utility than an Industrial enterprise. Laundries do not manufacturé anything; they sell to the public a service that is low in cost; universal in demand, and fundamentil in its necessity. Every other industry looks for prospective business to some particular class of peoplé. The Laundry industry reaches out to every human being. Every person is hourly making use of something which must eventually be sent to the latndry. Thé industry is exceptionally stable. The demand is constant bétause the need is con- star.t. The business is, for the most part, on a cash basis, with few accourts receivable. This results in a minimum of credit loss. In marked contrast with the averige industrial corporation, the inventory problem is of small consideration. The expansion of this industry in the last ten years has been phenomiénal The total income for the year 1925 will approximaté $500,000,000, which will give the Laundry industry a ranking of twelfth place among the leading industriés of the country. Some idea of this growth may be gleaned from the fact that in 1919 the total income of the Laundry industry amounted to $236,000,000, as compared to $500,000,000 in 1925. We believé that the securities of well-established companies fa ths’ field offer most attractive and profitable investment opportunities. Our Statistical Department has compiled a pamphlet on this interesting industry, which we shall be pleased te farnish upon request. Bonner, Brooks & Co. 120 Broadway Mew York, N. Y.