Evening Star Newspaper, December 12, 1925, Page 27

DECLINESNEGES AT GENTER NARSET Warm Weather Proves Some Help to Buyers—Meat Prices Very Steady. Several reductions in the price of fresh eggs were the interesting feature of the week's market. Demoralization of the market was brought about by largely increased shipments, accord ing to reports of dealers. Decreased shipments one day, it is stated, caused a slight change in the market, but prices were not boosted. Dealers expect increased receipts the coming weelk unless this section 1= visited by a severe spell of weather Even should cold weather condition prevail, it s stated, prices probably would not remain higher more than a few days. There has been no appreciable change in the butter market this week. There was a tendency towar a firmer market reported. but the retail price was not affected. Slight changes in poultry pricer during the week left the market at the close of the week not much differ ent from what it was at the begin-| ning of such period Meat prices ony slightly fluctuated during the week. Merchants do not anticipate much of a rush until the beginning of the approaching holiday season Today’s Wholesale Prices. | Butter—Fancy, 1-pound prints, 5 : tub, 5ga54; store-packed, 40ad. Eggs fresh, fancy selected. candled, average receipts, o ; ge, 35a39. v—Alive, turkeys, top, 38a40; | nd thin, 35: Spring chickens. | : keats, 30a33; seconds 1—Turkeys, toy nd thin, 35a38: Sprin 55; fowls, 38; Leghorns. 2 #eese, 30: keats, 80a1.00, Live stock—Calves, 14; hogs, Meat—Beef, Tamb, 30; por 2%a30; pork shoulders, fresh hams, | 22a25. Fruit and Vegetable Review. NEW YORK C 1 Received by Private Wire | BY WILLIAM F. HEFFERNAN. NEW" YORK, December 12.—The outstanding incident in the week end trading on the Curb Exchange was the pronounced weakness in radio Stocks, Ware Radio broke badly, belng a new low record at 1, where it com- vared with the previous final of 4. A break of almost 2 points took place in Dubilier Condenser and Radlo, when it changed hands at 8%. Fresh: man and Freed-Eiseman also were under pressure. . Although an advance in crude oil had been expected, the raising of Pennsylvania crude quotations 25 NEW YORK, December 12—Fol- lowing is an official list of bonds and stocks traded in on the New York ‘urb Market today: Sales in thousands, 2'Allied Pack 8 1Alum 7s new Am Gas & EI 65 t 6 WOk . 07 95 1 oston & Me 8. run T 78 1 pt wi Serv 8 Cit 8 Cit Sozooam 1 1 o troit Cit’ G, 3Fed Sug 6s '3.?.'] 2 Gal Sig Pet 7., 10 Gen Tee Crea 633 B Gen Pet ds . 7 Hood R s EEEL 0 EPEEEPRE NS 8 3255230 s oons 0000005 2822S3RC35322353852 PIEEE A SPLELE B T R A SoZeSels o SRBIRTESZ 238, DOSoCs! ORI 558 4 Pennok_ O Car 6s. O e 2! 2: FOFLES IF FOFEE BT TR P&L 6s n 180 New Yk 6lan Stutz Motor 7hs Swift & Co 5a.. Transcont Oil 7s. . Trumbull Steel Bn Run 45,3 ub ;s Rub 628 Rub Rub Rub Rub & Rub Rub Rub 6148 '40 101 S Sm & R 55 1007 acunm Ofl 78 .. 1045 Walworth 6s' A . 063 Webster Mills 65 100 FOREIGN BONDS ity Cologne 61 Danien’ Cons ‘s 5s 983 222SCRRESE22E2 RIS 5Z 255500 00n0nons 30300, S= 22 P FFRNE geSemnaaannay Today’s market report on frv - and vege ubles (compiled by the Market vice Bureau of Agricultural | s moderate; demand | barrels, Vi inches up. Y¢ up, Yorks, 5.00: | mans, small si shington size fancy Delicious, ancy Staymans, mos baskets, New York, exta fanc: aldwins and Spys, No. 1, fair condi- light, market s vioderate; de- New York, type, 40.004 | Cabbage—Supplies mand light, market bulk, per ton, Dani 45.00 Celery—Supplies liberal: moderate, market steady: C crates; 6 to dozen, tes, fair 735 Other Prices Today. | Lettuce—Supplies moderate; demand | ht, market steady; California, crates Teeberg type, dozen. 5.50a5.7 ¥lorida, 17:-bushel ton type, Onions—Supplie: light, market steady pound sacks, large size demand | oz, New York, 100 . S. No. 1, me- 85. pplies moderate: de- steady; Michi- Potatoes— Su; man te, . 150-pound s No. 1. 6.00a6. York, 150-pound sack . 8. No. 1 Spinach—st mand mode nia. Norfolk s moderate t steady ion, cloth-top veneer pe, 3.00. er—Supplies moderate; de- | mand light, market slightly weaker; California, crates, 2.25a2.50. Tomatoes Cheaper Today. Tomatous—Supplies light; demand moderate, market slightly weaker; Cuba, sixes, ripes, wrapped, repacked, fancy count, 7.50a8.00; choice count, | 6.75a7.50; Ohio, hothouse stock, 10-| pound baskets, medium _size, 3.50; all size, trading String beans—-Supplies light; de good for good stock, da, 7s-bushel hamps nary to fair quality and 45.00. | Cucumbers—supplies light: demand | limited, market firm; Florida, square | bushel crate, No. 1, 7.50. | Eggplant and squash—Supplies very | light; no sales reported. Peppers—Supplies light; demand moderate, market firm; Florida, pep- per crates, fancy stock, 5.04a6.00, ac- cording to condition. Kale—Supplies moderate; demand slow, market dull; Virginia, Norfolk <ection, cloth-top veneer barrels, few sales, 1.50. STORAGE EGGS PILE UP; DECREASES IN TURKEYS Agriculturs Department Also Re- ports Less Butter Held in Cold Storage. By the Associated Press Increases in cold-storage stocks of eggs and decreases in stocks of tur- keys and butter, as of December 1, were reported today by the Bureau of Agricultural Economics. There were 3,780,000 cases of eggs in storage December 1, compared with 2,102,000 a year previously, while the Juantity of frozen eggs increased tfom 22,100,000 pounds to 39,350,000 pounds. Creamery butter stocks, although 2bove the five-year average, showed a drop from last December of 26,000,000 pounds, or nearly 26 per cent. Turkeys in storage amounted to /143,000 pounds December 1, com- pared with 8,989,000 a year ago. ind market firm; Flor- reen, ordi- ndition, 4.00 CRUDE OIL ADVANCED. PITTSBURGH. Pa. December 12 ) —An advance of 25 cents a bar- rel in the price of six grades of Penn- ivania crude oll was posted by leading purchasing agencies today. G NEW HOUSE MAKING PLANT. NEW ORLEANS, December (Special) —The McAvoy Homes Co vf New York has leased a bullding lilere for a factory to make knock-| down homes of cypress lumber and vallboard made from sugar cane vagasse. Kansas Co; fiilk Record. The highest known record for milk production for dairy cows is now being set by a cow in the college dairy herd at the Kansas Agricultural College, at Manhattan, says the Topeka Capital. She s giving over 70 pounds of milk dafly, or almost 83 gallons. Four and one-half gallons is a good record for an ordinary Ayrshire, according to Prof. R. H. Lush of the dairy depart- nt. T The Kansas State Agricultural Col- ege dairy herd is one of the best pro- Jucing herds in the country. It con- 1ains 66 cows, 55 of which are being anilked at the ggesent time. | tion’s statement of unfilled tonnage as | of November 30 § Dept_ Ant 3 B RR s Great Cons E 615 86 7 ¥ung Cone 7Tian. K0t Tl Braid T a0 7Ke Denmark 5t 54 B 107'.‘ Zrz@wor ZIEEBRE is 8 19 u i0 Rhine West; &5 1 Russ s STANDARD OIL ISSUE 100 Anglo Am Oil.. 17% 100 Ang 0 A vic od 00 At Lobos” ped . 3. ka P L mble 01l & R 500 Imp Oil Can new P L 40 Inc SRS 1500 Int]_Pet ¢’ Lid 10N Y Transit 140 Northern P L 500 Ohio Q1 100 Penn_ Mex Fuel. 600 Prairic 0 & G n 50 Prairie P L.... 10 Solar Refin . 5. 00 South Penn ‘il 50 Southern P L. 1600 376" Tha 0 Ohio pfd’ .. 12400 Vacuum Ol . INDEPEND] 11 Am Cont Oilfields 6 Am Maracaioo Oo Arzo Ol Caily Synd Cit Serv new Git Serv pfd . €olumbia Synd’ Creoie Synd . = omes ® PR~ SR 5 EECTEIC FFEF SRS e e oBeSReEo- & S El D‘P"i 2 Tidal Osage O nv 7 %;Tflzue&llfi?&! . cox Woodley Pot new % INDUSTRIAL: 1 G_STAR. URB MARKET Direct to The Star Office cents a barrel was reflected in the market for oil stocks. Vacuum stood out strongly, and special buying in South Penn carried the price up al- most 3 points. Lago Oil and Trans- port «nd Lago Petroleum were active- ly taken at fractional improvements, while others generally were higher. The upturn of 235 points in Fajar- do Sugar was coincident with strength in' South Porto Rico Sugar on the Stock Exchange. This appeared to re- flect the better position oi rorto Rico producers over Cuban companies, as a result of the tariff protection. The industrial section lacked feature, bu most changes were on the side of higher price: 10 Ala Gre: Ala Great Alum’Co new. 1 Alum Co new pf. $Am Gas & Eleo. Am L& Trac Pow & Lt'n 64 Rayon Prod. Seating ... 310 >35> & o8 98 10 q'éq. ggmggum » a1 S O B b b B e ousmisb s o Chyrsler wi . 5 Cleve Auto ... 101 Common P C'new 200 Gommon P ¢ w 1 Connor J T Co.: § Cone Gus Bal e & FA SESESTECERERS. B SO 1 2rEa S SRR IR0 908! SR FERE T F R s FE F IEE R Sy 5 TL b SO heEcooIIbL, R G Do BE e Lok NS SO Lt ettt 2 0 © Vie 1 Na Go wi & Rad 1 te 3 For. i Det & C 13 Dubilier = FEF IS F FIEET P FEEE § S Sem S 3RIEREEE-RE05 o) FEE b S 0. - s Y a0 ) = 20 Fielshmann o' wi- ranl 10 Ereed Eiseman ki . Chas 1 Galv_Houston EI 28 Gen' Baking & 28 Gen Baking B. 4 Gen Toe Cream .. 8Gillette S R.. 8 Goodyear Tire ‘T P Dmmmiie e, M BBBAI S DL BOOEIEO rE ST O appiness Cdy appiness Cdy e 1Hav E&r 3 Hires. Cha Hollander & 'S ind Raron Co: 4 Inwurance Co N 2 Inter Ce 10 Inti Ma 4 Inter-Ocean 'R .‘i%m{g ‘l;rollflflor wi ntl Utilitien A" - 1 Johns-] 1 Jones Radio. 2 Kraft () Sisoe 25 1 Tehign ol cosi '8 Zhigh Val Cos 10Leh Val C N C. }'},v‘hbfi\‘ Ow Sh Gl 3 Pl new will ck Pl n pf wi 93 zer Corp 'B. orth O Pow € 0 Power Cory Sound P&L 3 Purity Bak 3 Purity Bak B 8 Reo Mot om oG SEFE E S 13 Rickenbacker @ S = Fa » Southeast P&L n 2Sou Cal E..... 4Sou Cal E A pf1 4 South Dairies A 3 South Dairies B. @ Statz Mot 8 Swift Tntl [0 2Terre H1 & E pt 2 Terre HI&ET pl. & Thomp R C v t ¢ 0 Trans Lux Pic A @ Tung Sol Lamp A Cnton, Garbide” mp C. &P A . R B eSS Bk B B @ s e e .. S e Sousats SR B OTERPE F E FROE 1§ Qnio Cop 0 T 9 Premier Gold M. 10 Shaw Mine, o 780 Am Gol 10 Tech Hughes 8 Tono Belmont 18 Tonopan, Ext 1Uni Verde Ext. 12 Wenden W rar 8 Aero Sup Mfg B 15 .. 3 10 Weat End Consol 10 West End Ext. E8ielsciie ! BUSINESS OUTLOOK FOR 1926 ABSORBS MARKET INTEREST Upward Trend Noted in Nearly All Industries—Ex- tra Dividends Reveal Trade Conditions—New % High Marks in Stock BY STUART P. WEST. Specia: Dispatch to The Star. NEW YORK, December 12.—The emphasis laid during the past week on the improvement in trade and the out- look for 1926 has been the chief in- fluence in the stock miarket and the subject of absorbing interest in the business world. In nearly all impor- tant branches of industry the trend has been toward Increasing production and profits. The views of the President and of the Secretary of the Treasury, the favorable reports from the great commercial centers and the larger dis- tributions by numerous corporations to their stockholders have weflected the change for the better which has occurred in the year now drawing to a close. i Expansion n in 1924. ‘Wall Street late in 1924 began to discount an era of business expansion and freedom from political interfer- ence. In the 12 months that have elapsed confidence has been restored and the buying power of the public has grown. In some departments, as Dun’s review expresses it, “production and distribution are without peace- time precedent.” Six months ago the disposition was to buy tor immediate cessities only. Stocks of goods .n dealers’ hands were small and forward business was held pretty well in check. But conditions have gradually adjusted themselves and preparations are being made for an active Spring demand. The United States Stecl €orpora- disclosed the largest increase since March. The slowing down of output in Midsummer was at- tended by a low average of prices for finished steel products, and these con- ditions meant a smaller rate of in- come. The recovery, however, has been more satisfactory than had been generally expeoted, and the reports of heavy buying of steel products, espe- cially by the raflroads, indicate fur- tinue well into the new year. This branch of trade has been one of the outstanding exceptions until now to the generally prosperous state of trade. The securities representing it have been in more active demand in the last week than at any time in months, which has strengthened the view held in copservative quarters that the new year’ will be as fmportant for raliway equipment company earn- ings and stock as 1925 has been for the motors. ~ A number of important industrial and railway compenies have either raised their regular cash distributions to shareholders or have declared extra payments. Among the more impor- tant of these have been tne Western Union and the Southern Railway. The Florida real estate boom has con- tributed to the prosperity of the South, the big demand for farm imple- ments has told ofgthe favoralie con- ditions in the agricultural communi- tles and the reports of mail order and other representative enterprises have revealed the greater volume of retail trade. The stock market has gone along at a lelsurely pace and tovard the end of the week established a new high average of prices for the year. This was approximately $20 above the average on the first of January. Speculation has converged on the rails, the oils, the steels and jthe vailway equipments. It has quieted down in the motors and in a host of so-called specialty stocks Reserve Ratio at Low Point. Money has plaved no part in the proceedings. Call funds have re- newed at b per cent since the outset of the month. The fact that New York Federal Reserve directors saw fit to maintain a 3% per cent dis- count rate, the lowest for the en- tire system, neutralized whatever adverse effect might have resulted ther substantial gains. The railway equipment companies, which have operated in red figures during the greater part of 1925, now anticipate & turn for the better in their business. * Railway equipment buying has picked up materially and the probabilities are that this will con- from the very low reserve ratio. This figure now stands at the minimum for the vear. The grain and cotton markets have undergone sharp changes during the week just ended. Wheat and corn made some remarkable gains, but lost & part of these. The main factor WASHINGTO. RETAIL TRADE NOW SMASHING RECORDS December to Be Largest Month Ever Known for Holiday Purchasing. BY J. C. ROYL Special Dispatch to The Star. NEW YORK, December 12.—Retail trade gathered itself today for a final spurt with which to close the year 1925. There now appears little doubt that the volume of trade this month will exgeed that for any preylous month by record by over 10 per cent. But merchants “want to be shown” and are prefared to check any tend- ency toward a slump before Christ- mas. It is notable that the volume of trade is being better maintained in the moderate sized towns than in some of the larger, centers. Despite this some of the big stores are reporting sales days ranging from $350,000 to $1,000,000. Wholesale sales organiza- tions are not walting for January 1 0 lay out preliminary selling sched- ales for the next year. They will start diately after the turn of the year. Plants Are Slowing Up. The volume of manufacturing is dropping slightly, as plants are closed for inventories, repairs and adjust- ments. The taking of inventories will be a shortlived business this year, since stocks are small. Some mills and factories, notably the steel plants, will check production only at Christ- mas and even then some plants will not close entirely. The steel business is maintaining its pace, and some {ndependents have stepped production up to 90 per cent Jf capacity, or more, and the volume of unfilled orders of the leading inter- ests, totaling 472,597 tons December 1, assures heavy production in the near future. A glight reaction is antlel- pated by some in the latter part of the Winter. Active exploration and de- velopment work by diamond drills s going forward in the fron mines along he Minnesota ranges. The operators are determined to increase ore re. serves in anticipation of high demand. Industrial employment in the an. tomobile plants at Detroft fell off. A survey shows a total {ndustrial em ployment there of 262,858 workers, a loss of 1,563 for the week. Construction at Peak. Bullding construction now under way 1s the heaviest ever recorded for this time of year. This has alded buiflding materials. Unfilled lumber or- ders at Southern pine and West coast mills amaunted to 604.572.759 feet, not quite so large as a week ago. Ce. ment mills are active, especially in the South. Canned goods, groceries, dairy prod- ucts, tea and coffee all were fairlv firm. Flour fluctuated with the excited movements in the wheat markar which reflected farmers’ sales. Live stock 13 firm on low feed prices. Thirty centrals now are grinding sugar cane in Cuba and the refined sugar market was unchanged. Oil continued to better its position with premiums being paid in some grades in various flelds and some slight advances in reglonal gasoline prices. Bituminous coal output con tinued large, and the efforts toward a settlement of the antracite strike made little progress. Gas consumption Is rising steadily, according to reports trom’ public utllity companies. Commoditles in Review. Rubber fluctuated only within nar- row limits despite the excited trend in London and a threat of a 20 per cent tire price advance in Great Brit- ain. Raw silk showed every evidence of firmness, both here and in primary markets. Cotton goods gained no price strength from the latest Gov- ernment crop announcement, which placed raw cotton yleld at 15,600,000 bales. However, plans are going for- ward for the stepping up of produc- tion in New England milis. Business in lead, tin and zinc was of modest proportions, but copper buy- ing was heavy this week, althougir most transactions were recorded as low as 14 cents a pound. A slight drop in lead was balanced by an equal- ly_slight rise in zinc. Rallroad freight traffic continued exceedingly heavy and it is now ap- parent loadings for the year will ex- ceed 51,000,000 cars. Holiday pas- senger traffic promises to bo. very heavy, and roads already are prepar- Ing to handle the excess crowds. Coastwise steamship traffic has be- come the heaviest ever known in this country, under influence of the Flori- da excitement. . DIVIDENDS PUT OFF. Lehigh and Wilkes-Barre Coal Com- pany Defers Action. NEW YORK, December 12 (#).—Di- rectors of the Lehigh and Wilkesbarre Coal Co. bhave deferred action on the usual quarterly dividends of $3 on the common shares and 87% cents on the preferred, normally payable at this time. The suspension of anthracite mining, which has kept the company's mines closed since September 1, is understood to have influenced the de- cision. In April, 1924, the company declared a 200 per cent stock dividend and thereafter maintained a $3 quar- terly rate, with an extra dividend of 43 last January. SR N PRESENT COPPER STOCKS. NEW YORK, December 12 (#).— Stocks of refined copper in the hands of North and South American pro- ducers totaled 67,838 short tons on December 1, compared with 72,856 tons on November 1, the American Bureau of Metal Statistics announced today. CAR AND FOUNDRY'S NET. NEW YORK, December 12 (#).— Net income of the American Car and Foundry Co. for the six months ended October 31 totaled $2,107,918, after taxes and charges. This is the first semi-annual statement issued by the company, which announces that the practice will be followed hereafter. Although no comparisons with the corresponding period of last year are available, net income for the entire fiscal year ended April 30, 1925, totaled $6,164,104. in wheat has been the news regard- ing foreign crops, particularly in the Argentine, and the fear expressec in some quarters of the trade that supplies might fall considerably be- low_earlier calculations. The Government's estimate as of December 1 on the cotton crop placed the 1925 production at 15,603,000 bales. The increase of over 300,000 bales as compared with the estimate of a fort- night before was much larger than had been looked for. Cotton prices broke badly after the Government's figures came out, then steadied under the influence of unfavorable weather news. French francs struck a new low for the year and the lowest since March, 1924, when the rate touched the rec- ord low of 3.42 cents. The selling was accompanied by reports from Paris ithat the new finance minister had run against what appeared to be insur- mountable obstacles in his attempts to bring France out of her financial difficulties. (Copyright. 1935.) putting these efforts into effect imme- | COTTONSELL OF INTRADING TODAY Foreign Interests Prove Good Buyers and Prices Are Steady at Close. ¢ R By the Associated Press. NEW YORK, December 1 cotton market today opened at a decline of 3 to 14 points and sold ~The 5 to 16 points net lower within the | first few minutes under overnight sell- ing orders, attracted by the easfer rul. | ing of yesterday's markets and which included some Southern hedging. A good demand deveioped around 18.90 for March and 18.36 for July, while foreign interests were buyers of October at the decline to the 18-cent level and prices steadied up before the end of the first half hour. Week end covering was considered one of the chief factors on the raily of § or 10 points from the lowest, but some trade and commission house buying was reported on the opening uecline New York futures closed barely steady at 3 net decline of 13 to 20 points. Opentng: 3 MayL TR F0: Sl New Orleans Quotations. NEW ORLEANS, December 12 (). —Aithough the market was supported for a time by expectations of a bullish consumption report expected Monday from the Census Bureau, late seling pressure increased, owing to the fear of large ginnings for the current pe- riod, because of the favorable weather for picking and ginning. January eventually dropped to 18.62, March to 18.28 and May to 18.05. Little buying developed on the decline which caused prices to rally a few points, but the market turned easler at the end and closed at a net decline for the day of 11 to 16 points. New Orleans futures closed net decline of 11 to 16 points. steady at a December January March . . \DUN’S REVIEW REPORTS TRADE AT NEW GOALS Many Industries, Long Dormant, Now Active—Christmas Buy- ing Excellent. By the Associated’ Press. NEW YORK, December 12.—Dun's Review today says: “Production and _distribution in many departments of trade are with out peace-time precedelt. Advices this week from leading cities in all sections of the country continue to tell of exceptional activity, with fu- ture prospects particularly bright. Industries long dormant are reaching tresh goals as to earnings, and the disposition {s strong to expand opera: | tions and to make future commit- | ments with greater freedom and with | more confidence. i “Plecemeal buying does not dom- inate the situation as it did earller in | the vear. In some wholesale depart- ments, however, fill-in orders from re- tall dealers are met with as usual at this season, owing to the desire to enter the inventory period with mint- mum stocks. ““Christmas buying at retall {s now | on in earnest, and not only is its scale more liberal than in former years, but its scope {s broader. Fur- thermore, retail absorption of season- able staples, assisted by weather con- ditions, is also in gratifying volume. “Weekly bank clearings, $9,347,- 036,000." BALTIMORE EXCHANGE HAS VERY FINE YEAR Special Dispatch to The Star. BALTIMORE, December 12.—The business of the Baltimore Stock Ex- change during 1925 will show a heavy volume and will compare most fa- vorably with any preceding year. There have been a number of new listings during the vear, with prob- Bbly a dozen or more issues to be placed on the exchange between now and February 1, and this will help to still further increase business. The officers and governing committee of the exchange are very optimistic about conditions and predict tkat 1926 will show a still further growth of business. BUTTER MARKET QUIET. Price Declines Reported as Week Advances. CHICAGO, December 12 (#).—The outstanding features of the butter mar- kets during the week were the lack of confidence on the part of operators and the resulting qulet trading. Early in the week, however, a fairly active buying demand for consumptive purposes gave a firm appearance to the markets and some price advances were registered on top scores. This firmness was short lived, however, and by Wednesday all markets were again unsettled and signs of weakness were in evidence with price declines result- ing on Thursday and Friday. Buyers at all times were exception- ally conservative and operated close to current requirements. In some quar- ters the lighter buying was attributed to a decrease in consumption. Al- though the markets were sasy and un- settled and buying demand considered unsatisfactory, there was sufficient trade to keep stocks fairly well cleaned up. At Chicago the top scores were liberal and throughout the week the fine marks were moved only with con- siderable effort. Eastern markets, on the contrary, reported only limited quantities of fine butter and ample supplies of the me- dium and lower scores. Offerings of storage butter during the week were quite liberal aad in many instances sellers were inclined to offer concessions in order to effect sales. —_— DIVIDENDS DECLARED. More Disbureements Are Voted in i New York Today. NEW YORK, December 12 ().— The State Bank of New York has de- clared a stock dividend of 25 per cent in addition to the regular quarterly payment of 4 per cent. Directors have cailed a special meeting of stockhold- ers for December 28 to Vote on @ pro- posed increase in the capital stock from $3,000,000 to $5,000,000. Present holders of seven shares will be offered rights to subscribe to one new share at_$100. Directors of the Auto Sales Corpo ration have resumed dividends on the preferred stock by authorizing”a pay- ment of $2.50 a share. The last pre- vious dividend was paid in 1921, Edison’s Winter home is on the Ca- loosahatche River, western coast of Florida. steady | LITTLE “TAX SELLING” LIKELY THIS YEAR Stocks Are S0 High That Traders I Will Omit “Establish- ing Losses. | By the Assoctated Press. | NEW YORK, December 12.—Be-| cause of the fact that the general in- {dustrial and railroad averages are laround the year's highs, many stock | market observers do not antlcipate that so-called “tax selling,” or selling | | for the purpose of establishing losses | under the income tax law, will play an important part in the markets this | monih | Most large traders who have car- ried long lines of stock and still have them are repor ed to have accumu- lated large profits, and it is considered likely that, unless there is an early marked change in speculative senti- ment, they will defer extensive profit- taking until afier the first of the year. 80 ‘hat incomes derived therefrom will not be payable until March, 1927. Relatively few stocks have depreci- ated sufficiently from their highs of the year to justify “tax selling,” the list including American Woolen, Mal- linson Silk, St. Paul common, United States Industrial Alcohol and some of the sugar stocks. Your Banker, Knows. When in doubt about a security consult your banker. It is equally as much his interest as your to protect| your savings. You trust him with | your deposits—why not trust him| with your investment problems? Mortgage Money to Loan Real Estate. “Lot s finance Jour proverty. THOS. E. JARRELL Member Washineton Real Estate Board =21 10th St. N.W. Matn 764, irst Mortgage Brokers Cisrence L. 0'Donnell, Mgr. Mortgage Dept. Money to Loan e S oo g intarest an: " Weller 50 ¥ah T g Joseph | ! A N | | | One of Washington's oldest specialized Banking Houses will +min you to develop its clien- tele. Earn $10.000 to $15 000 a year. Previous experience in our line not necessary. Qualifications: Consistent pro- ducer over a period of years; sterling integrity—commganding appearance and personality— i/l vour only reason for changing {]| must be willingness to work hard to succeed in a big way. Reply in detail for interview, ! Box 182-D, Star Office. NION nrecovsw oo, OF NEW YORK First Mortgage Bonds DENOMINATIONS: $100.00 to $1,000.00 Atfrmctive Partial Pazment Fian UIN" & FITZGIBBON, INC. 09 SOUTHERN BLDG. INC.. First Mortgage Notes ; For Sale In Denominations of $100, 825&35?00, $1,000 617 Interest Secured on D. C. Real Estate Wm. H. Saunders Co., Inc. Established 1887 | 1433 K Street N.W. l First Mortgage Notes For_sale. Consult us it you have available funds for investment. THOS. E. JARRELL Member Washington Beal Estats Board. 721 10th S¢. N.W. Main 766. FEDERAL-AMERICAN NATIONAL BANK RESOURCES, $14,000,000 1315 F Street JOHN POOLE, President trust notes. ©or neardy Teal estate. action in every case. Washington Investment and Transactions Co. 915 14th St. N.W. Maia 3668 INSURANCE —in all its Lot us know your req ts. We can sorve you. THOS. E. JARRELL 721 10th St. N.W. Main 766 Promut Action First Mortgage Loans Lowes: Rates of Interest and Commission Thomas J. Fisher & Company, Inc. | 788 15th Street WE FINANCE —all classce of Income-producing property | La‘ge Loans a’'Specialty Current int. rate and commission Higbie & Richardson, Inc. 816 15th St. N.W. FIRST MORTGAGES FOR SALE enomi ons of $250, $500, $750, $1,000 and Upwards | 6% All Loans Made on Located in the District of lumbis JAMES F. SHEA i 643 Louleslana Ave. N.W. Daily— ' contact with the im- | portant influences in local property con- ditions gives us the information necessary to manage your rental property REAL ESTATE LOANS BEANPSS PROPERTY RESIDENCE LOANS AT LOW RATES FRED T. NESBaT INVESTMENT BLDG. Main 8392 644% and 7% First filor!gage Notes For Sale GEO. W. LINKINS 1733 De Sales St. Established 1896 4 What we learn each day, plus the a c cumulated experience of more than .a quarter of a cen- tury’s service, is at your disposal. F. SAUL CO. | 1 Main 2100 925 15th Street N.W. FOR RENT 924 15th Street N.W. An excellent location for In- vestment House or Real Estate Broker in the most desirable Fifteenth and K Street Section. See this space before making your decision to move. H. L. RUST COMPANY 912 15th St. N.W.—Main 6838 The New York Life Insurance Co. Offers to Make First Mortgage Loans On Improved Real Estate in the District of Columbia and Nearby Maryland Suburbs for 3, 5 or 10 Year Periods. 512% ON APPROVED SECURITY Apply RANDALL H. HFAGNER & COMPANY MORTGAGE LOAN GORRESPONDENT 1321 Connecticut Avenue Telephone Main 9700 Houses Business Properties Apartments Office Buildings Metropolitan Life Insurance Company FIRST MORTGAGE LOANS BUSINESS PROPERTIES OFFICE BUILDINGS HOUSES APARTMENTS CONSTRUCTION LOANS WEAVER BROS. Realtors 809 15th Street N.W. Main 2486 That Christmas Bonus! A Christmas bonus will buy a few eve- nings of prodigal entertainment. It will buy a few unnccessary luxuries. Or it will purchase some sound securities for you—securitics that bring in a regular, certain income. Invest your Christmas bonus wisely. In- vest it in, a security that couples high factor of safety with high yield. Swartzell, Rheem & Hensey Company offers for your consideration First Mort- gage Notes yielding 614% per annum. Swartrell, Rheem &Hensey Gy, AMortgpge ) T27-9 Street. NW WashingonDC. 56 Years Without Loss to An Investor "THE GIBRALTAR SECURITY I'he great rock of Gibraltar, rising out of the sea, has always been used as a synonym for— SUPREME SAFETY AND SUPERB STEADFASTNESS— In a similar manner does the high-grade FIRST MORTGAGE REAL ESTATE NOTE, from f{ts rock-like foundation of assured safety, rear its head high above the SANDS SHIFTIN S; SEDUCTIVE SPECULATION in doubtful stocks and promotion schemes to tha heights of a veritable FINANCIAL GIBRALTAR. SOUND SN‘I;ZCURITY A SATISFACTORY SERVICE are prime factors in the operation of our DEPARTMENT OF FIRST MORTGAGE INVESTMENTS. ‘We covet an opportunity to demonstrate this to you. You have only to request a copy of our investment booklet to have it sent to you promptly, and without cost or obligation— MORTGAGE INVESTMENT DEPARTMENT