Evening Star Newspaper, December 19, 1925, Page 25

FINANCIAL. INTEREST CENTERS N TURKEY PRICES Heavy Arrivals Expected by . Monday—Butter to Be Cheaper. NG STAR, WASHINGTON, FINANCIAL NEW YORK cURB MARKET | (NEW MARKS LIKELY IN HOLIDAY SALES| Trade Rewew Shows Let-Up in Some Lines—Food Prices Fairly Steady. ‘D. ©C, Sharp Recovery Is Reported Today In French Francs SATURDAY, DECEMBER 19, 1925. TODAY'S COTTON TRADING IS LIGHT £ Uncertainty 0ver Govern ment, Due Monday, Results in Extra Caution. Money to Loan !L‘“ T | Secured by first deed of trust on real estate. | ‘Jo el Welles bR «|{ Continental Trust Company { ¥ Capital One Million Dollars 14th & H Streets BY WILLIAM F. HEFFERNAN. NEW YORK, December 19.—Prices on the curb exchange today were ais- posed to sell off from the prices pre- vailing at the close Friday. But this Was natural, in view of the improve- ment which has taken place in pra { tically all groups during the pa week. The selling was not persistent, however, and what losses occurred | were, for the most part, fractional. Profit-taking which developed in | Lago issues in the late trading yes- ’terdu)' continued to make itself felt and Galena Signal continued a weak mong the Standard Oils. $4,000 First Trust Notes Due in 1 Year Will Sell at a Discount to Yield 109 Net C. P. BARRETT Main 9016 1502 K Street N.W. By the Associated Press. PARIS, December 14.- recovery in the franc which begun yesterday was continued this morn- ing when the dollar was quoted at 25.70 francs, as against 27.55 on Thursday. The improvement in the franc seems to have given a more favor- able turn to the I'ranco-Germun negotiations for « commercial agreement. The Germans, having acquired more confidence’ in early stabiliza- tion of the French unit of cur- have shown a disposition cuss new tariffs on a basis better promise of results. negotiations probably will be resumed after the holldays. The sharp FEDERAL-AMERICAN NATIONAL BANK RESOURCES, $14,000,000 1315 F Street JOHN POOLE, President = NEW YORK, December {lowing is an official list of bond: istocks traded in on the New > | Curb Market today week | § Car Light 23 2 Central Steel Centrit Pipe. tory CI&WRR vt 1 C I&W RR vie pi ler Corp wi. Buyers are looking forward to opening of the market with est. 1 ctically ibout the BY J. C. ROYLE. Dispateh to The Star. 3W YORK, December 1¢.- Indus trial employment has begun to ease up in some lines owing to taking of i | ventories and preparations o | closing. But retail trade inc pace noticeably. Merc s in a score | of business centers were confident that when final figures were checked on to- day’s business the week's sales would be found to exceed those of any week in thelr experience. It is probable that the retail buying today in this country |as a whole was larger than any single | day’s trade in any one country in the { history of the world The steel mills are an exception to | the slowing-down process. The plants {in the Pittsburgh district continue at approximately 80 per cent of capacity Carnegic Steel has added another fur- nace to the active list, and has 9 blow- ing out of 53. Jonex & Laughlin are working 11 out of 12 furnaces. The | sheet market has improved, und the {leading interest is bLooked through February. Standard Oil of New Jersey | o has ordered 475,000 boxes of tin X‘lh;;‘ n » land pa K g0 to Plttsburgh. A i and part of this wiil go to ¥ '3 el Iah | Note of Caution Sounded. i In Detroit industrial employment, | especially the automobile | plants, fell off 2,779 to a total of 259, Truck and bus manutacturers are fully engaged and are expanding plants In some instances A note of caution against over- | playing building constructicn ~was | injected into the situation by a dozen lauthorities this week. Work already | contracted for, however, will keep the | building industry active for months. November permits in 400 citles [m‘m ed @ gain of 39 per cent, as com- with November, 192 Steel {lumber and some oth building mat | Hals are firm in consequence, ove | shadowing the drop vrecorded d 4 7 cement in some sections 0 Humble O & & v h O Pow 1' 5 5 | Unfilled orders for lumber gained § or ." FrE 5 | appreciably from last week. New busi grini G 1 ‘»P ca \n‘mlm was § per cent above actual pro- | duction. | In the wholesale food markets in- | terest centered By the Aesociated Pres: NEW YORK, Dece market v iing. Unc of Mon 1. - The in today’s ort Christmas i more than usual inter- all of them, nty s ginning re with the approach of holidays seemed to restrict bust to week end evening up and fluct | tions were correspondingly | { The opening was dy at unchanged | te prices to an advance of 3 points on « | {little trade buying and coverink with| tareh selling up to 18.88 and May to 18.62 during the early trading This bulgc met realizing rumhmm” with « Jittle Southern hedging. but| the market held falrly steady during| the first half hour. Liverpo cables Notes More Low Grade Bales Than Have Been Found Since 1920. anxious showing re won- preval. | as to coming week, be entlrely a | and | rby turkey i e in the will supplies, Baking pf 13 Do Forrest Dubil Dusant Motor & R vic. TR Coo Duz Co A ¥te ast Roli Milix n iwenlohr & Bros lec Bd & Shopf. 1 der] D ces will ders toda; a quandry probable R XIS prices Cit Serv Cit Sery P Cons G v realiz it ng Metropolitan Life Insurance Company FIRST MORTGAGE LOANS BUSINESS PROPERTIES OFFICE BUILDINGS HOUSES APARTMENTS CONSTRUCTION LOANS WEAVER BROS. Realtors 809 15th Street N.-W. question o and that supply prices prevail in other ne in prices the Det Gty Gal SIE Pt it G Corp. Leblen Pow 3 Win BE Mass Gas 5%4s wi Morris & Co 7las Nor' States P 6130 SEN g1 Fow e’ sssibi oming weel Tt is expected sald that trade calling and speculative covering had absorbed hedge selling in that market, but that spinners were apathetic and that business in cotton cloths and yarns was restricted. New York future shippe s headed in this Haulers from viand are ex with live and it is ) be Keys (omorrow in evidenc morning, closed steads. i G A1den 21 Goodyvar Tir E N.wsmu = Hoyden, © mm 3 Oetober Onen By the Associated Press. May. 1 This year's crop contains more low grade cotton than any vear since 1920, Secretary Jardine declares in a letter to a spectal congressional subcommit tee. The letter was addressed to Senator Smith, Democrat, South Carolina, chairman of the spectal cotton com. consisting of Senators and of each cotton-grow- ing Stute selected to recommend cot- ton legislation at this session of Con. gress The committee held its first confer- | 10 the Pros ence yesterday, but adjourned for the | yWET FRUCA holidays without action beyond ap- d pointing a subcommit October. New flrlnnn Quotations. NEW ORLEANE, December 19 The cotton market had a steady open ing owing to the unfavorable weather map and rather better cables than due. rst trades showed gains of 6 0 7 points, and prices advanced a few points additional right after the call; January trading up to 18.60, March to 18.25 und May to 18.68, or 7 to 9 points above yesterda There was some &hort cov but F Walworin U v similar York ¢ Today’s Whole Faney, 1 ) City Coloy FOREIGN BONDS. Danigh ; R R ones Ravdio Erenin Nat N Bi o | Kini { 10 5 | N . | Prov Santa Fe 7 3 03f R Ch S | er- Don’t Be A Sisyphus! ld Weat. prliea e Rub “ress oy " hawle Vil o ol Mo & Y3 g 8 ne ' - uckose P 1 By gérv : ¢ b § A coast | after the opening ee to ascertain | 2fter the obening New Orleans futures the amount of this year's cotton crop | Hew Orle that 1s untenderable under futures R contructs and {8 unspinnable. The Secretary's letter, replying to the subcommittee’s request for the in formation, said: Exact Data Unknown. “I regret that the Department of | Agriculture fs without definite in formation on these subjects. A | private statement that has come to | us recently shows estimates of the | untenderable cotton of this sewson's crop to range from 2,500,000 bales to 4,500,000 storm warning was posted shortl ISYPHUS, according to Greek leg- end, was condemned to an eter nity of rolling a rock up hill. His stor; has become a classic illustration of hard. unremittent toil. chickens. : duc hogs, 30; pork loins, 22; fresh ham, in December January Ma M July | Betober Cal Sig 01l 0 Can hew’ on 00 Ihier pe s nter fruits the | port The man who makes no provision for the future faces a lifetime of just such profit less toil. 17 Power Corp N ¥ 2 Prophslac . Brush 4 Rand Cardex Bu Pyrene Mg e Noel. 1 Repub M T 3 Reo Mot 1 Riokenbaoer Royal w § Sardy Gk 1Sterra Pac E.. 1Singer Mg 7 Serv El Corp Sleep Rad vie. - ou G & P A outheast 1'&l, South Dairies 4 South Dairies B Pap .. tutz Mot Switt Intl de b CRUDE RUBBER LOWER. YORK, December (Spe- rude rubber dropped to 87 | cents today, representing a net loss bales, with the average of | of 19 cents for the week. A month several ostimates about 3,500,000 l‘ il ana bales. This includes cotton that below the lowest tenderable grades | and cotton that is less than seven. | eighths of an inch in length of staple. | The department has estimated the | 1825 cotton crop at 15,603,000 bales of | 500 pounds, of which the Bureau of | Much t ) the Census reported that thera were | YOUr Savings. You trust him with Cioned > Docimberd 3; 39567 18 | vour deposite—why not trust him 686 running bales. This leaves about with yvour investment problems 1,750,000 bales of cotton to be ginned | = before the final ginning report on! ! March 20, 1926. Presumably the cot- ton remaining yet to be ginned will | be of the lower grades and much of | it untenderable. It is a safe us- sumption that no crop in recent | years, saving possibly that of 1920, has contained =o large a proportion o of low-grade cotton of all descriptions | 1 10th St N.W 766 or such a proportion of the exces- ! i e ————— sively low grades in particular. Prompt Action Term Wrongly Used. |First Mortgage Loans “With reference to the proportion | Lowest Rates of Iuterest and Commission of the crop which is “unspinnable” Thomas J. Fisher & Comp‘“y' Inc. cotton, it might be said that this term ™ 338 15th Street is often used inappropriately to mean cotton of very low grade. Practically FOR RENT 924 15th Street N.W. all cotton, even of the lowest grades, Is spinnable and is eventually used in the manufacture of course yarns and | An excellent location for In- vestment House or Real Broker in the most desi goods. The objections to the use of Fiiteenth and K Street Section. da | slizghtly low a being featur available ut prices are year ago and chain stores., i large quan- have dropped to 50 cents but the embargo on Florida reverse this steady 19 & in 0030 o ind tities |a box. express shipments may trend. All But the man who invests regularly in First Mortgage Notes at 615% per an num, surmounts the obstacles barring his way to comfort. Swarusl Byeen ey 727-" Street.NW Washingon DC A scarce and prices are few marked are high in anned fruits are prices are high. Ret steady and promise fluctuations. Turkeys many centers. Copper Sales Light. Copper sales have been iight. but | pric have not been cut in conse |quence. A slight rise took place Fri- Yll Tin and silver have slumped in (prk‘e in sympathy with London, and {lead buying at present figures fs | sla Zinc demand has improved for forward delivery. The coal situation has not mate. rially changed, despite the multl plicity of plans for settlement of the | anthracite strike and gestures of de- | fiance from both parties to the con |troversy. Bituminous production con tinues heavy—heavier than consump- | tion warrants in some sections. Prices |are strong for domestic sizes. Oll | showed improvement, with slight ad- vances in refined products recorded lin scattered localities. Rubber Remains Low. Wool steadied during the week, the firmness of foreign markets counter- * | balancing hesitation in buying by local mills. Cotton mills and silk mills will ease off materially for inventory tak- {ing, and cotton cloths and raw silk |reflected this, buying being slack. | Rubber remalned below figures of a {month ago. This was due to lack of | buying by tire manufacturers, now in 3 BN 3 3 43 | the slack season of the year. 3 Can Dry Gin - Ve End Ext. .. . 08 Changes {n the grain and livestock imurke(« did not suffice to alter the 1085, 10 JINDEPENDENT O1L. STOCKS ) Vacuum 0it ' 7 Your Banker, Knows. When in doubt about a security consult your banker. It is equally as much his_ interest as your to protect | moderate de- | Sales 1 New 1 type, 40.00 der l(' demand { “alifor nl 9 m Cont Olf Am Maracaibo Co k Nat Gas . al Pete Synd Serv | pid Olumibis, | Synd oo S¥nd | ymup R C vie 2 Tnompson J H § Tob Prod E: c A o Thhe So1 Lamp A Tnien Casiio: Market Ste ER R moder Lettuce First Mortgage Notes For ale. Consult ue if you have avallable funds for investment THOS. E. JARRELL | M Washington Real Estate te; ‘ 56 Years Without Loss 1o An Inzestor ngston Pei Panuco nt_ Prod ™ Bank Oi1 Can O&R Salt Ck_Prod Fe O & G Pet. NDUSTRIALS 1 Amer Arch Co.. 1241, 228 Am C: 1am L & L & Trac P& L Pow & L St vt Rts Superpo Am Superpow B Aniz Pow & L limited, mar y: 150-pound s . No. 1, mc 100-pound 10 Cortez Silver 19 Crown King Cong 1 Eng Gold M Ld I 90 Eureka Croesus Michi- usset Rurals higher; most- mand Muiv ly 6.00. Tomato Demand Quiet. h. limited; market s ers, 1 Juimbo Extens . 4 Kay Copper Curp Spi Kere light extremely low.grade cotton are its' Interesting mvestor comparatively large waste content, its | inferior finishing properties, reduced | mill production and dissatisfaction ~reated among mill operatives due to the greater amount of dust and fly and the lower earnings of those em- sloyed on a piece work basis. Surveys of the kind your inquiry to every is the percentage of inter vielded by the security he is o1 163 fered vou are considering See this space before making *|PRONOUNCED LET-UP IN TRADING | favorable position of farming popul tion. Coffee and tea felt the lethargy in primary markets induced by the suggests have been undertaken from time to time {n the past, when specifi- cally requested Ly Congress. A good deal of difficulty has been experienced your decision to move H. L. RUST COMPANY investment. we welcome inves tigation of our approach of the holidays. The dis- pute between the sugar mill owners and their tenant farmers in Cuba caused a slight firming in raw sugar. BUSINESS TOPICS. CHICAGO, December 19 (Special) —Three of twenty railroads which appealed to the Illinois Commerce have appreciated the crisis to the ex- | Commission for a 20 per cent increase [ compilation and publication of data tent where they are ready to accept |in commuters’ fares are appealing to(of this kind as highly desirable.” further financial sacrifices. the Interstate Commerce Commission 3 > in order to get their full dema Itallan Lire Hold Up Well. SatiaRews | emiat T o ba o aalDs The Italian paper currency is hold- | authorized & 15 per cent increase ing up well since the debt negotla- but the Illinois Central, Chicago and tions with the United States. The Ger- | Eastern Illinois and Chicago and man outlook both financially and in-| Western Indiana roads asked more. dustrially {s better than it has been LAKE CHARLES, La. December at any time since the adoption of the 19 (Speclal).—The Charles Harbor Dawes plan. Germany has truly bal-|and Terminal Co. has acquired 31 anced its budget and has the great ad- | acres on which it will begin erection vantage of working under economic |of docks and wharves which will cost conditions which have got used to a in securing dependable data, due to lack of uniform classification and the consequent uncertainty as to the com- parability of reports. This obstacle has been largely removed by the cot- ton futures act and the cotton stand- ards act, under which the official standards have within the past two years become thoroughly established. The department regards the regular EARS sive short interest. But no amount of political substitution can get away from the problem of increased taxa- tion, which France must face before | it really balances its budget, and the French people do not yet seem to 912 15th St. NN\W.—Main 6888 IN STOCKS AS YEAR END BY STUART P. WEST. Special Dispatch to The Star. NEW YORK, December 19—The ock market approaches the year end h a pronounced quieting down of the speculative spirit as compared with the wild times of September and ctober. The same is true of bonds. he investment market has had to orb large offerings, principally from abroad. It has been able to do this with the assistance of low money es, but there has been no real re- al’ of activity. Prices have held théir own, but have done little more. The competition between new issues | and the older established bonds has | not been keen enough to develop any downward movement, but it has been sufficient to_keep prices stationary. It has to be remembered that Amer- n capital is flowing into Germany, Italy and other countries which have made a satisfactory adjustment of their war debts. As it looks now, American Investments in European countries will eventually rival the Eu- | ropean investments in American rail- roads and other enterprises which were | such a feature following the Civil War. | American Surplus Secure. { e American surplus at present ap- { pears in no danger of exhaustion. The | Federal Reserve ratlo at 65.7 is down | substantially from the 1925 high of 78.8 and from the 1924 high of §3.7. But it contrasts with the low of 42.5 in { December 1919 and of 40.01 in May. 11920 These were the big inflationary | periods following the war when busi- ss expansion along with high com- {modity prices coincided with the tre- | mendous Stock Exchange speculation, and together overtaxed the credit re- ources of the country. The signifi- cant point now is that despite the huge trading in stocks and the indus- trial increase, Federal Reserve redis | counts have not been strained. They | have been pulled down only moder- v; the member banks have been carrying most of the load. Gold Imports Virtually Stopped. This is why the present situation |cannot be compared to the excesses of } |five and six years ago. Money rates | have come down during the last week below the 5 per cent level. Gold im- ports have virtually stopped because the obligations due the United States pappers—No supplies No sales reported. BUTTER MARKET WEAK. Dealers Push 159, FIRST MORTGAGES Ozer a After our mor L quat WANTED! Quarter SECOND TRUST NOTES Funds available for the pur- chase of all kinds of trust notes, secured on D. or nearby real estate. Prompé action in every case. ‘Washington Investment and Transactions Co. 715 14th 8t. N.W. Main 3668 Stocks ter of a century’s expe Buying for Sale as| of a Drags. B 2 with never a loss te Centur, Without I vestor, sound e Although she can neither read nor write, Koudret Hanoum, now past 60 years of age, has been elected mayor i * i they ofier yon narkets were not tionally hes to comp: over the curr fidence in the conservative principal - protec the my excep- but were due 1l surpluses with con- tion and income-provis B. F. SAUL CO. Main 1st Trust Loans On Improved D. C. Property Made —Also Construction Loans— Exceptional List of Ist Mortga for Sale N. L. SANSBURY CO INC. 1418 Eye St. $500,000. aratively low standard of living. | current fluctuations in the | grain markets mean lttle because the speculators are simply playing with the remnant of the 1925 crops, of which | the farmers—that is, the real pro- ducers—are practically out. A .l.imited Number of 17 FIRST MORTGAGE NOTES Secured on Residential Properties same reason were iting operations requirements very critical as zoods. ik and trading it was buf should decline | > in re- street UNION DISCOUNT (0., INC. OF NEW YORK First Mortgage Bonds DENOMINATIONS: $100.00 to $1,000.00 Attractive Partial Payment Plan WILQUIN & FITZ-GIBBON, INC. 309 SOUTHERN BLDG. SAFE 614% and 79, First Mortgage Notes For Sale GEO. W. LINKINS Mortgage Money toilr.oan on Real Estate. Let us finance Four property. THOS. E. JARRELL Member Washington Real Estate Board P S S S S R THOUGHT OF OTHERS —is the underlying motive the Chrisu season. This applies to the basic principle. as well to its practical application during the centuries. Farmers’ Year Ends Unchanged. The year ends for the American farmer with little change from 12 months ago. A reduced Canadian wheat yield has been pretty well bal- | anced by an increase in Kuropean crops. Corn prices are lower, but in the more mportant instances of 1 stock there has been some. improve- ment. The cotton trade went badly wrong during the Summer on its estimates of | the new production. There were ex- traordinary variations in the semi- monthly figures of the Agricultural Bureau. This necessitated a downward revision in prices which has made the South feel less prosperous. Calcula- tions on the new Cuban sugar crop, exceeding 5,200,000 tons, have been higher than expected, with the result that what seemed to be a promising price recovery midway through the Autumn has been checked. Speculative Features Eliminated. The Stock Exchange has got rid of the highly speculative features of September and October, and this is| a fortunate occurrence. Individual shares are now being dealt in on their respective merits. There has been a rnient can be by the heavier the four market the exception sizeable incre 2 in goods arriving parti ccounted for sipts of butt markets Boston showing the volume Write, See or Phone Clarence L. 0'Donnell, Mgr. Mortgage Dept. AFRITZ M 14th & K Main 9080 | | | REAL ESTATE LOANS APA%%#TD%SEfl 5%% BUSINESS PROPERTY RESIDENCE LOANS AT LOW RATES 1733 Do Sales St. FRED T. NESBIT ea1NEA |LINVESTMENT BLDG. Maln 9392 WE FINANCE —all classes of income-producing property i Large Loans a Specialty i Gurrent tnt. rate and commission The New York Life Insurance Co. Offers to Make Higbie & Richardson, Inc. First Mortgage Loans 816 15th St. N.W. On Improved Real Estate in the District of Columbia and Nearby Maryland Suburbs for 3, 5 or 10 Year Periods. DIVIDEND DECLARED. YORK. 19 ). hing Ma- jividend of December With this thought in mind, what could a more appropriate gift than one of our First Mortgage Notes, secured by first trust upon improved real estate in the Nation's Capital? pref 7 per win to be paid DIVIDENDS. P&Ppf Q o 1 T Such a gift is much superior to a cash present which might be soon spent uselessly whereas, such an investment not only remains intact and secure, but interest is paid to the recipient at the rate of 61 per cent per annum. INSURANCE —in all its branches. Let us know your requirements. We can serve you. IR inch Invest Co- from other countries have been settled by sale of foreign securities to Amer- ican investors. considerable advance during the last week in stocks of railway equipment companies and in some of the ralls. | The turn Into the railway market was THOS. E. JARRELL 721 10th St. N.W. Main 766 Apartments Office Buildings For convenience, we issue these notes in denominations of $100, $250, $500 and $1.000. The gold inflation talk is all over. | What scems likely to happen is the export of American funds to nations which were prostrated by the war, | but which still have equities sufficient to attract American capital provid- ing they have settled their war debts and are willing considerably to outbid industries at home. French francs reached their lowest since the great break of March 1924, when all low records were broken. Subsequently there was a moderate rally due to the change in the French finance ministry. This stopped the selling of the franc, and probably in- duced some covering in of an exten- Partial payments may be arranged. Ask us to arrange such a gift for you, and the negotia tions will be conducted in strict confidence. very popular. The public had been slow to recog- | nize the fact that the period of ex- traordinary maintenance appropria- tions, following the return of the car- | rlers to private ownership, was over. It is commonly agreed that the phys- ical condition of the majority of the roads is exceptionally high. This, with the present extraordinary vol- ume of gross earnings and with the prospect of mergers, opens the way for larger dividends on the old-line | stocks and for increased valuation | upon shares which at present are dis- tributing nothing. (Copyright, 19254 J - Picelity-Phehix Fire Ins Co...S i Accent Bk, Inc = o 5Y,% N APPROVED SECURITY Apply RANDALL H. HAGNER & COMPANY MORTGAGE LoAN GORRESPONDENT 1321 Connecticut Avenue Telephone Main 9700 RPN First Mortgage Notes For Sale In Denominations of $100, 250, $500, §1,000 637 Interest Secured on D. C. Real Estate Wm. H. Saunders Co., Inc. Established 1887 1433 K Street N.W. occo 5 oo cclococes < Fuel Oif Overman Cush A Do. B. Do. pf. Phila Ins W Royal Typewrit f ard Air LS Stetton, J. B. Do. nf 7S Inc Al Wiz Trul Waeh "W Po Wood Mfg DI *50% in comimon sluci. Mortgage Investment Department. ISHANNON - & LUCH ING 713, 715 and 717 14th Street Main 2345 wrir 5530000 R E R UERIRIS R 3