Evening Star Newspaper, December 26, 1925, Page 9

FINANCIAL. FIVET0 35 POIN STOCK ADVANCES Old-Fashioned Christmas Market Prevails in Wall Street. By the Associated Press NEW YORK, December 26. -Wall sireel witnessed an old-fashioned Christmas stock market this week, with speculators for the advance bid- ding up a wide variety of 3 10 35 points. The recovery ifier an early period of irregularity, during which some substantial reces- sions took place in the motor and some of the high-priced industrial specialties. New financinz was in large volume for this season of the vear. and mosf offerings were quickly ahsorbed. Rullish sentiment in the stock mar- ket was created by thé passing of the \aximum reduction bill by the House Representatives. hy reports of heavy steel consumption. publication ot structive oil trade statistics, n series of favorable dividend develop- ments and the optimistic tenor of the first vearly reviews to make their ap- pearance. American Can Feature. American Can was the outstanding individual feature, soaring 35 points above last week’s close to a néw high record for all time, 296, as com- pared with the year's low of 158, established January 16. The buying was said to have been based on re- rts that current earnings are run hing at the rate of $7 a share on the new stock, six shares of which were given for each one of the old through a stock split up and the declaration of a stock dividend Rails were galvanized into action by blication of unusually favorable earnings reports. particu ome of the Western cavriers, nd by the crossing of the million-car N by freight loadings in the fir: two weeks of the month, the largest s any similar_ period in histc At 1. New York Central and A Coast Line were amon niny issues to sell at their highest prices in a year or longer. Oils Are More Active. Oils took on a new lease of life, with uy stimulated by reports of forth. ominz mergers in the California and midcontinental fields. Pan-American’s telds derived special strength from the developmert of new wells in Mexico, itly increasing the company - duction in that country. Pacific \ssociated Oils and the Barnsdall is- ~ues all touched new 1925 h Prospects of an for copper next vear, [ the public utility companies. vesh buving into the non-ferr metals zroup, with American Smeltin n the forefront of the advance. Specialties for which there wisk demand included Vkali. Railway Steel ereal. 1 ational neerinz neral itnebuek ational 1larvester Kresse wtional Cloak and sues sank to new low levels for the vear in refiection of disappointing rninzs of the last half of the year. EXTRA GOOD WEEK IN COTTON MARKET Near Months Absve 19-Cent Level, While October Rallies Above 18 Cents—Active Buying. the 3 November larly by was Int 1ated Prese JRK. December The considerable rt in- tired the cotton market this ind advanced prices above the level for near months, fter selling early in the week low levels for the season, ral above 18 cents addition to the there was con- iderable foreizn buving of late nonths, notably October, and a mod- crate amount of investment buying in that month. A theory eel acent Octol lied “emand In from shorts that, seemed to be quite zenerally held among traders was that the market has become stabilized ound present levels, and that condi- tions furnished an attractive basis for speculative nd mill buying current prices. It was declared by those advocating a higher market fter the turn of the year that exports, <till about 300.000 bales in excess of <t year fo season thus far, will maintained. and that there s 'good to believe that the South will consent 1o a reduction in ze. The rainfall thus far not pro- ided a very good season in the zround. and much moisture will be eded to make up fo the shortage hich occurred last miser in both he Eastern and Westarn belts, The outh sold rather freely for Christ neads in the early part of the week, Lut reduced its offerings luter, and zh grades were dificult to buy, I'here were » reports 1o the effect that it seemed probable, in view of the attitude of mills toward the lower arade that these would all be used this season. as the price is very at- tractive compared with the big pre- miums being asked for the higher srades. There 1s0n were fully 158 notices of in- tention to deliver on December con- tracts, the quantity involved for the ntire month being about 70,600 bales, \Il of which were retendered on Janu- \ry contracts Thursday. This failed exert a depressing effect on the market, however, and January was leader in the advance late in the week, reaching 19.09. while March sold up 79.16 and Octoberf to 13.07. There <eemed to be considerable competition mong leadinz spot houses for the stock, which Is of a_desirable Cotton has been coming here all the month, the amount aggregating 47,254 local uality for delivery veceived thus far wales. wooL MARKET QUIET Reported Better Than for Several Weeks. BOSTON, December 26 ‘ommercial Bulletin today “Holidny auietness per ool market, but the tone of the mar- Xet is much better than it has been [or several weeks. The decline. which irted by a drop in prices in ntevideo, about three weeks or so . has been stopped and prices in n markets have appreciated nce, more especially in South nd New Zealand, and #iso Wt the Cape, while Bradford is doing more business. Everywhere a feeling of confldence prevails, and the belief is general that 1926 promises a great deal for the Wwool textile industry. The goods out- {nok, both here and abroad, with wool pn its present low level. barely aboy the cost of production in some caxes, 1s considered excellent. GET ;1’1.400 IN BONUSES. NEW YORK. December 26 (@).— More than 200 emploves of the New Yark Cotton Exchange were gladdened {after the close of the market Christ- mias eve by the distribution of $11,400 in Christmas bonuses. Thomas Hale. cretary of the exchange, acted as santa Claus, Tone slightly while | By the Associated Press NEW YORK, December 26.—The flow of American capital into foreign and domestic investments, comprising {loans for governments, municipalities and corporate enterprises, reached un- precedented proportions in 1925. | While accurate compllations are not vet= available, preliminary estimates indicate that the total of capital flota- tions eciipsed last year's record of slightly more than $5,000,000,000. For the second time in history American investors poured more than a hillion dollars into foreign loans during the year, equaling, if not sur- passing, the 1924 record of approxi- mately $1,200,000,000. Productive enter- prises claimed about $350.000,000 of the total. the gain in this type of business offsetting a moderate decline in government borrowings. America’s commanding position as lender to the world also was strikingly revealed by the establishment of huge private credits to help in the stabili- zation of foreign currencies. Forti- fied by the possession of enormous gold stocks, American bankers set aside $300,000000 for the protection of Great Britain's return to the gold | standard and advanced many millions additional to insure the stability of the Belgian and ltalian currencies preparatory to their re-establishment on a gold ba Peak Reached Last Spring. Activities in the field of new financ ing overshadowed In interest the deal- ings in the bond market, which failed | to equal those of 1924 in breadth and volume. Prices, however, were main tained on a higher level throughout the vear. The upward movement which was in full swing as last vear drew o a close. was carried over in X aching its peak in the Spring. Thereafter a gradual tightening of ney rates caused the pace of trad {ing to slacken and prices eased off several points from the top. although till holding several points above quo | tations of a vear ago. Several factors contributed market's loss of animation. For one thing, bond trading ed the im petus which it derfved in 1924 from three reductions in the New York Federal Reserve rediscount rate. The only change made this vear was an advance from 3 to 3'; per cent February, and its effect was seen hortly afterward in the downwar trend of bond prices. Toward e close of the vear the market labored under growing fears that the New York bank would follow the Federal Reserve institutions in estab- to the ¥ |lishine a 4 per cent rate Speculation Unequaled. | situation was the tendency of sur- nlus funds to seek an outlet in the { more sneculative field of stock trad- i The call loan resery was filled with idle money, most was sent here for placement by terior hanks. ‘The higher discourt rates nut into effect by hanks out- side New rk in the Fall attr: i some of it home. but not until it | haa heen utilized as one of the fac- {tors to carry speculation in stocks 1o unparalieled heights. These spec- | tacular operations, coupled with the stea flow of new offering= inviti investment, acted as a counter-at- traction to the hond market Although many substantial gains were recorded during the vear. the market lacked the wide price move- ments which featured the recovery of many speculative bonds in the preceding vear. Obligations of one <outhern railroad, which, ca ed unique warrants to purcha in a Florida land company, soared almost 100 points before they were { retired. and a few convertible rail and oil bonds moved up to 30 points In the wake of advancing prices for these companies’ shares. Sharpest Break in Prices. 1 he only sharp hreak in prices took place in the b ds of the Chi- cago, Milwaukee and St. Paul Rail- wAy when financial disaster overtook this Northwestern system. Overbur- dened with a funded debt of some $400.000,000 and facing maturities of £50.000.000, the road was forced into hip in March and its secn- rities plunged to record low levels. Recoveries followed the drafting and subsequent modification of a reor- ganization plan. providing for drastic scaling down of fixed inte et charges and foreshadowinz an e S eationiottintirota ts ke financial footing. The St. Paul receivership threw more than $230,000,000 of bonds into default. but the amount of industrial issues unable to pay interest was re duced from $124,000,00 to about $100,000.000 during the year. More than $70.000,000 were lifted from de fault, while $35,000,000 were added 1o the list. cted Conditions Improve Abroad. The broader demand for foreign se- curities in 1925, bonds and new issues. reflected sreat progress made in the economic recovery of the world, particularly of Eurepean natlons. Twn of the Scan- linavian countries—Nor v and Den- mark—so improved their financial structures that they were able to re fund large loans at s interest rates. Unofficial embargoes on foreign loans both in this country and Great Britain exerted a considerable influ- ence on the size and character of 1925 borrowings. Early in the vear, the United States Government closed the door to European nations which had not vet funded their war debts. This exciuded France as a borrower in this market, but Italy, Belgium and Czechoslovakia were readily ac commodated with loans and credits, after having made arrangements 1o settle their obligations to the Govern- ment. A new policy regarding the regula tion of foreign loans also took shape through the co-operation of the W. - ington administration and inte tional bankers in assistance to foreign monopolies, which might otherwise have obtained American funds to main high prices against American consumers. Pro- posed loans of $25.000,000 1o the Ger- man potash syndicate and $33,000,000 to the Sao Paulo coffee indus rejected on this account. While the American market lost considerable business through these restrictions, it was en- abled to attract new borrowers when Great Britain placed a ban on for- elgn financing upon her return to the gold standard. Foreign Loans Floated Here. This brought to New York a $75,000,000 Australian loan, which ranked as one of the major foreign flotations of the year, along with the $100,000,000 Italian loan, a $70,000,000 note issue for Canada and a $50.- 000,000 oifering for Belgium. The Italian financing, which followed that country’s debt settlement in the Fall, absorbed a $50,000,000 exchange stab- | itization credit, while the loan to Bel- gium was supplemented by similar credits from private bankers and the Vederal fteserve banks. France, Germany and Belgium are among the important prospective hor- rowers here next year. Advances Lo the French government are contingent upon a satisfactory debt settlement. in which event a $100.000.000 loan is & porsibility. Germany is expected to investment in | other | No less potent than the bank rate | stock | embracing hoth listed | the ibstantially lower | denying financial | THE EVENING obtain a like amount through the sale of railway bonds issued to the Repara tion Commission, while Belgium is in line for a $150,000,000 international loan. a large portion of which will be underwritten in this country. Germans Get Capital in U. S. German industries and municipali ties alone absorbed approximately £200.000,000 of American capital dur- ing the year, the loans ranging from the greater shipping and steel com- panies of the Reich to a central bank for agriculture. Of the financing for productive purpos an additional $100,000,000 in loans of this type may be expected hefore the new vear ls far advanced. with competition offered by a like amount of Italian municipal and industrial bond issues. Other foreign countries and indus tries which floated important loans | here included the government of Ar- gentina, approximately $100,000.00 Poland. $35,000.000; Norway and Den- mark, $30.000,000 each, and the Tokio Electric Co. of Japan, $24,000.000. Mexico's credit standing was ap- preciably strengthened when the $500,- 000,000 debt agreement, negotiated in 1922 and abrogated in 1924, was re- stored in modified form. The most important provision involved a return of the Mexican railwavs to private | ownership on January 1. 1926. | ¥ Biggest New Offerings. est individual offering of he vear took the form of a $125.000, | 000-bond iseue for the American Tele- phone and Telegraph Co.. one of the | few billion-dollar corporations of the United States. Second place in cor- | porate financing was taken by the $75.000.000 offering of Dodge Bros. debentures. which marked the pass. | ing of the huge motor company from | private control to the hands of the publ The Baltimore and Ohio Central Pacific. “Panhandle” divis of the Pennsvivania and the Canadian avs were represented National Railw in the market with large bond off sal sales of listed honds on the New York Stock Exchange were esti- mated roughly at 00.000,000, com- pared with almost $4,000.000.0000 in | 1924 Lighter trading in Liberty | bonds. which were dealt in on a | purely investment status, accounted [partiy for the contraction. TURKEYS CHEAPER IN CENTER MARKET Prices Off Two and Three Cents Today—Hennery Eggs Up Two Cents. which | in- | Today was clean-up day at Center Markei. Receipts were exceptio | light. as is usual after a_holida [the demand was in a stagnant The few agglin ders driftin: | into the market indicated a_slight cline in turkeys, dressed, and a grad 1 falling off all along the poultry line, although there was not suff-{ cient business transacted on the whole to aliow a definite estimate of the mar- | | ket. Hennerv e took a 2.cent jump. Turkeys were a bit cheaper. Prices of " wholesale commodities | were approximately as follows. Today's Wholesale Prices. Butter—Fancy. 11bh. prints, 5 store packed. 40a45. —Average receipts. | 43; Spring horns, | keats, onds. 48 : seese, bbits, top. 35ai0; ressed—Turke: . 28a30; ducks, fowls, ns, 30 28a30 30: keats, $0a1.00. Live stock—Calve | “Meat—RBeef. : pork loin | 22: fresh ham, 2 'NICKEL PLATE SHOWS GAIN IN REVENUES | top, 14; ho lamb. 30: veal, 22a pork shnuldflr‘; | Net Income Scores Increase of Over} $777,000 in First Eleven Months. | i | i Br the Associated Prese CLEVELAND. Ohio. i kel Plate operations for the 11| | months ended November 30 last show ! | gross revenues of $50,017.924, an in- | crease of $456,515. and net railwa | operating income of $9.813.826, an in- | |crease of $1,186,536 compared with |the corres riod of 1924, | Net inc .023,339, an in. | | crease of 03 over the 11 months | of last vear. Operating ratlo for the period was 72.11, compared with 08 | for the 11 months last vear. ross revenues for November we 8,092, a decrease of $18,733 under ame month last vear. Net rail-| v operating income was $763,149, a | | decrease of $338,156, while net income, | after all charges. was $415,865, a de. crease of $356,072. NEW YORK MARKETS ARE ALL CLOSED TODAY Banks, However, Have to Open Doors to Transact Routine Business. December 26 By the Associated Press. NEW YORK, December 26.—Fol lowing the lead of the Ne York Stock ¥ixchange. all the local securi- ties and commodities markets will re- main closed today, prolonging their Christmas recess until next Monda Since it is n legal holiday. ban ers will be required to open their doors, but will transact only routine business. Textile houses and other large corporations, both in Wall street land other sections of the city, will ob- | serve a triple holiday. { B e ooy o TRADE EXHIBIT READY. NEW ORLEANS, December 26 (Spe- | cial).—The international trade exhibi- | tion, which will include permanent ex- hibits of domestic and foreign goods and provide a trading place for export products, has been unofficially opened, although the formal opening will not take place until February 1. Exports through New Orleans in the last month broke all records, totaling $51,700,000 in value. 1 i Easily Explained. Fron. the London Mail. STAR, [INVESTMENT RECORDS SMASHED ! BY AMERICAN CAPITAL IN 1925 Huge Sums Poured Into Foreign Loans—Bond Deal- ings Under 1924 Totals—Call Money Reservoir Filled With Idle Funds—Improvement Abroad. ibuying demand | lumber, | recently ! erude {of them jover this extended perior | which it would be usual to have ““Angela, why are you so cold to me today ?" “Recause you haven't given me those turs I asked you for.” WASHINGT CHRISTMAS TRADE SMASHES RECORDS | Retail Sales Pass Figures of 1924—Holiday Checks Now Being Spent. BY J. C. ROYLE. Speciai Dispatch to The Star. NEW YORK, December 26.-—The check to industrial and commercial operations imposed by the Christmas holiday was markedly less than in previous years. Mill and factory pro- duction dropped somewhat, as was inevitable, but the recession was short and Monday will see many of the big plants in full stride again. Those which will remain ed until after the turn of the year will be utilizing the time In inventory taking. No sooner was the debris of the Christmas retail rush cleaned up than merchants were called upon to meet inspired by Christ- mas checks and investment dividends due at the vear end. The normal pe- riod devoted to exchange of goods got under way today and customers so at- tracted to stores contributed to a heavy post-holiday sales volume. 1924 Sales Record Passed. Individual sales slips of nearly every retail store ~4h0\\fid an average in crease of at les 5 cents over the av- erage of the 1924 holiday season. and in addition, there were hundreds of thousands of extra bhuvers. en among the investing and non-specula tive class the stock market exerted in fluence, since the majority of security holders undoubtedly feli richer, in view of the higher quotations obtain ing. than they did a vear a For example, the market value of Pennsyl vania_Raflroad stock has added at least $110.000.000 wealth to the hold ings of its 146.000-0dd Kholders compared with Up to Christmas, the Pittshur, steel district operated plants at 92 per cent of capacit while Yo town as only slight Tower production ix not exp ed 1o show acceleration until after the turn of the vear, but there wax less time taken off by skilled workers than is usual. Mills are well hooked into the new vear and mand for steel is heavy. Some of Carnegie steel plants will swin over Into new equipment electrically driven after January 1. and new units will give increased capacity Building Outlook. The automobile industry slowed down. according to custom, but exes utives utflized thix idle time to expression to confident predictions for production. Warnings of ove expansion of buildings issued last week were countered by declarations by the Architectural Forum and other building trade authorities that another £6,000.000,000 construction vear was in prospect None the less, demand for cement and huilding material fell off during the week, with produc tion dropping in slightly lesser rat The Department of Labor reported emplovment conditions as remarkably atisfactory, despite the anthracite strike and some minor disputes. The admission that a recent strike “c | the workers $600.000 hut demonstrated the fighting ability of the organiza tion" indicated the decided trend away from labor troubles. which ix notice able in the attitudes of hoth employ ers and workers. . Oil Prices Bettered. Bituminous coal prodiiction fell off during the week, but was still high above normal consumption for the country as a whole. Oil prices het tered and there are indications in announced premiums for that the advance is likely 1o continue. The closing of the exchanges, m from Thursday night umil Monday morning, checked jrading in many commodities, hecause traders were loath to take on commitments The Brit ively laugh fight d the to consumers to huy tires did not arouse siasm among manu ish rubber market figuy ed at Secretary Hoover restricted production, { the Secretary per cent fews any marked enth acturers. Coffee Men Seek Loans. The Brazilian coffee producers, also nder departmental fire, turned to ! England in appeals for loans to per mit valorization of coffee and sustain {ing of prices. Coffee. tea and rice closed the trading week firm and lit tle interest was manifested in the |sugar markets. Nuts were well cleaned up by the holiday trade. Cot- ton and woolen zoods were quiet, but with a good general tone in evidence. The non-ferrous metal markets quieted down, but the technical posi tion of these commodities was little changed. The position of the grain nd live stock Erowers was Strong. ur trading was slack. not because of lack of demand, but because huvers feared to bid up prices above present levels (Copsright. 'RED-LETTER WEEK IN WHEAT MARKET By the Associated Press. CHICAGO, December 26 —Flurried buying and big jumps in prices have made this a red-letter week for the wheat trade. Surprises contalned in Government crop reports from Wash- ington were the chief reason, especial- Iy an apparent showing that right now the United States is minus 27.000,- 000 bushels of the amount of .wheat on hand at the end of the crop year. July 1, 1926. Compared with a weck ago prices for wheat this morning were 45 to 8% cents a bushel higher, with corn 113 to 2% cents up, oats at 14 off to % cents’ advance, and | provisions showing 5 to 42 cents’ gain. Prior to the first of the Govern. ment reports the wheat market had been fluctuating in uncertain fashion. according as Argentine crop advances varied from day to day. Argentina went into sudden eclipse, however, when authoritative figures were flash- ed from Washington indicating that this country’s 1925 vield of wheat is nearly 200,000,000 bushels short of last vear's total. Before the follow- ing v was ended, wheat had risen in some cases 915 cents a bushel, and had outdone prices current at the cor- responding time a year ago. Another crop report from the United States Department of Agri- culture that the amount of Winter wheat seeding for the 1926 domestic harvest is a good deal below what had been expected led subsequently to further gains in price. The latest upturn of the wheat market was also accelerated by word of serious crop damage from Tust in the most important sections of southern Argentina. Corn advanced .owing to official announcement _ that instead of a bumper crop the estimated. yield" of corn is 112,000,000 bushels less than 1asy, month's forecast. On the other hand, the pig crop in the corn, beit is the smallest since 1920. The Gov- ernment erop reéport Ag to oats was bearish. Provisions went up with hogs and eorn. ON, D. C., SATURDAY, DECEMBER 26, 192 » FINANCIAL. [SECURITY MARKETS GO HIGHER | DURING PRESENT WEEK’ TRADING | Higher Money Rales and French Francs Are Special , Factors—Funds From Agriculture Sections ‘o | Flow Back to Reserve Centers Soon. | in European BY STUART P. WES Special Dispatch to The Star. NEW YORK, December 26.—The se. curity markets during the last week have had to withstand higher money rates and continued uncertainty about French finances. On the other hand, trade reports have in the main heen favorable. The net result has been an upward movement which has brought investment values well up to their highest of the vear and has carried speculative vaiues for the most part higher. The 6 per cent money rate was at no time taken seriously. It was evi dently the result of the gathering in of funds required for the corporation Aishursements at the first of the year. The assumption is that, following the usual routine, money. after the first of January will begin to flow < to the reserve centers from the agricultural sections, and that this will produce easy conditions in the New | York money market. i Test After First of Year. provement anticipated buying power. The reason for the strength in rail- | way securities is that maintenance | expenditures have heen so cut down from their highs of the post-war pe riod that the net results sponding to the gross increases due the large volume of general business Francs Hold Their Ow French francs during the week have ! had thelr alternate ups and downs without any material change. There is a suggestion of government sup | port and also same indication that | through the use of the tobacco mo- nopoly and possible mortgages on pri- | vate French Industries the crisis may | bhe met, A good deal of short | zone on, hut on the whole the finan- | | cial world is waiting for something | | more definite on the big question | which is whether the French budgel | | will be balanced through the increase | of taxes, which the politicians hesitute 1o state and which the French people are unwilling to accept. | ot s - ol Wheat at New High hen will come the test of new | it e investment offerings, especially from | ‘the rise in wheat o Mot Bigh 2o abroad. Germapy needs a lot of new ,:"‘ a1 "m. Lhsr ,”“: e T financing and so does Italy. These || €0 o et e snil countries are naturally looking to the | pOVever W o Siher e | United States for the desired capital. !efl er and speculator rath | . armer. The real growers sold out Home railroads. industrial and public | JFMee A0 TR0 SFOTEER SEL S utllity corporations will be in the ey s OXCARE. e e e market for new loans. But it will be (uied for deeting L DAL ey | me for new fotations like those of | 55, X% nant hax been left in the -9 « of traders who were willing to | The Federnl Reserve Bank surplus [hands of traders who were WHINE, still large as compared with the | IAke the chance on the 1 inflation era of 1919 and 1920, But it | o Fo qe 070 e come in the has come down considerably from fts | (SRR CERe O e o | ton. Gold imports have | almost | (G 2000 e Al ed. There can be no groun South American and Australian pro discussing the possible consequenoes | quction has to be considered, but the of A gold surplus, as there was in 1923. | v\ iy trade has made up its mind dur | Inflation Ahead. | ing- the last week that prices fc 1 ederal reserve resources have | Wheat should maturally he high i wn upon moderately to take Cotton Now at Standstill. | re of the increase in industrial e Gotionl wariat has dore tivity and the rise on the Stock EX- e Drices have become adjusted change. The expectation in that they | (E0 o o ates of A biz ¢ may be needed further to satisfy the [y, apparent surplus is too ness enterprise Ix looking forward | /W e APPECE M ferests at which the tive COm- |, nyjous. Sugar prices have ad formed 8 inflas | ger in response o estimates tion™ have been abandoned. Individual | Wi ORI (0 5 Lieh oL Jusiness enterprises is 10oking forward | " fpa ' ail trade faces a situation | o hikher rating, for their securities | \here if there w: S Aiempt o | ist stand upon their own earnings | | vance prices in the East, it would in-! conditions and not depend upon the | corce” o LTSS rom Cali vague conception of a * ‘boom” founded | fornia. The logical result is that some upon a general money surplus. of the shares of companies having a Steel Business Fair. substantial investment in the Cali bawk al. | fornia district have improved. while Iron and steel production is back al- | OrRia flstrict have Amproved. W to the peak of last Spring. So .1 prices have not responded to the {Con L | <ime extent. The fair description of I the steel trade would be that the busi- ness volume is very good, but that the level is not as satisfactory ipanies like the United States Stee] Corporation, which can get on with the low profit margin, are doing well Sut it is a question whether some he independents will make the &how- which normally would he expected spper prices are little changed. Ax t they have not reflected the im- INDUSTRY HOLDING UP. FRED T. NESBIT INVESTMENT BLDG. Main 93 Dun’s Expects Year-End Let.Up to | == Be Lighter Than Usual. W YORK. December 26.—Dun's report today savs: Recent expansion in important departments of trade is firmiy held and indi ions are that the customary slowing down at the | end of the year will be less marked | an is usual. Distribution in retail | lines this week was dominated by last- minute shopping, and this, stimulated hy the pavment of many Christmas honuses, hed dimensions mever previously recorded Aided by the canutions huving in the \rlier months of the vear and the nerally favorable weather conditions | prevailing. there as heen very satis. factory absorption of seasonable staplex and it is reported that dealers in many lines find themselves with mueh smaller inventories than is usu ally the case at this period. Production for many months was kept down as closely as possible to current requirements and stocks car vied over into the new vear are ne only very much reduced. but in pr cally all lines broken as they have AND U )t heen in many ve Weekly bank clearings. $8,074.323.000 6%/17; Interest z Secured an D. C. Real Estate Your Banker, Knows. Wm. H. Saunders Co., Inc. When in doubt FEatablished 1887 e 1433 K Street N.W. much his inte! as vour him with vour savings. You trust i oo = * ' WANTED ! with your investment problems? SECOND TRUST NOTES Funds available for the par- OMIT DXVIDEND ACTION. chase of all kinds of second NEW YORK. December 26 (#) The directors of R. Hoe & Co. took no irust notes. secured on. D. C. OF mearby Teal sainte. Promp retion on dividends due to be declared action in every case. 1t this time on class “A” shaves, which ordinaril; would have been pavable JTanuar; 15. It is not expected that Washington lnve:tment and Transactions Co. 35 Lith St N.W. Mnin 3643 covering has iv Of conrse Prompt Action First Mortgage Loans Lowes: Rates of Interest and Commission Thomas J. Fisher & Company, Inc. i 738 15th W REAL ESTATE LOAYS RESIDENCE LOANS AT LOW RATES For sale. Consult us if vou available funds for investment THOS, E. JARRELL Roard 321 10th St N.W. INSURANCE —in all lts branehes. Let ns know sour requirements. We ean serve von. THOS. E. JARRELL 10th St N.W First Mortgage Notes For Sale In Denominations of $100, $250, $500, $1,000 about a security It is equally as to protect there will be another meeting of the board at least month. Four quarterly $1 payments on these shares ave already been distributed, the first having been made last January 15. H Swartz was elected president of the mw"ml company to succeed Richard Kelly, re- SAFE I 6149, and 79, First Mortgage Notes For Sale GEO. W. LINKINS 1733 De Sales St. Established 1886 3 l COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY FARGO, N. December 26. Increased employment in the lignite ~oal fields and an unexpected heavy | demand for farm help has relieved the | usual Winter unemplovment situation, 1 there is work for nearly all ap- 1 .‘J}‘mm.-, the Federal labor report | Pemominations of $250, $500, shows ! $750, $1,000 and Upwards HOUSTON, December 26.—Up to| 61/2% Christmas consumers her paid 60 All Loans Made on Property cents a pound for turkeys. while | farmers were paid 30 to 35 cents a Eacated in’ the Distesct of Columbia JAMES F. SHEA DETROIT, December 26.—The Flint 643 Louisiana Ave. N.W. FIRST MORTGAGES FOR SALE Motor Co. has received an order | through its Los Angeles branch for | 2,000 cars for the Autotmobile Theft Bureau of America. The cara are to| be equipped with radio receiving wets | = and low wave-length broadeasting out- fits to receive and disseminate news | of stolen cars. SEAFORD, Del, December Oyster packers here report a shor age of bivalves, due to recent gales which have hampered oystermen. AMARILLO, Tex., December > Panhandle hog production will be in- creased this Winter because of the fa- vorable feed situation in Deaf Smith and adjoining counties. Hogs there will be ready for early Spring market- ing. We will gladly receive and give prompt attention to applications for Loans on Washington Real Estate Current rates of interest. Should you have Money to Invest —~we can also take care of vou. Our experience, ex- tending over a period of ‘Thirty-Five Years —insures vour protection. Percy H. Russell Co. 926 15th St. N.W. December The Phillips “orporation will erect a $100,000 factory on an islind in the Schuylkill River near here. The river washes an abundance of anthra- cite coal right to the doors of the boiler. house. SACRAMENTO, December 26.—The | Central California Protective League ia attempting to limit orange ship- ments to keep the market, which has beeri strong, from heing overcrowded. very | UNION 1 NT OF NEW YORK First Mortgage Bonds DENOMINATIONS. $100.00 to $1,000.00 WE FINANCE —all claswes of income-producing property Large Loans a Specialty Current int. rate and commission Higbie & Richardson, Inc. 816 15th St. N.W. FEDERAI. AMERICAN NATIONAL" BANK RESOURCES, $14,000,000 1315 F Street JOHN POOLE, President Metropolitan Life Insurance Company oF 809 15th Street N.W. NEW YORK FIRST MORTGAGE LOANS Apply WEAVER BROS. Realtors Money to Loan | Secured hy first deed of trust on real estats Breviiing taigies 2o comtmisslon: eller % W Mortgage Money to Loan on Real Estate. Let us finance your property. THOS. E. JARRELL Member Washinzton Real Estate Board 321 10th St. N.W, Main 766 to Main 9485 Over a Quarter of @ Century's Experience B. F. SAUL CO. Main 2100 rental property tells to causes that affect your profits. us how We apply than a quarter of a century’s exper- our more ience to make your property pay. 925 15thiSt. N-We. 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. Houses Business Properties -B51%L% Apartments Office Buildings N APPROVED SECURITY Apply RANDALL H. FAGNER & COMPANY MonrTGAGE LraN GORRESPONDENT 1321 Connecticut Avenue Telephone Main 9700 CHRISTMAS COMES But Once a Year ~but the MORTGAGE rate of EVERY Use some of vour giit money in the pur- ase of one W v'h £10.00. Our Your January Funds-- Invest Them Safely! 0! investment tractive yield. 7/ amount vou NO interest DAY too, without any risk of loss or care in collec- tion of principal and interest. Mortgage will cheerfully explain the plan to you. 713, 715 & 717 14th St. N.W. R First Mortgage Notes combine the two essential characteristics of sound high margin of safety and at- FIRST liberal <t in onr iy ES gives back a IN THE YEAR—and this, our ‘notes. You can start Investment Department [SHANNON: & LUCHY] Main 2345 Their safety is attested by the fact that no investor has suffered loss in fifty-six years; their yield, 615% per.annum, speaks for itself. Your Mortgage Swartzell, January funds, Notes, . Rheem & Hensey Company, in First through invested purchased will earn you a steady, assured income. Send for list of January Offerings. Swartx,ell,mxeem Mortgage Banke Gl-lcnscy(h T27-15 Street. NW mnwc_ 56 Years Without Loss to An Investor