Evening Star Newspaper, December 27, 1925, Page 33

FINANCIAL. BONDSALES UNDER | TOTALS FOR 1924 High 101 25 10221 102 102 23 103 107 08 98-2; 96-5 £8-1 29-8 Less Trading in Government Issues—Explains Decline. Trend Still Upward. BY GEORGE T. HUGHES, Dispateh to The Sta YORK December 6. The sen n with prices for s firm and with a littie more activity but with no buying that could be interpreted cumu Jation in anticipation of the traditional | January redinvestment demand WWhaerever prices advanced it was for po.ue reason connected with the par- tular security concerned and not be Q¥Yy'se there was any upward tendency | N ine group whole. “e hond market has been inclined to pay more attention to the monev outfook than the stock market. And, viule it is not expected that any | yeriod of substantially higher changes foi* credit is at hand, no one looks| fof extreme ease, so that any rapid | edvance in bond prices is not prob-| uble. That being the case, there is| mo_reason on the part of dealers. for | rushing in to buy bonds in order to| have something sell in- vastors 10 davs hence Liberties Less Traders have Epeeia NEW holiday Investment secur began to real Active. laining for now ahout dullne. market, but when the examined it i Iy Laen com the of bond that the inactivity o stocks ir price fluctuations that it made teresting by comparison Up to the of Thursday of this week all bonds listed in the Stock Exchange were $100,000,000 par valu Transactions to the same date in 1924 The loss, however. has all been in Tnited States vernment obliga. tions. Fewer liberties and treasury $esues have been hought and sold so far this yvear by $300.000.000 than in 1924, In 1922 sales were between four and five times as much as they were in 1023 The fact is that any spe whateve honds and in fore than at any ire pain | relativ weted nd the en <o wide. | m in} ve | mds unin- husiness on total sales for New York more than under the there is no lonzer ding in liberties other domestic 1 bonds have heen time in the past vears, though not larze enousgh | up for the drop in United tes Government issues. <o that the market whole is in reality more active than it has seemed Trend ince. ch s were very but the trend is still slowly ind on the year the gain has The doubt that continuation of advance next month is not based ny tangible development. but | the proposition that prices | are and that there is no good | reason for believing that they will go | much higher. outlook " 1s 2 Slowly Upward Mucl cond as re for amall same ion prev This week in. upward heen hasx tie rather are high considerable irisen as to the this iz based on Over the thinz depends upon the amount of capital available for invest- ment next year, and the course of com. modity | If money is to be sent abroad during 1926, in any amount comparable to the sum used in this manner in 1925, which was about 000.000. if there comes to pass commodity price inflation, and if ulation makes further demands pon the total supply of money, it is more than probable that the invest ment market wili suffer As to thase three points, the only | one sbout which it is safe to make | prediction is that foreign finane on a lafge scale will be kept up. th Europe and South America are to he applicants for new loans former meet obligations as sumed in connection with the funding of the war debts to the United States Government and to replenish depleted capital supplies. and the latter to utilize undeveloped resources Course of Commodity Prices. ibout the course of com modity prices are widely at variance and every one is at liberty to make his own guess about stock speculation As far as trade activity goes. the in dications are all favorable. The rail- ways continue to carry merchandi in " record amounts and earnings statements make sratifyinz showinz November reports, which have begun coming in this week, reveal larzer gross and larger net. except in the cases of those anthracite carriers which have been hard hit by the strike Tt is interestin tmprovement notwithstand ssenger though t throuzh 1 the im- me longer period. ices. | | | | i | | i ] i i the to Opinions the | about to note that een brought the further falling receipts. It looks as passen traffic lost wutomobile will never he that volume of freizht by the growth of B e readily, but bonds have heen hardly at all by better in the « ng but only Stocks imited the <pe (ffected these changes for the | iffairs, simply | tunities for price ap- in cause preciat stocks than in (Copsrizht DEFUNCT BR(.)KER FIRM OFFERS 16 1-3 PER CENT BOSTON December (#P).—An offer of 16 1.3 per cent was made to day to open account creditors of the defunct broke e firm ol P. Dow & Co. of Boston. Counsel for the firm announced that the com which was petitioned into bankruptey last July, had liabilities ¢ | mately $3.858.000 and net ¢ assets | of SI.100.000. Additionzl assets, it} was said., had comparatively small | value. ! ofr claims claims ment ot were so much greater 3.600 creditors, 700 ured creditors will require $400.000, makin: reduced dividend cured claims LUMBER TR»&DE SLUMPS. | Both Hard | Business, have - filed | If these | was safd, pay- ipproximately ESSArY o eutly with unse Decline Saft Wood Seascnal and Nationa Lu \ssociation ended Decer mills howed sease production. shipments and new busi- | ness, compared with reports for| the previous week, when, however, | 35 more mills reported. In compari- ! gon with reports for the same period | a vear ago, increases in all |hx'ee‘ | The turers aher Manufac veports for the ber 19 softwood 1l decreazes in items were noted. The hardwood reports showed that 112 operators had normal seasonal de- treases in all three factors, CAS;-GRAIN MARKET. CHICAGO, December 26 (). —Wheat No. 3 red, 1.83%: N hard, 3. mixed Jow, 4215a none. 7.1 1130 Timotiy 27.00430.3 white ST, seed . No. rloy Clover seed ¥ 35 Each day more than 5.000 tons of | newspapsr print paper is produced | in Canada. I High o8 1081, 11015 1208 1001, 1033, 90 881 66% a3% 4% Low. Xty 2 102-30 101-1 101-19 100-20 Liberty 24 414 s 1927-42. 1021 105-9 107-10 194-13 Treasury 4143 1347-52... —-1925. High YTy, 1034 973, 10115 S50y 1104 1084 rag 103 1043, 10374 1085, 1001 105 101 9ty 126 10F% 105 104% 911y 108 106% 102% 1157 9913 93% 101 94Y 98 3% 8 9:% 9% 1044 113 5% 4% 9974 101% 103% 9 968 a6w 21 Seine, Dapt of, 7s. . THE SUNDAY STAR. WASHINGTON, D. (., 99 15 Liberty 3%s 1982-47..... Liberty 1at 43(s 1932-47. U. 8. BONDS. 101-1 Liberty 3d 4%s 1928. 101-20 Liberty 4th 43 1933-38.. FOREIGN. Argentina 6s A 1957.. Argentina 7s 1927. Austrian Govt 5 Austria s f 7s 1943. Bel=ium fs 19 Belgluni 7%® 1945. Belgium 85 1841. .. Bordeaux 6s 1934. . Brazil s 1941..... Canada 6» 1952, Canzda 5lan 1929.. Chile 831926...... Chile 8 1941. - Chile 82 1946, . e Chinese Govt Ry 6u 1981, Copenhagen 5% s 1944 Cz(choslovakia %2 1981 . Denmark 681942 .., Dutch East Tndles 65 1947. Dutch East Indies fx 1962. .. French Govt 7% 1941... French Govt 8x 1945... German Ts 1943 SEp Holland-Amerfcan s f 65 1947. Japanese 45 1931. .. Japanese 6145 1954. S Jergens Utd Margarine 65 1947.. Lyons 68 1934. .. Marseilles 681934 ... Netherlands 6s 1972. . Paris-Lyons-Med 6s 1958 Queensland 6s 1947 Queensiand 75 1941... . Rio de Janeiro'ss 1945. . Sao Paulo, State of. 85 1936... Serbs Crotes Slovenes 88 196 Sweden 6s 1939 27 Close. 96 102 960 L1001, #6 109'% 107% 8374 . 102 1005 . 102 1024 1075 1081, 16 491 100% s 109 1031 91 105% 101t w3 K34 9215 100 *8%4 *3Th 1074% 78% 1064 110% 974 10214 85 9% 104% 103%% USTRIAL AND MISC Amer Agri Chemicat 7 Amer Smelt & Ref T Smelt Amer Sugar Refining 6x 1937, Amer Tel & Tel cl tr4s 1929, Anier Tel & Telcl tr 5s 1946, . Auaconda Copper 68 1953. Anaconda Copper cv deb Armour & Co 4138 1939, . Atlantic Refining deb bs 1937, Bell Tel (Pa) ref 68 1948.. .. Bcthiehem Steel pm 58 1936, ... Bethlehem Steel s f 63 1943 Chile Copper 65 1932...... Cons Coal (Md) 1s ref 65 1950. . 4 Cuba Cane Sug cv Aeb 85 1930. . Detroit Edison ref o5 1940. . Dodze 65’41 Empire Fuel & Gas 7%81937.... Goodrich (B F) 6%s 1947 Goodyear Tire 83 1931...... Goodyear Tire 83 1941. .. 5 Humble Oil & Ref 545 1932...... Indiana Steel 55 1952.. ..... Inter Mer Marina 68 1941, Inter Paper 65 B 1947. . 2 International Te! 5s rets Kelly-Springfield &s 1931 Lackawanna Steel bs 195 Liggett & Myers 5m 1951 Manat! Sugar s f 7148 194 Midvale Steel 5x 1936 New England Tel 63 1952 New York Fdizon 18t 615 1941. . N Y Gas LH & P Bs 1948, w York Tel 4158 1939 New York Tel 63 1941. ... North American Edison 6s 1 Pacific Gas & Elec 58 1942 Pacific Tel & Tei 5s 1952 Philadelphia Co ref 63 1944 FPublic Service 6= 1944 Sinclair Oil 7s 1937 Skelly 6ls 1927 . South Porto Rico Sugar 7s 1941 Union Bag & iP'aper 6s D.... United Drug 6s 1944........ U S Rubber 1at & ret As 1947 J 5 Rubber 7148 1930. USSteelsf5s1963....... Utah Power & Light 63 1944, . Carolina Chem s £ 7s 1947 tern Union Tel 6%s 1936, n & Co 1st 68 1941 ‘Wilson & Co cv 7%= 1931. RATLROAD. Atchison gen 48 1958 ag Atlantic Coast Line 1n +s 19520 Balto & Ohlo gold 43 1943 Balto & Ohlocv 4451933, . Balto & Ohio ref 58 1995. ... Balto & Ohlo 68 1929 ... B&OPittsLE& W Va is1941. .. B & O Southwestern Div 5 ofs 50, Brooklyn-Manhat s f 65 A 1968. .. Canadian Northern 6%s 1946. ..., Canadian Pacific deb 4s Central Pacific 48 1949. ... . . Chesapeake & Ohlo cv 4155 1930, . Chesapeake & Uhio gn 4% s 1992 Chesapeake & Ohio cv 58 1946. .. Chicago & Alton 3155 1950. .. Chi B & Quincy Ist ref 55 1971., ., Chi & Eastern 11l gen 65 1951. Chi Great Western 45 1959, .., ChiM & St Paui cv 41381932, ChiM & St Paul gen 4%s 1989 Chi M & St Paul ref 4345 2014. .. Chi M & St Paul cv 58 2014. . ... 4 Chi & Northwestern 6l4s 1936, Chicago Rallways 53 1927. ... Chi R 1 & Pacific ref 4s 1934, Chi Union Statlon 4% s 1964 4 Chi Union Station 63%s 1963. . Chi & Western Ind con 48 1952 CCC&StLref6sA 1929, Cleveland Term 51481972, ..., Colorado & Southern 435 1935. Cuba RR681952............. Delaware & Hudson 535 1937 Den & Rio Grande con 4s 1936 D & R. G. West 58 1955, Erie 1st con 431996........ Erie gen llen 48 1996, . Eriecv4sA1953...... " Erie cv 4s D 1953. . Fia EC5Hs 74 . Grand Trunk s deb 65 1936, . Grand Trunk 781940, .. v Great Northern gen 5 s 1962, Great Northern gen 7s 1936. ... . udson & Manhattan ref bs 1957, Hudson & Manhattan adj 6s 1967 Illinois Central 5%s 1934. ., Inter Rapid Transit 55 1966, Inter Rapid Transit cv 7s 1932 Inter & Great Nor adj fs 1962 . . Kan C Ft Scott & M 4s 193¢ Kansas City Southern 33 1950 Kansas City Southern s 1950 Lake Shore 48 1928, Lake SRore 43 1931. .. £ Louis & Nash unified 45 1940 Louts § sh st ref 535 2, Mil Elec Ry & Lt 1st ref 63 '61 MStP&SSM6%s1931. ., . Mo Kan & Tex lst 4s 1990, Mo Kan & Tex adj s 1967, Mo Kan & Tex prln 65 A 1962, Missour! Pacific gen 45 1975, . N O Tex & Mex Inc 551936 , New York Cent deb 451934 . .. New York Cent ref imp 5s 2013 New York Central deb 6s 1935. , NYChi&StL5l%s74 New Haven deb 4s 1967, ... . NYNH&H cvdeb 68 1943, | N Y West & Boston 4%s 1946, .. Norfolk & Western con 43 1956, Norfolk & Western cv 6s 1923 . Northedn Pacific 35 1947, , Northern Pacific 4s 1997, Northern Pacific ref imp Ore Short Line ref 4s 1929, . Ore-Wash 1st ref 48 1961, .. Penneylvania gen 43%s 1265 Pennsylvania gen 6a 1965, Pennsylvania 635 1935. . . Peoria & Eastern inc 4x 1990, Pere Marquette 1st bs 1950, Reading gen 4s 1997, . Ieading 4 Rio Grande Western cit 45 1343 RIATk &L 4%s 1934 StLIM&SR& G 451933, St L &San Fran prin 4s A 1860, StL & San Fran pr In 6s 1950, " St L& San Fran 6%s B 1942, .. St L & San Fran adj 6s 1956 St L & San Fran inc 6s 1960 Seaboard Alr Line ref 4s 195 Seaboard Air Line adj 65 1949, Seaboard Alr Line con 6s 1945 Southern Pacific cv 4s 1921 Southern Pacific col 4s 1949 Southern Pacific ref 4 1955, . Southern Ry gen 45 1956, Southern Ry 1st 6s 1994. ... Southern Ry dev 633 1956, Third Ave adj 65 1960. . .. . Union Pacific 1st 48 1947 . . Unlon Pacific cv 4s 1927, Virginfan Ry 1st 55 1963, Wabash 18t bs 1939. Wabash 5% '75. .. s Western Maryland s 1952 Western Pacific 5s 1 West Shers 1st 48 2361, . 1015 . 103% 994 1077 10zt 974 1011 TUTEN 104°% 904 89% 100 Low. Hign. 96% 102 46% 100" x6% 110 107% R4 1024 1034 1024 102 109 1084 45 9 101 10t 104 104 93% 01 1014 »5% 941y 94 1034 £914 970 825 17w 0% 89% L8y 92y 14, 5% 103% 76'a 65 52'4 30 53 52'y 1% 9% 57 944 1007% 103% Last. Yietd 99422 3 55 1012 100-1 100-2. 10 108-1 Low. 961y 1015 9518 100 851a 109% 1074% 107% 108 45 9514 101 1005 1035 103% 974 100% 101 1010 2% 824 107% 7814 107 111 96% 1021 8515 914 1041 1024 1175 10415 101% uR'e 1074 100%, 101 104 100% a2 1067 20t 9714 1074 109% 121 101% 1021, 93% 1063 10514 41y 1004 1007 2 1007, 15 103% 1015 ey 87y 1031, 105% 1047 104 9074 104y, 110% Yy €9ty 103 75 9% 5% 514 11w 78 274 914 1178 81 10215 10615 95% 871 103 54 65% T4% 6T% Caty 8215 96% 107 5% 102% Loy 1024 665 39 2% 88% 735 92 u8% 974 934 1063, 8954 102% 84N 89y 967 65% 96% Sdh 10114 107% 93% 61% Y74 1077 95 944 74 88% 884 % 98% 9% 92% 864 72 864 94k 9T 864 8945 81 104 111% 40% 92 99 100% 102% ELNY 6% 95% 83% 4394 {Many Banks Have Declared Extra Dividends From 1925 Gains—New York Contributes—Two Big Banks Develop From Acorns—The Outlook. 3 392 4 391 8 296 0 3x2 Last. 6% 1017% | 96'5 1004 861% 109% 1077 108 1031 1014 103% 1037 10 9T% 100% 10114 ¥54 K31y a2 10214 829 X214 1074% 7518 107 111 96% 103 Bty 817 104's 1034% 1 104% 033 9% | 107 103 97 101 16114 1054 90t ! 994 100% a2y 95 107% 803 974 107% 9 102% 104 10974 121% 101% 10254 86ty 954 | 10815 1034 91% 1017 10078 aity 101 1150 105% 9 107% 101+ 8T 48y 10: 99% | AGGREGATE By A. FLEMING. Dividend and bond interest pay- ments scheduled for first of the vear before becomin on part of the the handsome 15, 1926, estimates will total January due. with maturiti xum of $2.458.940, In the list which follows are many items which might need explanation o the layman. Some banks pay much Lirger dividends than others, simply for the reason that they make semi- annual distributions, while others make their payments to shareholders with each quarier. It is a fact that banks, trust come panies and industrial corporations, with public utilities, with the possible exception of Capital Traction Co have increased or voted an extra dis tribution to their stockholders. ome of the more fmportant finan- cial institutions do not pay their divi- dends at this time, notably the Riggs and National Metropolitan Banks and the National Savings & Trust Co. dnd Loan & Trust Co The firstnamed pays an extra of 1 per cent Actual disbursements only on securities that are listed on the Washington Stocs Exchange. An estimate ix made of the prob- tble amount that will be distributed in this etiv on York stocks, h for invesiment. and also “long” specul although a lar prt mon latter shares credited to the nnt the books of the br placed 1,000,000 In the interest group Potomac solidated i have earned the greatest interest, $10 and in the dividend section American Security & Trust Co. paving 5 per cent on its $3,400.- 000" stock makes the distribu tion are fizured ve aceonnts the distriby will simply the tr of he o dier This v is at Con- Inrgest Funds Will Be Reinvested Of late there has been quite change in this city in the matter reinvesting disbursements. For sev- 1 vears disbursements immediately tound their wayv hack into the banks and were left there to accumulate. With the prevailing confidence, 2 Lusiness and general sutisfaction with conditions s they exist, there has heen a distinct improvement in einvestment the ursements are likely to in the local stock much delay of reflected ket without mar INTEREST ON BONDS 1 & T )t Cona 13 Chee & Pot Miscellan Tota BANK DIVIDENDS ty & Trust 1 0.0 K000 10000 American Secu; Merehants Cnion T National ( 30 | 1234 106% 1047 104 91 105 i 103 o4 90 514 51% | Tl T84 8715 | 944 Federal-American 30,000 13 500 ol Jou nd k of Washingtont | Metropolitan National { Commerce & Savinzs Security Savings & Commercial Seventl Street Cmited States Savinze | Washin, Mechanics Unlistec Total MISCELLANEOUS DIVIDENDS Merzenthafer $100.0 Corcoran Insurance Firemen's Insiira Merchants Tran: lonal Mortzaze & Investment Secu/ity Stovage Washington Mar ket 13 Miscellaneous® 1.000 2458010 TExtra 17 47000 K000 S5R2501 Grand total Estimated | payaile now +Not declared. VIOLENT ADVANGES IN WHEAT MARKET Gain of Nearly 10 Cents Per Bushel Shortage Reports. 175 | 81 103 1064 v9 +9 10315 8513 6 T4% 67% 68% 83 9714 1074 1155 i 1224 | 1ok 92 7 1021, | 674 8y 7% 831 3% u3 9815 975 935 106% 90% 1023 847 894 974 66% 96% 943 10115 108 9% 62 9 149 621 2605 108 97 a 100% 1013 | 96 8y 7% 931y 99% 93k 86% 72 8644, 94n 9% £6Y 89% 81 104% 112 40% 8245 99% 1007 103% 98% 6% 96 4% Cold Wave Lifts Corn. Dy the Associated Press CHICAGO, December 26.—Brisk new upturns in wheat values took place to- !day soon after trading began. The rise was associated with reports of rain in | Southern Argentina, with talk that the wheat supply and demand in the United States has never been so close It was likewise asserted that the do mestic movement of wheat from the country is dwindling again and that marketings of wheat in the Canadian orthwest are also on the wane. The 1x off to 14 up, new style, De cember 1.763% and May 1.74 to 1.741,. was followed by an advance to 1.801; for December and 1.791, for May Far Above Previous Prices. With active buying the wheat mar- ket went far above the previous high- | price record for the season. December touching 1.861z, an advance today of nearly 10 cents a bushel. May reached 1.80%, a jump of 6. Wheat closed nervous, 4 to 732 met higher, Decem- ber 1.83% to 1.84% and May 1.79% to 1.80. Corn and oats ascended with wheat. proximately 50 cents a bushel lower than a year ago. After opening un- changed, May 84 to 8413, the corn market went up to 853 for May. The market advanced still more as a result’ of predictions of weather 10 {below zero tonight in the corn belit. Corn closed unsettled, 1 to 2 cents net higher, May 857 to 853%. Oate_started at ' off to May 45, and later scored a general advance, Provisions were responsive jupward trend of grain. Day’s Complete Quotations. WHEAT— Hizh (new 18615 1183 1808, 177815 15415 'saly up, moderate to the Open 6% R w17 o IS May CORN. | December May .. July OATS— by 1o LARD— December + January May - il POULTRY PRICES UNEVEN. NEW YORK, December 26 (#).— Live poultry irregular; chickens by freight, 25a28; fowls by freight, 27a30; do., by express. 24a30; turkeys by freight, 35a40. Dressed poultry firm; prices unchanged. BUTTER UNCHANGED. CHICAGO, December 26 (#).—But- ter. no receipts: market unchanged. Fgzs, no receipts; market un - changed. ! payment, some of which run over to| The corn market was also influenced | by the fact that corn prices are ap-| DECEMBER | BOND SUMMARY FOR THE WEEK [LOCAL DISBURSEMENT WILL High. 99-25 101. 100-24 100-28 102.1 106e13 Prev. week's ABOUT $2,500,000 | Two of the most successful banks | in Washington started in business un- | der circumstances that tried the souls of the men at the head of the institu- tions and that demonstrated the some- what questionable adage of a “poor be- zinning making a good ending.” When B. F. Saul and a few asso. ciates started the Home Savings Bank they never conceived the possibility of a bank with $10,000.000 deposits and $100.000 capital The initial effort on Seventh and I streets was well pa- tronized, hut the steady growth was | slow B . Saul s long been one | of the most popular men in the city | and it required just this popularity to | win out Howard Moran, now a vice p of the American Security & T then employed by the | tional Bank, was engaged by Mr. Saul | and did much of the preliminary work nd made ot least one important pur- chase for the voung institution Fixtures had to be had and organl zation expenses had to be kept down. Mr. Moran started out to buy the fix- the corner had a bargain in sight. The Second | National Bank had but recently com | pleted their heaytiful new bank build |Ing and their former fixtures were down in the basement, undisposed of. Mr. Moran ecast his praising eve over the fixtures and astonished John LR by offering $16 for the lot Mr. Eckloff muade protest nd even went so far as to s at an insanity commission. but Mr. Moran want. much more o then he and in the end. for §10, he off the fixtures om this small 1 for the siock but the success was phenominal even for Mr. Saul and his associates, Mr. Moran tells the story of the pur chase of the fixtures today with gusto and also about the Irish matron who, inspecting the bank in its first home, declared with some energy that “this is not a bank. it's a hole in the wall.” Another “Hole the Wall.” In 1917 another savings bank cast upon the waters from a “hole in the wall.” on New York avenue, in th Bond Building. Henshaw, form restauranter in that neizhborhood, put out @ sign in front of his place ross the street, “new bank the A zood o is vigorous <400 ve: inning a shay away son « was fellow president oss streat corze Waison ver and help him. Mr. Walson was a vers nker of long experience ind hefore his effort was cashier of Trop. an Bank Associated with b dent sther rd J. McQuade conraging. heart hreaking present success of the Lib Bank was accompanie efforts on the part of ably assisted in the many good men who < through and through. b in cavir the ington National man. Edw Fr A d tart. th erty Nutional by strenuous workers stages by Libertyit 1siness these final After handling thousands of checks ! ary Ong man himself he walked voemen and voewomen, the Lib. Savings insisted on identification who was unable to identify paid his respects to the bank out of it with the re. mark: “It is just as well. I'd be ifraid to take your money. afraid of infection or something Outlook for 1926 Is Bright. Everything on the horizon. «s one can sce promises well for the next vear mnow on the threshhold ready 10 enter. Money is sull plentiful and will continue so throughout the vear with small chance for any grea stiffening of the rates Florida calls and with every for u pleasant and prosperous 1925, for this column. is ended <o far wish vear Markelts at a Glance CHICAGO, December 26 ) Wheat strong: bullish Argentine cables. Corn higher: sympathy with wheat Cattle and hozs )\HVivk! iy WOOL STANDARDS FIXED. British and American Textile In- terezts in Agreement. An agreement on international wool standards has been reached be tween the authorities on British wool standards and American textile in- terests, George T. Willingmyre, who has charge of wool marketing and standardization matters in the De partment of Agriculture. reported upon his return to his office after conducting negotiations for the lust three months in Europe. ITALIAN INDUSTRY HIT. Drop in French Franc Brings in Cheaper Goods. By Cable to The Star and Chicago Dails News noM December 26— Continued weakness of the French franc is cau. ing severe embarrassment to Italian | industry. counterbalancing the pride which Ttalians feel in the superiority of their money over the franc. Ttaly already has begun to feel the inva sion of French manufactured goods |at low prices due to the weak franc while Italian exports to France falling. off. Premier Mussolini has promised to tabilize the lira, “with a tendency | toward improvement,” but the im- { provement doubtless must be post- iponed until the French money crisis has ceased to hit Italian industr; tCepyright. 1925, by Chicago Daily News Co.) b NEW YORK DAIRY PRICES. NEW YORK. December 26 (#)— | Butter firm: receipts, 8,104 tubs. {creamery, higher than extras, 502501 ; {do., extras (92 score). 4813; do., firsts (38 to 91 score), 45a49 Eggs firmer; receipts ific Coast, whites, a49 Cheese firm: receipts. 83.126 pounds. are | 14.070 cas firsts to extra LIVE POULTRY FIRMER. CHICAGO, December 26 (#).—Poul try, alive, firmer: receipts, four car fowls, 19a26: Springs, 28: turkeys, 35; roosters, 17; ducks, a30; geese, 19a21. RATES CN BAR SILVER. NEW YORK, December 26 (#£).— Bar silver, 683%; Mexican dollars, 52. His Logical From the Oil Weekly. A teacher was giving a lesson on the circulation of the blood. Trying to make the matter clearer he said, “Now, boys, if I stood on my head, the blood would run into it, and I should turn red in_ the face.” “Yes, sir,” said the boys. “Then why is it that while I am standing upright in the ordinary posi- {tion the blood doesn't run into my feet ™ A little fellow shouted, “Cause your feet ain’t empty.” The first woman's club in America was organized in Indiana. Deduction. 27, of | | tures, first assuring Mr. Saul that he | presi- | 1925—PART 1. 1 i By the Associated Press NEW YORK, December Busi ness prosperity in 1 was anticipated and reflected by the great bull move ment in the stock n all records for volume in the history of the ew York ek Fixe ge. The averages of 20 leading railroad and [leading industrial iss compiled by the Associated Press, reached the high est levels ever rorded in the final quarter of the y Cheap credit Psulting { cumulation here of plus gold, provided the background fo the advance in stock prices, which con | tinued, with only two major interrup | tions, throughout the year. The out | standing features of the industrial sit | ation, which also had a direct bearing N the price movement of securities, | were the huge volumes of freight tra fic, steel inzot production, bank clear {ings, bullding construction and auto. mobile sduction, =M of which estah. {lished new high records during 192 the absence oi unempioyment and the ine sed purchasing the tarmer Better Conditions Abroad. Most foreign developments also were ;bullish in character. Chief of these {was the ratification’ of the Locarno | ireaties. voluntarily entered into by ireat Britain, France. Germany. ltaly 1:nd some of the new Eiropean repul {lies for the st {the ; “urope. The r turn an old sandard Tunding 1 | Hallan. Belgian, zechoslovakian and Runinian debis to the United i v s important world's slow recovers stating economié | h only unfavorable elgn e | velopment, from wn investment stand point. was the failure of the French | Kovernment to arrange for the pay ment of its debis to the United States and Great Britain, and t its budget. The financial difliculties, for “ign and domestic, of the French gov | ernment were ~flected in the acute | weakness of Paris exchange in the Pprincipal monetary centers of the | world in the closing weeks of the yvear Sales Records Smashed. stock | | i | | from the i ige stocks of su power of and ihe o internatio stones in tf from the dev i i ects of the war tal es during the oximately 450 ared wi 7 000 in previous and the ord largest single day's trading the New York Kk place on Nov when 3.340.600 shares clang Railroad enjoyed | prosperity. Whit the | some roads did not meassure he returns in most substantially higher. due henefited 1424 11 in the v shure unusual of last ve: net were increased Southern 1 {from tne real estate boems and other States helow the { Dixon line, the Southern i creasing its annual dividend {10 §7. New England roads substantial recovery from (he depres sion of the past few vears, the N | Haven showing a small return or g for the second time since 191 of Southwestern roads were bild sharply in antici ! pation of early consummation of pend | ing mergers Factors in Railroad World. The recovery in the shares of N western carriers was vather slow. Aft fer a bitter strugsle between opposing tactions of securities holders. a com promise plan was resched for the re organization of the Chicago. Milw | kee and St. Paul Railroad. which we {into receivership as a result | expansion and the competition af | forded by the Panama Canal. Securi [ties of the new “Nickel | { tem rose to record high levels in ex pectation of an early approval of the proposed tion Inter State Commerce Commis: Strength of the steel { parently was in anticipation zer earnings next year. rather reflection of current returns margin of prefit for many companies was relatively small because of low prices prevailing in 19 consolid by the on shares " than as the FINANCIAL NOTES. NEW YORK. December 26 (8 The Standard il Co. of "New York assumed the role of Santa Claus and {declared a stock dividend of per lcent. At current prices this extra lamounts to $12 for each share of stock, or a total of approximately {5130,000.000. Indications that the Chrysler poration soon would consider dividend | action on its new shares were given statement to stockholders. urz them to exchange old certificates he new as early as possible., Fu {1ure dtvidends on the common stock {the company explained. would be de. Lelared only on the new shares and of such dividends would be eceipt facilitated by a prompt exchange With the opening of the hrokeraze firm of Baar, Cohen & Co. on Jan |uary 1. two former Wall street mes sengers —Jesse and Jacques S Cohen-—will hecome partnem New York Siock Exchangze honse Both started their Wall Street careers in humble ecapacities for other larg brokeraze offices and gradually work led their way to the top. Cohen is ve old and Baar 3\, FOREIGN EXCHANGE. NEW YORK, December 26 Foreigr? exchanges steady. tions (in cents): Great Britain, de mand, 4845: cables, 485: 60-day bills on banks, 480%. France, demand. 3.65: cables, 3.6515. Italy. demand, 4.03%: cables, 4.037;. Demand: Bel zium, 4.33; Germany. 23.50: Holland 40.14: Norway. 20.28: Sweden, 26.84 Denmark, 24.7 witzerland. 19.32: spain, 14.14: Greece, 1.30: Poland. 11. Czechoslovakia, 2.96: Juzo slavia, 1.771;: Austria. 14: Rumania. 4615: Argentina. 41.37: Brazil. 14.25 Tokio. 43': Shanghal, 78: Montreal, 100 332 ) Quota- TRADERS ARE HAPPY. On the New York Stock Exchange refore the closing zong sounded on prominently identified with bullish ac tivities throughout the year. began 1o celebrate one of the greatesr vears in the history of Wall street. Merriment reached its height as the market closed for the hollday recess, with all floor members of the exchange joining in a march around the trading room to the accompaniment of music from several bands. A shower of confetti and colored streamers fell from the rafters while a large gallery ap- plauded. WEEKLY BANK REPOR. NEW YORK, December 26 (#). The actual condition of clearing house banks and trust companies for the week (five days) shows excess reserve of $25,351,150. This is a decrease in reserve of $13,377,660, compared with last week. when excess reserve totaled $38.728,810. Money to Loan Secured by first deed of trust on real est S wiics S WALL STREET STOCKS SMASH ALL RECORDS DURING YEAR Volume of Sales and Averages at New High Points. | Cheap Credit and Gold Vital Factors—Great | Improvement Abroad. rket, which broke | Gary FINANCTAL. William H. Kyle Loans—Insurance Room 15, 1410 G St. N.W. Fhone Main 6627, Ken, Frank 5191 l Hiavaisnalesal iiaris ond trust notes for wile at a liberal discount. = | WE PAY MORE INTEREST ON SAVINGS ACCOUNTS | Than Any Othor National Bank | in Washington Interest on DAILY Balances Come in and let us explain Commercial Nat'l Bank 11th and G Streets < $17,000,000 PRESIDENT filled srders Steel Corpor th, closing of the tion ine months of sed rapidly in the re- «zlling the prophecy of Chairman | the annual meeting of the Tron and Steel Institute in that mpanies would g business next United States common 139, the h price ever recorded. Sloss Sheffield was the ont standing strong among the in dependents, risin S0t to 14 during the venr I'nited States } vear. | | at American October I vear touched spw Resour from of the Shares Soar " i GOLDEN DONALDSON, Motor — The unexpe: large demand automaobiles, which started early the vear and continued through th Summer and Fall months, was re flected in the sensational advances in the shar of motor companies, sev eral of which showed record-breaking carnings. Shares of the Chrysler Corporation which sold as low as 11 two vears ugo under the old name of Maxwell touched the record high price of efore any dividend had been paid on the stock Gene cash for in 6%, $4,000 Second Trust Note For Sale— residence in Chevy Chase, sell at a reasonable dis- Pays $60 monthly. Address Rox 81-E. Star Office. count First Mortgage Notes For sale. Co if sou have available funds for investment THOS. E. JAll(!RELL Member Wash \ tate Board NW 1 Motors. dividends rose from Hudson from companies unusually truck wh during h paid $£12 in the calendar 647 to 149%. and to 1391, Truck also benefited from the pid development of the nd hus business. Mack Trucks » from 117 42 Oils Gather Si 10t St Main 766 First Mortgage Nctes S ; For Sale in the last fe the In Denominations of $100, $250, $500, $1,000 vear closed. The AND TP 6317 Interest Fatate ngth. Oils wen adversely a the h improver tected by Marland Shell 1'n panies copper 1 . panies was the improvement shown stocks. the Ameri Refining Co. raising from £6 to $7. ['tah Copper $5. and the Carro de Pasco Co. claring an extra pavment of $1 While 1] @ advance in all uniform. a strong apparent in the chai disinz chemical ment & nt the raising of dividend pa the common ks of the Phiilips. General Petroleum and Assoctated Oil Con mous demand public utilities important factor by the Smelter innual the was re st Seenred an D€ VWm. H. Saunders Co., Inc. Fatablished 1887 1433 K Street N.W. Keal cop- and rate 4 de per an its INSURANCE hes. Let us know We can serve you. all its bra requirements THOS. E. JARRELL 10th St N.W Main 766 oups was n mdertone was merchan and 11 advances n issues res. Sensation electrical refri ected the rapid zrowth of that With the exception of in the manufacture gnal devices companies did in SAFE 6159, and 7%, First Mortgage Notes For Sale GEO. W. LINKINS 1733 De Sales St. Fatabli 1886 d engas mitic Stry a 1 stocks of equiy fare s 1 closed coine 1gh an advance those sres ded with the placing rie delivery Strong and Weak Spots narrow m‘! tnations e put ' down consider UNION DISCOUNT €0, OF NEW YORK First Mortgage Bonds PENOMINATIONS $100.00 to $1,000.00 Attractive Partial Payment Pl WILOUIN & “FITZ.GiB INC. 109 SOUTHERN BLDG. INC. the » larze holdinz companies nnection 1w radu; securities f the packing and 1 trom the effects <ion was mirrored by the improvement hose shares only important groups to share extensively in the zen rity were the radio, testile ks Radio shares suf from the effects of overproduc- nd price cutting, which follow ihe overcapitalization of many those issues in the excited specula movement = Weakness atur ions which led to xe the passing of dividends by man es which had enjoved ininterrupted payments v ecove industrie postwar depres which WE FINANCE —all classes of income-producing property Large Loans a Specialty Current int. rate and commission Higbie & Richardson, Inc. 816 15th St. N.W. osy ring e textile result of poor last Mortgage Money to Loan on Real Estate. Let us finance sour property. THOS. E. JARRELL Member Washinston Real Eetats N ide condi failures and some of record of hares of s vere be low prices obta American producing 1se of the ned for the product aw Cuban 100 st a1 i NSNS NIV PROMISES—are not important in Business Property Buying and Sell- ing the action —Ir’s and results which count most Hedges & Middletonke REALTORS 1412 Eye St.NW. Franklin9503 | Christmas eve. brokers who have been | FIXING UPON INVESTMENT When you have surplus funds for investment, let us tell you, in the course of a short talk, the points of preference in our 6,% FIRST MORTGAGES They offer soundly conserva- tive protection for your princi- pal. and assurance that the iugu unvarying percentage of inter- g est will be paid you regularly. Century Without o During more than a quarter of a century none of our inves- tors has ever suffered a loss. B. F. SAUL CO. Main 2100 925 15theSt. NWE Loss