Evening Star Newspaper, December 31, 1925, Page 21

THE EVENING STAR, WASHINGTON, D. C, ’l‘HURYBl)AY. DECEMBER 31, 1925. NV T, ) 7 T H = N ! [ m i v m N pTals Al INVESTORS NOW ARE HARD PUT | UPTURN OF SECURITIES MARKS D. C. FINANCIAL YEAR | WEEDING OUT OF QUESTIONABLE T ¥ ' o) = . P g & T4 A 123} B g B e B i s ummmiiin Sl SHARES OUTSTANDING FEATURI D -+ = BY CHAS. P. SHAEFFER. | Following the settlement of m.’;n,\ to 1-(;;11[ ’]‘zu-lad llc(' in (lllls M“!’ik vears l;;u). \»hd-;\ Ilf:ux'« National l;.x:lwk I 5 : cars of litigation, which released u | has been orderly and can be casily openc neh office just around the £ : Bonds No Longer Are Conceded to Be Best for Loma . Action of the Washington Stock i3 £ o SUsaUgn, Wik, Boeqmeg bl e (7t earnince, expoctation of “orner from the Noriwest cuoige. Market Has Risen to Rank One Degree Below Stock = S ONE hange during 1925 has been the in- el i i . e lams to % et iprmom Ll NOF Slesmdt 2 e a : S T 1 5 Prof. ange during 1925 has been the in| oundage, the lssue started an orderly, |increased dividends and perhaps to | the vehicle of Francis M. Savage, who Exch b of Radio P o D erm ll\'(‘\l]]]g— referred and (‘ ol LY . 2 o . upward swing mainly on the strength higher valuation shortly. was the pioneer in this particular lo ) ” N adi rice Cur: ur- 3 a Lommon clal year. ot Srplladtt 5 rican ¢ = Pt Aitle riew: looml cailt - it g Xchange Jrash o adio 1CCS ceurs ocks Are Gaining in Favor. common stock of the Washington Rail-| %"l ively short time. summary would be complete without | louring forelgn lands, and brough ing Year—OQils Look Up sats Sell Higl “x:‘;nk“"“"}l";“';:“f o oe N‘"“““}l‘;; The securiy was apparently pegged ntion of the $2,000,000 of Potomac | forth heated protestations from that - anse o Y oG G0 L at this price, whereupon outside in-| Electric Power 6 per cent preferred hanker, who condemned branch bank- andoyediaimaget Hullehile mon s terests, headed by investment bunkers | stock, which was offered to the public ' inz as unethical and mon ", HEF) : n . erests, headed by ’ ankers | stock, which was offered to public |z as unethical and monopolistic, bas. BY WILLIAM F. HEF Extended uying efforts always fol| in Boston and New York City, quietly | « few months ago. Subscriptions were ing his argument on the barren vicin | by Al low in the Whke of concerted upward g, gurvey of the stock's possi- |usked at 981, but were limited in al-| ity., h, he claimed, was not pros-| The New York Curb E: t movsments, an 1[13\ -‘:'Hr ey ‘]';“‘nni(i s and shortly thereafter Started | loiment to five shares each due o | perons enough to support two banks, | Perienc o Hingat Ployment, confronted with a pe. | 4bout the stocks. fon in the |tha violent lendership of Liaflway com. |& Well organized buyving movement, | dcluge of orders, which totaled in the | The onesuled debate contiued un Beut b comptatatis difficult common shares of these companies ;non the market value of the stock | TPIoving “both public ‘and private | yeighborhood of $13,000,000. That thetil absorption of the savings institu- i S50 o NP RECE ot [ has gone on extravagantly all the It inemcase oo 15 millions of gl | trAnsactions, which had its culmina- fublic appratsal of the issue was not | ton by Riggs National at a figure ac St et tion | vear, and they have discounted no tion a few weeks azo when the stock ghisplaced is vouched for by the pres-icruing handsomely to Mr. Savage, ma de BY GEORGE T. HUGH preferred stock and receive The opening of 1926 finds the in. M turn estor with Junuary interest and divi. \While we are on the subject of utili ends, for which he desires to find | 1S it may be well to say a few words not that iere is a lack of ecurities; quite e contrary, they offered” in be- lars during the vear, with four local utilitles accounting for at least a cool % - come. The buyers of these stocks at ililons of tlielgross caln, while the | 225 dropped to around 220. | mium of almost 7 point. Another {mportant merger consum the high prices of 1925 have not been | volume of selling increased approxi Statistical Data Galore ek Cloari mated during the year, but not yet | y olume of sell creased appro Statistical D 4 ank Clearings Jump. Hptednd wuying for Investment, but for specu ¥ 50 per cent over the previous £ ! sictally closed, was the purchase o touched 250, Since t 1t time the stock | ent market level, which s at a pre- | jority stockholder. :?f.‘u»l"'q)x,.x':r"ut',‘zl'.'; f'f..“,'..""‘,'. rupled. In Decem d ber, 924, a curb membership _could | small part of prosperity for vears to consumpti rd al data on the possibllities of this | on as measured by check transac- \ Drupry, preside fpiinay ) s paid to vield on the investmen S on o thin e rury, president of the Merchants’ | [ogay they are not ! Spectacular. issue brought out the rather star <. Incrensed some $175,000,000 dur- e g 5 e ¥ 3 Leaders in the public utility indus Railway Common Spectacular. s (e o At et has r:‘gn'h‘l'l . WITle Dasen rk and Trust Co. this tran: arning in the nelzhborhood of $75 3 |pers clearances are not available for ave before depreci which the ' puplication In this > toral tor outof-town purchasers eclared s |ihe 11 months' period vestment ese utility ~hares have been carried in price of at leas share shows .!;'{.‘.,;"’.\,I‘. fon Sonin Mg onoaadica Ead ot anuinT sl M 1 too high 1 we not warranted by net gain for the y s of $7.800,060 . 100,000 ov the tota or 4 nily = 4 atened i s e s o B D BT G GF GO o At as 5 “hold-up game=" perpe- | veny ending December 31, 1924, The Two New Banks Started. E ARG oou Sric ot ne i arning ent or prospective. Pu v 5,000 shares i t S the el Mmevloan is reachea by estimatin 1 cred at the corr utility cormissions would not and standing. Capital ‘Pract recordgl e g ety conclusion is reached by dmatir Two new hanks made their advent of Broad strees ought not to allow public utility cor. b increse in worth of more than ST 2 Ao ;ould seek con | December's clearings at $113.080.000. Juring the vear. namely, the Central and porations to fultill predictions of reck- Z00.000 as the result of a 10-point rise share of common. -‘l] but It is almost certain they will HUGHES. | Jogq speculators us to earnings with. ,on 120,000 shares. Railway preferred, 2 others, it is suid, with copsiderably apove this amount, due Bt TasIStng: on vute reduction. which has 000" shares outstanding, | e10ush falth in the North American o the usual spending orgy prevalent I ot Iy to the jincreased in market value $9 a share | 0. t0 “peg along” with it in whatever uring the holiday month. b been |during the period, a figure totaling | future the stock is called upon to tace Monthly clearings for the they | $T65.000. and Gas stock’s gain of §20 1 Certain it is, though. tha fate « st avail ures follow the vear 16 applicable to 156,000 neklizible number of shires were pur dink = . S ratinias s limited fn their possibllities, and | during the year is applicable to 130,000 | NekIILI nuiber of shiwes viere DAT |y o,y $100.50%.1116 delity Savings, which had TNV instances “pros stocks et be had to glve Shares or e e e de e DTy 0302 HT0 17 business here for several pment, wh : el s - Dot stock changed hands over the loca) |the other hand, the selling element o ; erialized. adson roportion of these mixhit well form [ S0 e el consisted abnost entirely of local hold ; innce companies in tlle Distrist 1o Curb Murket investment list. One cautlon should | this flgure was ectipsed many weeks | ers, Who after Wl mex Sise W uly : B354 | they really deserve during the vew ) g »d. and that is that careful at. |80, the tabulation of s : s v - et ention should be paid to the tech. #E0 Wmounting to approi i L1 ! e ey cal provisions affecting each jssue. W0, Issues Iy responsib Capital Traction's Showing i ke At mne e i power, other things being rtgage dnd = g ) 5 ST intrinsic val ortenis et ipitad Traction stock likewise has 320 ) ention June , is desirable, and the redemption OriEage and estiner SUERE t61D8 sl abova theurne Sest i e o exception:ily well in the fuce of | . 1 o - e found th 1nies than 8,000 shares - urity has not ¢ - v u re were rendering a i 3 e abulation; Lanston, 3 e IBErN 56 ik S contin ¢ Second-Grade Rails. re than 6.000: Capital Traction and o Clvitlend requice year i s with motives Uiy S retion and | onts, hut has actually advanced more - 1 8 able. Except for 1l ot Tpeabieie e vy, such is Samuel Insull of Chicago The first sale of Railway comman Denas nd M. K. Cloun, of the Brooklyn Edi- during the year just closing was r e A ; n Co., have repeatedly warned the at 98%, while inarket sting public that the prices fo he issue is at les sulo under action Mr. Drury depleted by one the 59,000, Iready too-large numbe f banking A few years ago, nytitutions in Washing 1 and added the curb market o healthy product to his alreads s nothing more forinidal n han handful of brokers who gath- 1 e ooy . ‘ | lative profits. No attention has been 5 Disseminationiof Yolumen of stat The purchasing pov f Washing: | (he Citlzens' Savings Bank by Peter | hod for $9.000 ighted i place in any in ted an : sxchange Savings, ' profitsharing institution and trans- w. E. HEFFERNAN. manned by Franeis M. Savage, and acted their busi- in Radio Stocks the Morris Plan Bank, @ link of the ness in the open air. The securi wide organization | then deall in con el ) the sam nan This ing and oil stoc) the so-caliec tion resulted from a buy. | “Penuy” class ey represented in n common s not only lected because the issne resentative ance 0 returns were | b 1 titution: he community and reporte ous of investe e wh Returning 1ot o the | Gas, both of which increased in fuvor e z King primarily 1 e does not i honds alrepdy discussed—the first more than 5000 sheres; Railway |than 10 points answer lies n atfested to by an unprecedented num. 3 g ¢ new fims and the among them th res mortgage savings bank issues-o not | common, which " 4.000 itS probabl b in the North Amer- Ler of “extra” dividend de: i Frank J. Hughes to the bendent oil companies, most of the Sxhanst investment | nossiilides )| naTes RizEs N th u ican chain. which hopes to a he constunt additic ey of th ational Mortgage called S v jaries, pu y SBaStretn r 51z per ce o n of more than 1,300 shares, and 12 . Y Ingestment Issues Ad LRI e O D e Ll ' rration systems, and in the he various issues . the course run by these | lributive comp Jooking back o 1 le mor ALIonS ok Al ol SEata o S & tion of a higher valuation during the year as nt 5 S el Wit An s eyt e o) Power preferred, ut out, i . i » 5 y ot i ! ;,/‘i »5\"’.\",""”f\l"“ o ih + i Pp 1ipon; the Gompany’s Yenr'selmportant Mergers. # ndliroscive prominent al 7 the possibility of market ad. | 2400 shares. would warrant a gres The escutcheo of the fraternity vear als’ witnessed the termi. | Fadlo shares, stocks of comy wdual y in S o a8 2ot an . - increase. It is highly imp mderwent but little change i Eugene ¥E. Thompson us ged in the new electric re B e f 1 res t Tanice: JlbeleenntE el tl:tyht{:nl;ln: . N;ul;ul ,lxul) ng l‘l;vxr'l \I‘an!: thougn,. that. S s In this respect the absorp- president of the Washinzton Stock o Hos o les, | specu 1 re has heen un aine is gra S t A Aside from being the leader of re oy vary d the Washington n of the Northwest vings Iixchange, John L. Edwards beir ' AR aslsrEe QAcE g up of prices. b theifa: | ST her Sl -hm‘x~ l’r_'v" market and the feayure of the local d Electric Co. doesn’t need by Riggs Natfonal marked the lected head when Mr. Thompson re. “omestic bonds sounde ite issues hav vhich SRR 1h1s 1s not an objection | financial fleld, Washington Rallway |ar o portant happeniy and ended e to allow his name to_be pla The curb ticki : msive no t i ngs show a progressive up- und Electric common stock v t 1 least, the m i e sl - - sed in re 5 fes lat S ek and if the capital struc- | vided the most interesting v i ¥ 3 a ge o . ew York e finar i the ure that speculative or invest e ST i Sl oY e S et n extended 1 not properly come within the scope « 5 JEECE s AT v a ma Any competent invest will be ava or broker can advise ection of the > vesest . i the railways have ~ | ‘ ~y T = on ot selves on o firm fir a- | 1 rving record-breaking traffi g / ¥ Js / o Tlenine, tion than at any time o 1 ¥ t ome, while not up t Bange it must be of the war. The rest the s "d fixed by the transporta Ef onuist heibome vay bonds which Btk tae t, fgher than at any time o » e 1 have been « 4 he roads were returned to pri. BT the Aseociated Press. i venture. Sir Montagu Norman, gov-during this perfod London lost © AR e e el ilative have now graduated i ownersiip. Moreover, while the NEW YORK. Dec bl s-| ernor of the Bank of England, came { £50.000.600 in gold to New York. The ; B CAAIE Nas Baha Raa LA S e investment Bas 2 es of railway common stocks have tablishment of sterling exch: aito the United States and negotiated | movement was checked an ad rica’s credit resources have been |50 are acc ar » prog 8 » | improved greatly during the past year | S0M basls and its return to virtual|credits of $300,000,000, of which $200,- | vance In the Bank of und's dis B to France, it is expected Ment has t 1 place in more pronounced than v o vatl ere has been little rise in the corre. | PAritY for the first time since the war | 000,000 were supplied by the Federal!count rate from 4 to 5 per cent, an inancial assistance will be ies. Not only does Tl that 1o sponding honds. has been the outstanding noneta crve banks and $100,000,000 by |toward the end of the vear sterling theoming to place the franc on a futdamental conditions fr erage price for which the hig Iy speculative opportunities Achievement of w year distinguish, s Morgan & Co. once more was holding firm around =ound footing along nd metal markets, w S5 of that dedrin acking in rallway bonds re. | [T the progress made in stabilizing the s fortified, Great Britain late | £4.85 soring currencies representation in stock ad it not been for & 6 to 613 per cent. Here the currencies of the world. g April took the important step,| Fluctuations of the 1 franc| Japen, lookine forward also to an| (5% In this market, but to situatlc gain in pub. | trend is{oxiprimejimportance. | [Uhe Success OliGxest Brilain in re: nd only to the Dawes plan in its|and Italtan lira durh were oventual return to the gold standard, feal it of the e vers have to be especially well | Storing and mainta the g far-reaching effects upon interna- | limited to a 1 cent rar Bel- Luflt up large balances in this coun- | gae| | such bist the fé | informed as well as being able to gs. | Standard influenced r ional finance nnd commerce. Sterling | gian currency, a selling above i tanaaing ot AR ume a_measure of risk. Thera are, | I4tions to begin prep: t that time was selling above $4.84, ! cents, 1 ed its "natural rency during the year. The effect was | have . S however, roads both in New England ction. Labor] - and within a few weeks it amounted | level i 1; cents as monetary scen in the rise o v D haveth rket on the « the Souihl which hdye made: tre- T84 3044, == thay t b @ redi Maced 10w point of 3 in’ January 1 strides during the year just 2 t ine t actual parity £634, which < f the nment. The | to above 43 cer s in the vé > estoring their securities to an s Belgium, Fra d to touch during the year. . st of the yvear The Scan nvestment status long wanting, One 2nd Italy, are faced with the necess H e onol oniimia % 1 % 1t n ore word may be added as to the ©OF devaluingt 1rrenci e 2 3 Loans. ictl vestment rallway bonds.and < s v nec of ¥ ing rling | ta 1 P A ta th a higher yield is 4\,‘{,,‘. 1 the aid of Ar v t high level ed Tond i bt ¥ 1ad, quality consldered. from the high 1 Jelginm an It an embarso Saralad Dosie LbS $100:000/000 Jone. ter want to see his princi lepreciate in market valuatior joval bur From every standpoint, the year with its neigh- steel and others repres 1 one vard st it Dan o 4 Nor Liberties Less Attractive. ¥ yious clas r i oupen rate issues selling at ¢ il : S the transt £75.000 ties, no United & p it a discount. Many i1 weliminary 1o vestor i he h e h change 1 % nts of pi » buy premium bonds. but 1f | Standard. ‘With the 2 U s : : e acute financial problems. s the principal thing this United States ot i ; s e o0 (Ereater; suea | pr % t not be allowed to con. #Nd their budgets virtually balance tling to decline below $1.84, thus |y, Tro cents each to the tre both governments v awaiting ing under the “gold point.” and |3l cents in January to below 3.0 qu alue during the year, |10t culminate until it propitious time to devaluize their = 5 established that the trade Some Good Stock Yields. xchanges on a new basis. France, judged a conditions. e it Tl e rantta orh oh - commen indered by domestic financial di In the quarter of th them. In point ¢ ty s e S : Sach wa fculties and the delay in settling its the pe production had lons of cours example, the Atchison, have long | American debt, has made less prog passed, as evidenced by the rimo favorites with Tavestons | ress, but bankers believe that within lecreases in domestic output, vthing, their status has fmproved | the next vear the currencies of alll (Continued from Page Nineteen.) During April and May the federa I s ame nlon o & the past 12 months. Earnings | three countries will be established on = = = AR DRAGHCAILY all ot 1t 47 5 = definit assured tha been hizher, the polftical outlook | & NeW gold parity below 5 cents ning St and other newspape Wborhood assoclations e tr nd directors are conquer s i o presentat the Theodore Roose « spirited contest for the elec or Wity which in years past - me« receiving the medallion £ the first memb £ the « 1 of Holders e S aring the er " committ s the annual » i s ihe profits Josrney tos the American Red Cross council to as \ine how much udes of 1 Uso made an address over sist in voicing public senti ar been discounted in the v t g Y he women’s world fair the this is the " s h! v th occasion of its | cftize which in greate « = b e muvin i ) e 5 ed by Discord speculation of the 2 nd $4.7 a the' sreatest Way etocks than 35 in . - > Ex istration of the Government the principle is th rer hill, Jaii care- fairs during the vear was the discord p Jlishment of amonz members of the United I th has been made to the 4 free gold Ingland and States Shipping Board and the of ual cash. hose whose circum I ity of the theory that | the progress of its program was | def attitude on the rt of stances are such that yield is w sec-lcommon stocks are fully desirable in-| matched by a steady rise in the price | the majority of members rd ondary consideration, Libertic e vesiments as bonds. In this connec- | of sterling. Unusual precautions were | the President's shipping polictes. xtill desirable. But for the ordinary, |tion it deserves some analysis. In the| taken to insure the success of the|The President endeavored to give| eGS0 o g gt el es i n e e R Rt L E Admiral Palmer, then head of ‘the | °fhe ¢ punciliie s . tire losses in the District. The total No. 28 Engine Company kg e sl e i i = emergency flest, a free hand in the |, )” : f-.;ri‘ ic n’_‘ :x:»u\;. ]l-:I‘ f;}vm“.mi (or the year of 1 was $956,074. | from acute mnephritis, SR tected from a depreciating dollar, | ¥2ars ago. but who cun imagine the | operation of the fleet, but this was | ¢ Nefled 1o CIOTRE S NG 000 | This was far higher than the loss | of service. The other de o A : i O BT ife of today minus the automobile” ofpoced by the majority members of |1 Seve ¥ 1 raising a fund 10| for agt vear, $812217. result of injuries received in Engineers’ Gold Spectacular. ion. He is entitled o the coupon| The truth is that what is essential |the board. Because of his defiance of | ASSISt the Commissioners in defend-| = 70l 0y e pa L Eree) L2 N rate’of bis bond and no more. whether | (oday, may not be ~o tomorrow and |the "Prosidents wishes * the Tatter [nk tho ZoNne BN mpon s DIOneINilior the Horse reotinitHe DEGHGE Rive| Do%e Wakon ot No- he cost of living goes or goes |V versa n inve 1 common asked for the resignation of Bert A. | Cwner fl = e Stitation. | Departmer “Barney” and * gy | DALY WhEnSIE went dnto co; i Bt o e that the | stocks has to make up his own mind Haney, of Oregon, Democrat, mem premescolef Roitele Socomuintien bl e e e Sthest o 4t Foureenth westor who bought share | In this respect, and it is casy to make of the The latter re Uiy for | o ceremonies under the auspices | ol oot on August singpower of his income, al. Finlly we come to the vital matter had no authority to remove him, | (he Dre L e N e T R R S the investment rating « Qs e Granti all t it Shortly afterw s the board removed | t ; I i 1t rating of h niin t Uy after he board removed | (R o B Ced. After the vote | to the custody of the superintenden kness, erum ine pesos and Brazilian milrels ~1ead ase in ) its high point of around about a’ series of price 1wvestment ilone 25 firemen were placed on di 1. abled lists. n. A comparative statement of losses n the vear 1924 and s that fire dama lows deration decided to permit eac sockition to noming ffam <. canton, George Wales Stull. Jesse C. Suter, as president of the federation, became chairman of downtown chiefs *Incomplete resy medite o g X business section the council. The colored citizens’ as From this table it can be seen} There were two deaths in ti | sociatlons named George Richardson ' thut every month save January and the Fire Department du and Georse Beason as their members August has shown a reduction in the | ISty PYL AL Cof r public subseription. it t to be expected, in view of elf. Their s possibilities car only be dete 1 by future deve opments when 'v has heen Next take the very hi ad bonds, such as allows avings banks te X ket £ these is a from the b restricted ihe 1 to around 4 tons for these bor under the highest « hii e ] Spring, | not low enough to ma move 1o othe hie retirements and othe just as high as cve 1 h ied as to e adviantaze of tdmira * and as Co; ed iy h i of the year were as foilows Stk e i 2imed 08 fo the adyans it Wi S ntinued iy 0 " ken Mr. Baker moved that the | of the Home for the Aged and Infirm | 11 \v. Lusby, February arket price is approximately the | ing common stocks for invest flitant attitude toward the adminis: 2 Blue Pl o ; 5 usby, une. On the other hand. dividends the que is whether the time t 1ion election he declared unanimou: 1t Blue Plains, there to spend the |34 vears' service: | ) stockholde may be raised, and | buy thei hen! tHe ket | Haney's term has expired and The federation’s committee on utili-: rest of their life in less rizorous and | yetired Fe N 0 expect that tl xt e sndybuye th ASNCs e N rm has expired and ;A8 0 by Willlam McK. Clayton, | exacting occupation than they had | yeare et W Lo =l nerally arc if the corporation is | is at the hizhest for vears. As time | e President has announced that he I e G e i 3 ears’ service: Pvi. W D8 UDWATL wosperons as the level of commodity | passes by the equity of stochholdes ill not be spointed. In the mean- | Was active during the year at al Washineton's fiat - tired April 30, 1925, after 2 As a matte prices advances in 2 successtul enterprise may be ¢ me : ve introduced | hearings held by the Utilities Com «l]\l ol 'ml~ l‘ ot M !;N ue | zervice: Lieut. W. O'Connor vestor cian v s g na e ] 12 d tsston. squad was placed ir rvice Janu- 14 e i . Y sected 1o grow, not follow | #islation either to abolish the board | mission. 5 . 1925, after 21 yea ist as good secur i ; Due to Drop. pected 3 Rt b S At j ar at No. 2 engine house, un- T. T. Rossite et 1 sublic utility « v 7 stion then is wheth hatgithe maniet O o gl separaiel I ifrom: the A mecsenicy § der command of Capt. J. R. Groves, jeus Sy g Jul any’'s A to_investigat L y % ion then is whet e ces an in. | “leet Corporation. In his annual re- | LA s e Rand of Sapt 3. [ Sroves, 11025, after 36 years' service thice oBthvert ted favorabl 1y bond buying power of the | vestor of exceptional temperament to |01t the President recommended the | FIRE DEPARTMENT. LEEm e L T_and Serg } 1. Lyon, retired July 15, i after @ i laws of the B s X port R. Anderson and E. J. Carroll |2 yenrs' service: Dvi, (- e s lamcns He L0 acuulee RyEiCE the Tusce G ”Nht;“\ s N Prosress | remain undisturbed while the market latter. Twelve privates were assighed to the | osn . sty gy o Sion. opackin.| ed to #llow savin f o continue indefinitely. it will ”Il)!_fl;x}l]:t; -;f_’h::_ sec llllyl»!'&‘h ;m!;xl\ Beaten in Warren Case. i Probably the worst month for prop | squad, trained in all manner of life- | vears' service: Pvi. W. (. Ricks, re. v first mortgaze mnder <o continue is a_large assumption, to | 5 e n 'n, £ uthiets ,"“"" value | snother occasion during the wear | erty damage in the history of the Fire ! saving and resuscitation work. A |tired September 1. 1925, after 50 ve sitable restriction canse Lday sy the least. Space does not permit |y Foy CONEEIY, - DOUWIISIAIENE. | when the Ixecutive was opposed was | Department opened the year 1925 al-| squad wagon, designed by the super- | service; Pvt. W. 1. Lacy, retired 9775 Dot vet arrived the 0 cause oxamination of all the factors that go | JUESE OTRCERAtions, us has been sald, |js¢ winter when he attempted to ap.| most half a million dollars being lost | intendent of machinery, was assigned | vember 15, 1 - Ravioed Fands aboe 9 Sl e it ke wp the price trend over the |10 @Pplicable to all common stocks, | i Charios B, Warren of Michigan, | by bazes during last Januars as equipment. This filied a longfelt | (. (" Wolz was promoted from. the inged hands above $109 a estor who is « s s of years. Suffice it to say that | "¢ Lo nne g H« ] ulways alone. | g,rmer” Ambassador to Mexico, Attor-! On January 10 Kann's warehouse at | Want in the Fire Department. {rank of lieutenant to the rank of cap Sltation: appucab ; tory teaches that after great wars [T B0 S Would deny that there | ney General to succeed Harlan F.! geventh and D streets was_gutted, | TWo new fire houses were placed in | tain-July 10. He now has comm Garer Needed) by Selootion: ere hus ‘hl-\ ays come a period of {170 RO M‘)""{hl"‘”‘!b.zln Stone, who had been appointed to the ! yith an estimated damage of $290,000. | COMMIS >{<>:| tl\}} e the vear. Engine | of the new Engine Company No. iling prices. If precedent is to be | =V g can’ be SYeR | United States Supreme Court. The op-| 4 yeneral alarm was sounded, bring. | fompany 29 was installed at Conduit | ¢, ¥, Sullivan was promoted from the . The best of first 1o lectric followed in_these times. one of the i bresent prices with confidence. position in the Senate was t0o st | ins all avallable apparatus totheblaze, | 0ad and Reservoir street and No. 13 | ynk of lieutenant to the ranis of cip. light and power bonds of cstablished |aipuments for inves it in common Foreign Securities. and the President i ATy | Heaatly o wesle Jater. on January 17, | truck at Florida avenue and Orren|(ain August 1. He now has command | oL & e companies can be obt s yvicld 3 Gtocks ix eertainly weakened. . i e R to withdraw Mr. Warren’s name B e ctary” ot 56 Hamover | Street northeast. Both were opened |'of the new Company No. 13.| Jestigation caused - er vent or a litthe le re fuvor Another this discussion 1 S0 far Mitle has been said about | cupitute an old New England friend | % o ed with a loss of $17.000, | December 1 No. 29 engine | Capt. E. Howard was promoted from | Jmeineere Gol lost tnore than 5 h. opportunities in th ’ HAnG it ments 15 that safety | [oreien securities. America continues | S aoice an o New England Ieet, burneg with O oy (house is the first bungalow type |t e . : ( o cxe than 45 vniteted Honnh inay \ . to loan forelgn governments and for- |~y e Cilbol, John 5. Sargent. And then on Junuary 22 came the gen. | POUSe Is the ifrst bungalow type|the rank of captain to the rank of | iined in its sensational rise. s th 5 B fon ARaUET . enternti i3 The President has been concerned 1 alarm, P. J. Nee Furniture Co. | Puilding to be used for the local Fire | seting ba ion chief engineer Decem The s actively traded h. No one is enough of a financ sn - industria nterprises hUge | uhout the eomf the publle Qnr:| oo o et it o 5 e | Depirtment. No. 13 truck house is |bor 9, and assigned to o changes. The i wizard to be able 10 make a 100-per- Amounts, and the number of forelen [iny the anth 1F sbEtic: AL| L oo oy pani entl M ety Whak 1 curity of so hiz filv | eent sclection of corporations with an |issues traded in on our markets s | rarted September 1 I at | ¢105.000 damags was wrought. The 1 € “ot conerned it Gssured future for even a decade t ater than ever. Iiven experienced | gut ans company. in to ihe rank of acting buttalion| g the ombany noc i ihe. bamgis ‘ ihe first to be provided with indi- |34 Rattalion. Capt. J. YU“II‘VI’:‘X::—:!I{P“‘l‘l’l‘(‘\ {otal damage by fire for that month | Yidual rooms for the members of the | was promoted from the it Nsting is not the ad it ¢ vome. That is admitted by the ro- | bond men L one time a month or | presic as ainta d ands- jreachied $4 (ieals eanijered Swith Mucl i paratus was g 2 J i r 9 e ents of the theory, hut they say |50 w0 were hardly able 1o keep them- | bititnde. and. hao sy Conmandsofl | ¢316,052 for Jnuary, 1924 el DAt e i e Saot ieneimese Desemberi dnaln ol of thic smarker dor o haves g mabty good manket 1 that the failures in cne or two in- selves informed as to the names, let |give him sufficlent authority to cops | The menth Just closif produced @ ceur ~inetuding one 1,000 gatlon | “57ed (v command the &1 Tattalion HEdto U loe Boeineens Sl e or | stances will be more than made up :lone the relative merits, of the for- |with emergencies of thig kind. serivus fire also when the Mueller )y, hing engine, and three 750-gallon (uestioned security swith Ve by suecess in the balance. Tt follows, eign bond fssues which flooded the | The President has the satisfaction | CAndy plant at 336 Pennsylvania ave- |, mping engines all having triple t 16turs the market offers nothing | then, that an investor must have the ' market. 15 he looks buck over the year to|Rue burned with a loss of $23,800. 1| mpinations. A gasoline supply tank B Lo th oo Hit ok power | means to spread out his risk over a| The yield on most of these new of- |know that the country generally has| All told during the vear drawing Lo ;ruck also was placed in commission 1926 Outlook Encouraging. and light issues large number of securities. There Is|ferings is temptingly high because been experlencing great prosperity;|# close fire losses in the District total-| , "supply fuel to pumping engines| The vear 1925 was an eventful one| The outlook for the it enserve that this applies 1o no substitute for this precautionary most of them come from countries |that there has been practically no un.|©d more than $800,000. The month | oy the fire ground. | for the Botios B Is most encouraging. gations of \ting companies | diversification. | Soverty stricken ais to capital. At the |employment and that the prospects | Of December, 1923, has not been com- | “'Last Jawuary the Fire Department | ¥ the Police Department. tically all lines of industr not to those of holdinz companies. | Gusscing a6 “TseRtials “ame time the popularity of forelgn |for the future are unusually begnt, | plled for losses, but the general esti 'mgan the oneday-off-in-seven system,| It was marked with sporadic out-| (ALY AL lines of Industry are highiy ions on the stock, made ov otlicial he company, and was a rush on the part to “get in.”" The appreciat 1 selling price never stopped until 25, uffer 7 years' service. L . of such maznitude over suc wratively brief period attract the attention of the Attorney General's office, and an investigation was begu into the operations of the compar vuteome, however, was tha bankers, co-operating with the Attos General's office, reported that the Gold risen substantially from its low the potential value of till @ question tility financing has become so in- investments with the American xl?o—} mates thus far place the total over | a5 allowed by the act of Congress of | breaks of difficult situations in so far| freight continue at o maximum el Ived as the combination snd eon-| Next it Is urged that the shares |pjla has been steadily growing. $20,000. The loases for the first 11|May 37, 1024, This had 1ong beon 4 | g orime was concered, but on the| hose. the mitorcnr Tosimum well lidation movement has developed =11 | of “essential” industries are the only | * Now as far as the 1926 investor is | | CITIZENS’ FEDERATION months of this year were $782,217, and | Jayed because of the lack of author | . 2 e “| \ales of distributive orsanizations ugh 1925 that securitios of holdinz | ones suitable for this kind of a com- | concerned the necessity for discrim- 2 with an estimated $30.000 loss for the | ity to appolnt the necessary additional | Whole the erime wave heralded by| {1e8 of dsributive oreanization: anies must be carefully scruti- mon stock investment list. But who | ination between these foreign obliga- | last month, the total at this figure | men to fill places of those off. joomie as engulfing the Nation failed; @IS lable for Wall street pur before a commitmer made. | can define an “essential” industry? | tions is not removed by their increase Preparation of a memorial to Con-|would be $812,217. An error in the act of Congress men-| When Viewed in “the cold and sober | 208¥, B0 Tl O in every tndie fixpert advice and assistence is ur- | Is the trolley car essential? Tt would | iy popularity. He must still pick and | 7ess, appealing for an equitable set-| The alarms turned in totaled 2,662, | tioned above limited the pay of bat.| 'étrospective. to affect this Jocality to | POUFS & BTG BUEE CRCEY TRETE: ently needed in the selciion of uiil have heen so regarded ten Years ago, | ehoose, paying attention not only to | Lement of the fiscal relations between | of which 227 were false alarms. | talion chiefs to $3,050 per annum, and |@nYy, chronic degree. 3 ¢| some time to come, and uniilled ton bonds of the secon but the wotor bus and the private | {he financial position of the debtor the United States and District gov-| More than 100 firemen suffered in- ! this was corrected on January 17, Maj. Daniel Sullivan and Chief of | PR/ (RS, 1 S0P SHE, HIG E0 T them, unsecured debentures only, automobile cveate doubts now. Or ix|nation, but to its political environ- |€'ments, was one of the principal | juries during the year drawing to a|1925. by another act allowing $, e o iacrant died dur- | orations continues to incr cacn o 1iEtTe batter than Dreferred ctoshe | tho nictoricar dteelf am lesseniiel? It : accomplishments of the Federation of | close, most of them being minor hurts. | the amount originally intended. ing the year: Commis JamesiB. | vell take | would mot have been so classified ten w5y Ciiizens’ Assoviations during 1325, During the month of last January | On December 8 the central battalion| (Centinued vu Page Twenty three) = 4 ! 1025