Evening Star Newspaper, January 2, 1926, Page 13

f TIN 226 TRADE UPENS WTH 1925 SPeD Monday Wi Find Pace Well| Maintained—Lull Is Noted at Week End. W YORK, i took its firs: they were BY J. C. ROYLE. Jan t bust halting ste really got down to full activity he industrial plants felt the effects of the wind-up of the holiday season usual. Monday to or above *hat which was maintained | oo w8 BOUS TG He o in commodity record-breaking year 1925. th ad did fairly well will e » check to business In the mills and tories, however, was not so marked Taking of inventories still enturely completed in some lines, a general Re- with the aid of white sales, | Tull In Auto Production. i} neril are henv- the first qu te . taking s was affected by the hol ays, but w; ahead of that of the cek of 1924, In the West new « productic by ™ s for pine remained f fons for oth led factory projorton. k a animals fro loaning more than 60% on the carefully ap- praised valuation of improved Washington properties. Thus the investors who purchase their First Mortgage Note securities through Swartzell, Rheem and Hensey Company are ‘ protected from financial loss. able to The more money > during the vy, and start farm- = been conside slau; labor sit- ins are well | Tule i ns are well | Tule HE STEAM BOILER is the heart of modern industrial civilization, serving man in countless ways, both on land and atsea. It is kept from developing excessively high pressure by a small but effective device—the Safety Valve. Our Our Notes, backed by this house of 356 | years’ proved integrity, yield 614%. 727~15. Street.NW. Washiniton DC. Years Without Loss lo.4n Lvestor ANCIAL. THE EVENING STAR, WASHINGTON, BABSON THINKS OUTLOOK BRIGHT | sgioic e Souen saie FOR FIRST HALF OF NEW YEAR 1£oOing to the harmful and uncalled 'or congestion of enterprisers of all sorts and descriptions that are now Commodity Prices May Rise—Urges Caution in Bu; ing Stocks—Expects Bonds to Hold Steady. Looks for Higher Money. pushing into Florida, the true growth of this State s seriously affected. Such | congestion is bound to result in a tem- e POTAry reaction. I While welcoming new opportunities in the South and elsewhere, it is well to keep In mind the various localities ‘Wwhose development has been in pre ress for so many years. For examplt the Pacific Coast registered a dis- tinct improvement during 1926. All through the North Atlantic, Lake and Middle West States you can find lo- BY ROGER W. BABSON. witnessed generally increasing indus. trial activity, and as the year drew wage 1974 1 mediato | outl Commod in progress, Into the tirst months Industrial activity gener: he incre: ly is on When seasonal move ded_and attention underlying trend, | |much tn evidence since 1620 | Caution in Stocks Urged. price prevent the funds liquid. | has be The stock market in 1925 has hu.lf:..nn previous upward swings. this fact itself is not conclusive, it signifc has added pared with mental cond! the cance progress of fu itions. A review of and a scrutiny of the prospects for 1926 strongly suggest the desirabllity of now keeping & good portion of your This does not mean that certain securities may not ad. vance further. The point to remember is that gen- eral business has now advanced well into & period of prosperity. large amount of funds into form at such a time. D. U, SATURDAY, Though when com. nda- 1925 Experl- ence teaches the wisdom of getting a liquid ITALY GOING AHEAD. Past Three Years. sation n brought Economist Sees Marked Progress in e uing o o . the ¥ T 1 NATket as B v Wit do litle i : reall fits had b dusty the wage |, than follow lewise amove. | g J h subsequ sethack. ot % R 1ge of real purchasing | ment, with tendency toward moderate | to Dr. Chandler, econ | in the | of Wheat. The fact that bich properly call for Lighly b 2t viewed in com sayging. It general y oimni: i nk of Commerce | tl December o Ll e vt rresponding trend in | theless, is so sound in New York, in the December num. | © 1he month cialized super 1. ' rebound at th g In spite of de-|lieve i udvlnabi st ber of e Monthly. He says: | more than a quarter of a ceu | Ry o the pur- | publie to sell Rather, 1{ “A review of the prineipal financin) | R e o | ot be fairly | believe the and econumic developments in Italy | tury we have been gaining tl { wel rined In ded Hving | tinue with during the last three years clearly in expericnce to serve you H ¢ main at @ reasonable level. | ognizing satisfacto nov dica a1y has made very wb 1 iy 5 celved and longrange outlook for a|stant ress e effective Lud Industrial Prospects Good. | later return to the upward trend so|Ect has been balanced, the internal been mirkedis wels textiic industries, cal lines. || There should Le a more even di | bution of industrial activity in 19 than we h i fur some time. i { Sales Should Improve. | In most territories sales should con- | (tinne to improve. Starting with the | |low point of the 1821 depression, the | manufacturing centers were the first | | to recover from this sl | normal In 1 9 ives should for the Price Changes Sensational. | Pric H'.\r lu ultu A‘l\xrwl‘«;;‘:‘; :"*X rm regions were notoriously lagging characte ¥ SENSAUOREY | hehind the rest of the country in * past (WO VEATS | oy opportunities. During 1925 this CAPITAL, Tise | qislocation of the farming regtons w . © . and there ix SURPLUS and UNDIVIDED PROFITS, nce hetween the r s and the agric i general business now swinging uich its normal line and point n whether or not t fties will take into prosperity ouk the leud in rully ng | t the srice decline saems to discon able influ und \ wces, r | i more attention was | ed to the advantages of the than ever before. Florida be- | ne of extraordinary ao- in a broader sense, people waked up to the fmmense possibil throughout the whole Southeast and ! | Southwest. One thing in particular 1 desire to emphasize, namely, the re. | 1| markable growth of the At the risk of repetition, 1 ag are | readers to wateh the wonderful devi 5 rent that s sur ntinue occurred a ves usual fluctuation in agr! uects will take place, a r the factors sugeests the | pr o feultural pr 1 the crop season sho n the present level. disturbunces cher ti Valves and Values BRANCHES: Safety Valve is the rule of never DEPOSITS $6,584,516.20 Member American Bankers’ Association MAIN OFFICE 15th St. and Penn. Ave. 1140 15th St. N.W. 7th and Mass. Ave. 8th and H Sts. N.E. 7th and E Sts. S W, Dec. 31, 1925. . $32,337,814.28 Dec. 31, 1924.. 28,134,351.94 Growth ... $4,203,462.34 Cash on Hand and Due from Banks United States Government Bonds and Notes [ State and Municipal Bonds and Other Securities. . . .. Clerks’ Pension Fund and Income nal tnan s had an upward swing o most wonderful advance and the| cial factors are concarned much of the | Main 2100 925 15th St. NV, ! ire entering 1925 with of b reached levels | work prerequisite to final stabilizi. i e momentum above those »d in tion has been accomplished." e e | Joh indusiries mizht be i together with th iron and steel, auto Iroad equipm Y e | Pension Fund Investment. ... Real Estate Loans Collateral Loans Discounts Real Estate, Banking Houses, Furniture and Fixtures Other Resources Customers’ Liability Under Letters of Credit.................. Deposits Reserve for Dividends. . ... Letters of Credit Qutstanding................................ Capital, Surplus, Undivided Profits. . o ¥ adjustment, the note issus| 9 2, 1926. HODVERCOMMENT FAGTOR N WHEAT Sharp Advance Follows His Comparison With Rates FINANCIAL, i3 BRADSTREET REPORTS LULL IN WEEK’S TRADE Seasonal Drop Noted — Holiday Retail Buying Regarded as Best on Record. By the Asociated Press. NEW YORK, January 2.—Br today says: I {the urual pe On 1ts | wulers and o CHECK 50 YEARS OLD. Man Who Made It Out Still Active in Baltimore. Spectal Dispatch to The Star. BALTIMORE, Md.., January 2.—A §0-year-old check, dated June 25, 1876, was presented for ent at the Drovers and Mechanics National Bank yesterday. The check was presented by Louis A. Spelshouse, one of the bank's pioneer depositors and a mem- ber of the hoard of directors, | face side the voucher - s 2 “Baltimore, June Drovers WELLESLEY HILLS, Mass., Jan- this resulted in & dimin- |calities which show notable progress.| The prospects for 1926 are opti- “Balt . June & Al uary 2. the outset of 1925, business | 19, %) €188, thie resuined h & AIun |ir ee"ana various other regions enter | mistic. ' Trus, we have certain specu- Charged for Rubber. and Machinies SR Ol Tmbeg was at a fairly high level, higher, in [ 1210 SUPRI, O CECUS, 0 peen | 1926 under favoruble auspices. lative features in stocks und real es. SedE e Y twenty-five doliars, L. A. Bpels.| fact, than at the post-war peak Inj o.anc thinned since September, Investment Prospocts for 1926. tate, together with the problems of| = . =~ (o 1919—but this elevation, of course, This helghtened employment should vestmen! spocts for . installment purchasing, which iy the Associated ¥ i endling: o takes into account the gradual gTowth l:oonginye well through the first half| In the face of an unprecedented vol- | disconcerting. ~Among the CHIC Nabions;| deet of the country ‘3‘;‘.—‘“( {qu pl.ml Ve lof the year, although there is little |ume of new offerings, the bond mar-(8pots are Kuropean complic ing and Veatitaive vears. In'the middle of 1925 business on to expect an excessive demand | ket in 1928 reached its highest level |und congressional delays. Ho: have ! hesitated, but for the last six months | FRERRT2 STEPS 204y Wmply supply | since early 1917, While bonds reached | there seems to le & generully con- | ception oumbered]| has been on o marked upward swing. | /I RO (00 G vailable in nearly |their top in May, fluctuations in the [certed and co-operutive plan among pext upturne ihs the 801 Roviewing 1923 statistically, in the | PFOWISes, (0 26 408 0 0 O orda | corporation group since that time have | the best people of the leading cour- nont by Sec- i el Ly I ol e e e o |ahow fewer stfikes than during any [been very limited, and current prices |(ries 1o get euch natlon un a business | Felary Foover thut wheat ix worth g8 | J247% 1 beteen Mo © D chart index of gencral business stood | & e since 1914. The present upward [#ro very close to the best for the year, | basis. A bushel, us judged by Lritish charges a regula sitor. | about 100; business dropped to less|Ztir FITe (LT o1 business may | O Since the opening months of 191 Money also should become gradu-|for rubber.” Compared to a week = e eHas than 90 in the middle of the year, and | FETEMEME, . oin” some increase of |Newcomers in the investment fleld un- ally firmer, but should not danger-|aso, present pricex on wheat sre 21 | NEW CONTRACT AWARDED. |75 v el 1 i rone Kojower 130/as theyear camel 5 A0 fortunately tend to overemphasize the | ously strengthen unless we go into |10 9% cents a bushe CUMBERLAND, Md. January 2.|by pred to & close. t v importance of the average level of the | reul inflation. Money is largely the 4 up, oats at S Ny Ry SROMARY = : 1626 will doubtles ge y v largely i R I e he = - trond ol gensral busineas 10 e 2‘:::‘:;’ :f,m,,, of industrial |Pond market over thiy 1917-19%5 pe-|key (o the situation. nd provisions P ciet fom s nep un i 0"'"’ vib romelsiest In the meain e e uRTIAl I lod. A & waatier 'of fact, 4 1onE| In ansiysing the 1925 prospéste, e e on plant of the Amer ROAD WORK RUSHED. | e e thera Tmoney | to those industries in which wage | "Aige tidicates that war und post-war | however, it will be s grave mlistake| 8145 JofRans C ieulical A e | o D piiding activity, business fail- |agreements come up for renewal dur. |1€Vels were wholly abnormal and that |to think only of stocks, bonds, com- Main Factors in Rise. ind the plant will he completed within | Special D it e loadings, emplovment, | ing the montha of April, May and|DONds at present ure relatively low, ra- | moditles and the other materlul fuc ? N | Pooa rofite and other funda | Twne. I do not expect, however, that |{her than high, when compured with & which I have been discusst With : oM RO R $900.000, St Dl T have exnmined. |- @ of these dlsputes will' prove|10.or 15 veur average Bank clearings, car loadings and all | Uiled sopplies o y every. | Costiuroun oy s which T have examined. | 8 & o dlatarbing to business. With | Thus the position of the con<erva- | these other statistios are not the real | Where but in Can United e 5 26 Gutiook Bright. the readjustment of Wage agreements. Investor <who is hoiding for se-|foundation of prosperity. Prosperity | States nills veported as y GRAIN WELL STARTED. State. 1In the lust v 96 wi Teacius el i f und yleid, the true investment | rar h 1 material for onuly 60 da. n expe: o1 thus entering 1926 With |4¢ the middle of the year, strikes may rests rather upon integrity, forti- LA O, T anuary 2 (S B B = Aadle 8 . 3 s, Is sutisfactory. Money rates | qe 1o 4 ice records for the season were | AMARILLO, Tex, Junuary 2 (S streets Tae indications. The 6N {8 per off agaln and decrease in num. it eory. Sloney Mhane | tude, loyalty, Industry. common wense I e b oAl eh A T e Cot s | ctreemane Y ves prom. | i} ) Genesdl Pouition|Sound: iuses of the fmprovement during : i peak was more thar Serese afiwnerty dnd the fre L FucH th i Trend Downward. T hiuns aniite fornet s e cents @ bushel ahove quotations | I8 coming up T _with recent | 1 . o apa | The better business situation tends —will continue to shape busi- which Lad prevailed at one time last | £nows and rains furnishing ample | inh: v of wake increases and ., gray funds from investment to Ry R e by moisture agu shows @ pre- |} not only in the new year hut in 9 a justness channels, with resulting llingter GERfUEE Phitt Neel e o runster 1o com 1 accounts of | et cords Tunia_ wi (Copyright. 102 Over a Quarter of a Century Lxperience my Follow B. F. SAUL CO. MERICAN SECURIT A AND TRUST COMDA Condensed Statement of Condition, December 31, 1925. ASSETS. $5,288,132.79 Cash in our vaults and funds on deposit in authorized depositories. Liberty Loan Bonds and Treasury Certificates of Indebtedness. 5,503,206.99 ~ 6,857,444.62 Bonds and obligations of States and Municipalities of the United States and bonds and securities of other Corporations. 50,000.00 Securities set apart, income of which is used for the purpose of pay ing pensions to employes. 7,641,894.94 Loans secured by First Mortgage on real estate located in the Dis- trict of Columbia and vicinity, chiefly on the homes of residents having & market value greatly in excess of the amount of the loan, 9,309,653.97 Loans secured by Ppledge of Government, Municipal or Corporation bonds or other approved securities having a market value largely in excess of the amount of the loan. Short time obligations of Corporations or Individuals with an ap- proved credit standing and demonstrated financial responsibility. 2,622,316.17 Land and bank buildings occupied by the Main Office and branches of the Company, including furniture, fixtures, vaults, equipment and other real estate purchased for the purpose of enlargement of banking houses. 1,751,016.46 Including interest receivable and miscellaneous accounts. 317.489.70 157,044.84 Obligations of Customers for the payment of drafts which we have promised to pay upon presentation. TOTAL .............. $39,498,200.48 LIABILITIES. °2,337,814.28 Funds to the credit of our 72,705 deposit accounts payable to them on demand or at an agreed time. 54,600.37 The amount set apart from the profits of the Company together with t}ine accumulation of interest for the payment of pensions to em- ployes. Dividend declared by the Board of Directors and payable to stock- holders January 11, 1926. 170,000.00 194,224.79 accounts. 157,044.84 Our agreement to pay upon presentation certain drafts (offset by the item “Customers’ Liability,” listed in our Assets). The excess of the amount we have over the amount we owe to De- positors and other creditors which stands as a guarantee that the obligations of the Company toward its Depositors and other cus- tomers will be fulfilled. (In addition to the above amount the Depositors have as additional security the double liability of our stockholders for the amount of our capital stock, $3,400,000.00.) TOTAL . . $39,498,200.48 6,584,516.20 oo