Evening Star Newspaper, February 20, 1926, Page 26

HIGH-CLASS ISSUES FEATURE OF WEEK Further Cut in Commodity Prices Also Big Factor in | Financial World. | stocks in a subsidiary corporation. Now EVERYMAN’S INVESTMENTS RY GEORGE T. HUGHES, * Intangible Securities. So far in this series the discussion has heen confined to bonds secured b; real estate or other tangible propert Often, however, intangible propert such as franchises, is put up as secu ity the security Sometimes, 100, is| it is much more difficult to estimate GRUISER DESIGNS WIDELY DIFFERENT | British and l] S. Go to! Weight, Other Powers.to to be shi pes ch; lon Speed, Is Indicated. tion and eru make the m Ppossible. Associated Press declares. gle is progressing indicate a wide va- riation in views among the naval ex- stressed. due, in part, to the geograph- ical situation of each counz which can he accepted as certain, in- combine gunpower, speed, protec- ing radius in a way to t effective fighting craft Details of developments have not en published by any country, the The treaty ifted naval competition from mass v, and the unofficial glimpses e been given of how the strug- Itk as to what factor should be ¢ and the vy must fulfill. British Compromise. jef mission its na In general, these unofficial reports military characteristics, none of main batteries and unusual anti-air- craft equipment; that French ships also emphasize speed, and that the American design counts heavily on protection. The Suffolk is credited in various British publications with nine inch guns, 3-inch armor amidships to pro- tect her engines and light deck armor over the engines. No speed is indicated, but to stay within 10,000 tons, such a ship could not well be in a 34-knot class. The Japanese design in the Nachi clasa {x reported as having 12-gun bat- teries and a speed of 33.5 knots, which would imply virtually noe_protection. ‘The Italfan ships of the Trento class are sald to be planned for elght main gune, twelve 4-inch _antl-aircraft General Board decided to stress pro- tection against the b-inch guns-of modern destroyers, carrying with it a reduction in gunpower and speed. Some of the younger officers favor the heavy battery idea, but it Is doubtful that the plans call for more than eight guns or that the speed will prove as high as 33 knots. The original American design in. cluded a radical departure to save welght and increase speed through use of higher steam pressure than is normal marine engine practice. A more conservative policy was adopted subsequently, however, and the open- ing of bids was delayed to permit bidders to design power plants of nor- mal pressure for alternative proposals. Bids will be opened in March for a the extensive use of aluminum and its_alloys wherever possible to sup- planf fron or steel and save weight. Another saving will be made by elec- tric welding in non-structural mem. bers, and the design is characterized throughout by refinements calculated to reduce weight without loss of strength. TEACHER WINS DAMAGES. Awarded $70,000 in Breach . of Promise Suit. PORTSMOUTH, Ohio, February 20 (#).—Miss Lorraine Schiicher, school Syactal Dispateh (6 Thé Star: FREDERICKSBURG, ary Judge Frederick W. Coleman to hold the February term Court of Westmoreland County, ba- ginning Monday. Judge Coleman will sit for Judge .J serving on the Spectal Court of Ap. peals. Special Judge Designated. Va., Febru- has designated 20—Gov. Byrd of the Cirouir W. Chinn, who s Dr. Lvon's : 2 apons and a speed of 34 knots; the |ship to be bullt | v * teacher, was awarded $70,000 damages | g =, the investment rating of a_bond which ; ’ i aREl « « in- | weapol » : R BY STUART P. WE e ih Lol | vdpment ol the st o vl | dicate that r:.:;':‘.;nm'::mm:;fi‘ Rave | French of the Tourville clans also are Were the engine for a sister ship,(In a breach of promixe suit here OTHPOWDER teh ta The Star | ” cured by re = i romp : . sur-|assigned eight 8-inch guns and a s to be lai, 9 v - = > | Bpecial Tiapaich 10 T . [ Ehan i e e I rvaved e | (AtIon of 10,000 tons, imposed by the | rendering something in speed and gun- |of 33 knats, which mas he oo Jowr <. | yera, aleo amm in st orlmayy [againstielin ¥. Taylor, prominnt Cleans Teeth Safel NEW YORK. Fehruary 20.In the | In general more risk is involved. but| washington disarmament treaty. has | power for armor protection: that Jap.| The same writers predicted 12 guns [are the first two of the ac €Se | business man. She sued for $150,000 = 'y fzanicla sityation ol ibe past week | sometimes l;umhl ur:. h fall into vrl:‘lm!;_m,mp the objective n‘f naval experts. lanese engineers are stressing guns and | for the American designs, now in the | eight 10 nnn-mnner-alrpu;\-prnr:rrunn?qr Miss Schlicher alleged that Taylor | ‘Without drugs and fa" ronin has heen | group are highly desirable. | The first of the so-called treaty cruls |speed at the cost of protection: that | hands of prospective bidders. Indica. | She A ’ I zed. ) ¥l s s strength of in " e o discussion of them involves the sub|ers is heing launched in England this | Italian ships will have speed. moderate | tons now, - however. are that - the | influence et van Sl ML skow ithe | vromised to marry her:and then wed ithout risk two of the Ur iovernment | ject of holding companies, which must | week. 1t 1e the cruiser Sufolh — aty limitations in | another wom loans have sold at top figures and | he reserved for a later article | "The treaty limited the ships to 10,000 bids have been 1 the high-| Taking only the simplest case. now. | tons displacement and guns not larger | class r This has | that of a bond secured on Stocks In |than 8-inch caliber. Within these limi not ¢ “ith any reduction of |some other corporation. there arelijion, naval experts have bean work. | money rates. In fact. the money | (hree points 1o he considered. The|ing ever since the treaty was framed | market has been working someshat | frst is the intrinsic value of the stock | = i s th e i | its he secol -V the | = ¥ ’ higher as the Federal Reserve ratir|itself; the second is the: value of the ===~ i & = : as been coming down stock tn the cofporation which iz i y The “Hou: n y = i | pledging it. and the third is the credit i 3 : sC oncst“Valucs ~~ neipa for the ad nvestment valuations is that has heen diminishing anks have heen larze buy ers, and what hetween the demand from banking institutions and the de. mand from private investors. there | have mnot been enough high-grade securities to go around Stock Movements Selective. T+ is a well accepted fact that the #ock market nowadnys seldom moves ag a whoie. Individual stocks go up the same time This has been | t week. The for special reasons at that others go down exemplified dus steel trade posi stance. has | not eome up to expectations. Neither has the copper pesition. Both of these £roups of stocks have therefore been | neither stationa or have gone down Oll stocks have also reflected some disappointment, because, with all the optimism expressed | outlook, it is not much better than it Was three and four months ago. On the other nd. ¢ al split-uns are in prospect in the case of high- priced industrials and some of these been strong. The e coal s have made a fair respon settlement for the long-draw ke. In the main, however, stocks have been for sale whenever the narket was strong. The impression given has been that holders are in no hurry to sell—that is, are not willing to follow prices down—but that they are willing to unload on favorable opportunities. Francs Again Come Down. French francs have been coming down. They have touched the lowest since the extreme low of March, 1924 The new French financial program has not been satisfactory to the outside world. It still leaves a deficit which cannot be made up from foreign loans. The United States will do nothing in the way of help until France has made | some provision for its war debt. There appears to be little chance of Great Britain coming to the rescue and certainly there is no other nation which under present conditions would be willing to lend to the French r public. The working out of the French financial program is going to be one of the most interesting features of the vear. Sterling’s Position Firm. The pound sterling is evidently stab- flized around the old-time war parity. Great Britain is move concerned in holding its present position than in trying to force gold imports from other countries. The latest trade statistics show that the United States has been selling a £ood deal less in the way of staples and has been buying more raw ma terials. Imports into this country have run ahead of exports. The balance is clearly against the United States. But the offset comes in the form of re- peyments on war obligations. There is no disposition to bring about a gold movement. Commodities Again Decline. According to Dun’s Review the com- mercial price average has gone down for the fifth week in succession. This is the most disturbing feature in the business situation. The volume of pro. duction continues large, and new or- ders are coming in well. But the trou- ble is, as it has been for the last six months, that the fresh business in many lines is not being booked at sat- isfactory prices. Consumers are traditionally slow about buying on a falling market and where quotatians are dropping as they are at present the tendency is for buyers to get the upper hand. The ease with which goods can be secured around present quotations makes for a policy of purchasing wholly for im- mediate needs. Brokerage Loans Increase. The latest figures on brokerage loans show an increase, but not enough to matter much. Wall Street has become accustomed to high credit totals, realizing that these occur as the result of the new listings under the inclusion in the estimates of the unsold portions of recent security of- ferings. It is not a sign of inflation. It simply indicates that the ordinary Wall Street requirements are perma- nently larger. over the oil trade | Six months ago the outlook for re- duction was assumed to mean that in- vestment capital, which took refuge in tax-exempt securities, would be get- ting out of these securities and into P water. stunding of the corporation that puts out the bond. If the borrowing cor- poration should default on the bonds and the holders should have to fore close, the property of which they | would come into possession would be | stocks. and so the matter of frst importance is to estimate the value of the s k uch 4 bond is strength- | ened whenever the stock which is put up as security is essential 1o the car rying on of the business of the cor- | | Kinally we have to take into account | the credit of the corporation itself. For example, apply these three points to a high-grade bond, Atlantic Coast | Line. Louisville and Nashville collat- eral trust 4=, due 1932. This bond is a high-grade investmen! frst because Louisville and Nashville stock Is very valuable stock. Second. the bond is sound because conirol of the Louis- ville and Nashville is essential to the iness of the Atlantic Coast Line. Phird. the bond commands a high rat- ing because the credit of the Atlantic Coast Line is high. Bonds which are | secured upon stocks are to be judged in this fashion. Public utility holding companies often put out bonds of this I P type. They are not generally as easy |— to analyze, but the method is the same. | (Copright. 1926.) | the ordinary market channels, but so | far this expectation has not been ful- filled. It is known that under the new legislation surtaxes on big in- comes will come down. Yet the first Liberty loan, bearing the rate of 313 per cent. has sold within the last week | at the highest figures of the vear. | This is a condition which is not easily explained. Apparently it means | that the tax reduction, while very sub. stantial, is not enough to induce hold ers of the non-tax securities to liqul- | date. | (Copyright, 1926 ) | Wed in Historic Church. ! Special Dispatch to The Star. | FREDERICKSBURG, Va., Febru-| 20.—Historic Aquia Church, in Stafford County was the scene of the | wedding Thursday when Miss Rohfl'—‘ ta Ambler Moncure was married to| Harry Asa Gllls of Bedford City. | Government Employees With Spring appreaching, your ideal apartment loca- tion s ir building $47.50 a month and up tomac Park. Building squares. bath 1o Iiy faat room. RIVERSIDE Apartments Ave., 22nd and C Sts. N.W. FOR INSPECTION W. H. WEST CO. 916 Fifteenth Street Phone Main 9900 OPEN Now Ready for Occupancy New Apartments THE TIVERTON 1121 24th St. (North of Penna. Ave.) Attractive finish; large rooms; artistic electric fixtures and base plugs; complete baths; spacious closets with electric lights; plenty of heat and hot Courteous janitor service. 1room, grilland bath. . ..........837.50 to $39.50 1 room, kitchen and bath. . .......$41.50 to $43.50 ] 2rooms, kitchen and bath. .. ......$60.50 to $64.50 OPEN UNTIL 9 PM. L. W. Groomes 1416 F St. Main 6102 Is your coal supply becom- We can_chunge rour Investigate the SUPER HEATER | SOUND VALUE ' Joseph McReynalds ernment offices are within a few large bright rooms and every modern comfort. Suites of one room. kitchemstre and ing exhausted? enting plant from ‘conl (0 oll in a few hours Oil Burner Demonstration Dully and every 10 P.M. night from 6 P.M. . (except Sunday) BALLARD OIL EQUIPMENT CO. 1745 Connecticut Ave. it $3.50 Philadelphia $3.25 Chester $3.00 Wilmington And Return SUNDAY, FEB. 21 | Similar Excursion | MARCH 7 i SPECIAL TRAIN Washington 20 - Standard Time Returning Lv. Wilmington Consult Ticket Agents Baltimore & Ohio R. R. n this magnificent new facing beautiful Po- The Munitions and other large Gov- Built-in Murphy beds, ring room. bedroom. break- Kkitchen and barh. ST S G114 SLALY L 5.7//1 .'sg.“.' -A-'\ ] Unusual Values in ODD PIECE (The sketches be are mee an tdea of the trend ar character of Kaufmann Fury ture—not cxact drawings of any farticuler picce Refreshing Sleep! Cozy Comfort! Assured With 50-Pound Mattress of Layer Felt Covered with a quality grade ticking. Usually marked 50% Kaufmann more than the price— To brighten the room there a growing vogue of Cretonne Upholstered Bedroom Chairs —and you can choose from variety at Kaufmann's. of them, covered with a quali cretonne of alluring pattern riced— 7 $21.75 Lamps! For every room and, every nook! Among the many is an Artistic Bridge Lam with Silk Shade Gilded base stand with le: ornaments. The shade is pretty color combination— $750 One S o nd - is no greater COMPARE—and decide for YOURSELF Living Room Suites For den or livin ble cushions. Nach to comfort A Living Room S solid hirch—mahoga and the two roomy tion and Nachman To_ beautify the a ty is edged with wide ba carved and ornamen Five pieces. 7 af a of ‘HonestValues ~—. Kaiifmamn Kaii than the ordina g room—a Three-piece Over- stuffed Suite, covered with striped denim Reversi- man spring construction adds $159 uvite of cozy comfort and rich appearance, covered with genuine Jacquard cut velour of exquisite pattern. The carved frame is of ny finish. Both the Davenport Chairs are full web construc- rings. Reversible cushions, piped in black mohair. $295 I It Costs No More for Distinctiveness Character Furniture Now Within The Reach of Every Purse It's the inside of furniture—the construction of the hidden parts— that counts. And in actual use—through time and wear—the superi- ority of Character Furniture is convincing. Dignity and beauty in appearance and workmanship perfect in every detail; these are the essentials of Kaufmann Furniture. kind. Dining Room Suites A well constructed Ten-piece Suite of Quees i Of genuine American walnut weneer French 1 Semi-closed, roomy China Closet. Two-door (a Extension Table an Anne design and contrasting decorations of net Server, Buffet, Oblong six Chairs with genuine leather seats it worth much more than the Kauffmann price $149 Another comparison value ! $175 - For the Bedroom An attractive suite, made of solid French walnut veneer, consisting of a Full-length Vanity, 42-inch Dresser, Chifforette and Bow-end Bed Adorned with a contrasting design in a darker shade. $139 bedroom with lighter tints, there’s a five-piece suite in green enamel, with odd panels of painted flowers. $257 A suite that's different! tion of that master artisan, Hepplewhite. maple—and the surface of gray hardwood finish— An authentic reproduc- Curly nds of mahogany. Exquisitely ted with hand-painted designs. $465 WE INVITE YOUR CHARGE ACCOUNT The Kaufmann Budget of DIVIDED PAYMENTS is a convenient, practical plan of owning Character Furniture generally obtainable only for cash. ’s 1415 H STREET N.W. BUILDING FORMERLY OCCUPIED BY CORNWELL GROCERY CO. Always in popular favor! A Four-piece Bedroom ; Sturdily made, neatly carved and inlaid with gold tracing. Bow-end bed. Suite of American walnut. $197 Typical of Kaufmann Character Furniture! five-piece suite of the Tudor period. Spool-turned Antique shaded walnut, hand-decorated with gold inlay ful floral design. All interiors of hard sycamore. legs and sleigh-type Twin Beds $325 mann’s And the cost A Queer Anne Ten- piece Suite of genuine American walnut veneer Semi-closed China Closet, 38-inch Buffet, Extension Table, Server, a Host Chair and five Side Chairs— all of them with scats of genuine leather. struction and design worthy of a higher price walr You'll judge Con- A and beauti-