Evening Star Newspaper, November 2, 1926, Page 15

FINANCIATL.' FINANCE COMPANY SHARES ARE LISTED Federal-American Co. Pre- ferred on Capital Exchange, Governors Announce. BY EDWARD C. STONE. Secretary C. J. Gockeler of the Washington Stock Exchange an- nounced today that 33,214 of the com- mon and 2,481 shares of the preferred mock of the Federal-American Co., the finance company organized by of- ficers and directors of the Federal- American National Bank. have been listed on the exchange. The listing of these issues, without the exact num- Ver of shares, was announced by the board of governors yvesterday. As the exchange was closed today, these stocks will appear on the board for the first time tomorrow. Complimentary Dinner Planned. Victor B. Deyber, prsident of the Second National Bank, reported today that arrangements had been completed for a complimentary dinner to be ten- dered Howard M president of the Jocal bankers’ association, and | V. Haynes, chairnan of the € House Association, by the so-c Juncheon group of Washington bank- ers. The affair will take place Wed- November 10, at the Willard .1t is given in appre Ton of the fact that Mr. Moran was honored at the recent bankers' con- vention by an office in the savings bank section, while Mr. Haynes is serving as 0 member of the excutive council, Chafrman Deyber is being assisted in the arrangements by Lanfer I. McLachlen. W. W. Spaid, vice president of the local assoclation, will preside. Financial District Notes. Frank W. Stone, vice president of the National Sccurity and Trust Co., has returned from a week's trip to Mount Vernon, N. Y.. and New York City. He made the trip by motor and passed much of his time visiting his mother. wha is &5 years old, and in excellent health President . (olden Donaldson of the Commercial National Bank, has returned from a 10-day motor trip. fe went to Chicago and came home v way of shville, Tenn and sev- )y other Southern cities, finding 00d roads and passing through a emarkably beautiful section of the kountry. George 1. sming, of the Union Trust hack at his desk soon, 1ous vacation, as he nous vacation he was forced to £pend part of his time in a hospital due to injuries to his knee, which he sustained before he left Washington. Bankers Favor Hollday. Washington hankers would like to elose the tloors of their institutions on election days. 1undreds of citizens vice president is expected the broker offices ¢ the hank emplo to get awa erally fs financiers said condition was very nd husines: ‘SReveral local Jday that under such ping open for business tisfactory. cts Officers, ih of the American ' Trust Co. and elected the officers for the ensuing vear: Perley. president; T, Miss Helen Kuydendall Aiss Helen M Miss Lucille ¥ » officers and the fol- the hoard of directors Henry Kimball and M Miller and presidents and Leonard « COTTON ADVANCES. Bad Weather in Belt Factor in Rise at New Orleans. ORLY her 2) Cotton Maureh, 13.00 favora the helt of 12 10 16 PANS, futy Novem opened . 12.86; NEW in trades showed gains < and although prices points. after the start, ed to new highs with 83, January at 12.92 7. or 18 to 19 points was quiet at the end mr with prices t 13 market fivst half The of the tead BALTIMORE MARKETS OLOSED. Secat hont 11l banks mber 2 markets being BANKERS AS ADVISERS ROSTON made to have the land cquip them Money to Loan Becured by first deed of lm-\ uu rv:l estate. Prevailin 0, Joseph 1. FIRST MORTGAGB FOR SALE INVESTORS BU Y In denominations of $250, $508, $750, $1,000 and upwards, situated the District of Columbia. JAMES F. SHEA 643 Louisiana Ave. N.W. [REAL ESTATE LOANS 5129 FRED T. NESBIT 1010 Vermont Ave Muin D308, ;.4’ - - Loans Made on ’ Rentals } First Mortgages Second Morlgnxes l)l ll I\ \(“l'll)\ Guaranty Mortgage Co. 468 Lou na Ave. NW. Main 1050 1 ssnmwerr resemeen:: TR T | Tra p AT u.#. MEN AND MONEY By M. S. Rukeyser (Copyright. 1926.) The American railroads in the ag- gregate will have earned more in the vear ending December 31, next, than in any corresponding year in the his- tory of transportation. On the basis of present reports. it is likely that the 191 class 1 rallroads ot the country will report a net in- come for the year of $1,200,000,000, a new high record. Of course, in 1916, the previous highwater mark for rail- road prosperity, the railroads showed a percentage return on capital in- vested, having in the last decade sub- stantially increased their property in- vestment account. Railroad earning power In 1927 will, of course, depend somewhat on gen- eral business conditions, but, even if there should be a recession in the volume of trade, the prospects for the railroads are good. If and when pres- ent prosperity should be superseded by less favorable economic conditions, it is inevitable that there should arise again a clamor for lower freight and passenger rates. But, even if the In- terstate Commerce Commission should under certaln contingencies see fit to heed such a demand, there will un- questionably be a lag. during which time the railroads will reap benefits. In times of prosperity and rising prices, the slowness of public regulatory bodies in meeting changing economic conditions works the other way against the interest of public atility companies. Commodity Prices Down. At present, despite the extraor- dinary volume of business activity in the United States, average commodity prices are nearly 10 points lower than a vear ago. That is an unusual de- velopment. Ordinarily, commodity prices have risen in the United States during periods of prosperity. The factor of falling prices raises dif- ficult problems in management of in- dustrial corporations, but does not af- fect the rallroads adversely. As a matter of fact, as long as freight and passenger rates stay up, falling prices for materials and supplies result in substantial ‘savings for the railroads, which show up in improved net earn- Ings. Another extremely important factor to be considered in forecasting rafl- road earnings mext year will be the factor of possible declines in maln- tenance charges and other expenses, which have been abnormally heavy since the return of the railroads after the war to private management. To a large extent, the rehabilitation pro- gram has been’ completed and charges should in some instances be cut down. In the last decade, the percentage of economic growth has been more rapid in the South than in any other part of the country. The current depres. sion in cotton may temporarily check the progress of the South, but is only a short-term factor. Pennsy’s Dividend Boost. It seems unreasonable to look upon the raising of the Pennsylvania divi dend from 6 to 7 per cent as the last chapter in the story of railroad de. velopment. Strong railroads, which are already paying 7 per cent or more, may hesi- tate for political reasons to hoost the rvegular dividend. Analternative is the system of the Norfolk and Western, which has declared a 3 per cent extra dividend. Of course, the Western and other like the Chesapeake and Ohio, have in the last two or three vears been sub- ject to abnormally favorable condi- tions. The domestic anthracite coal strike and the current coal strike in ngland have resulted in exception- ally large coal movements from the districts which these railroads serve. Another manner in which prosper- ous railroads will pass along the gains to stockholders will be through melon cutting—the declara- tion of stock dividends. From the standpoint of cold logic, a stock divi- dend seems to be much ado about nothing. It i3 analogous to exchang- ing a dime for two nickels, but it fre- auently paves the way for incr cash dividends. For road might hesitate f sons to increase its ¢ stock dividend rate from 6 to 12 per cent. Instead it declaves 100 per cent stock dividend, giving its shareholders one rdditional share of stock for each one which they own. Then the corpora- tion unostentatiously places the new stock on a 6 per cent basis. That this psychological factor is the motive behind stock dividend in many ances is not to be questioned. It eem childish, but corporation ex- ecutives see advantages in not having their shares sell too_ high or in not 'O“W'OMM 1 CO’\' ULT US plus fumhl Look F‘ uture by investing i . H. Saunders Co, Mortgage Inc. Nofes Pomeamistsliisaxm The Mutual Serial Building Association . Oreanised October, 180 Under 7 ornment Super Subscr.be NOW for stock in the 35th Series Shares $1 Each, Payable Monthly 5% Interest paid on your savings o Thomas E. Petty 1421 U Sivest N.W. J. Walter Stephenson Treqsurer 306 7th Street S.W. HArrRIMAN & C Members: N. Y. Stock Exchange New York —Now occupying tl‘lc;!' NCW Ofl"lces-— 729 15th St. N.W. WASHINGTON, D. C. Telephone Main 1603 i THE EVENING STAR, WASHINGTON IDROPIN EGG PRICE | seeming to pay too high a return. By these subtle devices of recapi- talization, the management achleves the same results without setting them- selves up as targets for criticism. Stréng and _prosperous railroads, whose physical valuation is greater than its stock outstanding, are ltkely to consider capitalizing their surplus and distributing stock dividends. At- lantic Coast Line is in a position to do this, Atchison, Topeka and Santa Fe and Nickel Plate are also. THE BUSINESS OF GETTING AHEAD. Hiring and Firing. As business in the United States moves further from savagery toward civilization in its methods, leaders are frowning more and more upon the old-fashioned system of hiring and firing. Ruthless djscharges perhaps do more to break the spirit of men in the rank and file than any other avoidable abuse. Progressive emplovers are taking pride in reducing labor turnover—not only heumse excessive changes are but alsd they are expensive. time a corporation employs L& man or woman, it makes an invest- ment in the individual. The new- comer does not reach his full pro- ductivity fmmediately. The time re- quired fo learn the requirements of a new job The intelligent work- er, ‘through experience, becomes cumulatively more valuable, and, other things being equal, he is of greater worth to his present em- plover than to any strange concern. However, unfortunately, some reac- tlonary employers never perceive the true worth of thelr workers until some outsider bids higher for their services. Selection of Applicants. Scientific study of the employment problem—and all large and progres- sive corporations employ personnel experts to deal with this question— indicates that turnover can be mini- mized if care is exercised in the se- lection of new applicants for jobs. Some concerns use pyschological tests to determine the fitness of job seekers, but others will rely on rule of thumb devices. Among employers of the higher rank the tendency to work on con- tracts is growing. A definite assur- ance of tenure in office adds to the qAignity of executives, A man who is uncertain of his own joh cannot function efficlently as a department head or as a supervisor of others. There is a growing tendency also to select men from the ranks for execu- tive jobs, thus building up morale and a feeling of loyalty. One large concern, when it decides to get rid of a department head. transfers him to other work for & full year without a reduction in pay. He thus gets plenty of time to find new employment commensurate With his capacity. Weed Out the Unfit. Sometimes employers, in trying to spare the feelings of workers, are a little less than frank in discussing their prospects. Although competent workers should be encouraged to suc- ceed, the best service to the unfit is to weed them out promptly. Some- times employers and department heads use fine words to soften the blow, and thus build up false hopes. Efficiency in business requires a low labor turnover, and this can be as- sured not only by paving fair wages and treating employes justly, but also by firing incompetent applicants be- fore they are hired. Incidentally, clearing houses for in- formation ahout jobs are still inade- quate, especially’ for executive and semi-executive types. Too many jobs and men are brought together through a random recommendation of an outsider. Investors Take Note We have a most attractive and unique investment oppor- tunity combining the safety and soundness of a good bond with the profit taking possi- es of a booming industrial The investment bears the commendation of leading bank- ing and investing authorities. Correspondence is invited from real investors who can recognize an exceptional of- fering. Address Box 356-J Star Office We will gladly receive and give prompt attention to applications for Loans on Washington Real Estate Current rates of inter- est. - Should you have Money to Invest —we can also take care of you. Our experience, ex- tending over a period of Thirty-five Years —insures vour protection. Percy H. Russell Co. 926 15th St. N.W. Continental Trust Co. 14th and H Streets Capital $1,000,000.00 Checking Accounts Savings Accounts Time Deposits Foreign Exchange Commercial Credits Travelers’ Credits Travelers’ Cheques Acceptance Credits Collections Real Estate Loans _Cq!lnter_ll Loans Investmerit Securities Corporate Trusts Individual Trusts Administrator, Executor Safe Deposit Boxes Continental Trust Co. 14th and H Streets Capital $1,000,000.00 ; 1S EXPECTED SOON Condition Firm in Market Here, With Wide Range of Values. A continued firm condition of the egg market was reported this morn- ing, and various merchants reported a wide range of prices, some far be- vond those reported in other big egs centers. A low price of 44 cents for current receipts and 48 for hennery was reported as representing the con- dition of the market, while, on the other hand, current’ receipt prices were given at 50 and 52 cents, the hennery stock quoted at 60 and 65 Philadelphia market reports quoted extra firsts at 51 cents, firsts at 45 and 46 and seconds at 32 and 34 cents. Small lots of nearby current receipts, candled, were quoted in Baltimore at 54 and 55 cents, some higher. It is belleved by dealers that prices of eggs will show a decline before long, many consumers already taking advantage of cheaper prices asked for storage stock. Storage eggs were quoted at 38 and 39 cents Butter prices also continue Prices have not changed to any con siderable extent the past few da however, according to dealers, who are unable to predict what will hap- pen in the matter of prices before the Christmas holiday season. Today's Wholesale Prices. Butter—Fancy, one-] pound rints, 52253; tub, 50a51; store packed, 38, nelB€5Fresh, selected. 45a50; hen- Y, ab5; current rece ners, S0a8 ecelpts, 44; stor- Poultry -Allve—Turkeys, 40; chi ens, 25a26; White Leghorns. s4ooe: fowls, 26a27; roosters, 20; young, 20; old, 15; keats, young, 50a old,” 34ndo. Uremanrugk;)s. a50; chick: 0, Sonay: chickens, 32u33; leats, youns, 18a19; a50. Medts—RBeef, ve lamb, .26a30; fresh hams, '-x:lm Zi:-yzn'xl ders, 23a24; loins, 36; smoked hams, 33; smoked uhnn]drrk 20a22, Live stock—Calve choice, medium, 13a1 8; lamb; Fruit and \Pgflnhln Review, Today’s market re Dort on fruits an Yegetables, compiled by the AMarier News Service, Bureau 3 of Agric Economic: i Apples firm. Hnll‘é; 18 Supplies liberal; 2 moderate, market steady; bm'lf]-“ ;’.’: few sales reported to quote; boxes, \or!lm(‘xler‘n medfum to large size extra fancy Delicious, 3.00a3 ‘ancy Jonathans, ;an hpllzenhurg!, 2 ancy Staymans, 2.10a baskets, Maryland and Virginia, h::h(;l various varieties, medium to large 1.00, few 1 Maryland, No. 1 Staymans, 214 mcm‘, 1.0 lnrhee 12 Cabbage—Supplies liberal; demand moderate, market steady; New York, bulk per ton Danish type, medium On improved real estate in D. C. and nearby suburbs —for 3or 5 yearsor longer. Prompt approvals. Ample funds. 'H.LRust Co. TRUST COMPANIES BANKING INSTITUTIONS BROKERS Consult us daily regard- ing the value of City Central Propert;es Stores Warel’muses Business Buildings Apartments Years of Profitable Guidance enable us to render a service that is Invaluable to the In- vestor. City Central Property Dept. SR &Y 713 14th St. N.W. Main 2345 Provision made for payment of District of Columbia Five Mill Tax MATURITIES: 2 TO 12 YEARS Established 1904 Incorporated N N Capital & Surplus Over $0,000,000 [\ 17th and H Streets, N. W. ‘Washington, D. C. Please send me, withont obligation, N complete information rega: the 6142 Bonds you are offering. Name. Address 10 AR oA size, 27.00a80.00; large size, 25.00. Celery—Supplies moderate; demand moderate, market firm; New York, two-third crates, 2.75a3.00, low as 2.50. Grapes—Supplies liberal; demand moderate, market slightly weaker; Michigan, 12-quart climax baskets Concords, 45a50, few low as 40; New York, 2-quart climax baskets, Con- cords, mostly 14; 12-quart climax bas- kets Concords, 50a65. Lettuce—Western supplies liberal; demand moderate, market slightly weaker; California, crates, . iceberg type, 4-5 dozen, 3.00a3.25, mostly 3.00, few high as 3.50. Onions—Supplies moderate; de- mand moderate, market steady; In- diana, Ohio and Michigan, 100-pound sacks, yellows, 2.00a2.10, mostly 2.00. Pear Market Steady., Pears—Supplies light; demand Ught, market steady; Oregon, boxes, Anjous, extra fancy, 4.00a. trom cold storage; haskets, Bartletts, No. 1, ripe, 1.00a 2,00, according to condition. Potatoes—Supplieslight; moderate, market firm; Michigan, 150-pound sacks, Russet Rurals, United States, 1,4.90. New York, 130-pound sa Round Whites, United States, No. 1, 4.75; Maine. 150- Ib. sacks, Green Mountains, 5.00. Sweet ~ Potatoes—Supplies light; demand moderate, market slightly stronger; North Carolina, cloth-top stave barrels, vellows, best mostly 2.25; some, medium size, 2.00. Cucumbers—Supplies light; de- mand light, market steady; Florida, square bushel crates, fancy, 4.50; choice, 3.00a3.50 String beans- demand Supplies moderate, demand moderate, market weak; South Carolina, bushel hampers and 5-peck hampers, green, mostly ordi- nary quality and condition, wide range in prices, 50a1.50. Caulifiower—Supplies liberal; de- mand moderate, market fairly steady: New York, Long Island, ¢ ‘Tomatoes—Supplies light; no reported. EXPORTS SHOW GAIN. BALTIMORE, November 2 (Special). Ixports through the port of Balti- more last week showed an Increase of nearly $2,000,000, compared with the previons week, ' while fmports de- creased $175,658, according to weekly report of the collector f | customs. Importa for the week toxdled | $1.423,791, of _ which 84‘!66'&" dutlable and $687.159 duty exports amounted to $4, DIVIDENDS. Pay- nhla ov 15 6 Te. Stock of rind. _Rate record, 1875 o : ,,,. Wrd 50 Harbison ie do pf hulte Ret St St Ol Ind. MORTGAGE LOANS There is no place them with us. Our service disposal. Low rate and commission B. F. SAUL CO. Main 2100 TUESDAY, NOVEMBER 2, FINANCTAL. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY DETROIT, November 2.—Bulck sales approximated 26,000 cars in Octo- ber, as compared with 20,100 in Sep-| tember. The company is operating on a schedule of 1,000 cars a day. October | sales of Chevrolet closely approximat- | ed 75,000 cars, as compared With 55,504 ‘for Octaber, 1925. The Novem- ber schedule calls for 40,000. ! PORTLAND.—Mills of the West| Coast Lumbermen’s Assoclation in lh-r‘ last week produced 116,866,758 fect.| shipped 103,062,000 feet and received orders for 112,443,176 feet. CHICAGO.—Both the beef and lamb | markets were easy during the last week, packers advise. Prices were | lower and supplies. were so plentiful ! that even a broad demand did not ab- sorb them promptly. Trade in fresh | pork was good at steady prices, For- eign business continues moderately good. HELENA.—The value of dairy prod- ucts produced in this State this year will_exceed $10,000,000, according to| Dairy Commissioner G. A. Norris. The daily output will be worth more than the combined corn, oat and barley crops. ATLANTA.—A charter has been granted the Georgia Portland Cement Co., capltalized at $3,000.000. The new plant at Sandersville will produce 3,000 barrels daily. LYNN, M: —The Lynn Gas and Electric Co. has put new rates into ef- fect. The old rate was $1.30 per 1,000 cublc feet. The new rate provides a charge of $1.30 per thousand for the first 10,000 feet and 90 cents for all over that amount. Have You Been Stung Yet? Some men have to get stung good | and hard before they learn to be cau. | tious in making investments. lefore | you invest—} m\e,ugme' ?OU'LTRY PRICES FIRM. CHICAGO, November 2 (f).—Poul jtry | fowls, % T ] OANS ON DISTRICT PROPERTY Provident Mutual Life Insurance Company Funds THE McLEAN CO. Realtors i Frk. 1121 delay when you s are at your of interest 925 15th St. N.W. A Third of a Century's Experience Main 2100 B. F. SAUL CO. We Apply to Apartments —the experienced Man- agement miethods which have been perfected dur- ing our Third of a Cen- tury as specialists in this service. We look after every detail of your prop- erty; collect rents; sub- mit you statements showing your earnings. 925 15th St N.W. Success or Failure Which? The difference between success and failure is only five or ten cents. cents of every dollar headed for success. A savings account here and our assistance in investments will make your success certain, * * Isn’t It Worth Trying? THE WASHINGTON Downtown Ink 900. 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Today Nahonal Savmgs & Trust Co. 59th Year Oldest Savings Institution in Washington Cor. 15th and New York Ave. Men Who Know the Value of a Budg‘et Each year our First Mortgage Se- curities are enjoying a larger sale. Our Partial Payment Plan is partly responsible for this—since it affords the purchase of a Safe, Dependable and Remunerative investment by a regular monthly payment. Many of our customers have found that by budgeting their incomes and making “Investment™ an item of that bud- get they are achieving— Financial Independence 5 ks 717 AR e AN 28ay er SAVE TIME AND MONEY LLFE INSURANCE COMPANY OF BOSTON, MASSACHUSETTS resid and other st current rates BOSS=HELPS loans on ces 1417 K Main 9200 APPRAISAL OR SETTLEMENT MINDIUM TITLE PXPENSE Street o THE FUNDAMENTAL PRINCIPLE SUCCESSFUL INVESTING NVESTORS in every state of the United States and in 33 countries and territories abroad have put their money into Smith Bonds. The reason for their choice is the fundamental principle of successful investing—safety. In buying Smith Bonds you are dealing with one of the oldest and largest real estate bond houses in America; you are securing for your funds the safeguards maintained by a houss which has demonstrated its good faith and in- tegrity, its technical knowledge and practica. experience; which has ample capital and exten- sive facilities; and which has protected its in- vestors against loss for 53 years. Smith Bonds sre strongly secured by first mortgages on modern, income-producing city property. Our current offerings pay 64%, with State and Federal tax-free features that increase the yield. You may buy Smith Bonds in $1,000, $500 and $100 denominations, outright for cash or under our Investment Savings Plan, which pays the 3 || fult rate of bond interest on all regular monthly NOIEOSS payments. A Bt Send d address on,the form be: | i Send your name an: ress S " INVESTOR || 10 for our booklets:*Tfty-thede'sYears bf e Proven, Safety” ‘and ‘Hnw fo aa,,&’.n Inde- 33 YEARS pendent Incdme. ‘THE F. H.SmrTH Co. Founde: 157+ | SMITH BUILDING: Washington, D.C.-~Main 6464 | NEW YORK PHILADELPHIA PITTSBURGH| | BosTON BUFFALO ALBANY MINNEAPOLIS| 1—s0 Name...