Evening Star Newspaper, December 8, 1926, Page 13

v COTTONIS STEADY INTRADING TODAY, Commitments Evened Up Awaiting Government Re- port at 11 0’Clock. By the Associated Press. NEW YORK, December 8.-—The cotton market opened steady today at an advance of 3 points to a decline of 2 points, the early irregularity being atiributed to further evening up of commitments in preparation for the Government report. ling was auiet, prices fluctuat- between 11.95 and 12.02 for Jan- contracts during the first hour, tone was generally steady »s held within a point or two ay's closing figures. - cables attributed steadiness .iverpool to covering, London and continental buving which had absorb- ¢@ hedze seliing. Some Southern hed ed here at the op paratively small volume and was absorbed by the covering of recent Wall Street and local sellers. New Orleans Market. NEW ORLEANS, December 8 (#).— Covering by shorts in advance of the Government crop report to be issued today caused prices in the cotton market here today to advance to 12.06 for December, 12.07 for January and 12.13 for March. First trades showed no change from the previous close and the opening was ste After the demand for shorts had been satis- fied p eased off 6 to 8 points. The market then became quiet while wait- ing for the Government estimate. <ing was report- g, but in com- ’ A United States cotton crop of 18,- 618,000 bales of 500 pounds gross including linters, is esti- this vear by the Depart- in its preliminary on conditions as of December 1. A fortnight ago 18- 899,000 bales were indicated. Last year's crop was 16,103,679, PRICES ON PARIS BOURSE. PARIS. December 8 (). — Prices regular on the Bourse today. per_cent rentes, 49 francs 60 < Fsx-hange on London, 123 10 centimes. Five per cent 5 francs 20 centimes. The dol- quoted at 25 francs 40 cen- ment of report francs loan lar wa times. RECORD PRICE FOR SEAT. NEW YORK, December 8 (#).—A new record price of $175,000 for a seat on the New York Stock change, $5.000 more than the recent high mark, has been arranged by the com- mission wdmissions, it was an- nounced yesterday. The identity ‘of the purchaser will be made public after approval by the governors of the exchs . NEW MOTOR LUBRICANT. "NEW YORK, December 8 (£).— Chicazo dispatches to Wall Street say the Standard Oil C of Indiana has a new motor lubricant which it consid is “unique” and to some ex- tent “revolutionary.” OPPOSES SUGAR CUTS. NEW YORK, December 8 (£).— Victor M. Cutter, president of the United Fruit Co, said on his return from abroad that he was radically op- pased to any curtailment of the Cuban sugar crop, bec: consumption was keepinz pace with production and cur- tailment would lead all producers in the world to enter the field. . B e = LIMA EARNINGS GOOD. NEW YORK, December 8 (#).— Earninzs of Lima Locomotive Works this year are reported to be around $8 a share, double the annual divi- dend requirements. Washington Stock Exchange Wash at 10775 Capital 1047 10410 Gas 63 00 at 1023 at 1041, at 10175) at 1077 20 at 9014, 0 at 101%, at 1011 % a at 81, pId—100 at 8%. at 0T 1003 . 000 at’ 103%. 5 and 6 per cent. BONDS. Bid and Asked Prices. PUBLIC UTILITY, Bid. Asked. g . . $300 o 20 at 10 at 10415, 10 10 at i - i 10 s & St 10 ‘at 1011 & Inv.. vfd at 8150 at 81y AF Inve 00 At R ik 300 at 1013, Natl. M 8. 100 & 0 W Chest Money—Ca Storags’ b% STOCKS. UL UTILITY. 119, 103 71% & Elec. ptd . NATIONAL BANK National Capital. . Wash. fws F Lincoln National Me Rigxn ... Becond Natwonal Bav TRU American Conunent. Merchants Natloii fash. Loan & Trust. . savings & Wash. THE NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office Following is a list of stocks traded in on the Curb Market today. Sales " s % Ala P i A1D Bick Har vie % Am_Arch Co 1 A Sedt pld. ... 7Am Seat vie !l #'Am Superpow B’ iy £ P n vie nfd 1 Ariz Pow & % Ao Gas & EI 1 Auburn Auto 2 Bwncitaly Corp. . 3 Borden Co .. 4 Brill Corp A 1Brill Corp B... Brit-Am Tob u Bklyn City R R.. Can Ind Alcohol, SRR OF e R Sp & Bumi ommw P C n.. mmw P C n pt onsol - Dairv SRR E RS EEGEAS 2 Consol ~Laund... Curtis Pub pfd 1. De For R C vt 5De For RC Co D Durant Mot El dnvest Inc. . 2 L ont w El R Secure Co. Pow Cor n R EERES AR SESELE 2 3i D o Dbty W09 R FEE, 8 4 H 1 4 6 1 F S Fed Metals T.. Firest T 7s pfd. Forhan T'o A Foundation Fo A 2 Fox Theaters A 2 Fre Eisemann RC 22 Freshman Chas . 1 Galv Honston Bl 5 rod Corp.... 15 Gen Bank A. 31 Bak B. (3 R o6 n Coal lfil - oo B % 1 PEEBE TR R R FrdR R 10 Gobel A 9 Goody T & R 1R Grimes R & C R 2 Hannicess € € A ~zeltine. Corp. . 1 Hires Ch Aoro.: 67nd Ravon Cor ‘A 1 Intern Util B Mid Wost Tl . 11 % M T o Ten 11 L MTer Rub of.. 100 [ k Val nl 40k wi.. 891 t P & T. 78 nf1011 Y Tel Co nf orth 0 Pow C Vo States P C A1 B Northa Pow n. . 1, Pa Ohio Fd i’ i Porn P& T, nfd nTn Morris Tn Morra A e 8 P & L £ 1 1 @ Prrone 2 Snlitdorf Re E C 23 2§t Pazia Paner, 184 Com Tab. .. 28nA PRL 1A 3 Stand Prh A 3 Soromb, Carls Tei n Steel Cast. . Art Thea Risonies 1 1Yates A M nt ofd 20% 1Yel Taxi C N Y 14 Sales MINING STOCKS. in hundreds 3 Anelo Chil G 10 Amz Globe C..0 & Cons Con Mines. 10 Cons Nev T'tah 2 Crosson Gold 40 Falcon Lead Min C/N. 10T Rullion. | 10 Tni Fast Min 11n Verde Exi 1Utah Anex : 15 Yuk Alas T'C ofs 2 es JNDEPENDENT OIL hundreds Con Oilfields .95 16°Am Con Oflfields .95 Gas. . . sall 4 sl 1.-5g Eopole " Bvndos . 14 Town Cont Pete 2. Doty Pate, ... B I Darby &R’ pid. ak Giheon 0N Cor. | B GuiT Ol of Pal ! by - Pet.. ... Tion. Oil, 16 Pantenee 14 Reiter-Foster 10 Roval_Cc Salt’ o Cons. Salt Ck Prad i maal Osaes” O 3 mid 3 Tide Water Oil.. EVERYMAN’S bonas_and New Low. ll‘lfi i = DA 1990 EANTAIB BB DS D! 3 A3 % SN S B BREFES BFR P ERETE Tt TRk IR PN i i ettt 2 i S 5 o wlio o SRR RR RAR ARRR S York 1:30 RERFER ZS5RESBES Dt nssismas SRS e o PR SRR 2, EEPORED T SR ERE: FREPRR e X P~ XX ] o 98D o LS RE533E RN E35R A0 ua Sean 85 ES, FRRE & R 23 RRF o g B e o e T ] ® @ 35 E5 0% 253 151 INVESTMENTS BY GFORGE T. HUGHES. “Call Loans.” In series it W tion in securities mest part with is from the banks n_\nd a tion of them are in the loans,” which mea of a after These loans, and made is quoted printed on quotations rate varies \\'hon' mo! ve larze T ve no immediate e let it ont on cal rate declines. Normally th 24 hours. are the socalled it is very There times, gener: pressions Wi ebb, when money on call at 2 per cel and there hav in crises when money borrowed ~unds for this purpose ave se S large propor- form of ‘call ns that either part transaction can terminate it done for money dayv have preceding article in this e as explained that specula- the cured o-day tht rate at which they are on the exchange and the ticker tape just as are for stecks or bonds. with demand and suppl ney is easy and the banks amounts for which they mploymeut they 1l to brokers and the This e daily fluctuation in the . but over a long period | been ally during business de th speculation at a low has been loaned nt or even lowe! e been times, generally was very tight Wat Oil pfd 85% Y. Ol 44Y" oil E I ales STANDARD OIL ISSUES. 1300 Cont'l Oil n &0 Humble Ol 8T P L. .... 1100 Imp O of Can 200Tnd P L 200 Nat 25008 0 _Ind 900 So _ Kansas 35008 O'N Y.. 108 O Ohio 2008 O N J 100 Vacuum ‘03 Sales in thousands. 21 Allied’ Pk Gs . 336 37 94 SRARSAR - oxcDoneso 590 BRI EERE R R RS 8 Cndanv & 1Det City G 10 Duke Pr P 6s A Fed Sug 6s . FIgrE WO Corn 53 1003 Gulf Sta U he A b Bl4a. 8 A Lirpictone 0380 md Gil & G 6148 1011 il P& L 6s A 1007 nt Gr Nor Bs B, 0% hier Nat G C.123 1 niNat G 68 ww 101 Vtor Paner 8a.: OR Jeddo ' Coal 6s. 100 G Tonioh Pw s A 05 BIin McN & L 781 Cong Ta) Lt 6s, 1 o E) kia Nat Gs 6168 09 Ohio Pow 418 D 0014 Ohio Riv Ed 5s 96 an Am Pet Gs 005 A 001y A1128 a9, 7 3 outhe 0N oN oN PRERp FOREIGN BONDS. n thonsands, 57 Baden 7s . 1 Bue Air 7s 208 Bue Air 7s 5 109 Rue ‘Aires 7 3 Re C El 61 1 Re C 270R E E 5 Krunn P T 73 M&s 7s 3 M A N s Wini Medellin &8 16 2 Netherland 68 60sI0 Blas. ... B Parm SRR 170 Rus G 6las nofs 151 ax Pu Wk 69a 0714 x SMT 7s 4 Stinnes H 7s 0 Stinnes H 2 StT W St W 6158 C *Ex dividend. WOOLWORTH T0 PAY By the Associated Press. NEW YORK, December 8.—A stock dividend of 50 per cent on the $65,000,000 outstanding capital stock of the F. W. Woolworth Co. was de- clared by the directors today, payable February 1 to holders of record Janu- ary 20. Tt was decided no fractional shares would be issued, but instead stockholders entitled to such fractions to be determined by the average price of the stock on January 10, less one- third. The shares advanced 3 points to 194% on the New York Stock Ex- change in early trading today, but receded to 192 shortly after. The company added stores to its chain this year. It has an authorized capitalization of $100.000,000, which may be drawn upon for the distribu- tion of the new stork. SHORT-TERM SECURITIES. (Quotations by J. & W. Seligman_& Co. Adirond, P, & L. C. 65 10%0. 10314 Alnm. Co. of Amer. Am! Tel & Tel a0 1 e & Ohio 6 n 1 Chi.. Mil. & St. Panl 6s 1 City’ of Lyon @s 193 Columb. G, & E,_ Ist Continental G & F, oodvear T. & R b reat Northern 7a 14 SRR oo0R tRon R AR A FRERRERR S Gl _0il Corn Harshev Choe. Co. 5lis 1940 Fomble Ofl 5las 1 : “Tel Short I A pe Oregon Sou. Pac. R S Ay Swift & Co. 52 197 Tinion Oil of Calif, Tinion Pac. R. R DIVIDENDS. Pe- Corn riod Atch T & S Fe S A Stock of recor Rat Am Cl Celotex Co. do pf. 2 Cerro de’ Pasco ohIONE & Ml brior lien. do bt | payesa. i | Florida B Glen Alden’ Co Gu't ol Corp Hercules P | Indiana’ P [ Tordan’ Mot | Kruekal & Co ot ne Ini | educated later in business cNlege. He grew up jin the E. I. du Pont de Nemours Co. { | He is a_nativ MEN AND MONEY By M. S. Rukeyser. (Covyright. 1926.) % ! John J. Raskob, chief financial offi- | cer of the General Motors Corporation, |is one of the new business leaders | brought forth in the recent develop- ment of a stabilized prosperity. Mr. Raskob, whose entry into the affairs of General Motors was syn- chronized with the first investments of the du Pont group of Wilmington, | With whom he had long been asso. | ciated, ini the motor company, opposes !the fatalistic notion that depressions must regularly follow periods of pros- perity. This short, dark individual, with penetrating brown eyes and brown | hair, who is chiefly responsible for the Iexten n of the installment system on {a large scale to the automobile indus- | try, believes that good-times are an | effect of sound business policies. I interviewed him last February, when Wall Stre>t was in a blue mood. Mr, Raskob, however, forecast improved jearnings for his company, and the | facts justified his optimism. General | Motors’ earnings in 1926 are not only | the largest in the history of the com- pany, but are larger than those of any | other corporation. The dollar value of | General Motors’ gross sales this year 1has been larger than that of any other automobile manufacturer, hav- ng passed those of the Ford Motor 4 lCo. in December, 1925. Reaffirms His Confidence. Now, when business sentiment con- |cerning the outlook is somewhat | mixed, Mr. Raskoh, in conversation | with me, reaffirmed his confidence in the stability of the automotive indus- try. Mr. Raskob is 47 years old, and is the father of 12 children. He was in the public schools and of Lockport, N. Y. Asked concerning the prospects for {1927, Mr. Raskob declared: “I think that automobile sales will % | up to $1 & |lable forced 50 PER CENT IN STOCK would be paid the equivalent in cash, | keep up. The industry should be able to sell 4,500,000 cars in 1927, as it ha {done in 1926, but to be conservative I should say that the output is likely to 4 (e at least 4,250,000 cars and trucks. | Of the cars that will be sold next vear | probably one-half will represent re- | placement business. The search for a 4 ; saturation point among new buyers has still been in vain. New outlets keep opening up. There is a growing tendency on the part of families to acquire and operate two or more cars. The preference for two-car garages in ' suhu[r is an evidence of this develop- men: % | “Do vou think that the General Mo- | tors Corporation is likely to do as well next year as it has done in 1926?” was asked. Doesn’t Expect a Slump. Naturally Mr. Raskob, as a matter , | of policy, abstained from making a | definite prediction of earnings, said, “I ‘sce ng but reason to expect a slump in earnings.” | % | _Asked concerning export prospects, Mr. Raskob declared that he expected | the corporation would increase sales in foreign countries by 25 per cent in 1927 over 1926, bringing the aggregate | 5,000,000, Extension of sal { facilities is the basis of this anticipa- tion, he explained. Mr. Raskob is not one of those who | believe that external and uncontrol- 2 th: well-being | of corporate enterprises. “Two factors make for a continu- ance of prosperity, in my opinion,” Mr. Raskob . “First, it is desir- |able to raise the standard of living. | The problem is to make people really want things and get happiness from |them. Then they will be willing to 4 | work harder to pay for them. “The installment plan plays a part in this development, but should be re- stricted to products which give satis- faction during the whole period dur- ing which payments must be made. Automobiles meet this requirement, but silk stockings do not. If a girl | bought stockings on the ten-payment plan and kicked a hole in them the first time she wore them, she would not be in the prop®=frame of mind to make the nine additional payments. Brdgeting of Expenditures. | “The installment payment, properly | worked out, leads to the budgeting of | expenditures. Some people urge sav- |ing money in advance and then buying | the product. But experience shows | that it is more difficult to do this. Un- expected developments come up to interfere with saving plans. “The second factor in retaining prosperity is to attune production to | consumption. This means avoiding | the temptation to overproduce in times of prosperity. When this used to oc- cur, surpluses of stocks would pile up and would gradually cause a lack of confidence in the business situation. The banks accordingl: call loans and a cycle of liquidation would start. The point is not to be over- selfish in times of prosperity. “It is easier to do this in_the motor industry than in some others. For one thing, there are fewer retail dis- tributers—only 30,000 throughout the country.®Wet get reports from Gen- eral Motors dealers .concerning retail sales every 10 days and regulate our o w:,:“ These trains jnfl-}7 puv eRens-) GIO o Mg oy oo ot TAqpazessdy production schedules accordingly. “Business generally is operating on smaller inventories than in the past. One individual has estimated that in- ventories in the aggregate.are $7,000.- 000,000 -smaller than in 1920. In the case of the General Motors Corpora- tion we have half the inventory we had in 1920 and are doing twice as much business. Our present inventory is about $120,000,000.” Mr. Raskob considers the automo- EVENING STAR, WASHINGTON, D. 0., WEDNESDAY, DECEMBER 8, bile industry one of the most staple of | Yext to food, shelter said, people want automobiles. Mr. Raskob pointed out that in the last sales year ended Au- gust 1 the General Motors Corpora- tion increased sales 50 per cent with- out price cuts at a time when many competing companies were reducing prices. A § per cent reduction in the retail price of cars, he said, involves an increase of 30 per cent in the pro- duction schedule if profits are to re- main constant. fact, he added, is likely- to prove a stabilizing factor in the industry. all_industries. and clothing, THE BUSINESS OF GETTING AHEAD. Spirit of Progressivism. The sccret of American prosperity is the widespread belief on the part of business cutives that methods and processes are not as good as they can be made. Flexibility of mind is one of the principal national assets. This spirit is so much a part of the national life that we take it for granted. We become conscious of the attitude, however, when we compare it with that of other nations. In England there is a stubborn con- gervatism which holds off the obvious benefits of the introduction of labor- saving machinery and methods of mass production. When British em- ployers are asked why new modes are not adopted, they reply, “Oh, it just isn't don That expresses a point of view, but does not give any rally valid reason. The attitude is not lim- ited to any one class. Labor unions are set against mechanical changes on the theory that machinery will com- pete with human labor, instead of recognizing that ultimately it will in- crease the productivity, and hence the potential earning power, of men. American labor unions recognize this fact, and it is one of the most whole- some developments of the present period. Holding Down Production. The Old World unions are still in- clined to hold to the traditional view that the salvation of the workingman lies in holding down production and thus spreuding the work to be done over a longer period. American unions, particularly those affiliated with the American Federation of La- bor, contend that labor will gain most by heightening production. And in this viewpoint American workers rest on sound economics, for production is purchasing power and the amount of goods that can be shared depends on the aggregate outcome. It is a fallacy to assume that there is only a limited amount of work available. This discussion has a specific appli- cation to the career of individual workers, whether they be executives or unskilled laborers. Instead of as suming that whatever is is right, they can attract and descrve favorable at- tention by assuming an attitude of challenge toward the work before them, ever seeking better ways of do- ing the job at hand. Enlightened cor- porations have set up definite machin- ery for encouraging even the humblest workers for making suggestions for improving shop d office methods. There is a new disposition to analyze every worker’s functions and to elimi- nate lost motions. The restrictions on immigration are facilitating this move- ment by making it necessary to econ- omize man power. When the worker assumes this atti- by of Ci A Clear Healthy Skin Make and keep gour child's skin healthy by using Cuticura Soap every-day assisted by Cuticura Ointmentwhen required. Nothing ‘purer or more effective. Soap 2. Ointment 25 and f0e. Taleam e, Bold cverywhere. Samole ench free. Addréss: 303 9PN Se3a0e +jox1u0Q) uoung 8201300007 Buj142AIY OOV 0] have all tie features your boy wants 'OUR boy wants an Ives Train for Christmas, be- cause he knows Ives makes the most up-to-date, realistic and powerful trains in the world—in per- formance as well as in Iooks. Every Ives locomotive has lots of power to pull long trains at express speed. With Ives Electric Reversing Locomotive your boy can stop, back and start his train just like a real engineer. ‘Take your boy to see the big Christmas exhibits of Ives Trains at the leading department stores, toy, hardware, sporting goods and electric stores. A com- lete line—mechanical and elects 50. Also transformers and & wide variety of acces- sories. You can get a complete Ives Electric Revers- ic—from $1.50 to Krowledge of this! | 1926. tude of friendly challenge toward his job he ceases to be a routineer. He WO! with a new zest and interest and ins to lift himself from a rut. If he can back the new enthusiasm with competence, he is almost certain to rise above his follows and win spe- clal recognition and promotion. CAR LOADINGS LIGHTER BECAUSE OF HOLIDAY Thanksgiving and the usual sea- sonal decline brought another reduc- tion in loadings of revenue freight during the week ending November 27, when 942,792 cars were filled. This was a decrease, the American Rail- way Association reports, of 136,020 cars under the preceding week, but an increase of 19,5686 over the same week last year. Coal loading for the week of No- vember 27 totaled 227,936 cars, an in- crease of 55,697 over the same week last year; grain and grain products, 1 40,809; decrease, 8471; miscellaneous freight, 325,508; decrease, 18,893; live stock, 29,405; decrease, 255; mer- chandise and less than carload lot freight, 233.142: increase, 620: forest products, 59,157; decrease, 5,951; ore, 14,542; decrease, 994; coke, 12,793; de- crease, 2,167. . —_— 'CAR ORDERS HEAVY. NEW YORK, December 8 (f).— Freight car orders in November are estimated at 3,925, the largest monthly figure since June, and for the 11 months this year 51,585 against 77,100 for the full year 1925. = NATIONAL CITY BANK LARGEST IN WORLD $25,000,000 Capital Increase Puts Company at Top of All the Financial Institutions. NEW YORK, December 8 (#).—The National City Bank of New York, which has long held the distinction of being the largest commercial bank in the United States, yesterday voted a $25,000,000 increase in stock, which will give it the largest capital, sur- plus «nd undivided profits of any bank in the world. A large “melon” for stockholders will result from the en- largement. . At the same time the directors au- thorized plans for building up a world- wide organization through the acqui- sition of the major branches of the International Banking Corporation, a subsidiary. . Upon the enlargement of its capital structure the bank will have a cap- ital of $75,000,000. suplus of $50,000,- 000 and undivided profits of nearly $18,000,000—a_total of approximately $143,000,000. This will exceed by more than $10,000,000 the capital figures of London’s three largest financial insti- tutions—the Midland Bank, Barclay’s Bank and Lloyd's. Total resources of the National City Bank, now exceed- S 185 cxpunded considerably by the develob- ment program. Altogether, $50,000,000 of the new money will be raised by the sale of the additional bank stock to present shareholders at a price of $200 a_share. Half the proceeds will be applied to the capital account of the bank and the remaining $25.000,000 to the capi- tal and surplus of the National City Co., an investment subsidiary. With the bank's stock selling above $6Q0 a share, subscription rights, permit- ting the purchase of one new share for each two held as of January 15, are valued at approximately $140. S i STANDARD 0OILS PAY $200,000,000 IN YEAR ‘W YORK, December § (P)— Dividend payments by Standard Oil companies during the fourth quarter of the current year will reach the gigantic total of $61,166,436, or $19. 062,207 more than was paid to share- holders in the final quarter of last vear. This brings the total payments of the vear to htly less than $200,000,000, or $: 838 more than was paid in 1925, according to a com pilation by Jenks-Gwynne & Co. members of the New York Stock Ex change. Bach of the four quarters showed increases over the corresponding quar- ters of 19 The second, third and fourth quarter totals were all records for their respective quarters, while the first quarter total fell below that of 1913, in which a sgecial distribution of more than $£38,000,000 w made ing $1,250,000,000. probably will be by the Standard Oil Co. of New Jersey. Lansburgh & Bro. SRS SRt AR 2R R 2R SR SR A AR R AR 2R rics The answer is of all types, MR EN NN N RN N BN RN N R RN R R ERERERER g %g i % What better time for a 1 # Sale of Lovely Frocks 316 Your holiday dances and dinners will call for such exquisite evening gowns as are h e r e—in gorgeously beaded georgette, rhine- stone studded chiffon or sparkling metallic fab- and laces — how could you find them or- dinarily at $16—in a quality worthy of you? , that you couldn’t — these are actually worth dollars and dollars more; many are samples, in fact. included Of course there are beautiful daytime frocks too—and FOR all types, too, from the slim miss of 14 to the dignified matron who wears size 5215. Second Floor Lansburzh’s—8th Street 4 There’s @ World of Choice— Sale of Furred Coats You have been waiting and hesitating over the selection Winter you? have kn you Just this far, far from usual values # : % zs % i You were waiting for A 2R . » of your new coat, haven't may not own it, but sale—with its T R R 2 R R R R R R e and its far from common- place fash: portunity incidentally, whether you wear size Whatever color have decided on you will probably find in just your silhouette—or you may decide that you want an- other shade when ions. Your op- is just as great, 14 or size 54Y5. you AVINGS BA mmerce & Savings. Security Vit Seventh Street Toited States Washingtor Mech: you start trying them on—in the warm, rich fabrics, whose luxurious collars and cuffs of the finer furs will fairly thrill you! i do o2t and speculation excited, that the rate pgode ¢ ist pt has gone as high as 100 per cent or | do 2nd nf O eta raics are computed on a vear- . lv basis. As security for the loans the brokers put up with the banks stocks or bonds with a market value in excess of the loan, the actual margin depending upon the nature of | the collateral. The more stable in | market price the stock on which the lJoan is made, the larger the amount that may be borrowed. The banks really take no risk at al in this operation, for if the market price of the securities deposited de t s cum pt Slines an immediate demand is made! mpt o for more collateral, failing which the | Parke U C'M.., stocks are sold for whatever they will | fenney Jst, pl, bring. The chance of loss to the Reading Trac. . bank is negligible. The result is that |U g : 3 fi‘xa-m this method for putting temporarily|ygi'ps e-p.’ idle funds to work is very gopular. | Western &0t ing Train, for O-7uage track, for aslow as $17.50. The Ives Manufacturing Corporation, Bridgeport, Conn. ves Lralin ure ou siue ae C. W. Dauber, 2320 18th Potomae Electric Appli- St. Co. 14th’& C oRau, 528 12th Singleton, 11th & E Ste. N.W. National Theater Sup- El“' Co.. 719 9th St. Supp! Mariin Rocka. Met Ed 7s p1.. do Gs pf. . Midland Steel Pr 17 do do bt dopt 1 City Bk i Natl Citr Co.. NJ P &Lt... (Newport News & H Ry G&E . dospt No_Pa Pow pf do ) SO i bttt S e S 33833 go5Y American Corcoran Firemen's National 920 1ath St N.W. Goldenberg's. 8. Kann Sons Co. Woodwurd & Lothrop. WHOLESALE DISTRIBUTORS: National Electrical Supply Co., 1328 New York Ave. SVECTRIG M AND R e R A N R N R R R B B R R B e LANSBURGH. & BRO—7th, 8th AND E STS. FETY Uiiiow. TITLE Ives Automatio BellLighe Banjo Signal333. For any size track. s e @ Second Floor Lansburgh’'s—8th Street er pid .S, Bonth ke merican R SRR IR RIRIRIBIBNE Merchants' Tran Peoples Drug Stores i wcfll’lh‘ thliz . 00000000 LoCToTcOOEoc000RZ0 @, > FEre E 1868 THE FAVORITE OF AMERICAN BOYS Se ST ¢ BIS=S2CEEHEE o