Evening Star Newspaper, December 13, 1926, Page 15

FINANCIAL NEW YORK CURB MARKET TRADING S SLOW IN GENTER MARKET Eggs Go Lower and Further Price Reductions Are Ex- Very few changes in commodities have been reported by wholesale dealers the past few day dealers experienced the u ding, busines: most lifeless Warm and da bintaion that never boos: ers state, and there was for them to believe today would be an exception. An easier condition of the market is reported, and dealers leve prices will drop farth the beginning of the Chr day season anless biizzard appears. Dealers are offering large quanti- ties of storage eggs at 38 cents is teported, and sales of such eggs for cake-baking purposes naturally de: creased the demand for the fresh stock. Toda Wholesale Prices. Butter—Fancy, 1-pound prints 260; tub, 58a59: store packed, 3S. Eggs—Fresh, selecte hennery, 5bad! ent re age, 38, Poultry chickens, 23a’ 28; fowls, 25; _rooste! ducks, young, 20a25; old, young, 60a70; old, 30a40. Dressed— 4 capons, fancy, hea chickens, 27a28; old, 85a40; rab- bits, No. 1, 35a40; No. 2, 20a25. Meats—Beef, 15a17; veal, 22a23; Jamb, 25a27; fresh hams, 26a30; shoul- ders, 23a24; loins, 28a30; smoked hams, 30; smoked shoulders, 18a21. Live stock—Calves, choice, 13; me- dlum, 11; thin, 6a7; lamb, 13. Fruit and Vegetable Review. Today’s market report on fruits and vegetables, compiled by the Market News Service, Bureau of Agricultural Economics, sa Apples—Supplies liberal; demand slow, market steady: barrels, Pennsyl- vania, No. 1, Grimes, 2% inches up, 3.50; boxes, Northwestern, medium to large size extra fancy Deliclous, 3.00 a3.50; extra fancy Spitzenburgs, 2.00 a2.25; few highe ‘bushel baske Maryland and Virginia, No. 1, Stay mans, medium to large -size, 75al.23 unclassified, medium to large size, 60. Cabbage—Supplies . moderate; de- mand moderate, market steady; New York, bulk, per ton, Danish type, me- dium size, few sales, 38.00. Celery—Supplies moderate; demand moderate, market steady; New York, 2.3 crates, 2.00a2.50. California, crates, 5.00; few higher. . Lettuce—Supplies light; demand moderate, market = steady; Florida, 134-bushel humpers, Big Boston type, 2.00a2.75; mostly 2.25a2.50. California, crates, Iceberg type, 4-5-dozen, 3.50a 4.50; mostly 4.00, ° Onions—Supplies moderate; demand light, market stead Michigan, 100- pound sacks, yeilows, U. 8. No. 1, large size, 2.00a2.65; mostly Potatoes—supplies moderate; de- mand moderate, market slightly weak- er; Michigan, set Rurals, U No. 1, 4.40a4.50; Pennsylvania, 150-pound sacks Round ‘Whites, U. No. 1, fair quality and condition, 4.15. Spinach—Supj s liberal; demand Mght, market slightly weaker; Nor-| folk section, Va., cloth-top vencer bariels Savoy type, 50at0; Texas, no sales reported. Sweet Potato Market Dull. Sweet potatoes—Sunplies liberal; demand light, market dull; East| Shore .laryland. bushel hampers yellows, No. 1, 1.00al.15; few, North Carolina, cloth-top “stay rels yellows, No. 1, nas holi- live—Turkevs, White Leghorn: 234 poor condition low as 1.50. Cucumbers—Supplies moderate; de- mand moderate, market square bushel crates fancy, choice, 2.50a2.75. Squash—sSupplies light; demand moderate, market dull: Florida, pep- per crates white, 2.5 yellows, no sales repor String beans—Supplies mand moderate, market slightly weak- er; Forida, best, 2.50a3.00: fair to ordina ity and condition, 1.5012.00. Peppers—Supplics moder; mand light. market steady repper crates fancy stock, few higher. Cauliflower—Sunpplies moderate: de- mand light, market steady; California, pony crates, 2.00a2.2. S ate; de Florida, 5.00a3 CEDAR POINT OYSTER RESERVE AREA CLOSED | Between 35,000 and Beds Since Last Monday. Specia) Dispatch to The St BALTIMORE, Point en clos and f 3 dredging * will N6t be permitted by the State Conser. \-rmm Department until the season of 1527, “Between 35,000 and 40.000 bushels have been obtained in the area since | 1t was opened last Mond “Swepson Earle. State conservation cemnmissioner, 82id he clsoed the area to ‘protect the sn and to insure a better cron . With the reopening of this 7 r the adjoining area on which 150,000 bushels of shells were plantad.in 1925 will be onened. This wll give to the dredgers 300 scres of ovster beds in one of th best reproducing areas in Maryland The 35.000 bushels heen vested h which hive just e been selling for $1,40 2 bushel. the buver paving the special tax of 10 cents a bushel. acres ha drefligers more than than ore weuk. vield'd to the £50,000 in less STOCKHOLDERS INCRFASE. NEW YORK, December 13 (&) Holders of common stock of General Motors Corporation who received the regular qu d of £1.75 shave for the fourth quarter, had in creased to 30,210 from 27446 in the third quarter. Common and preferred shareholders towaled 50,369 against 47,89 the quarter before VOLTAGE DOUBL;:D. W YORK, December @) The voltage of the main transmission system of the West Penn Power Co., one.of the oncrating units of the West Penn Electric system, major eléctric subsidi f American Water Works and Electric. has been rafsed from 66,000 to 132,000 volts, FEDERAL LAND BANK BONDS. (Quoted tiv Alex Brown & Sons Closing. ) RiA. Astad OREOX 100% J00) e to—Maturi M Fov 18 Mav ® May Nov May Jan % Jan oy 4 uly an. 4 1y b ¢ fan. . % Jan. . p% 78 iy 3 s Today | before | weather ! it | 50-pound sacks Rus- | : few, 3.00; %-bushel hampers green, | 40.000 | Bushels of Bivalves Dredged From | The | Ay Received by Private Wire BY WILLIAM F. HEFFERNAN. | Special Dispatch to The Sta: ’ NEW YORK, December 13.—A number of Interesting developments took place in the Curb Market trad- ing during the first session of the I week. One of the most noteworthy inci- | dents so far as price movements were concerned was the pronounced strength at new high prices of Victor Talk- {ing Machine stock. The manner in | which the price moved forward left | the impression that increased earnings and recent developments within the company itself had not been fully i discounted despite the rise of the past two weeks. There was nothing that was not already known to account for today's strength. It was merely recognition of the fact that new bank- | fng interests in the company had | stimulated activity in the market for the shares, which were thought to be { selling at attractive prices In view of what can be expected of the com- | pany In the near future. | Another feature was the heavy sell- | Ing which developed in Serv-El Cor- | poration shares, which carried the ! price to the previous low record of Following is a list of bonds ana stocks traded in on the New York | Curp Market today. Sales in INDUSTRIALS hundreds. High. 'y Als Gt South prelZi | | AIb Piok Bart Vte 2 edoZuieTan] SRR R R AR e s e B0 BEE R RS EBBRAL S ERZEED 2] SoF BDe BI0.08 D! 328 w00on 1 Beaverd'd vte pf. 1Bliss EWn. ... 1 Bklyn Shoes In 2 Bon Ami A 28 Béldens Stach op Mae S Bril Corp A, 1B Coip % 3 Brli-Auy Rob_Cou 1 Bilyn City, B R 1 Ca’ nd “Alcohol mlotex Co pf®.. 2% Con “Aguirre Sug AW Cent Lea n ip, Cor. Southw. 6 Cent 1% Cent 1 Cohn-Hall arx. 18 Commw P C n.. 1Commw P n of.. 6 Consol G Balt n 5 Con G l'!a te wi 1 Consol und. . . 8 Courtlanids Ltd. 1Cuba Tobh Co vte 2 Curtiss Aero M. 1Curt Aero M nfd. L% Curtie Pub ofd.. 1 ‘i De For R C De For RC ctf d figul-"h:l g Q R. 2 Durnn ot. . El Bd & Sh nfd 1 B & Sh n cor riicth B & 87 Est Welte Cor A el,li C B.. ot Co. 1% Fajardo Sug_Co. FEREE R FE ISR FART 2o EE PEAEE ik D00 19008 w0tk s coe s 12108 e S0 an ST B2 Ba ki 30 e A A R m o mm A e DB G E Be B IS o S SO0 E B RSB Feh B 1A SRRAPE PR F o Copmiot o s oD BN DD FELR SF PR T F A IR SRR SR F PENIS Bxor A R ey 220 S S R s P e SR A B R RN RS A SIS A S BT S SR EEEREAEE @ s 5 omaoes! e R 2R REE et « 5 : S S = ) | 3Gillétte S .0 A Gleason Prod C. RGobel A.. < RICSFR FF2 S8 &R ) ey SomD on'niess C S F. 5 Hazelt'ne Corp. 1Hres Ch A 1 Holland 1 Hood 3 Intern 8 Intern Util B ez B 5038 am 3B TR SR 3 E S N ERFORENE P sR 5 5 oisions i G 1omizigm S s SNG m re S B B s S0 & aaxoda:a:a.-u" P B3 1o D023 M 2 2353353350 00m055038 00k i~ - T D oR S350 3 3 D BSOB R DI BEDAG S FIIF BPRAR F AR F [oree - Metro_Chal St Mid West Ul Mohawk _Hud 3 Morray B N Nat F! Pow A NP &L 7sptdl Nat Pub Ser A. et £ wi % S REFEREER R T PERIATR 10 Northe Pow n.. 1 Ovington Bros. . 1 Pemder D Groc B 20 Penn O Sec 0_Sec S % 2 Pratt & 17 Proct & Gamble 160 %, Pendence_Co pfd 107 Bpvrene Mfc.... 14! B B 19 e 9 10500 - 23 £E e R R PR RRR o s uaSEay 3 Rand Kard B'n 3 Reo Mot 4 i Ren Mo T Vil RRich Rad... 1. 1 Rich Rad b |7 Mickenbark, " " 350230235 R ERE £ RRAR SFRFRE D i maaD3onZan FEEEN D P 2adnio-33.8 Frn SE SRR, o 2 & 2 2 | 5 Singer Mfg Lid. [ e e Ison €' U A e | . lSou G &P A A%u B &L N BSou P &L n ot Tén'p &L ptd A 600 Sou P & 1, war. 70 et Bel) ntd 3 Com Feb. . §th G & B 5o | i 'Pow & LE0A Sebond Pin ¢ A 1 Stromh Carls Tel FRt R ewie Tngtl L o7 Trane Liw BiA 1T A Th Cir) 17t Risenit AL Bianit B . E&e Do sn Ghon M C. +S0% 1922 w3 33w ) PIIS A S S EEE R b P ek e L e s il N 3 e same s 153200852822 8355 8 G P kT, Ve Vie Talk_Mach . ¢ West Ma Tat nfd 1, Woa O & Sn nfd 07 1 36 white Sew Mach 208 | 38 Woolworth n_wi 130 | Yel Taxi C N Y '13% 3 { | [T 535533 Salea in | hundreds. M 10 Am C M & M | 10Tutte & Weal 12 Cona_ Cop_ Mines ! 1 Nolor~s ~ Faper. . | mrheGU ML’ * | .20 Bureka Croesus. . | 18% Palcoln Lead Min | | i NG STOCKS. a 20 Golden State. .. 10 Fnwthorne M 1o 48 Ray Conner Cor 2 Mason Val. . w Cornelia Mining oL 188y | 3Py | 10 Red Warriar ! 180 Am Gold & P i T Bullion Uni Verde E | Sales INDEPE: in hundreds 11 Am Con Oilfids ERAM ) nibo G 3% 0 24 D! | i ! | al” Creale Svnd V8 Lone Star G 1 Margav O 0. . 208 Mex Oil 5 37 Mex Panuco Mount Prod.. w Mex Land k Oil, onter Oil Boal Can 0 & R Salt Ck Prod idal Oraze O ide Water 011 41 il nfd 85 % 23 Veneruelan Pet. 67 1 Wilcox O & G n. Salesin STANDARD OIL I1SSUES. units 00 Angls Am Ol & [ 50 1251 128 i i e 100 Prairie P L. 100 Vacuom Direct to The Star Office 6% before support was encountered. This was accompanied by a decline to a new low in the market for the bonds. While earnings have not been main- tained at a rate which might have been expected, this was hardly ac- countable for the heavy offerings. The manner In which Standard of Indiana was taken at a new high price on the move indicated buying of a spectal nature. The price had not varied more than & point within the past three weeks. Other ofls did little with the exception of Carib Syndicate, which was offered fréely and carried @ point lower. This represented noth- ing more than profit-taking, however. Interest in the bond division cen- tered in the initial trading in Berlin City 6% per cent debentures, which immediately sold at slight premium above the price and subscription, and in the new Chile Copper $35,000,000 5 per cent debentures issued to pro- retire the present 6 per cent con- vertible {ssue. Shortly after admit- tance the bonds were quoted at 96% bid, offered at 97% as against their subscription price of 96%. issues were well taken, according to bankers handling subscriptions. Sales BONDS. in thousands. Seating 6n WOW B A Vr Pa 65 0 wi aconda (e A. El Pow 55, . G &E 68 } Ar Sim Hi 1l Fruit & caverhd S it oF 9 151 Sy e BT > 2> b =S oS o0s! SER22RET ==, EICERES s SRCEX & 201 215D oomoaB AT T3 g =¥ 19 = oen o it _Schild 6s. - 3 R » atineau Pow atinean Pow o .. 8 ¢1 g SiEs T Ef m20: o S 25233253282833328% OO0 es £ e 558 d t Gr_Nor 68 B nter Nat G _Os. 122 nter Paper s eddo, High de Laclede Gas 5 Pow 6 S o <1 DO (B a0 B 1T B IFESE ST rca bz PN, oY) ») RO i " 73 3! 2. 3, SR AR 3 2 2 2225 Z 22580425! NEREES - 1005 12 £ Gtk 3 O 1 i A DA S A RO G 5 S RS IS BieesS 2, <acaoageeEnoD: # Gogdg e FoRao0%: 28”23 0w gl 97z, 2 ar B Pic 38 Weat Un Tel 5 Youngs S & T Sales in thousands. Baden 7s . 3 Buen Aires 7s '3 8% Buen Alres 7s '5: 46 Buen Alres 71 265 Bu Air 7s 30 Be CE 6145 '8, {5 o5 2 rl 150 BerlEIEUR & Free S Prus 6 31 Ger Con Mun 18 Grt Con El 614 1 Hambure E 13 Hung_Con: 22 RSDanD 00000 FERASRRRERR SEE M Y B Do 101 uni Medellin i 1031 onte 618 A wi 04 ietherland @s B 100% 3 . 1004 us G Ak N oty anda_Falls 5e A P a x 8 M T e 3 S oo s E agperTrs | = a 34 B103% 36 001 2 101 102% 1078 ol 091 09 aRTy 99 9BY 22% 5 t B 8t e W o T o a Sl e , B di STOCKS OF COPPER. NEW YORK, December 13 (#). Stocks of refined copper of Decem- ber 1 were 147,712,000 pounds. an in- crease of 11,246,000 pounds over the month before, and the largest monthly gain in a vear. November shipments were 241,398,000 pounds, of which 92,984,000 were exported. Production of refined copper was 252,644,000 pounds, a gain of 6,400,000 pounds over October. > .. Mil & St Panl s 1 Soitme "% B et i im| ot Ba 27 Gontinental G. & E_ B 1097 Sondcerr T & E, e Tona At Northern 7a 193 A1 oMl Corn. Pa. Bian 1058 o e Nopn Srbrine 15t '0a 128, N. Y. Tel. 6s 1041 .. Oregon ’hnufi }A";H". 109 Voa: Al 1naa: Sinelair C. Oil P. C. fis 1028 Sou. Pac. R. R, C 4a 1070 Std. Oil of N 1148 1033, awitt & Co. e 1032, TUnfon 041 of C: T'nfon Pac. R, United Lt & ') U, S. Smelting Wise. Cent. Ry. FOREIGN EXCHANGE, (Quotations furnished by W. B. Hibbs & Co.» Nominal Secime ol rala) Seijing checks 333233233 & 533333355522532555 RRRREFR2R 53323 Z235933953352 3323332333 2333383 Z233323323382 3 - 23 fondon. poun ontreal.” dollar. Paris_franc Brussels, franc Berlin, marl Rome. lira. Zurich. franc. . Athens, drachma Madrid, pesata. v crown, oro; ‘crown zloty... Conenhagen. crown. .. Oulo, crown : Stockholm, B 1 00014 v.* 0200y (Reported by J. & W. Seligman & Co.) e NOON ey Rid $%s Mar. 15, 100 A1 June 18 {4125 Dec 16,7102 1027. . NEW YORK, Decembor 13 (P).—A $35,000,000 issue of Chile Copper Co, i23-year 5 per cent debentures, offered today at 96% by the National City Co. and ‘the Guaranty Co., was quickly vide part of the funds necessary to, (Fde and foeal COTTON ADVANCES ON PROFIT-TAKING Recent Sellers’ Buying Has Elevating Effect on Prices in ‘Trading Today. By the Associated Press. NEW YORK, December 13.—The cotton market unchanged prices to an advance of & points in response to steady Liver- pool cables and improved somewhat { in_early trading. | Very little Southern selling was reported here, while there was some trade and local buying, the latter chiefly to taking by recent sellers. Expect tions of large domestic consumption figures for November and of an im- Both | Proved export demand toward the end of the month probably contributed to the advance, which carried prices up to 11.97 for January and 12.44 for May, or about 12 pofnts net higher. Private cables said Bombay buying had absorbed hedge selling in Liver pool and also reported improved de- mand for cotton cloths from India. New Orleans Market. ORLEA December 13 (). —First trades in the cotton market here today showed gains of 3 to 6 points, with the opening tone of the market stoady. After a slight reac tion of a point or two prices again improved on reports of unfavorable weather in the belt and prospects for colder weather. December traded up to 12.00, Junuary to 12.02 and March to 12.17, or 9 to 14 points above Sat- aurday's close. Liverpool cables were better than due. Liverpool Quotations. LIVERPOOL, December 13 (#).— Cotton quiet, prices unchanged. Amer- jcan strict good middling, 7.48; good middling, 7.13; strict middling, 6.83; middling, 6€.48; strict low middling, 5.98; low" milddling, 5.43: strict good ordinary, b5.08; good ordinary, 4.43. Sales, 6,000 bales, including 4,400 American. Receips, 26,000 bales, all American. Futures closed steady: De- cember, 6.35; January, 6.40; March 6:49: May, 6.59; July, 6.69; Octobe: 6.77. MEN AND MONEY By M. S. Rukeyser (Cobyright. 1926.) NEW New York's giant banks have re- cently taken steps to strengthen them- selves to meet the increasing oppor- tunities which America’s new world financial leadership gives them. Following the expansion of its two nearest rivals by means of annexa- tions, the Natlonal City Bank of New York, in adding $25,000,000 to its cap- ital, not only stepped further into leadership among American banks, but became for the first time the bank with the largest capital in the world, passing the English institu- tions. The recent growth of the bank has been an effect of great expansion of the domestic and foreign business of the country, and yet Wall Street feels that the large participation of !the bank in the recent prosperity has been in large measure ascribable to the able leaedrship of Charles E. Mitchell, who has been president for five years. During this period, the price of the stock of the bank has virtually doubled. Mr. Mitchell, who had been the organizer and executive head of the bond distributing subsidiary of the bank, succeeded James A. Stillman as president. Mr. Stillman, whose ro- mantic taagles were xo widely ex- ploited in the press, is still a director and a large stockholder of the bank. among employes of the bank. 1921 Mr. Mitchell had been primarily a bond man—a super bond salesmai He brought to his new work an e: traordinary enthusiasm and execu- tive skill, which stood him in good stead as a banker. Those on the in- side frankly concede that he rapidly improved the morale inside of the bank, and paved the way for expan- sion and development. With Western Electric. After graduating from Amherst in Mr. Mitchell entered the em- ploy of the Western Electric Com: pany, eventually becoming credit man- ager. His first banking experience was as assistant to the president of the Trust Company of America in 1907. 1In 1911, he entered the bond business on his own. He joined the National City Company in 1916, The cutting of a melon recently by the National City Bank, following sim- | flar action by the Chemical National Bank, emphasizes the marked period of prosperity which the great city banks have been experiencing. In re | cent years, the banks have developed a facility in always keeping their re- sources fully empioyed. The facilities of the Federal Reserve system have cut down the requirements in respect to non-earning assets locked up for reserve purposes. The heightened prestige of the big banks has been tied up with the grow- ing importance of big business. Since a bank can lend only one-tenth of its capital and surplus to any single bor- rower, it has been necessary for the banks to grow commensurately with the expansion of business corpora- tions, The recent history of banking in the United States emphasized the need of judging the country by districts, instead of as a whole. While the large city banks were enjoying unpre- cedented prosperity, agricultural banks in the Central Northwest and in parts of the Middie West, including lowa, were passing through a period of ruth- weaker factors passing out of exist- ence. In some places, towns were left without hanking facilities. The most recent bank troubles in Georgia, which were a reflex of speculative operations in connection with the Florida land boom, were localized. Can't Cure ‘All Ilis. The policy of the Federal Reserv System faciiitates the meeting of dif- ficult economic situations by memb banks, but no system can obviate en- tirely the fruits of mismanagement or mistaken policles, With the supply of credit abundant, New York banks are competing for the patronage of borrowers. Borrowers of high credit standing shop from bank to bank, hoping to save one-fourth of 1 per cent in the interest rate. Some corporate, bor- rowers get loans by selling promis- sory short:term notes — commercial paper—in the open market, and thus obviate .the need of keeping part of the loan on deposit. The big banks have solicitors in the fleld perpetually in search of new business. The largest banks pass by all prospective customers except those whose net worth is $300,000 or more, but will take smaller accounts if they tcome in unsolicited. The First Na- tional Bank, of which George I Baker is chairman, however, is frank- ly a rich man’s bank and is not in- terested in aecounts which will not keep a minimum deposit of $10,000. Recently, even the neighborhood oversubscribed. The proceeds will be | banks, which specialize in the ao used to retire approximately the same | counts of housewives and small busi. amount of 6 per cent bonds. ness men, have thelr minimum pened steady today at | He recently distributed 50 golf sticks| Until | less readjustment, with many of the, deposit requirements from $200 to | $300 and in some cases $500. Such !a trend gives the labor banks, which are more lenient in this matter, a competitive advantage and a new op- portunity to cater to the little fellow. The Wages of Management. ‘The late Warren 8. Stone, who was for many years head of the Brother: hood of Locomotive Engineers, had | extraordinary business vision. In- | stead of making faces at capital, Mr. Stone believed that labor organiza- | tions ought to get possession of it | and use its power for thelr own pur-| poses. | Mr. Stone belleved in employing tal ent—and paying the market price for it. In conversation, he referred to the seemingly extravagant price which one of the railroads paid for its press agent. He surprisingly added that the brotherhoods ought to hire him, a way better to present their side of the labor situation to the public. Untll recently, labor and farm of- ganizations were suspicious of high- salary jobs, but of late they have taken a’leaf from the book of capital. Such organizations now believe that a good manager is worthy of his hire Emulate the Method: As one of the chlef unofficlal ad- visers of farm groups, Bernard M. Baruch, former chairman of the War Industries Board, has advised them to emulate some of the methods of big business. One co-operative marketing asso- ciation on the Pacific Coast is re- ported to pay its general manager | $40,000 a year. A number of other | farm organizations have $25,000-a- Vvear executives. Several of the labor organizations sely employ high-priced executives and consultant: The Amalgamated Clothing Workers of America is con- | spicuous in this movement. As the| unions go into banking and into va- rious lines of business activity, as| they have done in recent years, lhe.V‘ require a high type of executive lead- ership, and are coming to recognize that they must pay the market rate. With more than a score of banks owned by labor unions, there has recently been a multiplication of the well paid jobs within the control of union leadership. Employ Engineer. In its new plan for co-operation in the shop between management and men, ‘a8 represented by their inde- pendent union, the International Assoclation of Machinists, whose pro- Rram has been accepted by the Balti- | more and Ohlo Railroad, the Chicago and Northwestern, the Chesapeake and Ohlo and the Canadian National Railways, has employed a consulting engineer—Otto Beyer, jr.—to supple- | ment the suggestions of employes | with sound technical information. Without good leadership a business is unlikely to be successful. A new executive at the top frequently turns a business fallure into a conspicuous success. In the automotive field the advent of Walter Chrysler into the old Maxwell Co. turned a weakened and almost emaciated enterprise into one of the leaders in the industry. It is difficult to agree upon a salary large enough for that type of serv- ice. The newer tendency is to give chief executives an opportunity to share in the profits either through direct profit-sharing or twvrough giv- Ing him an option to buy the stock of his company at a specified price. The General Motors Corporation more than two years ago adopted an elaborate plan for glving the seventy major executives @ larger partner- ship interest in the enterprise. POULTRY MARKET STEADY. CHICAGO, December 13 (#).— Poultry—Alive, steady: receipts, 10 cars: fowls, 1814 prings, 18a23; turkey ducks, 20a22; geese, 17a {REAL SILK HOSIERY PROFIT. NEW YORK, December 13 (P).— Real silk hosiery reports net profit of $730,523 for the year ended Septem- ber 30, equal after preferred dividends and subeidiary companies’ shares to $2.72 a share on the common, against $1,800,342, or $9 a share on the com- mon the vear before, when no pre- ferred was outstanding. Money to Loan Secured by first deed of trust on real estate. Prevailing_interest and commissio 420 Wash. L. & Trust L V!eller Bldg., 9th & F N.W,_ HOME OWNERS LOANS Up to $200 within one day. 6% interest_nnd brokernge. No red tupe. We take 2nd, 3rd or 4th trust. Bring in what pavers vou have to your property. Fr. 8819. Real Estate Small Loan Co. 702 Distriet National Bank Bldg. First Mortgage Securities Safe Dependable Remunerative Annual Return 6%5 (HAMNON & LUCHY) Mortgage Investment Dept. 713, 715 and 717 14th St. Main 2345 We Buy and Sell Liberty Bonds Treasury Notes Etc. Bond Department The Washington Loan and Trust Company 900 F Street 620 17th Street Over 8Y2% Yield SAFE and DEPENDABLE Collateral Trustee Certificates oF THE NEW ENGLAND INVESTMENT TRUST, Federal National Bank of Boston, Trustee These "rflflnl‘tu represent a participat. ing owhership 1 86, dividend.paving A rations—sf linted on the W Frk Stock Exchange—embracing every mportant industrs. sich an . Steel Amer. Tel. & Tel. General Motors Amer. Tobaceo Consolidated Gas Eastman Kodak Standard Oils N. Y. Central Kennecott Copper Atchison R. R. and 70 other old established corpora- Uons.” Which Include In’ their mannge: highest technical and finunclal hnw Book! Profitable Tnve ll!\'nt Throush' Diversifieation” containg infor m;'llnl of vital Interest to the investor Who *'demands _safecy. good vield - and spefies Nend for vour Cony today. “Fo blicution. e oo [eMPAaN [nvasT™MENT Secumrries WOODWARD BUILDING WASHINGTON, D.C. INC. T A Stocks Bonds 0dd Lots Carriex on Margin Buck & Company —BROKERS— Established 1916 312 Evans Building 1420 N. Y. Ave. N.W. Tel. Franklin 7300 Direet Private Wires to New York G. M.-P. MURPHY & Co. Memhers New York Stock Ezchange Succeanore to JOHN L. EDWARDS & COMPANY 1416 H Street Northwest 52 Broadway, New York Richmond, Va. Newport News, Va. for itself. OUR January funds, invested in First Mortgage Notes, purchased through Swartzell, Rheem & Hensey Company, will earn you a steady, assured income. These Notes combine the two essential characteristics of seund investment—high margin of safety and attractive vield. Their safety is attested by the fact that no investor has suffered loss in over fift; vears ; their yield, 614 % per annum, speaks Convert Your January Funds Into 2% First Mortgage Notes even Ask for List of January Offerings Swarizell Rheem & Hensey Co,, NMortgage Barkers 727-15th. Street, .., WashinglonDC: 57 Years Without Loss to An Investor. FIN mpt Action. First Mortgage Loans Lowest Rates of Interest and (o Thomas J. Fisher & Company, Inc. S 13th Street. | Provident Mutual Life Insurance Company Funds to Loan In Small or Large Amounts at 5'; Per cent. WM. H. SAUNDERS CO., Inc. Realtor 433 K St. NW'™" Main 1016-7 First and Second Trusts We have immediately available EL al personally selected First and Second Trust Notes, rang- ing in size from $4.500 to $8,500, amply secured by im- proved properties in D. C. and Maryland, on which a little more than normal returns are ' obtainable E. W. SPINK 1030 Investment Bldg. Phone Main 97 rmission The New York Life Insurance Company Offers First Mortgage Loans On Tmproved Real Estate in the District of Columbia and Nearby Suburbs in Montgomery County, Maryland 3 Years, 5 Years, 10 Years SVeos RAaNDALL H. FAGNER: & COMPANY Incorporated MoORTGAGE LoaN GORRESPONDENT 1321 Connecticut Avenue Telephone Main 9700 Homes Apartments o— g We have the following | # i First Mortgage Bonds for Sale i In amounts of $100 Which We Offer at 97 and Accrued Interest This will make a very attractive Christmas pres- ent to give to a member of your family. BOULEVARD APARTMENTS, 7's, 1935 CITY INVESTMENT CORPORATION, 6''s, 1938 CRESTSHIRE APARTMENT BUILDING, 63%'s, 1936 ELOISE APARTMENT, 7’s, 1936 43RD. & LOCUST STREET APT. BLDG, 7's, 1935 HILLTOP MANOR APARTMENTS, 63%’s, 1929 HUNTINGTON HALL APARTMENT BUILDING, 2100 MASSACHUSETTS AVE, INC, 7's, 1932 RIVERSIDE APARTMENTS, 7’s, 1934 VERMONT BUILDING, 7’s, 1929 AND 1934 NTERNATIONAL BANK 807 15th St. N.W. Phone Main 864 8 Equitable Co-Operative Building Ass’n JOHN JOY EDSON, President WALTER PRATT, Jr., Secretary Organized 1879 4ith YEAR COMPLETED ...$5,136,317.22 Surplus .$1,106,195.76 Subscriptions for the 92nd Issue of Stock Being Received R S e TR RSN We Strongly Urge Systematic Saving Assets Because by saving systematically you ac- quire a consistent saving habit, helping you to build up a substantial fortune. Join the Equitable's systematic saving plan and de- posit part of your Christmas savings. Then make regular deposits. You will be amazed at the rapid growth of your money. 915 F Street $2.50 MONTH We Have Available Especially well secured first trust on Southeast, Second Commercial, property. HE total amount of $6,500.00 secured on $20,000.00 very conservatively. HERE are five notes for $1,000.00 each and two notes for $500.00 each. HE property produces a revenue spfficient to pay interest charges several times over. CKEEVER::dGOS Main 4752 the 1st Trust is property worth T Maxinu ervice 1415 K St. MORTGAG THE REASON FOR RE-INVESTMENT An ever-increasing of conservative, progress vestors choose our number ing in- 61,% FIRST MORTGAGES for the re-investment of their funds as they return at matur- ity from previous investment. They know the prime points of securities: Safety, dependable vield, trustworthy management. Their choice has significance for you, too. A Third of a Century Without a Loss B. F. SAUL CO. Main 2100 925 15th St. N\W. THERE IS» NO SUBSTITUTE FOR SAFETY