Evening Star Newspaper, December 18, 1926, Page 15

¢ e r—— FINANCIAL. YULETIDE TURKEYS ARE ON WAY HERE Recelved by Private Wire NEW YORK CURB MARKET Direct to The Star Office e 8:‘.‘1’:" ynd ‘§ it Sorv i it Sor BB bt olumbla Synd.. reole Syn H 0 o1 ul BB . oD Grreizizs » SR e b 1 - oo - o B i 1 1 1 te) 1 Relter-Foster Ol 1 Ck Co TE R BaZEEEE SRR ed PEEE BB REEEE Gl SR iR s Bneo: Sormmommzsiie: o1 Dwsis e st o Salen in units. 100 At 1d. . 1800 &shelonim Bl 5 0 Gal Sig Ofl. . ul 00 Im 1500 Tt Nat 1 £ T 3 3 - = SaBis s 358,5E! .. e iz DB Am Am Wr Pa 08 ‘Anacondn G A ‘Appal Bl Pow 58 Ar [ o 102 nin D. C., SATURDAY, DECEMBER 18, 1926. COTTON IS STEADY IN TRADING TODAY Slight Advance Scored on Firm Cables and Gin- ning Reports. By the Associated Press. NEW YORK, December 18.—The Cotton Market today opened steady at an advance of 3 to 4 points in response to relatively firm Liverpoal cables, while there was a renewal of yesterday's buying on talk of compar- atively small private ginnings returns to December 13. Houses with trade connections were among early buyers of Winter months, Offerings were light, and prices work- ed up to 12.26 for January and 12.72 for May, or about 7 or 8 points net higher. Private cables said the advance in Liverpool was due to covering with Manchester and Bombay buying in anticipation of bullish ginning flgures and also there was improved demand for fancy cotton goods in Manchester, iverpool Quotations. NEW ORLEANS, December 18 (®). —The cotton market opened steady here today with first trades showing gains of 3 to 6 points in sympathy with unfavorable Liverpool cables. After reacting a few points the mar- ket aguin advanced on a renewal of short covering in advamce of the Cenus ginning report due Monday. Jauary traded up to 12.36; March, to 1261, 'and May, to 12.65, or 10 points on all months, above yesterday's close. e 8 eom G 2 Z O S0 S S or WS BB TS 2RO TECCOeCoT Ty Ik l’ffi"l 5‘: o Atingal Pow 08 ) Hood Ru! d Li '.‘ b)"lll ¢ imestone u 6148 101 nd QUaS.0 % 10117 lg 08 13 e S KK‘SEE Following {s a list of bonds_and stocks traded in on the New York Curb Market today. Sales INDU! ; in’ hundreds. TR e Low. Closs. Dealers Cannot Tell What %tl.‘»."'#:}i"b"” 128 x§; 128 ’ S 5 m Pr Bov d"fllig& ,5«;& lofi Prices They Will Bring S 101 fi 5 97 Next Week. X HERR I 10 364 3,3 3 1 b 2 7 4 It is confidently believed that thou- 1 gm %a,,, ?A% sands of live turkeys today are on i 100% 100% 100% vailroad trains and trucks en routel . 1 40, 49, 8 ol ity from far and mear to bal 3 bt LI L <laughtered for Christmas dinners. i% 3; 2#; '.!:;; What price they will bring the coming i b . Ry week, however, is a question dealers 101 104 10 toduy admitted they could not answer. | s g fl?fi Prices may be cheap, considering | 2 R Sn e the prices that have prevailed in re- 21% 2% 21% cent veurs, suggested a dealer, while R L «n the other hand, he al«‘i:led'. tl';ey ma:tr fi% ",‘? “g wnce. It is impossible to forecas 2 1 e condition that will prevail the com-| 17pe o R € ctde 13~ 44 ‘a& ng week, according to dealers. who| !,‘Bomm LT S v ther have no advance informa- A Dubllier C & 4 4% 4% 2 Dunhill Intl I 21 21 21 “ion as to the prbable size of ship- SR L. 510 W5 N T et rkeys may be scarce.”| 1 Pilingon gentld.. 2h% adw aiw mmented o dealer, “and Monday a0k BchE e 1A% TeR% ing trains may flood the mar- Invest Inc .. 384 U8 88 It is merely another case of! % Gl @* 4 watchful waiting.” Wi 4 3,000 Received Here. | 108% 108 Approximately 3,000 live turkeys o35 At reached the local market the past 34 three days, according to dealers, and ll‘g #s many more are expected tomorrow, 9 when dealers will be at their places * of business the same as week davs. Dea also expect shipments of dressed stock to appear tomorrow, al- ‘hough they anticipate no large ship- 1 1hents of such turkeys before Monday. | g Many turkey raisers are expected to 2 0 o thefr killing and dressing tomor- R I 4 2 HanpinessC St A 6% 6% A% Much of the turkey hauling within| S Hav Bl Rwp. > 315 307 219 radius of more t 0 miles of the 2 }h»rn & Hard pfd 1087 1087 1087 Lity is expected to be done by motor dind Bavon Cpp A 41 © 4% 4% cks instead of being shipped by 3% , as was the cuse before neigh- 185 1g States constructed good roads. 1 Last season turkeys were brought by 33 motor truck from points in North 110 arolina, a distance of 400 miles. Yi‘fi Poultry Market Dull. i A dull condition of the poultry mar- o8 ket was reported this morning, d 197, ‘0 large receipts from nearby poultry h | ‘arms, according to dealers. Sales aav | not heavy, dealers reported. % alers are advising raisers not to 13% | wl the market with chickens next ary | eck, wien turkeys will be in de- 2a% inand. but a fairly good demand for 154 ducks and geese is anticipated. 11 Much interest is being displayed in 198 the condition of the butter und egg 21 market, the demand for the dairy 0y product and product of the hennery T ha Taving increased to a considerable ex- 1084 | tent the past two days. The increase e < due to the demand of the two prod | *R for use in the prepuration of | nw feacies. e | arket continues very ](h”l" ported, while the egz! 1B i er, wholesulers making B B et B, 3 es as low as 47 cents a dozen ) :r\' 1" Lorn ‘fiN i for the product of the henne Stor- ) ,,,;;:"{;;‘W;’,m_r.r; né"‘ | ige exgs are on the market in large 16 ot b uantities, seiling at 38 cents, and the :p&“lwr;-- ;"u‘)’/ | plentiful supply of them is believed to N b b5 have made the market for the fresh P o ik easier. L n anicipal Fish Market this week had increased suppl'es of fish from points between Canada and the Gulf of Mexico, ¥lorida netters contribut- Ing much of the fresh stock offered 1 8¢"Rer” Pan %l B E T % Ran GEwire & o the local trade Oysters continued Py | plentiful and in Increased dermand at 2% 1% | revalling prices, shell stock bringing e LG LR 1 bushel, shucked stock selling at 201, 20 an | 0 and $2.40 a bushel. 15% s 48 | Celery and Cranberries. 5 all | Liby supplies of celery and light 1 = 33 30% “3lL | supplies of cranberries, both in great | 1. West gd"m o 8% 4a% demand during Christmas week, » ad Whlte Bew-Mach 1532 15'-3';‘; 1},::: reported today. There has been niv i . moderate demand for celery thls | Sales i ke A i I -3 crates, sold at $2.50 and $2.75 21 Anglo, Chi 0! MINING STOCKS. this morning, some in ordinary condi- ona Con tion selling n California, | 130 Faicqn Lead M 7% i}rur‘ crate 5 and $5.50. 1 lggnlx}m Center od % ranberries wer at from $4 | olden State. . .00 -y 0 0] to $5 for half-barrel boxes. 1230 Howthorne "8 10 11 i T Moderate supplies of grapefruit and Hecla Min, 2 ngerines and liberal supplles of | 13 Jambe Esionr . .03 oranges were reported. Florida, one- | 0 Kay Cop 1% half boxes of tangerines were quoted | 109 Kerr Lake 3 it from §2 to $3.50, chotee ones | 13 N°3"zin 75 ‘inging higher prices, Minimum | 103 Nio baine 54 prices of €2 on Florida oranges and 5 North Butte an grapefruft were reported. | 208ta Sl Leat 2 : < of Michigan potatoes 8 Tono_ M. b fiberal, according to reports, 7 Uni East Mii 87 i s selling at from § R e, 1 Wenden Cop AN AR R D B s B S 2] 3 a6 2 S 3 b 8 Vs 78, 101 1 ERATARTR g ot Soi Gl E 5 . 1830 10958 1885 288 0 N 078 977 S0 N 1618 10178 Sl il o9 i 1} ) 3 rfh‘%‘ 3;&; 82 L 1087 102 s 102 102 Val 104y 08y Wal n7 07X ¥ jiis g b & 10333 1833 Sales L i 1B, uooany 3 fnd 0o i e pan 128 st o 0B 34 D 80 Bk 98" o8 4RC 106 100 S4B % A 8 Dani HR1; ORL HED 100 100 ML RO ..... 100 * 100 ¢ 5 ii;'[- xém 1014 1 I: nig: 0 x} 8 .08 ORI nul‘Z Officials of the Pullman Co. are re. ported to be working on a plan of re- capitalization for consideration cf the directors at their meeting in January. Only light supplies of oes found a slow demand and |$sles INDEPENDENT OIL STOCKS. rket. North Carolina stock, | ™ 3% "Maracaibo ¢ 784 7% 7y ows, sold from baskets string ets, carrots, cu- s are reported. rocelpts of s sproutm. 1 and exgplan beans, Only s pments of spinach are being ved from Texas and the Norfolk on of Virginia. Moderate supplies of onfons and t supplies of lettuce are being re- d. Most of the onions are from New York and Michigan, 100-pound sacks bring from $2.50 to $3. Florida and Cailfornla growers are supplying niost of the lettuce, Receipts of apples from various sec- tions continue liberal, and low prices prevail. Moderate supplies of cab- bage from New York, mostly of the Danish type, were quoted this morn- 1z at 835 and 88, Buvers were on hand early this morhing to get the first pick of com- modities wanted for their trade. Prices were substantially the same as those quoted yesterday. Today's Wholesale Prices. jutter—Fancy, _one-pound prints, : tub, 58a59; store packed, 38. esh, selected, 53; hennery, current” receipts, 50a5l; stor- BY STUART P. WEST. Special Dispatch to The Star. NEW YORK, December 18.— United States Steel's extraordinary action in voting a 40 per cent stock dividend this week has revived inter- est in the question of other companies with large surpluses capitalizing them to the advantage of shareholders. ¥or nearly 10 years now this ques- tion has cropped out at intervals. The favorite Wall Street notion was that these treasury and property ac- cumulations would be smoked out under the threat of taxation. Now with the tendency all toward reducing ‘taxes, not so much is heard on this side of the matter. It is be- lieved that paying out in the form of extra dividends part of the savings of the past is a normal i ing. Business has become more stabilized. There is no longer need for the ex- treme caution that was displayed when trade was settling down after its post-war upheaval. Companies with large surpluses will, some of them, soon follow the example of United States Steel. This was the feeling in Wall Street at the end of the week, and it has already been reflected in very sharp advances in some of the high-priced indus. 1ze, 38. Poultry, alive—Turkeys, 40a43; >hickens, 23a25; White Leghorns, 23 128; fowls, 23a25; roosters, 16a17; ducks, young, 20a25; old, 20; keats, voung, 60a70; old, 30a40. Dressed— Turkeys, 50a52; capons, fagcy, heavy, 48; smaller, 40a42; chickens, 27a keats, young, 80a90; old, 35a40; abbits, No. 1, 80a40; No. 2, 20a26. of the ralls. Meats—Boef, 10817 veal, szazs; | (i end in‘ons or two lambl.d 25321;3 :r:sh 1h1am!' 26a28; Confldence in Industry. <houlders, 23az4; loins, 28a30; ) Sk 3 ; e broader aspect of the steel di- e rome adkment 15 that it stands in le's minds as an expression of ev:r?fi‘\‘dmce, not only in steel cor- Live stock—Calves, choice, 13; me- v poration affairs, but in industrial con- dium, 22: thin, 6a7; lamb, T ditjons generally. As such it has given DIVIDENDS. an irt;lpuue to the market which was not there. G LEs Pag- Stockof | “The active buying movenient in the A% Book [ ) ;fl" -3 "% | rallway shares during the last few Am Clgar Co.. 8K33147% Dec8l pec §1 days has been due.to the expectation Bisygk C.det 5t Q4% %2 Janid Decdl that the coming months will witness do 8% Ind pl Tl qanld Becdi further -dividend increases like that powery ERNE & 356 Deedl Dec3d|of the Louisville ad Nashville this Brompton b &P g 1 Janls Decdl|jast week. Another factor has been Canada, Cottans g 2h Beedy the overfiow, buying from the higher | . do. pf o 3. 24 | grades of e~ investme rket. Qe nes g Mok i Jani8 | Eapital s constantly admitting that 3 1.60 Jan 1] an 3 !4t must accept a lower return, and Ash 2% Janag 23 | under these circumstances rallway Q1% % Jan2 #1 | stocks with a steady dividend record AL 78S Jan ie are attractive to many even where o Q 1’%&: Jan 4 Dec20|thoy are on a 5% per cent basis. 3 g $1.76 §1 T Business Volume Larger. 158 3 7 i g The week has brought no change ga 380 #ep't mgi in trade conditions. It is interesting & “§§ ih 13 3818 to road in the mercantile reports that 84 398 3an17 Jan16 |Christmas purchases promise to break A% — all records, This is another plece B 3 Jmit 7 |of testimony to the unusuglly large u.z& an S g volume of general business which is an s it i being handled throughout the coun- %% a1 3 ltry. As against this, commodity g .gn Feb an prices, taking the average, show no 1% qa1 gigns of improvement. Dun's review 2 4% 33 Deeiflstates thot during tie week ‘tho’ MANY FIRMS TO FOLLOW STEEL EXAMPLE, WALL STREET FEELS wholesale commodity market dis- played a well defined trend toward a generally lower level.” The same state of things exists at the approach of the year end as has frequently been commented upon all season. The country is doing a large trade, but it is doing it at low prices. The cotton market may have reached, if not the turning point, at ledst a position where matters are not likely to get any worse, For two months now it has confronted the huge crop estimates put out in the fortnightly bureau report. It has had a chance to get hardened. Cotton Recovery Doubtful. On the other hand, nothing appears in immediate prospect likely to bring about much of a recovery. Cotton raisers may cut down their planting, but after what happened in the case of wheat there is no great rellance to be placed in this remedy. Nature may intervene in the coming Summer and bring about a crop shortage, but this is a long way off. The only other way in which permanently higher cotton prices might be ex- pected would be through the effect of very low prices in stimulating con- sumption. The latest Census Bureau flgures show that there had been some in- crease in domestic mill takings of cot- ton during November. But the in- crease was slight. It amounted to only 15,000 bales as compared with October and 41,000 bales, as compared with November of last year. Money Rates Unchanged. No change has occurred in money rates. The government’s operations at the mid-month caused some with- drawal of funds, which apparently accounted for the, advance from 4% to 6 per cent in call loan quotations. Time money is dull, with rates the same. Borrowers with stock ex- change collateral to offer are mno longer as much interested as they were six months ago in taking out long-term loans. They feel sure that money secured from day to day will be available at present quotations for some time to come and they are doing the bulk of thelr new financing in this part of the market. ‘The advance to a new high record for the year in French government bonds, a new high for French francs and the reduction in the French bank rates were all incidents of the week which tended to confirm the continued recovery in France. The lowering of the French bank discount, it is anticipated, will help France's internal business situation, which for the last two months been having difficulty in getting used to the higher value of the paper cur- ov. Liverpool Quotations. LIVERPOOL, December 18 (#).— Cotton—Spot quiet, prices steady; American strict good middling, 7.80; good middling, 7.45; strict middling, 7.16; middling, 6.80; strict low mid- dling, 6.30; low middling, 5.75; strict good ordinary, 5.40; good ordinal 4.76. Sales, 3,000 bales, includin, 1,700 American. Recelpts, 37,000 bales, including 24,100 American. Futures closed steady. December, 6.56; Jan- uary, 6.69; March, 6.67; May, 6.77: July, 6.87; October, 6.9 MEN AND MONEY By M. S. Rukeyser. (Copyright, 1026.) The death of C. N. Whitehead, one of the youngest railroad presidents of the country, emphasizes the extent to which many business leaders are overworking. The growth of busi- ness units heightens the strain on men at the helm. Mr. Whitehead, who died at the age of 48, hecame president of the Missouri-Kansas- Texas Lines last M having start- ed in railroad work 34 years previ- ously as a messenger boy in the freight office of the St. Louis South- western. In the new passion for efficiency and the conservation of natural re- sources, we have much to learn in the matter of economizing in the use of manpower. The nervous straln on executives {s too great. Like the late E. H. Harriman, many executives kill themselves in over- work. Competition sets a pace which it is difficult long to follow. Golf and outdoor exercise are a | natural outlet for the sedentary executive. Relaxation and frequent vacations are necessary if business activity is to be continued over u long span of years. Business lead- ers must learn how to divide respon- sibility. Am:rlcnns lead the world in busi- ness enterprise, but have much to learn in respect to the art of lelsure. | study of Working Time. Little attempt has been made to ludge the merits of the five-day week from the human standpoint. The number of hours and days per week during which the ordinary {ndividual can perform most efficiently consti- tute n matter for serious investiga- tion by experts-—not for dismissal in random opinions of business men and politicians. There are ulti- mately only two benefite in speeding up production—one consists of rais- ing the standard of living through increasing the quantity of §oods available for consumption and the other should be 2 ‘wll;ler aiftusion of ortunities for leisure. 0p¥he president of the Katy suf- (ered a nervous breakdown in Octo- per—a familiar malady among execu- \ives who spend themselves too free- X, Iy in thelr Worke e month the t the end it Bn‘?umnre & Ohio, America’s f;rm urion among the railroads, z:rx:pl‘;te the 100th calendar year in fts history. Incidentally, the year has been the most profitable in the history of the company. 1t is Inte‘r-l esting that the policies of Daniel ‘Wwillard, president, which lean to- ward liberalism, have proved profit- able as well as socially deu(mble,h Clinton W. Gilbert, observer of the political scene, wonders why there are no more Uncle Joe Cannons at ‘Wash- ington—and no more Daniel w ‘ebsters, Henry Clay and John C. Calhouns. He suggests that the business world offers more inducements than the fleld of politice. Would Be Bond Salesman. . Gilbert further indicates that, it Bl?(l:' Cannon had been born 70 years later, he would have taken nis assets in the way of personality to Wall Street and become a bond salesman. Tt is true that the demand for bonds salesmen and the opportunities offer- ed in the last decade have been un- precedented, as 8 result of the rise of & new class of investors and the increase in the wealth of the old Many youths go from college gridiron Qdirectly to bond houses, but bond gelling is no sinecure. The records show a rapid turnover. Many try to sell securities, but few permanently '“{:fiefilm of the movement toward Wall Street, sales managers in bond houses complain at the paucity of good material. One sales manager told me that he gets the best results in employing men who have been out of school a number of years and have been engaged in some other line of business, where they have made con- tracts and friendships, which can be transformed into bond clients. In london, the rules of the Stock Exchange forbld member firms to deal with any individuals to whom they have not been personally introduced. Accordingly, the London brokers, in seeking business getters, look for al- most any one except those who know gecurity valuee. One house had in its employ a retired physician and an ex-army officer, each of whom had a wide array of acquaintances, who in due course were introduced to mem- bers of the firm. The contract men ot a share in the commission for ringing the customers in. THE BUSINESS OF GETTING AHEAD. Starting at the Bottom. Many millionaires belleve that the way to start their heirs In the ship- ping business, for example, ig in mop- ping up decks. 5 It is part of the American credo that it is good for the soul to start at the bottom. The fact that many of \ | Financfal sentiment {8 more buoyant, {are shown for November; cotton con- 'SHOPS CLEANING UP CHRISTMAS STOCKS, Retail Merchants Determined Not to Have Much Left- BY GEORGE T. HUGHES. More About Commissions. While the commission is a small item in the expense of buying and sell- ing stocks for investment account, it is of very real importance in a specu- lative transaction. Suppose we follow through the buying and selling of 100 First Mortgage Loans Lowest Rates cf Interest and Commission. Thomas J. Fish FINANCIAL. FOR SALE First Deed of Trust Notes Bearing 61,% Interest See WELCH Realtor (Establi 1800 15th -.Ti'A oo York Avenue s aln " 4:346—4 No Losa to an Investor in 27 Years. Prompt Action. er & Company, Inc. 438 150 Streetr T shares of stock io see just what the cost is and how it affects the profits of a transactlon, over Goods. 6% L aaaal CONSULT US Assume that the speculator buys =2 100 shares of Crucibls Steel, for in: BY J. C. ROYI :ul'fl:-?.fx'u.“iéi'&;"’floé’u' m stance, selling at $90 a sharc. In the : , 39 (e “{8ture by tavesting ||| first place the charge of the broker | Special Diatch to The Star, First Now o for baying ‘the 100 ‘shares would be | NEW YORK, December 18.—Retull| Moptgage ‘Y0 H- §aunders Co. ||| | $20, the rate prevalling on stock sell:| merchants are determined to have no | N o L ing at $75 per share and above, but yiCielll VL Ocks on their shelves otes FondElinhioatE 8 || under $100. Now, when he came to sell his Crucible stock, he would have another $20 to pay, making $40 in all. To this must be added the Federal and the New York State tax, which would amount to $4 on the sale of 100 shares of a stock with a par value of $100. Thus the total cost of the com: pleted transaction would be $44, which must be deducted from the net profit. If, then, he sold at 91, the stock he had purchased at 90, the profit would be $100 less $44, or $56. Now, quota- tions on the exchange fluctuate in eighths. The speculator, therefore, would have to see his stock advance one-half point before he could be sure of any profit at all. If it had only gone up three-eighths of a point and he had sold, the expense of buying and selling would have more than eaten up the profit. Traders in odd lots work under the additional disadvantage of being forced to pay one-eighth more than the pre- valling price for a hundred-share lot when they buy and of taking one- eighth less than the price of a full lot when they sell. These costs must be added to commission and taxes be- fore a speculative profit may be real- ized on the sale of any lot of stock less than 100 shares. This expense of dolng business counts more against the speculator who is continually in and out of the market. Those who are willing to buy and hold for longer periods— seml-investors, in fact—can afford to disregard commissions and taxes In their estimate of prospective profits. when 1927 makes its appearance. Al ready charge customers are being notified to come in and view goods scheduled for special sales in the im- mediate future. These are sales such as commonly are held in January. No slump in Christmas buying is indicated by this. The holiday trade is the most active ever experienced be retail merchants, taking the coun- try as a whole, and the aggregate business promises to be at least 5 per cent above that of the 1925 holiday season. The sales are simply a de- velopment of the competitive impulse which leads to advancing the season in any line. Mail order and chain store compa- nies reported sales at least 10 per cent better than for the corresponding week last year, while department; stores are doing [ per cent mor business than a year ago. Cleaning Up Apparent. The “cleaning up” trend is apparent in nearly all lines. This is having a slightly restrictive effect on produc- tion, but this is natural, normal and § healthy. The U. 8. Steel stock divi- dend was a reassuring factor. Steel milis have ample orders in advance to assure steady operation and are taking advantage of the sea- sonal check to make repairs and in- ventories. The same is true of the automobile business. Dealers areif cleaning up cars on hand and factory shipments are being made to conform to this trend. The outlook is for better rates of production after Janu- ary 1. Actual construction contracts let are running slightly above those for the corresponding period of last year and work is progressing as never be- fore in the Winter time. Rrick prices || are strong in sections where water transportation has been hindered by freezes. lime, stone and iRty SENTIMENT BETTER. Record Turnover in Christmas Goods Expected, Dun’s Says, NEW YORK, December 18 UP).— cured on improved situated Columb Percy FIRST MORTGAGES FOR SALE 6% OF SECURITY in the JAMES F. SHEA N.W. 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. . Russell 926 15th St. N.W. Amounts, $2, A safe, satisfactory investment, | - Municipal Bonds of Counties and Cities - 1o THE EVENING BSTAR, WASHINGTON, L e e e e e e EVERYMAN’S INVESTMENTS For Immediate Delivery $50,000 3-Year—61% 1st Deed of Trust Real Estate Notes cured on centrally located nodern, improved, incom roducing business property, 00, $5,000, $10,000. nterest payable semi-annually Apply Loan Department | Gardiner & Dent, Inc. Main 4884 1409 L Street N.W. | NN FOR SALE EXEMTPT AS TO INCOME TAXES Interest, 5% to 6% BANKERS’ BOND & INVESTMENT COMPANY 734 Southern Building cement are steady, but the lumber industry js slowing up somewhat. Mills Increase Dividends. In gen the price trend of chemi- cals is soft, but some large orders have been placed. Non-ferrous metals, slightly dull, responded to the domi nating influence of statistical positions rather than to supply and demand in k Dun's says: Allowing for scasonable restraints on wholesale and manu- facturing activities, the status of business is distinctly favorable as the year end approaches. In several re- gpects, indeed, the situation has gained in strength during the week. with active and rising markets for securities; a cold wave over much of the country has further quickened able that none of the buying of heavy-weight apparel and |larger le mills of new England | of fuel; and the great steel industry | have increased their dividends while | gives promise of expanding opera- tions after the holidays. ‘he trade in Christmas goods, more- cer, has gained momentum steadily, and various reports indicate that a record turnover {8 expected. Supple- menting these and other encouraging phases, a number of statistical in di make satisfactory exhibits. The largest doNesstic merchandise exports for any month in more than a year many have this year, report a further increase in tire sales with dealers responding more readil. to solicitation for Spring dating orders. Crude rubber is showing no improvement in price owing to the ample supply in prospect. Production of bituminous coal is continuing at a high rate, but the statistical position of this commodity is weakening. Some anthracite pro- ducers are said to be shaving prices. The flush oil flelds of the Southwest are showing no signs of falling ‘off, but the demand for gasoline and fuel oil s extraordinarily high. The Phillips Petroleum Co. has entered into a contract with Humble Oil and | Refining for the sale of 10,000 barrels || of crude a day over a long period. reduced or passed them Akron rubber companies | sumption in that month rose substan- tially, unfilled steel orders increased, and an unprecedented movement of coal carried freight car-loadings above the miilion mark for the latest re- ported week. The final payments of Federal income taxes for the year, involving very large amounts, were made without causing the slightest | prac nr 10T and you B..F. SAUL CO. Main 2100 —~—comes ning iird of a Century’s man- hem. paying basis «ne Money in Apartments from efficient, tical management. If | - apartments are not | every bit they 1ld, have us apply our nent experience to Leases, collections | upkeep are put on a | *We save money 925 15th St. N.W. The prospect for sugar prices is ex- cellent, although no extreme changes have tiken place in recent days. The | harvesting of the Louisiana crop is | practically over. Receipts were less | than half those of last year, but the | crop brought about a cent more a | pound Railroad freight movement and rail- | road earnings continued to compare | most favorably with those of this time | last year. Siik prices are feeling the | effect of the withholding of silk from this market by Japanese exporters and the slightly improved domestic | demand for silk goods. | The dairy farmers continue in the | most favorable position of all the | agriculturists. Butter fat prices are | high in most sections, especially in | the Northwest. In the Southwest | range conditions have seldom been so | good. tension in money rates, funds being tn_ample supply. Weekly bank clenrings were $9,604, 326,000, 'a decrease of 8.3 per cent from last year. — the heads of corporations and banke started as office boys, messengers. and runners has strengthened the be- lief in the value of making a modest start. Employers in recent years have complained that the college graduate wishes to start too high. It {s not un- natural that the man who has in- vested elght years and considerable money in getting a high school and college education should expect more recognition than the boy just out of elementary school receives. However, a higher education is a handicap if it robs the recipient of an eagerness for applied effort, even in a moderately humble place. The valuve of a trained mind is likely to to demonstrated after the college man has assimulated practical experience. Getting Practical Experience, The college man's ambition for quick recognition can be better real- ized if he has accumulated practical experience while attending college efther during Summer vacations or after classroom hours. The most sig- nificant attempt being made in this country to mix theory and practice is that of Antioch College, which farms out its students to industrial con- cerns. The man who has worked his way through college will not need to start at the bottom to learn what genuine toil is. Perhaps, however, this ex- perience is good for rich men’s sons, whose system of economics has al- ways been to draw on dad when in need of funds. An ambitiour individual . who starts at the bottom needs to keep perpetu- ally in mind his ultimate goals, lest he be infected with the virus of the routineer’s viewpoint in the hun.bler posts which he fills. Unless the prac- tical schooling of the gifted individual Money to Loan Secured by first deed of trust on real estate. Prevailing_interest and commiusion, Jaepll L Weller *0 0 WE_FINANCE |—all elasses of income-producing property| Large a Speci Current int. rate and commission Higbie & Richardson, Inc. 816 15th St. N.W. 'FOR SALE & B ot e b5, income TTaxee O tler e Interest 5% to 6% Bankers Bond & Investment Company ™ 734" Nouthern Building When You Need a Loan Consult Welch, Realtor Loan Specialists Money to Loan At 51,% and 6% Interest Before Placing or Renewing Your 1st_or 2d Trust Welch's Figures. Reasonatle Chires. (N6 Extras) who starts at the bottom is carefully 15th 8T, AND N, VE. guided, it is wholly likely that he will spend considerable more time than is necessary in unimportant work. Furthermore, speclalization . has gone so far in industry that it be- comes increasingly difficult to de- velop allaround men. Even the executives who are supposed to see the problems of the business as a whole find it necessary to\rely on the advice of experts. Showmanship Sometimes. There is occasionally a certain amount of sham and showmanship in starting the sons of distinguished fathers at the bottom. They can afford the cost of the practical schooling. The boy or girl who is on his own will be inclined to get as important a job as he can fill at the outset. On the other hand, it is well to guard inst the mistake of want- ing to start at or near the top. Such opportunities do not exist except for individuals who have elsewhere demonstrated extraordinary capacity. In general, the best results have been obtained by individuals who started modestly and then did their best to demonstrate quickly that they were fit for greater responsi- bilities. Starting at the bottom should be looked upon chiefly as a challenge to show exceptional qualities which merit lifting you out of the ranks. The tragedy of messengers who start and finish at the bottom empha- sizes the importance of being im- patient with work that does not summon forth your full capabilities. S S o e Have You Been Stung Yet? Some men have to get stung good and hard before they learn to be cau- tious in making investments. Befere you invest—investigate! Listed stocks and bonds bought and sold on commission. Accounts carried on a conservative marginal basis. 'We invite correspondence on securities HARR!MAN & CO. Members N. Y. Stock Exchange 111 Broadway, New York WASHINGTON OFFICE | 729 15th St. N. W. Telephone: Main 1603. (i Offers 3 Years, 5 Years, Homes Apartments Tncorporate 1321 Connecticut Avenue The New York Life Insurance Company First Mortgage Loans On Improved Real Estate in the District of Columbia and Nearby Suburbs in Montgomery County, Maryland 5%% RANDALL H. RAGNER«& GOMPANY MORTGAGE LoAN GORRESPONDENT 10 Years Telephone Main 9700 Give a Christmas gift that will APPRECIATE rather than depreciate. Probably no gift would be more warmly ac- cepted than a FIRST MORTGA gilt - edged GE NOTE. A gift that will SEMI-ANNU- ALLY be a remin der of your conservative thoughtfulness. ANNUAL RETURN 6Y%% In Denominations as —on Residence; —on Business Property —on Apartments There is no delay in Mortgage money from us for building desirable properties. Low rate of and commi 'B. F. SAUL CO. * Main 2100 CONSTRUCTION FUND Low as $100 S obtaining First interest ssion 925 15th St. N.W. 9