Evening Star Newspaper, December 25, 1926, Page 19

Wraps for Home Use in Winter BY MARY The sleeveless, low neck evening Town has no terrors for the woman Who lives in a modern steam-heated apartment or a Ytightly built, small- roomed modern house where an even Summer heat prevails. But it takes & strong constitution and some for- titude thrown in to pass your eve- ning in such light raiment in a spa- cious country house where dining ONE OF THE MORE ELABORATE SORT OF BREAKFAST JACKETS THAT SOME WOMEN WEAR OVER EVENING FROCKS AT HOME TQ, PROVIDE EXTRA WARMTH "ON CHILLY EVE- NINGS. IT IS BLACK REVERSI- BLE MOIRE OR SATIN WITH COLORFUL EMBROIDERY ON THE BACK AND FRONT. rooms are draughty and the only cozy place in the living room is within a high-back chair before the open fire. One way out of the diffi- culty is to give up conventional evening dress during- cold weather— the other is to wear some sort of wrap. Shawls even of the lighter sort provide considerable warmth and many women make use of some lighter sort of evening wrap even indoors. You may see women at the theater or opera sitting throughout the evening with ermine jor velvet cloaks about their shoulders. In some of the big country houses the problem is often solved by means of a little dinner jacket. This is not the mannish sort of tuxedo jacket that was offered ‘by some of the French dressmakers a season or so ago, but a more ornate little garment that might look at first sight more MARSHALL. like a breakfast jacket. A jacket of this sort would not, of course, do for formal wear. You would not think of wearing it at the theater or res- taurant and hardly outside your own home save for quite informal oc- casfons The sketch shows a jacket of this sort made of black reversible moire or satin with colorful embroidery at back and front. Suck jackets are so0ld in some of the shops either for breakfast or dinner jackets and you may easily find one that would be quite appropriate for informal eve- ning wear. Some of these are fur trimmed and some have sleeves and collar edged with ostrich. (Copyright. 1926.) MENU FOR A DAY. BREAKFAST. Sliced Oranges. Dry Cereal with Cream. Creamed Codfish on To: Waffles, Maple Sirup. Coffee. DINNER. Cream of Celery Soup. Cold Roast Turkey. French Fried Potatoes. Mashed Turnip. Hearts of Lettuce, French Dressing. Plum Pudding, Lemon Sauce. Coffee. SUPPER. Cheese Fondu. Toast. Baked Bananas. Mocha Cakes. Tea. CODFISH ON TOAST. Soak codfish in cold water, then boil it until you can pick it into small pieces. Bring about 1 pint milk to boil, thicken with 2 tablespoons flour, 1 egg beaten, small piece butter. Stir cooked fish into a thickened cream and serve with mashed potatoes. Add 1 teaspoon sugar to cream and use cream recipe for dried beef. PLUM PUDDING. Mix 13 cup flour with 1 tea- spoon cinnamon and 3 teaspoon cloves; sift mixture over 1 cup raisins, 1 cup currants, 1% cup sliced and stoned dates, 1 cup chopped nut meats, ! pound sliced candled orange peel. Stir until thoroughly coated. Dis- solve 1 teaspoon soda in 2 table- 8poons hot water and add 1 cup molasses; stir until foamy, then add 1 cup finely chopped suet and 1 cup sweet milk. Add fruit mixture and enough more flour to make stiff batter and steam 5 hours. Serve with lemon sauce, CHEESE F'ONDU. Scald 1 cup milk and add 1 cup bread crumbs from center of stale loaf, 1 tablespoon butter, 1, teaspoon sali, dash cayenne and % pound grated cheese. Stir until’ cheese meilts, add beaten volks 3 eggs, take from fire, fold in beaten whites, turn into buttered dish and bake in hot oven. - Serve immediately. EAT AND BE HEALTHY Dinah Day'{ Daily Talks on Diet The Right Food Is The Expectant Mother. "There have been many advances in public hyglene. Smallpox. vellow fever, typhoid fever and diphtheria ere not the fearful menaces they once were. All kinds of diseases are being constantly studied and brought under control. In this progressive age, when every one in America knows someth! about sanitation, we all feel that the death rate in childbirth must be very low. There are so many maternity hospitals, and women are so scien tifically cared for, that we assume that America's death rate in d- birth cases must be very smill indeed. Yet it is' said that in the United States, in one year recently, 16,000 women died from the effects of child- birth. In New York City the death rate of mothers in childbirth was 4.81 in every 1,000 cases in 1915, and rose to 5.17 in every 1,000 in. 1925. Also, there was no satisfactory de- crease in infant mortality in recent years among bables under one month of age. Australla’s record is much better than that of America, for the mothers who live through childbirth. So is that of Japan. This situation is really very serious. Pregnancy is a perfectly normal con- dition. Proper instruction. education, care and feeding of the expectant mother will not only save her life but will bless her baby with good Ith. It {8 safest to have an examination and the advice of a thoroughly com- petent maternity doctor from the very beginning of conception. Examination at regular intervals all through the period of pregnancy will safeguard the health of mother and child. Ifthe diet is always wholesome and nutritious, no change will have to be made at this time. The diet is neces: BEAUTY CHAT Housework and Beauty. Housewives write to me with special problems, usually how to keep their hands nice. Not so many write as used to five vears ago; even in this short space of time, household con- veniences have increased so that there is a noticeable difference in the complaints about dry hands and cracked fingernails. The greatest inventions, I think, have been the variops kinds of auto- matic dishwashers. And the washing machines that do most of the laundry work. Yet, with all these, the hands that do housework must soak in soapy water more than is good for them, or must get themselves full of dry dust and full of stains from handling vege- tables. ‘The housewife must learn to work with gloves on. There’s no other way o keep her hands soft and white and clean and well manicured. Once she can wash dishes as easily with rub- ber gloves as with her hands bare she need not worry whether she has an automatic dishwasher or not. And She can do a great deal of laundr: work, and all scrubbing of paint and floors, with rubber gloves. They should be heavy and severzl sizes too large, so they can be slipped on and oft_easily, ' Other housework and gardening and silver cleaning can be done with white cotton gloves having leather finger protectors, or-—for simple work ke sweeping and dusting, ordinary cheap white cotton. Whenever these zloves get dirty they can be soaked clean without any washing in hot water and soap flakes. 1t silver cleaning is awkward with the canvas gloves that are ideal for gardening—or painting the house, or the Bebt Medicine - sarily more generous, but that does |.not mean tka. the mother must fool- ishly stuff herself to appease her hunger. Her food must nourish not only herself but her unborn baby. What she eats must supply the es- sential elements for herself and her baby. If the mother foolishly eats knick-knacks and even oodles of starch, sugar and fat foods, which in moderation are good in themselves, she will satisfy her hunger, but she will not be furnishing either her baby or herself with the foods which make or health and strength. The mother needs lime for her baby’s bones and teeth. And she must furnish this lime or Nature will take it from the mother’s bones and teeth. Decaying teeth need not be the mother’s penalty for pregmancy. The mother needs iron for her blood and to nourish her baby through her blood. First of all, the mother must have a quart of milk a day. This will sup- ply the lime. Then there must be sufficient iron. Egg yolks are rich in fron and an egg a day should be taken. Plenty of fresh vegetables and fruits are essential. Whole grains should be used in cereals and bread- stuffs, Proper diet in pregnancy is most im- portant for both mother and child. D. E. B—Why is wholewheat bread better than refined white bread? Ans. ~—Because entire wheat contains the bran, outer layers and germ in which are the mineral salts, lime, iron, phos- phorus, etc., and the vitamins. Re- fining removes these valuable ele- ments, leaving only the starch center. Readers desiring personal answers to their questions should send_eelf-addressed. stamp- ed envelope to Dinah Day. care of The Star. BY EDNA KENT FORBES [ havoe with a manicure, but it can't | get through leather. Keep lemons 'handy to remove stains and a lotion | for dry skin. Reader.—Massage the calves of your legs until you reduce them to the pro- portions that you desire. P. L. B—Use the tweezers every time the hair appears above the sur- tace of the skin until such time as you can have the roots destroyed with the electric needle method. 1f you confine your tweezing to just the course or dark hairs and let the fine hair alone, you will find it is not much of a task, and really much better than using @ depilatory over a whole sur- face of the skin, Inquisitive.—The hair tonic should be applied as directed in the formula, which is twice or three times a week. Always aim to get the tonic on the scalp without wasting it over the hair, as it is the scalp that needs it and not the hair. Massage your scalp as you apply the tonie. ‘Washington Layer Cake. Cream six teaspoonfuls of butter with one cupful of sugar. Beat the whites of three eggs until stiff and «dd them. Sift one and one-half cup- fuls of flour with one teaspoonful of baking powder and one-eighth tea- spoonful of salt. Add one-half a cup- ful of milk and one spoonful of vanilla and beat until light. a moderate oven for minutes. Stuffing for Duck. Take three-fourths cupful of cracker crumbs, one-half u cupful of shelled peanuts finely chopped, one-half a cup- painting your car, or any such work—— | ful of heavy cream, two tablespoon- use old leather or kid gloves. polish or powder is extraordinarily penetrating, and it certainly plays pepper. Mix well in the Silver | fuls of butter, a few drops of onion Juice and a little saltyand cayemne order given, Willie Willis BY ROBERT QUILLEN. “1 tried to be polite when I had supper at Pug's, an’ I apologized to his mother about the pie crust bein’ so tough T couldn't cut it with a fork.” - (Copyright. 1926.) SUB ROSA BY MIMI Have You an Obsession? “No,” chorus all the girls to whom the question is put, ‘“‘of course we haven't an obsession. What an ide; As a rule, most of them think an obsession is a morbid sort of thing— a continual brooding and talking over something not quite healthy. But they're wrong. I'm not speak- ing of that kind of obsession at all. I'm talking about the strange little mental kink that sets perfectly nice girls on a single track from which they're unable to get away. Hundreds of girls get an obsession about some particular man. When Estelle got the air from Ken- neth she promptly developed an ob- session. She could think of nothing else—and she drove her friends nearly wild with her incessant winking and complaining over the hard lot Fate had dealt her. People took to avoiding her society because of her everlastingichant, “and it isn’t as if I'd done anything to make him mad. I'd always tried to be nice. He was just mean—deliberately cow- ardly. I hate him. gone.” Over and over she’ dreary dirge, and her friends whis- pered that Estelle had lost every bit of attraction and charm in her ob- session over Ken. ° Other girls get hip) on the sub- ject of the tough life their parents lead them. ; Jennie can very seldom talk about any*hing for any space of time with- out giving her little patient sigh and suddenly launching into an account of the latest atrocity committed by her harsh and unyielding mother. She’s got 8o she doesn't realize how this one matter dominates her whole life—she isn’t aware of how entirely her conversation is given up to a rather unpleasantly personal subject. She sees nothing, hears nothing, thinks nothing, but the big injustice being done her by a cruel and unsym- pathetic couple of parents. 4 Then there are hundreds of maidens who can talk of nothing but their social success. They have got beyond the point Where dances and parties mean pleas. ure and fun to be giggled over and happily relived—they live in a state of mind where the only thing that counts is the number of dinner invi- tations they receive in a week. They jealously watch the activities of their friends—mentally appraising the value of this or that “rush”— listening with narrowed eyes and wor- ried lines to the news that Dolly Par- kins has heen asked to three proms in one week, hoping again and again that each year will bring a bigger and better crop of admirers and dates. They lose all sense of proportion and the social thing obsesses them. Heaven help the poor kid who gets obsessed by money. Besides making herself the most unpopular: creature in the world, she has such a rotten time worrying about the blamed old cash, hers is the most unenviable lot of all. All of which is to remind you not to let your particular intere: in life carry you beyond the bounds of com- monsense and balanced thinking—not to let one person. one trouble, one pleasure, one hobby dominate your life and conversation so that you lose charm and personality. repeat that imi will lad to answer any inquiries direcied Yo this paper provided & stamped, addressed envelope is inclosed. What Do You Know About It? Daily Science Six. 1. What are the raptatorial are gallinaceous 3. Wl 4. What are ravens? 5. What are rooks? 6. What are kiwis? Answers to these questions in Monday's Star. Why Men Cannot Fly. We say that man now flies, since the invention of the airplane. But this is not_exactly correct. It is the plane that flies; man is no more flying than if he got on a condor's back and was borne along. The first schemes for flying were all based on the analogy of the bird. If we arranged planes or featherlike wings on the arms, and then jumped off a place and flapped our arms we ought to ‘be able to fly, thought. the old inventors. But a num- ber lost their lives, and one and all lost their dignity when they tried this. The reason that birds can do this and we cannot is partly because of the amount of air in their feathers, which cover the whole body, and hence buoy the bird up. Partly jt is due to the very light bones of a bird, which have much air inside them, so that the whole skeleton is balloon-like in its structure. Now what do you know about that? Answers to Yesterday's Questions. 1. The Todas are a pastoral people of southern India. 2. The Kaffirs are an intelligent and powerful race of South African ne- groids; the name is also applied to the peoples of Kafristan in Asia. 3. The Vandals were a Gothic race that invaded the Roman Empire in the Dark Ages, traversing France, Spain, crossing to North Africa, recrossing o Sicily and Italy and sacking Rome; their national identity is now lost. 4. The Hottentots are a degraded race of South Africa, probably allied {0 the Bantus and Bushmen. 5. The Berbers are a race of North Africa, probably its aboriginal inhab- jtants, more allied to the old Egyptian race than to their modern Arab con- querors. The Riffans are probably partly Berber. 6. The Iberians are the Spanish and Portuguese. -Fh.n-nel c.i;l . Seald one and one-half cupfuls of Indian meal in three cupfuls of scalded milk. Add four tablespoonfuls of but- ter and when lukewarm add one and one-half cupfuls of white flour, one teaspoonful of salt, two tablespoon fuls of Au?r and one-half a yeast cake dissolved in one-fourth cupful of luke- warm water. overnight. In the morning cook like griddle cakes. Serve ‘maple strup. THE EVENING STAR, Let the mixture rise |and WASHINGTO MEN AND MONEY By M. S. Rukeyser. (Cobyrixht. 1026.) Wil high in the United States last? When and if the dividend is passed on “labor common,” the result is pri- vation, in extreme cases even starva- tion. Wages, therefore, constitute the most vitally human factor in the whole scheme of business facts. The future of wages is, of course, tied with the future of business, and the whole organization of American prosperity is predicated on high wages. The great industries of the country are based on mass production, and volume output cannot be sold to an aristocracy of well-to-do individuals. The millionalres, in spitegof their re- sources, have limited consumptive ca- pacity. The prosperity of American large-scale industries rests on the rel atively high buying power of the av. erage man: If wages were substan tially reduced, the great domestic mar- ket for commodities would shrink and business would be adversely affected more than by any other single factor. ldea Widely Accepted. Henry Ford was the first American business man to give conscious ex pression to this realization, and the idea has now become widely accepted. The fear or high wages has dimin- ished and those who are alarmed by high . wages are going increasingly into the minority. The installment plan, despite its merits and defects in other respects, is a factor in making for business sta- bility. The success of the program depends on the continuous employ- ment of labor. The great automobile plants and other industries which have a direct stake in instaliment finances are committed to a program of uninterrupted employment, in #0 far as it is human)y feasible. American manufacturers are more concerned with unit costs of opera- tion, rather than with weekly wage scales. They are willing to pay high wages if workers,, helped by labor- saving machinery, can produce indi- vidual items at a low cost. Both capi tal and labor are taking a more so- phisticated attitude toward the price of human services than in the past. American employers recognize that high wages are a factor in the busi- ness situation, and are keeping out of wages a principal ftem of cost. In such cases it is cheaper to import articles than to make them at home. Moreover, the higher scale of American wages is keeping American-manned mer- chant ships from reaching a competi- tive basis with foreign bottoms. Some business men philosophically take the viewpoint that the thing to do is to ship goods in foreign bottoms and use American labor in mechanized indus- try, where it can be economically em- ployed. The policy of restricted immi- gration has given the American Worker a scarcity value. Readjustments Seen. The business prospects for 1927 sug- gest no marked increase in wages, although laggard lines may he brought in line. On the other hand, a read- justment in the building trades may result in reductions in pay that are relatively high compared with the general scale of wages. Inequities exist and will gradually be corrected. In general, farm labor is being underpaid in relation to city labor, Business leaders are becoming in- creasingly candid in their forecasts. Many men in responsible positions are unwilling to predict that 1927 will be the greatest of all possible years, suggesting, maybe, hesitation and slowing up in overexploited indus- tries. On the whole, however, the business leaders seem hopeful of a moderately good year. Irving T. Bush, president of the Bush Terminal Co., in discussing the outlook with me, said: “I look for no trade boom in 1927 and no depres- sion. There will be no smash next year, in my opinion, but there may be a readjustment in some trades, in- cluding the bullding industry. The third year of a presidential term always invites political criticism ‘which is somewhat disturbing to con- fidence. In the fourth year the issues become drawn and there is less un- certainty. I think there is reason for confidence as to ’27, but not for ex- cessive optimism.” The F. W. Woolworth Company continues té expand irrespective of the business cycle. A moderate business recession is helpful to the profits of the company, for it tends to reduce operating expenses and the cost of merchandise and heightens the dispo- sition of the public to effect economies at the 6 and 10 cent stores. Hubert T. Parson, president, in calling-atten- tion to the fact that the company had opened 66 new stores in 1926, told me that it had already signed 50 new leases for 1927 and would probably open 75 new stores in the next 12 months. ‘“‘Our company has unlimited capital and unlimited man power and our expansionis limited only by the opening up of new opportunities to establish successful stores,” said Mr. Parson. THE BUSINESS OF GETTIN: AHEAD. Factors in Business Profits. ‘The success of a private business enterprise is measured in annual profits. Frequently merely keeping busy is not enough to bring success. The wise merchant or manufacturer will ordinarily decline proffered business at prices which do not assure an ade- quate profit. Special circumstances warrant carrying on Individual trans- actions at a loss either to close out slow-moving inventorles or to attract customers to a store so that they will buy other articles which can be sold at a profit. However, many small business men fall each year for unwittingly accept- ing business at prices that entail no adequate profits. This weakness of method springs from bad accounting, from inability to determine costs ac- curately. Compensation and Profit. Sometimes the corner grocer man, who resists the competition of the chain stores, stays in businessbecause he confuses compensation for his own services with grnm-, The individual sometimes is able to hold out against the chain store by performing all the labor himself, with the assistance of members of his family, none of whom draws a salary. If the apparent profit is enough to support the family, he is satisfled. According to adequate book- keeping, however, the remuneration would be, strictly speaking, salary- - and not profit. In the well managed partnerships, the working partners make both salary and profit. A fair way of determining what the salary should be is how much the business would ‘have to pay a hired man to replace a partner. ‘here is no widespread agreement among economic authorities as to what profits are, although the mat. er has great practical significance or tax purposes and sometimes for determination of the legality of divi- dend declarations of directors of cor- porations. “In the generally accepted sense of the term,” says the Standard Daily Trade Service, in commenting on the situation, “profits constitute that sum which is left over, at the end .of any iven period, after all the expenses f a business have been paid. Definition Is. Elastic. “No definition could be more elastic nly no item in the profits more India rubber ! What one account possesses qualities t! K concern coj as legitimate oper- D. O, SATURDAY, DECEMBER %. HIGHEST MONEY 1926. RATES OF YEAR MARK FINANCIAL SITUATION Six Per Cent Charge Apparently Warning to Banks to Slow Up Flood of New Security Issues. BY STUART P. WEST. €pecial Dispatch to The Star. NEW YORK, December 2! In a week which has seen the highest money rates of the year, the stock market, moving as usual by groups, established a mixture of gains and :n"ea, with néither really predominat- ng. The 5% per cent figure on call loans prevailing in the first half of the week was followed by an advance to 6 per cent. This was a striking occurrence, because it could not be attributed to any important drain upon New York bank resources. It came too early to set down to preparation for the end- of -the.year settlements. These scarce- ly ever become a serious factor until the closing week of the year. If the 6 per cent money rate does not denote a greatly reduced supply >f money or the expectation of a de- ficlency, what is its significance? Wall Street has been debating this question all week, and has commonly answered it by saying that the banks are not anxfous to see a big speculation at “his time. Partly, then, this may have heen a defensive measure aimed at the stock market. Partly, however, 't seemed to be a warning to slow up with the new security issues, which have been pouring upon the market for the greater rart of 1926. Bond Market Quiet. The bond market has come to more of a standstill than the stock market. which has had a number of interest- ing moves to liven it up. The invest- ment community s loath to belleve, ‘n view of the strong position of the Federal Reserve and in view of the innual return flow of money to the principal centers., which is to start after the first of the vear, that the present rise in rates Is anything more than tenmporary. It is laying its cal- culations accordingly, and fs not nressing bonds for sale. In this connection the higher prices U'm glad he's [competitive lines where hand Iabor is { ouched during the week by a num. her of old line preferred stocks come in for attention. These purely in- estment issues are quoted around the highest of the year. It is another plece of testimony to the willingness 5t capital to accept what, by com- parison with other year-ends in the past, Is a low return. It is not con- sistent _with idea that higher money has come to Stay. Motor Mergers Denled. Merger rumors affecting the auto- mobile companies have been emphati- cally denfed. The strength shown by some of the motor shares probably re- flects the hopeful view taken with re- zard to the motor industry, at least In ‘he early montha of 1927. Buying of the railway shares has tound encouragement in the continued ‘ncrease in dividends and the antici- vation of more. A week ago it was Loulsville and Nashville; this week it ating expense, deductible before re- porting profits, may be quite differ- ant from what another concern so considers. The conservative business for instance, will set up numerous re- erves and contingency funds before eporting profits; the less conserv- itive one will perhaps report rela- ively larger current earnings, leaving the undefined expenses of the future ‘0 take care of themselves. “Construction and equipment of new operating units conetitute another highly controversial point. One con- sern will carry on an elaborate pro- zram of extension, sometimes continu- ng over a number of years, quietly aying for new properties out of cur- rent income and giving no hint of what has been occurring in its annual profits statements. Another may be able to issue more spectacular income accounts, but may at the same timc be obligated frequently to resort tc new security flotations to raise addi tional funds. “So, for purposes of statistical study the foregoing definition must be modi fled somewhat, viz: “Profits constitute that sum which a given corporation reports is left over after all the expenses of a busi- ness have been Ralilroad and public utility corpora- tions are subject to State or Federa regulation, which requires uniform accounting. The investor can there fore lay down general rules for com- parisons of the financial statements of such companies, but in the case ot industrial concerns there is great va- riety of practice. It pays the small business man, in conducting his own enterprise, to have a competent accountant install a cost gystem and advise him in the matter of determining profit and reserves. C. & 0. NET INCOME UP. Figures for November and for 11 Months Show Marked Gains. According to reports from Rich- mond, gross revenues of the Chesa- peake and Ohlo Railway Co. for No- vember totaled $11,857,949, an in- crease of $786,019 over November of last year. Operating expenses showed a decrease of $91,999 in its total of $7,869,965, as compared with the same month in 1925. The net raflway operating income was $3,347,913, an increase of $666,144 over November, 1425. The net income after all charges for the month of November was $2,662,080, an increase of $896,409, as compared with the net income of the same month in 1925. The operating ratlo is 66.4 per cent, as compared with 71.9 per cent, a de- crease of 5.5 per cent over the same period last montb. ) For the 11 months ending Novem. ber 30, the rallway company shows gross revenues of $122,160,630, an in- crease of #9.312.5650; operating ex- penses were $83,501,963, an increase of $1,283,622; net rallway operating income was $33,705,573, an increase of $5,748,067. The net income for this period, after all charges are taken off, is $26,405,832, an increase of $8,12 819, compared with the correspon ing period in 1925. The operating ratio is 68.4 per cent, a decrease of 4.5 per cent over the same perlod a year ago. s CHEAPER'MONEY SEEN. Moody Looks for Lower Interest Rates After January 1. Special Dispatch to The Star. NEW _ YORK, December Moody's Weekly Review says, in part: “The monetary B:ul:b)lok contlm:;s very favorable. nk loans are be- eon{lnx smaller as compared with de- posits and this is a better indication than the movements of call money rates. We look for quite a sagging tendency of interest rates after the first week of January. “The rise in bond prices since the middle of September is partly sea- sonal, but this year the advance has been extra large. Doubtless it re- flects the unusual volume of new capital seeking investment. “Trade returns are becoming more mixed 2 b % Have You Been Stung Yet? Some men “have to get stung good and hard before they learn to be cau- tious in making investments. Before you invest—investigate! was Reading. Here were two old-line carriers, noted for their extreme con- servatism in the past, deciding to pay out more to their shareholders. It seemed to foreshadow a more liberal policy all along the line, the assump- tion of the attitude that the roa have been brought up to the prim of physical condition, and that there was no longer any incentive to keep on year after year piling up treasury surpluses. Most Shares Lagging. Outside of the motors and rails the greater part of the list has been lag- ging behind. At no stage of the up- ward movement, which began in the middle of October and lasted until the middle of December, was there any suggestion of the public taking an_ interest in the way it did last year. But the suddenness with which the market flattened out and came down o abruptly in the daily volume of transactions showed the disappoint- ment of professional Wall Street with the things were going. The turn- ing point came as the market refused to enthuse over the 40 per cent United States Steel extra. Thereafter other dividend increases began to fall flat. It appeared a fair inquiry to make as to whether the very high level of Stock Fxchange prices had not discounted these items of favor- able news. The market's hesitation may have another reason besides the high money rate and the lack of inspira- tion in dividend announcement: It may also reflect a genuine desire to await a better line upon next year’s business. This desire is quite under- standable after the way in whiclh highly optimistic predictions mad- during the last few years toward the end of December have proved disap- pointing. Cotton Trade More Optimistic. Perhaps it is too early to conclude from the recovery which has occurred in cotton that the cotton trade hac turned the corner. But this week's action of prices has given more ground for hope than has been fel’ for some time on this score. The cot- ton market knows the very worst possible regarding the season’s pro duction and the excess supply involv- ed. It has gathered increasing sup- port from trade sources, which seems likely to last, and, in the distance there is the possible substantial re. duction in the new area to be planted and in the new crop to be turned out. The rise in French francs has been checked around the 4-cent level, ap- parently with the full approval if not with the help of the French govern- ment. New York is only moderately interested in the three-cornered op- eration by which Berlin has been drawing gold from London through the use of credits set up by the sale of German securities in the United States. BUTTER S EASIER INWEEK'S TRADING Out-of-Storage ~ Movement Continues Heavy as Com- pared With Last Year. By the Associated Press. CHICAGO, December 25.—Butter mnarkets opened the week at unchanged nrices with the market tone about steady. An undertone of nervousness prevailed on the Chicago market due to more liberal arrivals of fresh but- ‘er and a slight slowing up in the demand. This nervousness developed ‘nto a definite weakness on Tuesday, -esulting in' price declines of 214 cents on 92.score butter and 1% cents on 90-score centralized cars. Eastern markets became weaker in sympathy with Chicago and with the arrival of a considerable volume of foreign but- ter at New York sharp price recessions were effected on Wednesday at all markets. The sharp declines on all markets tended to further unsettle the minds of the buyers and with direct operations became more cau- tious. . Buyers with direct consumption out- lets limited purchases to their most urgent needs, which only further ag- gravated an already weak condition. One encouraging factor in the sit uation was the continued fairly heavy out-of-storage movement as compared with last year. Withdrawals during the first few days were on a par with those of the previous week and ex- ceeded those of the corresponding week a year ago by a considerable margin. This would indicate that consumption was fairly well main- tained in spite of the comparatively high prices, which have ruled during the past few weeks. There are some distributors, however, who state that their outlets have been narrowed somewhat by the high price, and job- bers of oleomargarin report an in. crease in the sales of that product.” The general opinion of the trade regarding production is the making of butter is slowly increasing. This is partially substantiated by the volume of fresh butter arriving on the markets. Individual factories in many cases showed increases of a few tubs this week. The percentage of in- crease is not large, but nevertheless indicates the trend of production. The American Assoclation of Creamery Butter Manufacturers’ re- port for the week ending December 18 showed decreases of 10.5 per cent and 8.4 per cent as compared with last year and the previous week, re- spectively. Those decreases are in- variably considered as the result of the severe weather, which slowed up deliveries of cream during the week covered by the report. This delayed cream will undoubtedly show up as a decided increase in the next report released by this organization. ——— A sunfish welghing 800 pounds was recently stranded on the rail of an At lantic liner after a huge wave had washed over the vessel during a torm. o A MERRY CHRISTMAS TO Al R tate Financin, oo & e Mia ekt g’ | Provident Mutual Life FINANCYIAY. YULETIDE SPIRIT 1S SEENINMARKET “Christmas” Dividends Im- part Upward Trend to Stock List. By the Associa@d Pres NEW YORK, December 25.—Exten- sive readjustment of speculative ac- counts, usual at this time of the year, imparted much irregularity to the stock market this, week, but the bull- ish influence created last week by the unexpected announcement of a $200,- 100,000 stock dividend on United States Steel and subsequent “Christ- mas dividends” by other corporations was still in evidence. Higher eall money rates, due to the enormous de- mand for holiday currency, and the departure of many traders for extend- *d week end trips had a tendency to -estrict trading. Trade news was mixed in charac- ter. For the first time since last Jan- uary freight car loadings showed a decrease in comparison with the same week the year before. A slackening also occurred in steel mill operations. but this was regarded as seasonal; on the other hand, retail haliday trade was reported to be breaking all re ords in volume and a firmer under- tone was noted in many of the com- modity markets, Atchison was again the leader in the il group, crossing 170 to the highest price ever recorded in ap- parent anticipation of a special divi- dend distribution early next year. Erie common and first deferred ad vanced to the highest prices in a decade of expectations of an early re- sumption of dividends on the latter stock. New York Central and some 'f the other issues turned sluggish on he denial of dividend rumors affect- ing_those roads. United States Steel lost much of the uoyancy which developed after the dividend announcement, but received good support. Other steels were quiet, Motors were in brisk demand 1uring the week on merger rumors, in which practically every company of ‘onsequence was mentioned, but no authority could be found for any of he reports in circulation. Oil shares held firm, the publica- “fon of a number of favorable earn ings report offsetting the ordinaril wiverse influence of another incre: n crude production. Tex: Pacific Land Trust achieved the distinction of being the first stock on the N York Stock Exchange to sell abov $2,000 a share. Pools were again active in a num- ber, of specialties, with new peak prices for the year or longer being at- ‘ained by Baldwin, the Collins & Aik. man issues, Nash Motors, Julius Ka; ser, common and preferred, and se’ >ral other: FIRST MORTGAGE SECURITIES Safe Dependable Remunerative Annuaé Return 6"2% Mortgage Investment Dept. CHARNGN & TUCHY 713, 715 and 717 14th St. Main 2345 19 First Mo;"tlgua";e Loans Lowest Rates of Interest and Commissiol C , Inc. Ihomn J. X !(m:mpnrny nc U Investments For Conservative People Municipal Bonds Exempt from all Income Taxes Interest 5% to 67 BANKERS BOND & INVESTMENT COMPANY 734 Southern Building Money to Loan Becured by first deed of trust on re: Prevailing_ interest and commission, Joseph 1. Weller $30,Wash. & &' zease HOME OWNERS OANS ‘HOME FURNITURE o §200 within one duy. 118 In two on e take tnd, five: to yews proversy.” Fe. 8410, ave Real Estate Small Loan Co. Furniture Loan Procurement Co. Di tional Bank Blde. WE FINANCE |—all classes of income-producing praperty Large Loans a S Current iInt. rate and commission Higbie & Richardson, Inc. 816 15th Listed stocks and bonds bought and sold on commission. Accounts carried on a conservative marginal basis. We invite correspondence on securitfes HARRIMAN & Co. Members N. Y. Stock Exchange 111 Broadway, New York WASHINGTON OFFICE 729 15th St. N. W. The New York Life Insurance Company Offers First Mortgage Loans On Improved Real Estate in the District of Columbia and Nearby Suburbs in Montgomery County, Maryland 3 Homes Apartments RANDALL K. nfigflggn}a COMPANY 1321 Connecticut Avenue Years, 5 Years, 10 Years 5% % GORRESPONDENT Telephone Main 9700 Your Maturing Investments F you have investments—=bonds or other securities=—about to be paid off, you will want to get the highest return by keep- ing your principal constantly employed. QOur organization is so planned that we can keep your money invested and re- invested in First Mortgage Notes on im- proved Washington real estate, so that your p.rilgdpal is earning for you without intermission. ‘These Notes may be had in convenient denominations of $100 and upward. And they now yield of 614%. the attractive return Arrange today to reinvest promptly the funds made available by maturing invest- ments—or from January dividends. Reservations Will Be Accepted Until Your Funds Are Available Swarizell, Rheem & Hensey Co., Morlgage Bankers T27151h. Street, AW VashinlonDLC. 37 Years Without Lass to An Investor