Evening Star Newspaper, December 26, 1926, Page 31

. . HALT TEMPORARY INBOND MARKET Reinvestment Demand After + First of Year Sure to Bolster Prices. BY GEORGE T. HUGHE! Special Dispatch to The Star. NEW ORK, December 25.—The bond market quleted down this week after its prolonged period of strength and activity. For most of the recently active issues prices were a shade lower, but there was no pressure to sell and no indication that the main Hih > Tow. " High Low, 10129 99 15 10230 101 1 10119 100 16 1011 9 10120 10 104 13 1021 108 108 Siten. " Low, % 95 108% 101% 97% 96 101 98% 884 8am 1104 106% 108% 106% 8935 80 108" 95 104% 101% 108% 101% 103% 101% 110 1064 110% 106 51% 404 100 94 1023 1013 105 993 105 983 advance had been permanently halted. The fact is that the reinvestrnent demand for bonds, traditional about this time of the year, had been antici- pated earlier in the month and the buylng that went on this week for this account was mostly in high-grade stocks, chiefly railroads, but some in- dustrials. Returns on bonds, even at present high prices, compare favor- ably with those of the strongest cor- porations, but the latter are more pop- ular just now. The action of the TUnited States Steel directors in declar- 104% 98% 101% 98 06 98Y 102% 98% it 4% 4 ing a 40 per cent stock dividend has )’ encouraged the belief that there will be more disbursements of this char- acter by other corporations. So, for the moment, investment sentiment gives the preference to stocks rather than to bonds. Support for the hond market will come later on from the banks as funds accumulate with the lessened demand from business usual at this season. In whatever way it is employed, the amount to be reinvested after the first of the year will be larger than ever before. It is estimated that the January 1 dividend and interest dis- bursements will approach the huge sum of $580,000,000, compared with about $512,000,000 a year ago. Call Money Higher, Hardening in the rates for call money, which went to 6 per cent at the close of the week, the highest in * three months, might have had some- thing to do with the reaction in bonds, but it is hardly likely, for it indicated no real change in the credit situation. As far as bonds are concerned, the significant thing is the decline in com- mercial loans and the increase in in- vestments revealed in the last state. ment of the reporting member banks of the Federal Reserve system. Com- mercial loans for the week ended De- cember 15, representing the latest available returns, dropped $40,000,000, against an increase for the year of $375,000,000, while at the same time investments in securities other than obligations of the United States were up $29,000,000 on the week and $271,- 000,000 for the year. It remains to be seen how much of a drain upon the money supply the renewed activity in stocks will cause. However that may be, the commodity markets are using a minimum of credit just now, and there ought to be enough to go around unless new security offerings next month are in much greater volume than now ap- pears probable. Such activity in bonds as there was this week centered about the higher- vielding descriptions. It is an inter. esting fact that throughout the en- tire year the highest grade of invest- ment bonds of the corporate class have not appreciated in the same de- gree as those of the lower investment status. This is certainly true of rail- road bonds, if not of utilities. The spread between the first and the sec- ond grade ralls has steadily narrowed, and now interest has shifted to obliga- tions frankly speculative, Might Change Suddenly. If there should be any substantial falling off in earnings, this condition might change rather suddenly. The Unlon Pacific reports this week may not be typical, but car loadings have been held at their record high almost solely because coal has been moving in such volume. Sooner or later, of course, there will be a decrease in traffic and some less favorable com- parisons in rallway income statements, and then the better railway bonds may again come into favor. The point is that, assuming, as it seems reason- able to do, that the advance in the bond market is to be carried farther, it does not follow that speculative and investment descriptions will keep on moving up together. If there is any setback in domestic trade sufficient to influence the price of securities dependent upon earnings, \ one result will be increased interest in y forelgi government obligations. In this quarter the only factors that will govern quotations will be the price of money and the progress, or lack of it, in financial rehabilitation abroad. French Bonds Interesting The case of French dollar bonds is the most interesting. All the active issues listed on the New York Stock Exchange closed the week just below the best of the year and not far from the best for all time. French bonds are not limited in possibllity of ap- preciation by redemption provisions, as are the popular German issues, many of which are now selling only a few points below the figure at which they may be retired. One French bond, the 7%s of 1941, are non-callable prior to maturity. Meanwhile French francs have sold above 4 cents and at a new high for the year, and the Government has announced that it has acquired the exchange necessary to meet all pay- ments on external obligations for a vear or more to come. -All this has heen accomplished without any action having been taken on the debt-refund- » ing agreement with the United States. The most ‘interesting new offering of the week was the Bulgarian settle ment loun, The amount was compara- tively small, but the price was attrac- tive and the bonds met a favorable reception. The financial guardianship which has been established by the League of Nations over the tangled affairs of the countries of central and eastern Europe Las proved one of its most successful undertakings. The outstanding incident is Austria. It is this sponsorship that inspires confl- dence in these apparently highly spec- ulative bonds. —_—— CONTRACT AWARDED. Western Maryland Gives Baldwin Locomotive Order. Special Dispatch to Tho Star. BALTIMORE, December I5.~The Wastern Maryland Railway Co. has awarded to the Baldwin Locomotive ‘Works a contract for 20 heavy freight locomotives for delivery early in 1927, The new equipment will cost $1,670, 000, of which the Western Maryland Rallway’s treasury will advance $41,- 98% 98y 104% 100 92% Ry, 9215 Ba% 106 103 105% 103 119 10 948 nan 997 953, 1074 108% 108% 991, 7% 96k 98 84y 101% 99 106% 100 91 8 1005 973 108 1004 9 90 97 931 111% 105 981, 781 102 94y 1084 106% 100 o4% 106 9T 106% 100 111 107% 121% 119 1026 99w 104% 101 913 82w 9% 8TW 110 1013% 109 90 108 89% 95% 7% 97 98 87 102 99 116% 112 104% 100% 954 108% 108 08 96% 99 102% 93u % 924 105 101% 101 95 95% 88 101 1% 86 108 104% 106% J04% 8% 91 12 100 94 85% 108% 102% 903 83% 98% 96% 92% 824 118% 116 8% 79 90 86k 8% 94% 88 87% 58k 44k 103% 100% %% 7% 68% b59% 60% 44 90% T7ThH 56% 43% 59 44 112% 106% 88 3% 89% (83% 9% T1% 118% 116% 107% 104% 961 90% 89 83% 112% 101% 104 101 i 82 70 b6 93% &6 6% 70 684 61% 63 693 84% 69% 93 28 108% 106% 103% 101% 4% 59% 9% 85 79 66 89% 80% 75 0% 03% 884 994 97 o1% 96% 96% ::’m 08% 1 100 84t 104% 102% 86% 80 93% 9TH 67 98% ”2.. 99 10 118% 106% 62 24 98% 87 82% 20% 0% 69% 92% 88% 161% 126% .62% 80 000 and the balance will be raised |10} through the sale of $1,250,000 41; per cent 15-year equipment trusts. Bids for these certificates aiready have been submitted by banking houses , here and the award will be made shortly, it is sald. — Robbers Disregard Note. GRAFTON, W. Va., December 25 (P).—Robbers who blew the safe in the Exchange Milling Co. office early disregarded a note.on the door of the strong box giving the combination and advising prospective safecrackers that it was empty. After verify the note. the robbers turned to a ux register wnd obtained $230 A 82% 8% 1043 100% 118 106% blk 4% o4n 90% 997% 98 101% 96 1084 100% 90N 9% 6% 6% THE SUNDAY STAR, WASHINGTON, BOND SUMMARY FOR THE WEEK 0. 8. BONDS. 101 22 99 19 Liberty 818 1932-47 102 30 101 21 Liberty 1st 43 s 193! 101 1 100 18 Liberty 2d 43 s 19274 101 15 100 26 Liberty 3d 43¢s 1928, 103 11 101 29 Liberty 4th 414 s 1933. 110 106 9 Treasury 414s 1947.02... Fiehe Low. FOREIGN. 100% 96% Argentina 6s A-1957 102% 100 Argentina 7s 1927. 99% 96% Australlan Govt 55 3 100 Austria 7s 1943, 924 813 111% 106 108% 106% 98% 81k 106 100% 106% 102% 103% 101% 102% 100% 109% 107% 109% 107 48% 24% 1003 98% 106% 98% 104% 102 106% 108% 106% 1034 104% 924 1084 98k 107% 101% 98% 8% 94% 88% 100% 92% 116 100 110 106% 99% 95 86 8% 841 £214 106 104 114% 110 116 95 104 9% 106 102% 9% 85 Belgium 8s 1941. Bordeaux s 1934 Brazil 8s 1941. Canada 6s 1962 Canada 5% s 19. Chile 926 Chile 85 1941... Chile 85 19486. . Chinese Govt Ry 5s Copenhagen 533 1944. Czechoslovakia 8s 1951 Denmark 6s 1942.... Dutch East Indies 6s 194 Dutch East Indies 6s 196 French Govt 718 194 French Govt 8s 1945. German 7s 1949. . . Holland-American s f 68 1947. Italy 78 1951.... Japanese 6145 1954 Jergens Utd Margarine 6s 1947 Netherlands 6s 1972. Norway 6%s. . Paris-Lyon Med 6s 1958. Poland 8s 1960. . . Queensland 6s 1947 Queensland 7s 1941 Rhinelbe 7s Rio de Janeiro 8s 1946. Sao Paulo, State of, 8s 1936 Seine, Dept of, 7s. ‘e 981 87 Serbs, Croats. Slovenes 8s 1962 106% 108 Sweden 6s 1939. 104% 1024 Swiss 535 1946 119 117% United Kingdom 5%s 1929, 106! 103% United Kingdom 5%s 1927. Migh. Tow. Tast. Yield 101 8 100 31 100 31 381 102 30 102 21 102 21 371 1011 100 28 101 28 858 101 15,1019 1019 862 108 11 103 108 871 109 3¢ 109 17 109 17 359 Prov. woek’ Tioie.” Hieh. Low. Last 98 98y 0T 100% 1004 100 9TH 9T 9T 9T 101% 101% 101% 101% 91% 92 91k 914 111 1114 1104 110% 1076 108% 107% 1084 934 981y 925 92% 104% 104% 1041 104% 1044 104% 104% 104% 1017 101% 101% 101% 101% 101% 101% 101% « 108% 108% 108 108 . 107% 108% 107k 107% 25% 26 20% 25% 991 99% 9T 0T 105% 105% 106% 105% 1044 104% 108% 108% 103% 103% 108 1034 1031 1031 108% 103% 104 104% 103% 104% 107% 107% 107% 107% 106% 106% 106% 1064 904 90% 90% 80% 944 93 924 92% 99% 100 99% 100 108% 108% 1084 108% 107% 107% 107 107 998, 99% 908% 99 85% 86% B84n 85 9R% 984 92l 924 104% 104% 104 104 111% 111% 111% 111% 114% 116% 115 115% 103 108 1021 1024 105 105% 106% 105 961 961 95% 95% 97K 9T 96% 97w . 103% 108% 103 103% L 1024 108% 102% 102% . 117% 117% 117% 1174 . 104% 1047 104% 104% 98 INDUSTRIAL AND MISCELLANFEOUS. 106 103% Amer Agri Chemical 7%s 1941. 101% 99 Amer Smelt & Ref 15t 53 1947. 109 107 Amer Smelt 1st 65 1942.... 106% 102% Amer Sugar Refining 6s 1937 98% 96% Amer Tel & Tel cl tr 4s 1929, 102% 97% American Tel & Tels f 5s 104% 101% Anaconda Copper 6s 1953 1094 1021 Anaconda Copper cv del 92% Bethlehem Steel p m 5s 198 101% 953 Bethiehem Steel s 6s 1943 110% 104% Chile Copper 6s 1982... 26 78% Cons Coal (Md) 1st ref Cuba Cane Sug cv deb 85 1930 Detroit Edison ref 6s 1940 Dodge 6s 1941 Empire Fuel & Gas 7% Goodrich (BF) 6%8 1947 Goodyear Tire 85 1931.. 106% 101% 107 104 112% 109% 122 119% 108 101% 105% 102% 9% 84k 98 914 116% 107 108 102% 100% 96% 106 102% 108% 99% 105% 96% 98 93% 108% 100% 118 114% N Y Edison 1st 6%s 1941. 106% 104 NYGasELH& P bs 194 9% 97% NY 108% 107% N Y Tel Humble Oil & Ref 5%s 193, Indlana Steel 65 1982 Inter Mer Marine 6s 1941. Inter Paper s B 1947 International Tel bs r Kelly Springfield 8s 1931. Lackawanna Steel 55 1950. Laclede 5%s..... 95 Utah Power & Light 55 1944 105 Va-Carolina Chem s f 7s 1947, 80 56 ~ Warner Sugar 7s 1939. . 118% 110% Western Union Tel 6345 193 102 95% Wilson & Co 1st 6s 1941.... RAILROAD. :g\t 89% Atchison gen 481935........ 89% B&OPittsLE& W Va 481941, 102% 98 B & O Southwestern Div §s ofs 50. 99% 921 Brooklyn Manhat s f 65 A 196! 118% 117 48% Chi M & St Paul cv 4%s 0% Chi M & St Paul 48% Chi M & 8t Paul % 47% Chi M & St Paul cv 58 3014. 101% Chi& N'W 4%s1987..... 111% Chi & Northwestern 635 19: 65% Chicago Rallways 68 1927. . 87% Chi RI & Pacific ref 34 102% CCC& St Liref 65 A 1929 105% Cleveland Term 63s 197: Colorado & Bouthern 4%85 1935.. 88% Cuba R R 68 1952 108% Del & Hud cv 68 1935 102% Delaware & Hudson 5%s 1 85% Den & Rio Grande con 4s 193 62 D&RG West 5s 1955. 80 Detrolt United 435 1932 74% Eri 1108 Great Northern gen 78 1936...... 92% Hudson & Manhattan ref bs 1957. 76% Hudson & Manhattan adj 6s 1967, l:l% Illinois Central 5%s 1934, 0% 62 Inter Rapid Transit 6s 196 86% Inter Rapid Transit cv 7s 1938 66 Inter & Great Nor adj 6s 1953, 89% Kan CFt Scott & M 48 1938. 72% Kansas City Southern 3s 1950 93% Kansas City Southern 68 1950 98% Lake Shore 4s 1928 964 Mo Kan & Pex prinGs A 1 65 Missouri Pacific gen 48 1975 964 N O Tex & Mex inc bs 1936 94% New York Cent deb 4 1934. 108 101% New York Cent ref imp b8 20. 108% 106% New York Central deb 70% 68 New Haven deb 45 195 106% 97 NYNH&Hecv 84% 20% N Y Ry 65 1966. ., 80 69 N Y West& Boston 98% 904 Norfolk & Western con 45 19 167 188% Norfolk & Western ov 66% 61% Northern Pacific 3s 19 91%, 86Y% Northern Pacific 4s 1997 114 *108% Northern Pacific 81% Southern Ry g 108 104 Southern Ry 1st 119% 112 Southern Ry dev 6% 1956. 65% 41% Third Aveadj Gs 1960 96% 9214 Union Pacific 1st 4s 19 100 98% Union Pacific cv 103% 99% Virginian Ry 1s 104 101% Wabash 18 104% 104% 104 104% 101 101 100% 101 108 108 107 107% 104% 104% 103 103 98% 908% 98% 98% . 101% 101'% 101 101% 104% 104% 104% 104% 109% 109% 109 109% 921 924 91% 92% . 101 101% 101 101 108% 103% 102% 103% 98% 99 98% 99 101% 101% 101% 101% 110% 110% 110% 110% €3 83% 83 83 991s 991 98 98K 107% 107% 107% 107% 95% 95% 96% 96% 106 105% 105 105% 106% 1064 105% 1064 110% 110% 110 110% 120% 121% 120% 120% 102% 102% 102% 1021 104 104% 104 104 96% 964 95 95% . 9 97% 96% 96% 1094 110% 109% 110% 103% 1056 104 105 100 100% 99% 100% 104% 106 104% 104% 101 102 100% 102 « 104% 106 104% 108 86% 97% 96% 9TW 108% 1034 1034 103% TREND IRREGULAR ™ D. C. nancial Highlights of Past Week Brought Out in Nutshell by Statistics DECEMBER 26, Stocks (average of 50 issues) Some Gains Shown for the |y, .., (average of 40 issues) Forel ? Week, However, With Comn |"=" bonds (average of 10 Lssue Values About Steady. Dy the Assoclated Press. CHICAGO, December ~—Sugges- tions aro being put forward by trade Federal Reserve ratio.... Money rates in New York Call Time authorities here that world wheat re.|Unfllled steel orders one quirements have been underestimated [Plg Iron production. . .o for the present crop year. situation {s talked of as helping to explain the apparent irregular up- ward trend of wheat values. Compared with a week ago, wheat yesterday showed galins varying from 1 to 215 cents a bushel, with corn ranging from 7% decline to % advance, oats unchanged to % and % down and provisions at a rise of 10 to 35. In connection with asserted likeli- hood that world wheat needs have been figured too low, the fact is point- ed out that the United States and Canada have cleared much more wheat and flour to Europe than a year ago, and that nevertheless the world available supply has decreas in the la month. United States shipments of wheat and flour to De- cember 1 are noted as having totaled more than 130,000,000 bushels, com- pared with 46,000,000 bushels last year. According to further trade gossip, United States breadstuff exports to December 81, partly estimated, will be about 142,000,000 bushels, which, wi a carry-over the. same as last vould allow only 42,000,000 bushel wheat left yet for export, including durum wheat, greatly desired Southern Europe to make macaroni. On the other hand, less optimistic trade leaders say that a more urgent forelgn demand for wheat with a broader speculative interest in the market might readily bring about price advances, but both these factors exactly appear to be lacking. ‘With primary receipts of corn ex- pected to be a good deal larger within a few weeks, corn and oats values are easfer for the time being, although the corn crop is sustantially below normal. Increased country offerings of oats, too, have temporarily taken the edge off the oats market. Provisions are reflecting the Gov- ernment pig survey, congtrued as in- dicative of a smaller supply of hogs than as a rule had been looked for. Baltimore Markets BALTIMORE, December 25 (Spe- clal).—While the Christmas demand for live and dressed turkeys was very good and the market cleaned up, re- 116% 115% 116% 116% . 106 106 105 106% 99 994 98% 994 108% 108% 108% 108% .+ 104% 104% 104 104 100% 100% 100 100 101% 101% 101% 101% 104 104% 103% 104 108% 108% 7% 98% 9TH 9% 101 100% 100% 100% 107% 107% 106% 107 94% 95% 94% 95 .« 1083 106% 105% 106% 107% 107% 107% 107% 98% 981% 97N 98y + 107% 107% 107% 107% 84% 85 3 T8% 111% 1118% 111% 111% 101% 102 101% 102 927 83 92% 92% 100% 100% 100% 100% 102% 103 102% 102% . 93 934% 92% 92% 101% 102% 101% 102 99% 99% 98% 99 117% 117% 117% 117% 84% 844 84 844 1% 91% 91% 91% 99% 99% 99% 994 97 9% 97 974% 61% 614 61% 61% 106 106% 106% 106% 81% 8ik 80% 81 69% 69% 69% 69% 564 B6Y% B5% b5% 95% 96 95% 96 B7% B7% b67% b67% 56% 56 104% 104 104 12K 111% 11% 4% 78 18y 92% 9244 92% 98% 96 964 118% 1184 1184 86% 86l 864 102% 102% 1024 « 1 108% 108% 108% 9% 8% 9% 86% 84% 86 9% 99% 99% 107% 106% 106% 184 114% 115 109% 108 1081 114 113% 113% 98% 98% 984 98w B4% S4% 84w B4y 102% 108 10244 108 9% 80 8% 78y 961 96% 96 101% 102 101% 1014 . 76% T6% T6% 76% 9% 99% 99% g9y 96% 96% 96k 96% 05% 106% 105% 1054 07 1074 10734 1074 69% 70 69% 6914 05 106% 105% 1053 88 84% 32 g3 T84 7% 78% 79 92% 93k 921y 93 162 1624 162f 5% 66 Gan S % !ington grace 1 | this vear. 2% 82K 6% 8% 881 93% 86 86 107 106% 106% - 119% 110% 119% 1193 " o9 99% oon ool ceipts were a little more lberal than expected, which, coupled with warmer weather, caused a drop in values yes- terday. The market closed at 43 ta 45 a pound for young live turkeys, 40 to 43 for old and 30 for poor and crooked breasts. Dressed turkeys are bringing 48 to 50 a pound for choice to fancy stock, 46 and 47 for fair to good, and 42 and 43 for old toms, but poor and crooked breasts did not bring any more dressed than alive. Other poultry lines in good demand, Spring chickens closing at 25 and 26 for live and 25 to 27 for dressed. Old and inixed dressed chickens, however, sold mostly 20 to 25. Old toms con- tinued in good demand at 22 to 26, but small fowl and Leghorns were neg- lected at 18 to 20. TLive ducks and geese sold better than dressed at 24 to 27 for the former and 24 to 26 for the latter. Shipment of poultry for the New Year holiday should be timed to reach here not later than Wednesday for live and Thursday for dressed. Egg Recelpts Liberal. While receipts of native and near- by eggs have been in liberal receipt the past few days, the demand con- tinued good and the market closed firmer at 49 and 50 cents a dozen for firsts in free cases. Demand for n.hblt:u continued \;nr}' good as the season drops to a close and the market holds firm at 6.00 to 6.00 dozen for choice and 3.00 to 3.60 or fair to good. ' The season for rabbits closes Janu- ary 1. And as there is no market that day no stock should be shipped to reach here later than December 30, as there will be no outlet after Friday and stock recelved snler this date can- not be offered for sale. Native and nearby garden truck also continues in good demand and values are well maintained at the fol- lowing quotations: White potatoes, 3.00 to 3.25 100 pounds and L0 to 1.76 for No. sweet botatoes, 1.00 to 2.00 barrel; yams, 1.256 to 1.76. barrel, and 35 to 90 bushel for both sweets Brocoli wmtfi‘d .00 and to 2. ;00 pounds; ‘oyster plants, 5.00 to 7.00 100; parsnips, 50 and €0 basket; savoy cabbage, 50 and 75 bushel; spinach, 90 and 1.00 bushel, and turnips, 25 to 40 basket. Cattld Market Quiet. The general live cattle market is quiet as usual at this time and while receipts are only moderate they are ample for all trade wants. Only first quality cattle meets with ready sale at outside quotations, while common to ordinary stock moves slow at in- side values. Quotations today at Light Street Wharf: Beef cattle, firat quality, pound, 8 to 9; common to medium, pound, 5 to 7; bulls, as to quality, pound 4 to cows, choice to pound, & to 6; common pound, 3 to :; ‘oxen uality, pound, 0 H 5 cholce to fancy, head, 50.00 to 76.00; common to fair, head, 30.00 to 50.00; calves, veal, cholce, pound, 4; ordinary to- medium, pound, 10 to 12; rough and common, pound, & to 9; small culls, pound, 7 to 8; sheep, choice, pound, 6; old bucks, pound, 4 to 5; common, pound, 2 to 3; lambs, Spring, choice, pound, 1235 to 13; falr to good, pound, 10 to 2; common thin, pound, 8 to 9; hogs, straight, pound, 12 to 12%; sows, pound, 9 to 10; stags, pound, § to 7; old boars, pound, 8 to 4; little pigs, pound, 14 to 16; shoats, pound, 12 to 14, SUPPLY 600,000 TREES. air, Dealers in State of Washington Reap $200,000 Harvest. OLYMPIA, wwun{‘un, December 25 (P).—8ix hundred thousand Christ- mas trees from the State of Wash. homes and stores in of the United States Joy, state forest super- visor, estimates shipment of Christ- mas trees brought $200,00 pers. The trees range 16 years old, and come from tracts being cleared for agricultural purposes. e - HOLD-UP YIELDS $2,500. LOS ANGELES, December 25 (#).— A robber held up a residence district branch of the Comnmiercial National various parts Georg to ship- 6 to Bank here yesterday and escaped ‘with $2,600, it was some time before police were notifie “| ! kS of in d: "The frigeratiol 0 rdi) from an been devices began Such a | Bullding permits: Number of cities. Amount Commercial failures: Number .. Liabllitles Revenue car loadings: All commodities Week of Forest products. l(\)llacelllnaouu prod: «\WESLEY M. OLER, MANOFU.S., . 481 482 $301,601,559 $405,299,763 1926—PART 1. This Week. Last Week. High, Low. High. Low. - 14176 140.25 140.76 138.61 | This Week, Last Week. 89.69 89. 104.85 104.97 Week. Last Week. Year Ago. 68.9 69.7 66.1 This This Week. 5 to8 4% to 4% Month of Oct., 1926. 3,803,661 107,553 Last Week. 41 t0 b 4% to 4% Month of Nov., 1925. 4,681,780 100,767 Month of Nov., 1926. 3,807,447 107,883 481 | $351,048,738 1,830 1,763 1,672 $32,693,993 $33,230,720 $35,900,000 Dec. 11,1926, Previous week. Year ago. 1,158,151 1,008,824 40,882 58,635 208,267 72,119 360,352 12,170 28,484 LEADING ICE HEADING BIG FIRM President of American Ice Company Sees Little to Fear for Business from Electric Refrigeration in Home. BY M. S. RUKEYSER. In America we crave superlatives. The man who can perform the miracle of cutting down the time of doing the day’s routine is a hero. We worshipped the first woman to swim the English Channel, and soon after, the first wother to achieve the same feat. Wesley M. Oler, veteran business executive, is in this favored class of champlons. He America's first ice man. He entered the bustness of) selling the idea of re- frigeration 64 years ago, and as presi- dent of the American Ice Co. heads the largest ice distributing company in the world, which, through subsidi- aries, supplies consumers and dealers in the cities on the Atlantic seaboard between Boston and Washington. Thl;o thousand icemen are on his stafr. Prosaic work—selling ice—you would think, but Mr. Oler belleves it is the most exciting of all trades, with new improvements steadily changing the course of the {ndustry. Mr. Older, in- cidentally, is not one of those who be- lieves that the new popularity of elec. trical and gas refrigeration machines for the home is going to put the ice man out of business. He says that thus far the widespread propaganda for the new invention has promoted the sales of the old-fashioned ice com- les by broadcasting the idea of re- tion, Has Progressive Ideas. Mr. Oler is in his seventieth year, but bears the distinction of being an old-timer with progressive ideas. He perpetually encourages his engineers to find new and more‘ economical ‘esges, and novel ways of stabiliz- the business, -The company was the first to devise practical m ans, for example, for storing artificial ice in Winter for the peak Summer demand. Mr. Oler foliowed his father into the ice business in Baltimo: The third generation of the family is repre- sented in the industry by Wesley M. Oler, vice president of the company his father heads. In 1904 Mr. Oler, who had been head of a bank in Baltimore and owner of & newspaper, was summoned to take charge of the American Ice Co., which Charles. W. Morse had promoted in 1898, and subsequently wrecked. At the time, the common shares were quoted at $2 and the preferred at $8. Mr. Oler at the outset had to work with worn-out tools in the face of widespread public opposition. The common shares are currently quoted at approximately $132 a share and the preferred around $83 a share, In 1925 the American Ice Co. had its peak year, from the standpoint of sales and net profits. Mr. Oler told me that he believed the company has done nearly as well in 1926. ¢ Outlook Is Bright. s for the future,” Mr. Oler re- marked, “the outlook is bright. The only element of uncertainty is the weat] Like the farmer, we put our fate in the hands of Providence. ‘We manufacture and store up ice in the Winter, beginning late in Novem- ber, in anticipation of a large Sum- mer demand, the magnitude of which depends on the temperature. As a result of our new storage facilities, are able to take care of all the ex- cess demand which other ice dealers are unable to mee “’Our sales have no relation to busi. ness prosperity. Some of our most successful periods have been in times of financial panic. People who are accustomed to use ice do so in good times and bad, and increase their con- sumption during hot weather. Our prosperity, then, depends primarily on the temperature. “There is a great opportunity for expansion in the ice business. In spite of the rising standard of living, there ‘are at present only 14,000,000 ice boxes in use, compared with 20,- 000,000 automobiles. There is a great need for a cheap refrigeration box, which will function properly, for individuals who have none at present. “In the recent period of good times there Has been increasing use of ice in Winter. This has been a factor in our effort to wipe out Winter deficits in earnings and we have succeeded in doing so. Another factor has been our increased activities as a vendor of coal. Perhaps the most important development, however, has been the placing of our business on a sound manufacturing basis. It is necessary in order to keep up the character of our organization to keep men on the poy roll in dull as well as in busy season. Natural Ice Demand Gone. “The demand for natural ice has virtually disappeared. Manufactured ce i a standard size, which con- forms to the size of the refrigera- tion cabinet. Asked what place the new electrical refrigeration machine for the home, which automatically eliminates the he American home, machine, which really supplies refrigeration through the employment of chemicals, rather than electricity, is all right for those who can af- ford the luxury of increased cost of ret n. The ice man can sup- ply ice cheaper and give better ice. Ordinary foe performs its service by melting as it absorbs heat, turning to water and out through the drain, ng with it bacteria. - y previous attempts have made to sing the funeral dirge of the ice industry, but, in spite of and inventions, it has move forward. First, the brewerles, who used to be our largest customers, began to make their own ice and compete with us in selling their surplus. Then hotels steamships. o matter of fact, there had not been an invention : new and better , 1t would impossible to supply the refrigeration needs.of the country. The transpor. new continued to is unquestionably | di tation of natural ice would congest the rivers and the railroads.” Charge Accounts Safe. Mr. Oler's company sells about 3,000,000 tons of ice a year, dealing with all varieties of housewives. On charge accounts, the company over a period of years shows a loss ratio of only one-tenth of 1 per cent. One of Mr. Oler's key policies is: f a person owes you money and is ourteous to your men, stop doing business with him.” A large florist owed his New York subsidiary more than $500. Mr. Oler instructed the local manager to collect, but he ex- plained that the florist would get a new ice man if he was pressed. It developed that when the collector called, the delinquent florist would let him sit around for an hour and then tell him that he intended to make no payment at that time. Mr, Oler in- structed his representative to tell the florist to pay up immediately, or in the future pay cash on new purchases. He offered to pay part on account and took away the business from this company, soon cleaning up the back payments. He got credit with an- other ice company and ran up an- other large bill, which was never paid, because eventually the florist ‘went into receivership. (Copyrixbt. 1936. MOTHER OF 5 ADMITS SLAYING OF WOMAN Fight Over Possession . of Two Trunks Leads to Shooting—Son of Victim Wounded. By the Associated Press. TULSA, Okla., December 25.—Mrs, Myrtle Lancaster, 37 years old, mother of five children, vesterday confessed to police that she shot and killed Mrs. Mollle Brown, 46, mother of seven. With two small children clinging to her skirts and crying for Christmas presents, Mra. Lancaster outlined how a few minutes before she had shot Mrs. Brown in & rooming house after a quarrel over possession of two trunks belonging to Mrs. Brown's es. tranged husband. Brown had a room adjoining that of Mrs. Lancaster. Mrs. Brown, who lived in Sand Springs, a suburb, was accompanied to the rooming house by her 25-year- old son, John. He was wounded an‘ the wrist by a bullet from Mrs. Lan- caster's gun. Police took him to the city jail for investigation, but he re- fused to discuss the shooting. “KNIGHT” PAYS FOR RIDE. Railroad, However, Returns Former Hobo’s Conscience Fund. DENVER, Colo., December 25 P)—A former “knight of the road"” yesterday played the role of Santa Claus by sending a check for $13.45 we | to pay for a ride stolen years o a Colorado & Southern Ralilroad train. ‘The former hobo is studying for the ministry and wished to clear his con- sclence. Judging his financial con- dition had not the best; the company returned the check. WIN GIFTS OF FREEDOM. LEAVENWORTH, Kans., Decem- ber 26 (#).—Twelve prisoners at the Federal penitentiary here will t Christmas dinner with their famili following an even dozen Christmas gifts of freedom, with the Department of Justice cast in the role of Santa Claus. Following rison custom, the warden refused to reveal the names of those pa: Listed stocks and bonds bought and sold on ¢commission. Accounts carried on a conservative marginal basis. ‘We invite correspondence on securities HARRIMAN & Co. Members N. Y. Stock Ezchange 111 Breadway, New York WASHINGTON OFFICE 7% 15th St N. W. + Maln 1903, Loans at 57 to 515% Economical Conditions Tyler & Rutherford Loan Correspondent of the Mutual Benefit Life Ins. Co. Newark, N. J. 1520 K St. N.W. Main 475 FIRST MORTGAGES FOR SALE 6%2% $750, $1,000 and up: cured on improved i n the AMES F. SHEA na Ave. N.W. District of 31 CONSULT US —for safe investment o your surplus o th, Now, Tunds. - Loo, 2 fitire by Tavesiing Wm. I Saunders Co, o Inc. Pounded 1887, H%! 5."' Washington. HOME OWNERS LOANS HOME FURNITURE U Lo 8200 within ane day. On furnitare up 118 in t , 6% interest tay W trust. “Bring in what baj have to_vour property. Fr. 38 Real Estate Small Loan Co. Furniture Loan 5 Procurement Co. 7o rict National Bank Rl WE PAY MORE INTEREST ON SAVINGS ACCOUNTS Than Any Other National Bank in Washington Interest on DAILY Balances Come in and let us explaln - 9| Commercial Nat'l Bank 14th and G Streets Resources $17,000,000 R. GOLDEN DONALDSON. PRESIDENT o s '..';l..l geesess — 2 TR | MORTGAGE SECURITIES Safe Dependable Remunerative Annual Return 6%2% Mortgage Investment Dept. 713, 715 and 717 14th St, Main 2345 We will gladly receive and give prompt attention to applications for « s 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 your protection. Percy H. Russell Co. 926 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 Years, 5 Years, 10 Years Homes Apartments Office Buildings %% .. RANDALL-H. RAGNER«& COMPANY .© MonTeAGE LoaAN GORRESPONDENT 1321 Connecticut Avenue - given Telephone Main 9700 Analyzing Your Apartment —is part of the service by our Property Management Department. With up-to-the-minute fa- miliarity with the local rental field, and experi- enced methods proved by a Third of a Century’s success, our management service is able to help you ~—profitably. F. SAUL CO. 925 15th St. N.W. 62% Guaranteed First Mortgage Notes Secured by Improved D. C. Real Estate Written Guarantee Backed by More Than $4,000,000.00 Resources as to: 1st—Security of Principal. 2nd—Attractive Normal Income. 3rd—Prompt Consecutive Interest Payments. 4th—Full Return of Principal When Due. 5th—Freedom From All Care and Management. Real Estate Mortgage and Guaranty Corp. L. E. BREUNINGER, President 26 Jackson Place MORTGAGE SERVICE B. F. Saul Co. First Mortgage service is popular because of its promptness and consideration of your own convenience. Low rate of interest and commission B. F. Main 2100 SAUL CO. 925 15th St. NJW.