Evening Star Newspaper, December 29, 1926, Page 11

FINANCIAL. EXPECTING BETTER .. TRADEINMARKET Dealers Foresee Increased Buying Before the New = Year Day Holiday. Closing of the market aii day Sat- Wrdes=is expected to result in in- Creased buying to carry consumers over the two-day period, New Year @ay and Sunday. Business has not wet recovered from the slow trading that followed the Christmad holiday trade, but dealers expect an increase in the volume of business will be | yecorded tomorrow ard Friday. There will not be the big demand for turkeys that was experienced dur- $ng the several days before Christ- mas, dealers say, and even the lower prices may not induce heavy pur- chases. It is likely that chickens will be in greater demand, so far as poul- try is concerned. abhits continue cheap, dealers report, and it is be- o lieved roasts and hams will be in greater demand for the approaching hollday season. Open weather has been a means of keeping up a fairly good supply of vegetables, and fruits also continue} plentiful, apples bei ery plentiful and cheap. The butter market con- tinues firm, while the market, reported steady, i d as weak- ening. Today’s Wholesale Prices. Butter—Fancy, one-pound prints, £9a60; tub, 58a59: store packed, 38 ‘Bggs—Fresh, selected, 48: hennery, 0ad2; current receipts, 45a4§; storage, plentiful and chick- alive—Turkevs, 40; 22a23; ‘White Leghorns, roosters, 16a17; ducks, 2 old, 20; keats, Young, ;" oll, 25a300 Dressed turkeys, 45a48; capons, fancy. heavy, 47ad8; smaller, 40r42; chickens, 27a28; keats, young, 80a%0; old, 35a40; rabbits, No. 1, 35a3 0425 .’ 1517 veal. 22a23: resh hars, 24a26; shoul- ins, 22; smoked hams, . 26a28. Live stock—Calves, choice, 14; me- dium, 23; thin, 6a7; lamb, 13. Fruit and Vegetable Review. "Today’s market report on fruits and vegetables, compiled by the Market News Service Bureau of Agricultural Teonomics, say? Apples—Supplies - Iight, market steady; barrels, no sales reported: hoxes, \Washington, medium to large sizes, Delicious, extra, fancy, | ans, extra fancy, Maryland 1, medium to ; Stay bushel baskets, ginia, Stayman: large size, 75al.2: Cabbage—Supplies moderate; de- mand moderate, market steady: old stock, New York, bulk, per ton, Dan- ish type, 35.00; New stock, Florida, 114 bushel hampers, pointed type, 2.60; South Carolina, barrel crates, approximately 100 pounds, round type, 3.75 Celery—Supplies moderate: demand moderate, market fairly steady: Cali- fornia, crates 5.25a5.50; New York, two-third crates, ordinary quality and condition, 1.50. Lettuce—Supplies liberal: demand Nght, market dull; California, crates, Iceberg type, 4-5 dozen, Arizona, c© Iceberg dozen, 3.00a3.50; Florida, one one- half bushel hampers, Big Boston type, 1.60a2.00. ’ Onions—Supplies light; demand light, market firm: Michigan, 100-Ib. sacks, Yellows, U. 8. No. 1, large size, ©Ohlo, 100- Potato Market Steady. Potatoes—Supplies moderate: _de- mand moderate, market steady: Mich. igan, 1501b sacks, Russet Rurals, U 8. No. 1, 4508475 Matne, Gree Mountains, U. & 1, 4.8525.00;| 1201b. sacks, 3.90a4.00. Sweet potatoes—Supplies light; too | few sales reported to quote. | Spinach-—Supplies moderate; demand | light, market steady; Texas, bushel baskets, Savoy type, 1.00a1.10. Peppers—suppiles light: demand light, market dull; Florida, pepper crates, fancy stock, 4.00a4.50; choice, 3.00a3.50. String _beans—Supplies light: good tnquiry for good stock: Florida, %- buthel hampers, green, ordinary qual- ity and condit.on, 1.50a2.00. Cauliflower—Supplies zood; _stoek light; supplies ordinary stock moder- #te; demand good for good stock, mar ket steady; California, crates, ordinary quality and coudition, - 2.00a2.50, few 2.75. SMITH COMPANY HOLDS ANNUAL CONVENTION | The annual convention of the sales | organization of the F. H. Smith Co. | opened_here today. This brings to-| gether the branch managers and sales- men from the company’s 10 branch offices in the principal cities of the Bast and Middle West. The meeiings are being held at the company’s offices and in the conven- tion room of the Hotel Hamilton. After the morning meeting a lunch- eon was held in the red room of the Hotel Hamilton. (1. Bryan Pitts, ohairman of the board of the F. H. $mith Co., addressed the meeting. 1. . Cris , governor of the Fed- eral Reserve Board; Frederick N. Zihl toan, chairman of the House District ®ommittee, and R. Golden Donaldson, president of the Commercial National 3ank, attended guests and ad- dressed the meeting. Various conferences were held dur- ing the afternoon, and this evening the entire organ‘zition will attend a theater party. convention will continue for two days. as NEW YORK MARKETS. NEW YORK, December 28 (£).— Flower easy, Spring patents, 7 7:60; =oft Winter straights, 6. hard Winter straights 7 oAl l(\e‘ fob., | export. | v; malting, 87%a80%; c.if., | Buckwheat quiet! Jap. milling, 2.00: Cana an, firm; Middle West, 3 Wheat futures opened steady: y. 1.42%; other articles 10; 1.93. 32.95 domestic unchanged STEEL TmDE CONFIDENT. NEW YORK, December 29 (#).— Tron Trade Review says that passing out of the greatest production year tn its history, the iron and steel in- dustry is swinging Into 1927 with 8olid confidence that consumption will ghortly attain the high average of the t vear, and buying on a compara- o scdle cannot long de deferred. POTATO MARKET STRONGER. CHICAGO, December 29 (). —Pota- toes—Receipts, 41 cars; on track, 156 total U. S. shipments, 478 cars; trad- ing light account of light offerings: 1 THE NEW YORK CURB MARKET Received by Private Wire BY WILLIAM F. HEFFERNAN. NEW YORK, December 29.—Lower prices were the rule again today on {the Curb Exchange. Offerings were | not as persistent as yesterday, but they were large enough to carry prices down fractionally to a point or _more. The tendency of prices to work toward lower levels in the closing sessions of the vear was not an un- |usual occurrence and might have been expected in view of the fact that the speculative element, desirous of clearing up accounts preparatory to the New York, were taking down profits where these had been accumu- lated. OIl shares resisted the selling better {than most others, because ofqth(- be- 1‘l|el that they were in a &ood position to discount favorable trade news. | Following s a _list ;\}W;n;nds andr stocks traded in on the New Yoik Curb Market today. Sales w0 Kundreds, 1 Al g @ 3 Alfed b Arch 113 Am Cyanamid pfd sK v Am Cas & El_.. 100% 10 3 Am Hawarian S § o A L & Trac pfd1d 114 P 208 B Superpow ‘A E Superpow B 2 Am Sup Pt pid TA Wr B vie pfd Y Anx Pow & 1, .. ae & utler Bros elluloid Co. en Aguirre ‘$ug ip Cor en Pup Ser. N Py s g 2 s g MBS WIIG S SE EI a S0 8o = reshman Ch: ulton Svd_wi ewell ar = Lot A Be W S PRPSEESE FEERE PERS EENRENS S [ e S5 T Josmm i a S B S resiot s ot e aaZ) BRI ot et P A P rE & = P B e D5 B e ) i DS 1 1 v 9 Johns-Manv'n " wi ¥ Johns-Many wi.. 1 = Lando HCA ety 5 fande, mCA wibd $EFTES I P8 S FELES F FE & PEPEEE EESEE *&‘Hlln":i"- [ Saato S TR e Lo o ona 5 S8 e e 2nbEes 53 K oSaEom@msis: o [ a0 (ot ogEESTw TS (O3 Sy fee £ S G 3 Philip Morris A. 19% Direct to The Star Office Standard of Indiana offerings were well absorbed at prices not far from yesterday's closing quotations. Stand- lard of Ohto lost 8 points when it changed hands at 350, but this de- cline was not considered unusual in view of the high selling price and the recent improvement in the market for the stock. Deacon Ofl was an ex- ception to the general tendency and was bid up tractionally under a rather urgent demand. Declaration of an extra 1215 cents on Horn and Hardart failed to have any effect upon the market for the stack. Lower prices were reached by Lehigh Power, City Service, Universal Pictures, Stutz Motor, Ford Motor of Canada and a host of other indus: trials., The market turned dull in the after- noon after the bulk of offerings had been absorbed. 1800 Humble Oil&R. . 800 Imp_ oIl Can'n 500 Ohi 1800 Pratrio” 300 Prairie n... i 107 o' B0 0y S R0 ac s 05 P & L o8 B9 Cop be wi DG Serv s ... @ ..- 2 AR TR et 22 Z2E332 BRSSO ERERESRE S SESEET BERZSTos! 22 ERAESEE R oo e83s o 2 o = o R cZ0s55e o5 =3 E N s 2222 - oo So4 SEER~O Fnd ot v 2, 4 "1 M e " ot —Egoc SE5S2EEIES2IISE wE 7 " ?v.,:r-f‘ Seire g ot == rriE IR E - SHesmeorer o 2. s 5 g 2 =, e 2, 23 & 3 % 22 o % T Dol 5 er'n £ P = B 1 oe S Soonssorasce EESIRERSEREERESE! 3o ;.— £ B saza! S £ o ,:,;fff:ff = r P 6 A P 5% i Unioh T3 101 100% FOREIGN BONDS. 5=S S5 E 050 or D e R e TR e o = O DEEe D SE T D OD: S333=RREREIRIZSEEEE e e e e 2225 15 West Sales in thousands. 2 Baden & ;Ewwg $ 23 seoooczn EER 3R mo R A FEE SEEES PN Sool ok S smae s, =Y B =25 SrmmSsosorSoonroonoT 0D EERErEE TR R ,,-_-:. 2 Lalis et Es £ S SSo50% 2% $3523323 e 23532 . Eo oG S 3. & BRSEEEE F EESS BRERIEEIHG & SEE S GFERELLERE R FESFIE F 2 et il 222 2 . 3 SR 2 RO IS B o o 13 Pillsh FI M Iné 4p 2 t & G T % Froor @ banyle” 138 AT A S F = =23 Motos Rep Mot Trk Rich Rad o 13 meslioms! s £ S@28ES R SR e 2SR5 B & RRIFIESE R &Ln.. Southw ' Bell Rex Pap 2191, - SO 108 O Ohto pt 800 Vacuum 01l .. Sales S i thousands, PONDS. 10 Allied 3 AN o 31 Am Po el el E e St P SEFREEFESEFEL Do e e > averboard 8 723855 Tax C NY n 36% MINING STOCKE. Sales in hundreds Am Con O\lfids Am Maraca bo ( Reacon il ERE PEE =2, SRR S ek arsise £ roes o = o Drrea oS o om FE RIS FEEGERGTERECERE FiF Shoem 3 o FEFURE SR . L) 5552 B 2SS 550 St 1 Nor Cent T 0. @ Pandem Oil .| 21 Reiter-Fos 11 Salt Ck Py 2 Savo ERE S FEEER SEFELES SrRR, e Water Wat Oil_pfd T2, B s S5omeT Th310_ et sty Di39 S sy 6% 284 208 market stronger: Wisconsin soaked round whites, 2.39a2.50; fancy, 2.60. SILVER QUOTATIONS. NEW TYORK, December 20 (®)— Bax sliver, ié; Mexican doljars, ¢lq STANDARD OIL 188U 4, 3 % 3"2 3 3 e 100 By 2 <) x [ | INDEPENDENT OIL STOCKS. '[ A. C. L. PROFITS DROP. WILMINGTON, N. C. December 29 UP)—Rallway operating revenues of the Atlantic Coast Line Railroad Co. for the first 11 months of 1926 were $88,770,195, as compared with $84,730,674 in 1925, according to a statement issued today from the gen- eral office of the company here. While an increase was shown in the railway operating revenues, a decrease was disclosed in the net rail- way operating income for the same period, January 1 to November 30, the figures for 1026 heing $15,920,002, as compared with $18,410,850 in the m_lrn: per‘llod last year. o railway operating reve the month of November. exsezno"e:v:‘r): $7,738,714, as compared with $8,360,. 242 in the same month last year. The net railway operating income for November, 1926, was $1,309,291, com- vared with $1,415,786 in 1825, GERMAN BONDS AND STOCKS, (Quoted in dollare per million marks.) ¢ . Anked, Ger Gt (w In) 14 i HamBire " s $049°111% 15000 1000.00 (Quoted In dollars per thousand marks. .- %G00 23.30 00 B 3! H o o o S S DOIDD 3= 233332228 oo S e oo csnazma® 23292 rucooNo! 3232333832335 x3 er. o (Ger Gen Elec) ivat Tlschaft NEW YORK, December 20 (€pecial). —Offering is being made today of a new isspe of $1,000,000 North Amert. can Car Cotporation 6 per cent sink. ing fund convertible notes maturing December 1, 1936, The issue is priced at 99% to yield about 6.05 per cent and is offered by Coffin, Forman & Co., Inc., and George M. Forman & Co. The notes are convertible at any time at the option of the holder into common stock on the basis of par and accrued interest for the notes as against common stock at $35 per share to and including December 1, 1928; $37.50 to and including Decem. ber ‘1, 1930; $40.00 to and ihcluding December 1, .1932; $42.50 to and in- cluding December 1, 1934, and $45, for the last two years. - Halsey, 8tuart & Co. and Pynchon & Co. are offering an Issue of $778,. 000 first and refunding mortgage per ceant bonds due September 1, 1964, of thé Broad River Power Co. The bonds are priced at 94 to yleld 5.42 per cent. ‘The entire common stock of the Broad River Power Co. {8 owned by the General Gas and Electric Corporation. Negotiations are understood to he under way for an offering of $6,000,- 000 in 6% debenture bonds of the McCrory Stores Co. by the National ! Clty Co..' Hemphill, Noyves & Co. and | Merrill, Lynch Co. at a price slightly -under par. The company. it is understood, plans to call iis 29,163 "shares of 7 per cent preferred later and fssue 8 per cent preferred eonveriible Into common tor S BIES S Sieosooss 8833838 s, EVENING STAR, WASHINGTON, PROSPERITY LINKS | | .S AND CANADA Capital Goes Across Border and Much Merchandise Is Exchanged. BY J. C. ROYLE. Special Dispateh to The Star. NEW” YORK, December 29.—The Dominiofi of Canada experienced in 1926 one of the best years ever known and the people of the United States have benefited in consequence, for the commerce, industry and trade of Can- ada are stronzly lined with this coun- try, not only because over $275,000,000 of 'Amerlcan capital went into Ca- nadian enterprises In 1026, but be- cause of the export and import of Ca- nadian and American goods across the border. Trade In Canada is better today than at any time in six years. Much of this demand is being supplied by American producers. In the year ended October 31, 1926, the total for- eign trade of the Dominion amounted to $2,289,000,000. a gain of $223,000,000 over the preceding 12 months. Im- ports from the United States were $96,000,000 larger than for the cor- responding period of 1925, while im- ;)orts from Great Britain gained only 000,000. Increase in Immigration. One feature of the year was the! Increase in immigration to Canada | of the better class of settlers and | the return of expatrlated Canadians The improvement for the first 10 months of the year was fully 60 per cent. Settlers coming from United States totaled more than 17,000. The trend was emphasized by an abun- dapce of good farm land available at reasonable prices. A large percentage of the newcomers have taken up land in the prairfe provinces of Manitoba, Saskatchewan and Alberta, In the last 26 years the value of the crops of those provinces alone has in- creased from $32,000,000 to more than $700,000,000. Canadian manufactured products in the last year have closeiy approximated $8,000,000,000 in value. The development of water power in the Dominion has been remarkable in the last vear, and the country now is second in per capita waterpower with an investment in power plants and transmission linas of more than $854,000,000. In financing future Cana- dian expansion, the United States is expected to play a large part, and bankers anticipated in 1927 an even larger investment there of American dollars than in the past year. Some four billion dollars in new wealth is believed to have been added to Cana- dian resources in the last year from the products of forests, mines, farms, factories and fisheries. As yet only 57,000,000 acres out of 300,000,000 suit- able for cultivation are under crops. Ontario and British Columbia were the largest contributors to the min- eral output, while fisheries on both coasts added two score millions or more. The Pacifioc whale catch for the season which ends next February is expected to exceed 300 mammals, "I;I(l’ln I?hof &xxtr:mte l;nporlnnot not only m the point of view of ol but of fertilizer. o Wheat Crops Profitable. The Wheat crops of the Dominion not only have been most profitable | this year, but have a far-reaching| effect on the American grain situa- tion. The Alberta average yield was 10 bushels to the acre and the total was 119,225,000 bushels, the second largest crop grown in the province. Saskatchewan grew 0,000 bush- els and Manitoba, ,000. The value of the western Cahada wheat crop is placed, roughly, at $475,000,000, a gain of more than $40,000,000 as compared with 1925, while returns from all crops in the Dominion will put more than a billion dollars of new money in eirculation in 1927. Canada led the United States in wheat exports by 170,000,000 bushels in the first three quarters of the vear. This reversed the 1925 position, and the exportable surplus now in storage will mean a heavy rate of export In 1927, 3 Canada spent $100,000,000 on good roads in 1926 and completed mo than 2,600 miles of paved highwa Ontario led the other provinces. The |organized effort to lower wages countty benefited in consequence from the large increase in tourist traffic. More than 2,500,000 automobiles en- tered the Dominion from the United States during the year. WHEAT HAS SETBACK ON DECEMBER SALES Firmness at Liverpool Has Only Transient Effect in Chicago. Corn Also Easy. By the Associated Press. CHICAGO, December 29.—Sharp new breaks in the price of wheat re- sulted early today from continued selling out on the part of holders of December contracts. .Relative firm- ness of wheat quotations at Liver- pool had only a transient effect here. Opening at 1; to % up, the Chicago wheat market soon underwent a de- cided general setback. Corn, oats and provisions were easy, corn starting at 14 decline to % gain, and subsequently tending to On_today's decline in wheat values the July delivery established a new low-price record. for the season. In addition to the depressing effect of further liquidation of December con- tracts, the wheat market as ‘a whole reflected the influence of persistent pressure of offerings of Southern Hemisphere wheat to Europe. It was also pointed out that almost half of the North American whea{ surplus i8 still on hand undisposed of. Prospective increasing shipments of wheat from Aagentina and Aus- tralia during thenext month in par ticular was much talked about in some quarters today and assertions were made that the Chicago market is entirelv out of lne with world prices. According to various trade authoritics, a readjustment is neces. sary if the United States and Can- ada are to get rid of surplus wheat. s FOREIGN EXCHANGE. (Quotations furnished, b W. B, Hibba & Co) i1 on, pond. ] mm}."c\ it TR e ari ' i 18, fr: Berlin, _mark e pid, REVENUES SHOW GAIN. NEW YORK, December 29 (#).— November gross revenues of the Pub- lle Bervica Corporation of New Jersey rose to $9.606,854 from $8,550,362 in November last year, and surplus after charges to $1,888,490 from $1,230,999. Gross for the year ended November 30 reached $105,408,844, against $93,- 895,080 the year before, and surplus aft o:.hu'-“' $13,261,717, against $9,- lo, crown . tockholm, crown. MEN AND MONE By M. S. Rukeyser. (Copyright. 1926.) Why are American wage scales abbve those prevailing in other coun- tries? Thomas N. Carver, Harvard Uni- versity expert on labor economics, to| whom I made this inquiry suggests the following answer: “As to the zueutlon will high wages in the United State last, T have no hesitation in answering in the affirma- tive. However, this answer is condl- tloned upon several things. It as- sumes that we are to continue our present policy of restricting immi- gration and of trying to enforce the prohibitfon law and a few other things. If we should reverse any of these policles, the answer would have to be In the negative. There is no particular reason to anticipate that we shall reverse our policy of restrict- ing immigration. The working people | and others who are interested in high| wages hold that entirely in their hands. They can vote themselves low wages by voting for Congressmen and otheérs who are opposed to restric- tion. They can vote themselves high wages by supporting Congressmen and others who favor restriction.” Prof. Carver, of course, also con-| siders skill in' mass production and| management an important factor con- tributing to high wages. Wage Stabillty Seen. The outlook for wages is tled up | with the prospects for business in | 1927. Labor can hope for stability of | wage scales, but there seems to be | Mttle chance for marked general in-| creases during the forthcoming | months, As one careful ohserver | points out: "I believe resistance to | demands for higher wages will| strengthen, but I do not look for any The modern employer is willing to pay high wages, provided he can obtain low unit costs of manufacture. The maker of products on the basis of quantity production, following Hanry Ford's lead, recognizes that high wages are necessary to create a large domestic demand for mer. chandise. Frank A. Vanderlip, former presi- dent of the National City Bank, has defined prosperity as a condition re- sulting from the full employment of labor at high wage: In the recent le of prosperity trade unions have been somewhat weakened by the absence of organized opposition on the part of employers to high wages. Good times have to some extent eliminated the acute discontent on which unionism flourishes, and there has been a substantial loss of mem- bership. Alert unions have sensed the change in conditions, and have attuned their programs and policies to new op- portunities and problems. Should Increase Prosperity. The more expertly managed Ameri- can unions believe that the way to prosperity s in increasing rather | than obstructin prosperity. The| American Federation of Labor is on | record in favor of the introduction of labor-saving machinery and other de- | vices of sclentific management. It naturally expects labor as well as capital to share in the benefits. Unions llke the International Ma~ chinists’ Unlon and the Amalgamated Clothing Workers of America go a | step further and create machinery for | active co-operatfon with management | in the campalgn to eliminate waste and heighten the efficiency of produc- tion methods. JBoth unions employ specialists who are in m position to| give management expert advice on| problems of management. On the other hand, in England | unions are still afrald of the competi- tion of machines with *manpéwer. | Neither employers nor unions are in | a frame of mind to adopt American | methods of efficlent production,” Ger- | many seems moMo ready for this development than any other Buro- pean country, and in recent months has combed this country with expert observers who are finding out in de- tail how the {Ob is done. It i8 difficult to predict the extent of labor troubles in 1927. It there is a slow-up in the boom- ing construction trades there may concelvably be some local disturbances when and if wages of some groups of workers, which now seem out of line, are revised downward. Another center of irritation is the soft-coal industry. There is likely to be a conflict when the so-called Jack- sonville -agreement expires on March 31 next. The present agreement pro- vides plece-work remuneration which appears to be above the market rate for wages. As a result business has been fast driving to non-union mines which are not subject to the agree- ment. The non-union producers now control 80 per cent of the bituminous coal output of the country. THE BUSINESS OF GETTING AHEAD. Should You Buy Employer’s Stock? The late Warten Stone, president of the Brotherhood of Locomotive En- gineers, a labor leader with the soul of a big business man, once told me that the railroad workers of the coun- try could own or control all the rail- roads in 10 years if they saved their money. : Since the war, an increasing array of progressive corporations have seen the wisdom of inducing their em- ployes to become owners of the stock of the enterprise. The employe-own- ership movement, which is still devel- oping rapidly, has extremely impor- tant soclal as well as &conomic as- pects. It gives the capable worker more than a full dinner pail: it also | provides him “with a safe deposit box | stufted with secufities. It gives work- | ingmen gomething more to lose than their chains. It gives them a prop- erty interest, and converts them into capitalists. Most competent observers .recog- nize the larger benefits of this sig- nificant trend, which Prof. T. N. Car- ver of Harvard University has de- scribed as a phase of the current eco- nomic revolution, which he belleves is under way in the United States. Movement Is Limited. And yet there is a difference be- tween indorsement of the broad gen- eral idea and the specific problem of dvising workingmen whether to buy | the shares of the corporation which D. ¢, WEDNESDAY, DECEMBER 29, 1926. has a backlog consisting of a savings bank account, insurance and bonds, he should buy any stock sparingly. Stock necessarily entalls some busi- ness risk. Make Price Concessions. Some corporations, seeing the ad- vantage of getting partnership in- terest on the part of employes through the sale to them of common stock, offset the speculative element by mak- ing substantial price concessions. For example, the Standard Oil Co. of New Jersey, which has been a pioneer in | this movement, contributes from the corporate treasury one-third of the price of employe stock. This con- tribution furnishes a margin of safety, which virtually eliminates the risk of shrinkage of principal even during bear market. Moreover, the Standard Ofl Co. makes it possible for workers to spread their payments for the other two-thrds over a period of five vears. Such a plan is definitely ad- vantageous to the workers, and has been properly availed of to a large extent. Unless corporations are willing and |able to give employes common stock at specially reduced prices they might better offer preferred shares, in which the speculative risk is reduced. The secret of all investment strength is in diversification of risks, and, un- less the worker has other investments and limits *his stock purchases to strong issues, he faces the possibility of being laid off and having the divi- dends on the stock of his employing corporation lopped off at the same time. If the terms of the stock issue are attractive and the issue possesses in- vestment, he should by all means be encouraged to buy shares of the com- pany which offers him employment. An ownership interest, however small, in the enterprise for which you toil gives you new zest and enthusiasm for your work, and gives you better insight into the problems of manage- ment and thus makes you better fit for helpful co-operation. McDONALD ELECTED. Made President of Southern Pacific in Louislana and Texas. NEW YORK, December 29 (#).—A. D. McDonald, vice chairman of the executive committee of the Southern Pacific Co., now stat in New York, yesterday was elected president of the Southern Pacific lines in Texas and Louisiana, to succeed W. R. Scott, who dled recently. H. M. Lull of Holiston, assistant to the president of the lines, was elected executive vice president. Mr. McDonald, who will have gen- eral control and supervision of the company’s affairs in this section, is a Texan. WILL PAY $22,000,000. NEW YORK, December 29 (P).— More than $22,000,000 in dividends will be paid in 1927 to industrial polcy- holders of the Metropolitan Life In- surance Co., exceeding the amount paid in 1926 by $3,500,000. * —e WILL BUY ROADS. FORT WORTH, December 29 (Spe- cial).—Negotiations will be concluded soon after January 1 for the purchase of two short line rails in this State by the Texas and Pacific Lines. The small roads are the Ciscp and North- eastern, and the Abilene and Southern. Both roads run into oll territory. WILL BUY TANK CARS. NEW YORK, December 29 (#).— Barbour Asphalt Co. is in the market for two hundred 10,000-gallon tank cars. FINANCIAL. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY DETROIT, December 29.—The new- ly organized Falcon Knight Motors Corporation has taken over the former Knight engine plant of the Willys- Overland Co. at Elyria, Ohlo, and will start production there about March 1. KANSAS CITY.—The demand for women's clothing has been a feature of trade in this territory since Chriat- The demand for men’'s clothing 0od, but not as large as that for women's wear. The slight drop in v::plu)‘ment is held responsible for this. HAVERHILL, Mass. re that the wage advance of 1 to 5 per cent given to 17,000 workers in shoe factories by the board of arbitration will have an effect on the wage scales of every large producing shoe center in the country. CLEVELAND.—After trylng ont the five-day week, President Adrian D. Joyce of the Glidden Co., large paint manufacturers, says he is con- vinced the plan is practical under cer- tain conditions. He said that at the lithophone plants at Baltimore, Oak- land and Collinsville, Ind., it stimu- lated production and reduced operat- ing costs. PITTSBURGH.—Despite the holl- day check, fabricated steel producers will make an excellent showing this month. Bookings in the early part of the month ran high. PO I S. A. L. REPORT GOOD. Falling Off Seen, However, in Pas- senger Revenue. Special Dispatch to The Star. BALTIMORE, December 29.—The Seaboard Air Line Rallway in 11 months earned the interest on its $25,- 000,000 adjustment 5 per cent bonds approximately three and a third times for the full vear, according to the statement of operating results for the period. Inc‘s:mnlly the report reflected the shrinkage in passenger traffic to and from Florida, a loss of $276,172 in operating revenues for themonth being due wholly to that cause. However, ross income for the month increased :’.‘22,935, heavy freight traffic being responsible for the gain. Net income in November after all deductions near- 1y covered interest requirement on the adjustments for three months. Figures for 11 months leave mno doubt that the system will round out the calendar year with the largest gross revenues and net income it ever reported. Gross for 11 months is $4,- 307,321 ahead of the corresponding period in 1925, while the amount avail- able for interest on the adjustment bonds is $493,277 greater than it was a year ago. FARMS USE POWER. ST. LOUIS, December 29 (Special).— The number of Missouri farms which are being supplied with electric cur- rent from 119 separate light and power systems has increased 70 per cent since 1924 and now totals 3,766, S Ebtn PRICES ON PARIS BOURSE. PARIS, December 29 (#).—Prices were heavy on the Bourse today. ‘Three per cent rentes, 54 francs 80 centimes. Exchange on London, 122 francs 58 centimes. Five per cent loan, 62 francs 25 centimes. The dol- lar was quoted at 25 francs 23% cen- times. TRADING 1S QUIET IN COTTON MARKET Prices Hold Within Point or Two of Opening During Early'Period. By the Associated Press. NEW YORK, December 29.—The cotton market opened steady today at a decline of 3 to 4 points under reallz- Ing, combined with local and southern selling, which appeared to be In- fluenced by improving weather pros- pects in .the South, and the rather easier late ruling of Liverpool. A few more January notices were reported, but spot houses continued to buy January against sales of March at a difference of about 18 points. Gen eral business was quiet, prices hold- ing within a point or two of the open- ing figures during the first hour. Liverpool cables reported hedging in Liverpool had been absorbed by trade calling and Manchester buying, and that a fair demand for cotton cloths from India was pending. New Orleans Market. NEW ORLEANS, December 20 (. —The cotton market opened quiet and easy here today, with frst trades showing iosses of 3 to § points. Prices eased off further after the call on the forecast for favorable weather. Janu ary traded at 12.55: March, 12.64, and May at 12.82, or 6 to 8 points below yesterday's close. Near the end of the first half hour the market was in- clined to become steady. Liverpool cables were not as good as due DECLINE IS RECORDED IN RAIL CAR LOADINGS ‘The “usual seasonal decline” of freight traffic resulted in the loading of 950,575 cars for the week ending December 18, the American Rallway Assoclation reported yesterday, a de- crease of 48,140 cars from the pre- vious week. The week’s loadings also showed a decrease of 19,163 from the corresponding week last year. Coal loading totaled 230,753 cars, an increase of 43,452 above the same week last year; grain and grain prod- ucts, 47,451, a decrease of 6,502; mis- cellaneous frelght, 311,410, a decreass of 32, ive stock, 30,237, a decreass of 4,183; merchandise and less than carload lots, 251,691, a decrease of 1,412; forest products, 58,336, a 11,150 cars decrease; ore, 8,899, a decrease of 2381; coke, 11,848, a decrease of 4.590. i AL MAY BE FULL PARTNER.. Anderson’'s Name Linked With Morgan Firm Reports. NEW YORK, December 29 (#).— The New York Herald Tribune says opinioin in Wall Street is that Arthur M. Anderson, recently elevated to the position of junior partner in the J. P. Morgan Co., will become a full part- ner. He has long been assoclated with the firm. Morgan & Co. have decided to ralse a “man from the ranks,” the paper says. The firm has lost by death three of its members within a period of a little over a year—Edward R. Stetti nus, Willlam Henry Porter and Co! H. Herman Harjes, senior member o the Paris Morgan firm. cial tisers in employs them. Thus far, fortunately, the move- ment has been limited primarily to | corporations whose securities possess definite investment merit, but there are already signs that less scrupulous operators are beginning to exploit the | situation. For example, shyster em-| ployers sometimes advertise for help, | and tell the applicant they have to buy a small allotment of shares in order to get the job. When the propo- sition takes this crude form, it con- stitutes prima facie evidence that the proffered shares are worthless or at least questionable. It is a safe rule to avold making a connection where the purchase of company stock is obligatory. Most enlightened corporate mana- gers, in offering stock to employes, make the question of purchase op-| tional. The worker should not allow | sentiment or the hope of favor to| influence him. He should eschew proffercd stock of the employing cor- ration unless he can ascertain by independent advice that the shares | ssess genuine investment merit, and | would be attractive to him as an out- sider. Sometimes when small enter- n;lul d:&lmv emplo; 9':' v:o lfi‘l‘qy Iaumk the; r a specul 3 uid se- volded.” cul 03. ‘which ought to be a Unless the individual workingmen 1201 ST. PAUL STREET BALTIMORE, MD: of tradition ‘These bankers have demonstrated, own satisfaction, the cash value of a scientific atti- tade toward the means whereby modern distribu- human labor. that in every branch of modern distribu- ings are become new,’’ and antici wider acceptance among investment b modern methods of merchandising, we in Baltimore seven years has diligently sought, by scientific study and experiment, to understand the bu motives of investors and of the users of other finan- Realizing tion “‘all things organization, greatly ties, offers an advertising and me; which in most respects equals, and in sev: excels, the service which a few similar agencies are to the vast majority of financial adver- ew York and Chicago. The agency of ]. M. Daiger & Co. Lot A4 CHAS. C. BALDWIN J.M: DAIGER 3. P. DAIGER ROBERT E. DAIGER STAN ENGEL nother FINANCIAL MAN to belp us serve FINANCIAL ADVERTISERS TTHIN the last 10 years a certain few investment bankers, engaged in both underwriting and retailing, have used the materials of a scientific age to de- velop a new method of distributing se- curities, less haphazard than the method and custom. Now, at the beginning of its eighth year, this same has become, since 1920, one of the national financial fis for the branch of the signed. gro will be added, on 1927, Mr. Albert widely and favorably known in the financial districts of Balti- more and Washington, hose ) T Manager. him Service flaacu J.M. DAIGER & CO.nc Financial Advertising General Advertising at least to their established habits and , but what is more important, each member of its advertising staff is a spe- cialist of considerable who has demmmteduh’i:!fi'.n'm work to which he h-wm We take much pleasure at this time in announcing that, to this up of advertising men. anuary 1, ting a ers of tical respects ‘s a man N and one ‘WOODWARD BUILDING ‘WASHINGTON, D.C.