Evening Star Newspaper, January 12, 1927, Page 14

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This famous fuel, renowned for its purity, may now be had at a surprisingly low price. Large WELSH mall $17.00 15.50 GRIFFITH COAL CORPORATION Main Office 1319 G St. N.W. Phone Franklin 4840 Coal Fuel-0ll Building Material The Easiest Way To End Dandruff There I8 one sure way that never | | fatls to remove dandruff compiete ly, and that is to dissolve it. This | destroys it entirely. To do this, | Just get about four ounces of plain, ordinary liquid arvon: apply it at | night when retiring: use enough to | moisten the scalp and rub it gently with the finger tips. | By morning, most if not all of | | your dandruff will be gone, and | | two or three more applications will | completely dissolve and entirely d stroy every single sign and tra of it, no matter how much dandruff you may have, | You will find, too, that all itch. | | ing and digging of the scalp will | stop_instantly and your hair will | be fluffy, lustrous,” glossy, silky and soft and look and feel a hun | dred times better. | You can get liquid s | drug store and four ounces is | you will need. This simple remedy | never fails.—Advertisement, ¥ Mothers, Do This- When the children Musterole on their throats and chests. No telling how soon the symptons may develop into croup, or worse. And thén's when vou're glad ou have a jar of Musterole at hand cough, rub As first aid, Musterole is excellent. Keep a jar ready for instant use. It s the ren throat, B B : To Mothers: Musterole is also made in milder form for } babies and small children. \ Ask for Children’s Musterole. rdy for adults. ton Relieves ‘onchitis, tonsilitis, croup, stift acthma. neuralgia, headache. conges. pleurisy. rpeumatiam. IJumbago, pains aches of hack 0r JoiAts. sp-ams, sore Jes. chilblaine, frosted feet and colds e chest (it n:ay prevent pneumonia) i were quoted. at | Frankfort a-M 4& pre.war 4 TRADING IS DRAGGY | IN GENTER MARKET Pork Lower in Demand at Ad- vancing Price—Other Prod- ucts Unchanged. While the general Yne of com- modities held their owfl in a draggy | market at Center Market wholesale | stands today, pork loims showed a| fair degree of strength and enjoyed comparatively more attention than other meat lines. Other fresh meats slowly. Western pork 26a28 dressed loins brought pound today. Smoked shoulder a bit ‘off at 18a20 cents a pound. . one-pound print tore packed, 38. selected, 4 receipts, | moving | loins, fresh, | while nearby 29a30 cents a were were 56 144; hen 10a41; &h, current storage, 38. Today's Wholesale Prices. Poult alive—Turkeys, 40; White Leghorns, roosters, 16al7 old, 20; keats, 30. Dressed fancy, heavy chickens, 33a35 old, 35a40; rabbits, chick- | 23: ducks, , young 59aho; old, 2 Turkeys, 45a48; capol smaller, 40a42 oung, §0a90 keats, No, stock—Calves, 12a13; thin, 6; Live medium, 1315 Fruit ana Vegetable Review. Today's market report on fruits and vegetables, compiled by the Market News Service, Bureau of Agricultural Economics, says:, Apples—Supplies liberal; moderate, partly account weather; market dull; barrels, Maryland and Virginia, No. 1, ymans, 2%; 3.50; New York, A 2% inches up, fine qual- ity and condition, 5.00; boxes, North- western, medium to large size, extra fancy Staymans, 2.25a2.50. Cabbage—Supplies moderate; de- mand light, market steady; old stock, New York, sacked, per hundred- weight, Danish type, 1.85a2.00; new stock, ' Florida, 115-bushel hampers, pointed type, mostly 2.00. Celery—Supplies moderate; demand moderate, market firm; California, crates, 6.2586.50 . Lettuce—Supplies liberal; demand maderate, market steady: Arizona and California, Imperial Valley, crates, ice- berg type, 4-5 dozen, 3.00a3.25. Onions—Supplies light; demand light, market steady; Michigan, 100-pound sacks yellows, U. S. No. 1, large size, 3.10a3.25; best, mostly 3. ew York and Ohio, 100-pound sacks vellows, U. 8. No. 1, large size, 2.90a3.00. Potatoes—Supplies liberal; demand moderate, market fairly steady; Michi- gan, 150-pound sacks Russet Rurals, U. S. No. 1, 4.50a4.75; Maine, 120 pound sacks Green Mountains, U. S. No. 1, mostly around 4.00. Spinach—Supplies moderate; demand market steady; Texas, bushel baskets, Savoy type, 1.00a1.15; ordinary condition, 75. Strawberries—Supplies . very light; demand moderate, market firm; Flori- da, pony refrigerators missionary, 60a65; few fancy, 75 per quart. = PIPE LINE COMPLETED. NEW YORK, January 12 (#).— Barnsdall Corporation has completed in 36 days its 50-mile 6-inch pipe line from the Mary Carter lease in the Seminole fleld, to its refinery at Oc- mulgee, Okla. The capacity is 12,000 to 15,000 barrels of oil daily demand CAR LOADINGS DECREASE. Revenue freight loadings on the rallroads ~aggregated 740,348 cars during the week ended January 1, the Amerjcan Railway Association an- nounced today. This figure was a drop of 1,212 cars under the corre- sponding week last year and a decrease of 32,242 cars under the previous week. Coal loadings aggregated 171, 573 cars, an increase of 12,638 cars above the same week last year. el AL DIVIDEND INCB.E;SED. NEW YORK, January 12 (P).—The Home Insurgnce Co. has increased the annual dividend rate from 18 to 20 per cent. and has changed pay- ments,from a_semignnual to a quar- terly basis, with a_payment of 4 per cent. extra for 1927. giliaiin 5] INITIAL DIVIDEND. NEW YORK, January 12 (#).—Pur- ity Bakerles Corporation declared an initial quarterly dividend of 50 cents a share on the class “B" stock and the regular quarterly payments of 75 cents on the class “A” and $1.75 on the preferred, all payable March 1. “EXTRA" IS DECLARED. NEW YORK, Janua Pittsburgh Plate Glass Co. declared an extra cash dividend of $5, payable February 15 to stock of record Janu- ary 31 PPy 1 3 NEW YORK MARKETS. NEW YORK, January 12 (#).—Rye, firm, No. 2 western, 1.12%; f.o.b. New York, and 1.10%; c.if. export. Lard, firmew, Middle West 12.90a13.00. Wheat features opened st daemisd,cyo tic, May, 1.42%3 bid. Other articles unchanged. . GERMAN BONDS AND VSTOCKS (Quoted in dollars per mllion marks,) Bid. Asked. Ger Gt (w In) Ba LA14-18 2150.00 2200 00 Hamburg 4 %s 1915, .. “110:00 ~120.0f, (Quoted in dollars per thousand marks derm Gen "Blec 4505 pre-w 30 har ki) Germ Gen Elec 4138 1010 Berlin 48 vre-war Hambe B8, 3198 & 48 pre/w Hamb's-American Line 4 s A German_ Liovd 41 North German Lioyd Prussign Consols 315, . Krupn 58 1921 : seeldor! 4% pre-war 1 Munich 4= vre-war Badische Antlin A'E G (Ger Gen i G (Ger Gen ol B Commerz Privat Bank Diseonto _Gellschaft Dresdner Bank Deutsche Bank Darmstaedter Bank Mercur Bank Vienna Heyden Chentical Austrian A E G (Gen Elec) Berliner Handels 5 TREASURY CERTIFIf/ATES, (Reported by J. & W. Selienfan & Co.) 400 33.00 00§ wif, Tof) 1.50 12800 135.00 “—f NoOn.—-ey offer. 100 8- 100 Bid 1006 {1 100 245 FEDERAL LAND BA'JK BONDS. (Quoted by Alex. Brown & Sons: closing.) Approx s v 285 e el 53332235 e = o |'pany had pas | stocks_traded !l‘m b Market today. ‘THE “EVENING STAR, WASHINGTON f ! N NEW YORK CURB MARKET Received by Private Wire BY WILLIAM F. HEFFERNAN. NEW YORK, January 12.—There was enough activity in special issues on the Curb Market today to give the market an appearance of firmness, although close observation disclosed the fact that considerable selling was taking place in the main body of stocks. Whether this represented re- newed liquidation of merely an effort on the part of professionais favoring further reaction was difficult to de termine, One of the outstanding incidents of the proceedings was the active de- mand at sharply advancing prices for Libbey-Owens shares. This followed the report that control of the com- to strong bankers through purchase of a m: ock interest, involving practically $11,000,000 cash. The pur- chase includes the Semet Solvay Co., Graham Bros, Lehman Bros, and Mar- shail Field, Glore, Ward & and industrial Following is a list of bonds and in on the New York Salesin , INDUSTRIAL hundreds Hi 1y Ala Gt South pf 25 A3 Pow 7 pl Alpha Port € n 3 Alum Co s Am Cigar i anamid i & Ei 5Am 2 Asso Gas & El. B AUl Fruit 4 Atlas P C'n Babcock & Wile % Bancitaly _Oorp 45 Barnedall war. . 1 Rlacket V G & E 14 Borden Co ... 1 Bridgept Mach. . 1 Briil Corp A.. 6 Brillo 2 BKlyn 1 Bucyrus % Celotex Co 1% Celotex Co pid % Gen Aguiere Sug Cent Leath n A wi 3ch Nip B Tt 2 Gity lee&Fuel. 1H Commonw P € 1 1 Commonw P n pfd 2 Consol_Laund. . . 5 Copel Prod A wiw 1 Courtlauids 1.td 1, Curtie Aero M pfd 5% Gurtis ‘Pub.. 14 Curtis "Pub " ntd l For R C vic I9DFRC viecifd 2 Doehler Die C € i Dunhill Intl 1. 5 Turant Mot 1 Eitingon Sehild . 1 El Bond & Sh nf. 9EI B & S n corp El Invest Tne.. El P&l 2d pi A Sstey Welte © A Fageol Mot Co Fajardo_ Sug Co Fanny Far_Tne 4 Ford Mot Co_Can % Foundation F A 8 Fox Theaters A 3 Ereed E R 1 Fulton. Svl Wi 1 Galv_ Houston E Gamewell Co. .. arod Corp. Gen Gillette S R 8 Gleason,_Prod € 4 Goody T & R. .. 3 Habir El n vie. 4 Happiness C St'A Hanpiness C St F Holland & 8 A. 13 Ind Rayort Crp A 3Int Silver.. ... 2 Intern Ut B 1 Johns - Manv . 4 Jhna - Manv n 1 Kroger G & B Co Landay, A . ... 1 TLand Co Fia. ' 5Leh Coal & N.. 88Teh Pow n... RLeh Val C ofe.. 1 Leh Val € Sal 71 Lib Ow Sh G145 3 Long Isl Lt, ... 150 1Mad Sa Gar 17% 2 Mansfeld Min w80 & Marmon _Mot_.. 54 2 MeCord Rad B.. 1 Mesabi_ Iron.. . . 1M e & 50 SUB % Mid W Ut pfd 1 10 Mohawk Hud P 4 Mohawk Val n 4 Nat El Pow A.. 1 Nat_Leather .. 1% Na Po & L 78 {1 Nat Pu Ser A.. 4 Nat Pu Ser B % Nelsner Bros o N QrGrNo RR 1 N Y Tel Co pf 1IN Y Transp ... 3 North O Pow €. 2 No States P C A 11 Northe Pow n 2 Pe Gae & El A s & AEsr % i: F=3 T3 T i P 135 B 3B R SIS BB e IR B ) P 5o SRR R TSR ECE R S RGNS 2 5e S 19331500 D RNt D it 32013 &5 PSR it £ FERE 2285320 5R555 F B oni9 Dopire B3 mon 5 SRtk ettt e 2 Pe Ohio Sec wal 1 B Oh'Edp pf Penn P & L pf! 1 62 Philip Morris . 10 Philip Morris {4 3 Pillsb FI M n 3 Proct & Gamb] # Pridence €o po) i 18 Rand Kard B'm .. 1 Rand Kard B7 ar 2 Rem Noieel C. - SRR £ RRAR FERE RS R 2 2ous5an s R 1 Stand & 10 Swift 1 2182ons03 03! ¥ gD =ousn o PRt e S bt P & L wi 4 Exvort o - e B BT HD LD £ B P o 4 o o M WA ot Wi 08 153 A DD e ST nD D West Md 15t 9 Yel Taxi C M Saloy o MINING STOCKS. in ¥ undreds. 3 Anglo Chil € N E:!? unker Hill Min " 1 Cons Con Mines 60 Divide Extens . 4 Eng G M L | 12 Falcon Lead ‘M 140 Hawthorpe M T o ferome V. Devel 208 Kav. Conper Cor 1 Kerr alke ' w Cornelia’ 9 Nivissing 4 Noranda orth Butte .\ Patmo Mines ' | 20 Red Warrior 7 S0 Am Gold & P 27 Teck Hughes COMMODITY NEWS WIRED STAR FROM ENTIRE. COUNTRY MOGADORE, Ohlo, January 12.— Sales of the India Tire Co. ran about $6,000,000 in 1926 and are now progressing at the rate of $£8,000,000 a year. The company Is preparing to increase its working capital to take . care of the expansion. ST. PAUL—Dressed poultry prices | continue high in the Northwest de- spite the slackening of demand after the holidays. Farmers are being paid 41 cents a pound for No. 1 turkeys by dealers. ! CHICAGO—BExport demand for pork products is dull at this time but domestic sales are of excellent pro- portions reflecting good industrial conditions. Demand for beef is slow. NEW ORLEANS—Improvement took place in the business done by the mills of the Southern Pine As- soclation in the last week. ©rders rose 30 per cent to 49,729,000 feet, shipments advanced 15.8 pe 47,534,000 feet and production gained 21/3 per cent to 61,909,000 feet. Total unfilied orders amount to 182,741,000 25 SRRSE! S 25! P E=scceee R FLFTRPPT 3 8 f Miss A'uda Laetitia Vernon of England, rerently married Lieut. Col. T. A. Hill/ | { ! feet. PHILADELPHIA — Twenty-eight locomotives and tenders will be shipped this _week by the steamer Manchurian Prince from the plant of the Baldwin Locomotive Worlds for rallroads of Brazil. W Direct to The Star Office | Commonywealth Power feit/ the ef- tect of profit taking, but the g yice was well sustained just below the 44 level. Reports were currey ¢ that in view Of the earning abillty of the corporation an increase in ‘the regu- lar annual dividend rate, of $2 a share was likely to be ¥oted at the March meeting. Other pyblic utilities continued active and at” times higher prices were reached by Jdlectric Bond and Share, American ¢.as and Elec- tric and Southeasterf. Power and Light. Carlb Syndicate cofjtinued one of the active members of the now priced oil group although 7o attempt was made to bid the prif.e up. Directors are scheduled to 1 eet tomorrow to ct upon a propof al to offer addi- tional subshares to/ stockholders. The purpose of the if sue is to provide funds to pay off # n obligation to the Co. due If ter this month. e 10 Wes 1. Ext Sales INDEPEN] )ENT OIL STOCK: in bndreds., 4 Am Con de 1 Atk Naty Gas. . t t Sorv ery pld mYy a"Synd i ‘ent Pete. Gibeog , OIf Cor. . Gulf )1 of Pa 11 Leond rd O ricn B 11 Mast ial svivt 4 e o 40 Mej 0il .. < Panuce unt_Prod Y 0il . ndem “Oil hiepec ON chfields Oil Cal i Y L 5% Saley STANDARD OIT, 18ST inud ite 24 0 Anglo Am Oil. .. 811 ) fomts om f 40 Gal S O of oid.’ 17 00 Humble Oil & R. 0TI P L. ¥ 900 Imp O _of ¢ n. J 400 Tnter Pet € Ltd 100 Ohio Ol ... ... { 100 Penn Mex Fiiel . 400 Prajsie P L...". 200 South Penn 0 'n SESE 25535332283 SR Feonz NJn 208 0 Ol 1660 Vacuum Oil BONDS. Sales in thousands. 4 Allied Pk 8x Am Thread { Am W W 6a A A W P 6 n wi 8 Anaconda fis A 13 Avpal 1 A0 G & 4 As Sim Har 6lys 2 Beaverb'd R8s m & Boston & M 42 M 100% Ry s 1113 ¥ 1 Can Nat 7 Can Pa 3R Chile Cop B . 29.Cit Serv s i Cont Cor Am 65, 98% Cuba Co B8 ... 97 p JOR .11 Al1078 10013 1 Duke Pr Po 65 A 1043 BEIl Refrig Bs .. 0870 R W 1 a0 a1y 114 o0 101 % 27 G TRC Bigs 31 0515 Grand Trk 6t 108 45 GOC Bs Pa '37 wi 100 16G 0 C Bs ‘47 wi100) 1Gulf SL Ut Bx A 98 Hood Rub flas . HR& TS Soo 25328 S St cent to Ind Limestone s 091 Ind P & L fs A 1031 Int Gr Nor 5¢ B 90 DR 1y 5 Jeddo Highl C 65 107 % 22 Lehigh Pow 6s A 07 % 1 Lig Win rest 78 10813 1 Long Tal Lt 6. 103 7Mani P 5l%e A 98N A Mass Gas 8tas.. 104 IMon WP ChxA 0% 2 Nat D Prod 635 an t P & L fis A 100 er Bs.. 1 1 1 _.___ 322333395055, 23325232323333382 R E F RPRE REFRERR & F R SRS ST RF CRRRRSPIEEEE kia Nat G 81 hio P 5e 52 B hio Riv Ed Bs an Am Pet 8s. 1 ark & Tilford 65 ¥ 5939955355 333323333 TIP00207 233328 CRRREFEL, 1 Shawsheen 7. . 5 Soucal E 51 ou Gas 615w PLE e e 635 2323328333323 g 3% > 3 B EfesEbE TS o £ 2SR ESDEERD 3 r Mil 6 l:‘l st Penn 61284 90 st Upion Tel5s 102 Salen in i« FOREIGN BONDS. thousands. . 2 Buenos 3 Buenos A Ruenos 60 Buenos 7BCE 44 BEEU R 3 Costa Rica 78 wi 18 Danish Cong 514 3 1 24 Free S 0915 13 Ger Cons Mun s 1003 10 Gt Cons E) 63%s 957 Hamburg E 7. 101 24 Hune € 014 oooo0D0 F2 0 3323335233 =3 e A EU AN 188 G Blas ' o anda Falls be A x P W zyRR2ZZZ 32332332533 . F3 599335 -, 333232723223 93559533093, P So03 1 Stinnes H 7a 46 991 4 Un St] W Bur 7 100 87 Un St W Ales A 108 251 SW B8 A ww 99 49ElI Soc 78 wi 03 49 Un El Soc'7s wi 93 *Ex dividend. SUES FOR $375,000. Retired Governor of Colorado Ac- cuses Denver Post of Libel. DENVER, January 12 (®).—Clar- ence J. Morley, who retired as Gov- ernor of Colorado yesterday, filed suft in District Court against the Denver Post for $375,000 for alleged malicious libel. Morley alleges that publication in the Denver Post last Wednesday of a record of paroles granted prisoners in the State Penitentiary damaged him to the extent of $125,000. The sec- ond and third causes of action are based on news articles and cartoons in the Post. 2553320253800 23 2392522353 3333 '3 R AR P o3 S5 INCOME IS SMALLER. NEW YORK.January 12 (#).—Re. vised figures of the United Fruit Co.'s earnings for 1926 show net income of $19,511,471 after charges and estima- ted taxes, equal to $7.80 a share, com- pared with $22,546,880 in 1925, or $9.02 a share, Many Coal Thefts in Britain. Thefts of coal have become so numerous in parts of England, Scot- land and Wales this Winter that courts have been dealing out convic- tions in almost wholesale lots. Twenty- five men were given fines at one hear- ing and 13 were found guilty at an- other session in Edinburgh. Ireland has had a great number of arrests on the same charge, and many children have been apprehended. England’s list of tuel es also is a long one. D. T. (COTTON ADVANCES INTRADING TODAY Renewed Trade Buying and Covering Are the Bullish Factors. By the Associated Press. NEW YORK, January 12.—The cot- ton market opened.steady today at a decline of 1 to 3 points under southern and local selling, but quickly turned firmer on renewed trade buying, cov- ering and some commission house de- mand promoted by continued favor- able reports from the cotton goods markets. The increased spot business noted in the South since the beginning of the month also appeared to be coming in for more attention, and the market sold up to 13.20 for March by the end of the first hour, o1 8§ points net high- er and into new high ground for the movement. Houses with Japanese and other foreign trade connections were said to be among buvers here on the rally. Private cables said the Increased de- mand for cotton goods in Manches ter was maintained and that home trade was improving. New Orleans Market. NEW ORLEANS, January 12 (#).— The cotton market opened easy here today with first trades showing losses of 3 points. As Liverpool again re- ported large spot sales of 10,000 bales for the third consecutive day, and as the forecast was for the return of bad weather in the Western belt, prices soon advanced. March traded to 13.18; May to 13.35, and July to 13.50, or 11 to i2 points up from the opening. PRICES ON PARIS BOURSE. PARIS, January 12 (®).—Prices were firm on the Bourse today. Three per cent rentes, 52 francs 70 centime: exchange on London, 122 francs 2 centimes; 5 per cent loan, 62 francs centimes. The dollar was quoted 25 francs 19 centimes. el 0 g P leniy COPPER SURPLUS UP. NEW YORK, January 12 (®),—Sur- plus stocks of refined copper at the close of 1926 amounted to 171,000,000 pounds, an _increase of pounds’ over November 30, the Targest surplus of refined metal &ince Febru- ary, 1926. The low figure for 1926 was 129,980,000 pounds at the end of Janu- ary. Refined copper production in December was 252,848,000 pounds against 252,644,000 in November. et oS POULTRY PRICES FIRM. CHICAGO, June 12 (#).—Poultry, alive, firm; receipts. 3 cars; fowls, Springs, 19a25; turkeys, 30; voosters, 19; ducks, 20a31; geese, 21a22. B, FOUR NEW DIRECTORS. NEW_ YORK, January 12 (®).— Four additional directors have joined the board of the Harriman National Bank—George M. Gales, president of Louis K. Liggett Co.; Louis M. Well- ler, president of Weber & Heilbroner; J. A. McKay, president of the Angus Co., publishers, and Willlam A. Burke, controller of the bank. SII:V_'EI QUOTATIONS. NEW YORK, January 12 (®). Mexican doll 41% WEDNESDAY, JANUARY 12, 1927. MEN AND MONEY By M. S. Rukeyser. (Copyright, 1927.) The international stage is already being set for another huge dollar loan by American investors to the Repub- lic of France. The recent marked upturn of all outstanding French external issues in New York gives a market background favorable to new financing. The unofficial step toward stabiliza- tion of the franc, recently taken by the Bank of France, constitutes an- other prop for growing confidence. The loan is likely to be arranged much sooner than the public realizes. A partner of one of the foremost in- ternational banking houses in Wall Street told' me that he expects to see a banking syndicate headed by J. P. Morgan & Co. offer a new issue of $100,000 as soon as February or March. Such an offering will merely be the forerunner of other credits, which will help France to stabilize its currency on a gold hasis. This financier be- lieves that France could readily mar- ket in this country several hundred million dollars of German railroad bonds, created as part payment of reparations under the famous Dawes agreement. Whether the prediction to the ‘nearness of a French operation will be fulfilled depends primarily on political factors. No British or Amer- ican financiers are likely to under- take to finance Krance's need until the French fund their war debt to the British and American Treasuries. Well informed Wall Street bankers believe that adoption of the pending agree- ments by the French Parliament is near at hand. Franc Believed Saved. American financiers of influence be- eve that Raymond Poincare has suc- ceeded in the delicate task of saving the franc, which he undertook last July, following a panic in French ex- change. Meantime the franc has more than doubled in value. The de- flation involved in Poincare’s stabili- zation program has taken away from French exporters the temporary ad- vantages which accrue from a depre- clated currency. The immediate effect of the new situation is a depressing effect on trade. Whether any gov- ernment ‘ean survive in France through a serious industrial setback remains to be seen, but influential Wall Street bankers are taking a distinctly optimistic view of the situa- tion. France feels isolated in being one of the last to put its financial house in order, and is plainly anxious to re- turn to the informal League of Na- tions on a gold basis. Germany was the chief foreign bor- rower of American capital in 1926. France may be the largest borrower in_1927. Which European country will re- quest and receive the largest loans in 19327 Possibly Russia. Capital is in- ternational, and is lacking in senti- ment. The revolution will not keep capital from Russia when the condi- tions of safety seem assured. A membher of a great international banking house foresees important financial relations with Russia, but believes big operations are still five vears off. Nevertheless, American financiers are already studying the possibilities. and planning to make contacts. Two Chief Barriers. The two chief barriers at present are failure of the present Russian gov- ernment to acknowledge the Czarist external debt and lack of recognition of the present regime by the Ameri- can Government. Bankers believe that in the course of the next few years these obstacles may be removed. The Russian exterpal debt is only $75,000,000, and the ‘payment of in- terest on it by a cofintry of Russia's magnitude and re;urcel would be easy. It is felt that the manifest ad- vantages of getting large amounts of forelgn capital will oftset any scruples that the governmént may have about dealing with holders of promises to pay of the old regime. As for recognition, important politl- cal changes here and abroad can con ceivably take place in five years Even under existing conditions, American exporters are carrying on a moderate trade /with Russia, largely for cash, but to some extent on credit. These operations, actual and con templated, help to liquidate the arti-{ ficlal war conditions. They also help America to fulfill its new destiny as a leading world creditor nation. Be fore 1914 America was an interna- tional borrower, instead of a lender. The current jibes at ‘ncle Shylock™ overseas are another indication that it Is difficult tp remain popular with those who owe’ you money. New financing in January, according to present indications, will be smaller in the aggregate than the first of the vear dividend and interest disburse- ments. There will therefore be no pau- ;‘,l!_v of funds for attractive investment ssues. THE BUSINESS OF GETTING AHEAD. Art of Speculation. At the latter stage of a bull cycle in the security markets, such as the country is now witnessing, specula- tion becomes espectally hazardous. Successful speculation is for the gifted few. It is too fraught with dangers for the untutored multi- tudes. Only those equipped with adequate capital and financial intelli- gence have any real chance to suc- ceed at speculation. Speculative dilettantes constitute the suckers who pour. funds into the whirlpool which never return. Speculation is the conscious assumption of risks in the hope of gain. Investment is the purchase of securities which assure safety of principal and regularity of Income. Any competent invest- ment banker will point out to his clients whether a particular issue 1s speculative or mot. The successful speculator has a rare capacity to think independently and to act instantaneously. Speculator Needs Courage. Courage also is essential. In com- menting on this aspect of the sub- ject in his new book, “Security Speculation—the Dazzling Adven- ture” (Harper's), 'Laurence Sloan, managing editor of the Standard Statisties Co., says that the hypo- thetical speculator, whose operations over a period of years are described, needed courage: “(1) Courage to risk his money at times when the majority of secu- rity speculators were too timid to dq so; “(2)' Courage to take his profits at times when the majority of secu- rity speculators had not even began to gratify their greed: “(3) Courage to sit idly on the side- lines and watch prices mount higher and higher after he had sold; courage likewise to sit idly by and, if neces- sary, watch prices fall for a time after he had hought. In other words, courage to play for -the long swing, only for the long swings, and to be content with catching merely a gen- erous fraction of these swings. “(4) Courage to wait for bargains— a year, two years, three years if nec- essary. “(5) Courage to stay out of the markets entirely some 40 per cent SEES ROADS HELP 10 MEXIGAN TRADE Commissioner Leal Says They Also Would Increase Friendship With U. S. By the Associated Press. CHICAGO, Japuary 12.—Good roads, providing for mors intimate soclal relations between peoples, were seen today as alde to better understanding between the United States and Mexico. Latin-American day at the Ameri can Road Builders’ Convention found delegates present from many states south of the Rio Grande, with Senor Diaz Leal, commissfoner of the Mex can National Highway Commiseion chairman of the sessions “Mexico, as the other America, after her prolonged sub jection to colonial ruling, has en deavored, in a sincere quest of sel ence, art and commerce, to merit a more intimate relationship with the principal countries of Europe, but the same time has earnestly tried to cultivate the friendship of her s ters on the new continents,” Senor Leal said. “Primarily, owing to our geograph fcal location, it i with the Unitad States that Mexico maintains greatest commercial activity, and although personal ambitions and selfishness have at various times en deavered to weaken the friendlv re lationship between these two n the cordial and sincere "adm that thes Mexican people feel fo United States has not been aff and we hope and expect that proper and mutual cultivation of our intellectual and soclal relations these unfounded opinicns ghall disappear. nations of long swing speculator who succeeded, Mr. Sloan points out: “He possessed a knowledge of busi ness and financial conditions that was far superior to that of the average man who ‘takes a flier in the mat ket or he could not have caught even two-thirds on the average of each major up-swing in stock prices. To have caught even that proportion of each big rise in values, our operator would have found it necessary tg rise above the jabber, cant and tipsterism of Wall Street, to have foreseen Im portant changes in financial and economic conditions, to have sensed the approach of crucial turns, either for the better or for the worse, and to have interpreted his business barometer readings with a high de gree of intelligence snd skill.” Speculation is strong meat for the? amateur, who usually loses. Sometimes readers write to me to inquire about safe speculation. They might as well ask for dry water or square circles. Speculation deals with uncertainties and risks—not with cer- tainties. In practice, risk varies greatly in different securities, and the specula- tive element is not entirely free from some investment issues. The twilight zone between the two is o.hen blurred. —_— £z BUTTER IS LOWER. CHICAGO, January 12 (#).—Butter lower: receipts, 4,800 tubs; creamery, extras, 4815; standards, 47%: ext firsts, 47a473: firsts, 45a46; seconds, 40a431. Eggs higher; receipts, 6,0 cases: firsts, 391324015 ordinary firsts, of the time.” In further describing a hypothetical OF NEW YORK" CarrTaL, SureLus ANp Unprvipep Prorits $116,287,091 Head Office §§ Wall Street, New York Capital Surplus Undivided Profi Deposits Forreion Orrices 1x Ejoury-Five LeapIiNG INCLUDiNG DOMESTIC AND FOREIGN OFFICES ASSETS | Bonds eserve Bank DI I ] LN N A | (] CASH in Vault and in Federal Reserve Bank . Due from Banks, Bankers and U. S. Treasurer . Loans, Discounts and Acceptances of Other Banks U. S. Government Bonds and Certificates . State and Munici Stock in Federal Other Bonds and Securities Subsidiaries: International Banking Corporation Bank of Haiti Bank Buildings Items in Transit with Branches . Customers’ Liability Account of Acceptances . Other Assets . $142,688,468.56 164,213,887.59 $306, 789,0 100,500,300.00 13,995,063.00 3,000,000.00 54,541,425.48 12,500,000.00 i} 1,600,000.00 ' 21,8 45 TOTAL $1,394,3 LIABILITIES [ . 0 0 L] . . ] ts o ¥ e e e e L T S I B | Liability as Acceptor, Endorser or Maker on Ac- ceptances and Foreign Bills . . + , , . Circulation S Due to Federgl Reserve Bank . Reserves for: i Accrued Interest, Discount and Other Un- earned Income Taxes and Accrued Expenses, et cetera Dividend Payable January 3, 1927 Contingencies Other Liabilities 0 + § 50,000,000.00 §0,000,000.00 16,287,091.72 v 0 $116,2 2,752,776.76 5,076,133.85 2,000,000.00 5,814,398.97 35a38: refrigerator extras, 32; re- frigerator firsts, 31a311; THE NATIONAL CITY BANK Condensed Statement of Condition as of December 31, 1926 2,356.18 12,949.62 172,036,725.48 14,100,000.00 18,940.83 22,808,953.82 63,197,905.60 12,058.58 89,890.08 87,091.72 1,083,599,159.99 128,699,766.38 92,995.00 5§0,000,000.00 15,643,309.58 671567.50 TOTAL $1,394,389,890.08 Abeve includes The Nationa! City Bank of New York (France) 8. A, Pigures of Forsign Offices are s of December 14, 1936 Cities TurovcHouT THE WoRLD