Evening Star Newspaper, January 22, 1927, Page 15

FIN PROSPEROUS NEAR FUTURE INDICATED Paint and Glue Makers Point Out Householders Are Perking Up Homes. BY J. C. ROYLE. Bpecial Dispatch to The Star. NEW YORK, January 22—When householders commence to perk up appearances, business and financial conditions are apt to be favorable. Consequently preparations of the large paint and glue manufacturers for in- creased output is regarded as a sign indicating prosperity for the next five months. President George A. Martin of the Sherwin Willlams Company, nt manufacturers, anticipates a . &reat painting year. The factories of the company are working on a ca- pacity basis to supply requirements which are evpected to bring sales to 15 per cent over the 1926 total of §58, qgim, the largest the company ever had. J. P. Lyman, president of the Amer- ican Glue Company, says that for the first time in years, stocks of glue throughout the country are back to normal proportions. Production s not in excess of annual requirements and profits, he says, should be better than for some time. Sales of agricultural implements in the South are the smallest recorded in years, but this was to be expected in view of the low price of cotton and the efforts to restrict cotton and to- ANCIAL. | THE EVENING NEW YORK CURB MARKET Received by Private Wire Direcs to The Star Office BY WILLIAM F. HEFFERNAN. NEW YORK, January 22.—The week closed on the Curb Exchange with operations for the rise in prog- ress but with public participation only slightly in evidence. New buying was intermingled with further realizing in the oll group with the result that the net changes were of little conse- quence. Darby Petroleum, in which speculation for the past few days was based on rumors that this property figured in one of the much talked-of mergers among the large companies, continued in demand above 9. Stand- ard of Indiana was taken above 72%, while Standard of Kentucky and Vacuum were offered at lower levels. Reports of an explosion at the Glen Alden Co.'s Parson's mine failed to have any effect upon the market for the stock. Lehigh Valley Coal cer- tificates at 98% were a point higher Following is a list of bonds and stocks traded in on the New York Curb Market today. INDUSTRIALS. igh, i Close. i Sales in hundreds. Low. 125 fi'.' 3 v 2! o SRR ReRmsS Somons! reaoouh 13D ot 9 bacco acreage. Implement sales in other sections are good. Might Increase Schedules. Practically all plants of the Amer- fcan Woolen Co. are expected to in- crease their schedules of productions, rince good orders for Summer and rall goods have becn booked. Sev- eral of the large cotton mills are ex- pected to step up out-turn in the next week or 10 days. The Fall River cloth market last week recorded sales of 225,000 pleces, the best record in three years. The present week's book. ings are estimated to be slightly below that figure. Grass-fed cattle from the West, par- ticularly California, are expected to find their way to market far earller than usual. This will bring ready cash to sections which ordinarily are short of it so early in the year. There has been no indication of any such 1 in live-stock breeding as d force the marketing of more animals than the markets can readily absorb, and profits from live stock therefore may be expected to continue, as packers are in an improved sta- tistical position. 1 Auto Trade Feels Sales. ‘The automoblle factories are feeling the influence of recent sales and are increasing activities in some cases. The strong competition among car ‘manufacturers is spreading fast to the producers of parts and accessories. Production of tires has increased in the Akron district by from 5 to 10 per cent, and the present output is now at the rate of 80 to 85 per cent of capacity. Rubber continues within a narrow price range, although there is little doubt that under the Steven- son plan Great Britain will cut the amount which may be shipped from February 1 to April 30 by 10 per cent in addition to the 20 per cent restric- tion now in force. Supplies, it is felt among tire men, will prove ample de- apite this. A slightly easler price tone is in evidence in steel. The volume of bullding is slightly less than a year ago, but the welght of opinion that further curtailment must be effected is fully balanced by that today predicting continued activity. Prices of building materials are ex- hibiting mostly local or sectional fluc- tuations. There has been a good in- in new lumber orders. Coppers, lead and zinc exhibited dullness and lethargy, with some price declines, since business has small. Demand for anti-freeze mix- tures for automobiles has helped the slcohol and glycerine markets. Baltimore Markets BALTIMORE, January 22 (Spe wl).—?mnm. h‘nor?d po;:gg:,‘ ééaou.Zi; barrel, 1.50a2.50; bushel, 40a1.00; beans, bushel, 7.00a9.00; beets, bushel, 1.50a1.75; Brussels sprouts, quart, 20a 30; broceoll, bushel, 40a50; cabbage, ton 18.00a23.00; cauliiower, crate, 2.25a 2.50; cucumbers, crate, €.00a8.00; car- rots, 100, 4.00a6.00; cels crate, 1.560a 3.00; kale, bushel, 40a50; lettuce, crate, 2.50a3.50; onk)nz,olfl(g mu;ld 2.00a3.25; oysterplants, 100, 5.00a7. ppers, crate, 2.50a4.50; parsnips, bn.n}:t. S0a 75; peas, bushel, 4.00a4.50; Savoy cab- bege, bushel, 50a75; spinach, bushel, 85a1.35; h, 3.0084.00; to- matoes, ; turnips, bas- 1.00a3.50; bushel, 35a1.25; box, 2.50a3.50; grapefruit, 2.50a4.00; oranges, box, 2.50a4.25; strawberries, quart, 80 290, Dairy Products. v Itry—Turkeys, pound, 40a tz;Liu;’ 38 poor and crooked breasts, 25230; young chickens, 29a30; ILeg- horns, 25a27; poor and thin, 20a22; old hens, 24a29; Leghorns, 20a22; old roosters, 18; capons, 32 2 232; poor and thin, 22a: App! 227; guinea fowl, each, 50a76; pigeons, pair, 30a35. Dressed Poultry—Turkeys, pound, 3knd2; old toms, 35a36; poor and . crooked breasts, 25a30; chickens 25a . roosters, 20; ducks, 28a33; geese, 20a28; capons, 82a42. Eggs—Receipts, 508 cases: native and nearby firsts in free cases, dozen, 37a37%. { Butter—Good to fancy, creamery, pound, 46ab0; prints, 30a52; blocks, 49a51; ladles, 30; rolls, 26a28; store. packed, 25a26; process butter, 37a3s; dairy prints, 26a28. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY CLEVELAND, Janua num ingot and sheet quotations have been cut 1 cent a pound. PUEBLO, Colo.—The Southern Pa- cific Railroad has placed with - the Colorado Fuel and Iron Co. an order for $1,250,000 worth of steel rails. The Colorado and Southern will spend §2.- 500,000 for new equipment this y BOSTON.—Officials of the Wal- worth Co., producers of bullding sup- plies, expect to sell a larger tonnage than last year. Important economies have been made possible by the pur- chase of the Kelley & Jones Co. and the Natfonal Pipe and Foundry Co. NEW ORI Purchases of drygoods by retallers are running ahead of those of a year ago, under stimulation of the low prices of goods 1d the slightly higher figures for réw cotton. Collections are falr. DETROIT.—This State licensed a total of 1,139,664 motor vehicles in the last year and receipts from the State gasoline tax were $10,700,455. PR 5SS E S E R o 2 he b e B TEISE FF FEEE 95 2 D BB S SR RO 13 0 P v B MDD LD IO IS DB SO, T S SR SR dgsesms noricsmmze Sy Eem k Gen Ger 24 - Eer o 3 o @ R GR e IS S B S omins 22 mis GRS 00 oS VIS B S AT D I BN Lo S b B F PP PSR ST RS FE GEER SRR S SR oG e Rmoe S R E s 2550 s e o iz Re@aSSHaa FESF B PPER F SRS §F B oo B 9 Silver. . Util 55 9 B FER T PSSR - ™ 12001190l S ! S DA DD S B (S D 051 . - s S ce S oannta T e o FFEFPELLES ZLZRER % ioapeiigrt o o SRR R R ORRIER BSFEEEE PERE PR PESRR - ... 2! o B FEE RRE AR R ORSE SRR b ({1 EH RS0 1 < C o 10 B3 s i 2 B SSens spauses FER B ER P NSRS 353 23 g2 7 ;- E . > ot Sros et b it ESSE S S o g R TE%E A £ FE 2 o2 BB, o a0 33t 0 10 ;n;u B ! E{U ey e 3 ot et EtE I e it B SR o 1a3ame 238 £ Ed - e day, while the tobaccos con- tauea )Hemand. notably Universal Leat and Phillp Morris. With rallroad shares commanding the center of interest in the stock market dealings, it was natural that a few members of the group listed on this market should have responded sympathetically. Pittsburgh and Lake Ere, at 172, gained more than a point, while Western Maryland first pre- ferred, up 4 points on the preceding day, continued firm at the higher level. blic Utilities were featured by a heasy Gemand. for Lehigh Power at the 17% level, where it was fraction- ally above the previous closing quo- tation. United Light and Power Class “A” maintained its place of prominence, while Commonwealth Power was another of the low-priced members that gave a good account of itself. 100 08 BINP & L 5%s B100% 17 Ind Limestone Oa 083 ¥ SoSe PFEER 235353 A e ] STAR, WASHINGTON, D. C., SATURDAY, JANUARY 22, 1927. COTTON IS STEADY | e o swonex AFTER EARLY DROP Trade Buying Strengthens Prices Depressed by Liverpool Cables. By the Associated Press, NEW YORK, January 22.—The cot- ton market opened steady today at a decline of 4 to 7 points in response to lower Liverpool cables. Overnight buying orders in the mar- ket prevented a full initial response to the weakness abroad, but pressure Increased after the opening, active months soon showing net losses of 9 to 10 points. May sold off to 13.51, but again seemed-to attract trade buy- ing at the level, while there was some covering by recent sellers for a reac: tion and prices steadied up 5 or 6 points before the end of the first hour. Private cables attributed the decline in Liverpool to hedging and liquida- tlon of long accounts, but said there was continued good demand for clothes in Manchester. e July SPRRRRIR # 8 PRRAR S 53 22233 92 e i 53 oo =15% B oy ob. 9800 g Serv N J 5%8101 ervel Dol "0 8 Schulte R Shawsheen Ed by ' 8o "Gas, 3. outhe, DAL CRRRRET, e s SSms5in Dimsisaaa & A FOREIGN BONDS. thousands, s 101y B Andi N C 6s ww 2 Baden 7s 2 Bue 3 Bue Alres 7 %8, 15 Bue Alma 78 26 WBEE UR 6%s 08 b Costa Ric 8 Danish_Con: 1 Denmark 5 32 Free 8t Pru 23 Ger_Con ‘u”, 222222 o sosSo0sSo00055 2223 S22 SRE3R0%. FOFER SRR ERRE R RRERES Zo250 o= 5550 e 23523530 S i o, i1 s PR S5 a-s 555 ez aP g 223 ® ) 2900 Secey @ SEss 255555005 sonrmme 832332822 3S RN RE353253; Seesceesss 22228233 B FRE RERRAR F SRR TERRFERSE FERREE RIES 5! =3 5 o 5 3 k3 +ZEx-dividend. ' WHEAT PRICE EASIER ON HEAVIER SELLING Some Buying Noted Based on Stronger Liverpool Values Than Expected. Special Dispatch to The Star, CHICAGO, January 22— Wheat prices eased off on scattered selling today. There was some buying on the - notionienSawmes 3! i gz Shommasesmom e 2 2 IRBO I 500D I DD IBM D e 205 180 DIS B & PRRREPRE 255 e et pian dgaandde B 53, BOD AAPND S0 IS NS 15BN Dot ZRaBen - et B R ORREE B RPERIEISE FE R OFERR SR SRR AP 1R Fmsomodn, 553 & Sales MINING STOCKS. in hundreds. 10 Am_'Tin ng .00 o BVide ‘Bxtona . 08 ¢ 2 Ene ML 3 Uni| Verde Ext enden Cob. 20 West Utah. . K Sales INDEPENDENT OIL STOCKS. in hundreds, Am Con ONlf ... bo a8 © e Dousim FEFXIR PR csiormm 13 Eois SEEBEREE R B2 aRucohunnaamaze 0o Cor . 3 Reiter-Foster Oil 59 Rov'Con O 4 R. | 5 Salt Ck Prod . .. " BER FE FER P TEPRRRR SN 2 Tide Water 23 1Tide Wat Ol *95 Sales STANDARD OIL ISSUES. inupite s - jorne Scrymster. 2 gogomlnenll)) oil n 00 Gal Mg Ol .- 300 Humbie oil & R 300 U P L mp_0 “of ¢ 2100 InPply ¢ Ll 00 Ohio O, . 00 Prairie O' & G 1 200 Praine P 'L olar Refin 100 South Penn’ 0 1 6900 8 O Ind 200 v 3008 O Neb 3 NJn, 600 Vacuum ~Oil P oo e S @i v oil. . I pt: 2 ] ey et P SARRRE Soom e Boocsmizms SERSNSSERIREEERES SRRSIEIRIEE Seomisann SoaacmiEar: Py Sales ni thousands October . New Orleans Market. NEW ORLEANS, January 22 () — Liquidation in advance of the Census Bureau ginnings report and disap- pointing Liverpool cables were re- sponsible for the opening trades in the cotton market today to show losses of 9 to 10 points. Prices con- tinued downward after the opening, with March going down to 13.26, May, 13.46, and July to 18.62, or 11 to 12 points under yesterday’s close. At the end of the first half hour of trading prices showed an advance of 2 to 4 points from the lows, with the tone steadier. The ginnings report is due Monday. NEW ORLEANS— January . March ay July . Octobe MERGER RUMORS SPUR W., B. & A. BOND DEMAND Several Baltimore Banking Houses Heavy Buyers of Securities of Local Electric Line. Special Dispatch to The Star. BALTIMORE, January 22.—Several Baltimore banking houses, confident that a railroad merger will take in both the Washington, Baltimore and Annapolls_electric railway properties and the Western Maryland, have been heavy buyers of the bonds of the for- mer company. One house alone is understood to have acquired for various interests $1,000,000 face value W. B. and A. bonds. The bulk of the buying ap. parently has been through three local commission houses. A year or so ago the common and preferred stocks of the interurban electric railway were heavily accumu- lated and the belief was expressed that out-of-town bankers had quietly come down and acquired a_voting control. Some members of the financial dis- trict now believe that similar action is being taken in respect to the West- ern Maryk nd Raflway, which already is feeding the Washington, Baltimore and Annapolis with freight to the National Capital. 1 Purchase of control of the Western Maryland, it was pointed out, would not involve a large amount of capi- All three classes of stock share equally in voting power. The current market value of the 177,420 shares of prior preferred stock is about $20.500.- 000. The 494,250 shares of common sell in the market for about $9.400,000, fact that Liverpool was stronger than expected. After the first half hour May was 1.39% and July 1.30%. Corn was easy with wheat, May, 81%; July, 843%. “?‘m were steady, May, 48%; July, Lard was unchanged. BUTTER IS WEAKER IN WEEK'S TRADING Market Follows Erratic Course, But Situation Is Relieved Somewhat Today. By the Assoclated Press. CHICAGO, January 22.—Butter mar- kets during the week ending January 22 followed a rather erratic course. Opening in a fairly steady position Monday, the advances effected late in the previous week were evidently a little too sharp. Buyers for consump- tive trade did not take kindly to the higher prices and curtalled their pur- chases. The withdrawal of this sup- port caused accumulations in most quarters, principally of fancy butter, and in an effort to clear floors dealers adopted a free selling policy. New York and Philadelphia were perhaps the weakest of the four large markets, as the price on 92-score at those points declined sharply on Wed- nesday; 92-score at New York and Chicago {8 rarely quotable at the same figure, as there is usually a spread equal to the approximate amount of the transportation costs between Chi- cago and New York. This situation practically eliminated any shipping business from Chicago to the Eastern markets, and Chicago receivers were dependent almost exclusively on local trade. * As prices declined to lower levels from day to day, the feeling that a reaction was imminent grew and some receivers began to relax in their ef- forts to move butter. This relieved the situation somewhat, and at the close the markets all appeared a trifie steadler, but were still far from firm. | _FINE WOOL IN DEMAND. BOSTON. January 22 (Special).— Fleece wools were in somewhat bet. ter demand at the week end, but terri- tory sorts still comprised the bulk of actual business, with fine wools in the lead. Delaines of Ohio quality are well sold ahead, but are currently quoted at 45 to 46 cents greased basis. Some half blood has sold at 46 cents, but the market generally is 45 to 46 cents on half and three-eighths blood and 45 on quarter blood. Fine terri- tory 1s quoted at 107 to 112, half blood at 98 to 102, three-eighths blood at 88 to 92 and quarter blood, 78 to 82. AUTO STEEL DOWN. NEW YORK, January 22 (#).— Private dispatches from Youngstown to the financial district say competi- tion from strip steel has forced down the price of automobile steel. Wide strips for fenders have been offered at 4.756 cents a pound, which, allow- ing for the usual differentlal, works back to 3.80 cents for No. 20 gauge body steel. ORDERS 500 CA;S. POULTRY PRICES STEADY. CHICAGO, January 22 (#).—Poul- * try, alive, steady; receipts, one car; prices unchanged. 8% NEW YORK, January 22 (#).— u;‘nloll Refrigerator Transit has order- 600 refrigerator cars from Ameri- can Car and Foundry. There_are less than 100,000 shares of second preferred outstanding. All three classes of stock are now appraised in the market at about $32,- 600,000, with the common stock, the lowest priced of the lot, outnumbering any other classification in shares out- standing. Sales vesterday were 28,000 bonds at 75%, and 445 shares of common stock at 15%. Wholesale Markets Today’s market report on fruits and vegetables, compiled by the Market News Service, Bureau of Agricultural Economics, says: ’ Apples—Supplies liberal; demand .|light, too few sales reported to ouote. Cabbage—Supplies moderate; de- mand moderate, market _slightly weaker; new stock, Florida, 1%-bushel hampers, pointad type, 2.00a2.25. old stock, sacked, per 100 pounds, Danish upplies moderate, demand light, market fairly steady; California, crates, medium size, 6.00a6.25; Florida, 10-inch crates, 3.50. Lettuce—Supplies moderate; market steady, demand light; Arizona, crates, iceberg type, 4-5 dozen, 3.00a3.50, mostly 3.25. Onions—Supplies lighi light, market about steady: Michigan Indiana, 100-pound sacks, yvellow, U. S. No. 1, large size, 8.50; Ohio, 100-pound sacks, yellows, U. S. No. 1, medium to_large size, 3.00. Potatoes—Supplies liberal; demand light, market slightly weaker; Michi- Russet’ rurals, i . 1, 4.2524.50, mostly 4.35a4.40; Maine, 120-pound sacks, Green Moun- tains, U. S. No. 1, 8.75a4.00: 120- pound sacks, Cobblers, U. S. No. 1, 3.50a3.75. Spinach—Supplies liberal; moderate, market _stead bushel baskets Savoy tvpe, mostly_around 1.15; some poo tion, 50a76; Norfolk section, bushel baskets Savoy type, quality generally good, 1.00; cloth-top veneer barrels Savoy type, poor quality, 50a1.00. String beans—Supplies very demand good, market firm 7%-bushel hampers green, 7.00. Strawberries—Supplies mand light, market steads pony refrigerators, Missionarys, 90, mostly 90c per quart EARNINGS AGAIN GAIN. BALTIMORE, January 22 (Spe- cial).—The second week in January still showed an increase in estimated gross earnings of the Western Mary- land Railway, although the extent of the gain was not large in com- parison with immediately preceding weeks. Total earnings increased 8 per cent. Coal and coke freight was 16 per cent ahead of the same week a year ago. g s TR ey CONNECT WITH GUATEMALA. NEW ORLEANS, January 22 (Spe- cial).—The Tropical Radlo Telegraph Co., controlled by the United Fruit Co., has established radio connections. with the Federal station of the Guatemalan government in Guatemala City and this week began accepting commercial messages to that city. SALES SHOW DEEL‘INE. demand No. 1, 4 demand Texas, Florida, wax, light; de- Florida, 85a NEW YORK, January 22 (P). Sales of the National Cloak and Suit Co. for 1926 dropped to $42,794,827 from $46,685,123 in 1925. By M. S. Rukeyser. (Copyright. 1927.) For the first time in 12 years, the old-fashioed international money mar- ket, about which college professors used to lecture, has again come into being. Interests in New York for the first time since the Federal Reserve sys- tem was established are coming to an increasing extent to be dependent on conditions in London, Berlin and other foreign capitals of banking. This is only another manner of re- porting that at length the abnormal- ities of war finance are beginning to disappear. , The return of an increasing array of Old World countries to a gold basis and to orthodox monetary standards is responsible for the changing char- acter of the money market. These seemingly obscure relation- ships have a practical bearing on the actlvities of the ordinary American in the role of speculator, investor, or bus- iness borrower at the banks. Al though interest rates. in accordance with seasonal factors, are declining, they are unlikely to drop to or long remain at the abnormally low rates which prevailed in 1924. Money Return to Gold. Since 1924, England, Germany and , | most other continental European coun- tries, excepting France, which will probably be next in line, have re- turned to gold, and foreign centers will draw funds from New York if rates here tend to fall again to bar- gain levels. In 1924, the barriers of abnormality checked the flow of the international streams of capital and it and money in this center went a-begging., At times, call for funds against stocks and bonds were quoted on the New York Stock Exchange at 2 per cent and even lower in the un- official over-the-counter market. Under the new regime, the twin fac- tors of supply and demand, which de- termine the price of everything, in- cluding money and credit, have be- come international in character, and interest rates in New York—and for that matter in Chicago and San Fran- cisco too—will depend not only on the domestic situation, but also on the demand for funds at foreigni centers. America’s new adventure in central banking started in the same year that the European war began, and we have not yet had an opportunity to observe the Federal Reserve system operate under normal conditions. The coun try has an opportunity to witness this situation for the first time. Even the reserve banking officials themselves are still feeling their way, and are still discovering the tools they have to work with. Although the world is slowly re- turning toward normacy, the United States is not going back to its 1914 stat The operation of the Federal Reserve system, which means the adoption of scientific banking princi- ples, constitutes one basic change. Moreover, the fact that America has become a leading lending nation, in- stead of a borrower as it was before the war, signifies another fundamental alteration. . New York now shares with London financial leadership. 3 The visit of Montagu Norman, gov- ernor of the Bank of England, to New York is an indication of the new rap- proachment which exists among the leading central banks. America’s new dominant position in the matter of holdings of monetary gold gives this country a nlace of leadership in the banking counsels of nations. Desire to Co-operate. There is plainly a desire between the central banks at New York and London to co-operate in the formula- tion of discount rate policies. For example, the announcement of a reduction in the rate of the Bank of England would be a harbinger of fur- ther easement in Interest rates here. Wall Street is a place of short memories. There is a day-to-dayness especially about men who operate in the security markets. Overheard at a luncheon of the Bond Club: First Bond Man—Yes, business has been excellent; 1926 was the best year in the history of our firm. Second Bond Man—We also did a record business last year. First Bond Man—How long has your firm heen in existence? Second Bond Man—Since 1925. And yours? First Bond Man—Our firm was or- ganized in 1924. THE BUSINESS OF GETTING AHEAD. Hints on First Job. Corporation executives have com- plained that the college graduate is frequently impractical and almost al- ways impatient. For these reasons the railroads, for example, take on comparatively few college graduates each year. Just how far the universities will 0 to meet the demands of industry is an open question. They have gone a good distance already, having since the war opened scores of schools and departments of business. Antioch Col- lege arranges with corporations to have their students spend half of their time getting practical experience in the shops. _Other universities, includ- ing New York University, have ar- ranged for similar co-operation for special classes of students, notably for prospective engineers. Lytle Gives Advice. Charles W. Lytle, industrial engi- neer and director of industrial co- operation at New York University, has supervised this new linking of the classroom with the shops and has boiled down his advice to those just entering industry into the subjoined propositions, which are reported in Industrial Psychology: 1. Remember that the object of in- dustry is production. 2. It is your business to get along smoothly with the workmen and fore- man; not theirs to get along with you. 3.'Do not expect personal attention from the superintendent. 4. Be observant both of men and rocesses. P B honest about vour mistakes. Take the blame when you are re- sponsible. Do not make the same one tay on the job. Iways confer first with the co- ordinator when things are not going right on the job. Don’t Be a Kicker. 8. Be cheerful and appreciative. Do not be a kicker or a complainer. 9. Do not run down any co-operating shop. 10. Do not talk about becomes monotonous to most peéople. 11. Develop a reputation for good judgment. Do not be afraid to ask sensible questions. 12. Be reliable, responsible square. Keep all engagements. 13. Never think that a firm cannot get along without you, but so do your work that they will not want to get along without you. 14. You hope ultimately to be a re- sponsible executive. In such a capa- city it will be your duty to further good feeling between employer afd employe. Therefore learn both points of view, but keep your mind open and your actions falr to all concerned. The foregoing advice contains hints which should prove helpful for all younger men in industry whether they have been trained in college or not. vourselg it and Have You Been Stung Yet? Some men have to get stung good and hard before they learn to be cau- tious in making investments, Before you invest—investigate} £ | FINANCIAL STOCK MARKET SHOWS SMALL RESULTS OF WEEK'S DEALINGS Junior Rails and Few Industrial Specialties Offer Opportunity for Proflts—Mergers Behind Carriers Shares’ Rises. BY STUART P. WEST. Special Dispatch to The Star. NEW YORK, January 22.—In look- Ing over the events of the past week in the financial markets, one is struck, as was the case a week ago, by the small results for the stock market as a whole. It has been a profitable perlod for those who have followed the junior rails up, and for those who have been fortunate enough to lay hold of the few opportunities offered by industrial specialties. Taking stocks by groups, the cop- pers are almost exactly the same as they were a week ago, and so are the sugars. Steel shares for the most part have barely changed. The equipments, some of them, are higher and some of them are lower. The tobaccos are off a bit. These are representative groups, which have done absolutely nothing. Here and there efforts to put the oil shares up met with some success, but so far the much advertised cam: paign in these stocks has not suc ceeded. The oil shares need a big public demarfl for any large upward swing, and there is no public de- mand In sight. Merger Rails Active. Most judges are agreed that while stocks like the Wheeling and Lake Erie and Western Maryland are worth a good deal more than they used to be ‘on their earnings, they are not earnings propositions, but merger propositions. The keenness for low priced rails even went so far as to include New Haven, with all its huge load of debts. It is a question now, the way it has been all along, how much of an increased value projected railway com- binations are going to add to con- stituent securities. But there Is no doubt that, looking forward, these consolidations have raised estimates of real values. Thus it happens that a desire has sprung up on the part of big railroad investment interests to enlarge their holdings in other companies. Despite all denials few doubt that this was the motive back of the recent buying of Lehigh Valley and quite likely Reading. Reports that Pennsylvania added to its Norfolk and Western holdings during 1926 have been pub- lished and not denied. Wall Street does not find it hard to believe that raflroad buying had as much to do as general Investment buying with the recent rise in New York Central and Baltimore and Ohio. Building Situation Discussed. Because everything was done that could be done to offset the statement by 8. W, Straus about the saturation in the building industry, the state- ment did make its impression. Rail- roads are the principal customers of the steel mills. Users of steel for the manifold purposes of building con- struction rank second. It gave pause to many-to read that the great build- ing boom, which has lasted for near- ly 10 years, might have reached its peak. The mercantile agencles’ reports, which never can be accused of not wanting te describe the situation in its best colors, talk about some im- provement in operating mills sched- ules, but the most Dun's can say is that while some mills have picked up, others have “at least maintained the | output of the closing months of last | year.” | Facts on Profit Margin. | No question was more actively dis cussed last year than the profit mar- | gin. It was granted that the general volume of wholesale and distributors’ business throughout the country was exceedingly large and probably break ing all records. But was it in varfous | important lines being done at a suffi clent profit? No more representative businese could be found than the order business, and the Montgomer Ward president, commenting on the 21.32 per cent decrease in i despite the increase in 298,000, had this t s lies in the fact that 1926 a year of declin- ing commodity prices, resulting in a recession in the margin of gross profits per dollar of sales.” This, with the fact that the de- mand was unusually large for products where the profit margin was small, furnished the principal explanations. Commodity Level Vital. Wall Street will now watch, as the annual reports begin to app , how far this state of things extended to other industries. No one, of course, be- lieves that it is at nll general. But the point to emphasize is that any- thing like widespread industrial pros- perity cannot be built up on low com modity prices. If commodity rric now were to begin to move f it would necessitate a decided change in views, but there afe no indications as yet of a forward movement. It has been another week of undi- inished activity in the bond mar nd in investments generally. Numer- ous high prices have been made among Government issues. Few care to suggest what the outcome will be— whether the downward trend of money rates will be checked before it drives investment values to still higher levels, or whether it will keep on. “But it is agreed on all sides that nothing which now appears cn the horizon foreshadows any change in the investment position or gives own- ers of money cause to hops that they will get a_higher return for an indefi- nite length of time, Prompt Action. flrst Mortgage Loans Wi R ntere and Co Thomas J. Fishet & Compenm sion: 738 15th Street. A Large Fund Immediately Available For Purchase of Second Trust Notes Reasonable Discount Quick Action Loan Dept. N. L. Sansbury Co., Inc. 1418 Eye St. N\W. Main 5904 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. HAGNER & COMPANY Incorporated MoRrTGAGE Loan 1321 Connecticut Avenue GORRESPONDENT Telephone Main 9700 A Third of Main 2100 —has not been yielding you the full, regular profit that it should, call on us to analyze it. places where unexpected losses creep in—apply the time-proved methods that remedy the situation—and show you a real return. B. F. SAUL CO. " T s If Your Rental Property We find the 925 15th St. N'W. Makers of History l’lave aIWays advocated THRIET EORGE WASHINGTON said “Economy makes Happy Homes and Sound Nations; instill it deep.” Thrift is the major element of suc- cess today just as it was 150 years Save a part of all you earn. In- vest your dependabl First Mortgage Securities savings wisely in a proven lemom:nu . = FIRST MORTGAGE LOANS 5Y2%-6% Applications for first mort- gage loans promptly acted upon by our Loan and Investment Department. W. H. West Company Founded 1894 916 15th St. Provident Mutual Lif; Insurance Company Funds to Loan In Small or Large Amoun at 55 Per cent. WM. H. SAUNDERS CO., Inc. Kealtors 33 K St. NW. Main 10167 ] WE FINANCE | —al classes of Income-producing proverty| Large Loans a Specialty (_\xrrv‘_nt int. rltw and commission Higbie & Richardson, Inc. h St. N.W. Money to Loan Becured by first deed of tr Joseph 1. Weller 11,55} HOME FURNITURE LOANS HOME OWNERS D to § interest and by tape, We take 2nd. Bring in what p have to_your property Real Estate Smal Furniture Loan Procurement Co. 1406 G_St. N.W. Koom First Mortgage Loans Applications Invited at 5% % On Improved Property Construction Loans at Minimum Rates Glover & Flather 1508 H St. N.W. W S Gilbert 7836 -1911 EARLY a quarter- century has elapsed since the death of William Schwenck Gil- bert. Yet his charming Iyrics, perfectly blended with Sir Arthur Sull van’s musical scores, still entrance the multitudes. “Pirates of Penzance,” now running in New York, has already been pro- duced at various times by eighteen different companies. Gilbert’s works are a lasting contribution to the theater. By these shall his name be known. Swartzell, Rheem & Hensey Company’s name is “nown through a con- tribution in another field. Through its service thous- ands and thousands of in- vestors have been able to build up substantial in- comes from 63%% First Mortgage Notes without for a moment risking any part of their capital. Fifty-seven years have passed since this time- tested house consum- mated its first transac- tion in first mortgages— and in all that time no investor has ever suf- fered loss. Swartzell heem & I-ll{ensey(h. ,)!or@’ag’ebams 127-15% St.NW. Washington.DC. 57 Years Without Loss To an Investor