Evening Star Newspaper, January 28, 1927, Page 15

FINANCIAL, DENANDFORNEAT ' BETER N HARSET Cooler Weather Also Spurs | Buying of Turkeys and | Egos Today. Cool weather produced an active de- mand for meats and eggs, And espe- cially for turkeys, in wholesals stande at the Ceénter Market today, keeping flnmu on a higher level than would | ave been the case if the moderate weather had not been interrupted by th cold snap. Dealers in live and dressed turkeye, especially, noticed an active demand, induced, it is believed, by the brisk weather. The receipts ténded to he although the pricea did not ge. Eggs held up also in the cold tweather, although dealers stated the market would just about be ready for & bit of a drop in the price of this commodity with the arrival of more moderate weather. Butter held firm. Pork was in active demand. Today's Wholesale Prices. ' __Butter—Fancy 1.pound prints, B8; tud, 53a54; store packed. 30. Eggs—Fresh, 43; current receipts, 33; storage, 303 Poultry—Aliv Turkeys, 40a42; chickens, 30; white Leghorns, 20a 18; ducke, Dressed crooked capons, 30a32; keats, 28a30; 55a and old toms, 37a40; smaller 2; fowls, 28a30; young, R0a85; old. 50: ducks, rabbits, No. 1, 35; No. 2, 15a20. Meats—RBeef, 15a17 ; veal, 22a23; lamb, 25a27; fresh hams, 26a28; shoul- dars, 21a22; loink, 24a26; amoked hams, 28830; smoked shoulders, 20. « o Live stock—Calves, cholce, 15: me- - ' dium, 11a13; thin, 7a8; lambs, 1234, Fruit and Vegetable Review. Today’s market report on fruite and . vegetables, compiled by the Market News Service Bureau of Agricultural Economics, says: Apples—Supplies liberal; moderate, market steady: Pennsylvania, No. 1, Yorl % 3.00; Virginia and West Vir- . 1, Staymans, 2% inch, .75; few higher: West Virginia, 2% inch, Delicious, 4.50a5.00: boxes, Washington, medium to large size extra fancy Delicious, 3 higher, Cabbage—Supplies moderate; mAnd moderate, market steady; new stock, Florida, 1!%-bushel hampers pointed type, mostly 2,00 few high as 2.25: Texas, bulk per ton, round type, 70.00; barrel crates approxi- matély 100 pounds, met, round type, 3.5004.00. ,_Celery—Supplies liberal: demand moderate, market fairly steady: Cali- fornia, crates, medium size, 5.25a5.75; large size, 5.00a5.25; Florida, 10-inch 25. Lettuce — Supplies moderate mand moderate, market stead: fornia, Imperial Valley. crates, Iceberg type, 45 dozen, 43.75; mostly around 3.50; Florida, 1%-bushel ham- pers. big Boston tvpe, wide range quality and condition, 1.50a2.50. Onjons —Supplies moderate; demand moderate, market about steady; Michi- €an and Indf 100-pound * sacke, yellows, U. 8. No. 1, medium to large size, 3.00a3 Potato Market Dul Potatoes—Supplies liberal: demand Hight, market dull: Michigan, 150- pound sacks, Russet Rurals, U. 8. No. 1, 4.25a4.40: Maine, 120-pound sacks, Green Mountains, 8. No. 1, 3.76a 3.80; mostly 3.75; Cobblers, U. S. No. 1 size, fai- quality, 3.50. 8pinach—Suppiies light; demand light, market steady; South Carolina, cloth top standard barréls Savoy tvpe, few sales, 4,00; Texas, bushel baskets, Savoy type. 1.35. Sweet potatoes—Supplies light; de. mand light: few sales, market dull: North Carolina, cloth top stave bar. rels, Yellows and Porto Ricans, 2.50a .00: few higher. String: beans—Supplies very light demand moderate, market stea demand harrels, & Florida, wide range quality and con- dition, 7-hushel hampers green, 8.00 212.00; %-bushel wax. 7.00. Strawberries—Supplies very demand light, market firm; pony refrigerators, per quart. Carrots—S8upplies moderate: demand moderdte, market steady; Texas, bush- el baskets, 2.00. Caulifiower—Supplies liberal; de- mand light, market weak; California, crates, 2.00; few higher. SUPERIOR STEEL PROFTTS. NEW YORK, January 28 (#).—Net Income of Superior Steel Co. for 1926 rose to $282,078 from $122,139 the year before. light; Florida, milssionarys, 75 DIVIDENDS. Par- Stock nf Gas. %1 25 Frie Steam Shov.82 e Fapopasn’ Shares K | Fod Motor Truck . 20e | b Grpen Bay W R R high Coal Nav % | ooc00| coooo00023y i a LIS e N e 2Zopom0l 3205 om o % wn otae: B SRR &5 EE IR S IS - o oigisie: S e 2o o T ™ [OTOTORDIIDYIR ORI~ ~08 - R~~~ SYIOR e 3 29 et o B P SN =it oFo00%%%0 000, va Car CB'7 o . FEDERAL LAND BANK BONDS. (Quoted by Alex. Brown & Sons. Closing.) Avnro Bid Asked. n‘h"‘(l’ ok, p 33333] 223333 > 33333335353333 33333222233 XTI 2 GERMAN BONDS AND STOCKS (Quoted in dollars per million marks ) Be 1914.18 202500 207500 Gt (w In) Ba 1914.18 2 207 i . ) 00 10 e 903223 Exartt PPN - mmers sconto Gellschaft . ank RS2 raamwane e 2 3332333333833333332, ) 3.k 35 832 aausE=aD 3 > ercur Bans Vienna evden Chrmical Auet A 4 Berliner Handels.... | ¥ 00 33355333 23 THE EVENING NEW YORK CURB MARKET Recelved by Private Wire Following is a list of stocks traded in on the Curb Market today. Sales in hundreds. INDUSTRIALS High, 3 3 Alh gt Sourn otd 1.5 T Al & la* 108 A F B0 P 193 Am Cigar % rod Roliine M pfd eat pta Zeat Vie Supe Superpow B m Super pr pfd m Thread C pid n Writ P ‘el 333333333333 o B R, T T rwe™ > bl Do g3k Biiss E'W ”DVC 00 A, SO TR FrEeer ajardo Sug, Co n & Cur A irest T 7a pfd orhan Co, & P Fox Theaters Freshman Ch; f Gen Bak B 1 Gen Fireprf G Gen Pub &er 1 Gen Silk w 15 Gillette § R Gleason Prod iyr T 1 Habir El n g g FEPESEST S FPEPAT PR ¥ ERESSE TETCFESETRSAE FE FESOFE ¥ D onts Srocoat e commom a s Son 1080 ) o F S B m B BB DS B I REE & ) NS R AR AR B an s o S N s BT ettt ot S AP s A W 2 et S s s DH s w101 £F FRRE R SE 2 Eoin Jgmn | % Proe i Prudence Co bid 1 Pyrene Mfg_ . | 32 Rand Kard Bur i Real A SeBis ans g - LT o) gy 3< Q t:‘ i AT 5852 22 e S BE B SRS o 25 Lss opr i FERR5 3558 c- 252323 S5 o FRESE F =5 k3 Explora ... .80 o Chil © N S ieie WM 4 ool B 22! i 233230 B 55 e E2 2 SR OTER SRR OF R it o 5333 R 5352 ’.‘ B SRR JUlah Apex. . 3 yyest Eng Che 10 Yukon Gold. 40 Sales INDEPENDENT OIL STOCKS, FREFFR t Sery 15 Columbia _Synd. 76 Creole Syid ... 1 Crown Cent Pete Darby Pete . o emausis 223 sDeusts o ooss ¥ FEAFERE R F o o © £ T+ PO TR S 2 iaw sl 13 s 12 FREREE SRR FRORRS SR e tapec Oil oeal Con 0 alt Ck Pro &R & 5 Savos Ofl D wisw = PSR el D10 gpiors P 22282300 a D nmtae T B neR s nman i n e San 1 Tide Wat Oil nf 48 Veneauelan Pet 3 Wilcox 0 & G n Sales in units. STANDARD OIL 00 Anglo Am O 490 AnEa"S 50 Borne _ Sery 2280 Cont 0 0 2200 Contl O and P L1 A0 Cu 4 200 Rumble Ol & R . 252 3B Rt Dt R i Rmea e mia B S AR e PR FRER IE @ @ q o @ 2D FRER PR SE55523 Py FR33353 L oAz & COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY TULSA, Okla, January 28.—Drill- ing activity is extremely great in Oklahoma and prospecte are for a record breaking year in this respect, The campalgn in the Seminole dis- trict has created a large market for natural gas as a fuel for drilling pur- poses and new gas lines are being rapidly extended, BOSTON, January 28.—The United Drug Co. now I8 operating a string of 449 stores, an increase of 150 in the lasts 13 months. Pacific Coast sales increased 130 per cent in the last vear. NEW ORLEANS, January 28.—The rice milling, exporting and producing interests of Louisiana, Texas an Arkansas have formed an export cor- poration with a capital of $1,000,000 to increase exports of rice and ita by- products to Europe and Latin America. PORTLAND, January 28.—Many fir mills are either closed down or are 2233 ) Columbia River there is i&m operating on short time in Oregon and Washington, but logging along the increasing dally nacute ehortage, Diresk tv The Star Office o] 333333 s 32 3. N 233 32 43} Salew in thowemnds, F'Allied Pl Ss 20 Am Gus & FI Ap Am Pow & R =501 e 33 353 2332358 e Z33005328% 22333 reRr ong Tel Lt .- 107 Elec 7 & wi 031 ' Stores 514n (N Mani Po 8i4x A 00 7% Ane Gas 5ln "\ 10310 at D Pro 6i%s 0B A1 P & T, 86 A, OO ev Cons Cop B3 100 8 b T M ¥ 10315 S P M ATe 1071 S'P M 613a'C 111 5% ¢ 4125 D901 3R aRAL o m pet 6n On'E 1222 72953 %n Ay rgUITOR! T At 3: Xy 333 Py o0 2335: =33sa; R, =3 £5 52 Sooo. = 85 233333 233322583 s5ess PR N 223 afuni-peesss 33s FoaT 23 555 e oy 533 ~23% i 99 FOREIGN BONDS. RARAD— et B F R o 333 3 52338529735 30800yeannlzonses SERREERCELS AR R bl 32232235 2550903 & B ILEE FELIG (oo ! 28 BOSTON, January 28 (Special).— Territory wool s moving in moderate volume, in the Boston wool market and it is belleved prices named for the heavy-weight openings will stimulate buying. Mill buyers are taking considernble French combing sorts at 1.05a1.08, with Inferior types down to 1.2, ‘Fine territory is held at 1.18a1.12 for choice wools, with ordinary types mt 1.08; half blood Is quoted at 98 to 1.02, three-eighths blood at 88a92 and quarter blood at 78a80, clean basis. Fine and medium fleece morts of Ohio quality are held at 45a46, grease basis. Pulled wools are firmer, with double “A" held at 1.10a1.15; fine “A” supers at 1.05a 1.10) ordinary “A" supers at $2a97; ordinary “B" supers at 80a85 and “C" supers at 70a75. s LUMBER TRADE SLOWER. NEW YORK, January 28 P).— Lumber buying fs in about the same volume as a year ago, but produc- tion and shipments have fallen off, it is shown in reports to the National | Lumber Manufacturers’ Association for the week ended January 22. Com- pared with the week before, orders have decreased, while production and shipments show gains. Employment of 15,000 men is affected by suspen- sion or reduced running time of West coast mills. Unfilled orders of South- ern pine and West coast mills rose to 549,224,100 feet from 541,513,132 the week before. BIG EQUIPMENT ORDER. NEW YORK, January 28 (#).—The Missouri Pacific has placed orders for equipment costing ahout $4.000,000, in- cluding 36 locomotives, with American Locomotive' Co., and 70 passenger cars, distributed among Amerfean Car and Foundry, Pullman Car and Manu- facturing and St. Louls Car Co. NEW YORK MARKETS. NEW YORK, January 29 (#).—Rye unsettled; No. 2, Western, 1.19% f.ob. New York, and 1.17% c.if. ex- port; Barley unsettled: malting, 90% a92%, cif. New Yorl lard easy; Middle West, 12.95a13.05; tallow easy; special loose, 7%; extra loose, 7%; wheat futures opened firm; domestic, May, 1.45%: other articles unchanged. A TITLE INSURANCE GROWS. NEW YORK, January 28 (#).— Large growth in the field of title in- surance in the United States is re- | ported by the New York Title and Mortgage Co., 22,000 policies having been issued in 1926, an Increase of 75 per cent over 1925. The company insuréd titles to property in 252 cities in 24 States during the year. PIG IRON DECLINES. NEW YORK, January 28 (®).—Pig fron_has declined 2§ cents a ton in the Pittsburgh district, quotations for No. 2 foundry grade ranging from $18.25 to $18.50 valley. Pure Ofl Co. declared an extra divi- dend of 1214 cents on the common and the regular quarterly of 37% cents. ‘The preliminary report of the West- ern Pacific Rallroad for 1926 shows net income of $2,470,262, equal after § per cent dividends to $1.72 a share on the common, against $2,451,- 067 in 1925, or $1.8% a share. Standard Plate ‘Glass Co, and Pitts. burgh Plate Glass Co. have reduced plate glass prives 10 per-pent, {two of the opening prices. STAR, WASHINGTON, (COTTON ADVANCES ON FOREIGN NEWS Unfavorable Weather Outlook Has Bullish Effect in Today’s Trading. By the Associated Press | NEW YORK, January 28. — The cotton market opened steady today at an advance of 4 to 6 pints in re- sponse to higher Liverpool cables Some Southern selling and probably local selling on a rather bearish in terpretation of a report from the Department of Agricuiture on the need for a drastic reduction in acre age, were ahsorbed within a_point or The mar ket showed net gains of about 6 to § points at the end of the first hour. March selling at 13.47 and October at 13.38. Trade buying and covering was reported on the advance Liverpool cables said there had been fair trade, calling and continue buy- ing in Liverpool but that the cloth turnover for India was smaller. New Orleans Market. NEW ORLEANS, La., January 28 (P).—Large spot sales. in Liverpool and unfavorable weather outlook in- fluenced pricas in the cotton market today to advance 9 to 13 points after showing an opening gain of 2 to 3 points. The advance brought March up to 13.30, May to 18.48, and July to 13.60. Liverpool spot sales were re ported as 12,000 bales. The end of the firat half hour of trading found the market &tseady and at the highs. CONTINUED LOWER FARM PRICES SEEN Government Outlook Also Forecasts Increased Supply of Bands in 1927. By the Associated Press. An increased supply of farm labor and continued relatively low returns for most cash crops were forecast in the annual sgricultural outlook report issued today by the Depart- ment of Agriculture. Unchanged domestic demand for farm peoducts and an improvement in the purchasing power of foreign countries, with the probability that the latter would be reduced by local production, also were predicted. Re- duced acreages were recommended as a means of increasing the refurns of the American farmer. “Cotton production,” he report said, “must_be curtained drastically to re- store the balance hetween consump- tion and supply at remunerative prices to growers. The chances for profitable production will be hest it the acreuge ia small, costs held to a minimum and efforts made to im- prove the quality of the crop. Wheat Likely to Go Lower. ard Spring and Durum wheat growers can scarcely expect to re- ceive returns for the 1927 crop similar to those which have prevafled for the 1926 crop, especially if produc- tion should be materially increased. “The demand for the 1927 corn crop is expected to be little if any greater than for the 1926 crop. Corn grow- ers are faced with the prospect of jlower prices unless acreage is sub- s tially reduced. nless live stock production is held at about the present level, present prices cannot be maintained. With beef cattle marketings in 1927 prob- ably materially less than in 1826, and the demand for heef maintained, prices of slaughter and feeder cattle are ex- pected to average somewhat higher than in 1926. On the whole, cattle prices are expected to continue the upward price swing begun in 1922." The report went on to say that sheep production was expected to in- crease moderately and hog prices were likely to ba maintained near the pres- eant lavel. The wool market seems firm with no price changes in prospect. Dairy Industry on Good Basis. A favorable year was forecast for egg and poultry producers, and the dairy Industry was said to be on a firmer basis than a year ago. Potato growers were warned against over- planting and advised to keep a close watch on the acreages of neighboring States. Produce gardeners generally were cautioned against large acreages, and onion and bean plantings, the re- port said, should be reduced. Unless unusually favorable econdi- tions prevall, expansion of fruit acre- ages was deemed inadvisable, aithough | the general trend of the market is upward. ‘With world production below that of last year and with the demand in- creasing, it was predicted that sugar prices would reach higher levels. METROPOLITAN LIFE TOPS ALL FINANCIAL FIRMS NEW YORK, January 28 (#).—The Metropolitan Life Insurance Co. now is the largest financial Institution in the world, Haly Fiske, president, an- nounced yesterday at the annual con- vention of field managers. The company’s assets passed the two-billion-dollar mark in 1926, he said, and now are half a million dol- lars greater than the assets of the Bank of England and a fourth of a milllon dollars ahead of the English Lloyds. Audit at the close ‘of the year revealed that the company's assets stood at $2,108,004,385. The company's income for 1926 to- taled $595,596,506, Mr. Fiske sald, which is an increase of 364,368,062 over the preceding year. The num- ber of policies in force is 38,204,585, insuring 24,600,000 lives, or one-fifth of the population of the United States. ROAD CONTRACTS LET. ATLANTA, January 28 (Special).— The Georgia Highway Board has let concrete pavement contracts on through-State routes which will eall for expenditure of $480,403. The work must be completed by next Summer. DETROIT POPULATION UP. DETROIT, January 28 (Special).— The City Directory just issued gives Detroit a population of 1,535,964 within the city limits and 1,870,326 within a 15-mile radius. This indi- cates an increase in the last year of 150,000. POULTRY PRICES EASY. CHICAGO, January 28 (P).—Poulty: Allve, ea: receipts, 6 cars; fowls, 26 Springs, 26; turkeys 30: roosters, 19; ducks, 20a31; geese, 21a22. STEEL LOWRR IN CHICAGO. NEW YORK, January 28 (#).—An- other reduction of 25 cents a ton in the prica of heavy melting steel scrap is reported from the Chicago_district, new quotations varying from $13.50 o $14.00. Y. €., FRIDAY, JANUARY 28, 1927 MEN AND MONEY By M. S. Rukeyser. (Coprright. 1927.) Capital is international. It flows acroas boundary lines to the places where it will command the highest wages. In ite new role of world lender, America {s gradually adjusting itself to cosmoépolitan conditions. In_the flotation recently of $25.000,- 000 Roval Dutch issue of 15-year 414 per cent debentures, vielding 4.85 per cent, a new milestone in American financial history was passed. Ameri can {nvestors, in rushing for a low vield issue, showed that they have escaped from financial provincialism and will buy foreign issues on their merits, irrespective of special lures. Heretofore, alien fssues had to offer a higher yield than domestic honds and shares in order to woo dollars froma ns. Americans had been in nced in foreign lending and loathe to assume hazards in strange | and distant places, hut now financially ) the world is becoming smaller | One leading international banker in Wall Street, in discussing this signifi- cant change, which went unnoticed in the press, said to me “Five vears ago it was with great difficulty ‘that we persuaded American investors to buy foreign government securities. Forelgn corporate loans | were practically impossible. Today, as a result of the work done on Ger- man industrials, Italian power com- panfes and other Old World issues, the American investor judges foreign corporate securities about as readily as he does American company issues. Was Complete Success. “The Royal Dutch {ssue was a com- plete succesa. The subscription hooks closad immediately. The issue has the lowest coupon rate of any Ku- ropean loan ever floated in the Ameri can market and indicates a new phase tn the development of New York as an International lender. It demon strates the greater understanding by the American investor and a growing willingness to grant the same posi- tion to corporations of the best credit in othar countries as to the top-grade American corporations. The recent financing for the Standard Oil Co. (New Jersey) and Royal Dutch were done practically on the same yleld basis."’ Of course, the Royal Dutch Co. is international in character and is in special status. Although interest rates in general are less discriminatory than in the past against foreign borrowers, the American Investor I8 likely still to favor A home corporation if all other factors are equal. The sgnificant change, however, has heen the grow- ing understanding of foreign risks and the increased willingness to assume them. Full Consequences Not Grasped. The full economic consequences of the new role of New York as world financial center has not yet been grasped. As a matter of fact, the role is fast being transformed, as America comes of age in an economic sense, PORK PRICES RISE MOST IN 3 YEARS Sty Dwellers Lead All Other Foods in Advance Over the Last Three Decades. \ BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, January 28.—The great American hog hag led all com petitors in the upward $wing of food prices in the last 36 vears. The larg a8t increases in a list of staples se- lected by the united Statex Bureau of Labor statistics are shown to have been made by bacon, ham and pork chope. . Contrary probably to the popular be- lief, because of the agitation constant Iy waged on the subject, sugar stands at the very bottom of this selected list. Thus sugar-cured ham repre sents both ends of the range of food price advances. Leading in the advanced cost of living _comes bacon, which has in creased in price 274 per cent since 1890. Ham.has gained 246 per cent, and pork chops 242. Sugar has risen from 6.9 cents a pound to 7.2 cents, a gain of only 4 per cent. Sugar Has Fluctuations. Sugar, it is true, had wide fluctu- ations in three of the 36 vears, going as high as 19.4 cents a pound in 192y and to 10.1 in 1923, when Cuban sugar producers had centrol of the market For the 36 years, however, the aver- age price of sugar was but 7.2 cents A pound or 0.3 of a cent above the price in 1890. No other commodity approaches this record. Corn meal recorded an advance of 184 per cent. Round steak was right behind with 1 while hens, lard, ©gES, potatoes, butter, flour and milk followed in order, their advances ranging from 171 to 106 per cent. ARAin contrary to general belief, the war years of 1917 and 1918 did not bring the highest cost of living. They just started the ball rolling so that it attained its greatest velocity in 1920. Taking prices of commodities in 1913 as 100, the tables show that the lowly Irish potato led the advance in the price of food, as shown by index numbers since that year. The index number of potatoes rose from 100 to 211.8. Ham rose to 195.5, flour to 184.8, pork chops to 174.3, bacon to 173, hens to 171.8 and sirloin steak to 159.5. Milk, eggs, roast beef, lard and butter followed. Sugar again was at the bot tom’ of the list with an index number of only 130.9. Combined Index Number, The combined index number in 1920 was 203.4 or an increase of slightly more than 100 per cent over prices prevailing in 1913. 'There was a rapid recession to 153.3 in 1921 and today the number stands at about 13 Foreign lending will inevitably give Americans an increasing Interest in tha course of world events. There are some who fear the policy of lending capital to nations which compete with America for trade. And those who support the free lending policy reply that American industry is virile enough to compete in a re- habilitated world; that it does not re- quire a prostrate world in which to opernte and succeed. Political questions also arise. The Department of State asks bankers to submit for consideration to the Gov- ernment loans to foreign nations, and though it abstains from giving sp cific approval, it asks for the privi- lege of expressing objections to finan- clal projects which are inconsistent with the major diplomatic policy of the Government. When Charles E. Hughes was in charge of the depart- ment, he expressed opposition to loans for militaristic purposes. It is dificult to segregate govern- rsent loans. Loans Intended for con- structive pupposes may free other funds for the purchase of armaments One advantage of loans to corpora. tions is that they are likely to be fo constructive business purposes, which will create sufficient revenue and profits with which to meet the indebt- edness. loans to governments are more haphazard, but European gov- ernments are at length putting their financial houses in order. Wall Street bankers believe that stentficant changes are imminent in French public finance, which will pave the' way for new foreign borrowing on aicolossal scale. THE . BUSINESS OF GETTING AHEAD. Fake Efficiency Drives. Efficiency h#e ecome to be an un- popular word in many quarters. Workingmen sometimes dread it associating it with the increasing com- petition of machines with men. Tn the United States, however, union labor has recently been converted to the idea that labor-saving machinery makes it possible for employers to cut down unit costs' and pay high wages. However, in Engjand and on the con- tinent union laborers still feel an an tipathy toward machinery and “ef- cieney. % ‘G:!v industrjal’ crimes have been committed in the\name of efficlency. Outside experts have frequently been retained by ownersiof an enterprise to cut down expensesh Sometimes an outside viewpoint is @istinctly helpful. It sees the problem Wjth a new per- spective, free from the Mice routine. However, it takes graat versatility and extraordinary wisdom for efficiency men to go from one industyy to an other and do a good job jn emeh. Such men are rare and should be richly re- warded. \ Some Harm in Pruning. Frequently, however, when the pruh- ing knife {8 applied to .expenditures 1 the name of efficlency much harm is done in the process. Useful and neces- sary expenditures must go with the useless ones. Meantime, organization morale is disturbed and the process of building good will among customers has been interrupted. Ulth ely, the owners are likely to discover the lack of wisdom in indiscriminata cutting down and to restore essentiak\services which were interrupted. ntime, much damage has been done u‘me or- ganization. Real economy cessation of spending, but of a funds in channels where they will be most productive. It is not always feasible to judge all activities by cyir- rent income accounts resuits. e departments are built u;:fl:lo;l;; and 3 tures constitute an current expendi Pr-stlé& doen not consist in o of vestment for the future. good will, trademark value and futur earnings are factors which the cold- blooded outstde ‘experts” frequently overlook in judging a business enter- prise solely from the bookkeepers’ standpoint. In pvrgvu!o enterprige actfvities must, of course, ba judged by the foot rule of profits, but the question of time must be allowed for, Some highly meritorious work ylelds not immedi- ate financial retyrn, but the prospects of large profits in the future. Research work is of that character. Before the American Telephone and Tele Co. could establish telephonic. com- munication with London' on & com- mercial basis years of exj Must Keep to Fore. That vrmhn sense, wWas “ current income ! The stability of the great food staple, sugar, has done much to ad vance actlvity in other food This became apparent toda meeting of the National Association at Atlantic Cit: is every indication that the pack this year will be equal to that of any perfod since Nicholas Appert discovered a century and a quarter ago that cooked foods could be preserved in air-tight contalners, This fact is of the highest portance not only to sugar producers and users, but to the entire agricul- tural population of the United States. BIG DIVIDEND DECLARED. OIL CITY, Pa., January 28 (#).— Directors of the Cumberland Pip Line Co. today declared an extra divi dend of $33 a share, in addition to a quarterly dividend of $2, both payable March 15 to stock of record February 28. Forest M. Towl, New York, presi- dent of the compapy, said that Fed eral income taxes, including 1924, have been settled, and the officers decided it was no longer necessary to main- tain as large an Investment in quick assets as shown in the annual report. Your Banker Rnows. When in doubt about a security consult your. banker. It is equally as | much his interest as yours to protect your savings. You trust him with your deposits —why not trust him with your investment problems? the whole success of the telephone company as a developing institution has depended on attempts in the lab- oratory to keep at the forefront of the art, ever finding new and better ways of carrying on the business of com- munication. The best way to check the wisdom of outside experts is by consulting de- partment heads on the inside. Usually the latter are inclined to be antagonis. tic toward any kind of outside inter- ference, however meritorious, but after the chief executive has lald down the policy that total expenses must be cut, capable department heads are likely to be of real service in showing which recommendations are feasible and which are not. Unless a head of a business enter- prise has confidence in his executives, he ghould get rid of them. If he re- tains faith he should avafl himseif of the mental resources of his staff, which have in their minds many dynamic facts and impressions about the business which have not yet been reduced to bookkeeping statistics. Continental Trust Co. 14th and H Streets Capital $1,000,000.00 Checking Accounts Savings Accounts Time Deposits Foreign Exchange Commercial Credits Travelers’ Credits Travelers’ Cheques Acceptance Credits Collections Real Estate Loans Collateral Loans Investment Securities Corporate Trusts Indivicual Trusts Administrator, Executor Safe Dpuit Boxes 1520 K St. N.W. FINANC Provident Mutual Life Insurance Company Funds to Loan In\Small or Large Amounts Per cent. WM. H. SAUNDERS CO., nc. M K St NW." Main 10167 to by first deed of trust on real estate. i it on e = Joseph I. Weller 158 Wi Loans at 57 to 537 Economical} Conditions Tyler & Rutherford Loan Correspondent of the " Mutual Benefit) Life Ins. Co. Newark, N. J. Main 475 TAL. 0dd Lots Carries on Morgin Buck & Company 312 Evans Building 1420 N. Y. Ave. N.W, Tel. Franklin 7300 Direct Private Wires te New York The New York Life Insurance Company Offers to Make First Mortgage Loans On Improved Real Estate and Nearby Suburbs in in the District of Columbia Montgomery County, Md, for 3, 5 or 10 year terms on your Home Apartment A 51/2% Office Building Business Property oply RAaNDALL H. HAGNER & COMPANY MORTGAGE LoaAN GORRESPONDENT 1321 Connecticut Avenue Telephone Main 9700 Equitable Co-Operative Building Ass'n JOHN JOY EDSON, President WALTER F. Organized 1% 47th YE Assets . . cor .“,‘{10,817‘22 Subscriptions for the 92nd Is Surplus. .. PRATT, Jr., Secretary AR COMPLETED ,106,495.76 sue of Stock Being Received Save Systematically in the Equitable ’ Save a portion of your New Year’s earnings systemical- ly in the Equitable. Watch how quickly it grows. Hundreds of Wash- ingtonians have adopt- ed our plan, and rec- ommend it highly as a means to accumu- late money. Start to- im- | A Third of a_Century's Experience We Specialize in Apartments —and for a Third of a Century have been Man- aging them to the satis- faction of both owners and tenants. Our terms are reasonable—more so than ever when we start bring- ing in the earnings you rightly expect. We save you costs. B. F. SAUL CO. Main 2100 925 15th St N.W. An Investment Service Worthy of Your Adoption WHATEVER your financial prob- lem may be we can help you make a profitable decision regarding the establishment of A Financial Surplus and the Invest- ment of Capital. Never in the hist ory of our busi- ness has any investor lost a penny in capital or interest through invest- ment in our First Mortgage Securities OPPORTUNITY FOR Salesman or Sales Manager to Sell Bonds in Nearby Territory On or about February 7th, an old established New York Bond House is expanding its sales force. opportunity for some salesman (with ex selling) to associate himself This represents an W perience in securities with a live, well organized, reliable bond house, whose unusual co-operation has placed many men in the successful, financially independent class. No investment of money is required; no underwriting or 'other commitment need be made. We have many successful men throughout the country who established themselves in community and, due to the li the real help and assistance the bond business in their own beral commissions we pay and we give our men, are making an unusually attractive income themselves with full safety to the investor. If you are one of those more profitable connection th: file your application now. who are seeking a better and is year and for years to come, Address D. A. A, P. O. Box 109, Wall Street Station, New York, N. Y.