Evening Star Newspaper, November 27, 1927, Page 39

THE SUNDAY STAR, WASHINGTON, e " CAPITAL TRACTION EARNINGS SMALLER Drop of $11,505.35 From Last October Figures Shown in Firm's Report. * BY EDWARD (. STONE. According to the monthly report of the Capital Traction Co., filed vester day with the Public Utilities Commis #ion, the total net income for October amounted to $64.860.15 & net return in the 1926 of $75,365.50. or year of $11 Total operating revenues for October were $370.333.18 as compared with $392.046.84 in 1926. Operating expense: and taxes tc 1 £200.922.43 compare: with the sum of $293.808.35 a vear ago. Deduction of tt two items Jeft the company a total opers income for the month of $88.410 against the larger sum of $95.238.49 a year The report further shows compa res carvied 3 revenue rs this year compared with 5.3 The financial statement of the ction Co. months of the pri » shows a net income to date 502.43 in comparison with $6 for the first 10 months of 1926 difference is due to the fact that t street car company’s lines carried 83 revenue this ainst the fizure of 30 a vear az compared with same period in a falling off thiz pas < compared 30.41 in the =ame period - Taxes required 0.11, while figure last vear s B | After deducting the items for expenses and taxes the company had a net income from operations. $80 245.78 in comparison with $870.363 in 1926. | came Tocal Securities End Week Strong. Prices held firm in very 1 ing on the W > anze opening nsaction wa: shington Gas | Series B, one $1,000 bond selling | at 107, the high mark for the vear| recently attained in th ue. | Capital Traction fizured in three males, totaling 14 shaves, at 109! the highest price reached recently Potomac Electric Power per cent | preferred was also strong, two 20- share lots selling at 106% and five| res at 10615. The only other in Federal-An hares moving urday callin unlisted securities took place, change being the addition of an asked price of 103 for Chapin- Sacks 8 per cent preferred. The week as a whole was one of the busiest on the exchange in se\'rrull‘ weeks, one of the outstanding fea- tures being the activity in bonds. How Millionaires Invest Funds. How the average millionaire in- vests his funds is told in Trust Com- panies Magazine by James G. Smith of Princeton University. his report being based on a questionnaire and personal interviews. "The millionaire held on the aver- age 58 per cent in common stock, 10 per cent each in municipal bonds and rea] estate or mortgages, 7 per cent in bank and insurance shares. 5 per cent in preferred stock and the rest scattered. i The well-to-do man (not million- aire) had on the average 34 per cent of his portfolio in common stock, 24 per cent in real estate or mortgages 2 per cent in preferred stock. 8 per cent in municipal bonds, 5 per cent each in industrial and railroad bonds and investment trust certificates and st scattered. Mine .:verag"e highly paid executive had 33 per cent of his portfolio in common stock, 22 per cent in re{xl estate or mortgages. 9 per cent in preferred stock, 8 per cent in govern- Taent bonds. 3 per cent in short term securities and the rest scattered. The executive earning from five to ten thousand dollars a year had on the average 27 per cent in common stock, 32 per cent in real estate or mortgages. 11 per cent in preferred atock, 4 per cent in municipal bonds, 1 per cent in short term securities and the rest scattered. The average professional man had 15 per cent in common stock, 53 per cent in real estate or mortgages. 3 per cent in municipal bonds. 1 per cent in short term securities and the rest scattered Mergenthaler Report Sent Out. TLocal stockholders in the Mergen- thaler Linotype Co. are receiving copies of the annual report, the finan- 1l statement being published a few days ago. President Dodge comments on the net gain for the year from | all sources of $1.802 and the sum Paid in dividends of $1,536.000—an | amount in excess of that paid in the| precedin r. The com under con- | struction a reinforced concrete build ing 300 feet long and 70 fect wide. A building in which to house the big Chi- cago agency was purchased during the Vear. Mr. Dodge calls attention to the extensive interests which the com- pany has in foreign lands. The liro- tvpe is now used in the composizion | of more than 50 languages. Buys Large Block of Tickets. | President Julius I. Peyser of the Se- eurity avings & Commercial Bank, has bought tickets for the entirs per nel for the coming presentation of 4 anities,” to be given on December 5 at the National Thea ter for the benefit of Washing Chapter, American Institute of Bank- ing. Tickets for the wives of the married men in the bank was includ- ed in the gift. The bank president did the same thing last vear, thus lemonstrating in a most suoctantia way his deep interest in the educa- tisnal prozram at the instiny Reser are being made rapidly h banks and the is ceriai draw a crowded Notes Financial District. Much interest is being shown in the local financial district in the proposal of the House ways and means commit- tee to reduce the tax from 2 cents to 1 cent on each $100 value in s transfers. It is hoped that Cong will adopt the s sted cut Gov Roy A. Young of the Federal | Reserve Board will addiess the an-| nual dinner of the American Accept- ance Council in New York Decem ber 1 rall Street dispatches say that the | ors of the American Ice Co. are considering the declaration of a 50 extra on common stock. | The reduced sized currency to be is sued by the Trezsury will not be I8 mmon, The usu | to the warm ‘weather prevailing | show loss, and will only | been | satisfied and !CAREFUL OF THEIR SOUS. | French People Refuse Millions of Letters Not” Prepaid. Correspondence of the Associated Press, | PARIS.—Thrifty French men and | women guard their sous even when |the postman brings a letter. | Half a million letters and packages |are refused each vear in Paris—and | like proportion in the rest of France— {0y persons who won't pay due post Frequently the amount due is only a few cents, but the Fr:nchman {is averse to spending even pennies | when he doesn’t know | soing to get ror it It is, perhaps. be, care in expenditures sufficient post tenth of all matter {letter office, PRICES G0 LOWER INCOTTON MARKET Complaints of Poor Spot De- mand and Talk of Mill Cur- tailment Factors. 1se of this same that mail with constitu Al sent to the dead e Associated Pr YORK, November cotton market was lower today under liquidation and Southern sellin ling off to 19 ind closing at that figure. The general market closed at net declin®s of 14 to 20 The openinz was steady at an wdvance of 4 points 1 decline of 3 points. There appeared to be a little coverin hy near-mon shor and some buyin; on the relatively firm showing of Liverpool. The strensth 1broad failed to stimulate any general ressive demand. however, and the market soon eased under compara- tively small offerings Continued talk of | ment in domestic cott n mills and complaints of a poor spot demand { probably tended to check buying, and as prices weakened liquidation be- little more active. Prices | reached the lowest levels of the day 1 ading, December selling at nd May at 19.73. The close was at the lowest, although the final tone of the market was steadied by cover- | ing_and trade huying. No rticular news feature emphs connection with the easier ruling of prices, but it was supposed the failure of Liverpool streng probable curtail recent buye which may have accounted for some of the selling. Private cables said some selling agginst actual in the Liverpool m: ket had been more than offset continental support i calling, and also reported an improv ing demand for cotton cloth. Traders evidently found little or no improve- ment in reports from the domestic g00ds markets, however. and the amount of cotton on shipboard await- lng (vlearnr!(-e at the end of the week being estimated at 142.000 bales against 234,000 at the same time last regarded as pointing to | d small_exports. s of December were light | following the liquidation of yesterday and at the close December selling on practically even terms with January. Baltimore Markets BALTIMORE, November 26 (Special). —Closing . grain quotations: Wheat, No. 2 red Winter, export, 1.36%; No. red Winter, garlicky, domestic, 1.363%; corn, No. 2 domestic, export, 1.00; cob corn, 4.70a5.00 per barrel; oats, No. 2 white, domestic. 5 No. '3 white domestic, 58a58 nearby, 90a1.00. While prices on both live and dress: ed poultry held up for the Thanksgiv ing sale the market slumped badly the latter part of the week, due to unseasonably warm weather, and stocks on hand had to be sold at con- cessions in_price. While there is a fair demand prevailing at the present time for fancy fat dressed turkeys and choice young dressed chickens liberal shipments are not advisable, as under present weather conditions th market prefers live to dressed poult The market closed today at 41 and 42 a pound for choice to fancy dress- ed turkeys, 38 to 40 for fair to good, 25 and 26 for choice young chickens, 25 to 28 for choice to fancy ducks and 23 to 25 for choice to fancy geese, but old chickens and old ducks and geese as well as poor stock of all| kinds will not bring any more dressed than alive. The live poultry market also rules generally easy at 40 a pound for young turkeys, 8 poweids and over, 35 for old and 25 for poor and crooked brea: Medium to ing chickens are bringing but small and Leghorns 23, while poor and | s neglected at 17 and 18. Old hens in fair demand at 20 to for stock weighing 3% pounds and over, but lighter fowl as well as Leg- horns are slow =ale at 16 and 17. Old roosters plentiful and draggy at 14 and 15 fat young geese and ducks, and over, f: tive at for the former and latter, but smaller fowls not so desirable at 17 and 18. | Demand for guinea fowl has eased off and the market is easy at 40 to 85 each, while pigeons continue in fair demand at 20 to 30 a pair. Rabl Demand Fair. Demand only fair for rabbits owing | and shipments should be limited until the weather becomes more seasonable. Mary of the arrivals show poor con. dition and are slow to move out even at skarp discount. Choice nearby rab- bits will bring 3.50a4.00 a dozen, fairly good, 2.5023.00, but poor and _sticky | stock is slew sale at 1.50a2.00. Weath- er conditions are unfavorable for the erg market d while receipts of na- tive and nearby stock has been light since the holi it is ample for the demand prevailing. Most of the r- rivals from nearby points are current receipts, being mixed with held stale eggs and when put under the candle bring current receipts price: It kes strictly fresh- laid e; to bring top price of 47 dozen for firsts in fret cases, while current receipts sell mostly at 45 Receipts of white potatoes have zhter, but the demand is easily the market holds gen- | erally steacy at l.i0al. per 100 | rounds nd 2.50a3.00 a barrel for| und, well graded stock, but No. 2 po. well ax mixed is slow bout half price. t notatoes, in liberal supply in | rket, rule generally e . with prices 1n buyers' favor at 1 barr:l, and yams are in light receipt and in bhetter demand at 2.50a3.00 a rrel. but it takes large, well graded able for distribution for a v of T hanical ved production ices rendered by Bu yean of Foreizn and Domestic Com merce to Americans enz Pational trade resulted list yea Xlein, the bureau chief. said in his nnnual report tock of the Arund ich made a new b 50 on the Baltimore | is quite widely held in 1 Corporation mark around change last week Wash ington. Records indicate that Indians of the nis tribe obtained as high a in their crops as farmers of sury | small or irr difficulties | While No. ed in inter- | followinz quotation: in an | exira $500.000.000 in profit. Dr. Julius | .00 stork to bring these prices, as all ular stock is hard to sell, s and culls are not wanted Demand for native and truck cortinues fairly s holding steady at the Beets and c at any price. | nearby garden 00d, with pri rets, 3.00a4.00 per 100; per 100: caulifiower. te: horseradish, 3502400 bushe 1.00a1.75 per 100 pound: loyster plants, 6.00a7.00 per 100: pa nips. 40230 basket: pumpkins, 120,00 wer 100 avoy cabhage, bushel. spinach 0 bushel: turnips. 20a25 basket Live Cattle Steady. The general live cattle market rules steady, but quiet with little change in values from last week. White receipts are light, especially of top grade cat- " what he s | Janu- | was | retired by the end of 1 h to bring in better demand |been | disappointdd 'BOND TRADE QUIET | - DURING THE WEEK [Large Volume of New Offer- i ings Cuts Interest in General List. BY GEORGE T. HU( Special Dispatch t. The Star. NEW YORK, November 26—TI hax heen an interesting week in_the investment market, notwithstanding the comparatively quiet tone in bonds. The average hasx not varied 1m- portantly from a week go for domestic issucs. and while forcign hligations are a de lower, the | change is too small to be significant The lower scale of activity in | seasoned issues has been due to the larze volume of new offerings. The totat for the week was nearly $196,000.000 which was the largest | since 1tn week ending October Z21. jand compares with $86,000.000 i wer o, and about $74,000.000 in the cor- | | responding week of 1 The surprising thing is not that | the advance in the old bhonds was | checked, but that the effect was z . The new financin brorbed also, regardless of v vield on some of the larger | Youngstown Issue Biggest. The mosi important ne. as well as the largest indust ing of 192 was the 575,000,000 Youngstown Sheet & Tube first | mort Vs, due 1 These were | priced at 101, to yield about 4. per ce ind the proceeds were fo | be used larzely (o refund outstanding indebtedness now paying o much Ihigher vate of interest. Just as side-light on these refunding opera- tions now so common, this company | will save $3,730.000 a yvear in interest charges hy the substitution of the | new bonds for the old. The Youngs- | town offering is also noteworthy for |the fact that it was priced at a premium. There ware many com- | parable bonds with 5 per cent. j courons selling &t premiums, but very few have been brought out recently at prices above pa This year, by the way, is going to break all records for amount of bond redemptions. It now is estimated | | that over £1,500,000,000 will have been . Some of these, of course, have been paid off without new financing, some have been paid off in part and others have refundin Jower rates. In any case it has been all to the ad- ntage of the debtor, but it has been hard on the creditor, who has been forced to find new employment fc his money at a_time when secur prices were steadily rising and yields correspondingly declining. The only | solution was either to accept a lowe return or to sacrifice quality. ¢ bond issue 1 offer- Hygrade Food Bonds Soar. From a speculative viewpoint, the avent of the weck in the bond market was the sensational advance of the new Hygrade Food Products Corpora- | tion 6s offered at 991, to the amount of $1,000,000. The bonds jumped 22 points in the first day's dealings in them on the Curb Exchange and later in the weelk they sold 40 points above the offering figure. This would be a spectacular performance in a_stock, to say nothing of a bond. The ex- planation is that the bonds carried conversion privileges into common stock which the market appraised as much more valuable than did the underwriter: The only other new issue that re. quires mention is the $43,000,000 Pub- lic Service Electric & Gas 4138 priced 2 points below par. This is stifl ar other instance of a refunding opera tion designed to lower charges to the borrower and timed to take advantage of public appetite for utility to the foreign field, Ger- | man bonds have been steadier. There is_still much talk about which shall take preference, reparations or serv- ice on German external loans, but the situation has been clarified (o a cer- tain extent. The French attitude has been unofficially stated that they will not object to German foreign borrcw- ings to promise to increase production and that to permit doubt about the service on such loans would be such a_menace to German credit as would of itself imperil reparations. This is a sane stand. but it leaves open the question as to what is and what is not a productive loan. » Money Is Steady. There has been no change in money all the week. Call funds have ruled at 31 per cent and have been easy to obtain at that rate. The stock market was irregular Lefore the holiday, turn- ing stronz thereafter. The theory that stocks cannot go down as long as there is o much investment cap. ital is, however, not easy to fit into the facts. It does not explain why the railroad shares should sell on so much higher a yield b than the corresponding industrials. That this is the case a comparison of leading railroad stocks such as Atchison and Union c with industrials like Na- tional Biscuit, Woolworth and General Electric clearly shows Not only do the rails yield more at the market but earnings are capitalized at a much lower rate. It is true that rail- road profits are limited by Govern. ment rezulation, but it is equally true that their income is more stable through zood times and bad. The rise in the higher grade public utility stocks brings up the same ques. tion. Tt has now gone so far that only a little more than 4 per cent is | to he realized on the market price, This mav he discounting an invest. ment future, but it looks more like speculating than investing CLEARINGS ARE SMALLER. : W YORK, November 26 ). — Northern New Jersey Clearing House Association reports clearings for the week ended November mounting to $37 ainst £49.385 308 the week and 956 a year ago. 5 before PLANS PIPE LINE. ’ YORI 2% (P).— s to build to Great vember na City s Co. pla inch line from Shelhy about 10 miles long, which will require 12500 tons of pipe. Estimated tonnages in the Pittsburgh district for projected gas lines range from 200,000 to 300,000 ton: GUANTANAMO SUGAR. W YORK, November 26 () — iuentanamo Sugar Co. had net profit of $364 340 for the year ended Se::(fim- ber 30 which will be equal, after pre ferred dividends, to $1.03 a share on the common when all of the old $30 | heen convertes $290,388, or 33 the prec tle, it is ample for the demand pre vailing. Quotations at Light street wharf: Beef cattle, first quality, pound, 10 to 12; common to medium, 6 to 9; bulls, as to quality, 5 to 7 cows, choice, to ey, 6 to 7; common to fair, 3 to oxen. as to quality. 5 to 7: milk cows, ‘hoice to fancy. head, 50.00 to 75.00: mmon to fair, 30.00 to 50.00: calves | veal, choice, pound. 143 to 15; large, tat, 12 large, rouzh. 8 to 10 toligh 7 to 8 sheep. | choice. old bucks, 4 to 5: lambs. pring. choice. 13: fair to good, 10 to common, thin, 7 to 8; hogs, cht, 91 to 10: sows, 6 to & stags, ; live pigs, 13 to 15; shoats, 10 4 to o M D0, NOVEMBER' 27. 1927—PART 1. 100 ridge Lamps $9.98 Complete 2 $12.50 Lamps Special. ........ $7.98 $16.50 Lamps, Special. ....... $10.98 Large Assortment of Gas Floor Lamps 3-Burner Gas Range 13 $1 Sends It Home At Moire-Covered Card Table Special $1 .98 Fumed 0ak Telephone Stand and 298 Metal Smoker Special 69c Complete with Cretonne- Covered Pad $11.95 $1 Delivers It Mahogany- Finish A3 Wing C a saving Let Us Show You 349.75 | v, | 3 Three-Wing Mirror a Case sxtension Table S Side Chairs C Tudor periol de not venes and molded i ruction. An other ned front, with ma extra special feature, $5 Delivers This Outfit e p—— Complete Living Room NCLUDES: End Table Junior Lamp Junior_Shade $ Magazine Rack 2 Candlesticks Table Smoker Set Completely furnished Living Room of high-grade figured velour, custom made. $5 Delivers This Outfit Large Sofa . Wing Chair Club Chair Davenport Bow-end Bed Large Dresser Mattress 1-Drawer Vanity , Chair Wardrobe Vanity Bench Shade A dainty new design of Tudor Period Suite, walnut finish or sumwood; moderately priced. $5 Delivers This Outfit LS el {iE] O] EZ/KROEHLERY & 4 piece Genuine Bed-Davenport Suite, consisting of Davenport, Club Chair and aiv, in several shades of velour. One of the best values we have ever offered and of $30 during this sale. Our D s 1% ¥ l[& achines Y ) \ 45 7 St.NW.~ BETWEEN DeE. 9x12 and 8.3x10.6 32 Heavy Axminster 9x12 Extra Heavy Ax- 9x12 T9x12 apes- Heavy iy Velvet Ru minster 8 s49.75 | S24T5 | 81515 27x54-in. Velvet Rug, $1.98 Lane Cedar Chests 9 95 and up &very one guaranteed against moths and dust. All are made of genuine red heart Tennessee cedar. Many attractive designs. Pay Only $1 Down Mahogany-rinished Console Outfit Special at $6.49 Simmons Cane Panel Bed Outfit Consisting of Simmons Bed, a comfortable mattress and a good, serviceable spring. An exceptional value offering during this sale only. $1 Delivers One Mahogany-Finished Priscilla Special Book Trough End Table WICKER FERNERY Just 25 Left Special .98 at $2 No Phone, Mail or C. O. D. Orders