Evening Star Newspaper, December 24, 1927, Page 11

TINANCIAL. THE EVENING STAR, WASHINGTON, D. €. SATURDAY. DECEMBER 21, BOND TRADE QUIET: RANGE IS NARROW Andes Copper Convertible 7s; Drop—Rails Dull—Ital- ians Strong. RY CHARI Speci NEW YORI cept for a convertible S F. SPEARE. > | Bolivia 8s points nts from moderate briy e amon Anaconda e Copper There were s ac 5 s were Tionally ther Rrdoklyn the tinued ler volume ness except for the Per new m Wi over | laly Pu were very f Rrade xn!! or and a general let United actica’ 000 of new o weeks floated in the pa per cent were f dustrials, Fovernments 1 about 10 per cont ¢ holiday snce of h s are to be abso anuary interest an bution: STREET SPECULATES ONGARY'S SUCCESSOR | Stock Soars When Word Comes| New Head of Steel Corp. Fa- | vors Liberal Dividends. | Pre W YORK. reet speculated tod the man whom ban| 1 to succeed Elbert H. Gary chairma toard of the United § porat The common poration went York exchange ye the new ing on the New rday when traders | chairman is ings toward s end vh&‘vu s6- ek distribution is a possibilit new chairm crell, the president; . prominent member | committea and well | known banker; one of the Du Ponts, or | one of the numerous other poss | mentioned, was indicated. | early next Whether ~ the e raced itself for * when the identity of the sed ommon climbed $4.75 a share | . the highest price since . on a rush of b | | | Public Service €s. . December 24 100 pou sweet | harr % 0ua sprouts, 2.0034.00) ): earrots BALTIMORE ite potatoes ] ms bushel Br e i | smseln 100 peppers, et tasket, 40 600, peas, | hel, 75a1.23; Savoy i cranbe hox | Atiantic C L Int 48, | AtI & Dan 24 48 48. pasr, WILL SWELL TRAFFIC & Curtis vy I ¥ Murylond's Chesspeake rease Wertern Trade Mo 17 | Buenos AtresTs 577 ‘s | Canada 83 1931 | Copennagen 5148 | Czecho 7443 rota. . | Duteh East 1 63 47. | Norway 64 | Armour Del 6% | Beth Steel rf 5s. N Y Tel8s 1. | Nor States Pow | $in Crude O11 | vartientes Sue 7n | Atchison ad) 4 BONDS STOCK EXCHANGE UNITED STATES. (Sales are 1n 81 000 ) Sales High Low Clow 110 101 23 101 23 11 103 10 103 10 163 10 9100 23 104 ON NEW Y Sales. [ 3103 | NYChISSIL 6% 8B NY N Hav® H31gs NY N Hava&H clt 6 N ¥ State Ry ¢ % NY W& Bos 4l LIb S%s Lib1st el Lib3d e Lib 4th ¢4 US 3% 43-47 10231 US 431044, 110 21 ' FOREIGN. Argentine 6sJuoy. 2 100 Argent B.... 9100 Australia 5 1955, Y Australia 68 1957., | Austria 78 Bank of Chile %48 | Belgium 6: ! Belgtlum 648 | Belgtum 7819 | Belgium 7s 195 | Belgtum 7% 10231 10231 11021 11001 Northern Pac ¢ Northern Pacri6s J0 Ore Short L rfs 4n Ore Wash 1st s Pennsyl s 64. Pennsyl 8%s Pennsyl gold 1 100 Bt 100 StL | M&S g0 § StL&SKFol4sA. StL&S K prin StL&ESFb6%sD. StL&S Fad)bs.. StL&SFineS. .. 152 St L &S Fplés 1 SUL S W con 43 32, eaboard A L 4s. b A L ad) by b A Lcon fs.. SB All Fla 6 Sou Pac 4s U9 Sou llyumunw.. Sou Ry 63 66, Tex & Pac bs 77 rts Un Pac ¢%s67.... Union Paccv 6s. .. \Wabash 63 76 B.. . . West Maryland Western Pacitic 68, Wis Cen gn 43 49.. DEALINGS ARE LIGHT IN WHEAT MARKET Prices Tnfle Easier Also in Corn and Oats in Trade at Chicago. Provisions Sag. 106t 104t 1145 I X | Bordeaus s | Brazii 64 Brazil 7s | Brasii 8s 1 1 i 100 1007« 10. x6 1007 French 1 French 743, French 8§s. German 7s... Ger Gen Elec 78, Greek Ts italy 78 1064 115% 10w 8 107 1033 106 1034 Japanese Japanese 68, Lyon Marseille 6s Milan 6%s Netheriands fs 64, Netheriands 6s 72 Nord 6. Norway 63 1952 Ortent Dev deb 6s. Paris-Ly-Med 8s. Parts-Ly-Med 7 Peru 7 Peruii4s.. Peru 7ips 105/ all prices taday, in early 109% B8ly arou lower predominating. pool whe PWhat all Com » firmness of L helped som market up, Chicago wheat later eased a trifle, but kept near to the initial ra Corn started + decline to 4n cqual advance and subsequently underwent a moderate coneral sethack, Oats followed corn 105 | Provisions tended to sag. 1012 According to trade gossip 991§ {oday, the fact that wheat exports 105% | from North America since July 1 are 11.000,000 hushels more than for the | corresponding period a year ago fur ' | nis no stimulus toward higher 118 g sellers s, howey Iy the whei I off to Serbs Crot Slo 8 que wiss 5y 194 Swiss Confed 83, Utd Kingm 514s 29 Utd Kinkm 5148 37. Yokohama 6swi.. MISCELLANEOUS. Am AgriChem 1% 20 105 104' AmSmit& R1stbs 1 101' 101, |AmT & Tcltres,. 33 89 u9's A T & Tl trbs. 195% AmT& T sf b 1054 Am Water Wks b 1005 Anaconda 1st 6s... 13 105% Anaconda cv db 78. 26 Armour&Co 4 %8 391 Opening ke curren 100% 10 s total ar. The reason given is that the op of North Americ figures 50,000 hushels larger than last v | with a present surplus bushels in excess of 1 exportable surply is estimated 92| which only i | been moved traders were more or les d todiy by statements that p 11 basis for general crop short 94 { e assumptions have heen destroyed | 107% | and also that expactance that the yield % iasa whole would be of high quality has become a disappointment. Whether or not it is finally demonstrated that {the latest Government crop figures are-unjustificd, the statistics at present, arding to a leading unofficial au . indicate that too much corn ars to he a fact. PLANS HUGE DIVIDEND. 1064 | Seattle National Bank Project In- o pi volves Total of $300,000. 105's NEW YORK, December 24 (#).— 1014 108% il of the Seattle National 101% ' Directors 1025 | B 104 | 10274 | 103% LT 104 107 1058 | 1004 108 1017 1044 1047 Barnsdall 6s 1940.. The total rth America bushels, of bushels have Beth Steel 6% s 63. Beth Steel Brier H St 1st b%s Bklyn Union 548, Chile Copper 58 Con Coal Md 1s! Con Gas N ¥ 648, Consumers Pow 58 Dodge €s. ¥ Goodrich 6%8 Goodyear 63 ref | Humble O1l &s. 00,000 Corn in {1uene tically 107 vk 100 105% 105 1011 | inter Paper fd 63 | lot Tel&Teleg 4348 J Kayser & Co6%8 Kan G & El 6852, Kelly-Spring l Laclede G 6% LoulsvG & K 6s ll Manatl Sug sf 7% N Y Edison’ N Y Telals North Am Ed! ary 10 a proposal to authorize stock dividend of 100 per cent, declaration of a quarterly dividend of 6 per cent 30 per cent, amounting to $300,000. The special dividend fs to he dis tributed with the understanding the | #tock of a Seattle national investment fcompany to be organized and con | ducted in conjunction with the husi ness of the bank. These large pay- ments are sald to Indicate the return of prosperity to the Northwest. N Sll;\-’EB QUOTATIONS. NEW YORK, De 4 tar sllver Me 1% CHICAGO LIVE STOCK MARKET 124 CHICAGO, 107 Pac T & T 1st 58 Pan-Amer Pete PhllaCo5%s38. PhilaCorfésa. Por Ric Am Tob és PServGas b%s 69 Sinclair Of] 8%s.. Sinclair O 78 100 100 Sin Pipe Lin 931 Skelly Ol1 6% Southwest Bell | Toledo £dn 15t 7a. {USRub 1% ! S Steel of 68. | Utan Pow & Lt 58 104° 105 105 10814 101% 100% ®) Warner Sug 78 39.. West Kloc6a. . .. Westn Unlon 6148 Westinghouse bs Wilson & Co 15t s RAILROAD. (United ulture). ad fully sterday's best time, spots too =mall to fairly twelk ind avers 0 ponnd off. 0 to 180 pounds, $10 plEs or packing sows on e holdover, 1,000 head Receipts, 200 hdad; compared 4 week i spply Neurks sharply edl At wteers i preio Kw decline. upturn most, 50 te hty rte up most; lower 1004 e chunge; stockers’ und 14 rong tn 25 higher, quolity BO% Loas it she vtk 1o 40 hig 10y P rers and blls, str verlers W0 e most fed it close 1200 to 9w | 1500 e 1500 part load 1905 | seartings, 17.65 yenilngs ahove L LIV R $heep cally none L lon % | heas IRl 0 | prieen 104100 LR » December 1wt e e Wigher; supp ket val top. K 20 Atiantic C Liei 4 100'% 104% 105 1090 RS P e 1k 40 ¥ pale, extin Cattl 15651 BeOcvils HxOrefba... & O 58 2000 D, HB&O lat bact. H&O ! Imy 1 & O Toledo ¢s. 2kiyn Mannat 68, Can Nat 4% a6, naa North 18 Canad Psc asn 48, Can Pac 4% 48 Car Clineh&O 6n 62 Chesa Corp bs wi., Ches & O ov 4ls C13 & Q-1 dlv Gt West 480y, SESP 4n 25 cf 14511 det 4n el 0 vindes 1 ™ conulider et ) low Ay 1001, 109 few 2 000 e tonliy head for cak o heop wte il K, fint Tower feed N top atives elpt » i Tos down most Larnibo avonnd G0 lower; w Western dnmbs, 1360 shughter vearling weth far o TO0; range fo bulks fed Wentern Lam JERIT s BUYS 600 BUICKS. VORI, Decombur 24 O Taxt Corporation has hough ikt coxting $1,000,04 ELE(;TRICAL TRADE YO il 1 ermber hisine Cleal WL Show it o crage, tiking e with e Wit i i the hi ) cal W Il 1w s for iy o il Woavyn 2027, Cnl Ry b, Cntiel & 1t 4n ta 4% 11 & W Ind cn 4 ting 4s 24 or Lipucts., Dl & Hua Lat of 48 sel & Mud b 3 A R T 24 G Weat bs “renan . oGl e A & oy Am 1 Vi Le 67wl le ECbRTS .. Great Sorth 458w i b o A% Manu)bn 1 Contral of 65 b6, Lot i Tonn e (R | Pt 1t Vran (s iywCAGRT3., ui ey C A 648 et | Hansan City 1 3 Cuneus Ciiy 8 ba. , Ian City Term 4u Lake Bhore 4u 28 Lehigh Valen 4n Lenigh Val te 2003 Lastin A% o 48 44 Lasiim & Nush bs 15 NEW Lo ¥ioha | nesn thie o n Pennn B e eased o s RM SECURITIT 1w SHORT-T R et Selisninn & ¢ i Crtinn Ga L7 Wt A i + anidian A L0 Mil & & Wi iy s B Hwy MK Ky & 1 b 6] A H1 P & BEM en e M 81 PASKM cn fae W A M R AN WS K BEM G M AT wn) e Ao it ven 4n 10 e be i 17 Jhen & MENA 2hen A bl is, |BOTAM LY Y Con cen iihe WA e, 10 prit 1o uh Ho1ux, 1ow Vi 1ol IR | ’ UL eulghe e (| ) i [ 1 I ) uaeling Bl U Loga dula of 61,000,000 | nk will submit to siockholders on | and a speeial dividend of | that | e amount will be used in paying for | TREND IRREGULAR IN GURB TRADING Marconi of Canada Again Feature—Newmont Mining Also Strong. - BY WILLIAM F. HEFFERNAN. Supecial Dispateh to The Star NEW YORK, Decemiber o vuled active in the Curb Exchange wonnd the opening today but as the session were on, operations quieted down and prices at the close digplayed 1 sood deal of pity. Tl e W T hol s specnlative interest cen watively small numb coni of Canada nt of the sta new high ground turnover. Closely associated with the forward movement were dlent in { Wall Street for sometime, promi [ nent interests affiliated with a large | calle company were buying the stock lwith a view of gaining control. St in point of Interest was New mont Mining, which also es new high near 139, Persons who were | largely instrumental in bringing about the advance, were set down as lirge [Iuyers again today. Apart from these issues, speculation rvather quiet. in keeping with [ which fluctuations” were within: mode: rate limits, whole, the market was jrre reflecting con <iderable |-|ulH wed in of issues, 1in held the Ivaneing into tremendous was | | | SOUTHEASTERN POWER BUYS PENSACOLA GAS l30.‘h December 24 (8. | PHILADELPIIA, w Gias | announces that it controlling interest | a1 i Tmprovement Co. has disposed of its in the Pensacola the Southeastern Pawer Co. owns eleetric in Pensacola The disposal of its holdings in Pen; cola is in accord with the policy to | dispose of isolated properties and so group its haoldinge permit their maost economical operation, the United Gas Co. stated The Pensacola G s one of the first hy the United Gas Improvement Co., it % ing n..m;uml the plant since 1884, 'S. A. L. HEAD TRANSFERS HIS OFFICE TO NORFOLK NORFOLK, Va., December 24 () Announcement of the transfer of the officiul headanarters of L. R Powell, recently elected sident of A Air the Ia timory WL swell. Other nouneed inelude the following | The real estate and department In the future will to the treasurer The freight claim department r e to e comptroller. The development department will £t to the first vice president in mpany | H. to Mr s an report will executive de- partment, at Miami, is abolished. nsfer of the operating depart- adquarters from Savannah to Norfolk has not discussed nor considerad it wax stated by Mr. King Mr. Powell will continua to main tain an office fn Baltimore, BEEF PRICES RALLY. Recover From Decline Due to Re- cent Eastern Boycott. GO, December 24 (). —The boyeott by Eastern inter. The position of agent, | CHIC recent prices of la t has been mpletely recovered, tt C. Brown, president of the Chicago Live Stock Exchange, said |in ent yesterday i oming more apparent each week, Rrown said, that the supply of cattle in 1 will not exceed th 9 total. There ix a pronounced she on the range and the supply in feed lots at the present tim 1% unusually Nigh, hecause of high prices th tle foeders had to pay for feeding cat. tie this Fall, the statement said. Auy attempt to rald cattle or heef | the coming year are apt to he futile 1t also 1ooks nx If hogs and hog prod ‘u- 15 were now inoa strong 1 wition. . | AMERICAN BEET SUGAR NEW Y De 2 P — L Ameriean ¥ Co. will pro « ahout bigs of sugar. 100 pounds each, in the cure | sava R Walter Lejgh, preside | put for the vear ended March 31, was 1,234,250 bags. v K ember | ¢ 1,530,000 | DIVIDENDS. i Pay Am A I | e Cent | Clmimy Wi Wi o Cann P i i SUAMI Coopt %10 A PLantation $ Gt il Wik T Gulbr et et (D Ao LS Wil st | anlMAN BONI)S ANl) ST()(‘KS Wi G e Tewtiviier 24 ) WO G G0 e Laan with diaw VN BT 0N o 1 a0 ) A 1 1 fosny 1o L daliaie b 0o Vi it I (e TR R T Views G 1 e e Jo0 600 few this o Bl paod o puuiils of ‘Trading | blished a | | Light right of way NEW YORK CURB MARKET . Received by Private Wire Direct to The Star Ofiice ocks and w York ‘ollowing is the list of hondgs traded in on the Curb Market today: INDUSTRIALS High, | Prod AL Alb Piok Bar Vi Alliance, T Alam o n Ciin Mo W 10 Am w1 T Fet Vi Sehnite 1K e X Shetl Ve | Nl WA Solvay 4 Sou | tog |.;n 1ol ¢ 1 Cmwlith 3, Consol | 1 Consol ¢ FOREIGN BONDS | B w102 Moty i VB & Shon Corn Tor Con Nim o iy K e b 1 o6 RO BE B BiG FERTILIZER OUTPUT ‘ A gan m d PLAN OF MANUFACTURERS | % : t0 The Star | o . . K. Decen | 2 3 d manufactures uction for th 192 volume be wr 24 —Local wokawan Sec leonrt Rec wid Not only will the but prices will be much higher In fact, ma rers here alrea have marked up quotations §$2 to a ton for mixed fertilizers and §1 ton for acid phosphates. Some manu facturers, it reported, have sold their entire output up to nest June All ne m ive been booked at_the highe but old contr will be filied at the pr rrent last 1L Fertilizer_output for the trads {year 1928 will be at least 10 per cent arger than it was for the 1927 trade v Production of acid phosphates 1se ranging between P Maseey Hir ) S Mavia Corp M cities the largsst f tilizer-producing in the « STOCK DIVIDEND. YORK. Electric Investor stock dividend of th | share on the common stock, (in common stock Januar ers of record December 31. i I Pheln Dodee ( § B NEW December Ine — WOOL PRICES FIBM PON, Mass, Dec BOS! El Corp 14 Srev K1 wi were main {an { booked |week and nu | combing was quoted French Blood. 1.00 to { eizhths bload, 9 to 95, I blood, $6 to S8 Ohlo 1 from 47 to 50 1 Sitver SSon P& Lo i P& T war + Por R & rin arks . Withng nd Pub C A Tiros volume this territory to 1.15 10 haie ar krade flece o treet Features NEW YORK, December P.—An offer 18 being made by the Ken necott Copper o exchange { shares for those of the Utah Copper JIA | Coson abasis of 1Y shares of Kehue 1912 feott for 1 of Utah. At pres s "0y L this works out at about 138 for Utah “apper stock. which hag been advanc ik day by day as Kenecott has riset fand is now {the vear. The offer about five years ag {How owns between | of Utal’s stock | CORN vancing aly | Produets T has risen T ves an i per cent, grade publ wis first made Kennecott o per cer MINING STOCKS i hundreds 1 Am A% 1ty Ui PRODUC Bt Con it Sy per well S PFD ints this we it opr above In K, C ed stock United States forred. and now return of around 4 80 than many high bonds { Hollinge: 10 Chn Copper Aner s b wm ims nt Then LA e Mg hes Venle Fat Apes Cop VUK Alas TE los INDEPENDENT 011 Mtdiciis A Maracaiba € Wl et ih Syl i i i Sy Wi et a8 v ity s due With the tirst usually heavy mo « matter dy the b With the secotd the pr on the checks and letters of ereait Income from investments, and With the thitd it represents an ap preciation in the assets of the com pany, which ,a ted to be tributed to shareholders i som ventually A Ihay s won sale of and the o i ab i exr Pewe STOPA imnoaeen e RATLROAD - An early fiom the Interstat IS AN APPIOY s the plan of the Chie Panl ANt \on the pretert dvaneed to the highe ot ady A e chs and t st Prests Prospe Notih ot " Milwayhee & Oon o this e hares have urothe vear cumulation untor hon HOt greath wor of & consolitation ernand Northern That sentimer Pl opposed o i ! | i Moot 1o P NCw Fug Buel O Ny o N “ tan el over ot the [ 1 sth Wem O re of N eehie a1 v mergen ANPARD OIS s PR NTRTITRY A el FOREIGN EXCHANGE. GEAtms T WO W00 il T Wi iy o i ol e W i 1 TR s K s o NEW YORK, December noenches steady Ot Creat G, demand, 48T Cables ANK TG G0 Ay bl on banks IR Vrance demand, §98a, calilen. E93% 0 Maly, demand, & " % BT L A I . AUt tions H watat n il ki PN Mottt Hweden e bl LAty e W (RN AN e 0 Norway Dok 26 80 Spadn, A6 o 1S Caec I T W ' @ S T T F g e Vil By s n o e i N 1oy [ alovakin AUt thwa, 42 i Shanghal \ A Bl i AT [T Mot AMERICAN WM Rk ian o Wown et Pleco It bowiAcy el 4 WN HoveRL Ames b i Carpuration dont, AVUIE BV Gan A (R TR 1) [T AT SR il o b D fa to| points above the low of | Newon | FINANCIA VALUES INFLATED Closing of Year Finds List Rising and Money Easy. Farmers Boost Trade. BY CHARLES F. SPEARE. h 1o Tha Star. W YORK, December 24.—There slight fmprovement in business conditions discernible this week. The business men is beginning to bhe hly affected by tha com- posite picture of trade and the pos tion of the money market, which is invariably n in hright colors at the end vear. Ohvious Vrising stock market has jts though it is admitted 1 long outdistanced . Concrete ave had this week, evidence of expansion in the iron and steel industey in the form of an in- ed percentage of active plant op- erations: a decrease in the output of crude oil and some advances in prices of crude and of gasoline; a firmer tone in metals; a better summary of build- statistics than for the past twe months; greater employment in the automobile manufacturing districts: a rather sharp decline in the commodity prices index, and preparations for the disbursement of the largest sum of interest and dividend money that has from corpora- ions to_investors. Supplementing this are the remarkable dividends that ire to be declared by the large life in- mpanies to their policy hold- ting a year of extraordinary ncome on new business and on in- ments, ere Farm Buying Improves. There also is to be added set of stimulating conditions the rising purchasing power of t agri- cultural States dus to the value of | n_ crops for 1927, estimated at 000,000 greater than in 19 and | which the retary of Agruul o s his statement that “agr culture is hetter off today than |bas been at any time in X ¥y The effect of this has ».,n transmitted to the lw‘uriunl of to this Tinan. rlsea or falls with the fortunes | of the and unprofitable trad be found both in soft ng and distribution, in accessory lines, in some nches of the textile industry, in transportation where it is ¢ identified with the movement . iron and steel products and tutomobiles, and among the thou- nds of small merchants who are strogghng against a rising tide of | «-mr“zvd control of Jocal and na- 1l merchandising ierica business men do not react of stagnant They ara to 4 hard m v quickly to events outside of their | | boundaries. Therefore, the is this week has ttle effect. When it is bound to be shortl France and pos the finportance of the v all of the great ading countries of Europe to a sound oney hasis will be recognized and will slowly take itx plice amonsg the | constructive fuctors in national and nal life. There wiil probab temporary disadvantages m this program in the way of a loss of gold of sufficient amount to rate here. The antages, however, out- nsiderations. Speculation on RBorrowed Money. zation &ns and figures of trade re- and declining profits. Heal val ues have in many cases ceased to be tor of at for a pub- lic that s ating on borro money and nous volume. It is no longer what a stock is worth what it may be sold for to the buyer that’ impels its purchase. very similar to that Xt ida and on real estate property beins any measure of nd hen Knew taken up was o income return or wort! | they wer. paving for it, but % expected to be able to pass it awng to one else at a good trading profic The day came when bids were sudden Iy withdrawn and a vear n market has foll aluation of stocks © were of land values in Flor in the early part of 1926 ence—that it is always at a price today m i he is willing to ther diffe se t Ar on cted by and ot prospe: deflation pet Inflated Stocks Take Toll. the end, with | which won't Nany vears, just as Lother investors « g land worth $40 a v L $I00 an acre 18 months age | This i a4 conuman sequel to a period milition fn securitios such as is Liking place and which wi as o no of the od. sment of | of co . there wil stocks bought at prices be duplivated wh | now tinue down in order turn to her tons 1t ¢ Europe 1 economic cor & xerve Boad dixcount tates ast S hat these rates would furth stimu Mt A stock market that had been un@ing alons without much in for vears and then w evel Wi bankers rexarded It as highly dangerous. While the | avetage of Bisher now than it was tere are seores Of iy idual stovks selling very mueh e Bat Summer's ange. 1t s in most ot 1 s that the s PATILY exists between the {auotations wnd the actuat value. o danger to which the Uis detinitely great s been mE any e martket stavted The Interests may have wawit ed (o smeldering i Gon and way find i dimeute N the Federal shing low . believed 1 auent 1 pubili HOW (han @ the butl Nanking i of apecul [t contiol | . PRICES ON PARIS BOURSE. PARIN. Dovember 24 (8 - were sleady on the Bour w Thice per cont ventes, 80 fran contimes, exchanke on London fanes 2 centimes: & per cent {79 france 90 contimes. The Was quoted at franca §94y e HAS PROSPEROUS MONTH. NEW YORK S The Northern Paciie had w prosper Niveiber, net aperating (hesme Lo B RTANES froam B2 902 R4 1 Vev e DRI AWTALINE thowie for 1L months how Wi st Wnder the tatal fo () AR LG N HUETEN R LRI 1 Toan December t “aainst INSTOCK MARKET are Just as extreme cases of | Re- | e | market | 2511 RAIL EARNINGS DROP. Decline in 1927 for First Time Since 1921, Railway Age Says. CHICAGO, December 24 (8).— operating income of American r ways will decline in 1927 for the fi | time since 1921, the Railway Age dr ares. In an article published yesser day the reduction in net eperatine income for the first ten months of thi« vear was stated to be $95 000,000 it was predicted that the next would be considerably more. In every v zine mays, ien total earning n increased’ there has heen a smaller |increass in operating expenses 1927 thers will be recarded reductio [t bt mroing i expen for the first time, the redurtios penses will ba smaller than {duction of earnings COKE PRICES FIRMER. NEW YORK, Derember 24 () © prices are fir [ burgh district, furnac strensth of the spot sionally a distress car lot picked up for less than $2.75 contracts were taken on $2.85 and $2.90 fiar, ased the Ket. Ocen ma Pere the ba Have You Been Stung Yet? | Some men have to get stunz zood | and hard before they learn to be canu. | tious in making inv Before t;.ou invest—investigat BUSINESS FAILURES. NEW YOEK, December 24 (8 — R G. Dun & Co. reports 459 commer- 1 failures in the United States thie < against 502 the week hefore a year ago ments. of Wash; director, b I i CHURCH LOANS re in 3 pos to h; flruction, leass for Churches as it the last | Mortgage Money Loaned at Low Interest Rates Eecor.omie Conditions Tyler & Rutherford Losn Carrespansen t Mateal Besefit o || 1520 K Street Main 475 Joseph 1. Weller 555 1st Trust Loans Any Amount {| D. C. and Montgomery County- Large Construction Projects FRED T. NF.SBIT 0 Vermont Ave. WE FINANCE —ail classes of income.producing oroperty Large Loans a Specialty Current interest rate and commission Higbie & Richardson, Inc. 816 15th St. N.AV. In Nearby Virginia Pmdenhll 0 Insurance Co. Loans Commonwealth Investment Co. 917 I3th St. N.W. Phooe Main 2623 First Deed of Trust Notes fcr Sale Secured by Improved Real Estate District of Columbia Principal and Interest GUARANTEED REAL ESTATE MORTGAGE & GUARANTY CORPORATION Main 1403 26 Jackson Place Resources Over $4,000,000 L. E. Breuninger, President the and | ConstructionLoan Applications Invited at Y5 % GlO\'Cl‘ &" Flather 1508 H St. N.W. Promat Action First Mortgage Loans [ “t ' swest Rates Dilecest ad Commiee | Thomas J. Fisher & Company, Inc APPLICATIONS INVITED Mortgage Louns On lmproved Real Estate dottay ven- | for three ac Rve vear tecms at prevailing wterest rates I Lincoln National Bank Washington, D, C. |