davidaulloa/AmericanStories huggingface dataset:
Evening star., 1924-12-31
BILLION SUBSCRIBED
IN FOREIGN LOANS
Financing Sets Record in One
of Most Remarkable Years
in Market.
GERMAN ADVANCE LEADS
$110,N0,000 Quickly Obtained
When Bonds Offered to Public.
Some Interest Defaulted.
GERMAN ADVANCE LEADS
By the Associated Press.


NEW YORK, December 3I.-Ameri-
can investors during 1924 subscrib ed
more than billion dollars for foreign
loans, an outstanding achievement in
a year that passes into financial his
tory as one of the most remarkable on
record in the point of new financing.
/ Not only did the volume of foreign
financing establish a new record, but
the total of all new capital fotations
as well ranked among the highest in
history. Although accurate compila-
tions are not yet available. prelimi-
nary estimates indicate that public
offerings Of all stocks and bonds dur
ing Me year approximated $4,000, ,0O0,-
900, Contrasted with about $4,70O, ,000,-
900 in 1923.
Foreign bonds ran a close race with
State and municipal offerings for first
place in the amount of new business
handled. FTotations Of the latter
aggregating almost s1,400, 900, 900,
eclipsed all previous records, while
the latest figures on foreign loans in
dicated that the total would reach
slightly more than s1,200,0 900, 900
German Loan Most Vital.
Overshadowing all other individual
bond offerings in Importance and
widespread interest was the American
participation in the International loan
to Germany. The $110, 200, 900 portion
of'the 5000. .o00, 900 financing offered in
the United States was more than five
times oversubscribed and public de-
mand for the bonds enabled them to
command substantial premium in
stock exchange trading.
The largest single piece of financ-
ing was the $150,000.0O0 Japanese re-
construction loan, which was floated
early in the year and several times
oversubscribed. The 100000, 900 loan
to France late in the year, which re-
placed credit OF similar size extend
ed by ]. p. Morgan & Co. to stab
ilize the franc, ranked third in size.
The government of Argentina was
the most frequent borrower in the
American market during the year,
placing five separate bond and note
issues aggregating more than $780,
100000. Other prominent foreign
borrowers were Mexico. $4,000. 900;
Holland. s4o,ooo.00o: Belgium, $780,
100000: Sweden and Switzerland, $780,
Hungary. s7.50o,000.
The year witnessed the placing in
operation and subsequent collapse of
the Mexican debt agreement, when
service on the 100000, 600 debt was
defaulted on July l.
Defaults on Bonds Increase.
Defaults of interest payments on
bonds increased during the year, the
total value of Industrial issues in de-
fault mounting from $96,s11,300 to
$12S.S94,000.
Total sales of listed bonds on the
New York Stock Exchange expand
ed to almost s4,oO0.0o0. 900, an i'm
pressive gain over 1928 when transac-
uons aggregated approximately 81
750,000,000 and within striking dis
tance Of the record high level of $4,-
09S,696,027 established in 1922.
Evening star., 1924-12-31

ton of stable foreign exchange rates.
The rise in the value Of the Brit
ish pound, however, has been due to
more than this one cause. Great
Britain has succeeded extraordinarf-
ly in turning a budget deficit into a
surplus to such extent that taxes
have been lowered and the meeting
of regular interest and amortization
requirements on the American war
debt been assumed.
A great deal has been written about
the return of sterling to par Pre-
dictions along this line failed two
years ago, but now the essentials
are all present as they were not then.
England has established a credit in
home finances while taking full re-
sponsibility for what it owes to us.
The trade balance from month to
month is running rather heavy
against her. but this factor is offset
by the enlargement of American cap
ital advances not only to England
but to other European countries. The
situation is precisely the reverse
from what it was so years ago, when
the United States continually owed
money, when 1t badly needed new
funds for development purposes, and
when as a consequence it had to per-
suade Europe to buy heavily it's bonds
and stocks.
Much Expected From Dawes Plan.
, Much is expected during the year
lying ahead from the inauguration of
the Dawes plan, which involves the
resumption of full reparations pay
ments by August next. The new
German currency, resting upon a gold
basis again, looks to be secure. The
British business situation has, of
course, been greatly cheered by the
overwhelming Conservative victory at
the polls. On the other hand. French
finances are more obscure.
The rise In the Bank of France dis
| count rate from 6 to per cent in the
second week OF December was the
balancing Of the budget and the inn
provement in financial conditions
generally. 1t came right on the
heels moreover, of the new loan sup
piled by the United States. 1t en-
phasized the fact that, whatever
| might be outward expressions, the
French banking authorities recog-
| nized that there was still state of
imitation in the paper currency, which
| 1t was getting extremely difficult to
cure. Business and wages had
grown so accustomed to the debased
value of the franc that any move
| in the direction of defiation was look
ed upon with concern.
Nevertheless, the Bank of France
finally decided that it was time to
check paper note expansion by max
| ing it more expensive to borrow
money for business purposes.
] lCopyright. 1924. by Consolidated Prsss.,
Evening star., 1924-12-31

BY selling both to employees and to
customers preferred stock sometim es
for cash and sometimes on the INSTALL
ment plan they have succeeded, not
only in raising new capital, but in
establishing a good will item on the
asset side of the balance, which has
an intangible, but real value. The
electric light and power companies
have been foremost in this movement.
Incidentally utility securities have in
creased their popularity almost as
much as the railroads this year.
The leaders in the utility group have
been the obligations of the electric
light and power companies. not only
of the operating corporation but of
the holding company. There used to
be a prejudice against the securities
Of holding companies, but this has
been pretty we'll overcome of late.
The wide diversification which the
holding company form Of organization
permits has demonstrated its value
and earnings of these companies have
shown such steady growth that in
vestors have been attracted from all
sides.
The fact that active speculation has
carried the prices of the common
stocks of some of these enterprises
up to record figures must not be al
lowed to obscure the improvement in
the investment position of the pre-
terred stocks and bonds. 1t may well
be that some of these common stocks
have more than discounted the i'm
proved prospects. That is a matter
for the speculator to turn over in his
mind.
1t can, however. be safely asserted
that the year 1924 has witnessed a
degree of favor accorded to the senior
securities of these utilities which the
facts fully Justify. Nor does there
seem to be any reason for expecting
any change In this outlook for 1895.
- fCopyright, 1s3L,
Evening star., 1924-12-31

ease In money
with it's stimulat- e
ing effect upon
high-grade securi-
ties, n o t a b ! y
United States Gov
ernment b o n d S,
the successful ac-
complishment OF
large and impor-
tant T o r e ! z n
financing, chief of
which was the
German loan and
a brupt reversal OF
sentiment toward
railway securities s
following the cleo
ton.
AS to the money
situation the facts
Evening star., 1924-12-31

securities. In the
past the custom
has been to estab-
lish a market on
the Curb Ex-
chan ge with the
intention of ulti-
mately transfer
ring such issues as
are eligible to the
New York Stock
Exchange For
some time, how
ever, many cor
p or a I 1 o n S and
companies mar
keting new issues
have abandoned
the idea that a
Evening star., 1924-12-31
FEVER STEEL INVESTORS.

NEW YORK, December 31.-Holders
of common stock on the books OF
the Z. S. Steel Corporation for the
December dividend total 96,317, a de-
crease of 200 under September. Pre-
ferred shareholders who participated
in the November dividend numbered
1854, compared with 1889 in Au-
gust
Evening star., 1924-12-31
BY WILLIAM r. HEFFERNAN.

Never has industry and the fnan-
cial world appreciated the necessity
of the New York Curb Exchange so
much as 1t has in the year 1924.
This organization since it's begin
ming has been the primary market
for trading in new and unseasoned
Evening star., 1924-12-31

The President of
the United States
has done the sam e
{ h / n g publicly.
Whatever political
differences m a. y
be, it has to be
admitted that the
Investment a n d
business commun =
tiles were pleased
with the result of
the election. They
drew the conclu
sion that it was
a pledge of poll
tical stability and
an a s S u = a n c e
against anything &
drastic in the way
of legislation re-
Evening star., 1924-12-31
Closing of Astonishing Advances Stoc Bond and Gu
Huge Volume of Business,
Record Made in Investments
Phenomenal Ease in Money Boon,s High
Grade Securities-Eacess Gold Supply
Noted as Important Factor.
BY GEORGE II. HUGHES.

Three features combined to make
this one of the most remarkable years
of decade in the investment market.
These were, first the phenomenal
Evening star., 1924-12-31
Election Impressed Business
As Harbinger of Better Times
Conclusions Dra,Un That 1t Assured POLit.
icoI Stability Which Resulted in Upward
Increment Similar to Boom Periods.
BY STUART p. WEST.

The foremost representatives in the
business world are on record as pre-
dieting during the last three months
OF 1924 a period of good times ahead.
Evening star., 1924-12-31

(Continued on Page Twenty-three.)
Milford chronicle., 1924-12-19
Their Christmas Gift
Wonderful Blessing
.N@&%

(GMHAVE been planning for months
to give a great Christmas sur
prise to my sister Grace, way
out in Idaho" remarked Aunt Molly
to her neighbOr, Mrs. Virgins, as they
both sat knitting in the formers COM
Portable sitting room. "Here is her
boy Ralph, whom l brought here three
months ago for a visit--the poor lad
has been blind for five years, since he
was three years old, and 1 took him
to a specialist for an examination.
The doctor said that an operation for
cataracts could be successful. ! am
waiting for the morrow almost, breath
!essly, for they are to remove the ban
dages from his eyes to test his sight.
And oh, Mrs. Virgins, let US pray that
all will be wellw -
God was good to the blind boy and
the operation was very successful.
When the mother went east to visit
her sister there was a great blessing
the happiest Christmas Of her life
for her boy could see! There is
something more than toys, 1neries and
other material things to help make a
joyful Christmas ALEC Tupper.
C@. 1924. Western Newspaper UniOn.)
Milford chronicle., 1924-12-19

This jangling world is out of chime,
You see it now, you bet;
The things you'd like at Christmas
time
Are those you never get.
Milford chronicle., 1924-12-19

"1hIs naturally kept the Govern
ment on its feet, tor no business
whether it be small or large, can
long run without a head, an lnler-
esLed, working head. So we can first
or all be thanMul for that situation.
"Ihen the election came along
withthe worry in many minds as TO
! just no war the radical element
would go IN gaming a fOOthOld on
Governmental affairs. The answer
U.....e - al Uve4 wnelmlng VOLe Tor
Calvin Coolidge, with the radical ele-
ment running far behind on the ma
tional ticket and on the state and
municipal tickets. The result was to
place added confidence in the minds
of every true American citizen. 1t
has made us stand a bit straighter,
walk more proudly and feel GER
tainly more happy that Govern
ment of the people, for the people
and by the people has not perish
ed and we know it never shall.
Congress is again in session. The
first act of the Republican leaders
fthe Senate was to bar those men
from party meetings who had de-
clared against, Republican princi-
pies. This action, it seems to me,
was the only thing that could have
been done We find in the place Of
the great Henry Cabot Lodge "a
splendid statesman who had been
the Senate leader for years and who
q -eu Un-y a snort time ago. man
who has long been the close friend
of the President. Senator Butler is
that man, the same man who as
Chairman of the Republican Nation
al Committee brought the campaign
to a successful close and with an
expenditure of less money than had
been spent in many a campaign.
Senator Butler, while new to that
highest law-making body, will be a
big figure throughout this session of
Congress. He will help to bring har-
mony between the White House and
the Capitol so that the best may be
accomplished for all of the people.
Not much has been known about him
heretofore except that he is a sue
cessful business man and a proved
executive, a man of few words
like the President, but deep think
er and man Of action.
81 lready, as usual, the question OF
having more money is the big issue
Of tie ReD"h''can Administration.
Milford chronicle., 1924-12-19
INCLE TEl'S
BEDTIME STORIES
1924 A YEAR OF PROSPERITY

lOSf "A EAh VI 1hOOI EN-
A cod, sharp whistle rang through
the still night. 1t continued with
force adued upon lv4Lo Until 1t
seemed ILat a thousand steam en-
g.nes were having a gathering just
Uu.s4de Tie LU.AO. - =. 49,. - VI
fact it was nothing more nor less
tLan JaCh r4CsC anu H-o D-S ,.4Dly Ct
wind that had been kept away for
so long a time by the goold old warm
weather that he wanted to have a
good time and get himself noticed
once more.
1t sure is cold outside tonight, 3"
said Jack.
"IIl say it is cold" answered
Ruth. rel you walI,ed to - III
ming around the neighborhoOd and
would, too, if mother mad leL you"
"Of course any girl would say
that" was Jack retort. IL guess
you'd just curl up and freeze TO
death if you were out two minutes
tom tight"
"Now, Jack, remember your sis
ter IS a lady and gentlemen don't
talk like that" said Uncle Ted. "As
a maUer OF TACT It is very cold out
side tonight and 1 told your mother
1 didn't think you should go out
You know you must keep well these
davs. Christmas is only just around
the corner and we have so much 10
look forward to. If you want me TO-
I'll tell you a story tonight and then
we can forget about freezing out
side and all those things you wanted
to do"
"Sure we want a story, Uncle
Ted, you know we always do" said
Jack.
"First of all, kiddies, this old
wear is almost over. Christmas with
its message of. peace and goodwill
is nearly here and the New Year
will be showing on the calendar IN
a very few weeks. 1 cannot help but
think how much has happened to us
and to this country of ours during
the past twelve months. How much
we have for which to be thankful.
A campaign year is not always the
hest time, for general business con-
ditions. Yet we have gone through
period of rather unusual anxiety
and have come out without a
scratch. In fact our Government is
safer and sounder today than it
has been in many years. During the
past year we have had quiet, sane
Administration. The man at the head
of our Government was selected by
his party as the candidate for the
same position. He did not go out and
spend his time campaigning through
out the country. He did not attack
those men running against him. He
stage don the job, a job that was
brought to him through the death of
Warren G. Harding. He said that
was his duty first, last and all the
time.
Milford chronicle., 1924-12-19
Canned Christmas May
Bring Welcome Things

%yu HE art of giving may be culti-
u, waited and Christmas may be as
a serial story, each month un-
folding a sequel OF surprises; or the
Christmas spirit may be so abundant
that it is not all used in one day or
one month, but as gOudies, it may be
canned in love packages, ready to
open and use any time in the year.
When Mother or some shut-n opens
her Christmas remembrances she hnds
twelve packages. each labeled with
rhyme so that one will he opened on
the first of each month. The January
package may contain a personal bit
of finery with hnndwOrk for winter
evenings she would never
get for herself; for February there
may he kodak snapshots; a current
magazine; poems; u story clipped
from a paper; filing cards with reel
pes; in March are bulbs and seeds
with hints for growing them. Seeds
are always appreciated, particularly If
they are of tested variety from home
gardens. In another months package
are useful notions, as pins, needles.
shoe laces, hairpins, thread, tape or
cosmetic articles; June may have an
invitation for visit or a days outing
to a favOrite haunt What joy to
anticipate! November will reveal a
supply Of Christmas tags, seals,
stamps, cards, ETC.; December's gift
NAV be a Glove letter of wishes" and a
motto, framed to hang where every
hour 1t gives a CHEEKY message to you.
Gertrude Walton.
(@ 1924. Western Newspaper Union.)
Milford chronicle., 1924-12-19
Let Christmas Spirit
Prevail Through Year


9NSdN HAT a world it would be if all
OlOH of us kept up the Christmas
spirit all through the year |!
How much of unhappineSs, or discOn-
tent, or unrest, would we all be
spared2 How many foolish quarrels
and useless chickering's would never be
If our hearts held the message of love
and trust and peace that they do to-
day? How many homes would be I'M
broken and how many men and women
would work together in a new and
deeper bond of love and service? How
trivial and small would appear some
ef the reasons that estrange us from
each other? How petty and mean the
little jealOusies and misUnderstand-
ings that hamper our way and our
vision? How different our felOw-men
would appear in our eyes-their little
weaknesses and failings would be
tiiings to stir our hearts to pity, in
stead of to scOrn and contempt. Well
It would be for the world and for each
one of us as individuals if the spirit
of peace, Of love, of goodwill toward
all men burned in our hearts through
all the year with the fervOr 1t does
tOday.-Katherine Edelman.
%. 1924. Western Newspaper UniOn.)
Milford chronicle., 1924-12-19
Exenrplify the Spirit
God Void Haue ShotUn

II ~ OTHER, why do we make such
Jl11 ado about Christmas? We all
know it's right to remember
our SaviOr's birthday, but why should
we litter up the whole house and work
our fingers off trying to get all these
boxes ready? I'm exhausted and exas-
perated. It's become a burden to
me-'Bear We one anOther's burdens
I'm going to bear these burdens to
the post office as fast as l can, and
never again will observe Christmas in
this manner"
Georgia was off to the office and
soon returned laden with even more
boxes than she set out with.
Truly, Mother, when 1 posted those
boxes I was more happy than when l
received all these"
"Just so, Georgia" said her mother.
"I knew you were tired and the fresh
air would do you good. What we do
for others at Christmas is but the
spirit of Christmas radiating through
us. He came as a gift to us and we
show our love by doing His will and
spreading joy. We must put Joy into
what we do and not make 1t drudgery.
One gift to me from friend, no mat
ter how small, if given with love, is
far more appreciated than costly gifts
hastily selected. A Christmas gift
falls short of its meaning If not given
with the spirit God would have us
give it.-All in lOve.-Emily Burks
Adams.
C6. 1924, Western Newspaper Union)
Milford chronicle., 1924-12-19
LOst and Found While
Christmas Shopping

~ TITLE MARIE, jOsIled from one
side to the other of the pave
ment by the hurrying Christmas
shoppers, became suddenly panicRy.
What if she would never. never see her
mamma again? How, In all that mob
Of hurrying, brusque people could she
ever tind her? The streets and side
walks were a black mud color from
the snow trampled down by the thou
sands Of people and vehicles passing
over them. What if she should slip
and fall and cover herself with that
dirty slush? No one would ever rec
jOgnize mer She would be lost; she
would have to walk the streets like
khls forever and ever-Oh! oh! Two
large tears tric5led down her cheeks
and a great sob shook her little frame.
IA large-nOsed Santa Claus in a red
dannel suit grinned at her and shook
a little lineup which tinkled with many
coins. On the corner a small group Of
bllnG beggarS were singing Christmas
carols in cracked, ugly voices. Marie
stopped in front of them, watched
them for a while, then suddenly re-
membering her loneliness, burst into
q loud shrek. Several people stopped
pityingly and inquired her hame and
where she lived, but she could not tell
them, for the sObs were choking her
throat.
A large, excited lady pushed her
Way through the crowd. "Mariel Oh,
mamma thought you were lOst!" The
woman swept the little girl off her
feet, clutching her eagerly. Marie
held on to her most tightly, but con-
dnued to cry with bitterness. 1t was
q way of relieving her feelings, and so
comforting to have dear mothers
shoulder to cry on. OH oh! it was
going to be a glorious Christmas after
aIIl-NIariOn r. Reagan.
90. 1924. Western Newspaper Union.)
Milford chronicle., 1924-12-19
Always the Way

-
Milford chronicle., 1924-12-19

The national budget, creation of a
Republican Administration. was sub
mitted to Congress December 2, by
President Coolidge, and its contents
is a credit to the Director of the
Budget. After a year of listening to
the various departmental and bur-
eau heads and with the advice of
President Coolidge, the Director
prepared budget which, if approx
ed by Congress, will bring even
greater reductions in national taxes.
This will be accomplished without
hurting any of the necessary work
of the Government.
at is interesting to note in con-
Milford chronicle., 1924-12-19

nection with the budget system that
every now and then a Government
official returns a balance to the
Treasury-money over and above
what was needed for the year. Before
the budget system was put into eff
feet this was never done. Each one
Of rs could take this budget idea
right unto ourselves and stop a lot
o. personal extravaganza. l know I
have found that it works and works
we'll. If you only allow yourself so
much money for certain things you
find you can get along. Now run
along to bed and there will be more
next time. Goodnight"
Milford chronicle., 1924-12-19
For the Christmas Turkey

When your turkey has been stuffed
and you are ready to close the open
ing try using small tOothpicks such
as can be purchased for five cents q
box. Skewer it together with these
instead of the Old-fashioned, tedious,
greasy way Of sewing it together, and
see how much better satisfied you will
be witt. this method. The tOothpick-
skewers may be easily removed after
the turkey is roasted and hold more
firmly. besides being less unsightly.
Milford chronicle., 1924-12-19
Nn1nV HOLLY

In arranging holly for the table 1t
will repay you to wipe off the leaves
of the holly with a cloth dipped In
very little olive oil. says the Ladies'
Home Journal. This will give them
ar especially bright and glossy appear
ance.
Milford chronicle., 1924-12-19
A Especial Delivery"
for the Old POstnldn

LID BILL, the pOstman, was near
w ing home after his days trudg.
ing, trudging in the snow deliv'
ering Christmas mail. So many letters
for so many peOple-wOuld there be
one for him? He brushed the snow
from his mail box and held his breath
while he looked. NO-there was none ;
and great lump came in his throat.
Thirty, forty envelopes bearing Christ
mas cheer he had delivered at a single
house, but not one letter greeted him
at his own door on Christmas Eve.
He entered the tiny house discOHso-
late. 1t was so lonely there siace
"she" had died-and their only san
was far away and had not even wrst'
ten-no, not a single letter.
Bill shuflled into the kitchen and
sank into a rocker near the stove
mot one letter." was his only thought
"and yet deal in letters"
Just then the dOOrbell rang, and
Especial delivery" was thrust into his
hands. With tears of joy he tore 4
open and read. His son, his only SOL
would be home on the midnight
train.-H. Lucius Cook.
"a. 1894, Western Newspaper UnIOA.)
Milford chronicle., 1924-12-19
Fancy and Fact

Old Santa Claus is but a myth
An influence ethereal.
The bills he obligates you win
Are terribly material.