davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1925-12-31

during this period London lost almost
$50. 600 coo in gold to New York The
movement was checked 10y an ad-
vance III the Bank of England's dis
count rate from 10 } per cent. and
toward the end of the year sterling
once more was holding firm around
Sass.
Fluctuations of the Belgian franc
and Italian Ira during 1925 We're
limited TO n ] cent range. The Bel
sian currency, after selling above
cents. later reached its natural
level around Az cents as monetary
sta hilization credits We're placed at
the disposal of the government The
Italian Ira lowered most OF the year
around cents. although it fell at one
time to 3 b y >50.00V. 900 credit. OBJ
tanned in the Spring for its protec-
ton. was absorbed late ia the Fau
by a 500. 0o0 0oo louE-term loan.
The course OF the French franc
was more cTratlc. With each change
IN the cabinet and the development OF
several acute financial problems. il
displayed greater weakness. crum-
bling from its high point of around
9l@ cents in January to below 3.10
Evening star. [volume] (Washington, D.C.) 1854-1972, 1925-12-31

was organized, With headquarters OF
lis chiefs at No. enCine house,
greatly improving The tire protection
for the downtown section. since it
places two chiefs ready on hand to
respond Immediately to all boxes in
the business section.
There We're two deaths i'll the ranks
Of the Fire Department during the
last year. Pvt. T. +. Copeland of
No 2S Engine Company died June 10
from acute nephritis, after II years
of service. The other death was the
result of injuries received in line of
duty. Pvt. j. l.. Mann was on the
hose wagon of No. 81 Engine Com
pary when il went into collision with
Il street car at Fourteenth and Har-
ward streets on August -. He had
served III the department less than a
year.
The retirements and other changes
OF the year were as follows: Capt
II. w. Lusby, February is. 1925, after
IT years service; Pvt. Z. j. CiIynn
retired February IS. 1928, after )
years service: Pvt. w. G.. SIiney. re-
tired April 80, 1925. after II years
service; Lieut.. W. OConnor. retired
July Is, 1925. after Il years service:
capt T. T. Rossiter, retired JULY 81
1928, after So years service: Pvt. w
H. Lyon, retired july 10, 1910. after
20 years service: Pvt. c. Y. Mackin-
tosh, retired July 81, 1925. after rs
years service; Pvt. w. c. Kicks. re-
tired September !, 1928. after 80 years
service: Pvt. w. II. Lacy, retired No
vember Is, 1925, after years service.
c. G. WOLF was promoted from the
rank of lieutenant to the rank of cap
tain July 10. He now has command
of the new Engine Company No. 90
G. +. Sullivan was promoted from the
rank of lieutenant to the rank of cap
tain August /. He now has command
of the new Truck Company No. Is.
Capt. f. Howard was promoted from
the rank of captain to the rank of
acting battalion chief engineer Deem
Der 9, and assigned to command the
Sd Battalion. Capt. J. II. Nirnstein
was promoted from the rank of cap
tain to the rank of acting battalion
chief engineer December 3. and as
signed to command the 3D. Battalion.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1925-12-31

years ago, but who can imagine the
life of today minus the automobile?
The truth is that what is essential
today may not he 50 tomorrow and
visa versa. An investor in common
stocks has to make up his own mind
in this respect, and ii is easy 10 make
a mistake.
FINALLY we come to the vital matter
Of time. Granting all that has been
claimed as to the advantage of buy
ing common stocks for investment
the question is whether the time
buy them is when the market pric.
is at the highest for years. As time
passes by the equity OF stakeholder
in a successful enterprise may be e.
pected TO grow. but it does not follow
that the market valuation of tina
equity VIII keep pace. 1t takes an in.
weston OF exceptional temperament to
remain undisturbed while the market
appraisal Of his securities is shrink
ing, the increase in their actual value
to the contrary Notwithstanding.
These observations, as has been said,
are applicable to all common stocks,
not to those Of the railways alone,
and no one would deny that there
are individual railway and industrial
stocks which can be purchased even
90 PiS1-iAI II iNSo Will IcilildtHCe.
Foreign Securities.
SO far little has been said about
foreign securities. America continues
to loan foreign governments and for
eign industrial enterprises huge
amounts, and the number of foreign
issues traded in on our markets is
greater than ever. Even experienced
bond men at one time a. month or
so ago were hardly able to keep them
selves informed as to the names, let
alone the relative merits, of the for
eign bond issues which flooded the
market.
The yield on most of these new of
ferings is temptingly high because
most of them come from countries
poverty stricken as to capital. At the
'ame time the popularity of foreign
investments with the American peo-
pie has been steadily growing.
Now as far as the 1926 investor is
concerned the necessity for discrim-
ination between these foreign obliga-
lions Is not removed by their increase
i'll popularity. He must still pick and
choose, paying attention not only to
the financial position of the debtor
nation, but to its political environ
ment.
lCopywsht. 1875
Evening star. [volume] (Washington, D.C.) 1854-1972, 1925-12-31

to equity. The advance in Gas stock
has been orderly and can be easily
traced to its earnings, expectation of
increased dividends and perhaps to "a
higher valuation shortly.
There was but little new local
financing during the last year, but no
summary would be complete without
mention of the 50 ,0O0.0 900 of Potomac
Electric Power 6 per cent preferred
stock, which was offered to the public
4 few months ago. Subscriptions We're
asked at 9S1e, but We're limited i'll al
'otment to five shares each due to 4
deluge of orders, which tOtaled in the
neighborhood of $13, 900, 900. That the
Public appraisal of the issue was not
misplaced is vouched for by the pres
ent market level. which Is at a pre-
MUM of almost points.
Bank Clearings Jump.
The purchaS sing power of Washing
ton. as measured by check tranSac-
lions, increa sed some S1T5. 900 600 dur
ing the last IL months. While DeCcm-
bers clearancee are not available for
publication in this issue. the total for
the II months period was l,2:9,
553 ,2o3, "A gain of approximately S62, >
600 900 over the total for the entire
year ending December 81, 1924. The
conclusion is reached by estimating
DEFENDERS clearings at Sll3 600 900,
hut 1t Is almost certain they will be
considerably above this amount, due
to the usual spending orgy prevalent
during the holiday month.
Monthly clearings for the year to
late of last available figures follow:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1925-12-31
POLICE DEPARTMENT.

The year 1926 vas an eventful one
for the Police Department
1t was marked with sporadic out
breaks of difficult situations in so far
as crime was concerned, but on the
whole the crime wave heralded by
some as engulfing the Nation failed
when viewed in the cold and sober
retrospective. to affect this locality to
any chronic degree.
Maj. Daniel Sullivan and Chief of
Detectives Clifford L. Grant died dur
ing the year: Commissioner James +.
Continued on Page Twenty-three)
Evening star. [volume] (Washington, D.C.) 1854-1972, 1925-12-31
Iear'sslmportant Mergers.

The escutchern Of the fraternity
underwent but little change during
the year. In this respect the ABSORB
ZION of the Northwest Savings Bank
hy Riggs National marked the mos.
important happening. and ended fo,
The time being at least. the most in
tense disturbance in local banking
circles in the last decade. This dis
tuTbanCe had its inception several
Evening star. [volume] (Washington, D.C.) 1854-1972, 1925-12-31

= 80 y y . a - - = h'sf% - 49, -
price of seats" on
the exchange floor .
more than quad
rupled. In Deem
Der, 1924, Il curb
membership could
be had for SO, 600.
To-day they are not
for sale under
$40, 900.
A few years ago.
the curb market
was nothing more
| nan a handful of
brokers who gath
cred at the corner
of Broad street
and Il Y c h a II & e
place and trans
1 $50.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1925-12-31

alone p firemen We're placed on dis
abled lists.
y comparative statement of losses
between the year 1924 and the year
1925 shows that fire damage was re-
duced more than Si40, 600 during the
last year. Fire damage by months
for each year follows:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1925-12-31
INVESTORS NOW ARE HARD PUT
10 PICK BEST TYPE OF PAPER
BONDS NO Longer Are Conceded to Be Best for Long
Term lnvesting-Preferred and Common
Stocks Are Gaining in Favor

the preferred stock and receive
larger return.
While we are on the subject of utili-
ties 1t may be well to say a few words
about the stocks. Speculation in the
common shares of these companies
has gone on eXtravagantly all the
year, and they have discounted no
small part of prosperity for years TO
come. The buyers of these stocks at
the high prices of 1925 have not been
buying for Investment. but for specu-
lative profits. No attention has been
paid to yield on the investment.
Leaders in the public utility indus
Try, such as Samuel insult of Chicago
and NJ. :. Cloau of the Brooklyn Ed
SON Co., have repeatedly warned the
investing public that the prices for
these utility shares have been carried
too high and were not ranted by
earnings present or prospective. Pub
lie utility commissions would not and
ought not to allow public utility cor
porations TO fultiu predictions of reck-
less spectators as to earnings with
out insisting on rate reduction.
But all this does not apply to the
preferred shares, which have been
Speculatively neglected because they
are limited in their possibilities, and
these stocks may Vet be had to give
anywhere from to { per cent. y
proportion of these might we'll form
part of an otherwise diversified 1926
investment list. One caution should
he added. and that is that careful at
tention should be paid to the tech
meal provisions affecting each issue.
Voting power, other things being
equal. is desirable, and the redemption
price ought to be well above the mar
At
Evening star. [volume] (Washington, D.C.) 1854-1972, 1925-12-31

By the Associated Press
NEW YORK. December o9.-Re-es-
enlistment OF sterling exchange on a
gold basis and its return to virtual
parity for the first time since the war
has been the outstanding monetary
achievement of year distinguished
for the progress made in stabilizing the
currencies of the world.
The success of Great Britain in re
storing and maintaining the gold
standard influenced other European
nations TO begin preparations for SINH
lar action Laboring under less ia
vorah.e financial and trade positions.
however. some Of the continental
countries. such as Belgium. France
and Italy, are faced with the necessity
of devaluing their currencies on a new
gold basis.
With the aid of American credits
and loans, Belgium and Italy already
have made substantial progress in
putting their financial houses in order
preliminary 10 restoring the gold
standard. With their war debts to the
United States satisfactorily funded
and their budgets virtually balanced,
both governments are merely awaiting
?. propitious time to devaluize their
exchanges on a new basis. France,
hindered by domestic financial diff
cnltleS ana the delay IN setting lis
American debt, has made less prog
resS, but bankers believe that within
the next year the currencies OF all
three countries will be established on
new gold parity below 5 cents.
Sterling Receivers.
Early in 1925 it became apparent
that sterling was nearing the end OF
its long journey back to par after the
viCissitudes of war and postwar de
preston. With the return OF the Con-
servatiVeS to political power in Great
Britain. the exchange already had
scored a considerable recovery and at
the beginning OF the year it was
quoted around $40.
The new government, under the
guidance Of Chancellor OF the EX-
chequer Winston Churchill, laid care
full plans for the establishment of
a free gold market in England and
the progress of its program was
matched by a steady rise in the price
of sterling. Unusual precautions were
taken to insure the success of the
Evening star. [volume] (Washington, D.C.) 1854-1972, 1925-12-31

\ volume would he necessary to
adequately review the functions of the
District banking institutions during
he year. Suffice il 10 say they have
enjoyed d year of real prosperity, as
attested to by an unprecedented mum
Der Of extra" dividend declarations.
the constant additions to surplus and
the ever-mountinG market levels for
he various issues
Evening star. [volume] (Washington, D.C.) 1854-1972, 1925-12-31
CITIZENS FEDERATION

Preparation of a memorial to Con-
gress, appealing for an equitable set
of the fiscal relations between
the United States and District gov
ernments, was one of the principal
accomplishments of the Federation of
Citizens Associations during 1928.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1925-12-31

- IL" AttlIlN III
problem.
1t IS not that
mere Is a lack of
securities, quite
he contrary, they
are offered in be-
yilderiug confu-
ion Moreover,
the old ConSerya-
ism which held
nat bonds must
ways take first
place in any in
vestnlent list is
threatened by the
rise of a new the
ary. widely adNer-
1ised and in many
quarters accepted.
70 the effect that
Evening star. [volume] (Washington, D.C.) 1854-1972, 1925-12-31

Continued from Page Nineteen.)
ming Star and other newspapers.
presentation Of the Theodore Roosevelt
medals. upon receiving the medallion
from Chairman Galiiher Of the in
aueural committee. and the annual
meeting of the American Red Cross
here. He also made an address over
the radio To the Womens world fair
in Chicago. upon the occasion OF its
opening night.
Annoyed by Discor,l
Probably the greatest annoyance
experienced by the President in his
administration Of the Government at
fairs during the year was the discord
among members of the United
States Shipping Board and the
defiant attitude on the part of
the Presidents shipping policies
The President endeavored to give
Admiral Palmer, then head of the
emergency fleet. a free hand in the
operation of the fleet. but this was
opposed by the majority members of
the board. Because of his defiance of
the Presidents wishes the latter
asked for the resignation OF Bert \.
Haney, Of Oregon, a Democrat, mem
q. l
upon the ground that the President
had no authority to remove him.
Shortly afterwards the board removed
>dmiral Palmer and has continued IL
:Iilitant attitude toward the admins
alton
Mr.. Haneys term has expired and
he President has announced that he
i'll not be reappointed. In the mean
me several Senators have introduced
gislation either to abolish the board
r separate it from the Emergency
Fleet Corporation. In his annual re
port the President recommended the
latter.
Beaten in Warren Case.
Another occasion during the year
when the Executive was opposed was
last winter when he attempted to APP
point Charles E. Warren of Michigan,
former Ambassador to Mexico, Attor-
ney General to succeed Harlan F.
Stone, who had been appointed to the
United States Supreme Court. The OPP
position in the Senate was too strong
and the President found it necessary
to withdraw Mr.. Warren's name and
substitute an old New England friend
and neiGhbor, John $. Sargent.
The President has been concerned
about the comfort Of the public dur
ing the anthracite coal strike that
started September / last. Being with
out any authority to interfere. the
President has maintained a hands-off
attitude and has asked Congress to
give him sufficient authority to cope
with emergencies of this kind.
The President has the satisfaction
as he looks back over the year to
know that the country generally has
been experiencing great prosperity;
that there has been practically no un-
employment and that the prospects
for the future are unusually bright.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1925-12-31
BY GEORGE t. HUGHES.

The opening OF 1926 finds the in
s estor with January interest and divi-
lends, for which he desires to find
employment, confronted with pc
.#t-1iayI,-
Evening star. [volume] (Washington, D.C.) 1854-1972, 1925-12-31
WEDDING OUT OF QUESTIONABLE
SHARES OUTSTANDING FEATURE
Market Has Risen TO Rank One Degree Below Stock
Exchange--Crash of Radio Prices Occurs Dur
ing Year--Oils Look Up-Seats Sell High.
BY WILLIAM r. HEFFER\AN.

The New York Curb Exchange eX-
perienced an almost phenomenal
growth in the year 1925. which can
best be comprehended, perhaps, by the
Evening star. [volume] (Washington, D.C.) 1854-1972, 1925-12-31
by CHAS. T.. SHAEFFER.

Action of the Washington Stock Ex-
change during 1925 has been the in
contestable feature of the local tinan-
cial year.
Under the acceleration furnished by
common stock of the Washington Rail
way and Electric Co, the Stock Elk
change can fairly be rated as having
enjoyed a most bullish II months.
Extended buying efforts always fol
low III the Wake of concerted upward
movements. and in this respect the
local market ran true to form. Under
the violent leadership of Railway com
mon. the market value OF the stock
list increased some Is millions of dol
lars during the year. with four local
utilities accounting for at least Il cool
u millions of the gross gain while the
volume of selling increased approXi-
mately so per cent over the previous
year.
Railway Common Spectacular.
The first sale of Railway common
during the year just closing was made
at 1855, while the present market for
the issue is at least eco. This increase
in price of at least $40 share shows
n net gain for the year of $3.50, goo
for the 81, 900 shares of common out
standing. Capital Traction recorded
an increase III worth of more than ST..
200 600 as the result of a 10-point rise
on 100 900 shares Railway preferred
which has 1000 shares outstanding
inCrea Sed in market value 50 a share
during the period. a figure totalinE
S765 900. and Gas stocks gain of $40
during the year is applicable to $780, 600
shares or $500, goo.
During 1924 a total OF Go .I6l shares
Of stock changed hands over the local
board. During the period just ended
this figure was eciipscd many weeks
ago. the tabulation of sales d few days
ago amounting TO approximately 81.
600. Issues primarily responsible for
this tremendous gain include National
Mortgage and Investment preferred.
whose sales We're swelled by more
than 5000 shares at the date of last
tabulatiOn; IanSton. which increased
more than 5000: Capital Traction and
Gas, both of which increased in favor
by more than 5000 shares; Railway
common, which gained over 1000
shares: Riggs National Bank. with a
gain of more than 1900 shares, and
the new issue of Potomac Electric
Power preferred recently put out.
which has enjoyed sales of almost
400 shares.
Second Buying Move Started.
Aside from being the leader of the
market and the feature Of the local
financial field. Washington Railway
and Electric common stock also pro
vided the most interesting situation
that speculative or investment Wash
ington was called upon 10 cope with
Evening star. [volume] (Washington, D.C.) 1854-1972, 1925-12-31

! Following the settlement of many
years of litigation. which released a
fund of about Sc 5000 900 held In I'M
poundage, the issue started an orderly,
upward swing mainly on the strength
of buying by the North American Co.
which carried the price to around $50
in relatively short time.
The security was apparently pegged
at this price, whereupon outside in
| terests, headed by investment bankers
In Boston and New York City, quietly
made a survey of the stocks posi-
bilities and shortly thereafter started
a we'll organized buying movement,
employing both public and private
| ira nsactionS. which had its culmina-
ton n few weeks ago when the stock
touched $50. Since I 1t time the stock
! has dropped TO around 220.
Statistical Data Galore.
/ Dissemination of volumes of stats
! heal data on the possibilities of this
/ issue brought out the rather star
thing information that the stock was
earning in the neighhorhood of SIS
share before depreciation, which the
out of-town purchasers declared Is
the only reason for their buying.
others. who are distinctly onlookers,
claim ii was d ''hold-up game" perpe
lated against the North American
! Co., which, some day, would seek con.
troll Of every share of common. Still
there are others, it Is said, with
enough faith in the North American
Co. TO peg along with it in whatever
future the stock IS called upon 10 face
Certain it is. though, that only
negligible number of shares were pur-
chased by Neutrality-suspicious. for their
personal benefit during the year. on
the other hand the selling element
consisted almost entirely Of local hold
erS, who. after all. may share the
greatest profits accruinS TO those han
ding the issue.
Capital fractions Showing.
Capital Traction stock likewise has
done exceptionally we'll In the face OF
adversely. This security has not only
endured a year when returns We're
Well in arrears Of dividend require
ments, hut has actually advanced more
than ~ points. The answer lies in
it's proI.ab worth in the North Amer
lean chain. which hopes to acquire
this as Well as all other local mass
transportation systems. and in The an
tiCipation of a higher valuation be
ing placed upon the company'S prop
crty. which would warrant a greater
fare increase. II is highly improb-
able. though. that street car rates
here Will Tary-aud the Washington
Railway and Electric co. doesn't need
/ an increase.
+ Railway preferTeds rise can be
traced partly 10 a sympathetic move.
mont and partly To the estinablc po-
Sitlon this security holds with respect
Evening star. [volume] (Washington, D.C.) 1854-1972, 1925-12-31
Second-Grade Rails.

Returning TO the railways, the
bonds already discussed-the first
mortgage savings bank issues-do not
exhaust investment possibilities.
Bonds returning sig per cent, or a
little more, the obligations OF pros
porous roads with an improving out
look are available in abundant variety
and offer the possibility of market ad-
vance. The security back of bonds of
this grade is, of course, not a first
lien: there are always heavy prior
obligations. This is not an objection
if the earnings show a progressive up
ward tendency and If the capital struc-
lure Is sound.
Suggestion of specific issues does
not properly come within the scope OF
this article. Any competent invest
ment banker or broker can advise
The point is that the railways have
been carrying record breaking traffic
and that net income, while not up to
the standard fixed by the tranSporta-
ton act. is higher than at any time
since the roads were returned to pri-
yate ownership. Moreover, while the
prices of railway common stocks have
improved greatly during the past year
there has been little rise in the CORE
spending bonds.
are not lacking in railway bonds re-
turning 6 to GIG per cent. Here the
earning trend is Of prime Importance,
any buyers have to be especially well
Informed as Well as being able to as
sumo measure of risk. There are
however, roads both in New England
and the South which have made ire
1nendous strides during the year just
closing, restoring their securities to an
investment status long wanting One
more word may he added as to the
strictly investment railway bonds and
that is that a higher yield is to be
had. quality considered. from the high
coupon rate issues selling at q pre-
miiim than from the low coupon bonds
selling at a discount. Many investors
hesitate 10 buy premium bonds. but If
income is the principal thing this
prejudice must not be allowed TO con
troll
Evening star. [volume] (Washington, D.C.) 1854-1972, 1925-12-31

1926 Outlook Encouraging. s
The outlook for the next II months
Is most encouraging. Leaders in prac-
tically all lines of industry are highly
optimistic. Loadings of revenue
freight continue at a maximum well
above the million-car mark. Gross
sales of distributive organizations
continue to set new high records
Money available for Wall street pur-
poses is plentiful. with every iudica-
ton Of easy money conditions for
some time to come, and untitled ton
mage on the books of the steel cor
poIations continues to increase each
month.
tCupyri.ht. 1924