Evening Star Newspaper, December 1, 1926, Page 15

FINANCYAL COTTONIS LOWER ~ INTRADING TODAY Slight Declines Due to Fine Weather for Picking in Southern Belt. By the Associated Press. NEW YORK, December 1.—The cotton market opened steady today | Bt a decline of 2 to 5 points ander renewed Southern hedge selling, ap- parently combined with further local tnd Wall Street selling promoted by relatrvely easy Liverpool cables and terate¢ veports of freer spot of- I:ings in the South. January contracts sold off to 12 in early trading and March to ; the general list showing net declines of about 6 to 9 points. were buyers on scale-down orders. Wt demand from that source Ww: Jeas active than recently, and prices were within a point or Jowest at the end of the first hour. Private cables reported liquidation of mear months in Liverpool, with some investment buving of distant positions New Orleans Quotations. NEW ORLEANS, December 1.— Dry and favorable weather for pick- ing and ginning cotton caused the market here today to open 7 to 8 points down. The weather showing and the bearish charac of the weekly weather and crop reports c ated considerable selling. Pre-bureau Tiguidation and hedge selling was also @ feature. December traded down to 12.17, January to 12.20 and March to 12.34, or 9 to 11 points below yes- terday's close. Additional December notices were fssued here today. Liverpool Cotton. WPOOL, December 1.—Cotton moderate husiness; prices merican strict good mid- Aling, ; good middling, 7.40; strict middling. 7.10; middling. 6.75; strict Jow middling. low middling, 5.80; strict good ordinary, 5.45; good ordi- nary. 4.80. Sales, 7,000 bales, includ- ing 4,700 American. Receipts, 13,000 bal Ameri 10.700. Futures elosed havely steady. December, 6.50; January. 6.56; Ma July, 6.84; October, 6. LIV ~-Rpot, steady REGULAR DIVIDEND. PHILADELPHIA, December 1 (). | — The directors of the Lehigh Valley Railroad today declared a regular qnuarterly dividend of 13 per cent on the common stock and an extra divi dend of 3 per cent. SHORT-TERM (Reported by J SECURITIES. Aftrond. P& T C. 02 ) Tnm, Co. of Amer. 7a 1 Am. Tel & Tel. Co ds 1 Anaconda Copper 6a 19 cmociated Of1 6 195 ltimore & Ohio 6 Beil Tel Co of an_ Nor. Ry. C Gentral of G Ehi Mil. & City of Lyon fa 19 Columb. G. & F_1si Contin. Gas & nodvear T. & reat No {01l Corp arshey Cho ble O El. 58 10 R 58 1078 Ta 1036 h-ur \'m\i 'rv-'| et Hnelair €. 0il P s wift & Co in nfop Pac R.R € 4s 1827 Lt & Pow €. 58 102 § 8. B1za 1998 S Qpelti: eatinghouse Calsige 1 Wise. Cent. Rws. Glge 1927 100 100% Washington Stock Exchange SALES. 1.000 ot g 5 at Eln: Vash R 80 at 90 5 Com'l X Mergenthaler AFTER CALL & E 4=$2.000 at 8315, $8.000 00 at K3, nd i wash R .5 500 at 107%. at 147 Macld at 151%, 2 (100" At 997, $1.000 1 107 % 000 at 1003 U104, 10°at 104 80 at at 400 10 at 447 512 and 6 per cent 108" 0" Nat Mot Rank—1 fess Natl Bank call loans. BONDS. Bid and Asked Prices. PUBLIC UTILITY Telea, 4a iy Moner pS 0 33 Telanhone Tel. of Va B R 5 Z4Z23WEWII I e e 2342 Waeh Mir Col Wardman Paik He STOCKS. PURLIC UTILIT PAREL Witk sreamhoat : e s " .t nte 2 al savinge & Trust tates 59 on Mellianis Su FIRE INSURANCE 200 £ Md. com MISCELLANEOUS. & Inv cinres pid et Zx-dividend. Trade interests | two of the| h. 6.64; May, 6.75; Received by Private Wire BY WILLIAM F. HEFFERNAN, NEW YORK, December 1.—The trading on the Curb Exchange today as the same sort of professional | speculation which hXs been in prog- |ress throughout the present move- ment, with the outside public taking only small part in the proceedings. As | has been the case for the past two | weeks, most of the important price | changes oceurred on the side of the | advance in specialty favorites without | Influencing the main body of stocks. American Light and Traction fea- tured the public utilities group. with another of its sharp upturns which have now become common and excite little or no surprise. Activity in the stock merely reflected the confidence Following is a list of bonds and stocks traded in on the New York Curb Market tod: Sales in INDUST! s hundreds. DUSHBIALS. 5Ala Gt_South s Ala Gt South p 1 Alb Pik Brin 1'Alum Co 19 Am Arch C Am Br 3 | | o2 Seat pfd.. . | Seat vioo | Superpow B | 1A W P nvtentd 3 Awso GarkLt. ... At Fruit | 5 Bon Ami Al S Il Corp A" \ City R R ellulond ¢ lluloid €0 bfd en “Aguirre Sig Pip Cor monw P C it mon P n ptd 1.G Bal n B ria wi ] aund | (ke Aaro | 76De For G 5De For R ¢ | & Doenler Die i Dubilier C & 10 Dunhill Tnil @ Durant Mot .. st Roll M 1 B & Shovid B & sh'n'Co Tnvest Tno [ Pow u.. S A Mot Co. 2825 FERS SR Co A Theatres A man Chas Houston El Ten Alden 19 Goody T & A Griel Bros pf mes R & C R 3 Happineas © St A 1 Hazel Atias GI Coal R s 22F er Wme ' 8t 1, Kroger Gr & B Co 1 Kruskal & Krus Mercantile St ¢ Mesabi Tron. . Mid West il Mid WU i Miller Run' pfi 1 Mohawk Hu Pow 1 Xat Food Prod Nat P& L. 75 vfid Tel 0" nt orth 0 Pow (': . or States’ PCA the Pow ton Bres ke Davis C 1 Pender T ', Penn Ohio 100 Pann Ohio & war 'y Benn Wat' Pow ¢ 3 F3 PanD 53353553 S Peon Drug Store. Philip Morris . Philip Morris A. 1y Prudence Ca pf el 4 ¢ T 4 Rand_Kard Bu n 1 Rep Mot Trk vte 2 Rich Rad : I Rich Rad ? Rickenbael 51 Serv’ EI' Corp 1 Snia Vis In ropta Sou Cit Ut A pf 18 Sou L 100 Soi | 18t | 4 Stz N 2335335; 3 2re ol ker Mo P ) = 2L D=3 45 Mot 51 Swift Tatl 6 Trans Lux P | . ‘ ob Prod Exp’ | | T8 Gypsim & Hi n | L vie B | e Talk Ma | var Bros Pic | W Dairy P vie'B | Wess O & S V. | White Sew Machi MINING 1 in hnndreds. i | | | | | 180 Hawthorne M T # Macon * Val .. | 10 Mitnah Extens. | SN J 7zine ‘ i Nipissing 1 Premier 10 Reorgan W Div 10 Spearhead Gold 2 Tano Ralmont | 1 G Ext | 2 Utah Apex 16 Yiikon Gald Sales INDEPENDENT | i hundreda. 10 Am Con Ofifide 13 Am Maracaibo o 53 BokiRmal old M Verde 3 o> P S » dCit Serv pt.l I Columbia Syud Creole Sead 4 Darhy Pete - Dethv 0 & R pf Oil Fion Oil .. P ivings Pet | Lone Star Guw., 34 it Syod EVERYMAN'S INVESTMENTS BY GEORGE T. RUGHES. More About “0dd Lots. The machinery for buving and sell- ing in 0dd lote on the New York Stock Exchange {8 not limited to transac- | tions “at the market.” Nor is such trading confined to investor! speculators take advantage of it. In other words the faciifties afforded buy- ers or sellers of stock in quantities of less than 100 shares are just as com- plete as for thoxe who transact all | their business in lots of the standard | unit. To fllustrate, let us suppose United | tes Steel common is selling at §140 a share In 100-share lots. A small| | investor wishes to buy 10 shares, but | | thinks he ought to et hix stock it a lower price. Otherwise he does not | | care to fnvest. lie puts in an ord with his broker to buy 10 shares of I‘ Bteel comunon ut 135, The Lroker tur: the order over to the odd-let house as explained in the preceding article. Now because the odd-lot dealer [ level under, r NEW YORK CURB MARKET Direct to The Star Office of those back of the buying in future earnings of the company. Because of the high selling price and the fact that the floating supply has been con- siderably reduced, such sharp ad- vances as have occurred recently are thought to have little significance. After recording a gain of almost 5 points the subsequent profit-taking more than offset the improvement. The olls again gave a good account of themselves with special buying in some of the low-priced issues of the type of Gibson Oil. Lion Oil and Re- fining came in for more attention at better prices, but most of the Stand- ard issues remained practically un changed. The board of §OVernors sus- pended trading in Euclid Oil and Gas in accordance with article 3, section 6. 11 New Mex Land. . 8 Pandem Ot .. .1 15 Pantepee Ol1 Foster il 0 & 9 Tid Ogag 4 Tude W 1 Tide W de 2 Venezuelan Pet.. 20 roll: ol L Salesin STANDARD O11; 18SUES. Tnits 100 At TLobos 100 Atl Tobos u1d 3400 Cont'I” 011 n 160 Eureka P 50T P L. 200 Imp 0 of ¢ 1400 Inter Pet C 200 Nat Travsit. . 50 Northern P L. 800 Pratre_0&G n 20 Solar Refin. . . 400 South Penn’ O 100 Southern P I, 150 Son W Penn F Eianeee PEE Py 7 oz s S3ESE3% B weeew BON Gar&El 6s. 102 Powsit 68100 ating 6s. 1 ¢ W 8s A onda 6s A.. G&E_ 68 nsdall 6a ww 3 Bell T Can 08 A 1 Bostou&Me 68 M e fio s 0 a71} 06 o 0 bR, 10174 ] 10014 ElL Ry 844 0 Hood Rub Blae a 1 Morria & ¢ 71, @ Nat D Prod 6135 P &1 6s A 6 Pan Am Pet s 5 Penn Dix € Ba A 1 Pure Oil 833e 5 Richfield 0 85 10 Servel Del 6s. 2 8loss Sh 6a 4 S0 cal Ed bs 3 FOREIGN BONDS. in thougands 16 Bue Aires 7a 4 Bue Aires 78 # Bile Alr TR TR B 813% St ey 615w Cons' Mu 3% RS 10080 1033 101 0515 101 100 91 nx A 104 % 26 01, a9 1018 ¥ 10215 5Uni Sil W Bu e 9R1L 0 Uni St W Blgn A 0RS 2 Un S W 6148 A 045 *Ex dividend. 45 & Ha Gs 1st pf 180l & C Ok 10 State Han 481 2 MORE BUS COMPANIES. December 1 (Special) s-operating companics were incorporated in the United States in November to engage In intercity service. Of this number three were capitalized at £100,000 or more, name. ly, the Jersey City and Rutherford Bus Co. of Jersey City, N. I.; the Rapid Auto Transit Co., Tulsa, Okla., and the Gibbsboro Transportation Co., Camden, N. J., Bus Transportation re- ports. FRENCH FRANCS STRONG. NEW YORK, ). French franes quickly made up the loss ind S0 did Italian lire. reinvesiment of I'rench capital in the franc is not urgent the way it was two and three weeks ago, but it shows on every opportunity, as on Tuesday. December 1 STEEL SLUMP SEEN. NEW YORK. December 1 “Further curtailment in steel tions has brought the industr. her than over acity,” Tron Age § eel Corporation itself is close 3 per cent basis. Signs now are that the recession will continue Into January, with estimates of a 60 pef cent rate before an upward turn will oceur.” NEW YORK EGG PRICES. NEW YORK, December 1 (#).— Egge — Irregular; receipts, cases: nearby hennery whites, close- Iy selected extras, 66a68; nearby and nearby Western hennery whites, firsts to average extras, 51a65; Pacific Coast whites, extras, express, un- quoted; freight, 64a65; Pacific Coast, whites, firsts to extra firsts, unquoted: extra firsts, 63a6314. Virginia Stock Farmer Dies. Special Dispatch to The Star. ‘\\‘.\RI! SNTON, Va., December 1.— lugene C. Gatewood, stock farmier and director of live stock freight trat- fic on the Southern Railway, died this morning in Emergency Hospital from injuries received two weeks ago. IHe was superintending the clearing of 70 per charges a differential of une-eighth of & point, the order to buy the 10 shares | at 138 is net executed until there has been an independent transaction on | the floor of the exchange for a hun- | dred shares at 1377, one-eighth of a| point under the price the 10-share in-| vestor is willing to pay. Suppose, on the other hand, the o der had Deen to sell the 10 shares Steel common at 142, This order Wwould not have been executed until a full lot had changed hands at 1421, an eighth above the price at which ! the small investor was willing to sell. | In both cases the price at which odd | lots are bought and sold is governed by the price of the next transaction |ina full lot after the oggier is recelved. (Copyright. 1628.) { horse standing near I B. wreckage from the tracks at Dela- plane Statlon, near his home, when & kicked' him in the abdomen. = 5 e Soldier Ordered Held. patch to The Star CLARENDON. Va., December 1. Georse Muntean, a soldier of the quartermaster’s office, Fort Myer, ar- rested vesterday by Sheriff Howard Fields and deputies, who uncov- ered about 30 cases of beer and a vat near the military reservation, was or- dered held for action of the grand jury by Judge Harry R. Thomas in Police Covrt. this morning. Bond of $500 was furnished and Muntean was released. 4.5 | FEDERAL LAND BANK BONDS.| RIGES ARE STEADY | IN GENTER MARKET Lower Poultry Rates Are Still Prevailing—Beef and Eggs Unchanged. Teceipts of poultry, butter, eggs, fruits and vegetables from nearby States are not very heavy after a holiday season, according to dealers, and it is expected there will not be a rush until shortly before the begin- ning of the Christmas market season. Heavy receipts of chickens last week, at a time when turkeys were in greatest demand, lowered poultry prices, and the low prices still pre vailed today. Fairly large supplies of turkeys are still being received, and the demand is fairly good. A continued firm condition of the butter market was reported, prices in the larger butter centers having slightly advanced yesterday, but not to the extent of increasing retail prices here. The meat and egg markets continue unchanged. Today’s Wholesale Prices. _Butter—Fancy, 1-pound prints, 54a 55; tub, 53ab4; store packed, 38. Eggs—Fresh, selected, 55; hennery, i, current receipts, 52; storage, v, alive—Turkeys, 40; chick- : white Leghorns, 22a23: 18; ducks, 20a2 young, old,” 30a40. Dressed—Turkeys, . capons, fancy, heavy, 47a4s: smaller, 40a42; chickens, 32a33; keats, young, 80a90: old, 35a40. ; Meats—Beef, 15a17; veal, 22a23; lamb, 25a27; fresh hams, 26a28; shoul- ders,’ 23a24; loins, 28a30; smoked hams, 30; smoked shoulders, 18a21. Live stock—Calves, cholce, 13; me- dfum, 11; thin, 6a7; lamb, 13. Fruit and Vegetable Review. Today's market report on fruits and vegetables (compiled by the Market News Service, Bureau of Agricultural Economies( says: Apples—Supplies liberal; light, market steady. Barrels, Virginia No. 1 Grimes, 21 inches up, 3.50a4.00, mostly 3.50. Boxes, Northwestern, me- dfum " to large extra fancy De- licious, 3.00a3.25, a few very large size, fancy Spitzenburgs and Staymans, 2.00a extra fanc; Romes, “ripe, 1.50al1. Rushel bas- kets, Maryland and Vir 1 Staymans, 21§ inches up, fair quality, 50; 2% inch 1 Cabbage—Supplies moderate mand light, market fairly steady; 2 York, bulk per ton, Danish type, me- dlum’ size, 23.00a28.00; large size, fair condition, 20.00. Celery--Supplies moderate; demand moderate, market steady; New York, two-third crates, 2.50a2.75; California, crates, 5.00a6.00. Lettuce—Supplies liberal; demand moderate, market steady; California, crates, Iceberg type, 4 doz., 4.00a 4.50; Tdaho, crates, Iceberg type, 45 doz., 8.75a4.00; Florida, 11 bushel hampers, Big Boston type, 50a3.00. Onions—Supplies light; _demand light, market firm; New York and Indiana, 100-pound sacks vellows, U. S, No. 1, 1.75a2.00; Michigan, 100 pound sacks vellows, U. S. No. 1, large s old, demand s up, 1.00a Potato Market Frm. Sweet potatoes—supplies light; demand moderate, market firm; North Carolina, cloth-top stave bar- rels yellows, fair to ordinary qual- ity ana condition, 2.2582.50. Potatoes—Supplies light; demand light, market firm; Michigan, 150- pound sacks round white, U. S. No. 1, 4.50a4.680; New York, 150-pound <acks round whites, U. 8. No. 1, 4.40a ggplants—Supplies light; demand light, market steady: Florlda, pepper crates, fancy, 4.00a4.50; slightly de- cayed, 3.00a3.50 quash—Supplies light, market steady per crates, white, w poorer low as 2.50. String beans—Supplies light; de- mand light, market steady; Klorida, el hampers green, fair to quality and condition, 1.50 light; demand “lorida, pep- pped, 3.00a8.50; ordi a3.00. % S STOCKS EX DIVIDEND. (EW YORK, December 1 (8).— Securities selling ex dividend today on the New York Stock Exchange include E. 1. du Pont de Nemours common, Union Pacific common, United States Cast Iron Pipe common, American Su Refining common, Canadian Pacific common, Chicago & North- western common, Chile Copper, Texas Gulf Sulphur, Laclede Gas common and Vanadium Corporation. PARIS BOURSE HEAVY. PARIS, Decemher 1 (#).—Prices were heavy on the Bourse today Three per cent rentes, 49 francs 80 centimes. Exchange on London, 130 imex. Iy per cent cendmes. The dollir was quoted at 26 franes 90 cen- times. e WEEK'S CAR LOADINGS. Revenue freight loading on the rafl- roads for the week ended November 20 aggregated 1078812 cars, an in crease of 20,889 cars over the corre- sponding week last vear, 893 cars over the same week of 192 the American Rai pciation an- nounced toda total was a decrease of 34,074 cars under the preceding wgek. o 1 NEW CUSTOMS RECORD. BALTIMORE, December 1 (Special). —The largest customs duty receipts in the history of Baltimore as a seaport were collected last month. They totaled $2.222.669, according to Col- lector Charles Holtzman, in compar son to $1,672,229 received during No- vember, 192 RISE IN RATES VOTED. NEW YORK. December 1 (#).—An increase in commission rates on all foreign husiness. except Canadian, and an fnerease in the differential on one of the grades of bonded wheat were authorized by nfembers of the New York Produce Exchange vesterday in voting amendments to the grain fu- tures market rules. HOLIDAY SALES LiV;ELY. NEW YORK, December 1 (#).—Big holiday business by mail order houses ‘ted in November sales of Mont- Ward & Co., which rose to 811 from $18,794.362 fn Novem. ber, 1925, and from the eleven months this year to $176,159,134 from $161,- 306,980 a year ago. (Quoted by Alex. Brown & Sons. Closing. ) 333333 55353 SRLETESE FEE | s 8 833333222232 e s i 325k PR ren ¥ LT 2333355 3 - | fact | ing might in specific cases be employ- | COMMODITY NEWS [ WIRED STAR FROM ENTIRE COUNTRY NEW ORLEANS, December 1.—The Shell Island Products Co. has been formed here with a capital of $260.- 000 to manufacture chicken feed, lime and road material from oyster shells on the Shell Island Reef leased by the company. A $175,000 plant will be erected. HIGHLAND, Caltf,, December 1.— Citrus fruit growers in the San Ber- nardino district near here are report- ed to have refused offers of $5,000 an acre for their land. Prices of fruit Jands in this district have almost dou- Dbled in the last two vears. HELENA, Mont., December 1.—The wheat growers of Montana have in- creased remarkably in efficiency, ac- cording to the Department of Agricul- ture officials here. The average acre- age per farmer has now increased from 32 in 1909 to 150 in 1926. DETROIT, December 1.—Farmers along the Lake Michigan shore have recelved checks totaling $362,100 for the purchase of the first installment of their 1926 sugar beet crop from the Menominee River Sugar Co. Approxi- mately 77,000 tons of sugar beets at $7.30 a ton were purchased by the company. NINE MINES UNITE INWEST VIRGINIA Coal Fields Now Producing 1,000,000 Tons Annually. Worth $4,700,000. By the Associated Press. NEW YORK, December 1.—Forma- tion of the West Virginia Southern Coal Co. by consolidation of nine coal- mining properties in the non-union flelds of West Virginia, valued at ap- proximately $4,100.000, was announced late yvesterday. The properties entering into the con- solidation comprise 13,362 acres in the Kanawha and Logan fields and include Marsh Fork Conl Co., Birch Fork Coal Co., the Seng Creek Coal Co., Leeval Coal Co., Silush Coal Co., Vanball Coal Co., Basic Coal Co., Burgess Branch Coal Co. and Sflver & Silver. Production from the properties is running at the rate of 1,000,000 tons annually. Coal reserves are estimated at 72,000,000 tons. Everett Drennen, formerly of the West Virginfa Coal and Coke Co., will become president of the new company, | and Walter H. Cunningham, former general manager of \West Kentucky | Coal Co., will become vice president. It is expected that an offering of bonds of West Virginla Southern Coal : Co. will be made in the near future by | a group headed by John Nickerson & Co., New York. MEN AND MONEY By M. S. Rukeyser. (Cobsright. 19268.) The New York Stock Exchange stands set against the use of the modern technique of advertising by | members because it does not wish to lure the unfit into the speculative| whirlpool, according to E. H. H. Sim-| mons, president of the bourse. i The stock exchange is frequently | criticized for its policy in respect to| advertising by member firms, each of | which must submit copy about which | there is any question in advance for approval by the business conduct com- | mittee. In the widespread criticism by advertising men, it is pointed out, that the exchange is so strict in pussing on patd advertising by mem- bers that it turns it into dull, tomb- stone copy, and at the same time is lax In respect to Information sent out by brokers in market letters and flashes over direct wir change In extending a closer supe vision to advertising by its member than to their market letters and dl- rect wire communications,” Mr. Sim- mons told me, “is based on the nec sary distinction between the public character of the one and the gssen- tlally private character of the other.” Private Information Printed. Mr. Simmons is, of course, right in making this technical distinction, but | the disposition of some newspapers to reprint on their financial pages ex-| cerpts of brokerage market letters is fast breaking down the practical sig- nificance of this distinction. More- over, the hes sent over private wires eventually tend to reach a wider public through the newspaper press, especially If they contain specific new information. From the legal stand- point publication consists of making data available to one other person be- sides those directly involved. “What of the criticism that restric- tions in regard to advert ng by mem- bers rob it of fts effectiveness?" l‘ a. ay well be,” Mr. Simmons c I|-‘| that the restricted advertise- ments of exchange members may temporarily possess less appeal to some than the more graphic and vis- ual finanecial advertisements some- times issued by less onservative parties, Yet it Is felt Ly many that in the long run the greater simplicity of exchange member advertising may be superior even from the standpoint of purely sales polic “However this may be, it is neces sary to realize that the exchange’s ad- vertising restrictions were formulated and enforced for unusual—in fact, quite unselfish—reasons arising out of the specific business regularly car- ried on by the stock exchange bro- Kkerage firms. “In believing that security specula- tion is a very necessary force in any | growing and progressing country | Such ac the United States, the ex-| change is supported practically unan- imously by informed and competent economic opinion. Yet the practical problem remains, not only as to just Who under ideal conditions should speculate in securitles, but also just | Who should in any wav seemgto be, invited by exchange members to do so0. The general inadvisability for the small inexperienced investor to en—l gage in security speculation has not only been recognized by the exchange, but has frequently in the past been commented upon publicly by it i “Critics agree.” T pointed out, “that | the exchange should insist on truth in advertising, but why arbitrarily taboo illustrations, diagrams and slogans?" The president of the exchange, which has become since the war a | leading world market in securitles, of- fered this defense of current practice: “To place all exchange firms on a | completely equal basis obvionsly some arbitraty and easily enforceable rule i= inevitable—hence the ‘taboo’ of il- diagrams, slogans and ces. common in ordinary commercial advertising. 1 “The exchange is not all blind to the at these familiar means of rendering advertisements more allur- ed without particular harm. But the impracticability of approving this | slogan and condemning that, of in- dorsing one illustration and banning another, would in a delicate matter of this sort seem nhvio (Covsrighi, 1636.) LOW COTTON HURT TEXTILE INDUSTRY Fear of Drop in Cloth Prices Keeps New England Buyers Out of Market. BY J. C. ROYL Special Dispateh to The Star. NEW YORK. December 1.—The; break in the price of cotton attendant upon the certainty of a record-break- ing crop has hurt rather than helped the textile mannfacturers. That was the opinion expressed by New Ingland cotton mill men today. Since the tex- tile industry employs more worke than any other in the Untled States thelr attitude is worthy of considera- tion by those in every line of business endeavor and in every section. It is notable, however, that the Eng- lish, German and Japarfese cotton goods manufacturers do not feel like- wise. They are buying cotton at pre: ent prices as fast as their resources will permit, although the English mtlls cannot run until they get coal, and shipments to the other countries are subjfect to delay through lack of ships. But the New Fingland mill men say the drop in cotton values has retar ed buying of cotton goods rather than stimulated it, since consumers are an ticipating still further reductions in cotton cloth prices. Until the break in cotton, it appeared the Northern cot ton mills would close the year with the highest degree of activity since 1923. But since early Fall the tend- ency, especlally in sheet fa has been for new business to shrink. This trend and the opinfons quoted | above are not universal, even in New England. Some ‘mills have reported the largest volume of business booked | since 1922, Operations in Manchester, | N. H., have risen as high as 70 _per cent of capacity, while some New Bed- ford plants worked at an even higher pace. The situation is spotty. This is shown by the failure to malintain di vidend payments by some companies and the steady payment to stockhold- ers by others. The Maine plants are improving right now. CANADA'S TRADE JUMPS. Both Imports and Exports Much! Larger During Year. 1 By the Associated Press. OTTAWA, December 1.—Canada's total trade in the 12 months ended | Octoher 30 is $223,000,000 greater than in the preceding 12 month: Trade with both the United King- dom and the United States showed a large increase. Imports from the atter country for the 12 months were $563.000,000 000,000, as against increase of year, an 36 the previous $96.000,000. 3xports to the United States were $472,000,000, an increase of $15,000,000 for the year. RECEIVERSHIP DENIED. Tobacco Association, However, May Halt Certain Payments. LOUISVILLE, December 1 (P). Receivership for the Dark Tobacco Growers’ Co-operative Association was denied today by Federal Judge Charles 1. Dawson. In a triple-phased opin- fon, however, he signified that he would grant a_motion of counsel for 20 members who brought the receiv- ership action for an injunction re straining the association from paying certain obligations from proceeds of tobacco and appoint a master of ac- counting to make settlements with members for crops delivered in the past. The opinfon also held that the as.! soclation could not compel members to deliver their tobacco to the pool. MEAT TRADE MIXED. Wholesale Returns Unsatistactory, | But Volume Good in November. | A review of the meat and livestock tuation in the United States issued by the Institute of Amerfcan Meat Packer through its Washington “With fluctuating heef markets and prices of pork products showing more substantial declines than the prices of hogs, the wholesale meat trade during November was rather unsatisfactory from the viewpoint of returns. The volume of the trade was good, how- ever, especially in the case of fresh pork products. during the latter part of the month.” EARNINGS SHOW GAIN. | American Railway Express Ahead of 1925—Other Reports. NEW YORK, Decembér 1 (#).—Net income of Amerlcan Railway Express for - the same p against 51,401,474, $190,- against Skelly OIl Co, on the common months of 19: ing to $4.9 Net loss months_ended O by Amulgamated $ 937, earned $6 a share tock in the first nine net earnings amount- 6. of $139,121 for the six ober 31 13 reported ilk Corporation. RAILWAY SIGNAL EXTRA. NEW YORK, December 1 (#). General Rallway Signal declared an! extra dividend of 25 cents on the com- | mon stock and the regular quarterly | of $1. also the regular $1.50 on tha| preferred. all payable January 1 to ! holders of record December 10, First Mortgage = Loans AEEEES On improved Real F tate in the District Columbia and suburbs in Montgomery County, Md., and Ar- lington County, Va. Money Available for Construction Loans RS A A of nearby Mortgage Bond & Guaranty Corpn. 1006 Vermont Ave. N.W. Main 10444 R FINANCYAY. A Fool and His Money. The fact that a stock certificate is printed in fancy green scrollwork is no proof that it is worth any more than ordinary wall paper. Thousands of people in Washington would have saved their money if they simply had asked their banker to tell them what he knew of some supposedly wonder- ful investment. < mpt Action. First Nf;rtgage Loans Lowest Rates _of Interest and Commission Thomas J. Fisher & Company, 738 _15th_Strest. Loans at 57 to 5127 Economical Conditions Tyler & Rutherford Loan Correspondent of the Mutual Benefit Life Ins. Co. Newark, 1018 Vermont Ave. Provident Mutual Life Insurance Company Funds to Loan ~ In Small or Large Amounts at 5 Per cent. WM. H. SAUNDERS CO., Inc. 1433 K St. NW. Secured by WE PAY MORE INTEREST ON SAVINGS ACCOUNTS Than Any Other National Bank in Washington Interest on DAILY Balances Come in and let us explain - 9 Commercial Nat'l Bank 14th and G Streets Resources $17,000,000 R. GOLDEN DONALDSON. PRESIDENT Noney to Loan AT S R T Prev sl W il 'uo‘gvun'f o.;h-‘ Joseph I. Weller Diversification Insures Safety You Can Now Invest Any Amount in 80 Corporations Representing 19 Industries Which Are All Paying Dividends. CIROULAR ON REQUEST. Realtors Main 1016-7 Bid; FN. gulded - g [nvesTMENT Scecurities WOODWARD BUILDING WASHINGTON. DC The New York Life Insurance Campany First Mortgage Loans Apartme: On Improved Real Estate in the District of Columbia and Nearby Suburbs in Montgomery County, Maryland 3 Years, 5 Years, 10 Years 5%% Office Buildin; Business Propert RANDALL:H. HAGNER& COMPANTY Incorporated ‘MORTGAGE LoaAN GORRESPONDENT 1321 Connecticut Avenue Telepkone Main 9700 Equitable Co-Operative Building Ass’n JOHN JOY EDSON, Organized 1879 Assets PRATT, Jr. R COMPLI A .. .$1,106,9; WALTER 47th ¥ Surplus President 7.0 $5,136,31 Subscriptions for the 92nd Issue of Stock Being Received PEOPIPPODPDP LD PDDed We Strongly Urge Systematic Saving Recause hy saving systematically yvou ac- quire a consistent saving habit, helping vou to build up a substantial fortune. J Faquitable’s systematie saving plan t part of your Christmas savings ular deposits. You will he the rapid growth of your money 915 F Streei oin the vmazed BUDGETS A satisfactory budget system not only makes for economy in living, but actually increases its cffect ness, since it is a promoter of THRIFT. Let Investment Be an Ttem of Your Budget— Our Partial Payment Plan Provides A Way Whereby You Can Pur- chase a Safe and Re- munerative FIST MORTGAGE | | THERE A Third of a Century Without a Main 2100 . GRADUAL, GROWING INVESTMENT A partial payment plan, initi- ated with as little as $25 and ex- tending over a period of ten months, adds exceptional con- venience to the established wis- dom of investing in our safe 6',%, FIRST MORTGAGES In this way the salaried man can invest gradually, his finan- cial foundation growing steadily as he earns. And at the same time interest payments in full, on time, increase his earnings. In Amounts of $250 and Up F. SAUL CO. 925 15th St. N.W. Loss B. IS NO. SUBSEITUTE FOR SAFETY