Evening Star Newspaper, December 21, 1926, Page 13

TURKEY RECEIPTS : FAILTO CUT PRICE 60-cent Retail Market Seen as Minimum by Some Dealers Today. { Three express cars bearing choice | turkevs from North Carolina and | Southwest Virginia reached Union Station about noon today. Whole- salers had anxiously awaited their arrival in an effort to learn the quan- tity the train would bring, realizing the size of the shipment might have an {mportant bearing upon the Christ- mas turkey market. Disappointment was expressed be- cause of the small shipment, dealers saying it was not large enough to affect the market one way or the other. They had hoped for a ship- ment large enough to keep prices down, but, in view of the day's re- ceipts, they stated, there is no Indi- cation of other than a 60-cent retail market. Absence of the usual number of poor turkeys, it Is stated, is likely to prevent a lowering of prices. Last Christmas many culls came during the closing days of the market, it is stated, and found ready sale at re- duced prices. the number being great enough to affect the market. Some Retail at 55 Cents. In the retail market today there ‘were good turkeys sold as low as 55 cents, but most dealers ked 60 cents for them. Some few dealers went as high as 65 cents. ‘Wholesale prices this morning were around 50 and 52 cents, live ones sell- Ing at 42 and 44 cents. Live turkeys are not much in demand so late in the season, it is stated. because of the difficulty getting them killed and dressed. Contrary to expectations, dealers stated, there is a fairly good demand for chickens, live stock selling at 26 and 27, dressed stock bringing 28 cents. Butter and eggs, both in great de- mand, were quoted at prices that have prevailed practically throughout the ‘week. Dealers reported business brisk, with every evidence of a break in egg prices the coming week. Today’s. Wholesale Prices. Butter—Fancy, one-pqund prints, ©9a60; tub, 58a59; store packed, 38. Eggs—Fresh, selected, 53; hennery, 65a58; current receipts, 50a51; stor- age, 38. Poultry, alive— Turkeys, 42ad4; chickens, 23a25; White Leghorns, 22a 28; fowls, 23a25; roosters, 16a17; ducks, young, 20a25; old, 20; keats, voung, 60a70; old, 30a40. Dressed turkeys, 50 a52; capons, fancy, hea 47a48; smaller, 40a42; chickens, 27a23: keats, young, 80a90; old, 35a40; rabbits, No. 1, 35a40; No. 2, 20a25. Meats—Beef, 15al7; veal, 22a23; lamb, 25a27; fresh hams, 26a28; shoulders, 23224; loins, 28a30: smoked hams, 28; smoked shoulders, 16a22. Live stock—Calves, choice, 13; me- dium, 22; 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 Economics, says: Apples—Supplies moderate, market steady; barrels, Pennsylvania No. 1, Grimes, 2% inches up, $3.25; boxes, Washington, medium to large size, extra fancy De- Hcious, 3.00a3.25; Spitzenburgs, 2.25; bushel baskets, Maryland and Vir- ginla, unclassified Staymans, 2% inches up, 65: No. 1 Staymans, 21 inches up, 75a1.00; 2%-inch, 1.00a’ . Cabbage—Supplies liberal; demand modergte, market steady; New York, bulk per ton, Danish type, 35.00; sacked, per 100 pounds, Danish type, 2.00; Texas, barrel crates, round type, . South Carolina, barrel crates, round type and pointed tvpe, 3.50a4.00. Celery—Supplies liberal; demand moderate, market steady; New York, 2-3 crates, 2.00a2.50; poorer low as $1.50; California, crates, medium size, 5.00a5.50; few best, 6.00; large size, 4.50a5.00, few higher, Lettuce—Supplies liberal; demand moderate, market fairly steady; Flor- ida, 13-bushel hampers, Big Boston type, mostly 2.00; California, crates, Tceberg type, 4-5 dozen, 8.50a4.00, few 4.25. light; demand liberal; demand Onions—Supplies light, market steady; New York, 100- pound sacks, yellows, U. §., No. 1, medium size, “2.50; Michigan, 100 nd sacks, yellows, U. §., No. I, size, 2.75; few higher. Potato Market Steady. Potatoes—Supplies moderate; de- mand moderate, market fairly steady; Michigan, 150-pound sacks, Russet Rurals, U. 8., No. 1, 4.35a4.50; mostly 4.50; fair quality and condition, 4.00a 4.25; New York, 150-pound sacks Round Whites, 4.00a4.25. Sweet potatoes—Supplies light; de- mand moderate, market firm: North Carolina, cloth-top stave barrels yel- lows, No. 1, 2.50; Eastern Shore, Mary- land, bushel hampers vellows, No. 1, 1.00a1.25. Spinach — Supplies moderate; de- mand moderate, market steady; Texas, bushel baskets Savoy type, 1.00al.15, few higher; Norfolk section, no sales reported. Cucumbers—Supplies light; demand light, market dull; Florida, 7%-bushel hampers, fancy, 2.50a3.00, few higher, String beans—Supplies moderate: demand moderate, market fairly steady; no change in prices; Florida, 7-bushel hampers, green, 2.00a2.50; poorer low as 1.50. FINANCING IS PLANNED. NEW YORK, December 21 () — An American_banking group, headed by Lehman Bros.. is understood to have purchased a sihetantial interest in Patino Mines and Lnterprises Con. solidr.od, Inc., which operates the largest tin mines in Bolivia. A financ. ing operation, involving a public of- fering of about 200,000 of the compa- ny's share, is planned in connection with the deal DIVIDENDS. A ¥y P Stock of Corp. T Abr & ‘Straus pf. Beslntv Cream. o b . Bkn-M ' Transit Barnet Lea Can Dry G Do 4 1] De_Beers Consol nes Ld def “Ini n Ale, Tex e 0 A i B Cor ot o S e 2ou G, :l.{‘ Pw Cor A .l ividend decla T from can . dividend is pavahls to holders of the old $100 nar certificates FOREIGN EXCHANGE. (Quotations furnished bv W. B. Hinhe & Co.) Nominal Selling checks red London, pound Montreal. doll olm, Crown ee NEW YORK C Received by Private Wire BY WILLIAM F. HEFFERNAN. Special Dispatch to The Star. NEW YORK, December 21.—In the absence of anything new in the out- side situation which eould be used as an influence upon speculative senti- ment, operations for the rise on the Curb Exchange today were not as pro- nounced as they have been recently. On the contrary, realizing sales were sufficlently large to bring about reac- tionary tendencies in numerous direc- tions, but without affecting the gen- eral price level to any material extent. Oll shares, as a group, were most active, but with price changes incon- sequential in most Instances. Prairie Pipe Line was an exception, advanc- ing more than a point on buying which was thought to reflect the opin- ion that this issue was selling out of line in view of earnings. Standard Ofl of Indiana following its recent upturn, had to absorb heavy profit-taking, but the price was maintained around the Following is a list of bonds_and stocks traded in on the New York Curb Market today. Sales in hundreds. 14 Ala B 3 Am Cigar bAm Gy Ty as8 o Feoc =288883838 mn o oo T p 2o e gox = £ g o) 2z o § 3 ™ - o oo o - o s s s TR ctetetd Mo ey Sre aro wi oo, 7 2 Fageol M Co. 2% Fajardo Sug_Co. 16; 8 S N Y 1¥irest T 70" plt: 34 Ford Mot Co Can 4 g;oun%]nuur Yo A ra H.HM Cpt 8 & SNEEL FETEFE E SR SR 2 ®ous 5 suaSm Fra | Freed sioem 7 uston EI or 1 Got AL 13 Goodyear T & R % Habir Bl n_vte. sz TN PIEE FREEE o D S B 50 DU B I N DRI 13 BB B BN T I D S D8 D IR LS D e ar B = : i it et Gon ek SmeeSentonian BN R 8 - o & OF % DD D i BB AIIORAE & = FIE e 2 2 £ Rat e e oo - it iorrocs s SO s e o B N Y Tel Co pid. 1. 0 Pow C. DS FNES R R - o HOE s 5 et o 2000 - a FERR e . s e D SRS B BED! su0e P NEEE F R a1 bt Sual weans REE FFF AN =& e S B I I e % # & oD D3 A e P Tt S - [ 2 - o = 33% gslal in MINING STOCKS. undred 0 AmCom MAN Lid 08 i e q‘-\lflaaw GDVIRO W=D DT OO DN N A s S D S b L = D = s BB DL T I D¢ o = 2 oy IR * 5 winhy b ousd R FOER SN 1a 82 2% 4 2 3 12 9® 22205 B BT RO 3t JOB DDA 5 3 & 3 & SPER F SR i wor o PR CATE- S e ® o s 3 Uni Vi e« 4 Un 10 Watten "Cob...." Sales in_ INDEPENDENT OIL STOCKS. e oilads.. 1 1 1 284D G oane 6 1% 3 168 Carth,_ Syn 248 2 B el ; 1 oy Siols %8 5 2 Creole 8ynd._.... 3 3 20 ?ro\vn te. 215 1’ 1 Crystal A % 3 b 2 % 4 5;% 1 8% 18w 1 18 R 0.. 13 s i o] 3 Ok) 2 Pangem: ofl. 770 2 Pantenec Oil led Banl 2] 3w B STANDARD OIL ISSUES. 19 Sules inunite 100 Anelo Am OIl. 900 Buckeva P L 1000 Conti Ol n .01 200 Gal 8ig O/ .. 19 Gal § O nt old. b0 Hamble 01 & & 83 1900 Humble O 3 500 Tmp O Can n .. 37 2100 Inter Pat C Ltd. 400 Nat Transit 600 ohie O . 200 Prairie 0 11800 Prairie P 0 Ohio 606 Vacuum Oil 7% Sales in thousands. Pl Allied Am Gac o BwsIze iR S > A A A - pa Buf Gen A 10 1 Can Pac B $%s 96 ) THE EVENING STAR, WASHINGTON, MARKET Direct to The Star Office 69 level. Carib Syndicate, after losing more than a point, rallied well above the 24 level, where it was higher or the day. It was not surprising, 1r;|\'|ew;f(t‘ixg - advance of the pa: e AT Jittor - Talking 'Machina stock, that it should have been called upon to absorb heavy realizing sales. Below 151, the price compared with | yesterday’s final of 164 and the record of 155. Announcement that Newmont Min- ing had declared a stock dividend of 5 per cent, in addition to the regular quarterly cash disbursement of 60 cents a share, failed to act as an in- fluence upon the market for the stock. American Light and Traction moved over the widest range among public utility {ssues. After getting down al- most '3 points, the price rallied back over all the ground lost, while others of the group merely backed and filled over a. narrow range. e FEE & e e = oo nonoson s toonxooneD S S oheoonoD = SEIREIREIE il & ‘of Bide 6% tingon Schi Wetrie e ot P L SIS, S SR LGB IO S B I B ooy FEEPETIPEIS 2 35 vana E R 6 Rub” 5% 6 Ind Limestone See SEEEE: [ chulte R hawsheen © S RO B R ABI BBt D AT S 15 ey RS EPEE TP aa - 3 &1 PR EIE FEIEF TR FE B i 68 100 4 A 93 + 10 S S0 3000 noo T soosoToTEs SR S SAE DS IS S DD IR BB I ) SopEoSonermm S2RBIFRR I Tk SToRDEoD DD S323BEREIFnTe B GEE FRIEF efn SRR SHORT-TERM SECURITIES, (Reported by J. & W. !elllmnhf Co.) *tter OHB.OI 1 PESTLRTSPETLES 58 é’?‘s‘s.l‘l;ut%‘:h Y1028 Wisconain Cens Ry- 5 FESEE Tos 1027 TREASURY CERTIFICATES. (Reported fy J. & W. Seligman & Co.) 430 March 16, 1927 June 18, 1927 13: Dec: 16, 1027 PRICES ON PARIS BOURSE. PARIS, December 21 (#).—Prices were irregular on the Bourse today. Three per cent rentes, 55 francs 50 centimes; exchange on London, 120 francs 70 centimes; 5 per cent loan, 59 francs, 75 centimes. The dollar was quoted at 24 francs 90 centimes. SILVER QUOTATIONS. NEW YORK, December 21 (#).— Bar sllver, 63%; Mexican dollars, any, GREAT NORTHERN DIVIDEND, 8T. PAUL, Minn., December 21 (#), —The regular semi-annual dividend of 234 per cent, payable February 1, 1927, was declared by the board of directors of the Great Northern Rail. way here yesterday. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY ATLANTA, December 21.—State agricultural experts declare much 1926 TRENDIRREGULAR - INCOTTON TRADING Early Bulge Meets Realizing or Liquidation and | Prices Ease Off. ' By the Associated Press. NEW YORK, December 21.—The cotton market opened steady today at an advance of 4 to 12 points on cov- ering, and local buying, which ap- peared to be influenced by the steady showing of Liverpool and reports of heavy rains in some sections of the belt where considerable cotton 1 be- lieved to be still in the fields. January sold up to 12.26 and May to 12.72 on the initial demand, net ad- vances of about 6 to 9 points, but the bulge seemed to meet realizing or liquidation. while there also was a little Southern selling, and later fluc- tuations were rather irregular. Private cables sald trade and con- tinental buying had absorbed hedge selling in the Liverpool market, but complained that cotton cloth business was slow in developirg. Yarns were being offered freely. New Orleans Market. NEW ORLEANS, December 21 (®). —With unfavorable weather in the belt and better Liverpool cables the cotton market here opened firm today, and first trades showed gains of 4 to 8 points. Prices advanced after the call to 12.33 for January, 12.50 for March and 12.63 for May, or 9 points on all months above the previous close. Realizing was attracted by this advance and near the end of the first half hour prices eased off several points. Liverpool Quotations. LIVERPOOL, December 21 (#).— Cotton, spot, limited demand; prices easler. American, strict good mid- dling, 7.67; good middling, 7.32; strict middling, 7.02; middling, 6.67; strict low middling, 6.17; low middling, 5.62; strict good ordinary, 5.27; good ordi- nary, 4.62. Sales, 5,000 bales, includ- ing 4,200 American. Receipts, 38,000 bales; American, 19,800 bales. Futures closed steady. December, 6.49; Jan- uary, ; March, 6.64; May, 6.7 July, 6.86; October, 6.94. BANK ROBBERS TAKE $6,000; ESCAPE POSSE All Persons in Odell, Tex., Institu- tion Are Locked in Vault by Trio. By the Associated Press. VERNON, Tex., December 21.— Three unmasked men robbed the Bank of Odell, Tex., 20 miles north of here, of approximately'$6,000 Saturday aft- ernoon and later fought off a posse near Altus, Okla. The robbers locked those in the bank in the vault and drove out of Odell before an alarm was raised. As they approached Altus a posse guard- ing the road opened fire, and the rob- bers replied as they turned their car and headed back toward Texas. None of the possemen was hit, and it was believed the fugitives sustained no casualties. Search for the men was being cen. tered in the territory around Welling- ton, Tex., tonight. —_— GET TANK ORDERS. NEW YORK, December 21 (#).— Youngstown district fabricators have received orders for 13 80,000-barrel oil storage tanks, requiring 3,000 tons of steel plates. Washington Stock Exchange SALES. i 500 at ; fetion 9r oo 2 yml}.‘ T“ooo S S000 w1008 33000 At 10018 oo et Yo, ® Boes5.000 ai at _100%, 100 Vi B 50! | ashinEoR, S odsae H00 st 8800 ki Tann, 03% '"{5?4'.'!??0'5 o737 8800 % oa. . ital Sy at 100% lectric Power pfd. mmerclal Nationa] Bank—10 at 235 Sierchants' Bank & bt rust Co. 30 at 160, rahsian’ Monotyne—53 a3 04 National Mtge. & Inv. pfd.—50 at 8, 30 at'8 60 0t Bt 40 8t B AFTER CALL, Fotgmac Blectric pid.—10 at 107%, 2 at _1077% ‘Washington Gas 6s '33—$1.000 at 104. Money—Call loans. 5 and 6 ver cent. Bid and Asked Prices. BONDS. PUBLIC UTILITY. y Georgetown Gaa 1 Potomac Elec. 1st Potomac Elec. cons. Wash. . Waeh Balt. & An Washington Gus b Wwashingion Gus ax "Ry, & Elec. Wah BV & Bt e, MISCELLANEOUS. Chase B¥%u. ... .. CReTat Farms Daicy 61 Pot Joime stack 114 B Eovinemm pide. 01, Was) Mkt Cold Stor Park Hotel b%s STOCKS. PUBLIC UTILITY. as Wardman Farmers ‘& Mercl Federal-American Liberty TLincoln Natl Rigxs ool Nat. Ba TRUST COMP. American Security & Ti Contimental _Trust Merchants! ations), Savings & T %y & "Trast. ‘ash. Lean SAVINGS BANK. cotton land has been sown to Winter | Eae feed crops in Georgia, while farmers|$ & | United are turning added attention to ralsin, poultry and live stock. Practically all the tenderable cotton has been ginned. PORTLAND, Oreg.—The sudden in. crease in demand for apples is causing great elation in the Northwest. The principal gain has been made by Yel- low Newtons, which comprise the bulk of the Hood River crop. This is the first optimistic indication this year. CLEVELAND.—H. J. Leonard, president of the F. B. Stearns Co. confident that 1927 will see the largest Stearns-Knight sales in the history of the concern. ‘‘Our October busi. ness was 50 per cent larger than Sep- tember, and November showed an ad- ditional gain of 33 per cent,” he sald, Stats s Washington Mechanic FIRE INSURANCE, Fireman 29 153 National ' Uhfon. S | TITLE INSURANCE. o Title.. . . R e Title Inv. of Md. com. 52 ul!C“LAN.BO“. § g B iy <l American Corcoran % 1n IS Witk aee ¥ w.l'mn-w_-h i Wi, oo, e D. O, TUESDAY, DECEMBER 21, I MEN AND MONEY By M. S. Rukeyser. (Cobyright. 1926.) The expanding public utility enter-| prises of the country have found a new and abundant source of capital far from the traditional money centers. In their successful customer own- ership campaigns the companies have sold stock directly to patrons through | gas fitters, meter readers and tele- phone operators. In 1925, according to figures compiled by the Nationall Electric Light Association, the public utility companies sold directly to cus- tomers 2,926,271 shares, valued at $297,661,800. When the figures for 1926 are compiled they are likely to be nearly as large. - In golng to Main street as well as to Wall Street for funds the well managed public utility companies not only help themselves, but turn many hitherto thriftless individuals into in- vestors. Some of the money sub- scribed is taken out of hoards buried under the house; others take it from under -the mattress or from behind the clock. Moreover, individuals who used to patronize the bucket shops and blue sky promoters, who wel- comed the little fellow when the big investment houses and corporations ignored them, are now actively buy- ing stakes in the largest and best managed enterprises in the country. Telephone Company Pioneer. No single concern has carried on this ploneering work as effectively and over so far-flung a territory as the American Telephone & Tele graph Co., which today has nearly 400,000 shareholders—more than_ any other corporation in the world. Four and one-half years ago the company appointed David H. Houston, who gerved in President Wilson's cabinet for elght years, to supervise this proc- ess of scattering the ownership of the telephone company over the country and to a wider array of individuals. | Before the war virtually all the stock had been held in New York and New England. In addition to the 400,000 holders of American Telephone & Telegraph stock, there are 190,000 owners of preferred shares of associated tele- phone companies—the subsidiaries of the A. T. & T., 20,000 holders of the common shares of the associated com- panies, most of whose stock is owned directly by the holding company; and 200,000 bondholders in the Bell tele- phone group. There is, of course, some overlapping in these figures, but it is apparent that half a million in- dividuals are investors in the tele- phone business. Employes Stock Salesmen. Every telephone employe is a stock salesman as a sideline. The parent company does not sell new stock in this way, but facilitates the purchase of outstanding stock at the Stock Ex- change. Through the Bell Telephone Securities Co., a subsidlary which handles the matter, any individual can buy Amerjcan Telephone & Tele- graph stock at the current market rate, paying for it in 10 equal monthly installments and recelving 5 per cent interest on the funds paid in until the buyer gets the stock itself. More than | 60,000 individuals have applied for shares in this way in 1926, and the average purchase was only 3.8 shares. In the last five years, $165,000,000 of stock has been sold directly through the company’s efforts. The company has pioneered in ad- vertising its own investment merits, instead of leaving the job to-less responsible outsiders. The advantages gained, in the opin- don of officlals, are twofold. First the company strengthens its financial base by getting in this way a ready- made market for the sale of new securities, which are periodically offered to stockholders to finance expansion. Secondly, the process of widening ownership increases the number of individuals interested in the problems of the industry. number of friends of a corporation. No Limit to Project. “So far as can be seen,” Mr. Hous- ton pointed out, “there is no limit in America. to this development of popu- lar ownership. Corporate business will grow. The number of corpora- tions will increase. The policy of in- viting general ownership will doubt- less persist. The only limit would ap- pear to be that placed by the willing- ness of the laborers of every class to work, to exercise will power, to save and to invest Rrudently}' Thus far the customer-ownership movement has been confined to public utility corporations. It will eventually be extended further. The stronger railroads ought to take a leaf from this new experlence of the public utility companies. I have urged for several years that they do 80, and am now able to report that one of the largest and most important railroads of the country—an Eastern system—has recently been studying the customer-ownership movement in detail with an idea to adapting it to its own needs. It is wholly likely that Pullman porters, conductors, brake- men and ticket agents will be drafted .| to_sell securities as a sideline. Some of the largest and most suc- cessful industrial corporations might eventually adopt the idea, but great discrimination must be shown by in. vestors in selecting industrial securi- ties. Unlike the rallroads and the public utilities, industrial corporations are not subject to regulation and have no uniform system of account- ing. Most industrial shares are spec- ulative, and only a relatively few are stable enough for a popular owner- ship campaign. THE BUSINESS OF GETTI! AHEA| Should You Make Out a Will? The law gives you the right to make your wishes immortal for two or three generations. To take advantage of this privilege you must make out a legal Instrument known as a will. If you fail to go to this trouble, the State will divide your property after your death in accordance with general provisions, which, of course, will take no account of your speclal prefer. ences, desires or needs. If you die intestate and without relatives, the money will revert to the State instead of being distributed to worthy friends or being used for scientific or cultural purposes such as you may have in mind. The will {tself need not be written in the cumbersome phraseology of a lawyer, but experience shows that it s wise to get legal assistance In mak- ing out such a document. Many banks and trust companies have pre- pared folders, known as will memo- randa, to suggest subjects whioh should be covered. Moreover, the pub. | lic libraries have on file books giving suggested forms for wills. Hasn't Part in Distribution, The chief disadvantage of dying without a will {s that the deceased lays no part in the distribution of is estate. In some States, when ‘a man with a wife and children dies without a will, his wife receives only a life interest in one-third of his real estate and the remainder {s divided equally nmon%vhll children or their descendants. When the wife dies, her third is lkewise distributed among the children and their heirs. The law also provides that the wife shall re- ceive one-third of her husband's per. sonal property outright and the re- mainder goes to his children. SBuch an arrangement juently works hardship when the children are minors, It might leave the wife With insufficient funds to provide for herself and her children. Under cer- tain ight be permits {to his parents or, if they !ing, to other near relat [In some instances such an It helghtens the|! 1926. ted to use a part of the children’s share for their support; however, drawing on their funds invel siderable red tape and expense. such cases, the wife would be quired to report to the court how the money was spent and would also have to put up a bond. In some States, if a married man without children dies, his wife re- ceives a life interest in one-third of his real estate and the remainder goes not 1i Moreover, one-half of his personal property goes to his wife outright and the remain- der to his parents or other relatives. arrange- ment might not be in accordance \_\'llh the wishes of the particular individ- ual and he can forestall its comsum- mation by formulating his own plans for the distribution of his estate in a will. 2 Some Make No Provision. On the other hand, in some States the law makes no provision for a de- pendent parent, who can be provided for only by a will In making a will, one problem is to name an executor and trustee. Your chief beneficlary frequently is mot qualified by training or_experience to act in this capacity. Moreover, the life of any individual that you may name is of uncertain duration. Ac- cordingly, there has been a growing disposition to name trust companies, whose existence is unlimited by the life of any individual, to act in this capacity. Where the individual wants to get the benefit of the expert serv- jces and permanence of a trust com- pany and at the same time have the personal interest of an individual, he names both the company and an indi- vidual to act as co-executors and co- trustees. SELLS STOCK ISSUE. NEW YORK, December 21 (A.— To acquire the roofing business and substantially all the patents of the Richardson Co. of Cincinnati, New Orleans and Chicago, and also that of the Chatfield Manufacturing Co. of Cincinnati, the Flintkote Co. has sold to Jackson & Curtis and Kidder, Pea- | body & Co. a new issue of $2,500,000 of 7 per cent cumulative ?onver(lbk\ preferred stock, which is being offered at $100 and accrued dividends to yield 7 per cent. BIG BUILDING PLANNED. PHILADELPHIA, December 21 (Special).—A start for building in 1927 has been given here by the issue of a permit to the Fidelity-Philadelphiy Trust Co. for a building, which will cost $10,000,000. The continuation of subway construction and passenger terminal improvements by the Penn- sylvania Railroad will also be fea- tures of 1927 construction work. ‘WILL BUILD HOTEL. NEW ORLEANS, December 21 (Special).—Announcement has been made by S. Scott Joy and assoclates of Chicago that plans have been com- pleted to erect a 20-story hotel build- ing here next year at a cost of $2,500,- 000 to $3,000,000. It will be known as the Tulane. colorings— Neckwear Mufflers quality— Shirts collar_ attached. English Broadcloth, $1.95. English Cocoa (Broadcloth) Cloth, 33_75_ Silk Shirts, $8,75 to $]5.00- Hosiery 1926 TOTAL U. S. CROP| VALUE DROPS BILLION Cotton, Dethroned as King in 1925, Fails to Regain Throne, De- spite Huge Yield. By ths Associated Press A slump of $1,148,008,000 in the value of the country’s important farm crops this year, as compared with last | vear, is shown' by the Department of Agriculture's December estimates The decline was due principally to lower prices of most farm pr rather than to decreased produc although production of many crops was below last y More than_ half of the decline was on account of the low prices of cotton. The principal crops, based on De- cember 1 farm prices, were valued at 501,313,000 for this year. Revised stimates of last year's crops placed their value at $8,949,321,000. Cotton, dethroned as king last year by corn, falled to regain its crown this year despite record production. The drop in total crop value of cot- ton was $581,324,000, cotton’s total value this year being placed at $1.- 016,346, as compared with $1,597.670.- 000 last year. This year's crop is more than 2,500,000 bales Jarger than last year’s. There was a decline of $263,331,000 in the corn crop’s value as compared with last year. Value of the present corn harvest is placed at $1,703,430.- 000, while last year's was $1,966,761,- 000. Wheat was one of the crops show- ing larger production and greater to- | tal value. This year's crop is valued at $997,580,000, compared with $9 907,000 for last year. A cable service connmecting South | America, Europe and Africa was es. | tablished recentl. ’ » FAVORABLE BALANCE OF TRADE HELD BY U.S. An excess of imports over exports amounting to § 00,000 in United States trade for the first half of 1926 is revealed today by the Commerce Department in figures covering world trade during the first six months of the current year. At the same time International trade during the first half of the year maintained the high level reached during the correspond- ing period of 19 when for the first time since the war the volume of world exports and imports ap- proximated the figures for 1913, An ase of $239,000,000 in United rts during the first half r as compared with the same period last year, was chiefly due, the department said, to higher prices of rubber, coffee and jute and te a larger importation of silk, precious stones, paper, alumi- num, copper and t The drop of $157,000,000 in exports was caused by the decided reduction in the price of cotton and the decline in exports of grains and non-ferrous metals. It should be noted, however, the de- partment sald, that rhile the first four months of 1926 showed an ex- cess of imports to the amount of 77000, the next four months showed an excess of imports amount- ing to $116,102,000. 13 CHRISTMAS MELONS. NEW YORK, December 21 (®).— Directors of the New Mont Mining Corporation declared a stock dividend of 5 per cent, and the regular quar- terly of 60 cents, both payable Jan- uary 17. ‘Westmoreland Coal Co. declared an extra dividend of 50 cents and the regular quarterly of $1, both payable January 3. Central Union Trust Co. authorized an extra dividend of $4 and the regu- larly quarterly of 7 per cent, bringing the total disbursements for the year to $32, against $30 in 192 This is the Bank that helps your Savings to pay you 4% Interest to Govt. Workers most. We pay you the highest regular interest of any Savings Bank in the city. See us now; see us again each Payday; and see how far ahead you'll be, in on Their Regular Savings dolla: rs and cents! DEPARTMENTAL BANK “The Bank for Departmental People” 1714 PA. You Can Suit “His” Fancy Here With any one of a hundred selections made from this collection of imported and domestic haberdashery. It will have all the charm of exclusive fashion—appeal- ing to the most fastidious taste of your men folks. Lounging Robes Brocaded, Silk, Flannel, Blanket and Terry—some from Welsh-Margetson, London— $5.00 to $](0.00 House Coats Double-faced Cloth, satin trimmed; in all the popular $10 Cut Silk and Knitted—featuring, with others, Welsh- Margetson’s best effects— $1.00 to $6.00 Silk Crepe, embroidered spots and figures— $3. Handkerchiefs Sheer linen, hand-rolled hems— exceptionally good 50c—6 for $2.75 Some neckband, some collars to match; also others Silk Pajamas Choice of the popular colors; full cut and well made. “Best Ever” Slippers Soft and serviceable—Tan and Patent Leather— $ The Mode—F at Eleventh AVE. N.W. 175 10 $35.00 75 10 § $7.75 3.00 to $5.00 Silk-and-wool Hose—in plain and fancy patterns— $1.00 o Faliitl-