The Bismarck Tribune Newspaper, December 5, 1928, Page 2

BUSINESS ENDS YEAR SLIGHTLY Automobile Production Better; Exports and Imports Have Declines | + ILLICIT LIQUOR TROUBLES | . 1 | Again Suggests Surtax Re-| moval from Government Securities in Report Washington, Dee —Bandy- | about sums running into the bil- ‘lions, Secretary Mellon has found | ; s, which reached a low | ovember and December of | 27, finished the fiscal year ending | = June 30 only 3 per cent below that * of the previous 12 months, In his annual report the financial «chief of the administration crams into-a 91-page pamphlet a formid- able array of figures showing the intricate fiscal opcrations of the government and dealing in detail with agriculture, customs affa taxes, business condition tion, and a great many oth land with scarcely a note of pessi- mism for the future. Agriculture, whole, he says, made Substantial gains. Automobile production experienced a major turn « for the better during the year. Ex- © port trade was but slightly under the } a small decline. As to liquor, he says only about 5,000,000 gallons was identified in foreign ports as presumably destined for the United States against 14,000,000 gallons the previous year. Incidentally the Secretary says hat diversion of legal liquor, in- cluding industrial alcohol, is no long- r the major problem of domestic law enforcement, but that illicit = manufacture from sugars and grain s the principal source of supply of | he domes: market. The preven- tion of drug smuggling he believes to have been improved. i Nearly on Par At the opening of the fiscal year, | he Secretary says, the volume of business was nearly on a par with | the year previous but soon fell off = Teaching its minimum in the last two > months: of In January recov- ery took place and the monthly = volume thereafter was sustained ; about equal to the same months of + the previous year. “There was an increase both in : prices and in total cash returns for + the crops and products of the year 1927-28 as compared with those of @the year. 1 7, this increase rep- “resenting the net result of ga fente products and losses in others,” “he says of agriculture. “The aver- age prices received by the farmers during the fiscal year increased about 7 per cent while there was a slight decrease in the prices paid by farmers for their purchases, ac cording to price data compiled by the United States Department of Agriculture. The advantage of this increase in average prices per unit produced was partly offset by a de- crease in volume, As the net effect of these two forces, the estimated Bross cash income from farm prod- ucts increased in the fiscal or crop year of 1927-28 by $279,000,000 or 2.9 per cent as compared with the preceding .crop year,” Export Trade Drops Export trade, the secretary says, reached a total value of $4,877,000, a decrease of 1.8 per cent over the Previous year while imports aggre- gated $4,146,000,000, a decrease of 2.5 per cent as compared to 1927. ,_ In the banking situation loans and investments of all banks in the country increased $3,500,000,000 or about 6 1-2 per cent, he points out. This was the largest growth since the year ending June 30, 1925. The total ordinary receipts of the government for the last fiscal year, Secretary Mellon places at $4,042,- 348,156, a decline of $87,000,000 as compared »with the previous fiscal year. Customs receipts declined $36,500,000. to $569,000,000 while in- come taxes dropped $51,100,000 to $2,173,900,000. Miscellaneous _in- ternal revenue taxes declined $23,- 400,000 to $621,000,000 but payments from foreign governments increased $2,800,000 to $208,900,000. The total expenditures chargeable against ordinary receipts for the fis- cal year, the Secretary fixes at $3,643,519,875 or $149,935,356, more than in the preceding year. The total ordinary expenditures were $3,103,264,854 of $129,235,180 more than the previous year while it re- quired $540,255,020 for public debt retirements, $20,700,176 more than in the preceding year. Retire Public Debt For the year the surplus of re- ceipts over expenditures amounted to $398,828,281 but most of it, or $367,358,710, had been expended by the end of the year in public debt retirements. It was $237,000,000 less than the year previous. At the close of the fiscal year the sree: public debt of the United States government amounted to $17,- and the net cash balance eneral fund of the treasury 190,331. The figures rep- resent a decrease of $905,883,703 in the public debt and an increase of ik 1210 in the net balance for previous year and imports had but | — (©1020, ev wea seavice, inc. REQ. U. 8. PAT. OFF. shopping all by myself?” “Don't you think I’m awfully brave, James, to do my Christmas Woman’s Pla Her Comman Sense Compen- sates for Inexperience, Says Mrs. Wyckoff Editor's Note: Just how the Stock Exchange operates is de- scribed today by Mrs. C. G. Wyckoff, president and publish- er of the Magazine of Wall Street, in an exclusive article for the Tribune and NEA Serv- ice. In her next and last article, this prominent financial writer will tell about women and the small investors in the market. erie By MRS. C. G. WYCKOFF (Copyright, 1928, NEA Service, Inc.) New York, Dec. 5.—Among the millions who are interested in securi- ties today, only a small percentage know exactly what happens to the order which they either write, tele-| phone, telegraph or personally de-| liver to the brokerage house with which they are dealing. With the turnover ecurities on| the New York Stock Exchange run-| ning from three to almost seven mil-; -|lion shares per day in the past few} months, although the facilities have} been severely taxed, the machinery for handling the business has fune- tioned with astonishing rapidity. All this is due, in the first place,| to the code which exists between the! members on the floor of the ex- change, enabling a man in perfect confidence to accept orders for the purchase or sale of thousands of shares of securities running into tre- mendous sums, with nothing but verbal order to establish the trai action. One cannot disavow a pur- chase or sale whether the market goes in his favor, or against him. No Loss of Time This method of procedure climi- nates yards of red tape which us ually ‘surrounds business trans tions with the average commercial house. Thus, when you place an or- der with your broker, it is written on an order pad printed in black for buying orders, and red for selling orders, showing name of stock, num- ber of shares and price at which the order is to be executed and the name of the customer. It is then handed to an order clerk in the cage. brokers give to th @:oom that houses the order clerk, margin clerk, book- keepers, and cashier, there never is Nn unnecessary moment lost in trans- mitting the order to the floor of the stock exchange, because any delay might mean a serious loss to the cus- tomer. Sent to Floor If the clerks are familiar with the customer's account, the order is telephoned immediately by private wire to the “floor member”—on the floor of the exchange. As only stock members and uniformed employes are allowed on the floor, the tele- phone clerk hands the order to an “Exchange page,” who promptly de- livers it to the floor member. It takes but 15 to 45 seconds from the time the clerk receives the order un- til it is in the hands of the floor member. If the order is “at the market,” the floor member goes to the “post” where the stock is traded in and buys immediately at the lowest of- fering, or sells at the best bid. The floor of the exchange is dotted with posts, which look very much like traffic semaphores. Specific secur- ies are traded in at these posts, and here the specialists do business in these particular issues. However, if the order is-placed at @ specified price rather than.at the In closing: his report Secretary Mellon; reiterates his suggestion market, for instance: “Buy 100 shares U. S. Steel at 170,” and there is no stock offered at the price, the order is given to the specialist who ters it in his book, and who is re- sponsible for the execution of the order when the market reaches that rape or word of mouth. A writ- ‘irmation is mailed to the cus-| fi at tue close of business. May as for Ma M is then entered on and a rec- Be in the Stock Market | master jon the In the “cage,” which is the name | ce? It May margin. If not, a “call” for addi- tional funds is sent out that night. “Margin” represents the deposit an individual puts up against the pur- chase of stocks, The better class houses now require a deposit of ap- proximately one-third of the market value of the stock. As soon as the order has been exe- cuted, a note is made of the transac- tion by the uniformed reporters of the exchange, indicating the num- ber of shares, name of the security, and the price at which the trade is made. It is then handed to one of the operators of the ticker sending stations, who transmits it to a clear- ing station, which records all trans- actions in sequence, by means of a sending a paratus which looks very much like a typewriter keyboard. Thus it appears on the tape which we hear clicking so mer- ri'v in the broker’s office. When the ticker is abreast of the market, the customer can read on tk» tape the report of the execution of his order within from one to two minutes. In addition to buying and selling stocks, the broker acts as the cus- tomer’s agent in arranging bank loans for those who buy on margin. Here again a good deal of red tape and unnecessary motion is elimi- nated by having 2 “loan desk” right ‘ock E: nge floor, where the representatives of the banks and the money brokers, who are ex- change members, meet the brokers who want to borrow money against stocks on “call.” “Call” money means that the loan may be called at the pleasure of the lender, but is actu- ally made on a day to day basis. The THE BISMARCK TRIBUNE Cash Returns From Farm Products Increase, Mellon Says > BELOW NORMAL HOOVER LANDS AT CALLAO AS 30,000 CHEER Thousands Line Eight Mile! Stretch from Seaport to Peru Capital ‘HOOVER DAY’ IS HOLIDAY} Formal Dinners and Receptions} to Keep President-Elect Busy in Lima Callao, Peru, Dec. 5.—(A)—Presi- dent-elect Hoover, landing on Pe- ruvian soil this morning on his good will tour, was given an enthusiastic welcome by a great crowd of from 30,000 to 40,000 persons, who cheered and applauded him as he came ashore from the U. S. S. Maryland. The eight mile stretch of highway between the port of Callao and Lima, Peru’s capital, was lined on each side by thousands of brilliantly uniformed gendarmes stationed about 20 yards apart the entire distance. Both Lima and Callao were be- flagged and all the buildings be- tween the two cities were decorated. Just as in the other republics vis ited, this “Hoover day” was a n tional holiday in Peru by a_presi- dential proclamation and an act of congress. Crowds Jam Piers The Callao waterfront was lav- ishly decorated and all ships both of the Peruvian navy and merchant- men were beflagged and decorated in honor of the occasion. The piers and wharves all along the waterfront were jammed with thousands of spectators as the Maryland anchored at 7:15 a.m. Then the Maryland’s launches be- gan carrying members of the Hoover party ashore, Mr. Hoover himself planning to land with his immediate official party about 9 o'clock. _ Nine seaplanes of the Peruvian navy soared over the harbor as President-elect: Hoover started -for the shore. Three Peruvian subma- rines, a half dozen destroyers and cruisers and other smaller craft lined the route a s the harbor from the Maryland to the pier. Salutes. Roar Welcome Pennants were flying and salutes it in the Mary- the Peruvian official welcoming government’s ships. After formalities at Lima are con- cluded, Mr. Hoover and Ambassador Moore will go to the presidentiai palace where President Leguia will officially receive and welcome him. A luncheon will be given at the American emb: in honor: ef, the Peruvian president and during the: afternoon there will’ bea reception | for members of the American colony. A state dinner will be given at the presidential palace by President Le- guia this evening and then Mr. Hoo- ver will return to the Maryland. As the Maryland sailed down the coast of Peru yesterday Mr. Hoover inspected parts of the Maryland. He+ saw. the 16-inch guns elevated and swung about in practice, although; they were not fired. WwW at sea Mr. Hoover has been inspecting some part of the Mary- land which is new to him each day. The magnitude of the realized by the fact that require three*months of daily inspec- tions for one to see everything “renewal rate” is agreed upon every morning at abou: 10:40 a, m., and is immediately ticker. That is the vast machinery that it takes to handle a stock trans- action, and it functions with the st smoothness and lack of er- r ich is remarkable considering the tremendous nun.ber of orders ex- ecuted, and the colossal sums in- volved. announced over the NEXT: Women investors in the stock market. Superintendents to Convene in Bismarck The annual meeting of the county superintendents of North Dakota will be held at Bismarck beginning Dee, 27, and continuing until Jan. 4, according to Miss Bertha Palmer, state superintendent of public in- struction, This is an earlier date than usual, it being the custom to open the meet- ing on the Monday nearest to Jan. 15. This year, however, new county superintendents do not take office until Jan. 7, and because the eighth grade examinations begin Jan. 14, and high school examinations the fol- lowing week, it seemed advisable to set the date ahead. ‘The first day of the institute will {be taken up with a special course in school administration and nrehlems of supervision with President Swain and A. C. Berg of the Mayvine . mal in charge. On the convention program will be talks by several of the county super- intendents on problems. of. their work, and a discussion of school laws, parent teacher otganizations, and visiting teacher work. H. K. Jenson, Mandan, superin- tendent of Morton county, will pre- side as chairman at the meeting. Other officers are, Miss .Madge Runey, Bismarck, superintendent of. Burleigh county, vice-chairman, and |-° W. E. Parsons, Bismarck, secretary. Moellring and Lowe Judges: H. Moel argin clerk, | struction - immediately | cumbent sufficient {60,640 for G received 152,71 E. Pickles. Get Large Majority of George Williston and John C. Lowe of Mi- not, incumbents, received handsome majorities at the Jast election in judicial contest in the fifth district, can- was and & s aboard. BANK SHORTAGE ~ CLOSING CAUSE Minnesota Bank Cashier Con- fesses Irregularities of $28,000 St. Paul, Dec, 5.—(AP)—Simul- taneously with the closing of the Citizens State Bank of Afton, Wash- ington county, today, A. J. Veigel, state commissioner of banks an- nounced that Harry A. Swenson, cashier, has confessed to irregulari- ties totaling $28,000. Swenson’s alleged confession was made in the: commissioner's office where he was held until midnight last night to explain irregularities found by examiners. Swenson, according to Mr. Veigel, admitted 69 items of irregularities. He took sums from the bank and laced in its records as security al- leged forged notes ranging from $100 to $350 representing signatures of many of the bank’s regular cus- tomers and placed with the bank for safe keeping. q The bank, which did not open for business today and which is in the hands of the state banking depart- ment, had deposits of $130,000, —_—— | Social and Personal | ——_—_—_ Lt. Harron Speaker at Rotary Luncheon Lieut. James A. Harron of Fort Lincoln spoke on West Point at the ngon: luncheon of the Rotary clab °A Th his talk, Lieut. Harron gave a historical: eketch of the school, described the organization of the Cadet corps, the curriculum and the athletic system. He mentioned par- ticularly the "emocracy exemplified among ihe students both of West Point and Annapolis, ; Misses*Lucile Coghlan and Dency Dickinson gave a short musical pro- gram with Mrs. Hermann Scheffer at the 10. Guests of the club today were: wi Thomas A. Pugh, and_ Roy Baird, of Dickinson, Dr. J.B. Doyle, Rochester, reorte M. Robinson, F Lyman and Al Grayehee ct Mane : in raychee, lan- dan, and Lievt. Harron, Scheffer, Lucile Coghlan, Dency 1, V bya r, Bismarck, party ~assed through the lane of 7 Even ‘Safest Full Shar ‘Just Routine,” Says Trophy Winner With 3,200 Air Hours to Credit San Diego, Cal., Dec, 5—(NEA)— utenant James,E. Dyer has spent 3200 hours of his 34 years in the air. But thrilling as this may sound to others he dismisses it with a casual: “Just routine.” i Even when he was notified that ord for the past year—that of is plane in the air for 1251 ithout an accident of any d_ won for him the most coveted prize in naval aviation—the Herbert Schiff trophy, he refused to become a hero. i ust routine,” he repeated. “With airplanes built like bridges, as they are today, and with the government’s PREVIOUS AWARDS 1925—Lt. Reginald D. Thomas, 583 hours 43 minutes. 1926—Capt. H. D. Campbell 839 hours 40 minutes, 1927—Lieut, Arthur Gavin 865 hours, 1928—Lieut. 1251 hours 15 minutes, James E. Dyer, rigid requirements for air pilots, no one should fear air travel. “And,” as he gallantly deflected the spotlight from himself, “why shouldn’t I have that record, with W..E, Leland, the best machinist mate in the navy taking care of my ship?” Will Fly to Washington That’s the way this “safety ace” dismisses the honor and says that any-one of several pilots he knows might as easily be standing before President Coolidge December 15 re- ceiying the cup. He will fly across Safest United States Flyer Lieutenant James E, Dyer, winner of the 1928 Schiff safety trophy, has had narrow escapes during his flying career, -in a heavy sea 40 miles off Panama and was rescued by a destroyer. Once he was forced down Flyer’ Has e of Escapes the country to Washington, D. C., for the ceremony. Lieutenant Dyer is an instructor at the‘Naval Air Station here. Last year, while making his record, he also taught 107 students to become aviators. He has an average of six hours in his plane for every flying day in the year. His career as’ an aviator be; when he enrolled in the U. S. Naval Reserve force in 1917. The follow- ing year he was commissioned en- sign. In 1920 he was commissioned junior grade lieutenant in the U. S. Navy, and lieutenant in 1922. From 1924 to 1926 he was attached to the VF Squadron of the Battle Fleet. Then he transferred to naval station to San Diego, where he since has served in the capacity of chief instructor at the station, But despite his reputation as a safety flyer, Dyer has had his share of close calls during this decade of sir service Down in Heavy Sea “In 1923,” he recalled, “we were flying a twin-motored seaplane be- tween Panama and Venezuela. Every time we landed we sat down in heavy seas. We were weathering the storm in good shape until one of our en- gines went out. “About 40 miles out from Panama we made’ a forced landing in as rough water as I ever saw. The crew thought only a miracle would get them into port, but we rigged shirts between the wings as sails and tried for 48 hours to beat our way to land. Fortunately, a destroyer picked us up.” On another occasion Dyer had been up in the C-9, a non-rigid navy airship at Coco-Solo. “Non-rigids,” he explained, “are made of rubberized fabrics. In the tropics the fabric deteriorates rap- idly, but this balloon appeared in good shape when we too! went up to 1500 feet and soared at that altitude for a while. When.the time came to descend, we came down off. We bu WEDNESDAY, DECEMBER 5, 1928 to an altitude.of 25 feet without in- cident. Just a-Short Fall “Then the bag burst! It ripped open-a distance of 85 feet along the top, Had that occurred at any ter altitude, I never would have n eligible for the Schiff award.” The Herbert Schiff Trophy dif- fers from many trophies in that it is not based upon competitive rac: ing nor attempts at records, but upon a year round performance in the line of duty. 4 It is awarded by a committee headed by Rear Admiral W. A. Moffett, chief of the Bureau of Aero- nautics, and by William Schiff to the navy aviator who compiles dur- ing a year the highest number of flying hours without serious acci- dent to personnel or equipment. The trophy perpetuates the mem- ory of Herbert Schiff, who was an aviator witth the Naval Reserve force during the war, and took ex- tensive training each year at var- ious air stations on the Atlantic Coast until killed in a crash at Hampton Roads, Va., in 1924. A Plea for Safety His family, far from being em- bittered by Kis death—he was only 28—have endeavored through his trophy to safeguard the lives of others performing the same duties. “Which,” explains William Schiff, his brother, “is why the safety fac- tor is all important. Dyer’s record is an enviable one indeed. Twelve hundred and fifty-one hours. of ab- solutely safe flying in one year with- out an accident is a remarkable ac- complishment. ; “Not enough attention is paid to the successful routine flying that goes on in the country. Accidents, of course, are bigger news than safely accomplished routine activ- ities. Yet, for the advancement of aviation, a little more emphasis should be given the facts about suc- cessful flying done by army, navy and civilian flyers, whose names we rarely hear because their work is routine and unspectacular.” KING GEORGE'S FEVER HIGHER Infected Lung Renews Activity But Moderation Is Expected Soon London, Dec. 5.—()—An anxious Bie, learned today when a medical ulletin of King George’s physicians was issued that his majesty was suffering from renewed activity of the infection in his chest. Previously an improvement in this condition had been reported, but to- day’s bulletin stated that this was what had caused the disturbing rise in his temperature which was noted yesterday. There was a measure of relief to the popular mind, however, in the announcement that there were rea- sons for hoping that this recrudes- cence was being moderated and also that the night had been a fairly comfortable one for the king. There was nothing specific in the morning bulletin regarding the king’s temperature. Nor was any- thing said as to how his heart was reacting to the long strains of ill- ness which, it had been strongly re- iterated recently, was the vital point upon which the king’s chances of |® recovery from his illness rested. The bulletin was signed by Sir Stanley Hewett and Lord Dawson of Penn and read: “The king has passed a fair night. There are reasons to hope that the recrudescence of the infection which caused the last rise of temperature is being moderated.” WALES AT ADEN ON grave head met. COUNSELLORS PERFORM MONARCH’S BUSINESS London, Dec. 5.—(AP)—Letters patent under the great seal in con- nection with yesterday’s appoint- ment of six counsellors of state have been sealed and today Queen Mary, the Duke of York and Premier Bald- win, members of the commission, signed various documents which had peti during King George’s illness. CONSTRUCTION OF BASEMENT NOT BASY JOB Good Gravel Contributes Strength to Walls of Dem- onstration Home was covered with a khaki hel- (By the Building Editor) Construction of the basement of the Bismarck demonstration home was simplified by the employment of the Wachter Transfer company to make the excavation and to fur- nish the gravel, The excavating was done with a team of horses, a plow and scraper. Almost anyone can dig a basement but even in this work there are fine pone which experience has taught asement excavators. Among these is how to handle the dirt after it has been taken from the basement. If the dirt is to remain on the lot for use in grading it is necessary that it be placed in such Position as not to interfere with the work of building the house and is readily accessible for use in grading. It also requires skill and practice to dig the walls of the basement on the exact lines laid down by the con- tractor or architect. The principal contribution of the Wachter Transfer company to ‘the demonstration home was to furnish gravel which went into the foun- dation footings, walls and the base- ment floor. Analysis of samples taken from the pit southeast of the city shows the gravel to be cleaner than any other natural gravel in this vicinity. Its uee, therefore, gives a stronger wail and firmer floor than would have been obtained by using other gravel except the washed product—and washed gravel is much more expensive. The principal impurity found in Burleigh county gravel is lignite coal. This occurs in the gravel beds in seams ranging from a fraction of an inch thick to three or more inches in thickness. The pit south- east of the city has only a few coal ae in it and all of these are very in. Because of the fact that even the best local gravel is not free from impurities, Contractor J. C. Beattie used more cement in the concrete for the demonstration home basement than he would have used with washed gravel. The use of additional ce- ment, however, gave as good a job at less cost than would have been the case with washed gravel. —— | Barber Shop Ain’t | What It Used to Be < | | re Barber shop society isn’t what it used to be—and contrary to the ideas of some people the addition of women as steady customers of ton- sorial parlors has tended to decrease the amount of gossip. , This was brought out here today in the questioning of Fred Ode, sec- retary of the state barber board and & prospective juror at the trial of Ray Potter on a murder charge. Asked if he had not heard a great HURRIED, TRIP HOME London, Dec. 5.—(AP)—A dis- patch to the Evening Standard from Aden, Arabia, says that the cruiser Enterprise arrived there at noon to- day with the Prince of Wales, who is hurrying home to his father’s bedside. The prince appeared to be in ex- cellent health and was much sun- int. He stood on the bridge as the cruiser entered port. He wore knickers and was without a coat, his shirt sleeves being rolled up and his I te tt v a te ee As AME ALE gh went, | OUT OUR WAY GOOD GOSH! AFTER ALL Tve DONE T BRING HIM UP LIKE A GENTLEMUN — HE EATS A MEAL AN NEN CARRIES TH DONT LIKE CRUSTS, AN' WHEN HES THRU A)HE Tiss LEAVES EM oe OuTSi0E OF THE ANO INSIOE INS) e OF ec oO UTSIDE- aus asks By Williams ie TRwLlams i PAT.OFF, ©, OY IA SPENCE, wie. deal of discussion about the case in his barber shop, Ode said there is not so much discussion in barber shops now as there used to be. Bismarck Quota for G. N. D. A. Work Grows Bismarck will contribute more than its $2,000 quota in nnual Greater North Dakota ai tion. membership drive which is being conducted here, according to J. A. Wagner, who has charge of funds received. Funds received so far are ovex $1,500 and some of the committees ve not yet reported, he said. Organizations which usually make large contributions have not been solicited here yet, though most of the campaign work has been com- pleted by the seven committees which were directed to canvass the city. The drive was conducted by Fred L. Conklin, who represents the asso- ciation here. DEVELOPS COLLEGE HEADS Northfield, Minn—(#)—When W. W. Bartlett becomes president of Rio Grande college in Ohio he will the fourth president sent by Carleton college to other institutions seven years. Dance at the I. 0. O. F. Hall Thursday, Dec. 6th, given by the Ladies’ Auxiliary I. 0.0. F. Public invited.