Evening Star Newspaper, October 5, 1926, Page 29

" LABOR IS PLANNING DRIVE ON DETROIT Car Manufacturers Predict Failure for Attempts to Organize Workers. By J. C. ROYLE. Spe Dispatch to The Star. NEW YORK. October Plans are now being formulated in Detroit b labor leaders now there for the annual meeti Jf the American Ilederation of Labor to organize the hundreds of thousands of workers in the automo. bile industry. This became evident today thiough dispatches received here by motor manufacturers. Ad- vantage will be taken of the presence in Detroit of the active working per- sonnel of the federation to launch drive to unionize the automobile in- dustry ich hitherto has been one of the greatest strongholds of the open shop. It is estimated there are not more 35,000 to 40,000 unionized work- f 350,000 industrial 5 per cent of those to the building or trades unions. The United Au- Aireraft and Vehicle Work- membership of only around a tenth of its former strength. le the machinists and metal pol- ishers organized, there is not & single shop in the great auto- wobile center employing those trades. ken last Spring employes. About ized belong are And a st by them w L Wages in Trade Are High. Employer the union or- zers will have extreme difficulty arousing the in of workers. < in tne automobile industry are high and a great percents employed ovn automobile )vers state that ised unionism to the industry in in In Detroit s that Known to be living in 1 homes not counting 29,700 ters and roomers classified as ind exchuding a number of tential suburbs. A large num working in the automo- in various cities live i cite these k attempts to . the industry will not meet with succe: The American Federation of Labor i« definitely committed to the five-day and leaders assert that the tr automobile industry is pro- side by side with that prin- lant declare that the g Leen in effect in the plant for 1% months. They go still further and declare the s em was di ted by a slump rather than any altmuistic pur. who h: ve engineers & Ll A. ABELMAN, 4809 GEO. M. CASPER, COLU ] H. F. DISMER, 3124 Bowm M E e %W B 3 5 ) ¥ - 8 . el not lend itself to maintenance of sl output under reduction of working {hours. This does not imply that the | COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY | | E N. Dak. October 5—| s, ‘machines which harvest | and thresh grain in one operation, have been operated with unusual suc cess in the dry areas of North Da- | kota this year. In central North Da- | kota, where threshing cost one farm- | er T cents a bushel in 1925, the cost was cut to 315 cents LAKE CHARLES, La.—~The bring- lm;z in of a well flowing 100.000,000 feet of gas and 3,000 to 5.000 barrels of ofl in this section by the Vacuum 10il Co. is held here to indicate that another huge natural gas field has been discovered which will rival those | of Monroe and Shreveport CHICAGO. — The packing house | business for the past week has been sloy with the price trend slightly | lower. " Beef supplies have been in le s of requirements and pork | | moved rather slowly at barely steady prices. Lamb trade found demand lessened. | DULUTH.- | from upper Lake Superior districts so_far this vear have increased 1,777,526 tons, as compared ith last | year. With docks at Escanaba and { Marquette not y eported, reports show a total of 37,869,051 tons, as compared with 36,091,625 WILL RESUME NEGOTIATIONS. NEW YORK, Ogtober 5 (#).—Nego- tiations with minority stockholders of the Chesapeake and Ohio and Erle Railroads, are expected in Wall street to be resumed shortly by the Van Sweringens, who are scheduled to ar- rive in New York this week. Pro: pects for an agreement now are said to be better than at any time since the Interstate*Commerco Commission rejected the original proposal. watched the Ford processes closely ¢ that the Ford workers are dif- ferent from others engaged in auto- | mobile manufacture. Few are trained | mechanies. They number among theni' former clergymen, barbers, lawyers and every known trade. To 2 good many the Ford job is the best they ever have had and they are ex- tremely anxious not to lose them | The observers say that whenever orders were in such a state at the | ord plants that a curtailment in | mployment was forecast, t speeded up, so that in re much was accomplished in five da as formerly was done In six. Other employers than Ford indi- cate they have no objection to a five- | day week provided it works out in | their plants as it has in the flivver ctories. Labor leaders claim it | will be satisfactory both for workers | and employers. The latter point {out. however, that the men they | employ wre of a different training, and have a pride in the quality the work they turn out, which will | s | s have no pride in their | work. They have, but it is a pride of volume rather than of quality, just 1s the product they make is a volume and not a quall | Ford worke Shipments of iron ore | Standard 0il Co, hduc . THE EVENING EXPORTS TO EUROPE INAUGUST INCREASE A Lower Prices for Rubber Cause De- crease in Value of Imports From Asia. By the Associated Press Increases in the exports of the United States to Kurope during Au- gust more than made up decreases in shipments to South .America, Com- merce Department figures showed to- day. The country's total imports from Europe also increased, but there was a marked decline in its imports from Asla, due largely. to lower prices of rubber. Exports and imports by grand di- visions for last August compared with August, 1925, follow: EXPORTS Grand Divisions Europe . 2 North America Bouth | America. A Ocennta ’ Africa 8507.154 ‘The United Kingdom was the larg- est importer of American products among individual countries during ‘August, taking goods valued at $73,: 496,059, as compared with .$63,083,566 in August last vear. American im- ports from Great Britain _declined from $32,286,176 to $27,345,678. Ger- many bought during August $28,844,- 248 worth of American products and s0ld to the United States $18,310,897 worth. . CUDAHY DIVIDEND. CHICAGO, Octgber 5 (#).—The Cudahy Packing Co. vesterday de- clared a semi-annual dividend of 3 per cent on its 6 per cent cumulative preferred stock, payable November 1 to stock of record October 20, and 3% per cent on the 7 per cent cumulative preferred stock, payable the same date to stock of record Octoher 20, STEEL PRICES DOWN. NEW YORK, October & (#).—Con- tinuance of a weakening tendency in prices of iron and steel is reported from the Chicago district where all grades are off 25 to 50 cents a ton. Heavy melting steel now ranges from $13 to $13.50 u ton compared to $14 a ton the end of last week. POULTRY PRICES STEADY. CHICAGO, October 5 (#).—Poultry —Alive, steady: receipts, 16 cars; Sprin turkeys, 34: ducks, 23; geese, 20. KEROSENE PRICE CUT. NEW YORK, October 5 (#).—The of New Jersey has reduced the price of kerosene 1 cent nts. Bring new beauty and color into your home/ REFINISH the furniture in your home—or your car—with Duco! Duco transforms home painting from a drudgeryintoa joy. Applied with a brush: Duco dries fast—and lasts. For a hundred home uses, HUGH REILLY COMPANY DISTRIBUTORS paints for Ever_v purposefclass {01" EVCI‘)’ Need Phone Main 1703 Sold lby these Dealers in Washington and Vicinity: 1334 N. Y. Ave. Ga. Ave. N.W. CALVERT HARDWARE CO,, 2501 Champlain St. N.W. 1013 No. Car. Ave. N.E. COBLENTZ PHARMACY, 1542 N. Capitol St. JMBIA HARDWARE C , 2546 Wisc. Ave. Col. Pike, Arlington. Va. _ 14th St. N.W. W. A. FINCH, 2416 18th St. N.W. ABE GREENBLATT, 44th & Deane Ave. N.E. - R. D. GRUND, North Beach, Md. C. W. HENRY, 1250 22nd St. N.W. HUNTER BROTHERS, Rockville, Md. IDEAL HARDWARE CO., 1220 Pa. Ave. § BEN KRUGER, 2010 18th’ St. N. S. J. MARTIN, 5022 Rock Creek Church Rd. MEENEHAN, 2010 14th St. N.W. SAM MENDELSON., 1100 King St Alexandria, Va. MONARCH HARDWARE CO., 1801 L St. N.W. S, 3001 P St. 1. S. QUACKENBUSH, 3263 M St. N.W. E. B. RECTOR. 5443 Conduit Road N.W. RIORDAN & WHITE, Laytonsville, Md. SERVICE HARDWARE CO.. 4710 14th St. N.W. JOHN A. T. THOMSEN, Clarendon, Va. LLAWRENCE TURVILLE, 5536 Conn. Ave. M ULLMAN, 1778 You St: N.W. IVERSITY HARDWARE CO., 1. FOREST WALKER, Gaithersburg. Md. F. L. WATKINS, Deanewood, D. C. F. L. WATKINS, Seat Pleasant, Md. MANX ZEVIN, 1746 7th St. N “There’s a du Pont Agent in your neighborhood” allon throughout its teritory to 16| STAR, WASHINGTON, MEN AND MONEY By M. S. Rukeyser. (Copyright. 1926.) Although the American railroads are today more prosperous than at any time since the country entered the World War, A. J. County, chiet financial officer of the Pennsylvania Railroad, does not believe that the transportation millennium has been attained. 1 discussed the new opportunities and problems in rallroading with Mr. County at his Philadelphia office. Mr. County fs a tall, broad-shouldered native of Dublin, Ireland, who still retains many of the delightful char- acteristics of his race, although he Is completely swayed by American busi- ness philosophy and ideals. “We haven't twentieth century raflroading,” Mr. County asserted. “We still have to a large extent nine- teenth century railroad methods and equipment. Meantime, the country has kept growing, and it is small wonder that part of the new traffic has gone elsewhere. With limited earnings and war conditions the rail- roads have had to do the best they could under limited net results, and it 18 not surprising that there has been so much talk about the utility of motor trucks and busses and the future possibility of airplanes 4nd even of canals. Roads Are Fairly Prosperous. “The railroads are now fairly pros- perous. Their properties are about as well off as they were in 1917, be- fore Government control, not quite as well off as in 1916. They have whole- heartedly entered the era of better service to the American people and co-operation with their shippers and employes. The result of the last three years in service and efliclency has ver been excelled. “e“’;he net earnings this year are likely to prove larger in dollars than ever before in their history, but the percentage of net return on capital in- vested will no doubt be somewhat smaller than in the highly prosperous r of 1916. ym‘““’nh continued stabilization of business and profits in the railroad field,” resumed Mr. County, who started with the Pennsylvania at the age of 19 as a clerk in the secretary’s department, after serving in the pur- chasing department of the Great Southern and Western Rallway of Ireland for flve years, “the inventive genius of the American people will be turned loose to advance railroading in all branches. Various significant changes await only the assurance that new money invested will earn a fair return, such as electrification of the lines, the construction of extra tracks, and the building of new freight and passenger terminals. In recent years, the railroads have been scrap- ing along on what they’ve had—trying to eke out some return on capital al- ready invested. Under such restric- tive conditions there was little incen- tive to put fresh capital and fresh inventive genius into the business. Now the time seems here when the rallroads can further improve and de- velop with the country.” Need to Average Fair Return. Mr. County said that the carriers need to average a falr return on their capital invested for a period of years to be really well off. He ascribes the current return of N.Ww. 3304 Wis. Ave. D, €. EURSIEY; ¢ TOBER 3. . [m rdllroad securities to favor at the Stock Exchange to demonstrated improvement in earning power and service and ample information cur- rently published. Incidentally Penn- sylvania stock, which for years after the war sagged far below par. now sells at the highest premium since 1917. Last year the Pennsylvania earned twice the present 6 per cent dividend, and Mr. County belleves it will do at least,as well this vear un- der the present volume of traffic. Mr. County is an earnest advocate of industrial co-operation between men and management. He anticipates still wider distribution of railroad stock and bonds to employes and to the general public, calling the movement “citizen ownership.” “What saved the rallroads,” ex- plained Mr. County, “has been stabil- ization in business production and consumption—call it hand-to-mouth buying, if you will. Business men and railroad operators learned many lessons during the slump of 1921, and since there has been a disposition to buy only for immediate wants instead of in_ anticipation of future needs. Speculating_in commodities has been discontinued. The result has been a steady _movement of articles from maker to user through the vear, in- stead of jerky movements in fits and starts according to the changing op- timism or pessimism of business men. As a result, the raflroads are able to move more freight than ever before without car shortages and de- ays. Adapted to New Trend. “‘On the Pennsylvania we have adapted ourselves to this new trend, and, though giving large orders for current use, can get along with one- half the value of the stock of mate- rials and supplles carried after the war. Moreover, instead of carryving 280,000 men on the pay rolls as was the case after the war, and giving many of them sporadic employment, we give steady employment to 210, 000. We desire well pald men in the raflroad service, bt we are concerned in what is produced for that pay. The men are making more money.and producing more efficiently than in the past “We are on an entirely new basii of industrial relationships, and should,| discard the worn-out phrases of the past. When I first came to the Penn- sylvania Railroad, the average annual wage was $500; it is now $1,700. “With good earnings stabilized for a period of years and freed from un- wise legislation,” asserted Mr. County, “the railroads ought to be able to raise all new capital to finance de- velopments and extensions. The rail- roads are approaching a time when they can finance themselves by the sale of stock, although the strong rail- roads can now get funds much cheaper through bond issues, and also make material savings in their taxes. The Reason ical business car. you cannot afford to overlook. . . tone Duco; looks™like a sport model $680 NASH TOURING—Thi« car is painted an attractive shade of vermillion; disc wheels $444 and nickel trimmings. (e be quickly snapped up, is a bargain at the price Until 9 Now It s in excellent condition throughout and offered at a price FORD COUPE~—This car will for it $244 TERMS CAN BE ARRANGED ON ANY OF THE ABOVE CARS Moreover, with earnings stabilized, and a margin of income avallable for betterments and to sustain their credit, the dangers of a heavy bonded indebtedness are less acute. “The Pennsylvania has done no new financing in 1925 or 1926, and President Atterbury recently stated that none is contemplated for the near future.” As for rates. Mr. County sald they must be ample to protect the rail- road investment, and should be fixed at such levels as will stimulate move- ment of the greatest traffic. THE BUSINESS OF GETTING AHEAD What Determines Your Personal Credit. You determine your own credit | standing or borrowing capacity. Your | credit is merely a crystallization of your credibility. | If you have gained a reputation for thrift and for the capacity to execute your promises your credit is good. Such considerations are more important in determining your credit than the possesslon of material tokens of wealth. The outstanding financler of the last generation, the late J. Plerpont Morgan, once remarked that the best collateral for a loan is character. | You tend frreparably to injure your | credit by lying, bragging, exaggerat- ing and deceiving. On ,the other hand, you inevitably strengthen your credit by a habit of stralghtforward dealing in all matters, by capacity to tell the exact truth and by a custom of invariably fulfilling your promises. The astute business man has dis- covered that it is better to go through with & bad bargain than to injure his credit by welching. Good credft constitutes a little more than a reputation for relfability. Good credit in the United States constitutes currency of enormous pur- chasing power. Good credit 1s a necessary founda- tlon In all business success. Credit Is a Frail Flower. Credit is an {iitangible thing. a | frail flower. It flourishes in the sun- light of truth telling. It withers and fades when individuals make | promises which they are unable to | fulfill. Introductions help to e credit. Therefore, it is always wise | for the business man seeking outside | funds with which to expand his en- | terprise to start with his local bank, which can introduce him to its corre- | spondents in the great financial centers, which, in turn, can put him in touch with investment bankers. In strange citfes the credit seeker who is well introduced stands a bet- | ling ter chance of success than an indi- vidual who is without a certificate in- dicating good character. Bank credit, consisting of deposits against which checks may be drawn, | is created by exchanging the bank's own reputation and strength for the credit of individual customers, whom the bank is prepared to sponsor. Bank credit, of course, is better known and, therefore, more widely acceptable as a medium of exchange in ordinary business transactions than the credit of an individual. The ordinary bank loan is a loan of credit—rather than of cash. It consists of an authorization for de- positors to draw checks on the banks up to a stipulated amount. The bank anticipates not only a return of the funds advanced but also the payment of interest. (Copyright. 1926.) EXPERIMENT WATCHED. SAN FRANCISCO. experiments of the P Flectric Co. with a process for mar- keting gas from Western coals instead of from crude oil, as has hitherto been done in northern and central Cali- fornia, 19 being watched with extreme interest, in view of assertions and counterassertions by eaperts as to how long the oil supply will last. . DEPOSITS SHOW GAIN. NEW YORK, October & (#) hosits of the Guaranty Trust C New York increased more than 000,000 in the past quarter, bringing the total up to $556,693.381. The state- ment of the bank’s condition on Sep- tember 30 shows capital of $25,000,000, 0,000,000, undivided profit and total resources of De . BANK OPENS OCTOBER 14. NEW YORK, October 5 (#).—The new Interstate Trust Co., latest addi. tion to the list of Wall Street banks, will open its doors on October 14 eorge S. Silzer, former governor of New Jersey, is president of the insti tution, which will have an initial capi tal of $3,000,000, larger than taat held by any other New York bank at the start of its business. . . PROFIT IS $2,482,726. 3W YORK, October 5 (#).—Ster Products reports net profit of $2,- 482,726 for the first half of 1926, equal to $3.97 a share on the no par stock. KINNEY SALES LARGER. NEW_ YORK, October 5 (#).—Sales of G. R. Kinney Co. for the nine months this yvear were $12,457,947. against $12,066,977 in the same period of 1925 N and Going Strong! Not in years—in Washington—has there been assembled such a remarkable stock of Used Cars of better than average worth, at lower than average prices condition throughout; new car ... $233 HUDSON COACH—The paint on this car is not new, but in LATE MODEL BUICK TOUR- : ING—Mechanical shape excel- 51""‘1 condition. _ Upholstery, lent; tires good; finished in two- 'Q":( and f“.".“’v'. i $442 FORD BSEDAN — This car speaks for itself. Just the car for use over the winter. Put the good car away and use 5288 this for transportation Chevrolet Touring. ... .. $144.00 Studebaker Touring. . ... $233.00 Willys Knight Sedan. .$1,488.00 Buick Sedan ...$466.00 Ford Seda co......$133.00 Buaick Sport Touring. . ..$588.00 Ford Touring........ $133.00 Overland Touring. .. ..$155.00 Open Every Evening BUIOK SEDAN—b5-passenger; late model; driven but a few thousand miles; excellent looks like a a new car. ........ $988 |."T." BALTIMORE FINANCE FIRMS’ TRADE HUGE Installment Credit Business Near Half Billion for Year, Re- port Reveals. Special Dispatch to The Star. | BALTIMORE, October 5.--An stallment credit business of $465 983.28 was done in Baltimore las vear, according to data collected i» n finance company and just mads public. The figures in the repor: cover the business transacted by 1 | of the large Baltimore credit finunc. companes. The total purchases by t panfes in Baltimore in 10 wide varlety of articles ues range from about $3 thousand dollars. None of the loans, however, wa« made on real estate It also wa pointed out that the installment hus ness represented by the figures doe not include a large amount of credits allowed by retall stores. | Most of the Installment loans were i on automobiles. The amount by the companies on inst: chases in which automobiles listed was $226.761920.24 hat on Decem 31, 1925, the aggregate outstanding nount for the Il companies was | $161,853.299 for all classes of bus ness. Of this amount $117.938,700.9 ese con cover i whose val to severa! represented installment loans out | standing for the companies on aute ! mobiles articles | 1t was reported that the amount | represented by the companies in cap: tal, surpl fits, et was $41,081, sources of the 11 companie: year were $193,58 Many of the loans were made for purchasing radios, musical instrn | ments and household equipment, ir cluding furniture and electric sweep ers. Most of the loans w made on the basis of complete pavmen within 12 months, although a few o them allowed 18 months. | COFFEE TRADE ACTIVE BALTIMORE, October 5 (Specialt —The coffee trade here is active aud receipts are showing heavy increases compared with this time last vea: The steamer St. Anthony has fust discharged 18,000 bags from Santos Rio de Janeiro and Victorfa. and the steamer Commack, now at Philadel phia, has 7,000 bags for thix port while the West Selene sailed for thi port with a large consignment from Santos on September 29 On Its Second Day BUICK SPORT ROADSTER—One of the snapplest cars buiit: looks and runs like | STUDEBAKER SEDAN, Light Six—Recently refinished in Duco. In excellent mechanical ravber e 5 $488 ESSEX COACH—One of- the sturdy four-cylinder models; brand-new top; good paint and tires; motor ex- $ ettont ... SR Overland Sedan........ Studebaker Sedan. . Chandler Sedan Chandler Touring. oy .$188.00 Stearns Knight Touring . . $366.00 Oldsmobile Touring. .. ..$288.00 Hudson Sedan..... Buick Roadster Reo Touring. And Many Others From $100.00 to $1,200.00 NASH COACH —Originai own- er took exceptional care of this car. It is in splendid condition mechanically. the rubber is good as 1s tee paintiand O IE6 upholstery BUICK COGUPE New Duco finish, tires nearly new; up holstery excellent; motor re- Raa ... SO DODGE SEDAN—A car that still has many miles of trans- This car is $277 portation left in It. a bargain for some one at the price of . A reasonable deposit will hold Retail Buick Dealer the car you select. STANLEY H. HORNER 1015 14th Street Main 5800