Evening Star Newspaper, October 13, 1926, Page 32

" 82 DECREASE IS NOTED IN SHIPBUILDING @ain in U. S. Reported by Lloyd’s Register—Holland Goes Forward. 13 (P).—A in world Liloyd's NEW YORK, October continued st; decre shipbullding is reported Reglster Shipping. During the quarter snding Septem- ber 30 last shipbuilding agsregated only 1,850,000 gross tons of merchant vessels, a drop of more than 350,000 tons as compared with the correspond- ing period a year #go. ‘ghis, Lloyd's said, makes an vabrok”s series of decreases since Jenme 30, 1924, when the total shipping under construction was 2,616,000 tons. The present fig- ures also represent a decline of near- Iy 1,313,000 grosa tons from the pre- war status, the aggregate at the end ot June, 1914, Laving been about 3,- 163,000 ton 2 The decrease during the last quar- ter has been seneral throughout all maritime nations except Holland. Sharp decline in construction is shown in Great Britain and Ireland, where suspension of work has been ordered on 107:498 gross tons contract- ed for, reducirg the total construction _actively under way in those countries to 667,000 tons. In the United States, with construc- tion of 119,725 tons under way, a gain is shown over a year ago, when only 70,000 tons were being constructed. The other maritime n: ow a decrease of 172,000 tons their aggregate of a year ago. The motor#hip is said to be holding its place in world construction, while procat- se by Motor vesstls now represent 46 per cent of the entire present world con- struction, with Italy devoting 80 per cent of her entire merchant shipping program to ships with internal com- bustion engiaes. In Great Britain and Ireland, however, only 36 per cent of the tonnage under 4 motor vesse' The e shipbullding *n Holland has advanced that country’s standing - time power from fifth to th superseding both France many, which are now fourth and fifth respectivel Great Britain and Ire- land still hold first place, followed by Ttaly. The United States siill holds sixth place, but now is only 8,000 tons behind Germany, compared with 15,000 tons at the end of the June quarter. MEN AND MONEY By M. S. Rukeyser. (Lovyright. 1926.) The New York Stock hange rec- ognizes that its success depends on having a fair regard for the interests of the public It is not a philanthrepic instltution, but its new leadership perceives intel ligent selfishness makes it wise to try to safeguard the interests of the little fellow. E. 1. H. Simmons, the president, who is a nephew of the late E. H. Harriman, former railroad king, has & new and broader conception of the public aspects of the brokerage busi ness. With New York the new finan- cial center of the universe, the policies of the principal Stock Exchange be- come of increasing public importance. 1 asked Mr. Simmons in what’ ways the public can use the facilities of the Stock Exchange and members thereof, which are now neglected. Mr. Simmons, a tall, dark individual, with brown eyes, and youthful expr sion, mentioned two examples of serv ice facilities which are frequently over- looked. “Complaints by the public regarding the way their business has been ha dled by a member brokerage house. sald Mr. Simmons, “alway careful attention when referred to the authorities of the Exchange. The B change is anxious to have the co-ope ation of the public in this re since its administrative tasks the absence of such information nat- urally rendered more difficult. Hap- pily, the public is coming to appre- clate this fact, and to co-operate with the Exchange by bringing complaints against Exchange firms promptly to its attention. However, much re. mains £o be done in securing the com- plete assistance of the public in this connection. Valuable Data Available. “Also, there is much valuable in- formation concerning companies whose securities are listed on the Exchange, which can be secured b: any one who will take the trouble to ask the Exchange for it. For many years thé Exchange has gone to great expense and trouble in endeavoring to obtain from its listed companies adequate information concerning their current earnings, balance sheet items and capital structure. When a new security is listed this fnformation is carefully published in its ‘listing ap- plication’; while by further require. ments of the Exchange subsequent news regarding balance sheet posi- tlon, earnings, dividends, etc.. fhust be published in the press. The Ex change enforces these requirements purely in behalf of the investing pub- lic. There is nothing confidential or exclusive about such information; as a matter of fact, the Exchange re- fuses to receive any information con- cerning the investment value of security applying for listing which cannot be made available to the company tockholders and to the public af/large. “The unique value of much of the corporate information thus elicited by the Exchange has frequently been re. cognized by impartial students of this subject. Tt is a matter of regret that the public shows so little interest in the matter, when the information can be had simply for the asking. There should be an idea in Mr. Sim mons’ remarks for the small investor. The most frequent cause of loss is buying on hearsay, instead of on a true understanding of the facts. It is regrettable that the seek out the statistic: staking their savings. Ignore Exchange's Plea. Incidentally, 1t is also a matter® of regret that some of the older com- panies, whose shares were list fore the modern andards were set up by the Stock Exchange, ignore Mr. Simmons’ plea in a recent circular letter to them for fuller and more frequent publicity as to earnings Wall Street is at present more drab and proper than it has ever been before. A crusading fi 1 facts before ancial editor recently complained to the Stock Exchange that Wall Street had recently been made so hygienically clean that there wgs little left for him to write about. When the average man first began to invest on a large scale in corporate securities after the war eorruption, bucketeering and swindling ran ram- pant in the shadow of the legitimate agencies of Wall Street. ‘A concerted drive, centering around the better business movement, has helped to clean up the street. Fakers quickly return under different name: ‘however, and the country will never be rid of the need of eternal vigl public will not | ed be-| should not be lulled into a false sense of safety. He can lose his funds quickly in respectable - quarters through h own financial incompe- tence, a ice and temperamental unfitness for the fast changing busi- ness of speculation, which calls for unerring independent judgment and the ability to act instantaneously. Bucket Shops Closing. In the clean-up of Wall Street in recent years, high spots have been the closing up of bucket shops and offices of fake promoters by the at- torney general of the State. Secondiy, the tightening of the rules which govern the operations of leglti- mate brokers better to safeguard the interests of the public. Thirdly, the passing of the Con- solidated Stock Exchange a signifi- cant market place. In 1921 and 1922 numerous members of this exchange, which dealt in the same securities as the New York Stock Exchange, were proved to be bucketee: Fourthly, heightened public know- ledge about financial matters as a result of increased attention in the pre Moreover, new agencles, like ther forty Better Busin Bureaus and committees of the investment Bankers' Association of America, have adership in public education ment finance. THE BUSINESS OF GETTING AHEAD . Shall You Pay Off Mortgage? Horatio Alger, jr., touched the heart of the youth of the Nation for several generations with his tales of ruthless and lean mortgage holders who asked the daughters of impoverished wid- ows to choose “between their honor and foreclosure of the mortgage on their homes. Perhaps now that America has be- come a_nation of investors, with changed viewpoint, some new novel- ist will come along and depict the tragic disappointments of an individu- al_who lent on real estate in good falth and found his borrower slovenly and backward in the matter of fulfill- ing the terms of his contract. From the standpoint of the pros- perous householder, it is a real prob- lem whether he should gradually pay off the mortgage, or keep indefinitely in debt. Unless the individual is suffi- ciently prudent to save and invest funds which otherwise would be used to retire a mortgage, he should by all means pay off his mortgage as he can. And, since the ave- e individual does not possess par- ticularly strong will power in financial matters, there are obvious advantages in the building and loan association stem for the amortization or grad- ual retirement through periodic oblig- atory payments of all mortgages. sychological Advantages. If 2 man owns a house which he intends to keep for his family perma- nently, there are great psyclrological advantages in eventually owning it free and clear. The purely financial advantages are more debatable. For, in the first place, it is easfer to sell a house which carries a first gage than one which Is free and If there is no mortgage, the new buyer must either pay more cash than he probably has available t8 ar- range the transaction or he must go to the trouble of negotiating a first mortgage. Secondly, even if the owner intends to hold the house for his own use, his assets are more liquid and better diversified perhaps if he retains a moderate sized mortgage on his build- ing and places the funds which other- wise would have been used to retire the mortgage Into a diversified list of high-grade stocks and bonds. In cash of emergency, when cash is quickly needed, it is frequently diffi- cult to realize on a house without a great sacrifice, but securities will al- ways find a ready buyer at the mar- ket price at the exchanges. Pay Off Indebtédness. In summary, if you have an abun- dance of wealth, pay off your mort- gage and enjoy the spiritual advan- tages of being your own landlord without any ifs ‘and buts. On the other hand, if it would take all of vour available resources to retire a mortgage, it would seem better policy to keep a moderate sized mortgage rather than to put all your financial eggs into one Formerly, firs 'tgages were re- ded as more or less permanent. ow the commercial banking idea that indebtedness should gradually be wiped out is spreading to the real estate fiell. The newer lenders on real estate, the first mortgage bond hou: which, generally ~speaking, lend far more liberally than the old- fashioned institutional lenders, insist on regular amortization. It should be remembered, however, that after the owner has financed the period of ., which is usually during the initial years of a real estate en- terprise, when the loan is heaviest, he frequently exercises his option to call or retire the outstanding bonds, i stead of slowly amortising After calling the bonds, he then ar- ranges for a smaller loan from a life insurance company or savings bank at a lower rate of interest. BAN ON FLOATED OYSTERS DECLARED IN MARYLAND Process of Artifically Fattening Bivalves Is Called Adulteration and Pfinishable by Fine. Special Dispatch to The Star THE EVENING STAR, WASHINGTON, D. C., WEDNESDAY, OCTOBER 13, 1926. TRADING 1S SLOWER IN GENTER MARKET Rain Giving Nearby Farmers Trouble With Their Late J Planting. rain was not welcomed by nearby growers. The ground already was moist enough for growing pur- poses and in some sections, it was stated, growers were experiencing | difficulty with late planting on ac- count of the moisture, Inclement weather had its effect upon late morning buyers, according to dealers, although early morning selling was about normal. Recent cooler weather was a means of boost- ing business, it is stated, and further increases are expected with a further | drop in temperature. Dealers had ample supplies of all foodstuffs to meet demands. Some species of fruits and vegetables are gradually getting scarce, but new varieties will take their places, enabling consumers to obtain fresh fruits and vegetables during most of the Winter season. Prices this morning were substan tially the same as those reported yesterday. Today's Wholesale Prices. Butter—Fancy one-pound prints, 51; tub, 49a50; storé packed, 38. Eggs—Fresh, selected, 50a55; current receipts, 40a 38a39. Poultry jalive—Turkeys, 35; Spring r horns, 24a2. ducks, hennery, storage, 20; old, 60; old, 34a40. ; broilers, 33a3! 90; old, 40a50. sed—Turkeys, 40a keats, young, 80a Meats-—Beef. 18a19: veal, 22; lamb, 26a30; fresh hams, 30a32; shoulders, 22 ; loins, 34a35; smoked hams, 34as35; smoked shoulders, 22a23. Live stock—Calves, choice, 143 medium, 11al2; thin, 7a$; lamb: 123%ald. Fruit and Vegetable Review. Today's market report on fruits and vegetables, compiled by the Market News Service Bureau of Agricultural Economics, say Apples—Supplies liberal; demand slow, market dull; boxes, Washington, medium to large size, extra fancy, Delicious, 3.25a3.50; Jonathans, 2.25a 2.50; fancy, best, mostly 2.25; extra fancy, Winter Bananas, 2.50a2.65; com- bination extra fancy and fancy, Win- ter Bananas, mostly 2.50; bushel bas- kets, Maryland and Virginia, No. 1, various varieties, medium to large , 75a1.00; few 1.2 Cabbage—Supplies _moderate; de- mand light, market dull; New York, bulk, per ton, domestic, round type, 20.00a25.00; Danish type, 28.00230.00. Celery — Supplies _light; demand light, market, firm; New York, two- third crates,” 2.25a2.75; best mostly 2.50; some fair quality and condition low as 2.00. Grapes—Supplies moderate; demahd light, market dull: New York, 2-qt. climax basket, various varieties, 18a 20; Michigan, 12.qt. climax baskets, Concords, 75 Lettuce—Supplies mand moderate, ma York, 2-doz. crate ordinary quali 1 00; California, c 45 doz., 3.50a8.75 Onions — Suppli light, market stead Indiana, 100-Ib. s moderate; _de- ket steady; New Big Boston type, and condition, 50a ates, Iceberg type, light; demand Michigan and Yellows, U. S., St 2.00; New Peach Market Dull. Peaches—Supplies light; demand New York, bushel medium to large some ordinary Elbertas, 1.50a1 6 qualit color, . Pears-—Supplies light; demand light, market steady; New York, bushel bas. kets Bartlet . 1, 2.2562.75; mostly around 2.50; 'Oregon, boxes .Anjous, extra fancy, 3.75a4.00. 1 Potatoes—Supplies liberal; demand moderate, market steady; Maine, 150- pound cks Cobblers and Green Mountains, U. S. No. 1, 4.25; Michi- gan, no sales reported. < Sweet Potatoes—Supplies moderate; demand slow, market steady; North Carolina and Virginia, East Shore, . ave barrels, Yellows, No. Corn—Supplies light; demand mod- erate, market steady; homegrown, sacked per dozen, sugar corn, 25a30. Tomatoes—Supplies libe: demand moderate, market slightly weaker; homegrown, 15-bushel hampers, 75a 1.00; fev, 1.25. STEAMER IS CHARTERED. BALTIMORE, October 13 (Special). —The steamer Chester has been char- tered by the Southern Maryland Transportation Co., and will replace the steamer Betterton on the line from Patuxent River landings to Bal- timore. The company is composed of farmers and merchants, who will have a semi-weekly line between the points with scheduled stops at the different wharves. Tobacco and grain will comprise the larger part of the freight. Paris enow has parasol: ostrich = feather BALTIMORE. October 13 —Warn- ing has been issued to Baltimore oys- ter packers by the Federal Govern- ment against sale of floated oysters that have been shucked and washed. Many floated oysters from New Jer- sey River beds have been sold In Bal- timore in_recent years, accarding to State health department officials. Floated oysters are oysters placed {on bohts, where they are intermittent- {1y submerged in fresh water and ex- | posed to air. This “floating” process, it was said, fattens the o ly, filling them with w their weight and size. Since floated oysters are larger than natural Maryland oysters, they have demanded high prices in the Baltimore market, health authorities said. Baltimore pickers were notified that floated oysters that have been shucked and washed will be consid- ered adulteratéd. Sale of adulterated oysters is punishable by fine and im- prisonment for repeated offenses. EXTRA SESSION CALLED. California Legislature to Ratify Colorado River Compact. SACRAMENTO, Calif., October 13 () —A special session of the Cal- ifornia Legisiature has been called by Gov. Richardson for October 22 to rat- ify the six-State Colorado River com- pact in the hope of immediate action on Colorado River legislation by Con- gress when 1t convenes in December. The pact, entered into by California, New Mexico, Nevada, Wyoming, Utah and Colorado has been ratified by all States“except California. It provides for the distribution of water to a large arid section following extensive con- struction work. HUGE HOTEL PLANNED. SAN FRANCISCO, October 13 (Spe- clal).—Erection of a 20-story hotel at a cost of more than a million dol- lars is projected op a centrally located downtown site which has just changed hands here. The site is reported to \ WHEN KIDNEYS HURT DRINK MORE WATER Your Back Aches or Bladder Bothers, Take a Little Salts If The American men and women must guard constantly against kidney .trouble because we often eat too much rich food. Our blood | is filled with acids which the kid- | neys strive to filter out; they weaken from overwork, become sluggish, the eliminative tissues clog and the result s kidney trou- | ble, bladder weakness and a gen- |eral_decline in health. When your kidneys feel like lumps of lead: your back hurts or the urine is cloudy, full of sedi- ment, or you are obliged to seek |relief two or three times during| | the night; if you suffer with sick | headache, or dizzy, mervous spells, | |acid stomach, or if you have rheu- | matism_when the weather is bad, | begin drinking lots of good soft | water and get from yvour pharma- | cist about four ounces of Jad Salts. | Take a_tablespoonful in a glass of water before breakfast for a few |days and your kidneys may then act fine. This famous salts is made from | the acid of grapes and lemon juice, combined with lithia, and has been used for years to help flush and stimulate clogged kidneys, to neutralize the acids in the system | s0 they no longer are a source of | |irritation, thus often relieving | bladder disorders. | | "Jad salts is inexpensive; can| not injure, makes a delightful effervescent lithia-water drink and belongs in every home, because nobody can make a mistake by having a good kidney flushing any time.—Advertisement. The Julius Lansburgh Furniture Co., 909 F St. There’s Enduring Quality To These Furniture Specials Attrac_tively Priced Deferred Payments 3-Piece Jacquard Velour Suite *100 Three elegant pieces as comfortable as they are durably s built. Comprises Settee, Armchair and Wing Chair. Loose spring reversible cushion seats. A suite designed to assure most comfort. . Jacquard Velour Bed-Davenport Suite All the luxury and comfort of a living room suite plus the convenience of a bedroom. The davenport opens into a full double bed. Comprises bed-davenport, armchair and fireside chair, beautifully upholstered with jacquard velour. Deferred Payments Mahogany- Finish Console and Mirror $9.95 No Phone or Mail Orders Deferred Pbyments Decorated End Table $3.95 Very Ornamental No Phone or Mail Orders Folding Card Table $1.69 No Phone or Mail Orde: '149 . / A very practical and beautiful Suite, as pictured. It comprises Oblong Ex- tension Table, Server, China Cabinet, Buffet, five Side Chairs and one Armchair, with genuine leather seats. Constructed of walnut veneer and gumwood. , Deferred Payments 2 S Genuine American walnut veneer on gumwood—four beautifully con- structed pieces you will want to 4=Pc. Walnut=Veneer Bedroom Suite possess—Chest, Bow-foot Bed, large I I ) Vanity and Dresser. Exquisitely decorated panels in colored floral designs. Deferred Payments Mahogany Finish Windsor ,Chair $2.98 No Mail or Phone Orders '149 dhe cfulivs Lansburgh sfuraiture (%, Entrance 909 treett‘Ninth