Evening Star Newspaper, October 15, 1926, Page 29

_ " GANADA CASHING INON GRAIN CROP Rush of Wheat to Montreal in Full Swing—Will Export Huge Quantity. BY J. C. ROY 8pecial Dispatch to The Sta MONTREAL, October 1s now cashing in 15 Coider weather in the Western provinces has ~Canada and finer hastened the resumption of th operations, which had heen scr delayed by continuous riins, foll by unseasonable snowfalls. The rush of grain to this port is in full swing As was anticipated. the shortage of ocean tonnage hus resulted in a seri ous congestion at local elevators. To- day there are 36 lake vessels in port, loaded with more than 2,500.000 bush: els of wheat which cannot be ed. Over a million bushels beinb transshipped into hing nage, but the excess of receipts over and shipments continues probably The inescapable is with the flow o country elevators and then; head of lakes. Steamers Are Released. With the virtual collapse of the RBritish coal strike, and the conse- quent release of a number of tramp steamers which have been engaged in carrying coal across the Atlantic coming crop into e down to at rates which made this husiness |, ve him 100 per cent in much more profitable than cash for it as long as vou keep it. ng. the situation will bec Then you deliver the borrowed stock and the Dominion will to vour customer, and return simflar to gather its annual toll from the | ghares to the b er who lent stock grain-consuming nations of Burope. |a¢ such time as vou choose to go into Already there is a steady flow of |the market and buy it. In order to 8rain going out of Vancouver, much | make a profit, the bear, or short sel- of which is bound for the Orient, must he able to buy back the although some is routed via the |stock, or cover, at a lower price than 4 Panama Canal for Iurope. With [ the quotation at which he originally the liquidation of the crop which | sold the stock. When a speculator annually calls in employment of o | anticipates a_decline, he sells stock great desl of money from the re- |<hort. The public is usually optimis- sources of the chartered banks of jc, and is vague about the tech: ||l‘v Canada, the revival in business seems | of short selling. & N certain to hecome aceclerated. M Livermore makes it a ruic) The high hopes of eirly Septem- | never to sell more than 10 per cent | ber, that Cang when it anticipated would have a wheat cr execess of 380,000,000 bhushels, most of which would be of the highest grade, have not been fultilled he on the prairies have only cut down the amount of to he garnered but also re- A in deterioration of the grade the wheat. There has heen estimate issued since was rain and snow not of official commencement of harvest, and it the is believed this reductio and quantity will not be in quality great as to affect seriously the West, already ty in the good enjoying a wav wake of severs crops. Brought Drop in ¥ This view is shyred by grain t both on this continent and in This is evidenced prices which has oc ket. Buropean traders are aw the cffect of the rush of prairie gr and the consequent lack of den has brought about a drop in prices. Thix is a phenomenon which oceurs, of proxpe successive however, with few exceptions, every vear at this season Conditions today are vastly differ- ent from those of the day when the first shipment of wheat was ma from Manitoba, when on October 12, 18 Winnipeg sent 800 bushels into Ontiirio. where o crop failure had left | the farmers without even seed wheat. | The anniversary of this event w celebrated Pk nnipeg. | Among those present tion were men who ha ped to | prepare this fiest shipment and who | today are acosstomed to deal with | millions of bushels each vear Huge Exports nned. Despite the temporary chec has been caused hy the vagaries of mother nature. Canada will export this vear in exc 300,000,000 vushels of wheat. either ax grain or as flour, with a conscquent inflow of capital that wil give the another boost on the path verity. Livery Canadian farmer who raised sheep in th vear has profited. lebra- | which to pros The demand for wool is insistent and ]'h'” ordinarily bull or rising markets there is every indication that when |G tu long as bear or falling the coal strike in Great Britain is | nackets. Liquidation proceeds with over, the cloth producers will be faced | grenter dispatch than accumulation with an insistent demand which will [ for a rise. Moreover, bull markets tncrease the pressure for raw ma- | goen into be i and with le: keix start. The GENERAL TIRE DIVIDEND. AKRON, October 15 (P) ular quarterly dividend of 2 per cent on General Tire and Rubber Co. com mon stock has been declare he reg pin | Dominion | i | MEN AND MONEY By M. S. Rukeyser. (Copyright. 1926.) Pity the poor Wall Street Bear! He may win a fortune. That is | problematical, but it is certain that | he will arouse popular wrath. The bear speculator thrives on mass super- stitions and mistakes, He disbelieves the trees of prosperity can grow without interruption up to the skies. He takes the postition that even good stocks sometimes sell above their in- | trinsic values. He hopes to profit by restoring reason, and, imasmuch as he helps to frustrate the ambitions of many amateurs who are guided by greed and unreasoning hopes and he is hated. ‘The bear, for self protection, cov- ers up his operation, and avoids pub- lic interviews, In the popular mind. Jesse Liver- more is considered the outstanding hear of the present generation of Wall Street plungers. He was identl- fied with the February and March collapse of the earlier” bull specula- tion at the New York Stock Exchange, | and current gossip links his name { with the latest setback in the market. vitches His Position. ccessful speculators, Livermore switches from the b or pessimistic, to the bull or optimis- . 'Gide, in accordance with his an- tions of changing positions. frary to seneral belief, Mr. Livermore says that he has made the most money on the bull side; that buying stock and holding it f Fle finds a bear position. which selling short, fraught with selling short entails mak- ng a contr to deliver the next stock which you do not possess. der to fulfill the contract, you sek from some one who | S Like all s more risk I« total capitaliaztion of a_ cor- short. because he finds in practice that it is not safe to assume that he can readily borrow more than that amount. If a speculator sells short and then finds himself unable he is cornered, and the poration | | to horrow stoc i At the financial mercy of those with whom he has made contracts which he cannot fuifill. | Looks Younger Than Years. In spite of spectacular ups and downs in his exciting career, Mr. | Livermore. a_tall. blonde figure, with | blue eves and a fair complexion, looks far younger than his years. Although he is on the threshold of middle age. Wail Street still thinks of him as “the hoy plunger,” a name which he | won many vears ago. when, as a vouth of 14 he matched wits with | keepers of old-fashioned bucket shops | in Boston. The old bucket shops Mayed against their customers, and coon excluded Livermore because his dzment proved uncanny. The buck- | et shops were looking for suckers, not wizavds. $ Suceessful speculators are rare birds, | nd even Livermore has made costly mistakes. Before the war he was wipid out and went into ba Although not legally obl later paid off his debts in full. suesses wrong again, however, he will hot spend his old age in poverty, for he bought a large life insurance an- nuity, which cannot be touched by the vicissitudes of speculation. Many of the other bears are floor traders on the Stock Fxchange of whom the public has never heard. Bernard M. Baruch, who took as fortune out of the stock mar- any individual of his time, laid | the basis for his estate by short sell- ling on a colossal scale before the panic of 1907. For a time ihe market moved against him, continuing ¥ | vise, #nd it took rare courage to face the prospects of ruin. Finally' events | | proved he was right, and profits b n to come in in horses and car- | riages. | Bull | The histor: in Markets Longer. of Wall eet shows hahit of waiting for A point of profit an almost certain THE EVENING STAR, WASHINGTON, D. C. FRIDAY, OCTOBER 15 1926. MUTT AND JEFF—OId Sandy’s Had His Lesson. (Comrphy R0 Falonyr T GoSH, IT'S, REAL. ACCIDENT , LAST WINTER || 1T'LL BET THe ACCIDENT €D FROST 15 0N THe DD You HAvE? PUNKIN TODAY! e BY BUD FISHER HooT MmoNt = AIN'T WORN e CAP SINCE ™e o ACCIDENT . SANDY, AIN'T YYou GoT NO MORE SENSE THAN T™ 60 BARE-HeADED | on A coud MORNING Like THIS! WHeRe's YQUR cAP? Y caP's Homes WESTERN MARYLAND’S COAL TRAFFIC RECORD Special Dispatch to The Star. BALTIMORE, October 15.—Coal traffic handled by the Western Mary- land Railway the first week of October exceeded the volume for any other week in the history of the road, ac- cording to a report just made public. Receipts from that source $362,673.04, an increase of $170,207.62, or 93 per cent. Revenues from all classes of freight totaled $582,490.71, a gain of $182, or 46 per cent. For the current year to October 7 FORD DAM STARTED. Big Water Power Plant at Ypsi- lanti, Mich., Is Begun. DETROIT, October 15 (Special).— Work has been started on the Ford dam on the Huron River at Ypsilanti, Mich. It is understood plans include erection of a large water power plant, an auxillary steam plant and other facilities essential to the operation of the textile mills which it is said will of Kuhn, Loeb & Co. and Wall Street's leading patron of the arts, recently discussed the question why the lambs, or amateurs, tend to get sheared in Wall Street speculation. “The responsibility,” said the suave. brilliant Mr. Kahn. who finances great | railroads, Industriil corporations and governménts In the daytime and who relaxes by running the Metropolitan Opera House and a variety of the- atrical and musical experiments at night, “bélongs primarily to those in and out of Wall Street who permit unreflecting desire for gain to make them rush in and buy, being some- what apt in the process to engage | the population as a whole has become more mobile and individuals tend to roam from place to place in quest for the best market for their servic en those who remain in one discover that over the course of years | neighborhoods shift. Sections that | were pre-eminently attractive a gen-| eration ago today are less desirable! as the result of the encroachment of | business on the residential section or influx of a new element into the dis- trict. It is a fallacy to assume that the home owner gets free rent. He pays what is equivalent to rent in the in- terest he foregoes on capital invested autright purchaser. His decision as to this must depend on the last analysis on his own opinfon concern- | ing the probable trend of real estate | values—a speculative question. I do not oppose the idea of home ownership. I think there are senti-! mental and psychological advantages in owning a definite piece of land which cannot be exaggerated, but I purposely stress the purely economic disadvantages that are sometimes at- tached to home ownership because I believe ~that enthusiastic ~venders throughout the land have oversold the “own-your -home" idea. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY DETROIT, October 15.—The Buick Motor Co. in the last two months has delivered to customers 40,067 cars of the 1927 models. Production at the actory is now running 1,200 cars a The company will spend $5,000,- 000 for a new gray iron foundry. FORT WORTH.—A record deal in wi themselves beyond their means, and|in his home, in the interest paid to i SR calves will be concluded November 1,|be constructed there. receipts were $17,886,062.08, an in- the same impulse. or unrefiécting| the bank Which holds the first mort-| DIVIDEND ON PREFERRED. | yvhen 1,000 animals will be turned over gn‘;‘&“{f‘""l’}‘;';";‘;‘fisn_fim"fi“fl? ol be | crease of $2 ‘or 19 per cent, fear, to rush in and sell. The two|gage in the water and tax and &pe-| \KRON, October 15 UP.—Payment | of Milier Kans. at $30 a head. " | for tha manuiacture of fabrics pre. | compared with corresponding bound to go wrong when you listen | saves s the profit which the landlord | BISOMTERl ook against hack dBL| PORTLAND, Oreg.—The Nyasa [and lining materials tn Ford cars. csipie fram. thal conpoditg e to their hectic urgings. makes. In practice sometimes the | ooqe e St el el Co. No- Wool pool, consisting of between 600,- ool s coupnioes $2,970,427.27, or 46 per cent greater jandiond makes o profit at all, WUt y.niher 15 to, stoekHoldsrs of record| 0 and 100,000iponds, has hesn =old BIG STEEL ORDERS. than a year ago. incurs a loss. byl Pk NolerS r Tecord | at an average price of 36 cents a pound 5 ey 2 sident P. W. Liteh- | {1 G 0Ol P i his is one of the| BALTIMORE, October 15 (Special). OF GETTING AHEAD | THE BUSI? WORK IN GUATEMAILA. NEW ORLEANS, October 15 (Spe- cial)—Guatemala is asking this country to submit bids for installa- tion of a comprehensive system of paving, sewerage and underground telephone communications in the capi- tal of that country. The amount to be expended will range from $9,000,- 000 to $16 0. |field made this announcement yester- day afternoon following a meeting of directors. REYNOLDS DIRECTOR. W YORK. October 15 (). Reynolds, president of the ional Bank of New York, has ‘ted a director Northern Railway. Consider (he Prices. In deciding whether to he a renter | or home owner an individual must consider prevailing prices. At present | real estate in some sections is some- | what inflated, and if there is to be a | 1 | —The Bethlehem Steel Corporation has just booked orders for 165,750 tons of steel rails, most of which will be rolled at the Sparrows Point plant largest transactions in the local mar- ket in many months. ATLANTA that the ri tl 1s It Better to Rent a Home. It is part of the American credo that home ownership tends to make one a better citizen. 1 would be the last to cuestion the validity of the homing mstinct, but T think there are occasions when' it is better business to rent a home than to own one. 1 have lived among cliff dwellers in the apartment houses of New York during most of my lifetime, and T have not found that renters, as a were Bolsheviks, or other va- rieties of enemies of the people. Among my friends are numerous rent- ers who are financially able to own their own homes. However, they prefer to enrich the landlord and keep their own capital at work else- where. The most obvious alternative to owning a_home is to invest one's ac- cumulated fortune in high-grade se- curities. An individual who keeps his funds in securities instead of in- vesting them in a home is in a more liquid position, L. e., he is better able on short notice, to into cash. It is e on short notice for listed by the New change than a purchaser for a one- family house in town or in the sub- urbs. Frult experts estimate ent hurricane cut down v citrus erop by 2,000,000 Traffic conditions in_ the ated zone are again normal and uction is proceeding full blast, strict supervision of wages to vent profiteering the corporation an order for 7! tons out of a total tonnage of 160,000 for delivery next year, and the New York Central Railroad ordered 227,675 tons, of which 95,750 tons will be rolled by the Bethlehem ack- sharp decline in values the individual would be wiser in making short sommitments for a year or so renter than permanent ones with pre Liquidity Sacrificed. Liquidity is sacrificed by the man who owns his own home., In buying a home it is well to con- | sider the element of marketability. A Detter business opportunity may make it desirable for the breadwinner to move his family to another pla ¥ It cause of ultimate los The multitud at margin speculation, which calls for inde- | pendent king and instantaneous | action. Otto H hn, member of the firm' EST. 1879 Service Book® AND three l')y sev Banking and quesl. AMERICAN SECURIT TRUST COMP. 15th & Penna. Ave. A Service Book I Confined cover of a small booklet the story of the complete ice of this company. We shall be glad to sup- _ ply a copy upon your re- | serves the best So be sure to say “AUTH’S” when you order Sausage Meat for serving these cool autumn days. For the few extra pennies in cost, you’ll get the bit better flavor, the subtle spicy, difference in taste, that even the most backward appetite cannot resist. Serve AUTH'’S PURE PORK SAUSAGE, and there’ll be no laggards when break- fast is announced. Delicious for lunch- eon and dinner, too. within the en inches is | Trust serv-, In convenient pound packages from your butcher or grocer ° Other Auth Products Capital, Surplus and Undivided Profits Over $6,500.000 , Royal Pork Saussge ‘ 1 il Pork Pudding ’ ;[\ Branches i i ; Central—7th and Mass. Avenue N.W. mg ‘ i Northeast—8th and H Streets N.E. Il , Southwest—7th and E Streets S.W. il Northwest—1140 15th Street N.W. Meat Loaf Ham Bologna