Evening Star Newspaper, October 30, 1926, Page 13

ERE 1S REPORTED - OUT OF WERERR C. & 0. Opposition to Nickel Plate Plan Believed Cleared by Van Sweringens. LY By the Associated Press. NEW YORK, October 30.—The Van Sweringen brothers of Cleveland are reported to have met opposition to their proposed Nickel Plate Railroad merger by dropping the Erie from their plans. The two former newsboys, who are planning a trunk line to compete with the Pennsylvania, New York Central and Baltimore and Ohio, now plan to serve Newport News only as a port and leave New York out of their cal- culations, the New York Times says today. Opposition by minority stockholders of the Chesapeake and Ohio Rallroad to their original plan, which was a primary cause of its rejection by the Interstate Commerce Commission, has been overcome, the paper declares, and the proposed merger probably will go before the commission un- opposed 1n {ts present form. Commegrcial interests in Norfolk and Newport News feared that traffic to Newport News would be diverted to New York under the original plan. The new combination would make Newport News the only tidewater clearance, however,sand it will be de- veloped as a port, the Times says, thus meeting the opposition of these interests, The Chesapeake and Ohlo minority is declared to have accepted an offer of a guarantee of $8 a share in div- Idends and a half shars of new Nickel Plate for each share of C. & O. They refused an offer of $5 and a half share of new Nickel Plate in July. Earn- ings of the C. & O. were above $21 a share last year. The system contemplated by O. P. and M. J. Van Sweringen would tap the rich Detroit area by means of the Pere Marquette lines and the bitumin- ous coal fields of West Virginia and Kentucky via the C. & O. and the Hocking Valley. The Times suggests that the Erle may supply a necessary link in an- other system contemplated by L. F. Loree, president of the Delaware and Hudson. MEN AND MONEY By M. S. Rukeyser (Copyright. 1926.) There has been considerable specu- lation as to whether Queen Marie's visit to the United States will pave the way for the flotation of a Ru- manian bond issue in this market. Unquestionably the salability of Ru- manian bonds has been heightened by the publicity in connection with the Queen's travels. Obligations of well known countries and corporations are more readily absorbed than those of borrowers not so well press agent- ed, but it is well to remember that the extent to which a seeker of funds is known to the populace does not alter its capacity to discharge its debts. The price of securitles sometimes reflects little more than public pref- erences, and investment tastes are not always based on sound analysis. For example, the extraordinary pop- ularity in the British market of home rallroad shares before the war was shown not to be justified by subse- quent events. 1In 1916, moreover, the old czarist government in Russia was able to sell 4 per cent bonds to the investment public. The moral of all this to the investor is that he can frequently get a larger return on his capital without sacrificing the ele- ment of safety if he will take the trouble to seek out less well known, neglected securities. Bankers Stress Service. It is fashionable nowadays for bankers to stress service, but most of them are still swayed by the money- making motive, John Whalen holds the distinction of having served for 25 years as president of a successtul bank with- out having accepted 1 cent of sal. ary. That record ought to be suffi- clent to induce Will Rogers to char- acterize Mr. Whalen as the most generous Shylock he has ever known. ‘The Bank of V hington Heights, a neighborhood bank in upper New York, with two branches, is this week celebrating its silver anni: y. In most respects the bank resembles other neighborhood financial institu. tions. The salaryless president has derived his income as a lawyer and real es- tate operator. He founded a bank and served as its executive head without direct remuneration becau: he felt he would like to render s ice to the community in which he born and reared dents who serve without pay be common enough in cities, but Mr. Whalen pla role in the shadow of v _'rhere are other signs Mr, Whalen fs somewhat out of tune with the conventional type of many presi; dent. He still lives in a me house ~—the only one which has survived in his neighborhood. Moreove . he is one of the relatively few I ng New Yorkers who were born in New York. Mr. Whalen, who is now in 784 vear, has served as corpor: oounsel, tax A sioner on the Boa cation and dean of the Fordham University Law School. Tariffl Elimination Issue. was Active bank pre: mnation of mended bankers, may be a g policy f Europe, ! t the cus- toms | tates. recom- waire merits wo facts in BALLROOM | Splendid facilities for dances, banquets, ||| | | unfair_compe through rec ing home la flation. As a business Austria which are more eager to see France stabilize its curreacy than the French. Factories Shut Off. Secondly, present high tariff bar- riers in Europe are interfering with the movement of goods through the normal trade channels. Factories which were built in Vienna, for ex- emple, before the war to serve all f the former Austro-Hungarian e now shut off by tariffs ontinent are over- y and other parts Europe is a close- ly knit economic unity, and tariffs dam up the trade current and cause serious dislocations. On the other hand, firrespective of the merita of a protective tariff, the Jsest of the are undersupplied. ¥ iwhich has prevailed in those world has long adjusted itselt to the American tariff policy. The question for the future, more than for the immediate present, is whether America can collect its pub- {lic and private debts from the rest | of the world as long as it makes pay- | ment in merchandise difficult by means | of the tariff. Foreign debts can be paid only through the export of goods and services, of gold and of securi- ties. Thus far, in the last decade, America has collected some two bil- lions of gold, and tens of billions in securities. There is a limit to the amount of gold that can be sent and to the quantity of securities that can be digested. In the ‘last analysis, Boods and services will have to settle the debts. In the fleld of services the oppor- tunities given to American tourists to view foreign historical relics and }mrku of art constitute an important actor. ——— THE BUSINESS OF GEITING E AHEAD High Cost of White Collars. The wife of a successful New York delicatessen dealer thought that his vocation was a little less than elevat- ing. She felt that his calling was somewhat common—certainly one devold of social prestige and dignity. He shared her viewpoint, and sold out his small chain of stores. With the proceeds, he entered the silk busi- ness, in which he had no experience. The result was failure. Having sought in vain to succeed in a more genteel business, he returned to the vending of sausages and cheeses. He had a special genius for making attractive sandwiches and for placing goodies attractively before his customers. Now he owns two of the largest and most successful delicatessen stores in the world. His simple shops have ex- panded into grand etablishments, with restaurants in the rear. He is an out- standing success in his field. Perhaps the moral of his experience is, “Shoemaker, stick to your last.” False Pride Liability. False pride frequently leads men and women into blind alleys in the business world. In England, for example, during the great unemployment period, there has been a shortage of maids for do- mestic service. Young women who could not find work in the depressed factories remained idle rather than lower their social standing by becom- ing servants. Perhaps the individual is not to be blamed for this. The prob- lem is to raise the despised vocations to the dignity of honest and self-re- specting labor. In this country young men and women of good families will willingly take less as office boys and bank clerks than they could earn as wait- ers, for example. The indignities as- sociated with the serving classes should be effaced. One way to raise the standing of the waiter would be to abolish the tipping system, which, of necessity, makes him a grafter. Under the present catch-as-catch-can system, waiters get smaller salaries than dishwashers. Some Put on Airs. There 1s coming to be a great dis- parity between the soclal prestige and salary attaching to particular jobs. The white collar classes put on more airs than mechanics, but are fre- quently not nearly o liberally remun- erated for their work. The restrictions on immigration have reduced the sup- ply of men and women available in the United States for manual labor, and has accordingly boosted wage scales. Mechanics and common labor- ers are much better paid as compared to clerks than was the case before the war. Men who install lighting fix- tures in new buildings in New York, for example, earn $150 a week in busy seasons—more than vice presidents of banks in smaller cities. Yet man is not an economic ma- chine. He does not move freely to the locality and industry where his Sentiment is a factor in the selection of work. The human equation can never be eliminated, but the white col- lared man in an underpaid position might well ask himself whether the premium he is paying in reduced in- come for the gentility of his job is vorth the price. Y ohe individual who is not making as much as he believes himself cap- able of has perhaps been inexpert in selling his services, =g GOOD SIGNS NUMEROUS. Some Slowing Down in Trade Is Noted, However, by Dun’s. NEW YORK, October 30 (#).—Dun’s . Several occurrences of the | week have been of special significance. {The estimate of a record cotton crop, ! the notably favorable financial state- | ments of two bg industrial corpo- “ations, the reporting of unprecedent- | edly heavy freight car loadings, the | raising of its dividend rate by one of |the leading railroad systems, the stabilization of Belgium's currency, and the floating of a large loan by | that country have been distinguishing | features, with an important bearing on the economic situation. The re: ! markable earnings of the foremost companies In the steel and automobile trades reflect the exceptional activity flelds this vear, while the increase in the | Pennsylvania Railroad's ~ dividend, | placing it on the highest basis in | nearly two decades, is another proof ! of commerelal prosperity. These par- ticular phases, supplemented and sup- ported by some other evidences of progress, have had a stimulating ef- fect upon t, notwithstanding [ that busi recently developed I more irre with indications a_ slowing down in some quart Weekly bank clearings were, $8,8 1 518,000, DIVIDENDS. Pay- Stock of i v White M Yale & T A;Iington Hotel | e | Vermont Avenue above “K” ||| | | receptions and soctal affairs Unsurpassed Cuisine Mrs. E. C. Atwood. Main 6550 will supply information and make reservations Under the management of i Maddux, Marshall, Moss & Mallory, Inc. I'Mortgage . T Ample funds % | Reasonable interest Reasonable charges Promot approvals Repayment privileges Expert advice 1889 - -- ESTABUSHED N 1001-15® St.N.W. / THE BUSINESS OUTLOOK STILL 1S PROMISING Trade Is Here for Those Who Go After It It Is Borne Out by Big Firms. BY J. C. ROYLE. Special Diepatch to The Star. NEW YORK, October 30.—The busi- ness is there for those who go after it. That is the conclusion reached by the far-sighted business men of the country. This conclusion has been borne out by the announcement of General Mo- tors this week that sales for three quarters of 1926 have exceeded those for any previous full year and by the advance in the dividend rate of the Pennsylvania Railroad. Favor- able earnings are by no means con- fined to those companies or to the railroad and automobile industries. All those firms which fished for business with the right bait are obtaining cor- responding results. The most effective bait, they say, has been a combination of high values and low prices. Railroad earnings have improved, not because of higher rates, but because of lower costs, For example, the Boston and Maine road has succeeded in speeding up car movement by 27 per cent in the, last few years, and similar gains have been made in train car miles by each of the progressive carriers. Auto Sales Smaller. Automobile sales in general have been slightly smaller this month than in September. Some makers expect a still further curtailment up to the time of the New York automobile show, but the drop will be far less than when the vogue for closed cars was in its infancy. The busi- ness will be upheld by recent price reductions and by speeding up of output on new models beginning about December 15. The agricul- tural situation, on the other hand, is an adverse factor in motor car dis- tribution at present. Steel companies continue to book satisfactory orders, the drop in d S EVENING STAR, WASHINGTON, D. mand from the automobile trade being compensated for in other lines. The price of pig fron has been marked up. This is attributed to the advance in Pennsylvania coal prices owing to the British mine strike. Railroad maintenance ex- penditures for 1927 are estimated at $750,000,000 by Pennsylvania Railroad officials. Bullding Projects Drop. There has been a slight drop in the number of new construction projects planned, but actual building is pro- ceeding at e swift pace. Unskilled labor employment has decreased, ow- ing to completion of harvesting in the West, but the workers are being ab- sorbed by lumber camps, highway projects and other lines. Bullding activity has been alded by a slightly lower price trend in some materials and stability in others. In lumber, production and new business remain about the.same. The non-ferrous metals have shown no renewal of strength, although silver and tin have advanced slightly. The curtailment of British demand and restriction of domestic purchases in hopes of lower prices have been factors in the situation. Mine activity has increased surplus stocks of copper, Determination of the British gov- ernment to restrict rubber shipments to 80 per cent of production has put an end to talk of lower tire prices, al- though the actual effect on prices of crude rubber in this country cannot yet be told. Sugar Market Irregular. The sugar market has been fr- regular owing to conflicting reports of damage to Cuban stocks and cane flelds, but it is now believed not over 20 per cent of the cane in the storm- swept districts has been affected. In- termountain beet sugar manufactur- ers have cut prices 10 cents a 100 pounds to meet lower eastern and western raw rates. Lower cotton, while it has hurt the grower, has served to stimulate tex- tile activity. Woolen mills also are more heavily engaged than for a long time, with cloth demand of excellent proportions. One large mill is re- portad to 'have bought sufficient raw cotton for three years this week. CALUMET & HECLA. NEW YORK, October 80 UP).— Calumet & Hecla Consolidated Copper Co. reports profit of $277,998 for the nine months this year in contrast to loss of $512,161 in the corresponding perfod of 192 R AR services command the highest price. | is exhausted. West Brothers ~ Brick Company —wishes to announce, to its cus- tomers and the public, its business will continue as usual, as we have a large supply of brick on hand and are confident production will be resumed before present stock grows. independence. OF COLUMBIA Your Savings Account ought to be a source of continued and in- creasing satisfaction—and it will be if it It will grow steadily if you will form the habit of adding to it on every pay- day by a deposit of a fixed sum. The Union Trust Company has helped and is helping thousands of Washington people to the satisfaction that comes with financial Let us work with you. 2% Paid on Checking and 3% on Savings Accounts Company OF THE DISTRICT South-West Corner 15th and Streets North-West EDWARD J. STELLWAGEN President bound to know of it. RESULTS. United Cigar Agency, 178 Is a Star Branch Office You will find the Classified Section of The Star the quickest means to the end when you are in want of something. Star Classified Ads are read carefully by practically everybody in Washington, so that whatever your want somebody who can supply it is Classified Ads for The Star may be left at the Branch Offices displaying the above sign, one of which is located in practically every neighborhood. They are for your convenience and serve you with- out fee; only regular rates are charged. The Star prints MORE Classified Ads every day than all the other papers here combined as a matter of course, because they bring better “Around the Corner” is a Star Branch Office ASSETS ARE LARGER. NEW YORK, October 30 (#).—Total value of assets of the Public Service Corporation of New Jersey has crossed half a billion dollars for a new high record, the increase being due to large expenditures for additions and extensions to plants and equip- ment necessitated by the steady in- crease in demand for gas and electric power and light. These expenditures in the last three years exceeded $105,- 000,000. Total assets of the parent and operating companies on July 31 were valued at §$513,403,922, against $480,389,315 at the close of 1925. Channel Tread 30x31, C., SATURDAY, OCTOBER 30, 1926. STEEL SCRAP HIGHER. NEW YORK, October 30 (P.— Higher quotations for heavy melting steel scrap are reported from the Chicago district, new prices varying from $13 to $13.25 a ton. - VALUE OF OIL STOCKS. NEW YORK, October 30 (P.— Total market value of all oil stocks listed on the New York Stock Ix- change is calculated at $4,126,800,000 as of October 26 by Prince & ‘Whitely. Of this amount the market value of all listed oil company pre ferred stocks is put at $379,800,000, leaving $3,747,600,000 as the market value of the common stocks. Listed common stocks of the Standard Oil group total 34,443,259 shares, with a market value computed at $1,729,000,- 000, compared with 72,151,362 shares for independent companies and a market value of $2,018,500,000. SHIP PLAN IS 0. K'D. BALTIMORE, October 30 (Special).— The movement looking to placing the United States Shipping Board vessels under private ownership is approved by the board of directors of the Balti Formal Opening Today of 20 NEW STORES of LIGHTNING - ACCESSORIES INCOR‘PORATED ALL OVER TOWN 30x4.95 $17.80 31x5.25 $19.80 13 more Association of Commerce. The board adopted resolutions backing the stand of the export and import bureau of the association In the matter and will advocate the change when the proposal comes before the next session of Congress. —_— Candy Industry Ranks Sixth. From the Progressive Grocer Magazine. America is developing a tremendous sweet tooth. The candy Industry is now sixth in size. “The child with the penny" is the great American candy buyer and the foundation of the in- dustr; 29x4.40 $12.00 30x5.77 $24.40 20 Stores Now—20 More to Come At 8:20 A. M. today 20 stores of Lightning Accessories will swing open their respective doors simultaneously, opening at one time the largest chain of stores of its kind in the city. More stores will be opened each week until we have the largest chain of any one city in the country—that assures ser- vice in the strongest sense of the word—it assures low price, for the very immensity of our purchases means a worthwhile savings in real money. To feature this opening we are giving to Washington motorists the best tire manufactured in the United States. Store No. 1 2406 14th St. Store No. 2 Fla. and Champlain N. W. Store No. 3 18th and § Store No. 4 19th and M Store No. 5 21st and M Store No. 6 Conn. and Fessenden St. N. W. Store No. 7 Conn. and Morrison Store No. 8 Sherman and Harvard Store No. 9 N. J. and O St. N.W. Store No. 10 449 K St. N. W. Here it is— Our Opening Special— HOOD White Arrow Cord TIRES AT INTRODUCTORY LOW PRICES A nationally advertised tire — which assures quality—a nationally known and universally used tire—which assures satisfaction. Everyone will want to take advantage of this offering—all sizes for all cars, and, remember, they are to be sold at introductory low prices. Volume Makes the Price Quality Makes the Volume ACCESSORIES STORES INCORPORATED 2406 14th St. N. W. Phone Col. 2849 WHOLESALE DISTRIBUTORS Store No. 11 6th and K Sts. N. W. Store No. 12 Top Good Hope Hill Store No. 13 11th and N Sts. S.E. Store No. 14 4% and HS. W, Store No. 15 4th and Mass. N. W. Store No. 16 133 Penn. Ave. N.W. Store No. 17 Fla. Ave. & P St.N.E. Store No. 18 Fla. Ave. and Staple St. N. E. Store No. 19 Bladensburg Rd. and Morse St. N. E. Store No. 20 3rd and Md. S. W.