Evening Star Newspaper, November 9, 1926, Page 13

THE EVENING STAR. WASHINGTON, D. C. e YIHOL BVEN FARNERS PROFTS * DEPEND O SHIS Action on Bids for Vessels Means Much to Growers of America. BY J. C. ROYLE. Special Dispatch to The Star NEW YORK, November 9.—Recom- | mendations which the United States Fleet Corporation will make this week | to the Shipping Board with regard to the bids just opened for the ships of the United States and American mer- chant lines may make a difference of |ality withdraws. MEN AND-MONEY | By M. S. Rukeyser (Copyright. 1026.) Henry Bruere, third vice president of the Metropolitan Life Insurance Co., recently told me that business success, in his opinion, is coming to be more dependent on method and less on personality. In the pioneer days of American business it was true that a business institution was merely the shadow of 2 man, . . With better ufiderstanding of late of the science 6f management, profit- able enterprises continue for the most pért to flourish after the big person- Running a large corporation s no longer a one-man job, but a co-operative effort. Even those exceptional enterpriees, which are identified in the public mind with the personality of a single leader continue to progress after the many millions of dollars to the farmers. of this country. Already this year, through lack of sufficlent American ships, charter rates across the Atlantic have ad- ced sharply. Each cent additional rged for transporting a bushel of wheat to Europe means a cent out of the pockets of the American farmer. In the last few years exports of wheat mlone have averaged 175,000,000 to 180,000,000 bushels per annum. When American goods and commodities are sold abroad and carried abroad in for- eign ships, the amount paid to the for- eign ships in reality acts as a rebate on the purchase price of the goods. Object of the Sale, ‘The object of the sale of the vessels involved by the Bhipping Board is to provide an American merchant marine ‘which not only can carry American goods in American bottoms, but which can act as a check on the advance of rates by forelgn shipping. The chief bidders undoubtedly have in mind the combined operation of freight and pas. senger lines, thus making one feed the other. “Fleets are valued by the nations which own and operate them not alone ‘bacause they afford a means of trans- portation and communication between the commeracial nations of Europe and America, but because of the strategio value of the ships,” sald Willlam F. Gibbs, whose firm is associated with J. H. Winchester & Co. in one bid. ‘“This is true not only in times of war, but because the organizations neces- sary to maintain the services as com- mercial successes spread over the en- tire world and constitute agencies which encourage trade and commerce ‘with their respective countries. Operative Personnel Important. “The operating personnel of the hrelgn fleet occuples a high place in world commercial organizations. The shipping organizations abroad are allled with the strongest financial in- stitutlons, with manufacturers and consumers at home and with rail- roads in all Jands. The patronage of shippers has been enlisted through regularity and permanence of service and policy. ““The foreign shipping concerns have recognized the advantage of transporting passengers, a large pro- portion of whom are necessarily con- nected with export and import busi- ness, and who naturally patronize in shipment of goods the organizations which cater best to their personal wants. Thus good will for freight is bullt up through carriage of the traveling public.” There is general agreement seen in the proposals of the various bidders that the American merchant lines and the United States lines can be oper- ated more economically under one private management, but even so com- petition undoubtedly will be keen. The question of mail contracts un- doubtedly will come into the matter, since this has been the method used by many forelgn nations to encourage and make possible the operations of the competing lines. In fact, the bid for the Leviathan made by the At- lantlc Transport Co. was conditioned ipon agreement that the vessel re- cel the same amount of mall trafio| a8 at present. Three Liners Necessary. The policy followed by the most #uccessful forelgn operators certainly will be given deep consideration by the asuccessful bidder. This policy is based upon the theory that to main- tain a liner service which will be at- tractiva and enable travelers to patronize the sams line in either di- rection, thres ships of approximately the same tvpe are necessary y For example, the White Star Lina eperated the Majestic, the Olympic and the Homerfc, and the Cunard Line the Aquitania, the Mauretania and the Berengaria. The Leviathan, however, has no sister ships which ©an be used economically with her. This fact undoubtedly was behind tha Winchester proposal to bulld two $15,000,000 express liners with the aid of the Government through the con- struction plan fund authorized under the merchant marine act of 1920 CHICAGO LIVE STOCK MARKET CHICAGO, November 9 (U States Department of Agr ) Hn‘&l-—Roceln(s. 35.000 mostly 10 to 15 lower than yester. day’s close: big packers hidding ‘;e'rn 26 lower: top. 12.65; cholce, 230 to 280 pound averages at that price: bulk 210 to 280 pounds, 12.35a12.60: most 160 to 800 pound averages 12.26a12 40 packing sows sharing decline on bet. ter-grade hogs; bulk, 10.50a11.25; pigs, steady. desirable kind mostly 12.00a 13.50; heavy-weight hogs, 12.00a12 65 medfum, 12.25a12 65, 11.90a | 1245; light lgnt. 113021250 packing fowa. 10.10a11.85. slaughter 5 e 8 T pigs, 11.50 Cattie—Receipts. 16.000 head; gen. eral stear trade about steadv with Monday’s close. 25 to 40. under late last week: killlng quality plain, good to choice light steers and vearlings in broadest demand: medium heavies dull; early top yearlings. 12.00: most feed steers of value to sell at 10.2§ downward. other classes, steady heavy Westerns, slowing down the the run: bulk of vealers, 11.00a12.00 Sheep—Recelpta, 14,000 head; slow; fat lam Steady to weak; top.natives to small killers, 14.15: early. at 13.50a 1375, best fed Westerns eligible around 14.00: culls, weak. opening sales, 9.00; alieep steady, bulk, fat ewes. 5.5086.30. feeding lambs., un changed. opening sales #f good range feeding lambs around 13.00. best, held around 1350, BOND ISSUE PLANNED. NEW YORK, November 9 (#).-- Etockholdera of Western Power Cor poration. subsidlary of the North American Co.. will meet November 23 to approve creatfon of a collateral trust indenture. under which may be pledged ail or any of the stocks and founder retires. The observation can be supported by the citation of cases in a variety of activities. Field and Wanamaker. During their lifetimes Marshall Field and John Wanamaker were not only the outstanding merchant prince of the period, but saturated their e terprises with their own D to an unusual extent. And yet witl their passing their establishments continued to grow and move fol . Incidentally, David May, head of a chain of department stores, is emerg- ing as the leading national figure in his field—a successor to the line es- tablished by Field and Wanamaker. In the field of private banking, which depends to a singular extent on personality, the firm of J. P. Mor- gan & Co. has grown larger and more profitable than during the lifetime of the late J. Plerpont Morgan, who at the time was looked upon as the sole reason for the primacy of the bank- ing house in Wall street. In the fleld of national banking the National City Bank of New York, the largest in the country, seemed to owe its capacity for leadership to the sagacity and force of character of the late Jamea Stillman, but since his passing the bank haa forged increasingly to the fore. For decades, moreover, the mm‘g John D. Rockefeller, sr., was con ered synonymous with that of Stan- dard Oil. And yet, despite the fact that for more than 20 years Mr. Rock- efeller has retired from active man- agement, the Standard Oil units have flourished and expanded. Schwab Big Figure. In the steel industry no corpo:uo‘: has seemed so dependent on a singl individual as the Bethlehem Steel Cor poration has been on Charles M. Schwab. It is no longer a secret, how- ever, that Mr, S8chwab has for several years gradually been relieving him- self of the executives and turning over the actual responsibility for run- ning the company to Eugeng G. Grace, the president. Mr. Schwab-§s now in semi-retirement, but he is @il avail- able for advice when diffult prob- lems arise. . The point is that business today is carried on on too large a scale to be dependent on a single _individual. ‘Wise leaders traln a staff to relieve them and to carry on when they step out. The direction of large business units is based on a definite technique which others can and do learn. But behind methods there are men capable of using judgment and of adapting general principles to the particular needs of special cases. It would be a mistake to assume that big business is being run by a set of hard and fast rules. However, there 1s a trend in the direction of formulating standards for management which is perhaps lesa arbitray than in the past. Businesa is relying less than in the past on the hunches and guesswork of men in the saddle. Business is lean- ing more on research, and business de- cisions are being made to an increas- ing extent on the basis of analyzed data. The movement in this direction was enormously quickened by the leadership exerted by Herbert Hoover, Becretary of Commerce. Mr. Hoover not only greatly enlarged the fact- gathering facllities of his own depart- ment, but encouraged individual busi- ness enterprises and . trade -assocla- tions to improve their technique for finding out the basic facts concerning the economic situations The effect of increasing the body of current knowl- edge concerning conditions has been to stabilize conditions—to flatten the curve of the business cycle, mitigat- ing booms and depressions. Element of Surmise Large. Of course, thers has been little more than a trend in this direction. The element of surmise in making busi- ness decisions is still large, and nec- esarlly so, as buiness planning ia largely for the future, which is still partially unknowable. Forecasting as a science is progressing, but the bat- ting average of the ablest forecast- ing agencies is scarcely as good as the weather man's. But, from the human standpoint, we find the group more important in the financial and industrial world than the individual. Wall Street looks to no single individual for leadership to- day In the sense that it sought guld- ance eearly in‘the century from the late J. Plerpont Morgan. Management itself has not become less important, but it has becomé more diffused and less dependent on any in- dividual. However, wisely managed corporations know the tremendous money-making value of their key men $30,000,000 “Trifle” Is Overlooked in Loans of Brokers By the Associated Press. NEW YORK, November 9.—A trifie of $80,000,000 was overlooked by two New York Stock Exchange clerks in compiling the October re- port of brokers’ loans. A total of $3,111,176,925 in Octo- ber loans was the correct figure, but the exchange report was $80.- 000,000 higher. Comparison with the weekly statement of the Fed- eral Reserve Board Saturday showed a discrepancy, and a check- up was started vesterday which re- vealed the error. It was not an- nounced untfl after the market closed. The bulls 4nd bears of Wall Street watch the report of loans as an indicator of whether-the lambs are getting out of the market. and fluctuations _in the amount of loans are reflected in prices. Loans declined in October, which Wall Street considers a sign that mar- ginal holders of stock are being re- placed to some extent by perma- nent investors. e out an elaborate plan for enabling- its officers to acquire a large share of the stock on attractive terms out of in- come. THE BUSINESS OF GETTING AHEAD. Should the Wife Work? The answer of this riddle In do- mestio economics depends on the atti- tude of both the husband and of the wite. Standards in regard to this problem are changing, and the husband who agrees that his wife should continue in business is no longer looked upon as queer. Not untll recently, how- ever, could a healthy man who 'per- mitted his wife to work retain his self-respect. In the last analysis the problem must be approached from the special circumstances prevalling in a par ticular family. It fs’ difficult for a woman to be an efficient and satistao- tory housewife while also hoal:g down a fulltime outside ‘,ob, alth the trend of new inventions and cus- tom s mnklng the dual role more feasible. In the large cities the re- cent development of apartment hotels with communal kitchens 1s providing @ new set of living conditions which have enormously simplified house- keeping. Electricity Removes Drudge. Moreover, even outside of the cubby- holes in fashionable hotels, recent in- ventions have taken much of drudgery out of housekeeping. With immigration restricting the supply of servants, electricity is obviating the need of as much human labor in the home as was formerly necessary. Elec- tric dishwashers, washing machine irons, vacuum cleaners, electrical r frigerators—these are the new devices which are revolutlonizingjtonditions in the home and giving hotsewives in prosperous familles more leisure. The only housewife who faces a problem as to whether she should re- main in business 1s the type which does not have to. Where necessity exists, the question answers itself. ‘Where, however, there is an oppor- tunity for free choice the chief eco- nomic argument to justify the woman in holding her job is the fact that al- though the family can live on the husband’s income, the supplementary income of the wife, if saved, will aug- ment the family surplus and pre pare it for contingencies, enabling it to get ahead. The potential working period of the wife 1is frequently limited. When she assumes the ad- ditional job of motherhood outside tasks may’ seem burdensome and in- appropriate. ‘When family circumstances, such as the obligation to rear children, make outside work inadvisable for the “housewife, she should receive a bookkeeping credit in the imaginary family ledger for her services as housewife and mother. Should Have Budget. Specifically, she should receive from the breadwinner a regular budgetary allowance for meeting household ex- penditures, instead of being compelled to get funds piecemeal from her hus- band to meet every outlay. The wife should by all means get an opportu- nity to play a constructive role in the family thrift and investment program. She should be consulted in investment matters or at least informed concern ing the financial operations of her husband, which vitally affect her in- terests. Part of good housekeeping should be the obligation to attend to the bookkeeping phases of the family investments. If a married woman does not need money either for present expenditures or for the family thrift account, she is perhaps foolish to take a routine business job. If her object is merely the desire to express herself and be useful, she can probably find more stimulating outlets in social service work, in art, or in literature, but in any particular case the declsion will be conditioned by tho tastes, talents, and opportunities of the individual. The woman is unimaginative indeed who sticks to an uninteresting job when she does not need the money merely because she fears the even greater dullness of being idle. Being soclally useful does not depend on punching a time clock or standing in WALL STREET BANKS CONSIDER MERGERS Chase Reported to Be in Negotia- tions That Would Put It Ahead of All Institations. By the Associated Press. NEW YORK, November 9.—In friendly rivairy for the distinction of holding & place in the front rank of New York financial institutions, sev- erdl large Wall Street banks are un derstood to be engaged {n merger gotiations which may cause a general re-alignment of their standing in size and total resources. The Chase National Bank, which early this year headed a billion-dol- lar consolidation with the Mechanics and Metals’, was reported yesterday to be planning other acquisitions which might make it the country's largest bank, eclipsing the National City, which has total resources of more than $1,300,000,000. The Sea- board National Bank and the Empire Trust Co. were mentioned as possible additions, although officials of the trust company last week insisted that their institution would insist on dom- inating any merger. The Guaranty ‘Trust Co. recently has considered sev- eral mergers, but so far has failed to reach an agreement. After .the Chase National Bank forged into second place, the National City Bank strengthened its position at the head of the list by taking over the Peoples Trust Co. of Brooklyn. Only recently the Irving Bank and Trust Co., uniting with the American Ex- change-Pacific Bank, took third place, relegating the Guaranty Trust to fourth. LISMAN FORESEES DEFAULT. NEW YORK, November 9 (#).—F. J. Lisman, head of the banking group ‘which submitted a plan for unification of Chicago's transit lines, asserted yes- terday that unless prompt and definite action was taken, default was certain in $166,000,000 principal of bonds ma- turing February 1 next, as well as a dsfault in interest on about $70,000,000 of honds. The effects of the default, he eaid, would be felt outside of Chl- cago as well as in the city, where leas than a third of the traction securities are held. VIRGINIA IRON HIGHER. NEW YORK, November 9 (@).— Prices of pig iron in the Virginta tricts are up 50 cents a ton to the base of $22.50 for No. 2 foundry grade. MACK PROFIT DROPS. -NEW YORK, November 9 (/).—Net profit of Mack Trucks for the third quarter fell to $1,558,793, equal to $1.78 a share on the common after preferred dividends, from $3,025.799, or $4.48 a share in the second quar- ter and $2,614,205, or $6.86 a share in the thifd quarter of 1925 on less than half the common shares out- standing now. Net profit for the first nine months this year was $7,389.494, equal to $9.02 a share on 718,484 com- 7,21 or FERRO-MANGANESE UP. NEW YORK, November 9 (#.— Prices of ferro-manganese are shows ing an upward tendency, the recent quotation of $88 a ton having disap- peared. A leading New York interest 1s quoting $95 a ton, while others are reported to be holding out for $100. English material is quoted at $100 a ton seaboard, duty paid. ASH) TUESDAY, NOVEMBER 9, 1626. NEW YORK MARKETS. - NEW YORK, November 9 (#).— Flour Barley steadler; o. 1. f. New York. Lard weak; Middle 13.80018.90. Wheat futures PRICES ON PARIS BO PARIS, November 9 (P).—Prices were steady on the Bourse Three per cent rentes, 49 france Y’ ocentimes; exchange on London, 14 franos 50 centimes. The dollar wus quoted at 30 france 84 centimes. POULTRY PRICES STEADY. CHICAGO, Poultry, cars; fowls, 17a33; i oys, 35; roosters, 18; du 232; geese, 19. PLEASANT LAXATIVE For Sick, Feverish, Bilious Children Mother! A Constipated Child Needs “California Hurry Mother! A teaspoonful of “California Fig Syrup” now will sweeten the stomach and thoroughly clean the little'bowels and in a few hours you have a well, playful child again, Even if cross, feverish, bilious, constipated or full of cold, children love the pleasant taste of this gentle, Fig Syrup” harmless laxative. or_overacts. Tell your drugfis.t you want only the gemuing “California Fig Syrup,” which has directions for babies and children of all ages'printed on bot- tle. Mother, you must say “Cali- fornia.” Refuse any imitation. It never cramps 100 million feet 9 Southern Pine in Concrete Forms at Muscle Shoals 4 OR nine-tenths of a mile across the valley of-the Tennessee, the dam at Muscle Shoals towers more than a hundred feet above the line for the weekly pay envelope. BUNKER OIL HIGHER. NEW YORK. November 9 (#).— The Standard Oil Co. of New Jersey today advanced the price of bunker fuel ofl 10 cents a barrel. The new piice 18 $1.75 ex-terminal. and give expression to this recogni- tion in a variety of ways. For exam- ple, the practice of carrying life in- surance, with the corporation as bene- ficlary, on important executives has become general. Moreover, there is a tendency to reward executives with more than salary. The General Mo-. tors Corporation. for example. worked IN THE MORNING a dash of ENO'S Effervescent Salt is like the opening of a window in a stuffy room. It clears and refreshens the surfeited system. Sparkling and bubbling in its half glass of water, and very pleasant in the mouth and throat, it relieves the intestinal sluggishness that tends to spoil the looks, foul the breath, and dull the zest for life and love and laughter. .ENO other securities now owned or here. after acquired by the corporation, to cure an fssue of $30.000,000 coilat- ral trust gold bonds. The initial is e of $10,000.000 series A 5l per cent bonds will be convertible into common stock of the North American Co. An exchange of common stock alfo s contemplsted. NEW YORK, November ¢ (#).— A mew section for the Tidewater er Co. along the North Carolina way No. 60 and the Atlantic Line Raflroad. has been opened the connection of the Town inson, 20 miles northwest from N. C, with the Tidewater under a franchiss to operate {n fhe town. A large number of cus. does not depress; does not weaken; does - ot enslave. From all druggists at $1.25 and 75¢ Prapaced only by J. C. ENO, Led., Loaden, Bugland Sales cAgentse, HAROLD F. RITCHIE & CO., Inc, 17t Madison Avenue, New York Toronto - = Syduey Wellington EBPPERVESCENT SALT workman in the river bed below. lqlo forms constructed entirely of Southern Pine, have been poured a million and a quarter cubif: yards of concrete. Here, where millions of dollars are involved, where perfection only would mean future efficiency, every foot of the concrete forms was built of Southern Pine—5000 car loads of Southern Pine. No chances could be taken with the wood that mightyield under the load, that might buckle or warp in the moisture, that could not be fabricated into forms sometimes approaching the accuracy of pattern work. Thus once again, in its hundred years of dominance as the supreme structural wood of the world, Southern Pine proved its right to that title. In centuries to come this dominance will be unthreatened. Millions upon millions of trees grow bigger and stronger every year in the wonderful climate of the south. The finest Southern Pine our mills ever produced is now available at any lumber yard east of the Rockies. You can tell Southern Pine by its trade- mark. You can judge it by its grade-mark. Whether you plan factory, power plant or home, you should have a copy of the booklet, Southern Pine—Whar It Is—What It Is Used For This book discusses the stresses and strains to which the wood in your structure may be subjected. It recommends correct uses of Southern Pine.- It is a recent publication and it is free. Send for it. - Build right—and know you are right. Notice~ For engineers, contractors, architects and others especially interested in Southern Pine for concrete forms, a new booklet is being prepared. It will be sent, when completed, to those who ask for it. © These lecsers ¢ th £SPA™ Wentify the grede. The designaion mdlumm&mnfléhfig‘inwmdm .S'om'éer;{7 Pine Association Interstate Bailding NEW ORLEANS, LOUISIANA | ' Evergreens—Shrubs— Trees—Plants Write for Our Latest Catalogue and Price List We offer a complete Landscape Designing and Contract- ing Department, fully equipped to submit estimates and furnish plans for all kinds of Landscape Planting and Con~ struction Work. ¥ Ya Million Plants—400 Acres Un(ier Development Westcott Nursery Company FALLS CHURCH, VA. “Six_Miles From Washington, D. C. Phone Falls Church 165 AP RS & Mayo’s Pharmacy—3500 12th St. Brookland g Is a Star Branch Office Those who live in:the suburbs, like Brook- land, will find The Star Branch Offices especially convenient when they have Classified Ads for The Star. Look for this sign—there is a Branch Office in your neighborhood, and it will accept your Classified Ads and forward them promptly to the Main Office—-relieving you of all trouble in connection with them. Rendering the service without fee; only regular rates are chargd. The Star prints MORE Classified Ads every day than all the other papers here combined The RESULTS are better—that's why “Around the Corner” is a Star Branch Office Wi iy 7) A S})u‘thern’ Pi_ne—‘The Supreme Structural Wood of the World