Evening Star Newspaper, December 2, 1926, Page 13

— CABLE RATES MAY SOON BE REDUCED Introduction of “Beam” Sys- tem of Wireless Has Many Possibilities. BY J. C. ROYLE.. 8pecial Dispatch to The Star NEW YORK, December 2.—Estab- lishment of the Marconi “beam” sys- tem of wireless transmission of com- merclal and press messages between London and New York Is a matter of weeks. That was the opinion today of radio engineers who have completed 2 study of the system as operated at present between London and Montreal. What effect its inauguration will have on cable and ordinary wireless transmission is problematical. Many communication engineers feel that it will mean simply an increase in the number of messages sent without det- riment to present systems, just as was the case with the establishment of airplane mail services. Rate Cut Forecast. Some engineers, on the other hand, @eclare it will result in a sharp cur- tailment of rates. At any rate, the cable and wireless companies are pro- ceeding with programs of expansion of present systems. The Marconi “beam’” system has now been in oper- ation between London and Montreal for one month. It has shown a speed of 200 words a minute without possi- bility of human error in transmission ®ment a distance of 3,000 miles and re- corded there in dots and dashes on an endless tape, from which it is trans- ferred to message blanks as fast as relays of typewriters will permit. In the month's test there has not been an hour when the system has not functioned perfectly. The public in England and Canada was quick to realize its advantages and in the last four weeks the volume of mes- sages has doubled. System Considered Simple. ‘The “beam” system, still a mystery to many, is easily explained. By ordinary methods of wireless broad-:| casting, electrical oscillations are generated In an aerial system from which energy is radiated in the form of electrical waves which spread simultaneously in all directions. The energy of each wave or series of waves is thus dispersed more widely the further each wave travels from its source until only a small amount of the total energy can be inter- cepted at the receiving point. It is for this reason that reception of programs from distant stations on an ordinary recelving set is weaker than from nearby stations. H. M. Short, managing director of the Canadlan Marconi Co., sald today that 24-hour service had been maintained between Montreal and London since the inauguration of the beam system at a minimum epeed of 100 words a minute. Ex- periments are now being made with & printer which automatically de- des the messages from dots and shes and prints them out in plain English at a speed of 175 words a minute. (Copyright. 1926.) BUSINESS DROPS OFF. Motor Accessory Companies Have Poor Third Quarter. NEW YORK, December 2 (P).— Third-quarter business of motor ac- cessory companies was decidedly poor- er than a vear ago, a compilation of aggregate earnings of 11 leading con- showing $5,228,688, against ,420, a drop of about 36 per cent. al earnings for the nine months this year were $19,211,439, against $20,101,535 In the same period of 1925. SPAIN TO BOOST COTTON. MADRID, December 2 (#).—A na- tional commission has been estab- lished with the object of promoting the cultivation of cotton 8o as to ren- der Spain independent of foreign planters. MEN AND MONEY By M. S. Rukeyser (Copyright. 1926.) In his latest attempt to remedy the maladies of big business Dr. Willlam THE EVENING r - overlooked that sometimes the plan is u by shrewd operators as a means of selling out a property to a 8roup of owners for a larger aggregate price than they could get from an in- dividual buyer. The crucial guestion, then, is the price asked for’ co- operative apartments. Another fmportant matter is the provision made for management. The Z. Ripley, Harvard economic eage,| Dest results have usually come from suggests new machinery whereby | long-term contracts with outside man- £mall stockholders could have better | &8ement companies of unquestioned access to unbiased information con- cerning their property and become in- siders instead of outsiders. integrity. Such arrangements obviate the clash of tenant-owenrship opinion concerning technical and unimportant Prof. Ripley joins other critics who | Questions of operation. have urged the creation of permanent committees representing the interests of scattered shareholders, and he wisely advocates such bodies should be supported by corporate funds. “The novelty of this project,” says the David of the colleges, who again slings a stone at the Gollath of big business, “for stockholder representa- tion consists merely in the substitu- tion of a continuing body instead of a temporary or emergency one, and— this being of the utmost importance— that it be created not to cope with management in terms of conflict but to recognize that full responsibility and authority are still vested in the directorate, subject only to the condi- tion that there shall be a reasonable amount of disclosure and consultation to action.” Better Protectlon Is Aim. I think that this proposal is saga- cious, as far as it goes, but could be carried one step farther. The task is to protect the general public, which has turned in ever-increasing numbers to the purchase of corporate securi- ties. Besides the suggested fact-find- ing committee, there should be, it seems to me, on every board of direc- tors a public director, who should not represent large, solidified interests, as the other directors do, but the scat- tered small shareholders. Such a man should be paid by cor- porate funds, and should be on the job as a watchdog to safeguard the interests of the holders of small blocks of stock. He cannot hope to control decisions of the board, and it would be fatal if he assumed the role of obstructor. He should not sesk to usurp the power of the dominant group 80 long as it acts wisely, hon- estly and justl But he should be perpetually vigilant and ready to ex- pose chicanery or malpractice. Would Aid Public Confldence. ‘The mere presence of such an indi- vidual on boards would give the public greater confidence in management. Public directors could be recruited from resourceful economists, like Prof. Ripley; from retired financiers and from financial editors and jour- nalists. Since the war the public for the first time has become heavily interested in corporate securities. Despite this movement, which T. N. Carver, & col- league of Prof. Ripley, describos as an economic revolution, no new corporate machinery has been set up to meet the altered situation. Is Co-operative Ownership of Homes Desirable? The co-operative idea in the owner- ship of apartments by the tenants is spreading rapidly through the country. It got under way in a large way for the first time in this country in New York and environs shortly after the war. It has recently spread to Chicago and other cities, and real es- tate men predict that within a decade there will not be a city of 50,000 popu- lation in the United States without co-operatively owned apartments. The movement started as a strictly busi- ness attempt of real estate venders to exploit a new idea, not as an idealistic effort to abolish the landlord. Thus far the movement has not yet been uniformly successful, and the real outcome of the first stages of the development will not be known until the country has gone through a reac- tion in real estate values. The experi- ment thus far has been tried during a rising market in real estate. Thus even though the prices at which ten- ant-owners received their apartments might have been unduly high in par- ticular cases, the subsequent upward rush of prices validated the initial purchase price and made it seem at- tractive. Although the idea of co-operative ownership seems capable of establish- ing new and better home conditions in the larger cities, it should not be In sorg: co-operative apartments each apartment is occupied by tenant- owners, who are assessed each year to meet the operating and overhead charges. Thus they are not free of rent. Indirect Rent Methods. Others which stress the freerent idea, which is more apparent than real, sell gome of the apartments and rent others, charging the renters enough to pay the operating and over- head charges on the whole building. Thus the tenant-owners reduce their own burden by making a profit on the tenant-renters. Whether they can continue this indefinitely into the fu- ture is a speculative question, depend- ing on conditions in local real estate markets. H. H. Decker of Chicago in a report made to the National Association of Real Estate Boards claims these econ- omies for the co-operative apartment idea: Special Economies Claimed. “1. Elimination of loss of rent from vacant apartments, bad debts, adver- tising charges, rental agents’ commis- sions and wear and tear caused by frequent shifting of tenants. “2. Financial saving to the tenant and saving of nervous energy, in addi- tion to the feeling of security and permanence that comes to any home- owner. “3. The co-operative apartment owner can put in high-class decora- tions and fixtures to suit his taste, knowing that he is enhgncing the value of his own property instead of that of the landlord. The general ap- pearance of a co-operatively owned building is usually better than that of a rented building, as it is a community of homes.” The co-operative apartment idea has been demonstrated as feasible. Whether it is attractive depends on specifioc questions of price, location, congeniality of neighbors and your preference for a permanent dwelling place or the freedom to move at will. BIG DIVIDENDS PAID. $400,000,000 Also Covers Decem- ber 1 Interest Checks. NEW YORK, December 2 (#).— Golden harbingers of a rich Christ- mas in the United States were the distribution of December 1 dividend checks and interest payments of nearly $400,000,000. This yellow stream will be further swollen when record-breaking payments are made 6f interest and dividends on January 1. Half a billion dollars may be the measure of the January disburse- ments that will go to the security- holders of the Nation, now said to number 19,000,000 e PARIS BOURSE HEAVY. PARIS, December 2 (#)—Prices ‘were heavy on the Bourse today. ‘Three per cent rentes, 49 francs 90 centimes. Exchange on London, 65 _centimes. Five per cent loan, 56 francs 25 centimes. ‘The dollar was quoted at 26 francs 8 centimes. 126 francs ey A domestic trolley for carrying heavy articles in the house has been introduced in Europe. - OFF IN I MONTHS Output 20,000,000 Barrels Less Than Last Year, Sin- clair States. By the Associated Fress. TULSA, Okla., December 2.—Oil production in the first nine months of 1926 was 20,000,000 barrels less than in the first nine months of 1925, says Harry F. Sinclair, head of the Sinclair Consolidated Oil * Corporation, in a survey made public today in connec- tion with the meeting of the American Petroleum Institute. “Total supply of all crude and re- fined ofls in the United States on October 1 was 34,000,000 barrels less than the peak of July 31, 1925, Mr. Sinclair said. *“This is a decline of 61 per cent, and represents a decline of more than 11 per cent in the re- serve supply in proportion to the rate of consumption. “Demand for gasoline increased 19 per cent in 1924; 19 per cent in 1925 and 17% per cent so far in 1926. In- crease in the demand for all oil prod- ucts is 7% per cent this year, the high point of demand in 1926 was 8 per cent higher than the peak of 1925. “Preliminary reports indicate that in the first nine months of this year, the total demand for all oil products exceeded the supply by more than 22,000,000 barrels. Total demand for the full year will be about 870,000,000 barrels. If the production of oil were to continue at the September rate, the year’s supply would fall short of the total demand by 80,000,000 barrels.” 404 SHIPS ARRIVE. Baltimore’s November Record Comes Close to October. Special Dispatch to The Star. BALTIMORE, December 2.—Steam- ship arrivals at Baltimore in Novem- ber totaled 404, 16 less than in Oc- tober, which was the record month of the port. United States vessels to- taled 169, against 178, the previous month, and Great Britain, with 115, dropped 10 behind. Italy, with 29, and Norway, with 27, showed a slight gain. Other nations represented were Spain, 10; Greece, 9: Holland, 8; Ger- manyq, Japan and Denmark, 7 each; Sweden, 6; France, 4; Jugoslavia, 3, and Brazil and Belgium, 2 each. STOCK DIVIDEND LIKELY. NEW YORK, December 2 (). — Stockholders of Burroughs Adding Machine Co. will vote January 4 on a proposed increase in authorized common stock from 600,000 to 1,000,- 000 par shares, a stock dividend of 33 1-3 per cent being contemplated. AID IN NEW FINANCING. BALTIMORE, December 2 (Special.) —Local bankers are helping finance the consolidation of nine coal com- panies in West Virginia under the name of the West Virginia Southern Coal Co., which has just been accom plished. ' Properties valued at approyi- mately $4,700,000 will be taken over by the new compan: OFFICE RENTS HIGH. NEW YORK, December 2 ().— Office rent on lower Broadway comes high. The Seaboard National Bank has leased the ground floor of 115 Broadway for 10 years at an annual rental of $100,000. FORD PLANT SLOWS UP. PRODUGTION OF . | 7o, sows ue- Thought Probable Reason. Special Dispatch to The Star. NEW YORK, December 2.—The sharp curtailment of activity at the Detroit plants of the Ford Motor Co. and expectation that the virtual close- down would continue until after Janu- ary 1 caused widespread comment among automotive engineers here to- day. ‘The engineers are practically unani- mous in the belief that the action was not taken in anticipation of the productlon of a six-cylinder car in January and a 12-cylinder model next June. "They say that to adapt the Ford River Rouge plant to such pro- duction seems a task too stupendous even for the Ford genius, but they add that he has done things before that everybody thought impossible. “I wouldn’t put it past him” was the way one executive of a rival com- pany put it. Most automotive engineers take the STAR. WASILINGTON, D. C. THURSDAY, DECEMBER 2, 1926. stand that the action likely is in anticipation of early inventory taking and to permit the cars now in dealers’ hands and in stock to decline, se as to strengthen technical position. NET INCOME INCREASES. NEW YORK, December 3 UP— National Supply Company, largest manufacturer of oil driiing equip- ment and supplies, had net income of $3,157,969 for the first nine months this year, -equal to $10.47 & share on the common, against §2,014,756 for the full year 1925. $8,000,000 TN DIVIDENDS. NEW ORLEANS, December 2 (Spe- cal).—The building and loan associa- tions in this city will distribute $3,000,000 in dividens to their share- holders in a few days. This is the largest sum ever distributed by them. At the same time banks will distribute $2.600,000 in Christmas savings funds among 80,000 depositors. A lustrous Silk Shirt is ever a gladden- ing gift. 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