Evening Star Newspaper, December 6, 1926, Page 13

SLEET NOT LIKELY TOHURT FARMERS, Trucks Can Negotiate lce for Necessary Hauling—Mon- day Trade Slow. A covering of hail and snow on the roads of nearby Maryland and Vir- =inia is not expected to interfere with the local market. There s mot a great amount of hauling done on Mondays, it is stated, and little difi- with heavy motor trucks is paed. « ago when most of the hauling p by horses such a storm uld have played havoc with market | \dit.ons for a short perlod, but more modern means of transportation has made a complete difference in the matter of hauling, and only a par- ticularly heavy snowstorm will cause much trouble. There was the usual slow Monday trading this morning, dealers report- ed, weather conditions meaning but little to sellers or buyers. Merchants had to take extra precautions to pre- vent supplies from freezing. Today's Wholesale Prices. ancy, 1-pound prints, 66a store packed, 38. esh, selected, 55: hennery, rent receipts, 52; storage, alive—Turkeys, 43a46; White Leghorns, 22a roosters, 18; ducks, 0ld,” 15; keats, young, old, 30a40. Dressed—Turkeys, i capons, fancy, heavy, 47a48; smaller, 40a42; chickens, 32a33; keats, 40; rabbits, No. Poult chiicken: ° 22a23; 24; loins, 28a30: smoked ; smoked shoulders, 18a21. _Live stock—Calves, choice, 13; me- dium, 11; thin, 6a7; lamb, 13. Fruit and Vegetable Review. Toda market report on fruits and e compiled by the Market News Service Bureau of Agricultural Economic Apples—Supplies liberal; demand moderate, market steady; Maryland and Virgini rimes, 2% inches up, 3.50a4.00 northwestern medium to slze extra fancy Delicious, ~ 3.00a Spitzenburgs, moetly around 2 bushel baskets, Maryland and Virginia No. 1 Stay- mans, 2% inches up, 75al.00; 2% nches up, 1.b0al.25. Cabbage—Supplies moderate; de- mand moderate - market stea New York, bulk per ton Danish type, 25.00 @30.00. 2 Celery—Supplies liberal; demand moderate, market slightly weaker; New York, 2-3 crates, 2.00a2.60; Cali- 2 ia, crates, medium size, 4.50a 6.50; mostly around 5.00; large size, nostly around 4.00. « Lettuce—Supplies liberal; demand moderaie, market steady; California, crates, Iceberg type, 4-5 doz. a 0; ¢ around 4.00; berg type, 4-5 doz. 115-bushel hampers, , 2.50a2.75 light;: demand Michigan, 100- ks vellows, U. 8. No. 1, New York, 100-pound U. 8. N medium 0. light; pound large size, best, most Potato Market Firm. Potatoes—Supplies moderate; de- mand moderate, market £ w; Mich- 50-pound sacks Russst Rurals, . 4.5004.65; New York, 160~ ks Round Whites, U. 8. No. 0. Sweet potatoes—Supplies moderate: lerate, market firm; North loth-t ave barrels yel- o. 4, ; best mostly 150-pound s ‘loth-top_stave few Iz , 2.50a3.00. plies liberal; _de- ket slightly weaker; bushel ~hampers, 4.00a4.50; few low as 3.50; 23.00; few low as 2.00. Bgeplint—Supplies light; demand moderate, market ste Florida, pepper crates fancy, 4.50a5.00; few higher . m IFlorida, square fancy, choice, liberal; slightly white, — Supplies market pepper crates 3.00; mostly 3.00. String be mand L demand | weakes 2.50a supplies liberal; de-) . narket siightly weaker: | Fiorida, 7x-bushel hampers green, 23.00: few high as 3.50. Tomatoes light; demand | Ohio, 10-pound { medium _size, | California, r . wrapped count, ancy | 2.50 | INITIAL DIVIDEND. NEW December 6 (P).— | Light and Heat red an_initial divi- « share on the common ible in quarterly install- )0 cents , starting Jan- holders record Decem- | EVERYMAN’S INVESTMENTS BY GFORC UGHES. “Margin Calls.” | Whenever the stock market has suf- | fered a drastic decline the papers re- | port in their financial columns that | “margin_calls” went out after the close and that they were met with ad- ditional cash or that customers light- aned their holdings by disposing of stocks they had been carrying on their accounts. Let us see what this | means. ! In the first place practically all speculation is done on borrowed money. If every speculator had to furnish the actual cash to carry his, ommitments there would be precious little speculation. Whatever one may think about the morals of the matter, tha fact is that stocks are bought by speculators with funds borrowed for that purpose. The result is that | when market prices go down the! oquity of the speculator decreases lkewise and if the decline is carried far enough it is entirely wiped out. | The matter can be made plain best | by an illustration. Suppose United | States Steel common stock is selling | at $150 a share. A small speculator buys 10 shares on margin. To pay | for the stock in full would at this price take $1.500. The speculator puts up with his broker say $500, the broker borrows $1,000 from the hlnk| and the trader has a margin of 33 1-3 ber cent. | Now suppose United States | Steel drops to $140 a share, the trad- er’s equity 1s now only $400. His mar- gin has been impaired $100 or 20 per cent of the original amount. If steel by any chance hould go as low as $100 share he would be entirely wiped out, but long before that time his broker would demand that he put up additional cash, or margin, so- called. It sometimes happens, often in fact, that the speculator who finds him- self caught in this fashion prefers or 1s forced to sell out his stock. He may not be willing or he may not be able to furnish the additional cash and so closes out the account. ~When this happens on any large scale prices go lower all through the market. MEN AND MONEY By M. S. Rukeyser. (Copyright. 1020.) A tremendous amount of wealth in the aggregate is owned by New York's “silent rich.” This group consists of individuals in whose families there has been riches for severa] generations. The silent rich are investors—cap- italists—rather than constructive leaders, ‘and their names seldom, if ever, get into the newspapers. They supply the sinews of industry, but are not the spokesmen of great en terprises. In social life they fre- quently play no active part, confining their interests to a small circle of friends It is with the Interests of such i dividuals that the trust departments of banks deal to a large extent. | trusts consist mainly of real estate and securities. In discussing this group, the trust officer of one of the old New York banks said: “Where family fortunes are tied up in real estate, each destendant remains as well off as the founder, provided the tamily does not multiply more rapid. ly than the population of the country. The increase in the value of diversi- fled real estate permits the division of an estate without making the parts smaller in value than t whole used to be.” Thirteen Hoodoo Is Hinted. The death of Willlam H. Porter, partner of J. P. Morgan & Co. com ing only a few months after the passing of E. R. Stettinius, another member of the same firm, has led the Street to believe that there is a hoodoo in the custom of the firm of having 13 partners. Already specu- lation is rife as to who will be se- lected to fill the two vacancies. A Morgan partnership is considered the blue ribbon of success in Wall Street, and many factors enter into the formula by which newcomers are se- lected. In the past, the Morgan firm has occasionally invited executives of affiliated banks to become port- ners. Among those in this group whom the Street considers eligible are Willlam C. Potter, former min- ing englneer, who in’ the last five years has made a striking record as president of the Guaranty Trust Co. of New York, and Harvey Gibson, president of the New York Trust Co. The banking house of Kuhn, Loeb & Co., which has been the principal competitor of the Morgan firm in rail- road and alled investment finance, has functioned with only four part- ners since the death in 1920 of Jacob H. Schiff, the former head of the counting house. The pie of profits in the Kuhn, Loeb firm is therefore cut into fewer slices, enhancing the value of each partnership. In the post-war period, the rise of the position of Dil- lon, Reed & Co. has perhaps been the most significant development in the field of private banking. Clarence Dillon has been the central figure in this growth, and the Street takes it for granted that he considers his present status superior to a partner ship in any other houge. Politics Interest West. Albert W. Atwood, well known eco- nomic writer, whose newest book i8 called “The. Mind of the Millionalre, is an Basterner who i8 now making his home in California. ‘While tem- porarily in New York, he told me that Westerners are more interested in politics than folks in the East. He believes the greatest political interest exists in the Mountain States, rather than on the Pacific Coast. Incidentally, Mr. Atwood forecasts that the next great land boom will be in Texas. Bear traders have not made much headway in depressing speculative security prices in the last six weeks. One primary reason for this is the great supply of credit avallable, which, other things being equal, is a factor for keeping prices up. When the bull movement started in 1924, easy money was one of the principal incentives for bidding prices upward. Now that money is still plentiful, it 18 a fa-tor in prolonging the period of high quotations. Such slowing up of business as may have taken place in some lines in recent weeks has freed additional credit for the securities market. Efficiency is the keynote of the cur- rent business situation, but business executives must learn to distinguish between genuine and fake efficiency. Cutting down expenses is not neces- sarily efficlency. It may and fre. quently s quite the reverse. A Wall street bond house recently brought in an efficiency man from the outside. He knew little about the technique of the business. He immediately began weeding out men. Some of the men whom he dis- charged were Invaluable cogs in the machinery, and, as soon as the re- | sponsible partners sensed what was happening, they began to bid back for the services of discharged employes. One trader who was fired one week was rehired the next at an increase of $25 a week in salary. THE BUSINESS OF GETTING AHEAD. Neglected Art of Buying. The American peoplé are molding their habits in accordance with the pleas of salesmen. In business, lead- ers have stressed selling to an increas- ing extent. and the saleaman type is | coming into larger recognition and re. wards. Recently, for example, the chief operating subsidlary of the United States Steel Corporation put its stamp of approval on a star sales- man by elevating him to the presi- | dency, disregarding the tradition that the head of the enterprise should be picked from the operating side. The president of the largest rail- road in the world—the Government. owned Canadian National Rallways— recently told me that selling is the chief factor in the success even of a railroad. As a result of this growing emphasis, the psychology of selling has far out- stripped the art of buying, which has been neglected. As consumers we are prone to buy because some one has tempted us, rather than on the basis of a real analysis of our needs. And, since our aggregate purchasing power as individuals is limited, the purchase of one article may deprive us of an- other which will be more productive of satisfactions. Ad Writers Town Criers. Advertising writers are the town criers of the present day and in an infinite variety of subtle ways they are all shrieking loudly to attract the attention of the individual. Through advertising, the butcher, the banker, the clothier, the automobile vendor and the travel bureau—to mention only a few—have enlisted all the aids that psychological research and a study of human frafities have reveal- ed to get him to favor their of crln{-. The voice of prudence and thrift is almost inaudible in the clatter of a thousand merchants bousting thelr res. Only the etrong-wilied can resist the collective pressure and re. tain a portion of his available funds for the quiet satisfaction to be at- tained through the years from intel- ligent investment. Of course, the business greatness of the country has been bullt up on ad- vertising and selling, which are dis- tinctly American influences—helpful, constructive and desirable. But, as in- dividuals, you must each assume the to how you shall exert your purchasing power. None but millionaires can respond to every ap- peal to which they are exposed. When you buy on your own initiative, you are more likely to l“l‘ your pbjecs, he from distant places, and there is no THE EVENING [ tives. When you are sold, you may be drifting, frittering away your pur- chasing power. { Consumers are inadequately organ- zed to carry on their work of judi- clous selection. Even theorists have; heglected the economics of consump- | tion, which {s a fruitful subject forl research. The consumer goes into the market as an unequal—ill prepared to match his wits with the seller who is likely to be a specialist. Prejudices Are Factors. | Prejudice, whimicalities, and down- right ignorance of factors that deter- mine vaiue cripple the real purchas- ing power of the average family. In New York City, for example, house- iwives pay a premium for white eggs and in Boston for brown eggs. In the early days of the Republic the hens near New York laid white eggs, and the color was an indication of freshness. At Boston the nearby hens specialized in brown eggs. But, now both cities draw their huge égg supply longer and correlation between color and freshness, according to the ex- perts. 1n the butcher shop popular cuts of meat sell out of all propor- tion to their relative nutritive value. Household economics should become more than a fad. It should be taught to girls in the elementary schools. For the most part, women are the pur- chasing departments of American homes. In the art of buying men are frequently even less adequately equipped than women. A new tendency which is to be de- plored is the disposition on the part of buyers on the partial payment plan to determine their ability to buy & commodity by the amount of the first down payment, instead of in terms of the total cost. The install- ment plan, when properly conducted, has its proper place in industry, but the buyer owes it to himself to recog- nize the load he is contracting tc carry. TOBACCO MARKETS OPEN. But Sales Slow at Lynchburg, Heavy Now at Danville. LYNCHBURG, Va. December 6 (#).—Sales of tobacco on the local dark loose leaf tobacco market today lgfre‘aled only 80,100 pounds. The jence of a season for ordering to- bacco will probably mean light sales through this week. The market closes g:;:mber 17 for the Christmas holi- DANVILLE, Va., December 6 (#).— The marketing of tobacco was re- sumed today with evidences that the farmers will deliver heavily this week. The sustained marketing rush is due apparently to a bellef that the price scale which has been unusually high this season will drop after the Christ- r.l:ll! :;leigdayn. S‘;\les aggregating half million ‘pounds were in prospéct this morning. e NEW YORK MARKETS. NEW YORK. December 6 (#).— Flour, steady; Spring patents, 7.35a 7.60; soft Winter straights, 6.40a8.75; hard Winter straights, 7.25a7.60. Rye, firm; No. 2 Western, 1.07% f. 0. b. New York, and 1.06 c. 1. f. export. Barley, steady; malting, 81%a83% ¢. 1. f. New York. Pork, dull; mess, 86.00; family, 40.00a42.00. Lard, steady; Middle West, 13.35a13.45. Tallow, firm; special loose, 7%; extra, 7%. ‘Wheat futures opened steady; do- mestic, May, 1.45% -— POULTRY MARKET FIRM. CHICAGO, December 6 (#).—Poul- try, allve, firm; receipts, 9 cars; fowls, 18a24; Springs, 18a24; turkeys, 34; roosters, 18; ducks, 26; geese, 20a2l. Famous Samuel Taylor Coleridge Iff2 1834 OLERIDGE was an C astonishing conver- sationalist—a man of clear, brilliant thought, a large capacity for work and a remarkable memory. At school Cele- ridge would read one of Burke’s essays in the morning and repeat it verbatim to his ¢ mates in the evening. His “Ancient Mariner, {‘Kubla Khan” and “Cr tabel” earned for him a permanent niche in the corridor of famous poets. But Coleridge allowed himself to fall a victim to the opium habit. The ars of 1801 to 1816 rought him more and more under the dominion of the insidious drug He finally conquered—but the damage was irretrievable. All habits, good or Lad, are more -asily formcd than broken. Now is the easy time to form the habit of saving a little each year and investing it wisely in First Mort- gus 6% % Notes through wartsell, Rheem and Hensey Company. The habit of collecting the regular interest check :jll become second na- ure. Let us show you how to form this habit now. Swartzell heem & HenseyCo, Bankers 127-15% St.NW. WashingtonDC. STAR, WASHINGT: MILK PRODUCTION BEING SPEEDED UP Cow's Are Getting to Be More Willing Workers Than They Used to Be. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, December 6.—Cows are getting to be more willing work- ers. They are responding to efficient management just as are workers in other lines of industry. The number of milk cows in the dairy industry has not increased. In fact, during the last 12 months there has been no in- creass in the volume of milk produced. but there has been a marked increase in the amount produced per cow, tak- ing the country as a whole. One of the features of the situation has been the fact that in nearly all Eastern markets there has been an actual shortage of fluld milk suitable to meet the new standards which have been established in many centers regarding the testing of cattle for C., MONDAY, DECEMBER tuberculosis _and other regulatory measures. Thess restrictions rapidly are spreading throughout the country. The total 1926 consumption of dairy products will be slightly above that of 1928, according to Government sta- tisticians, although the actual milk equivalent of the butter, cheese and condensed milk produced was less than last year. There has been a de- cided reduction in the holdings of but- ter in storage, owing to the unex- pected reduction in the output of cream in the Middle West this Au- tumn. Consequently there is room for im- ports of foreign butter, despite the fact that there is a tariff impost of 12 cents a pound on the foreign product. Small shipments of Swedish and Si- berian butter already have come in, and large imports are on the way from New Zealand and Denmark. The in- crease in the tariff on butter has caused a decided increase in the ghip- ments of cream from Canada to the United States, thus avolding the American butter import duties. The tariff commission {s now investigat- ing the extent of these shipments. More dairy products in the form of milk and cream were consumed by the American people this year than ever before. Fewer cattle had to produce this amount, owing to the condemnation of cattle under health tests. The number of dairy cattld increased in a larger. percentage than did the human population of the United States. The 1926 consumption of cheese made in the United States was little, if any, larger than in 1925, although there was a duty of & cents a pound placed on foreign imports of American style cheese. Holding in- creased as the Fall progressed, and the movement of this product has scarcely been satisfactory, owing to the heavy imports of Canadian cheese from August on. Exports from this country of butter and cheese dropped off this Fall, as compared with last vear, and cheese imports in October alone showed a gain of nearly 3,000, 000 pounds, as compared with the same month a year ago. Consumption _of ice cream barely kept pace with the increase in popu- lation. The failure to consume larger quantities of this food product "is blamed on the inclement Spring and early Summer months. The dairy industry made marked progress in the Far West during the year. There is every indication it will continue to grow In Callfornia, at least, until it catches up with the demand of the State's increasing pop- ulation. The industry in the last year vielded some $125,000,000 there. Sev- eral mergers resulted in a cutting down of overhead costs. Tame hay, however, the State’'s largest single crop, totaled but 5,000,000 tons. HAS SMALLER LOSS. NEW YORK, December 6 (P).— Reéynolds Spring Co. had net loss of $92,706 for the first nine months this year, against net loss of $118,072 in the same period of 1925. Three-piece Karpen Daven- port Bed Suste, illustrated, m velour, with Lloyd George type chair and mat- tress, $275. MORE ORE RECEIVED. NEW YORK, December & (#).— October receipts of ore by lead smelt. ers of the United States. which are members of the American Bureau of Metal Statistics were 52,875 tons, against .5!.'“ in September, 48861 tons of the total being in United States ore. Deliveries to smelters not members of the bureau were 853 tons, against 8,342 the month before. ,,,‘,,"“I”f // ! Main 2100 B. F. SAUL CO. W,,,, Rental Property of Every Kind —is managed efficiently, economically, profitably for you, by our special- izing Property Manage- ment Department. For a Third of a Century we have served an ever- growing number of Wash- ington owners. We at- tend to every detail; save you time and money. / I 925 15th St. N.W. Will the Holidays Find You Needing an The bed feature is ridden. Youw'd never suspect entirely there was Extra Bedroom? F you haven’t any more bedrooms than you need and out-of-town relatives or friends drop in for a few nights or a week, the modern Davenport Bed will come in handy. a bed within the sofa. All day long it’s a luxurious living room fur- nishing—at night a comfortable bed. The Mayer Collection of Davenport Beds Includes the Newest Styles and Upholsteries A Suggestive Few Are Quoted Below Overstuffed Karpen in blue and taupe velour'; 3 and mattress........ Jacquard Velour Davenport Bed Suite, over- stuffed type; Karpen sofa, arm- chair, wing chair and mattress..... Overstuffed Davenport Bed, in good-looking tapestry, with mattress and revers- ible cushions; Karpen made....... Karpen Davenport Bed, over- stuffed, in jacquard velour, good felt mattress........ Bed Davenport Suite, $250 of $135 with $150 velour with mattress . . Karpen Overstuffed Davenport Bed Suite, in taupe and rose jacquard velour; three pieces and mattress..... Tuxedo-type Davenport Bed Suite three pieces, in jacquard sofa, armchair, 165 $26 $295 Three-piece Karpen Bed Davenport Suite in Jacquard velour; gumwood framing; ma- hogany finish; rocker and mattress.......o.vene $195 Beaver Velour Davenport Bed, with scat cushion tops of damask, good felt Stearns & Foster mattress...... Day Included in Cane-end Kar in beautiful sh: of platinum lour, mattress... Small, Figured lour Day-Bed, pen, with ma MAYER & CO. Seventh Street Beds our showing are some good - lookin Karpen Day Beds—al with mattresses. Karpen Day Bed, taupe velour, cane ends, mattress. .. in blue and $89.75 Davenport, $97.50 acquard Ve- $115 pen ade ve- , Kar- ttress, Between D and E