Evening Star Newspaper, December 7, 1926, Page 13

MENING ECONOMY NOWBIG PROBLEM Drop in Silver Big Blow to In- dustry—Low-Cost Pro- ducers Well Off. BY J. C. ROYLE. Erc 4] Dispatch to The Star. EW December 7.—The tiines of the ed States are facing period wh COStS, ex- sion of market improvement of and careful regulation of ) roduction are essential to continua- profits. Those facts became teday when representative rs of the mining industry d at Washington in prepara- for the twenty-ninth annual srican Mining Congress. ions in the last year tremely active. Thou- men have been employed, it it is noticeable that in most lines only the low iion of ent ject for ld_basis that plan in the minds of the old-timers the industry with the “crime of nd the subsequent failure to \ the white metal on a footing comparable with gold at the ratio of 16 to 1. Cuts Copper ‘Profits. TH - wilvel but zine duce cnt copper, lead, ind roducers, which pro- 1 certain amount of silver on which they count to pay reduction und other charges. The companies which owned mines in Mexico, a sil- ver-producing country were hard hit. The solution of the problem, accord- ing to most of the mining engineers gathered at the mining congress, lies in the expansion of the r ets for v encouraging its use in the nd erafts was done successfully in the case of copper. Sa run about » disposed of by jewelers and sil- iths last v and the solid flat silver is gaining in use over plated ware, Aluminum demand at the moment 18 les e than earlier in the year owing to drop in onsumption, large foreign import heavy domestic stocks and ° price-shading tendencies. However, the future of this metal is r s gloomy. Prices for other hand. are being well su and demand is expected to ine as soon as the automobile and trades work out of the usual Winter duliness to Spring activity. Must Watch Output. The position of lead and zinc, ac- cording to well informed mining men, s dependent largely on the care with which production is regulated to co th nickel, on e normal domestic demand and European buy- 1t the moment is subject to many and demoralizing influences, iritish strik done much to lemand and Great Britain will 1l is in better shape, but while are not burdensome demand i pper supplies, on ths airly high, and con- lso active. This n that many companie stock In the rezions mergers a tion t not go. ‘The Safe-File is an efficient filing cabinet built in the form of a safe —a vigilant guardsman day or night. Once it holds your price- you dol MEN AND MONEY By M. S. Rukeyser. (Covyright. 1926.) George Graham Rice, who has twice served prison seniences, is a colorful ‘Wall Street figure. Because of his widespread stock-sell- ing activities and simultaneous at- tempt as editor of the Wall Street Iconoclast to fill the role of financial prophet and advisor to the multitudes, he has recently come increasingly into the focus of public attention. In its current quarterly report the Better Business Bureau of New York City devotes considerable space to Mr. Rice and his legal encounters. That the Better Business Bureau has not been a neutral is indicated by its candid statement: “The Better Business Bureaus of New York City and of Boston have been of tangible service to both Federal and State authorities in their investigations of Rice's practices and these organiza- tions, with the National Better Busi- ness Bureau, stand ready to render any further assistance possible.” Meantime, outsiders need not worry that Mf. Rice’s interests will not be duly safeguarded, because, it is under- stood, the broker is represented by four of the most eminent attorneys in New York. Discontinue Quotations. Following the recent subsurface criticism of the nature of some of the securities dealt in and some of the methods of trading on the Boston Curb, principal newspapers In New \urk‘ and Boston have seen fit to dis. continue publication of quotations of that market place. The Pennsylvania Bureau of Se- curities, which _ precipitated the trouble’ of G. L. Miller & Co., bankrupt first mortgage real estate house, by suspending its right to sell securities in that commonwealth in July, has just prepared, under the direction ot Walter J. Fallows, a set of standards for banking firms en- gaged in the underwrlting of loans on” real estate. Mr. Fallows, the deputy secretary of banking in charge of the bureau, has attempted to embody in the new code the criticism which has recently been widely made of some of the practices in this field. Unless they change some of the details of their plan of overation, several of the large and important distributors may fail to qualify to sell bonds in the State of Pennsylvania. Of course, safety in bonds cannot be written into a formula. The in- tegrity and capacity of the under- writing banker congtitute the invis- ible ingredient in good issues. Explaiis State’s Position. Recognizing this, Mr. Fallows, aft- er revealing the new set of stand- wrds, says: e “The foregoing requirements are not to be construed to mean that merely because an issue of firs mortgage real estate bonds does comply with the above that it will be permitted to be sold in Pennsyl- v The definite details in con- nection with each issue, such as actual cost of land and bui gether with bases for ¢ y be thoroughly investigated in the fu- ure and be considered in connection with the general plan of business of the dealer who proposes offering the bonds for sale.” Mr, Fallows' expert views should e of interest to investors in other States, who are groping for means f separating the wheat from the haff in this field. The new Pennsylvania standards, to vhich all vendors must conform ollow: “1. The trustee shall not be directly v indirectly connected with either he borrower of the house or firm sell- ing the bonds. Preferably the trustee should be a trust company fn or near the city in which the property secur- ing the mortgage is locgted. The bonds are to be delivered directly to the trustee and held until the trustee receives payment for them. The effect to be that the trustee will have either the bonds or cash. “3. The proceeds from the sale of the bonds are to be held by the trustee and paid out directly upon the sroper certification. ‘But Judge, how can 1 My files all burned../’ “4, It must be provided that all other financing be done and all the THE FVENING STAR, ash that is to go intg the property ver and above the proceeds of the ond fissue be put into the property )efore the trustee will release any of the first mortgage bond funds. ' “The effect to be that the borrower's unds are to go into the property first ind the proceeds of the first mortgage honds to go in last, so that the trus- tee will, when starting to pay out funds, have sufficient on hand to com- plete the building. Temporary Instrument. “5. The trustee will deliver the bonds to the concern or house selling them only upon payment of the agreed purchase price per bond. The effect to be that the selling concern will not receive commissjons or profits until the bonds are sold. “6. In the event permanent bonds are not immediately available for de- livery, the temporary instrument must be one executed by the borrower and trustee, and not an instrument of the rn or firm selling the bond: All_payments for interest and sinking fund-are to be made by the borrower direct to the trustee. The effect to be that the trustee will rot pay interest or bonds when due if he of it has not received the funds from the borrower.” These rules constitute an honest attempt to meet a delicate situation, but have the limitations of inflexi- bility. Buyers of real estate bonds ought to demand periodical reports of the earnings of the property financed. Investors in other types of corporate bonds get this information as a matter of course. One of the Chicago real estate firms has taken the leader- ship in giving such data to their ciients. THE BUSINESS OF GETTING AHEAD. JEE——— Thrift in Building Career. Too often thrift is urged as a safe- guard in case of calamity, such -as premature death, accident, disease or unemployment. A competence also has more con- structive uses. A nest egg, whether it takes the form of insurance, se- curities, real estate or funds on osits at a bank, is a liberating | force. It strengthens the bargaining hand of the owner, whether he be an | employe or a man on his own. The knowledge that the financial power to purchase tood, clothing and shelter | tor his family is availabie for at least six months irrespective of his immedi- ate business prospects spurs an indi- vidual on to greater venturesomeness. Lewis E. Pierson, chairman of the Irving Bank and Trust Co., New York, toid me that he believes the recent boom in insurance has been a sighificant faclor making for national prosper.ty, for it put men in a frame of mind in which they were more s and take chances in business. An individuai who lives from hand to mouth, knowing that his family is s1iy dependent on next, week's earnings, is in no position to exerc.se the ladituge which is necessary tor the attainment of a iuil measure of suc- cess. Wit Lne specter of siarvation aiways beiore him, he cannot dispiay and desirable. Competence Is Useful. A competence is useful for a young, active man, as well as for the aged and the infirm. It enablcd the ener- getic to quit good jobs because they leel they are equipped for something better. It gives tnem the courage to leave blind alley places and make tem- porary financiil sacriuces as the price for greater ultimate opportunitles. It is an econumic stabilizer which en- \bies the breadwinner to keep up the Lamily standard of living even in de- reduced commis- A competence gives the owner a argin of safety, which makes it feas- ible for him to Vventure into new pur- suits which offer large promise, whereas otherwise he would be im- pelled to shun change and adhere to what was immediately avaiiable and therefore safe. When an individual ceases to be a high-salaried hired man to go into on his own, he usually is cept temporarily a reduc- in current income. If he can supplement the reduced salary which the independence which is necessary |’ ki prove it ? OW could you satisfy any judge or jury of your stability or integrity, if fire wiped out all your records of inventories, accounts receivable, receipts, orders on hand or work in process? While the destruction of physical assets is always deplorable, the real catastrophe comes in the con- suming of those priceless, irreplaceable facts and figures which alone can prove that your business is basically sound and worthy of re-establishment. Such records are the real corner stone of your business. Guard them as you would your life blood. Keep them where the devastating hand of fire can Give them Safe-File protection—the only adequate assurance that you will be in busi- ness the day after fire comes to your door. The Safe-Cabinet Man has a message for you —don’t 'wait until after your fire to hear his story—ask him in today. Safe ~ File Rand Kardex Service J. A. Carmack. District Manager SALESROOM 743 15th St. N.W. Main 696 _, OFFICES 605-607 Commercial Natianal Boe Rdg. Main 1188-89 he draws from his own business with an income from his investments, he is in a position to make the tran- sition without imposing hardships on his dependents. The phrase *“Nothing succeeds like success” is applicable. The man with a_competence is in a position to shift about in the labor market, to pass up fair opportunities in the expectation of something better. Only the finan- cially independent man can afford to do this, for labor, whether it consists of manual work or the performances of an executive, is perishable. An investment structure gives a candid man the necessary strength to resign from a remunerative job when he finds it inconsistent with his sense of ethics or his ambition. The man with nothing but his salary check can- not afford to pick, and choose, and discriminate, BUYS OIL COMPANY. NEW YORK, December 7 (#).—Chi- cago dispatches to Wall Street report the purchase by the Standard Oil Co. of Indiana of the business of the Ionia Co-Operative Oil Co. of Ionia, Mich., including two. bulk stations with 300, ?_00 gallons storage and 10 service sta- ions, EXTRA IS DECLARED. NEW YORK, December 7 (#).—Di- rectors of Davega, Inc., sporting £oods stores, today announced the dec: laration of an extra dividend of 25 cents on the common, in addition to the regular quarterly’ dividend of 25 BIG WO00D PULP CARGO. BALTIMORE, December 7 (Special). —What is probably a record cargo of inbound wood pulp is being unloaded at the Canton Co.’s ocean terminal. The steamer Tigre, from Hernosand, Sweden, docked with 42,549 bales of the imported product, representing well over 6,000 tons of cargo. NEW YORK MARKETS. NEW YORK, December 7 (#).— Rye No. 2 Western, 1.06% . o. b. 1.04% c.i. f. export. Bar- ey easy; malting, 81%as3l ¢, i f. New York. Lard easy; Middle West. iféz;&l&éi ‘th&lfil futures opened steady; domestic articles unchanged. ' 1% Other HER joy at Christmas is completed by gifts She will use for years to BUYERS HAIL LATE MARKET CLOSING Scarcity of Turkeys and Ris- ing Butter and Egg Prices Noted Today. Announcement by the Secretary of Agriculture that Center Market will remain open until 5:30 o'clock, in- stead of 5 o'clock as neretofore, for the accommodation of Christmas shop- pers, was hailed with delight by hun- dreds of shoppers, more especially by Government workers who quit work at 4:30 o'clock, giving them scarcely time enough to reach the market be- fore the regular closing hour. Dealers in poultry this morning re- ported a scarcity of turkeys. It may be th;\t the scarcity of the king bird is due' to raisers holding back their turkeys for the Christmas holiday market with a view to getting better prices. Should this be the case, it is stated, the supply on hand during Christmas week should be larger than it otherwise would be. A slight advance in prices was re- ported this morning, and unless re- ceipts the next few days show a de- cided increase, it is stated, prices may continue to advance. A further in- crease in butter and egg prices also featured the day’s market. Today’s reports, show increased re- ceipts of butter over the correspond- ing period of last week. The demand is so much greater, due to the ap- proaching holiday season, however, that the fresh product of the cream- eries continues scarce. Egg prices also continue upward. Today’s Wholesale Prices. Butter—Fancy, 1-pound prints, 59a 60; tub, 58a59; store packed, 38. Eggs—Fresh, selected, 47a58; hen- nery, 60; current receipts, 54a55; stor- age, 38. Poultry, alive ‘Turkeys, 43a45; chickens, 23a25; White Leghorns, 22a 23; fowls, 23a25; roosters, 16a17; ducks, young, 20a25; old, 20; keats, young. 60a70; old, 30a40. Dressed—Turkeys, 50a52; capons, fancy, heavy, 47a48; smaller, 40a42; chickens, 32a33; keats, young, 80a90; old, 35a40; rabbits, No. 1, 35a40; No. 2, 20a25. Meats—Beef, 15al7; veal, 22a23; lamb, 25a27; fresh hams, 26a28; shoulders, 23a24: loins, 28a30; smoked hams, 30; smoked shoulders, 18a21. Live stock—Calves, choice, 13; me- itum, 11; thin, 6a7; lamb, 13. Fruit and Vegetable Review. Today’s market report on fruits and vegetables, compiled by the Market News Service Bureau of Agricultural Economics, say Apples—Supplies liberal; demand light, market barely stea barrels, Maryland and Virginia, No. 1 Grimes, 2% inches up, 3.50a4.00; Virginia No. 1, Yorks, 2% inches up, 2.00; boxe: Northwester, medium to large size ex tra fancy Delicious, 3.00a3.50: Spitzen- bergs, mostly around 2.25; bushel bas- kets, Maryland and Virginia, No. 1 Stavmans, 21 inches up, .75a1.00; 2% inches up, 1.00a1.25. Cabbage—Supplies moderate; de- mand moderate, market slightly stronger; New York bulk, per ton, Danish type, mostly 30.00. Celery—Supplies liberal; demand moderate, market steadv: New York, 2-3 crates, 2.00a2.75; California, crates, medium size, 4.5045.50, mostly around 5.00. large size mostly around 4.00. Lettuce—Supplies moderate: demand moderate, market steady; California, crates Iceberg type, 4-5 dozen, best mostly 4.00: few higher; poorer low as 3. 2 4-5 dozen, 3.0023.25; hampers Big Boston type, 2.50a2.75. Onions—Supplies moderate; demand light, market slightly stronger; New York, 100-pound sacks Yellows, United States No. 1, 2.00. few higher: Michi- gan, 100-pound sacks Yellows, United States No. 1, few sales, 2.50. 4« Potato Market Steady. Potatoes — Supplies moderate; de- mand moderate, market steady; Michi- gan, 150-pound sacks Ri t Rurals, United States No. 1, 4.50a4.65; New York, 150-pound sacks Round Whites, United Stat . 1, 4.4024.50. Sweet “potatoes—Supplies moderate; demand light, market fairly stead: North Carolina, cloth-top stave bar- 1, 2.50a2.75; East lows, No. 1, mostly around 1.25. Cucumbers—Supplies moderate; mand light, market dull; Florida, square bushel crates fancy, 3.50a4.50, mostly around 4.00; choice, 2.00a3.00. Squash—Supplies moderate; demand moderate, market steady; Florida, pep- white, 2.50a3.00, mostly 3.00. String beans — Supplies moderate; demand light, market firm; Florida, 7- bushel hampers, green, 3.00a3.50; few high as 4.00, few low as 2.50. Tomatoes—Supplies light; demand light, market firm; Ohio, 10-pound bas- kets hothouse stock, medium sle, 2.50a 3.00; small size, 1.75a2.00. Peppers - — Supplies light; demand limited, market fairly steady; Florida, geslapel‘ crates, fancy, 5.50a6.00; few de- WOULD CURB REPORTS. Texas Representative’s Bill Deals ‘With Cotton Forecasts. Discontinuance of cotton acreage forecasts based on farmers’ intentions to plant would be required of the De- partment of Agriculture under a bill introduced yesterday by Representa- tive Black, Democrat, Texas. In addition the measure would pre- vent the Secretary of Agriculture from forecasting production prior to September 1, and would stipulate that monthly condition reports be released simultaneously with Census Bureau ginning reports. Condition and progress reports on the cotton crop would be permitted by the bill on the first of each month from August to Decembér, but before release by the Secretary they would first be scrutinized and approved by o cotton-crop reporting committee. The committee would consist of five or more members selected by the Sec- retary, three of them being supervis- ing fleld statisticians of the depart- ment located in the cotton belt. POTATO MARKET DULL. CHICAGO, December 7 (). — Po- tatoes: Receipts 80 cars; on track 330. Total United States shipments, 417 cars; little better demand, trading slow, market dull; Wisconsin sacked round whites, 2.20a2.40; occasional fancy shade higher; poor, 2.00a2.15; Minnesota sacked round whites, 2.00: 2.26. o{ SHOP EARLY AND SELECT LEISURELY, MAIL EARLY K Sag DI come—Tlike this wonderful Washer. NOW—only $3.50 Down places it under the tree for her. The balance in small monthly payments every one can afford, conveniently charged with your Electric Service Bills! GIVE HER HOURS OF LEISURE When you select Sunnysuds you make her a gift of the most valuable element known—time! The time she will have to call her own hereafter will be a fre- quent reminder of your foresight in se- curing Sunnysuds as her gift. Every man benefits, too! . HE knows just how, when and where his clothes are washed - when Sunnysuds is in the home! Its careful, cleansing action, simple opera- tion and sturdy construction commend it to EVERY ONE. \ MAIN TEN THOUSAND Liberal Allowance for Your OLD WASHER #418 PHONE TODAY GOVERNMENT COTTON HOLDING FIRM URGED Representative Langford’s Bill Proposes $500,000,000 Corpora- tion to Aid Farmers. By the Associated Press. Formation of a Federal cotton cor poration, with a capital stock of $500,- 000,000, with authority to fix a mini mum price of cotton, was proposed in a bill offered vesterday in the House by Representative Langford, Demo crat, Georgia. The measure is designed In a along lines of the MeNary-H: farm relief bill, except that no pro vision is made for a surplus. The bill would enable the corpara tion, composed of the Secretary of Ag riculture and six directors a by the President from rec tions by governors of cottonz States, to Issue stocks and no £3,000,000,000. With these funds the directors would be authorized to buy up for cash short staple cotton on a basis of good middling cents per pound and other grades at propor- tionate price: While the bill makes no provision for taking care of the surplus, it di- rects the managers to a yearly s before January 15 to determine the available acreage and what should be planted. The bill makes no provision for pos. sible losses to the board should cotton prices fall below 22 cents. ter: creamery extras. extra firsts, 50a5 F irs 35%: refrigel POULTRY MARKET FIRM. CHICAGO, December 7 (#).—Poul try: Alive, firm; receipts, 8 foWls, 18a26; springs, 18a. turkeys, 81; roosters, 18; ducks, pse, 20a 2: SN I SR SR SN R R 2 S R SR SR N o ¥, Make the happiness of the holiday COM- PLETE for her. Phone today to see Sunnysuds demonstrated in your own home, with your own washing. Your Sunnysuds can be delivered when and where you say. You can be sure it will render satisfying service for a long time to come. Christmas eve of these terms calling for a Down Pay- Get your’s now—today—while there is ample time for 2 FREE detailed demon- ment of stration. ind Every Appliance It Sells is the last day T o e o e X