Evening Star Newspaper, December 14, 1926, Page 13

— __THE EVENTNG STAR. WASHINGTON, D. O, TUESDAY, DECEMBER 14, 1926. to spend 25 cem-‘zmplwn. Materials cost $180.373,537. | of each dollar 1t recelves for labor U.3. T0 UPHOLD HEHTSIN WEXCD Steps Considered to Meet Emergency ~ Confronting " American Owners. As January | approaches—the dato | while nent has said, | ports property | 311,000, when the Calles gover: fn effect, that American owners in Mexico must virtually don their proprietary rights—the re- courses open to the United States Government are receiving critical con- eration. at the White House nor the tment is the slightest {ndication given as to which one will finally be resorted to. Hope springs eternal in the administration that no drastic measures of any kind will be needed. But such views are ank pessimism and in tone f despair. Definite t i to the so-called ty of con flict” with Mexico. There is no sug- gestion of gunpowder in the proxim. ity of either’' President Coolidge or Secretary Kellogg. Nor is there sign of auy intention to recede from the stronk position taken in our last note to Mexico, dated October 30, which stressed “the extremely critical situ- ation affecting the relations between the two countries.” U. 8. Sure to Meet Emergency. It can be taken as a foregone con- clusion that the United States will not rest supinely on its diplomatic oars if Mex:co on January 1 puts into effect the and and oil laws which Uncle Sam holds to be confiscatory of “vested” Americun rights. The Kel- logg note may be considered as Amer- ica’s last “word,” but it is not likely long to remain the United States Gov- ernment’s last act. Two steps loom as likely possibil- itles in case the Coolidge administra- tion finds it necessary to take con- crete steps. Diplomatic relations can be severed. The withdrawal of Amer- ican recognition would have a variety of effects upon the Calles government. It would inevitably influence Mexico's finan.is, status in this country, and could hardly help but ramify overseas and affect Mexican credit in Europe. British land and oil owners in Mexico are, of tourse, subject to the new property i:aws to be enforced in 1927, Just as much as American owners are. An example set by the United States in breaking off relations with Senor Calles’ administration might easily prove contagious. The British gov- ernment, which , next to ours, the most at stake at Mexico City, is as ex- asperated as the United States with dilly-dillying and communistic prac- tices scuth of the Rio Grande. Ru- mors were recently cusrent that if the United States does not soon take ac- tion {n Mexico the British might do 80 on their own accoun:. Still another form of chastisement at America’s disposal is the lifting of the existing embargo on shipment of arms to Mexico. This has been in force since Secretary Hughes pros claimed it two or three years ago dur- ing the lust Huerta revolution. Many. students o1 our tortuous relations with Mexico belteve that in cancellation of the embargo les the surest and quick- est hope of .ausing Senor Calles to concede America’s demands. The pro- posal has engaged the attention of the Coolidge admiuistration more than once since the lo1g-pending crisis with Mexico became acute. The thing that holds the United States back from lift-~ ing the arms embargo is the fear that ‘we might be charged with fomenting revolution in Mexico. Uncle Sam shrinks from doing any- thing calculated to incite rebellion in Latin America, especially since, under «Secretury Hughes, the five Central American states entered into a solemn treaty not to recognize any govérn- ment among thém that came into being as a result of revolution or & coup d'stat. It is because we spon- sored that pact that America stead- fastly refused to recognize the now deposed government of President Cha- morro in Nicaragua. Yet Americans who sincerely wish to avold war with Mexico are among those who advocate lifting the arms embargo as the most certain guaran- tee that war will not ensue. Arguments Advanced. They argue that President Calles, fearing attack by internal foes able to arm themselves, would move promptly to avert such a fate by satisfying the United States. The embargo-lifting party, tvo, points out that the Ameri- can repuolic, which came into exist- ence 160 years ago as the result of a ‘war of reyolution, ought to be the last to prevent neighbors who want to change their government from trying to do so by force. None these possible of the crisis with Mexico vet has been decided upon. The administration knows, from communications from the public, that American popular opinion of a solution is hopelessly divided. Our autborities are patiently trying to work out a scheme that will fully safe- guard American rights—there is to be no recession from that principle—but at this hour everybody qualified to know claims to be at sea as to what direétion events will take. Another (fllree weeks, however, will tell., (Copyright. 1926.) encoun- | al circles us | | GRAIN EXPORTS DROP. [ Total Last Week 3,804,000 Bushels, | Against 3,866,000 Week Before. Grain_exports last week from the | United States were 3,804,000 bushels, {as compared with 8.886,000 the pre- vious week. Commerce Department figures give the following - camparisons between llast week's exports and those of the i { 000, {against 41 |~ Canadian week before Wheat, 2,536,000 bushels, against 8,000 rye, 254,000, against 1 ts, 80,000, against 11,000; corn Against 9,000; barley, 630,000, 000, grain exported from ited States ports amounted to 1. against 1,054,000, wheat flour Larrels, against were FREIGHT MOVEMENT IN 0CTOBER RECORD Total of 48,273,089,000 Net Ton Miles Greatest Amount Ever Handled in Month By the Assoclated Pre A total of 48,273,089,000 net ton miles of freight traffic, the greatest amount ever handled in any one month, was transported by the rail- roads during October. This was an increase, says an an- nouncement by the Bureau of Railway Economics, maintained here by the carriers, of 8.044,912,000 net ton miles, or 8.9 cent, over the previous rec- ord, established in Sepiember, and & gain of 4,219,546,000, or 9.6 per cent, over October, 1 “This heavy frelght movement, however,” the bureau reported, “was handled without transportation diffi- culties or car shortage, axcept in certain isolated instances, which were speedily met.” The 10 months ending with October also showed .a record movement, the trafic amounting to 405,131,386,000 net ton miles, an increase of 19,107, 698,000, or 4.9 per cent, over the previous high mark for the firat 10 months of 1923. In October, this year, freight traf- fic increased 15 per cent in tho East- ern district, compared with October, 1925; 5.5 per cent in the Western and 2.1 per cent in the Southern. : ettt BULLISH ON SOUTH. Baltimore Banker Optimistic About Louisiana and Texas. Special Dispatch to The Star, BALTIMORE, December 14.— Henry B. Wilcox, vice chairman of the board of directors of the Mer: chants National Bank, has just re- turned from a two-weeks vacation in Louisiana and Texas, and is very optimistic over the outlook in that section, especially the ofl industry. He visited the oil fields around Beaumont and Port Arthur, Houston and Goberd, in the Texas Panhandle. Mr. Wilcox says the operations in this section were stupendous, and he was told that from Amarillo and Pan. handle, two small stations, the Atchi- son Topeka and Santa Fe Railroad was receiving $2,000,000 in freight per month. He was greatly impressed by the activities in this particular part of the country and advises any one in- clined to -be pessimistic as to the future to pay it-a visit. WILL INCREASE POWER. ——— New Unit to Triple Capacity of Willlamsport Station. Special Dispatch to The Star. BALTIMORE, December 14.—An additional generating unit that will triple the capacity of the Willlam- sport power station of the Potomac- Edison Co., and greatly increase the wer avallable for Western Mary- d and Northern Virginia is in proc- ess of installation. Tbe Willlamsport station is located a few miles from Hagerstown on the Potomac River. The Willlamsport plant also serves Cumberland and other cities in west- ern Maryland and neighboring States :gdx :lecu'lc rallway lines in that on. OFFERED TO PUBLIC. NEW YORK, December 14 (#).— Such portion of a new issue of 26,000 shares of New Jersey Power and Light Co. 6 per cent cumulative pre- ferred stock that might not be re- quired in connection with its offer of exchange and subscription to stock- holders of its 7 per cent cumulative participating preferred stock, is bejng offered to the public at $94 a share ;m(i‘ accrued dividend by Pynchon. Co. ———— BROKERS’ LOANS DROP. Loans held by brokers and dealers | ‘rom New York City Federal Reserve member banks amounted to $2,638,. 328,000 for the week ended December !, compared with $2,646,653,000 for the orevious week, it 1s announced by the “edefal Reserve Board, Delight the F. amiy With an ATWATER KENT RADIO This model illustrated is @ new six-tube single- al radio, in a beautiful desk cab- inet, with built-in speaker, only, is set i comolete with hat- T teries und eharzer and installed in in the ‘Gur ‘canvegont ‘et on "our ‘canve-dont naymen n. pasing the bill in small sums. every nel sour home ready i 'mnn distant ot i oul] stations. ersonal _attention after installation. W $165 Also Crosley, Radiolas, Fada and Koester Sets Harry C. Grove, Inc. 1210 G St. Main 2067 RN MEN AND MONEY By M. S. Rukeyser. (Copsright. 1026.) « An ex-stenographer presides over the board meetings of the principal unit in the Rockefeller group of oil com-| panies. George H. ceeded the iate A. C. man of the board of direc Standard Oil Cu. of Ne: shorthand notes of eedings committee meetings and late scribes them. Thirty-five ye he began as a stenog Jones was elevated to post at u reported salary of §1 a year. Former I'resldent Wilson knew shorthand, and ysed it regularly as a| supplement to his memory. In the growth of American corpora- tions in the last decade, the post of Jones, who last year suc-| Bedford as chair- | rs of the kes Irving Trust Co., which on Saturday chalrman of the board of directors has become increasingly imbortant. | Since the war many of the elder statesmen of business and banking have stepped from the presidency into the chairmanship. The significance of the job varles greatly in different companles. Some- times “the chairman continues to be the boss, and the president under him merely relieves him of operating de- tails. At the other extreme, the job of chairman in other concerns is almost entirely an honorary one, stripped of real power. Co-ordinate Chiefs. ‘Where a young man is elevated to the post of chairman, it is likely that he is expected to play an active part in management. In such cases the president and the chairman are co- ordinate chiefs, each assuming dcfi- nite responsibilities and having the benefit of the advice and consultation of the other. In the affairs of the Standard Oil Co., Mr. Jones and Wal- ter Teagle, the president, have devel- oped this sense of partnership and teamwork. In the field of banking, in the newly formed American Exchange- became the largest trust company in the world, Harry E. Ward, the presi- dent, and Lewis E. Pierson, chairgan, have a system whereby each assumes active leadership in a complimentary manner. Outside of the bank little has been heard of Mr. Ward. He started as a messenger and has gradually worked his way up, having remained with the bank since he was graduated from Yale. He is a prodigious worker and carries a multitude of details in his own mind. Owen D. Young, ¢hairman of the General Electric Co., and Gerard Swope, president, consti- tute another exemplification of the success of two-barrelled leadership. In such cases the president is in charge of operations and the chair- man concerned with the formulation of broad general policies. Rockefeller Picks Well. John D. Rockefeller, sr., who is in his 88th year, has not acted in an active executive capacity in connec- tion with his properties since he was 60. In this later period he has shown remarkable skill in picking men of marked ability. Accordingly, in spite of the growth of outside competition and the breaking up of the Standard Oll trust in 1911 into its component parts, the Standard Ol companies have grown with the country and be- come unprecedentedly prosperot ‘When the New Jerséy Corporation recently retired $200,000,000 of pre- ferred stock and floated a debenture bond issue of $120,000,000, the elder Rockefeller, through his personal rep- resentatives, Wall Street heard, play- ed a conspicuous part in shaping pol- ices. The transaction was of unprece- dented magnitude in the history of industrial financing. In general, however, Mr. Rocke- feller has been content to remain in the background, specializing in the art of growing old gracefully. Mr. Rockefeller has gone to Florida so that the advent of Winter will not interfere with his golf schedules. In the last three decades, Mr. Rock- feller has been primarily interested in his philanthropies. In these activi- ties, he is represented primarily by his son, John D., jr., who is more in- terested fn soclal questions, rather than in the humdrum details of busi- ness. i ‘The Rockefellers have been wise and scientific In their . giving, and the work of the foundations, which the oll Xing's fortune created, has helped to cause the public to revise its estl- mate of the family. The Rockefeller prestige has risen rapidly in recent years. Raymond Poincare, as premier and finance minister of France, has seen the franc double in foreign exchange value since July. M. Poincare's repu- tation as a statesman and patriot had long previousiy been established, but his critles, particularly outside of France, charged that he knew lttle about finance and economics. If his own knowledge in this fleld was Jim- ited, he was wise enough to surround himself with experts and to follow thelr advice, Sentiment has played an Important part in the rally of the franc, particu: larly in causing the repatriation of French cash balances which had pre- viougly been withdrawn as part of the flight from the franc und placed in more staple foreign currencies. Al- igh the movement in this direc- s started, it is probably far mpleted. When and if the formally stabllized, other de- s will return, and will probably help the Bank of France to draw in old. h_\m!.«idu economists doubt the ad- visability of pushing the recovery of the franc further. Some believe it has risen too much already, holding that a stabilization point around 8 1-3 cents, instead of 4 cents, would be better from the standpoint of its ef- fect on French prices, trade volulae and tax receipts. There is increasing evidence that France is nearing the point where stabilization will be feasl- ble. THE BUSINESS OF GETTING AHEA| Importance of Timing. In the trite advice, “Strike while the iron is hot,” there is a wealth of wisdom. In assessing your value In the world of business you sometimes make the mistake of assuming that it is fixed and unchanging. You are likely to overlook the fact that a cer- tain’ set of circumstances might make you more valuable in a par ticular place than in any other set-up. Though opportunity usually knocks at the door of the man of initiative many times more than once, the ex. cessively careful weigher of pros and cons sometimes suffers from missing his market. If you are a perfectionist; you are likely to go through life passing up many attractive offers in the vague search of the unattainable ldeal. This quest may extend beyond busi: ness, into love and marriage and all human relationships. Individuals of this type frequently err in walting for the 100 per cent proposition, the 100 per cent man. If you are doing this, possibly you are looking for something that does not exist. In business you should understand that the forces of supply and demand operate even in the market place for human services, Service, Supply and Demand. Bolled down into a workable pro. gram these observations may be ex- pressed in the subjoined formulas: 1. When deciding to switch jobs to take advantage of a better offer, try to get a long-term contract to capltalize far into the future the tem- porary advantages of having two or. ganizations as competitive bidders for your services. 2. As a business man make long. term deals during periods of prosper- ity when conditions are favorable for doing so, 4. If you occupy a more humble place in the economic scale, try to nake yourself indispensable in good times when labor is scarce, instead of resting on your oars; then during the lay-offs which accompany depressions you are likely to be retained, Preachers urge men to think less of thelr advancement and more of dos ing the specific.job at hand well. This advice is partly good, but, if literally followed, jt may lead individuals to drift into blind alley jobs. Th; main way to promotion Is of course through competence in the job at hand, but such efficiency is in no way inconsist. ent with capacity to select jobs that lead somewhere. In general, you cannot make more than you earn. The principal task is to equip yourself so that you can be a real earner. The next move is to select the fleld and the employer which will give you the best oppor- tunity to be productive. ‘The apathetic individual who never moves onward use he {s ever im- pressed by the saying that there will always be just as good fish in the sea has reached an impasse. Market judgment is a distinct fac- tor making for success in the fleld of selling human' sefvices. And, in this human merchandising, proper timing in the light of changing conditions is 13 laundry is suppored MANY SHIPS DUE. BALTIMORE, December 14 (Spe cia.—Ehips of 13 nationalities, num bering 135 vessels, are due in Balti more this week. British ships pre dominate by 58 freighters, and Ameri- can vessels follow with 30. Germany, Greece, Belglum, Sweden and France ch send two, while Panama sends In addition to scap products, many compenies secured profits from the | sales of *glycerin, stearin, candle pitch, commercial oleic acid and other | soap bLy-products. The laundry experts confidently vre- dict a billiondollar business by 1930 and soap manufacturers are taking steps to meet the change In condi- tions. and salaries, 24 cents for delivery and collection, 16 cents for material, 6 cents for fuel and 4 cents for rent, taxes and contract work, leaving a margin of 25 cents. Of course not all live up to that schedule, and it is to enable them to do o that the recent mergers have been promoted. Sclentific research is credited with much of the gain In the laundry busi- ness and with allaying the suspicion w'th which the power laundry for- merly was regarded. The Laundry Owners’ National Assoclation works along research lines In connection with textile manufacturers and mak- ers of cleaning agents. . Some of the latter maintain laboratory laun dries in which any laundry can have its problems worked out into a stand- ard washing formula sultable to its | trade and its location and water, which will allow high quality and uni formity of work, maintaining original color and tensile strength of fabrics. Much Soap Used. ‘The peoplé of the United States will use something under 2,750,000,000 pounds of soap and soap products during 1926. This represents an ex- penditure of about $10 a year for each family, in addition to the amount con- sumed by laundries, hotels and textile plants. ‘The gain in toilet soaps has been about counterbalanced by the falling off in the quantity of home- made soap used in the rural districts. The total value of soap productiop this year wili be near $325,000,000. ‘The latest Government figures show 266 establishments engaged in &p manufacture, of which 33 we'g in Pennsylvanin, 32 in New Yorkr v in California, 28 in Illinois, 25 in Ohio, 24 in Massachusetts, 15 in New Jer- sey, 10 in Wisconsin, 9 in Rhode Is- land and the remainder scattered in 19 Sta This fact alone accounts ‘or many of the soap company mer- gers. Wages, according to the Govern- ment figures, accounted for $18,026,- | 334, not counting the pay of salaried | LAUNDRY INDUSTRY TWELFTH IN NATION Trade Expects to Double Its Business to Billlon Mark by 1930. Open at 8:30 AM. Daily It Takes Cash —to be a liberal Santa Claus. But there’s a way to have ready cash for all such special requirements—SAVE BY J. C. ROYLE. Special Dispateh to The Star. NEW YORK, Deccmber 14.—Con- solidations and mergers in the laun- dry business and in the manufacture of soaps and washing powders have emphasized both the growth and the competition in the laundry industry. It is the proud boast of the laundry- men that they have taken much of the drudgery out of the iife of the housewife, along with the ecrubbing board and wringer. They declare American women no longer make it a practice to spend Monday bending over a steaming tub and Tuesday wielding a 6-pound flatiron. The amount of business done by power laundries so far this year amounts to approximately $500,000,- 000. The business is twelfth in point of size among American industries, according to one of the leading soap manufacturers who has just com- pleted a survey. The gain is at- tributed in large part to the fact that inventories are low, since coal, water and cleansing agents are the chief materials required. Also credit losses are negligible, since most of the busi ness is on a cash basis, the delivery- man acting usually as collector in his territory. ‘Theoretically the properly managed 3% 4% s on on Savings Time o e . an ever-growing circle of thrift- Accounts Dep osits workers. One Dollar, or more, will make you a depositor in our Savings Dept. Our '1927 Xmas Savings Club offers you choice of four classes—50c, §1, &2 and $5 weekly. We add 3% interest. @%Open until 5:15 p.m. Tomorrow and Thursday at both offices, and from 5:30 to 8 p.m. Saturdays, at 10th and Pa. Ave. office. Franklin National Bank 10th St. at Penna. Ave. 1111 Connecticut Ave. Cochran, Pres. Hickman, V. P. & Cashier Make This the Merriest Xmas of All By Joining Arthur Jordan’s New PLAYER Piano 5295 the key to making the most of your opportunities. Model of a Transporter Bridge built with the New Multicoior Dad and the built this terpiece. It is accurately c. ciples, and it really works! 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