Evening Star Newspaper, February 28, 1927, Page 13

19217. : 13 > THE EVENING STAR, WASHINGTON, D. €., MONDAY, FEBRUARY 28 TOBACCO RECEIPTS UP. POULTEY MARKET FIRM. PRAIRIE OIL AND GAS. —— ¥ CHIC . g NEW Yor February 28 (P).— MEN AND MONEY part of his salary each week bound to succeed. When vacation. days arrive—u find that little home you wish to hat boy or Two Banks for Your Convenience . Second National Bank “The Bank of Utmost Service” 509 Seventh Street N.W. 1333 G Street N.W. not ereate business leadership unl : supplemented by the older qualiti A of courage. enterprise and initiative. | COMMODITY NEWS B SR "',",'.”ff,‘,,,‘;‘,f;",’,i',':’fr‘f:' T WIRED STAR FROM Sales for Past Week Smaller—De- | p o™ e . » | fe Ol and Gas had net profit of _:'(M. Rukeyser. Soeitat: | ENTIRE COUNTRY | | mand Still Is Active. . ! $14,151,5%¢ opyright. 1927.) If disinclined by temperament to | H | cial Dispatch to The St assume the economic hazards, he | Dispated to Tho Star. i | The latest Supreme Court utterance | should not be heading his own busi- | HIAMMOND, La., February 28.—The | BALTIMORE, = February in the matter of railroad valuation |ness. He shonld be working for some | strawberry season in this great grow- | week showed a slight ine e Juicken the movement " towar one, else. geiting for the time eing | - ing distriet is nearly a month ahead | the previous week. being : . consolidations and mergers. at least a guaranteed income rather . . f £ 1926 T tinues | heads 3 the same Price for Current Receipts|“Win'Sireet frequently moes wrong. |than one contingent on profits | Refrigeration Plays Biggest|of 1926 scason. 1f weather ontinues | teats, e as it did last week, in trying to come Without Rem | favorable the strawberry special train | g oy v bt # 3 3 ) uneratic | 2L against 47 the previous Goes to 2 hick- |to a snap judgment concerning the sig g s H will be put on over the Illinois Centr: e 3 Cents—C fcanp Judgment concerning the 16 | The huge anmual figures of busines Part in Present Day |'\eexecuriier than had been antict i State tobaseo wifehouses or an ave an - Court decisions. The speculative com- s a nter- | : pated. 7 hogs| . \ N mand. munity B - | prises work without any remuneration et . 7 hogsheads of Jeaf tobac. ens Are in Demand licn e s hesee panicky | whatsoever. Iducation, study of cur Produce Carrying. | CLEVELAND 7The White Com- hogsheads of .ground Py TR T i D €l rent conditions and better statistical any, having decided on a broader me: s, There is still an active de- right of the Interstate Commerce — bt & o v d for 3 r e e . and sunting knowledge concerning chandizing policy and entered new nd for old crop tobacco of cigarette Another drop in the price of eggs | Commission to value railroad Proberty. | one's awn business aff il BY 4. C. ROYLE e e ans ity and good ground leaves. | o med. 23 cents being the | The court dealt mainly with the |Character of husiness risks, eliminating b T ’ g e e s redue. | Quotations today for Maryland leaf | ; cndivi n te einginey | The tou Kot SO busines eliminating | special Dispatch to The Stas workins at capacity. The price reduc o e ehlon i Ihe individual who rege high price for current receipts, and procedure. In the Los Bhe avorable s tobacco, per 100 pounds: Interior and | e e T ot bringing much of | Angeles & Salt Lake Raflroad case, the o NEW YORK, Fehruary 28It costs | tions on the e e ronay mostea, 1 ¢, 3a8; sound common | st ik highest court overruled the earlier de-| However, even ideal Detween ‘$15:000,000:000 and $20,000, STUSE SR OOl 4 e time, ac- | And" Ereenish. good common DoeTaam: ¢ it has been five years | cision of the Southern District Court 960,000~ n. ‘vaAr o fésq the Untied Iave bost contemipitecee e BEL oo 4: mediun : good to fine red. | gince so low prices prevailed at this |of California. which had the effect of able in the States. That was the estimate d»l\_:mp‘l"‘__“ ,‘f‘fi':’j £ fl"-l '.'."'..',' 3 fancy, RAEGTOR: comMonATo season of the v Last year the |annulling the Interstate Commercsisuch as future conditions deprndent | today, after a nation wide survey, by | SitieC from OV I RE CUURAH BA SRS i i ; ‘seconds, good to fine. | Brice dropped 10 25 cents and re- | Commission’s valuation of the railroad | on unpredictable aceidents of weather, | % It New York investment house 4 = 21a40; upper country, air cured, Ta3;| Thained at that price,only two days. | property and forbade its use for any | war and other external forces The production of food ls Americs S} PORTI urvey of the-Winter | ground leaves, nominal. | when the time comes to send t There are A quantity of :lur lmiv"pu. : Supreme Court, in iu At any given siage, however, the |Most active industry, wwl\k !“"hl wheat crop situation in Oregon, Idaho = =l | girl to college—what a thrill 1 egge being ordercd, it ic stated. prices | (aining the commission's right to fix alman at the Lelm in busines # test number of workers and | 4na \Washington shows the best gen E WG G L st L B e Somtdrabiy Jower than those | vallation, pointed out that the rail| tormuiate o Wm0 e T G e A e b many veurs. A vuse | GETS U. S. PAPER CONTRACT. SR e e Which they were put away last {road could properly contest the ade-lafford to sit on the fence, R B Just year. about 00 cted owing to abundant 5. February 28 (Spéci 2 2 brs ACC s ' 1 cEEY quacy of the figure arrived at when |gram is based on either n;l‘lfinl:(‘;nln..p tons of foodstufts were carried by the | Yaitean {n dry sections. . i Ji“f‘lr‘l{,\.‘::f”flll.‘ i Bl a savings account to your credit—all read orted to have put |and if the commission makes practi pessimism regarding the future, it | Mailreads and huge tonnage was 4 U HAR diibt b av ]p‘;“" el to be put to work 50 and 33 cents lust {application of the valuation for rate|may or may not succeed, but if his | transported by motor tri In fact,| BOSTON.—Scoured territory wools| Foderal Government 1 oo -',‘".‘ i yea 1 dealers think a dif- |making or recapture purposes. business program is built on a ‘“yes | railroad and automobile men dec suitable for woolen mills are scarce | pitCial JOVERment, to who Smith | Start an Account This Payday ferent condition will prevail this year, Related to M and no” attitude he may be sure he y le feeding of this coun- |and New Mexico and California | Whitaker Paper Co. It 1S one of ‘,"y = yda) packers no longer wanting to ‘take SABAELCD SN E RIS will get nowhere. 3 e 48 much u matter of [ scoureds are closely held. About 70| jargeat confracts ever awarded (o 4 | P ohance of meeting heavy losses This whole question is directly Gonstitutional inabllity to reach de transportation as of farming. per «:Nl\trof the Utah clip has ht;pn con-| Rgidimoret fixm? . Tha vaper wiil be| of other commodities re-|lated to the question of mergers. cision stamps an individual as un roil 4 racted for at prices ranging from used for postc s mained about the prices | Under the present scheme of rail-|dualified for leadership. Such a per- Workingfo Shore Haul to 33 cents a pound. Boolch teauisine the zu\"t,:"ll\)llx\)l:l(\; ’1”1“1‘ Teboried At the closing of last week's | rouding, rates ure to be flxed at alSon. however, may make good in the| An executive of one of the largest der the contract 13,000 fons, or abont | market. Frying and broiling chick- | level whick will permit geographical [ ranks. packing companies said today that 630 carloads,-will be delivered, ens, the former quoted at 33 to 38| zroups of railroads to « fair re . | Food produetion, which had chanzed| | Fisher’s Price Index 0 FOECDS and the latter at 42 to 48, were thejturn on their property value (as de- from short b long haul i thons im (e b | cermined’ e wne T ¢ ) RESOURCES INCREASE. |businc corki ki to! NEW YORK MARKETS. arge quantities - nder N the shorter spor e A ; | L & = i3 Aare A : T - nor ] The following table shows the av-| NEW YORK, February 28 () demund being aboul equal to the weak roa "The transpor: movement from week to week i Spri supply. tation act of 1920 provides that one- e e [t Yt ; y et et 192 ides that of ssentative commodities (from rd Winter st 7 2ve | Today's Wholesale Prices. half of the earnings by sirong roads it 5 s 7 o Sl i e st 1 polmaliprints, 55ay 1 -eXCEmal GL 461 POl CERL On AIKOR EL Although the number of banks in n\xln \1‘111 mllll,y:.l the purchasing pow- | barely steady 1.16 T b red. 30 value ahould b turned over to athe mational banking system con.| within teaming distance. Then theler 1SHColak Bt b AL ex- 1. 30. | Government vevolving fund, which|tinues to decline. total S9N | Birmer began to raise more hogs and | dex Ne ower ~ | port.. Barley steady: malting, $3% G: hen tal resources in Index No. of - po : ; should be available as loans to weak |creased from 15,624,01 h hickens and produce more butter| ieas i per of the dol- | ¢.L.I. New York. Buckwheat 3 4,000 last June roads. to $25.688,849,000 the last day of 1926, | and egsgs than his local trade could tentofne . 9 A in some produc Number of Banks Reporting Con-| fuster than the his hovse-drawn wagons could supply | { them. Food began to be drawn in by | ¥ tinues Declining, However. {rain because not enough was raised| alive — Turl war base P’ Le. whit 100 pet. Heve is the bearing on the question |according to & summary of conditions | Use of mergers: of the national banks issued today by | _Then came the development of re y by special chickens, 32a35. Meats—Beef, 15al7; Live stock—Calves, choice, 15% medium, 11a13; thin, 3 lambs, Fruit and Vegetable Revie Today’s market report on frui The program of consolidations con- templates the linking up of strong and weak roads The recapture situation gives the strong roads a motive for absorbing the weak, because they can pool their property values and thus defer\the time of recapture of earnings. ¥or example, the Chesapeake & Ohio Rail- road in 1926 earned between 9 and 10 per cent on estimated property value. Farnings equaled about $24 a share on the common stock before recap- ture, and about $12 a share after re- apture on the basis estimated. The Srie, on the other hand, which the Controller of the Currency McIntosh. The total resources on the date of the last bank call, December 31, 1926, however, was not so large as the ::m{)mm?]le figures for the call of De- 'mber 31, a year ago, whic v 325.’152,412.000? g0, wWhich showed The number of banks has been gradually dropping, from 8,054, the last of 1 v and to 7, FORUM INVESTMENT FIRM. NEW YORK, February 28 () frigeration, which permitted products May (peak) to be shipped longer distances and to be kept for longer periods by re- tailers. Further improvements of transportation and refrigeration have further encouraged farm production in many districts so that the close haul trade again may be taken ad- vantage of. The move toward establishment of more stock yards is becoming more nifest. With these Kets are springing up new King houss | and live animals and finished products are being ed for hundreds of miles in trucks to avoid loading ex Jatuary (low) Averago Average a cond _ quarter. . Third quarter Fourth quarté- Average b First quarter. ok Second_wee Third week. . Fourth ‘Wheat futures opened stead; M: 1.425.) | - —e MASTERING FIRE RISK. | 28 P.—| strides in mastering the fire r of building engineers of the ) Lumber Manufacturers’ Association who have been studying the nation's | fire loss statistics. The rate on the| entire property valuation is only $1.97 | for $1,000, exceptionally low compared | with other State: | ADVERTISENENTS R orFl Recewvep HERE Day Pharmacy, 14th & P Sts. N.W. Is a Star Branch Office You will find it handy just to run into The Star Branch Office in your neighborhood and leave the copy for the Classified Ad which you want inserted in The Star. Please feel perfectly yegetables, compiled by ‘the, MErkef| oneapenke! & Ohio'is meéking toiget|charter for u now. investment Economics, says: 3 control of, earned less than a fair re- (;ol ng company to be known e firoad C ‘Apples—Suppl S turn on its estimated property value. }Ti"“f" Brothers Corporation, which Icing Railroad Cars. light; market dull; barrels Its shares are selling on the open :‘ Rf"\uhcholdmgfl in various manu- Equally important have been the 0 N o sales to establish market market below the estimated property ‘*;,'l“"" ng enterprises, were flled in|developments in icini of railroad cars. T a1 O Ter T e K, February 28 (#).— Northwestern, medium to large Talue. - One advantage to the Chesa-| Wilmington, Del. today by representa- | Mechanical refrigeration of railroad James L. McQuarrie has been elected > of stock control of the Erie[tives of the Graham Brothers of De-|dining which enables them to Foreign Weekly Index. (‘h” ll:'r;fl'df'nl'; <"]ul_‘_vxhn‘f1 ongxzec’? Io( rnational Telephone & Tele e i * | peake extra fancy Winesaps, 00: | PeAlld be to avoid recapture of earn- | troit. who developed a large independ-| make an entire transcontinental tribl ooyinpe (London Financial Times) | graph Corporation. 11 i . index number for England: with the Bell telephone tem. v bushel baskets, 1l MSRE anitor thudle o ge. 4 s Black Twig: 3 i ANgs. 801d to Dodge ;! company which they | without re-icing has been worked out. % ¢ Would Have Checked Movement. e Brctadkenitnn Mile nem | ivucks lko.asS haw Eulnpsd T ——— i pricen i per dent PRICES ON PARIS BOURSE. PARIS, February 28 (#).—Pric penses and short haul railroad delay | i e ] MADE CHIEF ENGINAEERA inches up, 1 . company is capitali: 5 b o o8 b v s pitalized at $5,000,000, S b i If. as superficlal Wall Street specu. | With general offices in New York City. | specially adapted to carry food prod- rices in per, cent gt ucts and live animals. Date— ie. 101 m oderate, market s e e had assumed, the Supreme stock, South Carolina, 1'%:-bushel ham- | lators dinary quality and condition, i reported. upplies moderate: demand Court had upset the whole theory of recapture, the merger —movement would have been serfously checked. for the strong roads would have been deprived of one of the chief motives for acquiring the weak. market steady: Florida, 10- s, 2.50a2.7 Poor 00a California, higher. Lettuce—Supplie moderate, market steady crates, Iceberg type, 45 3. few low as 2.90. Onions—Supplies moderate: demand light, market steady; Ohio, 100-pound sacks, yellow 3 . medium to large size, z poor low as , 100-pound sacks, vel- Jows, U. No. 1, medium size, 2. Michigan, no jobbing sales re- ed. Potato Market Steady. Potatoes- A career of idleness is apparently going out of fashion in the United States. One after another daughters of the ultra-wealthy are taking up use- ful work. Following the example of an older sister, Natalie, who has worked for three years as a banking statistician, Miss Mary Belin du Pont, 20.year-old daughter of Lammot du Pont, president of the great B. I du Pont de Nemours Co. of Wilming- ton, Del., has started her duties as probationary nurse at-the Johns: Hop- kins Hospital at Baltimore. These tendencies indieate that there is some- thing in work besides the direct mone- tary reward. moderate, 150-pound s No. 1, 3.7 g Green Mountains, U. 8. No. H New York, 150-pound sacks, round whites, 1 No. 1, 3.40. Spinach—Supplies liber moderate, market iina, cloth top veneer barrels, Savoy type, 1.75a2.00; Texas, bushel baskets, Savoy type, mostly few low as weet pofatoes—Supplies demand moderate, market Tennessee, bushel Halls, No. 1. 1.50: Maryland, bushel No. 1, 1.60a1.65; North Carolina, cloth- top stave ba . vellows, few sales fair quality . 3.00. Strawberries — $ moderate; demand hn-dlw 5 ~Supplies light: _de mand mode market steady; Flor- §da, 74-bushel hampers, green, 6.00a 6.50; few best, 6.00. CROWN WILLAMETTE PAPER. NEW YORK, February 28 (#).— Crown Willamette Paper Co. and wholly owned subsidiaries report net profit’ of §3.641,393 for 19 EVERYMAN’S INVESTMENTS BY GEORGE T. HUGHES, “Puts” and “Calls.” A reader asks me to explain “puts” and “calls,” how they operate and what uses they serve. A call gives the buyer of the call the rvight to compel the seller to deliver to him a certain number shares of stock at a; eertain price at any time during @ fixed period. Similarly a put gives the buyer of the put the right to eompel the scller to receive from him a certain number of shares of stock a certain price at any time during & fixed period. That is the general definition, but usage here in America layvs down some additional rules. The matter can be best made clear by an illustra- tion. One day early this month U. S, Steel common was selling at about 167. On this day the put and call quotation for Steel common w three points down for the put and five points up for the call. This meant that the buyer of the call could de mand of the seller 100 shares of Steel common ut price of 162 any time within the next 30 days, and that the buyer of the put could demand the seller to receive from him 100 shares of Steel common at 154 at 3 time within the next 30 days. In both cases the price of the option was $137.50 for 100 shares. 1t is the custons in this sort of trad- ing for the period during which the option is to run to be 30 days and usually there is no change in the price. The varfation comes in the number of points ; from the market the put and call dealer is willing to do business. Note that he would sell a put three points down under the conditions prevailing when the above quotations were made, but the eall price is five points above the market. The inference was that the put and call man believed it was meore likely for Steel common to advance than for it to decline within the next \30 days. To take another illustration, on the same day the above quotations were obtained, General Motors was guoted 70 points up for a call and 10’ points down for a put. Here the option sell- er considered the chances for a r or @ ofall in -the - price -of General AMotors: the ensuing month This trend is interesting in connec- tion with the recent observation after a trip to the United States by Prof. Gilbert Murray of Oxford University, that the American workingmen do more credit to their country than the wealthy who travel in Europe. think we in England,” said the British savant, “do the United States a deep wrong when we say that Amer- icans are ill mannered and uncivilized. We mever see the hard-working masses by whom the Nation should be judged, but ‘only the very rich.” America Freeing Ttself. . 1. Cheney, New York banker, asserts that America is freeing itself from dependence on French styles. In the field of blue sky promotions we clearly set our own fashions. 1. J. Kenner, manager of the Bet- ter Business Bureau of New York " I'City, in commenting on this subject, s tyles in stock swindling shift just as apparel fashions change. Design- ers of devious and subtle ways to beguile the unwary have found a new mode in the ‘tipster’ sheet. To the professional stock swindler this de- vice, besides being potent, holds the hope of evading the penal law. At Boston and at New York, in late months, over a dozen ‘tipster’ publi- cations have sprung into existence. They. purport to give disinterested stock market information and invest- ment advice, but actually they intend to influence the purchase of particular gecurities in which the publisher is interested and from which he hopes to profit enormously. By pretending to expose abuses, to ‘give impartial analyses of security offerings, to fore- cast market movements and to defend the general investing < public from pillage by ‘priviliged’ and ‘predato! interests, this sheep's clothing is w with much success by such wolves of financy THE BUSINESS OF GETTING AHEAI Necessity of Taking a Position. Your ship will never come in un- less you first send it out. The vewards of,business go to those who take positions, who display faith, who launch constructive enterprises. Those who thus take positions, as- sume business risk, and, if their judg- ment is overwhelmingly wrong, they sustain huge losses. The mere onlooker, however, who can see both sides of all questions, and who therefore never breaks through the deadlock of inactivity, gets nowhere. Business is not the proper hunting grounds for Ham lets, who are always debating with themselves “to be or not to b Negation is not a businesss force. Business success depends on af- firmative action. The garlands of commerce are bestowed upon those who shout the “everlasting yea,” to use Carlyle's phrase. Matter of Action. Business is a matter of action, not a product of detached philosophical thought. It depends on things done. Judgment can be capitalized only when it results in action. Good intentions get the individual nowhere unless they are translated into a campaign of action. The passive individual belongs else- where than in the competitive arena o 1 cannot hope to captain a business army. The great development in the last business schools and col- le ment of business only through train- ing energetic men, capable of making business decisions. With the increas- ing complexity of trade, business men need a cultural background, but mere knowledge, no mat- ter how profound and extensive, will POTATO MARKET STRONGER. CHICAGO, Tebruary 28 O).—Po- tatoes—Receipts. 151. cars; on track, 276; total United States shipmen Saturday, 875 cars: Sunday, 10 car supplics " on russets moderate, on round whites liberal; market on rus- sets slightly stronger; demand on round whites very slow, market slightly weaker; Wisconsin sacked round whites, 1.75a2.0 1.80a 1.95; Idaho sacked russets, 2.76a3.0 mostly 2.80a2.90; Washington sacked russets, 0. BUTTER IS HIGHER. | CHICAGO, Febwmary 28 UP).—But- ‘ter—Higher; receipts, 10,812 - tubs: ceamery “extras, standards, 50; extra firsts, 4815a49%; firsts, 4 seconds, ' 46a47. S ceipts, 26,644 cases; firsts, 23'%; ordi- nary firsts, 2 ATCHISON EARNINGS. NEW YORK, February 28 (P).— January earnings of the Atchison, To- peka and Santa F'e show marked im- provement over January last year, gross rising to $21,543,818 from $17, 602,476 and net operating income to $4,537,630 from $3,331,209. REMINGTON ARMS PROFIT. NEW YORK, February 28 (#).— In contrast to net loss of $716,605 for 1926, Remington Arms Co. reports net earnings of $1,414,656 for 1926. B N. Y. C. INCOME DOWN. NEW YORK, February 28 (#).—|¢ The New York Central's gross rev- enues for January were $31,003,299, an increase of $626,641 over January last year, but net operating income declined $314,616 to $3.957,985. The month’s passenger revenues were the largest in its history e $3 BASIS EXPECTED. NEW YORK, February 28 ()— Directors of Universal Leat Tobacco Company meet for dividend action on March 9, when it is expected the common stock will be placed on an annual basis of $3. The_custom of exchanging gifts at New Year is supposed to have been derived from the Romans, but some authorities say it is much older. Although the American dinner|1924 Averace table presents the most varied diet in the world, 76 per cent of the twenty- odd billion dollars paid annually for food is accounted for by only 17 items. Of these pork and pork prod- ucts hold first place on the national food bill. As late as 1880, 71 per cent of the population lived on farms, but today well over 50 per cent are city dwellers | in the strictly consuming class. Farms, however, through adequate transportation “and egmipment have heen able to double food production to meet the demand. There are now over 375,000 retail groeery stores in the country distributing thesc prod- ucts. Of these, about 40,000 are of the chain-store type. : sl g S EARNINGS NEARLY DOUBLED. NEW YORK, February 28 (#).— Farnings on the common stock of the American Smelting & Refining Co. have nearly doubled in the last two vears, the annual report for 1926 showing net income of $17,760,721, an increase of $2,569.960 over 1925. This is equivalent to $23.38 a share on the common, a gain of $4.21 a share over 1925 and $10.78 a share over 1924. Surplus _income was $9,685,871, against $7.725,890 the vear before. Cash on hand was $34,619,784, a gain of $9,243,789 over 1925. REDUCTION EXTENDED. NEW YORK. February 28 (P)— The reduction of 1 cent a gallon in gasoline which the Standard Oll Company of New York put into ef- fect in New England today has been extended to New York State. OU’LL BE GLAD YOU SAVED YOUR MONEY! When Illness Comes FEDERAL-AMERICAN Buy Your Sheaffer Pen from The Columbia Photo Supply Co. 1424 New York Ave. N.W. Proved safe by millions and prescribed by physicians for Rheumatism Colds Headache Pain Neuralgia Lumbago Neuritis Toothache Also of 24 Accept only ‘Bayer? package V which contains proven directions, Handy “Bayer” boxes of 12 tablets and 100—Druggists. Monoaceticacidester of Sallczlicacid Aspleia 15 the trade mark of Bayes Masufscture of Fourth ai January— First weok . Savond weelk weel Fourth. January average. . February-— First week, were irreguar on the Bourse toda; Three per cent rentes, 52 franc: centimes. Exchange on London, francs 98 centimes. Five per cent loan francs ntimes. The dot- Ié_w was quoted at 25 francs 55% cen- times. L . ks | GRAIN EXPORTS GAIN. | BALTIMORE, February 28 (Spe- clal).—Exports of grain last week to. | taled 670,037 bushels, according to| the maritime exchange. By the pre- vious reports, only 195741 bushels 1. The grain shipped| 27,892 bushels of wheat, of corn, 30000 cats, 30.541 bar- Skrip, successor to ink, makes all pens write better. and the Lifetime pew free to make use of the service of The Star Branch Offices—one of which is located in prac- tically every neighborhood in and around Wash- ington. No fees are charged; cnly regular rates. Prompt and efficient attention. 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