The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-02-26

- AND
|RUSINESS|
BY b. c. FORBES.

ny ID. ". FOnDHc'
Here's one welcome bit of news:
Four United States Government
ships have just been bought to dis
place four Japanese ships in the Pa
cific trade. The purchaser II the
veteran Robert Dollar, who some
how contrives to keep on expanding
his operations through boom or
panic. He has been chartering nine
japanese ships to carry lumber be-
tween the Pacific coast and the
Orient. The four ships just &C
quired will enable him to give up
four of these foreign-owned vessels.
l had a brief chat with Mr.. Dollar
yesterday before he boarded q train
for San Francisco, following a ses-'
sion he had at Washington with
President Harding and Chairman
Lasker, OF the Shipping Board. Mr..
Dollar admitted that he would not
have dared to buy these ships in
face OF all the uncertainty as to how
this country Is to deal with its mer-.
chant marine unless he had back
door" he could get out through IL
driven to 1t, meaning that, II the
American Government made II ut
terly impossible to operate ships un.
der the American flag, he could
change his plans and operate them
under another flag. Mr.. Dollar has
vast interests In Canada, as well as
In China and other parts Of the
world.
incidentally. Mr.. Dollar declared
thats Chairman Lasker has agree
ably astonished shipping men by
the ability he has shown in dealing
with the tremendously complicated
shipping problem. What Congress
may do. however. Mr.. Dollar
says, no mortal can hazard a guess!
That something needs to be done is
emphasized by the fact that no less
than two-thirds OF all our Govern
ment-owned shipping is today lying
idle.
No American has a deeper knowl.
edge Of Oriental affairs than Rob
ert Dollar. For many years China's
governmental authorities have
sought his counsel: he has visited
the Orient time and time again;
his steamers run something like
! 500 miles up the Yangtze river:
and he has his pulse continually on
sentiment in the Orient Now resd
what he said to me yesterday con-
corning the danger OF war between
the United States and Japan.
without question. America and
Japan were drifting toward war.
That something would have occurred
TO start hostilities was inevitable.
The Washington conference. ostensi-
bly, called chiefly to deal with naval
matters In the Atlantic, was meant
mainly to devise ways and means to
eliminate the war peril in the Pacific
where. you will have noticed, our
principal naval fleet had been sent.
THE conference has accomplished
It's chief purpose. Japan has made q
grand bargain. since she need no
longer fear danger Of war with US.
China, too, has Jared far better than
anyone could have expected. The
dominating consideration was to get
japan to loosen her hold on China
The twenty-one demands were impos-
sible. The conference has started
China off on the right road Restor-
ing the province Of Shantung, with
its population OF a. 200, 900, Is an i'm
portsnt thing for China. Japan Will
also fare better under the new ar.
rangement than she would have
Jared by persisting in her former poi.
icy toward China. a policy that was
bound to lead to war. involving sew.
eral nations"
Those looking for securities likely
TO become more valuable in course
Of the next year or 80 should inves-
tigate the status of various low
priced railroad stocks. The earnings
on several non dividend paying
stocks are distinctly better than the
earnings on the shares OF what for
more than a generation has been
called the premier railroad Of
America" - namely, the Pennsyl-
vania-
''One by one they fall around U.S.
the bucketships. Although many
thousands of unfortunate investors
and spectators are involved, II IS
best for the country that every one
Of these INSCRIPTIONS brokerage
concerns should be wiped out OF
existence. The evil had become
more widespread than probably ever
before. Happily, however, II is be-
ing attacked this time with unusual
thoroughness, unusual intelligence
and unusual cooperation on the part
Of all the exchanges and the criminal
authorities. The results promise to
be correspondingly effective.
II legislation Is deemed necessary.
then II should include the compul.
sorry registration and licensing Of
every individual and every firm and
every company selling securities to
the public.
The authorities, very properly,
will not grant a bank charter to any
group OF men until they are satisfied