Evening star., 1923-08-11
CAPITAL KEYNOTES
BY PAUL Y. COLLINS

The most famous definition of
news: IF dog bite a man, that is
not news; but If man bite dog, that
is news
Many a prominent statesman had
gone to pay his respects to President
Coolidge and, incidentally, drop him a
bit Of advice as to the world court, the
relief of agriculture, the pardon of
political prisoners and the threatened
coal strike. These have returned, one
after another, and related how they had
done all the talking and the speechless
President all the listening.
Senator Medill Mccormick has regis
tered a newspaper scoop" which must
be the ripened fruit of his journalistic
training. He emerged from a long in
terview with the President and told the
startling "news'-that President Cool
idge had done all the talking. This is
case where the man bit the dog-its s
news"
Just what the President said to Sena-
tor Mccormick is immaterial detail
mot to be mentioned in the opening
paragraph as most readers do not get
beyond the lead in the first sentence.
But II some interviewer will induce
the trained journalist to ''give away"
something he has pledged to keep con-
fidential, that, again, would be so un-
usual that it would be news" Let
the interviewer try ii on Senator Nc
Cormick-ex- editor of the self-confessed
greatest newspaper on EARTH.
X
The act of President Coolidge in hon
oring Sergt. Michael A. Donaldson, the
bearer of a congressional medal for
extraordinary valor in battle. by making
him his guest on the funeral trip to
Marion, is appreciated by every veteran
Of the A. L. F. Sergt. Mike risked
his life six times in the rescue of that
many wounded conlrades, under fire of
machine guns, and not only wears the
congressional medal, but many others.
He was the only medal -of-honor man
marching in the procession from the
White House to the Capitol and the
only one taken to the interment at
Marion.
The honor which President Coolidge
rendered to the brave sergeant was
honor to every man who had not
f1inched in the face of danger and is
token of the Presidents appreciation of
valor.
1t is an impossibility to define the
dividing line between investment and
speculation when both transactions
are intended to lead to a profit through
future rise in price. A man makes an
| Investment" in real estate, which he
believes will gradually increase in
value. That is legitimate foresight and
token of wisdom. Another, with
81, 600, buys margins on 10000 or 100, 900
bushels of wheat. He is a gambler"
in wheat-a "speculator on risky mar
gins"
A farmer who has 1000 bushels of
wheat in his bins could sell that wheat
today, say. for $500. Somebody comes
to him with advice that If he will hold
his wheat, and a million other farmers
will hold theirs, the market price will
rise, 80 that he can sell his grain three
months hence for 81 600 and six months
in the future for $1,000. Is there any
difference between the farmers "specu-
lation" and that of the margin gam
bier? Each one counts on conditions
which convince him that wheat is 60
ing up.
Now comes the leader of the farm
bloc, Senator Capper. denouncing the
Farm Loan Board because 1t has advised
the farmers not to hold their wheat.
The board is accused by the senator
Of going outside Of its legitimate func-
tions in giving any speculative advice
to the farmers.
1t is charged by the senator that the
boards advice has resulted in soaring
the farmers into dumping their
wheat upon the market immediately
from the thrashers at a time when
farmers are too much inclined, or too
much forced by their own necessities,
to dump their grain and so depress
prices.
Does not all governmental expression
of opinion or advice tend to manipu-
] latieA Of thsS markets? Why should