davidaulloa/AmericanStories huggingface dataset:
Evening star., 1926-04-25
MITCHELL IS HALTED.

LONDON, April "a R)-C. A. Whit
combe, British professional, today in.
terrupted Abe Mitchell's wining golf
streak, defeating him in a 32-hole
exhibition match at Crewe Hill by 3
up and to play.
Evening star., 1926-04-25
DOUBLES. IO:45 P.s
LAST EVENT DECIDES.

LEXINGTON, Va, April 24.-V.
NJ. /. lost hotly contested meet to
Duke University today, the score
being 64 2-3 to 611s, The result of the
meet hinged on the broad Jump and
Aycock, Duke jumper, came through
on his last leap to win first place by
four inches
Evening star., 1926-04-25
GONZAGA NINE BOWS
TO ALEXANDRIA HIGH

ALEXANDRIA, Va. April 24.-The
lucky seventh, which netted three
runs, allowed Alexandria High to
gain a 6-to-4 margin over GonzaGa's
base ball team here today before 1000
fans.
Riley, Hicks and Berman furnished
the slugSing for the winners. while
Bozek and Nolan led the visitors in
hitting
Evening star., 1926-04-25

For the opening night. the Public
Deb; League girls have been given
the honor Of crashing the first pins.
having one Class A, three Glass p.
and TWO Class G teams 10 represent
them. From then on there will he
teams, doubles and singles on the pro
gram.
Tomorrow night the rolling starts
at s O'Clock. but on the following
nights, 80 has been set for the start.
Evening star., 1926-04-25
WILL RACE FOR $4,000.

CLEVELAND, April "a P)-Sta kes
totaling approximately $40, 900 will be
offered AT the Grand Circuit meeting
here the week of August %. Head
ing the list are the Rainy Day Sweep,
stakes. with an estimated value OF
500 and the Cha mpion Stallion,
with an estimated value Of $1,000
Evening star., 1926-04-25
N. C. STATE Is VICTOR.

RALEIGH. n. c., April "a LE).--
North Carolina State defeated Wake
Forest in a. track meet here today
The final standing showed State had
81 Ais points while Wake Forest had
34 Ills
Evening star., 1926-04-25
WIN HAND BALL TITLE.

CLEVELAND. April "a R).-
George Nelson. Baltimore lefthander,
Is the new Y. NJ. c. A. singles hand
ball champion and AL Schaufelberger
and III. Dworman. Detroit retain
their title as the doubles champions.
Evening star., 1926-04-25

Runs-Peytoh. Abhrams, bermai, ocnWdEZ-
man, Scrivener. West; Bozek y Nolan
Dennis TwO-base hits-Schwarz arzman. Hicks,
FITZGERALD. Nolan. Three-base hits-Berman
Riley Nolan. Solen Bases-Enright. Riley.
Sacrifcee-Abhrams Scrivener. Left on
bases-Alexandria H; s.. 9; GonZaga. g.
3: Off Kane, 3. Hits-Of Kane. / in ! 2-;s
innings: off Mcclure. q in 8 l-3 innings.
Hit by pitcher-By Riley tEnrightl: by Nc
CURE tDennis Rleyt. Struck out-By
Riley. o: by McGuire 8. wild pitch---Riley.
Passed balls-Peyton t2.l Losing pitcher
Mcclure. Umpire-Mr. Entwisle.
Evening star., 1926-04-25
FAIR BOWLERS LED
BY A TEAM OF ACES

Aces. by the margin Of Il single
game. won the honors in the Ladies'
Aviation Duckpin League. which ha"
Just closed its first season.
Evening star., 1926-04-25
ROD AND STREAM
BY Perry Miller

HE black bass bill prohibit Of
has been favorabl reported by
cennmtee of which Senator Watson
Watson
ised the anglers that he would do all his
bring at early date This bill known the Hawes black
been favoraby
Evening star., 1926-04-25
ssOLD-TIMER" ENCOURAGED
AS "KID" GETS A 800 SET
Is Convinced That Anyone Can Roll Well on Some
Occasions--Man May Be Star at 10 O'Clock
and Dub Only Is Minutes Later.
r. HE first ball the Kid shot alley strike


said we'll satisfied with himself Il feel like
scheduled
shooting right hope hold the old
inquired the Old Timer. ut that
there why he shouldn't
knocking all 10
with shot
Joking" protested Kid this feels like nights,
and I'm but the
fenI 1co,id EcL Clam olstenho
Evening star., 1926-04-25
MANY STARS WILL ROLL
In TOURNEY TOMORROW

ANY night the Coliseum the
Vl of Washington City Duckpn
designated National Capital night Twelve
entered the Railroad Y NJ L. A.
the Interior Department Seven
o in A. n Class in Glass
Evening star., 1926-04-25
COMMERCIAL BASE BALL
LOOP HAS NEW SCHEDULE

nowhere attempting to organize
r. of in the commercial
the other night and reorgnzed their loop
Aiay3
Evening star., 1926-04-25
ACCE DUCKPIN TOURNEY
DEVELOPS SOME UPSETS

result OF the efficient work
~ B. Holmes and the splendid
Coliseum alleys the
bowe with bang Twenyeven
do.bloS s.nn1es I;Stnd
Evening star., 1926-04-25

are TO take part III t.c IdNS S'@ie ei'S
Vic Gauzza was chosen president
to succeed John Lamb, who with
drew from the Office in order to man
age the Fashion Shop nine. backed
by Fred PelZman. William K. Love
of the Union Printers was elected
vice president and treasurer and H..
|. Sanders was named secretary. "A
board of arbitration composed or
Louis Pop Cook and two sports
writer's will be appointed by the
president.
The league roster with the man
ayers of the teams now is as follows:
Chevy Chase Dairy. "Toots' Wise;
Chesapeake & Potomac Telephone
Co., c. E. Myers: Fashion Shop, John
Lamb; Potomac Electric Power Co..
f. A. Sanders, and Union Printers,
Heinie Webb.
League games will be played ON
Monument Diamond. No. 4, and will
be umpired by Jimmy Jones of the
Capital City Umpires' Association.
H. /. Sanders will serve as official
scorer.
fAl1nyES.
Evening star., 1926-04-25

Ruth received his mOIicker OF
= Babe" when a kid at school in Bal
timore.
Evening star., 1926-10-09
EVERYMAN'S
INVESTMENTS
Current Assets and Liabilities.
BY GEORGE T. HUGHES.

We have reached the point in our
discussion of balance sheet where
it has become plain that the first step
in analysis is to examine the ratio be-
tween the current assets and the cur
rent liabilities. The importance of
this was fully discussed in the two
preceding articles in this series. 1t is
now in order to consider in detail the
various items which make up, first.
the current assets and, second, the
current liabilities.
AS has been said, current assets
consist of cash. marketable securities,
accounts receivable and inventories.
Sometimes there are other classif1ca-
tions. but they are of minor impor-
tance. Taking them up in order, cash
needs no explanation. This item con-
sists of balances in the bank subject
to check, and is always Immediately
available to meet the current liabili-
ties. When this item is large in com
parison to the total it inspires conf
dence.
Marketable securities may he the
equivalent of cash. Presumably the
value assigned to this item in the
balance sheet is based on the current
market prices for the securities con-
cerned. If these securities are United
l
makes the showing all the stronger.
Sometimes a balance sheet will spe-
officially state that the securities are
Government bonds. When it does not
state what they are it Is important to
secure the information if possible.
Surplus funds to be available for day
to-day needs ought to he invested in
securities which do not f1uctuate much
In market price. Certainly they ought
to be high grade bonds and nothing
speculative in any way.
Accounts receivable, consisting Of
the amounts due from customers for
merchandise sold, comes next Cen
orally it is stated in the balance sheet
that this item Is valued less a reserve
for doubtful accounts. There Is al
ways a certain proportion Of uncol-
lectable bills. These are usually de-
Quoted, or rather a sum that expert
ence shows is apt to be lost in this
way is subtracted from the total when
the item is made up. Balance sheets
seldom give detailed information on
this score. Accounts receivable ought
net to be excessive in comparison to
the gross amount of business done.
Otherwise too large an amount will
be tied up In this way. weakening the
position. We shall take up this topic
more fully later on. Finally. we come
to the inventories. This Is the one
classification in the current assets
that requires the closest scrutiny, and
1t will be dealt with in the next article
(Mr Hughes next article in the Sc
ries explaining financial statements
will appear in The Star Monday, Oc.
tober IL, 1926)
Evening star., 1926-10-09

no consideration from the investor.
In general, l believe that second
mortgages as group are nkely 10
prove less desirable in the next decade
than they have since the armist1ce In
the last six years particularly we nave
been primarily in an upward market
in real estate values, and the squirt In
prices automatically made numerous
questionable second mortgages good.
Although individual pieces of special
ly favored properties may continue to
move upward, economists lean to the
opinion that the general upward
movement has virtually spent itself
OF course, some believe that values
will be stabilized at or near current
levels. That is a matter Of conjec-
ture.
1t will be prudent policy for the in
vestor, in considering a second mort
gage, to assume that the property
under consideration is worth less than
it's present price. rather than more.
No one should consider a second
mortgage unless he reasons this way:
1 am willing to buy the property for
the value of the first mortgage, plus
the second mortgage. In case the bor-
rover defaults shall step in and pay
off or refinance the first mortgage and
become the owner.
Unless you are prepared to acquire
properties, perhaps you should avoid
second mortgages.
Really Merchandising.
Frequently second and even third
mortgages are taken by the seller of
property in order to help the buyer to
finance the deal. Such operations are
part of real estate merchandising and
are of no interest to the general in
vestOr.
Some second mortgages are safer
than some first mortgages, although
the second mortgage is always less
well secured than the first mortgage
on the same property. In some dis
tricts, where savings banks lend only
up to so or 60 per cent of the value of
buildings, small second mortgages are
in a strong position. But, where spec
ulative lending companies advance so
per cent or more Of the cost OF de-
velopment on sO-called f1rst mort
gage, the second mortgage Is really
no better safeguarded than the ordi-
nary speculative risk which the owner
or holder of the equity takes.
A disadvantage Of second mortgages
Is that they are difficult to turn into
cash. except at a substantial discount
in case the investor suddenly needs
funds.
Selecting mortgages is highly
specialized art, and the ordinary In
vestor who wishes to lend on real
estate will do we'll to let experts work
for him. either through buying shares
of we'll managed building and loan
association. or through buying first
mortgage certificate, particularly If it
Is guaranteed by strong company.
The habit of putting all ones funds
t.~ ,xsO Nv{cA
as placing money in any other single
form of business enterprise.
Copyright. 1925. by Current News Fea-
lures, 1nC.l
Evening star., 1926-10-09
THE BUSINESS OF GETTING
AHEAD
Are Second Mortgages Good
Investments?

Aristotle remarked that the mil
lenium or thereabouts would come
when philosophers became kings. Per-
haps we are still far away from that
development. although the lot of the
philosopher is improving. DIR. Will
Durant wrote an erudite "Story of
Philosophy" and it has become the
best selling non-f1ction book of the
year. Naturally. this affluent philos-
opher Is interested in investments.
Of philosophers are not yet rulers,
they are at least investors.)
DR.. Durant told me that he Is not
interested in the type of investments
which are ordinarily discussed on the
financial page, but in second mort.
cages He inquired whether l thought
they were good. l replied it depends
on the particular mortgage; the gen.
eral name means nothing.
Many individuals have violent
opinions on both sides concerning the
suitability of second mortgages. for
investment purposes. On a particular
piece of property. the claims of the
first mortgage must be satisfied be-
fore those of the second mortgage can
be met.
Some Good Second Mortgages.
There are some good second mort
cages. there are some which. under
favorable circumstances, may pay out,
and there are others which are so
highly speculative that they deserve
Evening star., 1926-10-09
WESTERN MARYLAND
Rejects NOTE BIDS
Road Fails to Gain Consent to Is
sue From Holders of $5, 100000
in Prior Obligations.

Special Dispatch to The Star,
BALTIMORE, October 9.-Re lection
by the Western Maryland Railway di
rectors of all bids for the proposed is
sue of $5.00O.000 5 per cent f1ve-year
collateral notes was due to the failure
Of the management to obtain the con.
sent of the holders of the $5.O0O.0 900
unconverted Z per cent collateral
notes due August 1. 1928.
The company has the right to call
these notes on any interest date pro-
viding it gives 80 days notice of de-
sire to exercise the privilege 80 days
prior to the interest date.
These dates are February ! and
August I. The company wished to
redeem the note on October I, and
having failed to give the required no
tice or obtain the consent Of the
holders to waive that requirement, it
must defer the plan.
Whether or not the company will
carry out the proposal at a later date
could not he learned. If it decides to
call the s5.ooo.o 900 per cent notes on
February I it must make the fact
known not later than January /. In
the event It decides to take up the
plan later it is probable new bids will
be asked for $5,OO0.o five-year per
cent notes.
Evening star., 1926-10-09
Monev to Loan

Prey ailing interest and commieson:
Joseph |. Weller 4SS i;sy wash sth =; ~: ~
Evening star., 1926-10-09

NEW YORK, October 9.-F'ollow.
ing Is list of bonds and stocks traded
in on the New York Curb Market to-
day with the volume of sales and
prices up to and including the close
of the market:
Evening star., 1926-10-09
RY STUART r. WEST.
Special Correspondent OF The Star.

Copyright. 1926. by the Consolidated Press
Association
NEW YORK, October 9.-The past
week has been one of rapidly declin
ing prices-in fact. as abrupt break
as has occurred in similar space of
time in recent years 1t has involved
heavy losses for spectators who were
left with large lines of stocks after
what now appears TO nave heen an
Summer campaign.
The chief explanation lies on inside
r.ther than outside conditions. A
hir effort was made during July and
August to attract the public by bid
ding up prices. to reproduce the ex-
cited speculation of the Autumn of
1925 This effort failed. and as a
SEQUEL stocks were down, at their
lows of the week 10. Is and 20 points
from where they were selling two
and three months ago.
Business Outlook in Doubt.
Apart from the undoing Of over
done operations for the rise. the de-
cline mas had considerable significance
for outside conditions, There has
heen no strain on credit and the fluc-
tuations in money rates have had no
effect But Wall Street did take too
optimistiC a view of the business out
look.
II put too much stress upon the big
production going on throughout the
country as set forth in such accepted
data as railway car loadings and bank
clear rings. II did not take into sur
f1cient account the low price level at
which this great volume Of business
was being done.
Some of the industrial company
statements put out for the second
quarter have not made pleasant read
ing. The effects of an ever-increaslng
competition have been made appar-
ent. especially in the case OF some or
the automobile makers. Railway earn
ings for August were exceptionally
good. but as against this. railroad
stocks were pushed up eXtravagantlE
on hopes, which have not been real
lied OF extra dividends, of dividend
increases, and of benefits to follow
merger deals.
The stage was finally reached where
a number of the dividend-paying rails
we're offering little more. in the way
OF investment return. than high-class
bonds. This was a situation which
could not last without larger distri,
button to railway shareholders, and
80 far. except in one or two isolated
instances. this has not occurred.
The big break in cotton prices has
Evening star., 1926-10-09
NEW YORK CURB MARKET
Received by Private Wire Direct to The Star Office

whenever prices were raised Ford
Motor of Canada, with a break or IL
points, sold almost at the lowest or
the year.
Little change occurred in the oil
division. Humble Oil was rather
heavy again. Standard Oil of Indiana
and Ohio Oil were unchanged Stand
ard of New York was strong and
Vacuum up fraction. Among the in
dependents there were transaction in
Lion Oil Refining at somewhat higher
prices.
American Gas & Electric was in
demand, getting up from 101 to 103h.
then receding partly. Trading con-
tinued in United Light & Power A.
shares between liz and 11A. Com
monwealth Power was slightly
higher
Evening star., 1926-10-09
Southern Buying Power Hit.

Continuance of very low cotton
prices seems assured, and the question
is how this will affect the economic
situation In the South, and what bear
ing 1t will have upon political senti
ment. Even If the surplus cotton is
temporarily cared for with the help
Of the local banks and the Federal Re
serve. the buying power of the South
Is likely TO be much reduced as COM
pared with recent years. This in turn
Will make itself felt in the general
distributive trade during the coming
months.
The stock market position has been
improved by the liquidation Of the
week. but it always has to be remenl.
hered that a selling movement nova.
days is apt to carry to extremes the
same way as the buying movement
which precedes it,
The remarkable success Of the
$40, 0,000.0 900 Hamburg loan, where the
coupon was the lowest yet-only S per
cent-waS the most. talk ed.of episode
in the bond market. Naturally, it
called for an upward readjustment
of other German city issues and made
the market for German securities
more popular than ever.
Italian exchange has continued to
advance in response TO the energetic
measures which the Italian govern
ment is taking to stabilize the paper
currency. The lira was up at the
close of the week a quarter of a cent
from where 1t was selling as recently
as the last week Of September. French
and Belgian currencies have been
comparatively stationary.
Evening star., 1926-10-09

Post holes feet deep and inches
wide can be bored in half a min
ute b. Q machine.
Evening star., 1926-10-09
10 rHE poLrCYHoLDERs o.

rNrrRANcE COMPANY OF AMERICA
NOTICE is hereby given that meeting ~
the policyholders OF THE PRUDENT!A.
INSURANCE. COMPANY OF AMERICA
wiN Be held at the Home Once OF said Com
uany in the City Of Newark. New jersey. On
Monday, the Sixth day Of December. le2e. ~
twelve o clock noon, for the purpose OF select
ine tour persons to be voted for by the policy.
hnIters' Trustee AZ members OF the Board OF
Directors at the annual election OF Orectors
OF the Company TO be held on the Tenth day
Of January, 1877.
Al such meeting every policyholder OF the
corporation who is Of the age Of tventy-one
force for at least one year last past shall be
entitled to cast one vote in person or by proxy.
EDWARD D. DUFFIEID, PresideRt.
Evening star., 1926-10-09
BIG BREAK IN STOCK LIST HITS
BULL SPECTATORS HARD BLOW
Week Has Been One of Rapidly Declining
Prices, and Heavy Losses Have Been
Felt In Market.

been alluded to, and properly so, as
one of the influences back of the de
cline in stocks. The Secretary of
Agriculture. trying to put the best
face on things, pointed to the ample
credit resources available to carry
over a cotton surplus, no matter what
it's size. His thesis was that cotton
was non-perishabe commodity
which could be held for any length
of time until a favorable market de-
veloped. What he did not say was
that financing such a surplus would
be done at prices which. over the
greater part of the cotton territory,
would involve "A loss to the growers.
There is no use minimizing the fact
that this cotton trade is in a depressed
state. The world demand fell far short
of the 16,1O0, ,000-bale American crop
of 1928. There was a big carryover,
and now on top of this surplus the
Government bureau estimates the 1926
crop at 1852, 900 bales-fully ,000.-
600 bales more than some of the pri-
vate figurings and 400. 900 more than
the average prediction.
Evening star., 1926-10-09
Your Banker Knows.

When in doubt about security
consult your banker. 1t is equally as
much his interest as yours to protect
your savings. You trust him with
your deposits-why not trust him
with your investment problems?
Evening star., 1926-10-09
BY WILLIAM F. HEFFERNAN,

NEW YORK, October 9.-Price
movements on the Curb Exchange
today followed in general those on
the big hoard. Net changes were ir-
regular, but for most Of the session
the trend was downward.
Heavy declines occurred in du Pont,
with the usual wide fluctuations. The
selling pressure which recently broke
Freshman Radio was no longer in
evidence. 1t opened up nearly a
point at Bass, sold at 34A and then
eased off.
Warner Brothers Pictures began at
80 as against 49A. which was yester-
days final 1t sold up to 81 then re
acted. In the market generally it was
case of stocks being freely supplied
Evening star., 1926-10-09
| bEvOLUTDN OF SECURITY 7ve
7allies

During the reign of Henry I in
England, a new form of security
developed and flourished for short
while. The government issued to
lenders, tallies, which were four
sided rods of hazelwood, abont an
inch in diameter, with the amount
due the creditors represented by
notches cut into the wood. The rod
was split length-wise through the
notches, and one-half of the tally
was given the creditors, while the
other half was retained by the State.
When the tallies were finally turned
in for redemption, the two halves
were fitted together and when they
matched they were said to tally.
Today, however, the investor does
not have to rely on a split piece of
wood for his security, but places his
money in First Mortgages secured
by tangible property worth about
double his loan, and carrying with
it in writing the borrowers promise
to pay. He knows his money is safe
and available when he wants it,
And when he buys his First
Mortgages through Swartzell,
Rheem & Hensey Company he also
receives interest at 6129o.
Evening star., 1926-10-09

Sales INDEPENDENT OIL STOCKS.
in hundreds.
? Am Con oilfds IS. "a. -.
Am Mararaibo g AZ ~ AZ
, 1926-11-09

without hurting any one: but We can.
not afford to ruin the Industries that
bring revenues to the island. 1t is our
duty as members Of this Council TO come
forward and 5Dea when we see that
something IS needed. / come here to-
day because | feel it q duty 10 come, rot
for any personal GAIN, bDt for the
interest of the islap4 in general, NY
years in St. CroiX may lot be many
more. I have to 60 away to eet my
children educated. Perhaps the mem
bers has not given a thought to the very
important fact that whether the Planter
IoOses or not he produces sugar OF con-
siderable value with an average crop
oil this island up 90 a million dollars
worth Of sugar is produced and you
cannot produce much more than one
tenth Of that in cattle. Ii the island
is turned out OF cane cultivation and
every one went IN cattle raising you
would have to sell all your cattle cut
OF the island. and you wouldn't have
many customers to sci. milk anC butter
TO-. There i a great difference il grow
ing cane and raising cattle, because in
the growing of cane money Is putin
circulation as different persons in differ
ent walks of lie have to be employed,
while it is not SO iu the raising OF cattle. 1
havelIEed here ttu years. i hike this little
island. and know of NO reason for letting
it GO into a jungle III this natter is
presented 5o Congress we will no
doubt have their sympathy. | feel now
more strong than felt before thatl Is
absolutely necessary for this Colonial
Council to send representatives to Con-
gress when 1T meets next session. A
y1c0lufiou fO tha effect should be intro
Douglas daily dispatch., 1926-01-06
Women's S Hosiery

"Buy literally during this sale" for they are out
Of the ordinary values