davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-02-24
EVERYMAN'S
INVESTMENTS
BY GEORGE r. HUGHES.
New COMPANIES Speculative.

In the preceding article the neces-
sIty Of a careful examination of the
borrowers record before making
loan or buying bond was empha-
sized. The record is important not
only for what it reveals as to willing
ness to meet gagements but as to
capacity. 1t is on this account that
every circular descriptive of a new
bond issue includes a statement as to
earnings available for interest charges
The longer the period over which
such an earning summary goes
back the greater the confidence it
inspires, especially when the time
covered includes one or more inter
walls Of business depression. The test
IS not results in prosperity. but in ad-
versity. Many corporation which
makes an impressive showing when
the Industrial sky is bright finds itself
in difficulties when prices fall and de-
1nand for it's product drops off.
How to interpret the record and
make allowance for the setbacks
which come sooner or later to every
industry will form the subject of q
separate article, but before we come
10 that consider the case when there
is no record, which Is true of all new
enterprises. Having no history Of
achievement, the investor has no yard
STICK Dy WHICH To liiedSuTe- his Is
one Of the reasons why extreme eau
ton is essential with the securities Of
new corporations. 1t is not putting il
TOO strong to say that one dependent
on income from his or her investments
should make 1t an invariable rule
never to touch the obligations of a
new company. All such are essen
ssally speculative and should be left
10 those able to assume risk.
II Is no answer to this objection to
fay that other corporations engaged
IN the same line of business have
achieved great success. That Is one
Of the commonest arguments Of the
promoter and 1t is always a sign Of
danger. Probably this warning ap-
plies more to stock than to bonds,
but the principle is the same. Unless
an investment has been tested by
time there is always an element of
speculation involved. whether 1t be
a. stock or bond.
(Mr. Hughes next article will ap-
pear in The Star next Saturday.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-02-24
les INDEPENDENT on STOCKS.
Washington Stock Exchange

SALES.
CAPITAL Traction Colo at us 10 at
1lS 10 at 117A. 10 at 117L. 10 at l. : !.
10 at III. 3 at III. 80 at HOS. 10 al
III.
Potomac e. Pow. pfd.-o at 107. Is at
lo Wa . AZ to1- Rxv F1.c ,,dz :, O,
90 at 81. 90 at oil. 90 at 81. SO al 81. 100
Lanston Monotype-lo at SCI.
Merchants Transfer and Storage pfd-30
at l01
MerTentha ler Linotype-3 at I'll.
AFTER CALL.
Washington Rwy. & Elec. 4s-Sl 900 at
%ashtngton Gas 6s '33-S1 500 at 1903
Capital Traction 5s-S1 900 at 10Ok
Mouey-Call loans. and per cent
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-02-24

About e5 per cent Of the married
syomen who work contribute all their
Evenings to their families.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-02-24
NEW YORK CURB MARKET
Received by Private Wire Direct to The Star Once

Carib Syndicate came into promi'
nence in the early part Of the session.
gaining we'll over a point. The buy.
ing movement. however. proved to
have Eeen nothing more than short
covering by those who had sold the
stock following the recent unfavor.
able developments regarding the COM
pany's concessions. The market for
other oils again displayed a disposi-
ton to do nothing until more definite
information comes to hand regarding
the relation of demand and supply.
Public utilities felt the effect Of
further selling pressure and losses Of
a half point to 2 points were common.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-02-24
PIG IRON PRICE DROPS.

NEW YORK, February "a P).-
The Iron Age pig iron composite price
dropped to FLAG this week. the first
change since 21.54 was established on
December l. 1t was $3.50 last year.
No change has occurred in the com
posite price for finished steel which
remains for a third week ct 2.424
cents per pound. One year ago & was
46<e oontA
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-02-24

NEW YORK, February 24.-Fol-
lowing is an official list of bonds and
stocks traded in on the New York
Curb Market today.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-02-24
new WHITE POTATOES
IN NEW YORK MARKET

Special Dispatch to The Star.
NEW YORK, February 2%.-The
seasons initial carload Of new crop
white potatoes from Florida arrived
today, but the stock was unattractive
and met an extremely limited outlet.
Old crop potatoes were In heavier sup
ply and the market barely steady. Up
state round whites in bulk sold from
$3.50 to S775 per 1870 pounds.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-02-24
STOCK ON IS BASIS.

NEW YORK. February "a R.-
Common stock Of the Montana Power
Co. was placed on an annual dividend
basis of IS a share. with an increased
quarterly disbursement Of $l.25, which
previously had been 81 quarterly.
The regular quarterly Of IL. per cent
on the preferred also was authorized.
Both are payable April ! to stock of
record March II.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-02-24
A Fool and His Money.

The fact that a stock certificate 10
printed in fancy green scrollwork is
no proof that 1t Is worth any more
than ordinary wall paper. Thousands
Of people in Washington would have
saved their money if they would have
asked their banker to tell them what
he knew Of some supposedly wonder
full investment
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-02-24
LOAN PLANS COMPLETED.

NEW YORK. February "a CP-
Negotiations were completed by Amer
lean bankers today for a $4,000. 900
loan to the Italian Public Utilities
Credit Institute. a quasi-state agency
created by the Italian government last
year to assist IN financing that coun-
try's utility enterprises. A public
offering of securities will be made
later this week through a syndicate
headed by Blair G. Co
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-02-24

NEW YORK. February "a LP).-The
Public Service Corporation Of New
Jersey reports larger revenues for
January than the same month last
year. surplus after charges having
increased to $1,56s,6e4. compared with
S71l.165. Gross was $9.44l .o66, against
IS, 594, 657.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-02-24
BY WILLIAM F. HEFFERNAN.

NEW YORK, February 24.-It was
natural that some sort Of recovery
should have set in in The Curb Mar
ket dealings today following the pro,
nounced selling Tuesday. Recoveries,
however, continued to meet offerings
and improvement was not pronounced.
Several weak spots again cropped
out but they failed to influence the
general list. Speculation for the time
being on the buying side of sugar
stocks evidently had spent itself and
declines at times were sharp. Fajardo
lost = points before support was en-
countered.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-02-24
PARIS BoURSE UNSTEADY.

PARIS, February - R.-Prices
moved irregularly on the Bourse to-
day. Three per cent rentes. ~ francs
10 confines. Exchange on London. 1872
francs 80 confines. Five per cent
loan, Sc francs 20 confines. The dol
lar was quoted at 81 francs 271a cen.
times.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-09-09
Newly Named Flies
Busily Devouring
FIJI CaterpiHars

To the hattie cry of "Sic i'm. fly"
scientists of the National Museum
have launched a great free-for-all
fight in the Fiji Islands between
new kind Of tropical fly and the
lowy Malay coconut caterpillars.
Latest adyicee received here in
dictate an overwhelming victory for
the flies. who. boast of the name
"PtvchOmyia remota." Nothing
much had been heard of these
jungle insects until DIR. Aldrich.
curator of insects of the National
Museum. selected that name for
them not long ago. 1t was shortly
after news of the christening
reached Fiji that the flies went on
the rampage. selecting caterpillars
for their victims.
According to an announcement
today bv the Smithsonian Instltu-
ton, the Fiji Islanders are quite
elated over the clean sweep of the
caterpillars made by the ravenous
Ptychomyias, as the woOlly worms
had been playing havoc with the
coconut palms in those parts.
What the flies will satisfy their
appetites with after the last cater
pillar is consumed is a matter OF
conjecture.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-09-09

tary of State. A fun slate of candi-
dates for major State Offices and for
United States Senator also was f1led.
The party choice for the Senate Is
L. E. Eichelberg, Waterloo. who was
defeated in the primary election held
in June as a Republican candidate.
Thomas J. Kelly of Marathon is the
gubernatorial nominee.
In the platform the single taYidea
is the prevailing note. Planks de-
nounce the present system of real
property taxes and would also exempt
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-09-09

Sweet. both of Washington, captured
on the Washington road Monday.
"T Thought agents had learned bet
ter by this time than to recklessly use
firearms he said. mo matter how
wide or narrow the road they have no
business shooting at automobiles and
risking the lives of innocent persons. V
Fowler and Sweet were held in ST.
600 bail each for action of the Federal
grand jury. Fowler pleaded guilty
when arraigned, but Sweet asked a
hea ring
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-09-09

eral of the District of Columbia
Militia, and for many years an en-
thusiastic supporter of Guard rifle
shooting. paid the team visit last
night and congratulated them on
their excellent showing. He will be
a spectator at the matches held today
and will return to Washington tomor-
row morning.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-09-09

all incomes and other increments de-
rived from the labor and mind of
man." Under the plan of the party
the Government would assume con-
troll and collect full rents, in lieu of
taxes.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-09-09
LAND PARTY FILES.
Has Full Slate of Candidates for
Iowa Election.

DIES MONIES, Iowa, September 3
GP.--A place on the November gen
eral election ballot in Iowa yesterday
was sought by the Commonwealth
Land party. which filed a petition and
platform with W. G. Ramsay. secre-
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-09-09

mers and ice is not high priced most
of the natives prefer to suffer with
the heat than spend the money for
the CONCEALED wafer
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-09-09

PARIS. September 9 LP).-And now
the potato bug is threatening Franco
American relations. The growers say
that the pest. which is beyond control.
comes from across the Atlantic. but
they don't seem to be aware of the
American remedy-paris green.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-09-09

a national forest cheats some
honest voter out of his chance to kill
a lot of fine trees
Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-09-09
DRY AGENTS REBUKED.
Judge Dep1ores wholesale Shoot
ing'' on Highways.

Special Dispatch to The Star.
BALTIMORE, September 9.-United
States Commissioner j. Frank Supplee
rebuked group of dry agents yester-
day for wholesale shooting in the ar
rest of Lawrence Fowler and Harry
Evening star., 1926-06-06
BY OTTO II. KAHN.

The responsibility for such episodes
Of soaring ups" and crashing
downs" as characterized the course
of stock prices in the recent past
belongs not to the Stock Exchange as
such, because, after all. that inStitu-
ton is essentially a market, and all
that those charged with it's admins
tration can do is to see to it that the
goods dealt in are properly labeled.
that no fake or otherwise objection
able goods are admitted, and that deal
due and watchfully enforced safe.
guards for the public.
Neither can responsibility be laid
justly at the doors of the banks. It
is not their function to act as censors
and regulators of price movements.
OF course, the banks are called upon
to exercise prudence and restraint in
lending upon stocks at inflated prices.
but if they were to attempt to use
their position in order to control
market movements. they would very
soon be subject to bitter attack on the
allegation of manipulating the stock
market.
Greed and Fear Cited.
The responsibility belongs primarily
to those in and out of Wall Street who
permit unreflecting desire for gain to
make them rush in and buy Obeing
somewhat apt in the process to engage
themselves beyond their means). and
the same impulse, or unreflecting fear.
to rush in and sell. The two very
worst counselors in any situation are
greed and fear. You are bound to go
wrong when you listen to their hectic
urgings.
We have observed some of the very
same persons who, in February, could
see no limit to booming prosperity,
proclaim vociferously. In March, the
total doom of prosperity, and, in both
instances, find far too many listeners
and believers.
OF course, the stock market, In its
very nature, Is bound to be subject to
considerable fluctuations. But cpl
sodes such as those which have
marked the course Of stock prices
within the past two months constitute
generally harmful nuisance. They
also constitute a reflection upon the
steadfastness and sobriety of judg-
ment Of a portion of the community.
Gullible Element Scored.
1t is no adequate rejoinder to point
to Objectionable activities of bull
pools" and bear POOLS and to de-
nounce interruptions manipulators for
the boosting or the depressing Of
Evening star., 1926-06-06
PANTCKY STOCK MARKET BLAMED
ON FACTORS OF GREED AND FEAR
Americans Must Gain Better Poise TO Avoid
Wild Fluctuations in Values, Says Otto
HI. Kahn Banker.

prices True. unfortunately. to a GER
tain extent they are a factor in the
general reckoning. True, they do give
cause for just condemnation, perhaps
even, in certain instances, for cor
rective or punitive action. But they
could never be more than an ephem-
eral and limited influence If they were
not seconded by gullible crowds of
"get-rich-quick" devotees on the
'long' or the short" side OF the
market.
1t is a regrettable spectacle to see
people lose their heads and their
money in this manner, and IL happens
altogether too frequently. If we are
to maintain that leading place among
the great financial centers of the world
to which we are entitled. it is incum
bent upon us to demonstrate self
assurance and steadiness. and to avoid
recurrent exhibitions of alternating
ebullition and, perturbation.
A readjustment of stock prices from
the giddy height to which some of
them had been recklessly pushed was
called for and Salutary. But 1t should
have been an orderly falling back, not
a panicky rout.
The only circumstances under
which, in a country with the re-
sources, the resiliency. and the basic
elements or ours, g. temporary descent
into the cyclone cellar becomes war
ranted are-leaving aside grave
foreign complications-eithe mani
festations of stark and persistent over
production or overtrading. or the
advent of a major credit disturbance,
or acute monetary stringency.
Foundation Is Sound
None of these circumstances exists
today or Is even remotely likely tn
occur. Whether the immediate future
will bring us a continuance or A
temporary slackening of prosperity.
there can be no doubt that underlying
conditions are thoroughly sound in
this country, and that there Is ample
warrant for feeling assured that, with
natural and passing Interruptions. the
forward march Of American trade and
industry will continue.
To fill the air with counsels OF
ominous premonition-especia when
they come after a stock market COL
lapse-does not indicate superior wis
dom. but rather a lack of nerve, Of
vision. and of a calm and reliable ap-
praisal of those fundamental elements
with which a favoring Providence has
endowed this country. and which. with
the qualities Of it's people. are determi-
ming for the lasting development of
commercial. industrial and general
economic conditions in America,
Copyright. 1926.)
Evening star., 1926-06-06
Poland Seen Imperiled as Nation
II ;@:' By Sudden Revolt Under Pilsudski
tContinued from First Page,

tContinued from First Page1
ize her North and West African
lands. she will presently be as great
power as any in Europe.
AS far as Germany IS concerned
she has the British guarantee in the
Locarno pact, which represents solid
fact, for Britain can never afford to
let a victorious Germany come to the
channel. AS far as Italian aspira-
tiors in the Mediterranean are con-
cerned she has an almost equal GER
tainty Of British support, for Britain
at Gibraltar. Malta and Suez has
every reason for desiring to keep
things as they are, and only Italian
and German attacks concern France.
We are, fear, sooner or later now,
as a result Of the Pilsudski episode,
ttdSee the remaking of the Polish
frontiers. Britain has always regard.
only unwarranted but dangerous. she
has advocated cessions both to
Russia and to Germany, and would
certainly not lift a finger to prevent
them. France has been a steadfast
ally to whom Poland owes much, but
France is unlikely to continue a
policy which can only bring risks and
responsibilities and no possible profit.
Conceivably the Pilsudski episode
may be terminated swiftly and before
Poland has lost much, save in
prestige and confidence. Yet the in
Conference can hardly be abolished,
even II the marshal goes, unless some
real administrator arises. BY con-
trast' civil war is just as likely, for
the9hatred of Pilsudski in many quar-.
teas is terrific. and the ruin he is
bringing to his country cannot be
permanently concealed even from
those who follow him now.
The hope of Poland has always
lain in Posen-that is, in the region
once belonging to Prussia-because
there the Poles. subjected to German
Evening star., 1926-06-06
Calcium Cyanide in Commercial Arena
AS Patent Foe to Agriculture Pests

CONSERVATION among the bug pests
Of southern California is expected to
follow the introduction of calcium
cyanide, a new death-dealer which ap-
pears to be the most powerful agri-
cultural poison yet known. Informa-
ton just released by DR.. Robert w.
Poindexter, Los Angeles cyanide
chemist, indicates that a long period
of industrial research has now put
calcium cyanide into the commercial
arena. The product as now made in
southern California IS prepared largely
from the nitrogen Of the air and from
natural gas.
Recent field tests show that calcium
cyanide Is much more potent than
pure hydrocyanic acid, or prussic
acid, heretofore considered the ulti-
mate 100 per cent of toxic power.
This unexpected result so far is not
explained. After one test of calcium
cyanide this Winter in an orange
grove, where a very resistant strain
Of scale insects was infesting the
foliage, only two bugs were found
Evening star., 1926-06-06

alive among over 5000 insects actually
counted. This record is especially en-
couraging to growers who have found
the scale pests gradually developing
immunity to regular doses of hydro
cyanic acid. AS one orchardist sug-
gests-"the ancestors of the scale
have been killed so often that their
progeny don't mind 1t any more"
Calcium cyanide, while theoretically
appearing to be a simple preparation
to the ordinary chemist, is impossible
to make in any ordinary way. BY COM
bining calcium carbide with hydro
cyanic acid, however, a light brown
powder is secured. and this substance
has the remarkable power of pouring
out a veritable wave of poison gas
when 1t is merely exposed to common
air. Fumigators simply blow the
poison in j. dust cloud under the
regular orchard tent: and whatever
animal was living under the tent dies.
regardless of whether it be scale in
sect, a luckless owl or an itinerant
rooster.
Evening star., 1926-06-06
ENTIRE POLICY REVERSED
BY TRADE COMMISSION
Charges Now Unrevealed to Press Until
Proven, and Accused Firms May
State Their Claims.

respondent nor the public had any re-
dress whatsoever.
This Is not an isolated instance. as
you can well understand when you
remember that the record OF the conf
mission shows that the complaint and
the publicity We're improvidently is-
sued in more than one-half Of all the
cases under the old rules.
The commission now gives out no
official statement until the parties ac-
cused have had hearing and the case
is tried.
Defendant Always Heard.
Another rule is that when charges
are made against a party and the
facts seem to warrant action, before
we issue a complaint we give the
accused an opportunity to be heard.
We have heard the evidence against
him. usually from his competitor. We
think 1t right to hear his side Of the
case before publicly accusing him. II
from this hearing we are satisfied that
there has been no violation Of the law.
the case is dismissed. If. on the other
hand, we are satisfied that there has
been a violation Of the law, then we
give the party an opportunity to sign
a stipulation to the effect that he will
forever cease such practices.
ttememDeT TWO innings. FlTSt, lIldL
the great object of the Federal Trade
Commission act is to protect the pub
lif from fraudulent practices; and, Sec
ond. that the only power the commits
sion has is to issue an order to cease
and desist" from such practices. So
that a stipulation accomplishes every
thing that can possibly be accom-
plished by an order to cease and de-
sist.
Strange as it may seem. both the
rule of stipulation and the rule refus-
ing to give out publicity when the
complaint is filed. before the facts are
known, have met with violent opposi-
ton from the same source-from those
who wish to spread the propaganda OF
dishonesty in business.
The commission, on the other hand ::
believes that at least 80 per cent OF
American business is honest and
anxious to obey the law. and that no
corporation or individual should be
penalized without having a chance to
prove his Innocence.
(Copyright, 1926D
Evening star., 1926-06-06
BY w. e. HUMPHREY.
Federal Trade Commissioner.

w WITHIN the past year there
~ has been complete
wv change Of the policy Of the
Federal Trade Commission.
This Is based upon the be-
lief of the commission as now consti-
tuted that the majority of those en-
gagged in business are honest and do
not knowingly violate the law.
Until recently the regular proceed
ure was as follows: When a complaint
was issued against concern, an Off
cial statement, giving the alleged
facts, was given to the press. This
statement had wide publicity, particu-
larly II the parties involved were
prominent or the allegations sensa-
tional. The defendant frequently
knew nothing about the matter until
he saw himself proclaimed in the
newspapers as violator of the law.
He never had a hearing before the
publicity was issued. Months after
ward, sometimes years afterward,
when the case came to be tried. it
was found, perhaps, that there had
been no wrongdoing and the case was
dismissed. But this dismissal brought
no headlines in the press. 1t was not
news. 1t brought no redress to the
respondent.
One bankruptcy Cited.
Here is an illustration based on
facts. The commission issued a com.
plant and gave out at the same time
publicity against a corporation, charg-
ing 1t with having unlawfully acquired
the stock of the two competing corpo-
rations When the case came to trial
some months afterward, the transac-
ton was found to be perfectly legiti.
mate. But what had happened? The
corporation had arranged to borrow
some forty million dollars to carry out
the deal. The publicity given de-
stroyed it's credit. The banks refused
to loan the money. The company was
driven into bankruptcy, as were the
two corporations whose stock it had
acquired. Thousands who invested in
the stocks and bonds of these com
panies lost their money and great
industry was destroyed. Neither the