SE^N HEARD around the NATIONAL (Capital Carter Field ^ Washington. — President Roose velt 1* heartily In favor of the re cent action of the Interstate Com merce commission, as a result of which the New Haven railroad Is now seeking receivership with a ▼lew to scaling down its capital debt structure. It has been In the President’s mind for some time that the Inter est payments being made by the rallroada were entirely too high. He has frequently commented to friends that whenever a bond Issue Is made, by a railroad or any other business, provision should be made for an an nual curtailment of that loan, so that at the end of a given number of years the bonds could be retired from the sinking fund. Frequently, he has pointed out, the bonds are ■till part of the road's capital debt, and adding sharply to Its fixed charges, when the Improvement for which they were Issued has long since beeu worn out and replaced, usually by another bond Issue. The original idea of the admin Istrntlon was to use the Missouri Paeflc as a yard stick In cutting down the capital structures of the railroads. The plan was to reor ganlze this railroad, always a weak alster, though always prominent as an Important link In first this and then that transcontinental line, in such fashion that It could earn sev eral tiroes its fixed charges, and hence sell bonds on a 3 to 4 per cent basis. Actual figures as to amount of bonds and Interest are so compll cated, with the Missouri Pacific and the New Haven, and for that mnt ter with all railroads, that Ulus tratlons would take a column to axplaln. But here Is the Roosevelt Ides Illustrated limply. Suppose a railroad had soOO.OOO, 000 of bonds outstanding, at an av erage Interest rate of 6 per cent Some railroad bonds bear ns low ax 4 per cent, and some as high as 7 per cent, but the average Is not far from 6 per cent because there are more of the higher rate bonds than of the lower rate. To Illustrate In this Illustration, the fixed charges of the road, so far as bond Interest Is concerned, would be $30. 000,000 s year. Taxes and this bond Interest as well, of course, as all operating expenses must be paid be fore anything can be given the stockholders. In addition, every time some of the bonds fall due the railroad has a terrible time floating a new Issue even If It Is n fairly prosperous road, and usually has to pay handsome bnnkers’ com missions for placing the new bonds. Now suppose, further, that the road, after paying operating ex pensea and taxes, has Just $20,000, 000 left over, on the average, for bond Interest. Which actually Is lit tie better than the case of the Mis sourl Pacific, and a little worse than the case of the New Haven. The New Heal plan would be for this mythical road to go through receivership, as the New Haven Is about to do, and take advantage of Section 77(b) of the bankruptcy act. When It emerges. It might have a total capital debt in bonds of $400. 000,000, but on a 3V» per cent bnsls. This would make Its annunl bond Interest bill $14,000,000 Instead of $^0,000,000. As the average earnings applicable to bond Interest would be $6,000,000 In excess of this, how ever, the road could expect the low er Interest rate. But Instead of the $8,000,000 In addition being paid In dividends, s sizable fraction of It, say $5,000,000, would be used to re tire bonds every year. The stockholders would be act ually better off than they were be fore. In the Illustration given, there would probably be no dividends for some time after the reorganization. But the property In which they have an equity would be at least on the road to s better situation. Whereas If reorganized under the old tooth and claw method, they would probably get nothing. The same sort of plun has been worked rather successfully on non railroad corporations, though of course the most Important new phase sf the law Is that It prevents such reorganizations being held up by minority security holders de manding more than their share. “Pitiless Publicity” President Roosevelt Is expected to decide that present regulations and practices protecting the names of exporters of war supplies from pub licity should be modified, thus ap plying the “pitiless publicity" so much talked about by his former chief, Woodrow Wilson, to the pres ent situation. Under the present practice, ship manifests are held confidential. If such a request Is made by the ex porter. Even where publicity Is al lowed, the name of the exporter is not made public. Thus It was Im possible for reporters in New York recently to be sure which of the ell companies had made some very large shipments of oil to Italy. Treasury officials are considering permitting publication by newspa pers of every detail as to exports. Naturally, they will not do so If the State department objects, and conversations on tthls point are now proceeding. Officials of both depart roents, as they admit In private con versationa—though, of course, they decline to be quoted—favor such publicity, and It la their confident expectation that the President will agree with them. Such a change of course would have no legal effect In deterring anyone who wished to ship such war supplies aa are not banned by the President’s proclamation. The reason the oil companies and ship pera of other war supplies are op posed to any change, and wish to retain the present protective se crecy. Is that they fear a boycott of their products by individuals who would resent what they would re gard as “war profiteering.” It Is increasingly manifest thgt the sentiment of the country wa* strongly behind the action already taken by the President, and that It would favor going even further —aave where the pocketbook of In dividual sections might be affected This Is realized by the companies now selling oil to Italy. Limit Motor Speed Automobile manufacturers are not talking about It, publicly, but they realize a very strong tendency which may force limitation of the poaslbli speed of automobiles. Motor-cat makers discussed the situation very seriously at a recent meeting It New York. Of course they are pre pared to fight such legislation, elth er by the states or the federal gov eminent, but the vice president o one of the big companies admitted to friends here within Che last few days that the motor industry woult' not be surprised to see such legialti tlon very widespread within tw< yenrs. In the face of advertisements thai new models will “crowd 100 mllef an hour,” most of the present con slderatlon of the problem by It.' advocation Is aimed at restrlcttoi to speeds not exceeding 00 miles ni hour. Some of the extremists wouh go as low as 45, the speed limit oi the open road In a good many states The Idea suggested wonld be to pro hlblt the operation In a given stati of a car capable of running In ex cess of a given number of miles pei hour. If only one large state, or an.' state regardless of size, whosi citizens buy a large number of cars should Impose such a restriction the effect on all motor mnnufac turerB wonld he very serious In deed. Liquor Regulations Ueports from the distillers nl over the country Indicate that then will be no Important opposition b the new regulations which Admin Istrator Franklin C. Hoyt has sup gested for lnhellng liquor. It Is al ready virtually decided that sonu administrative changes will b< asked, but only one change In th< proposed regulations will be rec ommended that is of any Interes to liquor purchasers. That Is the desire for postpone ment for a mouth, or two month at most, of the dates on which tin new regulations go Into effect. As at present proposed, afte Janunry 1 next no whiskey can b< branded as “straight" unless It ha been aged In charred oak casks fo at least one year. After Juno 3< *iext no whiskey can be labele< "straight" unless It has been slml Inrly aged for 18 months, and aftei Janunry 1, 1937, for two years. The Industry would like to mark up these three dates, especially the first one. But as to the general Idea there Is very little dissent. It Is gen erally recognized thnt conditions have changed, with the passage of time since repeal, which Justify the higher standards that the proposed Hoyt regulations set up. As to blended whiskey, the re strlctlons would merely be that not less than 20 per cent of any whiskey marked "blend" should conform to the requirements for "straight" whiskey—that Is that after Jnnuar.v 1 next this proportion of straight whiskey must be used, and that It must have been aged In charred casks for one full year, afte- June 30 It must be 18 months old, and after January 1, 1937. It must be two years old. Must Be Labeled Another restriction which is gen erally approved requires that the amount of neutral spirits, or al cohol, used In blended whiskey must be stated, and also that It must be plainly labeled that such neutral spirits were produced from grain, or molasses, or whatever. Actually very little neutral spir its made from molasses or other than grain hases Is now used In blending whiskey and gin. In the early days of repeal one of the largest producers. In an eastern city, used almost exclusively neutral spir its made from molasses. There Is not alleged to he any question that such neutral spirits are any more harm ful than those made from grain. Actually the two products are not different chemically, it Is Just a question of taste. For rensoris which flabbergast the chemist alcohol pro duced from grain seems to make a smoother blend than alcohol of the same chemical content made from molasses. Copyright.—WNl' S.rvloo. ©[SM10T .. .. st.VMl-—.. Granite Quarry in New Hampshire. Prepared tey National Ueoyraphlc Society, Wruhlngton, U. C.—WNU Service. NEW HAMPSHIRE, the Gran ite atate, claims primacy in many things. In 1770 Its Co lonial assembly adopted the first written constitution to be enjoyed by any of the states. Two years before this It was on New Hamp shire soil that the first armed blow was struck at British domination, when a band of patriots, led by John Sullivan and John Langdon, overpowered the small garrison at Fort William and Mary, In Ports mouth harbor, and took away the •tores of powder. These were hid den beneath the pulpit In the old meeting house at Durham and were later taken to Hunker Hill, where another New Hampshire patriot, John Stark, used the ammunition In the engagement which first showed the quality of the New Eng land rebels. Apropos of Stark at Bunker Mill, there Is a story that two British of ficers were wutchlng the debarka tion of their troops and were look ing toward the crest of the hill where the Colonists had gathered. “Will they fight?” said one to the other. And his companion, who had served with Stark during the In dian wars, replied, “If one John Stark Is there, they’ll fight.” The annual celebration of Bunker I1II1 day in Boston Is In consequence something of an Irritation to the New Hampshire mind, because It recalls that New Hampshire fur nished most of the men. and that It was the strntegy of John Stark of that state which gave the Colo nials their success. It Is somewhat surprising to note that this same John Sullivan who led the midnight marauders at Fort William and Mary should have proved so cautious a member of the Continental congress which for mulated the Declaration of Independ ence. But when the die was cast, none was more courageous thnn he, and bis march against the six na tions Is celebrated, even to this day. Had First Free Library Among the other firsts, and one which gives New Hampshire much satisfaction, Is the fact that at Pe terboro was established the first free public library supported wholly by public taxation. This library Is now housed In a handsome build ing, the gift of a successful son of the town; and In many another community may be seen similar proofs of affection for the old state •nd the home town. For two centuries New Hamp shire was a nursery of seamen, and from Colonial times Its seaboard resounded to the stroke of the calk er’s mallet. From Portsmouth set forth the expedition to Loulshurg with New Hampshire men carried In New Hampshire bottoms, and It was at Portsmouth, too, that John Paul Jones fitted ont the Rnnger • nd sailed with her, flying the Stars and Stripes to which the first of ficial salute was paid by a foreign nation. The navy yard at Portsmouth dates back to the Revolutionary pe riod. The house In which John Paul Jones lived while superintend ing the building of his Ranger Is still standing and Is the home of the Portsmouth Historical society. Another of the handsome old prop erties of those days, the Moffatt Ladd house. Is now the home of the Colonial Dames, who, upon oc casion, renew the traditions of the house for gracious hospitality. During the days of wooden ships, while we were dependent for our de fense. as was ancient Athens, upon “wooden walls." the Portsmouth navy yard was a busy place. The Constitution, “Old Ironsides," was rebuilt there; and now. rebuilt again, she has In recent years paid a visit to her foster-mother In New Hampshire. During the World war. Portsmouth again hummed with In dustry. and the yard has now he come the country’s principal base | for the construction of submarines. 1 one of the two largest of the craft having slid from Portsmouth ways. Ships for the World War. During the World far. there sprang up on the hanks of the Pig | cataqua. Just above Portsmouth, I shipyards, one for wooden and the other for steel vessels. These J craft of Portsmouth origin did their full share la the winning of the war, and the yards are now turned to the uses of peace, one as a dye plant, and the other for the manu facture of gypsum products, the raw material being brought from Nova Scotia. At Portsmouth, too, was built the Kearsarge, with oaken timbers taken from the slopes of the mountain whose name she bore. She laid her bones upon a Caribbean reef, but New Hampshire does not for get that her record Is written.— Portsmouth, Cherbourg, Roncador. So Important, Indeed, was the shipbuilding Industry In New Hamp shire that the state seal bore, and still hears, the representation of a ship upon the stocks, though Its heraldry has recently been revised; and, while the ship still remains upon the state’s escutcheon, the barrel of rum which stood so prom inently In the foreground was erased, In deference, perhaps, to the Eighteenth amendment. The embargo act laid a heavy hand upon our shipping, but'coinci dent with It came the beginning of that development of our water pow ers which has created the Indus trial cities of which we continue to be proud. Thus New Hampshire stands forth today, the little state with the big history. Its ppulatlon Is al most stationary, succeeding cen suses giving It little beyond the nat ural Increase. Its taxable Inven tory, though jacked high by the in genious devices of modern taxing hoards. Is probably excelled by sev eral private fortunes In the United States; but still the people of the state manage to have most of the things which modern life insists to be necessary. New Hampshire’s automobile reg istrations, for Instance, are In such number that it is possible to take the entire population of the state for a Sunday afternoon ride. To accommodate them the state has developed a series of trunk high ways, three In number, which tra verse the state from the Massa chusetts border to the Canadian line, piercing the White mountains and following the course of the stnte’s greatest rivers. To these the commonwealth Is adding cross state roads, which will gridiron New Hampshire with modern high ways. Good State Institutions. New Hampshire’s state Institu tions provide for all the needs of the state's dependent, delinquent, and defectives, and for Its enter prising youth the University of New Hampshire presents expanding courses for the training of young men and women, who, unfortunate ly, In too great numbers, do not re main In the state to ennble it to enjoy the fruits of Its bounty to them. Its public schools are now so arranged, so equipped, and so sup ported through state aid that no child need lack full 36 weeks of schooling each year, with free bus transportation and In some In stances with a free lunch thrown In. Its agriculture In particular Is a subject for pride. The runners are hard-working and thrifty, and many of them upon their stony acres can realize the truth of the old Jest, that even sheep In New Hampshire had to be provided with steel muz zles to enable them to graze, gnd that most of the crops of the state had to be planted with a shotgun. New Hampshire agriculture has specialized of late particularly In the dairying and truck line; but. even at Its best, It cannot yield the the rich rewards which farmers have secured In other states. In common with the entire agri cultural brotherhood of the coun try. New Hampshire farmers have suffering from changed conditions and from existing depression. But they are still self-respecting and self-supporting. But a native points out he sup poses that the state's chief product will continue to be men, In token of which, as Webster said, “The Al mighty has hung out a sign high up in our hills,” where the Old Man of the Mountain, with the storms of ages beating upon his rugged brow, broods ceaselessly over the moving scene which is unfolded be fore him. | BRISBANE THIS WEEK Bay of Fundy Power Religion Aids Mussolini Cheap Eggs for Soldiers Government Railroads? Governor Brann of Maine is un willing to share expenses, and Pres ident Roosevelt may drop the Passa maqooddy power project. That would be a national misfortune. While spending billions so freely, It would seem worth while to spend thirty-six little millions to harness the gigantic tide power In the Bay of Fundy. Development of that project would supply the whole state of Maine with power and Industrial prosperity and pay for Itself. To allow the vast power of one of the highest tides on earth to con tinue going to waste would be as foolish as It would be to cease us ing the power of Niagara. In Milan, Cardinal Schuster, cel ebrating mass for those that died in the Fascist march on Rome, In dorses earnestly Mussolini's Inva sion of Ethiopia, praising "the val iant army which, In Intrepid obe dience to the command of their fa therland at the price of their blood, open the doors of Ethiopia to the Catholic faith and the civilization of Rome. Also, according to Asso Mated Press, the cardinal praised Fascism as “promising the national morality wished by the Catholic church.” Italian soldiers In Ethiopia, much surprised, can buy as many fresh eggs as they want at ridiculously low prices. Ethiopians will not eat eggs— their religion forbids them to de vour “that which might have life In the future,” but they are willing to sell the eggs to the Italian sol diers and let them imperil their im mortal souls by “devouring future life” if they choose. Ethiopian tribesmen have no scruples about eating the chicken, once it is hatched, which shows that religious scruples take inter esting forms. What about the "fu ture life” that the hen might have produced? Railway labor unions plan a Washington lobby, to promote gov ernment purchase and operation of railroads. Owners of some railroads would gladly share the expense of that lobby if they could sell their railroads at a fair price. Running a railroad in competi tion with automobiles, motor busses and trucks Is like running a legiti mate hotel In competition with night clubs and other former speakeasies. Russia Is a successful spy hunt er, having convicted on the aver age one every six hours, according to "Collier's." If, in Russia, you are convicted of spying, no ^second conviction Is ever necessary or possible. These 10,000 spies, to earn their money, must keep International sus picion alive, and that helps to keep war alive. Rejoicing In the fact that “the 13 years of the Fascist regime have not passed In vain, and the world of plutocratic and conservative egotisms Is obliged to take note of this,” Mussolini denounces league of Nations sanctions aimed at him ns “a preposterous crime destined to increase disorder nnd distress In every country." Pan-American Air Lines asks air travelers: “Shall we serve cock tails to passengers?” The answer should be emphatical ly “no." First, the average cocktail Is unlit for any stomach, except perhaps that of a carrion eating hyena; second, it has been proved more than once that nleohol and flying do not mix well. The I*re«ldent inspected “fortifi cations" of the Panama canal, re turning from the Pacific to the At lantic. Unfortunately there are no forti fications on the Panama canal. The canal depends on its locks and they, open to attack from the air, could easily be destroyed. No engineer will deny that. The way to have a "fortified" canal is to build one at sea level. In these spending days that might be done now, through Nicaragua. Uncle Sam would have something to show for Ills money more substan tial than groups of weary gentle men "raking leaves." There is encouragement in the fact that "regular jobs," not the artificial made-to-order kind, are Increasing. Three hundred and fifty thousand men were hired in Sep tember, and payrolls for September are $12,000,000 a week above Aug ust. Warner Brothers’ successful pro duction of “A Midsummer Night's Dream," under the direction of Max Reinhardt, proves courage and sound business judgment. The picture is a financial as well as an artistic success, greater by far than any recent Shakespearean stage production with living actors. c Kins Feature* Syndicate, Inc, WNU Barvlea. A Square Meal By GEORGE C. EBBERT ® MoClure Newspaper Syndicate. WNU Service. THE drastic economic and social crisis found Leo Merton, a one time enterprising young man, down and out He was cold and tired, homeless and friendless in Harlem. Lenox avenue stretched ahead of him Into the gloomy night. An occasional spark of a lighted win dow leered at him through the mist. He was now broke and hungry. Oh, but he was hungry. He turned up his coat collar against the wind and rain which tore through the streets. With his head down, he tackled a cross street, wishing desperately that the wind would pick him up and carry him away—away from this lousy city with Its vast army of success and sucker seekers. He was not used to this cold world of reality. His thoughts reined brutally back to his former care free days, as he reached the opposite curb. It had been three days since he had eaten, three days in which he had grimly stuck it out But now —he'd swap his soul for a good feed. Suddenly, from around the cor ner of a building, a man walking briskly came to a dead standstill In front of him. Startled, Leo looked up. For a brief second their eyes met. “Here, Buddy,” said the man tensely, and shifted something from his pocket to Leo’s. "Keep this for tne 1" Leo took an involuntary step backward. The man brushed by and continued at a rapid gait down the street in the direction from which Leo had come. Again someone appeared from around the corner. It was a po liceman. He hurried past Leo with a slight glance. Fascinated, I^eo’s eyes followed him. By this time the cop had overtaken the first man. They both stopped. Leo could not hear their conversation, but he saw the policeman grab the man. Then they continued on down the street and disappeared In the foggy mist. Leo cautiously slipped his hand Into his coat pocket. His fingers touched cold steel. Dazedly he withdrew the gun and stared at It. For several minutes he was motionless. Hastily he re placed It in his pocket and glanced guiltily around him. The street was deserted as before. A revolver! Ills hand gripped the handle. For the second time he looked about him and then quickly crossed the street In the opposite direction from that which the cop and the gunman had taken. He walked about a block at a steady pace, overwhelmed in thought. Then, trembling from the cold, he sought shelter in a doorway. He sat down and leaned back. Next to the doorway was a dingy sec ond-hand store, where a little old man stood leaning over the coun ter counting a roll of bills. He was getting ready to close for the night. "Money,” Leo murmured, his hand clutching the revolver. “A square meal," he suld aloud; "with cof fee.” It suddenly occurred to Leo that the door might not be locked. If the door was unlocked, It would be easy! The firm grip of his right hand around the revolver assured him how easy. His left hand reached out—then Jerked back. He didn't want to be a hold-up man! He didn’t want to hold the gun In the old man's fuce and take away his money. He had no desire to be a thief or a gunman! All he wanted was food, that was all food. What should he do? The old man turned toward the door, glancing away from the money In his hands to an object in the show case; meditated; and, ap parently contented, went back to the tantalizing counting The Ungers of Leo’s right hand tightened around the revolver. The fingers of his left hand closed over the door knob. He pressed tils thumb down and the door opened. The old man looked up and peered over his glasses. Their eyes met—held. Leo moved the gun several Inches forward, dangerous ly, but he did not speak. He hated to say: "Hands up!” Across the counter the old man’s eyes continued to watch him, shrewdly, speculatively, his face, his shabby clothes, the gun In his hand; then he deliberately looked away. "On the gun," he said casually, calmly, “I can give up only two dol lars.” Leo stared at him. He felt numb, dazed. Two dollars, think of it, two precious dollars! Slowly he laid the gun on the counter. “Two dollars?’’ he repeated Joy fully, questionlngly. The old man picked up the gun and proceeded to examine it care fully, dropping the cartridges on the | counter. Again his keen eyes met Leo's. "You are not from New York," he said cunningly. “You are an unem ployed man, having tough luck?— Well, to you I’ll do a favor; I’ll make it five dollars.” Leo braced himself against the counter with both free hands and diz zily watched the old man count out, painstakingly, five one-dollar bills. "FASTING" IMPOSTOR Of the many impostors who hare claimed to have fasted for years ani earned considerable money as curi osities, the only one who did not con fess, when undergoing an official watch, was Sarah Jacobs of Wales. In 1809, after her parents had swora that for two years no food had passed her lips, she was placed un der surveillance of professional nurses and died of starvation in nine days.—Collier’s Weekly. IFEEJJINE' Mothers read this: A CONSTIPATED child la so easily straightened out, it’s a pity more mothers don’t know the remedy. A liquid laxative is the answer, mothers. The answer to all your worries over constipation. A liquid can be measured. The dose can be exactly suited to any age or need. Just reduce the dose each time, until the bowels are moving of their own accord and need no help. This treatment will succeed with any child and with any adult. Doctors use liquid laxatives. Hospi tals use the liquid form. If it is best for their use, it is best for home use. And today, there are fully a million families that will have no other land in the house. The liquid laxative generally used ia Dr. Caldwell's Syrup Pepsin. It la a doctor’s prescription, now so widely known that you can get it all ready for use at any drugstore. Who Knows? You can’t tell. Maybe tbe fish goes home and brags about tbe size of the bait he stole. chapped! l LIPS J Jf To quickly relieve 111 ' chapping, roughness, 111 cracking, apply soothing, \j\ cooling Mentholatum. pi JM L M E»rTrff| i (Have you tried the II MEW MEMTHOUTUM LIQUID | for head cold*? | Like Menthol*tom ointment II it brings eoothing comfort | Be Sure They Properly Cleanse the Blood YOUR kidneys are constantly filter ing waste matter from the blood stream. But kidneys sometimes lag in their work—do not act as nature in tended—fail to remove impurities that poison the system when retained. 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