Evening Star Newspaper, October 29, 1923, Page 19

\ ; THE EVENING STAR, WASHINGTON, D. ( HOW A POOR MAN CAN GET AHEAD | |UNIFORM BLUE SKY | MONDAY, OCTOBER Washington Salvage Co.—Camping and Work Needs 1923. 29, + BETTER GUARDING | | True Stories of Wage Earners and Salaried Men and ! Women Who Have Found the Road to Financial Independence. Visiting Bankers Would Give More Advice and Also Warn Against Frauds. BY J. C. ROYLE. There is plenty of money for in- vestment throughout the United States. That is the geueral consensus of opinion among the delegates to the convention of the Investment Bank- Association of American in ses sion here today. With that fact in view, the convention is devoting Iits energies toward the safeguarding of that money, through standardization of practice among investment houses and strict_enforcement of the ethical volicies of the assoclation More Protection Needed. This purpese is not undertaken m purely altruistic motives. In- tment bankers have come to hat the Investor must protection from loss if an investor, bonds and urities is to be ors’ ho s nd the bond hous. vutgoing tions of th originating Members of both incoming admini sociation d the purch of investment will be provided with more protection and more constructive a vice than ever before, and that warn- ings against safe and fraudulent | sues will be supplemented to the public by sound basic information on the principles of profitable investment. One of the subjects uppermost in the discussion of delegates s the strict enforcement of syndicate agree- ents among both originating and stributing bond houses. Such rigid gulation, delegates d, would serve to check the practice of “beat- ing the gun” in offering issues to clients and the cutting of syndicate rices. It would also, delegates claim, serve to obviate participation in new fssues for pure speculative pur- poses and stabilize the bond markets of the country, Think Market Firmer. Many of the bankers expressed the belief that the quick absorption of the federal land hank and the Illinois state issues had placed the invest- ment market on a more. favorable Tooting, and that there would be a tairly wide movement in the near fu- ture In municipal bonds. In this connection the committee on mun cipal securities went on record to s strongly urging that the maturi \f obligations contracted by s and their political subdivisions be strictly limited to the reasonable life f the improvement, to provide which e obligation was contracted. In other words, the association favors regulation by which the repayment £ such obligation will fall on the oters who approve their issu rvather than on future generation Public utility financing also is com- g in for acti tention, on th rt of bankers, in view of the expected tivity in that investment division. nged attitude of the public utilitie r the finan nd capl and The King popu- ment pr. requirements of util- nies with the investors of the | where the utllities a and this movement is throughout the cou German Loan Vital Problem. banke e apprehension of 1es, although representative show it of foreign eded that such finan A German loan, it o must wait on a determination of t xtent to wh the assets of that country ure to mortgaged by the . ons question. The fact that any to Japan partic in \merican investors probably ide that the o Le spent here w sums involved fry “ulation m being removed from 1 reinvestiment. af = in ady had the hankers { the latter ) the issue of with ttitude what _opp securities. Steady Business Expected. Business In general, according to wen from widely separated sections, way be continue its steady 55 unless fn- ased wa or pri ad- ances rais h pace. The buflding movement, ac- vording to President John A. Pres- tt, has 1o reached its peak unless the wige and material costs have sawed off the peak a considerable iistance below its apex. Methods of al estatc and building financing in susequence ure being vigorously de- bated Ly the conventior GENERAL MOTORS PLAN GIVES 70 CHIEFS SHARES NEW YORK, October 29.—About «oventy of the principal executives present om. 1t General Motors will receive an op- | portunity fo acquire a substantial tock interest in the corporation, thus iringing them into close partnership ‘olations with the etockholders, un- der a plan which has been worked out \v the directors and announced by Al- ired P. Sloan, Jr., president. Through a company to be known as he Mapagers' Securities Company, \ieneral Motors will make it possibie | for these men to purchase 0,000 ~hares of common stock, having a present value in excess of $33,000.000. This is the most far-reaching effort wver made by a large corporation to nrovide a complete identification of the interests of management and tockholders through having the man- igers become large stockholders hemselves, it {s announced. WALL STREET NOTES. Owens Bottle Clears $3,000,000. Other Financial Beports. NEW _ YORK, October 28.—The ne Bottle Company reports a net profit of $3,148,601 for the nine months ending September 30, as com- ared with $2,953,333 for the corre- ding ptriod last year. ‘\curnlnpts of 00,000 for the onthe ending September 30 were reported by the Union Ol Com- ny of Californla, a decline over the ,250,000 reported for the corre- sponding perfod, in 1922, he Allis Chalmers Manufacturing ompany has announced that net profits for the first nine months of 1923 totaled $1,854,099, as compared th $1,028,241 for the same period in 1922, The republic cently negotl of Finland, which re- d w $10,000,000 loan public toward | “free | vill slow its | (This is the ninth of a serles of twelve storles of wage earners and salaried men and women who have found the road to financial independel he next one will appear in tomorrow's Star.) 1t is more difficult for an attractive girl to save than It is for a girl who is not especially attractive. As a consequence the story of a stenog- rapher I know in an investment banking house who accumulated $2 000 In seventeen years fsn't particu- larly interesting. She was quite plain, She lived at home. There was apparently no incentive for spending. Her work kept her in touch with the sound investment security business | and it was casy to picKugapendable | investment: | But the “only daughtet™ ™ attract- ive, a sorority girl, a graduate of Wisconsin University and the ‘“baby” in a doting family Her father is a rallway conductor who has made wise use of his earnings: her mother, a level-headed woman who realized that daughter had a beautiful chance of being 'spoiled rotten.” Mother sarly began the work of giving daughter an idea of responsibility. From grammar school up. through high school, two vears North- western University and two vears at Wisconsin University, daughter Rad a PUT FAKE INVESTMENT SELLERS OUT OF TRADE, : PRESIDENT DEMANDS (Continued slender thread, and the welfare of this country will be in constant dan- ger.” Eleven farm crops, on w has figures for his annual 3 Wallace told the 1 «how ar 000,000 ov he report, conven- 1921 of almost two billion d The Secretary declared are brightening so far as agriculture is concerned,” and predicted that “if we continue to improve next year and the year after as we have this year. we, 1 hope, will forget that we ever had @ real 'farm problem The investment bankers' president, in his discussion of the reparations problem, declared it to be “an eco- nomic and business proposition which should be dealt with promptly and quarely as such. | “The traditional fear of the Amer- ican people of becoming Involved in Buropean politics,” sald the speaker, “has doubtless heretofore been a po- tent influence, but American puplic opinfon would almost certainly be en- lightened and clarified by more defl- nite information and recommenda- from authoritative sources belicve the best source of informa- ! field, a majority of whicl n which the public needs for the of its own convictions | would be through representatives of r government at the councll table reparations are under m-mm; on. | Sees Parley Approved. ! t seems impossible that such a e could involve this country in| ropean polities or diplomacy, but | ather that it holds an encouraging hope of setlement of this great over hadowing problem. The action of our guvernment in offering to participate | ’h\ an economic conference for the | purpose stated should and I believe | will recelve the approval and support of the members of this assoclation.” | “Reports from Kurope, which Mr. ! ald he felt were most con- vineing, ndicate that industrially | the people of most of the allied coun- | 1 are making progress, but their| progress is_greatly hindered by nun settled conditions, and that the set | tlement of the latter seems dependent | upon the question of reparations. | It also seems unlikely that any fea- | sible_composition of the question of | | reparations can be brought about | { without the active co-operation of the United States, and that so long this is withheld and the problem < not solved even the present state will hang by slender | 1, and the welfare of this coun- | try wiil be in constant danger. Points to Good Factors. foreign developments as the settlement of the Turkish-Grecian war, the end of passive resistance in Germany to the French occupation, the consummation of the Austrian loan, the adjustment of American- Mexican affairs and the Japanese dis- aster were all pointed to by the asso- ciation president as events which “create tles that must measurably offset sinister influences.” Ansociation Secretary’s Report. Frederick R. Fenton, secretary, in| his annual report, outlined the work 1ol the assoclation’ in brief during the | past vear, explaining how its worl had been divided into sixteen groups. | 'mphasizing the fact that the asgo- ciation “does not in any sense of the ;word conduct a_campaign for new | { members,” Mr. Tenton pointed out| | that growth of the bond business had Such brought many new houses Intp the APPLES AND CIDER ‘Hand-picked apples, 80c to $2.00,a bushel as | to_sise and varety. 18 miles from District line via Ge pike. Turn right at Siigo, just beyon Rpring;_straight through Colesville nough Orehards, Ednor, Md. 1a ave. Silver to Luck- T WE_ARE_UNABLE TO SUPPLY THE DEMAND —from prospect!fo purchasers for well situ- ated business and investment properties. It you have for sale business or other in- come-producing property and will communicate with us, either by letter or telephore, we will | assure you most encrgetic action looking to its quick sale, i ARNOLD AND COMPANY 1418 Eye Btreet Main 9434 {{Comfort Your Skin With CuticuraSoap and Fragrant Talcum P e In Ye Olden Time in this market, is offering a £1,000,000 | i per cent issue at 90, in London. Gold exports from London last week totaled 1,545,813, of which 1,333,761 were consigned to the United States. Blalr & Co. has announced the re- demption of certain bonds of the re- public of Chile five-year 8 per cent issue of November 15, 1923, at 104 und accrued interest. ' Bonds drawn for redemption wiil cease to draw interest after that date. PLAN BIGGEST BOAT PLANT. MILWAUKEE. October 29 (Spe- -ial).—It 18 exrected that by next summer the plant of the Great Lakes Boat Building Corporation will have heen removed to Chicago. About £1,000,000 in new capital will be put nto the company and it is planned ., make the new plant the largest it and vleasure hoat coneern in eription” ' ut up by Dr. Plerce over Aty years ago. Dress has changed very much wineo them ! But this “Prescrip- tion” for women has mnever beem; equaled. | Poilis eeten the Stomach | “the By Samuel O. Rice, Educational Director, Investment Bankers’ Association of America gradually increasing allowance and was taught to spend It wisely and to save just as wisely. The test of training came when daughter left homg for Wisconsin University, Pretty and likable, in a sorority house with _girls having generous allowances she might have been excused for overdrawing and for dipping a little into her savings. “But 1 figured it' was a game,” the only daughter explained. “I couldn’t be a quitter on mother. T didn’t have a lot of things other girls had, but my clothes were nice and 1 had us good time as any of them. I took & business school course, after gradu- ating from the university, tried my hand as a saleswoman and now have a pleasant, although not a. high-sal arled, secretarfal job. 1 don't deserve credit for saving $3,500. The famil gave mo little bonuses to encourage me. They made it ea Sa taught me a lot, too. Somehow or other several doubtful-appearing oil { companies got my name. They and others have tried all sorts of schemes to trade me out fo my Liberties and the other bonds that father’s invest- ment bankers advised me to buy. Thelr schemes are really entertain- N colicge Yyoung- sters have you ever heard of who aved a single penny from things be- ing made easy for them How n; he added, “are a credit to the business “However,” e sald, “your secretary knows that he voices the sentiment. not only of the membership commit- tee, but of every member of the board of governors, when he says that great re should be exercised in extend- ing membership to newly houses.” Generally summarizing the work f the assoclation, Mr. Fenton said: It is true that the organization has been aple to secure the passage of laws of benefit to the dealer in in- vestment securities and the invest- ing public; it is true that the stand- ards of ethics are now on a higher plane than at any time in the tory of investment banking, is further true tha ports of committ. B & has disteminated information building of securities.” overnors fn Sexaion. The board of governors h lengthy gession yesterday at the Willard Hotel, £0ing over u mast its work preliminary to the confer- ence. The board was the gue Eugene E. Thompson of s cit of the governors, dinner afterward resuming it ation on the sions, Which were protracted until an early | hour thi¥ mornin Addresses of Welcome. The assoclation was welcomed to Washington by Harry V. Haynes, president of the District of Colum- bla Bankers' Assoclation; John J. O'Connor, manager of the finance de- partment of the Chamber of Com- merce of the United States, and Un- dersecretary of the Treasury Winston. Mr. Haynes, remarking that it was pecullarly fitting that the convention should be held in Washington, where vas concelved and born the greatest thrift movement in the nation’s his- tory—the flotation of the liberty bon declared that “you will pro mote among all the people that repu- tation for soundness and stabllity and trustworthiness which your great in- dustry deserves; that you will thus greatly cnhance that confidence of the people fn the investments you offer them which is as essential to thelr intelligent saving as it Is to your success. Mr. O Connor, calling the assoclati one of the “{mportant component bod- les” of the United States Chamber of Commerce, sounded the warning that are times when the tpecial knowledge, the ablo counsel and wise guldance of the investment bankers of America are needed in fullest measure, not only at home but also abroad—if there i to be an end to the economic disorder which impedes progress and threatens not alone the stability of b iness, but even the peace of the world. Investment Bankers Laude Undersecretary of the Treasury Wins ston congratulated the investment ba ers on their record during the war afterward “when it became necessar: raise large sums of mouey by popular loans.” ‘It was upon you gentlemen that the Treasury called, and marvelously did you repsond to that call. That organ- ization which sprung up over might, which floated this enormous campaign was the largest voluntary contribut’ ME eve that organized { { | | BILL NEED URGED Banker Says Earl§ Types of Such Laws Fail to Meet Purpose. In presenting the annual report of the committee on legislation to the Investment Bankers' Association, meeting at the Willard today, Thomas N. Dysart, chairman, of St. Louls, de- clared the comr-ittee had “advocated and even assisted in preparing a uni- form_blue sky bill, because the early types of such laws did not accom- plish their purpose. They seriously interfered with legitimate investment business and at the same time they failed to catch the crook. Even in this we worked in co-operation with the state officlals who administer these laws. During the year,” Mr. Dysart ex- plained. “we have been actively in- terested in legislative work in thirty- five states whose legislatures were in session, The work covered the broadest range of subjects—blue sky bills, banking laws, municipal bond statutes, constitutional amendment: soldiers’ bonus legislation, laws af. fecting public service and other cor- porutl(}n!. and the all-important sub- Je:;r of taxation. By far the greater part of our activities in legislative matters,” said Mr. Dysart; s confined to advisory work in opposing vicious legislation and In eliminating radical features of proposed legislation which would be damaging to the public welfa We maintain no Iebbies, keep out politics, employ no paid representa. tives and seek only to concern our. selves with matters which not only our own iuterests, but which also are of fundamental benefit to the public.” fon went < on record in favor of serfal bond fssues for mu- nicipalities in accepting the report of the committec on municipal secur- itics, which urged this type of issue in_place of the sinking fund. In presenting the serial bond pro- poxal . Smith of St. Louis, mmittee, said it 1 bonds’ “matur. ing within the average life of the | improvement for which the debt is neurrad, with sufficient tax levie re the bond at maturit qurse sinking funds should be accumulated to retire outstanding term bonds, but you should dis- courage funding operations; and if you persist, the Issuance of serial bonds will become universal and the | siuking fund will pass nto the dis- rd. Reports of the finance committee were presented by Joseph A. Rushton of Chicago. The treasarer's report, as read Ly McPherson Browning of Detrolt, wis said by Secretary F of the association to show * financial condition.” John G. Brogden of Baltimore pre sented the report of the membership committee, which showed that prior | to the last meeting of the board governors seventy-five applicatt had been approved and twenty- rejected, leaving sixtcen pending. SEEKS BIG STOCK ISSUE. The Pittsburgh, Fort Wayne Chicago Rallway Company today plied to the Interstate Commerc Commission for uuthority to issu $21,695,900, par value, in _commol stock. The Pittsburgh company is a subsidiary of the Pennsylvania, and | proposes to deliver the new stock to the Pennsylvania a® a reimbursement for sums advanced since 1918 and spent on additions and betterments to the Pittsburgh lines. = | the country's financial success in the the four liberty loans and in the victory loan you gentlemen sold 100 separate - pleces of secur! and you sold them to 65,000,000 cus- tomers, most of them in small units from $£150 upward “You tlemen,” said the under- secretary, “in giving the Treasur your experience, your organization and vour customers, without com- ston, represented the only profs sion In America which gave to the| untry its business. It is not only n war-time that you have been help- ful. You have readily responded to every request of the Treasury, made iu the interest of sound financs have called upon You In the past know we can call upon you in the | ntur; u need ysic le seem to be- the mere taking of a physic eliminates the danger in constipation. They apparently overlook the fact that there is no relief till the physic acts. ‘When you take a slow-acting, over- not only t cathartic, the danger remains, but is aggra- vated. Germs multiply by minutes inacl of all si intestinal tract. 80% results from con- stipation. uwig frf gl cyadictond izing this truth and are taki Pllf;gw:m because Pluto acts in 30 minutes to two hours. It The clock in the Metro- olitan Tower, New ok, has four diais,cach day more people are re- flushes the system-—-rently, yet quickly and compl ly. No grip- ing—no after unpleasantness. Bottled at French Lick Springs, Indiana. Physicians prescribe it PLUTO WATER “Biz* Look for the Yellow and Red Flntuall Guaranteed U. S. Goods the Finest to Be Had CTOBER ARMY & NAVY GOODS yurplus Pro OFFERED FOR FALL AND WINTER USE Just in time—zwhen cotton and zwoolen goods are advancing in the commercial mar 81x90 Heavy sl Double-Bed Sheets, U. S. Black Garbage Buckets, 2 for~ J | Railroad Lanterns, . Queen Quality 50c sl Imported Teas, 4 lbs_.: . 1,000 Reclaimed $ 1 Army Raincoats, & J | New Platters, 3 for L U.S.G L $1 WASH TUBS, o Men’s 19¢ Khaki $1 HOSE, 8 pairs f‘?r . 75¢ Cotton-Filled $ l 42x36 Heavy $ l Pillowcases, 4 _j?,r e Men’s 15¢ Khaki sl Handkerchiefs, doze::,m R U. S. Army $1 Bake Pans, 4 for . Men’s 15¢ White Handkerchiefs, doz. oy New Boy Scout Pack Carriers, 2 for New Rasp and Pliers, both for R et Y ks tl. S. Navy Undershirts, 2 for W T e L $1.25 Reinforced 31 s“it 9308’ position; in tan. Reg- Sale Starts 8AM. 1109} H St. NE. 310 8th St. N.W. ets we place on sale thousand. surplus goods at prices le X From government camps mean savings for you and cash for the govermment. A several government commaodit all you may need during the than cost of manufacture. tu:‘;’v practically exhaust Other Big Opportunities o U.S. Army Knee $3.95 6 U. S. Rubb ls'!ip Booh.n. & " o 5445 U.S. Army Steel Cots, $2.75 $12.50 Officers’ M e 9845 U. S. Army Cot Mat- tresses, $2.50 U. S. Gold Medal Folding Cots, $2.95 7.50 Officers’ . Men’s Khaki H::v‘y Trousers. . 3149 U. S. Army Ash Cans, $2.95 U.S. Army 0. D. Wool Shirty: 53'25 Men’s Scout Shoes, $2.45 U. S. Amy 0.D. 4,-1b, Blinkel 53'75 U. S. Navy Melt: Pes Gt o $9.95 Men’s Moleskin Shoep-bnen Gonts, 985 U.S.N Bk Shese, .. 9395 $3.95 $4.95 66x84 Beautiful Plaid Blankets. . . All-Wool Shawl- Collar Sweaters. . . Armour’s Oatmeal Soap, 36 for. Maxwell Can Pork $ and Beans, 2 doz. . . 24-0z. Cans of Grapefruit Jam,” 6 for No. 2 Can Sugar Boys’ Scout Ax and Canteen, both for. . .. Frazier's No. Baked Pork an| Beans, 15 for...¥. .. Just Received! U. S. NAVY WOOL An Absolutely All-wool Swenter, that slips over the hesd—all sizes in the lot. 1348 U St. N.W. pou had be of dollars’ worth of highest grade Government Our tremendous purchases r buy from Vucie is of No Phone Orders U. S. ARMY $1 WOOL UNDERWEAR U. S. Navy $1 Wool Gloves, 2 prs. for U. S Army Leather Mitts, 2 prs. for U. S. ARMY LEATHER HALTERS, 18x36 HEAVY '51 HUCK TOWELS, 6 for Men’s Khaki $ l Slip-over Sweaters, _ 20:40 Heavy Turkish Towels, 4 for Army Wool Hose ) $1 for Men, 3 prs. for _ New Spade and 31 Pick, both for 5.Gal. U.S. 5250 J| MILK CANS U. S. BLACK 3‘1 Rubber Aprons, 2 for $1.50 Khaki New 5] ARMY-SHIRTS, U. S. Long or Short - 31 Handle Shovels, Men’s Army Balbrig- $1 gan Underwear, 2 for Men’s 0. D. $1 FELT SLIPPERS, [ 2-Ib. Cans of Mellon $1 and Lemon Jam, 10 for U.S. Army $1 Mosquito Nets DEALERS Lay in a Supply 3144 M St. NW. 1418 Florida Ave. NE. Hagerstown, Md.