Evening Star Newspaper, January 14, 1927, Page 11

¥ FINANCIAL, MEN AND MONEY By M. S. Rukeyser. (Copyright, 1927.) Record-breaking prices for seatx on the New York Stock Exchange bear no correlation t6 the intelligence of the nawer membership. Recently, neweomers at the whirl Pool of ulation At the intérsection + of Broad and Wall streets, the new financial center of the world, have pald A& high as $175.000 for privilege of entering the Stock Exchange trad ing floor. In 1869 the same privilege was hought for as little ax $3,000, and 0 1914 as low as $34.000. For decades the total membership hat heen limited 0 1,100, despite the enormous eco- nomic growth of the country during this'period. The price of memberships rises as the business jin securities transacted oh the exchinge becomes larger in the volume and the commis sion for the execution of every hun- dred-share order rises. The broadening of activity in the last two or three years has heen a phase of the high level of prosperity &nd bull markets. supply of capital are greater than ever before in the past, and Iiktings on the Stock Exchange, embracing about ~ 1,134 corporations, are at 4 new aum mit. America’s Rew role as a creditor Nation has enormously increased the listing of foreign securities since the war, Have Larger Public. Brokeérs have more seeurities to deal in than ever hafore, and a larger pub- lic interested in investments than in the past. Moreover, the public intér est is reinforced by increasing per cap- ita wealth. Moreover, in the last five vears the battle againat bucketeers has been more effective than in the past, and small accounts that were formerly in the hands of swindlers are to an increasing extent drifting into legitimate channels and swelling the Aggregate volume. These are factors which contribute to the bidding up of Pprices of seats to unprecedented levels, High prices, however, are not acting A5 a selective influencs to hring men of extraordinary capacity to the ex- change. As a matter of fact, some of the old-time leaders fe#l that the aver- age of financial skill and economic knowledge on the part of the member- ship has been declining. As a general rule, the ablest partner of a stock exchange brokerage s no longer the floor member. although in the somewhat distant past the re verse was frequently true. The busi Mess of brokerage, which in many cases has heen linked up with invest ment banking, has expanded ®o much that usually ' the principal partner * finds it desirable to be at the office to « -the Stock Exchange. pass judgment on the problems that Arise, to determiné policies, to super- vise the organizatioh and to initlate new ideas. Usually, a junior partner =-1s staked for a stock exchange seat, which, though nominally the unmort gaged property of the individual mern. ber, is usually, as a rsult of a gentle. man’s agreement, an asset of the firm, In many instances the floor member is little more than a glorified clerk— a graduate from the ranks of bright page boys. Although the technique of hrokerage requires skill and adapta- bility, it is more of ieas mechanical and does not call for genius or for men endowed with exceptional eco- Romic insight. Membership Qualifications. As a general rule, it is perhaps fair to say that the very best braine of ‘Wall Street are not enrolled as active members of the sxrhnnim This is not to say, of course, that the meémbership does ‘not include some conspicuously able men. The best talent is included among the 40 governors of the ex- change. - The management of the board gets the active co-operation of partners of membeérs who act through the Association of Partners of Stock Exchange Fitms. The Stock Bxchange has always felt pride In keeping its membership epen to all men of qgnfl character over 21 years of age. 'There is.sénti- ment in some quarters for placing ad- ditional qualifications for admittance to membership—tests of intelligence and of knowledge of the fundamentals of finance. It is, however, not likely that such barriers will be erected—at least in the near future. With women entering the financial field to an unprecedented extent, it is surprising that no woman has ap- plied for admission to membership in it The Stock Ex- change constitution raises no barrier of sex. However, the idea of a lady member would &heck the sensibilities of the conservative officials of the exchange. In wild, excited markets, such as prevail on daye of important news developments—the session . pre ceding the recent Announcement of the 40 per cent stock dividend of the United States Steel Corporatiop 8 a case in point—a desire to be chival- rous to a female colleague would eramp the style of the members. Might Slow Bartering. Service to customers involves head- long rushes from one trading post to another, and - ballroom politeneas might slow up thé processes of bar ter. At present, the facilities of the exchange are geared up to heighten speed in the xecution of orders. An AM D. HOOVER, President. WOODBURY BLAIR. 1st V. Pres, FRANK W. STONE. 24 V. Prea, FRANK STETSON. Trust Ofesr, LAMBORN, Treasn WILSON, Seeretary. LMER. Asst. Treas, BRUCE BAIRD, Asst. Tr. Officer. Asst. Tr. OMcer. E ALEXANDER 4. FAN’ JOHN M. BOTEL AUDLEY A. P. SAVAGE, Auditor. Capital and Surplus, $3,000,000.00 Oldest Savings Institution in the District of Columbia, Cor. 15th and New York Ave. 60th Year The demand and | i« | being able to win a partner#hip. individual can sometimes place an order in San Francisco, have it exe cuted on the floor in New York and get a report back to the Pacific Coast Wwithin two minutes. A woman—or A score of womén on the floor—might prove embarrasaing in serimmagés. The old-tashioned Wall Street man he- lieven that brekerage is ho game for mixed doubles, but women have heén breaking down harriers rapidly that prophecy fegarding the future of the séx in Wall Stréet is fraught with danger, A numbér of women are at present parthers of Stock Exchange firms |in many instances ailent partners, who inherited their stake in the firm trom their fathors or husbands. But there are a few active woman bro. | kers, and manv female vendors of, bonds. There are 40,000 womeh h-| gaged in banking—four for every three banks, and of these 2,100 how executive posts. Thus far woman's place, however. has not extended to the floor of vm| Stock Exchange, :SS OF GETTING HEAD. THE BUS The head of an émployment agency in New York recently told me that the hert advice that he can give to beginhers is to start with a high-grade concern Associationa with shyster or réputable enterprises hecome part of the record of an employe. It a husiness eoncern is well rated and progressing, the meré question of size is of some importance. Fre- quently there are special bars to prog- rees in small concerns. Nepotism frequently exists—a systéem whereby the hest jobs sre automatically dis. tributed to the near relatives of the owner., Even where this does not exiat, ownership and mahagement arée usuaily one, where: the large cor- poration the meritorious employe without ecapital can through sheer merit rise to great heights. Rusiness Grows With Him. Sometimes a business is too small tor a big man, but usually if the capable individual gets into a place of power in A amall enterprise it will grow with hi However, able em- ployes in snall enterprises frequently find_themselves blocked by narrow minded superiors. The chief advantaze of working for ia the promise of in earlier decades, -vhen the bulk of American business waa earried on by small concerns, the ambitious em- ploye would ultimately et up in busi ness of his own. Now that big busi Nesa has come ncreasing) to the fore, even the ablest men to an Increasing extent looking forward to a career a’ hired men. In considering the relative advan tages of working for a small enter- prise or a larger one, the possibility of ultimately acquiring control of a small bsiness is important. There are marked satisfactions in working for | yourself. The experience liberates | new energies, Winning of Recognition. In chooking between large and small voncerns the prospective employe rhust recognize that each has its drawbacks and its compensations. Recoghition i usually more quickly won in a smdll concern. Advance- nfent in a_large entérprise-may come more slowly, but for men of extraor- dinary talent the ultimate rewards in a large corporation are likely to be greater. Charles H. Sabin, chairman of the Guaranteé Trust Co,, once said to an interviewer, in discussing the prob. lem of where a young person should begin his carser: ““He must first of ail be sure to hook up with a concel that is growing.” + The preacher will say that rea] abil- ity will win in anv environment. ‘There is an element of truth in that platitude, but, in bringing human services to the market place, it I8 best to ind the most appreciative buyer. $di il It was a New Year custom of the Romans to send their friends holly branches to wish them luck during the coming year. a small concern Residences, Apartments or Business Properties ttiements Phone Main 9300 BOSS & PHELPS 1417 K Street NW Open Until 5:30 P.M. on., Jan. 17, for Payda; Depositors’ Convenience Encouraging the Small Depositor Y Ever since this bank was founded, sixty years ago, it has been part of our creed to encourage the small de- positor, { That's one reason why this is how among the city's foremost financial institu- -why more than 47,000 people bank with us. T Why not let yvour funds have the security afforded by this time-tried bank? Practically any amount will make vou a patron. tions Same Rate of Interest Paid on Large and Small Accounts Safe Deposit Boxes at Nominal Rentals i Lambie. fHY EVENING COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY JACKSONVILLE. Fla., January 14 It will be several days hefore the extent of the damage the latest cold &pell has doné to Florida fruit and vegetahes will be known, but present reports indieaté that the citrus érop | while badly was ihjuréd te some extént, some vegétable crops were damaged ih a féw sections. AS CIT he demand for ight cattie cofitinues to lm prove here and light-weight srades have advanced algo. More sows wére bred to farrow this Spring than a veat ago and it is expected the ad vance in this section will exceed % per cent. ROSTON.—The Lancaster Mills now worklfig At 55 per cent of ity Officiale believe they =ee & to popularity of ginghams, but are also strpssing rayon and i turn they — e REPORT OF THE DIS- MBIA. mx‘x December 1. 102 Capital stock authorizéd and fully paid.. . L $2.000,000.00 oo hed Bec 1 e 6on v 11 i e e B ; 263.933.60 Total amount of interest paid 10 Aepon! ?‘l;r for ¥ear ended 0. for the year Dec. 31 Dividends ' paid Sl i of denie s’ s 7.306.610 47 131800 undivided brofite tion of above harles . Wilson W, 8. Harl i AL Ra D < Porter Oid Predton 1 Hanna P. ‘Morgan . Th C. Henry J. Ha George E. Fieming John H. Sm We. Edward J. Stellwagen. nresident ing Zirpel. secre! Edson B treasurer. and W, S Harban Charles F. ‘Wilsn and_George F Fleming. directors of the Union Trost Com: b of the District of Columbia. t of Columbia. »= hereby solemnly swear that the above t ik true to the best of our knowl- man Newromer A Kenny Lither F. Spesr Trv 0lds. James B President. Wilson. James mbie. W. S arhan. George E. Flemin; rectors (Total number of directors’ and trustaes of tRiE comnany. twenty-three.) S and sworn 10th das ot Janyars 1t (SPAL) G. ¥, hefore uw this FLATHER. Piblic. D (. Continental Trust Co. 14th and H Streets Capital $1,000,000.00 Checking Accounts Savings Accounts Time Deposits Foreign Exchange Commercial Credits ' Travelers’ Credits Travelers’ Cheques Acceptance Credits Collections Real Estate Loans Collateral Loans Investment Securities Corporate Trusts Individual Trusts Administrator, Executor Safe Deposit Boxes Continental Trust Co. 14th and H Streets Capital $1,000,000.00 As all of these bonds have been sold, this advertirement appears only as a matter of record. Government of the Argentine Nation 50.326.60 STAR. WASHINGTON, cotton mixturés and new drapery and upholstery fabrics, JOHNSTOWN, Pa. — The Gautter plant of the Cambria Steel Co. here has hung up a néw récord for fast delivery of steel orders. Sixteen hours after the last hare weré turned hot off the rolls, an order of 12,500 tons \was delivered to the buyer in Detroit ‘The steel was shipped by express. | 2 el - | Your Banker Knows. When in doubt about a security | con=ult vour banker. It 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? WHEAT CROP LARGER. OTTAWA, Ontario, January 14 () Official estimate of the Australian wheat crop of 162 is 164,000,000 hushels, according to word recefved ere yvesterday by-the Canadian Ru- WE FINANCE 11 clasees of income-producing proverty| Large Loans a Specialty Current int. rate and commission Higbie & Richardson, Inc. 816 15th 8t. N Stocks 044 Lots Carviea on Margin Buck & Company —RROKMRA— Eatablished 1918 312 Evans Building 1420 N. Y. Ave. N.W. Tel. Franklin 7300 Direct Private Wires to New York D. C, FRIDAY, reau of Statistics from the Australian | government statistician. This e} 9,000,000 more than the estimate made| last month. Eleven millfon acres wers| sown to wheat I Australia this sea son. 'The final estimate of the yiel of wheat in Austrads in 1925.26 wa 107,445,900 busheds from 10,295,900, acres, or 5 g so INSULL BUYS UTILITY. LAWRENCE, Kana., January 14 (Special).—The Kansas Electric Pow- Provident Mutual Life Insurance Company Funds to Loan In Small or Large Ameunts WM. H. SAUNDERS ‘CO, Inc. 1093 K 8t NW."" Main 10167 Obtain the Major he of his Business . To business men or merchants interested in investigating the possibilities of this franchise for Washington. Electrical Refx}*jferation Manufactured & An Able & Responsible Organization Leadership in any industry is determined largely by two factors: Firat: Parfection in the Second: Soundness of agement. FACTORY REPRESENTATIVE. Address: Box 319-A Star Office. Oldest National Bank in the District of Columbia Open Until 5:30 PM. One Dollar or more will open a savings account T— Me T 1L (A0 Faithful Custodians of the People’s Money —for over one hundred and thirteen years, The Metropolitan offers depositors safety and service that have met the tests of time, panic and pros- perity—with unvarying satisfaction. 91t is such a bank that should be intrusted with the handling of your PAYDAY and other funds. Why not open an account now? Gompletely Equipped Trust Dept. National Metropolitan Bank apital, Surplus & Undivided Profits Over $2,000,000.00 15th St., Opposite U. Organized in 1814 $27,000,000 EXTERNAL SINKING FUND 6% GOLD BONDS ISSUE OF FEBRUARY 1, 192 Dated February 1, 1927 A cumulative Sinking Fund of 1% per annam, caleulated to be s not later than Februnry 1, 1961, is to be applied to the not so obtainable, to the redemption of Bonds, call 7, SANITARY WORKS LOAN Interest payable February 1 and Augnt 1 finrchn» of Bonds below par be increased by the Executive Power if considered advisable. Conpon Bonds in denominations of $1,000 and $500, registerable as to principal only. Principal and interest OBLIGATION DEBT AND ASSETS deliz Csty, either at the offi pa gentine taxes, pre The following statement (in which all figures originally stated in . into Umited States dollars at par of exchange for the gold peso or paper péso, as the case may be) has been signed m behalf of the Argentine Government by Felipe A. Espil, Esq., its Charge d’ Affasres at Washington, D. C. These Bonds are to be direct external obligations of the Arpentine Government, purpose of refunding a like amount of bonds maturing February 1, 1927. The covenant that if, while any of these Bonds remain outstanding, it shall create or istue or guartmtes in accor the Argentine Constitution, nny loan or bonds secured by lien on any of its révenues or assets, the Bonds of this issue shall be secured equally and ratably with such other loan or bonds or swch guaranty. GOVERNMENT The total debt of the Argentine Government as of June 30, 1926, amounted to about $938.923,301, as compared with the national wenlth, according 1o the census of 1914 (the lntest official figures) of 811,523,000000. Governmenz owned properties (including revenue producing investments of $530,000.000) hed o total value in 1914, according to the same centus, of $1,125,000,000, or about $186,000,000 more than the total government debt now outstanding. J. P. MORGAN & CO. New York, Janvary 14, 1927 ble in United States gold of the present standard of weight and fineness, in New York ¢ of J. P. Morgan & Co., or at The National City Bank of New York, Fiscal Agents for the Bonds of the Issue of February 1, 1927, withont deduction for any Ar- sent or future. THE ABOVE BONDS ARE OFFERED FOR SUBSCRIPTION, SUBJECT TO THE CONDITIONS STATED BELOW, AT 98%% AND ACCRUED INTEREST, TO YIELD OVER 610% TO MATURITY. Subscription books will be opened at the office of J. P. Morgan & Co. at 10 o’clock A.M., Friday, Janvary 14, 1927, and will be closed in their discretion. The right is reservied to reject any and all applications, and also, in any case, to award a smaller amount than applied for. All subseviptions will be recewed su ery to us of the Bonds as planned. '1‘1;r amounts due on allotments will be payable at the office of /. P. Morgan & Co., in New York funds to their order, and the date of payment (on or about February 1, 1927) will be stated in the notices of allotment. Temporary Bonds or Interim Certificates, exchangeable for definite Bonds when prepared, are to be deliwered. tional Electric Power Co., which was the holding company for the Albert Manuel properties, will pass into the hands of Samuel Inaull and his asso- | ciates of Chicago on February 1. Due February 1, 1961 nt to retire the Bonds of this Issue at par through tenders, or, if d by lot, at par. Sinking Fund peyments may entine currency have been converted [ overnment will Ject to the sssue and JANUARY 14, 1927, Co. has announced that the Na- i HOME FURNITURE 3| LOANS3 HOME OWNERS g "'..‘:“.{{'.“.'I L B e oms '-1«3»0. Ve i Real Es Small Loan Co. Furniture Loan Precurement Co. D R 1406 702 arketed by zrcduct itself. nancing and man- 13 Years Old S. Treasury FINANCYAL.' Money to Loan rat deed of FIRST MORTGAG LOANS 5Y,%-6% y our Loan and Investment Department. W. H. West Company Founded 1804 916 15th St. , E Loans at 57 to 57 Economical Conditions Tyler & Rutherford Loan Correspondent of the Mutual Benefit Life Ins. Co. Newark, N. J. 1620 K St. NW. _ Main 475 The New York Life Insurance Company Offers First Mortgage Loans On Improved Real Estate in the District of Columbia and Nearby Suburbs in Montgomery County, Maryland 3 Years, 5 Years, 10 Years — RANDALL H. HAGNER & COMPANY Incorporated ‘MORTGAGE LoAN GORRESPONDENT 1321 Connecticut Avenue Telephone Main 9700 Heed the Example Set by Successful Fnancial Executives Successful investment need not necessitate the “Blazing of a Profitable Investment Path.” It is simply a matter of following the advice and tactics of al- ready successful men. You will find that a large majority have a goodly portion of_their finan- cial surplus invested in First Mortgage Notes issued for the dance with THE NATIONAL CITY CO) A Third of a_Century’s Experience el i/’ When We Manage Your Rentals —you derive the full benefit of our Third of a Century's experience. as specialists in this field. Every detail is attended to*with proven methods. Leases, collections, up- keep, insurance — every factor that means your profit. F. SAUL CO. 925 15th St. N.\W. Equitable Co-Operative Building Ass’n JOHN JOY EDSON, President WALTER F. PRATT, Jr., Secretary ~ “Organized 1879 4ith YEAR COMPLETED Astets. ....$5,136,317.22 $1,406,495.76 Subsriptions for the 92nd Issue of Stock Being Received Save Systematically in the Equitable Hundreds of Wash- ingtonians have adopt- ed our plan, and rec- émmend it highly as a means to accumu- late money. Start to- Save a portion of your New Year's earnings systemical- ly in the Equitable. Watch ‘how quickly it grows. of Business Properties A specialized department under the personal direction of BEN T. WEBSTER Associates— * GUY BIRCKHEAD > IRVING B. NEWCOMB EDWARD E. CALDWELL HUGH E. PHILLIPS JOSEPH J. CROWLEY E. CLIFTON THOMAS EDWARD S. HANDIBOE HENRY R. WASSER CHARLES €. KOONES BOSS=HE| PS 1417 K Street—Main 9300