Evening Star Newspaper, February 1, 1927, Page 13

THE EVENING STAR, WASHINGTON, D. O, TUESDAY, FEBRUARY 1 MEN AND MONEY By M. S. Rukeyser. (Copyright, 1027.) Perhaps it is a that social 1toundutlonfl are of granite when the aristocracy of wealth in America feels unafraid in boasting of its extruva- gance and grandeur In a country where wealth is les: sign COURSEINSTITUTED M. I. T. Takes Departure From Trad|t|0na| Po“cY 'n | widely diffused among the ma -«il . o | spoke en for the giided classes might Its Electrical Engineering. |ieitite beiore teling he world in precse statistical the manner in which the ind their whims and their t in bus Massa , whose name has been with technical and scien s, day to dents sourse 1s what th of Technc identiricd tc tra its e This g has put difficulty technical their & life. The found that wantc wanted men who could apply fac when for the struggle ties of the ir which schools mater techni > vears efore most T it Willing to Pay for Training. The companies are willing (o hat training, but they want ¢ n the best men, men who m ick.” The institute its men trained in before graduation have ines: of n how to apply , requires more - course. Yet n school than the usual four-ye: students who stay five y lose touch with industry and spend years ridding themselves of the “Ox ford bag” attitude and gaining busi- ness sense. So the institute got together with the General Electric Co., Webster, the Edison Electric Illum- inating Co. of Boston and the Boston Elevated Railway, each representing a distinet phase in the electrical field. Then it designed the new co-operative course. This includes all of the regu. lar academic work in electrical engi- neering as well as a full year of post- graduate work. While acquiring this knowledge the student gets 18 months practical experience, the two being so blended that while the student has received up-to-date training in electri- cal engineering, he has been for three years in intimate contact with the electrical industry and has a mental attitude tending toward success, Open to Selected Men. This course is open only to electri- cal engineering students who have had good records for two years in the regular course. Such men are al- lowed to indicate at the end of two years the company with which they wish to train. Representatives of that company look them over and pick the ones they would like to have remain with the company, taking personality and aggressiveness into consideration. Then begins a three-year co-opera. tive schedule under which the student spends alternate periods of four months each at the institute and at the plant. The institute maintains an instruction staff at each plant. The Jjobs the students hold are not a hit or miss choice. They are carefully laid out into a series in different ge- partments, starting in the shops and ending in the research and experi- mental laboratories. It is of such material that the large companies expect to build up their staffs of future executives, The students during the practical tralning period are paid salaries which compare most favorably with what most of them could earn in the first year or two out of college, and which are larger than the company would have to pay non-college men. LOSS IS SMALLER. NEW YORK, February 1 (F).— Eureka Pipe Line reports net loss of $18,678 for 1926, against net loss of $408,352 in 1925. S has been in business. = o i itution | Y lets of " fon this avenue strewn wi Stone & | the passion of Am ves, the Park Avenue New York shas published figures to support its claim that Park avenue ater spending power than any the evard in th vorld. Inci | dentally statement 4 nds to | prove that the locai m res’ row | shifted from Fifth a\enue to Pz avenue. Such a change was inev Association in able. The quantity houses of F gin to hou: thmselves s the surtax stree production. fth avenue could not be. those who suddenly found to the upper bracl | newer per multiple apart Average Income $75,000 a Year. According to the Park Avenue As , of which H. Gordon Duval income of of the nited States. Residents h gold, be h and Ninety-sixth s 000,000 a y | jewel spent for | food and $2,000,000 more than the out- {lay for rent. Besides, $15,000,000 a r is spent for paintings, objects of rt and antiques and another $15,000,- 000 for furnishings and decorations. The assoclation estimates that the cratic families spend $1,096,- d approximately $280,000,- for comparative luxuri There is profit for a relatively small number of vendors of articles for the rich. However, genuinely big business depends not only on the aris- tocracy of wealth customers, but on |the masses. The rich cannot run 22,000,000 automobiles, or use more than 17,500,000 telephones. Mass pro- duction, which is the American way of overcoming the penury of nature, de pends on mass consumption—not on the extravagances of the upper crust of society. The new American scheme of economic enterprise is in the nature of things more or less dem- ocratic. Its smooth functioning de- pends on a perpetual raising of the standard of living of the great multi- tudes of average families. twe: Workmen’s Earnings Larger. Moreover, the earnings of working- men and professional classes consti- tute a large aggregate amount each year than the income of large capi- talis The wealthiest individuals, in order to finance their pet corporations, are in increasing numbers taking the masses into partnership either through the sale of shares to em- ployes, to customers, or to the gen- eral public. This unprecedentedly wide diffusion of tokens of wealth consti- tutes what Prof. T. N. Carver, Har- vard economic sage, regards as an economic revolution. The late Warren S. Stone, former chief of the Brotherhood of Locomo- tive Engineers and tather of the labor banking movement in America, once told me that if railroad workers saved their money they could own the rail- roads for which they toil in 10 years. Park avenue may be the center of what Thorstein Veblen describes as conspicuous waste and conspicuous spending, but in the aggregate busi- ness of the country its purchases con- stitute a negligible bay in a great ocean of economic power. Prosperity rises and falls in accordance with the purchase of Main street and 10,000 byways. Park avenue is merely a sympton of national prosperity, not a cause. Incidentally, the recent mergence of Park avenue as a capital of glorified business success is a feather in the cap of the New York Central Rail- road Co., which is the largest single beneficiary of this new real estate de- velopment. Many of the homes of multi-millionaires are on plots owned by the railroad and leased to the in- dividual who constructed the building. for | | corporations These gorgeous multiple-family apart- ment houses are for the most part devoid of cellars. The trains of the rallroad run under them. These huge buildings rest not on rock foundations, but on steel girders, which the rail- road engincers design for the tenants. THE BUSINESS OF GETTING HE. Job Is Your Boss. . business philoso- | pher of Cleveland, relates this story | about & young woman whose employer | t0ld her she might stay home on Sat- 5 Instead of rejofcing at the thought | of an extra holiday, she declined with - to work. My Jjob s, and 1 don’t see how 1 can take the time off.” awing Mr. Feath Jobs, and the responsibill- they imply, boss us with strict than acknowledge. to ties which discipline that is mo 108t of us would care tc The wise employe | unload definite re and | duties on his employes, because he | knows that this is the way to get the | best work done. The employer who | is a hog for responsibility is short- | use the employe without ¢ is an employe without Never Free of Bosses. “Sometimes people get tired of be- ing bossed and they ache to be in business for themselves so they will be free of bosses. thought! though any one was ever free of bosses.” Men on their own are bossed by am- , by a consuming desire to ad by an eagerness to work out ormula, discover a new and simpler way to render an old service or to forge a novel instrument of con- venience. Such self-directed cfforts boss the individual more relentlessly than a stubborn and inconsiderate foreman. The energetic man who is working for himself exacts more of himself in the way of unremitting labor than an outside employer would dare to. When an individual ceases to be an employe and sets out on his own he does not rid himself of a boss. And yet many men are happier in work: ing harder for themselves than for others. There is a liberating force in being on your own, bossed only by the necessities of the job rather than by the arbitrary will of a super- visor who may not be all-wise and sympathetic. And yet the trend is in the direction of making a larger proportion of men employes rather than independent venturers. Large and other employers should make themselves aware of the willingness of individuals to be bossed by their job rather than by inconsid- erate supervisors. Large-scale indus try is a co-operative effort and much is' to be gained psychologically by making each individual feel a per- sonal responsibility for his own con- tribution to the product. Responsi- bility begets dependability and inter- est. Undue supervision breeds resent- ment. The Sense of Creation. Employers frequently fail to under- stand the yearning of employes for short hours. That is because employ- ers forget that directing a large en- terprise is usually more interesting than performing routine and monoto- nous tasks. The real joy of work comes from sense of creation and a sense of adventure. Making work in- teresting is the key to making produc- tion more efficient. Each employe should be made to feel that he is an essential link in the co-operative chainy that his constructive sugges- tions will be welcomed and rewarded. Men resent the idea that they are a mere cog in the machinery, incapable of thinking and unworthy of grap- pling with the larger problems of in- dustry. ‘When a job genuinely captures the imagination of an individual, he is in greater danger of overworking than of shirking. Successful business men are frequently happy only when they are at thelr desks. A Greek sense of proportion—nothing too much—is de- sirable in determining what propor- tion of your mental and physical energy shall be devoted to the tasks at hand. COPPER IS REDUCED. NEW YORK, February 1 (#).—Cop- per Exporters, Inc., has reduced the price of copper one-eighth of a cent per pound to 13% cents, c. pean ports. 5,000 Shares THE COMMERCIAL NATIONAL COMPANY, INC. 7% Cumulative Preferred Stock (Par Value $100 a Share) Dividends Payable Quarterly January 1, April 1, July 1 and October 1 Redeemable On Any Dividend Date, After Thre: Years From Date At $107.00 a Share and Accrued Dividend CAPITALIZATION Authorized Unissued Common Stock, 10,000 shares, without par value, all owned 7% Cumulative Preferred Stock (Preferred as to Assets and Dividends) Outstanding $500,000 .$1,000,000 500,000 vessse . by the stockholders of The Commercial Na- tional Bank of Washington, D. C., sold for. .$100,000 No bonded indebtedness. The Commercial National Company, Inc., is controlled by the stockholders of The Cgmmerclal National Bank of Washington, and the Officers and Directors of the Bank are also the Officers and Directors of the Commercial National Company. The Commercial National Company was organized during the early part of 1926 and commenced operating about June, 1926, Its principal business is the making and selling of Deed of Trust loans secured by First and Second Trusts on improved Real Estate located in the District of Columbia and the vicinity, A large volume of business has been transacted during the seven months the Company A large amount of this stock has already been subscribed for by the stockholders of The Commerecial National Bank, and the unsold portion is now offered to the public, subject to allotment. Stock allotted may be paid for in full or in monthly instalments of $10.00 or more a month a share, Application will be made to list on the Washington Stock Exchange. Price $100 a Share Subscriptions Received at THE COMMERCIAL NAT-IONA‘L-BANK Fourteenth and G Streets N. W. OO 'EGGPRICES DROP | AGAININMARKET Turkeys and Other Poultry Continue in Demand. Butter Steady. Another drop in the price of eggs 1s reportd, due, it is stated, to heavy receipts of the hennery product from nearby Maryland and Virginia. Further decreased prices are antic pated, it 1s stated, and consumers are not making heavy purchases. | A low | cents for current | receipts wa red this morning, hennery stock, the highest priced eggs being quoted at 38 cents. Decreased s s means lower prices and other poultry continue in demand. Very little changes in prices since last week are reported, according to dealers, and it is hardly probable that prices will materially change during the week. The butter, meat and produce markets continue steady to firm, with prices about the same as those re- ported last week. Today's Wholesale Prices. esh, lpound prints, 54; store packed, 30. —Fresh, selected, 35 current recei 3 -Alive, turkeys, 40a42; White Leghorns, 24a 3 37a40; keats, young, 28a30; chickens, 5. Meats—Beef, 15a17; veal, 22a23; lamb, 25a27; fresh hams, 26a28; shoul- ders, 21a22; loins, 24a26; smoked hams, 28a30; smoked shoulders, 20. Live stock—Calves, choice, 14al5; medium, 11a13; thin, 7a8; lambs, 13. Fruit and Vegetable Review. Today's market reports on fruits and vegetables compiled - by the Market News Service, Bureau of Agricultural Economics, says. Apples—Supplies liberal; demand moderate, market steady; barrels, Pennsylvania, A, 2% inches up Yorks, 3.00; boxes, Washington, medium to large size, extra fancy Deliclous, 3.75; Winesaps, 2.75a8.00; fancy Stayman'’s, 2.00a2.50, Cabbage—Supplies liberal, demand moderate, market slightly weaker; new stock Florida, 13%-bushel ham- pers pointed and round types, 1.50a 1.75; Texas, barrel crates, approxi- mately 100 pounds net, round type, 8.50; old stock, New York, sacked per hundredweight, Danish type, 1.40 al.50. Celery—Supplies heavy; moderate, market slightly California, crates, 5.00a5.25; 10-inch crates, 2.50a3.00. Lettuce—Supplies liberal; demand moderate, market fairly steady; Cali- fornia, Imperial Valley, crates, Iceberg type, 4-5 dozen, 3.50a3.75; mostly 3.50; Florida, 1%-bushel hampers, Big Bos- ton type, 2.00a2.25. light; demand | Onions—Supplies light, market steady; Indiana and Michigan, 100-pound sacks, yellows, U. 8. No. 1, large size, few sales, 3.50; Indiana and Ohio, 100-pound sacks, ellow: J. No. 1, medium size, 3.00a3.25. Potato Market Steady. Potatoes—Supplies moderat. de- mand moderate, market steady; Michi- gan, 150-pound sacks, Russet Rurals, U. 8. No. 1, 4.00a4.25; mostly 4.2 Maine, 120-pound sacks, Green Moun- tains, U. 8. No. 1, 3.50a3.75; few high as 3.90. Spinach—Supplies moderate; demand moderate, market slightly weaker; South Carolina, cloth-top barrels, Savoy type, 3.25a3.50; Texas, bushel baskets, Savoy type, 1.25a1.35. Strawberries—Supplies light; ¢ de- mand moderate, market steady; Flori- do, pony refrigerators Missionarys, best, 70a75; fair quality and condition, 60a65; poorer unsold. String beans—Supplies mand light, market slightly weake: Florida, 7% bushel basket, green, 7.00a 9.00; wax 6.00; few higher. Carrots—Supplies moderat: demand weaker; Florida, of [ssue, i (Interest at 7% to be allowed on all payments from date of payment) moderate, market steady; Texas, bush- el baskets, 2.00. Tomatoes—Supplies light; demand light; market slightly weaker; Ba- hama, repacked sixes, ripes wrapped fancy count, 3.00a3.25; 10-pound car- tons, Gems, few sales, 2.00; Florida sixes, ripes and turning wrapped originals, faney count, some decayed, 4.00a4.50. AUTO FINANCING RULES TIGHTER IN BALTIMORE| Two of Sevefims in the Business There Have Withdrawn in Past Year, City Canvass Shows. | were 1927. CHICAGO LINES CONCEDE |PULLMAN HOLDING FIRM TROLLEY BONDS DEFAULT| PLANS ARE ANNOUNCED e CHICAGO, February 1 (#).—A re- More Than $171,000,000 in Securi- | organization of the Pullman Co., In- ties Fall Due Today—Firms Are |volving formation of a holding com- - |pany to take over the two Pullman Under Unit Operation. operating companles and exchange by tockholders of stock now held for By the Associated Pross CHICAGO, February 1.—More than $171,000,000 In_bonds of the Chicago Surfaee Lines fell due today, with de fault on the principal conceded by the | 2 | lines, @l}g g &mf The twenty-year franchise explred ey at midnight and although uninterrupt.- | ed service wes arranged bondholders | promised only that interest | stock in the Mor new company on . the basls of two and one-half shares of new stock for each share of old, Was announced last night. The board of directors meeting hete vesterday appointed a committee com posed of George F. Baker and J. P gan of New York, and Johm J. Mitchell of Chicago, to carry out the ! plan already approved by the board. | Speclal Dispatch to The Star. would be paid A large block of the bonds due was BALTIMORE, February 1.—Of seven Daltimore credit firms engaged in automobile financing last year, two have withdrawn from the business. One firm has reduced the volume of its automobile investments to a fifth of its former total, while two others have halved their investments. The remalning two have . tightened their loan restrictions. This condition was disclosed when a canvass of Baltimore’s automobile financing concerns was made for opin- ions on a bill introduced In the Gen- eral Assembly which would make credit companies resort to law pro- cesses in recovering automobiles from payment defaulters instead of taking the cars whenever and wherever found as is done now. S8Ix of the executives questioned said their firms | ‘“are going lightly on automobile loans.” The seventh, while admitting that his firm had tightened its restric- tions, refused to be quoted. The firms which now are out of the automobile financing business are the Citizens’ Finance Corporation of Baltimore- and the Finance Co. of America. WILL SPEND $40,000,000. NEW YORK, February 1 (#).—The 1927 budget of the Great Northern Railway calls for expenditure of $40,- 000,000, says President Ralph Budd, exclusive of $10,000,000 which is being used for building the new Cascade tunnel. About $17,000,000 is provided for upkeep of equipment and $10,- 000,000 for improvements. t and defaulting on | ure would be | as been in re | demand for inter the principal, asked. The comp cetvership several weeks., The Chi cago City Railway Co. i3 the other principal system involved. The various lines are under a single operating company. Payments on the | principal are expected to be contin- gent on the final settlement of the | franchise situation, which has been | complicated by varfous bids for the | lines and a proposal to operate busses | instead of street cars. In the mean- | time, up to six months, operation of the street cars is to be continued un- | der a day-by-day extenslon of the franchise. PRICES ON FARIS BOURSE. PARIS, February 1 (#).—Prices were irregular on the Bourse today Three per cent rentes, 54 francs 50 centimes; exchange on London, 123 francs 19 centimes; 5 per cent loan, 70 francs 35 centimes—ex-coupon. The dollar was quoted at 25 francs 50 ntime: | | | | | Investment Service AT THE FEDERAL-AMERICAN Investigate before you invest e AVERTISEAEN - RECEIVED HERE —_— Hunton’s Pharmacy—9th & You Sts. N.W. Is a Star Branch Office You'll find it handy to drop into The Star Branch Office in your neighborhood and leave It will save your Classified Ads for The Star. you the time and trouble of a journey down- town and give you the same excellent service as at the Main Office. These Branches are located in practically every neighborhood in and around Washing- ‘ton. Star Branch Office. Branches; only regular rates. The Star prints MORE Classified Ads every day than all the other papers here combined That indicates the satisfactory RESULTS from a Star Classified Ad. “Around the corner” is A Star Branch Office UNITED STATES SECURITIES CORPORAT ION ANNOUNCING an Issue of Stock by the United States Securities Corporation AUTHORIZED CAPITALIZATION 250,000 Shares 8% Cumulative Preferred Stock Par Value $10.00 250,000 Shares Common Stock of No Par Value. [The Stock is free from the District of Columbia Intangible Tax and the Dividends are free from the Normal Federal Income Tax] HE UNITED STATES SECURITIES CORPORA- TION has been organized to conduct a general financ- ing business. It will make collateral loans of all kinds. The Corporation provides a sys- tem of credits beyond the range of the more or less restricted field covered by national banks and trust companies. It will underwrite bond issues of substantial business houses and thus render a valuable service to commercial and industrial enter- prises. Management The business of the United States Securities Corporation is under the management of a Board of Directors comprising a group of bankers, real estate and business men as well as several distin- guished statesmen, all of whom are men of excellent character and high standing. They all enjoy un- broken records of success and their expert knowledge is espe- cially adaptable to the profitable and conservative management of the Corporation’s affairs. Offering ‘The first issue of the preferred and com- mon stock of the Corporation is now be- ing offered, and subscriptions will be filted in the order they are received. Price 10 Shares 8% Cumulative Preferred Stock, Par Value, $10. 10 Shares Common Stock, No Par Value Per Unit, $125.00 OFFICERS HON. EDWARD 1. EDWARDS, Chairman of the Board HON. NATHANIEL B. DIAL, President HON. PERCY E. QUIN, Vice President JAMES D. HOBBS, Treasurer THOMAS A. WADDEN, Secretary DIRECTORS HON. EDWARD 1. EDWARDS, Member of U. S. Senate. Chairman of the Board, First National Bank, Jersey City, and North American Title Company. Director, The Trust Company of North America and Man- . ufacturers Insurance Company of N. J. HON. NATHANIEL B. DIAL, President, Reedy River Power Co. Presdient, Laurens Cotton Mills. Banker and Lawyer. HON. PERCY E. QUIN, Member of Congress. THOMAS A. WADDEN. CARLETON E. MORAN, President, C. E. Moran & Co., Inc,, Investment Bankers. Director, The A. Lincoln Hotels, Inc. CHARLES A. DOUGLAS, Senior Member, Douglas, Obear & Douglas. General Counsel, Con- tinental Trust Company. Director, International Bank. HON. EDWARD W. POU, Member of Congress. President, The A. Lincoln Hotels, Inc. JOHN R. WALLER, President, International Bank. Direc- tor, Continental Trust Co., and Fed- eral Bank & Trust Company of lowa. President, Realty Securities Corp. GEORGE ANGUS GARRETT, Resident Partner, F. B. Keech & Co. Member New York and Washington Stock Exchanges. JOHN P. STORY, Story & Co., Real Estate, Loans & Insurance. Director, District Title Company. JAMES D. HOBBS, Vice President and Director, Ward- man Construction Co., Wardman Park Hotel Co., Wardman Real Es- tate Investment Corp., National Woodworking Co., and Director of National Bank of Washington. GENERAL COUNSEL DOUGLAS, OBEAR & DOUGLAS. Descriptive Folder Sent Upon Request C. E.MORAN & CO. Imvestment Bamnkers SOUTHERN BUILDING ~ WASHINGTON.DC. Look for the above sign, it designates The No fees are charged at the