Evening Star Newspaper, December 31, 1936, Page 20

: B—o rnnm’cu:.f THE EVENING STAR! WAEHINGTONE D. C.! THU'RSD.AY! DECEMBE# 31, 1836 FINANCIAL. ] SOCIAL SECURITY ACT CARRIES IMPLICATIONS OF VAST CHANGES.! Continued Climb CRITICS CENTER [Sibley Sees Better Balance ' ontined Climb |71 TY EXPANSION |ECONOMIST FEARS ley Secs Better Balance VANDERLIP CITES AVERAGE CITIZEN ONRESERVEPLAN -~ - mzmr o= TRADE OBSTAGLES) USES MORE STEEL, e CorP- Ciet PRESSURE GROWS) TOD ABRUPT BRAK « largést relative burdsn of unemploy- NEW YORK, Buying for Durable Goods By the Associatea Press. “The end of 1936 has been reached after a year and a half of steady ad- vance in business conditions,” says | Harper Sibley, president of the United States Chamber ment were in fields which provide tools and machines and fuel for other B. Odlum, president of the Atlas Corp., a leading investment company, in a industries to use in turning out the goods which tconsumers need. In the year-end statement says it appears Qualifies Forecast Because Soaring Demand for Power Hopes Reserve Board Wil " % look forward to tinua- . Levels and Employment of Commerce. | ¢arly Summer of 1036, the former &b\ of Labor Unrest, Taxes | Still Lags Compared e 5’°"§""", g E:’&&u" Cannot Be Met With- Avoid Curb on Legiti- t 2 5 war does send the worl s P Hard to Guage. Velcame enough | Agurs for the tatter was 0. 3y oc.| and Money Policy. With Home Items. | e out Facilities. mate Enferpeise. BY MALCOLM B. FLANDERS, under e ny cit | taber, 1699, the: formeer Baq seachod | 3y ing jsseiatad Bioss. BY T. M. GIRDLER, ot e s g Tiome Lo BY MAX W. BABB, cumstances. It has been particu- 92.2 per cent and the latter 96.2. BY WM. B. BAILEY, Economist, Travelers Insurance Co. Cambridge Associates Staff. Chairman and President Republic Steel President, Allis-Chalmers Co. NEW YORK, December 31.—“It sble to arrest the cycle of economic “There is now a law in this country which will give aout 26,000,000 work- * ing people something to live on when larly significant in a period of re- “These figures very succinctly indi- cate achievements in balance which, although exact . percentages are as does not need an astute prophet to foresee that general business is set recovery that was in force the last year,” he commented. . Nineteen-thirty-six witnessed a re- markable upturn in the manufacture ‘The business of Allis-Chalmers Man- ufacturing Co. divides itself into two ‘The prospects for business in gene eral appear to be very good for 1937. = “ major groups—one relating to the gen- - they are old and have stopped work- covery from de- yet unavailable, have obviously per- for an expansion in 1937, declares | and sale of products and devices which In the United States, perhaps due If building continues to improve, that ¢ Frahk A. Van-|are bought by the American le to |to the working of the natural forces | eral machinery lines, which formerly = el A ;rre:s::l:’ DA sisted to the end of the year. GEUD. Lormer| ettt the Somitet i Chelenoe | Of Comomis Toovary: HIh Saaaine | Sonatitied® e Deicipal products” and ;’;‘;“:‘4 Sustain activities in the sup- With this statement, biblical in its provements in |, SUCh evening-up processes give president of the fof living. This trend has been graph- | edly Were potently aided by the ‘pump- | the other to the farm machinery and | oo \yo ginc. o the Tailronds. Pay simplicity, the leaflet issued by the belance among | Stmina and vigor to the economic National City | ically reflected in the steel industry. |priming’ of purchasing power created | tractor division, which in more recent | ;) " o'y oreasing and relief will be Soctal Becurity Bosrd opens v deacrin: felds of _enter- | SITUCtUTe: Bank. The average American citizen is|by Government spending in recent | years has become prominent in volume | \ o iineq for the unemployed, which " tion of the hopes and plans of those | W& L3 prise. Those| “The business attainments of the “If one could | ronigiv hecoming in the last analysis | YeArs. business has been better than at | 20d results. The present outlook for | g0 o' oo (0 FEEEPEREC PO who framed this generation’s most| Harper Sibley. which were at|year behind us consequently afford be certain that|yne chiet consumer of steel. Today|ADY time since the depression.” the company in 1937, in both of these | o raiiroads are ordering new rails ambitious piece of legislation. most disadvantage have, generally | us an excellent basis upon which to the course of| .y ¢ 80 per cent of m.hly‘ finished ———— divisions, appears encouraging. and equipment; the public utilities With the hopes, there is no general | speaking, made most progress. enter 1937.” business would| )" coes jnto sutomobiles, refrig- In the so-called standard lines there | will soon have to expand their capac- dlssgreement WL e plans xen mot be greatly | ooiors household and farm equip- LITCHFIELD PRA'SES Was some increase in business in 1936 | ity, so the heavy industries should ene many of the most ardent devotees to the principle of social security point out dangers and fallacies. As to the effects of social security legislation, under this or any similar law, the potentialities are so far-reaching as to defy estimate. What effect will such an act have on employment practices, wage levels, real income? Who, in the last analy- sis, pays its cost? To these and other questions only time can provide a defi- nite answer; in the meantime some very general predictions can be made. Fewer Elderly Workers. In the first place, it is evident that old-age pensions will reduce to some extent the number of actively em- GENERAL AGTIVITY GAINS 18 PER CENT Expansion Largely Centers| Among Durable Goods Industries in 1936. BY STANLEY N. SHAW, Standard Statistics Co., Inc. DENAND FOR L PRODETS SRS Improved Service to Public, Research and Stability Help Industry. By the Associated Press. NEW YORK, December 31.—“The detiected by ob- stacles other than the usual econom- ic ones, he could sately predict a highly satistac- tory year. Any such prediction must, however, be qualified. Serious obstacles both domestic and interna- tional, are possible. “The unrest of labor, which has come to be something more than s healthy unrest, indicates one of the chief obstacles to be encountered. Other possible obstacles are the un- known policies of the administration. Mounting taxes are discouraging to business and paralyzing to new ven- Frank A. Vanderlip. ment and other devices bought and used by the American family—and highly finished steels now account for over half of the country’s steel pro- duction. While there has been some increase in the buying of steel for durable goods, such as bridges, buildings, pipe lines, railroads and heavy industrial equipment, such buying has by no means been commensurate with the demand for steel for consumer goods designed for family use. Such buying of steel as has taken place for indus- trial purposes has occurred largely be- cause of the immediate need for ma- chines and equipment to take care of SOCIAL SECURITY Lofty Purposes Not Dimmed by Suspected Imperfections, Goodyear Chief Feels. By the Associated Press. NEW YORK, December 31—"Of | more profound significance than the indicated business gains in 1937 is the fact that our Nation is embark- ing upon a course designed to im- prove the social conditions of 26, as compared with the former year, and there appears good reason for the belief that this trend will continue in 1937. This is particularly true so far as the electrical machinery and steam turbine lines of the company are concerned. Por some time past the purchases of public utility companies have been considerably below normal. There is a definite and increasing pressure for expansion and the constantly growing demand for central station power can- not continuously be met with the fa- cilities that were available in and prior to 1930. The pressure upon public utility companies for lower rates is another stimulant that will force replacement joy increased activity. ‘There are, however, a number of factors which might upset the apple cart. One is the outbreak of war in Europe. That is an ever-present pos sibility. Another is the sudden appli- cation of the brakes by the Federal .Government in an effort to prevent a boom. The Government seems de- termined to avoid a repetition of whag occurred in 1928 and 1929, However, the expansion of credit by the Gove ernment to cover the deficit of ex- penditures over income, plus the influx of foreign money, plus the expansion of credit by individual business en- terprises to meet their expanding needs, might easily cause an inflation- ed the growing demand for consumer 000,000 employed 5 S - = A in inefficient plants, as many com- | ary price rise. If such a rise began g:(r’id ;;(,16_ 3s;nt:cxcx;:eing1‘£e:wn;x£o The most significant feature of the | petroleum industry enters 1937 with |tures. We now have a .largely man- 3 ‘K in industry” i e e with the See Y"y s | @0 aexclop 16 t yeey kel that destio fgures. Many of these were engaged, | 18 Per cent increase in composite in- | its house in good order,” declares Ax- | aged currency and credit situation. If This indicates that the whole indus- states P. W. ]P‘"" it cuuhemd e“only the | stepe might Tolchicl of course, in domestic service, in agri- culture, and in small establishments not covered by the present act. Roughly, therefore, perhaps we may dustrial activity in the United States during 1936 has been the fact that this expansion has been so largely concentrated among the durable goods tell J. Byles, president of the American Petroleum Institute. demand for pe- “It has expectations of a growing | the management is wise the result may be beneficent, but there will be fear of surprises in that quarter | throughout the year. Litchfleld, presi- dent of Goodyear Tire & Rubber Co. trial picture is still somewhat out of balance. On the other hand, the sus- tained buying of devices and conven- iences, on the part of the general most efficient machinery and skillful operation will enable them to operate on a satisfactory, profitable basis. ‘There is, therefore, good reason to ex- The Federal Reserve authorities have been given some new brakes to check a runaway market which they ; ; c guess that under present population | Industries. Depression in these lines troleum products| “The whole world is in & phase of | public, indicates the probability of & “Thetlofy mo- | et theressad Biribecs (At 1001 | G nfi‘ flfl.:;&fl-nbeopxcflumy o figures not more than a million elderly has been primarily responsible for the and offers every | conflict over fundamental political | continuing high level of manufactur- bility of the|from this source, provided the com- apply them, the brakes may muke ’m] d workers will be removed from the em. | cOntinuing unemployment and for the assurance that|concepts. One may call it fascism |ing operations. purposes of the | panies are permitted without severe | a little 100 abruptly, checking legitie ployment, rolls. Naturally. however, | FStricted volume of new long-term the progress made | versus communism, or it might be| y, 4 goubtful whether any enduring | social securlly | undue burdens to properly meet the | mate business enterprise as well as pensions will remove some of the pres- sure from the labor market, since ob- ously many seek employment who e now idle. ‘The effect of social security legisla- tion on wage levels can be theo- retically demonstrated, but it is prob- able that in actual practice its effect " will be virtually obscured by changing business trends. A statement that wages will be decreased, or that, in- stead, the cost will come out of busi- ness profits, is impossible, since ob- viously practice will be governed by the times, the place and the industrs. ately that the whole burden is borne | creasing in most lines, but lttle dif- is, can this up- |President of the B. F. Goodrich Co. | NEW YORK, December 31.—Lang- | and . in the year that produces the income | culty should be experienced in passing ward movement | . The Tecord established by the rub- | bourne M. Williams, jr.. president of unless the Federal budget s out of |these costs along to consuers under| SOtk Government and Trade b kept under | Der industry during 1936 was due pri- | the Preeport Sulphur Co, with mines . balance? This would enable us to get | present conditions. Moreover, revival Leaders to Co-operate. control? Or will | Marily to three factors: Improvement | in Texas and Louisiana, forecasts in ro erage e rv I ce the whole mechanism into operation |of business confidence and the huge | By the Associated Press. we witness runa- m.:::fl:rl ;_\;::ne: r:o:?::i;mfi::n;:- ;: e’;i‘lcf;e.n]:‘ :!tl;zl;zpe:‘:r mt;;;:d do- | * In short order, rather than postponing | potential credit supply, plus the main- | K, December 31 —“There way markets that - o 4 | it for the purpose of establishing | tenance of low interest ates, ODeNS | conta b oo wich verond o 1936 may | SN POk e A aliey |dustry, and increased production of | “Steel mills, fertilizer plants, rub- Members Reserve Idea Attacked. The most generally voiced and point- ed criticism is directed at the plan to implement the act by piling up a huge reserve. The act contemplates invest- ment of the proceeds of levies in obli- gations of the United States Govern- ment. When full operation has be- come a fact, several decades hence, approximately 60 per cent of disburse- ments in any year will be provided for by current income and 40 per cent by receipts of interest from the re- * serve fund. This interest, however, will be paid from Treasury funds raised from tax- financing. The year closes with industrial ac- tivity in the aggregate at virtually tie “normal” levels of previous years, but there is still room for wide improve- ment in the production schedules of most of the heavy industries. Con- sidering the fact that large deficits of capital facilities accumulated during | the depression, it appears reasonable | large-scale activity is still ahead. This forecast applies in particular to | such industries as steel, building ma- | terials, railroad equipment, electrical | equipment and farm and industrial machinery. Advance Orders Heavy. Heavy advance ordering for 1937 de- livery already assures the maintenance of high operating schedules in all of | these major heavy industries for an | indefinite period. Based on recent | comprehensive studies by the Stand- ard Statistics Co., composite indus- trial production for the first quarter of 1937 should be at least 15 per cent above that for the same period in 1936 and a forecast of a gain in aggregate activity for the year 1937 as a whole | to believe that a protracted period of | F in 1936 in estab- | lishing industrial stability, scientific research and im- proved service to the public will continue. “Preliminary reports for 1936 indicate that the United States production of J. Byles crude oils, refinery runs to stills and motor fuel consump- tion reached new highs. output is estimated at 1,092.600,000 barrels, or 8 per cent above 1935 and slightly above the previous record of 1929, “Total motor fuel is estimated at 20.118,000,- Crude oil | domestic consumption of | called dictatorship versus democracy. Rugged individualism seems to lie in no man's land between contending fofces. It seems certain that business | executives must adopt broader social views, whatever faction dominates. Enterprise has long demanded less government in business. What it should now achieve is more states- | manship in business.” 'RUNAWAY PRICES BELIEVED THREAT James W. Hook Hopes Business, Labor and Government Will poses during the depression period. 000 barrels, or 10 per cent above the | 1935 peak. “Increased demand for petroleum | Take Sane Course. By the Associated Press. products, coupled with orderly proe duction under co-operation between industry and the interstate oil compact authorities, served to liquidate crude oil inventories to a satisfactory ex- tent.” NEW YORK, December 31.—James W. Hook, president, Geometric Tool Co., points out that “business during the past vear has reacted strongly to the 2 stimulus of natu- ral recovery aug- mented by cheap act — protection against the evils | of . involuntary | unemployment and the vicissitudes of | old age—is not dimmed by suspected imperfections of the act as it now stands. “Probably the system for attain-! ing the purposes of the act will have | to be perfected in some respects, but | it is essentially sound as it now stands in the provisions which call | for joint contributions from employers | recovery can be realized until long- term projects, of a more or less perma- nent nature—building in particular— can be brought back into line with other industrial activities. In the meantime, however, the wide- spread demand for consumer products of every description is presenting to the steel industry in particular the op- portunity for which the industry has been waiting for several years—the op- portunity to demonstrate in actual practice the many hundreds of new uses for steel, and new applications of steel, made possible by the develop- ment of special steels for special pur- W. Litchfield, ing to such worthy goals merits the sincere co-operation of the employers, employes and the Government. “Further development will occur in 1937 in another trend of vast social importance—decentralization in in- dustry. Many large manufacturers, faced with the necessity of modern- izing their facilitles, are taking ad- vantage of this opportunity to locate new branch plants in smaller com- munities where living costs are lower [ and markets are nearer at hand. “In the rubber industry we have just passed through a year of im- proving conditions. The tire market is becoming more active and more RUBBER DEMAND BEST SINCE 1929 J. D. Tew of Goodrich Co. Points to Sharp Increases in Sales, Profits and Jobs. Special Dispatch to The Siar. enlarged demands. —_— TIN CONTAINER FIRMS FORESEE BIG GAINS O. C. Huffman, president of the Continental Can Co. says prospects for the largest volume of business in | many years are now indicated for 1937 in the tin container industry. “The statistical position of the and employes. The task of pioneer- | canned foods industry, the largest ! consumer of tin containers, is strong, indications being that the stocks of most staple foods to be carried over he says. | “The favorable statistical position speculative activity. However, the possible disturbing effects of the ap- plication of the brakes is not an argument against their use. If a speculative boom is allowed to run unchecked, its final collapse would have & far more disturbing effect on | business in general than any efforts to check it in its incipiency. If & boom can be avoided there is no rea- son why this period of prosperity should not continue for years. | . |TRADE GAINS SHARPLY { IN PHILADELPHIA AREA | from the 1936 season will be small,” | s the Amosiatod Praw PHILADELPHIA. December 31.— John 8. Sinclair, president of the Fed- and improved prices prevailing in the | gra] Reserve Bank of Philadelphia, canning industry together with in-|yeports business conditions in this creasing per capita consumption of | district “indicate a prospect of cone creased planting of canning crops and larger cannery production schedules. “Other principal markets for tin containers also offer encouraging gg;p_em for increased volume in | canned goods, offer prospects for in- | tinyed activity.” | “Business conditions in the Phila= | delphia Federal Reserve district cone tinued to show pronounced gains dur- ing 1936, reaching the highest level | since 1930,” he observed in & year-end | review. of 10 per cent appears reasonably S——————" i " ation in one form or another. Thus | conservative, e ernmen:| NEW YORK, December 31—Im. | Profitable. _ in the last analysis the total burden | Notwithstanding a persistent up-| GONFIDENCE HELD Shending and it | Proved business conditions in the rub- S of any year’s payments comes from |trend in production costs, the trend will undoubtedly per; fnfustzyin {1436 ‘are Khown ot INCR EASE PRED'CTED ; direct taxation in the year of payment. Wherefore, then, the reserve fund, with its cost of administration, and | why should we not recognize immedi- fctitious reserve. Reserves Bigger Than National Debt. Carrying this line of reasoning still | further, we find that the reserve fund is expected to reach proportions much larger than the total of outstanding Government debt at the present time. | Supposing hat it would be possible, without upsetting the apple cart, to drain banks, insurance companies and Individual investors of all their Gov- ernment bonds, it would still be nec- essary to issue at least an equal addi- tional amount of debt. Proceeds from the sale of these - bonds naturally cannot be retained in the Treasury, since that would re- strict the supply of money in circula- tion and make the conduct of business impossible. The remaining alterna- tive, then, is to spend the money and keep the Federal budget consistently out of balance until the volume of Federal debt has doubled. Few would knowingly advocate such a procedure. Finally we can assume that we shall have, in the year 1980, a reserve of $80,000,000.000 invested in Govern- ment bonds. A depression comes, and, with it large demands on the unem- ployment reserve. Government bonds numerous companies. Although no Canadian Christmas trade was the . are sold from the reserve fund to meet | major industry-wide strikes are Ukely, | best since 1929, ‘The Tarifl Board is | managements beer sble o increase Homes Business AND THEY TAKE PLEASURE IN ANNOUNCING THAT these payments, but to whom? The |lahor disturbances will probaLiy be | Probing glass prices on the claim that | their capifal outlays. Apartments 0 Properties market for Government bonds very soon becomes glutted, and the only recourse is for the Government to pre- tend that money can be printed with the bonds as security, which process would dwarf all previous inflations to Insignificance. . _ All these evils are the result of the fallacy of setting up a reserve ‘-r the sdministration of e soctal security act. The obvious conclusion is that reform of the legislation will be pro- posed before these trends reach dan- gerous proportions. There is time enough for this, however, after the machinery has been placed in opera- tion. The current problem is to re- leve friction as much as possible from solution of the greatest problems in organization, management and rou- tine the world has yet witnessed. e REVISION IS PROPOSED IN U. S. SUGAR CONTROL 87 the Associsted Press. « Bugar ' at the close of the year, says United | “urgently needed revision” States cane sugar refiners are mt'l‘:g of e Government’s sugar control plan fix- . ing quotas on imports of tropical- refined sugar. “Three home refineries have closed,” “The rest are operating at ! pendencies in the form of raw rather + than refined sugar. o Food Shortage Faced. German business is increasing] of industrial earnings in 1937 should be upward at a rate at least coinciding with the increases in volume. Both wage and raw materials costs are in- the way for a large volume of neces- sary new capital financing on an ad- vatageous basis. Labor Is Major Problem. The labor situation remains the | major problem with which American | business must contend in 1937. On the one hand there is a shortage of skilled workers. This may seem paradoxical in view | of the high unemployment figures | which still persist, but it is quite un- derstandable when it is considered that few industries were able during the depression years to continue their training of workers for more skilled positions. Many industries will doubtless be hampered in carrying out projected increases in production schedules next year by reason of their inability to obtain additional skilled labor. On the other hand, the intensive drive by labor organizations for unionization of workers, for rates of pay based on a shorter work-week, and for the closed shop, is virtually certain to cause strikes which will interrupt production schedules of numerous next year. Nevertheless, the coming year should prove a period of further net gain in business volumes and profits. The forces of basic ecomomic recovery, which are responsible for the current improvement in the heavy industries, promise to more than offset any tem- porary hindrances imposed by new | Pederal regulatory legislation, credit- | control measures, labor disturbances or foreign unsettlement. Carriers Save on Fuel. Through the increased efficiency in the use of fuel in the freight service, the railroads have saved nearly 230, 000.000 tons of coal since 1932. A New Year’s Suggestion Start the New Year right, by invest your are funds, t.hru:u‘:h this ..A';so- ciation, in First Mo on Homes in Maryland, D. Cl.,“lmlt Vlrgll:i:..‘ Youz regular return e. any sound and makes an ideal foundation for all invest- ment activities. BASIS OF UPTURN John H. Goss of Scoville Co. Urges shown unless confidence had been tremendously restored among the peo- ple as a whole. Such a state of mind is always accompanied by improve- ment and sustained purchasing of goods,” says John H. Goss president of the Scoville Manufacturing Co. “Just ahead are two dangers: “That the Government will not live up to its obligations under the ex- pressed mandate of the people, but will throw up barriers which will halt the progress of production so neces- sary to accomplishment of improved social security. “That business management will be- come discouraged and will not improve productive methods as they have in the past, keep costs down and improve quality of goods. A way must be found to encourage the limited num- ber of competent leaders and keep them functioning. Government and industrial management must co-oper- ate to give the people the added so- cial security they desire.” Trade Best Since 1929, & plate-glass cartel is controlling the supply to automobile manufacturers nd raising prices. and prosperity. THE HAMILTON NATIONAL BANK Has enjoyed a third year of continual growth and prosperity. For this suc- cess we are indebted not only to our thousands of loyal stockholders and depositors, but to a group of borrow- ers of integrity and business under- standing as well. To them and to the public generally the management of this bank again extends best wishes . for a New Year abundant in happiness E. C. GRAHAM President continue its up- ward trend during 1937, “The question and precipitate us into another de- pression? “The answer to these questions, in my judgment, lies in the attitude that business, labor and Congress will take toward policies that will inordinately increase consumer prices. “The future demands leaders in all fields of endeavor who will guide us sanely toward the social goals that the people want and ought to have with- out inviting runaway prices and an inevitable crash later. Like many another citizen, I'm doubting but praying.” IMPROVEMENT HAILED IN RAILROAD FINANCES By the Associated Press. The Commerce Department says that improvement in railroad finances during the last fiscal year “was & note- worthy development” in the economic situation. “The economic recovery in this in- dustry has been slow,” the department continued, “and but recently have “Purther recovery in traffic from present levels will bring important showings in operating results.” only by the best record for sales and profits since 1929, but by a substantial increase in the number of employes at work, according to J. D. Tew, IN U. S. SULPHUR SALES, By the Asscciated Press. motor cars and trucks. “For 1936, tire sales as a whole reached approximately 52,000,000 units, as compared with 49,000,000 units in 1935. For 1937 we estimate that this total may reach approxi- mately 54,000,000 units. “Purther improvement during 1937 and continued pioneering in develop- ment of new uses for rubber will, I hope, add materially to gains recorded during the past 12 months. “The Goodrich laboratory facilities for both chemical and physical re- search are being expanded, and addi- tional trained personnel employed, to carry on what we consider a problem of basic importance—namely, not only pure research as related to rubber and allied materials, but for the testing and development of new products.” ber factories, paper mills, acid plants and others are large users of this basic | industrial and agricultural necessity,” | he said. “A sustained high rate of | business activity in these flelds will be reflected in an increased sulphur | sales volume.” He estimated 1936 sulphur produc- | tion at about 2.000,000 tons, an in- crease of 367,410, or 22.5 per cent ! over the 1935 figure. Live Fish Shipped. An unusual service maintained by | the Railway Express Agency is that |of moving approximately 4,000,000 pounds of live fish annually from | Middle Western points to New York and Philadelphia, where they are used as food. First MorTtGAGE LoOANS - District of Columbia, Nearby Maryland and Virginia Terms from 3 to 15 years Also Monthly Payment Loans RANDALL H.HAGNER & COMPANY MORTGAGE LoAN CORRESPONDENT 1321 Connecticut Ave. NN\W. Telephone: DEcatur 3600 Money to Loan No Commission No Renewals Easy Monthly Payment Plan THE COLUMBIA PERMANENT BUILDING ASSOCIATION 733 12th Street N.W. ' Ji Membders of . Atty. Complete New York Stock Exchange Boltimore Stock Exchange 15th & H Redwood & Souith Sts. Baltimore MR. HARVEY HAVE BEEN ADMITTED SOUTHERN BUILDING Mackubin, Legg & Co. BANKERS—Est. 1899 WOODWARD BLDG. JAMES M. JOHNSTON & CO. ANNOUNCE A CHANGE IN NAME TO JOHNSTON, LEMON & CO. MR. BERNARD J. NEES AND JOHNSTON, LEMON & CO. MEMBERS WASHINGTON STOCK EXCHANGE Investment Washington Stock Exchange New York Curb Exchange (Associate) Sts. N.W. 16 Wall St. New York B. GRAM, JR. AS GENERAL PARTNERS WASHINGTON, D. €. GEORGE M. FERRIS & COMPANY, Ine. Washington Building, Washingten, D. C. Na. 5925-26 Investment Securities Mombers Washington Stock Exchenge We invite the investment public to make use of our enlarged statistical services throughout the coming year. N