New Britain Herald Newspaper, July 20, 1928, Page 12

I | i RASKOB WAZE 80 WEN MILIONATRES Aod All This Within Four| Years' Time ' New York, July 20.—The upatate city of Lockport is quite & long way | from Manhattan. -Yetif the bands | in Washington: pext' March ¢ are playing Manhattan's national an- them, which is & song dealing with sidewalks and Mamie O'Rourke, Lockport will be able to claim a large share of the credit. ! For Lockport's most distinguished | son, John J. Raskob, who as on« of the leaders in tiie General Motors Corporation helpid make 80 nil- lionaires between 1923 and 1927, is’ going to manage the presidential | campaign of Gov, Alfred E. Smith, as chairman of th: democratic na- tional committce. Raskob is new to politics. As chairman of th: finance committee of General Moiors he has not li mueh time for such things. Now, however, because of his close friend- | ship with New York's governor— coupled, perhaps, with the fact that he shares the governor's views on | the prohibition law—he is making | the plunge, Wail street as well a3 Lockport, is willing to admit that he probably will 4o « zood job. | RBegan As Poor Boy ; It seems impossible to describe any of the figures in this presidential campalgn, in cither party, without ringing in the 1 “success stovy"” motit—the story of the poor lad whe | made his. own way to the top | Hoover, 8mith, Curtis and Robinson | all have biographizs of this type; s0 | has Raskob. | Raskob was born in lockport n | 1879, The story opens when he was | a boy of 20, working as clerk ‘n u‘ pump company there for $7.30 a week, and helping support his | mother, younger brother and two | sisters. Like the man whose cam- | paign he is now directing, he was, fatherless. | Raskob wanted more money; $7.50 didn’t go far, even in those days. | He asked for $10 a week. It was refused. A friend had recently moved to | Lorain, O., and Raskob wrote him asking if there were any jobs out there. The friend replied that one | P. 8 du Pont, head of a street rail- way company in Lorain, was looking for a mecretary. Raskob wrote du | Pont and asked for the job. Taking | Lis courage in his hands, he said | that he would expect to be paid $1.000 & year. He mentioned this to his friends in_TLockport and they agreed he was daft. One thousand dollars a | year for a boy of 20! It was ab- surd. Joins With Du Ponts But—in the tradition of success stories—Raskob got the job. e | went to Lorain and found that the P. 8. du Pont was Plerre du Pont, aclon of the famous du Pont family of Delaware. } | Tn 1902, two or three years later, Pierre du Pont and his two cousins, Alfred_and Coleman, acquired the great E, 1. du Pont de Nemours Co., which had been .making explosives since the Revolutionary war. Plerre | went.ta Wilmington, Del., to become with him as his assistant. His sal- ary now was $3,000 a year. Later on Pierre du Pont became president of the company. He made Raskob treasurer. Raskob continued in this job. In was to be of vast importance. The General Motors corporation, then more or less in its infancy, was rec- ommended to him by a friend as a “good buy.” Raskob looked into it and agreed. He bought some stock and persuaded Pierre du Pont to buy more. Between them they got 3,000 shares. Two years passed. In 1915 came the expiration of a voting trust un- der which the corporation had been operating, and bankers and stock- holders got together to reorganize. Then a surprising thing happened. It was found that the 157,000 shares | of stock represented at the meeting were evenly divided among two op- | posing factions. The 3,000 shares held hy Raskob and du Pont, all that | remained outstanding, was the bal- | ance of power. Fnter General Motors Raskob and du Pont were notificd. They went to the meeting, and at Rasbok's suggestion reached a com- promise whereby each of the two original factions was to name seven men for the board of directors with | Raskob and du Pont naming therce. | Raskob became a director and du Pont was elected chairman of the board. Thus di4 Raskob and the du Ponts | enter General Motors, | After the war they got in deeper. | Wartime prosperity had rolled up |an enormous surplus for the du b Tt haq | dvsigned and built for military pur- Raskob | POSes. Pont de Nemours company. to be Invested somewhere. persuaded the directors to buy Gen- | eral Motors stock. They agreed, | buying $25.000,000 in one block and | CTease in demand many motors are an equal amount a little later. A year or s0 later they bought a third block of equal size, thus getting for the du Pont company ownership of | EVCTY motor submitted for the 40 to 45 per-cent of the corporation. | Since that time, is is worth noting, the du Pont company has received in dividends far more than the $75.- | P | isfactory it is put through a 50-hour 000,000 it ln\"“‘((‘d. while the market value of the stock is many times the | original figure, | General Motors {s Raskob's pridt | and joy. He likes to tell of its pro- ress and of the progress of the men | who have been assoclated with it. Made 80 Millionaires “They say Carncgie made 30 mil- lonaires over a perlod of years,” he once sald. “Well, we made 80 mil- lonaires in General Motors, Tn 1923 we induced 80 of our senfor and Junior executives to go into debt to buy General Motors stock. We got them to pledge themselves to buy $32,000,000 worth. That steck s worth $250,000,000 today. All ob- ligations have been pald and every | one of those men, even the junfors | who put in only $25,000 apiece, are ! jtg millionares.™ i For a giant of the business world, | nower plants Roskob has received surprisingly little personal pyblicity. His picture has seldom appeared In the papers before, he is seldom interviewed and the general public knows very little about him. He makes his home In Wilming- ton, Del., with his wife and their 11 children. He is a devout Roman | Catholie, and has given extensively to charity. an intimate Smith. Not long ago Raskob came out publicly for modification of the pro- For years he has been friend of Governor treasurer, and Raskob went along o Do'nft fool yourself: It make hibition law, writing an open letter | { Bureau of Standards Doing Best | plants certified as airworthy by the | vloped at specds ranging from 75 | Since halitosis never announces itself to the victim, you simply cannot know when s you unpopular with your own children +o0 Col. Patrick H. Callahan of Louis- ville, Ky., in which he declared that prohibition seemed to him a harm- ! ful influence on the country because it led to disrespect for law. GIVEN HARD TESTS, to Make Flying Safe Washington, July 20 (P—Making the air safe for civilians—at least to the extent of assuring adequate power plants for commercial air- | craft—is becoming an increasingly ! important function of the Bureau of Standards. i To meet the requirements placed upon it by the recent rapld expan- sion of commercial and private avia- tion, its laboratory equipment for testing motors is being increased and the nced for further additions already is foreseen. Under the air regulations of the Department of Commerce all planes permitted to engage in interstate commerce must contain power director of commercial aeronautics, and it is the bureau’s duty to make the tests on which he bases his rating and approval. For many years the engines used in commercial planes were those They were known to mect requircments, having been tested by the army and navy, but with the in- being built primarily for use in non- military craft ,and each new type must pass the burcau's tests. bureau’s examination’ must be ac- companied by a log showing its per- formance during a preliminary run of at least 25 hours. If that is sat- | endurance test by the bureau's ex- perts. This test is run in ten 5-hour ' periods to determine the power de- to 110 per cent of normal. The de- partment's requirements also call [ for an actual service test of the en- gine installed in a plane. Sound design, adequate materials, good workmanship and reliable p@- | formance of the engine and its ac- cessories are demanded, and each engine is considered on its own merits, there being no standard re- quirements relating to weight, fuel consumption or oil consumption per horscpower. Although the testing of commer- cial airplane engines s a relatively recent undertaking of the burea®. automotive scction has been studying the performance of such for more than ten years, Most o fthat work, however, was done with water-cooled motors, whereas all the new types thus | far submitted for the commercial | aviation tests have been air-cooled. presenting a number of quite differ- | ent problems. Serlous ake | | “Dad. we're going to take that short-sighted bloke to the doctor. He thought a stick was a snake.” | “Well, lots of other men have done that.” “Yes, but he picked up a snake to hit it with."—Sydney Iiulletin. you have it. Some parents blame everything but halitosis (unpleasant breath) when children are not affectionate. As a matter of fact, halitosis is often the cause. Don't fool yourself that you are free of it, because it is simply im- possible to tell when you have it. It doesn't announce it self. Eliminate tbe risk entirely by using Lis- terine every day,mom- ing and night. And between times, before meeting others. Face to face READ THE FACTS 14 had halitosis 6 hair dressers state that about every third woman, many of them from the wealthy classes, is halitoxic. Who should know better than they? Being a powerful deodorant, it im- mediately ends halitosis. If you have any doubt of its power as a deodorant, rub a little onion on your hand. Then apply Listerine clear. Immediately the odor is gone. Even the odor of fish yields to it. Don't take chances of offending your friendsand businessas- sociates when simply by using Listerine, you can put yourself on the polite, agreeable side. Lambert Pharmacal Company, St. Louis, evidence Mo, U.S. A, END HALITOSIS WITH LISTE RINE The safe antiseptic MEN It'’s a treat! The new Listerine SHAVING CREAM keeps skin cool long after shaving —an amazing sensation | SATURDAY ONLY Silk Hand Bags $2.39 wa Bmart printed silk bags and plain color silk moire bags In neat pouch and fiat | oy shapes with back or top strap //’// handles, Reduced for Satur- r// day only. /’ / //I/I/ 7 JU Formerly Priced at $18.00 and $19.75 Final Clearance Price For Saturday Only! 095 DAVIDSON Spectacular Saturday Values—The Final Day of Our LY CLEARANCE Dollar Day Values on Sale Until 9 o'Clock Tonight A Our Entire Stock of Four and Five Passenger Autos furnishings. increase its resale value. Silk Light Capitol Auto Slip Covers In a Final July Clearance Price that is Way Below Cost 695 Slip covers brighten and beautify your car— Made of sturdy slip cover material in attractive striped- colorings that will blend effectively with your ecar's upholstery and Patented snap-on fasteners, imitation leather reinforcements protect all wearing edges and add a smart touch, b A marvelous selling of women's silk frocks, stun- ningly fashioned of washable flat crepe including the lovely Flurry frocks. blue, orchid and white. Many smart styles. All Sizes, 16 to 52!/,—Including Missy Prints Final Clearance Prices On Summer Wash Fabrics Printed Piques Lovely smart printed piques, guaran- teed tub fast, for summer sport wear and coolie coats, beautiful new dainty colorful patterns. Specially priced at, yard ........ 1,000 Yards Printed Rayon Voiles For smart cool summer wear, lovely soft flufty printed rayon voiles, beautiful assort- ment of pastel grounds with large summer floral prints, guaranteed tub fast. Priced for Saturday only, yard ...... All Sales Final—No Exchanges F A choice of beautiful summer shades includes peach, yellow, pink, green, honeydew, Satin Twill Dress Slips Just unpacked another ship- ment of these beautiful satin twill slips. has a plain 2 Linen Bargains Table Linens Our entire range of Irish and Scotch snowy white linen damask in pattern cloths and napkins to match. Specially iced for Saturday, s e S0 Linen Table Cloths Heavy linen damask pattern cloths of fine Irish manufacture. Come in four neat floral patterns. Specially priced for Saturday, $ ‘ { 69 49¢ Silk Triangles Beautiful hand blocked silk triangle scarfs, printed on a heavy silk flat crepe in lo;;ly nev]»i summfr sport shades. For Saturday selling only, On Sale Saturday Only! 2 Spectacular Dress Values Group 2 Value to $2.95 Value to $4.95 $145 | $1.95 A choice of beautiful fabrics and smart styles, all well made in a selection of regular and extra sizes. Group 1 Made with ruffled hems in a choice of all colors and all sizes including extra which hem .. : 3 Regular $1.95 Value 79C pair weight gloves with a neat flare con- trasting color are grey and mode, Saturday only. SATURDAY ONLY Gloves summer cuft. - Colors On sale Blue, Grey and Red Striped Patterns | .59 Saturday Only 1,200 Pairs Discontinued of a $1.95 Number Chiffon Weight Half Heel Hose Every Pair Absolutely First Quality |29 Silk to the Top—Sizes 8 to 10 Only by special request were we able to purchase a very large quantity [ of these fine silk stockings. Comes ina choice of all fine hosiery shades.