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SOCIAL SECURITY ACT CARRIES IMPLICATIONS OF VAST CHANGES
* 014 RESERVE PLAN Effect on Present Wage Levels and Employment Hard to Guage. BY MALCOLM B. FLANDERS, Cambridge Associates Staff. "There is now a law in this country Which will give aout 26,000.000 work ing people something to live on when ■ they are old and have stopped work ing." i With this statement, biblical in its limplicity, the leaflet issued by the Social Security Board opens a descrip tion of the hopes and plans of those who framed this generation’s most ambitious piece of legislation. With the hopes, there is no general disagreement. With the plans, even 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 eld-age pensions will reduce to some extent the number of actively em ployed of 65 and more. These num bered 2.204.967, according to the 1930 figures. Many of these were engaged, of course, in domestic service, in agri culture, and in small establishments not covered by the present act. Roughly, therefore, perhaps we may guess that under present population figures not more than a million elderly workers will be removed from the em ployment rolls. Naturally, however, pensions will remove some of the pres *ure from the labor market, since ob viously many seek employment who •re 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 atead. 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 industiy. 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 ation in one form or another. Thus In the last analysis the total burden of any year's payments comes from direct taxation in the year of payment. Wherefore, then, the reserve fund, with its cost of administration, and why should we not recognise immedi ately that the whole burden Is borne In the year that produces the income unless the Federal budget is out of balance? This would enable us to get the whole mechanism into operation In short order, rather than postponing It for the purpose of establishing a fictitious 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 are sold from the reserve fund to meet these payments, but to whom? The 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 the administration of the social 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 lieve friction as much as possible from solution of the greatest problems in organization, management and rou tine the world has yet witnessed. REVISION IS PROPOSED IN U. S. SUGAR CONTROL Sr the Associated Press. NEW YORK, December 31.—Earl D. Babst, chairman of the American Sugar Refining Co., in a statement at the close of the year, says United States cane sugar refiners are waiting “urgently needed revision" of the Government’s sugar control plan fix ing quotas on imports of tropical Kilned sugar. “Three home refineries have closed,” he said. “The rest are operating at half capacity." He proposed a revision calling for Imports under quotas assigned to Cuba and this country’s tropical de pendencies In the form of raw rather than refined sugar. Food Shortage Faced. German business is increasingly concerned over the food shortage. It will be necessary to Import 2,000,000 tons of wheat and rye before end of crop year, payment of which requires practically entire gold hoardings. Sibley Sees Better Balance In U. S. Ecqnomic Structure By the Associated 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 Harper Sibley. States Chamber of Commerce. “Such an ad vance would be welcome enough under any cir cumstances. 11 has been particu larly significant in a period of re covery from de pression. It has promoted im provements in balance among fields of enter prise. Those which were at most disadvantage have, generally speaking, made most progress. "The greatest depression and the largest relative burden of unemploy ment were in fields which provide tools and machines and fuel for other industries to use in turning out the goods which ^consumers need. In the early Summer of 1B3S, the former on the average had got back only to 66 per cent of 1929 activity, whereas the figure for the latter Vas 90. By Oc tober, 1936, the former had reached 92.2 per cent and the latter 96.2. ‘These figures very succinctly Indi cate achievements in balance which, although exact percentages are as yet unavailable, have obviously per sisted to the end of the yeaT. "Such evening-up processes give stamina and vigor to the economic structure. "The business attainments of the year behind us consequently afford us an excellent basis upon which to enter 1937.” GENERAL ACTIVITY GAINSJ8PER CENT Expansion Largely Centers Among Durable Goods Industries in 1936. BY STANLEY N. SHAW, Standard Statistics Co., Inc. The most significant feature of the 18 per cent increase in composite in dustrial activity in the United States during 1936 has been the fact that this expansion has been so largely concentrated among the durable goods industries. Depression in these lines has been primarily responsible for the continuing unemployment and for the restricted volume of new long-term financing. The year closes with industrial ac tivity in the aggregate at virtually tile “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 to believe that a protracted period of 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 1938 and a forecast of a gain in aggregate activity for the year 1937 as a whole of 10 per cent appears reasonably conservative. Notwithstanding a persistent up trend in production costs, the trend 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 creasing in most lines, but little diffi culty should be experienced in passing these costs along to consumers under i present conditions. Moreover, revival j of business confidence and the huge potential credit supply, plus the main- j tenance of low interest rates, opens 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 i 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 companies. Although no major industry-wide strikes are likely, labor disturbances will probably be numerous next year. Nevertheless, the coming year should prove a period of further net gain in business volumes and profits. The forces of basic economic recovery, which are responsible for the current improvement in the heavy Industries, promise to more than offset any tem porary hindrances imposed by new Federal 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 220, 000.000 tons of coal since 1922. A New Year’* Suggestion Start the New Year right, by Investing your spare funds, through this Asso ciation, in First Mortgages on Homes in Maryland, D. C., and Virginia. Your regular return is safe and sound and makes an ideal foundation for all invest ment activities. DEMAND FOR OIL Improved Service to Public, Research and Stability Help Industry. By the Aitoei.ted Preu. NEW YORK, December 31—“The petroleum industry enters 1937 with its house in good order,” declares Ax tell J. Byles. president of the American Petroleum Institute. “It has expectations of a growing Axtdl J. Brie*. demand for pe troleum product* and offers every assurance that the progress made in 1936 in estab lishing industrial stability, scientific research and Im proved service to the public will continue. "P r e 1 i minary reports for 1936 indicate that the United States p r o d u c tion of crude oil*, refinery runs to stills and motor fuel consump tion reached new highs. Crude oil output is estimated at 1.092.600.000 barrels, or 8 per cent above 1935 and slightly above the previous record of 1929. "Total domestic consumption of motor fuel is estimated at 20.118.000. 000 barrels, or 10 per cent above the 1935 peak. "Increased demand for petroleum products, coupled with orderly pro duction under co-operation between industry and the interstate oil compact authorities, served to liquidate crude oil inventories to a satisfactory ex tent.” CONFIDENCE HELD BASIS OF UPTURN John H. Goss of Scoville Co. Urges Both Government and Trade Leaders to Co-operate. Bt the Associated Press. NEW YORK, December 31.—‘‘There could be no such record as 1936 has 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. Canadian Christmas trade was the best since 1929. The Tariff Board is probing glass prices on the claim that a plate-glass cartel is controlling the supply to automobile manufacturers and raising prices. 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 and prosperity. E. C. GRAHAM President Qualifies Forecast Because of Labor Unrest, Taxes and Money Policy. By the Associated Press. NEW YORK, December 31.—"It does not need an astute prophet to foresee that general business Is set for an expansion In 1937," declares Frank A. VanderllD. Frank A. Van derlip, former president of the National City Bank. “If one could be certain that the course of business would not be greatly denected by ob stacles other tnan the usual econom ic ones, he could salely predict a highly satisfac tory year. Any sucn 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 a 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 tures. We now have a largely man aged currency and credit situation. If the management is wise the result may be beneficent, but there will be fear of surprises in that quarter throughout the year. “The whole world is in a phase of conflict over fundamental political concepts. One may call it fascism versus communism, or it might be called dictatorship versus democracy. Rugged individualism seems to lie in no man's land between contending forces. 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 Take Sane Coarse. ! By the Associated Press. NEW YORK, December 31— James W. Hook, president. Geometric Tool Co., points out that “business during the nast vear has reacted strongly to the Janet VI. Hook. stimulus of natu ral recovery aug mented by cheap credit and huge G o vernment spending and It will undoubtedly continue its up ward trend during 1937. “The question is, can this up ward movement be kept under control? Or will we witness runa way markets that one day will falter 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 Aisocl&ted Press. The Commerce Department says that improvement in railroad finances during the last fiscal year “was a note worthy development” in the economic situation. "The economic recovery in this in dustry has been slow,” the department continued, “and but recently have managements been able to Increase their capital outlays. • • • “Further recovery in traffic from present levels will bring Important showings in operating results.” AVERAGE CHEN USES MORE STEEL Buying for Durable Goods Still Lags Compared With Home Items. BY T. M. GIRDLES, Chairman and President Republic Steel Corp. Nineteen-thlrty-six witnessed s re markable upturn in the manufacture and sale of products and devices which are bought by the American people to add to the comfort and convenience of living. This trend has been graph ically reflected in the steel industry. The average American citizen Is rapidly becoming in the last analysis the chief consumer of steel. Today about 80 per cent of highly finished steel goes into automobiles, refrig erators, household and farm equip 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 ha* 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 the growing demand for consumer goods. This indicates that the whole indus- ! 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 public, indicates the probability of a continuing high level of manufactur ing operations. It is doubtful whether any enduring 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 poses during the depression period. RUBBER DEMAND BEST SINCE 1929 J. D. Tew of Goodrich Co. Point* to Sharp Increases in Sales, Profits and Job*. Special Dispatch to Tha Star. NEW YORK, December SI.—Im proved business conditions in the rub ber industry in 1936 are shown not 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. president of the B. F. Goodrich Co. "The record established by the rub ber industry during 1936 was due pri marily to three factors: Improvement in general business conditions, elim ination of price wars within the in dustry, and increased production of 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. "Further 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.” Continued Climb Seen by Odium, Atlas Corp. Chief Br tht Associated Tress, NEW YORK, December 31.—Floyd B. Odium, president of the Atlas Corp., a leading Investment company, In a year-end statement says It appears “we can look forward to continua tion of prosperity through 1937." If war does not send the world into a tailspin. “Neither elections at home nor threatened wars abroad seemed to be able to arrest the cycle of economic recovery that was in force the last year,” he commented. "In the United States, perhaps due to the working of the natural forces of economic recovery, which undoubt edly were potently aided by the ‘pump* priming’ of purchasing power created by Government spending in recent years, business has been better than at any time since the depression.” LITCHFIELD PRAISES SOCIAL SECURITY Lofty Purposes Not Dimmed by Suspected Imperfections, Goodyear Chief Peels. 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 P. W. Litchfield. ing upon a course designed to im prove the social conditions of 26,• 000,000 employed in industry.” s t a t e s P. W. Litchfield, presi dent of Goodyear Tire & Rubber Co. “The lofty no bility of the purposes of the social security act — protection against the evils o f 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 j it is essentially sound as it now J stands in the provisions which call | for Joint contributions from employers j and employes. The task of pioneer- | ing to such worthy goals merits the j sincere co-operation of the employers, 1 employes and the Government. "Further development will occur ' In 1937 in another trend of vast social importance—decentralization in in dustry. Many large manufacturers, fared with the necessity of modern izing their facilities, 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 la becoming more active and more profitable." INCREASE PREDICTED IN U. S. SULPHUR SALES Br the Aste elated Press. NEW YORK. December 31— Lang- 1 bourne M. William*. Jr., president of the Freeport Sulphur Co., with mine* in Texas and Louisiana, forecasts in a year-end statement increased do mestic sales of sulphur in 1937. “Steel mills, fertilizer plants, rub ber fartories. 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 fields will be reflected in an Increased sulphur sales volume.” He estimated 1936 sulphur produc tion at about 2.000,000 tons, an in- j 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 Mortgage Loans * District of Columbia, Nearby Maryland and Virginia Homes Business Apartments Properties Terms from 3 to 15 years Also Monthly Payment Loans Randall h.hagner & Company INCO»*0*ATEO Mortgage Loan C! orrc spondint 1321 Connecticut Ave. N.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. DIBECTOB8 fbll E. Darla Mahrin C. Haaaa Alfrad H. Tartar W«. t. Btehmrda ■award B. Nartaa Eraaat IL Catria wif^r! cfrLI^TON Itimbin ot 'F£g&JTl'£2?JS22' DUMCTOBS. Pre4 a. Smith L. Parry Watt H. B. Ion Jama* A. Saaar C. PllnUa Jamaa WaMar C. Darla Soaring Demand for Power Cannot Be Met With out Facilities. BY MAX W. BABB. President, AUU-Chtlmers Co. The business of Allis-Chalmers Man ufacturing Co. divides itself Into two major group*—one relating to the gen eral machinery lines, which formerly constituted its prtcipal products, and the other to the farm machinery and tractor division, which in more recent years has become prominent in volume and results. The present outlook for the company in 1937, in both of these divisions, appears encouraging. In the so-called standard lines there was some increase in business in 1936 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. For 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 in Inefficient plants, as many com panies are faced with the necessity for lower generation coats and only the most efficient machinery and skillful operation will enable them to operate on a satisfactory, profitable basis. There is, therefore, good reason to ex pect increased business during 1937 from this source, provided the com panies are permitted without severe undue burdens to properly meet the enlarged demands. TIN CONTAINER FIRMS FORESEE BIG GAINS O. C. Huffman, president of the Continental Can Co., says prospects (or the largest volume of business in many years are now indicated for 1937 in the tin container industry. “The statistical position of the canned foods industry, the largest consumer of tin containers, is strong, j indications being that the stocks of 1 most staple foods to be carried over! from the 1936 season will be small," he says. “The favorable statistical position and improved prices prevailing in the canning industry together with in- i creasing per capita consumption of canned goods, offer prospects for in- i creased planting of canning crops and i larger cannery production schedules. “Other principal markets for tin containers also offer encouraging prospects for increased volume In 1937." I r~ TOO ABRUPT BRAKE Hopes Reserve Board Will Avoid Curb on Legiti mate Enterprise. BY WM. B. BAILEY, Economist, Travelers Iniurtnee Co. The prospect* for business In gen eral appear to be very good for 1937. If building continues to improve, that should sustain activities in the sup plying industries, and should Increase car loadings for the railroads. Pay roll* are Increasing and relief will be continued for the unemployed, which should mean an active retail trade. The railroads are ordering new rails and equipment; the public utilities will soon have to expand their capac ity, so the heavy industries should en 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 what occurred In 1928 and 1929. However, the expansion of credit by the Gov 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 ary price rise. If such a rise began to develop, it is very likely that drastic steps might be taken to check it. The Federal Reserve authorities have been given some new brakes to check a runaway market which they liave not yet had an opportunity to test. If it should be necessary to apply them, the brakes may take hold a little too abruptly, checking legiti mate business enterprise as well as speculative activity. However, the posaible 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 a far more disturbing effect on business in general than any efforts to check it in its incipiency. If a 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 Bj the Alienated Preai. PHILADELPHIA. December 81 — John 8. Sinclair, president of the Fed eral Reserve Bank of Philadelphia, reports business conditions In this district “indicate a prospect of con tinued activity.” “Business conditions In the Phila delphia Federal Reserve district con tinued to show pronounced gains dur ing 1936. reaching the highest level since 1930,” he observed In a year-end review. Complete Investment and Brokerage Service Mtmbert New York Stock Exchange Baltimore Stock Exchonge Washington Stock Exchange New York Curb Exchong* (Associate) Mackubin, Legg & Co. BASEERS-Est. 1S99 WOODWARD BLDG. 15th fir H Sts. N.W. Redwood & South Sts. - 16 Wall St. Baltimore New York JAMES M. JOHNSTON & CO. ANNOUNCE A CHANGE IN NAME TO JOHNSTON, LEMON & CO. . AND THEY TAKE PLEASURE IN ANNOUNCING THAT MR. BERNARD J. NEES AND MR. HARVEY B. GRAM, JR. 4 HAVE BEEN ADMITTED AS GENERAL PARTNERS JOHNSTON, LEMON & CO. MEMBEKS WASHINGTON STOCK EXCHANGE SOUTHERN BUILDING WASHINGTON, D. C. GEORGE M. FERRIS & COMPANY, Inc. Washington Building, Washington, D. G No. 5925-26 Investment Securities Members Weskiegtee Stock Exckmge Wa invita tha invastmant publie to mako usa of our enlarged statistical services throughout the coming year.