It Stays Right With You Cooper-of-Bennington is the originator of the Spring-Needle Knit fabric that has become so popular with people who wish to be well underclothed. For nearly forty years he has been making the machines that knit this peculiar stitch and running the factory that produces the Original Spring-Needle Knit Underwear Made by Cooper-of-Bennington Note the elasticity of the fabric. You can stretch it and it springs right back to its knitted shape, and washing won't take out the spring. Made with the added comfort of the patented closed Crotch, it is the best underwear you can COOPER'S CLOSED CROTCH PAT. OCT 18, 1910. UNION SUITS BENNINGTON.VT. buy. Wilson Bro's Sole Distributors CHICAGO man out of his business and the farmer Trafickers in Time of F MR. ANGELL proves to us that In 1913 "A vast capital is involved; Armstrongs man will sit on three, four, or even six SONG POEMS WANTED Music to your nor is the further 'marked connection be verses and arrange for publication immediately. Write today. Dugdale Co., Studio 296, Washington, D. C. The Deaf Write for our latest scientific hearing instrument, the perfected 1914 Model New 8-Tone Mears Ear Phone EIGHT times as efficient, EIGHT times as powerful, EIGHT timea as convenient, EIGHT times as helpful as our for mer One-Tone model, and with double the efficiency of our well known 4-tone. Eight different sound adjustments, instantly charged by a touch of the finger. Free Trial Sold only direct from our New York office on trial at our expense. Test it for 15 days. It costs nothing if you do not want to keep it. Easy monthly payments if you wish, at the lowest net laboratory price direct to you. Send for this offer and the Mears Booklet-FREE. Mears Ear Phone Co., Depk, 1316,45 West 34th Street, New York. tween armaments-shareholding and active LISTERINE: Use it every day ISTERINE applied to the scalp every day, either full strength or diluted, is almost a specific for dandruff. This is but one of the many uses for Listerine in the range of personal hygiene. Use it as a mouth-wash, for relieving cuts and burns and skin affections, soothing the itch of insect bites, etc. Listerine has many imitators, but none of these possess its safe, non-poisonous, antiseptic properties. Acousticon Wonderful for the DEAF Now every deaf person can learn by actual trial, without a cent's risk or FREE TRIAL Not one cent in advance. We send an "Acousticon" at OUR risk-try it under all conditions 10 days. If it doesn't enable you to hear better than any other instrument and give you perfect satisfaction-clear hearing-simply return it. You lose nothing. No other instrument DARE openly compete with the famous "Acousticon" on its no money in advance plan. The "Acousticon" has nothing to hide. REMARKABLE PROOF Magnifies sound 400 percent-regulates to suit your individual needs. Covers all 48 degrees of deafness. Deafness grOWS delicately exercises and livens the inactive muscles and worse if neglected. The "Acouembranes of the ear, checking the progress of deafness and decreasing the degree. No differ- EASY TERMS your owning an ticon" our liberal pay. ment plan makes it easy. Don't delay trying an "Acousticon When notifying Current Opinion of a change in address, subscribers should give both the old and the new address. This notice should reach us about two weeks before the change is to take effect. Τ LIGHT FROM THE CLAFLIN FAILURE Internationalization of the Armament Industries. HE great manufacturers of warlike implements have internationalized their trade. Ammunition of all kinds goes freely abroad from England, and the hillmen of the Indian frontier or the road-bandits of Persia shoot English soldiers with English bullets. All over the world rebels and brigands are armed by European traders, and in 1910 England's Japanese allies sold 60,000 rifles and 6,000,000 cartridges for use against the French and the English in East Africa. To quote again from the Perris book as summarized by our London contemporary: "The federation of the world,' Mr. Perris admits, may be a poet's dream, 'but the internationalization of the armament industries is becoming a fact. The Nobel Dynamite Trust Company is 'an Anglo-German alliance,' with half a dozen Germans on its board. Armstrongs have works at Pozzuoli and Genoa, where they build warships for Italy. Together with Vickers they own half the new ordnance and armor-plate works at Muroran, in Japan; and the e two, with John Brown and Co., are building Spanish battleships at Ferrol. This movement culminated in 'the extraordinary combination of British, German, French, Italian, and American firms,' known as the Harvey United Steel Company. Compared with this 'federation of the world,' the cosmopolitan syndicate (an alliance of Armstrongs, Vickers, Krupp, Blohm and Voss, Schichau, and Schneider of Creusot), which is rebuilding the Russian navy with money borrowed from French and other foreign investors, is an unpretentious little tea party of manufacturers. "Logically, indeed, the Russian program is the most absurd of all: 'A land which Nature has made impregnable must be armed against foreigners-by foreigners.' However, it goes on, and when more money is required from the patient French investor a German scare is easily worked up." Mr. Perris discusses at length the "Navy Fashion-Shop" and the Dreadnoughts, and attempts to show how frivolously patterns of warships are changed. The last, most costly folly, he declares, is the oil-burning warship. 215 Acid Tests of Realty Bonds The best real estate bonds are investments of the most gilt-edged safety, bought freely by banks, trustees, insurance companies, estates, and others requiring securities of the most assured soundness. It is now time to re-define the standards of safety in this class of bonds. Our experience of 32 years as specialists in this class of securities without the loss of a dollar of principal or interest to any of our clients should give some weight to our definition. This definition may be summed up in the following simple "acid tests' which any investor may apply: Mortgage Are the bonds a direct first mortgage on the property securing them? Margin of Safety Is it ample to protect the bondholders? Serial Maturities-Do the bonds mature in serial installments so that the margin of safety is constantly increasing? Earnings-Is the property improved and producing stable net earnings of at.. least twice the interest charges? Is the Real Estate Conditions property located in a city where realestate values are solid. stable and constantly advancing, and not dependent on booms or speculation?" Sponsorship-Are the bonds offered by a responsible investment banking House, not connected in any way with the ownership or management of the property? We wish to point out that the first mortgage 6% serial bonds we sell, in denominations of $100. $500 and $1000, meet these and all other requirements of safety. We have prepared a special booklet explaining these tests more fully and describing these investiments in detail. Write for Circular No. 579-I S.W.STRAUS & CO. with commercial paper is the absolute necessity of an efficient system for its registration. This question has been agitated by certain bankers and business houses for years with little effect. A few business houses have voluntarily adopted a policy of having all their notes registered, usually with some trust company. Their object has been to prevent the issue of any paper fraudulently or to a larger amount than is disclosed to purchasers of the notes. For lack of any established mechanism for the registration of paper, however, this movement has not gone far. The Claflin Company had sold large amounts of commercial paper through note-brokers to many widely-scattered banks. It issued much of this paper in the name of its subsidiary stores to its own order and sold them under its own endorsement. In many cases these notes were issued by the treasurer of the Company in New York without the knowledge of the operating officials. The Hennessey Company of Butte, Montana, in this way contracted liabilities of $1,690,000, for which it received no benefit and through which its otherwise excellent financial condition was made unsound. A system of registration would have prevented the issue of these notes without the knowledge of the responsible management. Registration of Commercial Paper. T IS true that these notes were legally issued, yet the practice was clearly improper and unsound. The Claflin Company apparently followed a policy of meeting one note by the issue of another until the mass of outstanding paper became enormous and liquid assets dwindled to the point where receivership was necessary. The very ease with which paper could be floated far and wide on the strength of so distinguished a name as Claflin led to the undoing of the Company. If there had been an efficient registration system its effect would have been to compel sounder financial methods to the advantage of the Claflin Company and its creditors. The trend of opinion favors the new Federal Reserve Bank as the most effective agency for registration. While the power to compel registration is not explicitly given to the Federal Reserve Board, it has power to determine under what conditions paper shall be eligible to rediscount. It is generally considered that, if the Board insisted that all paper be registered to be eligible to rediscount, the effect will be to cause the registration of all paper held by National Banks, except small local notes in which registration is not considered necessary. $11.55 This unusual sectional bookcase of an unusual price is sold to you instead of the dealer. It represents the highest ideals of the Master-craftsmen. Massive in appearance. Of superior materials, better design, more substantial construction, and finer finish. As a home for good books it has no equal. LOOK BETTER WORTH MORE You and your heirs will be proud to own this real bargain. Everyone admires its beautiful proportions, its many special features of exceptional value, its dustproof, smoothlyworking, properly balanced doors that can't stick. Sold on the money back plan, safe delivery and satisfaction guaranteed. Send $13.05 for this offer. Ask for catalogue showing all styles and combinations. We pay freight on all shipments as far west as Wisconsin and s far south as Kentucky. Special allowance on freight to other points. STANDARD BOOKCASE COMPANY 117 Southern Avenue Little Falls, N. Y. for Bungalow Size (26 1-2 inches) or $13.05 for full size (35 inches long). White Oak, selected for strikingly handsome and uniform grain pattern. An ornament to any home or office. This Christmas or Anniversary Gift will be appreciated. Genuine Mahogany, Bungalow Size $20.55, full size, $22.05. The War-How Will It As soon as the tremendous extent of the conflict became certain, our corps of research specialists set to work to gather the facts affecting American business and to analyze them. The task occupied their days and nights for over a week. Then Joseph French Johnson, Chairman of our Advisory Council, prepared a concise report that summarized the whole situation. It was issued as a part of the Special Service given to all subscribers to The Modern Business Course and Service The report was in their hands within two weeks after hostilities began, and was of vital importance to them, as such executives as Morris May, Second Vice-President of A. B. Kirschbaum and Company, have testified. This is but a single instance of one kind of service that the Alexander Hamilton Institute is continually giving, and that its subscribers find of inestimable value in meeting their individual problems. All this service is in addition to the regular reading course, which in itself gives a business man command of principles in every department of business, and thus make him better able to grapple with emergencies. Only the man who is a master of business as a whole-not simply of one narrow specialty can measure up to the big opportunities of today. What Representative Subscribers say: "Your Course constitutes a splen- "There is a lot of valuable busi- "It is not only the most instruc- And this is as true for the younger department heads, assistants and clerks as it is for the officers and executives of the biggest corporations. No matter what your business position, you need the organized knowledge of business. that the Modern Business Course and Service gives you in systematic, timesaving form. Today can be your opportunity. Are you ready for it? If you wish a copy of Joseph French Johnson's report, "The War and American Business," we will gladly send it to you upon request. At the same time we will send you also a copy of William H. Lough's 116-page, bound book, "Forging Ahead in Business," which contains a message that has appealed to over 20,000 live, progressive busiAsk for them on your business letterhead or fill out the attached coupon. ness men. Alexander Hamilton Institute 35 Astor Place New York City The authority behind the Alexander Hamilton Institute is shown by the membership of its Advisory Council: Joseph French Johnson, D. C. S., Dean of the New York University School of Com- Frank A. Vanderlip, LL.D., President of the National City Bank of New York. Jeremiah W. Jenks, LL.D., Professor of Government, New York University. If your typist spent two hours every day with her arms folded -Well, what's the difference whether she sits with her arms folded or sits at your desk making pencilmarks in a note-book? Every minute of the time is wasted, either way Every minute of the time she might just as well be writing on her typewriter. Cost? Man alive, the Dictaphone System isn't a cost at all. It's an economy. The saving in "overhead" shows up the very first day. THE LONG-DEFERRED DECISION ON RAIL T WAY RATES HE long-expected decision of the Interstate Commerce Commission on the application of the eastern railroads for an advance in rates was finally handed down last month. The delay in rendering the decision has been held accountable in some quarters for the current depression in business, and a favorable decision has been hoped for to relieve the low state of mind of business men. But it has eventually arrived at a time when its effect is almost lost sight of. The Interstate Commerce Commission asserts that the decision is not of the gravity generally ascribed to it. It is certain that it could not bring about any pronounced change in business conditions excepting so far as the business troubles are due to loss of confidence on the part of business men in the justice of the treatment of railroads and other public service companies. If the present business depression continues, with the consequent lack of traffic for the railroads, moderate advances in railroad rates could not by any possibility compensate the railroads for their lack of tonnage. Consequently the somewhat disappointing character of the decision may be expected to have very much less effect upon the immediate future of business than the prospect of abundant crops. The grounds upon which the railroads asked for rate increases averaging about 5 per cent. are summarized by THE DICTAPAVNE the Interstate Commerce Commission REGISTERED as follows: "(A) That the rate of return in net operating income upon the property investment is declining. "(B) That the principal cause of this decline is a steady and constant increase in operating expenses, due to matters of a continuing character, such as wage increases, legislative requirements, and the necessity of maintaining a higher standard of track, equipment, and facilities generally. "(C) That the return upon money invested in railway facilities since 1903 has been utterly inadequate, and that no return at all has been received upon the money so invested since 1910. "(D) That the effect of these things is so to impair the credit of the railroad companies as seriously to check the normal construction and development of railway facilities which are required to meet the public demands." Attitude of the Interstate Na case such as this one, the part of the Interstate Commerce Commission is primarily that of judicial consideration of the conflicting interests of the railroads and the public. The attitude of the commission is stated as follows: New York Times New York World New York Herald Saturday Evening Post Metropolitan Magazine Outlook Fra European War News -in fact news of every description-appearing in the pages of the above publications and most others of prominence-is'written first by their correspondents or contributors on CORONA Folding Typewriters They choose the Corona because it can be carried anywhere easily-because it's so light (6 lbs.) that its weight is hardly noticeable, because it folds up so compactly that it occupies a space of only 34 in.x101⁄2 in.x9 in., and finally because it's a real, standard typewriter in every detail, differing only from its more cumbersome brother in size, weight and price. You, yourself would save much time, worry and expense if you owned a Corona. Prove this statement by simply filling in the little coupon to the right and mailing to us today. By return post you will receive Booklet No.77 that gives full particulars. Send NOW! Corona Typewriter Co., Inc. Groton, N. Y. (Formerly Standard Typewriter Co.) 141 West 42d Street, at Broadway, New York City Agencies in Principal Cities of the World Kindly send booklet No. 77 to Corona Typewriter Co., Inc., Groton, N.Y Street.......... FALCON PEN The most popular pen in the worldEsterbrook's Falcon No. 048. The standard pen for general correspondence, combining a smooth, medium point with large inkholding capacity. Write for illustrated booklet. Esterbrook Pen Mfg. Co. |