PEBIR CCK pee (OSS NS SS OOS bo i BS YY ~ f oN ZF CPA) LOG an Cor Sa mG ) ye Ea ae fOr ed i} ph AEP SGT CES A gS CSF \¢ Meee » eX a za Y eG : KW daa CM ON PETG 3 iS te BG Yaa GB] é “Of a Sj ORE GG eae Neer Cee ee Sees SPPUBLISHED WEEKLY 9.7% UE ADESMAN COMPANY, PUBLISHERSA <3) Aik SAE SS SI FOOLS Forty-seventh Year GRAND RAPIDS, WEDNESDAY, SEPTEMBER 25, 1929 EE I OT OIE OT OI OT OO CEE ROTO OT TG ee oe eee eee THE GRASS ‘he grass knows well in her secret heart How we love her cool green raiment, So she plays in silence her lonely part And care not at all for payment. We say of the oak, “How grand of girth!” Of the willow we say, “How slender!” And yet to the soft grass clothing the earth Tow slight is the praise we render. Each year on the earth’s wide breast she waves From Spring until stern November; And then she remembers so many graves That no one else will remember. Hach year her buttercups nod and browse With sun and dew brimming over, Each year she pleases the greedy cows With oceans of honeyed clover. And while she serves us with gladness mute In return for such sweet dealings We tread her carelessly underfoot. But we never wound her feelings. rage SE ene news ee Sse7 TTS Rl {

<. News of Interest of Grand Rapids Council. Next Saturday, Sept. 28, the first meeting of this season of the Sales- men’s Club will be held at the usual place, Rowe Hotel, English room, at 12:30, instead of 12:45 as formerly. Various times members have thought that the Club adjourned at too late an hour so we are going to start a lit- tle earlier and endeavor to close con- siderably before 2 o’clock. The execu- tive committee held a meeting at the Elks Temple Monday, at which time President Radcliffe outlined some plans for this year and these came up for various discussions. It has been de- cided that the programmes for the successive meetings will be in charge of a committee appointed for that month, who will furnish the entertain- ment or educational talk, as the case may be. There has been no speaker invited for next Saturday’s meeting, as that will be largely a get-together social gathering. It is to be hoped that all the members will be on hand, as well as any of the salesmen in this territory who would like to become affiliated with the Club. It might be said at this time that the Salesmen Club is the only noon-day luncheon club of the kind in this country, inas- much as it is devoted entirely to the interest of salesmen. Your wives have a cordial invitation to attend all of the meetings. Speakers at the luncheon are to a large extent, those who ad- dress the other more prominent lunch- eon clubs and their talks are always worth while — sometimes educational and sometimes humorous, usually both. The social contact gained at meetings of this kind are 100 per cent. worth while and should be enjoyed by every salesman in this vicinity. A drive is #bout to be started to increase the membership to 200. The committes in charge of the en- tertainment for the October 6 meeting of the United Commercial Travelers were on hand at the Council rooms last Saturday evening. It was learned that Mrs. J. B. Earl, President of the Michigan Ladies Auxiliary, will be on hand for this meeting to stimulate the organization of an Auxiliary to the Grand Rapids Council. Various mem- bers of the committees are going to get in touch with all of the resident members of Council No. 131 and per- sonally urge them to be on hand for the meeting at 3:30 Saturday, October 6, and if not possible to be there for the meeting, come for the banquet at 6:30. This meeting undoubtedly will be a huge success and those not at- tending will miss a real evening’s en- joyment. Notices will be sent to the members advising them to reserve plates for the dinner. This surely will have to be done in view of the fact that the Council is putting this meal on at cost and must know how many people will be on hand for eats. Secretary Homer Bradeld wishes to call the attention of every member to the questionnaire which has re- cently been sent them. This should be filled out and returned as directed without delay. He also urges every member who may be out of work to get in touch with him for an employ- ment application. Already several lo- cal jobbers and manufacturers have been in touch with Brother Bradfield concerning available salesmen. The employment service will mean a great deal to Grand Rapids Council and its benefits should be enjoyed by every member seeking a position. Remember, Saturday Oct. 6, meeting at 3:30; dinner 6:30; dancing 9 p. m. Be there and bring the ladies. €. ¢C. M. a a Late Business Changes in Indiana. Anderson—Mrs. G. C. Hershberger has discontinued her grocery and meat business at 1223 Locust street. Anderson—J. O. Todd purchased the Sadler Grocery and Market. Cambridge City—C. A. McKee sold his meat market on West Main strect to Fi. €. Edinburg—Ed. Nail has discontin- Johnson. ved his grocery and meat business at 309 North Lincoln street. New Albany—Michael Steinert, pro- prietor of the grocery and meat mar- ket at 2019 Charlestown boulevard, died at his home. New Castle—A. B. Himes. who is in the grocery and meat business here, is erecting a store building at Shapp avenue and 21st street. Vincennes—A. T. Worstell Grocery Co. purchased the grocery and meat market at 1016 Wabash avenue from George Burnside & Son. Garv—The Consumers Packing Co., Inc., has been organized here, with a capital stock of 120 shares, $100 par value, to deal in meat and other food products. The incorporators are Louis Gross, Jack Weiss and Herman Weiss. St. Paul—Carl Wolfe, who has con- ducted a market here for twenty-two vears, has sold his business to James Wilson and plans to retire because of ill health. Vevay—The Krummel meat market has added a grocery department. a Chain Stores No Benefit To Banks. At a convention of chain store own- ers, held in Chicago Monday, Craig B Hazlewood, President of the Ameri- can Bankers’ Association, told the chain store executives that they must change their attitude towards the local bank in the community if they were to achieve good will in that community. ‘Inf a survey conducted recently by the American Bankers’ Association Journal, it was shown that the aver- age chain store does not maintain an adequate bank balance in the local bank to make the account of any value to the bank; does not use the bank’s loaning facilities and abuses the free services which the bank has to offer,” Mr. Hazelwood said. “The bank is an important local in- stitution and must be supported for the part that it plays in the upbuilding of the community which is the chain store’s market,” he continued. “Tt is your duty to establish better community relations in general.” 2 MICHIGAN TRADESMAN September 25, 1929 IN THE REALM OF RASCALITY. Questionable Schemes Which Are Under Suspicion. Some years ago Harrison Parker was exposed as a swindler by the Tradesman because of the crooked- ness he undertook to put across in connection with the founding of Fruit- vale, Muskegon county. He immedi- ately retaliated by suing the Trades- man foe $50,000 in the United States District Court. The Tradesman spent upwards of $800 in preparing to de- fend the suit, but the day before the case was set for trial. Max Pam. the noted criminal lawyer, shipped over from Chicago, reimbursed us for the money we had expended in the deter- mination to defeat his client's claim for damages, paid our lawyer his charges up to date, paid all the court costs up to that date and dismissed the case. We played the matter up as strongly as the circumstances justified at the time and have since had occa- sion to warn the people against this cheat in connection with his fraudu- lent Co-operative Scciety of Ameeica, which swindled his investors out of mlilions of dollars; also his attempt to establish a National bank and a trust company in New York City. On information furnished by the Trades- man the New York Times and_ the New York World, both of them great metropolitan newspapers, denounced Parker as a crook. He sued each of them for $1,000,000 damages, but a New York City tribunal threw the cases out of court and the financial undertakings of Parker in New York City promptly collapsed. so far as he was concerned. Now he appears to have returned to Chicago and engaged in another questionable undertaking, judging by the following news item in a recent issue of the Chicago Tribune: Harrison Parker, whose Co-opera- tive Society of America, a financial dream of nation wide chain stores, was wrecked on turbulent financial shoals, was named defendant yesterday in a bill for accounting filed in the Circuit court by the North American Trust Co. of Evanston. The bill charges that Parker has obtained control of the company and is in possession of $350,000 belonging to it. The bill alleges that when the com- pany was organized in April of 1926 as the Iroquois Trust Co., Parker vol- unteered his services as financial ad- viser and effected increases of capital- ization so as to hold voting power through men he controls. These are named as Joseph H. Strong, general manager of the Hancock Insurance Co.; J. A. McDonnell and B. B. Brad- shaw. Parker is charged with having manipulated funds to give a semblance of legality to increases of capitaliza- tion. Tt is also charged that Parker con- verted $75,000 for his own ends in one deal and is withholding approximately $250,000 alleged to have been falsely received. He is said to have received all company mail, although he tech- nically held no office. The suit was filed by the law firm of Lewis, Folsom & Murdock. A. stock-selling operation which has been carried on continuously for a period of nearly nine years was halted Sept. 10, 1929, when Vice-Chancellor John J. Fallon, in the Chancery Court of New Jersey, under the New Jersey Securities Fraud Act, issued a restrain- ing order on petition of William A. Attorney State of New Jersey, enjoining the Wrigley Pharmaceutical Co., Atlantic City, N. J.. from further sales of stock in New Jersey, pending the final deter- Stevens, General of the mination of the case. The Attorney General of New Jer- sey had been endeavoring for some time, to obtain from the Wrigley Phar- maceutical Co. certain specific facts concerning this corporation which the law empowers him to demand. The Attorney General has charged that the corporation has “failed, neglected and refused to file the statement and re- port as required” by his department and a part of the order issued by the Vice-Chancellor requires the corpora- tion to now furnish this information. The present Wrigley Pharmaceutical Co. (of Delaware) is the successor of the Wrigley Pharmaceutical Co. (of Pennsylvania). which was the succes- sor of Wrigley & Co., a partnership organized in 1913. The De'aware company was incor- porated in December, 1920, with an authorized capitalization of 1,000,000 shares of stock with a par value of $1. This capitalization has been in- creased from time to time until at the present time there is a total author- ized capitalization of 3,000.000 shares, divided into 1,000,000 voting shares, par value $1, and 2,000,000 non-voting The Attorney Geneeal of New Jersey alleges that he shares, par value $1. has been informed, and he believes it to be true, that practically a'l of this stock has been issued and is now outstanding. The Attorney General of New Jer- sey has charged in his complaint as follows: : “Its (Wrig'ey Pharmaceutical Co.) ostensible purpose was the manufac- ture of Spearmint tooth paste, actu- ally, its purpose was to fraudulently avail itself of the trade mark and good will of the William Wrigley, Jr., Co., of Chicago, manufacturer of chewing gum. To this end it managed to copywright a trade mark featuring the woeds, ‘Spearmint tooth paste’ appear- ing on a back-ground of red and a broad single arrow with the name Wrigley printed in bold, green letters over it. This was almost identical with the famous William Wrigley, Jr., chewing gum trade mark, but was granted in spite of the objection of William Wrigley, Jr., Co., chewing gum manufacturer.” It has been revealed that in Sep- tember of 1919 an agreement was en- tered into between William Wrigley, Jr., Co., of Chicago, manufacturer of the well-known Wrigley Spearmint ehewing gum, and the Wrigley Phar- maceutical Co., whereby it was agreed, among other things, that the design and lettering theretofore used by the Wrigley Pharmaceutical Co. would be discontinued. This led to an altera- tion of the design; but not to the im- pression alleged to have been made on the minds of prospective purchasers ot shares in Wrigley Pharmaceutical Co. Many years ago the Wrigley Phar- maceutical Co. began sending out vast quantities of letters signed by its pres- ident, W. W. Wrigley, offering in combination shares of stock and with tubes of Spearmint tooth paste. One letter concluded with the statement that 665 bankers are stockholders in the company. This letter also read: “To a limited number of highly rep- resentative people, we offer the oppor- tunity of becoming a stockholder on a ground floor basis. If you will send us a check or money order made out to Wrigley Pharmaceutical Co. for $10, we will have issued to vou or your order ten shares of our stock, par value $1 per share. We will also send you two dozen tubes of Spearmint tooth paste, our regular 25c size, for your home supply. The total value of this offer is $16, but will cost you only $10. This plan is strictly an advertising one and is very costly to the company.” The corporation has exercised in- genuity in framing its appeals to the public to purchase its steck and to interest existing stockholders in in- creasing their stock holdings in the company. In addition to providing purchasers of stock Spearmint tooth paste. they issued to existing stock- holders, in 1927 an alleged right or warrant which purported to give the stockholder the “privilege” of sub- scribing to additional stock at $1 per share and telling the subscribers at that time that the corporation pledged itself not to authorize any increase in the price of its stock during the period of time these rights were in force. Again, in 1928, stockholders were of- fered “rights” to subscribe at $1 per share to stock in the Wrigley Tooth Paste Co., Ltd., a subsidiary corpora- tion organized in Canada in February, 1928. At the same time the company started a_ stock-selling campaign in Canada offering a bonus of tooth paste with the shares of stock. In 1929 stockholders were given a thirty-day option to buy thirty shares cf the Class A stock at $1 per share, described as an offer made “prior to preparation to apply for listing on the New York Curb Market,” but no such application was ever filed with the New York Curb Exchange. During many years, prospective pur- chasers of the stock were given highly optimistic predictions as to the pros- pects of this stock as an investment. In spite of this prediction, the com- pany itself, in a printed copy of a balance sheet as of Dec. 31, 1927, which was sent to stockholders, stated that up to Dec. 31, 1927, there has been a loss from operations of $100,452.17. Other interesting figures in this bal- ance sheet were: “Advertising ex- penses, etc., stock selling expenses and commissions, stock selling ex- pense, merchandise at cost, $835,- 866.23.” Also “Trade Mark, formulae, good will, etc., $992,872.64.” At that time the corporation reported capital stock outstanding $1,661,844. There is no record of any dividends having been paid to the stockholders by this corporation. Those persons who had purchased the stock at $1 per share and who desired to dispose of such shares during he past year, have found bids ranging from a low of 10c to a high of 30c per share. The attempt of the Attorney Gen- eral to obtain for the benefit of the citizens of New Jersey, an insight into the financial condition of this corpo- ration is of real public interest. —_2-+____ The Drift of the Day. A business man writes that his job has grown so easy and he enjoys it so much that he is afraid he ought to get into something harder. Better stay put. A man’s business ought to be easy for him and he ought to enjoy it. You are undoubtedly in the right job and you ought to hang on to it and it will grow as you con- tinue to grow. We do best the things we do easiest. This is not to say, of course, that some hard things ought not to be tackled when we come up against them. There are always enough of these hard spots in life and hard jobs to furnish us with the necessary discipline; but the big- gest part of the time one’s work ought to be easy, pleasant, a game. If it is not so, then it is time to be looking about for some other line of activity that will be more congenial. Spiritless drudgery, work in which there is no joy, takes the life out of you faster than anything else in the world; but a job to which you turn with pleasure and which furnishes constant en- thusiasm and exhilaration is the nor- mal type of job for you. Mark Twain was one of the hardest worked of American literary men. He lost a fortune or two by fire and bank- ruptcy, and set to work and made other fortunes so that he left his fam- ily comfortable. Remember the answer he made to a question at his birthday dinner in New York when he was past seventy? Someone asked him how he kept so fit at such advanced age and he replied: “T’ve got certain rules that I have always followed. They may not fit you, probably will not fit anybody but myself, but here they are: If I eat any- thing that disagrees with me, I keep on eating it until one or the other of us gets the better of it. I never smoke —more than one cigar at a time. I never go to bed as long as there is any- body to sit up with, and T never zet up until I have to. And I never did a stroke of work in all my life.” You have to interpret these rules, allowing for the exaggeration and the humor; the one I want to emphasize is the last one. He said he never did a stroke of work in all his life, by which he meant, of course, that all his work was play to him, recreation, a game. Just what a man’s work ought to be, and just what most men’s work is, without much doubt. By all means, stick to your easy, happy job. There are hard bumps enough in life. Don’t go out looking for trouble. ————_2e.-—2>_____ Work done without a will is a step- ping stone—down and out. vant rene f f { i t saa vant eae ee mee ene } SEE September 25, 1929 MICHIGAN TRADESMAN OUT AROUND. Things Seen and Heard on a Week End Trip. During the past two weeks I have been pretty busy in court as defend- ant in the libel suit brought against me two years ago by Martin DeGraaf for $100,000 damages. The case was on trial six and a half days and in- volved many perplexing problems which had to be threshed out by the attorneys. My cause was _ presented by attorneys McAllister & McAllister and Jay W. Linsey. The plaintiff was represented by Fred Geib. The jury received the instructions of the court about 5 o'clock Friday afternoon and shortly thereafter returned a verdict of no cause of action, which ends the matter, with costs against the plaintiff unless he decides to appeal the case tu the Michigan Supreme Court. The charges made against De Graaf were based largely on court decisions —two by Judge Perkins, of the Kent Circuit Court and one by Judge Ray- mond, of the United States District Court. The trial judge, Hon. Leonard D. Verdier, held in his instructions to the jury that I was justified in print- ing these decisions and that the ex- planatory references I made to the plaintiff in connection with the repro- duction of the decisions were justified if the jury found they were true and published without malice and in good faith on my part. Because the charge to the jury is replete with information regarding the controversy I publish it verbatim elsewhere in this week's paper. The action of the jury in refusing to recognize De Graaf’s demand for $100,600 damages clearly establishes my justification in making the state- ments I did concerning him. It is pos- sible, of course, that Mr. De Graaf may go to the expense of taking his cause to the Supreme Court, but the matter was tried so carefully by my attorneys and the plaintiff was treated so fairly by the trial judge that I have no idea the case would be reversed by a higher tribunal. I feel that I am under great obliga- tion to my attorneys for the faithful manner in which they worked up the facts in the case and presented them te the jury in such a masterly manner; to Judge Verdier for summing up the situation in his charge and describing it to the jury in plain words which no one could fail to understand: to the jury for the promptness with which they reached a verdict; to my witness- cs, many of whom made great personal sacrifices to assist me in defending the case and establishing the fact that everything I said about the plaintiff was fully justified and fully sustained by facts. These unselfish services I shall never forget as long as TI live. I have a great aversion to law suits and never resort to trying conclusions in court if I can possibly avoid it. If it is a question of money TI usually make any reasonable concession rather than go to the trouble and annoyance of a law suit. When a vital principle is involved—when the truth of my statements or the integrity of my ac- tions are questioned the only way by which I can demon- a legal contest is strate the correctness of my position and the purity of my motives, and I never hesitate a moment to embrace the opportunity to set myself aright by the employment of the best legal talent obtainable, with a view to pre- senting my side of the controversy un- der the best possible conditions. I hope every reader of the Trades- man peruses. the article entitled Double Dealing on page 16 of this week’s issue, because it illustrates the nasty manner in which the A. & P. Co. treats employes who are disposed to deal fairly and honestly with their customers and the penalty they in- variably inflict whenever an employe attempts to shield the heartless cor- poration from the results of dishonesty and criminality. I have known Mr. Wheelock by reputation a good many vears and have every reason to be- lieve that the disclosures he makes in the matter at issue are based on ac- tual facts and that the punishment handed out to him is in exact accord- ance with the universal custom of the A. & P. Co. whenever it finds it has an employe who refuses to co-operate in enforcing the short-weight practice of the house. E. A. Stowe. —__se--_o___ Dark Brown For Fall Hosiery. Light shades of brown for early Fall, graduating later in the season to the deeper tones, are being featured by manufacturers of full-fashioned hosiery to follow the sun-tan and sunburn colors which were popular during the Summer. Orders received last week and analyzed by local offices, it 1s stated, confirm manufacturers in their belief that the darker shades will be favored by women returning from vacation resorts and those who have worn the sun-tan shades of hosiery during the Summer. a Fall Lace Use Takes Spurt. Indications are that lace sales this Fall will forge ahead of last year in greater yardage turnover. The dress trade is using a larger quantity of lace for trimming, particularly the Bohem- ian laces in the evening shades and in tan and brown. Use of these laces for separate collar and cuff sets, including bertha and other types, is also greater. Alencon and imitation Alencon are bhe- ing used for underwear in fair quan- tities. Spot and point d’esprit nets are being sought, with the millinery trade using net footings for hat brims. eee eee aera ocean Canned Fruit Prices To Advance. With the consumer demand for canned fruits showing its seasonal in- crease at this time, wholesalers are finding difficulty in placing orders and obtaining delivery on the most popular varieties because of short packs. The situation is especially marked in the canned peach field, dealers estimating that the shortage would result in an advance of at least 20 per cent. in re- tail prices. A somewhat similar con- dition exists in canned fish where price advances are also expected. i by FOR PARTNERS-?-. An Insurance Trust Men whose businesses are organized on a patt- nership basis will find many features of the modern insurance trust arrangement particularly fitted to their situation. For instance, the death of a partner sometimes brings an awkward situation in the necessary settlement. Such situations can be handled with the least disturbance to the business and the greatest satisfaction of the heirs through an insurance trust agreement. We will gladly ex- plain the advantages of insurance trusts to you. THE MICHIGAN TRUST co. GRAND RAPIDS THE FIRST TRUST COMPANY IN MICHIGAN A by 4 MOVEMENTS OF MERCHANTS. Sparta—J. E. Osech succeeds L. Wodring in the grocery business. lonia—David Josslyn succeeds Ro- meo Glossi in the grocery business. Grant—Fred Cruden succeeds J. C. Campbell in the grocery business. Sig Rapids—Claud Sutton succeeds George Douglas in the grocery busi- ness. Greenyille—Robert Weeks succeeds F. B. McManon in the grocery busi- Ness. 2 sue Charlotte—W. E. Parker succeeds Mrs. Charles Thompson in the grocery business. -Decatur—F. W. his wrocery and meat market to Joe Darflinge?. . Saginaw-—-Mead & True, Inc., has Bernard has sold changed its name to the True Service Stores, Ine. Greenville— Morris McKay succeeds Mis. L. meat business. Harbor Springs—C. W. Wager & Sen will move their meat market to Galloway in the grocery and a new location. Peck—N. W. Holmes has sold his grocery stock and meat market to Joseph Kuepper. Coldwater—Frank A. Rowe has pur- chased the. -City’ meat market from Walton Kemp & Son. Chesaning — The Chesaning State Sank has increased its capital stock from $50,000 to $75,000. Detroit — Frank Mazeiko has sold his meat market at 12742 Mile Road East to Henry Orlowski. Northport—Frank Sleder will open a meat market here. He is also in business at Traverse City. Cedar Lake — William H. Haskett succeeds J. Roughley in the grocery and general store business. Battle Creek—W. G. Hastings suc- ceeds H. C. Latta in the grocery busi- ness at 186 West Main street. Detroit—The Neutra Pure Food Co., Idaho avenue, has increased its cap- ital stock from $1,000 to $25,000. Muskegon — Raymond C. Haddon succeeds George F. Hallock in the gro- cery business at 1074 Getty street. Battle Creek—Charles Williams suc- ceeds Amon Bros., R. F. D. 9, Goguac Lake, in the grocery and meat busi- ness. Kalamazoo — The LaMode Cloak House, 109 South Burdick street, has changed its name to the Master Modes Shop. Lansing—Ray Stillman succeds A. L. Larrabee in the grocery and gen- eral store business at R. F. D. 2, Millets. lonia—Frank’s 5 and 10 Cent Stores, Inc., 325 West Main street, has chang- ed its name to Frank's 5 cent to $1 Stores, Inc. Battle Creek—Harry ceeds Yaw & Misner in the grocery South Jef- Misner. suc- and meat business at 3914 ferson street. Adrian — McAdam Brothers. who conduct three grocery and meat mar- kets here, will open branch number four on East Beecher street. Morrice—The Morrice State Bank has been incorporated with an author- ized capital stock of $20,000, al of MICHIGAN TRADESMAN which has been subscribed and paid in in cash. Lansing—Frank Larrabee has sold his grocery stock at store No. 1, 1304 Perkins street to H. S. Lansing, who will continue the business at the same location. Saginaw — J. George Fischer & Sons, who are in the grocery and meat business at 1502 Gratiot avenue, will open a branch market at 513 North 3ond street. Charlotte—The Charlotte Pharmacy has been incorporated with an author- ized capital stock of 950 shares at $5 a share, $4,750 being subscribed and paid in in cash. Laurium—The First National Bank of Laurium has affiliated with the First Bank Stock corporation, George H. Prince, president of the holding com- pany announces. Marce'lus—Kidder & Keenan, for- merly engaged in business at Hop- kins, have opened a hardware store here. The Michigan Hardware Co. furnished the stock. Detroit — Roberts Oil Burner, 746 Meldrum avenue, has been incorporat- ed with an authorized capital stock of $15,000, all of which has been sub- scribed and paid in. Coloma—The Leiberman Hotel Co. has been incorporated with an author- ized capital stock of $10,000 common and $15,000 preferred, $10,000 of which has been subscribed and paid in. Harbor Springs—Floyd Hoover and Harold Dunkley have formed a co- partnership and taken over the green houses and cut flower business of H. S. Heover and will continue the busi- ness. Detroit—The Kaufman Plumbing & Heating Co., 2755 Blaine avenue, has been incorporated with an authorized capital stock of $1,000, all of which has been subscribed and paid in in property. Jackson — Vermuelen’s Warehouse Furniture Store, 222 West Pearl street, has been incorporated with an author- ized capital stock of $50,000, $10,000 of which has been subscribed and paid in in cash. Detroit—The Betty Hat & Gown Shops, Inc., 805 building, has been incorporated with an author- ized capital stock of $25,000, all of which has been subscribed and paid ‘n Donovan in in cash. Coldwater—Rhoton’s 5c to $1 Stores, 8 West Chicago street, has been in- corporated with an authorized capital stock of $15,000, of which amount $10,- 100 has been subscribed and paid in in property. Lansing — Grandad’s, Inc., Wilson building, has peen incorporated to deal in meats and livestock for meats, with an authorized capital stock of $10,000, $1,000 of which has been subscribed and paid in in cash. Detrcit—The Midwest Casing Co., 609 Kresge building, has been incor- porated to deal in sausages and cas- ings, with an authorized capital stock of $25,000, $3,000 of which has been subscribed and $1,500 paid in in cash. Detroit—The Economical Drug Co. has purchased the five Detroit stores of the Sun Drug Co. and will operate them as units of the Economical chain, announces N. S. Shapero, president. The five stores are located in the North Woodward district. Dearborn—The Thielman Drug Co., 1 West Michigan avenue, has merged its business into a stock company un- der the same style with an authorized capital stock of $50,000, $16,900 of which has been subscribed and paid in,, $1,300 in cash and $15,600 in prop- erly. Detroit—Shur & Sons, Inc., 2050 Hazelwood avenue, has been incorpo- rated to deal in confectionery and to- bacco at wholesale and retail with an auhcrized capital stock of 5,000 shares at $1 a share, $1,500 being subscribed and paid in, $500 in cash and $1,000 in property. linlay City — The Pontiac Packing (0. of Kennedy bakery here. Pontiac, has purchased the The place is undergoing repairs and redecoration and when this work is completed it will be opened as a meat market. New fixtures are being installed. The store is lccated on East Third street. Detroit — Thomas P. Stack, 1505 Woodward avenue, dealer in women’s and children’s wearing apparel, has merged the business into a stock com- pany under the style of Thomas P. Stack, Inc., with an authorized capital stock of 2,500 shares at $10 a share, $1,000 being subscribed and paid in in cash. Detroit—L. & H. Simon, wholesale jobbers and commission agents for wemen'’s ready-to-wear apparel, 22) Gratiot avenue, have merged the busi- ness into a stock company under the style of the L. & H. Simon Co. with an authorized capital stock of $35,000, all of which has been subscribed and paid in in property. Manufacturing Matters. Detroit — Scanlon, Inc., 127 West Adams street, has changed its name to the Extruded Aluminum Co. of Mich- igan. Detroit—The Green Foundry & Ma- chine Co., 3656 Seminole avenue, has increased its capital stock from $1,000 to $4,000. Flint—The Flint Cut Stone & Mon- Works, 604 Bank building, has been incorporated with an authorized capital steck of $50,000, of which amount $21,000 has been sub- ument Genesee scribed and paid in. Detroit—The Detroit Meter Cabinet Co., 20520 Turner avenue, has been incorporated to manufacture and deal in meter cabinets with an authorized capital stock of 300 shares, $4,400 being subscribed and paid in. Detroit—The Findley Tool & Die Co., 5736 Twelfth street, has been in- corporated with an authorized capital stock of $25,000, $8,000 of which has been subscribed and paid in in cash. Detroit — The Murdock Tool Co., Inc., 1745 Abbott street, has merged its business into a stock company un- der the same style with an authorized capital stock of $20,000, all of which has been subscribed and paid in in property. Detroit—The Production Forge Co., 2822 Union Trust building, has been September 25, 1929 incorperated with an authorized cap- ital stock of $100,000 preferred and 20,060 shares no par value, all of which has been subscribed and $76,000 paid in in cash. White Pigeon—The White Pigeon Furniure Co. has been incorporated to manufacture and deal in upholstered furniture with an authorized capital stock of 1,000 shares a $10 a share, $10,000 being subscribed and paid in in property. Detroit — The Symphony Corpora- tion, 1743 LaBrosse street, has been incorporated to manufacture and deal in sound amplifying devices with an authorized capital stock of 25,000 shares of class A at $10 a share, 75,000 shares of B at $1 a share and 100,009 shares of no par value stock, $1,000 being subscribed and paid in in cash. Kalamazoo—The Mulsolax Co., 1912 Factory street, manufacturer and deal- er in pharmaceuticals, has merged its business into a stock company under the style of the Mul-So-Lax Labora- tories, Inc., with an authorized capital stock of $125,000, of which amount $90,100 has been subscribed and paid in, $42,000 in cash and $48,100 in prop- erty. >a Gabby Gleanings From Grand Rapids. Richard D. Warner, Jr., the salt potentate, is home from a trip through the Upper Peninsula as far as Duluth. While in the latter city he was told that the National Tea Co. installed twenty-two chain stores in Duluth last spring; that the number has dwindled to nine—a loss of thirteen in about six months. Evidently the good people of Duluth do not take kindly to the chain store idea. Henry Koop, the Borculo general merchant, has seven lusty sons and three blooming daughters. Four of the sons are in the employ of the Hol- land Furnace Co. in varying capacities and Mr. Koop looks forward to the time when all of his sons wiil be on the payroll of the same company. ———— “Cant” and “can’t” are two good words to boot out of your own private dictionary. since LANSING Retail and Warehouse Location, corner Grand and Or tawa, across from Washington and Michigan Avenues, formerly occu- pied by the Michigan Supply Com- pany Building, 44 x 132, 3 Stories and basement, very heavy construc- tion elevator, M. C. R. R. switching service. Can give immediate possession. An ideal site for retailing and close in warehousing of heavy lines of merchandise. For lease or sale. F. B. McKIBBIN COMPANY Realtor 119W. Allegan Phone 3181 TSS me Soames September 25, 1929 Essential Features of the Grocery Staples. Sugar—The market is unchanged from a week ago. Jobbers hold cane granulated at 5.95c and beet granulated at 5.85c. Tea—The market has been mostly without incident during the week, but there is a regular demand, which buy- ers are not complaining of a whole lot. This demand includes Ceylons, Indias and Javas, as well as to some extent Formosas, Japans and Chinas. There have been some small advances on India teas in the primary markets, and Ceylons are also firm. Consumptive demand for tea is quiet. Coffee—The weakness in the under- tone of Rio and Santos market, green and in a large way, has caused .a de- cline in spot coffee during the week of %@M%c a pound. Market is very dull, sluggish and unsatisfactory from the seller’s standpoint. Holders do not seem to overcome the weakness caused by too much coffee. Mild coffees re- main unchanged for the week. Jobbing market on roasted coffees is also un- changed with a fair demand. Canned Fruits—The situation is es- sentially a seller's market. Pineapples, raspberries, some grades of peaches and plums being particularly high. Packers are still holding the high price of Maine blueberries, but buyers will not pay that price until they have to. California apricots and = pears. are easier than the other varieties. Canned Vegetables—There has been a good deal of speculation in tomatoes recently, which is the reason given by some for the soaring market. Then, too, the big soup and catsup manu- facturers have been bidding the mar- ket up in their anxiety to get goods. Their confidence in the market has un- doubtedly been a bullish factor. Puree has been in excellent demand, and has continved to move in as heavy volume as during last week. The market on 10s has advanced 25 per cent. over opening prices. In the other canned foods, there has been little change this week. There has been no important quotable change in thé other vege- tables. Advices from the Middle West indicate that there will be short deliveries on white corn, though to what extent, no information was available. In Maine, the crop of Golden Bantam has been good, and deliveries may possibly be 100 per cent. Canned Fish—Business in canned fish has been rather quiet. Demand for Maine sardines has been slow, but prices are steady. Catch is still light. Imported sardines are moving slightly, but Norways are neglected, though there is an improved demand for Portuguese. Salmon remains un- changed. Fancy chinooks are scarce and wanted. Alaska salmon of all grades is. dull. Red Alaska is steady to firm, but the other grades are not so firm. Other canned fish unchanged. Dried Fruits—California prunes con- tinue to lead in number of sales, and a very firm tone price is evident, with all sizes remaining quotably unchang- ed. The spot prune market has work- ed into a fairly strong statistical posi- tion and it appears that there will be only a very small quantity left unsold MICHIGAN TRADESMAN by the time new crop arrives here. However, there is no real shortage in sight for the time being at the preset rate of demand. Dried peaches and apricots hold steady in price, but are without feature. New crop apricots have been arriving from California in sufficient volume to keep the trade well supplied on most grades and va- rieties. A firmer tone is noted in figs and importers are trying to buy from each other, apparently anticipating a shortage in supply this year as a re- sult of the damage to the Smyrna crop abroad. The currant market is devoid of excitement and interest is slack in spots and futures. Raisins rule strong put show few changes. Bleached va- rieties have reflected the advanced values of Sultanas in Smyrna. Nuts—The feature of the nut market is the opening announcement of 1929 unshelled almond prices by the Califor- nia Almond Growers’ Exchange. Ex- citement in the almond market has quieted down and a large proportion of the orders to be booked by the trade has been confirmed and completed. A feeling of confidence in the market is prevalent in the trade. The spot mar- ket continues firm, with a fair activity. Prices on 1929 shelled almonds are ex- pected to be announced by the ex- change and independents this week. In the other nuts there is nothing sensa- tional to report. firmness is seen throughout the whole An undercurrent of line,- with a more active jobbing de- mand in evidence as the approach of cooler weather stimulates demand from retailers and wholesalers. The spot Brazil market rules steady. Filbert markets abroad have improved, and walnuts are quoted firmly by shippers. Rice—In a comparatively quiet week the rice market has had a steady to Trade demand continued to favor Blue Rose, Early Prolific and Lady Wright rices and to neglect the Fortuna and Edith varieties, account- firmer tone. ing for the firmness of the former and the relative weakness of the latter. Analysis of the September 1 Govern- ment estimate reveals that the new crop in the Southern rice states will total only about 8,471,000 barrels. Ac- cording to trade reports the August 1 carryover of rough rice by the mills was about 75,000 barrels. This makes a total supply of about 8,545,000 as against 9,550,000 barrels in the South- ern rice area last season. The Cali- fornia crop was forecast at about 1,338,000 barrels, which is only a little over half as large as last season. Har- vesting of the early varieties is about over and yields are reported to be generally lower than expected. Cutting of Blue Rose has commenced, but rainy weather has delayed harvesting operations in many sections. Arrivals this week at New York were 30,821 pockets and 5,405 cases. Syrup and Molasses—Demand for sugar syrup has shown an improve- ment during the week, but prices re- main where they were in spite of the limited production. Compound syrup is also more active as fall approaches, with steady prices. Molasses is also steady under better volume of orders. Beans and Peas—Market for dried beans has been quiet throughout the week, but prices are steady to firm. Steady on most of the grades and firm on red kidneys and limas. Dried peas are unchanged and quiet. Cheese — Supplies of cheese are slightly smaller and the market has been firm with a moderate demand. Pickles — The pickles continues tight this week. With future market on growing conditions in the important producing sections of the country still poor, packers have been asking stiff prices and have not been offering free- ly. Spot business has been quiet, with short supplies of all grades and sizes of pickles and_ relishes. Demand, while slightly less active recently on account of the cooler weather, is large- ly unsatisfied on account of the limited stocks available. Salt Fish—Production of American shore mackerel continues at a satisiac- tory rate, and goods arriving have been mostly of very good quality. The fish have been running chiefly to 3s and 4s, with a few 2s. The first ship- ments of new Irish mackerel are now in transit and every indication is thet the quality will be very good. New Norway mackerel are being held at extremely high prices, and it looks as though shippers will not do business with this country unless they come down in their prices, owing to the com- petition of the shore mackerel and the Irish mackerel, which have been sell- ing at much more reasonable prices. Spot business has been active, with movement good and enquiries numer- ous. American shore mackerel has sold recently on the spot at $24 for 3s and $22 for 4s. aoe ee Review of the Produce Market. Apples—Wealthy command $1.75@ 2: Wolf River, $1.50@1.75; Shiawasse, $2@2.25. pagds--o!.50 per Dt. I Bananas—7@7%c per Ib. Beets—40c per doz. bunches. Butter—The market has been firm during the entire week and there have been several small advances in price. Demand is taking all the fine creamery butter that comes. Jobbers hold prints at 48c and 65 Ib. tubs at 46c. Cabbage—$1.50 per bu. for white and $2 for red. Carrots—40c per doz. bunches; $1.46 per bu. Cauliflower—$1.75@2 per doz. Celery—40@60c per bunch. Cocoanuts—90c per doz. or $7 per bag. Cucumbers—80c per doz. and $1.50 per bu. Eggs—There is still a lot of under- grade eggs about in spite of the cool weather and they are hard to sell. Fine fresh eggs are still scarce and firm and in good demand. 38c for strictly fresh candled. Garlic—23c per lb. Grapes—Calif. Malaga and Tokay are held at $2 per lug; home grown Niagaras, Wordens and $2.75 per dozen 2 qt. baskets. Local jobbers pay Concords, Green Corn—25c per doz. for white and 35c for yellow bantam. Green Onions—Shallots, 40c per doz. Green Peas—$3 per bu. for home grown. Honey Ball Melons—$4 per crate. Honey Dew Melons—4$2 per crate. Lemons—The price has. declined. 360 Sunkist —. cece $16.00 300 Sunkist 2... ee 16.00 a60 Red hal 2 16.00 S00 Red Ball. Te Lettuce—In good demand on the following basis: Imperial Valley, 4s, per crate, $4.50, Imperial Valley, 5s, per crate -- 5.00 Garden erown, per bu. _____-__ E20 Limes—$1.50 per box. Mushrooms—65c per Ib. Oranges—Fancy Sunkist California Valencias are now on the following basis: 126 ee $8.00 0 E76) ee 2 Se OO 2 6S 2) Oe 6.09 202 Po 2N5 ee 4.50 W426 oo 4.25 Onions—Iowa white: fetch $2.50 per 50 Ib. sack; yellow, $1.50. Osage Melons—Home grown, $2.25 per bu.; hearts of gold, $2 per bu. Parsley—40c per doz. bunches. Peaches—Elbertas Michigan grown command $2.75@3 per bu. Pears—$2.50 per bu. for Cla Favorite and Bartlett; Calif. $4.25 per box. Peppers—Red, 40c per doz.; greea, 30 per doz. Persian Melons—$4.50 per crate of either 4 or 5. Pieplant—$1.25 per bu. Pickling Stock— Little cukes, $2.59 per bu.; little white onions, $1.25 per 10 Ib. box. Plums—$3.25 per 4 basket crate for Calif.: home grown fetch $2.75@3 per bu. Potatoes—Home grown $1.75 per bu. on the Grand Rapids public mar- ket; country buyers are mostly paying $1.50. Poultrv—Wilson & Company pay as follows: Heavy fowls 2.00 Ae Pieht fowls) 0 18e Heagy prover 2 Ae bieht Drovers 220 8 20c Pumpkin—15@20c apiece. Radishes—20c per doz. bunches. Spinach—$1.25 per bu. Hubbard $3 per 100 Ibs. Tomatoes—Home grown command Squash $1.50 per % bu.; green, $1.25 per bu. Turnips—$1.40 per bu. Veal Calves—Wilson & Company pay as follows: Paney 20c Gooq oe t7e Metin (oo 14e Poor sl seed Ail ok ug a es le rs gh lend a ins ab eae ale lk ll GAG 12¢c Watermelons—40@50c for Indiana. —_—_>>- Legal Definition of Food. Do you know what “food” is? The Governor of New York State has ap- proved a statute defining this word as follows: “The terms ‘food’ and ‘food products’ shall include all articles of food, drink, confectionery or condi- ment, whether simple, mixed or com- pound, used or intended for use hy man or animals, and -shall-also include all substances or ingredtents to. be added to food for any-purpese.”’ This is a new law, listed as Chapter. 207 of the New York laws. of, 1929. MICHIGAN TRADESMAN September 25, 1929 THE SYNDICATE SYSTEM. It Tends To Make an Empire in Business. always been less efficient than imper- jalism. Either efficiency is subject to or the empire is more practical than democracy, and our possible 3 s “67 . : ae poasteG Government of the people li, we are So let us not assume that efficiency is 100 per cent. good, even though many n assumpt a good thing, or not?” hat question will be Zz the form of a counter-ques- tion: “Is a shotgun a good thing?” Now, of course, a shotgun may be a good tn y y be a bad ng and it ma thing, depending upon the use that is made of it. But simply as such, a shot- gun is neither good nor bad. It has capacity for neither good nor evil in itself, because it is only an abstract instrument. Decision of its vice or virtue depends entirely upon how it is used. Should a killer invade my home, a shotgun in my hands, properly load- ed with buckshot, might be a very fine thing; but in the hands of the other, it would be the opposite. Suppose that bad boys are invading a farmer’s prize watermelon patch. A_ shotgun in the hands of the irate owner may be a good thing or a bad thing, depending If loaded with shot, it would be a bad thing, but if loaded upon the charge. with rocksalt, it might be made a very valuable educational institution. J speak with authority on this point; not from theory, but from a certain amount of practical experience. So we see that a shotgun’s capacity for gocd or evil depends upon factors outside its own Y only a =. For tt to look upor efficiens t its worst, I would mak aoe Mint od Ae ; its zeni ders of the Roman crow: Yet there - n 2cord that the €Caec: »nter- iS nO Tecora tiat tie aesars enter tained animosities to- the Christians. On the contrary, \ . : oe there is every indication that they were disposed to be kindly rather than cruel toward them. But the facts are sub- stantially these: The Roman Christians. Rome was waging wide- masses despised the spread warefare. This warfare was of an aggresive nature, inflicted upon tribes and nations who had done noth- ing to provoke the Roman Such warfare called for ruthless rapine powers. and the generous use of the torch and the sword. Roman style in battle in- cluded visitation of bloody death upon men, women and children. An ef- ficient army for such an empire must be made up of men who were in- stinctive brutes and _ blood-spillers, wanton killers of the defenseless. Rome’s supply of men of this type was running low The Caesar’s policy must be revamped to provide for the pro- duction of men of this type. The way was easy. All that was needed was a supply of victims to As Your AGENT We can relieve you of all the routine care involved in the owner- ship of your securities. Your securities are yours, always immediately available, but the re- sponsibility for their care and cus- tody is ours. GRAND RAPIDS TRUST CO. Grand Rapids, Michigan CHAINS We have always maintained that the manufacturer who sells Chain Stores direct and then solicits the Independent Retailer’s account through a jobber is asking too much when he expects the Inde pendent Grocer toPush his products. PURITY OATS COMPANY KEOKUK, IOWA a ween aa mvt AS September 25, 1929 whet the popular blood-lust These victims must be such as the Roman people hated. The Christians furnish- ed the means. So, the Ceasars set about their task. Christians by fami- lies and entire communities were seized upon by the armed soldiers of Rome, dragged from their homes and huts, and cast. man, woman and child, into the Roman arena, innocent victims of the teeth and claws of jungle beasts starved to desperation and madness. It is even a matter of record that on one occasion more than 500 children of fifteen years and under, taken from Christian parents. were rolled alive in pitch and lighted to become writhing human torches lighting the Roman festivities at night. Where is the clue to the purpose behind it all? The edict of the Caesars, sealed by their own hands, requiring especially that every expectant Roman mother should be in attendance at these spectacles. The Caesars were not sat- isfying a personal grudge or venting a personal spleen against the Chris- tians by this act. They were imper- sonal but ruthless about it. They must have blood-thirsty soldiers: so they set about a scientific method to produce the kind if men needed. They were familiar with the science of pre-natal impression. Those expectant mothers were made witnesses of these orgies, with the inoffensive Christians as the victims, to leave upon the unborn child a mark of bloodlust that would make him the kind of soldier suitable to the purpose of the Caesars. Call it diabolical madness, cruelty inhumanity—anything you please. I maintain that the Caesars were merely efficient, with the cold, calculating, im- personal, shoulder-shrugging brand of efficiency which is slowly but surely pervading American business to-day under our commercial empire, the syn- dicate system. Syndicate efficiency is not the sort of efficiency which has characterized the efforts of the men who have made America what it is to-day among the nations of the world. Theirs was an efficiency born of noble purpose, hu- mane in its aims and brotherly in its ministrations. It was the Samaritan efficiency that pauses in the rush. ren- ders aid to another in need and goes on about its business without ex- pecting any return but the conscious- ness of a deed well done. Syndicate efficiency is that which lies in wait, scheming behind closed doors, squeez- ing the weak, cutting off the supply of unoffending men, firms and_ classes, whose only crime is the possession of that which the syndicate covets. Democratic efficiency is the kind which goes out fearlessly to meet its rivals and foes in the open field, de- pending upon right for its power to win. Syndicate efficiency is the kind which slinks in the secret sessions of plotting leaders and in the thickets of half-truth, through the underbrush of deception to take its potshot at those who may have thought it their best friend. It will stop at nothing to keep the cash-register of its masters ringing. Democratic efficiency glories in the MICHIGAN TRADESMAN contest called competition. Syndicate plots to eliminate competition by the lowest means of cowardly device. The independent system of business re- quires that its efficiency shall safe- guard all; syndicate efficiency has but to guard its master. Independent ef- ficiency places the individual on_ his own responsibility and renders him a voucher in payment according as he serves; syndicate efficiency places the individual under the lash of discipline, orders and bulletins, while it tells him how much it will pay him. If he does not like it, he can find another job. Independent efficiency is the servant of everyone; syndicate efficiency, the servant of its chief, but the slave-driver over the rest. Efficiency is like fire—a wonderful servant but a terrible master. Do without it? No. Neither could we do without fire. All industry would cease and women and children would be crying for bread within the day, were all fires to cease. Yet do we not wage nation-wide campaigns for fire pre- vention? Why? Because of so many fools and careless ones who do not exercise care in handling a dangerous instrument. ° The same may be said for efficiency. Let us not try to overthrow it. That would be disastrous. But it must be controlled or it will devour all that we hold dear in life. Is it not high time that we had some sane campaigns directed at efficiency control? W. H. Caslow. ——_>~--____ Venison Once a Glut in the Maine Camps. One of the greatest steps toward conserving the wild deer in the Maine forests was the attitude of the big lum- ber interest when, a number of years ago, woodsmen were prohibited from shooting deer and camp cooks from buying them from outside hunters. Before that time venison was almost as prominent on the lumber camp bill of fare as baked beans. Some of the Bangor employment agencies had_ to guarantee that deer meat would not be served more than twice.a week before the woodsmen would accept a job, so sick had they become of such food. In earlier years the wild life of the forest furnished most of the fresh meat available in the logging camps. To- day, however, with good roads and motor trucks reaching near-by dis- tributing points, fresh beef, fish and vegetables are served regularly by the camp cooks. —_—_—_~+ + .___- The Return of Bangles. Bangle bracelets are coming back. Not the little, quivering—if plump— hearts that dangled romantically from our mothers’ bangle bracelets, but this time round flat coins in antique gold, stamped with Indian heads, or square coins, mysterious with cryptic Chinese characters. The jingle of coins is merrier music unquestionably and bet- ter adapted to these days than is the trembling of tossed hearts. The bangles on these new bracelets seek safety in numbers. To be abso- lutely correct, one must wear no less one for than seven of them at once each day in the week. GOING RIGHT OUT OF YOUR STORE! $3.60 worth of good merchandise Swans Down is not only, in itself—pound for pound—about four limes as profitable for you as ordinary flour, but it sells a lot of other merchandise—cake-making ingredients — that bring you a profit on every item!... Use your Swans Down displays. Cash in on the great Swans Down advertising campaign that is telling women, these days, that Swans Down is not only the perfect flour for cakes, but for all their baking! ... And if your wife hasn't treated you to Swans Down muffins or waffles or cookies or biscuits—or a flaky Swans Down pie crust or short bread-—she’s holding out on you. Speak to her! The catra goodness that Swans Down gives all baking is your right ... your due. SLUG DOWN | SWANS DOWN CAKE FLOUR Made by IGLEHEART BROTHERS, INC. EVANSVILLE, INDIANA Distributed by GENERAL FOODS SALES COMPANY, INC. (C) 1929, G. F. Corp. MICHIGAN TRADESMAN September 25, 1929 WORLD PROSPERITY. Any fears which may have been aroused by the idea that the proposed European economic union would act to the disadvantage of the United States should be effctively dispelled by the recent statements of Dr. Julius Klein, Assistant merce. No one is in a position to speak Secretary of Com- with greater authority on any question which concerns this country’s foreign trade. Admitting that one effect of eco- nomic union abroad and any lowering of Continental tariff barriers would be to quicken trade rivalry between Eu- rope and America, Dr. Klein still be- lieves that a far more significant re- sult would be an increase in the mar- ket for American goods. In so far as the economic union contributed to Europe's react favorably upon he Old World’s buying power, and this reaction “would be bound to have repercussions upon our export prospects not only across the Atlantic but in almost all parts of the prosperity it would world.” In other words, a lowering of Euro- pean tariffs, which on the surface might seem to mean that foreign man- ufacturers could undersell those of the United States, would in time react di- rectly to our advantage. For our prosperity will soon reach its limits if the rest of the world cannot keep pace with us. Foreign buying power becomes a more important factor in the expansion of our indusries every year and prolonged depression in Eu- rope would soon make itself felt on this side of the Atlantic in spite of all our self-sufficiency. Dr. Klein also took occasion to point out that we have good reason to be interested in everything which con- tributes to Europe’s prosperity, for the simple reason that it absorbs no less than 46.3 per cent. of our total ex- ports. Within the past four years sales abroad of ten distinctively American commodities have more than doubled. We may arouse bitter criticism among Europeans along political lines, but none of those things for which we are assailed has served to turn them aside from buying our products. It is not A United States of Europe, whatever form it may likely that anything will. take, need cause no alarm here. GROUP SELLING SOUGHT. To those manufacurers who have had to contend with various forms of bulk purchasing, such as chain, syn- dicate and group buying, the view taken by a New England cotton mill execu- tive that sellers as well as buyers should be permitted to combine in their operations would naturally ap- peal as a fair one. They see themselves pitted individually against large buy- ing aggregaions that often dictate or attempt to dictate terms even to some big producing organizations. The law on one hand forbids sellers to combine on prices and terms and on the other Government agencies are actually fos- tering group buying as a means of re- ducing distribution waste. Of course, a more unbiased scrutiny of this situation reveals the difference between combined selling and com- bined buying. The seller does not have to accept the terms of the buyer, and group buyers are far from con- trolling distribution. The buyer, on the contrary, if all or a majority of sellers acted in concert, would have to accept the terms made to him. From the standpoint of the consum- er, too, there is certainly a marked difference as to what group buying and group selling means. The group buy- er passes lower prices. The group seller, it is to be feared, would insist upon higher prices. Perhaps along the advocates of selling combines will object to this statement, but it is ob- vious, nevertheless, that what they call “fair prices” and fair is only another word for high- is their prime objective, er in this case. It is very doubtful that any decided anti-trust law is to be expected. In fact all evi- dence points to its more rigid enforce- ment in view of the vast monopolies relaxing of the now formed or in process of consoli- dation. DRY GOODS CONDITIONS. The abrupt drop in temperature after the unseasonal hot spell had the de- sired effect on retail trade and sent sales totals up in a highly satisfactory fashion. The demand for fall goods was greatly stimulated and added to the volume being done through spe- cial offerings that are being made in celebration of store anniversaries. The increase in sales volume is con- sidered in not a few cases secondary to the benefit derived from having early indications of what consumers will prefer in the weeks to come. In the women's wear lines especially, the style changes have been welcomed as a source of additional business, and yet the weather was preventing a real test of the acceptable modes. Just how the new fashions will take hold is still a moot question, although many of the leading dressmakers al- ready report their wide acceptance. Not a few retailers, and they include the most progressive types, are not promoting extreme designs, and in- tend to push only moderate changes and wait for the main trend of the demand to become clearer. It seems worth while pointing out that a swing to Victorian styles is apt to have a profound effect on all lines of mer- chandise. Manufacturing and wholesale mer- chandise markets are quick to respond to the improved demand at retail. Rush orders have been received in many lines, and prompt delivery has become an important question with buyers. Price advances are named on a leading line of rugs and bleached goods are marked up by one organ- ization. PRISON FOR SALE. England is disposing of its prisons. The national prison at Warwick has just been sold and twenty-three others have been closed or converted to less painful purposes since 1914. Some have been made over into hospitals or workhouses, and some were even changed into tenements to relieve the housing shortage after the war. The interesting point about this process is that the abandoned institu- tions have not been replaced. The prison population of England has gone down to a little more than half what it was in 1904. is accounted for by provision of pro- Some of this- decrease bation sentences and a sharper dis- crimination between criminality and insanity. In minor offenses fines have been imposed where prison sentences were once the rule. But an_even more significant circumstance is that con- victions for drunkenness have shown an impressive decrease. The census of 1923 showed a prison population in this country of 109,619. Allowing for differences in population, the ratio is about three jailbirds in this country to one in England. And recent events have emphasized the shortage of prison accommodations and the need for extensive and expensive additions to America’s prison system. Perhaps the Crime Commission can discover the reason for this unflatter- ing comparison. Certainly such facts and figures call for study MENTAL HEALTH. The New York Academy of Medi- cine is taking a useful step toward creating a better understanding by the medical profession of the significance of mental and nervous factors in dis- ease through its plans for a free and open two-week course on psychiatry and mental hygiene. For it is not only the mental specialist who is called up- on to deal with nervous and emotional disorders. Every physician and every social worker comes in contact with such cases daily, and in many instances the emotional factors in a case of ill- ness are as important as the physical. It is significant that in 1928 there averaged more persons in American hospitals under treatment for nervous and mental disorders than for all oth- er diseases combined. While this does not necessarily mean that such cases are increasing, for the mentally ill are now often taken to the hospital for treatment while formerly it was felt that nothing could be done for them, it does show that nervous disorder in this country is widespread. Normally, according to medical au- thorities. mental disorder is due sim- ply to the failure of the individual to adjust himself to his environment. He can often be helped, if his case comes under observation in time, to such an extent that no positive disease results. This is why the burden of responsi- bility for preventing nervous disorders rests upon the general physician. The specialist seldom gets the case until it is far advanced. SITUATION BECOMES MIXED. Although there has been no marked change in the general business and industrial situation, there is more basis for now describing it as somewhat mixed. Operations still hold over a year ago, but the basic lines of activity disclose evidences of recession. Thus, the steel industry is slackening and buying is quite hesitant. Automobile output is also suffering some curb, while building continues to languish. As a general thing the list of mis- cellaneous industries appears more ac- tive and with better chances of con- tinued activity than the so-called key lines. The therefore, whether any change in the general business trend is likely to show itself question is, in the near future. The steel business will be watched closely for signs of something besides a temporary lull. According to month’s business in the sarly reports on the automobile field there has been some slackening in demand. Manufacturers of the cheaper cars have apparently seen cause to reduce their schedules. It is noteworthy that for seven months this year producers increased their pro- duction only 1 per cent. more than the increase shown by exports and regis- trations. This does not mean, of course, that stocks are not large. As far as purchasing power goes, the report on August employment and payrolls raised no anxiety. Payrolls attained a new peak, although there was some decline in the number of employed. The condition of agricul- tural demand is not so clear, and lower prices and reduced outturns may re- duce the buying power in farm dis- tricts. BAY RUM AS A BEVERAGE. The bay rum sold in ten-cent em- poriums is not intended as a beverage, but it may be used as such, at least Afer five days of hearings and eleven hours of jury deliberation, it has been decreed in a Des Moines court that this apparently innocent ac- cessory to the perfect shave and man- in Towa. ageable haircut is outside the law. The decision is that bay rum is “in- toxicating and palatable.” The first is a matter of alcoholic content and quan- tity consumption; the second is a mat- ter of experience which few will care to emulate. Those who will drink bay rum. would probably drink anything. And in any case, as Secretary Low-: man points out, there is very little that can be done about it. being what it is, any known formula Bay rum which would make it impossible as a beverage would spoil its usefulness as bay rum. Whatever the consequences of Pro- hibition, it has probably done little, if anything, to alter the social, moral or legal status of a bottle of bay rum. WHY OYSTERS BLUSH. As another achievement of science, the State Department of Agriculture announces discovery of the reason why some oysters blush. Not all oysters blush, but some do, and uncertainty as to the cause has led both dealers and consumers to snub them. Apparently the cause is bilirubin rather than mod- esty or shame. Bilirubin is a harmless coloring substance, secreted by some bivalves in their system for no con- spicuous reason. It may be that oys- ters regard bilirubin somewhat in the nature of rouge. Anyhow, a delicate or even a deep blush on an oyster need no longer discourage the epicure. ‘Sweet are the uses of adversity’— for others; not ourselves. The sport rarely is a winner in the business arena. ; 1 i i i i ; ; | : 3 : } | i | September 25, 1929 MICHIGAN TRADESMAN 9 DEGRAAF VS. STOWE. Full Text of Judge Verdier’s Charge To Jury. Ladies and gentlemen of the Jury: This is an action for damages brought by Martn DeGraaf, called the plaintiff, in an action against Ernest A. Stowe, and the Tradesman Company, called the defendants. In the declaration filed in this case, the declaration being a statement of the plaintiff's alleged cause of action, there are two matters complained of by the plaintiff, and against the defendants, one of them based on an alleged conspiracy on the part of the defendant, Stowe, together with one William G. Farnsworth and others, it being claimed that the ob- ject of that conspiracy was to deprive the plaintiff, DeGraaf, of his position with the Wolverine Metal Specialties Company and to. substitute Farns- worth in his place, and to cause the appointment of a receiver because, as the plaintiff claims, he refused to re- sign at Mr. Stowe’s request, and to so manage the affairs of the receiver- ship as to cause the loss of not only the plaintiff's stock interest in this Wolverine Metal Specialties Company, but also his interest by way of loans that it is claimed he or his wife, or he and his wife jointly, had made to the company. In view of the testimony of the plaintiff himself, as to the con- dition of the affairs of this company just prior to the filing of a petition by the defendant, Stowe, for the appoint- ment of a receiver and in view of his testimony that he himself was either going to have a receiver appointed, or, as he expresses it, throw the company into bankruptcy at that time or at about that time, and in view of the fact that he himself, acting for the company, consented to the appoint- ment of a receiver, and had a receiver appointed of his own choice, namely the Michigan Trust Company, and in further view of the fact that he says that at that time his stock in this com- pany was not worth a penny, without the further continued financial assist- ance of the defendant, Stowe, the court has ruled that that portion of the plaintiff’s claim is not something that you are to consider. You will, there- fore, lay aside whatever your impres- sions may be from the testimony in this case as to any claim of damages on the part of the plaintiff against the defendant on account of the loss of his position with this company, on account of the loss of his salary as an officer of this company, on account of the loss of any of the money which he has in- vested in this company or on account of the loss of any money that either he or his wife, or himself and his wife jointly, have loaned to this company. Under the ruling of the court all of those things are out of this case. What is left in this case is the claim of the plaintiff that the defendant, Stowe, and the Tradesman Company, as the publisher of the Miichigan Tradesman, published certain articles reflecting on the good name, fame and credit of the plaintiff, DeGraaf, and by doing so injured him in his name, fame and reputation and in his busi- ness and calling as a building con- tractor. It is for that and for that alone that, under the ruling of the court, he is now claiming» damages. A libel is a malicious publication, expressed either in printing or writ- ing, tending to blacken the reputation of a person and exposing him to pub- lic hatred, contempt or ridicule. Ordinarily in a case of this kind there is certain proof required on the part of the plaintiff in order to make out his case. it being admitted by the defendants that these articles were published bv them respecting the plaintiff in this case, and the articles being articles which accuse the plaintiff of certain crimes, and the defendants having as- sumed full responsibility for the writ- ing and the publication of these ar- In this case, however, ticles, it may be assumed that the plaintiff has made out a case of libel on the part of the defendants. In other words, in the eyes of the law these articles which have been publish- ed by the defendants, charging crimes on the part of the plaintiff, are in and of themselves libelous publications. It is the claim of the defendants, however, that the statements made in these articles are true; that they are fair, correct and accurate statements, with regard to what this plaintiff has done; and I charge you that the truth of the statement is a complate defense to an action for libel, if it be a fair, correct and accurate statement of what the plaintiff has done. The issue in this case, therefore, in spite of the mass of testimony which has been taken, is a very, very simple These articles were published by the defendants; they are libelous in and of themselves. issue. However, the defendant can justify them by show- ing, if he can, that they are true. So the issue is whether or not these state- ments made in these several articles are true. If they are untrue, then the plaintiff is entitled to a verdict at your hands. If they are true then the de- fendant to a verdict of “No cause of action,’ and that is the simple issue before you in this case. The burden of proof is upon the de- fendants to satisfy you by what is called a preponderance of the evidence that these articles are true and correct statements. Having made these alle- gations and claiming that they are true, the burden is upon the defendant to prove that they are true, and to do so by what I have called a preponder- ance of the evidence—not by evidence that satisfies you beyond a reasonable doubt, as in a criminal case, about which you have so often heard during your services upon this panel, but by a preponderance of the evidence; and by that is meant the greater weight of the evidence; by that is meant such evidence as when weighed in contrast with that opposed to it has greater force in satisfying you of its truth. Without reading to you the articles upon which the plaintiff claims to base this case, it may be stated in general that each one of these articles con- tains within it what is admitted to be a true and correct transcript of either an order of one of the courts in this city or of the remarks made by one of the judges in one of these courts. In- sofar as these articles are merely the quotations of the orders of these courts or the remarks made by the judges thereof, the defendants had a perfect right to publish them in full. Your determination of the question, there- tore, as to whether or not these ar- ticles are true, should relate only to that part of the articles which does not consist of quotations from the or- ders or remarks of the courts, but consists of the comments made by the defendant on the orders or remarks so made. In these articles—speaking generally —the defendants charge the plaintiff with larceny, embezzlement and _ per- jury and that his bankruptcy applica- tion bore evidence of dishonesty; that is, that the application of plaintiff in this case bore evidence of dishonesty; And it is the claim of the defendant 1 this case that the plaintiff in this case had been guilty of larceny and em- bezzlement and perjury, and of mak- ing a bankruptcy application that did bear evidenec of dishonesty, and that as stated in the article, he was headed for jail on account of what he had done and that he was taken to jail on ac- count of what he had done. In other words, the defendant claims that all cf these statements made in regard to tiie plaintiff were the truth. Taking up these several charges made by the defendant against the plaintiff, it is the claim of the defend- ant that in March of 1927, and whiie the plaintiff, DeGraaf, was the presi- dent and treasurer or custodian of the funds of the Wolverine Metal Special- ties Co., on or about the first of March, he withdrew from a special account kept in the Burton Heights branch of what was then the Kent State Bank an account which the defendant claims was not only kept secretly from Mr. Stowe, clandestinely, but an account which the defendant claims that the plaintiff had told the book-keepers of this concern to keep from Mr. Stowe’s knewledge, not to let him know about it, the sum of $2,272.22; that $400 of this money was money that the plain- tiff, DeGraaf, had withdrawn from the regular account of this company, which was kept in the main office of the Kent State Bank and that the other $1,80€ odd dollars was money that came in from the payments by cus- tomers of their accounts for goods purchased from this company, and that on this day DeGraaf went to this branch bank, and by check of the com- pany withdrew this sum of money, by virtue of which the account in this special deposit or special account was reduced to about $45 or $46, and also by virtue of which the account in the main office was reduced to about a similar sun. The defendant further claims that after the appointment of a receiver by the Kent Circuit Court, and after the discovery by the receiver of the tak- ing of this money by DeGraaf, a peti- tion was filed in the receivership pro- ceeding in the Circuit Court to com- pel plaintiff, DeGraaf, to show cause why he shouldn’t be required to turn over this money to the receiver; that in a sworn answer to this petition the plaintiff, DeGraaf, made the statement under oath that this was money he was entitled to because of a debt the company owed to him for moneys that he, DeGraaf, had advanced. Mr. Geib. if Your Honor will read the exact Pardon me, Your Honor, language of the affidavit, there would not be any chance for misapprehen- sion; it is undisputed. The Court. Well, (Papers handed to the Court). where is it? The Court. You may strike out what I said about the affidavit or answer and the jury will disregard it. The affidavit reads, the affidavit made by Mr. DeGraaf, who having made the affidavit is called the affiant: “That with regard to the $2,272.22 item re- ferred to in said petition, this is a pay- ment by the corporation, namely, the Wolverine Metal Specialties Co., on its account with affiant and has been properly credited to the corporation; that thereupon the circuit judge in charge of this receivership proceeding ordered DeGraaf to return the money to the receiver and that at a later date DeGraaf signed and swore to a state- ment in respect to this same money that he had turned it over to his wife, because of money she had advanced to this company and in payment of the company’s debt to her, which had been by an error of the book-keeper entered on the books of the company as a debt the company owed to him, DeGraaf. Mr. Geib. Pardon me, I would like to have Your Honor read the affidavit. The Court. do that. I am stating in substance Oh, I am not going to what the affidavit was. Mr. Geib. There is no dispute about what it was and it is very important that it be stated exactly. The Court. Defendant further claims that in the course of that proceeding, Judge Perkins made certain remarks which vou have heard read and which remarks were also published as a part of one of these articles and that Mr. DeGraaf was again ordered to return this money taken from the treasury of this company. Defendant also claims that plaintiff, DeGraaf, continued in his refusal to return this money and then filed a pe- tition in bankruptcy in the United States District Court, and that in the schedules attached to that petition he listed under oath this same sum of $2,272.22 as a debt owing by him, De- Graaf, to the receiver of this company, and in connection with this petition in bankruptcy, requested a stay of pro- ceedings which were then being taken in the Circuit Court to hold him in contempt for the failure to return this money; and that Judge Raymond of the United States District Court in an order, which is one of the orders con- tained in one of these articles and which you have heard read, decided that this was not a debt dischargeable in bankruptcy, for the reason that it was a wrongful appropriation of the funds of this company by Mr. De- Graaf and that the temporary order is- sued, staying the proceedings in the Circuit Court, should be set aside, whereupon and at a date after the pub- lication of these articles complained of, Mr. DeGraaf was by an order of Judge Perkins in the Circuit Court in 10 this receivership proceeding held guilty of contempt of court in his fail- ure to turn back this money to the receiver. It is the claim of the de- fendant that Judge Perkins found the plaintiff, DeGraaf, was guilty of the fraudulent misappropriation of these funds; that he was guilty of contempt of court and that the same consisted of the fraudulent misappropriation and his wrongful failure and refusal to pay over to the receiver the sum of $2,- 272.22, which he had in his possession and under his control as the president and treasurer of the Wolverine Metal Specialties Co. With respect to the taking of this money, the defendant, Stowe, claims that DeGraaf’s actions in the matter amounted to embezzlement or larceny and that he was, therefore, justified in calling him a thief and an embezzlez. Possibly T should state to you what larceny and embezzlement are. Lar- ceny is the wrongful or the fraudulent taking of the money or personal prop- erty of another without that other’s consent, with the intent to deprive the owner of his property or money. There is also defined in the statutes of Michigan what is meant by the term “embezzlement,” also called lar- ceny, under the circumstances such as are claimed by the defendant in this case, and I shall read to you the statute: “If any officer of any incor- porated company shall fraudulently dispose of, or convert to his own use, or shall take or secrete with intent to embezzle and to convert to his own use, without the consent of money or other property of another, which shall have come to his possession, or shall be un- der his charge by virtue of such office or employment, he shall be deemed, by so doing, to have committed the crime of larceny. If any officer of any in- corporated company receives or col- lects money or any other property for the use of and belonging to another, embezzles or fraudulently converts to his own use, or takes and secretes with intent to embezzle and convert to his own use, without the consent of his emplovers, master or the owner of the money, or goods collected or received, he shall be deemed to have committed The failure, neglect or re- fusal of such officer to deliver or re- fund to the proper person or company such money or goods entrusted to his care, upon demand, shall be prima facie proof of intent to embezzle.” With respect to this sum of $2,272.22 the defendant, therefore, claims that under the circumstances as to the keeping of this alleged secret account, under the circumstances under which the money was taken from this account by the plaintiff, DeGraaf, and his con- tinued failure to return it upon de- mand, that he was guilty of larceny or embezzlement; that he did wrongfully convert it to his own use and take it without the consent of his employer, with the intent to deprive his employer of it, and that he, therefore, was justi- fied in saying that he was guilty of larceny or embezzlement. The plaintiff, on the other hand, claims that he had no wrongful intent in taking this money; that he was do- embezzle or his employer, any larceny. - judicial proceeding. MICHIGAN TRADESMAN ing it believing that he had a right to take it. And in respect to that item it is not for this court or this jury to go behind the finding of the Circuit Court in respect to this money, insofar as the court held the respond- ent DeGraaf—he was the respondent in that proceeding—guilty of contempt of court in failing to return this money. It is for this jury to determine, how- ever, from all the evidence in the case as to whether or not DeGraaf did or did not take it with the wrongful in- tent. As I have already told you, to con- stitute larceny or embezzlement, it must have been taken with a wrong- ful intent. It is also claimed with respect to this proceeding to compel DeGraaf to return this money that he was guilty of perjury, on account of the affidavits he made in this proceeding. Perjury is defined as the wilful and corrupt false swearing after an oath lawfully administered in the course of some judicial proceeding as to some matter material to the issue or point in ques- tion. These were made in a They were affi- davits relating to a matter material to the issue. Were they made wilfully or corruptly? And by that is meant, were they made with knowledge that they were false or with an utter and reckless disregard of whether they were true or false? If they were wi:l- fully and corruptly made, then they were perjured statements and_ the plaintiff was guilty of perjury, and the defendants were justified in calling him guilty of perjury. If they were not, then, of course, they were not per- jured statements, and the plaintiff would not be guilty of perjury, nor the defendant justified in saying that he was, and that is for you to decide, and as I have already said, the burden is upon the defendant in that matter to prove that they were perjured state- ments. There are other matters of larceny charged by the defendant. The de- fendant claims that in January, 1924, Mr. DeGraaf collected $400 from the Sherburne Co.; that the Sherburne Co. sent a check in that amount in payment of its account, or in payment on account, and that the books of the company do not show that the Sher- burne account was credited with the payment of this sum, and that the bank account does not show that the $400 was credited to the account of the com- pany, and that the check was endorsed by Mr. DeGraaf; therefore, having come into his hands and not having gone into the treasury, that he stole or embezzled the money. He claims that he did not. It is for you to de- cide whether he did or did not. The burden of proof, as I said, being upon the defendant to establish the truth of this charge by a preponderance of the evidence. It is also charged that he, DeGraaf, embezzled other sums; that he took out life insurance in the sum of $15,- 000 with his wife as beneficiary to the extent of $10,000 of it, and with his bank, the Grand Rapids Savings Bank, the beneficiary to the extent of the affidavits other $5,000, on account of a loan that he personally had made from the bank, and that at his instance the company, the Wolverine Metal Specialties Co., paid the premiums on his life insur- ance, and charged the amount of these premiums to the insurance account of the company; in other words, that he bought life insurance, of which the company was not the beneficiary, with the funds of the company, and that, therefore, he embezzled the amount that it cost to pay for this life insur- ance, I charge you as a matter of law that no officer of any corporation has any right to use the funds of the com- pany to pay for his personal life in- surance of which the company is not the beneficiary, without the consent of its board of directors. I believe the defendant claims that this was done without any authority, without any knowledge on the part of the other directors or officers of the company. I believe Mr. DeGraaf claims that he told Mr. Stowe about it. If he did wrongfully convert this money to pay this life insurance prem- ium to his own use from the funds of the company, it would be embezzle- ment in the eyes of the law. Whether he did or did not is for you to decide, bearing in mind that the defendant has the burden of proof in that respect. There are other claims, but I shall not detail them any further, both as respects claims that the plaintiff, De- Graaf, did commit perjury in regard to other matters and that he did em- bezzle, abstract and steal from the company. : In these articles the plaintiff, De- Graaf, is also charged with making statements evidencing dishonesty in his bankruptcy proceedings. Making false statements in bankruptcy pro- ceedings is also a crime and it may therefore be said that a charge of this kind is charging crime. The defend- ant claims that his bankruptcy petition and schedule show that he concealed or failed to disclose assets that he previously claimed to own; that he claimed to own assets, among them Round Oak Stove Co. stock, which he never owned, in one statement, and in his bankruptcy petition did not make any such claim. If he made statements evidencing dishonesty and you are satisfied of it by a preponder- ance of the evidence, then the de- fendant was justified in making the statement he did in that respect. If you do not so find by a preponder- ance of the evidence, he was not justi- fied in making such a statement. So the whole question, ladies and gentlemen of the jury, turns upon the question as to whether or not the de- fendant has satisfied you by a pre- ponderance of the evidence that the statements made in regard to Mr. De- Graaf and his doings are true and that he did commit the offenses charged in these articles. It is sufficient for the defendants to justify, if they justify so much of the libelous matter as constitutes the sting of the charge. It is unnecessary to re- peat and justify every word of the al- leged libelous matters, so long as the substance of the libelous charge is September 25, 1929 justified. And by that is meant, for instance, in the eyes of the law the de- fendants would be held to have justi- fied if they proved by a preponderance of the evidence that the plaintiff, De- Graaf stole substantial sums of money, without necessarily proving that he stole about $8,000. Or take another example, that he took this money at about the time the receiver was ap- pointed instead of on the exact day the receiver was appointed. I merely state those as instances to show that for the defendant to justify he must substan- tially prove the charges that he has made, but not prove them in all their detail, although in order to justify he must prove each one of the crimes with which he has charged the plaintiff. The first question, therefore, for you to decide is whether or not the de- fendant has satisfied you by a pre- ponderance of the evidence of the truth of the charges made in these ar- ticles. If he has, that is the end of this case and your judgment will be “Not guilty,” or “No cause of action.” If he has not, then your judgment will be in favor of the plaintiff, and it will then be your duty to determine what his damages are. The statutes of Michigan make cer- tain provisions in regard to damages in cases of this nature and I shall read them to you, so far as they have ap- plication here. In suits brought for the recovery of damages for libel in this State, the plaintiff shall be entitled to recover only such actual damages as he may kave suffered in respect to his prop- erty, business, trade, profession, oc- cupation or feelings. In regard to the damages the plaintiff claims to have suffered in respect to his _ business, trade or profession, it is his claim that, due to the publication of these articles, he was unable to work for a period of about a year and that prior thereto he had enjoyed a salary of $50 a week. In regard to feelings, damages are not susceptible of any exact computa- tion for injury to feelings, but the amount cf damages in such cases :s left to the good sense of the jury. The elements to be taken into considera- tion in assessing such damages are whatever you find to be the injury to his feelings, mental suffering, injury to his character, and reputation due to the publication of these alleged libel- cus articles. Now it is also the claim of the plaintiff in this case that he is entitled to what are called exemplary or punitive damages—damages by way of punishment, in addition to such damages as he may have suffered by reason of the publication of these ar- ticles. In order to be entitled to re- ccver added or exemplary or punitive damages, the burden of proof is upon the plaintiff to satisfy you by a pre- ponderance of the evidence that these articles were published with what 1s called in the law express malice; that is, that they were published by a per- son who had an evil heart, an evil mind towards the plaintiff, without any just cause or excuse, and with such clear want of any ground for their publication as to warrant the inference (Continued on page 31) : September 25, 1929 MICHIGAN TRADESMAN 11 In millions of coffee cups, , you'll find the reason for MAXWELL House “Turnover” so a ENA ROE RRS Na » a: ago, barefooted pickaninnies used to dance atten- dance upon the carriages of the quality folks who had come from afar to sample the hospitality of the old Maxwell House. Even in those distant days, when the G QO oO D coffee of this courtly Southern hotel was at the begin- ning of fame, other coffees often claimed to be “just as good.” —EP- Time and the tastes of a nation have judged these claims impartially, and today Maxwell House is the larg- est selling packaged coffee in the world. And so, whenever history repeats and the old-time claims recur, we are FT O f 2 quite willing to place our trust in the critical sifting of Time and in a nation’s taste. The rare and matchless quality of Maxwell House— —=> backed up by the largest advertising campaign ever put behind any coffee — accounts for the extraordinarily rapid turnover which moves Maxwell House so quickly a A S T from your shelves. AXWELL 49) —_—— , HOUSE DROP _ Cofee 12 rc iNANCIAL The Tyranny of Things. For years Charles W. Garfield has been in the habit of delivering brief addresses once a week to the officers of the Grand Rapids Savings Bank and the managers of the branch banks. The talks are brief and informal and the subjects discussed cover nearly every phase of life faced by the aver- age banker. Last Wednesday Mr. Garfield started his 1929 series, which will run from sixteen to twenty weeks and which—through the courtesy of the speaker—will be reproduced from week to week in the Tradesman. The first effort is as follows: At the behest of our President I will give my initial talk to you this morn- ing and it will be one of a series which will follow, mostly commonplace and connected with life rather than bank- ing. There are a number of things on my mind I want to chat with you about these few minutes, attached to the title of Tyranny of Things. When I was a lad ten years old, our family moved from Milwaukee to Grand Rapids, and all of the personal effects and household goods were placed upon a fishing smack, a sail boat, and we came across to Grand Haven where everything was trans- ferred to the flatbottomed steamer “Nebraska” which brought us up the river to Grand Rapids. My father and I were always pals and I felt perfectly free to talk with him about anything, and when all our effects were put aboard the boat and we were settled down, I said, “Daddy, what do we have so many things for?” and he re- plied, “ I see what is on your mind, my boy, that you are perfectly aston- ished at the wonderful lot of things that we have gathered together to take over to our new home in Michigan. It sort of weighs upon your mind and T don’t know but what you are right about it. But you see, your mother and I came into Wisconsin with nothing but a rifle, an axe and a few school books. For years we were very limited in the things which we pas- sessed. so that as we have gathered them during the years they become more precious to us because we had so little to start with, and we dislike to have any of them get away from us.” When we arrived at Burton Farm, the house in which we lived was small, the barn was large, so that a great portion of the household effects had to go into the barn for storage. Thev were really a burden to us, and Mr. Burton. of whom the farm was bought, had been gathering all sorts of things and the barn was already pretty full of things that he couldn’t take away with him because he was going into smaller quarters. Many, many years after that, when I came in possession of the property and was caring for it, it seem- ed best to have the barn taken down and I gave it away with the under- standing that it should be placed unon another farm and preserved as a his- torical subject. having been the first farm barn built near Grand Rapids. But there were in that barn the gather- ings of 80 years. A lot of fool things had been saved but having some his- MICHIGAN TRADESMAN torical value: implements, household appliances and the things that were of importance under primitive conditions of life. Just what to do with all these things was a problem. I finally decided when the barn was to be taken down to place them all outdoors and let it be known that those things could be taken by anybody who would be inter- ested in them, with the legend upon them “Take One.’ I was soon rid ot the responsibility of ownership; but all of those things had gone into other families to be treasured for a time and to be a burden later on. I have settled up a good many estates, and only in one case was there any arrangement for the definite disposal of personal effects. That problem was usually thrown upon the executor of the es- tate, and through all these experiences T have ome to a thorough understand- ing of the “Tyranny of Things” and heve come to the conelusion as far as my own affairs are concerned and as far as my influence will go, to try and arrange so that personal effects shall not be a burden upon somebody who follows after. You are young people, most of you with homes and families and I want to carry this message to you: Try to do away with unnecessary things unless they shall have some rare historic value. Do not burden your home with a lot of things of little value which are cumbersome. And by all means ar- range your affairs so that these things that you do gather shall not be a great burden for possibly some stranger who may have to settle up your affairs. And it seems to me that it is important to begin this lesson with our children. When I was a lad, instead of haviing a great volume of playthings, I only had three, and I am glad that my par- ents taught me to have a place for those three playthings and when I was not using them, put them where they belonged, so they should not be a trial to anybody else. A few evenings ago Mrs. Garfield and I made a call where there was a family of three children. A go-cart was on the sidewalk im- mediately opposite where we alighted from our car and had to be moved be- fore we could go up the steps to the residence. Another go-cart was im- mediately in front of the entrance door and had to be moved. In the entrance the children’s playthings were scat- tered everywhere. The home was a lovely one with fine furniture and at- tractive accompaniments of all kinds; but the children’s things were the most prominent things in evidence. If the children had been playing with them and using them, I wouldn't have thought much about it; but the chil- dren had gone away and left things to be a burden to somebody else and an unhappy accompaniment to the neig'- borly call. The habit of putting things away so they shall not be a trial to somebody else is a most important one to inculcate in children, and, if it is thoroughly established, becomes a wonderful asset during their entire life. So that my message to you this morning is to avoid in your household, as far as possible, the domination of the tyranny of things, and put your September 25, 1929 a ~~ « « & BAM TAT OFFERS EVERY SER= VICE TO THE MAN WHO WARTS TO BE SOMEBODY «. « 4 SQnasssswsssiiis OLD KENT BANK CAPITAL AND SURPLUS, $4,000,000 RESOURCES, $38,000,000 THREE DOWNTOWN OFFICES ELEVEN COMMUNITY BRANCHES The Measure ot a Bank The ability of any banking institution is measured by its good name, its financial resources and its physical equipment. Judged by these standards we are proud of our bank. It has always been linked with the progress of its Community and its resources are more than adequate. GRAND RAPIDS SAVINGS BANK “The Bank Where You Feel At Home’’ 16 CONVENIENT OFFICES Phone 86729 Night Phone 22588 THE INVESTIGATING AND ADJUSTMENT CO., INC. COLLECTORS AND INSURANCE ADJUSTERS Fire losses investigated and adjusted. Bonded to the State of Michigan. Collections, Credit Counsel, Adjustments, Investigations Suite 407 Houseman Building Grand Rapids, Michigan Pe TSE September 25, 1929 MICHIGAN TRADESMAN 13 effects in such shape that in case you are suddenly taken away, they will not be a trial to those who will come after you and have to take possession of your affairs. This is a very com- monplace message, and still, with the experience of a good many years be- hind me, I feel that it is not unim- portant in connection with the arrange- ment of our affairs. Charles W. Garfield. The Tradesman esteems it a great privilege to be able to present to its readers this series of talks to its read- ers, because of the character of the man who prepares and presents them Mr. Garfield’s richest gift to his com- munity, his friends and his church is not his wealth or even his ability, but his character, and that character is an expression of his religious faith. To him religion is not simply an_ in- heritance from rugged forebears by whom it had been dearly purchased, nor even the conviction of a strong mind; it is the passion of his soul. In it he finds the moral integrity of the universe which makes his own integ- rity natural and inevitable. Men may differ from him in opinion, but never question his motives. In an age of confusion he makes right obvious. Like all forthright men he often brusque, but to privileged to share his home or his friendship, he gives tenderness, sympathy and under- standing as generously as he gives everything else. No finer or truer tribute can be paid him than recently came from one of his long-time as- sociates: “He is the best loved man in the city.” mo a Money’s Rise Is Explained. Money’s rise sooner than usual after the mid-September settlements this year is giving the financial district a great deal to worry about but the ex- planation for what has happened when understood is simple. seems those First of all it must be remembered that the Treasury did not pay out in cash the full $500,000,000 necessary to meet the maturing notes. The new 47% per cent. notes offered for sub- scription were extraordinarily sweet. They presented a tax-exempt feature that made them in one respect more to be desired by investors than any similar previous flotation. Consequent- ly it is logical indeed to presume that a substantial number of holders of the maturing notes turned them in for the new issue rather than cash. To the extent that investors presented their old notes in exchange the Treasury was relieved obviously from the neces- sity of putting money out into the market: but from the money mar- ket’s standpoint this program tended to cut down the supply of funds that otherwise would have flowed into use. It was an influence for tightness. Then the advent of firm money fol- lowing the tax date this year was hastened by the way the dates fell on the calendar. It would have been dif- ferent had the 15th fallen on a Monday. It fell on Sunday. This meant that most of the income tax checks were on hand Saturday. They were assorted in part over the week-end. Many of them no doubt were presented for col- lection on Monday and Tuesday. It is natural to suppose that a large pro- portion of the tax checks were col- lected at the beginning of the week and that this process tended to draw funds in substantial volume away from the market. It is what always happens a few days after the tax date. Undoubt- edly the receipt of these checks on Saturday this year accelerated the usual post-tax-date money squeeze. How the introduction of unexpected outside influences will affect develop- ments nobody knows but the prospect for any substantial reduction in money rates over the next few days on the basis of normal trends is not very bright. Whatever benefits the market may expect by way of receipts of cash in payment for maturing redemptions presumably it has already received. That pressure for ease will not then be spread over the current week. On the other hand income tax checks will continue to flow in for several days and draw off funds. Nowadays, of these normal factors often- times are offset through shifts of funds by investment trusts or in connection course, with new financing operations, Paul Willard Garrett. [Copyrighted, 1929.] ————————— Yardsticks For Trust Stocks. In an article on “Investment Trust Yardsticks” in the Bankers Magazine recently, Walter N. Durst reaches the conclusion that “the advice emptor’ is still pertinent.” ‘caveat English methods of appraising in- vestment trust securities are discussed in some detail and British policies of management are compared with gen- erally accepted American practices. Management is held to be one of the most important factors to be = con- sidered in studying trusts. Earnings, of course, should receive primary consideration, but in case of new trusts operating results are un- known. Figures presented indicated American trusts had a better record of 3ritish and Scottish groups for which figures are available. earnings than the “One of the oldest methods of judg- ing an investment trust is by its cap- “Re- companies ital structure,” says the article. cently several investment have been formed using but one class of stock—common—wiith the conten- tion that all earnings will thus accrue to the common stockholders. This statement, involving the entire ques- tion of capital structure, meets four objections: “(1) British and Scottish trusts have been almost uniformly successful and their capital structure has been based on a ratio of about 4%4:3:21% of deben- tures, preference stock and ordinary stock. Their policy has been to in- crease the two senior to the ordinary or common more rapidly than the ordinary stock. “(2) Practically all American gen- eral management trusts have issued preferred stocks or debentures. “(3) This trading on the equity in- creases the earnings on the common. If the trust averages 10 per cent. over a period of years and 6 per cent. is paid on preferred and debentures, the classes of securities extra 4 per cent. will go to the com- It mon, and the smaller the amount of fert common the larger the earnings for it. to may be necessary to make the pre- the debentures, but if ed convertible, or attach warrants the capital Established | Inve “The Bank on th Square” GRAND RAPIDS NATIONAL BANK 860—Incorporated 1865 NINE COMMUNITY BRANCHES GRAND RAPIDS NATIONAL COMPANY stment Securities Affiliated with Grand Rapids National Bank Investment Securities E. H. Rollins & Sons Founded 1876 Phone 4745 4th Floor Grand Rapid s Savings Bldg. GRAND RAPIDS New York San Francisco Boston Philadelphia Los Angeles Chicago Denver London L. A. GEISTERT & CO. Investment S ecurities GRAND RAPIDS— MICHIGAN 506-511 GRAND RAPIDS TRUST BUILDING Telephone 8 -1201 Uncle jake Says ym > ‘The reason so many men fail in business is because they are always gazing on its dimples instead of trying to remove ils freckles.” y ears ago Ww hen we started to make KVP Delicatessen Paper as pretty good, but ed to let it go asked our cus it out to us the rey discovered any, V1 t rat We improved ind kept o proving unaal now we can f y say to you that etter, in its line, rreasy and moist foods for wrapping g than KVP Delecatessen Paper. KALAMAZOO VEGETABLE PARCHMENT Co. KALAMAZOO, MICHIGAN 14 MICHIGAN TRADESMAN September 25, 1929 can be used for only a year or two at the lower rates, earnings on the com- mon will be increased. “(4) If there is only common stock outstanding, the inclination may be to pay out a higher percentage of earn- ings rather than to create a larger mar- gin of surplus for the debentures or to set up preferred dividend reserves.” William Russell White. [ Copyrighted, 1929.] ——— Lack of Appreciation Sometimes a Great Drawback. It was a refreshing pleasure for me to spend the better part of two days last week in company with one of the most conscientious Home-Trade work- ers I have ever met—Jim Andrews, secretary of the Jackson Home-Owned Stores Association. We found vol- umes of sentiments and convictions in common; and as discussion and ex- change of confidences mellowed our acquaintance, Jim quietly confided to me a pathetic experience which is uni- versal to all self-giving laborers for common welfare. To speak plainly, Jim just had a little touch of the blues, it seems, at the particular moment. He has 138 members down there on the rolls of the Home-Owned Stores Association, where there ought to be 350. With the exception of the original group of less than 20, everyone of them were secur- ed by personal solicitation. Now, the Home-Owned Stores As- sociation is made up of more than a secretary. It is supposed to consist ii a membership, with every member on the lookout for other members, as well as any possible openings for the sec- retary to appear as a speaker before clubs and other gatherings on behalf of local trade. Instead, the story is pathetically this: the members all seem to expect Jim to hustle all the new memberships. Not only this, but he must go out him- self, and solicit his own engagements to speak. A most embarrassing thing to expect of anyone! He recalls just once that a member secured a speak- ing engagement for him. But this isn’t the worst. So often, when he approaches someone on Main street, on the idea of joining the parade and lending support to a common cause in which he participates as to benefits, the reply is very much like this: “Fine! You’ve got a good racket, there! You ought to be making money out of it! If you can get away with it, I don’t blame you a bit for doing it! But what do I get out of it?” If there is anyone on the wide, green earth who should realize the value, the need and the lack of harmony, co- operation and concerted effort among their own ranks, it is the independent merchant. He, himself, feels hurt when the public suspects him of graft- ing on his trade, because he knows in his own heart that it isn’t the truth; but he does not hesitate to plaster cynicism all over the complexion of someone else who is honestly trying to work with him, and accuse him of nothing but ultra-selfish motives! Certainly this is a sad commentary on the merchant’s sense of fair play and clean sportsmanship. Why doesn’t he say “yes” or “no,” purely on the basis of a proposition’s merits as they are presented to him, without going out of his way to bite the hand that may be trying to bind up his own wounds? Have some merchants just simply been cursed with an inherent streak of meanness that gives them a sense of unholy glee in maliciously hurting someone else; or are they be- coming so steeped in their own self- pity that they think everyone else is grafting but themselves? In _ either event, the independent merchant needs to wake up to three realities: (1) He isn’t the only honest man left on the earth; (2) He wants to be understood, and known as an honest, sincere servant of the public, worthy of his just hire; (3) He cannot expect to keep even the few supporters and fellow workers he has, if he persists in trampling their motives under his feet, maliciously and without cause. They will soon leave him, with the suggestion that he take a jump in the lake. Life’s too short in this fast age for any man to put up with that sort of thing all his days. Going to work for a chain store doesn’t condemn a man to take that sort of treatment. Unless I am mistaken, this question of Home-Trade and universal justice ia business comes awfully close to being the religion of such men as this man Andrews. Business men take care how these men are treated. You can’t find enough of them, now, to fill the demand. Why be reckless with them? This is not in defense of Jim. He is able to take care of himself. It is only an appeal for a square deal to no one knows how many Jims there are scat- tered over Michigan. I run into them constantly. This may all be said for sincere sec- retaries of Chambers of Commerce, and other functions, including club officers. Take a checkup in your home town; and, if you can find one man who is putting himself out to keep teamwork alive in your midst, I’ll wager that he has been a victim of this very outrage. Have you been one of the persecutors. If so, shame on you. Be man enough to look him up, and apologize. You owe it to him; and a merchant must pay his debts if he wants to keep his credit good. W. H. Caslow. 2-2 Salesmen and Credits. It is surprising to learn that credit men are only now beginning to enter- tain the view that credit and sales functions are best exercised by differ- ent individuals. Among authorities on salesmanshp this opinion has long prevailed. The two duties are obvious- ly conflicting to no small extent. The salesman is by nature and training an optimist wihle the credit man, if not exactly the reverse, must know how to exercise caution and be on his guard against too ready credulity. This does not mean, of course, that sound sales- men are indifferent to the responsi- bility of their customers. The good salesman is always interested in that phase of the people with whom he deals, for he knows perfectly well that in the last analysis his own success depends on the profitableness of his operations to the concern for which he works. He can make little progress against a steady stream of rejected orders. But it is one thing for him ‘to understand the futility of bad sales and quite another to take upon himself the duties of official watchdog against poor risks. In the latter case he is almost sure to press too hard in one direction or the other, or else to ham- per his activities by efforts to main- tain a nice balance of judgment. The salesman, in short, must always be the convinced and convincing advocate. HOTEL FOR SALE Hotel King and Contents at Reed City, Michigan. Solid brick building, 40 Rooms and 3 Stores. Best location in town and doing good business.- Will sell at 20% of re- placement value. $6,000 will handle, bal- ance on terms to suit. The Hotel K ng is equipped with Hot and Cold Water and new steam _ plant. Situated on two Railroads and two through Auto’ Routes. Owner must change climate. Address WILL CURTIS, Reed City, Michigan INVESTMENT SECURITIES The Industrial Company Associated with The Industrial Bank Grand Rapids, Michigan Resources over $5,600,000. To impose upon him the job of credit scout at the same time that his mind is on sales is to ask him to act as judge as well as advocate, a combina- tion that appeals neither to common sense nor to experience in human af- fairs. Needless to add, good sales- men do not fail, on their own motion to report evidence of bad_ business practice or of financial weakness when either one comes under their observa- tion. | Here’s a dainty that will de« light you. Crisp, flavory younds of delicious toast made with fresh eggs, whole milk and finest wheat. High in energy and tissue building food values. Rich in flavor. Splendid for infants and grow- ing children. At your grocer’s. DUTCH TEA RUSK CO HOLLAND MICHIGAN Fenton Davis & Boyle Lnvestment Bankers vy Detroit Grand Rapids Chicago We recommend the purchase of FEDERATED PUBLICATIONS, INC. 6% SECURED GOLD NOTES WITH STOCK PURCHASE WARRANTS Write or Phone us for Particulars September 25, 1929 MICHIGAN TRADESMAN 15 MUTUAL FIRE INSURANCE Suggestion For a Fire Prevention Speech. My first thought when I address a group of people in the interest of fire prevention is—“I wonder how many have given serious thought to the ques- tion, ‘Why be careful to prevent fires??” The customary attitude to- ward this subject reminds me of a story: Two farmer boys, driving a wagon- load of kindling to town, were over- taken by a neighbor who told them a considerable quantity of wood had fallen from their cart. The older boy was for driving on, saying they had no time to bother with it; but the younger insisted they should deliver a full load as promised, so he went back alone to gather up the lost sticks. A quarter hour later he came trudging to the wagon with a great armful of kindlings. At this instant a swarm of hornets, evidently angered by a care- lessly tossed stick, swooped down on the older lad, seated atop the load. One of the insects alighted on the horse, which promptly plunged forward so violently as to dislodge the boy who fell to the ground, much to the amuse- ment of his companion whom he had refused to assist. Too often the attitude of people to- ward actively practicing fire preven- tion in their own homes or places of business is, “I haven’t time to be bothered with it,” or in other words, “Let George do it,’ and then, when some thoughtless act permits fire to start, perhaps bringing ruin to them, they are startled out of their com- placency too late. Oftentimes they express the thought, “Why should I worry, insurance will pay the bill.’ True—insurance foots the bill, but who pays for insurance? Actually, you control the cost of in- surance in your own section, for what other basis is there for the cost of this service than the average burning rate in the territory There are two other things to think of in connection with fire losses. If anyone questions the urgent need for fire prevention let him consider the loss of life. Every year, on the aver- age, more than 10,000 people in Amer- ica suffer a horrible death in the midst of flames. And to this misery must be added the long train of injuries that do not result fatally. Fire causes great suffering. Although many office buildings have been made compara- tively safe, such is not the case with American homes. As a matter of fact, 6624 per cent. of the deaths from fire occur in homes and worst of all, 31 per cent. of these deaths are among children under ten years of age! Par- ents would do well to consider if the lives of their own children are ade- quately safeguarded. Again, if anyone questions — the urgent need for fire prevention.let him consider the economic loss wrought by fire. The value of the property de- stroyed annually totals to the huge sum of almost a half billion dollars. This material is simply burned out of existence—destroyed forever. No ma- gician can wave his wand and bring it back for useful purposes. Then there is the suffering incident to un- employment as a result of fires. When ‘a great industry suffers a serious fire, numerous thrown out of work temporarily, sometimes perman- ently, in which case they have to move on to another section in order to find work. An analysis of industrial fires indicates that of one hundred plants burned, 43 per cent. do not resume operations, 14 per cent. suffer reduc- tions in credit rating, 17 per cent. fail to issue a financial statement and 26 per cent. lose business. An additional economic loss is the adverse effect on men are businesses associated with the indus- try destroyed. The even flow of goods between the industries is slowed up or stopped and perhaps contracts are broken. How are we to stop the depredations of the Fire Demon? There are three ways in which we can aid. First we should be careful to prevent fire. In our homes we can refrain from doing the little things that, seemingly un- important, oftentimes result disastrous- ly. We should clean out the chimneys annually and keep the smokepipes in repair; refrian from putting hot ashes in wooden containers; use only stand- ard electrical equipment and installa- tions; be careful with the use of in- flammable liquids; and provide an in- combustible roof. Similarly, we should use reasonable care in our places of business. Even so, there will at times be ac- cidental fires and we need to tear a leaf from the book of our European neighbors. We should so construct our buildings that a fire, once started, will be confined near the place of origin until the fire apparatus arrives. Building codes, such as issued by the National Board of Fire Underwriters, are a pattern after which communities may draw up their own codes for fire- safe structures. The third element is an adequate and efficient fire department. With motor- ized apparatus, firemen can be on the scene of most fires in time to prevent the destruction of property of high values, provided they are properly trained and equipped and the property is constructed to withstand the assault of fire for the first few minutes. In conjunction with this it is highly im- portant that a modern and efficient alarm system be installed in order that fires may quickly be reported. Effect of the Panic Ninety-Three Years Ago. Citizens of Grand Rapids often claim that the city has never suffered from a boom and the usual results of such a condition. So far as it pertains to the city, the claim is well founded. Villagers of the early forties were nct so fortunate. Read a statement published by Franklin Everett years azo if you are interested in the sub- yect under consideration at this mo- ment. “No town felt more the crush- ing effect of the financial revulsion which paralyzed the business of the country between 1836 and 1842. Grand Rapids had been the center of specu- lation. Settlers were filling up the re- gion and great enterprises were under- taken, some wisely and some based on supposed prophetic vision. A saw mill, “the greatest in the world,” was among the noted undertakings. Lots were sold at fabulous prices. There was money in everyone’s pockets— wild cat money. Everybody was get- ting rich. Speculators were greedily buying up land and lots. If a man owed a few thousand dollars it did not matter, because he had lands and vil- lage lots which were sure to doubie in value. Lawyers, doctors, merchants and capitalists of the East rovers in the woods in search of lands became All bought and went home to dream of fortunes easily hues were in the sky. did bubble. Banks, in the shape of expanded loans, had furnished the gas and millions of pairs of lungs were acquired. Rainbow It was a splen- strained for its inflation. All at once the bubble burst. Banks, speculators, merchants all were gassed into blank space. The big bubble contained all When it burst their hopes Nothing their hopes. dissipated. remained bad smell. was running to and fro, crowd, tears fell fast swore aloud. lands or About ail had S€en