Puslapio vaizdai
[merged small][graphic]

one would go quite so far perhaps as to rank the standing bank by the checks they issue.

But it's interesting to note that the modern, progressive, I managed bank is likely to be careful about the checks


Open up your check book now. See whether your cks have wavy lines running across them.

If they have, it means that your bank has adopted La ate Safety Paper-the standard in check paper throughthe country.

You'll observe that these checks have a dignified, subtial air about them-a real distinction-that reflects not the standing of the bank but your own standing as a iness man.

La Monte Safety Paper is used by 60% of the banks of leading metropolitan centers. It is durable in texture, an easy, clean writing ace... It is a really safe er protected on both s against mechanical or nical erasures. George La ate & Son, 61 Broadway, York..

[ocr errors]





and there are no "dear days beyond recall"

ON THE film of life, years are but
fleeting captions-moving you
to tears or laughter, and then

Yet, like a film itself, they can
be kept and each time you wish,
rerun again-with all their tears
and all their laughter.

Do not let their stories fade. Keep them clear and fresh within the pages of a diary.

This Christmas make yourself as well as others this gift-a Standard Diary. Select one stoutly bound in leather, that it may withstand hard usage. Then place within it your most intimate thoughts and experiences. If you wish-choose one with lock and key.


1 1

The Standard Diaries pictured
and described on this page are
but four among over three hun-
dred styles. If you do not find
the one you wish among them,
write for illustrated booklet to
The Standard Diary Company,
Dept. B, 26 Blackstone Street,
Cambridge, Massachusetts.
Choose the one you wish, then
ask to see it at your dealer's-
or order from us if your dealer
cannot supply you.



"Mile Stones" No. 1406. The Standard 5-year Diary bound in Colonial Grain Leather in green, blue or black with gilt-edge pages Size 6" x 4". With lock and key. $3.



Pocket style Diary No. 525. Bound in Black Seal Cowhide. 3 days to a page. Size 47-8" x 3 1-8". $1.35.

[graphic][merged small][merged small][graphic][merged small]

.. via Western Electric

HE very program that goes on the air through the well-known Western tric microphone and broadcasting pment can come into your home ugh the Western Electric No. 5607. loudspeaker!

Jake up your radio with this new voice. et it tell you of the wonderful things Fe are in the air things you do not bect and cannot enjoy until you have udspeaker that brings them to you, in

every delicate tone from the highest, sheerest violin tremolo to the deepest, fullest 'cello note.

All-around quality is inherent in this Western Electric loudspeaker. It is part of a 50-year-old tradition covering a whole family of related products in the field of communication, including the nation's millions of telephones and network of switchboards and cables.

Western Electric


Distributed by



Through authorized dealers everywhere


In the universal pursuit of purchasing power wherewith to support life and to make it worth living, the person with capital may adopt one or more of three generally recognized methods. He may gamble, he may speculate, he may invest. In some art, science, or system of philosophy it may be true that as a man thinketh, so is he. In the planting and harvesting of capital, however, it is the act, not the thought, which determines what kind of man a man is. Many a wild speculator thinks of himself as a conservative investor. Not a few careful investors actually fear they are speculating, even gambling. For these it may be helpful to enumerate certain acts or methods which satisfactorily distinguish gamblers, speculators, and investors from each other.

The gambler creates his risk. When B says to C, 'I'll bet you a dollar it rains to-morrow,' and C replies, 'You're on,' a risk is created; in fact, two risks. B and C are now under a contingent liability which need never have existed. Day after to-morrow, for no valuable consideration one is going to put his hand into the other's pocket and take out a dollar. One's gain will be the other's loss. Gambling is never described as sound. It has no economic justification.

Speculation differs from gambling in that it involves, not the addition of new risks to an already hazardous enough life, but the transfer of existing risks. When A buys General Electric stock from D, he transfers to D the risk and profit of owning cash. In turn he assumes the risk and profit attendant upon the ownership of General Electric. No risk has been created and there is a quid pro quo. Both A and D


may profit. Investment differs from gambling in exactly the same way. Investment and speculation are both economically justifiable risk-bearing activities. But what distinguishes these two?

The medium used is no criterion. Speculation, investing, even gambling can be done with Liberty bonds. One person buying Wright Aero may be speculating, while another who buys the same stock may be investing. Ample intelligence, the same facts, and the same desire may be the common motive for both. If X, however, puts all his capital into Wright Aero, and Y only one fiftieth of his, everyone will agree that X is speculating and that Y may be investing. Here are illustrated two factors which distinguish investment from speculation: (1) the required degree of safety as affecting the whole fund, not the individual security; and (2) the method by which that degree of safety is obtained.

Speculation may be methodical or unmethodical, sound or unsound. Investment can only be methodical and sound. Otherwise it is speculation. A man's business is a speculation on his part, and often a most productive one. It is his chosen opportunity for profit. and to it he gives most of his time. Otherwise he fails. Buying and selling stocks constitutes, of course, the greatest popular field for speculation. This enterprise, too, may be prosecuted intelligently or ignorantly. But it offers little ultimate success to the person who does not specialize in it. The operator in this field is interested only incidentally in the growth of a business or an industry. His primary interest is in the advance or decline of prices. Stock


"What is back
of these bonds?"

When you buy bonds from The National City Company you
get something more than dependable income and adequate
security of principal. You get a broad choice of issues, and
personal contact with bond men well qualified to help you
select suitable offerings; you get quick service through a chain
of investment offices in over fifty leading American cities,
offices interconnected by thousands of miles of private wires;
you get ready access to up-to-date information on your vari-
ous bond holdings; and, finally, you get the broad benefits
which come from dealing with an organization having a back-
ground of over a century of financial experience and maintain-
ing close contact with investment conditions throughout
the world.

The National City Company

National City Bank Building, New York

[blocks in formation]

Offices or representatives in the principal cities of the United States, Canada, Europe, China, Japan, India, Australia, South America, Central America and the West Indies.

« AnkstesnisTęsti »