For 120 years du Pont SINCE INCE the nation's founding, War, terrible but inexorable, has five times visited the landand five times has the du Pont Company proved a dependable source of strength in the country's time of danger-ready with sufficient explosives to meet the needs of the nation's defenders. THE * HE story of du Pont's service to the country is an inspiring one. For since its earliest days, the country's means of defense has been among the most important of this Company's service. And rightly so, for since 1802, when at Thomas Jefferson's invitation, E. I. du Pont de Nemours set up on the Brandywine River the first powder mill in America, du Ponts have been powder-makers to the United States Government. The history of the du Pont Company is a story that is inseparably interwoven with the nation's history- a story that ranges through the century from Perry's jubilant "We have met the enemy and they are ours," to Pershing's reverent "Lafayette, we are here"- a story in which "Old Zach" Taylor across the Rio Grande, Grant before Vicksburg and Dewey at Manila Bay are heroic figures-a story of work and research always with the thought in mind that when America was forced to fight, she might have at her hand the best explosives and munitions science knew, and in the ever-increasing quantities that she needed. There is, indeed, no finer illustration of du Pont's service and efficiency than in the records of the last war. Starting in 1914 with a capacity of only 12,000,000 pounds of smokeless powder a year, it increased its volume until it was producing 440,000,000 pounds a year, supplying 40% of the Allies' explosives, and at the same time voluntarily reduced its price in the course of three years from $1 a pound to less than 50c! * * * YET, great as the du Pont Company's services to the country have been in times of war, those are only the occasional services, for, happily, war comes but rarely. And it is the unsung services of the du Pont organization in times of peace that are truly remarkable. The du Pont Company has been one of the leaders in the application of chemistry to the country's industries-one of the leaders in developing the most remarkable figure of the twentieth century-the Chemical Engineer. Since its earliest beginnings, the du Pont Company has been building upon the foundations of chemistry. Not only was E. I. du Pont de Nemours himself a chemist, who had studied with the celebrated Lavoisier in Paris, but the manufacture of explosives was then and is now one of the industries that most require the services of the chemist. As explosives increased in complexity and called for increasing chemical knowledge, the du Pont Company, little by little gathered to itself many of the keenest minds in the science and built up one of the finest chemical staffs in America, a staff not only of research chemists, but of men who knew manufacturing as well as the science of chemistry-men who were Chemical Engineers. Now, the Chemical Engineer is a rare mingling of abilities. He is a chemist who can take the discoveries made on the experimental scale of the laboratories and put them into production on the larger scale of commerce. He is the man who has brought to the doors of industry new substances, new uses for long-used substances, uses for products that once were waste, and processes that cut the cost of manufacturing and made possible the century's wonderful strides in commerce. And the du Pont Company's assistance in developing the Chemical Engineer and introducing him into his rightful place in American industry is not the least of the du Pont Company's services to the country. BUT yet another service has come through the Chemical Engineer-the family of du Pont products that carry the du Pont Oval. There is Fabrikoid for upholstery, luggage and bindings of books, not to mention half a hundred other uses-there is Pyralin from which toiletware for your wife's dressing table is made and many other articles-there are paints, varnishes, enamels, lacquersthere are dyes-there are many chemicals that America's industries must have seemingly non-related, yet all of them the legitimate children of a manufacturer of explosives, for the basic materials or processes that go to the making of each of them are similar to those that du Pont Chemical Engineers use in the making of explosives-and it is only through the manufacture of such products as Fabrikoid and Pyralin and dyestuffs in times of peace that the du Pont Company can be sure of being prepared for its larger service that of insuring means for the nation's defense in times of war. This is one of a series of advertisements published that the public may have a clearer understanding of E. I. du Pont de Nemours & Co. and its products. E. L. DU PONT DE NEMOURS & COMPANY, Inc., Wilmington TRADE ONT MARK 206 Waste Steam Used For Community Heating After facts brought out in court showed that Miles City, Montana, was losing more than $100 a day by not selling exhaust steam, permission was given the electric station to proceed with a plan for distributing this waste steam to heat nearby buildings. A bulletin has been prepared showing the development of this profitable municipal venture. Today, some 47 buildings are heated from the central station plant. Heat sales run over $32,000 a year. Fire hazards are reduced because individual heating plants are thrown out of these buildings. Dirt and dust of coal and ash handling are eliminated. This is one of over four hundred installations of Community Heating designed and installed by our engineers. If there is an electric light plant or factory in Write for Bulletin No. 20-0 covering Adsco AMERICAN DISTRICT STEAM COMPANY WHAT IS HAPPENING TO THE GERMAN MARK? T BY ROGER C. HOYT of Americans. HE answer to this question is being eagerly sought by two classes First, the many thousands who immediately after the armistice, deluded by the specious promises of over-optimistic brokers, "invested" their savings in German marks and have since watched the steady march of the mark towards the vanishing point. Secondly, that large group of American business men who wish to transact business with Germany but find it practically impossible to make contracts because of the rapid shift of prices in Germany due to the wide fluctuation of the mark. Perhaps a simple statement of the economic principles involved will, therefore, throw some light on the probable outcome of this perplexing situation. The complexity of civilized life makes money absolutely essential as a medium of exchange and as a measure of value. In primitive times men resorted to barter, which was the simple exchange of commodities. But this very quickly grew cumbersome and inadequate. Men then cast around for some article which could serve as a unit of value. In savage communities the unit was seashells, cattle, beaver-skins, corn, cocoanuts, salt, or some other article of general consumption. But these units in turn were soon found to be unsatisfactory and a unit of greater intrinsic value was sought. Men then turned to the use of metals which had many desirable qualities as money, and gradually gold, the most valuable metal, became accepted as the most universally satisfactory unit which could be found. And so, in course of time, what is known as the "gold standard" became the basis for the currency systems of practically all modern governments. This means that the underlying unit of value is gold and that all other forms of currency are ultimately redeemable in gold. Unfortunately, however, many governments, led astray by financial stringency and false economic theories, have attempted to issue currency not redeemable in gold, but basing its value on the mere word or fiat of the issuing government. This form of currency is known as "fiat money." Our own greenbacks issued after the Civil War are an example of this "fiat money." But the issue of flat money by a government immediately brings into action an old economic law known as Gresham's Law. This in simple language is that "bad money drives out good money." When bad money is issued, people will hoard their good money, and in time the bad money will depreciate in value because there is no real intrinsic value back of it. There are many such cases in the monetary history of the last two centuries. During our war of the Revolution the Continental Congress issued over 241 millions of paper money. This became practically worthless. Pelatiah Webster in "Political Essays" says: "If it saved the state, it also polluted the equity of our laws; turned them into engines of oppression and wrong; corrupted the justice of our public administration; destroyed the fortunes of thousands who had most confidence in it; enervated the trade, husbandry, and manufactures of the country; and went far to destroy the morality of our people." This statement of the effect of a depreciated currency, made by a writer in 1791, might be applied with equal force to the Germany of to-day. Professor Edwin R. A. Seligman, of Columbia University, speaking of this same period in our history, says: "The spurious prosperity occasioned by the high prices during the war soon vanished and turned into the contrary after the collapse of the paper money. During the eighties the suffering was extreme. Only with the greatest difficulty could the Revolution be brought to a successful close; while the ensuing business depression and universal distress well-nigh destroyed the very fabric of the state. So alarming was the situation that almost the first thing accomplished by the convention which framed the new constitution was to prohibit the issue of bills of credit by the States and to adopt a provision which was supposed to apply the same inhibition to the Federal Government as well. And when the National debt was funded in 1790 the remnants of the old paper money were accepted at the rate of 100 to 1. Thus came to an end an inglorious chapter in our fiscal history." France had a similar experience during her Revolution. The treasury then issued the famous assignats or paper on public money presumably based lands. The original issue of 400 million livres steadily grew until it reached the The enormous total of 452 billions. rapidly took inevitable depreciation place and the bills became practically worthless. A French writer, M. Marion, describes the result as follows: "It was now that there appeared in all their gravity the innumerable calamities, political, administrative, economic, moral, and social, which inevitably follow the ever-growing issue of a depreciated paper money; the ruin of the treasury, crushed, on the one hand, by the insignificance of the revenues paid in paper of a nominal value, and, on the other, by the growth of the expenditures necessarily met in actual values; the increasing difficulty of procuring food, the commodities fleeing from a paper sunk so low; impotence and inertia of the administration deprived by the worthlessness of this paper of all its means of activity; the upsetting of fortunes; the sudden enrichment of all debtors except the state; and the ruin of all creditors through the payment in illusory values of sums contracted for and expressed in real values; universal demoralization, fever of gambling and stock jobbing taking the place of FIRST FLOOR SEVEN-ROOM HOUSE No. 702 Designed for the Service Dept., American Face Brick Assn. This attractive Dutch Colonial Bungalow is one of the ninety-six beautiful homes shown in our "Face Brick Bungalow and Small House Plans." The charm and simplicity of the exterior suggests the coziness and comfort of the interior. The grouping of the living room, dining room, porch and hall is one of the distinctive features of this house. Homes of Lasting Satisfaction EAUTY, durability, fire-safety, comfort and economy are the things every builder wants in his home. All are to be found to a surpassing degree, in the one material-Face Brick. The realization of this fact by home-builders, who view home. building as a permanent investment, is responsible for the amazing increase in the number of Face Brick homes, both large and small, which are being built in all parts of the country. Every prospective home-builder should have "The Story of Brick," an attractive booklet with beautiful illustrations of modern homes. It discusses such matters as Comparative Costs, Basic Requirements in Building, The Extravagance of Cheapness, and other kindred subjects. It points out how, in a few years, the savings that go with a Face Brick house more than wipe out the slightly higher first cost of Face Brick over less beautiful and less durable materials. "The Story of Brick" is sent free on request. "Face Brick Bungalow and Small House Plans" are issued in four booklets, showing 3 to 4-room houses, 5-room houses, 6-room houses and 7 to 8-room houses, in all ninety-six, each reversible with a different exterior design. These designs are unusual and distinctive, combined with convenient interiors and economical construction. The entire set for one dollar. Any one of the booklets, 25 cents, preferably in stamps. We have the complete working drawings, specifications and ma sonry quantity estimates at nominal prices. Select from the booklets the designs you like best and order the plans, even if you are not going to build now, for their study will be not only interesting and instructive, but helpful in formulating your future plans for a home. You may want "The Home of Beauty," fifty designs, mostly two stories, representing a wide variety of architectural styles and floor plans. Sent for 50 cents in stamps. We also distribute complete working drawings, specifications and quantity estimates for these houses at nominal prices. Address, American Face Brick Association, 1739 Peoples Life Building, Chicago, Illinois. NOT HOW CHEAP-BUT HOW GOOD Frank's CRUISE de LUXE Mediterranean By Magnificent New Cunard S.S. "SCYTHIA," Specially Chartered Twin-Screw Turbine Oil-Burner, 20,000 Tons. Sailing Jan. 30, 1923, returning April 2, visiting Egypt Madeira, Spain, Portugal, Gibraltar, Algiers, Tunis, Holy Land, Turkey, Greece, Italy, Sicily, Riviera, Monte Carlo, etc. The "Scythia" is a veritable floating palace, with spacious decks, lounges, Free optional return passage at later date by 489 Fifth Ave., New York Established 1875 219 So. 15th St., Philadelphia GERMAN MARK? (Continued) the love of work and the practice of thrift." Is not the above statement fully as applicable to the Germany of to-day? The monetary history of almost all civilized governments contains similar examples of the evil effects of a fiat paper currency. And now, with the above economic and historical background, what can we reasonably expect to be the outcome of Germany's experiment with a depreciated paper currency? Depreciation of the mark has reached almost ludicrous proportions. We have the now familiar example of Russia before us, where the printing-presses find it impossible to keep up with the demands for a constantly depreciating currency. Russian rubles are now the "stage money" of the world and have little more value than the paper on which they are printed. The German Government appears to be following the same path of illusion which leads to the graveyard of the paper mark. It was recently reported that the great German Central Bank, the Reichsbank, was compelled to shut its doors and refuse payment of currency to its depositors because of an actual deficiency in the available supply of bills. In other words, depreciation had gone so far that the printing-presses were unable to keep up with the demand for paper money. The measure of depreciation is shown by the present quotation of seven one-hundredths of one cent for a mark which has a normal or par value of 23.3 cents. Thus far has the mark plunged from the gold unit of world value toward the abyss of oblivion. With the issue of billions of paper marks still unchecked, ultimate redemption in gold has become an impossibility. As an evidence of this tremendous inflation, it is reported that the Reichsbank's note circulation in the last week of July increased over 121⁄2 billion marks. Between July, 1921, and July, 1922, the note circulation increased over 122 billion marks, and discounts of treasury bills and private loans increased nearly 128 billion marks. The total outstanding bank notes on September 15 amounted to the incredible total of over 271 billion marks. The best that the "investor" in marks can look for is partial redemption at a greatly reduced ratio. This is in effect partial repudiation. But more probably the paper mark will be almost if not completely repudiated and a new currency standard set up. In our opinion, therefore, the holder of marks has very little to hope for and his best course would seem to be to find some method of investing his holdings in German property or industrial securities which have some measure of real value. This of course is not an easy thing to do. We might state, however, that a company has just been formed in New York for the purpose of investing American holdings of marks in German securities. It remains to be seen whether such a venture will prove of any success. The best that the business man who wishes to deal with Germany can look "I Will Put My Insurance in Trust" W WHEN a certain business man died, about two years ago, his GERMAN MARK? (Continued) for is that the German Government will be able to find some means of stabilizing its currency so that a measure of price stability can be attained. Here again this will probably be brought about by a partial or total repudiation of the paper mark. In any event, no improvement can be brought about until the German Government calls a halt on the printing-presses and in good faith makes the attempt to re-establish its monetary system on some basis of real value. We can learn much from history, and history teaches us that a fiat currency has always invited disaster. THE SUBSTANCE AND THE SHADOW BY NOEL SARGENT HE author has recently made some might well be termed the "practical" side of the open and closed shop controversy. wife received a considerable sum of interesting investigations into what insurance money. Knowing little about investments, she consulted her brother. He recommended that she purchase stock in the company of which he was president. Last year the business went into the hands of a receiver. The widow's income has ceased, and her principal is practically lost. Such cases as this point the moral that it is often as essential to provide for the future protection of insurance money as it is to pay the premiums. One of the many important services rendered by trust companies is the care of life insurance. Trust companies are today the trustees for many millions of dollars of insurance money. Your insurance can be made payable to a trust company as trustee. The company will invest and distribute it according to such instructions as you leave, by which you can provide for many possible contingencies. The trust company will protect your insurance fund by all the safeguards with which it surrounds the administration of estates and trusts. Fifteen cities in which building is at least seventy-five per cent on an openshop basis were compared with the same number of cities where at least threefourths of the construction in 1921 was performed under closed-shop conditions. The former group included Minneapolis, St. Paul, Detroit, Atlanta, Milwaukee, Richmond, San Antonio, Grand Rapids, Seattle, Duluth, Salt Lake City, Spokane, Akron. The closed shop cities listed were: Cleveland, Indianapolis, Newark, Kansas City, Missouri, Chicago, Cincinnati, Dayton, Pittsburgh (including McKeesport), Syracuse, Louisville, New Orleans, Providence, St. Louis, Scranton, Butte. Lest it may be alleged that the cities were "hand picked," we must note that twenty-five of the thirty (a majority in each group) are among the fifty largest cities of the country, and that twentyone, or seven out of each ten, are among the forty largest, according to the 1920 Census figures. The "American Contractor" in a recent issue presents statistics as to building wages prevailing in different cities December 31, 1921. Figures were pre sented for nine of the open-shop cities and eight of the closed-shop cities. For purposes of comparison, the author has selected six Occupations-carpenters, hod-carriers, plasterers, painters, bricklayers, and plumbers. The average hourly wages were as follows (in two of the cities, both upon an eight-hour basis, the "day" rate instead of the "hour" rate was given in the "American Contractor"): You can depend upon it With Listerine near at hand in your home you enjoy that comfortable feeling of knowing the antiseptic you use is both efficient and safe. It's been that way for half a century-always uniform, always dependable. Some of its many uses A safe, unirritating antiseptic for As a gargle for sore throat to LAMBERT PHARMACAL CO. ST. LOUIS, U. S. A. |