Evening star., 1926-12-10
MEN AND MONEY
Dy M. % RUNEySNFs
(Copyright. l926.)

That eminent political scientist
VIII Rogers laments that Christmas
is degenerating into a mere exchange
Of neckties.
I think that Mr.. Rogers has exag-
gerated for emphasis.
However, to the extent that giving
becomes obligatory, instead of entirely
spontaneous and voluntary, it results
only in an exchange of purchasing
power, with the giver substituting his
taste for that Lf the recipient.
Among those who really find Joy
in giving. however, there Is no
thought of getting some value in re-
turn.
Alert investment houses are sug-
gesting stocks and bonds as Christ
mas gifts.
like iewelry. good securities are
gifts that endure.
Unlike almost everything else that
can be bought, securities do not neces-
sarily quickly depreciate in value as
| soon as they become second-hand.
Cash Option on All Things.
Cash is an option on all the things
| in the world that are for sale within
| the amount.
| Inc purchase OIL any OH0
entails loss of the option.
In the case Of good securities, how
ever, you retain the option, being in a
position at any time to reconvert the
securities into cash. Moreover, your
cash, when placed into interest.bear-
| ing securities, Immediately sets to
| work for you.
If you buy anything except invest
ments, you necessarily automatically
sacrifice part of your principal. You
suffer the depreciation in your prod
uct which takes on a used value
only.
From this standpoint, good securi-
ties are particularly alluring. Yet
it takes imagination to detect these
values, which are less Immediately
visible than those of consumption
goods, which can be enjoyed without
postponement.
Anothar advantage to securities as
a Christmas gift is that they consti-
tute an endowment which will pro-
vide annual presents as the interest
coupons are clipped through the
years.
Appropriate for Children.
Good investments are particularly
appropriate Christmas gift for chill
dren, but 1t would be inhuman to SUBJ
stitute stocks and bonds for books,
toys and other playthings. The
childs desire for Immediately enjoy
able presents should be satisfied, and
the securities should be supple
mentary gift, not a substitute for the
things that the child rightfully ex-
poets to find on his balsam tree and
in his stockings on Christmas morn
ing.
Banks during the last decade have
preached the ideal of service. They
have asked their customers to make
a friend Of their bankers, but, In spite
of the fine words, the public could
not help remember that iron cages
separated patrons from bank tellers.
The Federal-American National
Bank here installed the first cageless
| bank in the world. Only a convent
| emily high counter separates the
tellers from the customers. This ar
rangement, which has "let down the
bars" between banker and depositor,
| was devised by John Poole, the
spirit Of friendliness and mutual
confidence, and met with such popular
favor that it promises to revolutionize
the banking architecture in America.
Main and Wall Streets.
Occasionally Main street comes to
Wall street and seizes the reins.
According to current reports, Ar
thur w. Cutten and associates from
the Middle West have been primarily
responsible for the market sponsor
ship of Baldwin Locomotive common,
which of late has moved as rapidly
as the product Of the company. Mr.
Cutten's usual field is the wheat pit.
which, however, has been quiet and
inactive recently. Mr.. Cutten, who is
an unassuming. middle-aged man.
who lives on a farm in the outskirts
Of Chicago, first became nationally
known last year in the prolonged ad-
vance in wheat prices.
Another outsider in different field