The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1928-03-10

Irving T. Bush, in conversa'
ton this week on an entirely
different subject, used an extreme
w apt phrase: New York Is the
hired man of the rest of the coun-
try. That Is essentially true. New
York is employed by people
throughout the continent to nan
die exports and imports, to raise
capital for their enterprises, 10
buy and sell securities for them.
to handle their temporarily I'M
disable funds, ETC., etc.
There are no safer loans in the
United States than those put out
on day.to-day call by Wall Street.
The losses sustained are inf1nites-
imal in comparison with The
amounts involved. Had the in
crease in brokers' loans been in
flicting hardship on industry or
any other form of business, max
ing it impossible or hard to bor-
row on reasonable terms. then
there might have been some occa-
sion for attempted political inter-
ference. But there was no such
reason.
Hence the futi,;ty of the probe.
A Shining Example
The statement was made in this
column recently that Benjamin
Winter, whose real estate career
has constituted shining example
OF the typical from-poor-boy-to-
millionaire romance, issued only
preferred stock when he formed
Benjamin Winte., Inc. The fact
is that investors were given two
shares Of common stock with each
share of preferred stock, thus af-
fording them opportunity to share
in the profits of the business. in
Guiding whatever profits Mr.. Win
ter might make in his heretofore
extremely successful trading opera
tionS.
Says Mr.. Winter:
One of the reasons that prompt.
ed me to organize my company
through Wall Street-outside Iof
its extensive financing possibilities
was the fact that large num-
Der of my friends in modest cir
cumStances have been coming to
me for years wanting to invest
their small savings in my opera
tions. The amounts they offered
me were, of course, so small that
could never do anything for
them. These constant requests
first gave me the idea Of forming
a company of my holdings so that
these friends of mine could share
in proportion to their means"
BY and by you will see many
rich, successful business men do
ing this. They constantly have
requests from persons of modest
means to invest funds for them.
Invites Investigation
II you have read, don't swallow
the allegations made by Repre-
sentative Rankin, of Mississippi,
against Anderson. Clayton and
Company as to Ubiquitous prac-
tees by them on the New York
cotton market.
Will Clayton Is widely recog-
nized as among the ablest and
most honorable men in the South.
He is the largest cotton merchant
i'm the world, furnishing the staple
to mills in many parts of the
world. Mr.. Clayton has emphati.
cally denied every accusation
made by Representative Rankin,
and his statement is most con-
Vincing. He invites "a full in
vestigation by Congress or any
other constituted authority of the
whole cotton system, including
our operations"
Mr.. Clayton having passed the
lie to Representative Rankin, it
is now up to him to defend him
self 1t is so easy for politicians,
protected by congressional privi-
leges, to make damaging state
ments against business men.
Who do you think has sold
more Stone Mountain memorial
coins than any other man out
side OF Atlanta? None other than
Mayor Walker, of New York.
Hollins Randolph, head of the
memorial, tells me that New
York's mayor has already raised
$4,000, and during his recent
flying visit to Atlanta indicated
that he might dispose of another
consignment.
What the stock markets record
so far this year suggests will be
discussed in a later column.
Copyright, 1928. by b. c. Forbes)