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Entered as second-class matter, March 24, 1890, at the Post-Office at Entered as second-class matter at the Post-Office Department, Ottawa, Canada. You may be slipping, too and you may not know it MONG THE MEN who have enrolled for the Alexander Hamilton Institute are 32,000 presidents and business heads. Here is the story of one of them which is rather unusual. He is 49 years old and had been head of his own business since 1910. It was at his special request that a representative of the Institute called at his office, and he plunged into the subject without a wasted word. "I don't think you need to tell me anything about your Modern Business course and service," he said. "A number of my friends have taken it. They are enthusiastic. I trust their judgment. Let me have an enrolment blank." perience. I've got to have someone helping We say this story is unusual. Why? Because There are four signs of slipping; four separate Are you in one of these 1. The man who sees opportunities for bigger The 2. The man who has worked for many months without a salary increase. He has slipped; he may not know it, but he has. He needs some definite addition to his business knowledge, something to set him apart from his competitors, to make the men higher up take a new interest in him. The Institute can help that man. ALEXANDER HAMILTON INSTITUTE Please write plainly had petty routine increases, but he has slipped. He is every day nearer to old age. He has been content with slow progress when the progress might have been rapid and sure. The Institute can help that man. 4. The man who knows only one department of business. He may be a good salesman, but if he knows nothing of accounting, banking, costs, factory and office management, and corporation finance, he will be a salesman always. He may be a good accountant, and never reach beyond the accounting department. The man at the top must know something about everything. The Institute can help that man. You will find the descriptive book published by the Institute, "Forging Ahead in Business," different from any piece of business literature you have ever seen. It is so practical, so directly related to your problem, so clear in its analysis of the reasons why some men rapidly go forward while other men slip back. We should like to put a copy of it into the hands of every thoughtful reader of this magazine. It will richly repay you for an evening of your time. Fill out the coupon; your copy will come by mail, without the slightest obligation, af once. Alexander Hamilton Institute W HEN the art of watchmaking began, all industry in Europe was conducted by the guilds. The chief purpose of the guilds was to establish and maintain the traditions of finest craftsmanship. They shut out inferior workmen. They inflicted heavy punishment upon those members whose work fell below a set standard. There was a guild for each important trade in each community, made up of all engaged in that trade. There were surgeons' guilds and bakers' guilds, guilds of goldsmiths and of wheelwrights. Naturally, with the invention of the watch, the watchmakers, too, organized themselves into guilds. But theirs was more than a craft. It was a combination of art, science and mechanical ingenuity, each in the highest degree. And the watchmakers of the old-time guilds conceived it so. Guild watches became highly prized throughout Europe. Noblemen were proud to wear them. Princes were proud to give and to receive them as gifts. It was to preserve the old guild spirit in the watchmaking industry that the Gruen Watch Makers Guild was founded, more than fifty years ago. Copr., 1926. G. W. M. G. ་ makers back to the old guild days. From father to son, from generation to generation of skillful workmen, has been passed down the tradition of finest craftsmanship that made guild watches once so highly prized. In the workshops of the new Gruen Guild are to be found the most advanced types of modern machines. But wherever the skillful craftsman's hand can do the job a little better, machines are set aside. That job is done by hand. The result has been a long series of contributions by the Gruen Guild to the art of watchmaking, profoundly influencing both inner construction and outward appearance of all watches we see today. In nearly every community the better jewelers can show you the Gruen Guild Watch pictured here, as well as many other exquisite examples of modern guild artistry at a wide range of prices. Their stores are marked by the Gruen Service emblem shown above. GRUEN WATCH MAKERS GUILD TIME HILL, CINCINNATI, U. S. A. CANADIAN BRANCH, TORONTO Engaged in the art of fine watchmaking for more than half a century GRUEN GUILD WATCHES (Title registered in the U. S. Patent Office and in Foreign Countries) PUBLIC OPINION, New York, and CURRENT OPINION, New York, combined with THE LITERARY DIGEST Vol. LXXXVIII, No. 10 New York, March 6, 1926 Whole Number 1872 TOPICS C $387,000,000 TAXES SAVED TO ENERGIZE BUSINESS NONGRESS BROKE A RECORD when it put through an elaborate tax-reduction bill in eighty days; and broke another record, judging from press comment, in passing a tax-bill that seems to please almost everybody. The wishes of the Republican Administration have been more nearly met than in any tax-reduction bill enacted for the last six years, and the satisfaction of Congress would seem to be shown in the fact that only twenty-eight Representatives and ten Senators voted against the completed measure. Leaders in both Houses recall that here at last was a big important bill of direct concern to the entire nation which was treated from first to last in a broadly non-partizan way. Senator Smoot foresees popularity for the measure in the fact that 2,000,000 taxpayers with incomes under $4,000 will now be freed from Federal taxation. The tax cut will be even more popular in our wealthier circles, according to the People's Legislative Service, which calls attention to twenty millionaires whose total taxes will be cut down by over $11,000,000. But lest we rejoice too loudly, we are reminded by Chairman Green of the House Ways and Means Committee that the tax cutting may have been overdone so much as to produce a deficit a year from now, with consequent increase in some forms Bulletin, the reason the taxpayers are satisfied is not so much that they consider the new law perfect, but that they are glad to have a reasonable measure adopted in time for them to file their tax returns before March 15. Republican papers have little but praise for the new law. The Chicago Tribune, for instance, considers it an intelligent compromise resulting in a law as sound probably as any that can be made." The New York Herald Tribune is convinced that "it sets a new and much-needed standard of businesslike and non-partizan tax legislation." REDUCTION "WHEN SHALL WE THREE MEET AGAIN?" of taxation; President Coolidge insists that Congress may have to get along without some of the appropriations it is counting on; and, finally, there are Democratic leaders and editors who warn the Democrats who voted for the bill that they may face the wrath of voters who look on it as a rich man's measure. In reducing taxes by $387,000,000, benefiting both small and large income-tax payers, and cutting down inheritance taxes as shown in detail farther on, Congress comes, so David Lawrence notes in one of his Consolidated Press dispatches, to a practical acceptance of the "Mellon plan" and "has at last showed toward the Treasury experts a confidence in facts and figures, if not always in theories, which will mean that the pathway of tax reform will be easier next time." The main point, as the Baltimore Sun sees it, is that the 1926 tax-reduction "is largely in line with what the country has seemed to want, and that is a psychological consideration which often counts as a real asset in the successful operation of any law." Perhaps, suggests the Providence The Democratic Norfolk Virginian-Pilot is pleased with the bill in its final form, feeling that "the issues in controversy between the House and the Senate were in almost every instance settled in accordance with the principles of sound public finance." Similarly the Hartford Times (Dem.) believes that all can agree "that Congress deserves commendation for a very good piece of revenue legislation." Not only Mr. Mellon but the people have won a victory, declares the Portland Oregonian, which believes that good results will flow to them "from reduction in the surtax in addition to those flowing from the lower normal tax," the maximum surtax having been reduced from 40 per cent. to 20. The Oregon daily is convinced that many men of large income will now sell their tax-exempt bonds and buy the securities of productive enterprises. Municipal bonds, in order to find a market, will now have to pay higher interest. This will mean less borrowing and consequently less taxation to repay loans. And so "Both shoulders of the taxpayer will be relieved and industry, being able to obtain capital at lower interest, will reduce cost of production. An access of energy will come to all parts of the nation, adding to the prosperity it enjoys." Funds that would have been laid aside for tax payments will now "be released for continued industrial growth, for rebuilding and replacement, for the hire of employees." Thus, continues the Grand Rapids Press: "A tax-reduction is not merely an exemption for the past; it is a dynamic factor in the near future. It is a breath of hope and a release of energy. Whenever a dollar can go into industry |