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window displays will be as common as "Reason-Why" advertise

ments.

As soon as manufacturers begin to make the dealers realize that their windows are valuable advertising space and not storage space, more and more retail merchants will wake up to the fact that their windows can profitably be placed upon their store sales force.

The retail dealer, thanks to our trade papers, is gradually being educated to the science of modern merchandising. He is beginning to take pride in his windows. Most windows are past the barbarous stage of helterskelter display in which every article in the store is tossed into them. The majority of dealers are now taking pains to make their windows attractive. That is only one step in the selling argument, and they should be educated to finish the selling canvass by making their windows hold interest and create a desire for the merchandise displayed. When that is done their windows will then sell goods.

It will be a matter of a com paratively short time when the "show window" will be a thing of the past, and the "sales window" the dominating factor of the future.

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A Railway's Lessons in Public Service Finance

The Schenectady (N. Y.) Railway Company is running a series of sixteen newspaper advertisements, on a threetimes-a-week schedule to instruct the public upon the alleged necessity of increasing the street-car fare to six cents.

One advertisement tells in simple language that is readily understandable by the average man who is not a banker or an investor why the railroad's property will run down if the company cannot maintain its credit. The investor will not be attracted if the return on his money is too low and increased income is needed at present to improve the return which the company is able to make on money invested.

Two other advertisements go into details regarding "watered" stock and capitalization compared with investment. A portion of one of these ads will indicate how a complex problem is made simple:

"The reports of the Public Service Commission show the amount of money invested in the railroad property. They also show the securities outstanding.

"These records show that the Schenectady Railway Company has invested in its property, including track, rolling-stock, buildings, rights of way, poles and wires, the money paid for franchises, etc., in round figures, $7,300,000.

"Against this are issued:

Outstanding bonds...$2,676,000
Outstanding stock

4,100,000 "This shows that there has been paid into the property $524,000 more than the securities outstanding.

"Before the stockholders get one penny from the revenues of the company, wages and other operating expenses must be paid; taxes must be paid; interest must be paid; allowance must be made for reserves to replace worn-out property, and provision must be made for a surplus to meet unforeseen contingencies.

"In the past, by careful, economical operation, our company has been able to pay dividends to the stockholders.

"Wages have been going up; prices of supplies have been going up; taxes have been going up, as everybody knows. Reserves must be increased to properly insure your service and provide for necessary developments.

"We want to provide for these necessities and at the same time must pay fair dividends in order to attract new capital for needed improvements."

Murdock on Federal Trade

Commission

Victor Murdock, editor of the Wichita, Kan., Eagle, has been appointed by President Wilson to the place on the Federal Trade Commission made vacant by the death of Will H. Parry.

Effective September 1, the Springfield Illinois State Register will be represented in the Eastern part of the United States and Canada by Verree & Conklin. Inc., New York.

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DESIGNED, ENGRAVED AND PRINTED BY

PRINTING CRAFTS

FOX PRINTING HOUSE, INC. BUILDING, NEW YORK

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