supplied from earnings. As it is, the plowing back of capital is a high-priced luxury. Biggest seeker of working capital last week was Manhattan's R. H. Macy & Co. Feeling that it was smart to be thrifty about the undistributed profits tax, President Percy Straus persuaded his directors to authorize an offering of rights to Macy's stockholders in the ratio of one new share for every ten now held, at a price to be announced. Declared the Macy directors in a statement which might have been improved by Macy's copy department:

"It is prudent to raise additional capital at this time to provide against contingencies calling for greater working capital, and to provide against a reduction of its cash funds, which assuming a reasonable dividend policy, it expects would otherwise take place over the next year, due to increased working capital requirements resulting from a general expansion of the corporation's volume of business."

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