Good will Worth MiIlions

A new answer to the old question, "'Whatls in a name?" is given by Coy Burnett, president of the Monolith Portland Cement and Monolith Midwest companies.

"A name is worth millions. if it has become widely recognized as indicative of something of exceptional quality," said Mr. Burnett.

"The business world was astounded several .years ago when $1,000,000 per letter was paid for the use of a wellknown brand name of a large manufacturing concern that changed hands. Since then a number of well-known names have-far outstripped that figure and are carried on the books of their vliious companies as definite assets. The B. F. Goodrich Rubber Company, for example, puts a good will value of $59,00O,000 on its name, which is carried on the books as a legitimate asset. F. W. Woolworth rates his name at $50,00O,000; Cluett-Peabody value theirs .at $18,000,000, and the May Department Stores carry theirs at $15,000,000.

"It is doubtful if any of these names could be actually purchased at anywhere near the good will value at which they are carried, even if the cash were offered.

"Roger Babson puts the genuine value of good-will in bnother way. He has compiled a chart on which is shown the iverage price of all stocks on the New York Stock Exchange Trom tgZ3 to the end' of. 1927. The line slowly rises from @ to 77. On the same chart, the aver' age price of stocks of the most widely known firms is shown by an impressive upward curve that swings from 73 to about2l0.

One of the most potent factors in the establishing of an actual good will value for any concern or any product is to persistently tell about it. Another factor which has materially increased good will for the Monolith interests is the established policy of "customer-ownership", which has proved so successful.

"With more than 25@ shareholders, Monolith is supported by an army of boosters who know the merits of Monolith products and who are glad to go out of their way to help increase the firm's business.

"One of the finest things about this good will is that it materially benefits every person and firm connected with Monolith or the distribution of its products. There is not a member of our entire organizations, from the newest employee to the president, who is not proud to say, 'I work for the Monolith interests.' Every architect, contractor, plasterer, and dealer who handles Monolith products finds his work simplified and more appreciated because of the good will created in the minds of the general public. And every investor who owns shares in our companies knows that his capital and its earnings are permanently safeguarded as a result of the increasing good will attained through this policy of constructive co-operation and progressive administration.