It would teach us nothing to follow in detail the fluctuations of the various businesses in Cincinnati, either in appreciation or decline, but it may be noted that it has more than held its own in one of the great staples—leaf tobacco—and still maintains a leading position. Yet I must refer to one of the industries for the sake of an important experiment made in connection with it. This is the experiment of profit-sharing at Ivorydale, the establishment of Messrs. Procter and Gamble, now, I believe, the largest soap factory in the world. The soap and candle industry has always been a large one in Cincinnati, and it has increased about seventy-five per cent, within the past two years. The proprietors at Ivorydale disclaim any intention of philanthropy in their new scheme—that is, the philanthropy that means giving something for nothing, as a charity: it is strictly a business operation. It is an experiment that I need not say will be watched with a good deal of interest as a means of lessening the friction between the interests of capital and labor. The plan is this: Three trustees are named who are to declare the net profits of the concern every six months; for this purpose they are to have free access to the books and papers at all times, and they are to permit the employes to designate a book-keeper to make an examination for them also. In determining the net profits, interest on all capital invested is calculated as an expense at the rate of six per cent., and a reasonable salary is allowed to each member of the firm who gives his entire time to the business. In order to share in the profits, the employé must have been at work for three consecutive months, and must be at work when the semi-annual account is made up. All the men share whose wages have exceeded $5 a week, and all the women whose wages have exceeded $4.25 a week. The proportion divided to each employé is determined by the amount of wages earned; that is, the employés shall share as between themselves in the profits exactly as they have shared in the entire fund paid as wages to the whole body, excluding the first three months’ wages. In order to determine the profits for distribution, the total amount of wages paid to all employés (except travelling salesmen, who do not share) is ascertained. The amount of all expenses, Including interest and salaries, is ascertained, and the total net profits shall be divided between the firm and the employés sharing in the fund. The amount of the net profit to be distributed will be that proportion of the whole net profit which will correspond to the proportion of the wages paid as compared with the entire cost of production and the expense of the business. To illustrate: If the wages paid to all employés shall equal twenty per cent, of the entire expenditure in the business, including interest and salaries of members of the firm, then twenty per cent, of the net profit will be distributed to employés.