Evening Star Newspaper, July 14, 1924, Page 21

& THE EVENING STAR, WASHINGTON, D. C., MONDAY, JULY ‘14, 1924 -~ 21 ¥ INSURANCE DRIVES PLE UP BUSINESS Auto Protection Policies Lift Totals—Heavy Demand for Annuities Noted. BY J. C. ROYLE. Specal Dispatch to Tbe Star. NEW YORK, July 14—The June ind July drives of the life insurance vompanies this year have produced unprecedented results. The business of the life insurance companies of the United States has doubled in the last ten years and the percentage of in- crease has been more than maintained o far in 1924. The heavy volume of 4 building has brought about corre- ~ponding increases in fire insurance. while the increase in the use of auto- mobiles has brought a tremendously augmented business to the theft, ac- cident and liability men. The practice of ir for large sums by big business con- cerns has become more common and ‘. the million-dollar life policy no longer s unusual. Now that the presidential candidates have been named, probablc that polizies for large will be taken out on their lives b bettors who are preparing to ri large sums until after the November vlections. It has never been the pol- icy of the political parties or their national committees to insure candi- dates. . Move to Dodze Taxes. One notable development insurance field in =en the increased number ies purchased. Many men of large wealth and. beyond middle life ro turning to this form of invest- ent. undoubtedly as a result of the eavy income tax pavments entailed y other investments. Annuities 1aid by insurance companies are free om income tax until the beneficiary hall have received in such payment the amount which the annuity policy osts. In purchasing such an annuity the buyer, of course, releases all title to the principal, but an income tax dnes become operative after the nount paid back to him _exceeds ihe cost of the policy. Many « these annuities are being taken out for the joint benefit of husband and vife, and provide for payment of a ixed sum annually while either or Loth are alive. Group Insurance Boomins. Group insurance has been ~xtraordinary volume in the months. Many e have insured their emplc other instances men of s pation or interests have banded te sether to obtain such protection. An ance is the rec group insur- rce plan worked out for the New vork Stock hereby the emploves pav part +he expense and the exchans: vemainder 3 The improvement in the business done by insu panies has been accompa marked increase in the vorkers employ b P zations. here Compinies which have not doubled their clerical forces in the last ten vears and that expansion is still go- »ing on Policies Issued to Prospects. There are ons for thi besides the normal increage in the number of policies iscued. “One is the ; habit of havi jes issued to srospects befc latter have agreed to accept them and pay the initial premium. Agents frequently do this in the hope of closing a re- luctant prospect, but the suing such policies, with the clerical work necessary to cancel them when they are returned, is a large item in_the expenses of some concerns. The increase in clerical employment in the fire, accident, theft and in- demnity fields has been even . marked than in life policies in compani those forms of insuranc: ten far more frequently companies. Make Enormous Investments. The improvement in the insurance business has had a strong effect on the industrial and commercial situa- tion of the country, for the putting out of money by insurance companies is as important a part of their op- \.ration as the getting in of money. Insurance companies are buyving and <elling more bonds than the banks )t the country, and their funds in iuilding, real estate, bonds and other torms of investment are instrumental in providing capital for multitudinous manufacturing, commercial and trade activities. COFFEE IN U. S. WILL LAST THREE MONTHS . Brazil Outbreak Has Not Yet Cut Off Shipments—New Crop Ready. the in ot and in nilar oceu Y volume of ed Ly a number of the are but few the specializing in are rewrit- Special Dispatch to The Star. NEW YORK, July 14—“Even if the political outbreak in Sao Paulo, Bra- zil, grows more serious than the most recent cables indicate, the American coffee drinker may find comfort in d the fact that there is at least a three-month supply of coffee avail- able for the United States, according to Felix Coste, secretary of the Na- tional Coffee Roasters’ Association. “It is estimated that there is about a sixty-day supply in the hands of American wholesalers. The visible supply also includes 355,799 bags of Brazillan and 404,242 bags of mild offee in America; arehouses and 27,400 bags of Brazilian coffee afloat his country. At the present rate of consumption (roughly, 900,000 bags 2 month) this total in warehouse and float of 1,387,441 bags represents an dditional month and one-half's sup- '. A cable states that Santos is ely in the hands of the govern- ment forces. If this situation con- tinues shipments from that port will probably continue as long as the sup- ply lasts. The same likellhood of continued shipments holds good for Rio. “If the outbreak spreads this coun- try will find itself deprived of its principal coffee source. For the past iwo vears Brazil has been building big interior coffee warehouses capa- ., ble of holding 5,000,000 bags. These * warehouses contain not only 3,000,000 hags of the old coffee crop, but such portion of the new crop as had been harvested when the outbreak began. Natural the contents of these ware- houses is not available as long as railroad traffic is interrupted.” EARNINGS SHOW GAINS. American ,Water Works Reports Over $12 Per Share. - NEW YORK, July 14.—American \ Waterworks and Electric Company reports a balance of $3,192,895 for the year ended May 31, 1924, equiv: lent after first preferred dividends 10 $12.79 a share on both the com- mon and participating preferred shares outstanding. This compares with $2,495,209, or $9.10 a share, in . corresponding period. g8 of $38,040267 was Jreater by $6,852,597 than the pre- % ‘/‘e(d.nlnxpye;r'é total. Net {ncome of ‘enn Company was $3,104,830, A EAIn.of §704,399, S S ’ v uring executives | the last year has| of annu- | last six | corporations | various | cost of is- | more | insurance, since | than in life | EVERYMAN’S INVESTMENTS BY GEORGE T. HUGHES Forty-fourth Article. The Lady Was Wrong. A woman evidently untralned in financial affairs went into the office of a prominent investment banking house the other day and told the manager she had $10,000 in Liberty bonds on which she thought she was not receiving a high enough return. She sald she wanted to sell these bonds and buy some other security. Under a little tactful questioning the investmeni banker found that the $10,000 represented her entire capital. He told her in the first place that there was nothing so good as a Lib- erty bond and urged her not to dis- turb her holdings. She would not listen to him, however, and so he | made up for her a list of high-grade railroad mortgages and public utility {bonds on which the average return | was from 5 to 5% per cent. With these she was no better sat- fied. “Why, I have been told,” she said, 1 could get 7% or S per cent | with perfect security.” Patiently the | banker explained to her that the rule was the hi r the return the great- er the risk and that she was in no condition to take any risk at all. He didn’'t make much headway. As a last resort he asked her why she thought investors were willing to pay prices for good bonds so high that the return would be only 5 or 5% per cent. “Because they are | Fools,” she replied and indignantly | flounced out of the oftice. The lady was wrong. It is not the fools who buy a high-grade security. | but the wise. She doubtless found some less conscientious adviser who | was willing to let her take chances | with her small capital and probably to her sorrow. It is one of the mysteries of human nature that when people come to sell Liberty bonds in order | to_buy something else that will in- crease their income t want to jump at once from the safest invest- ment in all the world to one which is more or less speculative. make the change, and it advisable, take some- thing that does not make too violent | a contrast. Five per cent is a gen- | erous return on high-grade invest- | merit at this time. | (Copyright, 1924 by Consolidated Press Asso: Ciation.) 'BANKERS ARRIVING | * FOR CONVENTION | Institute to Take Up Many Vital Questions During Week in Baltimore. Special Dispateh to The Star BALTIMORE, July 14.-—More than 2,000 delegates are expected to attend the conyention of the American Insti- tute of Banking, which will formally open here tomorrow and continue un- til Fiday Representing the 56,000 members nf chapters in every city of the coun- I'try, they and many guests on special | trains from New York, Chicago, At- |lanta and San Francisco, arrived to- iday. Gov. Albert C. Ritchie and Mayor |Howard Jackson will welcome them {at the opening meeting. Biggest School in U. S, The American Institute of Banking | is the bizgest school in the United States, its membership numbering 55,000, including 30,000 students. Clarence R. Chaney, president, will {open the first busifiess session tomor- | row morning. | In the afternoon and on Wednes- day and Thursday, will be held what are known as department confer- ences. It has been found that a great deal more benefit can be derived from these conferences than from large open sessions. | Subjects on Program. The subjects to be discussed by prominent bank men from all over | the United States will be: “Audits and Examinations,” “Bank Administra- tion.” “Bonds and Investmen: | ness Development and A vertising, “Checks and Collections,” ‘Credits “Foreign Trade and Foreign Ex- change,” “Savings Banks and Trust { Functions.” Late in the week the entire body of delegates are to go to Washington as | guests of the Washington Chapter. Clarence R. Chaney, Minneapolis, is | president of the institute; E. V. Krick, San Francisco, vice president; | Richmond W. Hill, New York, secre- { tary, and Stephen I. Miller, New York, | educational director. ACTS ON RUSSIAN BONDS. | Protective Committee Would Ex- tend Agreement 18 Months. NEW YORK, July 14.—Extension of the protective agreement, entered into several years ago by holders of the Imperial Russian government 5% per cent bonds of the defaulted 1916 loan, is being sought by mem- bers of the protective committee. Pending further adtion to effect a settlement of Russian debts, the com- I mittee, in a notice issued yestrday. asks that its powers be continued for another eighteen months. Thomas Cochran of J. P. Morgan & Co. and Charles E. Mitchell, presideAt of the National City Bank, are members of the committee. —_— 2 An individual suffering from tuber- culosis should have a diet in which iron and lime are present in generous proportions. | it should be. You possible the kind of veniently situated on 2% Paid on,Checking and NEW RECORD MADE INMANUFACTURING Figure Fast Approaching Great 1919 Output—Strik- ing Gain in Locomotives. Special Dispatch to The Star. NEW YORK, July 14 —Manutac- turlng activities in the United States in 1923 were evidently far better than in 1921 and may turn- out to com- pare favorably with the phenomenal- 1y high record of 1919, This indica- tion, says the Trade Record of the National City Bank, is distinctly “subject to revision” by reason ot the fact that the census returns of manufactures in 1923 thus - far glven to the public only include a dozen groups of manufactures. But as the aggregate value of thetr out- turn in 1923 s over $500,000,000. against but $274,000,000 fn 1921 and $373,000,000 in the high record year 1919, the suggestion that the tull record of 1923 will materially ex- ceed 1921 and perhaps approximate the high record of 1919 seems justi- fied. Increase in Locomotives. ;Take locomotives, for example. The total outturn of locomotives as reported by the census of 1923 is in value $215.393,000, against $102,023,- 000 in 1921 and $156,270,000 in 1919. The number of wage earners em- rloyed in locomotive manutacturing in 1923 was 30,627, against 16,583 in 1921 and 26715 in 1919. and the wages paid them $51,867,000 in 1923, against $20,473,000 in 1921 and 338, 799,000 in the former high record year 1919. of the big jump in 1923 as compared with earlier years. This unexpected increase may be due in some degree to the stimulation resulting from the building activities and the establish- | | Wool carpets are another example | | | ment of new homes. But, whatever the cause, the census record of the value of wool carpets turned out in 1933 is $197,402.000, against $103,881,- 000 in 1921 and $123,254,000 in 1919. The number of wages earners in the wool carpet industry in 1923 was 34,- 472, against 22.922 in 1921 and 22,953 in 1919; the wages paid them in 1923 were $47,55.000, against $28,705,000 in 1921. end $24,216,000 in 1919. Growth in Typewriters. Typewriters and typewriting ma- terials are another example of the growth; the total value of the out- turn in 1923 is reported by the census office at $52,230,000, against $41,789,000 in 1921, and $52,738,000 in 1919. Taking the entire number of es- tablishments for which 1933 re- turns are yet received, says the Trade Record, the total value of their out- turn in $505,457,000. against $273,903 000 in 1921 and $373,282,000 in 1919, The number of wages earners is {86,612, against 57,735 in 1921 and 72,- {092 in 1919 The wages paid in 1993 were $125.054,00. against $69.053,0 in 1921, and $86,834,000 in 1919, These figures indicate that in the record thus far established by the dozen industries for which 1923 re- ports are at hand the value of the output. the number of wage earners, the sums paid as wages and the annual average wage were higher in 1923 than mn 1921 or 1919, Steady Gain in Wages. The average annual wage pald in these industries was in 1923, $1,444: in 1921, $1,96, and in 1919, $1,204. The ‘average wage pald in the in- dustries for which figures are thus far available is in 1923 about 203 per cent greater than in 1921, and practically 20 per cent greater thau in_ 1913 While the dozen industries for which 1923 reports thus far received form of course, adds the Trade Rec- ord, an extremely small percentage of the 350 industries included in the full cencus report, the fact that the aggregate value of the outturn of these dozen industries in 1923 is 84 per cent greater than in 1921 and 35 per cent greater than in the former high_record year 1919, suggests that the United States is, at least, likely to maintain her rank at the head of the list of world manufacturing nations. CROP RETURNS MOUNT. Georgia Fruit and Truck Gorwers Having Fine Year. Special Dispatch to The Star. ATLANTA, July 14.— Retail and wholesale business has been stimu- lated by the receipt o far this season of ‘between $15,000,000 and $20,000.- 000 by Georgia fruit and truck grow- ers. Jobbers report active buying of fall lines by rural stores. The morale of the farming communities is higher today than at any time since the advent of the boll weevil, since the prospect is for a million-bale cotton crop for the state, with an estimated value of $175,000,000, including seed. Growers seem to be waging a win- ning fig: .t against the weevil. The State Colleze of Agriculture estimates that Georgla live stock and farm products will yield half a billion dollars this year. e, TEXAS SECOND IN BICE HOUSTON, July 14 (Special).—Over 156,000 acres have been planted to rice this season in Texas, making this state second in land so utilized. Con- dition of the crop is placed at 90, in- dicating a yield of 5,500,000 busheis. Y21/ 777177/ £7 FETTITITTTL 1721771777771 T/ 1A 15 AP 1777 DURANT “Just a Real Good Car” UL LI L L LTI I 17721 ST I 1 L7070 Peace of Mind is an essential if your vacation is to be as cannot hope for it unless you know your most valued posses- sions are altogether safe. The Union Trust Company will make vacation you desire by providing storage for silverware or other bulky packages as well as Safe Dep}uit Boxes for jewelry, securities, etc. You will find our Vault Department con- the street-level. 3% on Savings Accounts > THE OF COLUMBIA EDWARD J. STELLWAGEN PRESIDENT RIPPLING R " A Thrilling Mystery Story By J. S. FLETCHER Copyright. 19, by G. P. Putnam’s Seas. (Continued from Yesterday's Star.) “They may have been what you say,” I sald. “I suppose there are people who want to get all the in- formation they can about a Derby candidate?" “I should say there are!” he answered, with an ironic laugh at my evident Jgnorance. “Aye, and 'ud sacrifice their own mothers to get it! And there are those too, who'd move heaven and earth, and hell and’ all, to get at something else—if they could!” "What?" 1 asked. “Why; the filly herself,” he sald, with another laugh. “There's some queer things done in connection with the turf, Mrs. Crange! Lady Ren- ardsmere's doing the right thing in having ~ Rippling Ruby carefully watched—if she were mine, I'd take good care that human eyes were never oft her till she faces the start- ing-gate! There'll be plenty on her then, to be sure!—but she'll be safe.” Presently I left him and went up the hillside to Peggie Manson's. I met Péggle in the grounds of her home: one glance at her showed me that hse was in a by no means good temper. Anq as soon as she caught sight of me, she snapped out a ques- ti Have you had a telegram from Lady Renardsmere this morning?” she demanded. ‘T hav have, too?" “Why do you suppose it?' she re- torted. “Because I can see you're not in a very angelic moo 1 replied. “What's the matter?” She stared at me for a moment, then she slashed off the head of an unoffending dandelion with the hunt- ing-crop which was rarely out of her hand. “I do wish Lady Renardsmere wouldn't do things without consult- ing me” she exclaimed angrily. “Really, 1 might be a servant of ners! Besides, she never thinks of said 1. “I suppose you \L8\S/ 5 SN the bother she causes by her high- handed way of doing thing: “I'm still walting to know what she's done,” I sald. orie? Planteq four more men on me!” she complained. “I got a wire from her first thing this morning, saying that four more of these pri- vate detectives would arrive today, and were to work under the two that are already here, and then glving more _elaborate instructions about Rippling Ruby's safety. Ridiculous!— as if she wasn't as safe as safc can be!—trust me and Bradgett for that 2 “Oh, well, T don’t know.” I replied. “There are some queer things going on: T've just had an adventure my- self—""and T went on to tell her- about my visitor of the previous af- ternoon ‘and of Holroyd's remarks. “What do you make of that?” I con- cluded. “Nothing to do with Rippling Ruby!” she said, with decision. “But —I should say it's a good deal to do with the other affair, Probably that was one of the gang.” “You think £0?" T said. “What!— to_walk right in there?” “Why not?” she replied. “He bluffed you, easily enough. Of course I'm right!—he came with the idea of seeing Lady Renardsmere and look- ing ‘round her home.” “Why?' I asked, still wondering. “Jim Cranage!" ' she exclaimed. “Youre—dense! I shall have to sharpen you up. Why? Good heavens, child! Can't you see why?" t yet!” I retorted. “Why—because they traced that something to Lady Renardsmere!™ she answered, with an expressive flash of her gray eyes. “I should think anybody possessed of one grain of perception can see that! They didn’t get any satisfaction out of murdering Holliment, and probably no more out of murdering Quarter- vayne, but I think that when they murdered Neamore they found evi- dence of his transactions with Lady Renardsmere. And now — they're after her.” “Well—she's off, anyway,” 1 said, after a moment's reflections. Where was your wire from?” “Dover,” she answered. “Handed in there late last night.” “So was mine” I said. “But there was nothing in mine, except to tell me to deal with the ordin: cor- respondence. you know what I think?” 3 “Not the ghost of an idea, my boy!” replied Peggie. “I think Lady Renardsmere has hopped it to the continent in search of that deep, crafty old gentleman, Mr. Cheng,” I said, trying to look very clever. “Bless you!" exclaimea Peggle, satjrically,” “aren’t you getting smart! But I thought that, beforc you. So did Aunt Millie Hepple. There!” T suppose I looked properly crest- fallen—so much so that, her mood changing to one of teasingness, she lifted her hunting-crop and began to poke me.in the ribs with it. “Cheer up!" she said. “Perhaps some day you'll think of something that nobody elss has ever thought of! But seriously, you know—" “Why don’t you call me by name, Peggle?’ 1 interrupted, emboldened by_her hunting cr “‘Come, now?’ “Well, Jim, then!” she answered, with ~ a _ half-provoking, _balf-shy laugh. “Seriously, Jim, anybody who knows Lady Renardsmere as thor- oughly as Aunt Millie Hepple and 1 know her ~would never have any doubt she bought something from Neamore. She's discovered that what she bought wasn't Neamore's to sell; that it was stolen property. But stolen or mot, it was something she ‘wanted, or has taken a violent fancy to, ang meant te stick to, by hook or by crook. Now Lady Renardsmere, being a millionaire, or, I belleve, a multi-milljonaire, what do you sup- pose she would do? ‘Why—go straight off to the person to whom this something really does belong and strike a bargain with him! That's the reason of her sudden flight. She's gone after Mr. Cheng.” “Of course shé knewi—you told her, before Aunt Millie,” asserteq Peggie. “She'll track Mr. Cheng, whether he's in Antwerp or Amsterdam, Brussels or Paris, and she'll get round him to sell her 'his rights in this mysterious thing she already in possession of. And then she'll come home, trium- Phant” “And perhaps get murdered on the y.” I suggested. “As regards that, Jim, her best plan would be to let,the whole transaction be made public.” she said. “If this gang knew t she'd acquired a legal right to the thing, they’d per- o haps let their pursuit of it drop—" What!—after murdering three men in the hope of regaining possession of show day. it that! “1 don’t know,” she retorted. “I do. They knew ' that neither Holli- ment nor Quartervayne, nor Neamore had any right to it, and so they went for each. Eut a legal right—-" ‘“Legal quibbles are beyond me, Peggle,” 1 interrupted. “What I'm wondering about is—what's the com- position of this gang? The China- man whom we know as Chuh Sin must be_one—leader and inspirer, no doubt. Who are the others? If this man ‘who called at Renardsmere House yesterday is another, I can easily identify him if necd ever arises!” “How?” she asked. “He's got a very fine specimen of the art of tattooing on his wrist,” I replied. “He wore his sleeves very shore, and I'd a fine view of it Clever, well spoken, smart sort of chap, too—I'm sorry to think of him as being one of that lot.” “No sentiment, Jim, just now,” she said, warningly. “Vermin are beau- tiful, sometimes, as creatures, but then want killlng! That lot, as you call it—>" Just then the newspapers arrived, and we each seized on one and turned to the latest news of the Nea- more affair. There was nothing new. The police authorities, according to what we read, were in a state of im- mense activity, but all their move- ments anq doings were shrouded in impenetrable protections—su_ce it to say that no stone was being left unturned, and that remarkable ‘de- velopment might be expected before very long. 1 left Peggle to deal with the sud- den demands made on her resources by the arrival of Rippling Ruby’s new bodyguard, and went homeward to do my own work. Passing the Renards- mere Arms on my way, I was sud- denly hailed by Holroyd, who put his head through the open window of the bar-parlor and called to me to stop. I went back to him. “I find I made a mistake this morn- ing, Mr. Cranage” he said with an apologetic laugh. “There was a young fellow in here yesterday who might be an American—the one you mentioned. You see, me and my missus we were gut for a couple of hours early yesterday afternoon, and my barman was in charge. 1 never knew till just now that a chap as that you mentioned had been in 1 knew nobody'd been for a regular, proper lunch-—but a cyclist did come while we were out and had a bite of bread ane cheese and a bottle of soda-water, if you call that lunch, and the barman told him _about Renardsmere House and likely get in. though it That'll be your I exclaimed. “I scarcely see Cranage. He no doubt took my bar man_for me—thought he was the : landlord.” . 1 1 was glad to hear it. Somehow or ; other, I had taken a fancy to my - visitor, and had left almost a per- sonal regret at being forced to be- lieve that he was a member of 2 mur- der gang. And though I never ex- pected to see Mr. Eimer C. Peyt again, I went home greatly relieved. That afternoon, Spiller, the Ports- mouth detective, called to see me. He wanted some further _information about the attack on Holliment's ware- house. When I had told him all I could, be began to talk about recent events. He had been up to town the day before, in connection with Quar- tervayne's murder. And he gave me some good news—good for me, at any rate. There would be no need what- ever for my attendance at the inquest on Quartervayne—Quartervayne, it appeared, had relations both in Lon- don and Portsmouth who could ide tify him: as for my evidence regard- ing him and Helliment, it could be given at the adjourned inquest on Holliment. “Queer ‘business this, altogether, Mr. Cranage,” he suggested presently. “As queer a business as ever I've been mixed up with. Of course, to a certain point it's plain enough. That Chinaman, Chuh Sin, stole something from Mr. Cheng in Paris—T've seen Jifferdene a time or two, and he's told told me all about Mr. Cheng—and this Holliment, with Quartervayne as ac- cessory. stole it from Chuh Sin, and vamoosed, as they say, to London with it. ' That's clear! But—after that. Mr. Cranage, after that?” T saw that he had some notion of his own. anq asked him what it was. “Well!" he said. “Those chaps at headquarters—Jifferdene and the rest of ‘em—they've got it all cut and dried, as they always have, that this Chuh Sin has got English accomplices, a gang, and that it's they who have done in Holliment, and Quartervayne, ang Neamore, trying to recover the stolen article—which, Mr. Cranage. must be of immense value, judging by the fuss that's been made about it! —Lord save us! you might think it was the Koh-i-noor, or the Cullinan diamond! = Yes—that's the official view. But—I'm not so sure.” “What's your idea, Spiller? quired. “You've got one.” He shook his head—but not in dis- sent (Continued in Tomorrow's Star.) s Tn the last forty years pasturec land has decreased about three mi lion acres a year while crop lan has increased about four and one-half.~ million acres. T in- ccause L S the Farmers whoiqrow our Wheat Think More About Bread- you will find it more nutritious and temptingly delicious BECAUSE Corby’s have been Think- ing More About Bread for 34 years, Farmers who grow the wheat for Corby’s flour must Think More About Bread. As a result of this Thinking More About Bread, Corby’s receive the finest, most nutritive flour that nature and scientific study produce. If you, too, Think More About Bread, you will prefer to eat Corby’s Mother’s Bread at every meal.