Evening Star Newspaper, March 15, 1925, Page 35

RAIL MERGER TALK HELD MOST VITAL Stock More Than Holders of Bonds Likely to Profit by Consolidations. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, March 14.—The de- velopments of the greatest interest from an investment standpoint this week have been In the railway field and chief among these the announce- ment that the Rock Isiand had se- cured control of the St. Louis-South- western. The general understanding is that this is the nucleus of a new vast Southwestern system of which the Southern Pacific will ultimately be the head. Thus the consolidation process which the law contemplates and tentative plans for which the In- terstate Commerce Commission has drawn up begin to take tangible form. Of course the commission has still to put its official indorsement upon the operation as indeed it has still to act upon the larger “nickle plate” combination. Meaning to Stockholders. The importance of these mergers to security owners lics in_expected economies of operations which will inorease net income and improve the status both of bonds and of stock In one respect this latest union is peculiarly significant. The St. Louls: Southwestern has a compuratively low property valuation and a com- paratively high earning power, while the reverse is true with the Rock Island. Putting the two together, assuming that eventually thero will be some exchange of securities, al- though nothing of the kind is con- templated at present, a better balance between valuation and earning power will be restored and there will be that much less chance of the combined roads being forced to share surplus earnings with the government. As it stands the “Cotton Belt” is one of the few roads earning over § per cent on valuation and so, theore- tically at least, under the law com- pelled to contribute toward the gov- ernment's reserve fund It is true that the valuation set by the commis- sion is disputed by the road, as it is in almost in every other instance, dut the principle remains the same. There is a strong incentive for a large road In the position of the Rock Island to acquire one capitalized as 18 the St. Louis-Southwestern. Prob- ably the acquisition of the New Or- leans, Texas and Mexico by the Mis- sour! Pacific represents a working out of the same idea. Bond Gain Less Evident. All this may represent a real benefit to stockholders, but it is not so easy to see how the status of the bondholder 18 bettered. Some gain in market price may tempororily result, but the fundamental thing to be borne In mind is that a bond is always secured upon its specific part of the property and the value that particular portion of the main line or branch, as it may be, is to the system as a whole, and its traffic producing powers are the only determining factors in fixing value. Prices and value are not always the same thing, but in the long run value fixes the p . Freight loadings continue higher, although there was a drop in the last week of February the first nine weeks ings were greater than in any similar period on record. February alone d1d not make so good a showing and investors as well as speculators will Wwatch with interest reports from now ©on to see whether there may not be & turn of the tide. It is interesting to note that the Southern and South- western districts make relatively the best statements. Turning to the bond market prices are below the high of the year, but not significantly so. There has been a check to the upward movement, but no real decline. United States Government bonds have showed no response to the slowly hardening character of the money market. Only two of the active liberty issues sell to vield 4 per cent The Treasury' has successfully floated 2 4 per cent bond issue at a price above par for the first time since 1911, This fact and the large demand which appeared this week from sav- ings banks for high grade railroad mortgages shows that the surplus of investment capital is still very large. Whether it is large enough to pre- ent a reaction in the general bond in view of the competition from new offerings remains to be seen. The one thing that is clear is that speculative buying for the advance in bonds is no longer attractive. COTTON PRICES HIGHER. Heavy Saturday Covering Lifts Quotations on Futures. NEW YORK, March 14.—Further realizing was absorbed on slight re- actions from an opening advance in the cotton market today. Prices later sold up sharply on covering for over the week end. May ad- vanced to 26.00, or 57 points net higher, and closed at 25.77, the gen- eral market closing irregular at net advances of 30 to 46 points. A private report said a poor de- mand existed for ocean freight room for forward shipments of cotton from sulf ports, but the amount of cotton on shipboard at the end of the week was estimated at 132,000 bales, against 82,000 last year, which suggested continued full shipments this month. The census report placing domestic mill consumption at 550,132 bales for February, against 589,725 the previous month, and 508,677 last year, exceeded the recent private forecast and no doubt contributed to the advance. New crop months here were rela- tively firm on the prospect for dry weather {n the Southwest over Sun- day. Recent sellers on Texas rain predictions were considered the chief buyers on the advance. BALTIMORE I.IVE—STOCK. Special Dispatch to The Star. BALTIMORE, Md., March 14 (Spe- ofal).—The general live cattle market runs steady, with a fairly active de- mand prevailing, considering the Lenten season. Demand, however, is oentered on first-grade quality, and all common to ordinary stock moves slow at the lower values quoted. Re- celpts moderate at stockyards, but light at the wharves. Quotations to- day at Light Street Whart: Beef cattle, first quality, 8 to 1 medium, 5 to 8; bulls, as to quality, 3 to §; cows, choice to fancy, 4 to 6: common to fair, 2 to 3; oxen, as to quality, 4 to 6; milk cows, choice to fancy, head, 5. to 7.00; common to falr, 3.00 to 5.00; calves, veal, choice, b, 13 to 13%; ordinary to medium. 11 to 12; rough and common, § to 1 small culls, § to 10; Sheep—Choice, 7 to 8: old bucks, 6 to 7; common, 4 to 5; lambs, choice, 17 to 18; fair to good, 14 to 16; com- mon, thin, 10. Hogs—Straight, 12 to 121%; sows, 8 to 10: stags and boars, 5 to 6; live plgs, 12 to 14; shoats, 10 to 12, e + LIVE POULTRY HIGHER. CHICAGO, March 14.—Poultry alive, higher; fowls, 25; Springs, 30; roos- ters, 19; turkeys, 23; ducks, scese, 18, MANY PLANTS INCREASE FORCES AT BALTIMORE Special Dispatch to The Star. BALTIMORE, March 14.—With the employment situation in Baltimore already improved, persons in close touch “with conditions here declars that ‘he outlook for the near future is excellent. There is some unemploy- ment at present, but, it {s asserted, It is comparatively slight. It is stated that not only have many plants in- creased their forces, but a number of seasonal occupational demands are also beginning to be felt. NEW EXPORT BUYING LIFTS WHEAT PRICES Friday's Collapse Followed by De- cided Upturn in Grain Quotations. By the Associated Press. CHICAGO, March 14.—Revival of export buying led to a decided up- turn in wheat prices today after a severe fresh decline. The difference between the low and high levels to. day was 9% cents. Closing prices, although firm, were at a reaction from the top, but at 1% to 3'net gain, with May 1.69% to 1.69% and July 151 to 1.51%. Gains were scored and there were reports of a much improved demand for cash corn. The close was firm, 1% to 3 cents net higher, May 1.22 to 1.22%. The advance was based largely on word that export business of 1,000,000 bushels or more had been confirmed and that export purchases of flour overnight were made at St. Louis. There were also reports that drought still prevailed in Texas. CURB ISSUES DECLINE. Further Recessions Take Place in Saturday Session. . NEW YORK, March 14.—Further recessions were made in many issues on the curb exchange today. The de- clines extended upward to two points or more and encountered small de- mand at the lowering quotations. Goodyear Tire and Continental Bal ing dropped sharply, both showing losses at one time of about two points. In the petroleum section Prairie Oil and Standard Oil of Indiana contin- ued in supply at material declines. All through the week the market was highly irregular both in move- ment and tone. The radio issues showed a complete absence of either support or nearby inquiry even at unsettling declines and some issues were forced down to new low records. In some stocks the movement was checked to an extent by the an- nouncement that the account of the leading promoter in a number of those stocks had his holdings taken over by a prominent banking firm. Hazeltine was one of the greatest sufferers, falling 11 points to 20%. Ware Radio had a further loss of about 4 points, to 12, and Freshmann sufferers, falling 11 points, to 20%. dropped more than § points, to 11. PHONE GROCERY ORDERS AVERAGE $1.90 EACH Special Dispateh to The Star. PHILADELPHIA, March 14.—Cus- tomers who order groceries by tele- phone spend an average of $1.90 per call, while cash and carry purchases average only S1 cents, A. R. Blish declared before the Tri-State Whole- sale Grocers' Association in an ad- dress advocating stimulation of tele- phone business. BALTIMORE PRODUCE. Special Dispatch to The Sta BALTIMORE, Md., March 14—The local egg market, while still a day-to- day market, has ruled fairly steady the past week, and closed today with a firmer tone at 29 cents a dozen for na- tive and nearby firsts in free cases, an advance of 133 cents a dozen over open- ing prices Monday. While receipts have been liberal, & good and constant de- mand prevails for all desirable stock, and all such meets with ready sale at full quotations, but held eggs will not bring top values, and eggs should be kept moving regularly to realize best re- sults. Receipts of duck and goose eggs have been light, and the market shows a shade higher in values, with buyers tak- ing hold more freely at 50 cents a dozen for the former and 95 to 1.00 a dozen for the latter. Liberal shipments of both duck and goose eggs are advisable, as the market has cleaned up rapldly every day of all desirable stock. Young chickens of all kinds, es ¥y Winters 2 pounds and under, continue in light receipt, and with a good and constant demand prevalling the market rules firm at 35 a pound for large, smooth chickens, 30 for Leghorns and 25 for poor stags. Winter chickens bring 40 to 45, and clean up promptly each day. Capons continue scarce, and are wanted at 41 and 42 for large 7 pounds and over birds, while smaller sell 35 to 40, as to size, Old roosters in more liberal recelpt and values ruled lower at 16 and 17. Old hens also in more liberal supply and market rules easy at 25 to 27 and 23 and 24 for small and poor Leghorns. Choice fat ducks are fin g00d demand and with receipts light the market holds firm at 32 to 36 and 25 for small and poor. Season for geese drawing to a close and not much in demand even at the lower values of 24 to 26. Guinea fowl are scarce and wanted at 80 to 1.00 each for large young and 50 to 60 for old. Pigeons in fair receipt, but under a good demand market holds firm at 40 cents a pair for both young and old. Market for turkeys rules firm under very light receipts of cholice hens and gobblers and all such that do not run too large meet with ready €ale at 45 a pound for hens and 40 for gobblers. OId toms and poor and crooked breasts slow sale at 35 for the former and 25 for the latter. Searon for dressed poultry practically over, and with the exception of capons, which are feather dressed on this market, there is more demand for live than for dressed poultry. Capons will bring 40 to 45 for large 6 to 7 pounds and over, 36 to 40 for mediums, 5 to 6 pounds, and 33 to 35 for small slips. Other lines of dressed poultry will not bring any more than live. Roceipts of white potatoes have been only moderate the past week, and, as a consequence, heavy sup- pltes on hand have cleaned up, but, as the demand continues slow, market rules easy at 1.25° to 140 per 100 pounds and 1.00 to 110 for McCor- micks and reds. No. 2 potatoes and ungraded stock slow sale at irregu- lar values, and culls not wanted at any price. Market for sweets and ams rules firmer under light re- ceipts, generally of desirable stock, and good demand at 5.00a6.00 & { barrel for the former and 3.50 to 4.50 {for the latter. No. 2s of both sweets and yams in ample supply and slow sale at about half price. Do not ship culls, as they are not wanted and will not bring freight charges. Native and nearby garden truck in ample supply and prices generally in buvers favor the following quotations to 18.00 a ton and carrots, 00 to 7.00 per 100; horseradish, .0024.00 bushel; kale, ‘75 to 1.35 barrel; onions, 3.00 to 3.50 per 100 pounds; oyster plants, 100; parsnips, 35 to b ach, 50 to 1.00 bushe 50 to 1.00 basket, nd turnips, THE SUNDAY STAR, WASHINGTON, D. C.. MARCH 15, Failure to Pass McFadden Bill RA"_ '[RAVEI_ [:U]’ Dissatisfies Bank Fraternity Question of Branch Banking Remains Unsettled—Committees Named for Coming BY OHAS. P. SHAEFFER. A general feeling of dissatisfac- tion over the fallure of the McFad- den banking measure to pass the last session of Congress is felt by the bankers of the country, inasmuch as it was hoped the question of branch banking would be settled as quickly as possible. No action on the bill can be expected now for many months, as it will have to be intro- duced_at the opening of Congress next December unless & special ses- sion is called. In the meantime national banks, particularly, are complaining they are being discriminated against and cannot profitably meet competition with State banks under present Fed- eral restrictions. In many cases na- tlonal Institutions have threatened to withdraw from the federal reserve system if relief is not forthcoming. Great effort to pass the measure at the last session of Congress only re- sulted in it being crowded out at the close, It passed the House and had been reported favorably by the Sen- ate banking and currency committee, becoming part of the unfinished busi- ness of this higher body. Friends and opponents of the bill, particularly with reference to the branch banking clauses, hindered its passage in the late stages, being un- able to-reach an agreement. After- wards, certain amendments, known as the Hull amendments, were agreed upon and inserted, having received the indorsement of the American Bankers' Assoclation at Its annual convention in Chicago last fall. Poll on Branch Banking. Banking opinion throughout the country appears fairly evenly divided on the question of branch banking, according to a poll being taken by the Bankers' Magazine. The entire number of votes received thus far represents only about 10 per cent of the aggTegate number of banks In the United States, and shows a majority of but 103 in favor of it. Votes were cast as follows: In favor of the bill: State banks National banks Unclassified Opposed to the bill State banks .. National banks Unclassified . Bank Association Formed. The Massachusetts National Bank Association was recently formed at & meeting of representatives of 100 na- tional banks of the State. The association was organized for the purpose of promoting the general welfare of the member banks. Besides fostering personal relations, particu- lar attention will be given by the as- soclation to legislation and other mat- ters directly concerning the banks. The Corporate Fiduciaries Associa- tion of Baltimore City has been or- ganized by representatives of the trust companies of that city. The ob- jects of the association, as set forth in the articles adopted, are “to pro- mote the interest and general welfare of the trust companies and national and State banks engaging in fiduclar: transactions in,the City of Baltimore. Convention. M®mbership in the association is lim- ited to trust companies and Stato and national banks conducting trust de- partments. Notes May Disappear. Unless Congress can be prevailed upon to continue the note-issuing priv- ilege of national banks, it is prob- able that the last national bank note will disappear from circulation by 1930, under the program for retiring Government bonds bearing the circu- lation privilege announced by Secre- tary Mellon in his recent report. The first step in the withdrawal of circulation privilege was the redemp- tion of $118,000,000 four per cent bonds maturing February 2, 1925. Confirmation of the avowed policy of the Treasury to proceed with the pol- fcy of redeeming the remalning $675, 000,000 bonds bearing clirculation rights, with the prospect of exercis- ing options calling for redemption in 1930, is contained in the Secretary’s report. Secretary Mellon justifies retire- ment of bond secured bank note cir- culatlon on the ground that it lacks elasticitu; that it is no longer neces- sary In view of the availabllity of Federal Reserve notes; that the orig- inal object of the Federal Reserve Act was ultimate retirement; that it is hte general policy of governments to issue all currency either through the govern- ment or central banks of {ssue; that re- tirement will simplify our currency s; tem, and that no actual value, aside from sentimental considerations, at- taches to national bank note circula- tion. Convention Committes Named. The personnel of the varlous com- mittees, which will have charge of arrangemgnts for the 1925 convention of the Bankers' Assoclation of the District of Columbia, to be held at Hot Springs, Va., June 25 to 25, was announced yesterday by W. J. Wal- ler, chalrman of the general conven- tion committee. The committees are as follows: Pro- gram, George O. Vass, chairman; Francis G. Addison, jr. vice chair- man; Robert V. Fleming, John Poole, Howard Moran, Frank J. Stryker and H. H. McKee. Entertainment, L. P. McLachlen, chairman; T. W. Bra- hany, vice chairman; W. W. Spaid, Fernand Petit, E. J. McQuade, P. Wilson, Fred McKenzie, George O. Walson. Hotel, 1. A. Slaughter, chairman; L. H. Schriener, vice chal man; C. H. Pope, Joshua Evans, R. Stunz, Thomas P. Hickman, J. D. Leonard, J. Frank White, Willlam Muehleisen, G. C. Burns, Joseph haivoni. Transportation, B. A. Bowles, chair- man; J. M. Riordon, vice chairman; A. Edson B. Olds, J. T. Exni- . Barr, Reginald Lewis, W. Marlow, Charles A. McCarthy Publicity, Y. . Booker, jr., chairman George O. Walson, vice chalrman W. Patterson, Charles P. Schaeffer, H. Hollander, Richard Hatton, Sports, H. T. Shannon, chairman; Chas. H. Do- H. Doing, vice chairman; Ezra Gould, Maurice Otterback, J. D. Howard, W. De Lashmutt, C. F. Jackson Mrs. Victor B. Devber is of the ladies’ committee. chairman Financial Highlights of Past Week Brought Out in Nutshell by Statistics | Special Dispatch to The Star. NEW YORK, March 14.— Stocks (average of 50 issues) Bonds (average of 40 issues) Foreign bonds (average of 10 issues) . . Federal reserve ratio.... Money rates in New York Call R Time Unfilled steel orders Pig iron production Building permits— Number of citie: Amount Commercial Number .. Liabilities . Revenue car loadings— All commodities ......... Grain and grain products. Coal and coke. . 4 Forest products . Miscellaneous products . Ore ¥ Live stock . The Year 1925 to $4 . $252,228,926 Week of Feb. FOURTH BY AUTOS Startling Passenger Losses Since 1920 Summed Up by Railway Age. Special Dispatch to The Sta NEW YORK, March 14—Railway Age In its current issue calls attention to the fact that since 1920 the rallways, principally owing to the increased use of the automobile, have lost about one-fourth of their total passenger business and that this, although seldom mentloned as such, is one of the principal reasons why present freight and passenger rates continue to be necessary. “If the railways,” Railway Age says, “with the average rate in effect in 1924, which was only 81¢ per cent great- er than in 1920, had handied as much passenger business as in 1920. their total revenues from it would have been $317,- 000,000 larger than they were. This ex- ceeds the total cash dividends pald in any year since 1917. “The use of automoblles seems likely to continue to increase and therefore there fs apparently no remedy for this loss of business. The rallways must have sufficlent revenues to pay their operating expenses and taxas and a reasonable net return. They must con- tinue to provide passenger service for those who want it, even if there Is a decrease in travel by rallroad. Since the earnings from passenger business have greatly declined the roads must get higher rates for rendering both frelght and passenger service than otherwise would be necessary, “The number of passengers carrisd in 1924 was 24 per cent less, and passen- gers carrfed 1 mile 23 per cent les than in 1920. Meantime, the railways rendered practically the same passenger service as before. In 1924 the mumber of passenger traln miles was only about one-half of 1 per cent less than in 1920 and the number of passenger car miles was actually greater. This re- sulted in sharp reductions in the aver- age number of passengers per train and per car. The average per train in 20 was 84 and in 1924 only 65. The average per car in 1920 was almost 20 and n 1924 only about 15.” RAW WOOL MARKET SLIGHTLY STRONGER| BOSTON, March 14 (Special).—The Boston raw wool trade closed the week quictly, but with a somewhat more cheerful tone, as a result of. cables from London and Sydney tell- ing of slight firming of the markets there. Crossbreds and medium-grade wools still have the call here, with finer wools moving slowly. Prices quoted show no change, though shad- ing is being done by some dealers eager for customers. This week High Low Last week. High Low. 110.54 week: 83, 102.11 o5 ..... 102,01 Thie week. Last week. Year ago. [ 80.5 eek. Last week. tos 3% to4lg .. 4todls 4 to 4% Month of Month of Jan., 19 Feb., 1924 237,207,121 $302,918,636 1,703 1.730 0,123,017 $35,942,037 Year ago. 944,514 51,166 200,057 81,613 324,037 9,853 32,198 4 $64.009,450 28. Previous week. Date on the Washmgton Stock Exchangc. Furnished by W. . B. Hibbs & Co. Up to and including Saturday, March 14. BONDS. $6,000—C. and P. Tel. 1st Gs.. 20,000—C. and P. Tel. of Va. 5s. 47,000—Capital Traction 1st 5s. 1,000—City and Suburban Ry. lst Gs. 7,600—Georgetown Gas Lt. 1st bs.. 2,000—Pot. Elec. Power 1st 5s. 83,000—Pot. Elec. Power cons. 5s 8,600—Pot. Blec. 11,200—Pot. Elec. Power ref. 7s. ... 1,000—Wash., 35,500—Wash, 49,600—~Wash. 87,000—Wash. 166,500—Wash. Gas Light gen. bs. Gas Light 6s. Ry. and Elec. cons, 4s Ry. and Elec. gen. and 3,700—Riggs Realty (long) 0s. 4,000—Wardman Park Hotel 6s. STOCKS. 2,877—Capital Traction.. 1,956—Washington Gas. 1,118—Wash. Ry. and Elec. com. 1,703—Wash. Ry. and Elec. pfd. 130—Commercial National Bank. 1—District National Bank..... 25—Federal-American National 12—Liberty National Bank. 28—Metropolitan 275—Riggs National Bank 40—Second National Bank 85—Washington National Bank 122—Amer. Security and Trust 180—Continental Trust... 150—Merchants' Bank and 3—National Savings and Trust 18—Union Trust 60—Washington Loan and Trust. 257—Firemen's Insurance . 221—Columbla_ Title. 1,971—Lanston Monotype. rgenthaler Linotype. tional Mtg. and Inv. pfd. 12—N. and W. Steamboat 1—Security Storage . 30—Washington Market. UNLISTED DEPART 100—Army & Navy Club 5s 27—Chapin-Sacks 8s pfd 4—Chapin-Sacks 7s pfd. 5—Chapin-Sacks com. 200—Citizens’ Savings Bank. 30—Departmental Bank 12—Munsey Trust 50—Washington Base Ball 12—District, Title Insurance. 14—Washington Title Insurance. Power gen. and ref. 6s Bal. and Annap. 1st bs. Open. .o 100% 97% 993 843, 95 100 .98y . 104% 1073% 65 High. 100% 978, 9915 841 95 ref. 6s. . 2,000—Dist. of Col. Paper Mfg. 1st 6s. 85 430 176% 395 22 8% 85 184 9% 236% 261 52 52 ENT. 82 94 50 M - 82 93 50 2 18 6% 121 4% 19% 8 121 4% 19% s e ———————————————————————————————————————— COTTONSEED OIL FIRM. NEW YORK, March 14—Cotton- seed oil closed firm. Prime Summer yellow, blank: prime crude, 9.75a 10.00; March, 10.80; April, 11.10; May st -85} September, 12.0 60, Sales, 14,80 BUTTER PRICES HIGHER. CHICAGO, March 14—Butter, higher; creamery extras, 48%a40: standard, 48%a49; extra firsts, 46%a 48; firsts, 401tad4}s; seconds, 34a36. Eggs, higher; receipts, 12,436 cases; firsts, 29%a2%%; ordinary firsts, 27% a2 1925—PART 1. John Smith and His Radio BY FREDERICK C. RUSSELL Car owners throughout the world ha motoring—and hcve benefited thereby. and is willing that his ‘eilow fans evening ozpericuces. Smith ha: a it will pay radio devotees to follow him in The Sunday Star cach week. No. 7: Studying the Wave. Trylng to figure out what made his radio set work was beginning to fur- nish Smith with as much enjoyment as the programs. What puzzled him most was that radio waves could penetrate the brick walls of the house. Nor could he understand why, granting that the waves did get in- slde the house, reception should not be just as strong with the loop as with an inside aerfal which he had strung around the picture molding. “Besides,” he continued, “how can all these concerts be on the air at the same time without Interfering with each other and producing a jumble of noise? And why can't we hear this without the aid of u set?” “You'd better stop right there,” 1 cautioned him. *“When the operation of your automobile engine puzzied you I suggested following a drop of gasoline from the tank to the ex- haust. Now with your radlo you've got to follow some such procedure, only this time we'll start with a radic wave. ‘The trouble is that even after you visualize radio waves as very much dike the ripples that passed to the distant shores when, as a bay, you dropped stones In the lake you can- not pin too much faith on this ex- planation. The waves you created in the lake passed through the medium of water, whereas those set up by the broadcasting stations are supposed to travel through that hypothetical sub- stance known as ether. But Einstein, the German physicist, upset the ether theory, and so, more or less, upset the radio wave idea. “However, it is obvious that some kind of electro-magnetio energy must pass from the broadcasting station to your recelving set and that it must pass through some kind of medium on a certain wave length, otherwise there would be no radio communica- tion, but just a jumbled reception, in the event that uncontrolled energy were transmitted. The wave idea seems to offer something to. stand on. “You probably noticed when drop- ping stones into the lake that thelr size and the frequency with which you dropped them had much to do with the character of the waves created. Big stones caused deep waves. Dropping stones in quick succession set up trains of waves Most of the waves, whether created | by big or little stones, secemed to| reach the shore, although sometimes you could detect those from the smaller stones only by the almost imperceptible movement of a floating leaf. All this is true of radio when you substitute for the stones elec- trical energy and ether for the water. Stations broadcast with varying strength and on differant wave lengths which are determined by the trequency of the electrical discharges. The more sensitive your set is the | A steady rainstorm —a telltale spot on your ceiling —a leak in your roof! You try to get someone away. meantime the spot on spreads like ink on blotting paper. IF the rain keeps up, you are in for the expense of plaster patching or re-papering—perhaps both. Is there anything you can do to speed up the repairing? There is . . . Now, thanks to a 'wonderful composition called Stormtight, you can stop a leak before it has done any real damage. All you have to do is spread Stormtight over the spots where leaks have developed. Stormtight seals them tightly and makes them impervious to the weather for years. Stormtight is just as efficient for leakproofing an entire roof surface as it is for stopping one leak. If your roof is old and has seen its best days, don’t go to the trouble and expense of replacing that roof. Just cover it with a coat and you will have a tight new surface at a very low cost. Stormtight searches out the holes and cracks as though you poured molten lead over the old roof. ‘When the thick, adhesive liquid sets, it forms a one- piece continuous coating. This coating is tough and rubberlike, It will not crack; it will not rot. It expands and contracts with the face underneath. It enables you to for- It can’t be done. In the hotasdth tofixitright inytes aftert e e your ceiling big 2 soon as you find th prisinghome.owner had ped. One of the antages Storm- you is the ability to stop leaks ve followed John Smith in his daily Now he has taken up radio, should te amused and profit by his faculty for “finding out things” so A a A to pick up the|ga ves at a distance | eq more likely it | energy of the w from the statlon Smith was following close interrupted to ask how speeches were transmitte was describing the whole terms of electricity. “That's the surest part about it,” I explained. “Sound is vibration. At the broadeasting station they send a | controlling current through what is, in reality, a telephone mouthpiece The vibration of the speaker's voice varies this current which, in turn,|w varies the carrler waves passing out into the air. When you tuns your set you bring it into resonance with the | original vibrations carried on particular carrler waves “The Bort of waves sent out by the broadcasting stations are known as undamped, or continuous, waves, just as though you created 4 continuous train of water waves by dropping stones with perfect regularity. A thing you probably will be surprised | to know, however, is that the energ; that goes out over the alr and bac through the ground completely re verses its directlon anywhere from | 50,000 to 1,000,000 times per second.|tor The house current for your elactric | Do lights alternates, or oscillates, at the rate of 60 times a second. When you get to be a radio ex- pert tlons” as cvcles and will probably speak of your pet station as broad- casting at so many cycles, instead of | do on & certain wave length, becaus the |in wave length Is determined by the st cycles. And If you can stand for one | pr more shock, let me remind vou that | ws these electro-magnetic waves travel | through space at the rate of 186,000 | miles a second.” | “Gosh!” _Smith exclaimed. “To think of all this golng on in the a and we can't even see, hear or smell it with onr own senses!” . ha plt cor but and when I business in musi | By ex th the | br bel mo de be ke | sh an ch | tionary tie the only | plus you will speak of these oscilla- |largly in fa | wool By the Assoc 39 NEW YORK AIR BRAKE EARNINGS FALL OFF $1 487 in a share and common share the stock takes nds of $4 a ually In earnings s been paid on commor 18 after dividends fell to § mpared with $1,729,487 in 192 pre edence in re, and after $4 shares a eh | FOREIGN EXCHANGE GOES AGAINST TREND the Associntsd Press. W YORK. March 14 ception of the foreigr diepl a firm tend preva e principal sec markets th eak in wheat prices, which ca futures nearly 40 cents a bushel low the high mark established twa ynths ago, overshadowed other velopments and d a ton to epeculative excesses that have en taking place in the grain mar- ts since last Fall. With t exchanges ne, reac *| CLOTH SALES IMPROVE. N W YOR Gray cot 1 goods sales the were re rted today to have taken care of sur produc also light-welgh ectings Prices he ady. W were steady silks, cotton domest. < its price with the break Raw silk was ng light. Linen due to light for- were steadie . M 14 d rayon trade wnward, in forelgn adier, oduction ard orders FOREIGN EXCHANGE NEW YOR ’(‘ i Himy Great Bri “The trouble with the radio wave | 7eo® is that it's too long for us 10 see and too short for us to hear. The wa of visible light are measured in mil- lionths of a miliimeter. We are ex- tremely limited on our upper range ot hearing. So to make up for his natural deficlencles man builds him- self a receiving set. “Supsrman, you mear compliment to the pioneers in “Let's tune in on some jazz digest this a bit.” Next Week, No S: Tuner. (Copyright, de Cz ra un Tackling the 1925 by the Uliman Festure WEEKLY BANK REPORT. NEW YORK, March 14.—The actual | condition of clearing house banks and | trust companies for the week shows an | M excess reserve of $15,431,000. This an increase in reserve of $51,055 compared with last week. when there | was a deficit of $35,624,7 France, S | Italy, Montreal, 8! ferred ational de de emand, 15.34, Denmark de- mand, echo; 4. Russia demand nd 18, CHICAGO STOCK PRICES CHICAGO, Marc! 1dahy, M Swift and Co., 3214; 1 Gypsur Ne fon Carb tates Stoplhat Roof Leak ~ ‘ve-Minute Job A leaky roof can now be mended lamage is done. 0. z harden the mo- ment it lnu on the roof. Tilt the pail, spill out about quart, and you're ready for the third and final operation. Spread it. Tom Sawyer could have sold the privi~ lege. Brushing Stormtight out over the roof is, as a mat- ter of fact, even I difficult than whi washing a fence. After you have don this, you're finished, and 30 are the leaks. of Stormtight sur- get your roofing troubles and to post- pone the need for reroofing for many, many years. A single application lasts a long time—how long, we do not know. We have some roofs here in Belleville that were coated with Storm- tight in 1915 and so far not a drop of rain has leaked through. Of course, like many other jobs, the more caretully you put Stormtight on, the longer it will last. But even with ordinary care, it will last for years and years. Itwill go right on, season after season, keeping your roof free from leaks and your mail free from repair bills. Not only can Stormtight be put on in any weather, and put on any. kind of roof, but it can be put on by anybody. It takes no mare skill than sweeping a floor. You don’t have to mix anything, thin anything, or heat anything. You simply take o % Vi Then you are finished— any sort of weather. It during the very season when you realize’ that Stir it. Just a few minutes® stirring and Stormtight :’ady for use. Any old stick will Pour it. Stormtight doesn’t the cover off, stir thoroughly, pour some on the roof, and spread it with a stiff-bristled broad brush. Is the sun shining? Ts the rain coming dewn? Is the snow falling? ‘Never mind; you can 2pply “Stormtight just the same. It can begin its job in It is to the chemist that we owe the great preservative pow- er of Stormtight, which protects yourroof from the weather many years longer than paint. Stormtight sticks fast even to a wet roof. It spreads easily mercury flirts ‘The cost of The average squares (a sq on a cold one. On days when the with zero you can break the ice from your roof and proceed to make it leakproof. Stormtight is really very little. roof contains from five to ten uare is 100 square feet). Three and a half dollars’ worth of Stormtight covers a square, so your roof can probably be made leakproof at a cost of from twenty to forty dollars. A small leak can be fired for two or three dollars. Stormtight cans and in You can get a beautiful stain for rour shingle roof Ly ml!in‘ one gal- lon of raw linseed oil and one alionof Stormtight. Apply rl like paint. tormtight Shingle &I penetrates the shingle and leaves a protec- tive Gim over the surface of the roof. Better than repainting A coat of Stormtight is 10 times thicker than a coat of paint. It comes in beautiful colors that become even more beautiful with age. A single coating gives you protection from leaks for years and years. is sold in one- and five-gallon 64-gallon drums. You can get it at many good stores that sell paint, hardware, or builders’ supplies, and some of the readers of this advertisement will get it. They will act on what they have read. They will take advantage of the opportunity which Science has given them. They will make their roofs leakproof this week. ‘Will you be one of them? Free Offer- SEND IN -~ THE COUPON - ——————eeeeag L. Sonneborn Sons, Tnc. t. 2- ~ 117 Fiith Avenue, New York Please send and 8o are the leaks. Name. . Address can begin preventing leaks or even on the very day leaks will be disastrous. Kind of roof = me free of charge a sample can Stormtight so 1 may judge how the materia) 1ooks and acts on a roof.