Evening Star Newspaper, July 4, 1925, Page 11

FIN ANCIAL, VACATIONS PROVE BIG ECONOMIC AID More and More Leading Con- cerns See Need of Real Rest for Employes. | BY J. C. ROYL Sperial Dispatch to The Star. NEW YORK, July 4.—V h sed to he regarded as favors concessions either in the opinion of employ employers. They have 2 to the heights of an investment ary for the mic_and effi- duct of husiness. One of the ess t of the Dbeen the develop- wctice of allowing not and salaried work- who are paid by the hour leave of absence cations sver real- od will rom_ coast usion J emp buy Perhaps e best he movement with Swift & executives and vacations ods are e day and piece 1 workers at t thke Plan. s for a vaca- weeks a vear to old ploye with pay 1gs of the ion of the increas- and in gai hd r the plan ‘mour Swift's Vacation it 3 \dopted by & Co X Some of the steel companies have ugurated two week cation with v this year for their day laborers, and have even gone to the length of requesting the families of their em- ployes 1o see to it that it is a period of rest and relaxation rather than a nster to home work. Particular at- ention is drawn industries since the workers engaged in them as a general rule are union This fact indicates that the nt has been one only of econor 0il Men Get Vacations. One of the great California oil com panies has found it profitable to give vacations of one to two weeks on the basis of six months or a vear service to all, from president to field workers. The Parafine Companies, Inc., give| laborers on hourly or daily b to two weeks' vacation with figure that the pract cent to the pay roll increase is offset ciency and good will For g tim A one vear has been 1 They believe the increased effi- is by vice of at least sidered a pre- Now many newcomers are ation, and give one day's vac ach month of service up to two weeks with pay. Some firms compromise by allowing workers a half a day off a week until the vacation amounts to two weeks. Rest Periods Help Trade. It has been a popular impression that vacations have a good deal to do with dull business during the Summer months. But executives of one of the| largest stores in New Orleans deny | is is the case. They declare at least 5 per cent of those going on vaca- make liberal purchases before arge proportion of t especially in New tion period to| their workers, although without pay. and this year entire plants probably | will be closed for a more or less ex- tended vacation period in that section Employers have found the vacation period has little effect on operation of plants. It is necessary to supplant some emploves, of course, but in many instances the remaining employes perfectly willing to ¢ on the work, their period of lei Tow wn in ns to its en lieve in va- of the We I of the offic We believe our employes n to do efficient from the grind ns do not disturb Clerks double ns,” bank said 2 better posit work if they g one e in One of of va they ations, busin provide an un position and ir against sudden loss of bers of the or (Copyr BUTTER PRICES LOWER. | Week's Sales at Lower Figure, Butl the imy ation cone: nt mem- Demand Improves. | AGO, July 4 (#) = during the week At nd 11¢ The butter | llowed an | close of the | during the last | the June future and New York the 1 unsettled, ndertone ap wed some declines lacking treely order to | buyers were un than the most e week under but by Wednes. | tivity was note resulted. This hout the nsiderable d lower | eek trading u reported an im speculators sived to n butter alre: \CCUMULATION NOTED ‘ IN READING COMMONi YORK, J ~Renewed | mon has ap- | market. Large | accumulated | e stock was d 72 to a high that_have umon stock are uow about 000 1,400,000 outstanding its strategic posicon in tion the company has | tial earning ca- rut arot In erests hol 600D TRADE NEWS HELPS| LIFT STOCK MARKET; NEW YORK, July 4 (A).—With vecord-brezking July interest and divi dent payments as a large potential source of new buying, car loadings maintained at close to record levels, the announcement that crude oil pro- duction had dgclined for the fourth successive week and a large quota of her favorable trade news, operators on the long side found plenty of am- munition for their operations during the week. Short selling on an ex- tensive scale was discouraged by the apparent inability of bear traders to dislodge much long stock. THE EVENING STAR, WASHINGTO ;Speculation Leading Factor In Markets During Week Action of Government Bonds Also Nota- ble—Many Stocks Believed Too High—French Francs Gain. BY STUART P. WEST. Special Dispatch to The Star. NEW YORK, July 4.—In the se- curity markets of the last week specu- lation has: played a larger part than investment. Still, institutions have heen putting their money into United States Government bonds in such vol- ume as to bring about for some of them the highest prices ever reached. The rise in Government issues has not been communicated to other in vestments, but these have held strong and stocks of the purely investment class have been gradually forced up, many of them to the highest of the vear and the highest in recent years. New Investments Sought. herefore the importance of the in vestment factor in the current situa- tion is not to be ignored. Undoubt- edly, with Government bonds on a 3% per cent basis, with corporate bonds of the savings bank class returning per cent, with the best of the in- rial preferred stocks yielding less per cent, there are a lot of in- vestors who, for the sake of getting higher return, have become less par- ar about what they go into. They are not buying highly speculative stocks. But they are more willing to | put their money ‘into what may be de scribed as semi-speculative ~shares, those of the sort which have a good dividend record, but which, unlike purely investment issues, are sensi- tive to changes in outside business conditions. Stock Market Too High. Thus the present stock market, al- though mainly in speculative hands, has a certain investment background which it has not had on occasions in the past. The price level is too high. It is fully 7 points on the average above wijetes it was six months ago. This, along with the fact that a very large n ber of stocks are quoted at record figure is a matter of concern to conservative observers. think the market has entered the danger zone, although they are willing to admit that there are no im- mediate indications of a let-up in spec- ulative operations for the rise or of plans on similar lines for the future. Wheat Crop Outlook Favorable. At the beginning of July it is too early to talk with confidence about the crops. All that can be said is that the outlook in the American and Canadian Northwest is exceptionally favorable for the wheat crop, that in creased yield in this section, plus an addition now estimated at close to 100,000,000 bushels to the principal Eu- ropean harvests, promises to offset the 212,000,000-bushel decline in the Amer- ican Winter yield. The grain trade has recognized this in the decline in wheat prices during the week to the lowest of the season. It has been established that the decline in cotton prices during the Winter of 192425, and the constant evidence that the cotton goods indus- try was not prospering, failed to de- ter the cotton growers from planting a huge area. The trade had not an: ticipated any such increase as 3,800, 000 acres. It was not prepared for the department’s estimate of a crop of 14,339,000 bales, against 13,618,751 a vear ago. Consequently cotton prices broke again quite badly. From now on it will be what it always is at this season, a ‘‘weather market.” Drought and insect pests may bring about a pronounced change. But &t the moment indications are for a cot ton crop well above the average and very high as compared with the se- ries of shortages in the three lean vears, 1922, 1923 and 1924. American Loan Sustains Lira. Ttalian exchange rallied at the close of the week after having touched a new low for all time. This recovery was commonly attributed to the use for supporting purposes of the |$50,000,000 American loan recently granted to Italy. Whether or not this was true, the Italian financial situa tion has long been harder to read than any of the others. It is inter- | woven with the political future and, of course, political uncertainties have been emphasized as the lira went down. French Francs Also Improve. French francs also took a turn for the better at the week end. But this quite well may have represented pure speculation, the covering in of part of a supposedly large short interest. The latest French bank statement showed record totals both for govern- ment borrowings and note circulation, the former increasing in a single week over two billion francs. These in- creases were made possible by the adoption of the new French financial program in the last week of June, under which the limit on paper note issue was raised six billion francs, and on “advances to the state” a similar amount. All this simply recog nizes the condition which has long existed, namely, that France was farther along in inflation than it was officially admitted. The outcome is going to be inter esting. But, at least, the present French government has had the courage to face the facts, which are that there can be no proper budget balancing until the short-term bonds, steadily maturing, are taken care of, and until provision has been made for serving the war indebtedness to the United States and Great Britain. (Copyright. 1 BABSON SEES PERIOD OF REAL BUSINESS IMPROVEMENT AHEAD Fewer Failures Noted—Building Very Active—For- eign Trade Shows Gains—Freight Traffic Near to Best Records. BY ROGER W. BABSON. Special Dispatch to The Star. WELLESLEY HILLS, Mass., July 4.—The stock market always reaches its lowest point during the early por- tion of a period of depression. After the insiders have accumulated such holdings as they desire at the lowest prices they begin to gradually talk optimistically. This optimistic talk continues throughout the period of depression, and is accompanied by ris- ing stock market prices. As these people have large security holdings, they are naturally interested in bull’ Hence they give an news B! They endeavor to suppress bad news and exaggerate good news. This situation continues throughofit the period of depression until the market climbs to high fig ures, when these market operators begin to liquidate. Stock Market Now High. The stock market usually its highes an era of improvement. Statistics in- dicate that we are at or approaching such a time at present. This accounts for the liquidation which is going on now in the stock market, and explains why wise people are now taking their profits dually, as the insiders sell out, they turn pessimistic. It is an old Wall street quotation that ‘“the atest bear is a sold-out buil. Surely this has been true throughout my lifetime, and very noticeably so. After the insiders liquidate they begin to exaggerate bad news and suppress good news, because they then are interested in producing lower ces, having taken their profits in rket. All of this means that if medium sized wheat crop is indi- ed when stocks are low, this wheat crop is reported as a. “fairly good crop, which will probably bte sold at record-breaking prices.” If, however, the vernment forecasts a similar croj - possible. reaches a high, then these same operators state tha “the crop will be very short and prices very low, thus bringing great losses to the agricultural district.” Good Crop Returns Predicted. This seems to be the situation at the present time, and readers must recognize the fact, when considering crop reports. Without dout crop will be a di the Winter wheat ppointment this Fall to bushels, which will be less than for several vea Moreover, from present _indications, the world wheat crop will be quite good, thus keeping world prices down to a fair figure. On the other hand, the United States tariff on wheat must not be forgotten, which means that the Ame an peo- ple must pay considerably more than the world market. Hence our West- ern farmers should be able to make a fair profit even on the present crop indications, because the price to our farmers should be quite good. - Hence T believe pessimistic crop reports are being exaggerated, and that even the wheat grower may have a fairly good vear. Business Should Be Hopeful. However, the purpose of this inter- view is not to discuss either the stock market or the wheat crop, but to urge business men to keep on an even keel and not let either the bulls or the bears of the stock market rock their boat. I want to impress upon busi- ness men that the financial interests are always bullish during the early part of a period of depression, and are always bearish in the early part of a period of improvement. All of this means that the present high prices of stocks ana the pessimistic talk which is now coming from certain interests is one very good indication that we are entering a period of real business improvement. In addition to the general reasons above given, this is borne out most clearly by statistics. Most of the fun- damental subjects show an improve- ment over last vear, notwithstanding the pessimistic talk you lp\u' today. *|leading cities were point at the beginning of | when the stock market is very | Check transactions for May amount- ed to $49,114,000,000, 17 per cent ahead of the figure for May, 1924. Returns | for three weeks in June indicate even & larger increase, Failures show con- siderable improvement, for the liabili | ties of firms failing in May were but 71 per cent of May a year ago, while the number of firms failing has not declined as much, but is now 6 per cent below last vear's rate. Building is unusually active, as evi- denced by contracts awarded and per- mits. May, 19 operations in $207,295,000, while in May, 1924, the value of permits | totaled but $185,436,000. Cement pro. | duction was 15,503,000 barrels, an in- | crease of 32 per cent. Recent foreign trade statistics show | improvement, with exports in May | $370,000,000, 10 per cent iarger than | cent to $328,000,000. Car loadings are | running close to 1,000,000 a week, in | spite of lighter coal shipments, while | merchandise in less than carload lots |is considerably above all previous rec ords. Freight car surpluse heavy, although there has been gradual decrease since April. On June 1 there was a surplus of 324,000 cars, compared with 345,000 cars on | April 1. a Bank Deposits Grow. | The controller reports that bank |1oans have increased $548,000,000 and deposits $1,291,000,000 since last year. | Statistics on money rates show com- mer 1 paper less than 4 per cent, about the same as a year ago. Retall trade is showing a gain over last vear. April, the most recent month reported, was the largest on record. Production in many lines is high— 404,300 automobiles and trucks were produced in May, compared with 421,800 in April and 304,000 in May a year ago; 860,492,000 gallons of gaso- {line were produced in April, an in- | crease of 106,000,000 gallons above | April, 1924, An increase of 18 per cent in new corporations formed during May com- pared with May a vear ago would seem to indicate optimism regarding the outlook. And one of the most en- couraging conditions is that the pur- chasing power of the American farmer has increased about 10 per cent over last year. Reason for Poor Profits. In view of the above figures, it is evident that statistics bear out the statements previously made. Our only difficulty today is that our manufac- turing capacity is too large for pres- ent demands. As the manufacturer makes his real profit on the last 25 per cent capacity, profits are now not very good. The same general prin- ciple applies to the retailer. The total consumption of goods is excellent at the present time, and the per capita purchases of all articles is probably greater today than ever be- fore. The difficulty comes from the fact that the margin of profits is smaller, and that these profits must be divided among a great many more retailers than heretofore. If we would just stop for a while building factories and small stores, this situation would quickly right it. self and every one would be better off. In the meantime, the Babson chart still continues around the nor- mal line, and at the moment is 1 per cent above normal. (Copyright, 1025.) U. S. RUBBER COMPANY MAKES BETTER SHOWING NEW YORK, July 4 (#).—Prelimi- nary estimates of the United States Rubber Co.'s net income for the first half of 1925 exceed $5,000,000, equal after all charges to about $3 a share on the common, against actual earn- ings of $4,422,487, or $2.04 a share in the same period of 1924. Company of- ficials believe at least $5 a share will be earned on the common this year, even though tire sales should decline in the last quarter. | last year, while imports gained 8 per| continue | WEEK SEES LOSSES INGRAIN MARKET Prediction of Biggest Crop Ever Known Breaks Wheat Values. By the Associated Press. CHICAGO, July 4.—Prospects of a big crop of Spring wheat both in the United States and Canada have carried wheat prices. rapidly down {grade this week. Largely as a re- sult, the wheat market showed net losses ranging from 9% to 11% a bushel, compared with a week ago. Meanwhile, corn is 15 to 5% down and oats 1% to 2% off, but provi- sions 15 to 47 up. Little Black Rust Damage. Notwithstanding that the Spring wheat crop, domestic and Canadian as well, has vet to pass through its cirtical period, the outstanding factor has been the persistent apparent absence of damage so far from black rust or any other menace. Only about 10 days are left in which a disaster by black rust in the United States is likely. Emphasizing this as a weight on values was general recog- nition that a large crop of Spring wheat would mean an exportable sur- plus for the United States. Such a probable surplus was apparently con- fronting not only a big vleld in Can- ada, but also a much increased pro- duction throughout Europe. Export Demand Poor. Enlarging receipts of Winter Wheat, on the other hand, have met with nuusual dearth of export demand. Furthermore, a specially untoward development in connection with Win- ter wheat was decided fall in cash prices at St. Louls just when the main movement of wheat from Iilinois farms was getting well under way. According also to most unofficial esti- mates which were current, the total expected wheat yield in the United States this season, Winter wheat and Spring together, is 6,000,000 bushels in excess of the government June 1 forecast. A heavy brokerage faflure here was another unsettling circum- stance as the week came to an end. Biggest Crop Ever Known. Trade estimates that the new crop will be the largest on record, 700,- 000,000 bushels more than last year's total did a good deal to pull down values of corn and oats. Advancing quotations on hogs holsted the provision market. THREE CHIEF FACTORS NOTED IN BUSINESS Retail Sales Good—Cheerful Tone in Industry—Better Outlook for Crops. By the Associated Press. EW YORK, July 4.—Bradstreet's today: Three features deserve note as the business world enters the vacation season. These are the fairly active buying of seasonal goods at retail, the cheerful tone in most industries, which, despite seasonal quieting, find themselves in better shape as regards operations than a year ago, and the very decided turn for the better in late-planted crops, especially Spring wheat and corn, which have been favored in big surplus regions by plenty of moisture and good growing weather. To this latter grouping might be added the rather better than expected showing made by the cot- ton crop, as shown by the Govern- ment crop report. As regards retail buying, it is worth noting that a far better season for Summer goods has been ex- perienced this vear than last, this finding additional stimulus now in buying and heavy advertis- ing of “sa HOGS NEAR HIGHEST PRICE IN FIVE YEARS Reduced Supplies in West Cause Sharp Advance in Past Few Days. By tha Assotiated Presa. KANSAS CITY, Mo., July 4.—Best light hogs sold on the Kansas City market yesterday at $14.10 a hundred pounds, within 20 cents of the peak price for the last five years, established in March of this year. The market has advanced nearly $1 in the past week, due largely to a broad shipping demand for reduced supplies. Kansas City prices averaged about 40 cents higher than Chicago prices. WEEKLY COTTON REPORT. LIVERPOOL, July 4 (®).—Total forwarded to mills, 59,000 bales, of which, American, 45,000; stock, 690,- 000, American, 438,000; imports, 40,000, American, 6,000; exports, 5,000, Ameri- can, 3,000. TODAY'S SILVER RATES. LONDON, July 4 (®.—Bar silver, 31 15-16d p#r ounce; money, 3 per cent. Discount rates, short bills, 4 7-16a41% per cent. Three-month bills, 4 9-16 per | cent. e Query the Promoter. Determine how much of his own money the promoter is putting into his scheme before you decide to risk you: Don't take his word for it— make him prove it. Virginian-Railway Claims Engine Is Largest in World The world’s biggest and most powerful locomotive, an electric glant 152 feet long, weighing over a million pounds and having a rating of 7,125 horsepower, has recently been completed as a part of the electrification program be- ing carried out by the Virginian Railway. Approximately 75,000 pounds of copper and 24,000 pounds of brass are contained in this powerful elec- tric engine. according to the West- inghouse Electric & Manufactur- ing Co. The locomotive is the first of 12 ordered by the Virginian Railway. One feature of this new type elec- tric locomotive is its ability to re- generate power while taking heavy trains down steep grades and to turn the power back into the trans- mission line. It was necessary to build the “Virginian” in three units, (after- ward permanently connected), so that the great length could sue- cessfully negotiate curves and otherwise l:gg,‘rn_lrol!ed efficlently. C., SATURDAY. EVERYMAN’S INVESTMENTS BY GEORGE T. HUGHES. Opportunities for the Wise. Many . ultraconservative investors insist on restricting their holdings to securities legal for savings banks and trust funds. For this purpose the New York State law is generally taken ‘|as e standard, and probably wisely s0. It is a mistake, however, for one who s not bound by any legal obliga- tion to overlook possibilities outside the class which savings banks may buy even though the aim is the high- est degree of safety. The New York State law in some respects is too rigid. It was drawn up at a time when rail- road bonds and State and municipal obligations were considered the only secure investments. It does not accept as legal high-grade utility bonds, nor does it admit raflroad equipment cer- tificates. Now there are many utility issues which are just as safe as the raflroad bonds legal under the New York State law, and the result is that the legal railroad bond demands an artificlally high price simply because the savings bank must have and can- not buy the utility. The individual investor, provided he has the right counsel, is able to take advantage of this Erk‘s discrepancy without in the slightest diminishing the average degree of security. As for the railroad equipment certfiicates, it is doubtful if any other corporate se- curity has as good a record. Defaults are almost entirely unknown. To a less degree there are similar opportuni- ties among industrial bonds, but here greater care must be used in making selections. Bankers recognize the changed con- ditions which have put the best of utility bonds and of railroad equip- ments in the most conservative class of investments, and a movement is on to amend the New York State law ac- cordingly. There fs no reason, how-. ever, why the ordinary investor should walit for legislators to be convinced on a subject on which most of them are very {ll-informed. (Copyright. 1925.) GOVERNMENT REPORT STARTLES COTTON MEN NEW YORK, July 4 (#.—The big factor of the k in the cotton mar- ket was the Government's crop report of Thursday. This proved to be a surprise to local trades, whose ideas of probable end-June yield indication had been formulated by reports of vrivate authorities. The Government report placing the acreage under cultivation at 46,448, 000, the condition at 75.9, and the indicated yield at 14,339,000 bales, therefore, was decidedly better than anticipated. October contracts, which had sold up to 24.14 on Thursday morning, broke to 22.93 before the close of the day, and yesterday sold off to 22.81, making a decline of 183 points under the selling inspired by the revival of the larger crop ideas. The volume of business tapered off. CLEARING HOUSE REPORT SHOWS MANY GAINS NEW YORK, July 4 (®.—The weekly clearing house statement ehowed increases in most of the prin- clipal items. Loans, discounts and in- vestments gained $52,641,000; cash in own vaults expanded $7,087,000 and the reserve of member banks in the Federal Reserve Bank was $36,347,000 larger. Net demand deposits increased $139,601,000, but time deposits declined $23,307,000. " Aggregate reserve totaled $650,013,000, leaving excess reserve of $41,270,850, an increase of $18,787,870 over the preceding week. NEW WORSTED PRICES HELD GOOD FOR TRADE BOSTON, July 4 (A).—The Commer- clal Bulletin today says: “The demand for wool has continued more or less steadily, and the tendency of prices is to harden, although there has been no further noteworthy advance in wool during the past week. “The opening of tropical goods in New York by the American Woolen Co. at prices showing substantially no change from last year's has created a favorable impression through the trade generally, indicating the scarcity of such fabrics and, by implication, of wool fabrics generally. The outlo for the miils for the last half of 19 is believed to be good. BIG TRAFFIC GAINS SHOWN. NEW YORK, July 3 (#).—Freight traffic on the Chicago, Rock Island and Pacific lines in June increased to 148,- 241 carloads, compared with 129,107 in June last year. The Illinois Central also reported a gain for the month of 174,319 carloads, against 155,619 a year | ago. NEW YORK, July 4 (®).—A further decrease in commercial faflures in the United States this week is reported by R. G. Dun & Co., the total of 371 being 19 less than the number last week. There were also 17 fewer de- faults in Canada. MAY INCREASE STOCK. NEW YORK, July 4 (#).—Stock- holders of Hood Rubber will vote at a meeting in Boston on July 14. on a proposed increase of $500,000 in capi- talization to provide for issuance o employes’ special stock. i —— ORDERS SHOW GAIN. NEW YORK, July 4 (®.—With June orders not vet fully compiled, bookings of the Westinghouse Electric and Manufacturing Co. for the second quarter are estimated at between $40,000,000 and $45,000,000. This would compare with $35,834,000 in the first quarter of 1925 and $40,300,000 the second quarter of 1924. slaaghaet DIVIDEND IS PASSED. NEW YORK, July 4 (#).—Directors of Reynolds Spring Co., have omitted the quarterly dividend of 25 cents a share on the common stock due at this time. DIVIDENDS. Pe- 1x7 1.71 5 0 2 0 NET EARNINGS GB-OW. Corp. Pavable. Allis Chalmers Cuyamel Fruit Irv Sav Bk Nat Dept St Pitts Steel pfd Salt Crk Pr 24 de E 4 U §R Co 1st pf & NEW YORK, July 4 (#).—Combined net earnings of the utility companies operated by Standard Gas and Elec- tric for the year ended May 31 in- creased $2,605,390, or 12.31 per cent over the preceding 12 months. Gross earnings gained §$3,178,965, or 6.45 per cent. 3 b 'S PROFITS INCREASE. NEW YORK, July 4 (#).—Devoe & Raynolds reports net profit of $679,- 251 for the first six months of 1925, equal, after preferred dividends, to $14.47 a share on the common stock, compared with $567,632, or $11.62 a share, in the 'corresponding period last year. JULY 4, 1925 PLUNGE IN ITALIAN LIRA IS NOW CHECKED Question Whether Lively Rebound Is Permanent Is Mere Conjecture. By the Associated Press. ROME, July 4—The downward plunge of the Italian lira on the ex- hange market halted yesterday with such suddenness as to produce a sharp rebound of nearly two lire to the dollar as compared with Friday's quotation. While the lira sagged Thursday to less than 29 to the dollar it improved throughout yesterday’s trading and closed at 28.35, but during after-bourse activity it strengthened to slightly over 37. Whether this reaction is merely temporary and due speculative maneuvers, or whether it really means a turning point in Italy’s “battle of the lira,” is purely a matter of conjecture. Financial leaders, however, seem to sense various elements in the situa- tion tending to indicate that the lira is likely at least to hold its ground for the time being. Among these is the report that the government at Thursday’s cabinet meeting decided to throw at least a large slice of its $50,000,000 Morgan credits upon the market, believing it an opportune moment to check the drop of the lira and if successful to realize sufficient profit to retire for the present this potential national obligation. It is generally realized, however, that nothing fundamentally altering Italy’s status, either politically. ory economically, has occurred. MARKET MOVES VERY | UNEVEN DURING WEEK Late Rally Checked by Profit Tak- ing and Failure of Broker Concern. By the Associated Press. NEW YORK, July 4.—Marked ir regularity characterized this week's financial and commodity markets. Reactionary tendeacies characterized the opening of the new week in the stock market, due to selling inspired by the higher call money rates and the uneasiness over the extent of the California earthquake damage, but when traders became convinced that the high money rates were only ten porary and that the quake damage was confined largely to the city of Santa Barbara prices bounded up- ward. The rally was checked toward the close of the week by heavy pre-holi- day profit taking and liquidation re- sulting from a large stock exchange failure. - Live Wire Locates Ore. An Assoclated Press dispatch from Stockholm says: By thelr unique electrical prospect- ing methods Swedish mining engineers have located for the government valu- able ore flelds in the northern part of the country. The newly discovered deposits contain copper, arsenic, zinc and even gold in small quantities. These successful methods of location are based on the greater conductivity of beds of ore than of the surrounding rock. At one point a deposit of copper pyrite was located 30 feet down under a sandy plain nearly 2 miles from the nearest orecontaining bowlders. At another place a mother lode contain- ing 7 per cent of copper was found under a frozen lake, below 30 fest of water and 10 feet of mud. The Lund berg-Nathorst method utilizes electri cally charged wires laid in shallow trenches. Through a telephone the prospectors literally “listen out” the presence of ore. Jade in South Africa. From the New York Times. An important jade discovery is re- | ported from a farm on the west side | of the Crocodile River, not far from the town of Brits, in the Transvaal, South Africa. The jade is said to exist in sufficient volume to warrant com mercial exploitation, and a company, with headquarters in Johannesbure, has been formed for this purpose. | The discovery of the deposits was made in the course of prospecting operations for chrome iron ore. The | stone is found in blue, white, pink and | {green. Tt is proposed to bring Chinese experts into the country as cutters and polishers in order that the jade | may be cut and macgketed. Finds Metal Tl;icves. Valuable metal had a habit of dis. appearing from a German factory un- til a clever mechanical thief-detector was rigged up by physicists employed | in the factory, savs the Popular Sclence Monthly. At the end of each day’s work each employe was re quired to remove his knife and all other metallic personal possessions from his pockets, and pass through a specfally constructed gateway. This | was so wired that any concealed | metal being carried away illicitly would make itself known by inducing an electric current in a device that sounded a loud warning signal for the guard's benefit. Prove Safety in Flight. Persons who still are fearful of traveling in airplanes might well examine recently issued statistics of the Army Air Service, says the Popu- lar Science Monthly. Between the Fall of 1922 and the Spring of thi year, Army flyers have covered most 700,000 miles over the model airways system, without a single death. About 700 passengers have been car. ried, and 60,000 pounds of express matter. There have been 15 crashes in this period, but only one man has been injured. Advice is something that people relish only when it confirms their own opinfons. Money to Loan Secured by first deed of trust on real estate. Prevailing interest and_commission. Joseph I. Weller 420 Wash. L. & Tru Bldg.. 9th & F N. We Write Insurance of All Kinds We are in a position to cover you against_loss from any_ source what- ever. Tornado, Fire. Burglary, Ele- vator Liability, Automobile, Boiler Explosion, Loss of Rents and even Death. Olf reliable companies. Quick service and prompt settlement of claims. WHY WORRY? Phone us and representative will lad to eall and quote rates and expluin our contracts. Insurance Dej ment N. L. SANSBURY (0., INC. 1418 Eye St. N.W. Main 5004. QUICK LOAN HOME OWNERS FINANCIAL. Prompt Action | First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. 738 _15th Street MONEY TO LOAN IMPROVED REAL ESTATE IN THE DISTRICT OF COLUMBIA AT Current Rate of Interest FLOYD E. DAVIS COMPANY 733 12th Street Northwest s Main 352 501 7th Street Southwest Main 353 Our experience in conducting a general mortgage business ex- tends over a number of years. We are not as old as some of the local mortgage houses, but we operate under the same con- servative plahs. CAFRITZ First Mortgage Notes are written for three years based on 50% appraisal and are now | paying 614% interest. Write | for booklet. | C. L. O’Donnell, Mgr. Mortgage Department | | | CAFRITZ COMPANY Ji 14th & K """ Main 9080 APARTMENT ‘ Owners! Today, as never be- fore, it is necessary for owners of apart- ment houses to have their buildings man- aged by an efficient and competent organi- zation. Over 32 Years’ Experience —of personal and per- sistent attention to YOUR property B.F.SAUL CO. Main 2100 925 15th St. WE FINANCE | —all classes of income-producing property Large Loans a Specialty Current int. rate and commission & Richardson, Inc. 816 15th St. N.W. or nearby real estate. action in every case. Prompt Washington Investment and Transactions Co. 715 14th St. N'W, FEDERAL-AMERICAN NATIONAL BANK RESOURCES, $14,000,000 1315 F Street JOHN POOLE, President FOLLOW YOUR FOREFATHERS— BE INDEPENDENT— in your later vears by pro- viding for them now. Save a little eve put the m and yours FIRST MORTGAGE 6%% NOTES /o —wherein are Safet rity Supreme Call or write plain the simple Mortgage Investment Dept. SHANNON - 713-15 14th St. N.W. Main 2345 The Prudence Company, Inc. of New York Invites Applications for Constructio; n Loans Long-Term Refinancing Amounts of $50,000 and over BREEDD 1. Loan Corres Investment Bldg. NESBIT spondent Main 9392 The New York Life Insurance Company Offers 10 Make First Mortgage Loans on Improved Real Estate In the District of Columbi for 3,5 or 10 Y Houses Business Properties a and Suburbs ear Periods Apartments Office Buildings SV2% APPROVED Apply SECURITY RANDALL H. HAGNER & COMPANY MORTGAGE LoaN GORRESFONDENT oMo 1521 Conmecticut Hoenue, %mmmmmmmmmm Telepihonatzin 3700, RRRERR; & % Before You Go Away--- INVEST your idle funds Notes. They are no tive return of 61 %. in our First Mortgage w yielding the attrac- By doing this your vacation will be more en- joyable, for you will have the satisfaction of knowing that these funds are working twenty- four hours a day and that a substantial in- terest check awaits you on your return. When purchasing Notes through Swartzell, Rheem & Hensey Company you know they are safe and have been for more than 56 years, during which time no inyestor has suffered loss. _S_w_&nug&q&ml{msnm & @ $150 to $5,000 on 1st, 2nd and 3rd Trusts In Three Days D R 2 .. LA 56 Years Without Loss to An Investor