Evening Star Newspaper, December 30, 1928, Page 25

Will Stocks (Continued From First Page.) sLoyed in my book on “The Nature of pital and Income.” This caution coefficient becomes, in practice, greater and greater as the risk ows. If my chance of getting a dol- lar is a certainty, there will be no re- duction on account of the caution factor. If it is like the chance of bet- ting on heads or tails, the caution factor may trim the price of the chance down from 50 cents, its mathematical value, %o say, 40 cents for the chance to win the dollar. That is a reduction on ac- count of caution of 20 per cent. But if one bets on two heads in succession the reduction on account of caution would ne correspondingly greater, so that in- stead of paying 25 cents, the mathe- matical value, the investor might ins#t on a reduction of more than 20 pc» cent to, say, 15 cents. It is both normal and proper that the higher the risk the cheaper the chance of winning can be obtained, compared with its mathemati- cal value. Hence, the more risky the investment would be to a lone individual playing the game, the safer it is if, by pooling #n an invesment trust, with wide diversi- fication in investment, the individual | risk is thereby absorbed. For as the | risk grows it can be eonstantly absorbed | by corresponding increases in diversifi- cation. Thus the individual member of the trust may gain more on the riskier investments, bought by the trust at much less than their mathematical value, than if he played the market alone with less risky investments, but bought at much nearer their mathemat- ical value. Risk Margin Decreased. So the investment trust has proved that speculation can be turned into in- vestment which is much safer than many individual investments in so- called “gilt-edge” securities. And the paradox is that because of the “cau- tion factor” the market value of the riskiest investments has been de- pressed far below their real mathemat- ical value. The investment trust, car- the principle of diversification to wide limits, have managed to get a higher average return the more risky the investments would have been individ- ually, while at the same time they have extracted from them largely their ele- ments of risk. ‘This principle, so far as I know, never has been definitely formulated in the investment market. But is has been acted upon intuitively by increasing mumbers of investors, who have ac- cepted it by employing investment trusts, fawestment counsel and other skilled msans of diversifying the use of their funds. . Naturally this enlightened process has created a tremendous new. market for securities that in times past have gone begging. With the increased demand, the price of these formerly despised se- curities has risen. Thus the change in the caution fac- tor, reducing 1t to a much narrower margin _from the true mathematical value of common stocks as their ele- ments of risk have been absorbed by dntelligent diversification, has helped put the stock market on its higher plateau. It constitutes a permanent reason why this plateau will not sink egain to the level of former years ex- cept for extraordinary causes. The sound investor in common stocks E.st turn them over constantly, sell- those that are losing in value and vesting in those that are gaining. This function is performed today by skilled investment counsel to a degree that makes investiment in common stocks, arded by their vigilance, safer than he former investment in bonds by in- dividuals. ‘Why Securities Are Strong. The rise in-intrinsic value of securi- ties of corporations is due to the fact that in America both capital and labor have in the last five years demonstrated what can be done to increase and im- gmve production by eliminating waste y invention, by superior organization, better methods and teamwork. In short, American business has been applying, on a grand scale, the doctrines of scien- c management laid down by Frederic . Taylor. The 15 engineers whom Herbert Hoover named as the committee on elimination of waste in industry in 1921 reported their findings to the American Engineering Council in June of that year of deep business depression. ‘Their Yeport showed a dismal record of faulty management of materials, plant, equipment and men. It recorded interrupted production caused by idle men, idle materials, idle plants, idle equipment; restricted production inten- tionally caused by owners. management or labor and lost production caused by Il health, physical defects and indus- M}I‘.l uclfl::m ore t] this: It put the responsi- bility for these wastes squarely ?xop to the management, adopting the definition ‘that management is the “art and sci- ence of preparing, organizing and di- human effort applied to con- trol the forces and to utilize the mate- rials of nature for the benefit of man.” By appraising the sheets in the en- ineers’ fleld reports of the metal trades, xtile manufacturing, oot and shoe manufacturing, men’s clothing, printing and the building industries, the report dound that “management has the great- est opportunity, and hence responsibil- 1ty, for eliminating waste in industry.” It found that the responsibility of la- ‘bor, especially because of its practice in Jimiting output below normal standards, ‘was “no less real, though smaller in degree.” The responsibility assessed ‘against management was found to be, Toughly, 50 per cent for wastes and less than 25 per cent against labor, while| ‘the amount chargeable to outside causes mwas least. New Economies Effected. ‘The records of production and real income since 1921—that is, of what in- come will buy in goods—show that managerial control has extended new jeconomies into every activity of the Nation's industrial organization and iplant, reaching materials, design, equip- ment, personnel, production, costs and gales policies, and that it has co-ordi- :x]nled these factors in common objec- ves. ‘Total time of production has been ®hortened. Productive capacity has ibeen based on careful studies of normal demand. The purchasing function and control of material purchased and not yet received have been linked up. Can- cellations of orders and returns have been curtailed. Production schedules ‘have been correlated with sales policies. ‘The great losses of inadequate inspec- tion have been largely retrieved: plant and equipment have been guarded against breakdowns and put in condi- tion for maximum production. Good cost-control systems have been in- stalled. Standardization of products, materi- als, equipment and performance has pproduced records that aroused the sport- ing interest and emulation of managers and men. Selecting, up-grading and /maintenance of personnel followed, with renewed interest in creation, crafts- manship and the contribution of experi- ence and knowledge to the productive processes. Prevention of illness and aci- cidents has been pursued systematical- ly. Finally, industrial research has spread from the big research laborato- xies conducted by the larger industrial firms and trade associations to indi- vidual plants throughout industry, Production Is Increased. Results have followed in increased production and income that have star- tled the world. Dr. Paul H. Douglas yeckons that output per employe was (virtually stationary from 1899 to 1914, ‘'and average real earnings of employed ‘workers in manufacturing had not ad- vanged: in i~ 20-year period up to 301y, the increase in per capita produc- mivity was but 4 per cent. But since 1919, and “more particularly since 1921,” Dr. Douglas says, “dur great in- jcrease in physical productivity and in yeal earnings has come.” In 1923 the increase in production per worker over 1919 was 25 per cent, and “five-sixths ©f this increase had occwrred since Remain Up 1921”; while up to 1927, the output per worker had “increased by almost | 40 per cent, eight-ninths of which was | concentrated in the last five years.” The increase in production and in | real income in the United States is un- paralleled in the world's history. Ac- cording to the statistics issued by the National Bureau of Economic Research, the Nation's income increased from $77,000,000,000 in 1923 to $90,000,000,- 000 in 1926; an increase in dollars of 1926 purchasing power, of nearly $14,- 000,000,000, or more than 18 per cent. According to the estimates given in the News-Buletin of the National Bu- reau of Economic Research, Inc. for February 21, 1927, the purchasing pow- er of the national income increased 46 per cent from 1921 to 1926.° As the farming class has lost relatively in real income, the workers and managers in industry have gained even more than 46 per cent in purchasing power dur- ing this period. Justifies High Stocks. In this increase in real income is a solid measure of justification for the higher plateau on which the stock mar- ket rests today, since it records a gain in the intrinsic value of the securities of corporations. While producton and profits in 1927 fell slightly below the record of 1926, is is calculated that the record of 1928 overtops that of 1926, especially during its latter half. And be it remembered that a small gain in the gross income 'of a corporation means a large gain In the earnings on common stocks; for common stocks represent the equity after deducting the relatively fixed shares of the bond- holder and preferred stockholder. Hence the “Hoover market.” This gained its impetus during the presi- dential campaign and after the election of an engineer President whose leader- ship of industry, as Secretary of Com- merce, is largely responsible for the American organization for mass produc- tion and its attendant economies. The intrinsic value of stocks has in- creased from the knowledge that the achlevements of the recent past will continue in the future. The war ii- self, as Bernard M. Baruch has point- ed out, consolidated the various indus- tries into powerful groups. Mr. Hoo- ver, from his experience before, during and since the war, appreciates to the full the economies realizable from the pooling of information and elimination of waste in organization and processes, mass production and better methods. By applying the principle of central- izing ideas and decentralizing their execution he has put to work every industrial community in the country. - Better Methods Used. Public and semi-public agencies, chambers, . af . commerce, and other business and civic associations have helped to educate the public in bet- ter methods of production and mar- keting. ‘The wasteful practice of mak- ing hundreds of varieties and models, regardless of ‘the users’ demand, has been superseded by the policy of mak- ing only. such models as merit a definite demand—a dozen or a score, probably, instead of several hundreds. Building of homes was spread over the Winter as well as Summer manths, thus smoothing out the yearly employ- ment curve. The public has been in- fluenced to steady the seasonal fluctua- tions caused by changes in style. In this program the departments at Wash- ington worked with the trade associa- tions and promoted programs for stand- ardization of costs, materials, specifica- tlons, production, equipment and fin- ished products. ‘The Department of Commerce, reor- ganized under the engineering leader- ship of Mr. Hoover, has co-operated with the people for useful social and economic ends. Series of committees were created in many industries. In the lumber industry Mr. Hoover told how these committees finally per- fected a system for the grading of lum- ber and for guaranteeing of these grades to the public, which is now car- ried out wholly within and by the Jumber industry itself, “with conse- quent savings in elimination of waste and fraud of upward of $250,000,000 a year.” These processes are still going on. Radical changes for the better have been installed and are planned for the long future. Trained physicists, chem- ists and economists are searching con- tinually for new power, materials and methods to transform the face and structure of industry. The market re- ports, trade reviews and business or- ganizations are spreading the knowledge of these forthcoming changes. Labor’s Shoulder at Wheel. Finally, labor has put its shoulder to the wheel for more production. “We will rely on facts rather than on force,” Preisdent Green of the American Fed- eration of Labor declares; while John P. Frey of the Federation Council, finds in the increasing power of production a “new instrument with which to meas- ure wages.” Wages have gone up in proportion to‘increased output. Prohi- bition, always better enforced through the contract relations between employer and men than by political action, gains in effectiveness as the little companies are merged into the greater corpora- tions. The age of trust busting is past, the age of mergers has aided in the orderly transformation of industry with its steadier and more alert workers. Because of the scientific appraisals of the stock market by the investment trusts and investment counselors, there- fore, and the strides in research, inven- tion, elimination of waste and increased productivity that have characterized the years since the war, what was once speculation or mere gambling in com- mon stocks has changed toward safer investment. ‘The intrinsic value of stocks, present and future, has increased. Price Level Maintained. Along with these influences for a higher market, the commodity price level has been maintained in relative stability since 1921, largely by the action of the Federal Reserve system co- operating with business in the control of credit. A dangerous surplus of gold has been redistributed among the central banks of the world in aid of the post-war resumption of the gold stand- ard. ‘This has steadied the levels of commodity prices in foreign countries and encouraged international trade. The comparative stabilization of gold in terms of goods has given reassurance to the bond market as well as to stock investment. The investment trust and counsel have led investors to put their eggs in three baskets—common stocks, preferred stocks and bonds. ‘The high plateau on which the stock market now moves is, therefore, a result of improved order and efficiency in American business. . SERVICE IS SUSPENDED. All Servants Stop When Pade- rewski Practices. PARIS (#).—Padesewski has returned to his Winter quarters in a Left Bank hotel. He works regularly in his room there, and when the great pianist opens his piano it s impossible to get service from any of the valets or chamber- maids. All the staff, down to the elevator boy, come to the corridor outside his door. The word is passed to the other floors as soon as the first note is heard. SEEK MORTALITY REMEDY Greeks Plan Institute to Study Child Ills. ATHENS (#).—Greek heelth autheri- ties have discovered that 58 per cent of the children of Macedonia suffer from malaria and that 20 per cent of Greek children die during their first year. Premier Venizelos' program includes the establishment of a 1 institute of and a school of sanitation. THE SUNDAY STAR, WASHINGTON, D. C, DECEMBER 30, 1928—PART @ American Archeologists Find Wealth Of Historical Evidence in New Mexico (Continued From Third Page.) students had the luck of the week. They came upon a real nest of skele- tons, 19 in all, all with bowls over their heads in the usual fashion. The bodies had been buried in this abandoned room during the course of several centuries. Many of the bodies had been buried with their necklaces of shell beads, and about half were still wearing their shell bracelets on the bones of their arms, in every case on the left arm. Reveal Thousands of Relics. Mr. Bradfield was fortunate in one of his earlier finds, in 1925, in the Cameron Creek district. He found what seemed to be a stone slab. This, when freed, was found to be very thin and to be the cover of a jar, or olla, of the early corrugated type, the rim of which was exactly 1 inch above the floor level. It had been used as a storage bin. ‘The bowls and sherds found in this Cameron Creek excavation in the Mimbres will run into the thousands. But more important is the fact that in them Mr. Bradfield has obtained prac- tically a complete ceramic line running back as far as the beginning of the Christian era. Most of the bowls are of the blaack and white type, the type in which the Pueblo Indians outdid the better known Greek artists. Many are of polychrome ware. he paintings show many interesting life forms, and the highly developed linear, circular, zigzag and geometric designs which were later than the life forms. One painting of a date early in the Christian era is of a hunter carrying in a deer which he has killed. Another glves a faithful picture of the now nearly extinct Rocky Mountain spotted quail. Another, and one of the most interesting, is of a rabbit inside the curve of the new moon. The “Rabbit in the Moon” is a fairy tale still cur- rent in the Pueblos today. Results of Excavation. The main facts which form the ex- eavation last Summer in the Mimbres Vélley-Cameron Creek dig are the fol- lowing: (1) The pottery shows the highest development of design known in the American Southwest. (2) The pottery extends over a pe- riod that exceeds 2,000 years from the early experimental stages of ceramics, | probably inside the horizon of “Basket Maker 3" (Kidder) to the time of the abandonment of the Pueblo. (3) The development of room and house from the upper floor levels with upright posts and brush walls down through the circular and rectangular underground pitrooms tallies with the chronology of the pottery. (4) The proof is found of the begin- ning of the communal room in the underground circular house, which ex- tended then to the rectangular under- ground ceremonial room, which was entered through the roof. Burials Under Floors. (5) Burials were found only under the floors of rooms occupled in the middle period. (6) The shell bracelets and many of the shells for beads, identified as pro- venient in the Gulf of California, prove early commercial connections with the West and South. (7 beans found in storage ollas, or in caches, give some of the foods of the Pueblo Indians in the Mimbres. (8) The skeletons give an average || height of the early inhabitants as from six feet five inches to five feet seven inches. (9) No European articles were found || In the upper levels of the pueblo, There- fore, the site had been abandoned be- fore the arrival of the Spaniards in the sixteenth century. ‘The evidence ceramic pleces back to a date approxi- mately 400 B. C. Surely this excavation is an important piece of early American scientific work, Too much credit can- not be given to the joint expedition of 1928, in the Mimbres Valley of New Mexico, of the University of Minnesota under Prof. Jenks and the Archeo- logical Institute’s School of American Research under the able hands of|| ‘Wesley Bradfield. (Copyright. 1928.) What Boulder Dam Means (Continued From Third Page.) merous have been the requests for in- formation from prospective settlers on the projected reclamation areas thai Dr. Mead has had prepared a form let- ter stating “it will be many years be- fore irrigation water will be available and the land to be irrigated opened to settlement and development.” Drainage Basin of River, This powerful Colorado River that man now proposes to harness to pro- duce his electricity and grow his crops where only cactus and sagebrush now flourish takes its birth from the head- waters of the Green River, in the high mountains of Wyoming. From that point until this proverbially muddy river empties into the Gulf of Califor- nia, in Mexico, the Colorado courses a distance of over 1,750 miles. The drain- age basin of the river comprises about 242,000 square miles in the United States and 2,000 square miles in Mexico. ‘The Colorado River Board, which made an exhaustive study of the whole problem during the past Summer and Fall, consisted of Maj. Gen. Willlam L. Sibert, chairman; Charles P. Berkey, Daniel W. Mead, Warren J. Mead and Robert Ridgway. In expressing its preference for the Black Canyon site ‘has | over that at Boulder Canyon, which is 20 miles above, the board said: “The Black Canyon site is more accessible, the canyon is narrower, the gorge 1s shallower below water level, the walls are steeper, and a dam of the same height here would cost less and would have a somewhat greater reservoir ca- pacity. The rock formation is less Jjointed, stands up in sheer cliffs better, exhibits fewer open fractures, is better healed where formerly broken and is less pervious in mass than is the rock of the other site. The Black Canyon rock is not so hard to drill as that of Boulder Canyon, and it will stand better in large tunnel excavations, with less danger to the workmen. “There is no doubt whatever but that the rock formations of this site are competent to carry safely the heavy load and abutment thrusts con- templated. It is well adapted to mak- ing a tight seal and for opposing water seepage and circulation under and around the ends of the dam. It in- sures successful tunneling, and, so far as_the rock is concerned, the general safety and permanence of the proposed structures.” 900 Feet Above River. The board points out that at the proposed site of the dam the canyon walls rise to about 900 feet above the river and the central part of the rock rge at this location is 110 to 127 eet deep below low water. The cross- section of the gorge at the dam site is 350 feet wide at the low-water line and 880 feet wide at the crest of a dam that would impound 26,000,000 acre-feet of water. An acre-foot is the amount of water that would cover an acre of land to a depth of 1 foot. ‘The Brobdingnagian engineering feat contemplates the use of 3,500,000 cubic yards of concrete—more massive than the Great Pyramid of Egypt. ‘The foundations for the dam will stretch 600 feet in length up and down the river bed and half the concrete that will form the dam will below ground. Above the dam will be a lake 100 miles in length and some 4 miles wide. The cost of the dam and res- ervoir alone is placed at $70.600,000. The dam proper will tower aloft 550 feet above low water, approximately the é-nel:ht of the Washington Monu- ment. 1,000,000 Horsepower Possible. ‘The tunnels that will divert the waters of the Colorado during the con- struction of the dam will later be utilized to aid in generating electricity, and estimates point to the production of 1,000,000 horsepower that could be generated at Black Canyon, with the machinery going full blast. Further, should additional power be desired, ex- perts say that there are 14 other dam sites along the river that can be sum- moned into activity, as time goes on. An auxilliary engineering problem to the erection of the dam is the con- struction of a railway from Las Vegas, Nev., some 40 miles distant. The Col- orado River Board has determined that the l&nmuh is comparatively eug to the vicinity and not particularly diffi- cult to the site itself. “A construction railway from Las Vegas would pass near available gravel deposits, and the best quarry sites lie immediately adjacent to the dam site on the same line of approach,” the board emphasized in its report. “De- spite the ruggedness of the surrounding country and the depth of the gorge, the terrain above the 1,500-foot con- tour, where the quarries, railway yards, shops and camps would be located, is open, and its development into such STOPS :Ai'™S BumsteadsWonnSy'rg"p “Te o thfldren":- ;;I‘T:!'nl‘ FATEE™, 3o vonrs ot by mail, b0 & Eat. ©, A, use at reasonable cost is entirely prac- ticable.” Should the proj board forsees this calamity, and has taken special precautions to avert it. “The flood created would probably des- troy Needles, Topock, Parker, Blythe, Yuma, and permanently destroy the levees of the Imperial district, creating a channel into Salton Sea which would robably be so deep that it would be impracticable to re-establish the Col- orado River in its normal course.” ‘To_forestall such dire distress, the board recommended that *the pro- posed dam should be constructed on || f&mervauve, if not ultra-conservative, es.”” In direct charge of the construction of the world’s greatest dam will be Raymond F. Walter, chief engineer of the Reclamation Service, a Westerner who knows the Colorado River first- hand and whose headquarters are at || Denver. Irrigation projects of tomorrow that are now being spoken of as an out. growth of the Black Canyon dam col struction, comprise 500,000 acres of vir- gin land that can be reached by gravity ditches, with some 200,000 acres addi- tional on mesas which can be reached by electrically pumped water, All-American Canal. As an important adjunct to the giant concrete wedge that will block up the turbulent watem of the Colorado will be the construction of the All-American Canal, which the Colorado River board || has estimated will cost $38,500,000. At present the Imperial Valley receives its water for irrigation and domestic pur- poses from the Colorado River by means of the Imperial Canal. The water is diverted at Rockwood Gates, about one | | mile north of the international boun- dary, and a canal carrles 1t mto Mexi- can territory to avoid the high mesa and sand dune country north of the || international boundary, the water later being brought back mto the United States to the Imperial Valley. For some 50 miles the canal traverses Mexican soil. The proposed All-American will be wholly within the United States, thus avoiding firritating international problems. Under the new plan the wa- || ter will be diverted from the Colorado || River at Laguna dam, the present in- take of the canal for the Yuma irriga- tion project, 23 miles by river above the || intake of the Imperial Canal. The main canal is to lead southwest to a point near the river just north of the inter- national boundary and westward, par- || allel to that line, to a point some 10 miles west of Calexico, a total length || of 75 miles, linking up with the Im- perial Valley system. To overcome the engineering difficul- luxurious Great White Fleet ship where every passenger is a guest; where all rooms are open to sky and sea; where ' there are wide decks on which to dance and play « « . perfect food, perfect service. Every minute of your trip to the Golden sun - bathed lands of the ‘‘Spanish Main” will be a delight, so expert are offi- cers and men of the Great ‘White Fleet in securing your comfert and pleasure « . . afloat or ashere. To cruise the Caribbean this winter will give you a memorable holiday. Ships sail twice weekly from New zqu:k 2::: cruises lasting 0 24 da; and costing '3 1Sumdes with all shore trips and hotel s incladed in the 17 Battery Place, New York ‘The remains of corn, squash and || throws the earliest|| dam topple, the || ties of constructing a canal through the sand dune country, the Colorado River Board has recommended that the canal should be lined with concrete. The Suez Canal traverses similar sand dunes, and it is said that no special construction or maintenance difficulties were en- countered. . Plan of Los Angeles. This mighty engineering marvel does not end here, for, as a further factor in this gigantic equation, the city of Los Angeles proposes to lift the waters of the Colorado River through a series of pumps some 1400 feet in height and over the Chocolate Mountains, shooting the waters through tunnels to the front door of the Pacific Coast. With this phase of the problem the Federal Government is not concerned. This tapping of the waters of the Col- orado is the plan of Los Angeles and other communities, but 1s a factor in the huge engineering dream that is about to ripen into reality. The Congress and the President have spoken and indorsed the tremendous undertaking. It remains for the seven States to add their approval, or, at any rate, six of them, for hitherto Arizona has insisted that it be given equitable treatment in the apportioning of the waters of the Colorado. Then must come the satisfactory arrangements for power and water, and afterward the construc- tion that will set up in the land of the ancient Indian cliff dwellers, below the wonderful Grand Canyon, a marvel of engineering skill as yet another testi- monial to American genius and enter- prise. . MEXICO TO HONOR DEAD. Work Started on Monument for Heroes of 1847. VERA CRUZ, Mexico (®).—Work has been started here on erection of a monument to the Mexicans who died in the war of 1847 with the United States and in 1914 when the Americans occu- pied this city. Contributions to the monument fund were received from all parts of the country. The bodies of the Mexicans who died here in the fighting attend- ing the American occupation, which are now buried in various cemeteries, will be transferred to a crypt to be built into the monument. Suicide “Epidemic” Alarms. SOFIA, Bulgaria (#).—The Holy | Synod of the Bulgarian Church, alarm- ed by the high rate of suicides, has ad- dressed a_memorandum to the govern- ment_urging strong measures to meet the crisis. | GERMANY IS EXCITED OVER NEW OIL GUSHER Well Produces 10 Tons of Fluid Per Hour in Oberg 3 Field. PEINE, Lower Saxony (A).—An oil gusher producing 10 tons of oil within one hour was struck in the Oberg field near here. When the drill penetrated to a depth of 1,600 feet the pressure of gas suddenly caused the oil to spout to a height of 60 feet and in such a volume that an emergency dam had to be gu&ckly constructed. This precipitate low of oil soon stopped, but immeriately began again when drilling was resumed. An oil gusher was something of a sensation in this part of the country, where nothing similar had ever been seen. Mining engineers consider the prospect excellent for further oil wells in the district. . Shirts Bring Rescuers. USHANT, France (#).—Distress sig- nals seen by the lighthouse keeper here caused him to send a government tug through a storm at serious risk to res- cue the lighthouse keeper at Keron, a mile off shore. Through his glasses he had seen the frantic waving of white cloths, which turned out to be shirts drying in the wind. EN YOUR PIAND WoRGts 1110 G EST..1879 72 it House & Herrmann H llustrating “Furniture of Merit” value in Bedroom Suites, $119.00 Very graceful designs executed in genuine walnut veneers, on gumwood. Effective dec- oration to match—and the entire suite finished in the lustrous walnut shade so much in vogue. Three Vital Questions— worthy. of thoughtful Al Open a charge * account consideration at this time— Does your furniture reflect the good taste, culture and pride that you want expressed in your home? Does the advent of the new year inspire you to put your home in order that it may be homier in appearance, more liv- able in comforts and more convenient in equipment? Where can you find the best values—embodying quality in construction, character in design and reasonableness in price? All these are important questions and asked in the proper sequence. Let us answer them for you. “Furniture of Merit” combines quality of the highest grade, effectiveness of the most attractive type—and always marked at-a price you'll find to be lower when compared with contemporaneous offerings. “Now”—is always a good time to buy “Furniture of Merit” to advantage. Illustrating “Furniture of Merit” value in . Living Room Suites, $139.00 Each of the two pieces of those roomy dimensions which spell complete comfort; with the large roll arms which add a touch of luxuriousness. The carving on top is artistically done. Double stuffed upholstery; and with reverse side of cushions covered in attractively figured material, The simple request does it ouse & Herrmann