Evening Star Newspaper, March 17, 1929, Page 33

CREASE IN'STOCK PRICES CONTINUES Investing Public Becoming' More Cautious, but Profes- slonal Traders Bolder. BY CHARLES F. SPEARE. Special Dispateh to The Star. NEW YORK, March 16—A portion | of the public is steadily becoming more eautious in its stock operations. At the same time the professional element | shows increased boldness. Bankers are on edge. Those who are temperamen- tally conservative, but have been unable to resist the long upward sweep in prices, have been liquidating. ‘The erosive effects of high money rates do not show on the surface, but they are beginning to appear at widely separated points in the business world. The only permanent change in the money situation this week has been a slightly higher rate for long-term funds. In Europe discounts have been raised in order to protect domestic supplies of eapital from the persuasive influence of the high rates in New York. The Fed- eral Reserve moves with glacier-like slowness. It is handicapped, as it has always been, by its political environ- ing in business and tn finance in other years and see what happened then un- der circumstances approximating those of the present. The nearest parallel we have %o 1928 and 1920 are the rs 1920 and 1921, when all of the forces | of banking restraint were centered on | the correction of conditions growing ! out of inflation in commodities and in securities immediately following the | war. In the Spring of 1919 the Federal Reserve discount rate was 4!2 per cent. Two months later call money was loan- ing at 15 per cent. It was not until July, 1920, that the rate went to 7 per cent, the Bank of England then quot- ing that figure, and the 7 per cent rate was maintained until May, 1921. Not until November, 1921, was it thought advisable to reduce the discount to 412 per cent. So the cycle from low-inter- est rates to high-interest rates and back to normalcy involved a period of two | and one-half years. It is little more than 12 months since | the Federal Reserve first raised its rate from 314 per cent to 4 per cent, and in the subsequent period Wall Street has seen nothing higher than 12 per cent call loane, compared with the rate fre- quently guoted of 15 per cent during | the deflu?ion period and as high as 25 per cent when the stringency was most severe, The extreme in this period has been a 5 per cent discount rate, but it would | not be improbable if, in order to effect permanent control of conditions, the discount would, as in 1920 and in 1921, have to be advanced to 7 per cent. Commodity Situation Differs. The main point of difference between the situation at present perplexing the | Federal Reserve, and that which previ- | ously brought criticism against it re-| * Freev < mvete companies and in the management of corporations newly formed to take over long-established industries for the sole purpose of making an underwriting profit on the sale of securities, There have been enough abuses im all these directions to bring out & serious situa- tion when the public stops buying stocks and returns to its regular pursuits. It would be difficult to say whether relatively as large a proportion of the available credit of the country was ab- sorbed in commodities during 1919 and 1920 as in securities since 1927. At one time in 1919 Stock Exchange bor- rowings were estimated as high as | $1,750.000.000, compared with approx- imately $5.600,000,000 today. Liquida- tion later cut this figure down to about $800,000,000. Practically all of the loans in the earlier period were pro- vided by the banks. Today over half represent those of corporations and in- dividuals and are outside the control of the Federal Reserve authorities. It is interesting and somewhat amus- ing to read from comments of 10 years ago the same criticisms of the Federal | Reserve policies as are now belng made. | For instance, in January, 1920, the Financial Chronicle said: “The time for timidity has passed. Bold and resolute action is needed. Making minor increases in discount rates, while further inflation is being promoted through new note issues, seems like trifiing with a serfous situa- tion. If the Federal Reserve authorities would inaugurate real and effective con- trol of the situation, which if allowed to continue unchecked would become full of menace, they have the matter entirely in their hands.” Again in November of that year the same publication statex: “By availing | o . THE SUNDAY ment, Secretary of the Treasury Mellon says that stocks are high. They go higher. ‘The youthful captains of Wall Street clear barriers to which the ve(tunsi give respectful attention. { Business Shows Strength. { Business is running strong and is still speeded up by the speculative ex-| cltement and the increase in paper | profits. Copper this week has touched | 21 cents. Cotton has March will outdo February in the mat- | ter of iron and steel prodiiction. The January operating income of the rail- roads showed A return on property in-| vestment of nearly 5.60 per cent com- | pared with 3.74 per cent a year ago.| Pebruary foreign trade revea in- | crease of $73.000.000 in exports, with a favorable balance so far this calender | vear of $100,000.000 over 1928. Build- | ing is the only prominent laggard., This is not strange when the fact is| known that since the war the American | people have put $52.000.000,000 into | various forms of construction. It is as difficult as ever to finance | with bonds. Municipalities have been | forced to borrow for short periods at 6| per cent after negotiating long-term | loans last vear at 415 per cent. ANl forms of corporation mortgage bonds and nearly all foreign dollar bonds are | payving the penalty of a credit enslave- | ment by the masters of the stock mar- | ket. What is put in one man’s pocket’ is taken from that of his neighbor. | The week offers no evidence that the | situation is under any better control han it has been since last Summer. | It is of value sometimes to look | backward over the conditions prevail- ' been rising. | low. There are some signs of inflation, | 1ates to commodities rather than to se- | curities. Commodities then were forced | to the point where consumers finally | went on strike and refused to buy. Then | prices began to come down snd the in- Verted pyramid toppled over, bringing with it failures to mercantile concerns, the suspension of dividends. reduction in wages, unemployment and, through- out 1920, continuous liquidation in se-| curities. Today commodities are reasonably such as in copper, cotton and in grain. On the whole, commodities are not & problem to banking interests. In the earlier period corporations were carry- ing very heavy inventories and as| commodities shrank in value their | financial position became precarious. | Today these same concerns have mod- erate inventories without the fear of price decline, and possibly the ad- vantage of rising prices later on. They are strong in cash and in short-term securities. Therefore, even applying the most_severe penalties that may be im- posed upon borrowers in order to curb speculation, it would be impossible to produce conditions comparable in their disturbing effects to_those of a decade ‘Weak Points May Develop. It may be said. however, that there always develop out of every period of prolonged prosperity and of overex- pansion weaknesses that had not been apparent. but which in the end play an important part in causing readjust- ment. These may exhibit themselves in the investment trusts and finance cor- porations, in the overextended real of the apparently limitless resources of the Federal Reserve banks an after-war speculation was built up that has no parallel in history. * * * The Fed- eral Reserve authorities saw the danger 18 to 17 months ago and sought to apply the brakes, but it was then too late. The movement had gained too much headway.” Easy Money Not in Sight. ‘The sequel of the apparent ineptitude of the Federal Reserve authorities in the first instance was a political con- troversy that lasted for several years. Another of equal intensity is likely to grow out of what has happened in the past 12 months. ‘The conclusion of the matter is that there is no early prospect of easy money, that it will take many months to effect liquidation in stocks sufficient to bring them back to an investment basis and that the new factors of com- mon stock psychology, corporation lending and income taxes on profits realized on sales may retard a decline that is long overdue. The country is better able to stand a shock from deflation in securities than it was from the fall in commodities, for in the past decade it has increased its wealth several times more than in any previous period. Instead of having to deal not only with acute domestic conditions, but with political and eco- nomic panic all over Europe as in 1920, it is about to participate in the bene- fits of a settlement of reparations debts that will remove the Ilast barrier to progress on the continent and increase the value of the many billions worth of foreign investments which Americans estate field, in public utility holding have purchased in recent years. BAROMETERS OF WASHINGTON BUSINESS While seasonal fluxtuations in various | lines of business in the District of Co- lumbia were noted in February, reports in comparison with those of January and the high levels in December, there were encouraging increases over totals | for February, 1928, indicating continued progress in business development gen- erally in Washington. Pebruary bank clearings regorted by the Washington Clearing House Associ- ation revealed a substantial advance uver last year. The February check transactions amounted to a total of $109.649,040.44, as compared with a to- tal of $103,495,524.49 in February, 1928, 8 gain of well over $6.000,000. Clearings | in January this year amounted to $129 - 438,201.31, as compared with a total of $i14,408,83292 in the eorresponding month of the previous year. gives basis for optimism. The decline from January also is attributed to the important difference in the number of | days in the two months. Retail trade in Washington apparent- ly is continuing at a good pace. Indi- cations are that conditions here are better than in the Fifth Federal Reserve | District and also for the Nation as a | whole. The Federal Reserve Board re- ports that the sales index for depart- ment stores in Washington in January | was 91.9, which was better than the es- timate contained in preliminary figure: of last month. The corresponding Jan- uary figure for last year was 88.9. The board’s experts estimate that the sales index for Washington in Feb- | ruary at 97.5 plus, the same that was recorded in February. 1928. Preliminary Thus, while the Pebruary figure this year was below the January total, the comparison with February of last year | figures for the Fifth Federal Reserve | District indicate a_decline of 2.7 points | from last year. The estimated index figure for the Nation as a whole for February is 85.7, well below the esti- mate for Washington. Postal receipts for Washington in Pebruary, as revealed by Postmaster W. M. Mooney, were $467,238.68, a slight increase over the Sarrespo for 1928, but considerable decline January this year, thus being regarded as due for the most part to the fewer number of days in February than in January. The Chesapeake & phone Co. reports that Pebruary there were 152,381 phones in use in Washington, a slight over January and a great increase over Pebruary of last year, when the figure was 144,757, Potomac Tele- the end of day here in the past month, a notable increase over February of last year and a decline from the January, 1929, total. CHECK TRANSACTIONS WASHINGTON CLEARING HOUSE 1923. $94,226,703 79,749,776 92,552,626 90,702,240 101,608,088 101,208,121 90,996,351 1 1 97,234,378 1924. $99, 145 111,728,231 1926. $112,853 440 99,026,075 120,498,787 115,978,408 118,968,666 128,361,071 121,511,514 104,912,119 105,608,791 119,532,824 118,066,537 127,262,714 1925. $109,562.615 93,021,370 110,920,979 112,360,952 115,295,665 124,366,758 122,575,468 101,429,229 105,318,309 116,844,670 117,857,183 123,724,889 88,455,424 93,035,755 96,340,577 98,587,018 03,703,090 00,970,204 87,986,668 89,003,939 99,752,086 97,988,384 1927. 121,510,442 124,139,370 120,850,495 127,516,336 108,600,940 103,580,305 104,579,350 116,851,774 137,660,693 114,264,134 122,706,244 123,581,252 120,981,412 1928. 1929. $114,408,832 $120,438,201 103,495,524 109,649,040 122.2 0 68 107,049,844 113,117412 $1,102,158,974 $1,167,398,426 1922-23 $299,807.70 281,365.26 304,733.56 331,521.39 348,685.49 405,443.44 849,643.41 3323,234.37 389,845.64 391,823.26 328,974.00 207,790.64 $1,353278,002 $1,392,580,951 POSTAL RECEIPTS Reported by Fiscal Years 1823-24 1924-25 1925-26 $317,581.74 $314,171.01 $361,177.16 288,450.08 325,707.10 330,063.11 287,922.33 356,610.99 373,122.87 404,421.01 469,513.11 477,321.63 390,539.16 394,496.62 . 518,909.59 551,324.73 627,252.88 389,948.61 387,730.52 438,573.00 363,399.96 357,128.69 407,873.78 430,375.66 414,944.87 408,967.48 412,258.66 428,539.15 485,013.24 426,834.06 422,098.21 337,250.78 373,644.07 ‘1.305‘-097.425 $1,435,725,602 1927-28 1928 $388,568.16 307,800.26 476,465.00 1926-27 447,804.14 541,876.96 505,417.39 686,869.38 B45,640.13 494,103.07 672,162.47 480,663.77 466,626.95 467,238.68 527,486.19 506,543.44 470,110.35 426,660.10 44749035 $4.142868.16 $4,520,031.21 378,964.63 384,923.20 '“.294,115.1! $4,758,734.06 $5.120,206.27 $5,860,378.15 TELEPHONE SERVICE IN DISTRICT CHESAPEAKE & POTOMAC TELEPHONE CO. 1923 102,032 102,909 103,627 104,309 104,832 104,754 104,841 105,016 105,771 107,130 108,102 108,846 August September October Nevember December 1923 405,837 442 483 431400 448,179 432,161 423.839 353,684 383,447 370,837 412,222 440,506 446,493 Month January February March December Seasonal decrease due to vacatio Number of Telephones in Service 1924 1925 1926 109,599 116,944 127411 110,569 118,563 128,128 110,938 129,544 111,620 130,352 125.360 126,501 135,780 115,767 1927 143,585 150,360 Average Originating Local Calls Per Day 1925 500,584 490,034 495,230 512,689 1926 544,604 564,198 564,1 ;5 1924 463,807 443,851 458,324 480,721 487,258 n period. 1928 1927 580,024 560,613 576,881 580,920 587,107 573,356 564,240 504,332 447,759 504,483 572,886 589,917 588,646 1928. 864,306 658,394 598,308 SALES INDEX OF DEPARTMENT STORES DISTRICT OF COLUMBIA Averege Monthly Sales 1923=100 1925 1929. 91 97.5-- (Estimated' nding report | | increase || ‘There were an average ||| of 658,394 originating local calls per | $301,428.44 || 412,7567.49 469,250.28 | | 1020. (' 151,288 152,381 || - -, Wholesale Market Yesterday's dally market report on fruits and vegetables (compiled by the Market News Service Bureau of Agri- cultural Economics) said: Apples—Supplies moderate; demand slow, market steady; barrels, too few sales to establish market; boxes, Wash- ington, medium to large size, extra fancy Winesaps, 2.75a3.00. Romes. 2.50: 2.75; bushel baskets, Virginia, U. No. 1, 2’3 inches up, Staymans, 2.00; 2% inches up, 225; U. 8. No. 1, 2% to 21, inches, Winesaps, 1.50a1.75; U. S. No. 1, 2% inches up, Romes. 1.75; Pennsylvania, U, 8. No. 1, 23, inches up, Romes and Starks, 1.75. Cabbage — Supplies liberal: demand moderate, market steady: new stock, Florida, 1'2-bushel hampers, pointed type, mostly around 1.50; fair quality, type, 3.00a3.25. Celery—Supplies moderate; demand crates, 3-4 dozen, and condition, 2.00. Lettuce—Supplies moderate: demand light, market steady: Californ: Iceberg type, 4-5 dozen, 3 quality, 3.50; Florida, 1';-bushel ham- pers, Big Boston type, falr quality and condition, best 1.50; poorer, 1.00a1.25. Onions—Supplies light; demand light, market dull; Ohlo, 100-pound sacks yel- lows, U. 8. No. 1, medium to large size, best, 5.50: falr condition. 4.50a5.00; medium size. 4.00; 50-pound sacks yel- ’20“' U. 8. No. 1, some sprouted, 1.758 2.50; fair quality .00. Potatoes—Supplies moderate; demand light, market steady; all United States No. 1, Maine, 120-pound sacks, Green Mountains, 1.75a1.85; New York, 150- pound sacks, round whites, 2.10a2.15; Michig: 150-pound sacks, Russet Ru- rals, 2.15a2.25; Idaho, 100-pound sacks, Russet Burbanks, 2.40a2.50. Spinach—Supplies moderate; demand light, market steady; Texas, bushel baskets, Savoy type, mostly 1.00. ‘Tomatoes—Supplies of good stock light: demand good for good stock; de- mand slow for poor stock: market steady; Florida, sixes, ripes and turning, wrapped, fancy count, best, $4.50a5.00. few higher; choice count, mostly around 3.50; fair to fair quality and condition, all_sizes, 1.00a2.50. String beans—Supplies light;: demand moderate, market steady: Florida, bushel hampers, Green Refuges, 2.50a 3.00; few fancy high as 3.50. Eggplant — Supplies light: demand light, market steady; Florida, pepper crates, high bush, 3.50a4.00. Peppers—Supplies light; demand light, market steady; Florida, pepper erates, best, 2.753.00; fair to ordinary quality, 1.50a2.25, Squash—Supplies light; demand light, Florida, pepper erates, e pped, 2.50a3.00; mostly Strawberries—Supplies light; demand moderate, market steady: Florida, pony refrigerator various varieties best, 40; few, 45: fair quality, 25a35; 32-quart crates various varieties, 35a40 per quart. Peas—Supplies light; demand moder- ate, market steady; Mexico, 45-pound crates, mostly 7.50. Beets—Supplies light: demand light, market steady; Texas, Western lettuce crates, 2.25a2.50; mostly 2.50; bushel baskets, 1.50. Carrots—Supplies moderate: demand moderate, market about steady. Texas, bushel baskets, bunched, 1.75a2.00; %= 1.251.40; Texas, barrel crates, round | light, market steady; Florida, 10-inch | iwel'lfl'l lettuce crates, bunched, 3.50a ulifiower—Supplies l!fl:t: demand light, market steady; Callfornia, pony crates, best, 2.25; fair quality, 2.00. Oranges—Supplies liberal; demand | moderate, market steady: Florida boxes, No. 1, large size, 3.50a3.75; medium size, 3.00a3.50: small size, 2.50a3.00. Grapefruit—Supplies light: light, market steady: Florida boxes b 1, medium size, 3.50a3.75; small size, | 3.0023.25; No. 2, all sizes, 2.75a3.25. QUEENS PRESIDENT | " WINS COURT VICTORY | Two More Convicted as Members of Sewer Grafting Ring That Raided Treasury. | By the Associated Press. : NEW YORK, March 16.--The presi- | dent of Queens borough, George U. | Harvey, yesterday won his second vie- tory over the so-called Queens sewer graft ring, which has been accused of having muleted taxpayers of $16,000,000. A Queens County Court jury con- victed Prank Berg, one-time private de- tective and former political lieutenant to Harvey, and Albert Levin, who were charged by the borough president with attempting to have him accept a $200,- | 000 bribe if he would “play along” with sewer contractors and politicians who, he said, form the ring. A year ago Harvey started the inves- | tigation that resulted in the conviction of former Borough President Maurice Connolly and Frederick B. Seeley, en- gineer, for conspiracy to defraud the city in the construction of the $29,000,- 000 Queens sewer system. Angelo Paino, Queens borough sewer contractor, was arrested last night and charged with attempted Bribery. Paino had testified that a $10,000 bill offered to Harvey had come out of his pocket. GOING STORES BOUGHT. NEW YORK, March 16 (Special).— Chain department store expansion thus far this year, is being achieved largely by acquisition of going stores, although a few organizations are building up | entirely new units, according to L. L. Jay, president of the American Depart- ment Stores Corporation. Copper May Advance P;urther. NEW YORK, March 16 (#) Forelgn consumers were sald to have taken all the copper that leading pro- ducers were willing to sell at 211, cents | a pound today. This was three- quarters of a cent above yesterday's price, quoted at the market opening today. Another half-cent advance is expected to occur early next week. COTTON PRICES DROP. NEW YORK, March 16 (Special) — Though the first favorable weather map | of the week seemed to have very little effect on early trading in cotton today, the market came under heavier selling pressure before the close and both old | and new crop months lost 15 to 20| points. May dropped back around the | low level of the week at 21.06. Spots Special Dispatch to The Star. | when strictly fresh firsts dropped 10 | recovered to some extent the latter {both on the exchange and on the ‘were reduced 20 points to 21.35. STAR, WASHINGTON, D. C., MARCH 17, 1929—PART 1. Baltimore Markets BALTIMORE, Md. March 16.—The outstanding feature in Baltimore mar- kets this week was the sharp break in the price of eggs on the exchange, cents a dozen, and while the market part of the week. and advanced 2 cents | a dozen, it is still unsettled and the| outlook for next week depends princi- pally on weather conditions. Prompt shipments are advisable to realize best results, as buyers are very critical and all held eggs have to be sold at a dis- count. A fairly good demand prevails street, and the market closed today at 29 cents a dozen for firsts in free| cases, but current receipts. as well as esmall undersized eggs, will not hring| over 26 cents. | Live Poultry Market. | With the exception of old hens.| which are in liberal receipt. the general live poultry market rules steady under a good and constant demand, especi- ally for smooth fat young chickens, of which receipts are light with a scarcity of small broilers, 13 to 2 pounds, which | clean up readily, often at a premium | over quotations. Season for turkeys drawing to a close, and with receipts falling off the market holds steady under a good demand for medium-sized | hen turkeys at 42 and 43 cents a pound | and young gobblers at 35 to 38, but old hens not so active at 35 to 38, | while old toms are slow at 30 and poor and crooked breasts neglected at 25. Young broiling chickens are bringing 43 to 45 and stock weighing 212 pounds and over 38 to 40, but all poor, thin fowl generally slow sale at 25 to 28. Demand for old hens has eased off and the market shows a decline at 31 to 33, but Leghorns will not bring over 30 to 32, while fowl under 31; pounds not wanted, and it is more a question of buyers than price. Capons, 7 pounds and over, scarce and wanted at 43 to 45, while smaller birds sell mostly 35 to 40. Old roosters are in ample sup- Fly at 18 to 20. Dufks continue in ight receipts and under a good de- mand the market holds firm at 25 to | 32 for stock weighing 4 pounds and| over, but smaller ducks are slow sale den truck is easing off as receipts of early Spring vegetables from the South increase and only choice to fancy stock attracts attention. Prices mostly in buyers' favor at the following quota- tions: Cabbage, 7581.50 hampe: ale, 75a1.35 a barrel; onions, 3.5085.00 per 100 pounds; oyster plants, 8.00a10.00 per 100; parsnips, 60a75 basket; Savoy cabbage, 75a1.00 bushel; spinach, 75a 1.00 bushel, and turnips, 50a65 basket Live Stock Prices. Under generally light receipts the live | cattle market rules steady and a fairly good demand prevails on all lines, but is centered on first quality stock. Re- ceipts on the wharves continue Hght and mostly of common to ordinary cat- | tle, which is slow sale at inside prices. | Shippers are again advised that it is | unlawful to sell for killing purposes | smal live pigs under 30 pounds and | shipments not advisable as there i no | outlet. Quite & few of such small pigs have been found in recent shipments, | and of course proved a total loss. | Quotations today at Light Street | wharf: Beef cattle, first quality, per | pound, 1%z to 12: common to medium, | to 13; thin, per pound, 8 to 10; rough and common, per pound, 7 to 8; sheep, choice, per ‘xmnu. 8 to 7; old bucks. per pound, 4 to 5; lambs, choice, per pound. 15 to 16 @German Government Loan. BERLIN, March 16 (#).—In order to tide over the financial strain coming at the quarter's end, the government has arranged to borrow from eight leading banks 150,000,000 marks, (approxima- tely $36.000.000) as from March 28, for a period of four weeks. It is hoped that the influx of revenue from taxation which normally begins by April 10 may enable the treasury to make an even earlier refund. Eagae JUNIOR STORE SALES. NEW YORK. March 18 (Special).— Making public its first report of sales, | per pound, 8 to 10; bulls, as to quality, | Schulte-United 5¢ to $1.00 Stores, Inc., per pound, 7 to 9: cows, choice to fancy, | which began operations last November, per pound, 7 to 9; common to fair, per | announced today that the volume of pound, 4 to 6: oxen. as to quality, per | sales for Pebruary from its 46 stores pound, 6 to 8; calves, veal. chofre, per | now in operation totaled $630.490. This pound, 16'; to 17; large, fat, per pound. | chain of junior department stores began 15 to 16; large, rough, per pound, 11 business with 11 stores in November. HOW IS BUSINESS? Showing Current Business Activity Compared With SBame Week Last Year. ] i FTHEINE A LE@lghw, sl 10% s 3% at 20, Guinea fowl and pigeons in | fairly good demand, but prices show no | change from last week at 90 to 1.00 each for Guinea fowl 1% pounds and | over and 50 to 75 each for smaller, while pigeons are bringing 35 to 40 a pair for both young and old. | Vegetable Prices. The season for dressed poultry Is fast drawing to a close and under the warm weather prevailing choice to fancy young turkeys is the only line that will bring a premium dressed over GENERAL BUSINESS ACTIVETY for the country indieated by bank debits sutside New York City. Shaded areas show weeks of setivity above the eorresponding orevious year. Black areas indicate declines from same weeks 12 ACTIVITY BY FEDERAL RESERVE DISTRICTS. Cheek transactions compared with same week & year sgo. live, and unless there is a change in the weather next week only limited shipments are advisable. Receipts of white light are ample for the demand. which is much slower, and the market rules easy at 1.00a1.25 per 100 pounds for No.’1 round stock, but MeCormicks and reds will not bring over 75a90 and No. 2 culls are not wanted at any priee Sweet potatoes and yams in lighter re- ceipt and under a fairly good demand for clean, bright, No. 1 stock, the mar- ket Holds firm at 3.0023.50 a barrel for the former and 3.50a4.50 a barrel for the latter, but dark, oversized rough stock will not bring over 1.50a2.50. Demand for native and nearby gar-' i | potatoes while LEADING BAROMETERS. Showing trend of Important factors. Present trend. '1': Upward H b Business in dollars (checks cashed) . Employment (Department of Labor) . Wages (Department of Labor) .. Cost of living (Industrial Conference Wholesale prices (Fisher's Index) . Agricultural prices (Department of Agriculture) Movement of goods (car loadings) .. Retail trade (Federal Reserve Board) | Wholesale trade (Federal Reserve Board) . Failures (Dun’s) ........ Bond prices (Annalist) . Stock prices (Annalist) . Stock market volume (shares traded) (All rights reserved. Cambridgs Assoctates. Boston.) + |l +++++ | ++ D - i o ) Elwmn e s~ me R ++ 54 with. You save the differen not. Name City . | Progress Paints— because— They are sold to you direct froni the factory at wholesale prices. You buy your paint from Progress at the same price your local dealer buys from the people he deals . You get fresh paint—full of life—nothing shelf worn with ofls and pigments separated. Your order is made up direct from the mills—no settling—when you spread it, you find it covers 350 sq. ft. two coats. 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A layer of Asbestoruf won’t cost 1-10 that mueh and will make it better than a new one, keep the water out, protect you from sparks and cinders, PROGRESS PAINTS AND VARNISHES Do You Know That— That a local representative is Neighborhood Service Man for The Progress Paint Co? That this company is rated in Bradstreets with $1,000,000.00 rating and has been manufacturing paint for 22 years? That they will furnish you paint on time without any interest—no deposit—freight allowed and a written guarantee besides s privilege of testing any product free of charge for sixty days—to property owners for amounts over $100.00? That they can save you from 25 to 50 per cent on your paint and roofing bills? That they are the oldest manufacturers of liquid roofing in the world? That their product Asbestoruf does not possess a single ounce of Coal Tar like many of these cheap so-called liquid roofings do? That they sell you lead and oil paint—fresh from the factory at wholesale prices—cheaper than you could make it yourself? That every product is sold on a money-back guarantee printed right on your copy of the order? That The Progress Paint Co. spends thousands of dollars writing its customers every year to see if they are fully satisfied and to correct any dissatisfaction if it exists? ¥ Asbestoruf and is guaranteed for ten years. No matter get thru there that defles the feel satisfied— of how valuable Service Man to the company for ESTIMATES AND INFORMATION ON ANY JOB FURNISHED FREE BY THE LOCAL REPRESENTATIVE OF PROGRESS PAINT Address .. PROGRESS PAINT COMPANY what kind of roof you have, spread Asbestoruf over it and your roof troubles are over. Water will not mix with Asbestoruf and if water won't mix with it, then water can't pass thru it and with such a product laying on top of the old roof, it becomes a better roof than you could possibly have, no matter how much money you spend. Asbestoruf and your old roof join forces. One unites with the other. When they are no laps, nail holes or troublesome seams—just a single unit surface elements. When concerns like The Pennsylvania Railroad Co., The General Electric Co., order and re-order again, then a product must be the best in its class, because the real test a product is lies in how eften do people reorder. Ask your Neighborhood show you the famous burning test with the Asbestoruf Sample or write r full particulars. LOCAL REPRESENTATIVE—C. ELMER TUCKER 2400 NORTH CAPITOL ST.