Evening Star Newspaper, February 23, 1930, Page 70

D. O, FEBRUARY 23, 1930—PART SIX. INANCIAL. : L 4 THE SUNDAY STAR, WASHINGTO S e e BUSINESS UPSWING DECLARED GENERAL Bottom of Recent Depression Held Reached—Commerce Reports Cited. BY J. C. ROYLE. The trend In practically every in- dustry i America now is upward. ‘There is apparently no doubt that the bottom of the depression has been reached. But it is a wavy bottom. Some industries sank deeper than others and have further io come back. ‘What Secretary of Commerce Lamont ealis “the key of American prosperity,” the steel industry, is responding nobly with & spurt of activity which is en- the other lines of activity. construction has done a lot of '! but not a .rcn"t du'l‘ o: fulfilling so far this year, but much of this has been due to unusually severe weather and the eventual development of s large volume of building seems ‘The weather has also hurt retail 3 in the apparel lines. cutting down of the number of to Winter resorts has checked bu. of women's wear, but the Easter is expected to make up for these deficiencies to a large extent. Automobile Situation. In automobile lines the replacement business is making itself strongly felt. I¢ is likely that more old cars will be serapped and replaced this year than before. In Washington alone there are nearly 30,000 cars 30 old as to have no value rating in the used car red book. Moreover, the Automobile Chamber of Commerce plan which would eliminate unsafe autos from the road undoubtedly will cause retirement vehicles. It is a conservative to place the lacement de- for 1930 at more 3,000,000 situation is not overbright. has it man: king capacity or near it. The tire plants SR work. Dividends Large. ‘The raliroad equipment concerns are for s record year's business car orders already are com- in fine volume. Shipbuil is wmore active than it has been for & . The aviation industry has many make before it is on a satisfactory basis, but an excellent stock finds ready sales, while off of doubtful quality are slow to find favor even at discounts. The market closed yesterdsy at 35 cents & dozen for nearby firsts and with Rennery white firsts bringing a pre: S o stock mor, penging an or notgranding g sale st irregular values, Poultry Prices. ‘With the exception of old hens, which are in ample receipt, the live poultry market holds to firm under a uality Tat stock~ Turkeys - only at stock. Turkeys in only fair receipt, but ample for the demand, which has eased off the latter part of the week, and. only medium sized fat with hens preferred, attract at. tention at 36 to 38 cents a pound for cuu hens, 8 pounds and over, and 30 33 for young gobblers, but old toms n.:dl. -~ ev..lfillng Xolr smooth f:: especially sm roilers, 2 poun and , which are scarce and wanted &t & premium over %ouflom. Smooth fat fowl will bring to 32 and young Toosters 28 to 30, but all poor, thin as well as stags move slow at tho! over 23 and 24, while poor, thin fowl as well as old roosters are slow sale Itfi:‘l':ltld 18. D;Tclkl:d eonflnufil youn , especially ‘White Pekins, ‘which bring top prices at 23 to 30, but ducks under 4 pounds neglected at 17 and 18. guinea fowl and piegons continues At 45 to 70 each for the former and 35 to 30 a pair for the latter. ‘White potatoes in n.mgle receipt for the demand, which is light, and market continues unsettled with values lower at 2.75 to 2.90 hundred pounds for No. 1 potatoes, but ungraded stock will not bring over 225 to 2.50. Sweet and yams in liberal receipt and demand slow except on fancy bright stock, all ungraded as well as large rough stock moving slow at the lower ‘values . No. 1 sweets are bring- u'l 235 to 2.7 a barrel and l{l‘m. /78 to 2.80, but ungraded stock will not bring over 1.75 to 2.00, Vegetable Prices. Native and mrh{hnrden truck in Mmore liberal receipt the past week and prices on some lines show a decline at following :_ Cal % UNITED STATES GOVERNMENT, 1 sign"Low 99. 98.26 Lib 3148 1932-47..... 101.6 100.10 Lib 1st 43,8 1932-47,.101. 101.13 100.28 Lib 4th 43¢ s 1933-38. 101.10 101. 99.26 100. 99.1 104.26 108. 107.17 101.16 111.18 109.24 US4s1 US4%s1947-52... FOREIGN. JA11 High. Low. Close. ” 96 Bordeaux 6s 3¢ Brazil 614 n 1926. Denmark 51 195 Denmark 68 '42. Dutch East Indi Dutch East Indi Fiat 7s 46 war. Finland 7850 French 7s '49. French T%s'41. German Bank 65 1938 4 Greek 63 1968 Irish Free State 5860 R Kreug&Toll 68 ot w Mexico 48 therlands 65 '73. w South Wales'57. Lyons-Med 4 Paris Orleans 518 19 80 Serbs,Croats&Slavis'sl Serba Croats Slov 8863 4 Toho Elec Pwr 7855. Utd Kingdom 5348 '37 196/ Warsaw 75 1958 Yokohama 6s cv b Am Agri Chem 735’4 5 Am Internation 5% s Am Natural G 6%s'42. Am Sm & Ref 18t 68 '47. Am Sugar Ref §s ' Am Tel&kTel cv 41is Am Tel & Tel s 1 5 Am Writ Pap 65°47. ... Armour & Co 418 '39. Armour of Del 53543, Atlantic Ref deb 68'37... Bell Tel (Pa) ref b 4 Colon Of1 §5°'38 Columb G & E Comm Invest § Duquesne 4 %5 196' East Cuba Sug T%s'37. General Cable ll?t 1947 Gen Motors 6s'37. Goodrich (BF) 6%s°47 Goodyear Rub 58 1957 Humble O& R 5%#'33. Inland Steel ¢35 1978 Inter Cement 53 '48. Inter Mateh 5» '47 Int Tel&Telcv 4%s Kendall 53548 (war). t Dairy Prod §%s t Radintor 6148 1947 w England Tel bs ‘5 Y Edison 15t 6384 NYTeldls N Y Tel 6541 North Amer E . Northern States Pow & Pacific Gas & El ba '42 Pacific Tel & Tel bs '52. Pan-American 6 34 Para-Fam-Lasky Philadelphia Co bs '67 Phil&Read C&I 65 wi " Philips Petrolm 6% #'3 Postal Tel & Cab bs 33 Reming-Rand b 99% Sinclair Ol 6 '30. Sinelair Ol 7837, Sinclair Crude Oil § Sugar Est Or! 4 Tenn Copper Transcon O1l 6% 921 United Drug 58 ‘68 874 821 U 8 Rubber 1st & ref 5 ! 1018 9 110 101 | 4444 onas 108 100 110.15 111. 9% 94 0% 140 9% 96k 9T 870 884 1034 108% M M 95 95 s 102% 102% 116% 118% 10 110 8% T4 108 1084 FEree” 1Pttt tt & F it b = Fxsesearsissss s 109% 110% 5 1004 100% 104% 104% 101% 102 101% 102% 106 108 9915 100% 114% 114% 120% 120% 89 894 107 1074 85% 86% LRSS SR + Clev, C 105 106% 85 8a% 100% 101 884 884 G 103 108 100% 100% 6% 6% 98% 93% 111% 111% " 9N 100% 102 98 98 107% 107% 9% 81 89% 904 % 102% 103 MW W% 104% 104% 4 101% 101% 104 104 9 19 100 100 100% 101 M 3% 74 100% 100% 1031 103% 141 - - F EFTESES Pr+40 1414 1 *® 101 101 106 106% 94 94w 98 98 81 81 100% 100 102% 102% 106% 106% s 9% 92% 101% 101% ++ 4101 North sd4 ] b4+ 441 F&E FEFELSPEF PEET FEFEFE (N 104% 104% 112% 112% 9% 99%, 106% 107 100% 101% 99% 101 101 101% 103% 103% 102t 102% MW 9% 98 981 5% 97% 93 iy 9% 94 6% 96% 100% 100% 101% 101% 9% 98% 5 95 104% 104% P41+ + 44++ FELTEFELEFE F FFEEF +r4+101 Wal 874 AtchT &S Fonda J &6 413853, Grand Trunk s £ deb 6s. Grand Trunk 78 '4 Great North 4348 Tllinois Cent ref 4555 11linots Inter Rapid Tran 4 Inter Rap Tr bs st; Inter Rapid Tran Inter Rapid Tran cv 7 Int & Great Nor adj 6= Inter Ry Cent Am Kan City Sou: " Kan City Souti 8’50 Kan City Ter 1st 45 Lake Shore 48 '31. Lehigh Val cn 45 2003 Louis & Nash uni 4s '40 Louls & Nash 7s 1930. Market 8t Ry 78 A 40 MILEI R & L 1st ref 5. Mo Kan & Tex pr In Mo Pacific gen 48'7 99% Mo Pacific 55 A Mo Pacific 65 F 96% Mo Pacific 55 G . sau Klec 4= '51. Cent deb ¢ °34. N Y Cen ref imp b 3 Y Cent deb 65 '35. North Pacific 35 204 North Pacific Reading 41 Rfo Grand We; RIATk&L4 St L Iron Mt gen b SLIM&SR& StL&SFprin StL&SF 4%s" St L & San Fr bs B 50 St Louis 8 W con 48 '32. StPKCS Line 4441 Seaboard A L ref 4s '5! Scaboard A L con South Pacific col 45 South Pacific ref 4s '55. South Pacific 4145’6 Southern Ry gen 4 Southern Ry 1st Southern Ry gen § South Ry dev 638 '56 Third Ave 1st ref 4560, Third Ave adj &s Ulster & Del 5528 Unfon Pacific 1st 48 '47.. . Union Pacific 45 '68. Un Pacific ret 4s 200 Virginia Ry 1at 58 '62. Va Ry & Power 58 '34. ash 418 1978 Wabash 1st 58’39, Wabash 55 B 1976 ‘Wabash 5%s " ‘West Maryland ¢s West Maryland 5 %s '77 Western Pacific 58 '46 West Shore 1t 45 336 86 UtilitlesP& L ks 90 854 Walworth 6 9314 Walworth 6348 Weatern Union Tel 63 Wilson & Co 1st 6m "41. 101% 100% Youngstown Steel 65 7 RAILROAD. Feand) és'95.. ¥ 5 Atlantie C L 1st 4, 9614 Atl Coast Line 4348 '64. ., 911% B & O gold 45'48. B&Oevdls'il, B&Orefbs B&Oref 55D 2000., Balto & Ohio 584 Balto & Ohlo 68 '95. B&OS W Div 5a’s0. Bangor & Aroos 48’51, Boston & Maine b5 '67 Broadwy & Tth Av §s '43., Brooklyn Manh 1st Canada National 43 s'54. . Canadian Natl 43 Canadian Pacific deb 91% Central Pacific 48 "49. 100% Central Pacific 68 19 98 Chesapeake Corp 974 Ches & Oh gen 4% Ches & Ohio 4345 '93 ChiB&Q44sB 17 Chi B & Q ref 6571 Ch & East 111 gen bs ‘51 Chi Great West 45 '59 ChiMStP&P 68'75. Chi M St P & P adj 5s. Chl& N W 6345’3 Chie Northwest 78 '3 Chicago Rys 6s '27. Chi R I& Pacret ¢s'34 Chi R1& Pac 4%s wi Chi Union Station 41 Chi Union Station 61 Chi & West Ind con 4s. Chi & West Ind 534862 CCC&StLbsD. and Term 58 B '73 veland Terminal 5% Colo & Sou ref 434535, Cuba RR 58 '52.... Cuba North 5%s 42 Del & Hudson 5%s ‘37 Den & Rio Grande cn 4s. Den & R G West b8 '55.... Den& R G West 68 '78.... Detroit United 4348 '32... Erie 1st con 48°96. . Erle gen lien 45 Erle ref5s 67 Erle con 78 30 +444 +4 & 1+ FREEEEE ¥8 $FRE 2E LHl+++] - (REXISRE FEFEEEEE - s ssxSras serers VE+ DL Lt |+ LI+44 11+ FREF REF fling o0 SN ¥ FRELE ¥ 0. (B LI+ 444+ + 44 FEEESEFE F FF FF o - = THI+ 411444+ FEESTR FEFEE ifier | I+ ++ +++ FE FE FF * - ++++444 2328 EEEeFrs 9. k4L = sxsse" 2 sryessi 22 Tt 44141 “PACKAGE MEAT ERA™ IS SEEN IN NEW REFRIGERATING USES American Wholesale Houses Expected to Benefit by Process for Freezing Food- stuffs—Method Is Described. BY OWEN L. SCOTT. Special Dispateh to The Btar. CHICAGO, February 22 —Revolu- tionary changes in meat pu:un.—fl by packers to represent the grea advance in 35 years—are commanding the attention of that huge industry the Institute of American have just met here to Members of Meat Packers consider how wh ice crystals have a tendency to form, breaking down cell structures, and when the produet is thawed it is both each ": o oul for her the bul , will W‘; store and for a one-pound a_two-pound a lamb cl what not. It then will come out ired as doing some plain and fancy price cutting, with disruptive effect on the industry. Packers, h trol of refrigerator and f: ment, would be enabled to ha control over distribution. Small units in the lndu-:fi n:" are leration of for that purpose are expected in the near future. (Copyrizht, 1990.) . in Argentina will new fi of women's silk lrd?: A new fac duce 300,000 pa ery a year, REAL ESTATE LOANS &0 Large and emall Pirst Trust loans negotiate promptly et prevailing rates and commission. e @ FIDELITY MORTGAGE INVESTMENT CO. 507 11th St. N.W. National 2431 54 Sharp & Dohme pt (334). 36% Shattuck (FG) (11%).. 43% Shell Transport (a2.41), 21 Shell Unfon (1.40)...... 28% Snider Packing pf...... 95% Solvay Am Inv w w(b% 2 8o Por Rico Sug (2).... 56% Southern Calif Ed (2) 3% Southern Dairies B..... 119% Southern Pacific (6).... 129% Southern Railway (8).., 90 Sou Ry M & Ohlo cfs(4). 33 Spaiding (AG) (2)...... 108 Spalding A G 1st pf (7). 19% Spang Cl . 18% Sparks Withington (1) 71 Spear &Co pf (7).. Stand Invest Corp. .. 56% Stand O of Cal (2%). 26 Stanley Coof A 33 Star (L8) Co (2 10% Sterling Sec A).. 12 Sterling Secur pf 36% Sterling Seccv pf(3) 38 Stewart-Warner (h2% 77 Stone & Webster (4)... % 40% Studebaker Co (5). 116 Studebaker Co pf (1) 53 Sun Oil (11). 102% Sun O11 pt ( 5% Superior Ofl. les ) £ p! 27% The Fair (3.40) 102 The Fair pt (T 9 Third Avenue 36% Thompson J R (3.60. 33% Thompson Prod. . 11% Thompson Starrett Co.. 40 ThompSta pf(3%xw... 10% Tide Water Asso (60c).. 78 ‘Tide Water As O ptf (6).. 86% Tide Water O1l pf (5)... 144 Timken Det Axle(1800) . 70% Timken Roller Bg (3)... 2% Tobacco Products. ..... % Tobacco Products A. 7% Transcontinental Oil.... 16 Transue & Willlams (1). 30% Trieo Products (2% . 15 Truax-Tra Coal (1.60).. 33% Truscon Stl (£1.20).... 24% Twin City Rapid Tr (4. 70 Twin City Rap Tr p£(7). 76 Union Carb & C (3.60).., % 41% Union Oll of Cal (32) 215 Union Pacific (10). 8214 Union Pacifio pf (4) 3¢ Union Tank Car, 43% United Alreraft . 56 United Aircraft pf (3).. 36 United Biscuit (1.60) 44% Utd Carbon (2).... 4 United Cigar Stor: 26 United Cigar pf 30% United Corp........ 46% United Corp pf (3). 5% United Dyewood. 10 ' United Elec Coal 884 United Fruft (4)........ 31% Utd Gas & Improv (1.20) 97 7% United Paverboard. .. 26 Unit Plece Dye W (2) CHICAGO LIVE STOCK MARKET. CHICAGO, February 22 (#) (United States ent of Agriculture).— Cattle receipts, 400 head; compared one week ago, fed steers.steady to 35 lower; inbetween grades mostly 25 to 35 off; lower grade light yearlings, 50 to 1.00 lower; fat she stock, 75 to 1.25 lower, with cutters 25 to 50 off; bulls, 25 lower and vealers, 1.00 down; fairly satis- factory market on steers due to broad shipper demand, but very sluggish on she stock; extreme top best 5.00; bulk, 1 3.75; repiacement steers scarce 278,75 to 11,00 mostly: best 11.50; Kill- !flll I:rlullty less desirable than a week earlier; good to at ewes, 5.50 to 6.00; few down' to 5.00 92,000 Corcoran Courts 1t Mort. 1%, SL000 Fitth Ave. 1st. Mort., 7%, 1985, 81,000 Overbrosk Arms Ist Moert. 1%, 5,000 Investment Bids., 1st Mort., ¢4%, $1.000 Hamilion Netel 1st Mort., 4%, 31,000 Chatham Apis. 1st & Ref. 6%%, $2,000 Jefferson Apt. 1st Mort., 6%, 1989, $1,000 Arlington Avts. Ist Mort. €%%, 33,000 }'-‘él Bullding 1st Mort. 6%%, $4.000 Fairfax Apt. Tst & Rel. 614%, 1041, 95,000 Stanley-Crandall 6%, 1940. 10 Fedoral Cities Securities @ 11%. 850 Nat. Mort & Inv. “ola.” 30 Virginia Plate Glas: 200 Real Estate Mort. & Giy. common, S0 F. N Smith T%% »fd. 20 Internations! Bank. “Old.” THOMAS L. HUME 1412 G Street National 1346-1347 First Trust lna Construction Loans Applications Invited Glover & Flather 1508 H St. N.W, 1 56% 46% 44y 22% Shell Union Ofl pf(5%). 101% 8 97% Underwood-Ell-Fish(5). 122% ’:K 4 39% United Gas Imp pf (5).. l(lms National 1753 Low. Close. Cai. % 9% 30% 16% 3% 26% 20 accdg wRBZ 2 aad e5at o352l 331 £ D Freight (3) Hoftman M Indus Alcohol (17 Leather. . Leather, A Leather pr pf Pipe & Fdy (2). Pipe&Ry 18t pt Pipe&Fy 2d pf 1. Realty & Imp (5) Rubber, .., Rubber 1st ot Smelt & Ref (3% ) S Smeit & Ref pf(314 U S Steel (7)....,, U 8 Steel Corp pt (1) 178 Tobacco (4). .. U S Tobacco pt (7). Universal Leat Tob (3) Univ Pictures 1st pf (8, 2% Univ Pipe & Rad. Utah Copper (16) Util Pwr&Lt A (e2) Vadasco Sal Tl++ 144144+ EESEEEFE FELLTEREEEE P+t u u U U U u. u U u U U u u " U Ut P4+ 0+ 4010000101 +1 £ 2E:"° F° +IU++14+ 1 +140 IRRERES S ANE S} 5 F @ Detinning Vulean Detin pf (7) Wabash...,... Wabash pf, A (5) Waldorf System (1%).+ Walgreen pf (634). Walwoith Co (2) Ward Baking (A) - P & - L+t FF FEF PR PEFERSEF poow - Ward - Warner Bros Ple (4). Warner Bros P pf (2. W [EXANESTS Tl++ 0+ ++1 0 FH++] - Warren Fdy & Pipe (3) Webster-Eisen] (N} = 5 = FFE EFE FEEFE+ - e ¥ ++l++1 141+ EEE THLi+ +F11 +i441 141 » Wileox Oil & Ga: cem Wilcox & Rich (A) 3% .. Wileox Rich, B (2 Willys-Over ( T334 o Wrigley Wm Yellow Truck & Coach. Yellow Tr & Coach pt... Young Spring (3).. Youngston Sheet & T (5) Zenith Radlo. ..... RIGHTS—EXPIRE. Am R Mills. Balt! & Ohio 1% Col Carbon. » FEEFESE L - S A N O A Y S SR8 2 wx¥ pRsERsPsVes » FeFew 14 Dividend 1 parments Based on the Iataet ausrirhy ‘or Belt Searls drivai « Unit ing less than 100 . o avable in cash or stoek. f Pl h Plus 3% in stock. j Plus % in stock. nPlus 5% olders. 0% stock E Bius'rn Ta Sock""> Bubject ‘1o FHEEVHt+ b I+l ++ 1 +1+ 1 I +++1++] » FEF stock. m Plus of stoel and below; feeding lambs unchanged; lb;ll:o. good to choice, 9.50 to 10.25?.3», Hogs, receipts, 6,000 head, including 3,000 head direct; market steady to 15 higher, with weighty butchers showing go:l advance; top, 11.60; compared ‘week ago, mostly 25 higher, closing &t new h levels for the season; Y000 et buamared held- L 14 B medium to choice, 250-300 pounds, 10.50 to 11.20;° 200-250 pounds, 10.85 to 11.60; m-zofl pounds, 11.00 to 11.60; 130~ , “medium 9.25 to 11.00. Money to Loan Real .Elhh Loans Made Linkins to choice, 90-130 pounds, FREE FOR THE ASKING Return this “ad” with your ad- dress and we will send you a free copy of our “Sound Investment Rules” and also the latest issue of The Financial World which, besides other important information, will contain several complete analyses of attractive dividend stocks with good profit possibilities. FINANCIALWORLD America’s Investment Weekly Lowis Guenther, Publisher Established 1902 53-Fm Park Place First Mortgage Loans e R A Con-ulwnnh Investment ., Inc. 806 15(h 5. N.W. Phone Natiens] 2638 ‘lutp;" Loan Correspondent for The Prudential Insurance Ce. of America Offices for Rent in the Chandler Building 1427 Eye St. N.W. N _the “heart of Washington' I financial- district. ik Single Offices and Suites EATURING free secretarial service, public stenograp) ice “water on each’ oo st elevators, excellent ‘outside light and Venetian blinds at all ‘windows. New York FIRST flca The Commercial National Bank Savings Deposits Bear Interest on Daily Balances from Day of Deposit to Day of Withdrawal. Compare this method with usual method of computation. Call and let us explain. Other Departments are equipped to serve you in nlluinl and fiduciary matters. The Bank of Personal Serviee 14th & G Sts. N.W. Resources Over $20,000,000 WADE N. COOPER. President lost. Over a Third of s vest in Century 6%2% Without a e nor the May National 2100 ! THERE e CAREFUL INVESTING he has much or little, should see that a substantial portion of his investments are safe beyond question. that his more speculative ven- tures fail him, everything is not You can put yourself in this worry-free position if you in- There can be no question about the safety of your mone stipulated 64 % interest. STOCK LOANS SEEN - AS CLOG TO CREDIT Unliquidated Accounts. May Interfere With Easier Money Conditions. Collateral loans which banks all over the coun! took over from brokers during the Market crash last Pail for the most part still unliquidated and may stand in the way continuous easy money when the commercial de- mand for funds is established g poini out, in its contribution to the guarterly review of J. Henry Schroder & Co. of London, sequen ey . One such effect might be a check to the increase e in business acti- vity and in the creation of bond 1s necessary to Wl soun “An upward swing in buidin vity from its present. relatively low level,” says the T firm, “is virtually impossible without the con- tinuance of easy money, and the bulld- ing industry, of course, is one of the consumers of steel. Furthermore, ind the producer- very zxvful the ful handling of the surplus corps in the United States.” Commercial Paper Rates. Nothing that commercial paper rates at their present levels are little induce- ment for member banks to buy bonds for their invcstment account, the Schro- der Review says: ‘“Before money can ease much further, the banks of the country must be provided with surplus funds, either through gold imports or mi Perhaps the chief ent for tinued easy money pol on the of the Reserve banks is it the Reserve banks. The Reserve ban) could add about $150,000,000 to their it - holdings of Government securities before they would be at the level of these holdings toward the end of 1927, in which year it will be re- membered the Federal Reserve banks pursued a generous open market policy.” Long and Short Credit. reason to expect comparati easy money conditions during 1930, fact must not be overlooked that the scale of business activity in the United States is steadily increasing, and that maladjustment in the production and distribution of goods absorbs an in- cre: proportion of the country's available credit. In other words, the long time trend in money rates is upward. “It seems clear that while the busi- ness cycle of the-United States which began in 1922 is not yet finished, this country has passed through the most mun phase of that cvcle. There , fore, strict necessity for caution in the fields "of both business ard finance.” — 8t. Kilds, England's most remote island, with & tion of 80 souls, is cut off for about eight months in the year by the stormy seas on its rocky i | ehores. Wm. Gordo.nll Buchanan Councilor & Buchanan Cortte omer Huifdiae " National 611061116213 (Telephone Directory Omission) No Discomfort No Inconvenience Terms to Suit You Washington Gas Light Company House Heating Dept. National 8280 MORTGAGES PAYS. reful investor, whether Then, in the event our FIRST MORTGAGES regular payment of tze' be purchased in amounts from $250 up. B. F. SAUL CO. 925 15th St. N.W- IS NO SUBSTITUTE FOR SAFETY