davidaulloa/AmericanStories huggingface dataset:
Vashon Island news-record. [volume] (Vashon, Wash.) 1919-1954, 1924-08-01

During the first half of 1924
the mines of tile state Of Wash
ington Were responding Slightly
to the improved market for lead
ore, but were producing less gold
silver and zinc. accordingt to a
statement issued by the Depart
ment of the interior, based on sta
tistics complied by G. N, Gerry,
of the Geological Survey. The
value of the output of metals in
1928 was $1,065,666, an increase
from $5S0,S0S in 1929, and ac-
cording to tho records Of the
last decade, tn output for 1923
was normal. In 1923 36 mines
produced $342,067 in gold, 227,
1877 ounces of silver, ST. ,999 lbs.
of copper, 2,906,479 lbs. of lead,
and 3,024,535 pounds Of recover
able zinc.
The production of gold de-
ponds largely on siliceous ore
from Republic and gold bullion
from Whatcom County, The
camp of Republic is active, and
the Surprise, Knob Hill, Last
Chance, and Quilp mines are be-
ing developed at greater depth,
but shipments of ore have de
creased from 1000 tons to LOO
tons a month in the first part of
1924. Only an occasional ship
memt is Made from the Surprise
and Old Republic mines, but
shipments are steadily increasing
from the Last Chance and Quilp
mines. The Quilp property is
said to have a body Of ore u #.
wide, which is being opened at a
depth of 1000 feet
The production Of silver in
Washington in 1924 will probab-
ly be less than it was in 1923, UNI
less shipments of ore from Re
public are greatly increased. At
Chcwelan, in Stevens County, the
production of copper ore contain
ing silver is decidedly Hess, and
the Ruby mine, near Oroville is
idle. The Dominion mine, near
Colville, has shipped some rich
ore containing galeno and native
silver, and silver-lead ore is being
developed at the Chloride Queen
mine, north Of Colville.
The Sunset Mines Co., in Sno-
homish County, the largest pro
Queer of copper in Washington,
in '23, resumed shipments of cop
per concentrate in April. The
shipments from the Unitedy Sill
yer Copper Company property at
Chewelah, which are steadily in
creasing, were much less than
those made in 1923.
The lead mines of Washington
will probably make greater out
put than they made in 1923 if the
present rate of shipment is main
tanned. The Gladstone property
Vashon Island news-record. [volume] (Vashon, Wash.) 1919-1954, 1924-08-01

The first duty Of citizenship
is to REGISTER AND VOTE!--
to take part in the selection Of
the elective public officials. The
man or woman who fails to reg
lister, and then to vote, is not a
good citizen. 1t is the duty Of
every citizen in the state tC reg
ister, and then to vote. Those
who have registered should sec
that their neighbors are regis
tered, and that all vote.
The radical voter registers
and votes. At least 00H of thi,
vote is always cast on election
day. This state in 1922 cast only
80 per cent Of its vote, and elect
ed United States Senator on a
l7% vote. This state is over
whcImingly Republican if it
votes. Now that the voters Of
the state are law makers under
the referendum and initiative
actc, their duties as voters have
increased, Laws should be rep
resontative Of the majority, not
of the minority, but no citizen
can exercise this right of voicing
an opinion on a proposed law
unless registered.
Registration is the most i'm.
portant political duty in the
state today for every citizen.
Each voter should personally see
that his or her immediate neigh
bors are registered and vote.
Vashon Island news-record. [volume] (Vashon, Wash.) 1919-1954, 1924-08-01
Metal Mining in
Washington in 1924
MdyeQr Conditions

near Northport is shipping about
400 tons Of lead month and the
SAINT Rita mine, west of Spring
dale, and the Bella May, at Met
aline, are also contributing. Sew
elial silver-lead mines in Stevens
County are being developed. and
are preparing to ship ore or con
centrate, but the Electric Point
mine near Northport is still idle.
The Washington Black Rock
mine in Stevens County, which
shipped much zine ore to Trail,
B. c., in %, curtailed shipments
considerably in 1924.
Vashon Island news-record. [volume] (Vashon, Wash.) 1919-1954, 1924-08-01
S u nj MER SCHEDU LE

West Pass Transportation Co
Seattle to Tacoma run, in effect
June 18th, ~, freight; mail and
passengers. .(VIRGINIA w on
West Side of Vashon Island
Leaves Seattle daily $3.50 pm. /;
Sundays 8 am. and 6:45 pm.
Leaves Tacoma daily except on
Sunday at 6 100 am.
Leaves Point Defiance Park for
Seattle and Way Points at 500
PM Saturdays only.
Vashon Island news-record. [volume] (Vashon, Wash.) 1919-1954, 1924-08-01

It costs more? Zerolene, made
by our patented high-vacuum
process from selected West
ern Naphthenic Base Crude,
deposits less carbon, increases
the gasoline mileage of your
car, and lengthens it's work.
ing life.
Insist on ZeroIene-a bet
ter oH-even nit does cost
less.
Vashon Island news-record. [volume] (Vashon, Wash.) 1919-1954, 1924-08-01
SUNDAY SCHEDULE

View Park Tuesdays, Fridays,
Sundays and on Monday morn
ingS to Seattle. and Saturday aft
enoons from Seattle.
WEST PASS NG.Christianson
TRANSPORTATION co. Mgr
Office, Pier 4 --, Seattle, Wash
.r.('Phone Elliott $3.50. .....
Subject to Change without Motto
Evening star., 1924-06-21
BUTTER PRICES RISE
10 PER CENT IN WEEK :
Enormous Amounts Also Placed in
Storage-12, ,O00, ,O00- Pound
Surplus Over Last Year.
BY the Associated Press.

BY the Associated Press.
CHICAGO, June 21.-Heavier re-
ceipts. which did not clean up readily
and an increased movement into stor
age were responsible for the weak
condition of the butter market dur
ing the week. Production is increas-
ing and with continued warm wealth
er. pastures in excellent condition
and an increased flow of milk, is ex
pected to affect receipts during the
next few weeks.
At the four principal markets.
prices during the week increased 10
per cent over the previous period and
2.5 per cent over the corresponding
week last year. At the same time two
and half million pounds more were
moved into storage over the previous
week
The June monthly storage report
for the United States made public
during the week showed on hand
June l, 23.328,000 pounds, a surplus
of over 12,000,000 over last year and
four million pounds heavier than the
hve-year average. Foreign markets
were slightly firmer with arrivals OF
100 casks unsalted Holland and on0
boxes Argentine.
Closing wholesale prices and range
90 score butter. follows:
Chicago, u lower at SO; New York
" lower at IL Y: Boston, UNCHANGED
at AZ; Philadelphia, u lower, at Il
Evening star., 1924-06-21
BY ROGER w. BABsON.

Special Dispa tch to Tho Star.
WELLESLEY HILLS, Mass, June
21.-Does the recent slowing up of
activity mean that business is on
the toboggan, or will the present
lull give way to another boom? The
question is uppermost in the minds
Of nine out of ten business men and
not few who are not in business
for themselves.
Whether we are having a business
depression or not depends great
deal upon your point of view and
upon what you mean by depression.
The Johnstown flood probably would
not have impressed Noah, but it was
plenty serious enough for those who
were involved in it, Technically
business is below the normal zone.
Depression Varies in Degree.
In some lines the depression is Sc
we're, in others but slight slackening
in trade is being felt. Perhaps the
easiest way to get at the present
position of general business is to
compare it with the depressions of
the past that we have had an oppor-
tunIty to view in retrospect We look
d
year-we still carry some of the scars
lnh1cted by the black months of 1920
and 1921. Will we look back on 1924
as year Of serious depression or
merely as year when things were
bit slow?
During the year 1907 general busi-
ness activity fell from a point I6 per
cent above normal to "a per cent be-
low normal, most precipitous de-
cline, making total loss of 40 points
In twelve months. So far in 1924 gen.
eral activity as reflected on the Bah
son chart has declined from about 4
per cent above normal in January to
It's present position-11 per cent below
normal. Commodity prices lost about
Il points in the panic of 1907, and COM
modify prices today are higher than
they were at the first of the year
The index of stock prices in 1907 fell
from los in January to low of So in
December-one of the sharpest de-
ciines In recent stock market history.
Stock Prices Hold Steady.
There is relatively little change be-
tween stock prices today and those of
January l. Money was scarce in 1907
and real panic conditions prevailed
We have nothing similar to this sit
uation today nor is there any pros
pect OF such development at the
The difficult years of 1920 and 1921,
which stood the brunt of postwar
readjustment. are fresher in our
minds. In January 1920. general ac-
tivity was 81 per cent above normal.
By the spring of 1921 it was running
at 25 per cent below normal, a loss
of 46 points in about fifteen months.
Our present situation. in which we
Evening star., 1924-06-21
BABSON FINDS BUSINESS DECLINE
ONLY ANORDERLYR
Economist Presents Panic Figures to Sho,o Depres.
sion Is Most MOderate-SOme Industries Are
Well Ahead of Last Year.

have suffered a loss of approximate
ly Is points during the first half of
this year. does not look SO serious by
comparison.
There was no money panic in 1920
and 1921, due largely to the operation
of the federal reserve system, but
commodity prices suffered the most
drastic decline in history. dropping
from the high point of 2s7 to a low
point Nof 130 in less than twelve
months. Stocks dropped from SO to
IS and heavy inventory losses forced
many reputable concerns into the
hands of the banks and too many of
them eventually into the hands of tn e
receiver.
Setback Comparatively Small.
The present more or less uncertain
business weather, then. can hardly
be classed with some of the storms
we have experienced during the past
few years. The most recent figures
on industrial activities show that the
forty-two leading industries now
average about 10 per cent less busy
than they were a year ago In spite
Of this fact we find that fourteen Of
these forty-two classfications are
producing as much or more than they
were at this same period in 1928
Bakery products are running about
6 per cent ahead of last year; the
beverage business is leading by prac-
tically that same margin. Brick
manufacturing is about 10 per cent
ahead of a year ago. Cement shows
just 5 per cent increase. Women's
clothing. jewelry and printing and
publishing are running about the
same as last year. Meat packing is
per cent ahead Of last years fig
ures, while petroleum products show
an per cent gain, and piano manu-
featuring is running 10 per cent
ahead of last year.
Far From Panic Dimensions.
The slowing up of business has
surely not developed panic dimen-
sions. AS matter of fact, it's down
swing which has developed was
clearly indicated by fundamental
conditions year ago. 1t is a natural
normal completion of the period of
readjustment, which was interrupt
ed by a sudden squirt in business in
late 1922 and early 1928
For five years, between 1915 and
1920, business ran continuously
above normal and developed great
period of imitation. During 1920 and
1921 and early 1922 we suffered
Evening star., 1924-06-21
FOREIGN SECURITIES GAIN FAVOR
WITH LARGE INVESTORS IN u. s.
Idea Of Financial CRAFTY Shifting From London to
Ne,U York Becomes More Plausible-Mar.
kets in Waiting Mood.

The stock of gold in the United States
amounts now to about s4.400, 900. 600.
This compared with $4,000 900 in
1918 and with less than $4,000, 900, 900
in 1915. Gold imports, moreover, are
not only not letting up. but have
been materially increasing.
What has happened during the last
twelve months is that the net gold
receipts of some s350.OO0 900 have
gone into the institutions belonging
to the federal reserve system and NOT
in the federal reserve banks themselves.
The holdings of the latter are about
the same as they were a year ago This
gold has been used as the basis for
taking care OF credit demands, while
the member banks have continued to
pay off obligations at the federal re-
serve.
The result is that the present total
of rediscounts has shrunk to $751;
$4,000 against $731,101.000 last year
the peak of over $4,000, ,0OO, 900 at the
height of the infiationary era of 1920
One has to go back to the early
stages of the new banking regime to
discover such a small use of the re-
discount privilege as now obtains.
Foreign Securities Popular.
The interesting developments from
the unusual money situation appear
likely to lie in the investment por-
llOn ol the market. ne N1SneSt grade
bonds like the libertys and the treas
ury loans have already pretty well
adjusted themselves to the lowered
interest rates. But there has been
during the last week a remarkable dem
onstration in the securities of foreign
governments and this has fitted in
with the opinion expressed in we'll in
formed circles that one of the phe-
nomena of the next six months will
be a renewed duplication on a large
scale for fresh loans in America on
the part of foreign government and
private foreign enterprises. Negotia-
tions of the sort are under way at
the present time. The idea of the GEN.
ter of financial gravity shifting from
London to New York becomes con-
stantly more plausible.
The question is how the American
investing public will treat these Of
ferings. Presumably they will be at
tractive on account of their high re-
turn in a market where sound home
investments are approaching prohibi-
tive prices.
Evening star., 1924-06-21
EVERYMAN'S
INVESTMENTS
BY George T. Hughes
THIRTY-THIRD ARTICLE.
Industrial Bonds,

ihuustrlal Bonds.
The rating Of industrial bonds de-
! pends upon considerations quite diff
Ierent from those essential to the
appraisal Of railroad or public utility
Issues. We know that a railroad and
PUBIC utility furnish essential sery-
ice. Industrial corporations, on the
other hand. cover a wider field. Some
or them supply fundamental wants.
others cater to the demand for
iuxurles. Now a bondholder is or
ought to be a conservative investor.
The man who is willing to take some
chances for the sake of larger
return can afford to buy stock.
FACTORS Deciding Ratings.
1t follows then that from an invest
ment standpoint the bonds of corpo-
rations whose business is funda-
mental such as, for instance, iron and
steer manufacturing, command a
nlsner rating than do those of COM
panies whose activity is not abso-
lutely essential, such as, for instance.
Inotlon picture and theatrical enter
prises. As matter of fact, corpora :
tions coming in the latter classified
tlon ought to do their financing prac-
SiSoiiy eli Dy STOCK issues.
The stockholder is entitled to the
larger profits possible in these enter
prises in return for the larger risk,
whereas a bondholder must of neces-
slty content himself with the rate of
return stipulated in the coupon. The
prospective investor then in Industrial
bonds should first of all study the
nature of the business in which the
borrowing company is engaged AS
mas been said iron and steel is one
OF the fundamental industries and it
is not without significance that
among the industrial bonds which
bring the highest price on the New
YORK Stock Exchange are those of
the iron and steel corporations. 1t
Is this same condition which gives
bonds such a reservedly high place
among conservative investments.
Stability in Earnings Vital.
1t is not enough, however. to con-
slider the nature of the business in
which the corporation is engaged.
You must take up the specific prop
erty upon which the bond is a lien.
amount of prior liens, if any. and
finally and most important of all the
earning power back OF the bond.
True. a bondholder has the right to
foreclose his mortgage and take
possession Of and sell the security
pItuStu DOHu III tIie case VI
de<a ult. but this is an expensive
process which one willingly re-
sorts to. In the matter of earnings
the important thing is the average
over a period of years rather than
the result for any one single year.
What the bond buyer wants is sta
bility in earnings. Finally, he should
examine the question of marketa-
bility. AS to that. however. | shall
have more to say in subsequent
article.
Copyright, 1924. by the Consolidated Press
Evening star., 1924-06-21
BY STUART p. WEST.

Special Dispatch to The Star.
NEW YORK, June 21.-During the
week just past the disposition in
| most of the markets has been to awai,
| developments. In no similar period
so far this year has there been such
| little variation in prices. Evidence
has been supplied that the effects OF
| the business recession of the las,
! three months have been pretty vel
discounted in Wall street values. On
| the other hand, the stock market has
| become reconciled to the prospect OF
relative inactivity in trade through
out the summer. partly seasonal
partly due to the uncertainties in the
business position itself, and partly
the result of the feeling of caution
| which ordinarily characterlzes
presidential year
Wall Street Not Worried.
The coming Democratic convention
has been discussed as restraining
factor and perhaps this is So Bui
looking at the matter in practical
fashion. the worst that the Demo
Gratis could do would be to nominate
an anti-railroad candidate on an
anti-railroad platform. 30 Tar
taxation is concerned, the Democrats
ical change in fiscal policies is there
fore. inconceivable. If there was
likely TO be a political overturn sne
railroads would be the ones 10 SUM-
WHY is it, then. that railroad stoch
have stood out in the market ol sae
week more strongly tnan any that
group? The answer must De !na
either Wall street does not pellerS E
that an anti-railroad Democrat VIII
he nominated or else that, IL noHnI :
mated, he would stand no chance OF
success.
Low Money Rates Continue.
Money rates have continued to hola
to the low levels reacneo en
aeo which means the lowest in seven
Years. Much has been made or TINS
feature in current discussion ano
people who ought to nave KNOW II
better have tried to represent tnat
the abundance of credit on such easy
activity. All experience, and par
ticularly what has happened In the
last two years, is against this con-
clusion. The whole period of the
last three months of receding pro
duction and declining prices has been
when the steel mills were operat-
ing at 90 per cent of capacity In
March the federal reserve banks were
charging Az per cent on rediscounts
and in the outside market money
was lending at per cent and above.
with steel operations down to As per
cent, the federal reserve rate at New
York is 3k per cent and call funds
on the New York Stock Exchange are
going begging at 2 per cent.
"GOld Imitation" FaIlacy.
The fact is, of course, that easy
money can only be a help to business
when other conditions are right-that
is. when there is sound relation
between consumption and output
There is nothing also in the notion,
SO often propounded in recent years,
of a gold imitation" leading to ex
trayagant speculation and rising
price. The markets of the last year
Evening star., 1924-06-21
GRAIN AND PROVISIONS.

BALTIMORE, June 81 lSpeciaD.-
Potatoes. white, 100 lbs, 5Oa1.5O: 15C
lbs, 1.o0a3.00; new potatoes. barrel
!.25a3.00; asparagus. dozen. 1.OOa4.00;
beans. basket, 1.50a250; beets, 200
30oa6.Oo; cabbage, basket. 1.40a1.50;
carrots. hundred. 3.00a5.o0; cucumbers
crate. 5oa125: eggplants. crate. 2.OOa
bushel. 75a1.50; spring onions. hun
dred. 1.50a1.15; parsnips. bushel LISA
2-75: peas. peppers, crate. 1.50a3. 90;
radishes, hundred, 1.0Oa1.50; spinach
800; tomatoes. crate. 1.ooa2.25
Apples (packsb. barrel. 2.ooa5 90:
bushel .5a1.5O; box apples. 2.50a3. 90;
grapefruit. box. 1.75a3OO: strawber-
5a12: cantaloupes, crate, 1.oOa2.75
pound, SAT-; huckleberries, quart, sa
Is: peaches. crate, 1.00a2. 90; pineap-
pies. crate, 2.50a3.75; watermelons, hum
dred, 35.00a15.00.
Settling Prices on Grain.
Wheat-No. 2 red winter. spot,
mestic. I1sA; no quotations on No. 4
or No. red winter, garlicky.
SaNs-None
Corn-Cob. new. 4.5o per barrel for
yellow and ABS per barrel. for white;
No corn, spot. S9h; No. 3, S6A
Sales-None.
Oats-No. white, 59aa6O. No. 3
white, new, 5S1a aa59.
Rye-Nearby. 70a75: No. 2 rye, spot,
s3. -
Hay-Receipts, .103 tons Most of
the hay on sale here now is of an
undesirable quality of clover mixed
and heavy clover, the demand for
which is Indifferent. Very few
straight cars Of No. and No. tim
othy are offered, and for such hay
there is fair demand for full quo
tations.
Quotations-No. timothy. $500:
No. .. 2S.00a2S.50; No. 5, 26.00a27. 90;
No. light clover mixed, 27.00a27.50;
No. light clover mixed, 25.00a26. 90;
No. ! clover, mixed, 26.50a27.O0: No.
clover, 24.00a 90.
Straw-No. l straight rye, 23.00a
24.00 per ton: No. l tangled rye, 1900
a20.00: No. l wheat, 17.00a17.50; No. 1
oat. 16.50a1.00.
Evening star., 1924-06-21
BY WILLIAM r. HEFrERNAN,
Received by Private

NEW YORK. June 21.--The firm
tone that has characterized dealings
throughout the week in the curb
market, prevailed in today's closing
session. Realizing sales came into
some recent speciality favorites, but
were readily absorbed and no weak
ness was apparent.
The new Ware Radio common
stock continued to attract consider
able interest and was taken at frac-
tionally better prices. The issue was
admitted to trading Friday and sold
well above IA on a large turnover
Around Is today, it compared
with the subscription price of 12h
and there were no signs Of abatement
to the buying. Hazeltine Corpora
tion and Dubilicr Radio changed
hands around Fridays final. but it
Evening star., 1924-06-21
JULY 5 TO BE HOLIDAY.
Gov. Ritchie's Action Means Three
Days Rest in Maryland.
Special Dispatch to The Star.

Special Dispatch to The Star
BALTIMORE, June 21.-Gov. Ritchie
will declare Saturday, July ), a legal
holiday. thus making three-day
holiday. from the 4th to the 9Th, ac-
cording to letter received from the
governor by A. S. Goldsborough, ex-
ecutive secretary of the Baltimore
Association OF Commerce.
Recently Mr.. Goldsborough has re-
ceived many letters from merchants
asking If July will be legal holi-
day. Several days ago he wrote to
the governor uring him to make the
day holiday. He pointed out that
Saturday was a half day in most bus
persons will be given three-day
rest.
Evening star., 1924-06-21
NEW YORK CURB MARKET
Received by Private Wire Direct to The Star Office

was noticeable that the new issue
had taken away speculative interest
from these two stocks, fbr the time
being at least.
The oil shares ignored the latest
statistics on crude oil in storage at
the end of May, and while changes
were for the most part small higher
prices were the rule. These disclos ed
the fact that crude oil in storage at
the end of that period was larger
than at any other time. Standard
of Indiana crossed 81. Prairie Oil and
Gas gained points, but only frac-
tional improvements occurred else
where.
The sharp advance in Appalachian
Power Friday encouraged profit
taking, but the decline was compari-
lively slight. The new United Gas
Improvement common was an out
standing point of strength among
public utilities, getting up over 8
points to 70 before the rise was
checked.
Evening star., 1924-06-21
SHARP GAINS NOTED.

NEW YORK, June 21.-Republic
Railway and Light Company and sub
salaries. operating throughout the
Mahoning and Shenango valleys of
eastern Ohio and western Pennsyl-
yania, report an increase Of 1917 per
cent in gross and 1884 per cent in
net for May, 1924. over the cor
responding month of 1923. For the
Ave months of 1924 gross income
totals S4.6O4659. an increase of 1854
304 over the corresponding period of
1928. while net earnings show a
gain of S339437
Evening star., 1924-06-21

rather drastic readjustment 1t did
not entirely offset the imitation of the
previous area, however and the
premature boom of early 1928 could
not last under such conditions
Apparently We are now going t.
complete the readjustment in an or
derly fashion and prepare for another
real period of prosperity.
Mr.. Babsons next article on business and
economic conditions will appear in next SAT.
urday's Star.
Evening star., 1924-06-21
The Very Idea!

From London Opinion.
Owner Of Desirable Flat'-Er
this is the bedroom.
Hunter of Same-Rather small,
isn't it? You could really hardly
swing a cat.
That | cannot say; my previous
tenants have not been the sort Of
er-perSonS who swung cats"