davidaulloa/AmericanStories huggingface dataset:
Evening star., 1925-06-30

groups Of securities in which there
has been nc substantial advance and
which combine a reasonable degree
Of security with a fairly high return.
The two are, first, the preferred
stocks of the public utilities. chiefly
the electric light and power COM
pnanies. and, second, the foreign
bonds
Taking up the former first. every
nous speculation in utility stocks,
forcing quotations up to heights
where income. return at prevailing
dividend rates is very low. Opin-
ions differ as to how far this spec
ulative enthusiasm has been justi-
fed. Fortunately, we do not have
to pass upon that phase Of the mat
ter. For while all this buying of
the utility common stocks has been
going on. the preferred issues have
been neglected.
Some Investment Bargains.
The reason is that these preferred
stocks offer only minimum of
speculative possibilities. and so trad
ers have left them alone, while. on
the other hand, the old time conserv-
ative bond buyer SHES away from
anything denominated as stock. pre-
ferred or otherwise. The result is
that from to per cent can be
had on these utility preferred issues
almost universally. Here, then, is
a field which the July investor can
i'll afford to overlook. Some Of the
best bargains are to be found in
utility preferred stocks which are
unlisted and of only local distribu-
ton.
= They are available in nearly every
section of the United States and may
be bought as readily in small lots as
in large. Casual examination of the
stock exchange list will reveal similar
opportunities in obligations of com.
panies with a national reputation.
Risk Greater in Foreign Bonds.
The second field, that Of the foreign
bond, must be cultivated with more
discrimination. Greater risk is en-
countered here than in the public
utility preferred stocks. This risk IL
not financial or economic so much as
it is political. Nevertheless. there are
good grounds for believing that the
market price overestimates the risk.
It Is not advisable for the investor
with small resources to buy these
high-yielding foreign bonds simply be-
cause he is unable to use proper di-
versification.
Men of larger means, however. will
find here an opportunity which ought
to- prove profitable. 1t is not neces-
sary to take the obligations of the
newly formed countries of mid
Europe, although some of these are
attractive. If comparison is made
with the prices at which their govern.
ment bonds sold in pre-war times the
obligations of the countries OF North
Evening star., 1925-06-30
BY GEORGE r. HUGHES.
DIspatch to The Star.

Special Dispatch to The Star.
NEW YORK. June 3o.-Investors
with July interest and dividends tor
which to find employment are con
fronted with an entirely diferent SIT
nation than anything existing In the
past decade.
What are the outstanding facts
about the present market? In the
first place, United States Government
bonds, that is. the postwar issues,
are selling at approximately the high
est prices on record. Some of them.
notably the long term Treasury
bonds. are quoted actually at the
highest prices for which they ever
sold. No United States Government
security can be had to yield per
cent. and the third 4I Liberties give
onIv something like 3i2 per cent.
The general bond list is at the high
est since 1917 and in many instances
individual issues are higher than they
were eight years ago. This means
that buyers at the present level nave
TO take a smaller income than they
could have secured with equal secur-
tty in any other year since that time.
Future Money Market Vital.
The question then arises as to the
proper course of the investor with
conservative tendencies. Shall he buy
bonds at these prices or shall he IN
sist on a higher return at the sacri-
flee Of quality?
The answer to this question depends
upon the view taken Of the future of
the money market. Bonds Of the very
highest grade f1uctuate with money
rates. When money is low bonds are
high and vice versa, when money is
high this kind of bonds go down in
market price. Observe that the fac
tor Of safety does not enter into the
problem. It is taken for granted that
safety is assured.
For one who Is not concerned about
market fluctuations in his securities
the problem is simple. He can simply
pick from the same class of securities
he has always purchased and be con-
tent with the small return. Such in
vestors. however, arc he minority.
Evening star., 1925-06-30
Many First-Class Investments
/ Offered for Remainder of Year
Financial Expert Sees High Yields
With Safety-Also Yarns
of Special Risks.

The greater number want, if not price
appreciation in their holdings, at least
price stability.
Now as to the outlook for money. all
that can safely be said is that the
banking community does not see any
immediate prospect of higher rates.
If they did they would not be buying
Government bonds at progressively
advancing quotations. The Secretary
of the Treasury. who has proved him.
self shrewd judge of the money mar
ket, only the other day offered a one
year Government certificate issue car
rying per cent coupon and the
offer was oversubscribed from three to
four times.
The weekly statements of the Fed
eral Reserve banks show that the
credit facilities of the system have
barely been touched. 1t will take a
great deal of business activity to make
any serious impression upon these I'M
used reservoirs. The conclusion which
seems justified is that while further
advance in quotations for prime bonds
does not appear probable. neither is
there any probability of any substan.
tial decline.
Stock Prices Comparatively High.
So much for the man who must
have only the best. What about those
who are willing to take some risk in
their investments? The general level
of stock prices is high, or at least it
is high compared with standards of
the past. Some argue that the great
growth Of the country in wealth and
population justities still further ad-
vances in stock quotations. Probably
that is so in individual cases. but it
would be unsafe to accept 1t as a gen.
eral rule.
Junior bonds are likewise compar-
atively high. Hardly well secured
obligation of a prosperous railroad
can be had to yield per cent. Only
in the industrial list, where there
is great irregularity corresponding to
the conditions in trade and industry,
are higher yields to be obtained. In
a word, neither second grade bonds
nor common stocks look cheap.
There are. however, still left two
Evening star., 1925-06-30
FARMER BUREAU JOINS
WAR ON HIGHER RATES
Maryland Farmers See Hardship in
Any Advance in Transporta-
ton Charges.

Special Dispatch to The Star.
BALTIMORE, June 30.-The Mary
land Farm Bureau Federation has
joined forces with the Chamber of
Commerce Of Salisbury, Md. and other
organizations on the Eastern Shore
in a fight to prevent transportation
companies from putting into effect a
higher schedule on all charges on all
freight shipped and received under
what Is known as "class rates" The
case is now pending before the Inter
state Commerce Commission at Wash
ington.
According to officials OF the Farm
Bureau, the class rates" case Is one
Of vital interest to every farmer, mer-
chant and manufacturer on the East.
Evening star., 1925-06-30

properties owned by the Stone. Web
ster syndicate in Texas. will be the
president, and w. e. Wood, formerly
OF Houston. Tex. also identified with
the Stone-Webster concern. will be
come the general manager Of the con
Germ here.
These changes are effective Wed
nesday. The old officers, following
confirmation of the sale. rendered
their designations to the management
of the Gould properties in New York
as did some of the directors, but
several were retained
Evening star., 1925-06-30

ern Shore and 1t involves the saving
Of thousands Of dollars to the shippers
In that section. 1t means. they say, an
increase In the class rates and not in
the commodity rates. and that the
class rates include a big ma ajority of
items received or shipped by farmers
and others.
Evening star., 1925-06-30
MAY DEFICIT REPORTED.

NEW YORK, June 80 R).-The
Rock Island Lines had a deficit OF
37S3,644 for May after charges, com.
pared with a deficit of $s19.995 in May
last year. Gross revenues were
$9,715.385. For the first five months
Of 1925 the deficit was reduced to
3519 1884 from $614,716 a year ago.
Evening star., 1925-06-30
NEW OFFICERS SLATED
FOR VIRGINIA RAILWAY
Transfer of Richmond Property
ompleted-Several Former
Directors Retained.

Special Dispatch to Tho Star.
RICHMOND, Va. June 30.-Formal
announcement Of the change in the
directing heads OF the Virginia Rail
way and Power Co. will be made late
today. but the principal changes have
already been made known. Luke c.
Bradley, formerly connected with the
Evening star., 1925-06-30
Mortgage Bonds More Popular.

Perhaps one other kind of security
should be mentioned-thati is, the real
estate mortgage bonds. High yields
are available in this group. But these
cannot be bought without discrimina-
tion either. There has been a tremen-
dous expansion in this field and com
petition between the houses selling
these mortgage bonds is now intense.
The buyer must examine carefully.
not only the reputation and record of
the offering house-that is essential
but the nature of the security. If he is
we'll advised and uses due precaution
desirable investments may be secured
in the real estate as well as in the util-
ity and foreign fields.
l. Copyright. 1go5.)
Evening star., 1925-06-30

ern Europe. neutral in the late war,
Will look very cheap.
Nor should South America be ig
nored in this Connection. American in
vestors put all South American obli-
cations in the same class. This Is
great mistake. They vary in merit
just as do the bonds of European
countries. 1t requires study and ex-
pert advice to pick the good ones, but
they are there and the yield on them
is very high.
Evening star., 1925-06-30

To prevent robbefes from bank
messengers a steel vest has been in
vented TO hold bundles of money and
securities
Evening star., 1925-06-30

of AUTOMATIC OIL HEATING in dollars and
cents? The exact, uniform temperature main
tained opposed to the -endangering m-
derheating and overheating of older methods?
And not only that, but the mental satisfaction of
having adequate, safe, clean heat without worry,
without drudgery without attention at ALL
Evening star., 1925-09-13

(Copyright. 1a25.O
Evening star., 1925-09-13
CONDEMNS failure
| TO MARK STREETS
Results in inconvenience and
Danger, Says P. B. Lum.
Urges Uniformity.

Uniform marking of streets, par
tlculaSy in the outlying sections of
the city, would be of the greatest ad-
vantage to Washington motorists, in
the opinion of Paul b. Lum. presi-
dent of the Washington Automotive
Trade Association.
There are n great many streets
especially in the new sections of
Washington where the street mark
ing is illegible or does not exist at
all" said Mr. Lum. This causes con
siderable inconvenience to motorists
and creates a risk for them as well
as for pedestrians.
1T is annoying TO start for a GER
tain place and find that 1t has been
passed because there was no street
sign TO indicate the street. The re-
suit is much unnecessary driving in
getting back to street after it has
been passed. During the day the
situation causes mostly inconvenience.
but at night, with the streets poorly
lighted, conditions become actually
dangerous for motorists who are taken
out of their way and perhaps find
themselves on unfamiliar streets with
no signs 10 guide them.
Still more danger is created by
motorists having to stoop over at the
wheel to try to see a street sign. In
so doing the driver is liable to lose
control of the car. and if there is
some one crossing the street in front
of him there is immediate danger of
an accident, which may end in serious
injury to the mOtoriSt and pedestrian" "
Mr.. Lum pointed out that the State
highway departments, in cooperation
with the United States Bureau Of
Public Roads, has worked out a plan
Of uniform markings for highways
throughout the United States. This
scheme should form a working basis
for a uniform street-marking system
for any city that would include not
only signs designating streets but
also caution signs. parking signs. and
any similar device for directing
motorists or warning them of traffic
regulations, according to Mr., Lum.
Proper street marking, Mr.. Lum
declared, should have a definite place
in any program designed to aid the
motorist and regulate traffic. The
safety of mOtorist and pedestrian alike
is the aim of all traffic regulation, he
pointed out, but this purpose cannot
be achieved unless every means of
eliminating hazards from motoring are
utilized. A scheme of uniform street
designation, Mr.. Lum believes, is one
way of insuring safe driving and in
creased comfort for the motoring
public.
Evening star., 1925-09-13

Continued from Fifth Page.)
car. This is sound advice from an
economic standpoint, but if motoring
were an economic proposition a lot OF
people would still be rolling around in
the antediluVian curioS that occasion
ally come out of the museums for a
breath of air. Motorists are more in
terested in safety, and it is important
for them to realize that safety in
variably involves making an invest
ment.
Much of the money seemingly lost
through depreciation is simply money
that represents investment in safety.
If a man thinks balloon tires are
going to afford him great security and
assurance against skidding, and if
they cannot be attached to his pres
ent car without the use of smaller
wheels and some changes in the steer
ing rod or bI'akesrods, who is to criti-
cize him for taking a big loss on his
ear in order to acquire the new model,
equipped as he would like to have 1t?
How much is safety worth? That
is the question, and a rather impor
tdnt question at that, because ii Is so
little understood. The new cars are
fairly briStling with new things that
make for increased safety which is
a gentle tip to the motorist that ad-
YOcating safety is more than a mat
ter of determining to drive more
carefully.
Much of the safety in the new cars
isn't apparent to the hasty shopper.
He is aware of the great improve
ment in brakes, he notes the rebound
checking devices that are coming to
be standard equipment, he knows
that more traction as afforded by the
lOw-preSSure tires means greater Sc
curity on the road But he is not
likely to see the safety that is built
into the materials and the workman
ship of the new cars.
This is the safety that cannot be
in his old car, because no piece of
mechanism can be thoroughly re-
liable when it goes around on
crutches. An axle that affords safety
merely because the driver is careful
not to strike any bad holes in the
road is far cry from one that offers
safety because it is built to take
whatever punishment comes it's way.
If you haven't decided to buy a new
car this year and the old car seems
TO be safe enough, better go over the
hidden virtues of the new ears point
by point. The manufacturers OBJ
viously have aimed to add a new touch
to the old maxim by showing the
motoIist that there is safety in a
number of safety features.
For safety's sake, you owe it to
yourself to consider the new cars and
TO discard the old car if it does not
measure up to the latest standards
Evening star., 1925-09-13

an A. A. A. emblem, if he does not
know where to find the local club.
Such A. A. A. marked cars are so
numerous in every city and town that
the tourist will save much time by
from stopping pedestrians
for information. Every A. A. A mem.
Der has more than 100000 other mem
bers to call upon in an emergency.
"It may not be possible to obtain
accurate information from every A.
A. A member, but it is inconceivable
Evening star., 1925-09-13
MEMBERS Of A.A. A.
TO HELP TOURISTS
Will Furnish Information on
Travel Upon Request,
Under New Plan.

Henceforth automobiles bearing the
emblem of the American Automobile
Association will serve to designate a
car owner from whom motor tourists
may obtain information regarding
local traffic. road conditions and other
matters in which the motor traveller
is vitally interested.
Officials of the association state this
is one feature of a plan developed by
the national motoring body to restore
the camaraderie of the road which
the tremendous increase in automobile
registration had all but extinguished.
Thomas P. Henry, president of the
A. A. A, explained that this form of
car owner cooperation represents a
voluntary offer on the part of thou
sands of experienced A. A. A. mem
bers to function as "branch offices"
for the local affiliated clubs. AL
though the service is primarily intend
ell for members of the association, all
motorists will benefit, Mr.. Henry said.
Perform Valuable Service.
IF A. A. A. members do nothing
more than direct touring members to
the local affiliated club, they will be
performing a valuable personal serv-
ice" Mr.. Henry declares s'Many tour
strange cities by not knowing where
to obtain reliable information. If
every A. A. A. member would carry
his er:olem on his car, these wander
ers would know whom TO ask when
in doubt"
In volunteering to act as branch
Offices" Mr.. Henry said. members
who have undertaken TO assist the
cause OF organized motorists will find
that they Will benefit in proportion to
the service they render others. Mem
bers who can give accurate directions
and timely information regarding de
tours, speed regulations and local traf
fc questions generally must, of neces-
sity, acquire a knowledge that will At
them for leadership in motoring. The
more information a member can i'm
part the more information he has at
his fnger-tips for his own disposal
THE travelling A. A. A. member
will find usually that the man with
an A. A. A emblem on his car is we'll
informed on local touring informa-
ton This may be attributed to the
fact that he is in close touch with
his local club, which, in turn, is in
close touch at all times, by bulletin,
personal investigation and wire, with
more than 700 automobile clubs
throughout the country.
Under this plan, as ii is being
evolved by the members themselves,
tourist who arrives in a strange
town or city will look up a car with
Evening star., 1925-09-13

that one could find member who
would not know how to direct the
tourist to the local club by the short
est and most convenient route.
Because of the emergency road
service In force by a large number of
affiliated clubs, large percentage of
members carry with them at all times
the clubs phone nusnber. This may
be an advantage under conditions
where the tourist wishes to save time
by phoning to the club.
Evening star., 1925-09-13

has taken a long step toward a return
to the camarAderie of the highways
which was so seriously threatened by
the sudden and remarkable increase
In registrations. 1t signifies the
members determination to make CO
operation something more than gen.
crafty, and, in the final analysis, he
will be the real beneficiary"
Evening star., 1925-09-13

operating with the club secretaries by
reporting the latest road information.
AS a result of this, the members
themselves can frequently impart this
information direct to the member
tourist, thus releasing the clubs cher
ical force for more important work.
'In volunteering to assist his club
in this manner, the A. A. A. member
Evening star., 1925-09-13
Minimum Speed
Law in Maryland
Urged for Safety

a minimum speed law for Mary
land State highways is being ad-
Yocated by John n. Mackall,
chairman of the Maryland State
roads commission.
In the interest of greater safety
and convenience for the motor
travelling public, in the opinion of
Chairman Mackall, 10 and 5 mile
speed on State highways should
be eliminated. These low speeds,
he says, greatly interfere with
traffic, and the State should regu-
late the minimum as well as the
maximum speed on certain por-
tions of the highways.
Evening star., 1925-09-13
LIQUIFIED IRON NOW.
What Passes for Crystallization Is
Strain or Break.

Speaking of cast iron as becoming
crystallized through shock and wear is
now taboo. Metallurgists tell the mo-
torist that iron liquefies at $500 de-
gress, and is always crystalline when
solid. What passes for crystalliZation
in cases of bredkage OF cast-iron parts
is either strain or the breaking down
of a fault in the metal due to casting
Evening star., 1925-09-13

of safety, even il there still remains
in its battle-scarred chassis many
thousands of miles of service for
people who place their pocketbook be-
fore their hide.
A happy medium is, of course, ad-
visable in some instances, but in this
connection it Is we'll TO remember
that little safety, like a little knowl
edge, is frequently a very dangerous
thing.
Downright loo5l
Evening star., 1925-09-13
A. A. A. BUSY in London.

Britishers and their numerous suBa-
mer visitors have this Summer made
SO many calls upon the automobile
association to outline special tours for
them that the secretary of that or
ganization has estimated these special
tours have left his office at the rate
of L. 900 miles minute
Evening star., 1925-09-13
PURCHASE OF NEW AUTO
BEST SAFETY INSURANCE

Continued from Fifth Page.)
Evening star., 1925-09-13
Many Important
improvements

A new air cisaner adds years OF
service - insures clean air cIear
oil clean cylinders. Greater free
dom from carbon, scored cyEn6ers
and worn bea ss-in or eesed
motor life arc the resuIfs. Light
switch rs now oonVsnIenfIy at
hand on the steering gear. In
direct lighting on the dash
eliminates glare. Gear shift and
en1sIeency brake levers are moved
forward to provide clear door
space in fcnt-and many other
improvements. (6Lo-O
The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1925-07-02
Motorists Invited
to Hudson Bay

Winnipeg, Man.-(AP)-A posses
sion of tourists driving into the pic
turesque northland on their own fam
lily motor cars, fitted with Hanged rims
to grip the rails of the Hudson Bay
line, is the ingenious scheme propos-
ed by r. M. Haultain, railway con-
struction engineer of Winnipeg.
Mr.. Haultain believes that such traf-
fic over the government railway will
present no difficulties. To obviate any
danger of accidents, he would placard
the line to the effect that the odd days
of the month would be reserved for
northbound traffic and the even days
for southbound. Each car would be
required to carry light derailing
shoe, to provide for emergencies.
The investment on the part of the
railway company in Hanged rims, trail
ers, steering gear locks, etc, would be
negligible, declared Mr.. Hauitain,
when compared with the increased
revenue obtained from freighting cars
to different points along the Hudson
Bay line.
Mr.. Haultain has complete conf
dence in the feasibility of the scheme,
and maintains that the north country
would ultimately become the mecca of
sport lovers and attract tourists to
the profitable advantage of the local
railroads.