Hartford Courant from Hartford, Connecticut • 15

THE HARTFORD DAILY COURANT: MONDAY, OCTOBER 5, 1925. 15 business. Collections are improv TEXAS BONDS ARE OFFERED THIS WEEK NEW UTILITIES STOCK OFFERING BOND PIES IRK EUHH6S OF IB 10 ELECTRIGAL 4W era. Qood health and your records i si iaiiiii' iff a 1W IV WWW mvmai vv urn i ivi: If Ali 4 ft L. i r.

you learn their Value when they are LOST Gl Condit Company, Boston, and Magneto Concern, Sidney, N. Y. Affected. BROWN, BOVERI AMERICA, PURCHASER Negotiations Reported For Taking Over Other Big Organizations. New York, Oct.

4 (Associated Press.) Purchase of the Condit Elec trical Manufacturing Company of Hoston and the Scintilla Magneto Company of Sidney, N.Y., wag an nounced tonight by the newly organ ized American Brown, Itoverl Corpo ration. Negotiations are understood to be under way for the purchase of other large electrical companies. Stockholders of the New York Shipbuilding Corporation will vote October 14 upon recapitalization of that under the name of the American llrown, IJoveri Corporation, but this Is a mere Xormulity as the majority stockholders already have given their approval. Minority stockholders will be offered the same basis as majority Ftockholdcrs. To lie held In Voting Trnat.

Crown, Iloveri of Baden, Switzerland, will supervise tho management of the American corporation, mid In order to Insure continuity of conservative and constructive administration more than a majority of the founders' stock will be held In a voting trust. The properties taken over have a sound value In excess of $30,000,000 Recording to a recent appraisal by the J. (J, White Engineering Corporation. Will Offer Stork. The plants of the New York Shipbuilding Corporation, located at Camden.

N. comprise 191 acres of land, with nearly a mile of navigable water frontage on the Dels ware river, opposite Philadelphia The Condit Electrical Mranifiieturing Company, manufacturers of electrical switches, and switch gears, has purchased a new plant at Hyde X'arK, and Intends to build an additional unit adjoining this plant. The S'lntllla Magneto Company owns and operates a specialty plnt at Sidney, N. its principal business being the manufacture of magnetos and other electrical equipment. CANADIAN TRADE.

Demands for seasonable commodities have been stimulated by weather conditions In many parts of the Dominion of Canada, according to dispatches to Dun's Iteview from brnnch offices of R. G. Dun and sentiment generally in mercantile channels Is distinctly cheerful. Wholesalers in numerous lines are receiving a substantial volume of repeat orders for fall and winter specialties, an.l the confidence with which buyers are now providing for future requlrementa is regnrded ss a reflection of prosperous conditions In agricultural sections and the improving outlook in a number of Important Industries. Retail trade In seasonable specialties at Montreal has been helped by the weiither, and this has resulted In the receipt by wholesalers of numerous replenishing orders for fall snd winter supplies.

Buyers are still yimcwhst cautious In their oreratlona, but. In the aggregate, their purchases represent quit a substantial volume Bonds Our October Bond Circular will be sent to investors upon request. Ask for Circular P-l 1 Harris, Forbes Co NEW. YORK HARTFORD OFFICE Connecticut Mutual Bldg. Telephone 2-3173 The Travelers Insurance Company HARTFORD, F.

Hotter, President Statement Deo. 11. Iflt. Ai.et IIH.0U.OI1 H. serves and Liabilities Jul.

tit. 304 Cb pi I at sod Surplus i7.tt0.771 BOARD OF DIRECTORS Wllllsm B. Clark I Kdmund Zsehet Charles C. Beach William BroSmltn John Wr F.MJao a Johnson Kdward Bannttt Chaa Bpencer, Jr. Arthur L- Bhipnian Chas.

Hopkins CTarlc Franrtrt T. Maxwell Marlen Hubbard Loula F. B'i'ler Dnntel (i. Wine Oeoree O. Foster INSURANCE CO.

CONCERNS BOUGHT ing. lUislncss In rmst departments at Quebec. Is about normal In volume for this period, but advices from the farming districts are unusually encouraging and any changa In conditions that may occur is expected to be. for the better. Tayments are fairly prompt.

Hiisiiws Is being maintained In sat isfactory volume at Toronto, the weather haviu stimulated the demand f.r fail and winter needs, snd wholeHiilers report the receipt of numerous orders for seasonable drv goods, clothing, millinery, footwear, I iirniaii groceries and provision, Ond many other sta ples. are more satisfac tory than for tome time past. tlpod crop In most sections and re munerative prices for the majority of farm products are reflected in grow ing spirit of confidence in the Far West and Northwest, and, though buyers still ei(rcipe consider able caution In their operations, ad vice. most of the leading mer cantile centers rote a more general disposition to privlde for coming requirements, Collections are displaying an Improving tendency. 5 12 P.

C. Increase Over Last Year Total For Year Is Also Large. Hank clcuiiiga tludurli tho Hartford CHiarlnn Home amounted to 17.e1.4:s.-17, which is an lm rea.ie of 12 310 per cent, over the corresponding week a year o. The total last' week Indicated the volunm of dividend funds pacing through. The big Increase, lut week I further m.

pliael.ed by the fact that the correspond-Ing; week last yeur showed a gain 14 1-10 per cent, over the compared wfek In 1 92 J. The amount ef clearings for Vrxt week previous 1 108, J0 The clearings fur the month of rp-temlier have Imn compiled snd amounted to $57. MS, an tncrimao of 1J 1 per cent, over September, l2l, when they amounted to t.S1.487.:i7,52, or 1-5 per cent. Increase over feptemher 1BJ3, 8in.ee January 1, the r.ieurlnic. In the Hertford Clearing limise antount.it to JMH.0M.S23.tiJ.

ns compared with tt8.0tiM(l7.0 In 19.M. The hank rloarliiK for the week, compared Willi tho rlcaiinga for III. corresponding week a year ego, aie a fallows: 1921 18JG Monday l.7s.l7S.H 1 7 1 70 Tueedny 2.0En!.3sl "7 2.7;t3.2Vll.lS 2S lXSfl Thurlday S. 7S 1 H. 1 25.07 Friday 3.BT.1 S5.S1 3.eio, Haturday Total IIS, 4 471.

7 (ln IS 1-10 12 J-10 lialancea I I J. til, 025. (J itna Insurance Co. capital j. 000,000 01 Asset 45.OOI.ISl.il Total Llablllllis tt.l7l.t3SK Surplue to' t.43(.12t 11 DIlthiCToRa Wiillsn, Cla'k, Chairman Atwood Colilna John I Way Charles I'.

Ooley Kugar J. Smaa Arthur Hhlpman Charles Woodward Charles A. Goodwin Morgan U. Bratnard A. N.

Williams Ralph Ivea yorgan litorta H. sl Horace Cheney Charles Welles Cross Palph B. Ivea President IMgar Sloan Vlc-Preeldenl (uy E. Brardeley and Hec'y Vv. Ross McCain ueorge uurnnam Treaeurer Atewart Aast.

Secraiary W. poach Awl flecreiar; 8 w. Cornwall Racratary P. W. Jones Secretary J.

waiter ai.l eanretare R. K. Foronach Marina Becreiary M. W. Morron Asst.

Seorefart Wm. E. Penrose Agents 670 Main St. Hartford, Conn Have yon ever Invert tor! pd yonr HOUSEHOLD POSSESSIONS? Do yon know that snnh Inventory would be of (treat assist-anoe to yon In event of loss on your premises? Do yon know that snch an In-ventorv has disclosed to others suhstsntial UNDER INSURANCE, and may do so in yonr case? Onr Household Inventory Book materially rednces the labor of tabulating yonr possessions. A copy may be had by calling at onr offloe.

r. f. SMALL Agents, The Connecticut Fin Insurance 0J Pearl Street, HARTFORD. CONN. Phoni 2-3171 National Fire Insurance Co.

OF lUMITrOHD H. A Smith, r. D. I.STton. S.

T. Msiwell, Sec, a B. Roulet, Aea't Sea, (1. F. Cowee.

M. Anderson. Ass't IT B. Seymour, Treaa niRFtTORS) rrancls T. Haiwen, Krefl Jamas, H.

Hmlth, Charles Cheney, Oeorg-e H. Burt, Fred'k Bmall, Kdwln T. Judd. John H. Buck.

Marcus H. Holcomb, Arthur 0. tVoollejr. K. I).

Lay ton. s. MaxwelL F. F. SMAI I.

Im-bi Mrra. Prompt Pattloments INSURE IN THW NATIONAL Courteous Treatment Ml 71 It Pearl 81 INSURANCE COMPANY OF NORTH AMERICA "The Oldest American Fire Marine Insurance Company" 1702.1028 JASUART 1, 1023 Capital R.OOfl.OOA.OO Unhilltleg 38.n2.V878.30 Assets A3.en7.024.2S surpl. (o I'ollrrholdera New England Department I2! Trnmhnll St. Hartford, Conn. CHARM? I'AnKKIt, Manager Aetna Life Insurance Co.

HARTFORIX CONN. Morgan B. Bralnard. President Asset im.SS.lll.ll Llahllltl 114, 5511. 4SJ.H3 Capital and Surplus 11,000.130.11 LIFM DEPARTMENT Staepard A Pompanjr, Managar 111 Trumbull St.

ACCIDENT AND HEALTH DEPT. Robert 43. Knoa Oaneral Agent lit Trumbull St. LIABILITY DEPARTMENT Robert C. Knox.

General A rent 11 Pearl Street. Hartford. B1I MIS HOW BIG 1 One of the largest munklpal Issues in prosptct for an offering next week consists of several million dollars of bonds for the joint account of Hoxar, Medina, Atascosa counties of Texas. Proceeds tf this Issue will be used for improving and developing the water resources of tha three Texas counties which have grouned together In financing lie cost. The bonds will be tax exempt and will be offered to yield upward of 5 ptr cent.

11 I Aetna Life Insurance Gains 25 Points Torrington Leads Industrials. Pries changes In the local market during the past week are few. Travelers Insurance Company right are bow 132 bIJ, which is gn advance of two polnta for tho week. No change Is found in tha stock quotation. Aetna Life Insurance Company is twenty-five points higher than a week ago and Us now 1,210 bid, Connecticut General also moved up twenty-five points.

Hartford Bteam Boiler Is up five points for the week. Automobile Insurance Company, now tlfteen points below a week ago, Is ten points 'liltther than earlier In the week. National i'ire advanced five point and iiarUord Kire Is five lower. Tho utility group is unchanged from a week ago. Torruigton Manufacturing was the feature of the industrial sitftl'Ul, leaping six points for the week.

Thia was because of reports of fine current earnings and soo.l demand for the stock. Kafntr advanced two points and Stanley Works common is two point higher. Following is the tabulation of quotations as of July 1, and at the closing on Saturday, as compared with a week ago: Insurance July I. 'SI Kept 26 115 1575 22,0 SSO EH0 7:5 a 670 7 119 cict 121(1 1 0 232 f-0 7fiu 585 735 57 0 7 Aetna i'. 8.

Aetna I. II ('mm. General Steam Boiler Travelers Travelers Kights Aetna Fire Automobile Hartford Fire National Fire Si 0 .768 ..620 ..430 Kossla, Si unities Conn. P. 8 71 113 C- nn.

Power Htfd. Gas com 31 Htfrt. Kl. Lt. com .12 lltf.l.

Kl. I.t. pfd 170 S. N. K.

Tel HO1 Industrials 119 5 5 25 2S3 111 Am Hardware t-l Ulgelow-Hartford pfd 111 103 102 35 US 175 111 41 S5 81 412 lOltt 102 102 35 90 175 1 40 2 5 68 lligoiow-Hartfod com Colta Fafnir Hart Cooley lenders North Judd Peck, Ktnw Wilcox Htan ey Works com 2K 70 40 4'i Torringt' 37 x-loo p. c. stock dividend October. REVIEW OF SUGAR MARKET BY FEDERAL Sugar refiners are carrying unusually heavy stocks for this time of the year, especially at consignment points, declares Federal Sugar Kefining Company in its review of the industry. This has placed refiners in a posiiion where they obviously do not care to have the market sag further.

On the other hand the period of heavy consumption Is now past, and with the advent of domestic beet sugar and anticipation of anolher year of large crops, refiners are not warranted In pursuing nny but a cautious buying policy. However, the sagging of th raw sugar market continues. Refined sugar prices have gone down further because the demand has continued extremely amall and disappointing. Many Irregularities have been reported la various directions, especially at consignment points. These, together with the declines In list prices, have made the trade even more cautious, if that Is possible.

The trade refuses to buy for shipment, but wherever possible confines purchases to supplies from spot stock on consignment. Cuba's sugar production has been completed at a record total of tons. Central "Deliclas," the last mill In operation, has finished grinding. This year's production Is ton greater than last year's, the prerioua record. Cuba's new crop promises mother large outturn for next year'a season.

Rain has been favorably distributed over the principal cane belts and tha fields make a fine showing. Stocks of sugar at Cuban shipping: ports totalled 677,017 tons on September 26, as against 294,696 long at the corresponding date of last year. Exports from to that date, to1 all ports aggregated ions as against 8,515, 541 tons last year Including 2.839,060 tons and 2.823,066 tons to the United States for the two respective years. Europe's 1925-26 sugar production will be 7,605.000 tons according to the latest estimates. Recent trials in Germany and Czecho-Slovakia show crops superior In weight and contents over 1924.

Last year's production was 7,175,000 tons. The new estimate predicts 1.680,000 tons for Germany, 1,600,000 tons for Czechoslovakia. 780,000 for France, 380,000 for Belgium. 300,000 for Holland, 950,000 for Russia, and 1,916,000 tons for the other countries. SEPTEMBER BOND FLOTATIONS LARGE State and municipal bonds floated during the nine months ended September 30 amount to more than a billion dollars, according to a compilation Issued by the "The Daily Bond Buyer" of New York.

During the month of September flotations of new Issues amounted to $103,783,649 compared with $92,660,822 In tha corresponding month last year. The total for the year to date is given as $1,046,570,409, or about $110,000,000 less than the total for the corresponding period In 1924. Among the Important issues floated In September were $15,000,000 City of Philadelphia 4 1-4's, $10,000,000 State of Illinois 4's, and $10,000,000 State of Pennsyl-vanla 4's. The following table showi tha amount of state and municipal bonds sold during September and the nine months ending September 30 for the Past ten years: 9 mths. ending September September SO 1925 $108,783,649 $1,046,570,409 1924....

92. 560.822 1,156,769,042 1923.... 67,657.497 804,104,634 1922 119.208, 70S 1.057.331,108 1921.... 100,797,646 823.009.0,12 1920.... 70,712.506 665.902,598 1919....

72,787.676 617,491.709 1918 19. 79(1. 206.982.540 IE CUBES II 1 LQCA ilKET Analysis Based on First Eight Months of 1925, Compared to 1924. TIRE AND RUBBER SALES $3,400,000 Individual's Chances to Make Living or Gain Wealth Better. New York, Oct.

i (Associated Press.) An analysis 0 rarnlngs of sixteen of the leading railroads tor 1925, based on the first uight months of the year, and compared with 1924, shows Increases for v.i;r, ranging from over 6 per cent, than 200 per cent, it that ttie Seaboard air win show the greatest Increase in earnings per share this year over year, with the New Haven and the Chicago Northwestern coming The first named road shows an estimated increase In earn ngs of more than 200 per cent, and the latter two over 100 per cent. Alexander S. Banks, -president of the Norwalk T.re Kuhber says that salca for the, first nine months this year will approximate $3,400,000. Net profit fur July and August were $93,000 on business of about $1,000,000. He estimated profits for the nine months of 3 New offerings tomorrow Include Rhine-Maine-iJanube Corporation 7 per cent, sinking fund gold debentures, series due September, 1950, at 96 and accrued interest to yield about 7.35 per and shares of NfcW England Public Service Company preferred stock.

$7 dividend series, at $96 Do a share, yielding 7 2i per cent. Industrial development the last fifty years has multiplied many timea the opportunities for the individual of gaining livelihood or amassing wealth, the nat onal industrial conference board reported today in an analysis of occupational change in the United States. Workers in the manufacturing industries Increased from per million n-habitants In 1870 to 123,365 In 1920, an Increase of more than 85 per cent. During the earn period the number of farmers and agricultural laborers. In proportion to the total population, decreased more than 25 per cent.

Trade of the United Stales w. th the twenty new European states established as a result of the World War shows remarkable growth, says the National City Bank of New York. From Azerbaijan, which heads the alphabetical list, to Ukraine and Yugo Siavia with which. It ends, all have shown a remarkable interest 'n the manufactured products of this country and a desire to send their raw material In exchange therefor. Since the beginning of the fiscal year of 192ft, an Increase of more than 60 per cent, in the dollar value of American trade with these new polit'cal divisions has been recorded.

LUMBER MARKET. (From American Lumberman.) Demand for softwoods has shown marked improvement In the past week, with the total volume of business running well ahead of that of for the corresponding period last year, ays the American Lumberman, Chicago. During tha week ended Sept. 19, the principal softwood mills booked orders 101 per cent, and made shipments 103 per cent, of actual production. After two comparatively quiet weeks, southern pins again hit its atride with tha mills booking orders 10 per cent.

In excess of output, which was Jiwt balanced by shipments. Average bookings per mill reached a new high total for the year as the ra: suit of heavy buying In tha East and South. The mills have good order files and, with stocks In uppers low, find It difficult to make prompt shipment. Prices are steady. In the west coast field, the larger fir mills reported orders 7 per cent, ahead of th cut.

Business with the Atlantic coast and the middle West rallied admirably from last weelc'a slump while California trade and export buying remained on an even keel. Stocks were further depleted Iby heavy shipments, making lt difficult for the mills to fill orders for cars containing specified lengths. Some Items In uppers have softened $1. but In general the mills are getting enough business to maintain current quotations. Southern hardwoods continue to move In good volume.

During the last week the automotive Industry was more active In the market, and there was a good call for gum and oak from the furniture, mlllwork and flooring factories. Prices are firm, with red gum advancing. Demand for northern hardwoods Is lighter than a month ago, but birch Is being taken in good quantities by the mlllwork. furniture and box trades and maple finds a ready market with the automotive', flooring and box Interests. Prices are firm.

Joint Stock Land Bank Shares BRIEF survey of exceptional profit possibilities offered in these shares. Circular on Request Stone.Prosser&Dofy INVfcSTMENI SHIUKUIU 52 Willism Street New York City Offering will be made of 40,000 shares of New England Public Service preferred stock $7 divllei-d series, of no lulu by a banklvg group hearted by Tucker, Anthony AS Spencer H. KiHvaru U. Smith Co, and lionliright Inc. The stock is priced at $96.50 per share and accrued dividends to yield 7.25 pet cent.

The New England Public Service a Maine corporation, will own practically all tho common stock of the CVntinl Maine Power Tho Manchester Traction, Light Pvwer and a substantial majority of the common stock of the National Light, Hcst I'owar Co. onon completion of the present financing. Through the National Light, Heat Power the Maine corporation will control through stock ownership the Twin State Cas r'ectrie Berwick Salmon Falls Electric Vermont Hydro-Electric Corporation. Rutland Hallway, Light Power and the Pltisford Power BETTER EVERYWHERE But U. S.

Volume Grows Twice As Fast As That of Rest of World. New York, Oct. 4, (Associated Press Foreign trade of the United States Is growing twice as rapidly as that of the rest of the world, although steady progress is being made by all countries in the of International commerce, James A. Farrell, president of the United States Steel Corporation, said today In a survey of world business conditions made public by the National Foreign Trade. Council.

Mr. Fur rejl's review of the situation was Incorporated In an address at the recent annual meeting of the council, cf which he Is chairman, "No other European country makes a showing in real Increase of foreign trade since 1913 equal to that of France," Mr. Farrell declared. "Since 1913 France has not only turned an adverse export balance of nearly $300,000,000 into a favorable axport balance of $162,000,000, according to figures of the present fiscal year, but she has also increased the real value of her exports By fully 25 per allowing for all deflation In present day prices." Mr. "Farroil estimated that tha United States had Increased its trade within this period about 30 per cent, in values similarly readjusted to 1913 prices, while Great Britain was still 6 per cent.

In arrears as compared with 191S and Germany had recovered a little less than half its pre-war trade. The growth In the world' trade within the past fiscal year, he pointed out, had been estimated by federal reserve authorities at 6 per cent. Bonds Resume Up Swing Foreign Exchanges Become Reactionary. New York, Oct. J.

(Associated Press. Marked expansion jn the volume of stock trading remlnscent of last year's post-election boom, a resumption of the upward movement in the bond market and the development of a reactionary trend in the principal foreign exchanges wet the outstanding features of this weeks financial markets. Speculative enthusiasm ran high In the stock market following retention of tha local Federal Reserve Bank rate at 3 1-2 per cent, reflecting a general feeling of relief In tha financial district at the prospect of no Immediate changs. Sustained strength of the motor shares, which seemed Invulnerable to attacks of profit taking and bear selling, distinguished trading. General Motors.

Hudson and Chrysler which havabeen speculative favorites yielded their leadership lata In the week lo Dodge. Many other standard industrial shares participated In the upward movement under the leadership of United States Steel, but that wefk was noteworthy mainly for the broadening of buying Interest. Daily transactions twice exceeded two million shares, bringing tha total number of two million share days so far this year to fifteen. Although the failure to reach a definite settlement of tha French debt was disregarded In the atoek market, it caused a sharp reaction In French bonds and francs. Sterling exchange also sagged to the lowest level since Great Britain's return to the gold standard following the lowering of tha London Bank rate.

The F. E. Kingston Co. Public Utility Specialists LIGHT 'AND POWER COMPANIES The highest grade of Investments must offer the factors of prime Importance safety and stability. This combination Is found In tha securities of well-managed light and power companies.

rrnr.ic itimtt noxns PREFERRED STOCKS .1.1 Lewis St. Ilnnford Telephone 2-4107 CALEDONIAN 209 Pearl Street, 10 OF STOCK TRADING EXPANDS ImwM "The UNITED 555 IE Can't Progress Against Credit Outlook and Firmer Money Rates. MARKET STRONGER TOWARD WEEK-END Helped by Reserve Bank Decision Not to Increase Rediscount Rate. New York, Oct. 4 (Associated Frees.) (Bond prices marked time last week, uiiuoiu against the obstacles of i'irmur money rates and uncertainty over the general credit outlook.

Tiie market was strengthened late In the week by the decision of the local Federal Jleserve Bank not to increase its rediscount rate, but buying enthusiasm was tempered by the higher quotations on time loans. With fears of an increased bank rate allayed, investment circles at the end of the week were confident that bond trading would soon recover some of Its losf animation. Dividend and Interest disbursements were unusually heavy on October 1 and bankers lexpect that these funds will gradually flow back into investment channels. French Bond Suffer. One of the most sijfnit'icant developments of the W' in Us effect on the bond market was the failure of the French debt funding negotiations to provide a final settlement.

Wall street's reaction was expressed in heavy selling of all the French government, municipal and railroad bonds traded in on the New York Stock Exchange. Prices fell back one to 2 1-2 points, but it was noted that the losses merely cancelled gains which had been scored on expectations of an agreement. France' Credit Affected. The more important effects of the Washington conferences lie In the altered aspect of France's position In seeking new private loans. Approval by the French cabinet of the flvt-year provisional plan proposed by the American commissioners will probably remove any official objections 10 new financing on the part of 1'rance.

but bankers unquestionably will proceed more cautiously in granting loans. France's require ments, it is believed, will compel the government to borrow JlOO.OOO.CmO here within the next few months. Ijittle trouble is expected in arrang ing this loan, but mora difficulty probably will be encountered in satisfying the needs of French cities and industries. f.e ew Financing. A smaller volume of new financing last week provided an opportunity for the absorption of iirge bond issues recently placed on the market.

Offerings dwindled to $55,000,000, compared with approximately 000 in the preceding week. Ger many was well represented in the field of foreign financing with a Bavarian loan and a 000 bond Issue for the German-Atlantic Cable Company. In addition, arrangements were completed for an arly offering of bonds for the "Canal, rep resenting the initial instalment in a $20,000,000 financing program. Itflgliim To Seek Credit. Negotiations for a credit of between $100,000,000 and $160,000,000 stabilize the Belgian monetary situation- are scheduled to follow the arrival later this month of Governor Hautaln of the National Bank of Bel- glum.

This is expected to take the form of private bank credits similar to those previously granted to Great Britain and France, but it may be supplemented by a loan to the gov ernment later in the year. ELECTRIC TRADE VOLUME FAVORABLE New York. Oct. 3. Sales In the electrical industry in the third quarter of the year were somewhat better than estimated.

The demand for sub-station equipment was unusually good. "Electrical World" erports. Building construction material was active, with wire and abla sales exceptionally good. Industrial plants purchased conservatively, yet tha total volume was satisfactory. There is no Indication of overtsocklng by distributor as orders in most Instances ra small, with constant requests for quick deliveries.

The outlook for the lat Quarter Is favorable. The industry does not look for the sale of a great deal of heavy apparatus, but an improved demand Is expected In supply lines, small equipment, and industrial and merchandise lines. In scheduling production operations for the last quarter manufacturers have been optimistic. Jobbers report a decided upward trend in business after the slack summer period. In the past week several large con-tracta for electrical machinery were placed In the New England district.

PLUMBING SUPPLY TRADE. Production of the various plumbing and sanitary supplies in nearly nil parts of the country has been well up to the volume of the last two or three years with the 1324 total surpassed in some sections, particularly in the Middle West and on the coast, where construction work has been unusually heavy. In fact, building activity has been the predominating Influence in the movement of plumbing supplies, according to re-Ports to "Dun's rtevlew," and while buying for future delivery has not been so heavy during the last sixty days, orders for Immediate delivery have been considerably larger than Ihey were during the same period a rear ago. Manufacturers of brass ar Hcles and plumbers' equipment have recorded more sales than last year, ind the call for enamel ware, lead pipes and east-iron product hag been heavier. The entire tonnage distribution Is placed conservatively at per cent, above lost year' figures.

While prices in the main are firm, namel and earthen ware are below the level obtaining last spring, soil pipe has advanced, and heating units, both boiler and radiation, are higher. On the average, however, the scale Is below that of the preceding year, some cases as much as IB per cent. No further reductions, however, are anticipated. In view of the quantity of material that will he needed during the balance of the season and lhe present high production costs, no i eductions having been made in wage "-hEdul. DURING WEEK WHEN yon arc hustling along, buoyant with health, you can not realize the value of good health.

Its worth is brought home to you only after you lose it. Likewise, when your business is sailing along serenely, with an office or factory equipped with valuable records, you can not realize the almost priceless worth of those records. Their value is kicked into you only after fire hac finished them and your business has fallen into confusion. We all have hindsight aplenty. Why not some foresight? Why not foresee that there is constant danger to unprotected records even in a fireproof building? The Burlington fire in Chicago destroyed $3,000,000 in valuable and irreplaceable records, burned on separate floors of a fireproof building.

Send for the free Shaw-Walker folder, "Assets or Ashes." It tells what you want to know about protecting your records and show9 the right type of safe for your hazard. Phone us now or WTite your name and address on a corner of this ad and mall it roJay. Tomorrow your records may have changed from assets to ashes. $87 and nphuyaa Shaw-Walker Safa, uVllvrred In your office, wllh Interiors eitra to auk. Shaw-Walief haa bean making and selling safe for years and bulhle many alias and models for all denreea of lira risk.

The famous "Bullt-Llka-n-Skyarraper" construction Is built Into every Shaw-Walker Sate. BuiltUkea Skyscraper -rruiew 2700 ITEMS OF OFFICE EQUIPMENT OP SCOTLAND Founded 1805 Oldest Scottish Ins. Office" STATES HEAD OFFICE Asylum Street, Hartford, Conn. WAKEFIELD, MORLEY General Agents 176 PEARL STREET Tel. 2-1433 Send for a "Skyscraper' 'man he's trained Hartford, Conn.

1917.... 34.283,642 366,764 292 18JSLA4J S7R.S41.61S.