Babson Sees Good Prospects
For Copper Stocks in Future
Economist Urges Care During Present
Uncertainty—Reviews Both Com- <
modity and Securities .
Special Dispatch to Tile Star,
WELLESLEY HILLS. Mass., No- |
vemfeer* 3.—Copper securities at a i
rtw low for the year, reached dur-j
Ini? the last two weeks, have stirred
the interest of the investor.
The copper industry has for some !
time been rolling- in the doldrums of 1
low prices and depressed market con
ditions. From August. 1921, through- |
cut 1922. and into the first quarter of j
this year, prices moved steadily up- I
"ward. In March a temporary reac- I
lion set in, and during the past seven '
months the trend has been markedly '
downward. Present quotations are i
on a par with those of the early part
Apparent domestic consumption
since the low points of 1921 has con
tinued in an uninterrupted rise. About
700.000. 000 pounds were consumed by
domestic manufacturers during 1921.
1.100.000. pounds during 1922, and
an estimate for the present calendar
year places the amount in excess of
1.400.000. a figure closely’ approxi
mating that of maximum war activ
ity during 1918.
Exports on Increase.
The export, situation is compara
tively good and improving. Export
figures have risen steadily from 504,-
000,000 for the fiscal year ending
dune, 1921. to an amount that wi I
probably exceed 750.000.000 pounds
for the present calendar year. This
figure is in excess of any previous to
1912, and closelv approximates tiic
years immediately preceding the war.
During the past seven months there !
has been no appreciable decline in !
manufacturing activity. Actual do
mestic consumption has had only a
slight recession. Exports have held
well. The basic reason for the pres
ent low market is found in the clean- ;
ing up of stocks of raw materials i
held by manufacturers.
The accumulation of s-uch stocks in- :
evitably accompanies a period of in
tense activity, such as the mills ex
perienced last spring, for it then be- ]
comes necessary to keep a larger;
supply on hand to insure uninter- :
rupted operation. With these "greas
ing-the-machinery” stocks now re
duced to about normal, fabricators :
must enter the market to cover new .
orders for copper and brass products. ;
This basic reason for the present low j
point is in itself a strong argument'
for heavier purchases and consequent I
Buying Movement Seen.
All indications point to the fact \
that the stage is being set for a long- |
awaited buying movement. Nearly i
every appreciably upward turn in ■
prices has been directly preceded by i
an abrupt drop in shipments from |
the fefinerle.s to domestic mills. In j
September domestic deliveries were ;
only 93,000,000 pounds, the lowest
since early in 1922, and more than 1
30.000. pounds below the average
point for the first eight months of
Copper buying has always come in
waves. Psychology enters the mar- I
ket In a persistent tendency to fol
low the crowd, and is often the de
ciding factor in the direction and ex
tent of a price movement. Another
indication of approaching strength
is the length and extent of the de
clining market. Since the latter part
of March there has_ been no halt in
the fall of copper prices. A study of
market fluctuations for the past fif
teen years shows that stx months is
the maximum limit of a continued
For the time being these factors
will presumably have more weight
\ Chevy Chase, Md.
A Genuine Home Most Desirably Located
1 (OLD CHEVY tHASE)
/ Southeast Corner of Kirk and Magnolia Parkway
£ Stone construction; slate roof; large front porch; center- ;
5 hall plan; first floor has living room (open fireplace), dining ■
3 room, bedroom and bath, kitchen and pantry; second floor has :
5 3 bedrooms and large bath, elaborate fixtures; gas, electricity
2 and hot-water heat; 2-car garage; spacious lot contains 12,000
fi square feet.
/ Open Saturday Afternoon
s From 10 to 6 on Sunday
\ Thomas J. Fisher & Co., Inc.
I 738 15lh Street N.W. Main 6830
f m ‘I
' ill . ; I
| * And Open for Inspection
No. 10 Quincy St.
Chevy Chase, Md.
• |i !
- - I
Which is a magnificent Colonial Brick Home, priced
" at a figure that makes it a wonderful buv.
The grounds front 100 feet on Quincy St., just a
block oflF Connecticut Ave., and the handsome brick
home is set in a grove of great oaks. The house con
tains 9 rooms (5 bedrooms), 2 baths and sleeping porch,
as well as servant’s quarters with bath. Also there |;
is a 2-car garage.
It is a home to be proud of—most impressive in |
appearance, yet as comfortable as was ever built—and
simply running over with good, permanent value.
BETTER SEE IT!
I [Shannon •&• lOchS]
713 14th St. N.W. ‘ Main 2345
| in the market than the relative status
|of stocks, production, consumption,
etc. Postwar production hay not yet
been properly adjusted to peacetime
j consumption. Fntil such an adjust
ment is made, prices will be deter
' mined not so much by the ratio of
| supply and demand, as bv the rate of
i expressed demand in the form of
I sales, that is. the volume of defined
' copper actually changing hands from
j producer to consumer.
The fact that general busines is
I working sidewise and slightly down
ward—the Babson chart shows pres-
I ent actvity of 16 per cent below
j normal—may delay this recovery
The position of the industry, judged
1 by itself, would suggest the purchase
of copper stocks. The fact, however,
•that the long swing trend of the
j stock market and general business is
i still uncertain is a deterring factor.
1 A single group of stocks cannot well
I run counter to the fundamental sltu
• ntion that governs the entire market,
i When the bottom has been reached.
I however, and the long swing upward
i is in order, copper stocks should be
; among the first to benefit by the rise.
! (Mr. liabsen, the noted st itistielan and econ
omist. wilt continue his special articles on
business and financial conditions in next Rat
• urda.v's Star.)
WILL DIVIDE EXPENSES.
Realtors Reach Accord on Funds
Board and Host City Will Provide.
1 (Mean-cut division of responsibiii
| ties and expenses between the host
hoard entertaining a convention of
1 the National Association of Real Es
| late Boards and the association Itself
I is provided in a suggested plan for
j future convention arrangements ap
! proved by the association’s directors.
! Under the plan the National Asso
■ elation would pay all expenses direct
ly connected with the convention and
, receive all funds paid in as registra-
I tion fees. It would establish its own
j convention bureau in the host city
: and complete arrangement of the
: program in all its details. The host
; board would provide the place of
meeting for the general sessions and
• for the division*)! conferences and
| committee meetings, and through its
; own committees would oversee trans
| portation, acquaintance, registration
1 and all entertainment features. The
! host city would provide a fund of
i $15,000, to be used for entertainment
1 and hospitality features only and to
! be spent largely at the discretion of
j the local board.
| HOW TO USE CONCRETE.
: Use of Bowlders In Construction
! Occasionally a query is heard as
to whether it is advisable to use a
1 few stones in the construction of
I concrete walls. The practice is not
i good unless the wall is made very
■' thick, for the large bowlder will cer
-1 tainly settle to the bottom. if the
j forms are filled up nearly solid with
I these bowlders then you have a stone
! wall, and the thickness of a stone
i wall does not correspond in strength
i with the concrete wall of the same
j thickness. A ten-inch concrete wall
I will serve the purpose of an eighteen
-1 inch stone wall. For light buildings
the practice of throwing bowlders
i into concrete is not as important as
it is in larger buildings, but on the
whole it is inadvisable.
THE EVENING STAR, WASHINGTON, D. C„ SATURDAY, NOVEMBER 3. 1923.
BUILDING CONSTRUCTED OF TAMPED EARTH
In this home of Hr. If. It. Humphrey, at Cabin John Park, >ld.« he hn* revived n wall eonstruotion used by the
Romans. Karlh excavated from the cellar was laid in wood forms for the walls, and tamped down. The cost Is said
to !>»• one-third less than that of brick construction, and the walls much stronger.
REALTY BODY PLANS
National Body Adopts New Fi
nancing Method Before Be
ginning New Tasks.
A comprehensive program of na- ;
for the year, includ- I
ing investigations by the national '
association and by its specialized di- j
visions into real estate facts and con- j
ditions. the furtherance of legislation ]
in the interests of real ystate owner
ship and the development of the best j
real estate practice nationally was!
adopted by the directors of the Na- i
tional Association of Real Estate (
Boards. Adoption of this outline of j
undertakings marks the first time in i
the history < f real estate organiza- j
tion that the national association has j
committed itseif to hew to the line !
and operate on a definite program.
Undertaking of a comprehensive !
and definite obligation of service to i
real estate will of necessity entail
adequate financing, officers of the as
sociation point out. i’laais were com
pleted for putting the financing of
the association on a basis that will
enable the business ox the national
organization, to tie carried on in a
The special endowment fund, under
which members were asked to loan
the association money without inter- i
est to further business research, will ;
be discontinued, the directors decided.
Monqy now on hand wilt be returned;
to the donors. Decision to discon
tinue the fund campaign came after
careful discussion of the whole en- j
Other measures approved include:
Licensing own-your-h/ime exposi
tions and development of a central .
advertising service for licensed ex- |
Outline of a regular plan for divls- '
2939 MACOMB ST. N.W.
. Cleveland Park
OPEN FOR YOUR INSPECTION
SATURDAY AND SUNDAY
I * jj I
An attractive bungalow, containing six large rooms and bath ; j
j; hot-water heat; electric light; open fireplace. Garage. House
recently redecorated throughout, and is in A-l condition.
N. L. SANSBURY CO., Inc. |||
“Everything in Real Estate r”
1418 Eye St. N.W. Phones Main 5903-4
Members of Washington Ileal Estate Board
~~~ ' " r-—... '
A NEW UNUSUAL
y DETACHED HOME y
r ° n
I Buchanan Street
j Just West of 16th Street
[ On Most of Houses
1616 Buchanan Street N.W.
I The entrance at the side of the house permits a center-hall •
I plan, with a spacious living room with open fireplace on one side j
Ini and a beautiful dining room and breakfast room on the other side. “
□ Second floor contains one large bedroom with private hath ■ I
and dressing room and built-in wardrobe, also three other bed- _ i
® rooms and bath, including large sleeping porch, servant's room and I
bath in basement, two-car garage, oak floors throughout, auto- I
matic water heater, linoleum on kitchen floor. Lot 50x138 ft. .
to 20-foot alley. .
We Invite You to See This Home Without Delay
Open for your inspection every day and evening until 9 P.M.
I L. E. BREUNINGER & SONS n
j Owners and Builders
I 706 Colorado Building Main 6140
H=H S 3 EH --■-■JHh —iEli "M
REALTORS’ WIVES FORM
Entrance of organizations of real
tors’ wives as auxiliaries to real es
tate hoards may prove the coming of
a very effective new agency in civic
matters in which real estate men are
community leaders as well as in the
social side of realtor fellowship, offi
cers of the National Association of
Heal Estate Hoards believe. The
housing question, the development of
better architecture for American
homes, the protection'of established
homes through zoning and the work
of laying out a noble and effective
city plan are civic Interests which are
expected to be of especial importance
to the new realtor auxiliaries.
Helping to put across the city’s
first home and building exposition has
been the first job in municipal heme
building to be carried out by the
newly organized Spokane Club of
Heal tors’ Wives.
RUBY LEE MINAR MADE
The Virginia Heal Estate Associa
tion has admitted Its first woman |
member. Xtuby I-.ee Minar, “Washing- i
ton real estate woman, was admitted \
just prior to the recent state con
vention in Eypchburg, Va.
the decision to admit women on (
an equal basis with men was in rec- :
ognition of the important part wom
en lately have come to have in the .
real estate business, and was in line !
with the policy adopted by many
other state and local associatjons._
ion of responsibilities in handling fu
Adoption of amendments to by-laws
to provide smoother functioning.
Expansion of service of association
in acquainting public with work o(
Wider use of the reajtor emblem
through glass medallions.
SAYS MULTIPLE PLUGS
INCREASE FIRE RISK
Experts Declare They Cause Wires
to Be Overloaded With
The most important part of elec
trification of a house is the wiring.
It is the basis of the use of electric
ity and on it depend the lighting
installation and the use of labor*
saving appliances. The location of
the switches with reference to their
convenience is important. The light
ing fixtures should be well placed
with regard to their illuminating
qualities as well as to their genera!
effect on the room and surroundings.
The outlets for use with appliances
must be carefully placed.
[ The number of outlets Installed, as
I a rule, has not kept pace with the
| number of devices and appliances to
|be used with them. The result is
I that one outlet Is made to do dou
| bl,e and even triple duty by use of
j multiple plugging attachments, with
ithe result that the wire leading to
lit is likely to become overloaded,
j causing it to break down and make
; an added fire risk.
! * as m en ar srued that sufficient
outlets will run up the cost of a new
lit,"? a point " his-h is beyond
hat the owner wants to spend.' but
in e J* n .h Ve H‘ S that if ,hp > are pul
in .a the time a smaller number is
sH,rhu lnSt r a the oost ■' vi!l 1)e but
- light.> greater, whereas after the
be U s S .r v( r.I C 7 nPif ' tPd u their cost would
he several times what it would have
been had they been included in the
THE PERFECT HOME I
(Built By C. H. Small)
(By W. B. Moses & Sons) .
Open for You to Inspect Sunday and Every Evening
Hedges & Middleton, Inc., and W. B. Moses & Sons cordially
invite your inspection of this model high-class residence
No. 2809 35th Street N.W.
A Few Facts Worth Knowing
These homes are located in eliminating the erection of cheaper j
Massachusetts Avenue Heights, a class homes; the beautiful layout of v , j
section that every one concedes to its streets, abundance of shade trees,
be the most desirable suburb for its magnificent approach from the
homes of the better class. • city and the distinction of being ad
• The houses themselves, regardless ) accl,t to several lar R e government
of location, surpass any others of- reservations, private estates and the
sered on the market today. This Episcopal Cathedral of Saints Peter
applies to the quality of construe- and p au l, which represents already ,
tion, the convenience of arrange- before completion an i nves tment of
.ment, their attractiveness, etc. , .... . „
several million dollars, .There are
All property in Massachusetts many other features of this sub-
Avenue Heights has increased and ~ . . .
, . . . . . division, such as commanding views
is constantly increasing in value bv
reason of its high elevation, its of the city from most any point and
proximity and accessibility to the accessibility, to the finest schools of
downtown section, its restrictions, Washington. '
ts I" ■- ■--- ■■—■■■■' " ' ■' ■■■ -
Drive Out Mass. Ave.N.W. to 35th Street
Turn North One Block to Above Number
THE PRICE AND TERMS ARE ATTRACTIVE
HEDGES & MIDDLETON, Inc.
1334 H St. N.W. Exclusive Agents Fr.. 9503
Maryland House Built of Earth
More Permanent and Costs Less
Agriculture Department Expert’s Mate
rials Like Those Used in Ancient
Roman Structures .
Construction of buildings out of
earth, without mixing with any other
substance, has been revived by Dr.
H. B. Humphrey of the Department of
Agriculture, who now is completing
a home at Cabin John Park, Md,, out
of the earth which was taken from
the cellar excavation. The cost of
constructing a building in this man
ner, Dr. Humphrey said, is one-third
less than the cost of constructing a
brick home, and the years only serve
to make the substance harder. It
can not be affected by rain, wind or
The structure has attracted con
siderable attention since Dr. Humph
rey began construction, and it is be
lieved that the erection of this home
will bring about more building of
this type when it becomes generally
known that it is better 'than either
brick or stone.
Dr. Humphrey undertook the con
struction of the building only after
considerable investigation, and after
samples of the earth had Ween sent
to experts in London and in Johan-
URGE TAX REFORMS.
Tax reforms which the National As
sociation of Real Estate Boards is
committed to work for are: First,
the removal of the present penalty
on constructive Investment through
stopping issue of tax-exempt securi
ties and the subjection of federal,
state and municipal bond issues to
their share of the tax burden; second,
the reduction of federal surtaxes in
he higher brackets, and, third, the
adoption by the several states of a
; plan under which taxpayers of In
i dlana have been saved $12,000,000 in
j the past two years through check
) ing of possible extravagance in state
or local tax or bond levle.v. The In
diana plan provides for review of all
tax and bond measures by the state
board of tax commissioners.
! The association advocates a federal
j saley tax.
i PHILLIPS BUILDING
i SOLD FOR $500,000
i Charles A. Carry Buys Structure
' at 15th and K Streets as*
— —~~ — ~— /
TTie Phillips building, located on
the southeast corner of loth and K
streets northwest, a twelve-story
fireproof structure, containing 154
rooms, has been purchased by Charles
A. Carry as an investment. William
i S. Phillips will continue to occupy the
The consideration is understood to
be in excess of $500,000.'
CRAGIN MADE DIRECTOR.
! Raymond T. Cragin of Cleveland has
| been chosen director of the National
j Association of Real Estate Boards, to
j take office January 15. Mr. Cragin
will succeed H. R. Ennis, who on that
[ date will assume the presidency of
nesburg. South Africa, ami he was
Informer] that It wan a very fine grade
of earth and could be used in build
ing. In his investigation, Dr. Humph
rey found that the Romans had used
the method and that in many in
stances the structure in years had
turned to stone, and in attempting to
repair them It was necessary to use
A'o Wnlt for Drying.
One of the peculiarities of the con
struction is that it is not necessary
to wait for the material to set be
fore placing in beams, or in laying
up the various layers, as is done in
the case of reinforced concrete con
struction. It was explained by Dr.
Humphrey that the forms are laid
•nd the earth put in and tamped
down. As soon as the tamping is
completed the forms can b* imme
diately removed and the joists and
other cross members supporting thb
floors may be laid as the tamping
is going on. »
Dr. Humphrey' said that his atten
tion was first attracted to the method
in an article In the London Spectator
three years ago. He immediately
made some studies of the earth on
his ground, and then sent samples to
an expert named Ellis in London,
who tested it and reported that it
could he used in the same manner
for building construction as that
used by the Romans. He also sent
some to I’rof* Aird at Johannesburg,
South Africa, who made a similar re
In the home which Dr. Humphrey
Is erecting the walls up to the sec
ond floor and the partitions in the
cellar are constructed the earth.
However, Dr. Humphrey said that
there is no reason why buildings
may not be constructed to a greater
height of the .same material.
The home is situated in the park
at the top of the hill overlooking
Cabin John Creek. The earth used
In this structure is found ail over
this section, it was said. However.
Dr. Humphrey said that soils that
pack readily or form clods in plowed
fields are adapted to this method of
construction. In fact, he added, any
soil, except sand, or soil that con
tains a high percentage of clay may
It is unnecessary to mix anything
with the soil, nor even water, as the
natural moisture is sufficient to
make it stick.
Washington’s most beautiful residential section of detach
ed homes. Containing seven million feet of forest-covered land,
with six miles of improved streets. Includes what remains of
“The Triangle of Increasing Values”
between Connecticut. Massachusetts and Cathedral avenues
(Woodley Rd.). Over five million feet of land sold. Over
130 homes from $15,000 to $200,000 built and under con
truction. Wooded villa sites, lots and central and side hall
brick homes, with lots from 50 to 115 feet front—Park Office,
32d and Cathedral Ave. (Woodley Kd.).
Middaugh & Shannon, Inc.
Woodward Building, 15th and H Sts.
Real Estate Dealer Speaks
Before Class at
Y. M. C. A.
! Mortgage loans offered the highest
form of security for the investment
of funds. Edmund D. Rheem, local
j realtor, told the real estate class of
j the Y. M. C. A. In the course of a
I lecture this week.
Enumerating some of the advan
tages of mortgage loans. Mr. Rheem
pointed out that the property- on
which mortgage loans are secured
usually exceeds in value the amount
of the first mortgage by from 40 so
50 per cent. Income from this form
of investment is usually fixed ami
paid at regular intervals and is not
dependent upon the success of any
particular business or enterprise and
is not affected by varying conditions
of the money market. Loans are made
for definite time and this insures am
ple opportunity for reinvestment will
jin advance of maturity. The'se ami
[ without help or advice, because it re
j quires experience and skill to be
j thoroughly- conversant with realty
values and the various technical
j phases of securing mortgage loans
i such as preparation of the papers and
| examination of titles. These matters
| usually are handled by a broker who
| is experienced in this work and as
;sumes the responsibility for the ac*
‘curacy and correctness of details In •
icident to such transactions.
The development of mortgage tom-,
i panics has made it possible to finance
, large mortgage loans in notes of
| small denomination, which are dis-i
I tributed among various investors!
| This offers the man of small means an
I opportunity to receive a maximum
1 return on his savings and at the
i same time has been a material aid in
the upbuilding of cities through
financing the construction of apart
ments. hotels, office buildings and
homes throughout the country.
At the next meeting of the class
Robert L. McKeever will discuss the
operation of a sales department of
a real estate office.
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