. Architect and engineer. H.\RRY IIENNINGS • BE.\CH AND HALLECK STREETSOAKLAND, CALIFORNIA Telephone OLympic 3208 Phone GArfield 1164 Hunter & Hudson Consulting EngineersDESIGNERS OF HEATINGAIR CONDITIONINGVENTILATING AND WIRINGSYSTEMS. MECHANICALAND ELECTRICAL EQUIP-MENT OF BUILDINGS 41 SUTTER STREET ROOM 710San Francisco California DINWIDDIECONSTRUCTION Builders of the nevi gymna-sium. University of Cali-fornia; Grace Cathedral,Russ Building and HartfordInsurance Building, SanFrancisco; Life ScienceBuilding, University of Cali-fornia, Berkeley. CROCKER BUILDINGSAN FRANOSCO The Architect and
. Architect and engineer. H.\RRY IIENNINGS • BE.\CH AND HALLECK STREETSOAKLAND, CALIFORNIA Telephone OLympic 3208 Phone GArfield 1164 Hunter & Hudson Consulting EngineersDESIGNERS OF HEATINGAIR CONDITIONINGVENTILATING AND WIRINGSYSTEMS. MECHANICALAND ELECTRICAL EQUIP-MENT OF BUILDINGS 41 SUTTER STREET ROOM 710San Francisco California DINWIDDIECONSTRUCTION Builders of the nevi gymna-sium. University of Cali-fornia; Grace Cathedral,Russ Building and HartfordInsurance Building, SanFrancisco; Life ScienceBuilding, University of Cali-fornia, Berkeley. CROCKER BUILDINGSAN FRANOSCO The Architect and Engineer, September, 1933 McNEAR BRICK FOR Beauty andPermanence McNear Brick Company Main OSice and FaclorinMcNEAR POINTSan Rafael, Calif. San Francisco OSice and Yard 417 BERRY STREET ALADDINH E A T I X G Engineering and layoutservice for warm air heat-in// and air conditioning. Representatives in every city in Northern Cali-fornia. ALADDIN HEATING CORP. 5107 Broadway. Oakland OLympic 5424 ]\ORTOI\ DOOR CLOSER Agents NORTON PACIFIC SALES CO. fifi? Howard Street San Franrisco McClintic-MarshallCorporation Subsidiary ofBethlehem SteelCorporation STEEL BRIDGESand BUILDINGS 215 WEST SIXTH STREET LOS ANGELES 2050 BRYANT STREET SAN FKANCISCO see how this noble experimentwill end. As the effect of excessive creditupon building, real estate boomsall over America prior to the deb-acle of 1929 are witnesses. Thosebooms are financed mainly byloans secured by mortgages. Andnow most of the property invest-ments thus financed are not worththe mortgages even on the alleg-edly conservative basis of 50 percent of the former market value. Factories were expanded rapid-ly during the last boom period,largely by the aid of borrowedmoney. Stocks were also sold toraise money for those expansions,but usually those sales were onthe installment plan, which meansmore credit. Every stock market boom isfinanced on credit, for buying onmargin is a credit transaction. In 1929 the total indebtednessof
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