Evening Star Newspaper, January 16, 1921, Page 26

72 2 Y N \ 2 Many More - Sale This January Sale Is Built On THRIFT Iis offerings meet the demand for present-day economy with extreme money-saving Tea Wagon Mahogany inish, with able tray, Special, vered reme er-tired wheels. $21.50 At Big January Clearance Reductions $2250 Cedar Reduced to...... $33.75 Cedar Chest; Reduced to.... $53.50 48-inch William and Mary or Queen Anne Cedar Chest. Reduced to.......... $42.50 $41.50 $5200 48-inch Flush-Top Cedar Chest. Reduced to January Clearance Sale of LaceCurtains at sharp price reductions. If you've waited for prices to come down—here’s your op- portunity to BUY and SAVE. $275 Marquisette Cur- $775 Marie Antoinette Foaed 2.19 i $5.98 ‘s:llr)‘os Marquisen2¢ Bug i_lu()nai.\r{aric %xgmansc B oo . Pair o= . ©30 Nottingham Cur- §I2 Marie, Antoinette sl $2.49 T $9.75 $5.50 Nottingham Cur- $15 Irish Point Cur- B 3.98 i $9.90 $9.50 Nottingham Cur- $18 Irish Point Cur- wre . $6.98 i $11.75 WICKER CHAIRS $29.00 O1d Ivory Armchair ; upholstere seat and back. Reduced to. $44.00 Old Ivory Rocker; cushion seat and back. Reduced to... $10.50 Armchair. to $27.00 Chinese Grass Hour Glass Cha Reduced to $26.75 Chinese Grass duced to... $19.75 Ladies’ Grass Reduced to. $22.50 $36.50 Reduced Reed DUOFOLDS————— $75.00 Fumed Oak Duofold; Black Imi- tation Leather. Reduced to........... $53-50 et b $95.00 Massive Fumed Oak Craftsman Duofold, in Brown Muleskin. Re $72.50 B Rionis Reticents $64~50 Brown S | RSB CRIBS———————— $27.50 White Enameled Crib. Reduced $21 .50 $38.50 $29.50 $16.25 $45.50 Louis XVI W glander Folding Crib, s. Reduced to. $20.00 White Enamel Crib; brass orna- ments. Reduced to........ CREDIT There is no extra charge for credit here. Select what you need from this sale and use our conven- jent system of deferred payments, if you wish, without added cost or aterest. See Our Ad in Today’s Post Items THE SUNDAY STAR. —the result of a big special purchase. A re- markabie opportunity for Homes, Hotels and Lodging Houses, at below-cost prices. —is unusually attractive, with its finely designed Buffet, China Closet, tension Table and Inclosed Server. A Suite that splen- 50 didly upholds the traditions of Queen Anne Period dc-$ 298. signing. A fine Suite at a very special price. ... “Eeodcono — This American Walnut Dining Room Suite —1Is a creditable example of the Queen Anne period. It has a 60-inch Buffet, Fretted China Closet, Inclosed Server and 48-inch Ex- 5369 50 tension Table. The crotched walnut panels on Buffet and Server give added distinction. Specially priced...... This American Walnut Dining Room Suite —Has large, ample Buffet with mirror and crotched walnut panels; it has a worthy partner in the Fretted China Cabinet. The Inclosed Server also has crotched walnut pancls, and the Extension Table completes the suite. Very specially priced at | . e % This Cane Suite Finished in Mahogany —has cane backs and ends. It comprises Settee, Arm- chair and Fireside Chair, and is upholstered in imported velour. Marked very special for the January Clearance $21 1 .75 Sale........ 5 — Another Three-Piece Living Room Suite has cane back and ends. This suite includes Settee, Armchair and Fireside Chair. January Clearance Sale price.... 16722 1498 HAVE IT CHARGED IF Yoy Wisy LIUS LANSBURG FURNITURE co. 2 NINTH STREE * A Magnificent Three-Picce Overstuffed Suite is upholstered Consists of Large Settee, Armchair and Arm Reduced from $675.00 for the in Figured Velour. Rocker; Marshall Cushion Seats. January Clearance Sale.......... Every Item Will Save You Money—READ THEM ALL JANUARY A Great Blanket Sale | Blankets S10.50 Blankets 4 98 50 Blankets 5 98 SI400 Sale price....... . Sale pricc....... . Sale price $11.50 Blankets. 5 49 $1350 PBlankets. 6 49 15300 Sale price...... . Sale price........ o Sale price........ 16, 1921—PART 1. i | Serving Table Of fine selected mahogany, Queen Anne period; Large size. crotched mahogany Very special in price. $37.50 RUGS Now Much Less During the Big January Clearance Sale $42 50 panels. Now e $49.75 _ Tapestry Brussels Rugs. Now $33.75 - $69.50 $116.50 $92.50 $119.75 Now.... $169.75 11.3x12. Rugs. Now. 5 Wilton Rugs. $12.50 Axminster Rugs. Si 5 Shada i P ey $7.75 $6.50 Axminster Rugs. Size 27 i Nowird e e R e ————— BUFFETS $175.00 Large Golden Quartered Oak Buffet. Reduced to $139.SO $110.00 Craftsman Fumed Oak Buffet, $78 50 . with mirror. Reduced to.. 165.00 M. y b B, o B GRSl ’ / CHINA CLOSETS $12500 Louis XVI Mahogany China $72.50 Closet. Reduced to.. $14475 Louis XV China Closet in Mahogany. Reduced to............... $82'SO $90.00 Heavy Colonial Golden Oak China Closet. Reduced to. on $80.00 - Colonial Three-Wing Fumed Oak China Closet. Reduced to.....e.. $62.50 $52.50 SERVING TABLES $25.00 Queen Anne Golden Oak Serving Table. Reduced to $60.00 William and Mary American Walnut Serving Table. Reduced to.. $50.00 Colonial Mahogany Servin Table. Reduced to............. $50.00 Mahogany Enclosed Serv Table, crotched panels. $19.50 $27.75 = $39.75 ® $35.50 Reduced to.. ROCKING CHAIR $30.00 White Enamel Mahogany High- $19.50 $16.50 back Rocker. Reduced to... e $2800 Old Ivory Louis XVI Rocker. Reduced to........... 5 $1850 Low Windsor Rocker. Re. Saaicie el B S BE5]) $4200 Large Mahogany Comfor! Rocker. Reduced to................. iis $32-SO $17.35 Golden Oak High-Back Rocker. $8.75 ceeeean o Reduced to......... Reduced $12.75 $2000 Golden Oak Rocker. ) )OSR e . LADIES’ DESKS $19.50 Mahogany Ladies’ Desk. duced to ceeeis $25.00 Mahogany Ladies’ D duced to............ $65.00 Mahogany Ladies' duced to Re- $15.25 $18.50 $49.75 SERVICE ' In preparing and presenting a sale like this—SERVICE asserts stself in the allinclusive character of the offerings. No matter what your needs—there is something for every home here at BIG fprice savings. 7 2% % \ 722 2 2% 7 N N\ 2 4 N\ N N\ 2 \ N N \ \ %, Y, 2% N\ 2 7 N % N | tinues, FINANCIAL. MONEY IS IN GOOD SUPPLY AND DISCOUNT RATES EASIER - Secrctary of Treasury Recognizes Fact With 5 Per Cent Certificate Issue. None for Real E BY I A. FLEMING The Federal Reserve Board has not reduced the rates of discount o member banks. but the Secretary of the Treasury has recognized the easier trend of money by a reduction o 3% per cent on the short-term maturity of Treasury certificates marketed vesterday. Wall street has discoverad it through there being =ufficient loanab funds at 6 per cent on call and money sent there from other cities that is not working at all, save for the interest | rates paid by the New York banks In common with other institutions local banks have ampie funds, large increakes to the credit of depositors in the aggregate over $2,500.000 since | January 1 have been made, and the demand, of the kind that secures im- mediate ntion, is not very ur- gent. It would be possible to place miilions in the District on long-time real es- tate mortgage paper. but for some reason there is no mortgage money A local trust officer, commenting © this scarcity this morning. declared that it was not so much due to the refusal of those Baving money to lend to accept the higher valuations of the times, as reflected by the 1. ket today, as it was because In- vestors favored other long-time, high-grade. high-rate investments, and that the most conservative had been placing their funds in Treasury certificates, as safe and being free from normal taxes, an especially good purchase. He admitted that valuations at this time were high on practically all property, but declared that so far as he could see there was no chance for any improvement in the housing con- ditions of Washington, unless, per- chance, the economy of the incoming administration should result in the elimination of Such an army of em- ployes as to cause many vacant homes and apartments. Certainly the commercial interests of the city are not urgent borrowers at this time. They are going slow and buying occasionally to replenish stocks, as frequently as necessary. state Mortgages. 1y quiet during the second week of the new year, nor is there anything to encourage the belief that there will be a renewel of activity. One session during the week brought out many orders for bonds, which are selling at prices nearer on a par with the bond averages of the big market than usual. although there are some 58 and 65 on the locai list that are lower than the av and 6 per cent bonds on > stock mar- ket : Money is much easier. There has not been a tithe of the January dis- bursements in this city reinvested, <0 far as the record of the local stock exchange would seem to indicate, al- though this condition is not new. The outside bond market this ¢ + so active that many new and ol side concerns now compe this busine with old-tim houses Clinton Bank Election. At the regular meeting o holders of the Clinton Ba Clinton Md., January the following di- rectors were re-elecied: Guy T Helvering, chairman of board: Thom - as < ynn. Wallace Pyles, John R Pyles, W. ;. Dent. William T. Thor: Charles H. Gardiner and Grafton « D. Townshend The followinz officers elected: W. Gilbert Dent William s J. Frank The Clinton Bank was opened for business June 5 last with eighteen = counts and total deposits of about $1.800. It now has over 230 accoun: and deposits around $75.00 W. Gilbert Dent. the pres member of the real estat Gardiner & Dent. Much of funds are loaned on District of (- lumbia real estate. Bankers to Meet. The regular meeting of the | of Columbia Bankers' Association i« scheduled for Monday evening in t1 chapter rooms. 1412 I street norti west. Final reports of the American Bankers' convention will be made. War Finance Corporation. Referring to the War Finance Cor. poration’s r statement and to the fact that its charter confains a pe- culiar clause relieving the govern- and will not lay In large stocks of merchandise until there is a decided improvement in buying and more set- ment from any responsibility for its acts or securities it may issue, the Wall Street Journal thus comments tled conditions as to manufacturing | editorially. industry, wages, etc. *“In its present form the charter of _ With the thrift habit thoroughly | War Finance Corporation expressiv inculcated in the minds of the people ldeclares the United States shall not of the District, we are likely to have a steady increase in deposits of banks for the next four or five months, or until the summer vacations begin their inroads on savings. There may be some heavy withdrawals through the departure of war workers and others, but the losses through this source may not be very heavy. As conditions in this city reflect conditions elsewhere to a very large degree, the inference in favor of con- tinued easy money and ample Sup- piy for all needs seems more than Jjustified. Readjustment Goinx On. Readjustment is going on steadily. Retailers are meeting the demands of the public and slashing away at prices on needed goods of all kinds, and buying is picking up with every indication of acceleration in the near future. Manufacturers are adjusting their affairs, and they find for once that their employes are ready to agree on any fair basis for wage reduction needed to meet the situation. Omne after another big corporatio] facing the necessities of busine have forced their shareholders to participate therein through cutting oft of part of their dividends for a time, resulting in the strengthening of their cash resources. This done, the situation is improved and bor- rowing avoided. Gradually the situation grows bet- ter, and the fact that progress may be reported each week is some en- couragement to business people. With the coming of springtime the improvements should be materially enhanced. Any betterment in Europe will be quic reflected here. Work on the formation of corporations for the furtherance of foreign trade to aid the poverty-stricken governments of Europe in buying our surplus products is progressing satisfac- torily. Movement in Right Direetio: The action of the six big national banks of the uptown district, Riggs, Metropolitan, Commercial, District, American and Federal, in agreeing to clear checks twice daily is a movement in aid of shorter hours for bank clerks. ‘The early clearing hour is 9 o’clock. Only checks made up to the close of business the preceding evening will be cleared. There will be no settle- ment of balances, either debit or credit. Balances will simply be carried over to the regular clearings and added to the results there, and cleared as usual through the credit and debit of accounts with the Rich- mond bank of the federal reserve system. Bookkeepers frequently have little or nothing to do in the first and sec- ond hours of the morning, while they wait for the new business of the day to_ develop and the return of checks from the clearing house. With the new clearing session the checks will be back and entered, and the “no funds” and other dishonored items returned to the presenting bank before the second clearinks are over and the new rush of buSiness at hand. There is no good reason why other national banks within a short dis- tance of the clearing house rooms should not join ifg¢he movement. but a delay in starting, had unanimity been attempted, would have been in- evitable. e war is over, but the junior bank officials of Washington—at least many of them—do not know what early closing looks like, and any movement in the direction of lighten- ing their work should be encouraged, either by lessening or by speeding. There Is Something in Ir. “As matters now stand, the lower incomes escape entirely, while indi- viduals of great wealth are evading the impost through investment in tax-exempt securities”—From W. J. Wollman & Co.’s Review. There is more truth than fiction in the short Sentence, referring, of course, to the income tax. There is a feeling now existing in Congress that tax-exempt securities should be cut out in the future, but there are millions of liberty and victory notes exempt, while practically all liberty {ssues, in addition to the exempt first liberty 3%s and victory notes, are exempt, so far as the normal tax is concerned. In a refunding operation ft ‘might be possible to eliminate this feature. ‘Consequently,” the article con- “the moderate incomes are ally being forced to carry the 1oad. The argument that there should be some income tax on all incomes is advanced and supported by the pub- lication quoted. Loeai Tractions. 3 | Annual meetings of the Capital; Traction Company and of the Wash- ington Railway and Electric Com- pany developed the fact that the first named enjoyed a prosperous year in 1920 and added materially to its earn- ings as compared with the year 1919. Washington Railway and Electric, unfortunately, did not do as well as its partial competitor, and the blame was placed, also partially, on the suburban lines, with a large expense for upkecp, unquestionably neces- sary. It's & problem hard to_solve. Loeal Securities. Nl Local securities have been nanusual- be liable for the principal or interest of any bond or other oblization of the corporation. If the machinery of the concern is again started up it may. under the supervision of the Secretary of the Treasury. who is chairman of its board, issue bonds not to exceed six times the amount . of its paid-in capital. “As the maximum paid-in capital may reach $£500,000,000. all bwned by the government. as sole stockholder. the new bond base for credit opera- tions may expand to $3.000.000.000. These bond issues are a preferential charge on all the corporation’s as- sets, including necessarily all of its receivables. They may be made the basis for reserve note ecirculation in the same way as honds or notes of the United States. There may be, but it is not obligatory to impose, a Spe- cial interest rate against reserve notes so issued.” A glance at the corporation’s char- ter powers would satisfy his critics that Secretary Houston had adequate reasons to fight shy of any vigorous financial operations under it without presidential veto, the point should b clarified whether the United States to be the sole owner of a limited lia- bility body politic and corporate, or whether, in spite of its express im- munity, the bonds if issued are, in fact, obligations of the United States. Should Divest Ttself of Immunity. Whatever quibbles were to be sat- isfied in the first instance, the cor- poration is mnow a going concern. with all of the consequences involved Divided opinion as to its expediency is beside the point. The government should divest itself of an immun‘ty which means nothing. In the public mind the bonds will always be obli- gations of the United States. Nor is it easy to see how a treasury can in any other light view issues in the custody of its reserve bank officials as security against the government's own circulation. Should some well nigh inconceivable happening involve the operations of this composite enterprise in bank- ruptey, the government would no more repudiate its bonds than the re- serve notes which they secured. As there can be no such repudiation and there has been no mental reservation of it, why hold on to the words which sanction it? Here is the section of the charter: “Section 17. That the United States shall not be liable for the payment of any bond or other obligation or the interest thereon issued or incur- red by the corporation, nor shall it ineur any liability in respect of anx act or omission of the corporation.” As one of the ghosts in Ruddiger: dis- mildly says: “There seems a crepancy somewhere.” LITTLE EXPANSION IN STEEL MARKET NEW YORK, January 15.—The steel market shows little or no expansion. Occasionally fair-sized orders are: placed, but on the whole the extent of new bookings is not encouraging. dropped Steel corporation orders $73,000 tons in December, although they are now running about 90 per cent of capacity on old orders, In- dependent mills are running very light. Buyers are awaiting more general business improvement, and show a lack of confidence in pres- ent prices, partly influenced by signs of increased foreign competition. Piz, iron is dull and weak. No improve- ment is shown in demand, while fur- naces are anxious for business and offers_continue to be made through second hands. Better Business in Copper. Copper is decidedly firmer, with a better business for home consumption. based on a more optimistic view of business conditions, An advance in foreign exchange rates has been companied by reports of increase: export sales. It is estimated 'that over 20,000,000 pounds have been sold since January 1, mostly to England, France and Germany, at around 13 cents at shipside. Rumors are cur- rent that dealers are short consider- able metal here, and the improvement is said to have brought out offerings of lake copper by producers who have been out of the market for some time. The December output is placed at around 95,000.000 pounds, with home meltings estimated at 70,000,000 pounds. Review of Other Metals. Lead has reflected an improved de- mand, with dealers asking as high. as 51; cents, or 1z cent above the quotations maintained by big pro- ducers. Tin is in poor demand. Future ship- ments are held higher on account of the strength in Straits, but the vio- lent changes in sterling have had an unsettling influence. 2 B - Zinc slightly firmer on speculative buying, although consumisg demand remains slow. - Antimony was more ture delivery, but dull on- the spot, the undertone bey steady. active for fu-, ‘