Evening Star Newspaper, June 19, 1921, Page 25

STONES THAT CONTINUE TO ' . BLOCK BUSINESS RECOVERY Congress Neglects Taxation Remedy. ' Government Financial Burdens on i [ BY L A. FLEMING. Practically one-half of the fiscal Year has passed. While in some few sections and lines of merchandising there has been an improvement, the general revival hoped for and confl- dently expected, has not materialized. Business finds numerous and well- defined handicaps in the path which 1t must travel before the road to re- covery is reached; many of these obstacles should and rmust be re- moved. Confidence is sadly needed for busi- ness to be encouraged while the rail- roads of the country are in their present condition; it is difficult for business to make headway while labor seeks to maintain war-time wages and fights for every conces- sion, or would if it could. Capital has been hard hit, and yet capital would be ready to march on to better times were the path smoother—if reason held sway in aiding_adjustments rather than un- reasonable and senseless oppositfon. It is difficult for business to make headway or capital to be. composed and steady with the New York stock market seeking without success a; level where it may at least rest for a time, or a low point from which & real recovery may start. Conditions in the security market are bad, worse than there is real reason for, but when bears are fat and have had fine feeding they are reckless. Many a time they have ,been badly stung for selling that which they do not possess, but so far the bears have fed in clover and ‘the bulls are weak from loss of blood. No one can tell when the change 18 coming. Money was never less of a factor in security circles than it is today, nor trade conditions never more dominant. The great railroad systems of the nation are in serious condition; divi- dends are being cut and passed to such an extent that an Investment is not always a wise one. Steel pro- duction is down to one-fifth of nor- mal capacity, a story that should be effective in wage arguments. T'assenger fares are so high that {travel save on business has been |greatly reduced. and yet rail ear ings are such that managers are ig- noring maintenance and upkeep to such an extent that equipment com- panies are suffering. Every day witnesses decreasing telearings. Congress has been in session con- {tinuously all year and really should {offer apologies that its daily meet- ings have not been prolific in some- thing “good for business.” Tax legislation. the premier need ot the community, still languishes; the sales tax has been sidetracked, with no substitute offered: no legis- lation has been undertaken to lay away the bugaboo of the taX-exempt securities, which prevents flotation {of taxable - securities; economies in \government service have not been Tade effective—only talked about— |and the burden of government financ- ing still falls month by month upon {the people. Every one agreed theat the excess profit tax would have to go, but it lingers and gives no indication of being on its w: Congress has mmuch to account for Jand the roll will be called at the next eleetion with many eliminations—un- |1ess Conzress mends its ways. Mf. Mellon has found his judgment 3 satisfactory and his policy of placing a large amount of three-year notes approved by a large oversubscription. Tt now remains to be seen if Mr. {Mellon will put a stop to tris tem- porary financing, this makeshift of a monthly certificate issue and an almost monthly redemption of an issue. Congress should stand back of the Secretary of the Treasury and pass on the burden of war obligations to the “second and t they may meet the { |a nation at peace and equal’ rights rule. The refunding of libert§ and victory bonds and notes should be part of this plan. Tt will be a step in the right di- rection and the sooner it is taken the better. Give the banks of the United States credit for standing back of business gamely and with intent to save where salvation is possible. In time most of . the firms and corporatoins in trouble if they have been managed. The rve the support mmuni banks have been the struggle by the system, which has again demonstrated the wisdom of its creation. There is small question that | ! will see dayligh honestly and wisely other kind do not de: of the hank Moreaver, the ed it has saved the nation from a crisis real and serious crisis—and has enabled business to function in some directions with relative safety and without approaching a panic. There are many conditions today corresponding with 1901—and every one called that @ rich man's panic. ‘Unemployment continues to increase, buz it may be a means to an end, anything tion with the obligations of foreign nattons to the United States, and it would seem as if theré was something yemiss there. The funding of the enormous debt. even at a low rate of interest, would be much better than o leave it open and non-productive. Any hope that the United States will cash the German reparatien bonds should be given the quietus in short order. Moreover, the government did mnot take upon itself the viseing of loans to foreizn governments a minute too oon. Biz and little bankers, invest- ment brokers and bankers, with a certainty. have flooded the .country { ith bonds and it is time for a let-up until the big supply is permanently 1 digested. Any congressman who neglects pub- 1ic interest for private hobbies and to acvocate the impossible is wasting time, and the people will keep the record and spring it at the right time. Col .Harper's Talk R. N. Harper spol last night ‘on “Problems of the Day” before the Virginia_Bankers’ eaid, in part: “There would be plenty of food for encouragement for the optimist In looking into the future if it were not for the fact that there are so many people in this country who are conatantly looking through smoke- colored glasses of discontent, instead , of through the clear glasses of hope and confidence. : “We find too frequently in all com- \nmnlflel men who are conspicuously suffering from business indigestion, !men who look for and await trouble hd are disappointed if it does not ome, although their digestive orga: @re in normal condition in the esti- mation of every one but themselves. YT will not try to demy the fact Ithat these are troublesome times, but. fn the language of the day, why ishould we worry? Competition is _great, taxes are high. The H. C. of 1., is annoying, to say the least, and condition of labor is givinz all branches of trade, from the farm to ‘the factory and to the consumers, ndless apprehension. “But with all these things on the .purface, discomforting as they seem Bnd are, the ambitious, determined .man of today Is looking into a future ims bright with prospects and oppor- tunities as ever held up hopes to any Ixenenuon in the past. - “The wise man would rather travel !wwith the light and sunshine of & past iexperience as the guide in choosing his future business career for suc- cess in the world's competition, than ‘to grope in the darkness of uncer- tainty, where discontent, doubt and {hesitation prevailed. We must there- Fore. hold firmly to the teaching that 10 judge the future by the past is worthy of more than casual comsid- .&buon. when wWe & hoosing a Banks and People. Association. He |A Ianding place, before we leap Into the lap of uncertainty. “Taxes must and will be adjusted on lines that have been or will be de- manded by thg people, yet on what lines demand&l the lawmakers will decide no living man may predict with any accuracy. Many of us have our ideas on the subject and all must admit that the war-time burdens of the government must be shifted in a more genera! and equitable dis- tribution among the .people. It is neither fair nor just that this gen- eration, which offered and gave 1ive of its sons for freedom and world democracy, should aiso pay the en- tire debt. The issuance of long-time bonds In exchange for those now circulation, to be paid by future gen- erations, would be a small offset for the sacrifice of human lives. “Extravagance has provoked -dis- aster in the past and it may again cause serious disaster, if not oh«:t It must be curbed by business me: 5o that the high cost of llving shal not_continue to disturb the people. “Capital and labor Ihonls €o-op- erate; neither is Independent of the other, and-they must get on more friendly terms. The welght of taxa- tion can be lightened only through distribution by intensified and broad- | ened production. | ‘“There is a state of unrest in cer- tain sections of this country demand- ing serious consideration. It is gain- ing In strength with a tendency to ignore law and order and, perhaps. government in general. If not prop- erly controlled it may plant the seed of adulterated Americanism among our newly naturalized citizens and polson the minds of the rising generation.” Mr. Harper concluded his remarks with this encouragement: “If the past gencration In its youth of inexperience, opportunity and re- sources conquered the: great prob- lems of finance and business under trying circumstances and restricted opportunities then presented, I sub- mit that the present generation should recognize such sachievements as an indpiration for éven greater effort and succes: F. J Hogan's Address. Frank J. Hogan, general counsel for the District Bankers' Association, found it impossible to attend the con- vention recently held at White Sul- phur Springs, but he prepared an ad- dress for the occasion and it was read before the gathering by Victor B. Deyber, president of the Second National Bank. Mr. Hogan, in his speech, referred to the difficulty experienced by lawyers in disclosing the real meaning of the numerous laws enacted, not only by Congress, but by the legislatures of each of the forty-eight states. He called attention to the fact that 21,919 bills were Introduced in the last Congress and that the legislature of the state of Massachusetts had enacted in 1913 mpre measures than had been passed by the British parlia- ment in the last ten years. Mr. Hogan charges that the courts are “turning out annually hundreds of thousands of pages of decisions affecting the laws made 1o harass business. and seldom to help the great industrial activities of America. Your lawyers are baffled.” Mr. Hogan, in beginning his address, quoted from the recent speech of President Harding, saying that “when he phrased his famous epigram, ‘less government in business and more business in government,’ he voiced a crying need.” He further declared that the “Con- stitution of the United States no longer protects the sanctity of con- tracts.” ‘The Federal Trade referred to as follow: “It never functions, but contents it- self with a ‘cease, desist’ policy that is not only hampering., but would be ridiculous were it not for the declared that it “is utterly impractical to try to regulate prices for or the distribution of merchandise by law.” Vice President Coolidge was quot- ed by Mr. Hogan aa follows: “The law of supply and demand is the only law that can regulate the price and distribution of merchandise. During the war, when we had an emergency to comtend with, the peo- ple expected regulation and were willing_to do everything and any- thing demanded of them. Then it was practical to enforce such legis lation, but under peace-time condi- tions it is impracticable tc enforce such regulations. Hence, T feel that, as soon as possible all war-time re- strictions on business should be re- moved and business placed on a nor- mal peace basis.” Mr. Hogan discussed the conduct of the business of the government dur- ing the war, suggesting that what- ever success attended the efforts of civilians called to the aid of depart- made possible through ; the very laws that prevemted, In part, the de- partments from doing what the Ing paragraphs, Mr. Hogan wrote: “Criticism that s merely destructive and which does not even attempt to be constructive is useless.” “It is easy to point out It is hard to suggest remedie: h- 1y T would suggest that every business man in this country make it his in- dividual, and with others their col- lective business to: “First—Advocate the repeal of all war-time restrictive legislation. “Second — Assist with intelligent suggestion to bring about a compre- hensive, uncomplicated tax revision which, while providing reasonably adequate revenues for the govern- ment, will be less burdensome to busi- ness, cease penalizing thrift and stop robbing capital of that incentive to invest, without which we cannot progress. N “Third—Help in our own institu tions by seeing to it that no busines: practice shall be permitted which offends good morality, square dealing and the best of faith to the public, to the wage earners, and to competitors. proper consideration of these efe- ments will necessarily result in a policy that will bring that which every business man has & right to ex- pect, namely, a fair return to the in- tened attentively tosMr. Hogan's ad- ress and applauded ‘his conclusion— “the thought 1 have is the progress may be made without undue restric- tion.” Houseman & Co. Houseman & Co. have succeeded to the business of N. L. Carpenter, New York, and are housed in the former Carpenter offices, on the main floor of the Woodward building, off the corridor on the 15th street side. The customers’ room is one of the largest in the city, and the board, kept up to the second, offers ample opportunity to keep posted on all stocks listed on the New York ex- change. Tables with tickers are available to “tape nadeu..;d {Ahucnturu is read available e arrange- mentu’d the rooms, with a special section set aside for the cotton and n quotations, is a desirable fea- the count: record on —_— NEW DRY GOODS MARKET. NEW YORK, June 18.—Cotton goods were quieter tod Yarns inclined lower Vi Knit goods were active in women's lines, but quiet in men's. Certain 1h of hosiery edvanced. Burlaps were firm, wool goods steady and silks in mod- erate demand. ‘all street. L] 2% THE SUNDAY STAR; WASHINGTON, D. C, JUNE 19, 1921-PART 1. Week’s Price Range New York Stock Exchange|TAKES OPTIMISTIC Corrected to the Close of Business June 18, Saturday, at the Office of The Evening Star. 344 Am Smelting. Am Smelting pt 9% Am Snuff... 2 Am Steel Foundry.. © 653 7 AmSugar.. Am Sugar pf. Am Sumatra. Am Tel & Tel. Am Tobacco. ... A Tobaceo (B).... Am Woolen. . Am Woolen pf. Am Writing Ppr pf. Am Zine. . Am Zinc pf. Anaconda. ... 8 5% 34 % 94 % 754 ” 54 Atlantic Fruit. 18 Atlantic Gulf.. 15% Atlantic Guif pf.... 13% 2! Atlantic Petroleum. I3lwcnocoal lllaaERowuvwm~wlllalwlaal High. Low. Div. Woek ending Ji —1921— Rate. High. Low. 46 20} — AdamsExpress..... 38 36 195 123§ — Adv Rumley..cicee 14 125 413 6 Advance Rpf......r 43 ™4 243§ — Ajax Rubber. . 204 24 3§ 4 AlledChamical.... 40 3N 7 Allled Chemicalpt. 8 8 4 Allls-Chalmers..... 33 305 7 Allls-Chalmerspf.. 72 71 — AmAgriChemical.. 30 36K 6 AmAgChempt.... 50 58 — AmBestSugar..... ¥ 2% — Am Bosch Magneto. 39 34} — AmCan...... 0288 26%4 12 Am Car & Fay. 12534 *118% — Am Cotton OIl. 18 174 = 556, 44 - 136 10% 51% 47 543 %0 615 61 38y 3% Am La France. 8 84 21 AmLinseed........ 2% 21 " Am Locomotive.... 82 *74 43 — Am Safety Rasor... 5% 4% 6% AmShip &Com.... 8% 74 5 7 Beth Steel 7% pf. 47% 5 BethSteel (B)... 97 8 Beth Steel 3% Pf. 3% — Booth Fisheries 94 — Bklyn Rapid Tran.. 10 9% 51 — BkiynUnlonGas... 6 6 81 10 BurnsBros........ 5% 8 413 — Butte Copper &Z M 44 105 — Butte & Superior... 13% 1% 10 = CaddoCentral...ee. 134§ 10 54 6 Calif Packing.cemes 57 58 25— Calif Petrol..cemeee 4445 394 68% 7 Celit Petrolpf...... 73 T} 105 10 Canadian Pacifio... 111 105 4 — CasePlowWorks.. 5 4 3134 — Central Leather. g BY 68)§ — CentralLeapf..... 2% 6 B — CeirodePasco..... 20% 2% 581 6 Chandler Motors... 62 583§ 48 — Ches&Ohio........ %% 48 7% — ChiGtWestern...a 1% 7% 14 — ChiGtWesternpf., 17 14 23~ ChiMil&StPaul... 26% 24} 3 — ChiMu&StPDPf... 4% I 60 5 Chi& Northwn 6 6 9 7 Chi&Northwnpf.. 100 9 55 8 ChiPneuTool....ee 5 55 2% — ChiRI&Pacific.... 324 28 5% 6 CRURI&P6%pL... 6% 6l 6% 7 ChiRI&P1%pt... 8 7044 53 5 ChiStPM&Om.... 654 53 9 = Chile Copper...—ea 10% 1034 19% — Chino Copper...cee 4% B 35, = CleveCC& StLnees 338 & 40 — Cluett Peabody..... 40}5 40 19 = Coca-Colf.tececesm 2B 2 253% 3 Colo Fuel &Iron... 28 2% 2% — Colo & Southern..., 34 31 523 6 ColumbiaGas..c—ws 5% 5334 5 — ColumbiaGraph.... 5% 54 253 — Colum Graphonetpf. 27} 254 2974 4 Comp Tabulator.... 36y 2974 7% 7 Consol Gas... . 8% 8% 415 — ConsInterCallahan 4% 44 17% — Consol Textile. 18% 17% 42 7 ContCan... o= S0 47 604 4 Corn Products...... 0654 603 2574 350 Cosden & CO.eeeem 334 274 52 4 CrucibleSteel...... 57§ & 14 3 Cuben Am Sugar... 17 %1444 8 — Cuba Cane Sugar... 104 81§ 21% — Cuba CaneSugpf... 37% 2 4 Davidson Chem..... 374 334 0 9 Del&Hudson..... 9 924 120’ 10 DelLack & West... *20% 180 1 =— Denver&RGpf. 1% 1% 104 1 Dome Mimes....... 13K 1634 52 5 EndicottJohnson.. 63% *58% 113§ — Brie.c...cecoeceses 13 1% 17 — Eriel1stpf.cccceeee 19 17% 11% — Erie2ndpf. . 1236 124 48 8 FamousPlayers.... 6% 57 76% 8°FamousPlayerspt. 9% 7 2 4 FedMines&Spt... B 24 79 10 Fisher BodY.ceeeem 84 80 11 — Fisk Rubber. . 13 12 13 = Freeport Texas..... 14§ 13 1 = Gaston Willms..... 13 14 4% — Gen Asphalt........ 58/ 49 80 5 Gen Asphaltpf..... 91 861 54 6 GenCigarCo.,ceees 5% 54% 12034 8 Gen Electric...ccea 126 12056 9% 1 Gen Motors.s.cceea 10 954 613 6 GenMot6%deb.... 624 6L§ 304 — Goodrich (BF)..... 34 304 673 7 Goodrich (BF) pf.. WY 67 17 — GranbyConsol..... 20 17% @0 7 GreatNorthernpf.. 6 60 26/ 4 GreatNorthn Ore, % 28K 4 Haskell & Barker.. = Hendee M{geeeeves: — Houston Oil.ceesser 1 Hupp Motor...eeee 7 Illinois Central. ceee 60 Indiahoma..eceeees = Indian Refiningeeeee = Inspiration..cecews = Interboro Con... == Interboro Con pf... = Inter AgriChem... = Inter Agri Chm pf.. 5 Inter Harvester.... — Inter Marine.eess. 6 InterMarine pf.... = InterMotor Truck.. = Inter Nickel... 4336 — Inter Paper..... — Invinciblé Ol . = Iron Products. 45} 4 KanCity Soupf.... 34 3 Kelly-Springfield.. 0% 8 Kelly-Spring 8%... 3% 16 fane 16, 1981. Wet. Bigs._Low. (Clase. Cbge. —1571— Bate. 8 1034 19% @l BlwBaloalmlwlalmaluvaal Lal TIRTTLLTTIFITL - Div. ‘Week ending June 18, 1981, Net, High. Low. Ciose. Chge. — Keystone Tire 12 9% M—24 ~ LackawannaBteel. 40 37 3 -3 — LacledeGas........ 52 49 50 —14 — LakeBrie&Wpt.. 21 194 21 +1% 2 Lee Rubber... 2835 2By 2% — M 3 Lehigh Valley.. 50 484 49 + X 12 Liggett & Myers... 130 144} 14d5-10 — Loews Inc. 1045 — % 1 LoftIne... 10 + 4 12 Lorinara (P). #50 140 142 -5 136 105 105 + 1% @Y% 39 I —5% 39 364 3 — 1% 19 18 1844 — 2}% /G 3056 K- A 4 414 8} — % 13514 103 10735 —208% A% 20 204 — X% ms 11 ms— 4 = Midvale Steel. 215 2% 2% - 1% ~ Minn & StL (n) k% 1035 104 — % 7 MstPassM 67 —6 ~ Mo Pacific 18% — 1% = Mo Pacific pt. 36% + 1% 3 Montana Power. 8 - X Montgry Ward. Mullins Body... Natl Acme. . Natl Conduit Natl Bnameling. . Natl Lead...... Natl R R Mex 2d.. Nevada Copper. N O Tex & Mex. N Y Alr Brake. N Y Central. coal laal © b’y z - g g H * N Y Dock pf. N Y New Haven NYOntario& W. Norfolk & Westrn. North American Northern Pacific. Nova Scotia Steel. 2}4 Ohio Fuel Supply. = Oklahoma Prod Orphéum Circuit. Otis Elevator. ... Otis Steel. .. o, Owens Bottle.. Pacific Develop. Pacific Gas & Elec. PacificOll...... Pan Am Petrol... Pan Am Petrof (B). Parrish & Bing.... Pennsylvanis...cee Penn Seabd Steel... Peoples Gas. . Pere Marquetts. ... Philadelphia Co.... Phillips Petroleum. Plerce Arrow. 3 Plerce Arrow pfi. Plerce Oll. cocecnses Plerce Ol Df.cevece Pitts Coal. .. oeecee Pitts & West Va. ... Pressed Steel Cat Pullman Co. ceee Punta Allegre Sug.. PureOll.... Ry Bteel Spring.cee Ray Consol. Reading.. cenpees. Reading 18t pf..ess Reading 2d pf.....q Remington Typr. Replogle Steel. . Rep Iron & Stee Rep Ir & Steel pf... Rep Motor Trk. ceee amoam | o lalllovaloalaeloel 1 lelllolaaFelwl s 5056 520 Royal Dutche ceseee 8t Joseph Lead...ee St L & San Fran 8t L & San Fran pt.. 8t L Southwestrn. St L Southwn pt. Santa Cecilia Sug... Savage ArmS.eee.. SaX0N MOtOrSeeeaes: Seaboard Air Line.« Seneca Copper.... Shattuck Ariz Cop.. Shell Trans & Trd Sinclair Consol. Sloss-Bheffield South Porto Sug Southern Pacific Southern Railway Southern Ry pf. Standard Ofl NJ. Btand ONI N J pt.. SBtewart Warner.... Stromberg Carbe.oe Btudebaker....ceea Bubmarine Boateese Superior Olleccavest Superior Steelemmens Tennessee CoP.asae Texas Co....covenst ‘Texas & Pacific. Texas Pac C & Oll. ‘Third Avenue. Tobacco Products. Transcontinental. Transue & Wilims. Underwood Typr. Union Bag & Papr.. 17% — Union Ofl. 123 10 Union Pacific...cee 19 United Alloy Stl. 8 United Drug. . 393 350 United Drug 1st pr. 97% 8 United Fruit..... 8% — United Ry Invst. 48 6 United Retall Strs. 113§ — U 8 Cast Iron Pipe.. 309% 5 USCastIrPipept. 17 — UB8FoodProd 52% '8 U S Ind Alcohol.... 41} — US Realtye.cecoms 55 8 USRubber..ice.s 98 8 US Rubber st pf.. 26 — USSmeltRefin.. 73%% 5 UBSteel.cccvoeacer 1064 7 US Steelpf. 45% 2 Utah Copper 84 — Utah Sec Corp 2 — Vanadium Corp. ' 4§ — Va-Carolina Chem. 6 8 Va-Car Chem pf.. 5% = Vivaudou..eeeeeess 7 = Wabash...ccecomene 18 — Wabashpf A..ceeeee 84 2 Weber & Hellbr.... 493 350 Wells Fargo Exp. 9)§ — Western Maryland. 15 — Western Md 2d pf.. 233 — Western Pacific...q 634 6 Western Pac pfoeee -84 7 Westera Unfon..... 90 7 Weatinghouse A B. 42% 4 Westinghouse Elec. 8 — Wheel & Lake Erie. 14)§ — Wheel & L Erle D! 3 4, White Motor. ceee. 93 — WhiteOil.... 32% 5 Wiison & Co 5% — Willys Overiand.... °2 30 — Willys Ovind pt 8 Woolworth. .. 6 Worthington Pump dividend. 102§ 35 - 13 8 -1k 18+ % 19 19 — % 4% M- 5 1 1%- % 46 46— 4% 2% 1% — 13 4 4 -1 0% 11 + X% 0% 52 -5 55 85 —1 653 — 1% 204+ 14 5 + % 4 - 2% mg— 3% 2%—- % 60 + 3% 6736 + 1% 2% — 2% 444 — 3% 2 B - 4% 187% — 2% 10% — 3% B - K 12% — 3% 9 52 414 35 35— 3 4415 4ol — 4 "8 41— 4y 10% 108§ — 1 3B B -1 7 -1 % a4 - K% 18 18% — 2% U 16 17§ — 3 18% 2% 7 62 56 2844 6 6 895 ™4 % 2 255 26 6} 7634 12 1234 — 6536 6586 — 0 oK+ ¥ 0% 40% — 1) 184 181 a2 443 80 8 B BYK- K 5034 105 10% — 20% 30 3 21 2 E T 2§ 10% 3% 54 54— 135 6 3984 195 3 3 - MW T -1 8% 18— % 3 43— 2y 124 130 + 5 1053 1058 — 134 AY Wh— ¥ M6 B8 — 5 6034 T3 + 2% 6 B6— 1% 8{ H—- % B N +1 T TH— 3% ©lg 315 — 15 205 — X% 2044 ~ 2% 144 — 1% 526 — 1% 8 324 — 215 1363 — 7 6% + 13§ 18% — 1§ 11435 2% — 2% 834+ 1 0 + % 10134 — 6% 9% — 5% 8 -1y BY+ X% 45 —4 1756 — 156 5316 — 634 4535 — ¥ 5635+ 3% 8 -3 0 -2 745 — 25 1064 — 1% K 32 10° 110 — 2% VEN OF BUSNESS === E. L._Huffman Sees Plenty of Chances for Those Who Seek. Thers is plenty of business around today for those who will take the trouble to go after it as they 4id in normal times, according to K. L. Huffman, local agent for the Bur- roughs Adding Machine Company. Bad | | business conditions so calied today are not so much a fact as it is the mental attitude into which some busi- ness men have worked the people. He points out that there s plenty of money in the country, peonr are still wearing fine clothes and eating three square meals, and that most of them have more property than they d before. They will buy f ers will go after them, and impress them with the fact that pros- perity has returned. Enough Momey, He Says. ,ots of people have moré money than they ever had before—don't for- get that,” sald Mr. Huffman “There are just two things we all business gioom. ng poor busine and talk better business. do everything men generally begin to place orders for things nceded in their business they will begin to get more orders for the merchandise they have to sell. “We arfe spendi newspapers toda: “to advertise our belief in this, and the better it will be for everybody's business. What “Knocking™ Costs. “When I hear a man say that busi- ness is ‘bad'—votten'—‘dead'—that things are down and no prospect of getting better in sight—I wonder if that men knows how much it costs him in cold cash to make such state- thinks b iness conditions 8 that and spreads his opinion broadcast, it bound to re- act against his own business in par- ticular and to a certain extent on business in general. “I don't mean that business men should hide their heads in the sand like ostriches or try to juggle the figures on their books to fool them- selves, but I mean that in many in- stances the man does not know whether it possible to transact more business in his line because he has not tried hard enough. “We have most of us been so spoiled by the high waves of prosperity in the last two or three years that we have forgotten how we used to work to get orders in the years that we considered normal. We have no right to complain that the public won't buy if we make no real effort to sell and at the same time discourage_the public with talk of hard times. “Of course, the boom times have passed and whether they really were good or bad years depends on the net result of business after all the ‘boom’ has dried up. But, looking back over a period of ten to twenty years, and comparing the buying power of. the average citizen today with the thoney he had in his pocket or in the bank at any time during that period, who will say that the opportunity to do business today is less than it was five or ten yea Some People Out of Werk. *“Of course, there are some people out of work, but even some of these 34 [ are good business nml?fl:ll today. The fact is that most of the people in this country have more money and more property today than they ever had before, and there are enough of them who want to spend it to make business for all of us if we will' make it attractive for them to buy what they need. “Just to illustrate this point: A friend of mine has about made up his mind to buy a new automobile. He knows what he wants and has the money to pay for it, but he is not yet quite willing to walk into that agent's office and lay down his check. Now If good salesman for that particular car should get hold of my friend and take him into the office and show some interest in put- ting the sale acroses, that car would be sold tomorrow. “Another man says his wife iz going to buy a washing machine. He is willing_to pay for it, but terested enough to shop around and look into the merits of the different makes himself. If somebody would send one of the things up to his house and show his wife how to run it. the chances are ten to one she would keep it. Still Eat Three Meals a Day. “People are eating three meals a day just the same as ever. They are wearing just as meny clothes. The movies_are_crowded, the best hotels are full, the roads on Sunday and holidays are jammed 'with automo- biles all over the country. Many re- tail stores have so many customers that you can't get waited on promptly if you wanted to buy ll\flhlnf. that look lfke hard times? I should say not.” i COTTON MARKET RALLIES. NEW YORK, June 18.—Yestérday’'s severe break was followed rallies in the cotton market this m s but they were not sustained. the close was easy, met uncham points higher. The price contracts advanced from 11.90 to 12.23 and closed at 12.05 compared wif % at the close yesterday and 11.68, yes- terday's ¥ow record. The market opened barely steady at a decline of 5 to 15 points as a result of overnight selling orders, and sold about 7 td 15 points net lower during the first few minutes, with July touch- ing 11.07, or a new record for the season. July sold up to 11.42. while December advanced from 12.42 to 12.73 with active months generally showing net gains of 20 to 23 points until well along in the morning. Just before the close, however, brokers with sel NEW ORLEANS, La, June 18— ‘While the trend in cotton today wis toward higher levels, it was an unset- tled market in the early trading, and again toward the close. In th trading the news that striking mill operatives in Lancashire had, in many cases, refused to abide by the decision to end their strike, caused new sell- ing. The market finally closed at net advance on the day of 8 to 12 points, with July af 10.77/ " LONDON WOOL AUCTION. LONDON, June 18.—At the weool auction sales today 8,692 bales were offered. The sale closed with poor demand at. ocurrent rates, except for cross-breds, which =04 fin favor of the buyers. However, the bulk of the offerings were sold. Good merinoe closed 5 per cent to 10 per cent above the May closing rates, while superior cross-breds were 5 per cent dearer. Medium and grades were & The number of 4.000. - FREIGHT RATE -REDUCED. COLUMBIA, 8. C, June 18.—A re- duction of one t une pounds in the freishi ‘was ordered the sion, %o take on_all shipments oa miles. ' It is to the buflding er cent low bales held will be & great interests. No Sale. The Salesman—A nice - birthday gift for your husband, eh? How would this safety bill-fold suit? Im- pogaible o open it without’ th FINANCIAL. NEW YORK BOND LIST. | Baldwin Sinclair | Anaconda Mid. States . Mo. Pacific Ches. & Ohio: | Pierce Qil . Pierce Arrow’ The current fssue of our Market Review contains up-to- information om the ASK POR W.8.237 C. A. BERTRAND & €O. | | 25 Broad St., 44 Court St., - New York Brooklyn Our 20-Payment Plan ‘Will help you buy hLigh-grade dividend. 4 ing seccurities, paring in «mal!l monthly i Your Savings Write for booklet. We also buy for cieh upen conservative margin 'OTT & STUMP City Southern ref. Ga. Liggett and Myers 5s. Louisville snd g Missouri, Kaneas and Texas 1st Missovri’ Pacific gen. 4s...... Montans Power Bs. New York Central deb. s Norfolk and Western ¢v. 68. Bt Beaboard and San Francisco adj. s. Alr Line adj. 5s. | Telephone 55. Buying Income —through sound investment is no longer a thing confined to those with thousands of dol- lars to invest. Service to the small in- vestor is a rapidly developing phase of distribution of sound securities to the public. Our 7% First Mortgages are now offered in amounts of $250, meking it possible for many to become investors, and, by continuing the process of saving and investing. to de- rive the benefits which come from the building up of an in- vested reserve. B.F. SAUL CO. Mortgage Loans 934 N. Y. Ave. N.W. “Gilt Edge” 1% > . First Mortgage Notes Now on Hand In Amounts o: $250 Up to $5,000 ‘We leok after all details and furnish guarasnteed tities with salesmen who have a clien- tele either in Pennsylvania, New Jersey, Maryland, Delaware or New York can system of chain stores. Di- rect contract with com- pany. Address P. O. Box 1555, Philadelphia, Pa. Will this book help you? It contains 64 pages—is given on request— $50.000—79 interest, in of $1.000 to 36, plains: 300, secared by firet decd of trust on real estal fr . deed and ex; : Joseph L. Weller &0 Was ‘The General Rules of Trading —The Rights of Stock and Bond Hol The Deposit Requirements -for ng Stocks—How to Give a:Broker nstructions —-Broker’s— Com-- - a&.—-fl to- It mission dorse a Stock Ce How to Group. Iavestments. | We will also farnish: you. ins . formation on thre New” York -BALTIMORE -, . _ Telépbione St Paol 8481 - New York, Chicago, Hoston, Philadelphia, Pittsburxh, Detroit, Baltimore, Cleveland JONES & BAKER Members New York Curb Mkt. ZENS cls.;l:vllNGS BANK Preparedness Brings Swccess Unpreparedness — Failare Send for Pree descriptive cirenlar W. C. MOORE e 2 Justwed—Why, 1 lhlnt-'tylut 3 would be perfectly horrid.