Evening Star Newspaper, December 24, 1922, Page 12

- col To get the best results tal eventy-seven” at LDS\- Humphreys’ “Seventy-seven” is for Colds, Grip, Influenza. the first 77" MINGPALBONDS AREMOST ACTIVE her Issues Display Fewer Changes in Prices Dur- ing Week. ke Afeeling "of a Cold, the nist|NEW ONES WELL TAKEN Chill, Sneeze or Shiver. If you wait till your bon begin to ache, it may tal longer to break up your Cold. Doctoring Book mailed free. Price. 30c and $1.00, at Stores. sent on remittance or C.0.D. Parcel Post. Humpbreys' Homeo. Medicine Company, 136 William Street, New York. . More Conservative Investments Are Now. Leading in Demand. €S ke or BY BYRON SELLER. Special Dispateh to The Star. \ ZENS ENZGS BANK SAVH ARRRARARRRARNRNAY Getting the Most From Your Money 6% s Citizens Savings Bank \ N 17336 New York Ave. NEW YORK, December 23.—In ac- cord with the holiday spirit a more cheerful feeling pervades the finan- cial and commerclal world today. Fundamental conditions remain about the same, but faith is stronger, and faith is the hasis of all credit. All the week there have been con- fusing and contradictory reports about what was to be done to save Furope. First, aloan was to be made to Germany. That was denied. Mr. Lamont explained that under the con- ditions American investors would not buy German securities. Then®Ameor- ica was to act as referee in the repa- rations dispute. ceretiry Hughes denied. . Senator Borah, long chief of the isolationists, proposed that the President invite the nations of the world to a confer- ence to consider the economic prob- lems and arrive at an understanding that would restore international trade. D) " The fate of this proposal remains to be seen, but out of all the talk confidence grows that some way, somehow, something will be done toward removing the one great ob- stacle which stands in the way of continuing world-wide prosperity. Lawmakers Study Problems. Washington is busy with many schemes to aid the farmer. The doc tors are not agreed as to the remedy, but all are sure that some sort of treatment is required. Some of the congressional _agriculturists insist the farmers need more credit. Others say they must have lower railroad rates. Meanwhile there is a slow but steady improvement in the price of farm products. World wheat requirements are sald to be larger than was exvected early in the season. Italy, Germany and France must import bread & And nothing removes pessimism fast er than rising prices for the com- modities the pessimist has to sell. To the Trade Repuirs for All Heating & Cooking Apparatus Grates, linings and vari- ous repairs, including all firing tools necessary. Rudolph & West Co. 1332 New York Ave. N.W. So even about the agricultural situa- tion more hopeful views are ex- pressed. There remains the problem of the rallroads. In the middle west rafl executies are apologizing for lack -of cars to carry grain; in the east thes are apologizing for lack of locomo ties to pull coal trains. In the west the trouble is ascribed to too much government regulation depressing ! selves with adequate equipment. In the east the trouble is due to the cumulative effects of the shopmen's strike, although this is not o readily admitted. It becomes more and more evident every day, nevertheless, that this strike was far more serisus than the general public ever understeod. Rail Earnings Improve. " Also_there are continual rumblings WHEN YOU NEED A KEY Yo nervice Duplicate Key, 25¢ Bring your locks to the sl TURNER & CLARK Baxement 1233 New York Ave. need our fustant duplieating from Washington as to what the next Congress will do to the transportation act. But againat all this, traflic, as evi- denced by carloadings, particularly of merchandise, keeps up remarkabiy well for this time of year. November earn- |ings reports. now beginning to appear. are expected to make much more pleas- ant reading than did those of October. The Southern Pacific's statement is an And so even about the rall- here are silver linings to the i clouds. The stock market has been more ready { the outlook than -the bond market. Speculators are more easily moved their feelings than inveators. prices have remained about stationar: but at least they have not declined ex- cept in the case of a few railroads about ERPETUAL BUILDING ASSOCIATION Pays 6 Per Cent ; _on shares maturing in or 83 months. It 8 Pays 4 Per Cent u shares withdrawn be- fore’ maturity. Assets More Than $8,000,000 the future of which there is uncer- tainty. The slow and persistent advance in the market quotations for Liberty bonds has been very impressive. More or less other high grade securities have shared this improvement. New issues, when they were at all attractive, have gone very well, and some of the older Iasues have enjoyed substantial recov- ;ry I.r;ydm tthfl‘rhlfl'.' points. Traders look forws 0 the Janu reinvestme demand with mnfldenc:ry Satent Municipal Bomds Active. The week has been particularly pleas- ant to the dealers in municipal bonds. Whether because of the fear that the plan to prohibit further issue of tax exempt securities would go through or to some other reason the demand for municipal bonds has been very stron Some sharp price advances have result- ed. The tax exempt 3% per cent Lib- erty bonds were also well bought. (Copyright, 1922.) MORE FAILURES NOTED. Dun’s Report Shows Slight In- crease During Week. NEW YORK, December 23.—A slight Increase in the number of commer- cial failures for the current week fs recordefl in contrast with last week, according' to R. G. Dun & Co. The number this week is 413, compared to 396 last week and 591 in the same Week last year. Taken by sections of the country the south, west and Pacific coast sections showed a slight the eredit of the railroads and so to sense this apparent improvement "I { increase over last week, while east showed = slight decline, e The insolvencies with liabilities of more than $5,000 in each case number 233 this week, as against 228 last week; the proportion for the present period is, however, slightly smaller, being 56.4 per cent of the total, com. pared with 17.5 per cent a week ago. For the corresponding period las year similar defaults totaled 351, be- ADVERTISEMENT. f .(_l'hy Fever Sufferers | Free Trial of Method That | Ome Cam Use Without Dis- | comfort or Loas of Time. We have a method for the comtrol ot -Astbma, an fexpense. ~No matter whether hetner it 18 Dresent 'wa Chromte hether it s oF Hay should sead for want to show every one at our exj et our method 1 desrgned o wad ficult breathing, all wheesing, and all those f ete v This free offer is too Important to neglect 2 Siagle day. Write now and begin the method at omce. money. mail coupon below. Do it Today-you sees ji do mot pay postage. % FREE TRIAL COUPON FRONTIER ASTHMA CO.. Room aga and Hudoon Bta Holfasn: NoT. free trial of your metbod 'to: e want you to try it at our o e s ing 60.7 per cent of the total. CLEARING HOUSE REPORT. NEW YORK, December 23.—The actual condition of clearing house d trust companies for the week shows that they hold $18,889,070 in excess of legal requirements. This is a decrease of $21,430,960 in reserves. —_— . DAIRY MARKETS. , BALTIMORE, Md, December 23 (Special). = Live poultry—Turkeys, Ipound, 42; old toms, 38; poor ana ]!cmknd breasts, 32a33; spring chick- ens, 22a24; leghorns, 20a21; poor and { thin, 17a18; old hens, 20a23; small and leghorns, '17a18; old roosters, . 14, | Ducks, 18a24; smmmil and poor, i7als. Geese, 20a28] Pigeons, pair, 30a35, | Guinea fowl, each, 40a70. Dressed | poultry—Turkeys, pound, 42a45; old toms, = 38a40; " poor and crooked breasts, 32a33. Young chickens, 24a 25; old and Thixed, 22a23; old roosters, 15, Ducks, 24a28. Geese, 20a30. Eggs, loss off—Native and nearby, firsts, dozen, 50; southern, 48. Butter — Creamery, fancy, pound, 55a58; prints 56a58; nearby creamery. 45a46; ladles, 35a36; rolls, 33a35; store packed, 32a33; dairy prints, 34a3b; process butter, 41a42. f —_— “Sir, I am entirely & self-made man:" magniloquently asserted - the Hon Boanerges Blawhaw. “It.is very commendable in you to own up to it” said old Gaunton Grimm. “Many e man .would have| blamed it on his wife."—Country Gen- tiemam. hampering their supplying them- THE SUNDAY STAR, WAS YEAR 1922 ONE OF RECOVERIES IN SECURITIES AND BUSINESS Increased Manufacturing Output; Unem- ployment Decreased:; Stocks Higher: Increasing Profits to Bankers. BY L A. FLEMING. A year ago the business atmosphere was decidedly hazy; the prevailing color scheme was blue and deep gray. Business had made recovery from the deeper hue of midsummer, 1920, but there was still far to go. The great agricultural community, one of the greatest buying' factors in the nation, was suffering from more or less definite poverty, merchants were Working hard trying to reduce their inventories and corporations, large and small, were busy with the same task. g Conditions have changed for the better. Corporations, glants in " the industrial fleld, can see the bright sun of midday: excess inventories have been very largely depleted and manu- facturing activity needs to speed up to keep pace with the demand of the merchants ‘and they in turn have to restock frequently’ to care for the wants of an earning, money-making people, Everywhere the improvement has been marked, with less emphasis, per- haps, among the agricultural popula-, tion, and yet the sales of the mail order houses indicate their purchasing power has been largely restored. Congress just now is doing ever: thing in its power to help the agri- culturists, planning general extension of long time .credits, alding in co- operative marketing and the farmers are also helping themselves by plans for slower and more deliberate cash- ing in on their crops. 5 Banks evervwhere have strengthened themselves and the reglonal banks of the federal reserve system have been able to pay off their loans and ac- cumulate a large surplus. Indeed the lessening demand for money under more modern merchan- dise ‘methods. frequent replenishing of stocks rather than large holdings on shelves and in warehouses, has been so marked that the twelve T serve banks and their branches, have Dbeen unable to employ their surplus cash to any good advantage—being barely able to earn their dividends of 6 per cent due to shareholders. t has been a year of easy money from start to finish, only occasion; flurrles being noted. simultaneously with federal financial operations, tax payments or unusual call for cash. That the federal reserve system has not unctioned as freely as in other years is in no way the fault of the system; it was devised to meet emergencies and right well it has met every demand made upon it. Probably the system has fewer ob- jectors than ever, except in the south #nd middle northwest, where the de- tflation of 1919-20 hurt. And even in these sections the probability of longer credits and aid to co-operative marketing will remove the objections and leave par collections as the one troublesome factor of opposition. The great difference between the prices paid the farmer for his crop and the price pald by the ultimate consumer has long been a thorn in the side of the farmer. and the new co-operative marketing plans, with long time credits, ought to be a great help to him. Protect Reserve System. Merchants and business generally are becoming alarmed at the many sug- gestions for the amendment of the federal reserve act. “Unless a'determined effort is made At once to arrest present efforts to bias tho minds of a large portion of the people against the federal reserve act the system may become no disorgan ized that we may ultimately see a repetition of the disastrous hiatory of the first and second banks of the United States,” says a plea from the Merchants” Assoclation of New York. The business men of the country do not want this system placed In the hands of untrained men: they do not want it killed by politicians. They will not admit that it was In the most remote way responsible for the trouble of the farmer. Men of courage, financial training and business men of high qualifica: | o) cl al o of c n [3 b, a q s d pi b: P P - ti h uy fi & b é ni b ti uj o fi b c b lon may be ecredited w well into the good year 19 unalloyed prosperit muddled or most of the time the siv War was multiplication, without r, but generally they are uns The pound sterling is Elsewhere inflation goes on. indicate ton Gas to showing fair returns f stock of the shares is rife, future, which about $3,000,000 event of the declsion being f: to mitted. the year. banks and trust com the Janua extras wil] be de future. ment marked the vea - town limit for ing, Hotel, movement. rumors regarding th #hould be the other w come to be a will Inadequate for the growin the pre: taken o~ from his luncheon g CEMBER noon he was surprised to find mai friends gathered in his office to Wil HINGTON, D. C, DE | and effort. of electric cars running, baskets flow also 150 cards with the names of t| Derpetrators of the surprise and little holiday sentiment with ] autograph of each of the participan! The good colonel was entirely tak: by surpri sion and made-a pret riket. of the bond market the A review I6ns can hope 10 make the system PYiow e_yea perate with success. The clearings of all ities have been long, and the so- onditions, of whom of the bi increasing righ lled judges ot ecretary Mel- ith being one f the best, declares that lhn':p:m)nl onditlons existing today wlill extend st twelve months t 3 e A “During the I bond market h; } distinct phase: iperiod of re 3 moderate upward {period of moderate rapid advance, stability, tendency, decline. oy VRl Street Prosperous. plain the movement of the bond mi Wall street has enfo cance in relation to fits rse in 1923, al business ur and the earlier months of ellent bond 4 dec at they were worth tment. This situation was ¢ to be corrected as soon as bu; s stability was regained. s the Europ: mora - th ettlement in 1 921, ma n im ot mctually des nly as a biuff. Stock dividends have been d. v tho millions of dollars. but th id not always mean dollars, f uently being but ghe simplest n'{,;u,,. ultant in- { ordinarily _employed way of cash | angd industrial enterprise. long nes not hat it wa threatened r perman in commere Tease to any one in the During t ividends. In Europe conditions ma 5 ac imm nearing rent operations. In the interim, turned to the bond mark use the vields on ma Loeal Securifies. ear ago local securitie: ith other investmen T W, 9 and the cf the subsequent of the last few referred was down te 9%, ank stocks 50 to resent quotations. The street railway » of the market. “Bonds~hought for temporar; vestment were certain to com i the market sooner or la {under. these conditions the was also peculiarly sensi | money rates, D companies are | ing the autumn monihs have been d rom operation. | in considerable measure to this si of dividend on the mon | uation, but they hav Rallway and Fleetric | and it seems probable tha and 4 per cent pre- | elimination probability of the near|ment from 5 would seem to justify 70. This irrespective of the robable divergence of part of the impounded electrig light to Rallway common, ‘in the orable as generally ad- own to 60 points be Talk icted as a the market will be ther effect. situation will exert only its ordl influence on the hond market. business ought to *be reflected fn corresponding stability in good uriti al conditions w it continue to be the ¢ tac ome foreign bonds and mo s Wil exert their customary £ upon the course of securi npantes Lrla ot It seems probable that for t 2 ik D Hrst time since 1914 the Americ bond market will again become p anily an Investors' market. It w be increasingly discriminating a il be affected to a lessenin Dy temporary and epeculative inf ence: COPPER PRICES HIGHER. NEW YORK, December I banks | copy rket was more active a Ruch oy r, with electroly und 143 per pour nu s have reccived rders for wire and other produc and the month's business is expe. {10 be the largest of the year. Ir i Many]"Vez Heating —Plants are to be stalled by us right after the -holidays. Mr. Prac- tical Man, more than one instance, has settled the family gift question by orderi Colbert heating facilities put in as soon as practicable. £27Ask about Colbert Btesm and Hot-Water Plants if YOUR home iz now inadequately heated. URICE J. COLBERT eating—Plumbing—Tinning IR, the compan Bonds have held fairly well most of | Extra Dividends, $131,500 Extra dividends for the ve total of v 1 Db $1 Enlarged capital, ided profits 1 of diverting und surplus, and enlarg nking quarters have while the s the merger of the America onal and the Federal Natiol Branch Ranking. Three prominent downtown ave decided to open b ptown, one in nancial district onnecticut ave ut the great Transporta the United States Chambe ommerce building and the W. under way in the ] amed is sure to ha L T T T T L v that has not seles up- gite and there ar. ent | t one. with the ig banking room in the Transporta- on building as posxibl The next move in by sit neh banking some of the ptown banks contending for a bit ¢t the downtown .business. The eld is beginning to il up and it ha act that a depositor not walk se blocks ank—he doesn’t have to. Guaranty Comp: Local quarters of the Guaranty ompany of New York have proved f the company. With the n additional space to the width of nt ol the South uilding and thirty fest decp w over. eral new sales i1l also be added to the fo Homor R. Harper. ‘When Col. R. Harper returned after- E OZ==>mT Q= them. Ingersoll Watches, We assure you 13 Store ANNOUNCEMENT All Peoples Drug Stores Open Today ' from 9 AM.’Til 10 P.M. OSE who may ! all of the Peoples Drug Stores ready and happy to serve Though we havi our history, we were amply stocked with desirable, useful gift mer- chandise, and there is still a pleasing variety of appealing gift suggestions available to our customer i to Candy, Cigars and Cigarettes, Toilet Sets, Safety Razors, desire to purchase last-minute gifts will find e enjoyed the greatest Christmas business in This applies especially Kodaks, Toilet Waters, Perfumes and Sets, Brushes, Ivory Colored Pyralin and many other practical items. of prompt, pleasing service. Entire Stock “Mamma’’ Dolls and Toys | 25% off A special reduction to clear away the small remaining stock of Mechanical Toys and “Mamma” Dolls. priced at $2.98 and $3.98, are now special at $2.23 and $2.98. They are excellent values. All Mechanical Toys 25% off. The Dolls, formerly s---All Over Wfishingto_n him a joyful Christmas and a fuli realization of his year of effort for the bank and for the public welfare to which he has devoted much time On his big desk, usually given over | to business documents, he found a big drum, and a bugle, a sword, a train s and .fruit, while there were but entered info the spirit | fe Bank of Commerce New York is more or less interesi- sed through three i a “The two major causes which e ket during 1922 are of great signifl probable 2 result of geno ned below second factor was the diver- to the band market of funds criod of liquidation, many busi. mulated funds which were diately ' required for their necessary to employ this money, very attractive and later expeetation of profits ines in prices dur- heen moderate the further of this speculative ele- gradual as to have in itself little fur- “Thus in 1923 the general business Stable & degree| ~The LT LT 24, 1922—PART 1 i \COMMERCE REPORTS sh of he a he ts. en ' creased in November, De- partment States. 1y Figures so received by partment of Commerce o business movements duri; the d z Novem duction and distribution. sumption of cotton for November taled 577,561 bales, the month since July, 19 Sorts cotton also Increased to $3%.237 ba he Further increases pig iron, s motive and struction space of col vember exc: < Octol A slignt ine in unfi of the Steel Corporation is largely to increased product better D 1. Car load.nigs h declined slightly fro the re peak, but &till hizh. ‘The traj portation situation prove, though railroads ure receivi requests for more than 100.000 c: a day which they cannot fill Prices, both rose slightly in November. most significant mov the increase in the pric ucts and th e purchasinz power. in production Buildin:g 1 warded 1 o, in ny il he One of it : of farm pr ny ports - alue, w ppeared to be Jitide ¢ in European business condi steady ue it - reported tive in the maritime countries ab OIL PRICES ADVANCED. FINDLAY, Ohio, December 2: Ohlo Oil =0 TV | crude oil in Ohio. Grass Creek, §1.50; Elk 11| Lance Creek, $130; cents, an increase of 30 Orlon each grade. Big Mudd ¥{Rock Creek, $1.13, both up ~livarrel. asin. § S (S il] nd u- nd tic i targ.r ed n i {111 use for. of our store. to you. by people whoa SHOW TRADE GAINS Both Output and Distribution In- nestic show further inereases in both pr Mill éon- wrgest of an. or over 8 per cent of th~ entire crop. c, coke, loco- con- No- od orders ! Weekly Review Notes Much Con- tributed n and mtinues to im- Wholesale and retail, °n's l.as been improvement in rela- arch, r than ¢ road. —The mpany today announced advances in six grades of Wyoming | The new prices | bales of cotton ginned up to Decem- ment on the new. PHILADELPHIANS SHOP FOR $2.50 GOLD PIECES ! PHILADELPHIA, December 23.— i Philadelphians went shopping _ for %2.50 gold pieces this Christmas. They found the banks with virtually none premium ranging from 25 cents to 75 cents, according to the condition of the coins and the style. There w ! demand also for $1 and 33 gold pleces, | but it was not 8o large as that for the $2.50 gold piecek; $1 gold pleces sold for at from $2.50'to $3.50 each and the $3 gold pieces at 36. There was a dearth of the smaller coins, but the supply of %5, $10 and | 320 gold pleces was ample, all banks { having sufficient to care for the wants ber of their patrons. tomers Insisted on having the small De- | from dealers, charging the premium to the customer. .| Henry Chapman, a 16th street dealer. | sald_he disposed of more than 700 of the $2.50 gold pieces since the Christ- mas rush started. His sales this year he estimated at 2,000. He also re- ported good sales of the $1 and §: denominations, —_— NEW HIGHS IN COTTON. to- of les, of oor | fidence in Outlook. ni| NEW YORK, December -23.—Early ns- | week advances in the cotton market were checked by pre-holiday realizing ing ars ing up of December contracts and the | the tssuance of January notices today. od- ta- | ever, has been absorbed by the pur- er. of spring deliveries at a difference of {about 30 to 35 points between Janu- ary and March, and offerings other- { wise have been absorbed on com- | paratively moderate reactions. On the whole, the action of the market has been very generally com- mented ufon by local traders as re- flecting & good deal of confidence in as to_trade prospects for the early New Year. May and all later deliv- eries made new high records for the season early in the week, while Janu- ry and March sold into new high ground for the present movement. The census report, showing 9,493,296 |ber 13, against 7,790,656 bales last vear, was not considered an impor- | was as likely to be slightly under as { 9,964.000 bales. re glad to get it at these prices. @herp One on hand and coin dealers charging a In cases where cus. | er-value coins the banks got them | or liquidation. There was also some irregularity incident to the final even- | | Liquidation of the near months, how- | | chases of trade interests against sales | ultimate values and optimistic views Mule Creek, 90 tant market factor, but appeared to, nts a barrel | be taken as suggesting that the crop | cents |over the government's estimate or! Washington Should Know About This-- Suppose you were told that you could buy the furniture, rug or stove you have in mind at prices lower than before the war. Would you believe the man who told you that? Hardly. However, there is a way of doing this that amounts to practically the same thing. It is to turn in—as part payment on your new—some old or used furniture pieces that you have no further This 1s being done by Washington families every day during the week through our exchange department, which is in the basement This is how it works: ~ First, you come to the store, select the new furniture or pieces that you desire. At the same time see if our prices are satisfactory Then tell us what used pieces you wish to trade in as part pay- We will send our appraisal man to your home to look at it, and he will then and there tell you just how much we can allow you for your used furniture. If the amount is satisfactory to you, the deal can be closed right there; we will deduct the appraisal price from your bill; the same truck that brings your new furnishings will bring back the old, and that is all there 1s to it. For the benefit of those who do not already state that we repair and refinish this used furniture and then place it on sale in our Exchange Department, which is in the basement of our store (entirely separate from our new stock), where it is bought Credit arrangements same as ordinary selling. So with Tiny Tim we say--- &od Bless Pou Paicwe Levy & 735 SeventhSt,NW.-Between G &H. WHEAT OUTLOOK GOOD.. CHICAGO, December 23.—The Mod ern Miller outlook for Wheat sa) “Not much snow protection wax forded winter wheat over conside: able areas of the belt, notably wext ern and southwestern gections. in t period of severe weather. The cron in general ix not believed to have suf- fered materlal injury, although t condition is rather low for this tim: of year. Molsture is needed over vir tually all of the territory in whi low ‘condition exists. ast of Mis souri river, as well as in castern Kan- sas and Oklahom plant looks sturdy, although spotted in sections Absolutely Fireproof Apartment Just Fi ished, Ready for Occupancy 1016 16th St. Select location plate-glass front, frigeration, incinerat latest refinem. rent. 4. with b hardwoo Eranite ¥ hes know we wish to