Evening Star Newspaper, December 27, 1926, Page 14

14 PROSPERITY SEEN BY TRADE LEADERS Fair -Weather Course for Business Ship Predicted for 1927. By the Associated Press. NEW YORK, December 27.—Bea- cons in the banking and industrial world point a fair weather course for the good ship business in 1927. Fore- casts of optimism, tempered with notes of conservatism, were available today in statements on the outlook for next year’s business from heads of railroads, banks and industrial cor quarters and befuddle clear thinking about Investment matters. Monthly reports are even better | than quarterly reports. One of the great merits of railroad and public utility securities, as against industrial stocks and bonds, is that | the railroad and utility corporations | issue regularly monthly reports of | earnings and expenses in accordance with the requirements laid down by public regulatory bodies. There is, therefore, less surmise and mystery about utility and railroad stocks. The frequency and promptness of reports play a large part in the suc- cess of a corporation. Managers should get revealing re- ports of operations as frequently as necessary. xecutives are demanding and are receiving better current information thap in the past. Get Sales Reports. General Motors officlals, for ex- ample, receive reports of sales every 10 days from dealers throughout the | country, and attune their production | schedules accordingly. The new practice of hand-to-mouth porations, The navigable seas of commerce are not threatened by dire storms, as far as can be seen, the prognos s High pinnacles of prediction follov James Simpson, shall Field & Co: In my opiniort tinue during the next six months substantially on the level of 1926. Business and Government have been conservatively, although progressive- 1y, administered during the past vear, @and fundamental conditions are left in d valance, auguring well for the period immediately ahead. Merchan dising activity generally has been successful. The retail sales of Mar- shall Field & Co. have been the larg- est in our histor Gary's Outlook Favorable. Elbert H. , ‘chairman, United States Steel Corporatio “If business shall be seriously dimin- {shed during the coming ¥y it will be the fault of ourselves, and not the fault of natural conditions or the lack of consideration and f: ment by the national admini The opportunities for success business have been better than ever before, he added. These opportunities he listed as rich resources, including cash balances in banks provement of banking fa the creation of the Federal Reserve Board, little disagreement or dissatis- faction in industrial and labor circles. Alfred P. Sloan, jr., president of the General Motors Corporation, says it now seems reasonable to expect that the 1927 production of automo- biles will equal, if it does not exceed, the previous four-year average. He predicts that 1927 will be a good and satisfactory year for the automobile industry. Lammont du Pont, president of the E. 1. du Pont de Nemours & Co., says: “As the year 1926 draws to a close, ‘we do not see any element in the in- dustrial or economic situation which would indicate trouble or depression ‘ahead.” Sees Heavy Rail Traffic. ‘William_ Sproul, president of the Southern Pacific Co., has this, to say: “The indications are that railway traffic volume and financial results for 1927 will compare favorably with those of 1926." R. L. Agassiz, president of the Calumet & Hecla Consolidated Copper Co., views the coming year as follows: “The worlds economic structure is 8o sensitive that we cannot always be sure what a week or a month will bring forth, but, judging by conditions as they now present themselves, I have every confidence that the coming year will be a prosperous one for the copper industry.” Patrick E. Crowley, president of the New York Central lines, says that indications are that 1927 will be a year that might be termed generally satisfactory o far as the railroads are concerned in that the prospects for the volume of traffic do not, at lthl; time, present any unusual out- ook. president of Mar- business will cén. “The business weather man may confidently predict smooth seas for 1927,” says Alvin Krech, chairman of the board of the Equitable Trust Co. F. Edson White, president of Armour & Co., says: : “The year 1927 dawns without any clouds in the business sky.” MEN AND MONEY By M. S. Rukeyser. (Covyrizht. 1926.) Adolph Zukor, president of the Fa- mous Players-Lasky Corporation, leader of the giant industry of whole- saling and retailing entertainment for the silver screen, told me that the cor- poration would show somewhat better earnings in the year which ends this ‘week than in 1925. The fiscal year ends on January 1. In the previous year the corporation reported a net in- come available for dividends of $5,060,- 054, equal to $12.86 a share .on the common stock. As the year ends certified public accountants throughout the country will face their period of meak activity Although the majority of corpora- tions balance their books at the end of the calendar year, this practice is not universal. A substantial minority follow the leadership of the United | States Treasury and end their fiscal year on June 30. A still smaller minority end thelr fiscal years on Sep- tember 30 and at the end of other quarterly periods. The precise time for the end of the bookkeeping is usually provided for in the ch: and articles of incorporation In view of widespread criticism of corporate practices in regard to pub Mshing earnings by William Z. Ri and others, well m: are likely in 1927 to exert themselve: to get their balance sheets and income socounts in the hands of stockholders a8 near after the close of the year as possible. Some Firms Laggards. Bome laggard corporations ‘been woeful offenders, publ material anywhere months late. Unless such fin rts of the success or failure of the iness are promptly made available they become of academic significance only, and place the general stock- holder at a great disadvantage. ‘Where a corporation fails to pubii such reports as speedil is feasible it consclously or unconsciou into the hands of the insi glves them a great advantage over the small holder of securities. The wise investor keeps in touch with his holdings, and sometimes modifies his commitments in accord- ance with changing conditio 1f re- orts of earnings are de until hey become ancient the small shareholders cannot act quickly enough to take advantage of a knowi- edge of changing conditions. 1f a corporation has a wide number of security holders and desires to play falr with them, it will issue reports #peedily—and will also reveal their condition frequently. Usually onc ar is not enough. The New Yor $iok Sachange vequires the 113 corporations whose shares are listed to issue at least one report a year, end BE. H. H. Simmons, the president, following the Jeadership of the late Seymour Cromwell, his predecessor in office, has carried on a campaign to in- duce corporations to issue quarterly reports. Stockholders on Parity. Frequent and prompt reports place | large and reholders {ter—not by sulking on the present job. 4| Marvland Railway has been buying emphasizes the value of cur- rent information to those in a position to control business policies. When all the returns are in for1 926, they will show that corporate earnings in the aggregate were at a new summit. This gross figure will give a mis- leading picture of conditions during the year. Profits were by no means univer- sally distributed. They went mainly to the dominant, exceptionally well | managed concerns. The race was to the strong in an unusual sense, for it was a year of extraordinary com- petition and declining commodity prices. In boom years like 1919-20, on the other hand, the Inflation of commodity prices temporarily assured profits to all contenders in the race for business success. THE BUSINESS OF GETTING AHEA] Dissatisfaction Spur to Progress. Louis Untermyer, the poet, ex- pressed an ideal of this restless age when he wrote the line, “From sleek contentment keep me free." Sackcloth and ashes have gone out of fashion, and the average family is clamoring for more and-more of the £00d things of life. The story of this remarkable development in present dav civilization is summed up in the expression—the standard of living is rising Advertising, which is the device by which modern town criers talk to tens of millions instead of to hundreds of individuals, is an organized attempt to make people dissatisfied with what they have. Advertising is an attempt to build up new wants, and to sug- gest means of satisfying them. Many Temptations. In the current array of tempta- tions which advertising dangles before the multitudes are not only many commodities that were .not wanted, but which were not even conceived a few decades ago. Safety razors, radios, talking machines, cameras, typewriters, cash registers, automo- biles, airplanes—and a thousand and one sundries strive for the favor of buyers. ‘Whether the higher average con- sumption of commodities increases in- dividual happiness is a question for the moralists. The rising standard of living has a profound effect on na- tional prosperity. The Nation's busi- ness has been expended at a phenom- enal rate by this process of turning the luxuries of yesteryear into pres- ent-day necessities. No one looks upon a bathtub today as anything ex- cept a necessity, yet middle-aged folk can well remember the days when they were considered as luxuries, in- tended only for the ellte. Demand--the clamor for things to be used—is the driving force behind all business enterprise. uction is important, but it is only a means to an end. The objective is consumption. Advertising creates and stimulates de- sire, and turns wishing into wanting. Advertising is a construtive business force, which pays for itself by means of expanding the volume of sales and thus reducing the unit cost of each transaction. So much for advertising as it affects general business. The individual cannot order his life in accordance with the importunings of advertising. Must Pick and Choose. Al except a small minority of mil- lionaires are exposed to advertising ap- peals, which, if followed in the aggre- gate, would call for many times their total annual income. Practical consid- erations oblige the individual to pick and choose among the many articles dangled before him. He must become a positive force in deciding his own problems, not a mere log drifting mean- inglessly in a sea of selling appeals and subject to the effect of every cross current. The individual should have a definite plan for spending and for saving, and, in considering an ar- ticle that is offered to him, should judge it _in relation to all his other needs. The problem of selection and rejection rests with the individual. In buying one prodict Le i= exhausting his purchasing power and automatic- ally relinquishing his command over other things. The dissatisfaction created in the in- dividual by advertising is healthy only in so far as he tempers his desires in accordance with his means. A reason- able dissati: ction will spur him to greater efforts and help to heighten his earning power. An excesive dis- sa action will make him a grouch, cr something worse, and will be a seri ous handicap. In his career as an employe the indi- | vicual should be dissatisfied with his | present lot only in the sense that he | hopes for something better. He chould make his dreams effective by preparing himself for something bet- The way to promotion is through ex- cellence at the work at hand. little dissatisfaction is healthy, it is reinforced by ambition | nce it becomes a negative | {and baneful influence. ISSUE IS AWARDED. Alex Brown & Sons Get Western Maryland Bonds. Special Dispatch to The Star. BALTIMORE, December | e of $1,260,000 4% per vear equipment trust of the awarded | | to Alexander Brown & Sons of Balti- | {more and Washington, and Brown | Bros. & Co. of New York. The ob-| ligations will be offered probably this | week on a 4.70 per cent ba | ceeds, plus $410.000 to be adva |the railroad's treasury, will be used | to pay for 20 heavy locomotives ordered from the Baldwin Locomotive Works for delivery early in 1927, TOBACCO RECEIPTS DROP. BALTIMORE, December 27 (Special). | —Receipts of Maryland leaf tobacco | last week dropped to 204 hossheads, while sales increased to 537 hogs- heads. Old crop of cigarette tobacco pretty well cleaned up. Quotations of Maryland leaf tobacco per :100 pounds: Interior and frosted, firm leaf, 3.00 to 8.00; sound common and green- ish, 9.00 to 14.00; good common, 15.00 to 24.00; medmm, 25.00 to 34.00; good to fine red, £5.00 to 51.00: fanc: 00; seconds, common to medium, 6.00 to conds, good to fine, 21.00 to ! upper country, air cured, 7.00 i ; ground lea nomir parity. A steads formation is the best meuns of shui- ting off baseless and irresponsible sumors such as Ve In order to be a “live one,” the Poplar Bluff American says, it is nec- eISESY to be dsed in edrnests L) THE EVENING STAR, WASHINGTON D C, TUESDAY SECOND DAY! “Year-End Savings” Means Record Values. Women’s Frocks: Formerly —Satin crepe, frost crepe, crepe Roma, georgette and crepella— all these desirable fabrics are represented in this splendid group of dresses that have been reduced drastically for clear- ance because we want to make room for our new Spring mer- chandise. There are tailored treatments—softly draped tunic and tiered styles and even rich- ly beaded chiffons and, geor- gettes for evening. You will be glad to have several of these frocks for the rest of the sea- son—choose them now. Formerly 550 33875 —In this group you will find exceptionally distinctive formal, afternoon, dinner and evening gowns—the kind of frock you do not associate with this priee. All yeproductions cf the most successful Paris models of the seafon—at the year-end prices they are truly remarkable val- ues. There are fascinating treatments of crepe Roma, geor- gette, in combination with vel- vet; crepe satins and frost crepes—and plenty of velvet frocks in interesting effects, Women’s Gown Shop Second Floor YEAR-ENp) COME AND COMPARE STYLES : AND VALUES AND ENJOY THE GREATEST ECONOMIES OF THE MOMENT! _MONDAY, DECEMBER 27, 1926. It is necessary at certain times to reduce stocks by reducing prices—and this is one of them. Jelleff’s fashion apparel at most astoni shing low cost! Choose a Coat Tomorrow! The savings are the greatest of the entire season. The styles are stunning—the furs are mag- nificent—the fabrics only the most desirable—the coveted colors and Jelleff regular quality. Two Great Price Groups! Women’s Misses” Larger Women’s $89.50 Women’s Coats that were $98.50 to $125 Plenty of black coats in this group, georgeously trimmed with luxurious deep shawl collars of platinum wolf or black lynx, and if you have been following the style situation in the past month, you know that these are the most desirable coats of the season. Some have large mushroom collars®and deep cuffs of black fox or natural squirrel, and if black does not happen to be your color, there are equally as stunning models in the smart brown and tan tones, gray, green, and wine. Trimmings of fitch, beaver, platinum wolf and mink squirrel are lavishly used and, of course, the fabrics are all splendid. Misses’ Coats—Formerly $110 to $135 Every coat in this group is winner. These are coats created by the leading designers in New York—these are coats in the styles which have been sanctioned by the smartest young women—plenty of deep fur shawl coliars in platinum wolf, natural and mink squirrel, lynx, fox or beaver. Straight-line treatments for the most part, with the stun- ning modified blouse effects for those who desire them and, of course, all these coats have deep fur cuffs; some even go further and have fur borders and panels. Excellent colorings. Larger Wcmen’s $110 to $125 Coats A splendid opportunity—for here are savings of §20 to $45 on really desirable o smart straight-line coats in \’enls‘e‘ Stevelaine or Camelel, richly trimmed with beaver, sable dyed squirrel or fox, in most becoming style treatments. Women’s and Misses’ Coat Shops—Third Floor. Al sizes in each group. Savings of $55 on many of these coats 110 Women’s Coats that were $125 to $165 Just think of it! You select from this group a coat as smart as you could possibly find at any time during the season and you actually save from $25 to $45. Perfectly stunning models—ask your friends who have seen them today—you know how smart fur tuxedos gre— you know how desirable deep shawl collars of furs are—well, you will find them all in this group and of these high-priced turs, too—platinum wolf, fitch, beaver, kit fox, Jap mink, lynx, skunk and pointed wolf. ‘We cannot do justice to these coats by talking about them—you must come in and see them yourself. Misses’ Coats—Formerly $125-$145 Misses—just think of it! Here are coats that are “different.” Those stunning individual models that you have seen here but could not afford to buy earlier in the season. Yes—all of those gorgeous, richly furred goats—some with deep shawls of beaver and natural squirrel or black lynx—some with gorgeous tuxedo collars of beaver, some with smart muffler collars and deep cuffs and even panels of natural and mink squirrel, platinum and brown wolf or fox. The fur sets on many of these coats almost equal the year-énd prices. Larger Women’s Coats—Formerly $125 to $145 Plenty of stunning models in this group—all in lovely, flattering lines. Close-clipped pile fabrics with gorgeous sets of beaver, natural squirrel and black fox—all ready for your choosing tomorrow. Larger Women’s Coat Shop—Second Floor. Dresses Choose several dresses tomorrow in this tremendous Year End clearance that brings the most important savings of the year—and there are many advance Spring styles in this group, too. Women’s Frocks that were $18.75 to $25—and remarkable values at those prices Women—choose from a perfectly stunning assortment of dresses for all occasions. Georgette, flat crepe, satin and Jersey—many in the new spring colors and quite a few in advance spring styling. Plenty of navy, grey and black in addition to the high shades and a choice of unusually at- tractive one and two piece treatments, Tailored! Wool crepe Flat crepe Crepe satin eorgetto— abot front and novel sido drapes, Sports! Wool crepe Wool jersey Misses’ Frocks that were $18.75 to $25— and even then A 5p;cinlly priced Misses—you will find in this group delightfully smart frocks for every occasion and a fabric selection that ranges from georgette to wool crepe and includes such desirable mediums as satin, crepe de chine, velvet and flat crepe. You will find advance spring models in this group and many stun- ning new style effects. Afternoon! Velvet Satin Georgette Navy—Black—Grey—and many of the new Spring colorings $15 Women’s Simple Frock Shop—Second Floor. Misses’ Simple Frock Shop—T hird Floos Choose Your Fur Coat Tomorrow! Positively the lowest prices of the season. Savings as high as $500 in some cases—in no cases lower tllan.$.50——anfj these are all regular Jelleff quality furs, which means the finest quality selected pelts—fastidious tailoring—skillful matching and blending—and very smart styles. $195—$225 Fur Coats Flat Caraculs—the most popular fur mode of the season for both women and misses, in light and dark brown colorings with rich fox collars dyed to match. Grey Caracul Lamb Coats—lovely for young women—smart straight-line styles. Caracul Paw Coats—lovely quality, all in the very smart cocoa shade, all with rich fox collars and beautiful silk linings. . Calfskin Coats-—the most recent fur vogue and very popular with fashion- able®misses. Plain and spotted pat- terns—straight-line models, of course, J 5145 effectively trimmed with nutria and fox. A $250—$395 Fur Coats Russian Pony Coats—very smart and very practical fur for young women— natural and taupe dyed pelts trimmed with fox. Stenciled Kid Coats—stunning sports models lined with Rodier novelty woolens and reversible coats featuring the new side belt and buckle treat- ment. Calfskin Coats—another group of these very chic furs—some reversible —all 'very distinctive—some with nutria trims. Fine Caracul Coats—for women and misses—the desirable rich brown colorings with luxurious fox collars and cuffs dyed to match. All silk lined. No Matter What Type of Fur You Are Thinking of—Be Sure to See This Group! $375 Hudson Seal (dyed muskrat coats), rich full-furred $295 skins with sable-dyed squirrel collars and cuffs..... P $395 Fine Black Muskrat Coats—superior grade skins $325 trimmed effectively with raccoon collar and cuffs........... $375 Raccoon Coats—beautifully marked skins with deep $345 shawl collars,” plaid woolen lining and silk half-lining $475 Jap Weasel Coats—rich dark-brown skins, straightline 5375 model with stunning notched collar and cuffs of beaver..... $495 Black Russian Caracul Coats—flat moire markings, slender straightline with pointed fox collar . - $495 Gray American Broadtail Coat—tailored with plati- num fox shawl collar, side pockets with novelty flaps....... $1,450 Russian Broadtail Caracul Coat—luxurious model— one only, in oyster gray with natural baumgarten shawl col- lar and deep cuffs.............. Fur Shop—Fourth Floor The Year-End Sale That Is The Talk Of The Town! Formerly $8.75 to $12.50 SORQASI Pumps and Oxfor Thousands of pairs of this famous quality footwear practically at half price and in many cases at less. Formerly $10.00 to $15 $4.-95 37 50 Discontinued, broken and sample styles—even some new merchandise that has been re- duced because of a delay in shipment. All sizes and a complete range of desirable colorings and materials—but, oj course, you must not expect to find every size in ever: All the desirable heels—Sizes 214—9. Width AAA to Sorosis—Shoe Shop—Street Floor style. GREATEST OF THE SEASON! 9 Wonden's $145 Kashmirtoga Coat_with ~shawl collar “and cuffs of skunk. $110 “Year-End Savings” Means Great Opportunities! Misses’ Frocks Ere 32875 —An excellent way te spend your Christmas gift monev—for here you will find perfectly charming frocks in delightfuk current style treatments. Prac- tically any kind of frock *hat you had in mind at savings that average $10 to $18—almost enough to buy another frock with. There are crepe Romas, chiffons, velvets, flat crepes and tweeds. Many of the new Spring colorings in addition to the coveted shades of the sea- son. S beso¥3 370 —And here is a group of ex- ceptionally distinctive frocks— only one or two of a kind. Chif- fon for dance wear—velvets in stunning _two-piece models— some with blouses of metal cloth. Novelty twills, clever tailored, bolero and coat styles and ever so many rich silk crepe treatments. A choice of all the desirable colors of the moment—many of the new Spring shades and plenty of black. Even if you think you have all the frocks vou need this season, you cannot afford to overlook this opportunity to- morrow. Misses’ Frock Shop Third Floor