Evening Star Newspaper, February 3, 1927, Page 13

THE EVENING STAR, WASHINGTON, D. U, THURSDAY, FEBRUARY 3, 1927. i S Jarxe proportion o tne non-catiss |- GRAIN TRADE SMALLER. [tyt deveiosed durins tne scind | DISCOUNT RATE CUT. group—perhaps 76 per cent—were part of the vear, due to more liberal seriously deficlent in general educa- —_— Buropean purchases. e 2,283,3; Receipts and Exports at Baltimore Bank of France Reduces Percent- Show Blg Decreases. age—Gesture of Confidence. tion and general background and Corn exports totaled poor material for the legal profes- bushels, against 999,333 the year 8pecial Dispatch to The Star. PARIS, February 3 (P).—The Bank BALTIMORE, February 3.-Atten- of France today reduced its discount sion. fore. Domestic business in flour was “Practically all of the college men in fair volume, with exports through have impressed us as well fitted, the port declining 127,000 barrels, :;ml In charscter and education, for | ORR, van - S ~ mission to the profession.” ton is called to a decline of more rate to 515 per cent. ' than 1,000,000 bushels In receipta of STEEL ORDERS DIVIDED. The reduiction af 1 per cent, from grain at this port in the last year | NEW YORK. February 3 (®.—Or- |61 to 5%, was taken in financial and a decrease of 6,000,000 bushels lcircles as” an indication of the gov- in such exports by A. R. Dennis, re- ernment’s confidence in the evolution The Court of Appeals is expected to hold a public hearing on these ders for 26,000 tons of standard steel tiring president of the Baltimore | Fa8 hav distributed by the| /%y R o ncial program and & gests In his 1926 of coordination with the industrial suggestions. Chicago, TRock Island and Pacific, Bullock, in conference with the New in New York, where the committee York subscribers to the forecasting|on character and fitness of appli- service, made this prediction: “Busi- |cants for admission to the bar has ness generally will continue on a high | recommended to the highest court and prosperous level this year, al-[In the commonwealth that prospec- | though the volume may be some-|tive lawyers should have a college what under 1926.” education The committee criticized the lack of Rediscount Rate Reduction. knowledge—though not the absence There is considerable menlnl‘uf Intelligence—on the part of high speculation in financial quarters as 18 (school graduates. to whether a reduction of one-half 2 of 1 per cent of the rediscount rate Not Lack of Intelligence. is imminent. Technically, the Fed-| “It is not lack of intelligence, eral Reserve authorities could find member of the committes, MEN AND MONEY By M. S. Rukeyser. (Copyright, 1927.) IO QT TO T 192 W Only Question Is: Who Will Commodity prices, ever dancing to and fro, reflect the fluctuating optimism and pessimism of business men Prosperi rely is accompanied by alling commodity prices. ‘The Incident is typical of the ris- ing demand for higher standards in ald heen for l . \ Sell the Cars? Light Six Big Attraction. BY J. C. ROYLE Special Dispatch to The Star DETROIT, February 3.—There will | made and sold | hat is the con- | servative opinion of a d automo bile executives here, carefully con- | sidered and given, despite the fact that | around 40,000 men now are idle in this | territory. They are careful to say that | this estimate does not mean that the | dollar value of the sales will be as | high as last vear or that the profits | of some companies will be as ge. | The public, they realize, is going to | determine to a greater | ever just who is going to m: sales. They have gotten past tl | when they say the public | Now they admit the public is | sition to tell them what it wants s | insist on getting it. It is up to them to provide what the public wants. | Those who can do this and do it with | a margin of profit will make mone It will be hard sledding for the othe: But the consumption of materials pro duced In otber sections of the coun- | try and used in motor cars seems | destined to stand up, and producers, | according to opinion here, need have no fedr in this respect Light Six Dominant. | inder car seems | dominant feature | The light car, The light six- destined to be tk of the 1927 market flexible in traffic and consuming a small amount of gasoline per mile, admittedly has an appeal from both the lower and the higher price ranges. Many automotive engineers declare the trend of the times shows the mar- ket for the four-cylinder car is nar- | rowing. This does not mean that this | market is becoming extinct, but traf- fic congestion is affecting it and forc- ing manufacturers of fours to rely more than ever on volume production. On the other hand, makers of light sixes have designed such models that they are galning buyers from the higher price scale of customers. There will always be a demand for large and luxurious and expensive cars. But even those who can afford such cars, with chauffeurs to run them, are showing a tendency to sup- plement them with lighter, more flex- ible and cheaper vehicles. This ex- plains in some measure the attention which all makers and dealers admit was accorded the new eight-cylinder Marmon models shown at the January and February shows. It explains the success of lighter models by Pierce- Arrow and Packard and the intention of General Motors to bring out shortly the La Salle car, which fits in between the price ranges of the Cadillac and the Buick, as wellas similar moves by other manufacturers. Increases in Output. The solidfying of opinion by the buying public as to what it wants is resulting in a steady increase in out- put and employment. This has been noticeable on the factory pay rolls here since January 15. Chevrolet is step- ping up production so that it will reach 100,000 cars a month in March. This company has passed Ford, and in that respect the situation in the industry has reversed itself. The “Dearborn manufacturer is no longer the greatest producer. That title un- questionably has d to General Motors, of which the Chevrolet com- pany is a part. The figures speak for themselves. In the first 28 days of January Ford worked three days a week and turned out around 40,000 cars. _Chevrolet produced 50,000. The top of the Ford production was 2,100,000 cars and trucks in a year. The curve of pro- duction started down in 1923 and for 1926, according to figures just con- firmed by Edsel Ford, amounted to 1,447,000, Sales in Detroit territory in Jan- uary by Ford totaled 340, as against $10 For Your OIld ( [ immammm, level since iness nge part about the bu: has the recent months tion of record-breaking vity with falling com- In 1926, wholesale r cent to the lowest July, 1924. On the sports it would be observed that the 1d old dope has failed to operate. The practical question is how long the downward trend in commodity prices will continue. »me soothsayers predict a long and gradual decline toward pre-war levels Prof. Charles J. Bullock, Harvard economic s and one of the more credibleg forecasters, asserts that the country is near the end of the de- cline in commodity prices. He be- lieves that the normal between now and 1930 will be per cent above 1913 average prices. On this assump- tion, he foresees a price recovery be- fore long. Money Depression in England. Prof. Bullock traces the present re actionary movement in commodity to the hard money depression gland, which followed the return 10 a gold standard in May, 1925. The id, went ‘round the world sald Prof. Bullock, “may this year with the first moderate prosperity since the war. The country seems set for recovery! There are already signs of stability in prices in England. “Auother factor which recently proved a price depressant was the at- tempt of France to stabllize its cur- rency. Since July the exchange value of the franc doubled. Franc too, has had a hard money depres- sion. She has, however, done all the deflating which she is likely to do for some time. The recent French policy reacted on the whole fabric of inter- national commodity prices, partic. ularly affecting prices of non-ferrous metals. Italy, too, is not likely to go to greater lengths toward deflation in the near future. “As a matter of fact, if you elimi- nate copper prices and prices of cot- ton and other commodities which were affected by the drastic slump in cot- ton, you will find that commodity prices generally have not been de- priciating.’ * Hand-to-Mouth Buying. The secret of the ability of Amer- ican business men to make large profits while commodity prices were declining is the new habit of hand-to-mouth buying. With inven- tories low, trade factors are ready for any change in conditions, and can quickly adjust themselves to new price levels. Nevertheless, if Prof. Bullock’s forecast is correct, a mod- erate recovery in commodity prices is likely to have a tonic effect on business. The dominant fact in the American economic picture continues to be easy money. Thus far, easy money has made downward readjustments in particular situations, such as the Florida boom and in certain types of urban real estate construction, painless. Develop- ments since the first of the year point to continued abundance of credit at low interest rates. Although ulti- mately the country is likely to lose some of its new gold hoards the cur- rent movement is still in this direc- tion. In January gold imports ex- ceeded $50,000,000 for the first time in any month since 1921. As chairman of the Harvard com- mittee on economic research, Prof. —_— 1,260 in January 1926. Three cars exceeded the local Ford sales for the month, Chevrolet, Hudson-Essex and Chrysler, in the order named. It is notable that while the Ford Co. has cut down advertising to a minimum the Chevrolet Co. plans to spend $7,500,000 to $8,000,000 in its 1927 advertising campaign. ‘The retall market has had a rest since the middle of November. The best informed men in the business here expressed the. belief today it now was ready to go on in an upward curve. modity prices declined 6 1 T HIS is your chance to get a handsome new range in exchange for your old—at a SAVING OF TEN DOLLARS. You can select any side-oven gas range we sell (except the “Special” below), with or =y No. 873 guaranteed — Splasher ] eru equipment as Rutz White Enamel Utility Ser No allowance for your old range is possible this price!~~completely Installed—$§49.75. at 0 | Justification | ot giv | at thi | business community should be beset < with lower yields. Special—Only $1.75 Down Ename] Burner Tray. Broiler Pan, Full-size Oven—16x18 inches. proof Linings throughout, and such other mod- for a downward revi- slon at this time. The chief ad- vantage would be psychological and there seems to be no special need \& encouragement to business time. In the Spring if the do with doubts and skepticism, a cut in the rediscount rate might help to turn the tides of sentiment. Possibly recognition of this fact will be an influence in determining the timing of the next change in the rediscount rate. Before the Federal Reserve system was instituted in 1914 it used to be fashionable in this country to look with envy on the British and other foreign banking systems. Now other countries are studying the American system with a view to imi- tation. Reginald McKenna, chairman of one of the four great London joint stock banks and former chancellor of the exchequer, has urged that the machinery of the somewhat an- tiquated Bank of England be mod- ernized in accordance with the Fed- aral Reserve pattern. This is another slgn of America’s financial primacy. The tremendous recent rise in the bond market means that the new investor will have to be satisfled The high returns of the post-war years have definitely passed. Capital is working for a lower wage. What is & fair return under existing conditions? The amateur would probably be in- clined to answer 6 per cent. The Metropolitan Life Insurance Co., the largest single investor in the country, was satisfled with a vield of 4 per cent in investments made in 1926. The average vield on all bond holdings, including those made in earlier years, was 5.3 per cent. The company has $1,600,000 for investment each day. \ THE BUSINESS OF GETTING AHEAD. Professional Education. The quantity of formal education required before admitting candidates to the professions has been progres- sively increased in recent years. Faith in learning in the school of hard knocks has been diminishing, and the term of systematic education for the professions has been steadily lengthened. This is a new tendency in education Many older practicing physicians went to medical school directly from the high school, and won the coveted M. D. degree with a year of casual study. Now the leading universities vequire a minimum of six years ace- demic and professional study after the high school, and after the prospective physician is graduated he must serve his apprenticeship for at least another year as an intern in the hospitals. Progressive physicians continue to study through thelr active careers, occasionally attending clinics at Viemna and other foreign centers. Requiring Academic Training. Recently the leading universities to an increasing extent have been re- quiring at least two years of general academic training before admitting students to professional schools in law, business, journalism,. architec- ture, pharmacy and optometry. Al- though this is the age of specializa- tion, university officials have recog- nized to an increasing extent the desirability of reinforcing profes- slonal training with a broad cultural background. In this connection it should be stressed that the univer- sitles have no monopoly on learning. The ability to read opens up the opportunities to culture to every literate person and some of the most cultivated men never got beyond the elementary school in the matter of formal education. This question of raising educa- tional standards has gome to the fore Gas or Coal ) Range—By Ordering NOW! iF without Oven Heat Control, or the myriad of other latest improvements. We'll take out the old stove, replace it with your better, cleaner “kitchen partner”—and allow you Ten Dollars! The terms on the remainder can be arranged to suit your convenience. ORIOLE range. Hus Panels and Rust- Automatic Lighter and e Drawer. Washington Gas Light Co. 419 Tenth St. N. W. flm > AT ans Ll lmost as of unusual native intelligence. I not of the high schools large high schools whose boys chance ito have made the has faculty boys as a class acquire very rapldly, but do not assimilate; quick to learn jand quick to forget. “Speaking generall an all of the boys impress us it entirely the fault for one of the think NEW poorest showing unusually good history It sevms to me that these|month a against & we felt that the professions. PERE MARQUETTE TRAFFIC. YORK, February 3 Freight traMo on the Pere Marquette in January was lighter than the same carloads, year ago, 4,630, 62,127 More than 8,000 radlo licenses were issued in New Zealand last year ). — Chamber of Commerce, report deliverad to members at the seventy-second annual meeting yes- terday. The larger wheat crop in Maryland and nearby States, however, partially offset the decreased business in other grains. Exports of wheat Increased during the year to 16,869,790 from 16,342,462 bushels in 1923. Of the wheat shipments made last year 9959580 bushels consisted of Canadlan wheat in bond. Greater ac- 1§ glvew to Illinols Steel | concerns in the present period of re of United States Steel, |adjustment. and 3,000 tons to Inland Steel. — The last previous change in the e - . discount rate of the Bank of France A. B. A. CONVENTION DATE SET | #as on December 16, when the rate was reduced from 7% to 6%. NEW YORK, February 3 (#).—The i i 4 week of October 24 has been fixed'for this year's annual convention of the American _Bankers' Assoclation at| | Houston, Tex Released at Hyde Park. London, « toy balloon has come down near St Paul's Cathedral 117 days later. Inquire About Our Deferred Payment Plan Automobile Parking Service W. B. Moses & Sons Established 1861 F Street and Eleventh February Furniture Sale 10% to 50% Reductions The February Sale offers to Washington and vicinity an opportunity to secure dependable furniture at very special prices. Every piece of furniture in our stock is included in this sale. ol i Dining Room Suitel0-Pc. Walnut & Gum As Hlustrated Consisting of 66-inch Buffet, Semi-in- closed China Case with drawer, Inclosed Serving Table and 8-ft. Extension Table, the five Side Chairs and Armchair are upholster- ed in a good grade of tapestry. Special price, $259.oo February Oriental Rug Sale Oriental Rug Salon Chinese Rugs—of, finest quality and elaborate in color and design —the most unusual and beautiful showing ever exhibited in our Ori- ental Rug Sales and all extremely moderate in price. Group No. 1 Grade $250 $190 $130 Now Size $195 | 9x12 $155 | 8x10 $105 | 6x9 Size 9x12 8x10 6x9 Group No. 2 * Grade $440 $325 $195 Now $350 | 9x12 $260 | 8x10 $155 | 6x9 Group No. 3 Grade $500 $385° $250 Now $395 $290 $200 Size An Exceptionally Large and Fine Variety of Scatter Sizes 3x6 3x5 Were Now Were Now Were 2x4 Now 3 la Were Now $75.00 $60.00 $60.00 $50.00 $35.00 $28.00 $25.00 $20.00 Fine Persian Scatter Size Rugs Group No. 2 '$38.25 Group No. 1 $27.00 Group No. 3 $47.25 A Special Grouping of French Furni- ture priced at unusually low prices for Group includes about quick clearance. 40 pieces. Inquire About Our D v None C. O. D. and soiled luncheon cloths regular price. Special $2.00 Set bed sets (spread and sham to match). $4.75 set. set. Advance ]ust a Few Articles From Qur First Floor Shops, Priced Attractively, to Help Madam in Her Shopping Negligees—Tea Gowns —of satin and silk crepe.®Formerly $7.50 to $49.50. A reduction of I3 their price. Handbags Formerly $7.50 to $12.50. Reduced to Underthings Rayon Vests Rayon Bloomers . .. Lace - trimmed and Gowns Chemise Silk Gloves, the latest Spring styles, embroid- ered cuffs and slip-ons, pair Chamoisette Gloves, with embroidered cuffs, very smart, pair The Linen Shop No Exchanges No Approvals One-half Regular Price Remnants table damask, crashes, odd soiled tablecloths and napkins Reduced for clearance to one-half their Special $1.25 ea. Odd slightly soiled all-linen scarfs with lace edges. Sold reg- ularly up to $500 each. Re- duced for clearance to $1.25 each. Special, $6.75 ea. Lamb's Wool Comforts, slightly soiled from handling. rly up to $1475 cach. Slightly soiled colored striped Sold regularly up to Clearance price, $2.00 Sold regu- Spring Modes Kiltie Striking and distinctive is the com- bination of Scotch Plaid with Blonde - Kid to match in this chic tie model, de- signed for the modish young lady who prefers lower heels.