Evening star., 1921-10-16
BY I. A. FLEMING.

In less than one month Washington
will start on an era of prosperity
such as it has rarely known: pros
perity that will be sustained for
many months and will reach it's
zenith in the most wonderful Christ
mas season our merchants have ever
experienced.
A number Of conditions will make
this much-to- be- desired prosperity
probable.
First and of chiefest Importance is
the international conference on the
Limitation Of armament. This will
bring thousands Of delegates from
foreign countries, with their secre-
taries, their stenographers. interT-e-
ters and the members of their fam
lilies, many of them on their first trip
to the United States.
From all sections Of our states Will
come thousands of our own people.
TO participate in the gayeties and cere-
monies Of the occasion, to see the
noted. foreigners and to be present at
the open events of the conference.
An estimate has been made OF
here continuously, probably several
lmonths-people who will have money
to spend and who will certainly leave
lit with our merchants when they go
home.
twenty thousand is not an inaug<<
ural crowd. but when the length OF
the stay Is considered, when the
further fact that they have not paid
all their available cash for the trip
here, many having their expenses
met with perhaps approximate llber,
ality to that permitted the United
States peace commission on its visits
to Paris, the whole season Of shop
lping incident thereto may approx
mate an old-time inauguration ball,
parade and reception inaugural, ana
these, though gone. are pleasant re-
Imembrances for Washington mer-
chants and tradespeople.
European merchants make the most
lavish exhibitions to catch the Amer
lican dollar, and Washington mer-
perhaps not so generously. but with
II confidence that the season Will be
better than ever.
Washington savers are preparing TO
do a big bunch of Christmas buying
on their own account, entirely sepa-
rate from anything that our many
guests, distinguished and otherwise,
may do.
Christmas savings clubs will have
over a million of dollars saved up Tor
the buying season. and the greater
part of it will be spent over counters.
II Owners are already planning What
they are going to do with the funds
that they have been accumuiatihg
interest that the banks nave palo LOT
the use OF the funds.
Bankers have been worrying not
little during the year. ana more es-
pecially during the last few months;
as to the best investment to make OF
these Christmas dollars temporarily
intrusted to their keeping.
In the days of call money at Z 10
| i6L per cent and even higher; In the
time Of commercial paper at TO 3
financing, when 6 per cent-later 5&
per cent-Treasury certificates Were
issued, they furnished an abundance
Of good income-producing use dor
temporary funds.
But times have changed.
A nation has learned the value OF
Treasury certificates. and the compe-
tition for offerings has resulted IN
gradual reduction OF interest rate
until it 10 probable that secre,ary ia;,.
participation in a certificate ana note
sale, will reduce the rate to per
cent or even lower.
All Of which does not interest the
Christmas saver; He Will WIZ 90 Feeeihe ss he
desires plus interest. and the total
will add to the merchandising busi-
ness Of the holiday season.
Bankers have expressed the opin-
ion that an average or ~ per cen. .,,,t u,
member would be transferred 70 tne
regular savings account OF the oank
perhaps more. but the savings iess
the amount redeposited. Will go IoI
the holiday trade; ana me me.SanEs me- hants
The third factor in the season
prosperity will come from the very
heavy semi interest payments
on savings and other Understanding
deposits. A.,
volume Of these payments: but they
will exceed $2,000.000, and, while q
larger portion of this amount will oe
reinyested in securities ana carrleo
in savings accounts. the mercaaa's :.
Of the ci ty will receive a share of it.
All in all, it certainly looks as II
Washington was in for such a sea
son OF shopping as was never KNOWN
before.
vii ha able to hold some bargain
sales with "stickers" il they have any
holdoyers, but these should be cleaned
out early to make way for the trade
tempting stocks. .,-ss
With half the outlook Ior ouslhess s.
a French merchant would nave snow
windows Of marvellous beauty; q Monte
carlo or Nice jeweler would nave
windows that would tempt the big
city bomb-throwers beyond self-con-
troll. ,.,..
confident Of the outlook as to the fall
winter and holiday trade have start
ed preparations to meet 1t.
There iss of course. Just chance
that these pleasant predictions ma!
prove too optimistic. in which even,
merchants who stocked up might hnd
Inventories pressing again as the!
did a year ago.
It will not be far along in Novem-
ber before merchants will be able to
sense this wonderful expansion in
business If it is coming, as antici'
pated.
That there will be a good Christ
mas business is practically assured
For q Merger.
the washington Stock Exchange, Of
fers the following simple and ap-
parently available solution of the
II problem Of a merger between Local
street railway companies:
Form a new corporation. with
Allow Capital Traction shareholders
$125 a share for their old stock in
new shares; allow the preferred
shareholders of the Washington Rail-
way and Electric Company, $50 g
/ share for their stock in new stock and
Capital Traction shareholders would
receive $15,000.000 in new stock for
their present capitalization Of $4,000
900; preferred railway shareholders
$5,20o, 900, and common shareholders
These prices are far above the
present market values Of these Sc.
curities, which are SIN. 50 and rs re-
'petii on this sss.4so.ooo of stock Mr..