Evening star., 1921-11-13
BUSINESS CONTINUES TO GAIN
IN CONFIDENCE AND IMPETUS
Wall Street Encouraeed-Clearinss Show
Activity Washington Sharing in I'M
provement-Stocks and Bonds at Hieh.
BY I. A. FLEMING.

j.. BY l. A. FLEMING.
Each passing week marks q step
forward In the growing and increas.
Ing confidence OF American business
that the worst has been left far be-
hind and that from this time ON de.
velopmeRts will make for recovery,
meeting setbacks now and then a.
best we may and avoiding the errors
Of the past.
This measure OF progress 10 mainly
In the development Of the great home
market the while we wait for the M.
tions Of Europe to set in line with
better conditions. IL possible
During October the clearings Of the
entire country. &se.aes.oa7.ooo. were
the largest of any month aimee
March, 1891. although smaller than
tor any October since 1s17.
Washington showed a $so,ooo.ooo
gain in clearings for October ~ COM
pared with September. an increase
that may or may not be followed by
. like Improvement In the November
total. Daily elearings are averaGinE
from ss .aE, seoaeSe asS e ,e sss'sS 100 sskns Ing
index.
That there will be gain, over No
vember clearings goes without say
ing. Six OF the FIRST eight business
days OF the month showed gains Of
% stsh siSh. ses Ths eSssss.
favor an increase Of more then Se,-
eoo. 900 TOR the month over the figures
for October, which In turn wafe S&e,-
eoo.ooo over SeptembeF.
December will be the big month OF
oar Yea. sorssa sS.:,: viii s: here
throughout the month. the added
winter population of the capital will
be on hand, entertaining will reach
seasonable activities and thousands
Of Americans will visit the capital to
witness the sessions of the confer
ence.
Savings Of s1.234.000 from Christ
mas savings funds accumulated in
seven institutions can be counted on
to accentuate the buying season, this
large sum being greatly in excess Of.
the accumulation for the same pur-
pose a year ago.
1t is likely that every bank partici-
pating in the accumulation will i'm
mediately start plan for next years
fund. and that some other banking
institutions. induced by the success
of this years efforts, will add this
feature to their regular business.
This has been a profitable business
year, especially for those bankers
who were wise enough to invest In
Treasury certificates of the various
ber Is of last year per cent Ger.
tihcate issue was put out, maturing De-
cember IS this year. Later came the
5A per cent. then the 5a per cent,
any Of which could be used for the
employment of savings to good ad-
vantage.
1t has been estimated that Christ
mas saving. putting in bank a. stated
sum each week, will result in 10
per cent of the fund remaining in
the savings department Of the col
lecting banks. II correct, this would
add considerably to the moro or less
permanent savings deposits. II they
can SO be termed.
Some banks abandoned the savings
club last year for the reason that
they did not have the required room
to handle tho business. The Me--
with 100000 in its fund, claims that
it could easily have taken in mill
lion dollars. but that lack Of space
forced an early closing of the lists.
Wall Street Cheerful
Wall street. long = gloomy vale. an
abyss Of doubt and, discouragement,
has shaken on its lethargy and has
been showing . stift upper lip for
sixty days now, maintaining = Arm
sales with persistency the while
prices are slowly improving.
Wall street recognises tha fact that
the railroads are not out Of the
| woods, despite the urge Of some rail
maEnatss that rail- ofnciais look to
| ready for increased business rather
than to wage cuts.
It knows that our foreign trade
cannot come back fully for year, to
come. and yet 1t is favorably in
clined to securities. because it be-
ing prosperity of the United States.
In no section of business has the
response been rs good as In the bond
market.
After weeks of activity 357,17s.ooo
Se veet sndsd snd
almost without exception before the
completion of the day on which they
were offered. Industrial bonds have
been put out to yield 6h to per
cent
Public utilities bonds have been
state and municipal issues yielding
ass to $50 per cent
There Is q reason for the activity in
bonds. Investors are more than anx-
ious to get their money placed that
they may reap some Of higher rates
before the glut Of cash, which IL ex-
pected to develop with the new year
and which has been evidenced In the
drop Of interest rates on Treasury
certificates from per cent to ~
per cent, reduces rates generally to
q basis where the returns will be
much less remunerative.
1t u even predicted that 8 to I per
cent money will 60 a-begging unless
the demands of business should in.