Evening star., 1921-09-04
BY 1. A. FLEMING.

. BY L. A. FLEMING
Cnquestionably there has been a
Distinct and positive change for the
better during the past week. Senti-
ment Is also taking more encourag-
ing view of conditions.
: Whether it Is complete and per-
manent reversal of form or not will
be n matter for the future to develop.
but the experience of the last year
and the year 1891 to date is not likely
TO be forgotten until the world con-
aition has undergone some material
betterment.
; without doubt the demand for cot
ton goods will materially increase as as
It develops that the crop OF 1871 Will
be inadequate for the domestic anu
foreign needs.
Reserve reports. banking comment
End general reviews indicate that col
fectiOns, even in the districts Wh.re
there has been much frozen .rcd.t,
are showing some Improvement. ana
the better prices going for wheat and
cotton Will help out In the az sFt"''-o
section.
: The damage to the cotton crop. al
though it may be wrong to saw u,
has been of great benefit to me = rith
And has removed the feeling "f deep
depression and made merchants and
planters alive to opportunities ,nce
more In a way it has also rebuked,
even though successful, snort acre-
age planting.
. Throughout the year to- date me
pnail-order houses have shown STEADY
decreases in their business, and the
reversal of this rule, when 1t comes,
will be the first indication that the
farming community is again IN FUNDS
for something more than it's necessi-
ties-not much more, however.
/ Bankers are not inclined to give
much encouragement to new ven
tures: are willing to accept cur ta,is an
in loans, and look closely into the
Surposes of borrowing, checking
where possible any tendency toward
speculation.
: Railroad reports for July and the
carly weeks of August are showing
baaterial increases in net earnings. u
kut it is unfortunate that this Is De-
ing largely accomplished at the ex-
pense of maintenance and equipment
and equally fortunate that there Is a
reduction In operating expenses. the
one point where there should be
great saving.
From all quarters of the country
come insistent demands for reduction
Of freight and passenger rates, ana
the rail problem has not been DELL
pitely settled as yet.
The finance corporation. using gov.
trade with a few millions here and
there. generally in the cotton belt.
but the numerous corporations s
started. actual and prospective. to ald
foreign trade seem to be slowing up
n their work or abandoning the field
Sltogether.
: At the October convention of the
A. B. A, to be held in Los Angeles.
b is probable that announcement Will
be made of the abandonment OF the
proposed foreign trade finance con-
yention, which had the Endorsement OF
/. Months of work and great amount
Of effort were expended TO put tnis
Trade adjunct in the field. but the con,
ditfons Of the nations abroad seemed
70 stif1e efforts to assist them furtner
In any attempt to help ourselves.
. Latest reports from over there in
dicate that Germany is working many
hours daily, producing goods at prices
mat defy competition. but that the
printing presses are keeping the same
20 fast that there must be. eventu-
ally, a smash while just across the
Rhine France is building on solid
foundation, careful and conservative.
Italy and Great Britain are coming
>along. perhaps at slower pace. but
the pace adhered to will eventually
And the faith and confidence of the
great mass Of Americans will see
ohat this country leads the parade
INTO greener fields.
:: Too Many Banks.
Too many banks, perhaps. all over the
dountry: there are too many in the really
t.i natives of this or that country for
their deposits, trusting new citizens,
kho can ill afford losses. and whose
2mperamental condition suggests dis
ester to a defaulting banker If they
cbuld but lay hands on him.
:This does not apply to Washington.
Hhere every bank doing business is un-
der the direct eye of the controller OF
DE currency. is subject to the laws and
regulations regarding examinations. ana
where in a record of many years de-
rSpsitors have not lost cent Of their
fprd-earned funds.
.This does apply to Washington in
the sense of too many banks here. The
last record was forty-two or forty-three.
With half a dozen rumors of launchings.
Scme OF which may De started, Sooner OF
later.
There are two big companies forming.
one nearly ready to open its doors. and
another in the 30 per cent. perhaps 6O
per cent. stage. both ian anxious hath a1s
with ample capital and banking ex-
perience behind them.
.Bankers would like to see bunch OF
Consultations. There Is ample room for
Efforts in this direction. not only among
tie numerous savings banks. but in the
M tional bank field.
TT offers a more fruitful field OF en-
deayor than the organization field az
tits time. 1t is getting harder and
h1rder to move a bank account that Is
Worth moving from an established bank
x a new concern. longtime business
r7lations that are worth keeping are
hArd to break.
.The Farmers Finance Corporation
mo, Is denied the right to sci!
$50, 900 of preferred stock in the state OF
Minnesota by the state securities COM
mission. which declared the 'of1er ana
sale misleading and deceptive.
.Another state commission refused per-
mission for a preferred stock divldeno;
on the ground that the corporation hao
not acted square with its sharenolders.
Naturally. you are thinking tnat
tie District Of Columbia needs some
sfch legislation and needs 1T badly.
Protection In their Investments is
NEEDED by the experienced trader, as
well as by victims of gold brick prop
oSitions.
AIxust Record Bond Month.
sThe month of August was marked
bf the largest trading In bonds OF
aty August. at least since August,
.The eight months period of the
calendar year, to date. Is far ahead
iii real sales of the past nine years
I'd September 1.
commenting on the market. the
RDnd Buyer says: