Evening star., 1922-02-07
BIG |MPED|MENT
T0HEAW BUYING
Uncertainty of Future Price
Trend Is Declared Main
Trade Drawback.

oOV ~ o"UQVNs
Commenting on the price trend. q
man prominently identified with local
financial affairs said today:
THE time is rapidly approaching
when buying will depart from Its
conservative character of the past
eighteen months. Restricted out
puts have. with few exceptions, re-
suited in the gradual absorption Of
the accumulated stocks which came
to light during the price decline.
I'm the field of consumers goods
manufacturing has generally kept
pace with distribution, with the only
accumulation of stocks visible at the
latter end. Retail trade during 1921
showed an amazing vitality, exceed
ing as it did the physical volume OF
the year before. 1t appears. there
fore, that the one impediment to re-
newed large-scale buying on the part
of retailers and wholesalers is the
uncertainty as to the future price
trend.
.The relative stability Of prices dur
ing the past four months has already
done much TO eradicate that uncertainty.
With the larger employment OF labor,
which is sure to occur in the sprinG,
with the more intensive SELLING EFFORTS
which are being put forth by manufac-
ana
with easier credit conditions and with
the gradual depletion of stocks of goods
on hand. price uncertainty should grad
ually disappear as a restraining factor
in business. thereby bringing about the
restoration of confidence and of large
scale buying, both of which have been
conspicuousy absent these many 1
months
Credit Men Meeting.
The Salesman as an Adjunct TO the
Credit Man will be the subject Of
ia TX to be given by Herman Schrot of
Schrot Brothers. at tie MONDAY weekly
luncheon of the Washington Association
Of Credit Men at the City Club toner
row.
Due to the death of l.. F.. Valentine =
secretary and treasurer of the r T.
Andrews Paper Company. in the knich-
erbocker Theater disaster. last week :
luncheon of the association was can
ceed.
1t was further announced by otficial|
of the association today that. starting
tonight. the Washington Association
of Credit Men will conduct a cours.
III Credits as part of the course "f
the Georgetown University Foreign
Service School.
These courses will be handled by
Prof William Gordon Buchanan. on"
of the directors of the association
John T.. Moore. chairman of the credii
education committee OF the organiZa-
ton. had planned TO run these courses
but, owing to illness, has been forced
to give up the work.
The subjects of Prof. Buchanan's
first six lectures are: Historical K'
view Of Credit Basis of Credit.
Credit Interpretation and Reports.
Forms of Credit" Mercantile Credit
and Banking Investment Credit
Many members of the association
expected to take advantage OF tin
lectures.
4. I. b. Banquet.
Circulars were mailed yesterday
bankers announcing the eighteen
annual dinner of the WashinGi"
Chapter. American Institute OF Ban,
ing, al the Willard Hotel February .
The dinner will be preceded by a
ception at $50 O'Clock.
Forum Dinner.
Francis q. Addison, jr.. vice pres
dent of the Security. Savings II.
Commercial Bank and chairman
dinners conducted by the Washing
ton Chapter. American Institute
Barking. announced yesterday th !
the next forum dinner will be hei
Thursday evening at 6:15 o'clock
the Cafe Madrillon. The subject Wi
be the new income tax law as
affects the individual. The membei
| will take part in the discussion.
Directors Reelected.
All of the old board of director.
we're reelected at the annual meetin'
of the Washington Gas Light Com
pany. held yesterday. and include
! Howard S. Reeside. John y: Nell
benny, Ord Preston. Guy F. Within.
| Joseph Letter. James NJ. Green ana
| Robert d. Weaver. The board WI;
organize next Monday, when the CON
pany's officers will be elected.
SA1l,nnrN SAuds nn< Remnrts
Copies of three annual reports wer.
received yesterday by stockholders Of
the Seaboard Air Line Railway Com
pany. together with detailed com
ment on the operating results by
President S. Davies Warfield.
The reports for 1918 and 1919 give
corporate income as well as earnings
under federal control. while the re-
port for 1920 gives the operating re-
suits for the two final months under
federal control and ten months under
pI ivate operation.
Mr.. Warfield explained that claims
have been made against the gov
ernment for additional rompensa-
tion and cites that officers of the
company have appeared before th.
referees appointed by the 1nterstatA
Commerce Commission for conSid-
Grafton of such claims. The hearings
have not been completed, hut Mr.
warfield believes that the officers of
the company have made substantial
progress at the hearings.
&. & T.. Files Report.
Earnings and expenditures for tn"
Chesapeake and Potomac Telephone
Company within the District of Co-Y
lumbia for the year 1921 were file,
with Congress yesterday by A. +.
Berry, president. The net earnings
before interest and dividends are
deducted are SSl6.209.S6
Receipts for the year are given
as S5.1O9.253.39. Expenses, which tota
$4.293.04353. are divided as follows:
Administrative expense. and taxes
s449.245.7s; operating expenses. in
cluding central office operating pay
station commissions. directories. ad
vertising. canvassing and collecting
$780,. 1.504.43: maintenances. $1,264. i
$3.50, and rentals, s271, 1882.
Personal.
Allan E. Walker. head of the Allan
f. Walker companies and allied in
terests. left today for short vaca
ton at Palm Beach. Fla, 1t was MIR.
Walkers original plan to spend sew
eral weeks on the Pacific coast, butt
press of business made the western
trip impossible. Mrs walker will &C.
| company her husband on his trip
south.
COTTON MARKETS..