The Washington times., 1922-04-01
FINANCE
RUs I'm

4 Il
| By b. @. FORBES.
H. p. Dawson. the dynamic Nor.
gan partner, whose health ana
nerves broke down from overwork
during the war. writes that he II
getting ready to come back to New
York from his place in Georgia,
where he has been recuperating
during the winter. Both Mr..
Dawson and his friends declare that
he IL now In distinctly better con-
dition than at any time since his
i breakdown.
Harry. as his intimates call him.
hopes to be able to get back into
the financial arena. in q mild way.
+. following his return to New York.
During the dozen years from the
1907 panic to 1919, no man in the
country rose more rapidly or I'M
lpressively than Dawson. He came
to be universally recognised as the
foremost member Of the younger
generation of banking leaders.
1t IL interesting to learn that Mr..
Davison's son, Harry p, r.. has
entered the offices Of ]. p. Nor
| gan q Co. ~ q clerk.
One Of tho younger men recently
admitted to membership In the Nor.
gan firm. George Whitney. also
started as q clerk In Morgan's. and
made his mark in the bond depart.
ment. Young Whitney IN declared
by other bankers to be one OF the
biggest "comers" In the financial
world.
What would happen II the public
took the bit in it's teeth and came
Gathering into the stock market?
Prices having risen SO remarkably
without any very extensive public
support, the probabilities are that
q stampede Of buying by the rank
and file Of investors and spectators
would precipitate q veritable boom.
That something of this kind will
occur at some stage Of the current
year IL more than possible.
Meanwhile, however. II Is well to
recognise that securities have recov-
cred much more pronouncedly than
industry or business. and that should
public buying continue meagre a
fairly serious collapse might easily
occur. 1t Is not an alluring market
for margin operations. Yet. II we
have entered upon q long upewing in
| business, good securities can hardly
fail to advance substantially In mar.
ket value within the next year or
more.
German marks at less than one.
third of a cent may look cheap. but
it Is extremely doubtful II they are.
Russian rubles at one time looked
quite az cheap, but we know what
has happened to them.
Some Of those who play an active
part in the financial malestrom HE
themselves to the quietest country
spot they can find after the days
turmoil is over. Most Of the big
fellows who have city mansions use
them only for q few months in the
winter-and some of them even 60
to their country places regularly for
the week-ends regardless Of the
weather. A friend this week re-
peated to me an experience he had
when he had occasion q Sunday or
two ago to seek out James H. Per
kins. president Of the Farmers
friend knew, In a general way. that
Mr.. Perkins lived at Greenwich.
Conn.
But" he related, when I got
there was told to head into a rustic
part OF the country. and 1t wasn't
until after I had lost my way that
finally located Jim's home in the
backwooJs, miles from anywhere.
So dense were the trees that there
was thick Ice on q small, nearby
Lake, although there was no trace Of
winter anywhere else. The house
looked quaint, and I found that II
had originally been a barn. Ore
could feel as far away from Wall
street at this spot as he could in the
thickets Of Maine"
Quite a large number Of Wall
Street millionaires become farmers,
on the side. This il not astonishing
when IT Is known that a surprisingly
large number of our financial leaders
were born and bred on humble
farms. The country usually has a
mystic call for those who first took
root in Il.
Have you noticed that in not n
few industries and professions there
is some one man who isn't afraid to
strike out and do things different
from the others, even at the cost OF
president Of the Emigrant Industrial
est in the United States. has thrown
a bombshell into the savings hank
field by announcing that hereafter
his institution will pay interest on
deposits from the first of each
month. compromising the interest
monthly.
Under the old system the depos.
itor who did not reach the savings
banks with his money until after
the first part of January. or after
the first part OF July. did not re-
ceive q cent Of interest during the
half year. In other words, the saw
inEs banks had tho benefit Of such
deposits for five months or moro
without paying any return whatso-
ever to the depositor. Thereafter,
interest was paid and compounded
| only twice . year.
Mr.. Pulleyn In big enough and
fearless enough to break away from
this tradition and this practice.
understand that other savings hank
people havo sought to persuade him
to abide by tho old, moss-oovsrod
system, . systorn which has always
atr,,Ok n RroAt many amall savers