Indianapolis Times, Volume 34, Number 201, Indianapolis, Marion County, 2 January 1922 — Page 14

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19^2 m HOW much will you save this year? Start NOW with A Bank Account Jfletcfjer fairings: anir ®rust Company Northwest Corner Market and Pennsylvania.

FINANCES GROW SOUNDER WITH READJUSTMENT Reserve Banks Avemed Disaster, but Contributed to Inflation/ By E. D. HULBfRT, Pr&sldfot Merchants Lo:iu and Trnst Company. After the armistice there was a short hill in business adivl y, followed by an entirely unlooked for boom. Prices advanced above war levels and demand for goods of all kinds exceeded the supply. A buying panic followed. Merchants ordered more goods than they needed, fearing that factories could not make deliveries. Factories misled by these excessive and partly spurious orders, fell into the same error, ordering more raw material than they could have any use for, thinking there would not be enough to go around. This, of course, stimulated the production of raw material far beyond the needs of the -country. This state of affairs continued, until the early fall of 1920, when it stopped as suddenly as though steam had been shut off in an engine. , FACTORIES lOAPED WITH RAW/ MATERIAL. Hfuse for pfuring in from factories with tunj/mg and demand disappeargjtvord< were cancelled by the wholefactories loaded with raw jlwgg'jßf'M' finish.'d product?, and w; SRMESSBp&verhead which could not imbe reduced. This has bronchi mo, acute depression of busthave had in forty years. PMESy be wise to consider whether Reserve system has not eon■ributed to this state of affairs. It tinRoubtedly saved us from disaster during "the war, but it seems clear that no such Inflation as we are now suffering from could have been attained without the enormous expansion of credit through the Federal Reserve banks. Without this, no such accumulation of stocks and no such expansion of plants would have been possible. Farmers would have been obliged to sell their crops at high prices Instead of borrowing money to carry them into a disastrous market, for the simple reason that banks could not have lent them without the aid of the Federal Reserve Banks.

RESERVE BANKS TOUCH HIGH EXPANSION POINT. It Is rather significant that, at the exact time when business stopped In 1920, the Federal Reserve banks touched their high point of expansion in loans and Federal Reserve notes. On Nov. 1, 1920, the total of loans and notes was over $0,000,000,000, which was probably billions in excess of any legitimate need, i Compare this with $220,000,000 of Clearing House certificates Issued in 1907 and 190S. and $579,000,000 in Clearing House certificates and Aid rich-Vreeland notes issued in 1914, which proved to be ample for emergency purposes. In the early part of 1920 we were looking forward to a long period of great prosperity. Now many are looking forward to a long period of depression. Probably one is as great an error as the other. Consumption is exceeding production in most lines even under present conditions of forced economy, readjustments are taking place rapidly, and when they are completed we shall find a wholesome change In our whole condition. The weak and Inefficient will be weeded out; the business of the country will be in strong and capable hands; and onr financial structure will be sounder and safer than It has been in twenty years. MONARCHIST PLOT. VIGO, Jan. 2.—Leaders of the Portugese Royalist party are collecting funds and making elaborate preparations to overthrow the presnt government at Lisbon.

saF> — rSi w ' Trusses, \ a H Deformity Bii 1"“" Bruces H i Your RESOLUTION | Let your resolution be g for better health. Ask g your doctor whether an r appliance designed and B fitted by our experts will fi aid you. Compute Lift* of Sickroom Supplies H W".H. Armstrong Cos 13!W .Surgical JhotrvwttiriJfouse —— ;fg Established 1885. ISf&K?

We Make PANTS and sell ’em direct to YOU at a saving. I TAW tailoring co. LLUiI 254 Mass. Ave.

SAYS PACKING INDUSTRY FACES BRIGHTER DAYS Head of American Institute Discourses on Outlook of Future. CHICAGO, Jan. 2.—'‘Trials and tribnlations that have beset the meat packing industry during the last two years are passing and the industry is finally and definitely emerging into stable conditions and settling into a strong position,” according to a statement Issued by Thomas E. Wilson, president of the Institute of American Meat Packers. The outlook for the packing industry, Wilson declared, is bright. “All business may find a good omen in the fact that the largest industry in the Fnited States—slaughtering and meat packing—apparently has finished the year with a normal production," Wilson’s statement avers, "and that this production has not been crammed into warehouses but has passed freely into trade channels and thence into consumption. AWAITS ADJUSTMENT OF ECONOMIC SITUATION. “For further brisk expansion, the packing industry, like all others awaits to some extent an adjustment of the general economic situation and of world affairs. We particularly need assurance of an adequate foreign outlet for our surplus pork production. This is essentia! both to the packer and to the livestock producer ns well as to general economic prosperity." Factors which the end of the year reveals in the meat industry were outlined by Wilson as follows; Production during 1921 has been of normal dimensions, comparing favorably in quantity with annual production before the war. VALUES STABILIZED AT LOW LEVELS. Packinghouse values, after tremendous declines, seem now to be stabilized, except for momentary fluctuations, at low leve}s. The demand has shown good volume at the bargain wholesale prices for meats that have prevailed most of the year. Exports of meat products in 1921. judged by figures available for ten months, have been greater In quantity than during 1920 or during 1913, the last pre-war year. Meat and byproduct prices during 1921 in many instances reached levels lower than those prevailing before the great war started. BARNYARD TREASURE. WHITBURN, Wales, Jan. 2.—Two hundred silver coins made between 1329 and 1137 were unearthed in a barnyard here. Numismatists value the treasure at £IO,OOO.

Change in Name THE INDIANA ELECTROTYPE CO. HAS CHANGED ITS NAME TO Patterson Engraving Cos. This change is made otving to the fact that there are so many “Indianapolis” and “Indiana” concerns that it is confusing to the public and causes delays in mail and express shipments. There is absolutely no change in ownership, management or location. Remember, it is now Patterson Engraving Company 23 West Maryland Street Indtanapo/is, lnd.

U. S. TREASURER URGES EASIER MONEY MARKET Says Nation Enters 1922 Under Peculiar Financial Conditions. BOTTOM IS REACHED WASHINGTON, Jan. 2.—The economic sttnation of America is growing stronger, as the old year dies, Frank White, Treasurer of the United States, declared today in preceding “better times ahead,” and a substantial improvement in financial and industrial conditions during the coming year. White urged the lifting of restrictions in the money market and asserted that an extension of bank credits, was "absolutely necessary." He contended money conditions today indicated a business revival which could be continued In 1922 with the help of the big financial Institutions. "America enters the new year under peculiar financial conditions,” White said. “I feel the nation has passed the bottom of depression and that better times are ahead. SAYS CURRENCY IS BAROMETER. “The currency In circulation Is the barometer of the nation's Industrial activity. During active times when business is flourishing, a large volume of currency is needed. In prosperous times large amounts of money remain in the people’s hands. "In 1920 the maximum per capita was reached—nearly —and it also was the peak of industrial activity. "In 1921 the reverse occurred. Money left the pockets of the people. There was a reduction of almost one billion dollars in the- money circulated. Business reached the bottom of depression. The per capita was about ?52 for the year. "The great volume of money coming to the Treasury was for redemption. Tho Federal reserve banks sent in money for credit rather than for reissue. This volume has remained practically stationary for the last three months. 1922 OUTLOOK IS CHEERING. "The indications for 1922 point to a business revival if money restrictions are removed. Business must get better; surely it cannot get worse. "The readjustment of prices is moving slowly. Accumulated money reserves must bo loosened. It is absolutely necessary that there be an extension of credits. The banks have a larger cash reserve now than a year ago. This money must be put back Into circulation and j the return to will follow, j THIEF’S VICTIM UNLUCKT. LONDON, Jan. 2.—A thief robbed ; Thomas Fnlce of $75 and an old revolver | the day after Fnlce moved from one house to another. When Falce reported the theft he was fined $3 for failing to register his revolver and SSO for falling to register his change of address.

ACHES AND PAIWSSLOAN’S GETS ’EI! AVOID the misery of racking pain. Have a bottle of Sloan’s Liniment handy and apply when you first feel the ache or pain. It quickly eases the pain and tends a feeling of warmth through the aching part. Sloan’s Liniment penetrates without rubbing. Fine, too, for rheumatism, neuralgia, sciatica, sprains and strains, stiff joints, lame back and sore muscles. For forty years pain’s enemy. Ask your neighbor. At all druggists—3sc, 70c, $1,40. Si oarts liniment I Clear Your Complexion cf pimples, (' j \ acna and other facial disfigurement. \ i ! Use freely Dr. Hobson's Ecsema Oint- 1 a j ment. Good for eczema, itching Bkin, / a j and other skin troubles. One ot Dr. I | Hohson'a Family Remedies. j Dr.Hobsotfs $ ’ EczemaOintmeat IS

INDIANA DAILY TIMES, MONDAY, JANUARY 2,1922.

DOG HILL PARAGRAFS

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Onr postmaster has a hard time, even If he don’t have to work hard nor draw much pay. During his slumbers last midnight, while all honest people were in bed, somebody knocked on the door of his home and wanted him to get up and go and open up the store and sell him a postage stamp. • • Poke Easley reads in the almanac where if a person dreams of umbrellas in wet weather It is a sure sign of rain. mm* Cricket Hicks got a letter the other day addressed to himself and wife. He says somebody has made a horrible mistake as there is no such animal.

In the old days only f .JV kings and potentates ; could afford to leave their portraits te posterIty. .Today everyone g JvLmo can afford fine photographic portraits by Ninth Fleer. Kh Nldg.

Family Washing IGV2 Pounds for SI.OO 6c Each Additional Pound Soft Water Quick Delivery Call Drexel 677GG777 One of our trucks will call. FAMILY WASH LAUNDRY 831-837 E.Wash. St.

DENTIST NITROUS OXIDE GAS For Painless Extracting Just a quiet gentle sleep. You feel nothing. Safe and harmless If you ars worried, nervous nd afraid to have tboae old teeth takeu out, com# to us, aud forget your troubles. (United Union Dental Corp.) Eiteijorg & Moore Corner F„ Market St. end Circle. (23 yearn In lams location) Ground I loor. I-uUy Attendant.

Cuticura Soap ■ AND OINTMENT Clear the Skin Bow,Otatm*M TV!cqra .at*. riy ■■>! TmUmmrAm Citt4cur L**.Kriwrt.l><*pt.X

We ciothe the Entire Family ON CREDIT PeoplesTreditCiothingCo. 46 North Pennsylvania Street. Second Floor.

TOYS 50c on the Dollar Little Furniture Store 211 E. Washington 8t

You Con Buy It Cheaper at MOYER’S 137-139 W. Washington St.

DETROIT VAPOR STOVES PENINSULAR STOVES GURNEY REFRIGERATORS CHENEY PHONOGRAPHS For Sale by KOOSIER OUTFITTING CO. 443-5 E. Wash.

STATE LIFE LUNCH Quick Service, Courteous Treatment, Pure Foods STATE LIFE BLDG.

Mending Tissue S?VE?*jSS No Kewing or darning. Repairs clothing, silk, satin, cotton goods, ribbons, fabrics of all kinds, kid gloves. mackintoshes, umbrellas parasols, stockings, etc. Package postpaid 15 cents, two packages, 25 r PT KHTNfi CO.

Start the ©L New Year Right -mp One of these frames with properly fitted lenses will help I Complete $4.00 to $7.00 For those needing double lenses Kryptok Invisible Bifocals, for far and near (Srsr™...sß.oo T 0 $12.00 No charge for thorough examination. Satisfaction Guaranteed. HOOSIER OPTICAL COMPANY 148 North Illinois Street. Main 6529. One-half square north of Terminal Banding

Steamship Tickets Rates, reservations and tickets to all parts of the world LETTERS OF CREDIT FOREIGN EXCHANGE Full information for the traveler TRAVEL BUREAU Steamship Department MERCHANTS NATIONAL BANK FRENZEL BROS.

Crown Rough Dry Crown Rough l>ry service eliminates the usual disfiguring tags and marks on the fine table linens, najv kins, sheets, pillow slips. The wearing apparel is returned dry and starched, the flat work is already Ironed for instant use. We know this service will please. 11<t Pound |||| HI I Minimum ililifc Bundle 50c Crown Now Departure Family Ironed Everything returned starched and ironed—ready for instant use For uniform 20-cent 1 rate, the bundle should be arranged !u equal f ' ■ Mg 9 ‘quantities, by weight, flat work and wearing Cmmi VV/ apparel. Slight additional charge for excess poundage of either. Minimum bundle, $2.00. Per Pound (rowa laundry Telephone Webster 1923

The Apex Electric Suction Sweeper “Takes the work out of housework.” Free demonstration in your own home. The Hatfield Electric Company Main 0123. Cor. Maryland and Meridian Sts. Auto. £3-123.

I Hanlels Ja*t square east of Ponnoylvanla at Washington and Delaware.

Heavy Ribbed Union Suits, 97c

TUESDAY-ECONOMY DAY AT HORUFFS t omen’s Dress Misses’ and I Comfort Shoes Children s vi c i kid and T it uj j , metal. All b vfci fad and pms and widths. Ex- metal, lace and buttnt wearing qual- , olid KrT _ i. Black and yb. leeabla. $1.98 Men’s and Army style work shoes. in blaek only i solid and I servioeabia. Also men’s and boys’ elk scout ahoea. the bo.-s' torn. No TabU sh in army as well as dress ar c j .tries ei.oß No Seconds HORUFPS 342444 Virgin!! Avs. FOUR STOKES WS ' B4O 8- MertdUn 8t 1106-1110 Fountain Sq. - ~~ - 2630 Northwestern Av*.

Get a Better Education Free It Means a Better Job for You! Make Yoar Leisure Pay By Taking a Course at the Knights of Columbus Evening School Short Practical Courses for Men and Women Without Regard to Race or Creed MODERN TUITION FEES Courses Free for Ex-Service Men who present Honorable Discharge Papers showing service during the great war.

COURSES OFFERED Auto Mechanics Higher Accountancy Bookkeeping Public Speaking Business Arithmetic Radio Telegraphy Business English Salesmanship Drafting Show Card Writing Shorthand and Vulcanizing Typewriting Acetylene Welding Registration of 20 required for a class In any other subject

NEW TERM OPENS JAN. 3rd Registration on and After Dec. 28, 1 to 5:30 P. M. and 7 to 9:30 P. M. Women Students Welcome For Information, Write, Call or Telephone Knights of Columbus Evening School 113 East Maryland Street. Phone MAIn 3027.

Start 1922 Right By Opening A Savings Account 99% of the successful men in this city started a Savings Account at the beginning of their career, and today, although very successful, keep the habit of saving. If you start out to make a success of your position, with your employer, just make another pledge, and that is to enake a success of your savings. $1 WILL OPEN AN ACCOUNT. We Pay 4*V2% On Savings Meyer-Kiser Bank 136 East Washington Street.

GET THE HABIT Wear \ NOE’S QUALITY j Jewelry THE FLETCHER VI. NOE 10* N. Illinois St. JEWELS! STOBK. Opp. Terminal Station.

Work Socks, 13c 2 for 25#