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THE CHATTANOOGA NEWS, CHATTANOOGA, TENN., FRIDAY, DECEMBER 31, 1920.
Worlds Financial Outlook for 1 921 Has Its Hopeful Features New York Evening Post Reviews Influences Which Will Shape Course of Events in Coming Twelve month and How They Are Likely to Operate With United States and With World at Large Flush Times at End, Liquida tion to Be Healthily Thorough. Wholesale Prices in the United States, 1913-1920 Base (100) 1913 Monthly Average Source: Bureau of Labor Statistic wtiat happens In the financial and business world during1 1921 will be the resultant of, first, the interaction of a number of powerful economlo force operating on a world-wide basis; sec ond, the kind of management, political and financial, we and the other nations give our affairs: and, third, the unlore seenable and uncontrollable elements 9f chance, says the New York hivenlng i-osi s Annual f inancial tteview. pre dictions as to the result naturally are aimcuit and hazardous, but It Is dossi ble to outline the main influences at work and to suggest some of the out standing probabilities. During six years pf unprecedented war u. i wono sunered, or course, a staggering economic loss. All the countries Involved financed the war to a large extent by Inflation of currency and credit. Coming out of a slight post-armlstlce slump, a tremendous wave of speculation In commodities and securities was added to the war time Inflation, prices advancing to un heardof levels. The past year has seen tnis boom purst. Drastic liquidation is under way and attention centers on its probable duration. Adverse Factors. One powerful and adverse factor which must be faced during the com ing year Is the economic prostration prevailing throughout the whole fc'ar East. Japan Is overloaded with goods the prices of which have fallen to but a fraction of their cost, the country's larva shipping and shipbuilding Indus try Is caught In a shipping slump the like of which has not bean seen for years and the duration of which will probably be prolonged, while the loss of foreign markets gained during the war haa resulted in a disastrous excess of imports. In India and China condi tions are much the same. The price of their exportable articles and the de mand for them have fallen away until the former offers but a poor return for the effort ef production and the latter U almost non-existent. In both these ccuntrles, furthermore, harvests ae failures and the Inhabitants are starv ing la appauulng numbers. ' The elfect of our own prosperity ot the depression in the far Wast will be mora apparent when It is recalled thst nst only these regions normally take large quantities of our goods, such as cotton, cotton goods, kerosene, steel, copper, and machinery, but they also are normally one of Kurope's best mar kets. Their condition thus affects Eu rope's prosperity directly, and so our own Indirectly, for example, the Far fast Is one of the chief markets for urope's cotton cloths, so that when the Eastern slump came last spring, one of ths first events was cancellation of English textile contracts. As a re sult the whole cotton cloth Industry was thrown Into a depression, with a corresponding reaction on our own cot ton market. The moat discouraging feature of the Far Eastern situation is that no speedy revival Is In sight. Turning to South' America, we find a picture of anotner collapsed boom. Here Is a great raw material produc ing continent, the demand for whose products has disappeared, whose ex changes have fallen Into heavy depre ciations and whose merchants Have taken such severe losses oh precipitous tumbles In the value of commodities that they can, for the time, no longer meet their obligations. Argentina s position doubtless will improve when another wheat crop la to be sold to Europe, but even then the proceeds will be spent but sparingly for tne nurchasa of our goods, since a substan tlal part' must oe aevotea to paying on old debts. In exporting our manurac tures, furthermore, our merchants will suffer rrom the competition ot t;uro nean manufacturers who are aided by lew production costs and a relatively Par gggdi rS seat Laaaaal I ' 5TIr.iM, a ho M ItsJss!ri1uijiroaot J I too Mssr,JtalUlav amterlals , , , , Z j m 89 j JjtX m - 1 1 jfr M8 140 140 lM-, ejfjljfjfe ff ' . 100 I I j J I I M SOUTHERN BOYS MAKE GOOD IN NEW YORK Vanderbilt Well Represented on Staff of Chemical Na tional Bank. Announcement haa Just been made that Charles Cason, an old Vanderbllt hoy. haa been annolnted director ef the new department of public, relations of the Chemical National bank of New York. This announcement will be of special Interest, as Mr. Cason Is known widely throughout the south as former secre tary of the Alumni association of Van derbllt university, at Nashville, of which Institution he Is a trustee. Mr. Cason Is a member of the execu tive staff of ths Rockefeller founds, tlon. Among southerners who are officers of ths Chemical National bank are: Percy H. Johnston, formerly of louls-villi-, president; Frank K. Houston, for merly or at. Louis and Nashville, vice president: N. Dexter Jackson, formerly of Nashville, assistant cashier; aTed I. formerly of Memphis, ss- slstant to the president, and Barrett Monlfnrt. formerly of Louisville, as. slot nut to the president. -i lie i nemicai National bank is one of the oldest In New York, having been ssiaoiisnea in isi. Mr. Houston, the vlce-nres dent. Is a son of former Congressman W. C. Houston, of the Fifth Tennessee dis trict. He Is an old Vanderbllt man and for a whlla was a reporter on the Nashville Banner, so he can ha classed as one of the former members of the fourth estate who has made good In another line of work. Nat Baxter Jaokeon is a son or Mr "Old Man Regret cannot brine back the opportunities lost during 19J0, 1921 is almost HERE Deride now to make It the most successful year you have ever experienced. This BANK will HELP ONK DOLLAR or more start n Savings Account We provide a Liberty Bell Home Bank. FOUR PER CENT. Intereat (or a fuU month on de posits made on or before the third. J.& SWINGS SANK Volunteer Life Building. in itu tni WW ma WW Mao The Heating Apparatus AND The Steel Closed Stall Partitions IN THE NEW BUILDING OP The Chattanooga News WERE PURCHASED FROM US When in Need of Anything in Our Line, See Us Before Buying. We Can Save You Money. CAMPBELL SUPPLY CO. 823 Chestnut St. Phone Main 3277 CHATTANOOGA, TENN. favorable exchange position. Of our other great foreign markets Europe remains. She must take our cotton and must take our grain, and she has made progress toward the rehabili tation of her factories. Still, she is caught In the same worldwide wave of depression and her factories, too, are partly idle and great numbers of her workers are Unemployed. British mills now have greater stocks of cotton on hand than before the war, while the demand for the manufactured product Is In abeyance. Besides, Europe must struggle with depreciated currencies, unbalanced budgets, unsettling ex change fluctuations, a shaken credit structure, and serious political uncer tainties. The war, after all, was a grave economic setback for Europe, and it is probable that she will go on short rations during the period of rehabilita tion. Meanwhile her purchasing power will be curtsiled, and, since the dollar stands at the highest premium In the world, there will be every Incentive for her to buy elsewhere whenever possi ble. In Europe, too, signs of revival are wanting as yet; In fact, the best British opinion expects the revival to appear here first. In our own country the liquidation In the stock market has not yet ceased, and In previous business cycles the pe riod of depression usually has lasted from six to ten months after the low point In stocks had been reached. Some commodities, and particularly raw ma terials, ar back to prewar levels, and some are even below the probable cost Some Nights Are a Horror of reproduction; but taking goods as a whole, considerable further readjust ment still remains to be made, l'rlces of finished google, and especially retail prices, still need to be brought Into lino witli those of raw materials. Atuch ad ditional bearish news is also in prospect; reports of further falls In prices will ap pear, more dividends will be passed, and large numbers of business failures prob ably will occur after accounts have been olosed at the end of the year. Reductions of purchasing power aro also In prospect. Unemployment In the textile and other Industries will have Its effect this spring, while the fall trade will suffer because farmers are so heav ily In debt to their country banks that their next crop will be mortgaged when sown. Tax problems, too, will hear on the situation. The government, by some means or other, is planning to tuke $4,000,000,00(1 out of business, uml un certainty ss to the method to be adopted and the actual withdrawal of such a great sum itself will be unsettling In fluences In a year of shrunken profits uftd general embarrassment. One other Important obstacle to early revival exists, that Is high money rates. To be sure, the peak of the strain seems to have been passed, and the federal reserve system deserves grat praise for getting the country by flits point with out something approaching a panic. The relaxation In rates, however, la vary slight so far, and tnonthg Will be re quired to bring really cheap money. Two chief retarding forces are oper ating, one the locking up uf credit In country banks and In loans against gov ernment war bonds; the other, the gov ernment's great floating debt and Its heavy tax requirements. The Favorable Influences. Turning to the more favorable factors, Iho chief one Is the accumulated demand i. o l ri lor new Duimmge. while perhaps some- Uon t Slitter the tortures Ot lit- 1 what exaggerated and somewhat allavlr anmnisi Don't Fitfullv Trtaa ' ttted bv renovations and alterations of' omnia, UOII I ruruiiy IOS8 uroiiertics. IVreal ghorluge undenl. on the Bed Night After Night, i xits. iPjwces otpiM ma- FRANK HADDON BELIEVES HE'S WON WORLD RECORD Sumter, S. C Deo. . The feat of Frank Haddon, linotype operator, em- Jiloyed by the Sumter Item, In setting I9.28 . my of type In six hours Is be lieved here to be a world's record. Haddon wns setting 7 point type on an 8 point slug, with a II "em" measure, German Children Suffer ' For Lack of Food Supplies nenver, Colo. (I. N. 8.1 The Amer ican army of occupation, In conjunction with the American relief committee, Is at present feeding about 10,000 under -nourished German children In the Cohlrns area, and a thorough Investi gation reveals the .fact that approxi mately 17.900 children In the occupied territory are lacking proper food sup plies, aecorillng to the latest copy of the A ma roc News, the dally newspaper published by the Tanks In Oohlens. There are sixty-five Immense kitch ens where Oerman children can be assembled and supplied with food, and every effort Is being mads to lake oare of the entire 17,000 hungry tots. Uncle am's soldiers JO.000 of whom are stationed on the Rhine are devot ing much time and a larse amount of tehlr spare, "marks" In an effort to pre vent the dire connetiuAiirra of under nourishment among the Rhine children. and Mrs. It P, Jackson, of Nashville, ths late Nat Baxter, speaker ot ths a Vanderbllt boy, and a grandson of Tennessee ststs ssnats, and a naphsw of den. William Jackson, master of Bella Meade, and ef Howell E. Jack son, former united States senator from Tennessee and member of ths united states supreme court. Hss Used Chamberlain's Ceuoh Remedy . for fifteen Years, "We have used Chamberlain's Cough Remedy in our family during ths past fifteen years. 1 have taken is myself and have given It to the children for coughs and oolds, and have round it to be a quick cure for these complaints," writes Mrs. William C Promt, Tans, III (Adv.) KILLS A COUGH IN SHORT ORDER L-V Out l Loose Phlegm, Soothes Irritation, Aids Na ture Kemove Cause Safe, Eoonomcal, What's the use of keeping a coughT Teu don't have to for It's easy to gt ride of one nowadays. Just go to any drug store snd oall for a bottle of L-V. Take a few spoonsful according to di rections' snd tne cough leaves. Phlegm corns up, Irritation healed, tickle gens. For L-V gives relief In the right way helps nature remove the oauss. L-V la good for grownups and for children, too, Tou'll be surprised hew quick: It stops a cold, eases whooplns rough, relieves asthma or bronchial trouble. Perfectly safe. Add druggists (Adv.) DYNAMITE The Dynamite Used for Exvlosive Pur poses in the Excavation for the New Home of The Chattanooga News Was Furnished by Us. Write Us for Prices Hercules Powder Co. Manufacturers, Explosives for All Purposes. Office Volunteer Life Bldg. Main 698 Chattanooga Sewer Pipe Works MANUFACTURERS OF Chattanooga, Tennessee, U. S. A. ESTABLISHED 1871 Clay Products VITRIFIED Salt Glazed Sanitary Sewer Pipe 4 in. to 36 in. diameter. Salt Glazed Segment Blocks for large sewers and culverts, 3 ft. to ft, diameter. Salt Glazed Culvert Pipe Salt Glazed Split Pipe for conduits or guttsrs. Salt Glazed Well Pipe Salt Glazed Meter Boxes Salt Glazed "Adj.-Cap" Septic Tanks Salt Glazed Building Blocks Salt Glazed Wall Coping ' Salt Glazed Raggle Blocks Farm Drain Tile FIRE CLAY Flue Linings Chimney Pipe Chimney Tops Fire Brick Fire Clay HOLLOW BUILDING TILE n j .1 D i it , ! tcrluls and building laboriro iediitfcd j inu ivnivic i, . mimcienuy, inia demand slum From W. W. Pinner, Who Suf fered Those Same Tortures. k.. PnJ R.K.f ha Bm. C. I ,"""t should IP the steel Industry DUt found Keller in Re-LU- (n), demand Is now admitted by Mq. Ke-Cu-Ma Will Probably Bring You Sound Sleep, Too. It Costs You Nothing to Try It. Mr. W. W.. Pinner, of 3 Main Street, Suffolk, Virginia, was troubled with an all too common trouble In somnia. He could not Bet the sound, healthy sleep that nstture demands to keep the body In a healthy oondltlon. But now Mr. Pinner Is getting sleep. In a recent letter he recounts tha his tory of his case. ' I have tnken one bottle of Re-Cu-Ma," says Mr. Pin ner, "and find It a good medicine. I had a bad pain In my back and the medicine relieved the pain entirely In i a short time. I feel better, Bleep bet ter and can recommend the medicine as a good one. Before I commenced taking It I could not sleep, and night was a horror to me now I sleep well, and eat everything before me. It Is a fine medicine, and It will be my medi cine all the while In the future." Re-Cu-Ma directly benefits four or gans of ths body, and, through its ef fect on these four organs, benefits the entire system. Its effects on the eTwiaeh are to keep the stoma eh In a clean, strong condition, overcome Indigestion, gas on the stomach and other common atomseh Ills. It strengthens and aids the functions of the kidneys, and thereby ends the pains In tha back caused by poor functioning kidneys. Re-Cu-Ms, moreover, contains several wonderful blood tonles, which clear the blood and keep the skin clean and the blood pure. fte-Cu-Ma's most Important task ! to keep the liver active. Most of the human tils can be directly traced to an Itl-functlonlng liver. Sold by Jo Anderson and Sherman Heights Pharmacy, Chattanooga. Tenn., and all good drug stores (Adv.) M coma Into pay and may act as a strong force for inure active trndo. Similarly, the ao- 1 1 1 1 1 1 1 In tfti ilADiunil for r. 1 1, 1 ...,t,li l.xl '1 thu trade to have beeu far too oullinlstlcullv estimated. A certain amount of encouragement may nlso be derlvod from the fact that the prices of several Important raw ma- 1 terlals are back to n prevcur basin: snd there can be no doubt that our greatly Improved banking system will bo stabilizing Influence, Finally, the stead fast refusal of our bunks to lend arti ficial support to commodities anil se curities argues for a very healthful basic situation. Humming tip the .outlook, then, It Seeing unreasonable to expect an early and vigorous revival. In tho Immedi ate future further liquidation Is prob ably in prospect. Hy spring some stabil ization of commodity prices should be accomplished and a mild rallying of business activity might be expected. I Hut buying probably will be ca minus ' and business probably will bo conducted j on a hand-to-mouth basis for soma j lime. The prospect, disregarding Immediate ' losses, Is not, however, a gloomy one I Kven In tlme.H of depression a vitv de- ! nimble volume of buslnesM, amounting j to rs much as 85 per cent, of that In boom periods goes on. The resource. ot our country ore loo great and our institutions are too sound to permit houghls of anything like disaster. What w have to accept is the probability iiiai margins 01 pront nuniiK iltr ii.iii ing year will lie small and tin! for Ilia time being wn have seen the end of flush times. One of tbn most hopeful features of the present Situation, ll may ue r.ueraiea, is mat lliiiiil.it Ion prom ises to he so thorough that when ths real revival finally comes It will be both vigorous and sustained. SOME JOB, 'We'll Say It Wa s SOME SPEED, 'Sure as You're Born' But BIG JOBS, Heavy Hauling Hard Work and SPEED That'swhat this Company is noted for.and Efficiency goes with each Job Southern A Co. IIIM I11HII1I l!nll!!illllll!l!SIII!!!l!ii 1 SIGNS I wn i inflF imiiiiiiiniiiiiiiiiiiiiHiuH LSggs m ninnniniiminiiiiiiiiiiiHiimiigMM F. A. Maxwell, Mgr. 712 Cherry Street WRIGHT CONGRATULATES TAX ASSESSOR HOWELL The work of Randolph Howell, reflr. Ing tax a.sessor. In securing a reduc tion of 130.000, 0(10 In the Hamilton county assessment Is appreciated and his work highly commended by R. T. Wright, local real ratal- man and owner of much rental property. The following letter haa been sent Mr. How ell by Mr. Wright: .... "P""-' two. "Mr. Randolph Howell. City: "Dear Nlr You will In a few dsv retire ss tsx assessor. I want in auv to you tBat I believe that you. as a sessor, hsvs done all In vour power to guard the Interests of ths taxpayers eralnsf the greedy and never satisfied 'tsx -spending crowd.' "If I am not hsdly mistaken, vou are the only county or ,-ltv official who fought the battle against the "atate tax crown. row, by your eff irta In le tne Inr the stale tax assessment soma ' O'm.imo, saved thoussnds of dollars for the taxpayers. "It la true that yu are being Mnm1 by the taxpayera when they o to pav their taxes but If these taxpnvr will only stop to think they will find that It la not your fault that la causing them to pay larger taxes. "If our city and county authorities had come to your assistance lntaad I of alttlng bees n their eaiv chairs and dreaming of the many and dlvets ways to get rid of the taxes, we might havs gotten more relief. "You are not to blame becauae of h tax burden, but our city and county auOiorlllea who fixed the rate are the "ns who should be 'cussed ' Today the Itr snd county are receiving more tag n mey and spending more tsx money han was ever teeHved or spent I . ? nd this all occurs and la can- I by tax rate they flgsd and nut because if the aaseaament jmhi made. "I do not say you have made no mis. takea: all mortal, do: but .bat In truth I dn ssy. you stone sr not the 01 'l to be blamed for the 'bell of a fir' we taxpayer, are In. snd I ratirmt ureter, stand whv certain Of otir ci'v snd I courty nnvta's era criticising v't fori carreetlsg some of your error- nle- ' la because they see lost sv Uttl less , money to spend. swm w will And there I. another ' official to psv I mean a eitv ts ss. seasnr But to new affinal win do us no good, nor will he aire us relief. What we need is men In our ea, itil I office w" wll' use a 'tiruriin i nlfc-. ON November 13th, 1020, about 4 p. im., we started to move the heavy machinery of the composing room of The Chat tanooga News, consisting of eleven Linotype and Intertype ma chines; two Ludlow machines and the equipment of the Stereo typing room. We continued through Saturday night and all day Sunday, and the whole job was done without a mishap, the entire works being ready to operate on Monday "SOME SPEED" you say; well, we think so, and so does The News "SOME HEAVY," well, the boys who did the work say so. We congratulate The News on the completion of their new home and wish them abun dant success. PI When you have hauling to be done, phone us. No job too large. None too small. Chattanooga Transfer & Storage Co. Phones Main: 71, 72, 73, 52 and 171 77T I I e-.l;enrS SOil elrU. ,11 I . Jl"