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8 WINNETKA WEEKLY TALK, SATURDAY, AUGUST 4, 1923 Market Conditions Report ~ Shows Fading of Pessimism Editor's note: Automobile deal- ers and repairmen, as well as all other business men, are vitally in- terested in market conditions. For this reason we are publishing this Munn business review, secured for this paper by the Wersted Motor company, 562 Lincoln avenue, Winnetka. : The pessimism which has pervaded business circles in the past two or three months is fast disappearing. The melt- ing away of security values has ended, and an excellent recovery has been staged. The "concealed" element in the situation which was to precipitate dire things has failed to eventualize. Busi- ness men are learning that the stock market does not make business, but that business makes the stock market; that however accurate the stock market may be as a "long-range" barometer, it can be wrong as a forecaster of the near- term future. Production Still High Midsummer dullness now characterizes the principal markets, but production is still at a high pace for the season. Rail- road freight loadings continue to set new high records for this period of the year, showing that the volume of goods enter- ing into actual consumption channels is unprecedented. These advices have main- tained right along that the business situ- ation was fundamentally sound, and that some restraint from the feverish activity of the first quarter would be a boon rather than a catastrophe. Business com- parisons for the present should be made with corresponding periods of former years, rather than upon the performance of the first quarter of 1923. This is not the time to lose courage, therefore; it is time to take courage by exploiting a period of unusually active retail dis- tribution. There is never a time when some unfavorable factors are not present. Just now, however, it is clear that the favorable elements outbalance the un- favorable There is full employment of labor at hich ivages. No impor- tant strikes are in progress, and none threaten. There is a huge actual and potential buying power in all urban and in many rural districts, resulting in a wholesome, if not above normal retail demand. The character of this demand is excellent, i. e., non-luxurious, and promises to be sustained, certainly for the balance of this year, and most prob- ably well into 1924. Political expediency may insure that it lasts throughout 1924. No Bumper Crops This will be an average good crop year. In value, the principal crops will exceed those of 1922. There will prob- ably be no bumper crops, but none are needed with export demand under normal. Wheat will be about 5 per cent, potatoes 15 per cent, apples 6 per cent, and peaches 15 per cent below last year; but corn will be substantially unchanged, and cotton 17 per cent, oats 7 per cent, and flaxseed 54 per cent ahead of 1922. Most of the leading corporations are earning their dividends by ample mar- gins. There is every indication that the fall in prices of basic materials has about ended. The lower price level now achieved will prove a benefit to manu- facturers by way of reducing costs, and circumventing the necessity of raising the prices of finished goods. Therewith resistance in consumer demand will not be invited. No Collapse in Building The building boom has not or will not collapse. It will merely proceed along more orderly lines. Contract awards have shown some falling off, but this was essential as a measure to stop the forward march of building ma- terial prices. The construction shortage has not yet been eliminated, nor will it be eliminated for many months to come. Building was below normal for the 9- year period 1913 to 1921 (both years inclusive) Against this, building has been above normal only during the last two years. Total building construction for the entire country for the first six months of this year was 9 per cent ahead of the first half of 1922, and tetal con- struction for the entire year may be ex- pected to approximate that of last year. The money and credit situation con- tinues easy. There is no cause for anxiety in this direction. Interest rates are relatively low, and Federal Reserve reservoirs are well filled. The unfavor- able balance of trade which occurred for three consecutive months (March to May) reversed itself in June. Settlement Helpful There are now glimmerings of a be- ginning of the end in the European tangle. The negotiations now pending between Britain, France, and Germany are admittedly of a preliminary char- acter, but still give renewed hope that 'a settlement may be reached in the not oo distant future. Should an end of a¢ Ruhr-reparations-inter-allied debts blem be reached, sentimentally and 'undamentally, a new and mighty impe- tus would be furnished for the forward trend in business. It would constitute a signal to all the world that a new era of world economic rehabilitation and up- building could safely proceed. Unfavorable Factors There are, of course, some unfavor- able factors. That prosperity is not evenly distributed is well known. With wheat below a dollar a bushel and meat and hide prices to new low levels since pre-war times, the wheat and cattle farmers are reduced in circumstances. Low agricultural prices and high urban prices generate farmer radicalism, but a type that is familiar, i. e., the type which always appears when farm prices are low. Yet this is a situation which would automatically be corrected with the solution of Kurope's problems, in which our government should lend a hand rather than dispensing quack nos- trums in the form of agricultural credits! legislation. Our farmers need markets; not credits. The Speculative Markets During the month of June, the stock market showed greater weakness than during any other single month in recent years. Stocks have now recovered on the average of about 3 points from the re- cent low, at which they stood approxi- mately midway between the low of 1921, rand the high of March, this year. In the June drop, two groups of stocks, viz., the paper shares, and the rubber and tire shares, actually broke their 1921 lows for the first time. Shares of chemical and of leather companies are now hovering around their 1921 lows. Oil and farm machinery stocks are not much better off. Stocks which have been least affected by the April- June decline, are the mail order and chain store, electrical equipment, and public utilities groups. Wall Street's error has been to re- gard the slowing down of production and the moderate decline in price as the beginning of a major reaction, but it got scared too early. The declining movement appears to have been firmly halted, and a resumption of the rise, which, with temporary ijuterruptions, should last well into the autumn or longer, is indicated. FORM SYNDICATE T0 BUY ACREAGE North Shore Club Members Buy Near Grounds North Shore Golf club members, who have been so active in pushing the work on their new golf course at Glenview, have now taken another definite for- ward step by the purchase of a fifty-acre tract directly south of the Gienview road and across the street from the club's new grounds. Members of the club have formed a syndicate which has interested itself in the propesty in order to get North Shore club members to build near and around their new club. The tract is called the "Home Site Tract." Two- thirds of the fifty-acre expanse lies within the village limits of Glenview. About eighteen of the most prominent of the North Shore club members are backing the syndicate in its enterprise. Interested in the project are such men as 'L. C. Ayers, W-.S. Bell, G: J. Bich], Philip Bright, Frederick Buckman, J. E. Cain, R. H. McElroy, N. J. Conrad, C. P. Evans, Frank Gallagher, W. R. Mahan, H. J. Richter, H. G. Rich, S. H. Roberts, Frank Seng, R. Charles Taft, George Wolf and Harry Wold. Title to the fifty-acre tract passed Wednesday, August 1, to the new own- ers. Work of surveying, preparatory to laying out and building the roads, put- ting in the sewers, water, gas and elec- tric lights, will be pushed forward just as rapidly as men can be put on the job. It is hoped, say members of the syndi- cate, to have this ground in condition so that those who wish to can start building before the winter seascn sets in. If this program is carried out, many of the homes will be ready for occupation on Decoration Day, 1924. State Lays 394.21 Miles Of Pavement This Year With a grand total of 394.21 miles of paving completed in Illinois in 1923, the division of highway is rapidly approach- ing its goal of 50 miles per week, ac- cording 'to its report on progress made to Governor Small. During the week ending on that date 40.79 miles of standard 18-foot concrete pavement was laid. The largest week's run for a single shift in the period cov- ered by the report is accredited to con- tractor W. F. Smith, section 21, route 25, whose crew laid 6,094 feet. Inci- dentally this broke the 1923 record for a week's run. The H. K. Rhoades com- pany is accredited with building the greatest mileage of pavement this year, having laid 8.12 miles. OPENS REAL ESTATE OFFICE John A. Hindrum, a veteran of the world war in which he served as quarter- master of the 86th division, has opened a real estate office on Elm street, just east of the railroad. For the past year and a half Mr. Hindrum has been as- sociated with Hill & Stone in their Highland Park real estate office. FLEMING GETS CITY CLUB JOB Glencoe Man Made Executive Secretary of Chicago Organization HAS ENVIABLE RECORD Other Township Men Are Prominent In Work Herbert E. Fleming, 206 Fairview road, Glencoe, was appointed executive secretary of the City Club of Chicago by the directors of the organization this week. He has accepted the position and will give his full time to the club. Other New Trier township men are actively engaged in the work of the or- ganization. Walter T. Fisher, 1051 Cherry street, Winnetka, is the secretary of the City club, while the position of assistant executive secretary is held by Lester S. Parker, 774 Grove street, (Glen- coe. A number of Wilmette, Winnetka, and Glencoe men are also on the board of directors of the organization. Office Seeks Man Mr. Fleming's appointment, which takes effect September 1, is a case of a civic office seeking the man. He was the unanimous choice of the club's com- mittee on committees, executive com- mittee, and board of directors, who said, "we feel that Mr. Fleming will bring to the service of the club enthusiastic de- votion to the welfare of the community, wide acquaintance with its varied inter- ests, valuable experience, and profession- al and business capacity." To accept this position Mr. Fleming has resigned from the Bureau of Com- mercial Economics, Inc. an organization of industrial engineers and accountants in which he has served three years as assistant director, specializing on super- vision of investigations of industrial re- lations and sales management problems for business concerns. He is a member of the Society of Industrial Engineers, the Industrial Relations association of Chicago, the American Management as- sociation, and the Advertising council of the Chicago Association of Com- merce. Last year he gave the Y. M. C. A. school of commerce evening course on personnel administration. Directed Congressional Staff He was for three] years in the industrial engineering department of Arthur Young & Co., accountants, suc- ceeded by Griffenhagen & Associates, Ltd. In that connection he served at Washington, D. C., for a year as direc- tor of the staff for the Congressional Joint commission on reclassification of salaries. He was also secretary of the Illinois Pension Laws commission. Mr. Fleming is an alumnus of the University of Chicago. He entered the university in the fall of 1899, after three years of newspaper work in Cedar Rap- ids and Des Moines, Iowa, and in Chica- go. He was graduated twice--Ph. B. in 1902, and Ph. D. in 1905, in sociology and economics. 16 Years A Member Mr. Fleming has been a member of the City club for sixteen years and has given much voluntary service on civic committees. At present he is a mem- ber of the labor committee. His first duty will be to guide and carry on investigations for the various civic committees of the club dealing with public administration and legislation. The aim of these committees is construc tive work in the interests of the com- munity as a whole. His second duty will be to assist the forum committee in securing qualified speakers to discuss lo- cal, state, national, and international af- fairs. In general it will be his duty to further the work of the city club as an agency for developing sound public opin- ion and for rendering it effective. In- cidentally he will be called upon to ap- pear before legislative committees and administrative officials both at Spring- field and in Chicago and suburbs. Winnetka Beats Garfield Park in Inter-Club Play Teams representing the Winnetka Playfield association have been doing excellent work in inter-club golf matches. Last Sunday the Winnetka team de- feated Garfield Park five up. Elmer Nelson beat his opponent three up. Paul Kreger duplicated the achievement, Gregg Fahey finished up all even and H. Fossum ended one down. Nelson shot the Garfield Park course in 65. In the last nine holes his score was 30, against a par of 32 strokes. GOLF AT NIPPERSINK Golf matches of more than ordinary interest are to be played at the Nipper sink Lodge association, Genoa, Wiscon- sin, Sunday, August 5. George Hackl, Chicago district champion, will play against Tom Fiainey, former Chicago city champion, and Eddie Callahan, Nip- per sink golf professional will meet Jack Blakeslee, Kenosha. Many north shore residents play on the Nippersink course. golf professional from Phoebe Jane Beauty Par- lor Changes Owners Too The Phoebe Jane Beauty parlor, which was recently moved from its old loca- tion to new quarters on the second floor of the Eckhart building, 733 Elm street, Winnetka, has changed hands. It has been purchased by D. N. Anderson, who intends to maintain the same standard of service that has characterized the parlor in the past. The new quarters of the beauty parlor are spacious and airy. All work in the establishment is done by experienced operators and is obtainable at reason- able prices, according to the owner. Evening hours may be had on appoint- ment, says the new proprietor. Unbeaten Evanston Team Defeats Winnetka Four Evanston Country club's unbeaten tennis team defeated the Winnetka quartet, 3 matches to 0, this week when the Winnetkans were at home to them, na north shore tennis league match. The wvanston racket swingers have swept hrough to victories over every opponent im every match to date, with but one more squad to face. Summaries: SINGLES--Maurice James beat W. M. Boyden, 6--3, 7--5; Henry Raeder beat G. Bettle, 6--2, 4--6, 6--4. DOUBLES--H. James and Rogers Peat Tuttle and Coolidge 8--6, 2--6. 6--3. GIVES PICTURE OF CHILD MIND N. U. Professor Addresses Kindergarten College In speaking before the summer ses- sion of the National Kindergarten and Elementary college recently, Dr. Georg: Herbert Betts of the department of re- ligious education of Northwestern uni- versity gave an illuminating picture of the child's moral and religious status. "We have before us a child," said Dr. Betts. "His present needs are very strong and pressing. We are likely to think of that child in the present, but he is much more a creature of the past. He has back of him all of this great stretch of barbarism and savagery out of which we have come. As Emerson says, 'We are a part of all that we have met." All of us are a part of all that has come before. There is not Are You a Member? CHICAGO MOTOR CLUB Established 1906 J. G. STANTON Winnetka Branch Mgr. North Shore Hotel, Evanston 6400 1-4 Million Cash Returned by auto insurance de. partment in 1922 any experience of a striking sort that has not made its contribution to this single individual whom we go out to teach. When there are reactions in that child that you do not like, I beg of you to remember that perhaps not all of that conduct or behavior is to be assigned to that child as choice. His racial march is but speaking in his conduct. "I desire to ask you," said Dr. Betts, "what is moral for the child, what is right for the child, and what is wrong for the child. Can you remember back to the time when your notion of right was based upon what you were allowed to do? Some one has said that all children as they come into the world are pure and righteous, and only as they come mto contact with the world do they be- come bad. Others have said that the child is the child of the devil, with a nature totally depraved. They are both away off. There is no child who is all angel, and no child all devil. : "The child comes into the world with his load of original tendencies that have developed through that past, being just what the past has made of him, Every tendency that the child brings with him has not in the history of the race been good, but most of them have. I mean good in the sense that this trait or re- action was necessary to the very sur- vival of the individual at one time, and he comes honestly and naturally by them. It is our function not to blame the child, but to help him check those tendencies from the past which are no longer right or needed or fit in our scheme of higher love and kindness." DRESSES and Sport Apparel REDUCED PRICES for July and August Grace Forbes Shop Room 217 Hoyburn Building EVANSTON Phone Evanston 7647 Coal Sand Gravel Cement Black Dirt Crushed Stone WILMETTE BUILDING MATERIAL COMPANY of Ine. PHONE WILMETTE 2288 is now ready for business slencoe. or more. Thos. A. Edison, etc. NORTH SHORE CATERER High class catering at moderate prices. prepare and serve lunches, dinners, etc. for parties of five First Class References. First Class Work. 18 Months on Henry Ford's Private Car as Chef Have Served President Harding, Telephone Glencoe 367 at 350 Washington avenue, Will Ex-President Wilson, & 100] 2 \ Fens Housewife Loves a Good Kitchen Sink Every Housewife is entitled to a good Kitchen Sink, too. And did you ever realize how much good Plumbing adds to the value of your house? Vic. J. Killian 874 Center St. Winnetka 1260 WINNETKA PAINT STORE Rasmesen's 550 : Phone Center Win. St. 344 of all kinds. 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