Newspapers / Wilmington Morning Star (Wilmington, … / July 3, 1921, edition 1 / Page 15
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MIRTH AND STRENGTH COMBINE FOR ST. LOUIS FALL FASHION PAGEANT Storv' of Style Event Ranges ! ' M From 3ierry-iuaiing up 10 Beauty Episodes The story of the seventh fashion pa ant of St. Louis, which will be held fn Forest Park, August 2. 3-9. 10, llr of Mirth, Strength and' Beauty. . , An unusual si&ae "iung nj neen vi,sed for the styie event, ana as a deep-tcned bell sounds the hour a fol iage screen silently parts, revealing an extensive terrace with seml-clrcular elevation in the center approached by circular stairs at both sides. Clusters of roses aaorn tne Daiusters tors in a rainbow of colors. pirpctly under the upper terrace a group of musicians play, the orches tra thus being, for the first time, r,roug-ht up out of the pit and made a part fif each? scene. The models promenade down the clr oular stairways, across the lower ter race and out into the audience, by spe cially constructed runways, before and after each episode In the pageant. The Mirth episode centers around a motley crowd of merry-makers, dressed in carnival attire, with many Pierrots and freakish costumes as well. Sinking- and dancing, with a wonderful down, compose the scene. To the accompaniment of martial mu sic, as the strength episode opens, twenty-four young men of splendid physique enter and after a march fall into the Morris sword dance. This is followed by other feats displaying- physical strength and ends in the forming of pyramids and similar entertainment. In contrast to the preceding scene, :n the Beauty episode twenty-four dainty maidens come stepping: lightly upon the terraqp, the theme of the scene being a supplication to the spirit of the rose. Finally a lovely woman emerges from a bed of roses and takes part in a spirited dance. Youth ap pears, and after a pursuit, captures her. When the last model has left the stage after the three episodes described a group of bathing girls descend from the terraces. They wear canes and carry parasols of elaborate designs. na models ar? s.i'l oa the runways in the audienn and until the last one has left the runway the bathing girls disport themselves in the hig pool which edges the stage and a diving contest takes place from the two tow ers at either end. Fifty beautiful young women have been selected to depict the latest fash ions the market can design. Rehear sals are now in process. The wonder ful curtain, which is the first success ful device to bridge an open air the ater 120 feet across. Is ready. The or chestra Is beinf assembled an-i will In clude leading musicians of the city, many of them regular members of the St. Louis symphony orchestra. An Invitation is extended to every re tailer in the country to be the guest of the St. Louis market, at this un equaled Fall Fashion Pageant. Tickets will be furnished to retailers by the manufacturers and wholesalers on request.' EUROPEAN BUSINESS IS CRIPPLED BY EXPENSE Capital Being Used . up By the National Governments In stead of in Industry Europe's economlo recovery Is seri ously endangered by the present rate at which capital needed for private en terprise is being used for national ex penses. Dr. Henry A. E. Chandler, economist of the National Bank of Commerce in New York, declares tn the July issue of Commerce Monthly, the bank's magazine. The Inability of foreign countries to balance their national budgets, he points out, is largely responsible for the instability of their currencies and of international trade, and is also a fundamental cause of the current busi ness depression in the United States. "The magnitude of the national bud gets that most of the former European belligerents must face for years t o come will call for the most careful ad justment of the public finances in the .light of the Industrial and business needs," according to Dr. Chandler. "If, in raising these public funds, too large a proportion Is diverted to unproductive consumption, private in Justry needing capital for rehabilita tion or for normal expansion cannot operate to its highest efficiency. "Since the national productive capacity is but an aggregate- of the productive power -i individual industrial and business units, such a diversion must reduce the buying power of the people. The reduction of the buying power of for eign countries reacts not only upon for ?ign trade but, through the price dis turbing influence of surplus products hanging over the domestic market, de moralizes the home market, discourages industry and reduces the national Jri--ome. "In analyzing the budgets of the several European countries the facts that etrike our attention are the tre mendous expenditure for consumption purposes, and especially the deficits from uneconomical operations of pub He services and in Important cases the staggering amounts still appropriated for the upkeep of the armies and na vies. After making due allowance for governmental capital expenditure or for the partial return of capital to the people, it is clear that a heavy bur den of governmental consumption rests upon the industry and business of the rations. - r - - ' "In most of the former belligerent ountries the continued inflation has 1 'suited principally from the failure r inability to balance the national '"J-igets. The effect of this continued nflation is to render the value of the 'rrencies unstable and to present in 1 exaggerated degree all . of the evils i hindrances to sound business ae '"'. that always attend unstable : - metary conditions. The same unusual 'ipmands upon the public revenues that "ave caused the currency inflations hs ve been responsible for an Important Part of the" depreciation of : the est-i ranges and the violent fluctuations -f-at still occur."' .. . Citing statistics, as reported? for the national financial conference jof- Sep 'mber, 1920, Dr. Chandler shows i that tn governmental expenditures of the leading: European . nations 3 creased from 600to 1.500 per cent, and are consuming-; from 20 to 40 per cent or the enure national Income. Accord-" JU , Pre-war averages between 10 ana 18 per cent of the national income -y8eniea capital savings, he esti mates.; He t continues: , . . , 11 lB almo8t impossible to appreci ate, what It means to have the govern ment absorb an amount equivalent to from 20 to -40 per cent of the ntlr f. national income. According to pre war averages between 10 and 16 per cent of the national income represent ed capital aavlngs, he estimates. He continues: "It is almost impossible to appreci ate what it means to have the govern ment absorb an amount equivalent to from 20 to 40 per cent of the entire in come of the nation. In other words the national expenditures alone have absorbed an amount roushly equiva lent to from 1 1-2 to 3 times the total annual capital savings. When a coun try attains a national budget that equals from two to three times its an nual capital savings and special forms of revenue are designed to reach an important part of the earnings of those individuals and corporations that ac- cucumulate savings annually,' that ! country faces a situation that requires active and serious consideration. "Even while a large burden is borne by consumption, it is possible, unless the utmost vigilance is exercised, for the government to absorb such a large part of the current capital savings, if not Indeed to eat into past accumula tions, that the economic recovery of the nation will be dangerously threat ened. It is clear that until the bud gets of these European countries can be balanced, domestic markets, the for eign exchanges and international trade must remain unstable." THE MORNING STAR, WEDMINGTON, N. Cv SUNDAY, JTJiJy 3 1921. OBJECT'S TO PROPOSED CHANGES IN R RTbANK THREE-B New; York Banking. House Says - .Credit Situation Not Chief Cause of Dullness There has lately been manifest in rfxny quarters th mistaken idea I fore, the-effect of such an amendment i would be to weaken the federal re- serve system as a prevntive of finan cial panics' v ' " ' Whatever Its shortcomings, the fed eral reserve act has proved to be, providential for the United States. It ' provided a banking, system which was strong enough to .withstand the greatest croilt traiin evfer experi enced in tnis country, and which not only successfully functioned during the dangerous inflation i period; but also has subsequently met the. "acid tesf of the even more "i dangerous deflation period with equal success. It oan:3t continue to operate so TAX-EXEMPT SECURITY IS MENACE TO CREDIT Declared a "National Evil Un paralleled in the History of the Country" The continued Issuance of tax-exempt securities is a menace to the credit standing of the government, of the states, and of the political sub divisions of the state. It is rapidly tending toward property confiscation, and is materially delaying the indus trial " progress of the nation. In an address before the house of representatives upon H. J. Res. 102, to correct this situation. Congressman Louis T. McFadden, of Pennsylvania, chairman of the banking and curren cy committee, stressed the above points as constituting a national evil unparalleled In the history of the country: "The creation of two classes, the wealthy, free from the jburdens of taxation, and the workers, who are f OTCed to bear the burden, of which the wealthy are relieved, through the purchase of tax-exempt securities, is- a violation of social justice wmcn is crystallizing in broad public opposi tion and discontent, as the issuance of tax-exempt securities expands.;' Otto H. Kahn has estimated that $14,425,000,000 of tax-exempt securi ties have been issued up to January, 1921, of which about half represents the debts of states, cities, school dis tricts and other political sub-divisions, while half represents the ob ligations of. the, government. In the last few years we have seen, the per sonal wealth of the country so rap idly segregated into the tax-free class that whereas the taxable income of Individual taxpayers under the federal Income tax law was 1992,972.985 in 1916, the amount decreased to J731, 372,053 in 1917. and to $392,247,329 in 1918. It is not to be supposed that the actual Income of these taxpayers had thus decreased. On the contrary, it is a safe conclusion that they had converted their wealth into tax-free securities so rapidly that at a sim ilar rate of conversion they would be "scot-free" of all income tax by 1922. It is stated that more than $1,000, 000,000 of state and municipal tax free securities- were issued in 1920. If these 'securities are held by the wealthy, the federal Income tax is at the rate of 73 per cent, if the in terest rate on these bonds averaged 5 per cent. Granted that there may have been an apparent saving to the borrowers of 1-2 of 1 per cent per annum, Mr. McFadden points out that this saving on $1,000,000 in 5 per cent bonds is only $250,000 per year, or 0.00711 per cent of the annual loss in taxes. If the rates of- taxation are not reduced the loss in federal income tax alone would, for the life of this billion dollars in bonds, rep resent a loss of $700,000,000. against a total saving in interest of only $5, 000,000. On a most conservative basis the government is now losing annual ly from 175 to $200,000,000 on tax exempt bonds already Issued. The wealthy invjestor receives as much net return from a 5 per cent tax-exempt bond as from a taxable Industrial Investment paying over 17 per cent. Railways, public utilities and other Industrials cannot compete on this basis, and are now being de prived of the capital which they need for expansion. This Is a serious handicap to the normal progress of Industry which should be terminated. The tax-exempt bond 'has contributed to the depression in the value of lib erty .'bonds, causing the holders to sustain still farther losses upon liq uidation. The Issuance of tax-exempt securities by the government, state or other political sub-division because of the ease in obtaining funds, encourages public debt, pub He extravagance and public efficiency in the expenditure of the funds so raised. Allowed to continue, the Is suance of taf-emept bonds encourages all political units issuing the same to rapidly approach their bonding limit, when the burden of taxation thus created may . become so heavy as to force confiscation of the prop- erty. " As, the oonaing power oi mo cities - Decomes jun.uqi.o position becomes Impaired. "It hold," said Mr. McFadden, "that the credit position of the atate is Im paired, and that the credit position of a state cannot become Impaired without-also impairing the .credit po sition of the government. The ' reso lution which I have Introduced to amend' the constitution places all forms of Investment on an - equitable basis of competition and re-establishes equality in the assumption of the tax burden by all people. -The principles of .the constitution are now being undermined and must be . re stored. Under this amendment the government, the states, and all the political v sub-divisions thereof will have equal ; rights of taxation; upon all securities ; Issued after its enact ment and ratification byv the states." law. THEATRICAL that the credit situation alone is the helpfully if in every detail the power fundamental cause of the present re- ' of the federal reserve board to reg tardation of business activities een- 1 "late credit is minutely prescribed by erally, states the guaranty survey, a monthly review of world-wide busi ness " and financial conditions issued by the Guaranty Trust company of New York. The necessity for readjusting un derlying industrial conditions, seem ingly, is not thoroughly understood. Instead of a proper concentration of effort on this primary task, a num ber of leal measures are being pro posed which would render this re adjustment more difficult. Some of these proposals have, as their pur pose the arbitrary limitation of the discretionary powers of the federal reserve .board. There has been introduced in the house of representatives, for instance, a bill which would prohibit federal reserve banks from charging member banks in any transaction with them a greater rate of interest than five per cent per annum. The passage of this bill would automatically deprive the federal reserve banks of the pow er they now possess ' for controlling inflation. The inevitable result would be to recreate conditions under which money panics might be pre cipitated; and one of the 'chief pur poses for which the federal reserve system was designed is the' preven tion of such panics. Likewise, it has been proposed to amend the federal reserve act with a view -to restricting the authority of the federal reserve board in curtail ing credit. Thej sugg-ested amend ment reads as follows: "The federal reserve board shall have no power or authority to restrict the amount or class of eligible paper a member band may rediscount so long as it complies with the law that applies to member banks, except by an order adopted by two-thirds of the mem BOYAli "Madonna and Men," an unusually massive and elaborate motion picture production that caused enthusiastic comment from press and public at its premier presentation in New York, has been specially booked by the Royal the ater for three days, to open Monday. "Madonnas and Men" boasts of one of the most impressive casts ever as- ot ir, t,a f,-7 ?:nces each night, at 7:30 and 9 p. m. corr,;- to tV. b v. tw VT' The sual scale of trices, ranging from Sbem'fiom the A. Qdja Production 4ADONNAS AND MEN' Produced by 9ans Pictures Inc. - Opening- Monday at the Royal comes to the Royal theater a s the crowning achievement of American production of the silent drama. That it will be accorded the same- enthusi astic reception that has come to it in other cities seems a foregone conclu sion, for nothing like it for sheer dra matic interest has ever been thrown upon the screen of any motion picture theater. 20 to 40 cents will prevail. broken every attendance record for any kind of an attraction. The Capitol theater, New York, played to more than bers of the federal reserve board a quarter of a million people in two GRAND Bebe Daniels may be seen at the Grand theater two days, opening Mon day, in "Oh Lady, Lady," her second starring vehicle for Realart. It is a picturization of the famous Bolton and Wodehouse musical comedy triumph and the star is suDDorted bv such fa- ROYAL THURSDAY I mous Players as Walter Hiers. Harri- "Passion," the European film sensa- ! sen, Ford and Lillian Langdon. "Oh, tion, starring Pola Negri, the wonder j Ldy, Lady," a film version of the continental star, has at last reached i great musical comedy success, has cre Wilmington. This picture has amazed ' ated a veritable sensation everywhere, all of America, and Is undoubtedly the it is said to be the greatest success one outstanding sensation of the past , ever attempted in this line, and fas five years film history of the world. : cinating Bebe Daniels is at her best in "Passion" took two years to make j the leading role. and cost over two million dollars. It , was bought by First National for dls- ; mmwmm mmmmmM mmmmmmm mmmwm mmmm mmmm trioution inrougnout America, ana nas in curtailing credit. The suggested amendment reads as follows: "The federal reserve board shall have no .power or authority to restrict the amount or class of eligible paper a member bank may re-discount so long as it complies with the law that ap plies to member banks, except by an order adopted .by two-thirds of the members of the federal reserve board, copy of which shall be mailed to all banks affected thereby. Said reso lutions shall not take effect until 30 days after its receipt by member banks." Such an arbitrary legal regulation would be ,fraught with possibilities for mlschieft and worse. The ad vance notice -of a forthcoming re striction upon eligible paper, under concXans wHioh this proposed amendment would create, would In duce a rush of demands upon mem ber manks for credit accommoda tion's. Prospective borrowers would wish to obtain accommodations be fore the restriction sholtld become effective. Instead of aiding In a sta bilization of credit conditions, there- weeks, taking in over one hundred thousand dollars. It will open at the Royal next Thursday. VICTORIA Back to musical comedy and vaude ville at the Victoria beginning Mon day! An announcement that will be welcome news to many hundreds. And the attraction that has been booked is a good one Charles "Worrell's Vir- ! ginia Beauties company, an all-star j aggregation of musical comedy and ' vaudeville stars who will give "Wil- I mington theater-goers a rare week of j entertainment. The usual daily mati-j nees will be given, and two perform- ( i DISSOIUTTON NOTICE The law firm of McClammy & Bur gwln, by mutual consent, has been dis- 1 solved. All persons indebted to said firm are requested to kindly make im- 1 mediate payment. Either member of the old firm is authorized to receipt anv account due the firm. j This the 30th day of June. A. D. 1921. I HERBERT M'CLAMMY, K. O. BURGWIN. I 7-3-10-17-24-4tc DR. HENRY B. DAY! Op-tom-e-trist Successor to Dr. Conner Offices: 32-33 Trust Bldg. Phone 245 i i j i ijj t rri t i i i u i LrrrtJiuii . - . ... .M, . T . mi Certified THE Pyramid Seal on a Columbia Storage Battery means exactly the same as a bank's certification on , a depositor's check it's GOOD! The bank has the funds to pay the check; the Columbia Storage Battery has the power, strength, endurance, and long life to repay your investment. If you think you need a new storage battery, let us look over your old one first. Perhaps, we can make it serve you well for some time. Then, when, you really do need a new storage battery we have the right size and capacity Columbia for your car. JOHNSON MOTORS COMPANY 5-7 North Third Street 82820 NO DOUBT L. P. HARVEY Is the Watchmaker. Diamond Mounter and Engraver Do Like Others and be Satisfied 27 South Front Street m THE STAK WANTS 4 B UICK EmblmtfSatafecliD (9 (TD UICK predominance among business MJ men means but one thing Buick is absolutely dependable. It has proved its dependability for twenty years. You don't need to try out a Buick for dependability. That is universally known. But you should try out a Buick to realize its comfort, its power, how easy it is to operate. There's real pleasure in driving a Buick. Ifyr Series and Prices Sffect ire June 1st, 1921 Model 22-44 Three' Passenger Roadster - - - $1495 Model 22-45 Fire Passenger Touring - - - 1525 Model 22-46 Three Passenger Coupe .... 2135 Model 22-47 Five Passenger Sedan - - - Model 22-48 Four- Passenger Coupe ., - - - - Model 22-49 Seven Passenger Touring - - - Model 22-50 Seven Passenger . Sedan , - . - - -jr. a tUmu Miitkim )M til I ' 2435 J-i u IV-Vl 2635 M f ' JR f VICTORIA Back to Musical Comedy With CHARLES WORRELL'S VIRGINIA BELLES COMPANY Opening; Monday, Blatlnee Daily, 3 P. M. Nia-hte 7i30 and 9t00 Tne most tu- I I I endoia pic- 1 I II ) 1 If tare ever s f I II JF I filmed in I mSL L PVJ I S I Z. witk llpiiK SIX. XII 1 1 "VI lUWi ILLBUE i royal The most tu )endoi pic tare ever filmed in America Gorgeous, with a riot of colprj action so real istic it will w7 any audience YOU'VE HEARD OF IT NOW SEE IT OPENING MONDAY v v'- ' fit mlmm MONDAY and TUESDAY GRAND She thought she was helping? her old weetheart by claiming? him, but No wed ilniar No sweetheart, but more fan than you've ever had. BEBE DANIELS In a version of the famous comedy "OH, LADY, LADY!" Positively one of the most pleasing; at tractions in weeks. Cast includes Harrison Ford and Walter Heirs BIJOU- MONDAY Rath. Roland In "THE AVENGING ARROW" TUESDAY Another one of those great "Humanzee" comedy sensations THURSDAY Neal Hart in "SKY FIRE," the most thrilling 5-reel i western ever filmed I. UW jH)lllllll I II II W. D. MacMillan, Jr. MOTOR CARS 105-107 North Second Street Wilmington, N. C. WHEN BETTER. AUTOMOBILES ARE BUILT. BUICK WILL BUILD THEM COMING! fart? 1 m famous conttnem-. THE PICTURE THAT HAS AMAZED AMERICA! "PASSION," the sensation of Europe, the mijrhtlest eple of the. screen, marking the triumphant debut in America of the famous continental tar, Pola Negri, with a cast of 5,000. Reo.nlred over . two years to produce and cost over $2,000,000. IT, WILL BE PRESENTED AT THE ROYAL OPEN ING NEXT THURSDAY V 3C A. M. WADDELL & CO. PUBLIC ACCOUNTANTS Audits, Examinations, Tax Returns, Business Systems Office, 501 Southern Building . WILMINGTON, N. C. ; CYPRESS SHINGLES ; For economy and durability as well1 as efficiency and beanty f roof, our shingles have mo equal. Sold in any quantity at the Koch Shingle Mills. Hilton., , . V . W . W. KOCH Telephone 8461
Wilmington Morning Star (Wilmington, N.C.)
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July 3, 1921, edition 1
15
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