The Bemidji daily pioneer. [volume] (Bemidji, Minn.) 1904-1971, 1920-12-30
Bushes. Men and Farmers Of
State Believe Returns =
=, Will Be Moderate
FORMER .PEsslMlsM .,
SOMEWHAT RELIEVED
Express Desire to Cooperate
to Bring Business Back
to Stable Basis

conservative methods will successful
~ adjust lbusineasto such an extent
. that moderate returns can be real
lied. :: :. 2 ~ 49, .--~.
This, in substance. is the keynote
of nearly all of the replies received
during the past week to a question
naire which the Merchants National
Bank of st. Paul mailed to bankers
thrueut the state. 1t was noticeable
that a very few bankers were in
tensely pessimistic and that a very
few were intensely optimistic. In
fact, the number of bankers making
these extreme forecasts was equally
divided.
The QUESTIONABLE sent by the Mer-
chants National bank was intended
to obtain a broad range of opinion
and bankers consulted with deposit
ors before making their replies. The
QUESTIONABLE asked:
what are the prospects for 1921
in your territory?-With regard to
merchandising? With regard to
farming? With regard to banking?
Comparison of these questionnaires
with missionaries sent out about
two months ago on somewhat similar
subject disclosed the very interesting
fact that agricultural pesstmism has
considerably been relieved. 1t was
noticeable that farmers who disposed
Of their potatoes shortly after har-
vest and others who sold their crops
and took; what they regarded as
losses. seem quite we'll satisfied with
their luck. The keenest complaint
made by farmers was the uncertainty
of protective measures for 1921 and
reading of numerous missionaries
developed the impression that grain
men and cattle men, on common with
country merchants are ready to take
: loss If they can be made to feel
that such action will restore business
to q stable basis.
Merchants in many cities bought
practically no extra stocks for
Christmas sale, and many of them
conducted bargain sales during the
last half Of December. They have
been buying very cautiously and have
infodmed their bankers that this eau
ton has given them confidence that
conditions slowly will be readjusted.
1t was noted that in the number of
cities Withdrawals during Christmas
time from savings accounts were the
lightest since 1914. Bankers also
forecast that farmers will not ask for
important loans during the winter or
in the spring and this possibility was
cited as one reason for hoping that
the money tightness may be relieved
sometime.
Not much grain has been sold.
Farmers have dumped their hogs on
the market. Hundreds of thousands of
pounds Of wool are in storage. Better
prices are hoped for during January
or February. Numerous sales of high
grade cattle have been held but the
bidding as a rule, has been extremely
- conservative and prices have been
low. Continued high price Of .meat
caused number of country bankers
to forecast that farmers would not
increase their, herds until either the
retail price dropped or the prices
paid to them for cattle were increased
considerably.
The Merchants National Bank of
st. Paul, made this forecast: with
regard to merchandising: Consumers,
generally, it is believed, will become
purchasers in normal quantities of
general merchandise as soon as they
feel that price readjustments has
largely taken place. Farmers par
ticularly are not making purchases
that can be delayed, giving as their
reason that merchandise prices have
not been reduced in proportion to
prices they are receiving for their
products. It is the general belief that
the coming of spring and when price
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