Milford chronicle., 1921-07-29
TURN FOR BETTER
EXPERIENCED IN
BUSINESS CIRCLES
Helpful Attitude Of Harding Adminis-
tratiOn Given Credit.

Washington, July 2O-The feeling is
general that industry and business
have turned the corner Tangible evil
dence of this is on every hand. Some
of the high lights contributing to this
conservative optimism are:
The full swing of the harvest
season in the agricultural belt, and
the prompt moving of crops to pri-
mary markets. This is bringing
millions of dollars of actual cash
into the agricultural heart of the
country which has been the hard
est hit, financially ,and the stimulat-
ing effect is already seen in all lines
of retail and wholesale business. In
addition, arrangements either have
been made, or are about to be COM
pleted, which will give the farmers
$125,OOO,OOO is now long time cred
its.
Increasing activities in a very
great number and variety of manu-
featuring industries. In many cases,
manufacturing plants are running
to capacity in order to meet fall de-
liveries.
Reduction of bank loans to almost
one-half of their high level of last
winter.
A general increase in building ac-
tivities.
General and very appreciable in
crease in retail business resulting
in increased orders for fall deliver
les.
Demonstration of the financial sta
bility fthe average man as
shown by reports to the Federal Re
serve Board. These reports, submit
ted by over 800 banks in more than
100 of the chief cities of the coun-
try, show an increase in savings de-
posits over last year of $238, 100000. |
This condition was quite contrary to |
the generally accepted belief that |
the average man was "going broke"
or using up all Of his wartime saw
ings.
Decrease in number of business
failures and in amount of liabilities.
Increase in freight traffic and de-
mand for cars.
Credit Belongs to Administration
Of probably even more consequence
the fact that back of all these con-
tiOns a feeling of confidence and
,lf-reliance permeates the business
orld in place of the pessimism of a
W months ago. Business interests
hich have kept in close touch with
e situation give the Administration
e lions share of the credit.
One of the early policies of Presi-
mt Harding was the Inauguration of !
series of conferences, looking to /;
lsiness restoration. These confer !!
ces included bankers and financiers
Om every section of the United :
ates. All phases of commerce and q
1ustry were discussed with the ut !
)st freedom of expression and out of :
ese conferences a sane and con-
'uctive program was gradually evol- =
d. The willingness of the President :
d his official advisers to consult =
tn men who are authority in the :
mmercial and financial world, be- =
e deciding upon any policy, has =,
de a splendid impression, not only -
on those engaged strictly in COM = y
rcial industrial activities, but upon y
country at large. =, -
The feeling is general that the Har- u
g Administration is proceeding
ng safe and sane lines. It is at =.
lpting nothing miraculous or spec s.
ular. 1t is not above taking advice % %
m men of experience in a position :,
give it. 1t realizes there is moth y. "
to be gained by indiscreet haste ~ h4l
rely for the purpose of creating ils ir
lie temporary political capital. - -