The Washington herald., 1921-04-04
CAINNCONFDENCE
NOTED In NATIONAL
BUSINESS SURVEY
Houston, Analyzing Re
view, Feels Worst Has
Passed.
RAW GOODS PLENTY
Tendency Is to Go Forward.
Credit Conditions Better;
Taxation Main Issue.
RAW GOODS PLENTY

pany OF maryland mas pfePaieu rs
second survey of national copditions
In response to many requests. II is
based on the answers to carefully
considered questions. made by 1,0oe
selected representatives of the COM
pany in all parts of the country. The
survey is a review by business men,
prepared with every effort to insure
accuracy, for the information of
business men. and published as
contribution to the nations CONNER
eiA well being. The information,
based on Interviews with bankers,
merchants. manufacturers and others
in a position to speak authoritative
Iy, was telegraphed to Baltimore and
tabulated within the last five days.
In preparing the QUESTIONABLE
economists, lawyers and many men
in public life were consulted to make
II as complete and comprehensive as
possible Among those who suggest
ed questions were: Attorney General
Harry NJ Daugherty; Senator Reed
Smoot: Secretary of Agriculture Hen
ry C. wallace; his predecessor, Z. 7.
Meredith. and Albert B. Fall, Secre-
tary of the Interior.
The first survey of national con-
ditions was published September 81.
1920. and aroused so much interest
as to indicate that II was of value
to the public at large, as well as to
the directors of the company for
whom the data was primarily in
tended, IL was felt at this time that
another review would be welcomed.
IL Is interesting to note the differ
ence in opinion with regard to the
nnPzffnn nrOhlar1 %
greatest bearing on business pros
perity?" The New England section.
New Jersey and Pennsylvania of the
Middle Atlantic section, East North
Central division. West North Cen
trail division and Pacific division all
hold that the taxation and raill Dad
problems come first. Taxation and
the peace question are considered
most Important in the South Allan
tic section. the East Southern Cen
trail and the West Southern Central,
while taxation and tariff questions
have the greatest bearing on pros
perity in the Mountain section and
in New York State of the Middle
Atlantic group. 1t will also be noted
all sections are unanimous in plac-
ing the taxation issue as having
the greatest individual bearing.
Better Times Indicated.
David F. Houston. commenting
yesterday on the second survey of
national conditions, just completed
by the Fidelity and Deposit Com
pany, said:
The survey indicates that the
business world is still feeling its
way. but with increasing confidence
and with the conviction that the
worst has passed. The country has
successfully borne the strain caused
by a most notable drop in prices.
particularly of a vast volume of
raw materials, and has weathered
a trying period of liquidation
The demand for finished products
has not developed to the point where
our factories feel justified in taking
the requisite quantity of our sur
plus raw materials to furnish the
necessary relief to their producers;
but there are some Indications of a
change in this direction, Business
men realize that forced action based
on artificial optimism may lead to
unwiss action, and produce further
embarrassment The foreign situa-
ton has not shown the expected
Improvement and continued Difficult
ties are experienced in discovering
an effective European market for
our commodities.
This survey does point to certain
favorable domestic conditions. The
cost Of living has appreciably dim
inished Building operations in
number of districts tend to increase.
There have recently been no strikes
ef consequence Greater productive
ity of labor per man is reported
from all districts.
Raw Materials Plentiful.
Raw materials are plentiful, and
physical transportation conditions
are good. There have been no bust
: ness failures of moment. The crop
outlook is satisfactory; and the
banking situation has improved. 1t
Is believed that confidence in busi-
ness circles Is slowly spreading and
that while there Is hesistancy the
business men of the country are
feeling their way with sound busi-
ness caution. and the country is
working back toward a more stable
In undertaking to give business
men a comprehensive and timely
[ picture Of national conditions and
public opinion. the Fidelity and
Deposit Company has once again
performed a OlSllnCI PUBIC service.
what the survey discloses should
be an encouragement to US all to
70 forward with confidence, though
not with recklessness.
Mr.. Houstonfs Comment.
This survey is suggestive. and
will be helpful. At all times In
formation of the sort here gath
cred Is valuable. II is particularly
so now when there Is still uncer-
tainty In the business world, and
leaders are debating the details of
their Industrial programs and poll
cies-
while the survey shows that no
section OF the country reports a
marked increase in industrial ac-
tivity and that manufacturers, dis
tributors and consumers stiil are
proceeding on a short-time basis,
this does not mean that the general
Industrial situation has not inn
proved. The country Is better OF
today than II was three months ago,
and manufacturers in growing num-
bers are planning defnite produc-
tion schedules.
But the public' Is still restricting
its buying. and probably win con-
tinue 20 purchase cautiously until |
retail. price reductions become
more nearly equal to the reduction