The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1921-05-23
MONEY AND MARKETS

.
mercial conditions both domestic and
foreign. the National Bank of Commerce
of New York City. presents the follow
ing terse discussion:
Conditions Abroad
In the manufacturing countries OF
Europe the productive machinery is in
better condition than it has been since
the end of the war. Physical plants have
been rehabilitated, railway congestion
relieved and the fuel shortage over'
come. Unfortunately. under present
conditions the productive capacity OF
Europe, like that of the United States
cannot be profitaby employed Every
country in the world has large stocks
of imported merchandise awaiting ab
sorptioE and in some localities stocks
are so large that it is impossible to
provide proper storage facilities. The
absorption of the accumulation has be-
gun but is being retarded in the coun-
tries which are Europe's best custom
ers because those countries are unable
to dispose Of their own products. This
condition is further aggravated by the
fact that the worldwide fall in com.
modify prices has affected primary COM
modities more than sem-finished and
manufactured articles. The South Amer
lean. Asiatic and Australian communi'
ties which produce a large share OF the
worlds raw material have had to bear
the heaviest burden of price deflaton,
and as yet they have not recovered their
commercial equilibrium
The uncompromising attitude OF
British miners appears to contrast with
the attitude of labor on the continent
of Europe. There have been no import
ant strikes or other labor disturbances
on a large scale in the continental
countries. and while further adjustments
must stll be made in labor conditions
abroad as well as in America. the at
titude of labor generally offers bas.
is for encouragement.
From time to time there has been
much discussion of the financial status
Of the old countries and statistically the
picture has been gloomy. Much has yet
o. be accomplished, and ii Is always a
slow and difficult matter to balance
government expenditure and income.
Nevertheless there is unquestionably a
better sentiment in the United States
respecting the ability of Europe even
tually to come back. This growing faith
ilargely expressed. and perhaps uncon.
ssciously gaining ground. thus far has
had little tangible expression other
than In the better prices and broader
markets for outstanding foreign gov
Sernment securities during recent weeks.
1t seems probable that new issues OF
selected foreign securities will be fav-
orably received by a growing circle Of
discriminating investors.
The settlement of the reparationS
terms was absolutely essential to the
resumption OF sound business. II should
stimulate trade and will unquestionably
have a favorable influence on business
throughout the world The rebuilding of
export business must come gradually.
Until present large stocks are absorbed
and a healthy demand once more estab-
lished artificial stimulation must be
detrimental to the best interests both Of
exporters and their customers.
Crop Making Money Requirements
With encouraging early crop reports
and prospects for fairly large produce
Y ton, it Is significant that the gradual
Improvement in the banking position
has continued during the season which
normally sees a large demand for money
for crop making Wheat and cotton
growers with large portion Of last
years production stiil unsold. are a.
most without further banking credit
and will make their coming crops very
cheapy and largely on their own labor
with hired help at minimum. The crop
making requirement for money Is large
In amount but since II Is spread over
longer period In the spring months
H. not so acute as the laser but more
concentrated crop mcving demand. The
extent To which available banking cred
II has been utilized in the spring ha.
an important bearing on the credit
situation later in the year
This condition. combined with reduced
credit demand from other directions
has resulted In decreased dependence oi
member banks on the reserve banks
This Is shown In the lower ratio betweeC
accommodation extended by the reserv,
banks and total loans. discounts ant
investments OF member banks.
Retail rade
The volume OF retail trade has beer
fairly satisfactory at least for depart
ment stores and other large stores II
cities. The money value of sales has
been somewhat less than last year bu
the physical volume Of goods move.
has remained approximately the same
II appears. however, that department
stores and larger establishments are do
ing u greater proportion OF the tota
business than hitherto, so that the
smaller establishments are runnin.
somewhat behind. Continued public de
mand In spite OF wage reductions, ant