Evening star., 1921-02-09
4 DIGEST Of THE
INDUSTRIAL FIELD
Federal Reserve Bank of
Philadelphia on Business
Topics.
BY L A. FLEMING.

By L A. FLEMING.
A The Federal Reserve Bank of Phila
|f11olphia, in the very center Of one o.
ne greatest Of Americas industria
li1tricts, has made a thorough ant
numewhat exhaustive canvass of the
! bnAness situation. obtaining the
o1ews of manufacturers, wholesalers
fetai1ers and bankers. giving digest
Uf business opinion that is authentic
land covering the possibilities and
Probabilities of the near future in
1nteresting manner.
: A series Of questions was ad-
dressed to business interests. Re
Uliee have been received and sum-
lmarixed
s1s buying on the part of the pub
|k3Cf restrained by expectation OF
Flower prices, or by lack of funds?'
kEhree hundred and ninety-seven re-
splies accredited the slowness of buy
Ing to the expectation of lower
prices, 10 to lack of funds.
"Are further reductions in retail
prices yet to comeT' Yes. 55S; no. 81.
will wholesale prices go still
lower?" Yes. 444; no. 135.
will manufacturers prices reach
lower levels?- Yes. Alt; no, 149.
Is any considerable quantity OF
goods being held for speculation in
your line? Yes A; no. 542.
is it absolutely necessary to elm
inate cancellations and establish a
higher code of business ethicsT' Yes,
$40; no, 28.
should industries generally take
organized steps to prevent recur-
renee of the cancellation evil?" Yes.
lsA; no. IL.
+. In Matter Of Unemployment.
Els there any unemployment in your
line? To this query all answered
largely in the Affirmative, differenti-
ating as follows: Large amount. 24s;
small amount, 2S6; none. SO.
Are heavy expenditures necessary
during the year to rehabilitate worn
cut plants" Yes, 81; no, 1872.
Are bank credit conditions becom-
ing easier?" Yes, 255: no. 191.
In order to provide a market for
vide means for encouraging and main
tanning export trade" Yes. 49,:
Should Europe's high-grade securi-
ties be accepted in payment Yes.
4s3; no. IS.
Regarding the business situation
In your lines, are you very optimis-
ttc?" Yes. IS; fairly optimistic. $50;
undecided. 50: slightly pessimistic, 81 l..
and very pessimistic. IA.
Bankers' Views.
In addition to sounding the busi-
ness interests generally. tne banking
Interests in the third federal reserve
district were also cushioned. with
results as follows:
DO you think that easier money
and credit will obtain within the
next six months?" Yes. 81: no. "a.
rs the volume Of frozen credits
With you still highr Yes. 81: no. ss:
heavy borrowing has been reached
and passed." Yes, 81; no, 90.
Do you note an increase in the
1p11ber of checks and drafts whica
have to be protested" Yes, 26: no,
In your Judgment has the control
Of credit exercised by the banks dur
ing the past six months been un-
wiseE Yes Is: no. s5.
Have you noted an increase in the
uoe Of the trade acceptances during
the past year." Yes. 72: no, "a.
rs much unemployment noted in
Jour district Yes. Il: no, 81.
Not Unanimous, But FACTS.
This series of questions and an
Eswers, while by no meaus developing
unanimity of opinion. is one of the
best business diges.s that have been
made public 1t indicates plainly tha I
- new code of ethics is desired IN
business. something that will stop
Cancellations have resulted in very
heavy losses to wholesalers. joboers
|aud manufacturers. with the latter
taking probably the bulk of the loss.
"a T. L., Lot
never been as numerous as they Were
IN 1890. The speedy evolution from
the period of cant get goods from
the wholesaler. jobber or manufac-
turer," to the ft'Ii development OF Tie
treat silent strike of the buying pub
lie, with nothing but a temporal.
denim -oyerall Interval. was SO shor
that retailers found themselves with
crowded shelves and large buying or
ders booked. which, as a matter OF
self-protect;on, they naturally can
ceied.
Elected Bank Directors.
Gratz y. Dynkrm of he M4t-oroI--
tan Life Insuraps, Company and John
c. w. BealI. attorney. have been
elected directors Of the East Wash
ington Savings Bank. filing yacsa-
cies caused by the deaths of DR..
Richard A. Pyles and DIR. Richard
On the Local Market.
Light sales of Washington Gas
IN per cent noles were reported al
10OA on today's session of the local
exchange. A feature of the trans
actions was the sale of twenty shares
Of Columbia Graphophone preferred
at 50. IS points below its marketing
price.
Capital Traction shares were a
shade easier at S4k
Security Savings and Commercial
Bank shares firm at 200.
In the bond list Railway 4s were ac-
tive but weak. selling at 51x to SIN.
O few weeks ago.
Helpfol Opinion.
Joseph E. Otis. who succeeded c. A
Dawes as president Of the Contra
Trust Company of Chicago. says
From now on we will hear from
every direction of business improve.
ment."
Liberty Bonds Practically Cash.
It is claimed that no action will lis
In an attempt to recover stolen liberty
(conpcn) bonds through attachment
when in the hands Of an innocent pur-
chaser.
In an attempt to recover part Of q
block Of stolen bonds, officers of the Law
seized a number OF stolen liberty bond.
and turned them over to the rightfu
owner. Suit was brought by the pur.
chaser and Judge Knox of the fedora
court Of Ohio ordered the bonds re
.turbed TO the innocent purchaser.
1t is claimed that brokers may bu,
unregistered bonds without fear o
loss, although common sense nigh
suggest some inquiries.
Promotions Made.
Edward l.. Hillyer. for years secre
tary Of the Union Trust Company. ha
been made vice president and secon,
assistant trust officer of the same cor
poration. He was succeeded as secre