New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-09-17
Business Takes
Upward Path
In Cleveland
Optimism More p Pronounced,
Bank Conditions Sound
and Era of Intensified
Competition Is at Hand
Unemployment Shrinks
Upturn in Steel Trade and
Industrial Gains Nearby
Aid Fifth City's Recovery
From q Staff Correspondent

Sl~E CLAAND, Cept. lO.-Ine canvass
on which present-day industrial Cleve-
land is painted reflects discordant
hues. The picture is blurred. The
business situation in Americas fifth
city is described even by the profess
sional optimists here as "spotty." And
yet, broadly speaking, business leaders
anticipate no further recession. The
prevalent belief among expert observ-
crs in the banks, business Offices and
factories is that the bottom Of depres-
sion has been touched and that the
turn moderately upward has started.
E. r. Fancher, governor of the Fed
eral Reserve Bank in this district, in
conversation to-day with the Tribune
correspondent who was investigating
conditions spoke cheerfully about the
outlook. "The general industrial pic
ture," he said, ais brighter. Business
men and bankers whom l meet are dis
tinctly more optimistic than few
months ago. Of course, a few still
come in who can see little hope, but
they are now the exceptions. Not so
many months ago the majority could
not see the end of the depression.
Bank Situation Sound
"The banking situation in the Cleve-
land district is sound. The member
banks are gradually working out the
frozen loan problem. The Reserve
Bank has been helpful and liberal in
it's policy"
Other principal spokesman for in
dustrlal Cleveland talked in a similar
manner. The belief is that the city's
business is on the mend, but, since
the patient was exceedingly sick dur
ing the setback, the recovery is ex-
pected to be gradual. No quick re-
turn to easy prosperity is predicted.
Merchants and manufacturer here
foresee a period of intensified competi-
ton, where only the economic pro
ducers, the strategic sellers and the
strongly organized will fully succeed.
The main thorn in Cleveland's side
to-day is the problem of unemploy-
ment. But the city is thoroughly
aroused to the seriousness of the
question and several ameliorative
movements are under way. One is
spoons ored by the Mayor, who is now
out of the city on deferred honey
moon, and the. other is under the
auspices of the Chamber of Commerce,
mendations. Statistics on unemploy-
ment here are incomplete, but the best
records indicate $4,000 fewer en-
ployed than at the peak. Of these, it
is understood many have drifted out
of the city in quest of work else
where.
100000 on City Payrolls
Since July l, however, business ac-
tivity has expanded and Al per cent
more individuals are gainfully en-
regularly to the Manufacturers and
Merchants Board, have increased their
working forces 11.73 per cent SINGS
July 1, but the percentage is slightly
misleading because several important
reporting firms were temporarily
closed on July 1. This group to-day
employs 1871 workers, compared with
43,646 on May l, 1920, before the down
ward readjustment The falling off
amounts to 1854 per cent All of Cleve-
lands industries to-day have approx
mately 100000 OH their payrolls
The contraction of trade in the last
year is further measured by statistics
of freight, which reveal decline of
one-third since last September. But the
railroad figures, too. reflect a slight
est period yet attained.
A. S. Ingalls,, general manager here
of the New York Central Lines, in
seeking to tell the story of the bust
ness trend from the statistics of
freight and passenger movement de-
clared that the worst seemed over.
Curve Swinging Upward
Speaking from the standpoint Of the
m w 40 ~ 10
Salmon P. Halle, of the Halle Brothers
Company department store, a former
president of the National Retail Dry
Goods Association, asserted that the
upward swing of the curve Of business
had started, although retail stores
were still feeling the pinching effects
of unemployment and of depression,
particularly in the steel trade. Cleve-
land was doing worse in respect to
retail sales, he said, than most large
cities, and yet sales in units were
larger than year ago, although their
dollar value has shrunk.
Cleveland was among the last cities
seriously to feel the effects of drastic
falling off Of trade, and hence is slower
to come back than some others. I'm
like Detroit, Cleveland is city of d.
versified industries and underwent no
general paralysis Of trade such as the
Michigan city experienced last Decem-
Der. The decline here was slower, and
the recovery is likewise more imper-
ceptible than that of Detroit, where
changes are more ,precipitate. =
Though not steel city alone, Cleve-
land has been greatly handicapped by
The recession in that basic industry,
which came light. The slight improve
ment in buying in the last sixty DAYS
and the recent upturn of wire and GER
tain other steel prices have improved
sentiment here. Cleveland suffered,
too, from the earlier rubber collapse
IN Akron and elsewhere. Recently,
however, Cleveland has been receiving
more encouraging reports from all the
surrounding cities, from which its mer-
chants normally derive considerable
trade.