The Nevada County picayune., 1921-06-16

fled range of studies and it sums up the various situations as follows
 The money market is improving and is stimulating hope.
 Unreasonable weather is delaying farm work.
 The supply of bankers acceptances is below demand.
 The commercial paper movement Is slowing up.
 The motor industry is making strides toward normalcy.
 General manufacturing is marking time
 The demand for raw leather is in- @reasing.
 The coal business is standing still The packing industry is improving. Feeders Livestock are facing losses Dry Goods an dtextile buying is be- ang done cautiously.
 The wholesale trade Is less.
 The retail trade is steady
 The manufacturer of clothing slows up.
 The demand for furniture is increas- ing
 Employment and pay rolls are de eTeasng.
 The number of building permits Is decreasing
 The bank finds there is a renewed activity In the effort to break up the frozen credits an dthus facilitate the thawing process, problem that has beset the federal reserve officials for more than a year Loans and discounts and investments other than tn United States securities owned are still on the down road. as shown in the reports by individual member bank throughout the district.
 The motor industry apparently is one of the first of the great maufa featuring lines to rebound from the extreme re pression of December. De troit reports Spperat tions from 60 to 100 per cent, a condition which is enabling manufac turers who bought materials at high grices to work them up into finished product. In this way they are per 1nitted to liQuidate their merchandise without such serious losses as seemed probable a few months ago. Prices of cars have been lowered again in several instances. this being made possible by Af fnr a1c of ar prices. One of the prominent bankers of Detroit estimates that in another 50 fo 50 days all high priced inventories will have been liquidated At the same lime the cost of labor is slowly com irc down and efficiency increasing in cities like Detroit.
 One outstanding feature in the motor industry. as in other lines of business, as that those who are showing courage fr the conduct of their business by Forging ahead and manufacturing or using up high priced materials on hand and replenishing at lower costs ara finding a ready market for their pro duets even though it he at reduced prices while those who have adopted A more conservative policy of manufac- turing are necessarily liQuidating their inventories nor eslowlv. and conSe- d1ifntly are having more difficulty in xwS,rking out of the condition in which Ebey found themselves at the close of Hast year. For instance. some of the seading motor companies report produe 4s3cn in excess of a year ago this is in moderate or low priced cars. A factor from the dealers standpoint is that there is more limited market for used CATS. due to unemployment and general depression Accordingly. the dealer finds his capital tied up in these cars. and is unable to make further sales involving trade, until he has liquidated such stock. Many of the steel contracts f. motor companies contain adjustment clauses.
 One unsatisfactory feature brought rorf by the reserve banks review, is that on every hand buying is limited.-Ga- sette.
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