The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-09-19

.. - FohbbS. dend from 20
per cent to q 10 per cent annual
rate, the Guaranty Trust Company
has set it's house entirely In order and
Is now in position to take advantage
Of the Improvement in general condi-
tons which is now clearly within
sight.
It is easy to criticize after the event.
1t should be recognized In all fairness,
however, that no financial institution
in America has done more during re-
| cent years for the development of
Americas agricultural and commercial
resources and her foreign trade than
the Guaranty Trust Company.
well recall being told, during the
war, by one Of Americas foremost
and most respected business leaders,
that he was refused a certain perfectly
legitimate credit by another very large
banking institution, although he had
been doing business with 1t for years,
but that he was accorded this accom-
mediation by the Guaranty Trust Com
pany. who recognized the transaction
as being alike a safe, an ordinarily
profitable and a patriotic one. In a
thousand other ways the Guaranty
Trust Company has facilitated Ameri.
cas- growth and progress domestically
and internationally-ofte at times
when other so-called bankers" were
afraid to exercise the functions Of a
banker and were simply boarding
cash.
Having taken its medicine. as most
organizations have had to do since
values collapsed at q rate without pre-
cedent in economic history, Americas
largest trust company II again In a
p0aifiOn IN g0 forward
The recognition Of this fact through
out the financial and business world
will now clear the air.
Not so long ago the hopeful note
which has been consistently struck
in this column during recent months
was frequently ridiculed. When the
view was expressed that the retrench-
ment. readjustment and deflation Of
for healthier and better business dur
ing the second half of the year, the
pessimists grinned cynically.
Well, things are changing. Or,
rather. sentiment Is changing. The
trend Of events is following exactly
the lines one had every reason TO
expect.
II Is some qualification to know
that the facts and views recorded in
this column have helped in some
slight measure at least to revive
courage and stimulate constructive
action. From many. many letters
received from business men acknowl-
edging that the reading OF this COL
umn had done something to stiffen
their backbone. It may not be aIniss
to publish this one from the Joseph
- Ill L. H.,
goods store in Pittsburgh, since II Is
brief and records definite action:
I'm line with your recent optlmis-
tic editorials, Finance and Business,
the Joseph Horne Company has de-
cidcd to start at once upon the build
ing OF required additions to its store. |
Building costs may be higher or low. |
er in the near future. but the Joseph
Horne Company feels. in line with
your suggestions, that business needs |
the example at this time, and It has |
acted accordingly.
Keep up the good work. Faith |
will move m-ltains."
So numerous are they that one
cannot even mention all the distinct. |
ly favorable developments Of the cur. |
rent month. Among the more signifi- |
cant are these:
Our whole xast cotton country"
was In the doldrums last month. The
sensational advance In the price Of |
cotton has transformed the whole
complexion Of conditions throughout
the South. Happily. cotton growers
have been taking advantage quite
freely Of a 20-cent market and have
not again made the mistake of hoard
ing In the hope Of obtaining some
intoxicatingly high figure.
bank reserves have reached the
highest pinnacle In four years. Even
crop moving demands have not
checked the rising tide of surplus
funds. Call money touched as low
as per cent In Wall Street last
week and time money was In exces.
sive supply at 5h per cent. Mean
while the gold inflow has passed the
hah-billion mark for the year. All
this indicates that very shortly bank
ers Will be eager to find outlets for
their funds-and now that optimism
Is reviving, there will not be wanting
capable borrowers anxious to extend
their enterprise.
Farmers throughout the grain
growing States have been marketing
their crops in very large volume and
1t prices which are enabling them
TO get back on their feet. Improved Il
among this tremendously
important section Of our population
ire virtually assured.
Pig iron production. q barometer re-
garded as Of prime Importance BY
many, IL on the increase after the
terrific slump.
The average price level continues
o exhibit recovery. OF eighty com.
analysed by Dun's. forty.
light advanced last week.
The prompt marking up OF cotton
Foods has caused many buyers who
have been keeping their shelves bare
% take their bearings afresh. When
{ sinks into the minds Of buyers and
II the public that cotton goods are
icing marked up. that certain wooden