The Washington herald., 1921-11-07
BANKERS OPINIONS
VARY ON PACE OF
BUSINESS REVIVAL
Greatest Improvement Is
Noted in Territory in
The South.
ST. LOUIS ACTIVE
Livestock and Grain Regions
Held Back by Low Price
.s. Averages.
ST. LOUIS ACTIVE


The Washington Herald publishes
below the telegraphic answers from
the sixth of several groups of bank
ers In all sections of the United
states in response to a list Of
specific questions on the business
outlook. The answers of the other
groups and OF a number of whole
sale and retail firms were published
last week.
The questions asked were:
"a Do you anticipate business
improvement during the rest oil the
yearf
co When do you expect pro-
nounced Improvement?
(3) What are considered the chief
retarding influences?
co How do stocks on the shelves
Of retail merchants compare with
normal7
CD When do you expect credit
conditions to return to normal?
>(6) OF commercial loans out
standing October I, approximately
what percentage represented frozen
credits-that Is, renewals or exten-
sions of loans made more sthan
twelve months ago?
CD Approximately what percent
age of frozen credits outstanding
July l remained unliquidated on
October 1?
(9 What are the prospects for
further liquidation Of frozen credits
in your district in the near future?
The answers follow:
Frank J. Denison, president
Hamilton National Bank, Dem
yer, Col.
~ We anticipate business i'm
provement from now on.
(2) We believe, that recovery will
be gradual.
(3) We consider the chief retard-
Ing influences to be taxation, high
railroad rates, high wages, and high
retail prices.
90 Some stocks of commodities
OF retail merchants are generally
below normal.
go We believe that the return to
normal credit conditions will be
slow.
Henry ii. Pense, the Hartford
Connecticut, Trust Company,
Hartford, Conn.
Cd We expect slight improve
ment in business during the rest of
the year.
3: (2) We expect pronounced i'm
within two years.
go We consider the chief retard-
ing influences to be unemployment
and lack of purchasing power to-
Eether with disinclination to buy on
the part of those who are able to
do So.
60 The stocks Of retail mer-
chants are generally low compared
with normal.
(5)- We do not expect credit con-
ditions to return to normal for more
than a year.
(6) OF commercial loans outstand-
ing October 1 less than so per cent
represented frozen credits.
ca About 20 per cent of frozen
credits outstanding July / remained
October 1.
(O The prospects for further
in the near future de-
pend mostly on sales of tobacco
crops. If these are sold this winter
large amounts Of frozen credits will
be liquidated,
OhVer c! Fuller president,
First Wisconsin National Bank 4
of Milwaukee, Wis.
Cd Eighteen months of under
production make replacement in,
many lines necessary. The OUTPUT
in denated industries is expected
to enlarge at a steady rate.
CD We do not look for pro-
nounced, but slow and sure progress.
CD The chief retarding influences
are: First, freight charges that ab-
sorb too large a proportion of pro-
1ucers' prices: second, Unbalanced
Of prices as between
basic Especially farm) products and
articles, and as he
tween Wholesale and retail prices:
third, the continuance of war-tIme
scale OF taxes; fourth, the uncer-
tainty Of the European situation.
90 With few exceptions the re-
tail stocks hereabouts are normal.
60 Credit conditions are not
holding back improvement. The
frozen credit situation will right it,
self as business expands. Agricul-
tural liquidation is much slower
than commercial and Industrial.
Henry N. Robinson, president.
First National Bank, Los An
geles, Cal. -. -.
D We anticipate gradual i'm
proVement In business during the
rest of the year.
CD Locally We do not expect any
pronounced Improvement as our
conoitions are fairly good now.
(SD We consider the chief retard-
ing innuences to be differentials in
price levels for producers and. con,
suners goods, unstabflizeds ex-
changes. unsettled conditions ana
the attendant loss in foreign trace.
ND' The stocks Of retail mer-
cnants In this vicinity are approxi-
mately normal.
i5) Our local credit condition is
suostantially. normal, As far as local
credit conditions are affected by ma
tional conditions we do not antici-
pate return to normal for, some
ts) OF commercial loans out
standing October 1, approximately
20 per Cent represented frozen
t71 APPROXIMATELY 50 to go per
,ent Of the frozen credits outstand-
1.
-(Sl We look for good eiiquida tion
IN al frozen. credits in. the near
.uture except livestock. which win
se slow.
Y. r. johnson, yice-president,
!. Boise City National Bank, Boise
City, Ida. $3.50 =, =
(f) We anticipate only 4 siighr
BUSINESS improvements during the |
est OF the year.