Evening star., 1921-08-01
JUNE FAILURES ARE
HGHTEST Of YEAR
Caldwell Hardy Finds Condi-
tions Developing FavorabIy.
Small Loss in CIearings.
BY I. A. FLEMING.

Reserve Bank, has just issued his
report on business conditions. the
report bearing date July 80.
june is usually a dull business
month. and this year was no excep-
tion. but on the whole developments
in the Fifth district were not un-
satisfactory. Collections continued
better than might be expected. show
The record of failures in the District
gives the lowest number and the
lowest total liabilities for any month
reports from individual cities
showing clearingS and debts to
last year, but in view of the price
changes since 1920. indicate approx
mately the same amount of business
being transacted.
Textile mills in the District con-
tinues to get sufficient orders to keep
The condition Of eighty reporting
banks in thirteen cities, comparing the
figures of July 9, 1920, and those Of July
8. 1921. show a $13,000.000 reduction in
loans and discounts, exclusive of redis-
counts. $44 4.000.O reduction in invest
ments in bonds and securities. and a loss
of s39. 900. 900 in deposits, while redis-
counts fell of $12.O00,00O.
The total clearings of the cities in the
district for .ss the 0no month ; Of June show SSd
inSSXith a loss Of S120. .046 and Rich
mOn6 with 500, 3,779,202. Washington's
ciearings decreased $3.471 .14s, the lowest
percentage in the list, AZ per cent.
Corections In the retail trade continue
collections Of the wholesale trade.
building operations in the District
of Columbia in June increased 43.5
per cent.
YSHst lAo in VrYr~ fI.nv in, MgN
wholesalers and jobbers have
found trade good and bad by turns
and dealers have been at a loss to
knew now to plan ahead. Reports
have-varied, sometimes from the same
firms. from optimism to pessimism as
business fluctuated up and down dur
ing the spring and early summer.
but generally it seems fair to state
some progress is being made. The
reports received Indicate a widespread
feeling that the future developments
will be favorable"
National City Bank Comment.
The National City Bank in its August
circular, just issued. has this to say on
business
''The observers of business are almost
unanimous in their assurance that there
Is a better feeling about business. Just
exactly what this recurring phrase means
Is difficult to state. 1t might be descrip
changes that could enter into the situa-
tion. If 1t means that people generally
have begun to realize the causes that
have thrown industry out of balance, and
to appreciate the things that must be
corrected before conditions come into
equilibrium again, then we should say
that the reported better feeling con-
stituted an important advance toward
normalcy. If, however. the better feel
ing means simply that people are mere
ly smiling and waiting more patiently.
rather than setting themselves seriously
ttons and other readjustments that
are necessary, then we fear that it
signifies but little.
There is fresh evidence constantly
that the readjustments are taking
place They are slow. but it takes
to reach all classes and divisions of
the Population and for them to make
up their minds to give the co-opera-
tfon that is necessary to bring in
it will aid in the cultivation of pa
tience to realize that conditions are
by no means so bad as they might be,
and that. considering all the circum-
stances, the volume of business is
really surprisingly large Depart-
been, in physical volume, ahead of
last year, although somewhat lower
in values, owing to lower prices.
The long time last sale Co. for
preferred Graphophone stock will
disappear from the official sheet of
the local stock exchange today and
In It's place will appear last sale
201," which is much nearer in accord
with actual value.
On the call this morning, 500
shares sold in six lots at 201s, which
is 4 points better than the last pre-
Sious sale on the New York Stock FIX
change, which was at 10.
Without any information of fact,
the action would seem to indicate an
Improvement in the corporations s
business.