The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-08-21

wheat by European CouHu 100. AZ,
Cotton prices have stimulated tte
marketing Of surplus stocks on ati.e
a scale. A number of staple cotton
fabrics are In extremely keen de-
mand.
Optimistic Tone.
IAN increasingly optimistic tone
pervades the wool market" declares
the mouthpiece OF that industry,
while wooden mills are relatively
quite active.
The silk trade has revived very
Tho leather and hides markets are
better, with the leading shoe fac
tories very busy. r....
An advance in sugar prices is nav
ing a helpful influence throughout
the sugar industry both here and in
Cuba. I
Lumber dealers report somewhat
freer movement Of stocks.
Leaders in the steel industry declare
emphatically that the worst of the
dullness is over, and the general ex.
pectation is that final price revisions
will be followed by active buying by
important consumers, including the
railroads.
Even copper men, after their long.
trying experience, are now predicting
very early recovery in both demand
and prices.
Railroad earnings statements for
July are counted upon to reveal such
notable increases as to have a cheer
ing influence on the general situa-
ton.
Reserve Ratio Rises.
The Federal Reserve system reports
a rise in the reserve ratio to s. per
cent-an entirely unnecessary per.
centage under existing conditions.
The gold inflow. has lately broad
ened. Total imports this year have
reached s430. 900.
Although the banks have lately
maintained firmer rates in Wall Street.
most business borrowers are now re-
ceiving somewhat more generous con-
Liberation, and there Is talk of further
reductions In Federal Reserve discount
rates.
Sentiment-which must never be left
out of the reckoning-is, on the whole,
becoming more optimistic.
True. there are still n number of
financiers in Wall Street who look for
no genuine revival either in business
or in security prices for long time.
The ajority opinion, however, Is
that practically all basic factors are
steadily becoming sounder, and that
the indications are, that at least mode
rately better times will set in next
month.
incidentally, J. P. Morgan & Co.'S
clear-cut statement on Saturday that
the Mercantile Bank Of the Americas,
has been taken care CT, removes a
cloud which has been hanging over the
financial community for weeks.
international developments have at
least been in the right direction. ar
though there are still enouhg I'M
favorable foreign factors to warrant
close watching.
Influential interests are finding
sa tisfa elton In Washington's realiza-
ton that the country is insistent that
public expenditures be drastically re-
duced and taxes lowered. Public in
terst is very much keener at present
in taxes than in the tariff.
Leadership Should Step Forward.
II able. aggressive, confidence
commanding leadership would only
step forward in the financial and bust
ness world, the eagerly-awaited re-
vival in business and securities could
Enthusiastically be set in motion very
early In the fall, for domestic condi-
lions clearly warrant the casting off
of pessimism, timidity and stagnation.
This letter contains worthwhile
suggestion TO American business men
who haven't lost all their courage.
while you have recited many in
stances of successful business opera
lions during what some people have
chosen to term a period of business
depression, one more example may
furnish a little further confederation
of the correctness OF your sentiments.
"It has seemed to US for a number
of months past that the very fact that
buyers throughout the country were
not particularly active, made 1t posi-
BILE and wise to exert our efforts and
energies along directions equally as
profitable and necessary.
Realizing that the cycle of business
must again come round to a normal
condition. we decided that 1t was an
ideal time to organize and gather to-
gether a sales organization of dealers
jobbers' and wholesalers throughout
the country to handle the article which
our concern sells, concentrating all our
efforts along those lines, with our eyes
and minds fixed on the next few
months particularly.
THE result Of II Is that we have
gathered about us an organization of
in various sections of
the country, numbering into the hun
dreds. Our efforts have been re-
warded beyond our hopes and expec.
tations. While, as already said, we
have concentrated on representation
as distinguished from immediate bust
ness, quite naturally orders and sales
have followed in good volume, as a re-
suit Of what we have been doing, al
though immediate. sales were a sec.
ondary consideration.
Missionary Work Needed.
THE times have been ripe for such
preliminary and missionary work.
We have been able TO obtain the
nrpner attantipp ~ thnon