The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1921-11-05

spring and then only moderately
pronounced.
90 Retarding influences are Cal
high scale of railroad rates and
wages; (b) war time taxation: (c)
high prices at retail compared with
the returns on basic products at
present prices, especially farm
products: (d) incomplete liquidation
or credits.
(5) Retail stocks are normal in
staple textiles, clothing. and shoes,
above normal in hardware. leather
goods, and some luxury lines
go This question is hard to an
swer. Reduction Of industrial anc
mercantile loans has proceeded
satisfactorily. Agricultural loans
are much slower. Probably another
crop year will pass before loans
outstanding to agricultural bor-
rowers will be cleaned up.
90 I cannot give a percentage.
even an approximate one.
(9) Prospects for further liquida-
ton Of loans are good as far as In
dustrial and mercantile loans are
concerned, with moderate improve
ment in business continuing. The
liquidation OF agricultural credits
will be much slower. feel that the
country 10 on a much sounder basis
than any time during the past three
years and that Improvement to be
sound must be gradual.
John W. staley, president, The
Peoples State Bank. Detroit, Mich.
"a We do not anticipate pro-
nounced improvement during the
- ~.
(2) We expect steady but slow
improvement
(3) We expect pronounced i'm
provement In six to nine months.
60 We consider the chief retard-
ing influences to be the foreign
trade situation and lack of uniform
ity in wage reductions.
go Stocks on the shelves of re-
tail merchants are below normal.
(6) We do not expect credit con-
ditions to return to normal until
general business conditions are con-
sidered normal
ca OF commercial loans out
standing October l. not over IL per
cent represented frozen credits,
(s) The percentage of frozen
credits outstanding July 1 and re-
naming unliquidated October 1 is
unknown, but there is a substantial
reduction.
(s) In view Of the liquidation Of
the past year we believe the pros
poets for further liquidation to be
excellent
A. e. Adams, president. First Ma
tional Bank, Youngstown, Ohio.
% We do not anticipate pro-
nounced Improvement during the
rest Of the year.
(2) We anticipate moderate I'M
provement
90 We expect pronounced i'm
provement next year, but this will
not be permanent The upward
movement will be followed by re-
cession, then another upward move
ment, followed by recession, with
general tendency steadily upward.
90 We consider the chief retard-
ing Influences to be the bad state
of mind and absence Of equilibrium
In industry.
80 Merchants stocks are below
normal.
go We expect credit conditions
to return to normal within three
or four years.
ca OF economical loans outstand-
ing October approximately all rep
resented frozen credits.
l. 8. At least rs per cent Of the
frozen credits outstanding July
remained unlIquidated on October 1.
(O The prospects for further Ii
quotation Of frozen credits depend
upon the developments in the iron
and steel industry. This means we
expect considerable liquidation next
year because the steel industry Is
the most basic of all and has never
experienced two dead years in sue
cession. .
Oscar wells. president, First Ma
tional Bank, Birmingham, Ala.
l. Anticipate a continuous IL not
a pronounced business Improvement
during next ninety days.
2. Doubt whether this will be
anything more than q gradual Inn
provement.
.. Perhaps q pronounced improves
ment will not be realized at an ear
ly date. -
90 Retarding influences are
transportation and market condi-
tons, particularly those abroad and
other influences affecting the con-
sumption Of our products.
(b) Stocks on shelves of retail
merchants probably are 20 per cent
under last year.
(O Credit conditions will return
to normal when sufficient time has
elapsed for the absorption Of the
adverse Conditions which arose dur
ing the rehabilitation period OF the
last twelve months.
(7) The so-cailed frozen credits
outstanding October I, vary in DIFF
ferent localities. ranging from Is
to go per cent.
(s) Probably IS per cent.
(s) The prospects are fair, de-
pending, of course. largely upon the
export consumption Of cotton and
Of other commodities to some ex-
tent