Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-08-25
FIRST PICTURE.
OF BUSINESS
BY SPILLANE
Financial Expert Begins Tour
at Buffalo, n. Y, and Re
ports for Times.
TALKS WITH II LEADERS
Reflects Views of Citizens,
Each Trained in His
Particular Industry.
Special 20 Indiana Daily Times
ana Philadelphia Public Ledger
By RICHARD sPILLANE.

BUFFALO, n. Y, Aug. 25.-Twelve
men prominent in their particular
lines of industry assembled at one OF
the leading clubs today TO give to
your representative their views as
to business conditions, present and
prospective, in this district.
The gathering included Elliott c.
McDougaI. president of the Marine
Trust Company, one Of the largest
financial institutions between New
York and Chicago; r. NJ Gidney,
manager Of the Buffalo branch Of the
Federal Reserve Bank of New York;
Norman E. Mack, former chairman
of the Democratic national commit
tee. owner OF the Buffalo Times;
John L. CIavson of Clawson & Viii
son, big wholesale dry goods house;
c. A. Collins, vice president Buffalo
Union Furnace; Charles L. Kennedy,
vice president OF the grain corpora
tion under Herbert c. Hoover; Carl
ton N. Smith Of Smith-Fassett & Co,
lumber; Percey NJ. saylor, vice presi-
dent and general manager Dunlop
Rubber Company OF America, makers
Of Dunlop tires; Edward L. KoOns,
capitalist, former president OF the
Chamber Of Commerce; Edward H.
Butler, Jr, publisher Buffalo News.
Here, in substance, is what they re
ported:
TUE DRT GOODS MAN: have been
amazed at the purchasing power OF the
people In retail lines the business in
dollars up to July !. was equal TO that
up to July last year and twice as great
in volume. There are signs OF slackness
coming although prices may go up tenn
porarily for some goods owiag to short
tsge in particular lines.
BETTER FEELING
SAYS IRON MAN.
THE PIG IRON MAN: There Is a
better feeling believe. II Is due more TO
n general idea OF betterment throughout
the country than to actual improvement
that we can see. The iron business IS
good or bad as general business is good
or bad. Wages are down with US from
S84O a day 10 $500 We are on a 10 per
cent production based on 19lS-1919 out
put and our present volume includes some
old time contracts. High railroad rates
affect US adversely. You know it requires
I'VE tons OF ore 20 make one ton Of pig
There IS a false notion that the railroads
are our biggest customers. In the great
est year Of railroad purchasing the total
was s.. 10000 out Of a total OF S36oOO.OOO.
The automobile business plays a larger
part in our industry than does the rail
road. That IS looking up.
THE GRAIN MAN; Just so long as
people eat. the grain trade will function
100 per cent with periods OF seasonal
depression compensated later by periods
OF activity. Grain prices today are good
measured against the average They
would be higher for the farmer If rail-
road rates were not so high. The farme-
Is complaining bitterly because so large
a part Of the total goes to the carrier
That viii be adjusted in time Person
ally I cannot see anything to the situ-
alton not natural 10 financing the most
disastrous war in all history and the ad-
ditional strain put on all the departments
Of production. The farmer should get an
adequate return for his crops. but the
farmer is a hard man TO please. When
Il was when il was s. and also when It
was near 81
there a gentleman told a story. Il was
that when wheat sold at a dollar a
farmer said it didn't leave him enough
10 repair his house. When it was 81 he
hadn't enough left over to build a CARA gs
and buy an auto. And when he wasn't
satisfied with So wheat q man asked II
he was desirous Of acquiring an ocean
going yacht)
GOOD DEMAND SEEN
az THE ZIMMERMAN.
THE ZIMMERMAN: There is goin z
% be q good demand owing to increased
activity in building lines, but this is of
set by a falling of in making OF boxes.
People think a lot about lumber in other
uses, but do not appreciate how great
an amount Of wood goes into boxes.
When general business declines the
manufacture Of boxes declines also. In
this Northwest business is better than
before the -.ar- He looked for only a
little improvement In the business
generally. but improvement nevertheless.
one trouble with the industry vas that
there were too many large inventories
THE EX-PRESIDENT OF THE
CHAMBER OF COMMERCE.: Con-
ditions were very much mixed Some
were disgusting and others reassuring
Savings banks deposits declined 81. .yOO.-
200. in July. Evidences Of forced retrench-
nent BY the bulk Of the people were
many. While there was some home
building it was a fact that not a few
families that formerly occupied the whole
floor OF an apartment house now found