The Washington herald., 1921-11-01
BANKERS REGARD FARMLOANS
ALONE AS aFROZEN CREDITS
Only in Atlanta and Minneapolis Districts Has
"Thawing Begun.

trict are not abnormal today. Any
one with adequate collateral or any
merchant whose statement shows
that he 10 solvent and that his In
ventory has been taken on a proper
nasis can obtain from the banks
al credit necessary for proper con-
quot OF his business. Borrowing for
speculative purposes Is discoun-
tenanced by all conservative banks.
I'D or commercial loans out
Standing October / in this city APP
proximately 10 to is per cent rep
resents frozen credits. In the coun-
Try the percentage is greater.
(S) Between July 1 and October
there has been in this district
very considerable liquidation of
frozen credits. probably from 10 to
90 per cent, varying according to
the location Of the bank.
I" Prospects are reasonably
good for further liquidation OF
frozen credits from continued sales
OF grain, fruit, and canned goods,
including salmon. and from an in
creased activity in the, lumber
industry.
n. #. Prince, chairman executive
committee, FIRST National Bank,
Minneapolis, MINI.
I'd and (2) We anticipate some,
put not rapid. Improvement for the
balance OF this year.
(3) With fair prospects for good
harvest there should be marked
changes for the better next summer
and fall.
90 Low returns for farm pro-
ducts, high labor costs, and high
freight rates not yet adjusted.
(S)' Retail mercantile stocks are
low.
co Credit conditions gradually
becoming normal
COZ Conditions are not favorable
for any further rapid liquidation
In our district in the near future.
B. z. walker, president Canadian
Bank Of Commerce, Toronto.
u) No.
(2) Hand to mouth.
(3 The autumn of 1922.
% The general unsettled cond,-
tion Of people both economically
and socially throughout the world.
thus checking the fall foreign
trade.
go On the whole. normal or be-
low.
ca So far as Canada is con-
cerned, 1t Is difficult to say, as the
full effect OF this years crops is
not yet registered in this direction.
(S / cannot say.
(9) Satisfactory as a result of a
favorable crop.
A. L. Hunter. president the First
National Bank, Grand Forks, N. D.:
"a We have nothing to encourage
Us in hoping for any improvement for
another twelve months.
CD We expect our entire bust
ness to be much below normal for
that period.
not come until we grow another crop
IN this territory. and incidentally
change our politics.
poor crop with disappointing prices
and unexpected expenses.
go Below normal.
90 Not until the farmer is more
prosperous.
CD At least so per cent.
go Ninety per cent.
90 Poor.
Hattie s. Dordewich, vice presi-
cent Olivia State Bank, Olivia,
Nj. n:
W. w hOI CApCSl any great 1"
vival Of business in our section of
the coIItV until the prices of
farm pr )duce bccoT. better. Quo
tatIons of IT to 20 cents a bushel
for oats and 10 cents a bushel for
lew corn have taken the heart out
o. the farmer. Some are laying
off debts by hog and cattle sales.
Prices o: these. while low, are bet
ter than for grain.
The small merchants ara :ard
hit n b. dy buying unless
forced to. Many farm mortgages
are being llaced on adverse terms.
Improvement will be Immediate il
better prI"es for products 1reva |.
otherwi.. los k for no change I'M
ii. another crop year has role l
az ound Merchants are buyiI gv.'V
measer.y and are unable to meet
u cir bills. the War FInaLSe Cor
ora ito offices g nd the CatIe lean
off es in Mime po is and ST. Paul
are swa~ led with applicants.
You'll estimate hat there has
lten about onc-tenth payment Of
outstanding commelci obligations
in this loo lily at thu 'me. and
nothing more IL c be expected
to any great extent before the
string pi IS are fit for market. This
applies to the agricultural North
west, except in strictly dairy and
| otato country, which are in good
shape. Small grain farmers are
shifting to dairying, which will be