The New York herald., 1922-05-06

NATIONS ECONOMIC
MACHINERY GAINS
Generally Stronger, According
to National Bank Exam
iners's Reports.
IMPROVEMENT rs SEEN
Confidence Restored and Out
look FavOrable-Better-
ment to Be Gradual.
IMPROVEMENT IS SEEN

WASHINGTON, May (Assoclated
Press) ).-General Strengthening Of the
economic machinery OF the nation was
reported to-day to Comptroller of the
Currency Crissinger by the twelve chief
national bank examiners representing
the country's reserve districts In their
annual meeting In Washington.
In the main, the examiners said that
there had been a notable Improvement
IN business conditions throughout the
country. restored confidence and a fa-
Voraole outlook for the future. but the
peiief that progress toward normal con-
ditions would be gradual and not an
overnight accomplishment was expressed.
marked Improvement in New England
business conditions was reported by
Herbert w. Scott of Boston. Although
material prices have been reduced. he
declared, they are still much higher than
those OF prewar times. Savings deposits
have been increasing gradually since last
faI and the borrowing of banks sub
stantially reduced. he added
In the New York district business
generally shows a wholesome trend
although still depressed in all lines.
according to l.. C. Borden. This de-
pressed condition." he said. "is believed
70 be still due to our Western and
southern agricultural situation. to tax
alton, to the still too high living costs
and to labor COSTS"
In the New York district he con-
tinued. it Is hoped that the Genoa con-
ference will be the first step toward
future beneficial conferences which will
prove more economical than political
Ile nrOnOSad eO1diorct
ne added. while strongly condemned.
is not having much effect because of
firm faith in President Harding"
Philadelphia Recovering.
Philadelphia is we'll on the way to
recovery. Stephen L. Newman reported.
with a strong tendency toward in
crease in manufacturing production, in
creased building operations. reduction
or unemployment, inventory losses over
come, ali lines of industry operating on
a sounder basis and with good crop
prospects in most sections" he said, 'it
seems a safe prediction from all appear
ances that the business depression of
the third district has passed the crisis
and is well on its way toward full
recovery, although this will be gradual
process and sudden spurts are likely to
be followed by slight relapses and as
IIosperlty III lnlS section Will neCeS-
sarily have to follow rather than lead
recovery in the country at large, 1t seems
to indicate that to n large extent
general revival Is on its way"
Continued Improvement Is expected in
Cleveland and. according to IT. G.
Thomas Business he said, shows
decided upward trend and there appears
to be general feeling that conditions
will continue to improve Notwithstanding
fI,t -t.tlr- L..
other lines of industry have to some ex-
tent halted activity. The most reliable
barometer of business activity is the con-
tinued demand for iron and steel and the
district is experiencing a real boom In
building operation"
Less favorable reports from the Rich
mond district were presented by w. J.
Schechter. ''Industrially, conditions are
fair" he said. There is probably less
unemployment than'is found In the large
cities. The agricultural situation is
serious, but the farmer will be able to
combat the boil weevil well. The COM
mercial situation in general Is fair. bu.
nothing to enthuse over. Financially,
conditions are probably poor. but not
so much due to cotton as to bad loans In
years gone by"
Conditions Best I'm Florida.
FLORIDA conditions are better than any
State in the Union, according to J. w.
Pole.
Considerable decrease In the grain OF
hand In the Chicago district was re-
ported by Fred Brown as well as heavier
experts. Stock and bonds prices are
advancing. he declared, automotive, steel.
machinery and allied lines expanding
and belief In the revival of the spring
trade Is expressed.
1.-THE morale of the farmer Is slowly
returning" John s. Wood of the st. Louis
district declared. "rhe increase In prices
of grain and livestock have renewed his
hope.1 Reviving purchasing power OF the
farmers was reported by Howard NJ.
Sims of Minneapolis. Kansas City Is
'over the HILL" according to Luther X.
Roberts. The value OF farmers Sc
curities and rising value of hogs and
corn are helping conditions measurably.
There cannot be an Improvement un-
der a year" according to Richard II.
Collier Of Dallas, and no great inn
provement under two or three years
Two or three crops have to be made
before Improvement can be made. The
perpetuity of small banks depends on
this. Pacific coast bankers look to in
ternational effort to bring about world
restoration, according to Harry L.