The Birmingham age-herald., 1922-05-06
By Associated Press

Washington, May b. - General strengthening of the economic ma chinery of the nation was reported Chrissenger, by the 12 national bank examiners representing the fed eral reserve districts at their meet ing a Washington.
 h the main the examiners said there had been a notable improve ment in business throughout the country aud 8 favorable outlook sor the future. Belief was expressed that progress toward normal condi- tions would be gradual and not an overnight accomplishment.
 Marked improvement in New Erg- land business conditions was reported by Herbert W. Scott of the Boston district. Although material prices have been reduced, he declared. they are still much higher than those of pre-war times. Savings deposits have been increasing gradually since last fall and the borrowings of banks 1 substantially reduced. he added.
 In the New York district business generally shows a wholesome trend l although still depressed in all lines, according to D. c. Borden.
 This depressed condition" he said, | lis believed to be still due to our western and southern agricultural l situation to taxation, to the still too | high living costs and to labor costs. l In the New York district, he con l tinued it is hoped that the Genoa l conference will be the first step to-
 wards future beneficial conference | which will prove more economical l than political, The proposed soldiers l bonus legislation, he added, while
 strongly. condemned Is not having l much effect, because of firm faith | | iFpn iFpn President Harding
 WAY To To"HhIA hta.,.MELL WELL ON
 Philadelphia is wei}f 1r.
 l recovery stephen L. Newnhaffi "
 ported. With strong tendency to- | ward increase in manufacturing pro- | duction, increased building opera | tions, reduction of unemployment, in-
 yentory losses overcome. all lines of
 industry operating on a sounder
 basis. and with good crop prospec IS
 in most sections" he said, "it seems a
 safe prediction from all appearances
 that the business depression of the | third district has passed the crisis and is well on it's way toward full
 recovery Although this will be a | gradual process and sudden spurts
 are likely to be followed by slight
 relapses, and, as prosperity in this section will necessarily have to fol-
 low, rather than lead recovery in the
 country at large. it seems to indi- cate that to q large extent a general revival Is on it's way"
 Continued improvement is expe.-
 fenced In Cleveland, according to T. | c. Thomal Business" he said
 shows a decided upward trend and
 there appears to be general feel ing that conditions will continue to improve notwithstanding the fact that the present coal strike and | disorders in other lines of industry have to some extent halted activity The most reliable barometer of bus
 mess activity is the continued de-
 mand for iron and steel and the dis 1 trict is experiencing a real boom in 1 building operations
 Less favorable reports from the l Richmond district were presented by J. w. Schechter, "industrially, con
 ditions are fair" he said. There .s
 probably less nemployment than is T found in the large cities. The agri- lcultural situation is serious but the | farmer will be able to combat the
 boil weevil we'll The commercial sit
 uation in general is fair but nothing | to enthuse over. Financially condi- | tons are probably poor. but not so l much due to cotton as to bad loans | in years gone by"
 ] CONDITIONS IN FLORIDA
 BEST IN THE UNION
 l Florida conditions are better than 1 any state in the union. according to | d. w. Pole of the Atlanta district l There is little reason to doubt but what real prosperity in this district
 as well as the entire country" he l said, depend largely on a restora- said. depends largely on a restora-
 but even under the most favorable conditions several years of thrift and
 hard work will be necessary before
 this section can hope for complete | recovery
 Farmers are generally giving att | tention to diverslfication of crops. and the cost of cotton production will ! be less than last year. The citrus and truck crops in Florida have been 1 splendid. with satisfactory prices. and therefore the situation in that state is probbaly the best of any state in | the union.
 Considerable decrease in thu grain on hand In the Chicago district was reported by Fred Brown as heavier exports. Stock and bond prices are advancing, he declared Automotive, steel, machinery and allied lines ex- I banding and belief in the revival of the spring trade is expressed.
 The morale of the farmer is slow | ly returning" John s. Wood of the St. Louis district declared. "The in- crease in prices of grain and live stock have renewed his hope. It is true that the grain reserves on farms are relatively small, and that the | farmer has not received the full bene- l fit of enhanced values. The increase, 1 however. has given him courage. With present prices for farm prod ucts and the present prospects for | crops it would seem that the purchas- l Ing power of the farmer is in a fair way to be restored When this IS accomplished great momentum will 1 be given the onward movement of business that is already beginning" PURCHASING POWER OF
 | FARMERS RENTING