The Bismarck tribune., 1925-08-19
ACTIVE TRADE
PREDICTl0N0F
G. NJ. REYNOLDS
Chicago Financic,S See Good
Times Ahead But Not
a Boom
BUSINESS MORE ACTIVE
Car LOadirgs, Bank Debts
and Manufacturing lndi-
cate Trend
BUSINESS MORE ACTIVE

Chicago. Ill.,. Aug. l?.--R) More
active business, probable increase
Of frcight volume and excellent gen
eral merchandising condition were
forecast for this fall by three Chi
cago business experts today. Geo.
NJ. Reynolds, chairman of the board
of the Continental and Commercial
National bank, Samuel @. Dunn, ed
itor Of Railway Are. and Jas Snip
son, president Of Marshall Field &
Company. issued statements.
"Busincss is more active than last
year." said Mr.. Reynolds. Figures
for car loadings, bank debts and
manufacturing show this. Moreover,
a feeling Of confidence now exists.
ally as to production and certainly
as to price. We may expect good
business this fall--no boom. hut
seasonal activity or better. With
such a prospect we naturally want
and the money market. | see no rca-
son to worry about any credit strin-
gency. The ratio Of loans TO dcpos-
its for member banks is low enough
to indicate adequate credit. Alarm
oNtI idIS investment HDlUISS lS
unnecessary.
"There may be some liquidation
Of securities to meet seasonal de-
mands. but commercial banks will
have no trouble and reserve banks
are in a strong position to help. AS
for money rates. l expect Just about
the usual fall increase. Demand
for money will be working in this
direction. Open market operations
Of reserve banks, Judging from this
years Figures and those for last
year, are not likely again to keep
rates abnormally easy. Information
al movement Of gold won't be fac
tor this fall Reduction OF short
time bank loans abroad, smaller
government debt and some lquida
tion of investments should prevent
r"t"s from becoming unseasonally
high"
Mr.. Dunn said. "Prcsent indica
tions are that railroad freight busi-
ness during the rest Of this yeai
would he as large and in fact, in
most parts of the country. larger
than it ever has been in the last
one third Of any previous year.
"Our own business shows healthy
gain in volume Of distribution over
the same period Of year ago and
we anticipate that our distribution
for the rest Of the year will show
an even larger gain than for the
period up to date. Retailers stocks
are comparatively low, and while
they have anticipated their fall re-
nuirements to a greater extent than
in the last two seasons. we believe
that the demands to be made upon
them will compel frequent trips to
market to replenish their stocks"
Weekly Loadings
Weekly carloadings have exceeded
those Of corresponding weeks of 1924
and 1923. They are an exact mea-
sure of shipments but analysis OF
the statistics of loadngs show that
the actual number of tons of freight
being shipped is subsequently, larger
than a year ago, and approximately
the same as in 1928, the record year.
'There are several good reasons
for believing that the increase in
shipments will continue. Tota |
freight business during any period
depends upon general business con-
ditions, upon coal shipments and
crops. There seems to be unanimity
of opinion among leaders of business
that present general conditions are
sound. Shipments of coal are such
an important factor because it con-
stitutes SO large part Of the total
tonnage. There is less coal in stor-
age now than in any midsummer for
three years, and therefore the amount
transported during the rest of the
year will be unusually large. Final
ly the crop situation in general
seems to be favorable. Railways
still have surpluses Of locomotives
and freight cars which indicate they
will be able to meet the prospe ective
demands Upon them.
Passenger Business Light
"While freight business is good
and promising, the same cannot be
Continued on page four.)