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BVlflKIKO PUlilL'XC LEDGER PHILADELPHIA, aroCTAY, APRIL 4, 1921
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What is the Country's Condition?
-r h isaj..".-s !
From comment by the Honorable David F. Houston:
This Second Survey of National Conditions, made by the Fidelity
and Deposit Company, is suggestive, and will be helpful. At all times
information of the sort here gathered is valuable. It is particularly so
now, when there is still uncertainty in the business world, and leaders
are debating the details of their industrial programmes and policies. It
indicates that the business world is still feeling its way, but with in
creasing confidence, and with the conviction that the worst has passed.
The country has successfully borne the strain caused by a most
notable drop in prices, particularly of a vast volume of raw materials,
and has weathered a trying period of liquidation. The demand for fin-
Uhed products has not developed to the point where our factories feel
justified in taking the requisite quantity of our surplus raw materials
to furnish the necessary relief to their producers; but there are some
indications of a change in this direction.
Business men realize that forced action, based on artificial optimism,
may lead to unwise action, and produce further embarrassment.
The foreign situation has not shown the expected improvement, and
continued difficulties are experienced in discovering an effective Euro
pean market for our commodities.
This Survey does point to certain favorable domestic conditions. The
cost of living has appreciably diminished. Building operations lh num
ber of districts tend to increase. There have recently been no strikes
of consequence. Greater productivity of labor per man is reported from
all districts. Raw materials are plentiful, and physical trnsportation
conditions are good. There have been no busineas failures of moment.
The crop outlook is satisfactory; and the banking situation hu im
proved. It is believed that confidence In bnaineas circle l -Irmly
spreading, and that while thera is hesitancy, the business men of tho
country are feeling their way with sonnd business caution, and tb
country is working back toward a more stable condition.
A Nationwide Digest of Facts and Opinions, made by the Fidelity and Deposit Company Through its Representatives
"f ' """ ega'n'- " - - -..-!.. . .! ll.i I f...iI.,iiiiI1W..- ., ,M,- , in,,,,, IIMII .. I.I ll.--.l----.ll.ll- I1TT 1 "
- NLW ENGLAND MIDDLE ATLANTIC EAST NORTH CENTRAL WEST NORTH CENTRAL SO. ATLANTIC I EAST SO. CENT. WEST SO. CENT. MOUNTAIN PACIFIC 1
Maine Del. Maryland Montana, Idaho
INDUSTRIAL .. New Hamp. N Indiana Minnesota, Iowa, Miuouri Ditt. of Columbia Kentucky, Term. Arkansas, Louisiana Wyoming. Colorado Washington
nilPSJTinMQ Mqss- Vermont yc" ."" Penn. Illinois Ohio Michigan North Dakota, South Dakota Virginia, West V. Alabama Oklahoma New Mexico Oregon
VULS11UIN& Rhode. Isl. Ionc "" Wlicomln Nebraska, Kansas Qa. N. Carolina, Mississippi Texas ArUona. Utah California
1 Conn. S. Carolina. Fla. Nevada
j Is there a marked resumption of in- -- -
IB dustrial activity? No ' No No No' No No No No No No No No No No
2 Is buying by the public still restricted? v v . ., ,,
"" Yes Yes Yea Yes Y Yes Yes Yea Ya Yea
2 Do industrial concerns report continued "
cancellation of orders? I No No No No No No No No No No No No No No
4 Have retailers stocked up in expecta- ' " ' " " -- . ------
tion of n good Spring business? No No No No No ' No No No No No No No No No
g Have retail prices been reduced in the " ' ---- -
same proportion ns wholesale prices? No No No No No No No No No No No No No Ho
g Has the ost of living diminished oppre- -----
ciably' since last September? Yes Yts Yes Yes Yea Yes Yes Yes Yes Yes Yea
- Are industrial concerns cf trying large "
amounts of customers' paper? Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yea Yea Yea
8 on business prosperity? " carlnB Taxation Taxation Taxation Taxation Taxation Taxation Taxation Taxation ' Taxation Peace Taxation Peace Taxation Peace Taxation Taxation
, ' Railroads Railroads Tariff Railroads Railroads Railroads Railroads Railroads Taxation Railroad Situation Question Question Queitlon Tariff Railroads
9 Are general transportatiorrtonditions '
good? Yes Ycj Yes Yct Yea Yea Yes Yea Ym Yes Yes Ya Yea Yea
JOArc row materials plentiful? Yes T Yes Ym Ym Yes Ym Yes Yea Ym I Ym Ym Ym Ym
j j Have any failures of Importance oc-
curred since last September? No No No No No No No No No No No No No No H
12 Are there any strikes? Yes No Ym No No No No No No No No No No No j
Have there been appreciable wage re- ?$$"& ffl. m, XR3&S& &S,rft. XSWAi- Yes-Bulldin- Y-H- Y--BMlnr Yes-Minln- YM!"
13 ductions, and in what 1 nes? iiicn-TeiiM miu-imIi- Me,i.-Mch nd rtwiu. Pouodrr Pfo Juctt-BikiiBi tiir-Buiidioi Yes Building ym Building Yes Building Yes Mining Machinery
,,, (r,odUCt.- Mhi"v- in"j-iou.dnr M'ij:Mi dUtu-rf!WiB Trid-.tym.' ;' Yes Building Trades Lumber House Furniture Trades-Lumber. Trades TextllM Trades Lumber Building Foundry -Products
Pfoiurn - I'roducu iiuiidimTrtdt Product! pori"e ""' No pl'tBim" Accmoriti Packing and Food Products. Home Furniture and Products House Furniture Trades Building TradM
14 Has the productivity of labor per man
w Increased Increased Increased Increased Increased Increased Increased Increased Increased Increased Increased lac, eased Increased Increased
j,. Are building operations increasing or
decreasing? Decreasing Decreasing Increasing Increasing Increasing Increasing Increasing Increasing Increasing Increasing Increasing. Increasing Decreased Increasing
, , ... v" '" Y-Low Y, Low Vm-Low Vh-Low Vm-U
16 Is thI? n"d bu'lding constructton r.V,, J.,7T.. .WnS""- ZStfugr" SOAR ,'??,"" SSULi?"" SAlS"tU- V"- Wert v---w
and in what class? i";,. ,,.. ot.d.,,.1 gwdi. gd jt. gjftjb-n. gVD-.ii Yea-Low Priced Dwellings-High Grade Dwellings ar-JTSlftto,;... Ye--low Prieed Ym-Low Priced Ym-Low Priced xiiSK.
orl" i7"""'!" Apitmcnti Ap.nm.nl. Apinninu Aptrtmmi Ap.ftro.nti Aprtmmti and Apartments Apftmtnti Dwellings Dwellings Dwellings Building! nd Horn
7 Is sentiment favorable to building ""
operations nt present cost? No No No Nti No Np Nc No No No No Nj No No
NEW ENGLAND MIDDLE ATLANTIC EAST NORTH CENTRAL WEST NORTH CENTRAL SO. ATLANTIC EAST SO. CENT. WEST SO. CENT. MOUNTAIN PACIFIC
FINANCIAI Maine Del. Maryland Montana, Idaho
r Tr-onnV Antci ew HamP- New Indiana Minnesota, Iowa, Missouri Dist. of Columbia Kentucky, Tens. Arkansas, Louisiana Wyoming, Colorado - .
yUballUlNi) Mass. Vermont New Jersey Penn. Illinois Ohio Michigan North Dakota, South Dakota Virginia, WMt Va. Alabama Oklahoma New Mexico Calif. ,'"
Rhode. Isl. York Wisconsin Nebraska, Kansas Qa. N. Carolina, Mississippi Texai Arizona. Utah uregon
Conn. S. Carolina. Fla. Nevada
18 Are the banks supplied with funds to Yea Yes Yes Yes Ym Ym Yes Ym Yes Ym Yes Ym Ym
lend and at what interest rates? 6 Br' 67 68 6 68 7 67 7 78 No 68 810 No 78 8
j 9 Over a six-months' period, have de-
posits increased or decreased? Decreased Decreased Increased Stationary Increased Decreased Decreased Decreased Decreased Decreased Decreased Decreased Decreased lncrd Decrs-stc!
2q Have corporation accounts increased or ---
decreased? Decreased Decreased Decreased Decreased Decreased Decreased Decreased Decreased Decreased Decreased Decreased Decreased Decreased Dtcreased DtcrssstdB
2i Have savings accounts increased or -
decreased? Increased Increased Increased Increased Increased Increased Increased Decreased Increased Decreased Decreased Decreased Decreased Increased Decreased
Do local indications point to increased
22 or lessened government tax revenue
this year? Lessened Lessened Lessened Lessened Lessened Lessened Lessened Lessened Lessened Lessened Lessened Lessened Lessened Lessened Lessened
23 IsnhiRher tariff desired' Yes Yen Yes Yes I Yes Yes Yes Ym Yes No ' No No No Ym Ym
NLW ENGLAND MIDDLE ATLANTIC EAST NORTH CENTRAL WEST NORTH CENTRAL SO. ATLANTIC EAST SO. CENT. WEST SO. CENT. MOUNTAIN PACIFIC
innioiiTTimiT MnnrhurtM e'- Maryland Montana, Idaho
ACICyL-TURAI-i m2Xh01 New York Ohio. Indiana Minn. Dist. of Columbia Kentucky, Term. Arkansas Wyoming. Colorado Washington
QUESTIONS Vermont Rhode ' New Jersey lmnoi Michigan Iowa Kansas Missouri Nebr. N.Dak. Virginia, West Va. Alabama Texas Louisiana New Mexico California
Island Connecticut Pennsylvania Wisconsin S.Dak. Qa. N. Carolina, Mississippi Oklahoma Arirona. Utah Oregon
S. Carolina. Fin. Nevada
-A Have farmers disposed of all their last ...... .. ..
season's crops? i2 5 2 No No No No No No jNo Na N N No
,. What is the crop outlook for this
a 6eason? Fair Good Good Good Good Good Good Good Faiir Fair Good Good Good Good
c Are farmers reducing their acreage? Yes-Low Prices-Shortage of Yes-Low Prices -J"". Ym-Low PricM- Ym Low Prleea VkS' Y,n!-W Ym Shortage or
Why? Yes-Low Prices Labor No Shortage of Labor N No Nq n. aaru-y f ortte 0! Labor Stor-g J. vZ "VES," "V Money-Low Prices Np
Are farmers withholding payment of Yw.Lack Ye , . , pun Ym. Lack Ym, Lack Yes. Lack Yes. Lack Ym, Lack Yes Lack of Yes Lack of Yes, Lack Ym Lack Ym Lack of
27 bills? If so. why? No No of Funds or Funds of Funds of Funds of Funds or Funds Funds Funds of Funds or Funds Yea Lack or Funds Funds
T Is there a demand for farms this year
28 by renters? 5 i2 2 2 No Ym Ym Yea No No No No No Yea
T- Is the condition of the sheep and cattle- , . .
29 men good, fair or poor? Fr Fair Fair Fair Fair Poor Fair Poor Fair Fair Fafr Fair Fair Poor Flr
"IT" Is there noticeable movement of men '
30 to the farms from industries? No No No No No No No No No No No No No No Nj
NEW ENGLAND MIDDLE ATLANTIC EAST NORTH CENTRAL WEST NORTH CENTRAL I SO. ATLANTIC I EAST SO. CENT. WEST SO. CENT. MOUNTAIN PACIFIC
$$ikr, MmnTNewHamn. New York Illinois, Ohio. Indiana Minnwota, Iowa, Missouri Dist.'of Columbia Kentucky. Term. Arkansas. Louisiana Wyoming?" Colorado Washington
QUESTIONS Vrmont Rnode New Jersey Michigan North Dakota, South Dakota Virginia, West Va. Alabama Oklahoma New Mexico California
Island ConnecUcut Pennsylvania Wisconsin Nebraska, K.nsos Ga. N. Colina. Mississippi Texas ArUona. Utah Oregon
I S. Carolina. Fla. Nevada
T7" I there n noticeable increase in crime
3J u tr last September? No Yea Yes No No Ym Ym
,, Should the Excms Profits Tax be ohol- ....
32 i.hed? : y ! ! ! V Y- Ym Ym
What substitute for the Excess Profits ',,-. '
33 Tox would be favored? SnlM Tax Sales Tox SalM Tax SalM Tax SalM Tax Sales Tax Sales Tax Sales Tax SbIm Tax
Whot Is the bie local question in Homing shorts je-Teitile Housing Shortage Labor Read- Unemployment Housing Short- Taxation Housing Shortage Untmploj cnt-Hou- Tmlpn Firm Tex-tteo Flndm th t.,..)i-.... t..h.- -s...
-" cou"? 'i-bcXrdrnr Utmcnt Taxation Unemployment age TaxaUon-Fam, Relief Crops and Prices-Labor5 fct7?L?bS "c'XXVX ISSZZST " &' f
"35" What Is the b7g"nntional quration? Taxation and Tariff Taxation and Peace Taxation Taxation and Tariff Peace and Taxation Peace Settlement Taxation Taxation Taxation
What would be the sentiment toward I
36 a rebate on Federallncome and other
taxes ns outlined below? Favorable Favorable Favorable Favorable Favorable Favorable Favorable Favorable Fa-orable
A PLAN FOR RELIEVING TAXATION
DIFFICULTIES
Suggested by Daniel de Wolf Wever of the
New York Bar
PREMISES: (1) The Government must continue to
receive revenue on the present scale or higher.
(2) The r esent tax system is widely condemned as
hampering industry and progress.
(3) Sale of a bond issue is probably imi-racticable.
RELIEF SUGGESTED: Legislation provldinft
for refunding to each tax-payer, in the form of
U. S. Twenty-year four per cent, bonds, to bo
issued for that purpose, one-half the amount
paid as Income, war nnd excess profit taxes for
the years 1920-1923 Incluslrc.
RESULTS: (1) The Government would receive ip
cash the full amount of the tax levied.
(2) The tax-payer would in effect have his taxes cut
in half, as the bonds received would constitute a
liquid osstu
(3) The burden of war costs would be spread or
a longer period.
Local Representatives will supply on request copies of the Survey Chart,
and complete text of the analysis by the Honorable David F. Houston.
CoMrubl 1M1, l'U.Iilr tod Dcpoul Comttmy. B.llL.re. Reproduction prmlcc -ill bt (rtxcJ ppliltn...
THE SECOND SURVEY
OF NATIONAL CONDITIONS
elity and Deposit Comparry
OP MAKYLAOSfD
Fidelity and Surety Bonds and Burglary Insurance
Herman Hoopes, Inc.
General Agent,
,-05 Ileal Estate Trust Uuilding
llilladelihia
Connolly, Schwefler & Bryan
Philadelphia IJranch ManaKcrH
1033 Widcncr Uuildini;
Piatt, Yungmann & Co.
100 Walnut Street
Philadelphia
The Fidelity and Deposit Company presents this
second Surrey or National Condition in re
sponse to many requests. It is based on the answers
to carefully considered questions, made by ont
thousand telected Representatives of the Company
In all parts of the country. The Survey is a review
by business men, prepared with every effort to in
sure accuracy, for the Information of business inenj
and published as a contribution to the Nation's
commercial well-being. The Information, based on
interviews with bankers, merchants, manufacturers
and others in a position to speak authoritatively,
was tele.raphed to Baltimore and tabulated withla
the last Gve days.
The first Survey or National Conditions was pub
liihed September 31, 1930, and arouatd so much
Interest as to indicate that it was or valus to th
public at lar.e, as well as to the Directors or tha
Company for whom the data was primarily intended.
It was felt at this time that another review would
be welcomed.
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