| Show MONEY CENTER GENTER SHOWS REVIVAl OF CONFIDENCE New York Finance Circles Convinced Good Times Are Coming Soon PUBLIC MORALE BETTER Four Factors Declared to Be Responsible EDITORS EDITOR'S NOTE Throughout the land passes I 0 the word that there Is a I 0 brighter tone to bus business in eM that 0 the nation appears to be com corn comIng coming ing lug out of the depths of de deS de- de des s S 0 S At the same time politics I always a fascinating subject is taking on added Importance as I II I the artillery of 1932 mobilizes 0 Raymond Clapper Washington Washing Washing- ton manager of the tho United d S Press recognized as authority S I 0 on national affairs has start started d S a a- t tour ur of a group of Important important import Import- I ant centers to sound out the theS S business bustness and political situa situa- situations situations situations' I 0 A keen analyst and informative g ti tive Uve writer Clapper will give S SS S I the United Press readers the Ide of th these e situations By RAYMOND CLAPPER LAPPER Copyright 1931 1931 by United Press PIes NEW YORK Nov 12 12 RevIving confidence is echoing through th the canyons of of w Wall Vall street Feeling heris here her I is that the real turning point in in th the depression is imminent if it indeed It has not already arrived Faces Paces downcast during two of th the blackest years in the nations nation's economic economic eco ceo history are arc lighting up Here in the new money capital o othe of the world there is a new enthusiasm and a a- conviction that good times ar are coming soon Perhaps it Is premature premature premature prema prema- ture for New York is subject to quickly changing moods but whether warranted or not the feeling exists Four factors are most mOt often otten suggested sug sug- gute to account for this upswing in morale 1 Increasing stability of commod commod- ty prices together with recent spectacular spectacular spectacular spec spec- rises In wheat cotton oil oU an and security prices One authority bandling han ban dUng large financial operations opera 1 In wheat predicts a rise to a a- al l level of 8 80 or 85 cents a bushel during the win win- ter 2 Deflation of production costs coats down to the point where lower prices price arc are possible on finished goods or ser ser ser- er- er vices CREDIT BOARD HELPS DELIS 3 3 Strong support given the bankIng banking bank bank- Ing ng situation through organization o ohe of the he the national credit corporation cor car cooperation of banks banks' In helping each other efforts of the federal federal federal fed fed- eral reserve board and the controllers controller's office at Washington in adopting a drastic policy to avert vert recent threat threat- Continued on PMt Pate Thre o l NEY CENTER SHOWS REVIVAl OF f CONFIDENCE 4 from tram Pile Out One l erf crises in Jn some ome banking centers material maudal return of of a 4 p bUC ile confidence which when hen It may maw ma- ma y w will nark mark the real turning g is talking about return return- g r 1 la I confidence What do they mean thAt teat Several weeks ago In one b hint this writer learned about here a dept wrote out a 1 check for hU his court account some and r In gold The bank d nn ed pa payment sd refused d but paid him In legal tender that hit i is 11 paper piper money A woman oman fearing bank bUlk failure wrote out a check covering her ber full lull bank Account and deposited the theIn In a ure ufe box according to one story dory going the rounds A hoarder of or mt rant ut means attempted to cache mini hundreds of ot thousands of dol- dol Un Wa In gold COld bars bar in a safety lardy deposit halt nolt but the bank to which he ap- ap for or vault nult apace refused to be ay a put pirty y to what it d described d u ss nasty bainey Those things happened some JOme weeks weeD a to a 0 They 11 hare haTe not been happening bankers backer say 1 within more recent b. b NO O LONGER ED P People tope have lost their fright over possible a bank closures That t h Is one thing th they y mean by returning attuning confidence Every banker knows knon it Is U more than thana a glib phrase For every ery banker kee keeps I his ha bank open only by virtue of con con- No bank in the United statu could stay alaY open if it depositors demanded all of t their lr money at once Sometimes a rumor starts WU people became become be become be- be come came nervous and rush to draw out their money for no reason reMOn at all ex except ex- ex herd fear That is 15 lost conf cont- confidence 1 dence and any banker rea realizes it can be tit a very cry real thing Equally so is 15 returning conf confidence President Hoover said in his Armistice Armi Armi- stice day address that there had hod beena been a turning of the tide Bernard M. M Baruch krUth former tanner chairman of the war ar industries board and a leading New NewYork NewYork NewYork York financier says we have dis d disrupted the continuity of pessimism Theae expressions are typical of or what U a heard beard everywhere in Wall street But the more cautious bankers tie some lOme strings to their hopes hope One is 15 Europe Europa Will the American taxpayers have to take over the burden bur- bur den of the war debts The debts have tun to be bo paid off oU because awe somebody mutt mast pay ay for tor the Liberty bonds be behind behind behind be- be hind them em If It not nol Europe then Americans must pay through tax taxes MANCHURIA PROBLEM Another Mother is 15 Manchuria Would war wat there re stimulate American business li ri would for a time The ee eats would need food clothing rifles rines runs mss shells trucks America prospered pros pros- in the e early el days day of the IMro- IMro war scar 1 Let het Fr Francis Sisson vice ice president the Guaranty Trust tell ten the other side die The immediate effect of or war Inthe In Inthe inthe the Orient might be to sell ell war sup sup- supplies plies and t temporarily help business he be said aid But in the end we would lose There can be no virtue in that kind of or thing permanently You shoot away war millions of or dollars worth o of materials which bring back no re re- re turn tarn We prospered temporarily Inthe in inthe the last war ar But Bu now the world is 15 the bill You cant can't wend send two or three hun- hun died bUll billion on dollars worth of or wealth up in smoke and wipe out ten million mil mil- lion or more lives without seriously affecting the world A third doubtful factor Is b congress will 11 congress vote more millions for projects Business men fear tear an evenly congress with th an insurgent balance of ot power in both houses and anda a 8 national election campaign approachIng approaching approaching ap ap- will attempt a a. heavy spending program FEAR TAX INCREASES They are more seriously arr afraid ld that congress will wUl run up the larger income in income income in- in come tax tu brackets brackets' sharply These three incalculable situations enter into the size up 0 of e conditions made by the average banker and business man here But while he sees possibilities of or retarding influences influences ence in them he nevertheless is 15 wading into the third year of or the de depression depression de- de with his sleeves rolled up and his hb jaw set ut |
