Show IN TRADE CONDITIONS IS ASSURING Credit for Industries Hard to Obtain Says Armour Armour Ar Ar- A. A mour Report 1 ChICAGO Au Aug 23 Armour Armour I Co In their monthly business r review In say nay There Ther lie has been bren somo some slight 1 ht improvement Improvement Improve improve- ment In railroad situation within the tho month and commodities are moving more freely Into trade chann channels ll Continued improvement Improvement Improve improve- ment should case tale tho thu situation ton materially Meanwhile fon the problem before b business Is Isto Isto J to produce sa 5 a much as am possible at the lowest lowest lowet low low- est et margin marln o 0 cost and at the came time timeto to keep kec production In a R healthy condition The Tho security market t. t despite forecasts to tho the contrary still tili Ill baa lias failed 1 to develop a definite trend During the month dullness dul dull duli- ness nu and irregularity were ere the tho characterIstics characteristics character character- which ruled the tile stock exchange and although sentiment was optimistic It wa was as scarcely borne out by actual trailing trading D DealIng Deal Deal- al- al JD logs Ing I on the stock exchange seem to Indicate Indi cato cate the desire of ot a great creat many holders holder of oC gilt alt edged securities to liquidate in order to lo obtain cash with wih which to continue operation oper oper- aton s. s Hond Hond Low Loir Lw Bonds of oC unknown Industrial concen concerns have undoubtedly reached low 10 ebb In the tho tide which swept lpt over the securities market market mar mar- l ket t three months ago and Ind that Is I a the thing thine on which traders doubtlessly base baBe their optimism Cancellations of oC orders order by br retail merchants merchant mer mer- chant chants to wholesalers wholesaler and Ind jobbers jobber Jobbes seem to bo be bo Increasing In number and volume That Is due In part and perhaps mainly to tho the fact that the tho retailer ha has a belief that I prices price are going to bo 10 lower The These so cancellations can can- t have o ho resulted In ome some Instances In partial shutdowns huhlon and tho the adoption of n i ipar i part par time basis bash by some lome manufacturing In industries in- in particularly In the tie textile Indus Indus- IndusI In-I In I try Another reason for Cor cancellation Is I probably bl that the tho retailer n last season an an- an I. I I a much larger volume of business business bUtI- bUtI busi busi- ness neu than was as realized this summer cummer and In their eagerness to have havo hav mer met merchandise chandise with lh which to supply tho the hoped for demand rushed their orders to manu on the basis bal of a hope which was Wil i I at but best guess work I Too To High I There la is no doubt but that a great mun many cu customers have reached rached the conclusion that thai prices price are too loo high and that thaL they can restrain to- to re re- strain their further advance If not Influence influence ence their reduction b by abstaining from Crom further purchase That feeling has hu ex extended ax- ax fX- fX tended to the tho retail r merchant In his hil dealIngs dealIngs deal deal- Ings with wih the tho wholesale jobber to a large degree and of course has direct bearing on the tile cancellation of orders order The backbone of the Industrial ture credit ture ture credit gained no tr strength nth during tho the month Dank Banks continued to hold up Interest interest Inter inter- est et raes and ant the rate rate- for tor call calt cal money In Wall all al street t held at from 8 I to 9 p per r cent throughout the month Industrial I loans an were very ery difficult to obtain and then only at rates raten that w were re In man many Instances equivalent to 10 per cent and man many borrowers borrowers bor bor- rowers rowl of oC sterling worth and of known financial stability were forced to pay that price It I remains to be se seen n Just Jut how that situation will affect the public wi on which of oC course coune It I will wi ultimately be re re re- d. d Mj Many ny Failure Small Smal businesses are f feeling the credit stringency more and more as evidenced b by the Dun and Bradstreet t re reports report rt as to the tho Increasing number of business failures failure Bankruptcy proceedings have Increased ac acI according according ac- ac cording to lo these thue reports considerably within with with- wih- wih In the last thirty day period as a compared wih with tho the previous thirty-day thirty period and I the corresponding time last laa year year- Any ny for forecast calt att alt his hI time as to 10 the Ue tr trend nd of or business for tor tho next quarter I would tO I be e nothing t moro more than a wild I guess e as there er are many n conflicting r agencies c at work such uch a as Al the possible cott coal strikes car cr shortage due to movement o 0 the fall fail faI crop crops and furth further r transportation any anyone one of Ot which would have havo such an extremely I de devitalizing influence on business that the future futuro i Is quito hidden from the tho view of financiers Crops Crop Aro An Ar Good Go But Dut the fact that crop conditions according ac AC- ac- ac cording to the latest latet summary are aro eUI satis factory seems Icer to warrant optimism Corn I l said eald to have lId IOd made splendid progress and to be In Iii fino no condition Cotton though Is late lar l making is I i doing well condlon While Coton spring wh wheat hut al satisfactory progress good r reports rew re- re ports port are received from tho the districts district In w which the threshing of winter Inter wheat has Begun A rood good crop year may help the situatIon materially though at thIs l line It Is difficult to II see ate Just I how the ho crops no I crop matter how good they m may Y be be bf are going to be moved to trade channels In itt n an orderly way or Just what hat tt it Is b going to I I cost coat the tho farmer Camer to mOrk market t his foods tood COlD COi |