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Show GENERALCONDITIONS AS REFLECTED RE-FLECTED IN NEW ENGLAND INCIDENTS THAT CONTRIBUTES TO A MORE BUOYANT ATTITUDE .ARE AMERICA'S REFUSAL RE-FUSAL TO CONSIDER PROPOSALS FROM GERMANY, GER-MANY, ACCEPTANCE OF TERMS OF REPARATIONS REPARA-TIONS COMMISSION, FURTHER RELAXATION OF MONEY STRAIN, REDUCTION OF INTEREST; INTER-EST; IMPROVEMENT OF FOREIGN EXCHANGE. UNEMPLOYMENT A SERIOUS PROBLEM. . The First National Bank ot Boston in Its letter of May IGth soon? u moiti helpful feeling and leads is readers that the pinnacle of depression depres-sion has been reached and that lne country Is well nigh over the top, and from now on conditions In general gen-eral will Improve. As conditions Improve Im-prove in the great east, Just so inucn bettor will It bo for the west, and just that much sooner will tho wost also be on the highway to prosperi'r. Says this flnnnclnl barometer on general conditions: I "Several independent events have contributed .o the more hopeful nna buoyant attitude which exists wltti 'respect to the trade and financial situation. sit-uation. The action or our government govern-ment in declining to consider, apart trom the Allies, proposals rrom German), Ger-man), and the subsequent acceptance by that country ot tho terms or the Reparations commission, were fncts or first Importance. An underlying feeling of confidence has spread throughout all countries now that this formidable barrier to normal ondltlons has been uemoved. The Ituation has been relieved percept-bly percept-bly by a further relaxation of the money strain. London and New York rediscount rates have been rcducc-u .from 7 to C 1-2 per cent, while tne remaining districts In this country are nearly all on a C per cent basis. Tho general Federal Reserve percentage percent-age has again crept up to a higher level 53. 9 per cent. In addition, tho commercial paper market i. broadening, which Is enabling business busi-ness concerns ordlnniily using this market to liquidate their direct banlc loans. These factors, coupled with a smaller demand tor money for commercial com-mercial purposes, have put lite Into tho security markets conspicuously so In the case of foreign government obligations. ob-ligations. The foreign exchanger generally hne Improved, another step toward more normal International trade. , So fur s business nctlvlt) is concerned, bank clearings' In Apiti 27 per cent less than, a jenr ago pretty "much tell the storj. Unemployment Unem-ployment Ih a serins problem, especially- In the Pittsburgh and oiuer steel districts and prices on the whole are declining but more slowly than In earlier months. The steel indus try is at low ebb, only one Jn five furnaces being In operation, tho worst showing on lecord. WagVs In this ludusto have bion cut without resistance 20 per cent, following a reduction In steel prices. In gauging the duration of tho period of readjustment read-justment to normal conditions, it is worth while to consider that it has taken the basic steel Industry two arid'a hi If years since the armistice reduce labor 20 per. cent, and that wages are still about 100 per cent above pre-war levels. In New England Eng-land there has been a ery noticeable betterment In feeling and n rather strlMng increase In manufacturing. Cotton mills are running morn hours per wer k and this movement has now extended to tire )ain and fabric mills Woolen nmchlneo Is more fully employed, em-ployed, the gain being conspicuous. The whole hide, leather and Bhoe In-dustrj In-dustrj Is more active nnd Is Hi ono respect in a more fortunate and healthy heal-thy position. la that the surplus of hides has finally been marked down to reasonable figures. |