| Show CITY aty NATIONAL BANK ON IN 1 lona in its summary of the count rys business conditions condit ion s for J june un e the N national a city bank of new york ex e plains past and present conditions as follows the condition of general business has continued unsatisfactory during may and business men who haac been hoping for signs of a definite turn in the situation have had to reconcile themselves to further waiting business indeed has shown a pro gics greg sive sive increase in activity as corn com pared with the early eaily months of the year but this has to be viewed in the light of the normal seasonal ten tenderly dercy which is always upward luring the spring when allowance has been i made for this seasonal factor it i not clear that much in the way of general business improvement can yet be claimed all 11 of which is in in accord with ex that it requires time for industry to rid itself of uns unsound huncl fop con editions which invariably creep c lic p in during periods of extended pio spent that the pace of bustil busi a asand and speculation last year bear was excessive is now clear to everyone considering the a extent of overproduction in home important ii lines lies the u unprecedented s scale ae of stock speculation and the de degier ree of disorganization resulting f 0 these extravagances it is not ing that recovery covery le should be slow the thing however to the guarded against just now is an excess of pessimism just as an excess ot ol optimism was the basis of danger a year yea ago last year a great man many people could see no limit to the possibilities os ties for expansion now som some of these same people seem to have lost all confidence condid te in the coi count rys cal capacity nc for recovery lee overy undoubtedly the one viewpoint is as unwarranted as the other it I 1 is true that the situa tion is not without lions including tile the worldwide world orld wi wide fie scope if the reaction the fiill fall in lity prices pi ices and accumulation of ac raw law materials wp we do no not t wl wish ao 20 ho minimize these difficulties hut but we are impressed impi essed with the recuperative tiYe pow cis of the country as demonstrated repeatedly in the past |
