The commonwealth. (Greenwood, Miss.) 1896-1923, 1917-06-06
FEDERAL RESERVE BANK
OF ST. LOUIS MAKES IT'S
Report on Conditions i'm District No. 8 For the
June LIST Issue of the Federal Reserve Bulletin
Business Outlook Healthy.
"a "a - "a - "a
(By Associated Press)

St. LOUIS, June 2-WlIllam Nee
Martin, Chairman of the Board ant
Federal Reserve Agent of Federal Re
serve Bank of st. Louis, has ISSUED
the following report of the condition
of business in the Eighth District:
Business interests in this District
have held their own in the face of the
preparations for our active participa.
ton in the war. Reports from all lines
of business, other than those directly
connected with war munitions, indi.
cate a somewhat quieter condition
than reported for the past few months
Reports all indicate a very healthy
condition and there is a remarkable
feeling of confidence in the future but
at the same time, war preparations
have had a SOLDERING effect. Business
men are operating on a somewhat
more conservative basis.
The certificates of Indebtedness
which were subscribed for by member
been to a very large extent distribut-
ed to the general public, and should
materially assist in floating the Liber-
ty Loan.
Details of the Liberty Loan were
announced a few days previous to this
writing. The organization of the bank
ing interests of the district, has now
been completed; the necessary steps
have been taken to organize other in
terests throughout the district, and a
campaign for the success of the Loan,
under the slogan "a Liberty Bond in
Every Home" which originated in St.
Louis, is well under way.
The volume of sales in all whole
sale lines continues to be very large
but increases noted this month are
smaller than those reported for a num-
Der of months past. This is attribut-
ed in the supplying what may be call
ed the necessities of life, to a general
feeling of conservatism and in part
to the cold and rainy weather which
was prevalent throughout the district
up to the middle Of May. Dry goods
jobbers report that the demand for
merchandise is not so insistent as it
has been for months past. Wholesale
military houses have been affected by
the cold wet spring. Manufacturers
of ladies and mems ready-to-wear gar
ments have had a very satisfactory
season, but the distribution of this
merchandise to the general public has
been delayed. The hardware interests
reports a strong and active trade. Re-
tail merchants in all lines seem to
have been affected by unreasonable
weather up to the middle of May, but
business since that date is reported
to be extremely satisfactory and sales
for May will show Increases over a
year ago. The gains in dollars now
reported seem to be entirely due to the
increased cost of merchandise and not
to an increase in the quantity shipped.
The buying power of the general pub
lie continues at a high level but high
prices are beginning to have their eff
feet on sales, particularly on articles |
that the public can conveniently do |
without.
To sum up, it may be said that there
has been a slight s%lackening in general
business due in part to the unseason-
able weather, in part to the increased
cost of merchandise, and in part to
the campaign for economy. Index
figures on the cost of living again
show an advance.
Reports from Louisville, indicate
that the lumber trade has been some
what handicapped by high prices, but
manufacturers of axe handles, etc,
report heavy orders on hand, although
this is usually their dull season.
The temperature for the last half
of April and the first half of Nav was
below the normal throughout the en-
tire district. The rainfall during this
period, generally speaking, was above
the normal. The agricultural devel-
opment has accordingly been some
nha. retarded but rain was needed for
sub-soil moisture and with
weather conditions from
on, it is believed that the agricul-
tural outlook will improve.
On May Sth, the Government issued
is report of condition of crops as of
May LIST. The wheat. report showed
m unusually large percentage Of ac-
abandoned and an unusually low
of condition for the Coun-
ry at large. The reports on the wheat
:rop in the States wholly or in part
within this district were some what ,
more encouraging than the reports t
rom other sections of the Country.
The percentage of acreage abandoned {
n the large wheat producing sections 8
f the district was on the average 8
than in other sections of the
ountry; the percentage of condition a
howed improvement as compared to q
he April list reports; and the fore n
asst for the 1917 harvest from the 4
lay 1st condition was larger than the a
nal estimate for 1916. 1t cannot be Ia
aid that the condition of the wheat c