The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-05-14

SURVEY Of SOUTH
SHOWS GOODFACTS
Labor Well Employed-Big
Demand Everywhere
for Residences.

Believing that the present is a mar
tieularly opportuns time to inquire into
certain economic conditions which are
Of vital importance to the country :
welfare, the United States Mortgage
and Trust company, OF New York civ.
has obtained through its mortzas,
agents and correspondent banks in over
so cities in the Southwest and Middle
West, a consensus of opinion on the
following subjects, a COPY OF which was
sent to the Turley, Naili, Galbreath
company.
Ffrst-Labor supply, probable inlu-
ence OF returning troops and legisla
tive action on industrial and employ
ment situation.
Se~Coud-Trend of business and rcsi-
dental rents in last two years. new
building, labor and building material
rrices.
Third-Rcal estate activity. mortgage
money supply and demand, tendency 0f
rates.
Of war on prospect of broadening bust
",sa lCI,ylLIes.
Fitth-Enect Of operation of federal
reserve and federal farm loan activi-
| ties.
The general condition at Memphis,
d. gwen W lne report follow:
Ftrst-Laoor well employed. Return
ing soldiers well taken care of. Social
istic propaganda having adverse effect
on both white and negro labor,
Second-Rents up from five to q
! per Gent, mostly residential. Some new
construction, but plans generally await
ing reduction In costs. Unskilled labor
off.
Third-Healthy demand for rksiden-
tal property and good farm - and
business space centrally locateU. Some
interest In vacant plots. Mortgage
rates y per cent Oft.
FourGh-Retail trade conditions very
good, Stocks quite ample, but general
policy somewhat narrow. Credit to
farmers being restricted. Mississippi
valley waterways association has com
prehensiye program for betterment,
Fllth-Federal reserve system has en-
couraged initiation, Federal farm loan
system not in full operation, but en-
peeted to aid farming interests.
Summarizing the general situation in
the south, West and Southwest, the re-
port indicates that the labor supply Is
at present adequate and returning SOL
diers are being rapidly absorbed with
out undue disturbance. From reports
at hand it appears that rents have in
creased almost universally, the per
centage running from 10 to so per cent
with occasional excessive advances in
business space strategically located.
Building In n large sense is not making
any great Roadway. being unable thus
tar to ADJUST itself to the prevailing
high prices Of labor and material.
Organized labor is making vigorous
efforts to maintain the present wage
scales blt the Indications are tina lower
levels In some cases are bound to come.
Reductions In a few lines indicate that
material prices may possibly be on the
point Of a downward movement, but
any immediate plans based on such
development would doubtless be some.
what premature. However, these con-
ditions considered in the light Of the
great need for new construction, give
reasonable grounds for expecting n
building campaign Of good proportions
at 3. reasonably early date. There is
an insistent demand for dwellings,
Retail trade is in a healthy, flourish |
ing condition, marked only by a few
Instances OF depression and caution as
to oEerStocking. Particular attention Is
being given exports, the improvement
Of waterfront facilities ana the location
of new industries.
The federal reserve system Is SO well
established and its beneficial opera
ton so clearly demonstrated that 1t Is
now taken as a matter OF course, 1t
fills a spare possibly higher than was
anticipated by its most optimistic sup |
porters,
The federal farm loan system has
proven Of immense benefit in sections
where opportunity has been given TO
show its worth, 1t continues to stimu-
late production by providing funds in
large volume for lcrg terms and at low
interest rates, The one disappointing,
but perhaps natural feature is that Il
does not yet appear TO be fully under
stood in some quarters. with the re-
suit that the benefits which 1t might
confer are ia from being fully realized,
Houston reports that $4,000, 900 has
been loaned by the federal farm loan
association In Texas, increasing the
cultivated nraa An NOR cant