Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1921-07-30
BUSINESS IN SOUTH
IS NEARER NORMAL
THAN SINCE 1918

Economic conditions in the south
are more nearly normal today than
at any time since the armistice, and
business generally is on sounder
basis, declares the Federal Reserve
Bank of Atlanta, in it's monthly BUSH
ness review, published July %.
"At this time" says the review,
lit might be we'll to refer to con-
ditions a year ago, when production
trade and business generally had
reached it's peak during May and
June, 1920. Those who gave much
thought to existing conditions real
lied that there must be turning
point and considerable uneasiness
and anxiety was being felt. Com
mencing with July, 1920, produce
uion and trade began to show de-
creases, followed by recession Of
prices, values and wages. The de-
mand for money continued, however,
and contrary to former years, bank
loans throughout the district in.
creased during ana after the crop:
moving season N the latter months
of the year, while deposits were de-
Ginning.
1t was some SIX months after 9th.
er readjustment phases were in ev-
idence that the high point of ex-
pansion of credit was reached and
contraction of credit set in. The
loans ard investments .of 43 banks
in selected cities of the district on
July OF this year were S454,69S,-
900, as compared with $441,924,OO0
nd IN
July 8, 1920. Banks in the same re-
porting cities show demand depoS-
It's were $214,S53,000 and $271,367,.
600 on July 6, 1921, and July, 1920.
respectively while time deposits
were $145,239,O00 and $151, ON
the same dates.
There was no material change in
either the demand or time deposits
on July +, 1921, as compared with
June 6, 1921. Bills discounted and
serve Bank of Atlanta, including re-
discounts with other Federal Reserve
banks, were $100,S11,00O on July II,
1921, as compared with $129,471,000
on July 13, 1920.
TN almost every instance the
trade generally shows decrease in
money value of all goods sold this
year as compared with last, but when
price receSsionS are taken into ac-
count, the decrease in the physical
volume of goods sold is appreciably
smaller, in fact, in several instances,
reporting stores show increase in the
volume of goods sold"
Sales Volume Gains
The detailed report of the business
review shows that department stores
report for June that the dollar value
of sales is less than for June, 1920,
although a number state the actual
volume of goods sold is larger than
last year. Stocks of goods on hand
were ia per cent less than last
year.
Reports from So wholesale firms
indicate that the actual volume of
goods being sold is equal to, or great
er than, the actual volume sold DUR
ing the corresponding period of last
year, the possible exception being
wholesale hardware, in which price
tial. Buying for future needs is not
being done, except some few items
entirely seasonal" states the review.
, The report on agriculture states
that the area under cotton in the
United States at the end of June.
cent of last years acreage on the
same date. The condition of the
crop was 69.2 per cent of normal COM
pared with 66 per cent month ago
and 70.7 per cent last year at this
time. Georgia's area is estimated at
600, a decrease of % per cent. The
condition of the Georgia pecan crop
on July / averaged about 10 per cent
of normal.
Atlanta Building Leads
Atlanta bank clearings for June
the report gives as $154,35S,201. as
compared to $2545S0,345 last year.
New Orleans was the only south
ern city with more clearings, report
ing $161.154,882.
In building permits for new build
ings in June Atlanta led the south
with 226 permits for total of
$779,623.
Other cities of the sixth district
engaged in extensive building ACTIVE
ties during June, with the amounts
expended in each follows:
New Orleans. $553,375; jackson.
Vile, $412,850; Tampa, $3S9s784; Biz.
mingham, $324,760; Savannah. S221,.
10; West Palm Beach, $214,425;
Nashville, $185,975.
The above figures are exclusive OF
amounts spent for repairs on old
hI,i