Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1921-02-03
COTTON AND STEEL
MILLS RESUM|NG
AFTER SHUTDOWN
100000 Order From Ja-
pan Is Feature in Aiding
Conditions Bonus Divi-
-dend Paid Operatives
BY DAVID LAWRENCE
Ueased Wire Service TO The JournaD
irI,f \

January nave SHOWN a slight put un-
mistakeable turn toward a better
state of affairs"
This is the first sentence in q
lengthy review of general business
and financial conditions throughout
the United States issued by the fed
eral reserve board after a careful
study of reports from every banking
district in the country.
Prices in many lines have gone to
lower than the level which had been
comments the federal reserve board
as 1t remarks that banking condi-
tions have materially improved and
that failures have been relatively
fewer
Optimism of conservative kind
that does not attempt to ignore the
facts run through the entire state
ment.
Between the Lines
While the federal reserve board
points to the figures of unemploy-
ment and says that the resumption Of
industrial operations has not in
creased to any appreciable degree
the number of men employed one can
read between the lines that business
generally has been sitting labor care
fully and taking back employees who
were efficient and whose wage scales
were not prohibitive. Indeed. the
federal reserve board statement would
seem to indicate that unemployment
figures do not accurately reflect the
true state Of the nations business,
but merely conform the fact Of
huge turnover am readjustment
preparatory to a revival Of industry
on sounder and more substantial
basis than ever before.
There are signs of distinct im-
proVement in certain textile trades"
says the boards review. while re-
tailers are now beginning to buy
much more freely and actively than
stock on their shelves. Transports
ton supply has been fairly equalized
with demand and there is now little
or no delay of goods going from pro-
Queer to consumer Farm products
although ffuctuating more or less
widely have maintained themselves
at prices substantially equivalent to
those established during December.
Demand for U. s. Goods
There has been little or no gain
in export trade conditions but prepa-
rations for the placing Of export A.
nancing upon more satisfactory basis
was believed to lay the foundation
for distinct improvement of the
outlook.
"patoi1 orioaS bauos SboUn d,1rf,,o
the month of January a much greater
tendency to reflect the changes that
already had occurred in wholesale
prices. While, therefore, it cannot
be said that very material alteration
of fundamental conditions has occur
red, enough progress has been made
to give assurance of a steady move
ment toward sounder conditions IN
business. There is wide demand
for American goods. the difficulties
connected with marketing Being
found in the question of prices and
Of terms to be Required of pur-
chasers."
The federal reserve board state-
ment supports it's general observa-
tions with detailed analysis of ag-
riculture and industrial operations.
While here and there in the south
are evidences of holding Of cotton.
for instance, receipts at Galveston in
dictate that the rate of marketing is
mot so far below normal" Several
districts, report twenty per cent or
the cotton crop unpicked and there
is a general promise Of more diver
sifed planting in 1921.
Mill Operations Increase
The general sentiment of the to-
bacco growers is in favor of re-
duction of acreage. Both dealer and
buyer display a waiting attitude.
I IT, & sad n a.
rally in January over December even
though they do not compare with last
YEARS figures Kansas City mills
operated at 81 per cent of capacity
as compared with So per cent in De-
cember. Country mills are buster
than the larger city plants.
In livestock an exceptionally mild
winter has made possible large
amount of grazing so that little fede-
ing has been necessary in many Sec
tions, and conditions have been bene-
fetal to the stock. The San Fran
cisco district reports range, iced
and moisture conditions favorable in
practically all sections. and livestock
thriving"
The movement of live stock to
market has been lighter. Prices at
Fort Worth "were at an exception
ally low level during December in
spite of the small receipts"
The Lumber Situation
In the San Francisco and st. Louis
districts the average. shows little
change from the preceding month.
Lumber prices have dropped in the
Philadelphia district with the ex-
ception of the better grades of white
pine, which advanced SIS per thou
sand. Consumers, however, demand
further reductions from retailers
who already have received substan-
ms
ers; the latter claim that the pres
ent prices for lumber at the mills
will not pay for the cost of produce
tion."
In view. of the lack of demand.
production of lumber continues to
decline. Some part of the decline
in production is attributed to clos
ing for annual repairs, overhauling
and inventories. Bituminous coal
production has increased, though
the average production per day has
been steadily downward. The am
thraclte coal production has also in
creased and during January there
has been continued recovery from
the holiday depression, and the week
ly output is agai approaching the
ten million ton mark"
Strong Demand
In spite of the mildness of the
weather a stranger consumers de-
mand exists.
Crude petroleum production has
shown a decrease both in the Kansas
City and Dallas districts as we'll as
the Texas coastal fields. Inadequacy
of pipe line and storage facilities
are given as the principal reasons,
however, but indications sr that
new pipe lines being completed in
central west Texas and other dis
tricts will help to revive produce
ton.
The iron and steel industry shows
"a marked increase in competition
for new business" The independent