Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1921-06-04
GEORGIA COTTON 63 PER CENT OF NORMAL
COUNTRY PAST WORST OF
PERIOD OF REIMBURSEMENT

WASHINGTON, June 2.-Convic-
ton that the country has passed the
most trying period of reimbursement
and is on the road to recovery is
expressed by Governor Harding, of
the federal reserve board, upon COM
pletion of a two weeks survey of
the agricultural and industrial sec
tions of the middle west and the
south.
Mr.. Harding travelled through ILL
nois, Missouri, Kansas, Oklahoma,
Arkansas, Tennessee and Alabama,
and declared he saw everywhere
great activity on the farms and an
abundance of farm labor. with ap-
parently every acre Of land cultivat-
ed heretofore being utilized this
year.
Summarizing his report o. condi-
tions made to the board Governor
Harding said:
1.-THE most optimistic sentiment
which prevailed everywhere was most
gratifying. The bankers, and bust
ness men of these sections are look
ing for trade revival in the autumn
and seemed to have no doubt that
there would be ample credit for both
agricultural and trade requirements.
The only exceptions were the live
stock men l met in Topeka, who
seemed anxious to obtain two or
three-year loans either through pri-
waite agencies or through the war fl
nance corporation or the federal loan
banks.
1.-The trip confirmed my convic-
lions that we in this country have
now passed the most trying period
of the worldwide reimbursement of
trade and prices, and are on the road
to recovery. We aye approaching the
new crop season with underlying con-
ditlons far Sounder and more favor
able than they were year ago, and
in spite of the unprecedented carry
over of cotton and grain, largely fl
nanced and bank credit, the reserves
of the federal reserve system are
nearly 40 per cent higher than they
were year ago, which leaves no
room for apprehension, regarding
the financing of either agriculture
or industry. Indeed, with the recent
easing of credit and with the fed
eraI reserve board ready, as usual,
banks for the legitimate require
ments of their customers, bankers
everywhere seemed disposed to dis
miss credit as a factor of uncertain
ty or concern in the making of the
new crops"
Boards Review
While "a definite turn for the bet
ter" has been taken apparently by
some branches of industry and the
business outlook for the season con-
tinues more favorable, there is but
little prospect of IAN immediate
sharp Improvement of conditions"
the federal reserve board declares
in its re ~ the financial AID eco-s
nomic Throughout the coun-
try dur
Reco7 = production and distri-
button nas@Degn in progress during
the month, the board said, but slow
ly and greatly retarded. However,
it added, the more hopeful attitude
which has shown itself among bust
ness men recently has continued and
is preparing the war for active de-
velopment in some industries.
financially, the month was one of
increasing strength and of more
prosperous outlook, the board as
country. it was explained, there has
been an easing of the demand for
funds resulting in part from accept
ance of lower price levels and par
TALLY from the adjustment of bust
ness to new conditions.
Irregularity and lack Of uniformi-
ty still exists to marked degree in
the retail price field, the board OBJ
served. Serious obstacles to the fl
nal adjustment of wages was fore
cast unless retail prices move much
faster to their final basis.
Adjustment between wages and
prices, especially retail prices, is ex-
hibiting financial difficulties, the
board Yfaintained, while, readjust
ment in wages has been slow.
Foreign Trade Depressed
. instability of wholesale prices,
the board asserted, was retarding
buying for future delivery in many