Daily picayune., 1921-06-13

The review covers a wide and diverSi fled range of studies and it sums up the various situations as follows:
 The money market is improving and is stimulating hope.
 Unreasonable weather is delaying farm work
 The supply of bankers acceptances is below demand.
 The commercial paper movement is slowing up.
 The motor industry is making strides toward normalcy.
 General manufacturing is marking time.
 The demand for raw leather is in- creasing.
 The coal business is standing still.
 The packing industry is improving.
 Feeders Livestock are facing losses.
 Dry Goods an dtextile buying is be- ing done cautiously.
 The wholesale trade is less.
 The retail trade is steady.
 The manufacturer of clothing slows up.
 The demand for furniture is increas- ing
 Employment and pay rolls are de creasing
 The number of building permits is decreasing.
 The bank finds there is renewed activity in the effort to break up the frozen credits an dthus facilitate the thawing process, problem that has beset the federal reserve officials for more than year. Loans and discounts and investments other than tn United States securities owned are still on the down road, as shown in the reports by individual member bank throughout the district.
 The motor industry apparently is one of the first of the great manufacturing lines to rebound from the extreme re- pression of December De troit reports operations from 60 to 100 per cent, condition which is enabling manufac- turers who bought materials at high prices to work them up into finished product. In this way they are per mitted to liquidate their merchandise without such serious losses as seemed probable a few months ago. Prices of cars have been lowered again in several instances, this being made possible by the purchase of raw materials at lower prices. One of the prominent bankers of Detroit estimates that in another 30 to 60 days all high priced inventories will have been liquidated. At the same time the cost of labor is slowly com ing down and efficiency increasing in cities like Detroit.
 One outstanding feature in the motor industry. as in other lines of business, is that those who are showing courage in the conduct of their business by forging ahead and manufacturing or using up high priced materials on hand and replenishing at lower costs arg finding a ready market for their pro ducts even though it be at reduced nrices while those who have adopted n more conservative policy of manufac- turing are necessarily liquidating their inventories nor eslowly. and conse- ouently are having more difficulty Tn working out of the condition in which they found themselves at the close or losr year. For instance, some of the loading motor companies report produc- tion in excess of a year ago: this IS Tn moderate or low priced cars. factor from the dealers standpoint is that there is a more limited market for used ears due to unemployment and general denression. Accordingly, the dealer finds his capital tied up in these cars and is unable to make further sales involving trade, until he has liquidated such stock. Many of the steel contracts to motor companies contain adjustment clauses.
 One unsatisfactory feature brought out by the reserve banks review, IS that on every hand buying is limited.-Ga- zette.