Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1922-02-02
BETTER BUSINESS
IN SOUTHEAST IS
SHOWN IN REVIEW
Country as a Whole in Bet
ter Condition Than Year
Ago-BuiIding Is Register
ing an Increase

conditions in the Sixth federal re-
serve district and throughout the
United States, is noted in the Bust
ness Review, a publication issued
monthly by the Federal Reserve
Bank of Atlanta. The issue of Janu-
airy 81. given to the public on Tues
day, contains a digest of the situa-
ton in the southeast, with gen.
eral survey of national conditions.
Allowing for the seasonal recess
sions always to be expected, the
country as a whole is in somewhat
better situation than at the cor
responding time last year, declares
the review. Commenting on the
business status of the nation, the re,
port says:
"Prcduction and the trade show
no striking departures from the con-
ditions prevailing at the time of the
last report. at this season there
usually occurs period of slackening
in various lines of manufacture and
this has been true during the past
month. Such recession as there has
been does not, however, go beyond
the proportions to be expected at
this time of the year. The federal
reserve boards price index for De.
cember shows a reduction of only 2
points, as compared with month
earlier, while the United States bu-
reau of labor statistics shows no
change in it's index.
"On the productive side, interest
ha been largely centered about the
iron and steel trade. The activity
in that branch of business has, on
the whole, been slightly on the in.
crease. the end of the year showing
slowing down due to the usual
inventory period. while during the
particularly from railroads. has
tended to increase the volume CT or
ders on hand as we'll as the activity
of the plants. Demand for non-fer-
rous metals continues quiet.
I'm cotton and wooden textiles nc
material change has taker place, but
in other manufacturing lines there
has been, if anything, moderate
tendency toward improvement.
Building Increases
Little change in crop conditions
can be expected during the winter
season. Prices of staple farm prod
ucts have, on the whole, about held
their own with fair export demand.
Minor agricultural crops, especially
citrus fruits and sugar cane, have
shown satisfactory yields.
"A slight increase in unemploy-
ment is attributable largely to sea-
sonal recession and indicates no inn
portant changes in the general de-
mand for labor. Building operations
have been unusually well maintain
ed, especially for this season of the
year, being about double those re-
ported for ten corresponding month
a year ago.
"Wholesaie trade lines have shown
great variation. Sharp declines have
occurre in dry goods and boots&and
shoes, while hardware sales, al
though not declining in as maj led
a degree, have fallen off substantial
ly. Groceries also show a lessened
volume of demand. In the southern
states declines in wholesale lines
have been especially pronounced in
dry goods and shoes. The figures,
however, make a distinctly Favorable
showing as compared with a year
ago. In retail trade, buying demand
in the manufacturing districts of the
east and north still shows improve
ment, while demand in the icul.
tural regions of the west and south
indicates sharp decrease ao impaired
with the corresponding period year
ago"
With respect to the Sixth federal
reserve district, the review points
ou> that 1921 was a year of COM
pleXities, resulting from abnormal
expansion and sudden deflation. The
outcome of this situation was to
cause great difficulty in reaching a
stable basis for Siness operations,
since price declines were rapid and
subject to extremely sudden f1uctua-
tions
View More Hopeful
The federal reserve officials now
take a more optimistic view of the
situation according to the review,
which has the following comment to
make on the general status in the
Sixth district:
Taking into consideration the diff
ferent level of prices prevailing now
as compared with l year ago, the
statistics which have been published
j., this review regarding retail and
wholesale trade show a gradual i'm
provement Comparisons of sales
for Dec .mber, 1921, with those for
December a year az show up much
more favorably than was the case
six months ago. While the mild
winter has affecte sales adversely
in many lines, it has made possible
the carrying on of active building
campaigns, and many of the cities
in the district report increased value
Of permits issued 49, comparison OF
thoso of last winter, and many
workers in the buildin9 trades have
been kept employed who would 9TH
erWise have been out of work. IN
employment in this district is grad
ually declining, and public improve
ments and other projects are eX-
D ted to furnish employment to
many. he iron and steel Industry
is gradually resuming operations,
thir cen furnaces no being in blast
as comi'ared with eight in operation
six months ago. Textile manutac-
;urine in this district has shown
much Improvement during the last
six months ard is now in much bet
ter shape than at this time last
year
Realization by merchants that
costs and margins Of profit must
be reduced was one of the outstand-
ing developments Of the month.
Buving for immediate delivery only
was the rule, although the volume
of wholesale trade in December was
considerably greater than in Decem-
Der. 1920.
The 1921 world cotton crop was
15,593,000 bales, constituting the
smallest yield since 1900. The United
States census bureau figures show
7.SS4.272 bales ginned in the United
States to January l, 1922, of which
65,036 halta were ginned in the
Sixth district during December.
The citrus crop for the 1922
season is estimated at 13600,0OO
boxes, as compared with 100000
! boxes last season.
Sugar stocks in Louisiana are
lower than at this time last year,
although ideal weather has prevail
ed for harvesting ard grinding -ane
resulting in the largest crop in sew