The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-06-17
BUSINESS OUTLOOK STEADILY
IMPROVING.

! y
The business outlook in the United
States steadily improves, according to
THE National Retail Dry Goods Asso-
cations June Review Of Trade. COM
pretending not alone retail conditions
but interpreting them in the light of
general Industrial revival and auspic-
ious farm prospects.
Throughout the country the figures
at the beginning of May demonstrated
decided betterment in retailing. As
compared with April of last year, the
| figures assembled on April 80 in the
twelve Federal Reserve Districts from
461 department stores showed de-
crease in sales values of only 6 of /
| per cent. Since April, 1921, practically
all prices of merchandise in depart
ment store lines have markedly de-
clined. so that the actual sales volume,
as well as the number of sales trans
actions, made large gains in April, 1922.
Some, but by no means all of these
gains are attributed to postponement
into April of much Of the March trade
| because OF bad March weather and
also to the coming this year, in April
1 of Easter, a Notent seasonal buying
factor.
BY classes of retailers, the greatest
gains were made by department stores
and the greatest declines in sales vol
ume by mail order houses. Not only
did the department stores increase sc
per cent over March, 1922. but they
gained 2.2 per cent over April 1921. In
creasing business is noted in and 10
cent chain stores, and grocery chains
gained slightly more than / per cent
during April as compared with the
month preceding. Chain drug stores
fell off in April a fraction of per
cent from March.
The increased stability of prices,
noted in the Associations May Re-
view embracing trade conditions COW
ering the spring season, has since been
noted by the U. s. department of Com
merce and the deduction is drawn that
very encouraging auguries are war
ranted from the fact that business Is
advancing in less spectacular but
more substantial manner.
Numerous factors have combined to
force this broad conclusion. The de-
crease in failures, noted in the May
Review of Trade, continues. From May
/ to May 81, they dropped to 1850 as
compared with 2,167 during April, with
liabilities of only $44,4o2,s86 as against
ApriPs total of S78,05s,627. This is
a reduction in number of 9.5 per cent
and in amount of about 40 percent.
Building activity, as reported by the
Bureau of Economics OF the National
Lumber Manufacturers Association,
June 1, is nearly double the normal
n "a
Significance OF this revival extends be-
yond the satisfaction of the nations
urgent need of housing of all kinds
and, as applying to one of the key in
dustries, is significant Of wide release
of funds and greatly increased conf
dence in the future. Taken in con-
nection with April lumber shipments
is per cent above normal, 26 per cent
increase in bank clearings and so per
cent increase of capital authorized for
new corporations, it constitutes evil
dence that the country is returning to
its stride in varied fields Of production
and trade,
The post office department, in its
postal receipts, affords impressive COR
roboration. Fifty cities show an in
crease for May over last year of 81
S13,15T.T9. or l4.42 per cent, whereas
May 1921 fell off LAP per cent from
the postal receipts Of May, 1920.
Grain prospects, according to U. S.
government expert opinion as late as
June z. are for an America plenteous
and thriving, although Europe may be
in straits for food. The winter wheat
crop estimate here is for 600,0o0,0o0
bushels, exceeding that of 1921, while
spring wheat Is expected to total $780,
OOO. 600 bushels. 25 per cent above the
spring wheat crop Of last year. Corn,
its planting delayed by wet weather,
may show decline in small measure,
and oats are expected to be light, for
the same reason. But the country's
fruit crop promises to be the largest
for a number of years.
Cotton, according to latest govern
ment reports, Is approaching the pre-
war balance of consumption against
production. For the year ending this
month, consumption will be within l.
600. 900 bales OF 1s1S-1s14, the record
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