Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-07-09


Date of collections made by ll3
wholesale firms In the States of vir-
Rin!a. part OF West Virginia. the Car
o!inas. Maryland and tho District Of
Columbia. just gathered and complied
by Caldwell Hardy, Federal reserve
agent OF the Fifth District. SHOWS n
sharp Improvement" according to tho
monthly bulletin OF tho institution.
Just 'sued. The ia firms reporting
Included forty-eight grocery Arms
sixteen dry goods jobbers. nineteen
shoe dealers. seventeen hardware job
hers and twelve furniture factories.
Only one frm In this lot reported col
lecttous as poor Eighteen classi-
Ned them Rs slow" cighty-threc as
fair" and twelve IA good. The boot
and shoe people were tho most op-
t'm!s;ic. although tho furniture deal
efs reported the larSest increases OF
any trade. Twelve furniture fac
tories reported ls1-lo per cen; in
crease in net sales during May. com
pared with the preceding month. and
l2.S per cent increase IN not sales
during May as compared With May
, OF 1921. Dry goods ana sho. mer-
chants reported deorcascs In both
these Items. with the exception OF the
shoe mon. who reported an increase
In business over May OF 1921 OF Is
per cent.
Grocery f,rms reported good busl-
ness. an increare over April ~ 1876
per cent and over the corresponding
month OF 1921 OF IL per cent.
In commenting upon the report the
Federal reserve Gays. in regard to
collections, that they show steady inn
provement each month from the low
line reached in February.
Reports on textiles and cotton fol-
low:
The situation in tho textile field
in the Fifth District has shown dis
tinct improvement since our review
OF Apr!is business was written a
month ago. The mills are SIN re-
!uctant to- take n large volume OF
orders for future delivery. but the
resistance against placing orders is
apparently breaking down. 1, has
become evident that even better than
average weather during the grow
Ing season would not develop crop
OF very large proportions. and iobbers
have about ceased expecting lower
quotations on cotton goods. The mills
arc. therefore. receiving about all the
orders they care TO accept at this time
and az present prices. Some OF the
lines OF cotton goods have shown an
advancing tendency. and all quota
TONS are very firm. Our correspond.
ents this month agree in viewing
future prospects with confidence and
they profess 10 believe that when the
cotton growing season is advanced
isr enough To enable experts 10 cs :
| Innate the coming crop with "a de-
/ gree OF accuracy they will have all
/ the business they can care for and
nroHt lIe 10
Resistance 10 price advances Is very
strong. however. and the most eco
nomicaliy managed mills are going
10 nave distinct advantage in their
efforts 10 get business during the
coming months.
The huliish factors In the cotton
market that started spot prices up
ward during the closing days o; April
continued in evidence during MAY
and the first hall OF June. Az re.
, suit o! the increased consumption
both here and abroad. together with
! unfavorapl- weather and boil weevil
dan and oth.r causes. the price
aid for rniddiing upland cotton in
the CaEo!inas has risen from an aver
age OF 1887 cents per pound during
the week ending April 90 TO an aver
| age OF 2l.l5 cents during the week
eH'.'hb JGHs - fHCn week Det~e e n
tho dates has witnessed higher prices
ihan the week before. The price on
June II, 2I.i5 cents. was 1857 cents
higher tnan the price on June is. 1921
During May and early June last year
the price gradually declined from
1923 cents 10 1928 cents. and before
! the end Of June went down 10 Ga.
cents. The rise OF approximately :
cents per pound since the end OF April
has stimulated q considerable volume
| OF spot GALES. but has b. no means
gotten all the cotton on the market
/ that had been held last fall for hiEhe,
prices. The proceeds from tho sales
| that have been made appear to nave
been used chiefly in-elearing up out
standing obligations. and have there
( fore been distinctly beneficial in
! iiGuidatfng part OF the frozen loans
and credits that have been trouble
some 70 bankers and merchants for
m any months. Farmers Who still have
cotton from previous years are dis.
playing strong tendency 10 hold 70,
higher prices, though iwo or three
months ago IL was quite generally
! thought that most Of the stored cot
ton would be sold IL the price reached
20 centz."