The Birmingham age-herald., 1923-01-30
FUNDAMENT
 BUSINESS IN SOUND SHAPE
Great Financial Organization of South Reflects Optimistic Outlook From Reports of Six States of It's
 District
By Associated Press


 ATLANTA, Ga. Jan. 29.-The be- a steady increase in confidence and faith in the future which has been growing throughout the year just ended, declares the Federal Reserve bank of Atlanta in its summary for December of business conditions in the Sixth Federal Reserve district, made public here today.
 The sixth district includes the states of Georgia, Florida, Alabama, Louisiana, Mississippi and Tehnes- see.
 Fundamental business conditions are sound throughout the district, reports the bank, which sees "no influences in evidence at present which are likely to cause adverse developments" Building and con struction programs including high way work, progressed steadily through December and projects all ready arranged for are expected to keen a large amount of labor em- pIoyed for months to come.
 December retail trade, as reported to the reserve bank by representa- tive department stores in the dis trict, continued in a healthy state, an increase in sales of almost five per cent over the same month year ago being registered. Atlanta, Bir- minghain, Nashville and New Orleans led in reported increases during the month, while declines in trade oc- cured in Chattanooga, Jackson and Savannah.
 The outlook for business during the year, however according to the banks correspondent retail firms, is good.
 The volume of retail sales from last July l through December was 1.S per cent larger than for the same period in 1921, Atlanta, Bir mingham, Nashville and other cities reporting increases.
 Farm implements Active
 Usual tendencies toward slacken- ing of wholesale trade during the closing month of the year are re- sponsible, the summary holds, fer the reduced volume of trade Reported by some wholesalers. Six farm imple ment firms. however, reported De- cember sales were greater by 39 per cent than for the preceding month, while all of eight lines in wholesale trade recorded sales for tie past month exceeding in volume sales for December, 1921.
 Optimism among retailers and wholesalers reflected in the bank s summary, which quotes merchants over the district who expect the volume of business this year will come nearer to being normal" than at any time since the beginning of the World war.
 Improvement was shown in the transportation situation following the holidays according to the sur yey, which asserts, however, condi- tions 'are not yet satisfactory" Lum- Der shipments during December We're more assuring with lumber ma..s. facturers reporting conditions con siderably improved. Seasonal factors are held responsible for lessened ae- ttvity reported among manufacturers during the holiday month although increased output iss reported in com parison with December of, the pre- vious year.
 Increased Acreage
 Citing figures compiled by tho federal government, the bank sum. mary finds prices for farm products at a higher level than during the fal of 1921, with the aggregate value ct farm crops throughout the district increased by millions of dollars ovel the previous year. Increased acreage Tn farm productions reported in some instances, but in Tennessee, the sum mary says, wheat acreage has reached the lowest ebb since thu War Between the States.
 Improvement in the condition c the farmer has been the most impor tant factor in bringing health to tn, financial situation throughout tn, district, the bank reports, with rec ord savings deposits in all six state growing. At the end of Decembe such deposits had increased nor than l2 per cent over the highes month of 1921, while demand deposit were 26 per cent greater.
 The summary reflects brigh prospects for a record commercial movement of citrus fruit from Flori da this season, with shipmen o oranges and grapefruit already far il advance of the volume reported fo the same period of the previous sea son. It is estimated more than 5000, coo boxes of fruit were shipped iron Florida to. northern markets befCr January l.
 Hardening of naval stores price is noted, with an increase in tn price of turpentine at Savannah iron Sf.S0 early in December to S1.46 oi January 4. Better grades of rosin ar reported as holding better price while lower grades have suffere price declines.
 EmplG yment conditions continue { improve throughout the district, ac cording to the bank which report Key West, Fla. where a number 0 cigar factories are said to have GU their forces and some parts of Mis- sissippi and Louisiana where ca shortage is felt, as the only excep tiCns.