Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1923-05-01
PROSPERITY SHOWN
IN RESERVE REPORT
OF SIXTH DISTRICT
Banks in Better Shape to
Meet Farm Requirements,
Retail and Wholesale
Trade Better

Growing momentum characterizes
virtually all lines Of business and
industry in the Sixth federal reserve
district, declared the Atlanta reserve
bank, in its summary Of conditions
during March, made public here Sat
urday.
Financial conditions in the district
continued to show Improvement, the
bank points out, adding that banks
now are in better shape than they
have been in the past two or three
years to meet the requirements of
handling the farmers crops. Debts
to individual accounts, member
banks reported, showed substantial
Increases at the close Of March ii
over figures for the same week in
April of last year.
Retail and wholesale trade, based
on reports from a number of repre-
sentative establishments in the six
states comprising the district, was
substantially better during the past
month than in February of this year
and March last year, the review
said. Farm operations were said to
have been considerably delayed in
recent weeks by inclement weather,
with Georgia fruit crops reported en-
dangered as a result of late March
freezes.
March Retail Sales Good
Retail sales during March afford
ed the most favorable comparison
possible in many months, the report
stated. Despite weather interior
ence, retailers reported total sales
increases over February and March
Of last year, with Birmingham lead |
ing the larger cities of the district.
Chattanooga and Atlanta ranked
second and third, respectively. Mer-
chants reporting to the reserve bank
stated the aggregate stocks of mer.
chandise on hand at the end Of the |
month had increased rs per cent, |
while the rate of turnover dropped |
from 2.3 times per year at the end |
of February to slightly under two
times per year for March.
That an upward trend is charac-
terizing wholesale business is seen |
by the banks review in pointing out |
that in all except two lines, March !
sales increases over February were |
greater than the decreases shown in |
February sales compared with jan |
uary. The two lines excepted were |
stationery and drugs. Shoe dealers |
led in sales increases during Maral, |
as compared with February, record |
ing a gain of 46.3 per cent, while |
farm implements sales during the |
past month were S5.6 per cent great !
er than during the same month last |
year.
Grocery, dry goods, hardware and
furniture dealers all reported pros
porous conditions.
Early cotton prospects are good in
Florida, southern Georgia and Ala
barna, the review says, with a notice |
able increase in acreage, outside of |
the regular cotton territory, report
ed in Florida. Thirty to fifty per |
cent of the cotton crop had been
planted along the Florida line when |
adds, expressing belief that all cot |
ton above the ground was killed.
Citrus groves in the district are |
reported in satisfactory condition,
being materially aided by recent |
rains, which were generally light
and well distributed. A Serious |
shortage in refrigerator cars during
March is now being relieved "to |
o,+
adds that grapefruit and orange
shipments from Florida during the
month were greatly in excess Of fig.
ures for March of last year The
bank summary estimates that ap-
proximately two million boxes of |
grapefruit and about Is per cent Of |
the orange crop remained in Flor
ida to be moved at the close of |
March.
Cane Planting Completed
Sugar cane planting is reported |
completed in Louisiana, under IA
Torable weather conditions, with re.
ports Of increased area and indicat-
ing, the bank says, a greater produc- |
ton than last year.
Demand for farm labor in the dis
trict still exceeds the supply, ac-
cording to the report, which points
out the demand is but little less than |
normal, with the supply at a lower |
percentage of normal Florida is re-
ported fairly well balanced by sup
ply and demand, with Louisiana re-
porting an 81 per cent of normal |
supply and a 96 per cent of normal |
demand.
Building activities continued to |