Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1924-01-03
GAINS IN FARMERS
EARNINGS INDICATED
IN SAVING FIGURES

| WASHINGTON, Dec. 31.-The
earnings of American farmers and
consumers, notably industrial work
ers, increased to a greater extent
| than their necessary expenditures in
1928, and as a result, according to
the annual review of economic con-
ditions issued by the federal reserve
board, savings deposits showed a
| large growth over the 1922 total.
| Production and expenditures, as
reflected by retail sales also increas-
ed during the year and the level of
prices was more nearly stable than
in any year since 1915.
| Increase of thirteen per cent over
the 1922 levels were shown during
the year in both industrial employ
ment and department store sales,
| while the total value of agricul-
tural products advanced $900,000,-
| 600, and the railroads, with improv-
ed facilities, carried the largest traf-
! fic in history.
Farmers, the board found, gained
| in three ways, their crops being
| larger, their prices being thirteen
| per cent higher, and their eXpendi-
lures for repayment of loans being
less than in 1922, but the agricul-
II
| ing still incomplete, particularly in
the wheat and live stock industries"
"A decline in the foreign buying of
agricultural products was moe than
offset by the demand of industrial
workers.
The business improvement cen.
tered chiefly in the manufacturing
sections. The output of automo-
biles increased fifty per cent and
building activity, which reached it's
peak in the spring and then slack
ened somewhat afterwards, lowing
to the rapid advance in wages and
in prices of Materials subsequent
ly revived.
Credit demand remained practical
ly unchanged during the two years,
loans by federal reserve banks main
tanning a range between $1,000, 000,-
600 and $1,200,000, 600, with agricul-
tural districts taking more and the
industrial sections less in 1923 than
in the preceding year.
WISE HAVE MADE MONEY
THIS YEAR, RESERVE REPORTS
The year 1928 will be recorded as
a period in which legitimate bust
ness, economically operated, has
been able to make a reasonable prof
cording to a summary of conditions
in the monthly review of the Atlanta
Federal Reserve bank.
while the year has not been one
Of universal or widespread prosper
ity. . the close of the year 1928
finds fundamental business condi-
tons in the Sixth federal reserve
| district on a sound basis" states the
review.
"The final outturn of the cotton
crop Of the district, from a stand
point of production, was a distinct
disappointment, in view of the larger
acreage planted to cotton last spring.
Except in Louisiana, substantial re-
auctions took place in the crop all
through this district, and in Geor-
gia, Mississippi and Tennessee this
years crop is even lower than the
crop of 1921. This low production
would be compensated for in part, at
least, by the advance in the price of
cotton, but for the fact that in some
counties of southern Georgia, Flor
ida, Alabama and Mississippi the
crop was practically a failure. To a
very large extent. however, the
farmers in the Sixth district have al
ready realized the great benefits de-
rived from diversfication. and to
some extent. at least, they have
abandoned the one-crop system.
Retail and wholesale trade dur
ing November compared favorabIy
with the same period a year ago.
Sales by forty representative de-
partment stores during November
were 8 per cent greater than during
November last year, and the bust
ness done in November by six impor-
tant lines of wholesale trade was
larger than in November 1922, only
one line reporting decline
Debts to individual accounts at
during the week ended December l.
were about thirty-six millions of dol
lars greater than during the CORE
spending week a year ago, and saw
ings deposits all through the dis
trict are considerably larger than
they were at that time. The output
of manufacturing industries contin-
ues, on the whole, to compare IA
vorably with last year. and employ
ment conditions in this district are
satisfactory.
Building and construction activ-
ity has been carried on at a very
high rate all during the year, and
there is as yet no evidence OF the
slowing down which is usual at this
time of the wear"