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F E D E R A L R E SE R V E BANK O F RICHMOND General Business and Agricultural Conditions in the Fifth Federal Reserve District By CALDWELL HARDY, Chairman and Federal Reserve Agent RICHMOND, V IR G IN IA , M A Y 31, 1921 When price declines and General business condi seasonal fluctuations a r e tions continue to improve, t a k e n into consideration, though there are a number CO N TE N TS wholesale and retail trade o f industries that do not Introduction. during April, 1921, show up share in the improvement. Collections. well in comparison with Clearings. Public opinion has under Debits to Individual A ccou n t March, and with April of last gone a decided change since Condition o f M em ber Banks year. Agricultural products the first of the year, but the Labor. gained slightly in price, and change is based on a better Coal developments o f the new Textiles. understanding o f fundamen Building Materials. crop were on the whole sat tal conditions, and promises Fertilizer isfactory. Bank clearings, well for the future. The Agriculture. while 24.9% under clearings month of January showed Building Operations. in April, 1920, were in line W holesale Trade. distinct improvement over Retail Trade. with new price levels, as the closing months o f 1920, M iscellaneous were debits to individual ac and many business men were count in clearing house cen jubilant. W e received half a ters. Food prices continued hundred letters from leaders downward, though slowly, in many fields that agreed in the conclusion that “ business will be back to nor and building operations showed the highest total mal in 30 to 60 days” or “ by April 1st.” Business valuation for new w ork reported since the Federal leaders now feel that readjustment is to be a Reserve Bank o f Richmond has been compiling the monthly figures. Condition reports received longer process that was at first expected; a steady, weekly from eighty-three member banks show uphill pull that will require patience, courage, and decreases in outstanding loans, indicating some constant application to the problem. The clear further liquidation. Orders to building material understanding o f this fact is a decidedly favorable dealers are com ing in better, and textile plants are securing a larger number o f orders. development. COLLECTIONS — Dun's Review reports 154 failures in the Fifth District during the month of April, 1921, with liabilities o f $3,334,591 compared with 14 failures in April, 1920, with liabilities of $88,450. In number o f failures, the April record exceeds any other month during 1919, 1920 and 1921, but in liabilities the April record is less than the January, 1921, amount. The high percentage increases are due to the fact that April, 1920, was the best month during either 1919 or 1920, there having been only 14 failures with liabilities o f $88,450, a record equalled by only one other district in number and by no other district in the total o f liabilities. Failures in January, February and March num bered 142, 144 and 123, with liabilities of $3,887,908, $3,170,347 and $2,918,460, respectively. W e give herewith a table showing the number of failures in the twelve Federal Reserve Districts for April, 1921 and 1920, with percentages o f increase in both the number and the aggregate liabilities involved. FAILURES IN THE TW ELVE FEDERAL RESERVE DISTRICTS City and District Number 1921 1920 145 229 104 118 154 136 178 115 39 50 98 121 51 117 24 36 14 36 39 14 16 32 16 109 184.3 95.7 333.3 227.8 1,000.0 277.8 356.4 721.4 143.8 56.3 512.5 11.0 1,487 504 195.0 Boston, F ir s t ___________________ New York, Second______________ Philadelphia, T h ird _____________ Cleveland, F o u rth ______________ Richmond, Fifth _______________ Atlanta, S ix th __________________ Chicago, Seventh ______________ St. Louis, E igh th _______________ Minneapolis, N in th _____________ Kansas City, Tenth_____________ Dallas, Eleventh _______________ San Francisco, Twelfth_________ Totals_____________________ Liabilities Per Cent Increase 1921 $ 1,746,699 10,471,232 2,227,631 4,366,788 3,334,591 1,997,350 3,949,115 2,427,872 593,718 1,966,778 2,905,847 2,580,148 $ 38,567,769 1920 $ Per Cent Increase 982,320 2,865,153 278,334 352,946 88,450 361,833 4,551,640 200,207 681,330 628,450 100,582 2,132,890 77.8 265.5 700.3 1,137.2 3,670.0 452.0 — 13.2 1,112.7 — 12.9 213.0 2,789.0 21.0 $ 13,224.135 191.6 Thirty-six wholesale houses sent us reports on collections for April, 1921, which indicate about the same conditions that have existed since last fall. Collections made by grocers and furniture manu facturers show some improvement in comparison with those of March, while in the dry goods and shoe trade they remain about the same heretofore reported. Hardware jobbers have been less successful in collecting than in preceding months o f this year. As in previous months during this year the slowest collections have been in the cotton section o f the district. W e have classified thirty-three of the replies for April given us by wholesalers and included them in the table given herewith. In addi tion to these, three reports could not be accurately classified, a hardware dealer reporting his collec tions slow to fair, a dry goods jobber writing that collections are good except in the cotton region, and another dry goods dealer reporting conditions fair to slow._____________________________ Collections Reported as Lines Sold Good Fair Slow Poor Total Groceries ____________________________ Dry Goods __________________________ Boots and Shoes____________________ H ardware___________________ ________ Furniture ____________________________ 3 0 0 2 0 4 5 4 3 3 2 0 2 0 0 0 1 1 3 0 9 6 8 3 April Totals __________________ March T o ta ls _________________ February T o ta ls ______________ January Totals ___ _ 5 7 6 10 19 17 19 17 4 8 8 6 5 4 3 5 33 36 36 38 7 Reports sent us by leading department and general stores located throughout the district show that collections are not holding up as well in retail trade as they are in wholesale. T w o or three months ago wholesalers were reporting collections slow or fair, while retailers reported their collections good to excellent. In March retailers found it difficult to make their usual collections, and in April five stores reported collections g o o d ; six, fair; and four, poor or below normal for this season o f the year. MONTHLY CLEARINGS For Month of April CITIES No.! 1921 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. il. 12. 13. 14. 15. 16. Asheville, N. C_____ Baltimore, Md. -----Charleston, S. C----Charlotte, N. C------Columbia, S. C_____ Frederick, Md. -----Greensboro, N. C.__. Greenville, S. C------Hagerstown, Md. Huntington, W . V a Newport News, Va._. Norfolk, Va. --------Raleigh, N. C---------Richmond, V a . -------Spartanburg, S. C._ Washington, D. C._ Totals-------------* Not included in Totals. $ i I $ 4,839,170 336,698,455 11,540,836 6,782,901* 9,051,254 2,726,984 4,553,988 5,328,300 3,605,787 7,315,695 2,019,173 28,487,372 4,782,694 155,156,395 2,627,046* 73,437,845 649,543.948 | !$ j 1920 Increase or Decrease Per Cent of Increase or Decrease 6,087.079 393,131,859 21,784,634 1,247,909-^ 56,433,404— 10,243,798— 20.5^ ~ 18,036,245 3,750,529 6,713,460 16,716,050 4,335,290 7,930,293 4,434,572 44,403,040 8,333,696 254,400,585 _8~98~4,991— 1,023,545— 2,159,472— 11,387,750— 729,503— 614,598— 2,415,399— 15,915,668— 3,551,002— 99,244,190— 4~9~8— 27.3— 32.2— 16.8— 7.8— 54.5— 35.8— 42.6— 39.0— 74>6"5'860 864,823,192 "i~328’6i5— 215.279,244— 24.9— — Denotes decrease. 14.4— 4 7 .0 - 68. 1— 1.8— No. 1 2 3 4 5 6 8 7 9 10 11 12 13 14 15 16 The table shows clearings in April, 1921, for sixteen cities in the Fifth District, the April, 1920, figures being available for only fourteen. These fourteen cities show clearings in April, 1921, amount ing to $649,543,948 compared with $864,823,192 in April, 1920, a decrease this year of $215,279,244, or 24.9%. The decrease in March, 1921, under March, 1920, was 25.2%. These decreases reflect the de cline in general price levels, and do not indicate that 24.9% less business was done in April, 1921, than in April last year. DEBITS TO INDIVIDUAL ACCOUNT IN CLEARING HOUSE CENTERS For the Weeks Ending CITIES May 4, 1921 Baltimore, Md. _________________________ $ Charleston, S. C___ _______ _____ _____i Charlotte, N. C_________ ________ ____ 1 Columbia, S. C . ____ ___ _ _ __ _ ! Greenville, S. C. — ------------------------ j Huntington, W . V a_____ ___ _ __ Norfolk, Va. _ _ _______ _ _ ---! Raleigh, N. C . _______ _____________J Richmond, Va. -------------------------------------- 1 Washington, D. C . --------------------- --------- i Wilmington, N. C___ ______ ______ ______ j Totals for 7 cities — ---------- $ Totals for 11 cities— ----------------- 99,716,000 7.120.000 6.664.000 5.551.000 3,171,000* 5,234,000* 13.199.000 4.300.000 26.312.000 37,918,000* 6,704,000* 162,862,000 215,889,000 April 6, 1921 $ | |$ 99,691,000 7.263.000 5.756.000 4.949.000 3,177,000* 5,413,000* 14.152.000 4,000,000 24.628.000 40,155,000* 6,132,000* 160,439,000 215,316,000 May 5, 1920 $ 115,737,000 11.706.000 8.513.000 8.248.000 22~1~34~000 3.800.000 36,904,000 207,042,000 $ * Not Included in Totals for Seven Cities. Debits to Individual Account in seven cities of the Fifth District totaled $162,862,000 for the week ending May 4, 1921, compared with $207,042,000 reported by the same cities for the correspond ing week of 1920, a decrease this year of $44,180,000, or 21.3%. Compared with totals reported for the week ending April 6, 1921, the May 4, 1921, figures show an increase of 1.5%. As in the case of clear ing house figures mentioned above, the percentage decrease this year in debits to individual account reflects the general price declines, and does not indicate a 21.3% decrease in volume of business transacted. CONDITION OF EIGHTY REPORTING MEMBER BANKS IN SELECTED CITIES IT E M S 1. Total Loan and Discounts (exclusive of rediscounts) ____ ____________ $ 2. Total Investments in Bonds and Se curities ____ ____________ ______ 3. Total Loans and Investm ents________ 4. Reserve Balance with Federal R e serve Bank ______________________ 5. Cash in V a u l t s _______ ____ ______ 6. Demand D e p o s it s __________ _________ 7. Time Deposits ___________________ * Includes some miscellaneous investments. M ay 4, 1921 April 8, 1921 411,638,000 $ 119.486.000 531.124.000 31.007.000 16.140.000 302.870.000 115.722.000 | j ! 420,759,000 M ay 7, 1920 $ 493,256,000* 119,826,000 540,585,000 87,826,000** 581.082.000 34,392,000 14,173,000 311,462,000 115,023,000 35.683.000 19.326.000 348.715.000 103.403.000 ** Government Securities only. Because o f the change in the method of compilation, mentioned last month, the figures given in the table for items 1 and 2 are not comparable for the 1921 and 1920 dates, but item 3 is comparable, as are items 4 to 7, inclusive. The figures show decreases in all items between May 7, 1920, and May 4, 1921, except Time Deposits, which increased in the year from $103,403,000 to $115,722,000, or 11.9%. Total Loans and Investments decreased from $581,082,000 to $531,124,000, or 8.6% ; Reserve with Fed eral Reserve Bank, from $35,683,000 to $31,007,000, or 13.1%; Cash in Vaults, from $19,326,000 to $16,140,000, or 16.5%; and Demand Deposits, from $348,715,000 to $302,870,000, or 13.1%. Comparing the figures for April 8, 1921, and May 4, 1921, it is seen that liquidation of bank loans has continued during the past four weeks, the $420,759,000 reported on April 8, 1921, having declined to $411,638,000 on May 4, 1921, a decrease of $9,121,000, or 2.2%. During the same four weeks, Reserve Balance with Federal Reserve Bank decreased 9.8%, while Cash in Vaults increased 13.9%. Demand Deposits declined from $311,462,000 to $302,870,000, a decrease of $8,592,000, or 2.8%, while Time Deposits increased from $115,023,000 to $115,722,000, or six-tenths of one per cent. LABOR — Although increased construction work has given employment to a few men, others have been released by manufacturers who have reduced their working forces or shortened running time. Unemployment is noticeable among middle aged and older women, who have been released from factories in considerable numbers. W age adjustments have been made without friction in most lines o f work. In some cases unorganized workers have quietly taken the place of organized workers who refused to submit to reductions. Farm labor is more plentiful than the demand, and naturally farm wages have been greatly reduced. The reports of the United States Employment Bureau for the Fifth District show that more applications for employment have been received this month than last. COAL — There was no change in the coal situation during April, either in wholesale or retail trade. Prices held firm after the slight reduction made by some retailers in M arch ; consumers bought for immediate needs only; in the face of limited orders received at the mines underproduction con tinued and the labor condition remained unimproved. Dealers are urging customers to buy during the summer months, but consumers are reluctant, though dealers insist that prices are not going lower this season. TEXTILES — There has been a slight improvement in textiles since our last report. The mills are running approximately full time, and more orders are being received than was the case six weeks ago, but mill authorities claim that, at present selling prices, they are making no profits. Although the cost o f raw material is very low, many other elements entering into the expense of manufacture, such as coal and transportation charges, have declined little. The recent activity in the automobile tire industry has been reflected by the number of orders received at those mills which work largely or entirely on tire fabrics. The largest hosiery mill in the district is running full time, and the dye and finishing plants are operating both day and night. BUILDING MATERIALS — Reporting dealers in building materials state that their business has improved as compared with its condition last fall. There are still serious obstacles to be overcom e, among those being difficulty in financing construction projects, and continued high wages in the build ing trades. Many lumber and steel dealers contend that their business cannot become prosperous or satisfactory until the railroads enter the markets for their normal supply of these products. During April and early May lumber dealers received a considerable number of orders, and statistics issued by the Southern and the North Carolina Pine Associations show that consumption of this commodity is now ahead o f production. Dealers in lumber and brick write that their prices have fallen from 10% to 15% in the past thirty days, and dealers in plumbers’ supplies report reductions of 33% since January first. Brick yards that are w orking have sufficient orders to keep them busy. There has been a slight increase in orders received for structural iron and steel and for iron pipe. Paint and varnish dealers report a better feeling in the trade, though few orders are being received. FERTILIZER — The present season has been unsatisfactory to fertilizer companies. In addi tion to experiencing much difficulty in making collections from jobbers and farmers for fertilizer used under 1920 crops, the mills have sold not more than 50% of the usual tonnage this season, and claim that little profit is being made on the goods sold, since they were manufactured largely from raw ma terials bought or contracted for at high prices last year. Reductions late in the season by fertilizer manufacturers failed to stimulate buying to any appreciable extent, partly because of delay in making price reductions but chiefly because the farmers found difficulty in financing fertilizer purchases on account of the large percentage of last year’s obligations that have not been settled. AGRICULTURE — Unseasonable weather during May retarded crop development, serious losses having resulted from frost. Due to prevailing cold, proper germination of seeds has been prevented and growth of crops has been checked. Previous reports of serious damage to fruit have been con firmed, and only 20% of the average crop is reported from many orchard sections. During April cotton suffered severely from late frosts, necessitating extensive replanting, and corn has also been injured. W heat in South Carolina and Virginia, and potatoes in South Carolina, have been damaged considerably. Preparation of the soil and actual planting has progressed satisfactorily throughout the district. In South Carolina tobacco and sweet potatoes have been transplanted, corn is up in the southern sec tion and planting is being rushed in the northern counties. North Carolina reports similar progress, and Virginia and Maryland are follow ing as closely as their later season will permit. According to the Department of Agriculture’s weekly report, issued through the Bureau of Crop Estimates, the acreage planted in cotton has been considerably reduced in the Carolinas. Tobacco acreage has been slightly increased in South Carolina, but early reports indicate reductions in both North Carolina and Virginia. Corn acreage is about normal except in North Carolina, where some increase is reported. There has been a notable though small movement of cotton, and markets heretofore dormant sold more cotton during May than in the preceeding months of this year. Liquidation resulting from even the limited sale has given material relief to immediate localities, and has served to stimulate local business. The price on nineteen markets in North and South Carolina increased from an average of 10.40 cents for middling for the week ending April 16 to 10.93 cents for the week ending May 14. Practically all of the 1920 tobacco crop has been sold by the growers, and the markets will close for the season in tw o weeks. Labor for farm w ork is plentiful at reduced wages, but money is scarce and farmers are strain ing every energy to do the work themselves. The 1921 crops in the Fifth District promise to be among the cheapest ever made. This should be of material assistance in helping the farmers recover the* losses incident to last year’s crops. BUILDING OPERATIONS FOR THE MONTHS OF APRIL, 1921 AND 1920 Permit s Issued New Construction C IT IE S o’ 1921 1920 Sz; Alterations Increase or Per Cent, of Decrease, Increase Total Valuation or o’ Decrease £ Repairs New 1921 1920 1921 1920 1921 1920 761,040 $ 21,260 13,040 806,160 $3,844,520 18, 655 5,395— 4,400 4,090 M aryland 1 Baltimore.................... 518 2 Cumberland................ 23 6 3 Frederick..................... V irginia 13 4 Lynchburg.................. 39 5 N orfolk..........: ............ 6 Richmond.................... 116 7 Roanoke ................. *135 7 8 Staunton...................... W est V irginia 9 C h arlesto n ................ 115 10 H u n tin gto n ............... *194 11 Parkersburg............... N orth C arolina 12 Asheville ................... 37 37 13 Charlotte..................... 11 14 D u rh a m ...................... 25 15 Greensboro ............... 16 16 High P oint... 10 17 Wilmington................. 53 18 Winston-Salem.......... South C arolina 22 19 Charleston.................. 25 20 Columbia..................... 25 21 Greenville.................... 21 22 Spartanburg................ 646 1,624 1,355 88,205,200 $4,315,560 $ 78, 700 23 70,700 29 36 2 12,980 10 8,430 10 6 141 72 *85 7 27 72 138 14 18 119 21,100 410,102— 204, 917— 49, 208 8, 610— 119.5 66.8— 21.2— 29.2 60.6— 1 0 61 *123 32 12 65,197— 137, 455 42,000 17.9— 9 42.5 10 150.0 11 1,150 58,190 124, 444— 25,147 480, 900— 291, 500 16, 525— 75,450— 150, 265— 45.8— 19.5 94.1— 576.9 19.2— 67.3— 45.9— 12 13 14 15 16 17 18 18,420 16,706 12, 390 8,985 12,150 49,000 29, 975 10, 505 38,805 244, 455 69,170— 174,080 77.4 170.9 44.2— 222.4 19 20 21 22 363, 242 428,119 256, 758 12.6 23 1688 1,636 2,948 2, 415 13, 594,575 $9,899, 650 SI, 608, 610 $1,785, 392 $3,518,143 30.1 41 16 8 5 *39 11 53 28,150 154,657 619,672 *217, 700 5,425 13,300 542,543 776,816 *168, 492 14,200 10,600 49, 354 141,275 4,350 71,570 189,048 165 0 272,582 *460, 545 40,000 356,754 *323,090 20,000 27,250 8,275 30,000 8,000 114,550 138, 900 20,075 329, 850 59, 525 30,700 128,530 239,000 91,355 506,490 39,500 *86,195 111,000 269,225 32, 516 15,227 10,200 12,175 10,145 6,000 48, 620 32,510 37, 625 4, 685 11,025 70,495 370, 749 75, 065 243, 375 37, 960 94,000 126, 650 67,775 490 1,929, 700 1,608,065 75.1 1 5.5— 2 23.5 3 64 78 15 17 12 3 11 6 13 6 ........2 151 110 19 23 23 27 15 78 31 25 197 628 9 81 22 7 4 5 6 7 8 D is t . of C o l u m b ia 23 Washington................ T o ta ls...... 240 *Includes both new and repairs. The improvement in the housing situation noted in February and March continued through April. Permits for new buildings in April, 1921, totalled 1,688 compared with 1,636 in April, 1920, an increase this year of 3.2%, the total estimated valuation being $13,594,575 in April, 1921, as compared with $9,899,650 in April, 1920, an increase this year of 37.3%. For repairs and alterations, 2,948 per mits were issued in April, 1921, in comparison with 2,415 in April, 1920, the estimated valuation being $1,608,610 and $1,785,392 respectively, showing an increase of 22.1% in number of permits, but a decrease of 9.9% in valuation. Valuations for both new construction and repairs or alterations total $15,203,185 in April, 1921, compared with $11,685,042 in April, 1920, an increase this year of 30.1%. The total valuation for new construction is the highest ever reported to us, but mention should be made of the inclusion of a sugar refinery in Baltimore estimated to cost $6,000,000. The exclusion of this single permit would bring total valuation for new work in April, 1921, 23.3% under total valua tion in April, 1920. During April, 1921, in Baltimore, permits were issued for 126 tw o-story brick dwellings, 60 tw ostory frame dwellings, and 5 three-story dwellings. One five-story apartment house was also planned. In Richmond, permits were issued for 21 brick dwellings, 44 frame dwellings, and one twelve family apartment house. Lynchburg reports 6 new residences, Durham reports 11 small dwellings, and W ilmington reports 8 frame houses. W ith the exception of the apartment houses, practically all of the new dwellings are for the use o f the owners, or for sale when completed, none of them being for rental purposes. The housing situation in all cities in the District continues critical, and there has been no reduc tion in rents. On the other hand, tenants in some houses and apartments have been notified of intended advances when present leases expire. TOTAL NUMBER OF PERMITS FOR NEW CONSTRUCTION IN TWENTY-THREE CITIES 1919,1920 and 1921 2,500 1919 Fercit, g 1920 Permit s 1921 Pensit>S 2,300 / 2,100 1,900 V 2,000 \ 1,600 r 7 % 1,300 1,100 -» I62Q*~* i/I I A J9*9 _ i a ifl 1919 sf *i t — 1,600 \ ----------% / » * 1,500 2,200 \ / » 1,700 900 S. / / » 2,400 > 1,400 _m____ m — " ... 1,200 .*/ tiO — - fyZQ+^ —-------* --’*** 1,000 700 JQZ1 S7 r**- 800 600 500 400 300 200 100 • • S a > • • a Q J p u S f >* p p • p -t-3 o • o • o • <D REPORT ON WHOLESALE TRADE LINES SOLD Net Sales in April, 1921, Compared W ith Sales in March, 1921 In April, 1920 Groceries ---------------------------------------------------------------Dry Goods -------------------------------------------------------------Boots and Shoes-----------------------------------------------------Hardware _________________________________________ Furniture _________________________________________ — 6.4 —27.2 —21.4 — 1.7 54.8 — 31.0 —39.1 — 38.4 —22.7 —52.1 Total Averages------------------------------------------- — 15.8 — 35.3 The figures above show losses in the dollar value of trade in all lines during April, 1921, in com parison with April, 1920, and in all lines except furniture in comparison with March, 1921. The sharp drop in April under March in dry goods and shoes is largely seasonal, most retailers having gotten in their spring and summer goods during March in time for the Easter trade. The furniture trade is very spotty, some factories reporting fair business while others are doing practically nothing. Only a part of the factories in the district are running, and retailers appear to be keeping their stocks at a minimum. W holesale trade as a whole is made up of many small orders for immediate shipment, merchants still hesitating before placing substantial orders for future delivery, but the feeling in the trade is better and wholesalers are inclined to think that they have reached a price basis upon which both they and the retailers can and will ultimately operate to their mutual profit. FIGURES ON, RETAIL TRADE As Indicated By Reports from Twenty-Five Representative Department Stores for the Month of April, 1921 Baltimore Richmond Washington Other Cities District Percentage increase (or decrease) in net sales during April over or under sales in April, 1920 ----------------------------------------- 6.8— 3.1 5.3 3.7 0.7— Percentage increase in net sales from January 1st through April 30, 1921, in comparison with sales during the same four months of 1920------------------------------- 0.6— 4.9 6.9 8.7 3.6 Percentage decrease in sales during Apr., 1921, under sales during March-------------- 7.7— 10.5— 10.3— 6.5— 8.7— Percentage decrease in stocks on hand at the end of April, 1921, in comparison with stocks on hand at the end of April, 1920 _____________________________ 26.0— 13.6— 29.0— 23.3— 25.8— Percentage increase in stocks on hand at the end of April, 1920, in comparison with stocks on hand at the end of March, 1921 ____________________________ 3.6 4.3 5.7 3.0 4.2 Percentage of average stocks on hand at the end of each month since January 1, 1921, to average monthly sales dur ing the same four months---------------------- 327.1 355.9 344.1 400.5 345.3 Percentage of outstanding orders on Apr. 30, 1921, to total purchases of merchan dise (cost price) during the calendar year 1920 _______________________________ 6.1 4.6 4.8 5.1 5.4 — Denotes decrease. For the first time in several years retail trade, as indicated by reports sent us by twenty-five department and general stores in the district, was less in dollar value during April than business done during the corresponding month of the previous year, the decrease amounting to seven-tenths o f one per cent. Stores in Richmond, Washington and miscellaneous cities reported increases, but Baltimore averaged a 6.8% decrease, which brought the average for the entire district below the April, 1920, record. It should be borne in mind, however, that a small loss in dollar value of business done does not indicate a loss in actual volume of units sold, because present retail prices are considerably lower than they were a year ago. In total sales from January 1 through April 30, 1921, the district is 3.6% ahead of total sales made by the same stores during the first four months of 1920. Sales in the twenty-five stores decreased 8.7% in April in comparison with sales during March, this being a natural and seasonal loss for the month following the Easter trade. Stocks on hand are reported as 25.8% less than those on hand April 30, 1920, in dollar value, but 4.2% greater than those on hand at the close of March, 1921. The percentage of stocks on hand to net sales from January 1 through April 30, 1921, increased slightly during April, the average at the end o f the month being 345.3% in comparison with 343.2% reported at the end of March. Outstanding orders are approximately the same as at the close of March, both months showing 5.4% o f total purchases for 1920 outstanding. MISCELLANEOUS — Stocks o f canned goods in primary hands being large, growers and pack ers are planning restricted acreage and packing for this season. Oyster packers are closing a satisfac tory season. Cotton oil products are suffering from lack of foreign orders, and large stocks of both oil and lard are accumulating. The wholesale drug business is from 10% to 30% below normal, strictly Southern trade being fully 30% off, but collections are fair in the trade. T w o glass factories report some improvement in their business during the past month, but one writes that no improvement has been seen. The situation in the furniture trade is unchanged. A leading wagon manufacturer sa y s: “ The buying and debt paying power o f the farmer has been so greatly impaired that it has resulted in a paralysis of our business.” The trunk and bag business is dull and collections are slow. [Compiled May 16, 1921]
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