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F e d e r a R l e s e r v e B a n k O F A TLA N TA . A T LA N TA , GA., April 24,1920. M o n th ly R e p o r t o n B u s in e s s an d A g r ic u ltu ra l C o n d itio n s in th e S ix th F e d e r a l R e s e rv e D is tric t. —— BY----J O S . A. M c C O R D , FE D E R A L R E S E R V E AG EN T Fundamental business conditions have undergone no change of especial note during the month just ended, both wholesale and retail trades holding up well. In some quarters there is a tendency to look for a lowering of prices in the coming months, -but there is no evidence up to this time of any decrease in those lines which enter into daily consumption, either in wearing apparel or food. “Overall Clubs" have been organized in various cities to combat the high and increasing price of clothing, and while the idea back of the movement is commendable, it is not probable there will be any appreciable de crease in prices of clothing or of food until the public generally become determined to wear the clothes they al ready have, and to buy only what is necessary for the table. AGRICULTURE The continued cold and wet weather has had a very damaging effect on the prospects for crops the coming season. In all parts of the district excessive rains have practically prevented all farm work; reports indicate that little, if any, preparation for the season's activities has been made, and the season is said to be from twenty to thirty-five days later than usual. This late preparation of the ground, and late planting of cotton, will add to the ravages of the boll weevil, and while in Alabama there appears to be a tendency to put more acreage in cotton this year than last, in all probability the crop produced in the district will be smaller than last year, when the acute shortage of farm labor is taken into consideration. Higher wages and shorter working hours in industrial pursuits are rapidly depleting the available supply of farm labor, and in spite of the increasing use of farm machinery, it is expected that much acreage will be left idle the coming season on account of the serious conditions obtaining in this respect. No definite estimate can as yet be made as to what the cotton acreage in the states comprising the district will be. As a part of this report there is included a statement of receipts, shipments and stocks on hand of cotton at the ports of the district, and at important interior cotton centers. Stocks on hand are, with one or two ex ceptions, smaller than for the same time last year, while shipments in every case are larger. Receipts are appre ciably larger than last year, with two exceptions. The wheat crop is showing up badly in Tennessee, with possibly the smallest acreage sown in forty years. Much of Tennessee’s wheat was sown very late, and failed to germinate. With the winter freezes, and .with the Hessian fly in some localities in the earlier sowings, the crop emerged from the winter in a very low condition. In Georgia no fly damage has been reported’; fall sown grain came through the winter in good shape, the forecasted production for the State being two and one-fourth million bushels. The growing condition of wheat in Alabama is shown by the Field Agent's report to be 79% of normal, as compared with 82% on December 1st, 91% a year ago, and the ten year average of 96%. Weather conditions during the winter have been unfavorable. The wheat acre age in Mississippi is reported to have decreased, due to high prices for better adapted crops and unfavorable weather for planting. The condition of the crop is 82% of normal, indicating a total production for the State of 218,940 bushels, against 504,0'00 bushels in 1919, and 495,000 bushels in 1918. The statement of carlot shipments of vegetables shows quite an increase in the number of cars shipped this season to date, as compared with the same period last year. Florida reports show the white potato crop was severely damaged1by the cold weather early in March, and will be late. The condition since that time has improved, however, and is reported at 78% as compared with 70% a month ago. The stand on late planted potatoes, including the replantings, is unusually good. A few pota toes will begin to move during April, but the bulk of the crop will move after May 10, the movement running into June. The crop in Alabama and Louisiana is reported in excellent condition and prospects are promising. While the greater part of the cabbage crop has been shipped, the percentage left is unusually large for this time of the year, and the movement will continue until after May first. There is still some lettuce to be shipped, and while the sizes are small, the quality is good and prices satisfactory. Demand for celery has been slow, and the movement decreased considerably. The supply of tomatoes at shipping points is decreased* and demand has become more active. The quality is reported to be very good. Some fields are badly affected by rust, and shippers expect light supplies for the next few weeks. Early planted melons in the southern portion of the State were caught by the frost early in March, and where unprotected, were mostly killed. For the State the acreage is reported to be unusually large, with the season somewhat later than usual. In some sections the movement will begin about May 15, and in other parts the crop will move after June 1st. The total acreage is estimated at 26,670, compared with 15,851 acres last year. Shipments of dry beans, grapefruit, lemons and mixed vegetables for the week ending April 3rd showed little change from the previous week. The present movement of dry beans is about two-thirds of that of a year ago, oranges slightly larger, lemons and mixed vegetables about equal to that of last year, while grapefruit and lettuce moved in larger quantities than last year. The Florida citrus crop will run around eleven million boxes. Reports of April 1st indicate that by the close of the present season 6,700,000 boxes of oranges and 4,300,000 boxes of grapefruit will have been shipped. The orange crop has moved faster than grapefruit, and, with a small late crop, it is estimated that only about 6% of the season’s production remains to be shipped, about 400,0*00 boxes. About 10% of the grapefruit crop was still on the trees April 1st, leaving approximately 430,000 boxes still to be shipped. The average price received by the grower throughout the season is estimated at $2.65 for oranges and $1.50 for grapefruit. On this basis the crops show a value of $17,750,000 for oranges, and $6,450,000 for grapefruit, a total value for the two crops of $24,200,000. Bloom for the new crop is heavy, especially with oranges. On account of the scarcity and high price of sugar and syrup, there appears to be an increase in the plant ing of sugar cane in Georgia, Florida and Louisiana. In Louisiana the cane is sprouting well, and prospects are for a large crop. In Florida the crop is practically all planted, and is showing a good stand. Since 1916 Florida has increased its acreage in peanuts from 10,000 acres to 145,000 acres, producing last year 5,500,000 bushels. A good portion of this was fed to hogs. The acreage will be increased the coming season. Alabama in 1909 planted 200,000 acres in peanuts, and gathered 1,574,000 bushels, valued at $1,496,000. In 1917 Alabama planted over a million acres in peanuts, producing 17,500,000 bushels, valued at over $21,000,000. Bad weather in 1919 resulted in a poorly prepared crop, bringing considerably less money. Georgia raised a total of 5,050,000 bushels of peanuts during 1919, as compared with 8,792,000 bushels during 1918. A bad season and low prices are reasons given for the decrease in production. After a greater part of the crop had been fed to hogs, however, prices went to higher levels. It is estimated that 60% of the crop was fed to hogs, and only 40% harvested for the nuts. Tennessee reports state that tobacco beds are sown and plants are beginning to come up. The decline in foreign exchange has had a serious effect on the dark tobacco market in Tennessee. Most of this crop is sold for export, and the drop in foreign exchange has caused foreign purchasers to withdraw from the market because of the relatively high prices asked for the product. LIVESTOCK The number of brood sows on the farms in Alabama April first is represented by an average of 90% of the number on hand last year at the same time. There has been a steady increase in the number of brood sows in Alabama since 1914, the number last year representing an increase of 38% over the number on farms April 1, 1914. In Florida there has been a general tendency to reduce the number of sows kept by the individual, but the State as a whole shows a slight increase over last year on account of the number of new breeders becoming interested in hog raising. Florida has 101% of last year’s number of breeding sews. Georgia shows practically the same number of breeding sows April 1st this year and last, while Louisiana reports 91% this year as compared witih the number last year. The number for April 1, this year, is shown as 109,200, April 1st, 1919, 120,000, and April 1st, 1918, 124 000. Principal reasons for the decrease are death by disease, shortage of grain crops last year, and the high prices of feedstuffs. Mississippi reports the number of breeding sows as 9% less than a year ago, and 7% less than the usual number on the farms April 1st. The heavy decline in prices of hogs last summer, with a short corn crop, has caused a severe decline in the number of brood sows in Louisiana, and many farmers have determined to raise hogs only for their own use. LUM BER Conditions in the lumber trade are substantially as reported last month. Production continues far below normal, as a result of continued unfavorable weather conditions. A large part of the Southern Pine belt has been continuously handicapped in logging operations by excessive rains for many months. Conditions in the manu facturing end are somewhat improved, and with better weather, production should be greater than it has been since before the war. The car shortage has been very serious. On account of the embargoes in the entire northern and eastern sections of the country, the producers have been cut off from the market most of the time during the past month or more, and while there has been no general decline in the market, considerable weakness has been dis played in spots. Mill stocks are reported to be broken; yard stocks have been building up slowly during the past few weeks, but aie not generally complete nor up to normal quantity, and work already started will call for more lumber than either yards or mills can furnish out of present stocks. Building conditions are not uniform throughout the district. While a few cities and towns report little activity, the shortage in homes continues and much building is being done, both of houses and business structures. NAVAL STORES On account of unfavorable weather conditions, the Naval Stores crop is late. The highest point in turpen tine, $2.30 per gallon, has been reached in Jacksonville; it is not thought any appreciable decline will take place, because of very small receipts, and prospects for spring demand from the East and West. Producers are offering little turpentine for May and June deliveries, believing that higher prices will obtain during those months. Rosins show increasing strength. The demand is greater than the fresh offerings, and the tendency is for the market to stiffen and prices of lower grades to recover some of their losses. LABOR The first week in April brought a strike in Birmingham by union plumbers, demanding a wage scale of $12 per day, with double pay for overtime, Sundays and holidays, and a strike in Atlanta for increases in wages by plumbers, steam fitters, painters, paper-hangers amd glass-workers. Reports on labor conditions generally throughout the district indicate that the supply is more plentiful than it has been since the war. In naval stores conditions appear to be unsettled, laborers moving from one section to another constantly, but in other lines the supply seems to be ample. High wages continue, however, with no likelihood of any attempt on the part of industries to make any reductions. FIN A N C IA L Financial conditions, as previously reported, are satisfactory. have increased, and bank deposits generally are well maintained. Collections are very good, savings deposits COMMERCIAL Reports indicate that in spite of bad weather, business for the month of March was considerably ahead of the same month last year, in practically all lines of wholesale and retail trade. Buying in drygoods is being done only for current needs, and few orders are being placed for future shipment. COAL The shortage of cars has caused stocks of all grades of coal to become practically depleted, and has pre vented the shipment of any appreciable quantities of coal. Spring weather, however, has set in and no suffering is expected to occur from the shortage, but many industries and public utilities are handicapped because of their inability to obtain coal. IRON AND ST E E L The activity reported last month in the manufacture of iron and steel, and miscellaneous iron industries, con tinues. The prices of pig-iron in the Birmingham District range for $38 to $42 per ton. Inquiries are numerous, the $40 per ton level generally prevailing. Every indication points to a need for a large quantity of pig-iron. Spot iron is rather scarce. Some export business is in sight. The car shortage has caused some delay in delivery from this district. There is little accumulation of the product. CLEARINGS—MARCH 1920 1919 Atlanta, G a ._— ______________ $305,540,871.89 Augusta, Ga. __________ _____ _ 25,474,066.38 Birmingham, A la ._______ _ _ . 86,906,410.28 Chattanooga, Tenn. ____ ____ _ _ 37,668,982.96 Columbus, G a .___ _____ _____ ... 6,768,086.32 Knoxville, Tenn. _____ __ . _____ 15,143,294.61 _______ 38,871,275.23 Macon, Ga. _ ______ ____ 11,108,489.96 Mobile, Ala. ______ _ __ Montgomery, Ala. _ _ ___ 10,070,685.86 Nashville, Tenn. __ _ _____ 105,901,064.78 _______ 299,204,458.48 New Orleans, L a . __ Pensacola, Fla. _ ___ ___ 10,331,298.00 Savannah, Ga. _ __ __ ___ 49,989,304.88 Tampa, F l a . _____ _ _ _- ____ 12,539,362.06 Vicksburg, Miss. _ _ _ __ — 1,831,344.33 Jacksonville, Fla. - _________ 60,119,902.65 $215,669,821.56 12,224,902.68 53,364,420.49 22,025,577.76 2,597,543.00 10,829,296.58 6,651,626.87 7,039,831.87 67,075,482.68 220,422,744.77 8,971,044.00 26,272,195.52 8,710,896.64 1,515,380.37 38,250,915.85 CONDITION OF RETAIL TRADE DURING MARCH, 1920, IN THE SIXTH FEDERAL RESERVE DISTRICT 1 3 2 Comparison of net sales Stock at end of month com % of aver with those of corresponding pared' with age stocks at period of last year. end of each month from A B A B January 1 to March J an. to date Same month Last date, to av last year month erage month ly sales over same period. A tla n ta ---- ------------New Orleans ----------Birmingham - ------Jacksonville -----------Nashville --------------For D istrict________ ____ * Decrease. 21.5 33.1 *08.3 17.1 15.9 12.5 24.9 37.6 *10.7 19.4 12.4 13.5 45.1 46.5 Not reptd 27.1 25.9 24.1 14.1 1.9 Not reptd 1.5 8.5 4.3 283.0 306.0 Not reptd 273.0 300.0 252.4 4 % o f out standing or ders at end of month to t o t a l pur chases dur ing calendar yaar 1919. 9.6 24.0 1.1 Not reptd 23.2 58.2 BUILDING OPERATIONS—MARCH, 1920 Repairs and Additions Value Number $183,565 162 _ _ 50,367 ___ 147 _ 6,105 _ _ _ 15 _ _ ___ 9 2.800 _ _ _ . 61,875 49 25,250 21 ~ ___ _ . _ - _____ 3 65 5,250 _______ 10 86,980 _ __ ____ 294 6,150 _ . __ _ 3 4,115 _ ____________ 8 Atlanta, Ga. Augusta, Ga. _ — Brunswick, Ga. _ Columbus, Ga. _ Macon, Ga. _ Savannah, Ga. _ _ Waycross, Ga. Anniston, Ala. Birmingham, Ala. Florence, Ala. Selma, Ala. _ Tuscaloosa, Ala. Johnson City, Tenn. _ _ Knoxville, Tenn. _ __ Nashville, Tenn. _ _ Jacksonville, ^ ia. __ Pensacola, Fla. (combined) West Palm Beach _ Gainesville, Fla. _ Palm Beach, Fla. Orlando, Fla. Montgomery, Ala. - New Buildings Value Number $863,608 93 269,250 28 12,325 12 53,300 6 24,405 26 230,750 43 15,000 348 688 9,900 157,650 7 46 4 4 6.000 1 __ ____ ______ ____ _ _ __ ___ ___________ 63 217 10 42,012 48,158 112,490 27 5 27 27 20,350 9,325 5,000 16,000 20,132 27,000 224,875 194,450 127,200 33,670 35,925 4,345 50,700 44,950 15,874 13 16 38 28 249 6 6 38 55 COTTON MOVEMENT Receipts—Ports: New Orleans ______________________________________ Mobile ______________________________ — __________ Savannah ________________________________________ Month of Report Preceding month Year ago (March, 1920) (Feb., 1920) (March, 1919) 147,584 11,725 88,909 120,688 14,054 74,772 103,614 8,357 67,047 Receipts—Interior Towns4 A tla n ta ----------------- ------------- -----------------------------------Augusta __________ ________________________________ Macon ________________________________________— Montgomery ______________________________ - - _____ 19,081 32,932 12, 265 2,702 17,853 16,683 9,681 1,403 19,178 30,930 15,981 689 Shipments—Ports: New Orleans ____ __________________________________ Mobile __________________ — _______________________ Savannah __________________________________________ 169,672 18,752 123,838 133,570 20,140 143,887 123,955 12,275 105,732 Shipments—Interior Towns: Atlanta _____________________— _____________________ Augusta ___________________________________________ Macon ________________________________________ — Montgomery ______________________________ ________ 20,202 43,853 15,620 8,406 19,982 33,351 18,474 2,663 15,190 36,380 14,138 1,588 386,546 13,523 159,505 406,935 21,192 194,434 427,681 21,805 208,368 30,629 118,152 31, 773 9,722 31,750 149,957 35,128 15,426 26,943 191,204 41,582 25,173 Stocks—Ports: New Orleans _______________________________________ Mobile __________________ — _______________________ Savannah __________________________________________ Stocks—Interior Towns: Atlanta _____________________— _____________________ Augusta ___________________________________________ Macon ________________________________________— Montgomery ______________________________ ________ SEA ISLAND COTTON Last Year T h is Y e a r R e ce ip ts (to M a rch 20) Savannah _______________________ Jacksonville______________________ 11,037 12,103 10,498 10,121 Stocks on Hand and on Shipboard Savannah _______________________ 2,754 7,973 Jacksonville______________________ Exports Savannah ______ _________________ Jacksonville______________________ 13,184 10,498 Since the middle of February, the market has remained very quiet. The offerings have been small, and consist principally of small crop lots of Extra Fine, which are firmly held at prices ranging from $1.30 to $1.50. There is a limited supply of Fully Fine remaining unsold, very firmly held at $1.05 landed. This will prob ably be taken by the trade, however, very soon. The offerings on the Savannah market have been very small, and firmly held at quotations. The demand has been general, resulting in sales of cotton throughout the interior markets, and a lot of about 700 Bs held in warehouse in Jacksonville. This buying has been on account of Northern Mills, and the recent large sales have swept the markets of all offerings which holders were willing to sell 'at quotations. The stock unsold is much re duced and held off the market for still higher prices. SUMMARY OF CARLOT SHIPMENTS OF FRUITS AND VEGETABLES WEEK ENDED APRIL 3, 1920 Week ended Same Total this Total last April 3 week last season to season to date same date 1920 season CAULIFLOWER Florida _ _ _ _ _ CELERY (1920 crop) F lo rid a __ _ __ ___ _ CABBAGE (1920 crop) Alabama _ __ _ F lo rid a __________ _ _ Georgia _ ___ Louisiana Mississippi _ GRAPEFRUIT Florida _ - __ ORANGES Florida _ LETTUCE Florida _ Louisiana _ __ _ _ MIXED AND BUNCHED VEGETABLES Alabama __ _ Florida _ _ _ _ _ _ _ Louisiana _ _ _ Mississippi _______ _ SWEET POTATOES Alabama Florida _ _ _ _ ___ _ Georgia _ _ Louisiana _________ M ississippi__ _ TOMATOES Florida _ _ _____ _ WHITE POTATOES (1920 crop) Florida _ _____ Louisiana _ _ Tennessee __ __ ______ Total last season 0 0 28 17 17 211 109 2,114 1,177 2,051. 4 480 0 11 1 0 112 0 8 3,223 4 1,230 421 1,539 7 84 82 0 1 0 187 560 ___ 403 148 7,644 5,672 6,100 . ______ 348 259 15,008 14,585 15,259 ______ _ _______ __ 59 0 28 2,808 0 2 1,820 5 1,855 41 ._ _ ____ . . _ __ _________ _________ 0 5 50 16 7 14 37 13 4 145 901 53 14 145 323 25 109 318 559 455 . ______ _________ _________ _________ ________ 9 1 9 0 0 4 19 11 1 318 56 262 175 94 335 81 496 144 342 83 525 150 102 102 _________ 280 226 1,985 1,117 2,622 _________ ____ _ . _______ 2 1 1 7 2 6 11 166 2,276 166 27 ____ _________ ________ ________ ___ 1 0 1 1 29 0 20 2 MOVEMENT OF RAW SUGAR Receipts: Savannah-----------------------------------------------*New Orleans ____________________________ Shipments: Savannah----------- : ----------------------------------*New Orleans ____________________________ Stocks: Savannah ----------------------------------------------*New Orleans ____________________________ Month of Report Preceding month Year ago (March. 1920) (Feb., 1920) (March, 1919) 43,414,475 lbs. 30,815,525 lbs. 22,892,350 lbs. 31,565,841 lbs. 23,019,485 lbs. 20,696,670 lbs. 3,403,881 lbs. 975,838 lbs. 1,561,909 lbs. ^Figures not received. LIVE STOCK Month of Report Preceding month (March, 1920) (Feb., 1920) Receipts: CATTLE: Nashville _______________________________ Shipments: Nashville _______________________________ Purchases for Slaughter: Nashville _______________________________ Receipts: CALVES: Nash-ville _____ Shipments: Nashville _____ Purchases for Slaughter: Nashville _____ Receipts: HOGS: Nashville ____ Shipments: Nashville ____ Purchases for Slaughter: Nashville ____ Receipts: SHEEP: Nashville _______________________________ Shipments: Nashville -----------------------------------------------Purchases for Slaughter: Nashville —__________ —_________________ Year ago (March, 1919) 3,967 3,865 4,859 1,612 1,771 2,157 2,355 2,034 2,702 808 655 1,6 134 122 1,535 802 533 65,120 49,891 55,193 57,417 42,853 47,766 7,703 7,038 7,427 475 138 755 95 380 120 137 635 Savannah ____ Jacksonville — _ Pensacola _ _ _ MOVEMENT OF NAVAL STORES FOR FOUR YEARS April 1 — March 25 RECEIPTS OF TURPENTINE 1919-20 1917-18 1918-19 46,696 59,073 86,521 75,788 89,488 132,226 29,833 35,870 56,147 152,317 274,894 184,431 Decrease or increase for 1919-20 compared with former years _ ___ Inc. 32.114 D 90,463 ---------------- _ Inc. 21.1 Per cent decrease or increase _ _ _ _ D 32.9 Increase in turpentine receipts 1919-20 partly due to bringing in old tanked spirits. Savannah _ __ Jacksonville___ Pensacola RECEIPTS OF ROSINS 1919-20 1918-19 199,282 184,709 269,217 — 327,370 141,992 101,426 1917-18 308,576 455,426 193,350 668,644 555,352 957,352 Decrease or increase for 1919-20 compared1with former years _ _ Inc. 113,292 D 288,708 ____ _ _ _ _ Inc. 20.4 Per cent decrease or increase__ D 30.1 Savannah Jacksonville ___ Pensacola ___ —_ TURPENTINE STOCKS — CLOSE MARCH 25 1919-20 1918-19 1,694 23,417 2,550 45,327 3,160 36,173 7,404 Savannah Jacksonville Pensacola _ ROSIN STOCKS — CLOSE MARCH 25 1918-19 1919-20 20,517 66,050 132,172 52,343 50,170 36,695 109,555 Georgia ______ _ Maryland — New Y o rk ____ North Carolina Philadelphia____ Florida __ _ Mobile - __ _ New Orleans Galveston _ 104,918 248,392 1916-17 98,720 145,265 68,240 312,245 D 127,814 D 40.9 1916-17 369,220 501,180 236,297 1,106,697 D 438,053 D 39.6 1917-18 24,277 60,006 42,016 1916-17 9,103 28,629 24,989 126,299 62,721 1917-18 92,875 177,227 77,384 1916-17 71,240 160,839 93,129 347,586 325,208 EXPORTS BY CUSTOMS DISTRICTS DURING JANUARY, 1920 ROSIN (barrels) TURPENTINE (gallons) 1920 1919 1920 1919 14,797 35,540 51,932 25,405 3,531 35,220 7,819 28,751 28,854 12~3~980 ~93~227 '¥,859 4,677 10,170 20.378 250 14.378 3 24,037
@FedFRASER