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Fe d e r a l R e s e r v e B a n k OF A T L A N T A . ATLANTA, GA., April 25th, 1919. Monthly Report on Business and Agricultural Conditions in the Sixth Federal Reserve District --------------- b y ---------------- JOS. A. McCORD FEDERAL RESERVE AGENT COMMERCIAL During the past month there has been an increase in practically all lines of business. Large wholesale dry goods dealers report greater activity, most of the orders being for immediate delivery; this is attributed to the fact that retail merchants have been holding off, buying only for current needs and to the necessity for replenishing their stocks for the Spring and Sum mer trade. It is predicted that a still further decline in the prices of dry goods may be looked for, not to the extent, however, to which they have already declined. FINANCIAL The financial situation prevailing throughout the district is generally reported satisfactory! Deposits in most sections show increases. Interest rates remain steady and there is a constant and healthy demand for money. The banks, however, appear to be in a position to take care of all legitimate business requirements, notwithstanding the large amounts loaned on cotton and on Liberty Bonds. A report from Alabama shows an increase in deposits of State banks during March over the same month last year of $1,197,192.01 and an increase in loans for the same moot!*, of $9,798,294.89. The National banks also show substantial gains. i AGRICULTURAL Farming operations in the district have made rapid progress during the past three weeks. Due to continued rainfall, the preparation of ground for planting was considerably delayed and planting was probably between two and three weeks later this year than usual. With a cessation of rain/however, farmers have begun their work with a will, care is being exercised in both preparing the gfpund and in the planting and all indications point to a good season. It is estimated that the cotton acreage this year will be from fifteen to twenty percent less than for 1918. . The live stock industry is receiving more attention in all of the states of the district and greatly increased production may be expected the coming season. One packing plant in South Georgia has recently arranged for a large increase in its capacity and three other large packing plants are proposed for the State. Farmers are realizing the benefits to be derived from pure bred stock, which is being purchased in constantly increasing numbers. A large proportion of the peach crop in the counties of Northeast Georgia was destroyed by a killing frost the first few days of April. The extent of the damage to all crops throughout the State has not been ascertained, but it is thought that some damage was done, especially to early vegetables. The tobacco market in Tennessee is reported as being active up to the week ending March 31, and this activity left only a smalt quantity of tobacco in: the barns. PHces have been very satis factory ; it is predicted a large crop wilt be produced next season. The Director of the Division of Extension of Tennessee reports wheat conditions better than ever before and indications point to a large crop. His interview also indicates that the acreage planted in cotton in Tennessee will be materially reduced and that live stock, including sheep raising, and the production of foodstuffs will increase the coming season. COTTON EXPORT CORPORATION Wide interest is being manifested in the movement to organize a Cotton Export Corporation. The question is being diseased at meetings of various kinds throughout the diistrict and- every present indication is that it will be carried to a successful end. Committees have been appointed to studv the matter and to work out details of operation^ The benefit* to be derived from such an organization can hardly be overestimated. Not only will cotton prices be stabilized, because of a gradual marketing of the crop the year around, but the producer will have a ready and a certain market at all times for his cotton. Another important result will be the release to other lines of business of large sums which have yearly been tied up in cotton during the marketing season and for some time thereafter. LUMBER Buying continues about equal to the output and as a consequence there is no accumulation of s to ck on hand. It is not believed that supply and demand will show appreciable change for the next sixty days. REAL ESTATE Greatly increased activity has been shown in the real estate business daring the past month is all of the cities of the district. As a result of the “Own Your Home” campaign there has been an increased demand fur homes. With the coming of spring weather construction of a large number of booses has been begun, and it is probable this activity in building will continue through out the summer WOOL From Nashville it is reported that the wool market is inactive. The situation is not expected to take on any liic until the spring clip arrives. Prices have remained practically unchanged.. LABOR The qaestKm of farm labor still is a pressing problem; from all sections comes the report of a shortage. Discharged soliders do not appear to desire work on the farm, as only a small percentage of those who left the farm to enter military service have returned to their agricul tural pur>uit», and especially is this applicable to negro soldiers. In some parts o f the district it is reported that there is a demand for labor in the manufac turing indufttnes, while in other sections the supply of labor is equal to the demand. COAL Cool production continues at about the same rate as previously reported The output for March 19l9 (two large coal producing companies not reporting) is stated to be 1,436,517 tons, an increase of 285,596 tons over the output for February. The demand for coal at present is very light. Orders for the winter’s supply have not begun and some manufacturing plants which, have been large users of coal have ceased operations. IRON AND STEEL Only 16 of the 32 pig iron furnaces in the Birmingham district are now operating, and others will cease to operate unless a more active demand for pig iron takes place. The output foT March was 169,042 tons, as compared with 191,550 tons for February. The pig iron output for January. February and March 1919 is less by 113,533 tons than for the same months last year. Steel miHs are working full time. They have enough orders for steel to keep them actively employed for many months. The unfilled steel tonnage of the United Stages Steel Corporation, in March is reported to be 5,430,572 tons, comparedt with 6,010*787 torts in February. ported no shortage of labor, or labor complications, in this industry. There is re NAVAL STORES Owing to heavy export demand the turpentine market has been very active, and large ship ments will be made as soon as transportation can be provided. Prices on rosin are good with very little movement. Owing to unfavorable weather the present crop is several weeks late. FLORIDA MEATS Cattle prices htve suffered a decided decline within the past two weeks. The supply of feed cattle in Florida is almost exhausted for this season. Exceedingly heavy runs nv hogs during the winter resulted in lower receipts during March. Spring prices will in all probability reacb the fall’s top prices. FLORIDA VEGETABLES AND FRUITS Of the orange crop there remains to be shipped only a small quantity of the Valencias and those of late bloom. The market is stronger than at the time of la3t report. Demand for grape fruit is very heavy, and exceeds the supply. The crop is being cleaned up rapidly, and selling at high prices. The golden heart celery crop has been practically exhausted, and only a limited quantity of green top variety is available. The market is strong, however,, and good prices are being asked and received. The market on cabbage is very high. The tomato market is somewhat irregular owing to the uncertainty of the carrying quality of the product. High prices have prevailed on the few cars of potatoes already shipped. Indications point to a strong market throughout the season. The melon crop, while only about 75 per cent, normal, is reported to be m good con dition. VICTORY LIBERTY LOAN. General satisfaction is being expressed throughout the district with the rate of interest and conditions of the Victory Liberty Loan Notes, and especially with the announcement by the Sec retary of the Treasury in a definite statement that this loan is to be the last. It is confidently expected that this loan, like the four preceding it, will be oversubscribed. As an indication, one county in Alabama announced on the 16th of April that its entire quota of approximately a hundred thousand dollars had already been subscribed, and on the 18th a county in Georgia with a quota o f about seven hundred thousand dollars also announced its full subscription. Notwith standing this, however, the campaign will be prosecuted with vigor and with enthusiastic con fidence in the result. It may be said that conditions in this district are satisfactory. With the Peace Treaty signed in the near future, and with the Victory Loan subscribed, all engaged in legitimate enterprise may well look with confidence to the future for an era of prosperity and business activity limited only by our capacity to take full advantage of greatly broadened opportunities. CLEARINGS—MARCH March, 1918. Atlanta, Ga........................................................ $ 196,914,670.00 Augusta, Ga....................................................... 18,947,659.86 Macon, Ga..................................................................................... Savannah, Ga.................................................... 32,848,324.62 Birmingham, Ala.............................................. 19,089,670.12 Mobile, Ala................................................................................... Montgomery, Ala........................................................................ Jacksonville, Fla........................................ . 20,433,116.22 Tampa, Fla........................................................ 6,088,844.19 New Orleans, La............................................... 221,903,519.55 Vicksburg, Miss................................................ 1,939,409.69 Chattanooga, Tenn........................................... 20,442,567.03 Knoxville, Tenn................................................. 11,305,304.42 Nashville, Tenn................................................. 59,175,217.02 March, 1919. $215,^9^82^56 12,224,902.68 42,661,709.00 26,272,195.52 53,364,420.49 6,651,626.87 7,039,831.87 38,250,915.85 8,710,896.64 220,422,744.77 1,515,380.37 22,025,577.76 10,829,296.58 67,075,482.68 BUtUHNG ACTIVITIES—MARCH, 1919. Repairs and Additions Number Amount Atiaata. G a ................................ 228 SS cS / g T ................................ 67 Rome/Ga. ................................. 12 Savaimah, Ga................................... 7 Brmuwick, G a ........................... 40 12 Anniston, A la ............................ Birmiagfeam, Ala........................ 256 Montgomery. Ala....................... 144 Florence, Ala.............................. 9 Mobile. A la ................................ 5 Taacatooaa, Ate........................... — New Orleans, L iu ...................... — Knoxville, Tran........................... 85 Natlivffle, Tew#........................... 357 Clarkesville, Tenn....................... 3 — SM ieid, Ala.............................. Aagvsta, Ga................................ 148 JackatMmUe, Fla......................... 36 Miaou, Fla.................................. 12 Ortaado, Fla............. ................ 13 Taama, F la ................................ 58 West Tampa, Fla........................ 1 West Palm Beach, Fla............ — Gainesville, Fla........................... 8 Ptatacola, Fla............................. Ill WaycfOM, Ga.............................. 9 $139,715 17,103 7,525 5,400 13,600 6,700 50,520 20,648 9,275 3,000 ......... 23/98 29,648 40,330 2,570 ......... 20/30 116,295 4,700 2,355 21,205 1,500 .......... 2,250 11,587 1,050 New Buildings Number Amount 80 18 3 20 23 7 .9 4 ' 12 11 26 3 — 14, 12 — 4 15 25 40 21 21 3 26 1 8 1 $619,575 35,135 5,475 24,425 • 32,610 26,800 139,245 13,790 19,840 53,950 3,260 116,000 49,612 170/10 11,400 40,710 58265 7,500 24,775 51,220 3,650 301,900 500 6,900 1,000 POSTAL RECEIPTS—MARCH, * March, 1918. March, 1919. Atlaata, G a ...............................................................$ 205,844.89 Savaanak, G a ........................................................... 38,18424 Jacksonville, Fla........................................................ 75,862.68 Tampa, F la .................................................................................. NatkriHe, T a m ................................................. I ... 98,410.53 Birmingham, A la..................................................... 67,188.17 Mobile, Ala................................................................ 31,103.10 Montgomery, A la .................................................... 42,9^.90 Anniston, A la .......................... t ............, .............. 21,329.05 Ga4sd«a, Ala. .......................................................... 15,126.85 SffcM. A fe..................................... 1033920 Hwr Oritm t, L a ............................, ..........170,169.95 $216,691.94 44,366.39 65,404.69 47,293.54 100,677.53 74,227.72 26,905.96 30,226.67 12,568.92 16,518.91 11,304.73 173,859.23
