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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