The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
T B h e M o n t h l y usiness R eview C o v e r in g B u sin ess a n d A g r i c u l t u r a l C o n d itio n s in th e S i x t h F e d e r a l R e s e rv e D is tr ic t FED ER A L R ESER V E B AN K O F A T LA N T A JOS. A. McCORD, Chairman of the Board and Federal Reserve Agent W ARD ALBERTSON, Assistant Federal Reserve Agent VOL. 6 A T L A N T A , G E O R G IA , A P R IL 28, 1921 General business conditions in the Sixth Federal Reserve District have undergone no material change within the past month. There are evidences of improvement in some lines which experience seasonal fluctuations, while progress is not appreciably noticeable in other lines. Fundamental conditions #are, without doubt, slowly improving. It cannot be expected that statistics shown in dollar volume will exhibit increases in trade compared with the early months of 1920. The general level of prices rose steadily through most of 1919 and up to May 1920, when the level of wholesale prices in the United States was represented by the figure 264 in the Federal Reserve Board's wholesale price index, taking the year 1913 as a base 100. The index number has declined since May 1920 as steadily as it had risen, and the table printed as a part of this Review shows the February figure to be 154. Not withstanding the declines in prices, it must be remembered that the buying power of the farmer and especially the cotton grower, has been very greatly reduced by the lack of market and the very low price offered for his products; wage earners in the mining districts and manufacturing sections have like wise received less money, both as a result of curtailment of operations and through actual reduction in the rate of pay in a large number of lines. RETAIL TRADE. Eleven reports received from representative Department Stores in the District show a net decrease of 5.6 per cent in March 1921 sales compared with those for March 1920, and a decrease of 4.7 per cent in sales for the first three months of 1921 compared with sales by these same stores during the same period in 1920. With the declines which have taken place in the prices of goods handled by these stores these figures indicate a much larger actual volume of goods being sold, both for March and for the first three months, than at the same time last year when prices on all articles were at the peak. Except in one instance, sales for March are appre ciably higher than during January or February. Stocks of goods on hand in the reporting Department Stores are 12.7 per cent less than at the end of March, 1920, but show an increase of 4.4 per cent over those for the pre ceding month. This follows an increase of 62 per cent in stocks at the end of February over those at the end of Janu ary. The relation of average stocks at the end of each month January to date, to the average monthly sales over the same period was 441.9 and the percentage of outstanding orders at the end of the month to total purchases during the year 1920 was 6.5 per cent. CONDITION OF RETAIL TRADE DURING MARCH 1921. Federal Reserve District No. 6. Percentage of Increase or Decrease (1) Comparison of net sales with those of corresponding period last year A March Atlanta ________________ —22.0 New Orleans ___________ — 1.3 Nashville ---------------------- — 7.2 Other Cities____________ — 2.1 DISTRICT __________ — 5.6 Digitized for —FRASER Indicates Decrease. No. 4 B to date —19.1 0.05 — 9.4 — .9 — 4.7 (2) stocks at end of month compared with— A Same month last year —21.1 — 8.5 —19.1 -11.5 —12.7 B Last month 8.5 3.9 4.3 3.7 4.4 (3) Percentage of av^ erage stocks at Percentage of end of each month outstanding orders from Jan. 1 to date, at end of month to average month- to total purchases ly sales over same during calendar period year 1920 436.4 6.9 445.0 6.9 432.7 6.6 4407 4.8 441.9 6.5 T H E 2 M O N TH LY B U SIN ESS WHOLESALE TRADE. Increasing activity in the four principal lines of wholesale trade during March is indicated by increases in sales over February sales in each line. Taking into consideration the declines in prices, the decreases in the dollar volume of sales during March 1921, as compared with March of last year show no great lack of business being transacted. In Wholesale Groceries ten reports show a net increase in March sales over those for February of 7.2 per cent for the District, and a net decrease of 33.6 per cent in sales during March 1921 compared with those for March 1920. Prices are reported as being approximately 6 per cent lower in March than in February, and are reported from 33 1-3 per cent to 50 per cent lower than during March 1920. Stocks are re ported low in the hands of both wholesalers and retailers. New Nash-Other Atlanta Orleans ville Cities District A. Increase or Decrease in sales for March 1921 compared with preced 7.1 — 1.1 3.6 72 ing month................... 14.5 B. Increase or Decrease in sales for March 1921 compared with March 1920 .—29.1 —35.8 —37.3 —26.7 —33.6 —Indicates Decrease. Thirteen reports from wholesale dry goods firms show a net increase in sales for March over those for February of 35.6 per cent for the District. Individual city percent ages range from a decrease of 3.9 per cent at Jackson ville to an increase of 51.6 per cent at Nashville. As compared with March 1920, March 1921 sales showed a decrease of 41.7 per cent for the District, but a large part, if not all, of this decrease is attributed to declines in prices which range as high as 60 per cent on some articles handled. Jack- Birming- Nash- Other Atlanta sonville ham ville Cities District A. Increase or De crease in sales for March 1921 compared wi t h Feb. 1921 ........... 33.2 — 3.9 32.1 51.6 43.3 35.6 B. Increase or De crease in sales for March 1921 compared wi t h March 1920 ..... .-61.1 —46.3 —9.6 —35.9 —36.9 —41.7 —Indicates Decrease. R EV IEW Recovery in sales by wholesale hardware firms is slower than in other lines. Eight reports indicate an increase of 6.0 per cent over February, while March sales were still 45.6 per cent under those of March 1920. Buying continues very cau tiously and only for immediate needs, though some reports have a definitely optimistic tone as to existing conditions in the trade. Other Atlanta Cities District A. Increase or Decrease in sales for March 1921 compared with Feb. 1921 ................................................... 5.9 6.1 6.0 B. Increase or Decrease in sales for March 1921 compared with March 1920 —61.9 —32.2 —45.6 Seasonal activity is reflected to a great extent in figures showing sales by wholesale shoe firms during March. March 1921 sales were 72.6 per cent larger in the District than during February, and only 37.6 per cent less than for last March. In spite of this decrease in dollar figures, compared with March 1920, more business was done during March 1921 as is shown in the report of one firm which sold a fifteen per cent larger number of pairs, but whose dollar sales show a decrease of 15 per cent. Other Atlanta Cities District A. Increase or Decrease in sales for March 1921 compared with Feb. 1921 71.6 73.7 72.6 B. Increase or Decrease in sales for March 1921 compared with March 1920 —30.4 —42.7 —37.6 AGRICULTURE. The cotton acreage in the Sixth Federal Reserve District for the 1921 season is still a subject upon which speculative estimates are daily being made. Conservative estimates place the reduction in acreage compared with last year to be from 10 to 20 per cent. However, there has been no subsidence in the campaign for a reduction of 25 to 40 and 50 per cent in the acreage, based upon the fact that a very large proportion of the crop of last year has not yet been marketed, and the large amount brought over from the preceding year. Statis ticians have estimated the carry over in August 1921 will be at least 8,000,000 bales. Cotton has been planted and is up to good stand in the southern counties of Georgia, Alabama and Mississippi. In formation from all available sources points to the large de T H E M O N TH LY B U SIN ESS crease in the use of fertilizer for this season’s crops, not only cotton, but rice and other products. The amount of fertilizer used up to the present time is uniformly estimated at about one-third to one-half of the amount used to the same time last season. Reports indicate that in Georgia approximately seventy-five per cent of the advances made to farmers last year by some fertilizer companies have ,not yet been paid. Peanut meal is being used rather extensively in the peanut districts as a fertilizer. Wheat in Alabama has come through the winter in about the average condition. The condition on April 1st was 88 per cent of normal, compared with 79 per cent last year, and a ten year average of 87 per cent. The Alabama acreage sown last fall was very much less than for the past few years, being only 55,000 acres. The indicated yield is eleven bushels per acre, giving an estimated total of 605,000 bushels, com pared with 653,000 bushels last year. Growing weather has been favorable through the winter months. The number of brood sows on Alabama farms April 1st was only 92 per cent of the figures for the same date in 1920. The weather in Florida during March has been dry and generally unfavorable. Planting of corn continues but ger mination is slow. Planting of cotton has been checked by dry weather. The condition of oats is below the average except in local areas which have had rains. Early plantings of beans and peas are up, and the stand and condition of both reported good. Movement of early white potatoes has begun; the transplanting of sweet potatoes is waiting on rains. Conditions and prospects for citrus fruit continue ex cellent, and heavy production of decidous fruits seems as sured. The melon acreage in Florida is reported to be much smaller than for 1920. The condition of early rice in South Florida is good, but truck crops generally need rain. The planting of sugar cane is practically finished. The condition of wheat in Georgia on April 1st was 90 per cent of normal, against 84 per cent the same date last year, and a ten year average of 86 per cent. Considering the aver age abandonment of acreage, the condition on April 1st fore casts a production of about 2,477,000 bushels, compared with 2,110,000 bushels in 1920, and 2,520,000 bushels in 1919. Farm work in Georgia has made splendid progress and at the end of March was reported to be as well advanced as is generally the case on April 20th. The weather has been favor able, except in the southern tier of counties where conditions were droughty. Good progress has been made in planting sugar cane. Sweet potatoes have sprouted nicely. Livestock has come through the mild winter in splendid shape. Truck crops, early white potatoes and gardens are reported in very good condition. Fruit suffered only slight injury by the cold R EV IEW 3 snap at the close of the month. Conditions have been ideal for the peach crop, and the fruit is expected to ripen early this season. Present conditions indicate a crop of between 8,000 and 10,000 car loads. A larger percentage of growers have sprayed and cultivated their orchards than ever before. Reports from the Fort Valley district, however, say that adult curculios are appearing in considerable numbers there. On April 1st, according to the estimates by the Depart ment of Agriculture, there were 274,000 brood sows on Geor gia farms, compared with 295,000 one year ago. The short age of corn and the drop in the price of pork are given as some of the causes of this decrease. In production of hogs, Georgia ranks as the sixth state in the country, and has more hogs on her farms tlian any other southern state. The condition of the small acreage of winter wheat in Mississippi on April 1st was 90 per cent of normal, according to the report of the Statistican of the Bureau of Crop Esti mates. Weather conditions through the winter have been favorable to all small grains planted in the fall. The number of brood sows on Mississippi farms April 1st was only 95 per cent of the figure for April 1st, 1920. This reduction is due mainly to the drop in prices; however, epi demics last year in scattered localities over the state aided in the reduction. With the exception of the year 1919, the condition of Tennessee winter wheat on April 1st this year is reported as the best since 1914. The mild winter has been of decided advantage in helping the plant to put on good root growth. The crop as a whole is in splendid shape, although the freeze on March 29th did some slight damage to the earlier crops. The arceage for the present season is far below normal, but indications at present are for a nearly normal yield per acre. The condition on April 1st was 94 per cent, compared with 66 per cent on the same date last year, and the ten year average of 83 per cent. While there is only a small amount of rye grown in Tennessee, the condition is much above the average, being 93 per cent, compared with 75 per cent last year, and the ten year average of 85 per cent. The number of brood sows on Tennessee farms shows a further decline during the past year, there being only 90 per cent of the number of a year ago, and about 75 per cent of the number on farms April 1st, 1919. FLORIDA CITRUS FRUITS. Condition of bearing trees on April 1st for oranges, grapefruit and limes was the highest that has been reported 4 T H E M O N TH LY B U SIN ESS in some years and early prospects for an unusually heavy production for the season of 1921-22 are good. This condition is general except for the extreme northern edge of the citrus belt where bloom has been light in some localities. Some sections also report the tangerine as having shown light bloom but the great bulk of the citrus belt gives early promise of a bumper crop next season. Comparative condition figures: April 1 Last month A year ago 5-yr. average Oranges ............ 96% 92% 92% 78% Grapefruit......... 96% 92% 89% 75% Limes ............... 91% 83% 80% 76% The crop is moving at varying rates in different sections of the belt. Some localities are through shipping for the sea son, while others have a large percentage of the crop still on the trees. Compared with last season, the movement of oranges has been slower and that of grapefruit faster. The following data shows the aproximate movement up to April 1st, with estimates of the crop remaining to be shipped, total production and values to the grower: SEASON Ship ped to April 1 (Boxes) % Remain Indicated ing to be Total pro Value to shipped duction Per Grower (Boxes) (Boxes) Box Total 1919-1920: 6,300,000 10 700,000 7,000,000 $2.65 $18,550,000 Oranges Grapefruit 3,900,000 30 1,600,000 5,500,000 1.50 8,250,000 1920-1921: 7,100,000 14 1,200,000 8,300,000 $1.50 $12,450,000 Oranges Grapefruit 4,200,000 16 800,000 5,000,000 130 7,000,000 SUGAR. The favorable weather has continued throughout March and spring planting has progressed rapidly. Due to the reduction in acreage of rice and cotton, it is reported that probably the acreage in sugar cane will be increased this year. The tone of the sugar market has been improved by the size of the Cuban crop. Much of the Cuban sugar has been received, and some of it is being refined. The Louisiana sugar crop is reported to be approximately sold out. The Porto Rican sugar crop now coming off is estimated at 20,000 tons less than that of last year, or 465,875 tons, compared with 485,887 tons produced in 1920. Movement of Sugar (Pounds) March 1921 Feb. 1921 March 1920 Receipts: New Orleans ............... 131,982,819 70,643,465 115,870,123 Savannah .................... 33,860,125 0 45,470,750 R EV IEW Shipments: New Orleans ............. Savannah .................... 45,103,608 13,764,217 24,100,616 16,425,720 24,720,472 31,565,841 Meltings : New Orleans ............... 127,414,822 Savannah .................... 1,832,712 62,407,935 441,013 108,647,529 3,403.881 Stocks: New Orleans ............... 17,310,358 16,684,697 Savannah .................... 29,947,565 0 14,110,057 36,281.897 RICE. The southern production of rice in 1920 is reported to have amounted to 13,000,000 pockets of clean rice, of which only 4,000,000 have been sold. It is reported the acreage planted to rice this year will be only half of that of last year. It is also stated the cost of raising the crop will be reduced; labor will be paid less, and only the land best adapted to producing rice will be planted. Rough Rice (Sacks) Port of New Orleans. March 1921 February 1921 March 1920 Receipts .................... 142,962 50,944 46,002 Shipments ................. 127,339 57,190 54,839 Stock ......................... 46,089 30,466 37.192 Clean Rice (Pockets) Port of New Orleans. March 1921 February 1921 March 1920 Receipts .................. 184,373 184,438 90,930 Shipments ................. 374,494 370,537 174,021 Stock ......................... 158,452 201,871 399,979 Receipts of Rough Rice (Barrels). Total same March 1921 Tot. this season time last yr. Association Mills ...... 355,189 4,869,903 1,355,994 New Orleans Mills.... 142,962 Outside Mills ............ 327,209 1,358,436 825,360 7,584,333 6,593,663 Distribution of Milled Rice (Pockets). Total same March 1921 Tot. this season timelastyr. Association Mills ...... 623,036 4,151,275 New Orleans Mills.... 185,432 1,473,742 Outside Mills ............ 229,286 1,089,461 1,037,754 61,714,478 5,636,490 Stocks (Rough and Milled) April 1st, 1921 Association M ills....................... 1,060,360 New Orleans Mills .................... 204,541 Outside M ills.............................. 336,036 1,600,937 Total same time last season 1,483,033 T H E M O N TH LY MOVEMENT OF COTTON (BALES). March 1921 Feb. 1921 March 1920 Receipts—Ports: 155,710 116,348 New Orleans......................... 89,000 4,670 11,725 Mobile ................................... 6,181 35,530 88,909 Savannah .............................. 35,832 Receipts—Interior Towns : Atlanta ................................. Augusta ............................... Canton................................... Jackson................................. Meridian............................... Montgomery ....................... Vicksburg ............................ 16,245 14,133 270 335 641 701 12,078 15,979 19,726 780 681 2,098 608 13,598 19,081 33,707 244 762 1,556 2,702 17,535 108,952 2,088 27,165 130,395 17,652 31,378 155,710 18,752 123,838 15,480 27,506 725 285 566 1,379 4,171 14,661 17,325 1,637 1,656 2,150 1,124 3,823 20,202 43,853 585 1,318 2,816 8,406 9,557 402,634 14,898 162,385 422,586 13,432 153,718 376,050 18,752 159,505 Shipments—Ports: Shipments—Interior Towns: Canton .. Jackson .. Meridian Stocks—Ports: Stocks—Interior Towns : 33,516 145,449 9,052 10,301 13,525 31,525 13,398 32,751 157,931 9,515 10,251 13,463 32,203 13,589 30,629 118,152 2,575 4,542 3,618 9,722 9,557 FARM LABOR. Farm labor is reported plentiful throughout the District. The supply is better than for several years past. The demand for farm labor has been above normal for the past few years, trading of laborers away from the farms by high wages paid at munitions and other manufacturing centers. The need for farm labor is estimated by statisticians of the Department of Agriculture, as 81 per cent of normal in Alabama, while the available supply is stated to be 95 per cent of normal. This B U SIN ESS R EV IEW 5 places the ratio of supply to demand at 118, compared with 64 for last year, 81 in 1919, and 68 in 1918. The agricultural statis tical! in Alabama has made an investigation to determine the relative proportion of the different classes of farm labor meas ured by tenure, to be engaged this year. The results of this inqury show that the plows to be operated this year will be manned by the following percentages of the various classes: Farm owners working.................................... 38 Renters for cash or equivalent.......................13 Third and fourth renters.................................17 One half crop renters...................................... 7 Croppers...........................................................17 Wag© hands..................................................... 8 The distinction between croppers and one half crop ten ants is that the former are those who do not direct their own operations or manage the land, but who are paid with part of their products. The need for farm labor in Georgia is reported at only about 70 per cent of what it was a year ago, and about 80 per cent of a normal need. Some farmers have no money with which to hire labor. Many farmers and their families are doing their own field work, cultivating only as much land fts they are physically able to manage themselves. As a result of this inability to employ labor, several thousands of Georgia’s best acres will not be brought under the plow this year. The supply of farm labor in Mississippi is 120 per cent of that of last year, due to the reduction in cultivated acreage, and to the closing down of saw mills in the southeastern part of the state. The demand this year is only 85 per cent of last year’s demand. The supply in Tennessee is reported as being 110 per cent of one year ago, and the demand only 88 per cent of normal. FINANCIAL. The demand for money throughout the District has ex perienced no appreciable fluctuations during March. Pre paration for the season’s crops has caused increase in strict ly agricultural sections. Of replies received from thirty-two member banks in various parts of the District, three report the demand for funds as having decreased in March, nine report increases, and twenty banks report the demand steady. The amount of loans carried by Alabama reporting banks during March was approximately 5 per cent larger than in February, but about 15 per cent smaller than during March 1920. In Florida two banks report the volume of loans ap proximately the same as for the preceding month, while one report shows a decrease of 20 per cent, and four others show increases which average 20 per cent. Two reports show in creases of 9 per cent and 25 per cent respectively over loans for March 1920, while three reports show decreases averaging 16 per cent. The volume of loans by Georgia banks vary, a few in stances showing increases over February 1921 and March 1920, but a majority of reports indicating decreases of approximately 8 per cent compared with loans in February 1921, and 11 per cent compared with March 1920. Seven reports from Mississip pi banks show an average increase over February loans of 6 T H E 6 M O N TH LY B U SIN ESS R EV IEW per cent, and an average decrease of 5Vz per cent compared March 1921 compared CLEARINGS—MARCH. with March 1920 Decrease Mar. 1921 Feb. 1921 Mar. 1920 1920-~Dec. with March 1920. Tennessee banks report increases over March 1920 loans which average 8 per cent, with practically no change from last month. Reports from five representative Alabama banks show that deposits were about 2Y2 per cent less in March than in February, and 26 per cent less than in March 1920. Of eight reports from Florida, six indicate an average decrease of 21 per cent in March loans compared with March 1920, while two banks report increases of 25 per cent each. As com pared with the preceding month, two banks report volume the same, two report increases of 10 per cent and 5 per cent, and two report decreases of 18 per cent and 5 per cent res pectively. Eleven Georgia banks report increases in de posits averaging 1% per cent over February, but decreases averaging 2SY2 per cent compared with March 1920 deposits. Mississippi banks report deposits about the same as for February, but an average of 19 per cent lower than for March 1920. This is likewise true of Tennessee reports on deposits. Savings deposits have increased during March, both as compared with February and with March 1920. All of the reports indicate that a very large proportion of loans falling due are being renewed. Most of the reports state that 90% of agricultural paper is being renewed, and 60 to 75 per cent of other classes of loans. ALABAMA— Birmingham $ 68,499,383 $ 60,716,962 $ 86,906,410 Mobile 7,758,577 6,984,198 11,108.490 Montgomery 5,665,844 5,324,565 10,070,686 21.2% 30.1% 43.7% FLORIDA— Jacksonville Pensacola Tampa 60,190,903 10,231,298 12,539,362 15.9% 32.5% 15.6% GEORGIA— Atlanta 186,895,735 158,133,447 305,540,872 7,298,914 28,474,066 Augusta 8,244,425 Columbus 3,078,362 3,025,030 6,768,086 Macon 19,513,158 19,215,238 36,871,235 19,412,552 19,842,696 49,989,305 Savannah 32.8% 67.8% 54.6% 49.9% 61.2% LOUISIANANew Orleans 193,343,648 175,650,665 299,204,458 35.3% MISSISSIPPIMeridian 3,844,311 Vicksburg 1,271,037 1,831,324 30.5% 20,355,358 37,668,983 11,365,331 15,143,295 68,824,235 105,901,065 31.5% 5.1% 27.4% 49,589,358 6,905,608 10,588,304 TENNESSEEChattanooga 25,801,378 14,371,846 Knoxville Nashville 76,887,978 44,442,617 6,048,290 9,663,452 3,863,294 1,323,142 — — DEBITS TO INDIVIDUAL ACCOUNT AT CLEARING HOUSE BANKS. Federal Reserve District No. 6. 000 Omitted. Atlanta........ Augusta ....... Birmingham . Chattanooga Jacksonville . Knoxville..... Macon ........ Mobile ........ Montgomery Nashville ..... New Orleans Pensacola ... Savannah ... Tampa ........ Vicksburg.......................................... TOTAL ...................................... March 9 23,678 5,113 15,436 11,107 12,814 5,350 3,774 6,410 3,315 21,342 58,780 2,251 9,730 6,182 1,383 186,665 1921 Week Ending March 16 March 23 27,093 24,082 5,048 4,896 16,363 15,039 9,707 8,707 12,001 10,825 6,397 6,426 4,227 3,861 5,715 5,805 3,917 3,173 24,847 18,950 58,185 53,466 1,473 1,307 9,843 9,555 6,264 6,430 1,465 1,273 192,257 174,083 March 30 20,055 4,079 12,535 7,508 10,189 5,559 3,486 5,918 3,004 17,797 48,220 1,120 8,498 5,635 1,132 154,735 March 10 31,437 12,103 15,912 13,048 13,604 6,438 7,856 9,722 5,414 24,043 85,272 2,281 19,101 6,709 1,777 254,717 1920 Week Ending March 17 March 24 March 31 36,271 33,040 31,426 13,284 11,271 12,388 17,767 16,211 15,773 13,503 9,893 12,607 14,896 13,083 13,966 7,638 7,145 6,620 8,036 7,515 7,961 9,261 10,316 10,292 5,236 5,700 5,223 27,946 27,442 25,804 80,158 83,684 78,680 2,175 2,190 2,241 19,428 21,432 22,718 7,249 6,769 6,648 1,761 1,590 1,787 252,851 265,135 258,038 T H E M O N TH LY STATE BANKS AND TRUST COMPANIES ADMITTED TO FEDERAL RESERVE SYSTEM, FIRST QUARTER 1021 Total Capital Surplus Resources Orrville Bank & Trust Co., Orrville, Ala............................ $ 25,000 $ 26,500 $ 202,612 Roanoke Banking Co., Roanoke, Ala........................... 200,000 200,000 1,515,512 Citizens State Bank, Marianna, Fla ........................ 30,000 10,000 407,542 Citizens Bank & Trust Co., 693,672 Bainbridge, Ga........................ 100,000 20,000 238,034 Barnesville Bank, Barnesville, Ga.. 50,000 10,000 The Bartow Bank, Bartow, Ga.... 25,000 5,000 270,163 Bank of Boston, Boston, Ga......... 25,000 5,000 182,980 Bank of Bowman, Bowman, Ga.... 35,000 10,000 246,261 Bank of Cartersville, Cartersville, Ga....................... 100,000 50,000 650,946 Exchange Bank, Cordele, Ga........ 100,000 100,000 860,730 Southern Exchange Bank, Dublin, Ga............................... 100,000 1,000 387,553 Citizens Bank & Trust Co., 231,683 Jefferson, Ga............................ 89,540 Bank of Lavonia, Lavonia, Ga...... 40,000 10,000 214,216 Brand Bkg. Co., Lawrenceville, Ga. 50,000 50,000 469,911 Bank of Candler County, — Metter, Ga............................... 25,000 25,000 Bank of Millen, Millen, Ga........... 50,000 50,000 597,476 The Farmers Bank, Monroe, Ga... 150,000 30,000 534,779 — Bank of Portal, Portal, Ga............. 25,000 145,199 Walton County Bank, Social Circle, Ga..................... 50,000 265,957 18,000 Bank of Statesboro, 655,037 Statesboro, Ga......................... 75,000 75,000 Peoples Bank & Trust Co., — Bell Buckle, Tenn................... 30,000 183,138 — Citizens Bank, Hohenwald, Tenn... 35,000 153,578 NEW NATIONAL BANKS. Capital paid in Surplus First National Bank, Clermont, Fla................$ 13,270 $ — First National Bank, Lawrenceville, Ga......... 25,000 5,000 Citizens National Bank, Montezuma, Ga........ 57,650 — Harriman National Bank, Harriman, Tenn..... 50,000 5,000 Commercial Nat’l Bk. & Tr. Co., Laurel, Miss. 100,000 50,000 B U SIN ESS R EV IEW 7 FAILURES. Commercial failures in the United States for the first quarter of 1921 disclose a sharp rise in the country’s business mortality. From 3,498 failures for $128,544,334 in the last quarter of 1920, figures for the first three months of 1921 show a total of 4,870 failures with liabilities totalling $178,589,989. This is in striking contrast to the figures for the first quar ter of 1920, when there were 1,627 defaults for only $29,702,499 More than 64 per cent of the indebtedness for the first quar ter of this year was supplied by 229 large firms, of $100,000 or more, while this is less than 5 per cent of the total number of failures. By months the number and liabilities are as follows: Number Liabilities January ............................. 1,895 $52,136,631 February............................ 1,641 60,852,449 65,600,909 March ............................... 1,334 ACCEPTANCE MARKET. The Acceptance Market in the Sixth Federal Reserve Dis trict has been very inactive during the early months of this year. This is attributed to the inactive movement of com modities, particularly foreign shipments of cotton. Nowhere in the district have acceptances been executed to any great extent, except at New Orleans, which is the principal export city of the district, and there each succeeding month since December 1920 has shown a decline. The amount of acceptances rediscounted by the Federal Reserve Bank of Atlanta for its member banks during March was slightly less than for the month of February, and only approximately 30 per cent of those discounted during the month of January of this year. The total amount of acceptances discounted by the Federal Reserve Bank for its member banks during the first three months of 1921 was only approximately 11 per cent of the amount rediscounted during the same months of 1920. Export movements of cotton financed by the War Finance Corporation and the Federal International Banking Company should materially strengthen the acceptance market in this district when cotton commences to move from interior points to port cities. Acceptances have never been used in this Federal Reserve District to any very great extent, although there is a grow ing tendency for their use during periods of crop movement. CONSOLIDATION. Cumberland Valley National Bank, Nashville, Tenn., with American National Bank, Nashville, Tenn., under the latter name. LIQUIDATIONS. First National Bank, Alexandria, La. Pan-American Bank & Trust Co., New Orleans, La. Canal-Commercial National Bank, New Orleans, La. Union Commercial Bank, Mobile, Ala. Commercial Bank & Trust Co., Laurel, Miss. Hibernia Bank of Savannah, Ga. IMPORTS AND EXPORTS—NEW ORLEANS Imports through the port of New Orleans, during Febru ary 1921, while smaller in dollar value than imports for February 1920, were larger in volume, and also exceeded in volume and value imports for the preceding month. The quantity of sugar shows an increase of approximately 42 per cent over the quantity received during January, due largely to the delivery of the Cuban crop. Following is detailed statement of principal articles im T H E 8 M O N TH LY B U SIN ESS ported during February 1921 at New Orleans: Commodity Volume Value Coffee ....................................38,016,337 lbs.................. $2,401,249 Sugar ....................................65,139,039 lbs.................. 5,318,744 Mineral oil ............................80,874,200 gals................ 1,045,871 Fertilizers....................... ...... 1,389 tons .............. 104,061 Sisal....................................... 6,447 tons .............. 653,713 Burlaps ................................ 7,738,530 lbs................. 847,809 Bananas................................ 1,183,832 bunches ....... 482,788 Print Paper .......................... 669,894 lbs................. 45,394 Mahogany logs..................... 1,408,000 ft................... 208,977 Th following table gives comparative figures for import* at New Orleans for February for the years shown: 1921............................. ......... $11,518,660 1920 15,401,369 1919 8,224,476 1918 ....................................... 9,772,231 1914....................................... 6,102,733 1910....................................... 3,181,663 Grain exports through New Orleans for the month of March are shown in the following table (in bushels): Mar. 1921 Mar. 1920 Inc. Dec. Wheat .......................... 3,945,584 1,342,485 6,703,099 Corn ..............................2,617,054 66,355 2,550,699 Rye .......... .................... 222,857 0 222,857 Oats ............................... 32,710 98,835 66,125 346,352 Barley .......................... 27,010 373,362 TOTAL..................... 6,845,215 1,881,037 4,964,478 Net inc. Figures in the following table show grain exports for this season, July up to the last of March 1921, compared to the same period of the 1920 season: 1921 1920 Inc. Dec. (bu.) (bu.) (bu.) (bu.) Wheat .........................56,356,835 10,097,468 46,259,367 Corn............................. 5,808,971 680,685 5,128,286 O ats............................. 568,635 1,983,070 1,414,435 Barley.......................... 4,956,183 6,930,250 1,974,067 Rye ............................. 803,714 0 803,714 TOTAL....................68,494,338 19,691,473 48,802,865 Net inc. The total amount of all exports through the port of New Orleans during the year 1920 was $712,877,774, compared with $556,834,691 for the previous year. Included in 1920 exports were 1,361,389 bales of cotton. Cotton goods exported is shown in the following statement: 1920 1919 Cotton Cloth ......................... 6,860,402 yards 3,893,376 yards Cotton blankets ................... $ 240,343 $ 100,098 Unbleached duck .................. 802,758 yards 476,971 yards Laces .................................... $ 40,862 $ 38,486 Wearing apprael.................. $2,868,644 $ 733,797 Unbleached cotton cloth ...... 3,246,921 yards 6,089,279 yards Printed goods....................... 2,189,020 yards 2,818,071 yards R EV IEW M o r e g r a in is r e p o r t e d to h a v e b e e n e x p o r t e d th r o u g h N e w O r le a n s t h a n t h r o u g h a n y o t h e r p o r t. O f t h e c o f fe e im p o r te d in to t h e U n it e d S t a t e s , p r o b a b ly a th ir d p a s s e d t h r o u g h N e w O r le a n s . D u r in g 1920, 2,308 o c e a n v e s s e l s e n te r e d t h e p o r t, w it h a to ta l t o n n a g e o f 7,144,148 t o n s , a n d m o r e th a n 3,000 r iv e r c r a f t w e r e r e g is te r e d . F o r e ig n tr a d e w a s c a r r ie d o n w it h 143 p o r t s , a n d 58 lin e s o f s t e a m s h ip s w e r e o p e r a t e d to s e r v e t h e tr a d e . E X P O R T S T O G E R M A N Y 1920. S t a t is t ic s w h ic h h a v e b e e n c o m p ile d s h o w in g e x p o r t s fro m th is c o u n tr y to G e r m a n y d u r in g 1920, s h o w t h a t c o t to n , th e c h ie f a r t ic le o f e x p o r t , to t h e v a lu e o f $110,631,000 w a s s h ip p e d t o t h a t c o u n tr y fr o m th e U n it e d S t a t e s . T h is c o m p a r e s w it h $70,346,000 in 1913, t h e y e a r b e f o r e th e b e g in n in g o f th e w a r . N e x t in v a lu e w e r e la rd , w h e a t , r e fin e d c o p p e r , b a c o n , w h e a t flo u r , a n d lu b r ic a tin g o il, r e s p e c t iv e ly , f o llo w e d b y a n u m b e r o f a r t ic le s w h ic h w e r e sh ip p e d in le s s e r q u a n tit ie s . T h e t o ta l v a lu e o f a ll e x p o r t s t o G e r m a n y la s t y e a r fr o m t h e U n it e d S t a t e s w a s $311,437,000, w h ic h r a n k s a f t e r e x p o r t s to t h e LTnited K in g d o m , C a n a d a , F r a n c e , C u b a, J a p a n a n d I t a ly . T h e f o llo w in g lis t s h o w s in d e ta il p r in c ip a l a r t ic le s o f e x p o r t t o G e r m a n y d u r in g 1920: C o tto n .................................................................................................... $110,631,000 L a r d ......................................................................................................... 28,785,000 W h e a t .................................................................................................... R e fin e d c o p p e r ................................................................................ B a c o n .................................................................................................... 22,511,000 17,614,000 W h e a t flo u r ....................................................................................... 17,113,000 11,856,000 L u b r ic a t in g o il ................................................................................ 11,438,000 F r e s h b e e f ......................................................................................... 5,167,000 C o n d e n s e d a n d e v a p o r a t e d m ilk .......................................... I llu m in a tin g o i l ................................................................................ N a p t h a , e t c ........................................................................................... 4,796,000 4,324,000 3,311,000 G a s o lin e ................................................................................................ P a r a ff in ................................................................................................ O le o O il ......................................................................................... ...... C o t to n s e e d o i l ................................................................................... H a m s a n d s h o u ld e r s , c u r e d ..................................................... W o o l w e a r in g a p p a r e l ................................................................. L a r d c o m p o u n d s a n d o t h e r s u b s t it u t e s f o r la r d ........ P ic k le d a n d o t h e r c u r e d b e e f ................................................... P ic k le d p o r k ..................................................................................... N e u t r a l la rd ....................................................................................... C a n n e d b e e f ....................................................................................... O th e r e x p o r t s , in c lu d in g a ll r e - e x p o r t s .......................... 1,004,000 816,000 715,000 652,000 625,000 400,000 339,000 257,000 91,000 38,000 37,000 68,917,000 TOTAL ......................................................................................... $311,437,000 WHOLESALE PRICES IN THE UNITED STATES. T h e in d e x n u m b e r o f w h o l e s a l e p r ic e s in t h e U n it e d S t a t e s c o m p ile d b y t h e F e d e r a l R e s e r v e B o a r d fo r t h e p u r p o s e o f i n t e r n a t io n a l c o m p a r is o n s s h o w e d a d e c lin e o f p r ic e s d u r in g F e b r u a r y o f *6%. O n t h e b a s is o f p r ic e s in 1913 e q u a l t o 100, t h e v a lu e o f c o m m o d it ie s im p o r te d s h if t e d fr o m a n in d e x T H E M O N TH LY number of 114 during January to 113 during February. Prices of exports declined from 142 in January to 135 in February. The all commodities index stands at 154 as compared with 163 in January. This index number is compiled from 88 wholesale price quotations for representative commodities taken in leading United States markets. In most cases weekly quotations are averaged to obtain the monthly figure, and these in turn are weighted according to the importance of the commodity be fore the index number is constructed. Part of the quotations used are furnished by the Bureau of Labor Statistics, the rest are compiled from trade journals and private firms of recognized authority. Index Numbers of Wholesale Prices in United States. (Average price for 1913—100) 1920 Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. 1921: Jan. Feb. Gds. Gds. pro- Impt. duced 244 216 250 218 265 242 266 246 260 226 253 208 238 182 231 164 213 142 195 127 178 112 166 156 Gds. Gds. Raw Exptd. Con- Matesumed rials 252 242 242 256 247 246 264 263 263 262 264 263 256 257 258 248 249 249 229 234 237 211 227 233 181 211 211 163 193 192 146 176 176 114 113 142 135 165 155 164 152 Pro ducers gds. 247 263 274 274 265 251 235 225 209 190 171 Consumers gds. 240 241 257 261 255 250 229 218 203 187 171 All 242 248 263 264 258 250 234 226 208 190 173 166 158 159 152 163 154 LUMBER AND BUILDING. The statistical report of the Southern Pine Association for the week ending April 1st, shows average orders received by the 134 reporting mills to be larger than for any week of 1921, with one exception, the last week in January. Average shipments were larger than for any week this year except the preceding week, but the average production has been exceeded three times since the beginning of the year. The statement shows production to be 29.52% below normal, but shipments were 529% above production. Orders were 2.59% above shipments, and 8.04% above production for the week. Orders on hand increased .83% during the week. Prices of pine have continued to sag slightly, and while some few items have shown an increase, a large number have reg istered small declines. The optimism displayed by reports from the larger mills is not universal, as many of the smaller mills are still shut down or operating on a hand to mouth basis, only cutting lumber when they have orders. Some of the mills report orders for March at 25 per cent less than for the two preced ing months and as much as 80 per cent less than for the same time last year. Production in the Tennessee hardwood mills is also re ported off as much as 75 per cent compared with the first B U SIN ESS R EV IEW 9 three months of 1920, and many of the mills are either closed down or cutting small lots. There has, however, been some slight improvement in the volume of orders since the early part of the year. The production of mills reporting to the Georgia-Florida Saw Mill Association, for the first three months of 1921, was approximately 40 per cent less than in the same period of 1920, and slightly under that of 1919. Production in March exceeded orders by approximately 30 per cent, while in February production exceeded orders by about 40 per cent. Prices during March were about 10 per cent lower than during February, and about 50 per cent lower than at the same time last year. There has been some improvement in the export trade during the month. Demand from the Argentine has increased as well as that from Porto Rico; Mexico continues to furnish a market. Building permits for March increased in value over Feb ruary permits at a number of points in the District. Figures for Atlanta, Augusta, Birmingham, Knoxville, Mobile, Savan nah and Tampa indicate increased activity in building com pared with the preceding months, although at Anniston, Au gusta, Brunswick, Macon and Savannah the value of permits issued does not come up to the figure for March 1920. The following statement shows appreciable increases in value of permits issued over those for March 1920 at Birmingham, Jacksonville, Orlando, Pensacola, Tampa and Knoxville. BUILDING PERMITS—MARCH. Repairs and alterations No. Value ALABAMA: Anniston __ 5 Birmingham ....273 Mobile ____ 7 Montgomery ..108 Compared with March 1920 New bldgs. Perct. Perct. Inc. Dec. No. Value $ 2,500 77,761 54,450 11,459 5 233 19 26 $ 2,200 587,745 28,450 26,655 — 76.8 52.7 — — — 5.8 FLORIDA: Jacksonville ....200 ♦Miami Orlando ....... 42 Pensacola .... 87 Tampa ......... 92 W. Palm Bch... 17 40,310 93 320,160 50.4 12,291 133,908 42,992 7,610 71 12 53 28 111,700 124,500 528,570 66,875 103.4 667.4 GEORGIA: A tlanta......... Augusta ....... Brunswick .... Columbus .... Macon ......... Savannah ...... Waycross .... 215 184 20 4 52 18 7 176,461 32,148 3,922 6,500 38,421 13,900 2,215 135 38 13 5 20 35 7 917,703 71,085 3,575 9,500 20,400 116,650 14,500 4.5 LOUISIANA: New Orleans..... 86 93,340 191 526.792 — 24.4 — — 67.7 59.3 71.4 31.8 49.0 — 25.0 10 T H E M O N TH LY B U SIN ESS p r o t e s t , p e n d in g s e t t l e m e n t b y a r b it r a t io n ; o t h e r s w ill n o t r e tu r n t o w o r k u n til t h e s e t t le m e n t h a s b e e n r e a c h e d . M IS S IS S IP P I: M e r id ia n ........... 6 6,843 9 55,100 T h e s t r ik e o f t h e A t l a n t a , B ir m in g h a m a n d A t l a n t i c R a il w a y w o r k e r s h a s n o t y e t b e e n s e t t l e d , b u t t r a in s a r e b e in g o p e r a t e d b y t h e c o m p a n y w it h o t h e r h e lp e m p lo y e d . TENNESSEE: ♦C h a tta n o o g a J o h n s o n C ity.... R EV IEW 800 278,743 38,837 1 K n o x v ille ........ 81 N a s h v ille .......... 235 22 35 39 59,600 238,125 89,165 55.6 48.3 47.2 MANUFACTURING. * N o t r e p o r te d . T h e s t a t i s t i c a l r e p o r t o f t h e S o u t h e r n P in e A s s o c ia t io n fo r t h e w e e k e n d in g A p r il 1, w it h 134 m ills r e p o r t in g , is a s f o l lo w s : C ars F eet O r d e r s o n h a n d b e g i n n i n g o f w e e k ...................... 9,490 205,449,010 O r d e r s r e c e iv e d d u r in g w e e k ................................. 3,135 67,869,615 T O T A L ................................................ ............................12,625 S h ip m e n t s d u r in g w e e k ....... ....................................... 3,056 O r d e r s o n h a n d e n d o f w e e k .................................... 3,569 273,318,625 66,159,344 207,159,281 F o r t h e w e e k (1 3 4 m i l l s ) : A verage P e r M ill T o ta l O rders ........................................................................67,869,615 f t. 506,490 ft. S h ip m e n t s .......................................................... ...... 66,159,344 f t. P r o d u c tio n ...............................................................62,817,970 ft. 493,726 ft. 468,791 ft. N o r m a l p r o d u c t io n t h e s e m ills ....................89,123,677 f t. 665,102 ft. S h ip m e n t s a b o v e p r o d u c tio n fo r w e e k .... 3,341,374 f t. = 5.29% O r d e r s a b o v e p r o d u c tio n fo r w e e k ............. 5,051,645 f t. = 28.04% O r d e r s a b o v e s h ip m e n t s fo r t h e w e e k .... 1,710,271 A c t u a l p r o d u c t io n b e l o w n o r m a l ...............26,305,707 S h ip m e n t s b e lo w n o r m a l p r o d u c tio n ........ 22,964,333 O r d e r s b e lo w n o r m a l p r o d u c tio n .............. 21,254,062 I n c r e a s e in o r d e r s o n h a n d d u r in g w e e k 1,710,271 ft. ft. f t. ft. ft. = = = = = 2.59% 29.52% 25.77% 23.85% .83% Previous Reports. W eek E n d ed M ar. M ar. M ar. M ar. 4 11 18. 25 M ills A v e r a g e A v e r a g e P r o d t n . R ep tg . O rd ers S h p m ts. A v e r a g e (fe e t) (fe e t) (fe e t) 439,685 464,570 462,295 129 479,609 463,645 475,468 125 453,461 455,792 430,835 139 474,935 496,752 456,172 129 P r o d tn . U n f ir d T o ta l a v . n m l. (fe e t) 665,621 675,382 671,546 676,286 (ca rs) 10,167 10,512 9,493 8,847 LABOR. A ll in d u s t r ie s r e p o r t t h e s u p p ly o f la b o r a s p 1e n t if u l in a ll p a r t s o f t h e D is t r ic t . S o m e o f t h e c o t t o n m ills a r e o p e r a t i n g W h il e s o m e o f t h e c o t t o n m ills o f t h is D i s t r i c t a r e o p e r a t i n g a t fu ll c a p a c it y d u r in g t h e d a y , h e s i t a t i o n s t i l l p r e v a ils in o t h e r lin e s o f m a n u f a c t u r in g . In t h e c o t t o n s e e d o il b u s i n e s s o n ly o n e c o m p a n y r e p o r t s o p e r a t io n a t f u ll c a p a c it y . T h is r e p o r t s h o w s a m o u n t o f p r o d u c t m a n u f a c t u r e d d u r in g M a r c h , 10 p e r c e n t m o r e t h a n in F e b r u a r y , a n d 30 p e r c e n t m o r e t h a n M a r c h 1920, a n d a n in c r e a s e o f 19 p e r c e n t in t h e n u m b e r o f e m p lo y e e s , a lt h o u g h w a g e s a r e 33 p e r c e n t l e s s th a n a y e a r a g o . P r ic e s h a v e d e c r e a s e d 80 p e r c e n t c o m p a r e d w it h t h o s e p r e v a ilin g M a r c h 1920. C o n d itio n s in t h e m a n u f a c t u r e o f b r ic k a n d c la y p r o d u c t s h a v e b e e n im p r o v e d b y t h e s e a s o n a l i n c r e a s e in b u ild in g a c t iv it y . M o s t o f t h e s e p la n t s h a v e b e e n p r a c t i c a ll y c lo s e d d o w n s in c e la s t S e p te m b e r . M a n y h a v e n o w r e s u m e d , h o w e v e r , a n d r e p o r t s f r o m t h e B ir m in g h a m d is t r ic t a r e t h a t p r a c t ic a lly n o r m a l c o n d it io n s in t h is lin e o f m a n u f a c t u r e a g a in p r e v a il. G e o r g ia r e p o r t s in t h is lin e , w h i le n o t s o o p tim is t ic , in d ic a t e p e r c e n t le s s t h a n fo r M a r c h 1920, a r e 15 p e r c e n t m o r e th a n f o r F e b r u a r y o f t h is y e a r . T h e n u m b e r o f e m p lo y e e s e n g a g e d is 1 2 ^ p e r c e n t la r g e r t h a n f o r la s t M a r c h , b u t w a g e s h a v e d e c r e a s e d 80 p e r c e n t . O v e r a ll f a c t o r ie s a n d h o s ie r y m ills a t i n g o n f r o m 50 p e r c e n t t o 80 p e r a lt h o u g h p r o d u c t io n is c o n s id e r a b ly 1920, t h e r e is e v id e n c e o f in c r e a s in g in T e n n e s s e e a r e o p e r c e n t o f c a p a c it y , a n d le s s t h a n f o r M a r c h a c t iv it y . T w o r e p o r t s r e c e iv e d in d ic a t e i n c r e a s e s o f 20 a n d 25 p e r c e n t r e s p e c t iv e ly in p r o d u c ts m a n u f a c t u r e d d u r in g M a r c h c o m p a r e d w i t h F e b r u a r y . W a g e s a r e 25 p e r c e n t l e s s t h a n t h o s e p r e v a ilin g a year ago. S t o v e m a n u f a c t u r in g p la n t s a r e o p e r a t i n g o n b a s e s o f 20 to 30 p e r c e n t c a p a c it y , w a g e r a t e s b e in g 10 t o 15 p e r c e n t l e s s t h a n d u r in g M a r c h 1920. V o lu m e o f p r o d u c t m a n u f a c t u r e d s h o w d e c r e a s e s o f 65 p e r c e n t t o 80 p e r c e n t c o m p a r e d w it h M a r c h a y e a r a g o , a n d t h e n u m b e r o f e m p lo y e e s h a s d e c r e a s e d 15 t o 50 p e r c e n t c o m p a r e d w it h t h o s e a y e a r a g o . C a n d y m a n u f a c t u r e r s h a v e r e d u c e d t h e n u m b e r o f t h e ir e m p lo y e e s fr o m 43 t o 50 p e r c e n t c o m p a r e d w i t h M a r c h a year ago. W a g e s h a v e d e c lin e d 15 p e r c e n t d u r in g t h is p e r io d , a n d p r ic e s h a v e d e c r e a s e d 22 t o 25 p e r c e n t . V o lu m e o f m a n u f a c t u r e d p r o d u c ts h a s d e c lin e d 15 t o 51 p e r c e n t . o n fu ll t im e b u t o p e r a t io n s a r c s t ill c u r t a ile d a t m a n y . L a r g e n u m b e r s o f la b o r e r s n o r m a lly e n g a g e d in w o r k in s a w m ills , in N a v a l S t o r e s p r o d u c t io n , a n d in m in in g , a r e s t ill id le , a n d v e r y f e w m a n u f a c t u r in g in d u s t r ie s a r e o p e r a t i n g o n b a s is o f 100 p e r c e n t o f c a p a c it y . M e t a l t r a d e w o r k e r s in N e w O r le a n s o r g a n iz e d a s t r ik e o n A p r il 1, r e f u s i n g t o a c c e p t a r e d u c t io n o f t e n c e n t s a n h o u r b e lo w t h e ir o ld w a g e s . T h e s t r ik e r s a ls o d e m a n d a 4 4 -h o u r w eek . S o m e o f t h e t r a d e s h a v e a c c e p t e d t h e r e d u c t io n , u n d e r COTTON MANUFACTURING. A n e f fo r t h a s b e e n m a d e t o in a u g u r a t e a r e p o r t in g s y s t e m o n c o t t o n m a n u f a c t u r in g in t h e S ix t h F e d e r a l R e s e r v e D i s t r ic t, a n d t h e r e s p o n s e s w h ic h h a v e b e e n r e c e iv e d in d ic a t e a w i ll i n g n e s s o n t h e p a r t o f c o t t o n m a n u f a c t u r e r s t o le n d th e ir c o o p e r a t io n . T h e s t a t e m e n t s s h o w n b e lo w h a v e b e e n c o m p ile d f r o m t h e r e t u r n s r e c e iv e d f o r t h e m o n t h o f M a r c h . T H E M O N TH LY Cotton Goods Manufacturing. In crea se 1. A — A m o u n t o f c lo t h m a n u f a c t u r e d d u r i n g M a r c h 1921 c o m p a r e d w it h F e b r u a r y 1921 .......................................................... D ecrease 4.5% B — A m o u n t o f c lo t h m a n u f a c t u r e d d u r in g M arch 1921 c o m p a r e d w it h tl R EV IEW d id n o t c o m e u p t o p r o d u c tio n f o r M a r c h o f la s t y e a r . S h ip m e n t s , h o w e v e r , w e r e g r e a t e r b y 57.2% in M a r c h t h a n in F e b r u a r y , a n d b y 16.3% t h a n s h ip m e n ts d u r in g M a r c h 1920. O r d e r s o n h a n d w e r e 1.1% l e s s t h a n a t t h e e n d o f F e b r u a r y , a n d 47.9% l e s s t h a n a t t h e e n d o f M a r c h a y e a r a g o . T im e r e q u ir e d , r u n n in g f u ll tim e , t o c o m p le t e o r d e r s o n h a n d r a n g e s f r o m o n e d a y t o t h r e e m o n t h s , w it h a n a v e r a g e fig u r e f o r a ll r e p o r t s , o f o n e m o n t h . M a r c h 1920 ........................................................ 2. A — A m o u n t o f s h ip m e n t s d u r in g M a r c h 1921 c o m p a r e d w it h F e b r u a r y 1921.... B — A m o u n t o f s h ip m e n t s d u r in g M a r c h 1921 c o m p a r e d w i t h M a r c h 1920........... 3. A — O r d e r s o n h a n d a t e n d o f M a r c h 1921 c o m p a r e d w it h F e b r u a r y 1921 B — O rd ers o n h an d a t end o f M arch 1921 c o m p a r e d w it h M a r c h 1920.......... 22.1% 11.9% COAL. 39.1% T h e r e h a s b e e n a g r e a t f a llin g o ff in t h e p r o d u c tio n o f c o a l in A la b a m a fo r t h e f ir s t t h r e e m o n t h s o f 1921 a s c o m p a r e d w it h t h e s a m e p e r io d o f 1920, a s e v id e n c e d f o llo w in g f i g u r e s : 0.9% 1921 70.1% I t w ill b e n o t e d t h a t p r o d u c tio n o f c o t t o n c lo t h in t h e r e p o r t in g m ills s h o w e d a n in c r e a s e o f 4.5% d u r in g M a r c h o v e r t h e p r e c e d in g m o n t h , b u t a d e c r e a s e o f 22.1% a s c o m p a r e d w it h M a r c h 1920. S h ip m e n t s s h o w e d a d e c r e a s e c o m p a r e d w it h t h e p r e v io u s m o n t h o f 11.9% , a n d a g r e a t e r d e c r e a s e c o m p a r e d w it h M a r c h o f l a s t y e a r . O r d e r s o n h a n d s h o w e d a s lig h t in c r e a s e o v e r t h o s e o n h a n d a t t h e e n d o f F e b r u a r y , b u t a d e c r e a s e o f 70.1% c o m p a r e d w i t h o r d e r s o n h a n d a t t h e e n d o f M a r c h 1920. I t w ill b e r e m e m b e r e d t h a t d u r in g t h e e a r ly m o n t h s o f 1920 m a n u f a c t u r in g p la n t s o f a ll k in d s w e r e o p e r a t in g d a y a n d n ig h t, in a la r g e p r o p o r t io n o f in s t a n c e s , in o r d e r t o s u p p ly t h e i n s i s t e n t d e m a n d f o r t h e ir p r o d u c ts . D u r in g t h e l a s t f e w m o n t h s o f 1920 a g r e a t m a n y p la n t s , a m o n g t h e m m a n y c o t t o n m a n u f a c t u r in g c o m p a n ie s , w e r e a lm o s t , i f n o t e n t ir e ly , c lo s e d d o w n . S o m e o f t h e m r e - o p e n e d o n a r e d u c e d s c a le o f o p e r a t io n s J a n u a r y 1, w h ile o t h e r h a v e r e s u m e d o p e r a t io n s s in c e t h a t tim e , b u t f e w a r e r u n n in g n ig h t s h if t s , o r e v e n w o r k in g a t f u ll d a y c a p a c it y . S o m e o f t h e r e p o r t s , h o w e v e r , in d ic a te o r d e r s o n h a n d w h ic h w ill r e q u ir e f u ll r u n n in g tim e f o r s e v e r a l w e e k s fo r th e ir c o m p le t io n . Cotton Yarn Manufacturing. In crea se 1. A — A m o u n t o f y a r n m a n u f a c t u r e d d u r i n g M a r c h 1921 c o m p a r e d w it h F e b r u a r y 1921 .......................................................... D ecrease b y th e 1920 J a n u a r y ............................................1,268,089 F e b r u a r y .......................................... 1,020,049 1,683,331 1,251,430 M a r c h .................................................. 820,852 1,261,608 T o t a l .................................................. .3,108,990 4,196,369 T h is d e c r e a s e is a ttr ib u te d t o t h e g e n e r a l f a l li n g o ff in m a n u fa c tu r in g , t h e le s s e n e d c o n s u m p tio n b y r a ilr o a d s , p u b lic u tilit ie s , e t c . W h ile t h e p r o d u c tio n d u r in g M a r c h 1921 w a s a p p r o x im a t e ly 30 p e r c e n t le s s t h a n f o r M a r c h 1920, p r o d u c tio n a t t h is tim e la s t y e a r w a s g r e a t ly h a m p e r e d b y la c k o f r a ilr o a d c a r s . O n F e b r u a r y 2 2 n d t h e s t r ik e o f t h e m in e r s w h o w e r e m e m b e r s o f t h e U n it e d M in e W o r k e r s o f A m e r ic a c a m e to a n e n d , b u t a la r g e n u m b e r o f m in e s a r e s h u t d o w n a n d th e r e a r e m a n y w o r k e r s id le . IRON AND STEEL. W h ile t h e p r o d u c tio n o f p ig -ir o n c o n t in u e d a t t h e m in i m u m t h r o u g h o u t M a r c h , t h e r e h a s b e e n s o m e r e s u m p tio n o f a c t iv it y s in c e t h e b e g in n in g o f A p r il. T h e f a c t t h a t t h r e e o r fo u r c o m p a n ie s a r e n o t m a k in g ir o n a n d a r e fillin g a f e w o r d e r s is r e s p o n s ib le f o r t h e d e c r e a s e o f s t o c k s . S a le s in t h e B ir m in g h a m d is t r ic t a r e n u m e r o u s , b u t in c a r lo a d lo t s a n d fo r im m e d ia t e s h ip m e n t. Q u o ta tio n s fo r p ig -ir o n a r e s t e a d y a t $25. R e s u m p t io n s a r e a ls o r e p o r te d a t s a n it a r y p ip e p la n ts in A la b a m a . 8.0% B — A m o u n t o f y a r n m a n u fa ctu red dur in g M a rch 1921 c o m p a r e d w it h M a r c h 1920 ........................................................ S t e e l m ills in t h e B ir m in g h a m d is t r ic t a r e o p e r a t in g a t a b o u t 4 0 t o 50 p e r c e n t c a p a c it ie s . S o m e e x p o r t b u s in e s s h a s d e v e lo p e d . 26.2% 2. A — A m o u n t o f s h ip m e n t s d u r in g M a r c h 1921 c o m p a r e d w it h F e b r u a r y 1921.... 5 7 2 % T h e c a s t - io r n p ip e m a r k e t s h o w s li t t l e im p r o v e m e n t . Unfilled Orders—U. S. Steel Corporation. U n fille d t o n n a g e fig u r e s o f t h e U n it e d S t a t e s S t e e l C o r B—A m o u n t o f s h ip m e n t s d u r in g M a r c h 1921 c o m p a r e d w i t h M a r c h 1920.------- 16.3% p o r a tio n o n t h e c lo s e o f b u s in e s s M a r c h 31 s t o o d a t 6,284,765 t o n s , a s a g a in s t 6,933,867 to n s o n F e b . 28. T h e a m o u n t o n t h e s t a r t o f t h e p r e s e n t m o n t h w a s t h e lo w e s t s in c e S e p te m b e r , 3. A — O r d e r s o n h a n d a t e n d o f M a r c h 1921 c o m p a r e d w it h F e b r u a r y 1921.... 1.1% B — O rd ers on han d a t en d o f M arch 1921 c o m p a r e d w it h M a r c h 1920........... 47.9% A s in t h e c a s e o f c o t t o n g o o d s , t h e p r o d u c tio n o f c o t t o n y a r n s in c r e a s e d d u r in g M a r c h o v e r t h e F e b r u a r y fig u r e , b u t B U SIN ESS 1919, w h e n it w a s 6,284,638 t o n s . T h e g r e a t e s t t o n n a g e o f u n fille d o r d e r s w a s f o r t h e m o n t h o f A p r il, 1917, w h e n t h e t o t a l w a s 12,183,083. D u r in g 1920 t h e u n fille d t o n n a g e fig u r e s w e n t a s h ig h a s 11,118,468 in J u ly . T h e u n fille d t o n n a g e o n t h e c lo s e o f t h e p a s t y e a r w a s 8,148,122 t o n s , o n J a n u a r y 31, 7,572,164, a n d o n F e b r u a r y 28, 6,933,867. 12 T H E M O N TH LY B U SIN ESS R EV IEW Stocks of Rosin March 31st. NAVAL STORES. C o n t in u e d q u ie t p r e v a ils in t h e N a v a l S to r e s I n d u s t r y . W h i l e t h e d e m a n d f o r b o t h r o s in a n d t u r p e n t in e fr o m d o m e s t ic c o n s u m e r s h a s s h o w n s o m e im p r o v e m e n t , th e r e is v e r y lit t le d e m a n d f o r e x p o r t . T h e r e c e s s io n o f p r ic e s w h ic h s e t in l a s t s u m m e r h a s a p p a r e n tly c o m e t o a n e n d , a n d w h ile t h e r e h a s b e e n n o r e a c t io n in t h e p r ic e o f r o s in , s c a r c it y o f o f f e r in g s o f t u r p e n t in e c a u s e d a b o u t t h e e n d o f M a r c h a r e a c t io n f r o m t h e lo w p o in t o f 45 c e n t s t o 51 a n d 52% c e n t s . S in c e N o v e m b e r la s t y e a r t h e d e m a n d h a s b e e n v e r y lim ite d f o r b o t h r o s in a n d t u r p e n t in e . W h i le s t o c k s in t h e h a n d s o f t h e a c t u a l p r o d u c e r s a r e r e p o r t e d s m a ll, N a v a l S t o r e s o p e r a t o r s g e n e r a lly r e p o r t la r g e s t o c k s a n d v e r y lim it e d d e m a n d . T h e p r in c ip a l p r o d u c in g m o n t h s f o r r o s in a n d t u r p e n t in e a r e A p r il t o D e c e m b e r . T h e g u m b e g in s t o flo w d u r in g t h e w a r m m o n t h s o f t h e s p r in g a n d c o n t in u e s t h r o u g h o u t t h e s u m m e r . I t u s u a lly r e q u ir e s s e v e r a l m o n t h s a f t e r t h e g u m 1921 Savannah J a x o n v ille P e n s a c o la 1920 1919 R e c e ip t s — M a r c h 1921 ...... ........................ N a s h v il l e ............... ...................... ♦ M o n t g o m e r y ............................. ........ t o 1921 in c lu s iv e , s h o w s r e c e ip t s o f t u r p e n t in e la r g e r d u r in g M a r c h o f th is y e a r t h a n fo r a n y o f t h e y e a r s s h o w n . R o s in ( R e c e i p t s fo r t h e M o n t h o f M a r c h .) Savannah J a x o n v ille P e n s a c o la TOTAL 1920 7,723 4,025 569 M a r c h 1920 3,063 306 3,939 5,681 — — 1,885 1,269 — 1,491 4,051 569 2,136 306 3,935 — — — Hogs. R e c e ip t s — 13,002 12,294 J a c k s o n v ille ............................... 34,821 N a s h v ille ...................................... ♦ M o n t g o m e r y ............................. ........ — 9,114 16,784 33,064 6,301 10,866 65,125 — — P u r c h a s e s f o r S la u g h t e r — 4,530 12,294 J a c k s o n v ille ............................... 9,821 N a s h v ille ...................................... ♦ M o n t g o m e r y ............................. ........ — Turpentine. 1921 2,088 4,121 1,514 F e b . 1921 8,648 .......................................... 1,491 J a c k s o n v ille ................................ 7,210 N a s h v ille ...................................... ♦ M o n t g o m e r y ............................. ........ — A t la n t a J a c k s o n v ille Naval Stores Report for Month of March for Seven Years. 1915 Cattle and Calves. m o n th s. T h e f o llo w in g s t a t e m e n t o f r e c e ip t s a n d s t o c k s a t S a v a n n a h , J a c k s o n v ille a n d P e n s a c o la , fo r t h e m o n t h o f M a r c h , 1915 a b ly w it h t h o s e a t t h e s a m e t im e o f t h e o th e r y e a r s s h o w n . 1916 MOVEMENT OF LIVESTOCK—MARCH. P u r c h a s e s f o r S la u g h t e r — t h e p r e c e d in g y e a r s , w h ile s t o c k s o f r o s in w e r e la r g e r fo r M a r c h 3 1 st o f t h e t w o p r e c e d in g y e a r s a n d c o m p a r e d f a v o r 1917 T O T A L 301,972 103,443 243,813 345,547 353,507 323,044 309,589 c e a s e s t o f lo w t o c o m p le t e g a t h e r in g , a n d th is a c c o u n t s fo r t h e p r o d u c tio n c o n t in u in g t h r o u g h t h e f a ll a n d w in t e r r e c e ip t s w e r e la r g e r t h a n d u r in g M a r c h o f t h e t w o p r e c e d in g y e a r s , b u t m u c h s m a lle r th a n f o r M a r c h 1915 t o 1918 in c lu s iv e . S t o c k s o f t u r p e n t in e w e r e la r g e r t h a n a t t h e e n d o f M a r c h 1920, b u t v e r y m u c h s m a lle r t h a n a t t h e s a m e d a te o f 1918 67,654 18,631 62,547 94,310 103,456 72,832 105,333 175,833 4 8f346 131,435 177,987 157,106 148,294 96,856 58,485 36,466 49,831 73,250 92,945 101,918 107,400 — 8,279 16,533 10,199 10,866 7,708 — Sheep. 431 1,009 436 1919 1,052 1,639 582 1918 1,861 3,338 808 1917 1,159 3,320 887 1916 1,430 2,611 366 1915 1,936 1,876 3,273 6,007 5,366 4,407 4,069 1,683 450 R e c e ip t s — N a s h v ille ..................................... 1,378 619 481 P u r c h a s e s f o r S la u g h t e r — N a s h v il le ...................................... 1,216 619 386 Horses and Mules. R e c e ip t s — Rosin Savannah 1921 5,642 1920 4,036 J a x o n v ille P e n s a c o la 7,558 5,205 6,500 4,124 1919 3,625 6,304 4,466 1,607 1918 9,332 18,072 1917 7,974 16,287 5,470 9,590 — 1915 1916 12,171 13,806 21,228 8,087 10,977 2,143 LIVESTOCK MARKET PRICES. P r ic e s o n g o o d q u a lit y f e d s t o c k a t p o in t s i n d ic a t e d o n la s t b u s in e s s d a y o f M a r c h 1921: TOTAL 18,405 14,660 14,395 32,874 33,851 41,486 » Stocks of Turpentine March 31st. J a x o n v ille 1921 5,407 18,244 P e n s a c o la 5,648 1920 2,000 1,809 1,010 29,299 4,818 Savannah TOTAL 1919 1917 11,169 1916 1915 22,510 1918 24,095 59,889 29,511 7,620 22,944 41,839 24,346 18,718 16,321 97,450 125,823 65,026 49,282 54,427 18,850 43,860 34,740 P r ic e P e r 100 P o u n d s M o n t- 26,926 15,598 Ja ck so n - g o m - N ash - BEEF A tla n ta v ille ery v ille G o o d to C h o ic e S t e e r s .............$8.25-8.75 $7.25-8.00 $7.50 $8.00-8.75 M e d iu m t g G o o d S t e e r s ........ 7.25-8.00 6.75-7.75 6.50 7.00-8.00 G o o d t o C h o ic e B e e f C o w s .. 6.00-6.50 5.50-6.50 5.50 6.00-7.00 M e d iu m t o G o o d C o w s ........... 5.50*6.00 4.25-5.50 4.50 5.00-6.00 G o o d to C h o ic e H e i f e r s ........... 5.00-6.50 8.00-8.75 6.00 7.00-8.50 C h o ic e V e a l C a lv e s ................. 6.00-7.50 6.00-7.00 6.00 9.00 T H E M O N TH LY HOGS Prime H ogs________________ 8.50-8.75 8.75 Light Hogs ________________8.00-825 7.75 Heavy Pigs .............................. 7.50-8.00 6.75 SH EEP Prime Fat Sheep____________ Common to Medium Sheep.. Prime Lambs ______________ Common to Medium Lambs.. — — — — 8.25 10.25 825 10.25 9.50 8.75 425-5.00 3.00-4.25 7.00-8.00 6.50-7.50 5.00>6.00 2.00-3.00 9.00-11.00 5.50-7.50 COTTON CONSUMPTION STATISTICS—MARCH 1921 From U. S. Census Bureau Report. (In Bales) Mar. 1921 Feb. 1821 Mar. 1920 B U SIN ESS Arizona ------Arkansas ......... California ......... Florida ............. Georgia ______ Louisiana ____ M ississippi___ Missouri ______ No. Carolina .... Oklahoma ....... So. Carolina .... Tennessee ....... Texas ................ Virginia ............ A ll other states 13 R EV IEW 104,853 1,177,095 77,443 19,194 1,446,577 388,625 897,733 74,332 936,582 1,287,689 1,639,470 313,747 4,130,197 20,844 12,673 58,472 857,177 59,082 17,317 1,678,758 393,035 950,907 62,667 857,253 1,002,178 1,462,277 301,408 2,960,335 23,076 4,935 54,215 490.1 957,118 513.7 71,479 4822 34,951 466.5 2,117,860 489.0 582,698 497.6 1,193,122 4972 59,797 516.8 919,338 487.0 585,149 513.0 1,581,726 491.2 317,962 516.3 2,610,337 523.7 25,235 486.8 6,228 497.7 50 32 1,531 1,547 45 27 86 93 2,638 2,782 882 952 1,643 1,695 88 91 1,960 2,020 961 899 2,757 2,796 480 486 3,590 3,582 115 110 14 5 Included in the figures for 1920 are 211,893 bales which ginCotton Consumed—lin t............... 437,933 395,563 575,789 37,991 33,399 31,597 ners estimated would be turned out after the March canvass. Cotton Consumed—lin te rs____ Round bales included are 206,534 for 1920; 114,305 for 1919, and On Hand in Consuming estab lishments—lint ........................ 1,337,790 1,335,435 1,853,996 154,204 for 1918. Included in the above are 91,965 bales American-Egyptian for 1920; 40,437 for 1919, and 36,187 for 1918. On Hand in Consuming estab lishments—linters ................... 208,647 205,646 304,280 The number of sea-island bales included is 1,725 for 1920; 6,916 for 1919, and 52,208 for 1918. In Public Storage and at Com presses—lint _______________ 5,235,360 5,497,018 3,240,197 The average gross weight of bale for the crop, counting In Public Storage and at Com round as half bales and excluding linters, is 506.4 pounds for presses—linters ....................... 294,250 323,447 401,955 1920; 504.2 for 1919, and 505.6 for 1918. Imports ............................................ 27,287 28,055 133,727 493,426 794,460 ♦Exports ______________ _______ 375,180 FOREIGN CROP DATA. Active Spindles ............................ 32,104,946 32,458,528 34,697,812 Statistics published in the Monthly Crop Reporter indicate For Cotton Growing States. the production of wheat in Argentina for this season will be Mar. 1921 Feb. 1821 Mar. 1920 184,000,000 bushels, compared with 214,000,000 bushels last Cotton Consumed_____________ 263,348 243,023 321,296 year; linseed, 43,000,000 bushels, compared with 41,000,000 last In Consuming establishments.... 616,120 643,251 1,030,804 year; and oats, 60,000,000 bushels, compared with 57,000,000 last year. In Public Storage and at Com presses _____________________ 4,762,862 5,035,846 2,967,289 In Australia the harvest is practically completed. The Active Spindles ............................14,688,964 15,006,758 14,976,123 condition of the wheat crop is reported as generally excellent, ♦Exports for March 1921 include 6,845 bales of linters, for and the crop promises to be well up to the 147,000,000 bushels February 9,713 bales, and for March 1920, 4,471 bales. estimated. CENSUS REPORT OF COTTON GINNED—CROPS OF 1920, 1919, AND 1918. Cotton Ginned (Exclusive of Linters). Running Bales (counting round as half bales) : In the Transvaal and Orange Free State there has been a slight drop in the anticipated production. The latest un official estimates show the outturn of wheat, oats, barley, and corn as follows: wheat, 8, 112,000 bushels, compared with 6.630.000 last year; oats, 6,232,000 bushels, compared with 7.519.000 last year; barley, 1,088,000 bushels, compared with 1.160.000 last year; and corn, 45,812,000 bushels, compared with 42,966,000 last year. Ginneries A v.gr. Operated wt. for crop of In Chile unofficial sources state that the Department of (lbs.) ,---- a---- x Agriculture estimates the production of wheat for the season 1920 1919 1918 1920 1920 1919 1920-1921 at approximately 25,206,000 bushels, compared with United States 13,197,775 11,325,532 11,906,480 506.4 18,426 18,815 Alabama _____ 670,721 716,655 789,265 4942 1,583 1,701 20.316.000 bushels, the average for the five years 1909-1913. In 14 T H E M O N TH LY B U SIN ESS Uruaguay the prospects of a good harvest of wheat, corn and oats are very satisfactory. A report of the French Ministry of Agriculture on the acreage and conditions of the autumn-sown grains on Janu ary 1st, 1921, gives the following results: January 1st, 1921 Crop January 1st, 1920 Acreage Condition Acreage Condition 12,137,000 69 11,369,000 68 Maslin ______________ ...... 241,000 72 229,000 69 Rye .................................. . 2,052,000 Winter barley.... ......... 357,000 72 1,959,000 69 71 346,000 68 1,849,000 73 1,833,000 69 W inter w heat.............. Winter o ats--------- Climatic conditions in Italy continue to be favorable for cereal sowing. No official figures are available to total areas put under cereal cultivation this year, but unofficial informa tion indicates that it is below normal. In the United Kingdom autumn-sown grains made good progress during January, though some of the later sown crops* especially those on heavy, low-lying land, suffered from the wet condition of the soil. Wheat is generally a healthy, promising plant. The acreage under wheat is esti mated to be slightly greater than a year ago. Winter oats are in good condition, and beans are also promising. Culti vation was hindered in all parts of the country by rains in January. In some western districts little field work was possible during that month, but in the eastern no great delay was experienced. R EV IEW In India rain is very much needed, and the little that has fallen has been beneficial. According to the cotton forecast issued on December 24th, 1920, the total area of cotton in India for the season 1920-1921 amounts to 19,704,000 acres, as against 22,179,000 acres at the same date of the preceding year, or a decrease of 11 per cent. The total estimated yield is 3,621,000 bales of 400 pounds each, as against 5,645,000 bales at the same time of the preceding year, or a decrease of 36 per cent. In North Africa climatic conditions have been generally favorable. The final sowings by natives in Algeria have been finished, but the area of wheat is less than last year owing to lack of seed. The sowings by European settlers have a good appearance, and are very promising. In Tunis the ap pearance of the sowings is satisfactory but the area is small er owing to a deficiency of seed. In Egypt the weather has been favorable and the water supply ample. The area under wheat and barley has increased and appears to be larger than that of last season. In Germany the crops have been progressing under mild ‘ weather conditions. The appearance of the young crops is very satisfactory, but snow covering is lacking. Crop con ditions, expressed according to the country’s scale of 2 =good, 3=average, were in the beginning of November, as follows: Winter wheat 2.8, compared with 2.9 at the same date of the preceding year; winter barley, 2.3 against 2.7; and winter rye 2.7, against 2 .8. In Belgium during December frosts stopped the germina tion of late sowings, but subsequently higher temperatures prevailed and the late crops came up under fairly good con ditions. Recent reports indicate an increase in the wheat area this year.