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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

OF A TLA N TA

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
 Decrease.
— Indicates


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

R EV IEW

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

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.

163
154

LUMBER AND BUILDING.




B U SIN ESS

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

1918

1917

1916

1915

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

T O T A L 301,972 103,443 243,813 345,547 353,507 323,044 309,589

MOVEMENT OF LIVESTOCK—MARCH.
Cattle and Calves.
R e c e ip t s —

M a r c h 1921

F e b . 1921
4,025
569

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

J a c k s o n v ille

5,681

—

—

P u r c h a s e s f o r S la u g h t e r —

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

M a r c h 1920
3,063
306

3,939

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

1,885
...... ........................

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 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
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 ­
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 .

Naval Stores Report for Month of March for Seven Years.
( 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

—

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

1,269

1,491
4,051

—

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
Imports ............................................ 27,287
28,055
133,727 1920; 504.2 for 1919, and 505.6 for 1918.
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
Agriculture1919
1920
1919
1918 1920 1920 estimates the production of wheat for the season
United States 13,197,775 11,325,532 11,906,480 506.4 18,426 18,815 1920-1921 at approximately 25,206,000 bushels, compared with
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.