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T H E

B

M O N TH LY

usiness

R

eview

Covering B usiness and A gricu ltu ra l C onditions in th e S ix th Federal Reserve D istric t.
F E D E R A L

R E S E R V E

B A N K

O F

A T L A N T A

JOS. A. McCORD, Chairman of the Board and Federal Reserve Agent
W ARD ALBERTSON, Assistant Federal Reserve Agent
VOL. 7

A T L A N T A , G E O R G IA , A P R I L 2 9 , 1 9 2 2
UNITED STATES SUMMARY

Pronounced increase of activity has been characteristic of
many basic lines of industry during the past month. I t has
been particularly noticeable in the metal working industries,
while m etal mining operations have also reflected the tendency
to an upward movement. In steel and iron m anufacture it is
now estimated th a t, taking the industry as a whole, about 70
per cent of plant capacity is being utilized. The automobile
trade has shown a very decided gain. Active demand for
building m aterials has had a favorable effect not only upon the
metals but also upon other lines of industry. The total value
of building permits for March was almost twice as great as
th a t for February and more than twice as great as th a t for
March 1921. The lumber industry has notably expanded oper­
ations.
In cotton textiles the month *has been much less encouraging.
There has been a reduction in mill activity, largely due to the
widespread strikes in the New England D istricts. On the other
hand demand for cotton goods has been fairly well sustained.
Boots and shoes have shown great irregularity as between
different producing districts. Very much the same is true of
the woolen m anufacture. A conspicious development has been
the shifting of demand from worsteds to woolens. Leaving out
voluntary unemployment, the result of strikes, a decided increase
in the number of employees a t work is noted. There has been
a 2.5 per cent increase during the month in the number of
w orkers employed by firms reporting to the United States Em­
ployment Service. The improvement noted, will however, be
offset to some extent by the widespread unemployment in the
coal m ining industry as well as in the New England textile
centers.
Wholesale and retail trade have reflected to some extent the
improvement in industrial conditions. Such improvement is in
p a r t seasonal but also contains an element of growth due to
b e tte r business conditions. In the retail trade also a very gen­
eral 'has taken place.
Agriculturally the month has not been altogether promising.
Spring planting has been retarded by cold weather and con­
tinued rains. Prices continued relatively stable. The Federal
Reserve B oard’s wholesale price index for Marcih advanced one
point. Few conspicious changes in the prices of entire groups
of commodities are indicated. In terest rates have continued
on a very low basis w ith slight tendencies to decline. An ap­
parent shrinkage of commercial credit has been indicated by
further falling off in the rediscounts of the Federal Reserve
Banks, although an upw ard movement is again to be noted in
th e loans and discounts of member banks in many p arts of
the FRASER
Digitized for country.


N o. 4

SIXTH DISTRICT SUMMARY
Unmistakable evidences of continued improvement in busi­
ness conditions in the Sixth Federal Reserve D istrict are con
tained in a large m ajority of the reports received from banks
and business firms in various lines of trade throughout the Dis­
trict. Since the middle of March there have been more ex­
pressions of optimism than at any time in the past year and
a half, and the mental attitu d e of business men has undergone
a change for the better which in itself is indicative of pro­
gress. Agriculturally, mos^t parts of the D istrict are some­
what lagging, because of the almost continual rains, but the
increases in prices of farm products during the past two or
three months has resulted in a considerably improved outlook
and a better feeling among the farm ers Which has been almost
immediately reflected in improvement in the commercial life
of the D istrict.
The statem ent of debits to individual accounts printed in
this Review for thei four weeks of March 1922 compared w ith
the same period in 1921 shows a decrease of a little less than
three per cent; this comparison for several months has shown
a progressive smaller decrease. Even w ith the small decrease
shown for March, however, and considering the different level
of prices, these figures represent a larger volume of business for
the current month than is shown by the larger figures for the
corresponding month last year. Betail trade conditions have ex­
hibited improvement during March, and sales during th a t month
by thirty-four representative D epartm ent Stores in the District
were seventeen per cent larger than during February. A late
E aster and bad w eather throughout most of March, however,
resulted in a more unfavorable comparison w ith sales for
March last year. March business was also beter than th a t of
February in all of the eight lines of wholesale trade under
investigation. Substantial increases in sales are s'hown in the
statem ent of wholesale trade conditions in seven of these lines,
although of course much of the increase over February is a t­
tributed to seasonal influences. Reports from wholesalers are,
however, much more optimistic than they have been and most
of them indicate th a t local conditions are better than a t any
time in recent months.
N ot the least im portant factor in the present situation is the
improvement which has taken place during th e last two or
three months in employment conditions. A t most of the cities
and towns of the D istrict, large and small, the ranks of the
unemployed have thinned and during March and early April
numbers of idle laborers have been p u t to work. Building

2

T H E

M O N T H L Y

B U S IN E S S

campaigns Jiave been carried on throughout most of the past
winter, b $|n g interfered w ith to only a small extent by w eather
conditions, and the building trades in most of the cities and
towns of this D istrict have been employed almost continually.
Noticeable progress is also being made in the lumber industry
in the D istrict. Cotton m anufacturing, which lagged some­
w hat in February, showed improvement in March over both the
preceding m onth and the corresponding month a year ago.
In the Birmingham district production of coal during March
showed an increase over February, and the output of pig iron
was almost half again as large as during February.
RETAIL TRADE
R etail trade has exhibited more or less seasonal activity dur­
ing M$r<?h, b u t unfavorable weather conditions, and the fact
th$1? the principal p a rt of the E aster trade fell in April this
year, causes a more unfavorable comparison of March 1922 re­
ta il fi^les w ith those fo r March 1921 than has been th e case in
a number of months. Nashville figures show th e least u nfa­
vorable comparison, a decrease of 17.4 per cent, in sales dur­
ing March 1922 w ith those for March 1921, while the n et aver­
age decrease for the whole D istrict w as 24.4 per cent. For the
period January 1 to March 31, 1922, sales by reporting Departm ent Stores were 20.2 per cent lower than during the same
period in 1921.

R E V IE W

Comparing M areh 1922 sales w ith those for the pr$$£<iJ|ig
month, an increase is shown a t all cities included in t£$ retail
statem ent, the average for th e D istrict being 17.2 per cent, feat
this increase over F ebruary is attrib u ted to seasonal buying.
Since the beginning of A pril, however, correspondent firms
state th a t their business h as improved and t}ia| the outlook is
much more favorable. Improvement which has taken place in
the employment situation is beginning to be felt by the stores
and A pril business is more nearly equal to th a t of th e cor­
responding month last year th a t has so fair been the case, ac­
cording to reporting firms. M any of those who have been out of
work are behind w ith th eir rents and other fixed charges, and
these are being taken care of before the reta il stores will feel
the stimulus of the progress which has been made in employ­
ment conditions.
Stocks of goods on hand a t the end of M arch this year were
almost 3 per cent larger than stocks held by th e reporting
stores on March 31, 1921, and were 4.7 per cent larger than
their stocks on the last day of F ebruary 1922. The relation of
average stocks a t the end of the first three months of the year
to the average monthly sales during th e same period was
581.7, showing a considerably b etter ra te of tu rn over than
was the case a month ago, when the ratio 821.5. The re­
lation of outstanding orders a t th e end of March to the to tal
purchases during last year was slightly lower th an the cor­
responding figure for last month.

CONDITION OF RETAIL TRADE DURING MARCH 1922
Sixth Federal Reserve District
As Reflected by Reports of 34 Representative Deparment Stores

A tlanta
(3)
Sales during March, 1922 compared with
March, 1 9 2 1 -------- -------------Sales during March, 1922 compared with
February, 1922 .......
...........—
Sales January 1, 1922 to March 31, 1922
compared w ith same period 1921----Stocks March 31, 1922 compared with
March 31, 192 1 ................... ....................
Stocks March 31, 1922 compared with
February 28, 1922 ....... ....... ...........
Relation of average stocks on hand a t
end of each month January to March
inclusive, to average monthly sales
during same p e rio d -------------- --------Relation of outstanding orders March
31, 1922 to total purchases during
calendar year 1 9 2 1 -------— ---------N Q T E:

Binningham
Jackson
(4)
(3)

Nashville
(4)

New
Orleans
(6 )

Savannah
(3)

Other
Cities
(ID

D istrict

—22.4

—33.2

—20.4

— 17.4

—24.7

—27.5

— 21.2

—24.4

_|_28.3

_|-22.0

4-24.6

4-14.3

4 - 11.0

4-36.3

+ g i.o

4-17.2

— 21.6

—34.2

— 9.8

— 12.2

—17.6

—29.3

—17.6

—2Q.3

4-13.2

— 6.8

—39>.3

4 - 2 .4

4 - 4.5

— 7.3

+

1.9

4 - 2.8

+

-j- 3.9

+

5-7

4 . 3.8

4 . 5.4

4 - 5.1

+

14

+ 4.7

570.3

550.9

515.3

687.0

706.4

581.7

3.5

6.5

5.1

3.9

5.3

656.5

657.9

4.1

5.4

X

O t h e r c it ie s in c lu d e c it ie s i n t h e S i x t h F e d e r a l R e s e r v e D i s t r i c t f r o m w h ic h f e w e r t h a n t h r e e r e p o r t s w e r e r e c e iv e d .




T H E

M O N T H L Y

B U S IN E S S

WHOLESALE TRADE
Business during March by wholesale firms in the Sixth Fed*
eral Reserve D istrict compares more favorably than retail trade
both w ith the preceding month and w ith March last year. The
improvement is somewhat irregular, and much of the increase
in actual sales may be attributed to seasonal influences, but
the reports generally indicate a more optimistic attitude. An
increasing number of firms are reporting improvement in col­
lections, especially in the cities, but improvement is also noted
in collections in the smaller towns. This does not mean th at
there is even the slightest tendency toward carelessness, for all
of the reports show th a t conservatism and caution s»till rule in
buying, and th a t no large stocks are being accumulated. The
demand, however, is noticeably better and there is decidedly
more confidence and a more cheerful outlook indicated in a
m ajority of the reports received for March.
Wholesale grocery sales have been stim ulated by the in­
creased prices of coffee, sugar, meat, lard, dried beans and
canned vegetables and fruits. March sales by 29 reporting
wholesale grocery firms located in the principal cities of the
D istrict increased 18.4 per cent over sales by the same firms in
February, and were only 7 per cent lower than their sales dur­
ing March 1921. The comparison for February 1922 w ith F eb­
ruary 1921 showed a decrease of 18.9 per cent.
March business by wholesale dry goods firms compares more
favorably w ith the preceding month than was the case a month
ago, but not quite so favorably w ith the corresponding month
a year ago. An increase of 29.2 per cent in sales for March
over F ebruary was shown in figures reported by 21 representa­
tive wholesale dry goods firms. Compared w ith March 1921,
however, these figures show a net decrease of 17 per cent in
volume of business. Correspondent firms in this line state th a t
conditions are on the mend bu t th a t prices and credits are still
more or less unsettled. The reports, on the whole, show some

R E V IE W

3

improvement in collections, and indicate th a t buyers appear to
be more w illing to purchase w hat they need, b u t th a t no re­
serve stocks are being bought. The wholesale dry goods bus­
iness has been affected to a considerable extent during the
iast two or three months by unfavorable w eather conditions,
but improvement is being made in spite of this handicap.
Wholesale hardw are sales in March showed an increase
for the D istrict of 16.6 per cent over the preceding month, and
a decrease of only 5.6 per cent compared w ith sales during
March 1921. F ebruary 1922 business was 14.8 per cent less
than th a t of F ebruary 1921. Collections are reported improv­
ing. Correspondents state th a t the actual volume of goods sold
in March 1922 was larger than during the corresponding month
a year ago but th a t the different prices prevailing cause the
lower volume of dollar sales. While building operations are
active, bad weather has hindered the sales of building hard­
ware during the last two or three months.
Wholesale shoe firms state th a t collections are b etter except
in spots, and th a t considerable buying is being done for cash
by those whose credit is exhausted or restricted. Prices are
slightly lower on the b etter grades of footwear. Buying is
limited to actual requirements and there is a general disposi­
tion to avoid large commitments. The volume of sales by
wholesale shoe firms was 48 per cent larger in March than in
February, but 16 per cent less than March 1921 sales.
Wholesale furniture sales also were reported in larger vol­
ume during March than during February, but a small decrease
is shown in comparing March 1922 sales w ith those for March
a year ago. Correspondents state th a t competition is very
keen and th a t profit margins are narrow. L ittle comment is
made by reporting firms in the other three lines under investi­
gation, drugs, stationery and farm implements. Their reports,
however, show th a t there is a b etter m ental attitu d e on the
p art of the consuming public and th a t the outlook is improv­
ing.

CONDITION OF WHOLESALE TRADE—MARCH 1922
Sixth Federal Reserve District
1. Comparison of Sales During March 1922 with February 1922

A tlanta __
............ —
Jacksonville
------------- _________
K n o x v ille ----- ---------- -______
M e rid ian _____ _____
Nashville
_______ __ _____
New O rle a n s ........................ _________
V ick sb u rg ___ __________ _________
Other Cities
-------- --- ________
D is tr ic t--- ---------- --------- _________
in d ic a te s number of reports.
xlndieates fewer than three report?.



Groceries Dry Goods
(2 9) *
(21) *
_|_11.9
+ 2 6 .0
X
4 . 3.7
x
+ 4 4 .6
X
4 .I8.8
X
+ 3 2 .6
-|_28.3
X
X
+ 1 4 .9
+ 1 5 .9
4 -1 5.8
+ 2 9 .2
4 -1 8.4

Hardware
(22) *
+ 1 6 .1
+ 1 7 .5

Shoes
(9 )*
+ 5 4 .3
X

F arm
F urniture Implements Stationery
( 6 )*
(3 )*
( 11)*
X
+ 3 5 .7
X
X

X

Drugs
(3 )*
X

X

X
X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

+ 1 5 .7
X

+ 1 7 .3
+ 1 6 .6

+ 4 5 .5
+ 4 8 .0

+ 2 2 .4
+ 2 5 .3

+ 9.2
+ 9.2

+ 1.9
- f 1.9

+ 2 3 .0
+ 2 3 .0

4

T H E

2.

M O N T H L Y

B U S IN E S S

Comparison of Sales During March 1922 with March 1921

Groceries Dry Goods Hardware
(22)*
(2 9 )*
(21)*
— 3.6
A tla n ta __ ___ _____ _____________
17.9
2.0
— 0.6
Jacksonville______________________
*
—10.4
x
x
Knoxville ----------- -----------------—
x
—30.7
x
M e rid ian ----------- -------------------------f- ^
x
X
-f- 1*8
Nashville --------------------------- _---------------x
— 4.2
New Orleans ------------------------------— 3.0
x
x
Vicksburg ----------- -------- --------------— 16.6
x
— 8.6
Other Cities - - ___________________
— 5.9
— 16.7
— 5.6
D is tr ic t-------- -----------------------------— 7.0
— 17.0
^Indicates number of reports.
xlndicates fewer than three reports.
AGRICULTURE
The Sixth D istrict has experienced throughout almost all of
March a continuance of t'he heavy rains which have fallen in ­
term ittently for several weeks past, and the soil in most parts
of the D istrict has been too wet for proper cultivation. The
exception to this general statem ent is the situation in Florida,
where farm work has made a good deal of progress and where
rains are needed for all crops. In the other states, however,
unfavorable weather conditions have slowed up or entirely
stopped planting operations, and in Louisiana a spell of cold
weather has damaged truck crops considerably. . These adverse
conditions have caused some discouragement among the farm ­
ers, but there is still a note of determination and hope in re­
ports received from all parts of the D istrict, and the recent
rise in the prices of farm products has brought a better out­
look and mental attitu d e not only on the p art of the farm ers
themselvtes, but also on the p art of those engaged in commer­
cial enterprises.
Statem ents issued by the statisticians of the Bureau of M ar­
kets and Crop E stim ates for the various states of this Dis­
tric t during April deal particularly w ith farm labor conditions,
the condition of grain crops and statistics on the supply of
brood, sows. In Alabama the number of brood sows on farm s
on April 1, 1922 was estimated to be 5 per cent less than a
year ago. Inform ation from Florida indicates an increase from
151.000 on April 13 1921, to 156,000 on April 1, 1922, or about
3 per cent. A much larger percentage of breeding sows are
full-blooded or graded stock then was the case two years ago.
Although cholera has been destructive in some sections of
Louisiana, the farm s of the state have as many breeding sows
as on the corresponding date last year. The number estimated
on Louisiana farm s was 197,000, and is the same as was esti­
mated for April 1, 1921, and April 1, 1920. There has generally
been an adequate supply of grain feed, and swine have gen­
erally been in good condition throughout the state. Farmers
are continuing to get away from scrub stock. In Mississippi,
also, the number of breeding sows on the farm s on April 1 was
estimated to be practically the same as on the corresponding
date last year. Tennessee reports indicate an increase from
140.000 last year to 142,800 on April 1st, 1922. The advance
in price of hogs has had a tendency to increase their numbers



R E V IE W

Shoes
(9 ) *
—25.7
x

Farm
F urniture Implements Stationery
(6) *
(I D *
(3-)*
X
X
-|-13.0

Drugs
(3 )*
X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

—1U
—16.0

— 0.8
— 2.7

-[-41.4
4 .4 1 .4

— 0.7
— 0.7

_|_ 9.0
4 . 9.0

in the past few months. Some cholera is reported in one or
two counties of the state.
The condition of w inter wheat in Alabama on April 1 was
estimated to be 89 per cent of normal, slightly better than on
the corresponding day last year when it was estim ated to be
88 per cent. In Georgia the condition of the three principal
grains, wheat, oats and rye, is estim ated to be five or six points
above the ten year average. These grains are well advanced
and practically no disease is reported. In some cases lack of
fertilizer is apparent, but as a general thing th is is more than
offset by early planting, favorable w inter and ample moisture.
In Mississippi the condition of the small acreage of winter
wheat planted was 88 per cent, compared w ith a condition of
90 per cent on April 1, last year. Very little rye is sown for
grain in Mississippi. Tennessee’s wheat crop shows up well
and bids fa ir to mak;e a good yield. The indicated acreage for
harvest is larger than one year ago, though fa r below th a t of
former years. The. mild w inter has given the plant an oppor­
tunity to make good root and spread, and it is now making
rapid growth, and generally looking healthy, w ith the excep­
tion th a t on low, flat ground the plant shows the effect of too
much wet weather.
The supply of farm labor in Alabama is reported as 103 per
cent of th a t available last year, while the demand for labor is
91 per cent of th a t of a year ago. F lorid a’s farm labor supply
is 10 per cent greater than it was a year ago, while the de­
mand for it is 5 per cent less. This indicates an actual surplus
of labor amounting to about 16 per cent this season. Reports
from practically all sections of the state show th a t farm ers are
doing all of their work possible themselves, but where it is
necessary they are able to secure help w ithout any trouble a t
reasonable wages. In Georgia th e supply of farm labor is es­
tim ated to be 98 per cent of normal, and larger than a t any
time since the beginning of the war. In Louisiana the supply
of farm labor is estim ated a t 94 per cent of normal, compared
w ith 92 per cent a year ago, and the demand for farm labor is
estimated at 91 per cent compared w ith 78 per cent a year ago.
Farmers generally throughout the D istrict are short of funds to
employ labor, and are doing as much farm work as possible
themselves and endeavoring to keep expenses down as low as
possible. They are generally giving attention to diversification
and expect to produce both food and feed crops as fa r as pos­
sible sufficient fo r their needs th is year.

T H E

M O N T H L Y

B U S IN E S S

MOVEMENT OF COTTON (Bales)
March 1922

Feb. 1922

March 1922

68,931
10,334
31,313

89,000
6,181
35,832

12,279
21,856
779
1,640
631
24,658

16,245
14,133
. 357
641
701
12,090

102,506
15,449
25,236

108,952
2,088
27,165

Receipts—Ports:
New Orleans _______ 84,456
Mobile _____________ 9,950
Savannah ---------------- 69,788
Receipts—Interior Towns:
A tlan ta ____________ 17,979
Augusta ------------------- 29,953
Jackson ____________
602
M eridian ___________ 1,221
Montgomery ________
587
Vicksburg __________ 25,786
Shipments—Ports:
New Orleans _______ 122,367
Mobile _____________ 11,195
Savannah __________ 91,360'
Shipments—Interior Towns:
A tlanta ____________ 24,843
Augusta ____________ 39,699
Jackson ------------------- 1,548
Meridian ___________ 3,510
Montgomery __________ 3,178
Vicksburg __________ 23,221
Stocks—Ports:
New Orleans _______ 233,705
Mobile _____________ 11,802
Savannah __________ 136,419

16,693
25,888
1,261
3,290
2,597
20,701

15,480
27,506
320
566
1,379
4,174

271,616
13,418
157,991

402,634
14,898
162,385

Stocks—Interior Towns:
Atlantia ____________ 40,740
Augusta ____________ 115,925
Jackson ------------------- 11,084
Meridian ___________ 13,495
Montgomery ------------- 25,618
Vicksburg __________ 9,777

47,604
128,968
12,030
15,784
28,209
11,169

33,516
145,449

10,201
13,326
31,525
13,398

COTTON CONSUMPTION —MARCH 1922
U. S. Census Bureau (In Bales)
March 1922
Cotton Consumed:
518,450
L int ------------44,177
L inters ---------On H and in Consum­
ing Establishments:
L int ------------L inters ---------In Public Storage
and a t Compresses:
L int ----- -----L inters -------- --

Feb. 1922
473,073
38,509

March 1921
438,218
44,647

1,553,961
185,289

1,596,582
177,472

1,336,542
223,311

3,765,80-4
124,059

4,221,830
12*2,645

5,252,852
296,445

Exports:
L in t __________
L inters ----------

452,375
9,109

325,746
12,694

368,335
6,845

Imports -------- ---Active Spindles

59,957
31,875,212

54,761
33,797,329

27,282
32,148,202




5

R E V IE W

Cotton Growing States
March 1922
Feb. 1922
337,166
303,156
Cotton C onsum ed___
On Hand in Consum­
ing Establishm ents- 765,881
798,445
In Public Storage and
at Compresses ____ 3,347,713
3,840,168
Active S p in d le s ____ 15,557,286
15,673,771

March 1921
263,336
613,183
4,779,862
14,692,668

CITRUS FRUIT
Conditions in the Citrus F ru it m arket have shown improve­
ment, and are reported to be satisfactory. The large m arket
centers are rapidly absorbing, at increased prices, practically
everything offered. The range of prices on oranges is higher
than it has ever been a t this time of the year. The demand
from some of the smaller markets has decreased slightly on
account of the high range of prices. General quotations on
oranges range from $6.00 to $6.75 a t shipping point. The
grapefruit m arket 'has shown considerable improvement, some
of which, according to reports, is due to the shortage of oranges.
Prices range from $3.50 to $4.75 a t shipping point. The move­
ment of grapefruit during March was somewhat larger than
during February, and also larger than during March last year.
Oranges were shipped in smaller quantities, however, than dur­
ing either the preceding month or the corresponding month a
year ago. Following is a statem ent of car lot shipments of
fru its and vegetables from Florida during March, and for the
season to the end of March.
Statement of Car Lot Shipments of Citrus Fruit and Vegetables
From Florida During the Month of March.
Seasons totals to
Month of March March 31st,inc.
1922
19211
1922
1921
Grapefruit _______ 2233
2107
11650
10324
Oranges _________ 1948
2910
16403
17812
42
130
45
Potatoes -------------- 129
361
2254
2656
Lettuce __________ 427
Vegetables ----------- 388
260
1190
906
Cabbage _________ 1351
637
2533
1310
Peppers ---------------- 58
0
196
3
Tomatoes -------------2418
886
2947
1366
Celery ___________ 1535
1540
2924
3035
Strawberries -------- 154
41
246
99
Be&ns ___________ 18
1
22
I
Beets ------------------- 10
0
14
0
Cucumbers _______ 47
9
47
9
SUGAR
Reports from Louisiana indicate th at there has been too
much rain for the good of the cane crop, and the cold spell the
third week in March is said to have killed everything down to
the ground throughout nearly all of the Louisiana sugar dis­
tric t. However, the mild weather since th a t time has brought
the green shoots back in the plantation fields and the frosty
w eather did no harm beyond setting back the forward growth
brought about by the mild w inter. I t is generally believed th a t
approximately the same acreage will be planted in sugar cane

6

T H E

M O N T H L Y

B U S IN E S S

this year as was planted last year, although no estimates are
as y et available.
Movement of Sugar (Pounds)
Raw Sugar
Receipts:
March 1922
Feb. 1922
New O rle a n s ____ 171^251,295
80,166,213
Savannah _______ 43,843,658
32,814,819
Meltings:
New O rle a n s ____ 146,042,348
Savannah _______ 35^256,874
Stocks:
New O rle a n s ____ 32,666,907
Savannah _______ 15,178,715

Mareh 1921
110,884,854
33,860,125

85,698,227
27,222,888

127,414,822
29,947,565

7,458,460
5,591,931

11,841,958
1,832,712

Refined Sugar
Shipments:
Mareh 1922
Feb. 1922
Savannah _______ 23,508,696
24,499,684
Stocks:
Savannah _______ 12,725,268
2,404,425

March 1921
13,764,217
1,832,712

RICE
The rice m arket continues fair, w ith the export demand still
active. The president of the American Rice Growers 3 Associa­
tion, in a recent statem ent, estimates the rice on hand in the
possession of the farm ers as amounting to only 245,000 barrels.
Another source gives the estimate of remaining stocs as 1,250,000 pockets of clean rice, and states th a t this must supply the
domestic as well as the export demand, till September, when the
new crop becomes available. P resent prospects indicate th a t
there will be no carry-over for the coming season.
Rough Rice (Sacks) P o rt of New Orleans
March 1921
Feb. 1922
March 1922
142,962
101,621
Receipts — ___________ 2312,778
127,339
103,503
______ 236,356
Shipments 46,089
66,778
Stock ------ ____________ 63,200
24,158
6,428
____________ 24,158
Left-over
Clean Rice (Pockets) P o rt of New Orleans
March 1921
Mareh 1922
Feb. 1922
326,386
____________ 533,478
327,986
Receipts
333,436
374,494
Shipments -____________ 423,044
201,340
162,534
Stock ------ _______ ,__ 311,774
89,691
173,432
____________ 89,691
Left-over
Receipts of Rough Rice (B arrels)
Same time
Total this
last year
M arch 1922
season
5,069,917
Association M i l s ___ 847,014
1,279,111
New Orleans Mills — 232,778
1,604,230
Outside Mills — — 222,192
1,301,984
7,953,258
D istribution of Milled Rice (Pockets)
Total this
season
March 1922
Association Mills — 738,238
4,502,110
New Orleans Mills
150,188
1,153,694
Outside Mills ___ 309,700
1,463,281
1,198,126
7,119,085




7,584,333
Same time
last year

6,714,478

R E V IE W

Stocks (Rough and Milled)
Same time
A pril 1,1922
last year
Association Mills -- 945,399
New Orleans Mills- 357,826
Outside Mills ____ 237,320
1,540,545

1,600,937

MOVEMENT OF IJV E S T O C K --MARCH 1922
C attle and Calves
Receipts:
Mareh 1922
F e b .1922 March 1921
A tlanta _____ __________ 7,740
8,645
9],806
462
Jacksonville ...__________
306
35
7,210
Niashville* ___ ___________7,096
5,996
Purchases for local slaughter:
A tlan ta _____ ___________ 3,732
2,619
1,885
Jacksonville ...___________ 849
377
593
Nashville _______________ 4,100
3,059
4,051
Hogs
Receipts:
27,168
A tlanta _____ ____ —18,715
13,002
8,373
4,741
Jacksonville - ________ 9,043
Nashville ____________ 48,450
46,756
34,821
Purchases for local slaughter:
A tlanta ------- ________ 8,870
13,367
4,530
Jacksonville
________ 15,486
10,121
13,070
Nashville ---- ________ 13,079
10,369
9,821
Sheep
Receipts:
A tlanta --------__________
176
0
0
0
0
Jacksonville _ _ _ _ ______________
0
Nashville ______________ 1,561
779
1,378
Purchases for local slaughter:
33
A t l a n t a ____ ____ ___
2
0
0
0
0
Jacksonville - ___________________________
Nashville _ _ .__________ 1,561
743
888
Horses and Mules
_____ 2,695
A tlanta ----- -2,015
769
FIN A NCIA L
The statem ent of debits to individual accounts a t the fifteen
clearing house cities of the Sixth Federal Reserve D istrict, for
which comparative figures for the corresponding period a year
ago are available, continues to show gradual improvement in
the comparison of current debits w ith those of last year.
While these figures do not y et show an actual increase this
year over last, for several months past the percentage of de­
crease has grown smaller, and for March the total debits were
only 2.9 per cent smaller th an for the same month in 1921.
.Actual increases in to tal debits for the four weeks were shown
at Birmingham, Mobile, Montgomery, A tlanta, A ugusta and
New Orleans, and only slight decreases were shown a t Jackson­
ville, Vicksburg and Knoxville. These figures represent actual
payments by check against individual accounts a t clearing
house banks in th e cities shown, and have come to Be recog­
nized as probably the most accurate indicator of th e relative
volume of business from month to month. Replies by member

T H E

M O N T H L Y

B U S IN E S S

banks to our inquiries regarding current conditions are almost
universal in stating that there is a better feeling among all
classes and that unmistakable signs of improvement are in evi­
dence.
Figures reported by forty-two member banks in seleeted
cities of the District show an increase of less than one per cent
in the total amount of loans, discounts and investments, includ­
ing bills discounted with the Federal Reserve Bank on March
29, compared with four weeks earlier. On March 29 this total
wfc£ $420,612,000, and on March 1, it was $417,180,000. On
March 25, 1921, the total was $484,244,000, so that the March
29, 1922, figure shows a decrease of 13.1 per cent in comparison
with that time.
Demand deposits reported by these 42 member banks on
March 29, 1922, were $229,326,000, or 3 per cent larger than
the total of $222,686,000 on March 1, 1922, but lower by a frac­
tion of one per cent than the total for March 25, 1921, which
was $229,905,000.
The total of bills discounted for member banks and bought
in the open market by the Federal Reserve Bank of Atlanta
on March 29, 1922, stood at $49,212,094, a decrease of 7.9 per
cent compared with the total of $53,410,717 on March 1, 1922,
and a decline of 60.6 per cent compared with the total of $124,758,557 on March 29, 1921. The total amount of Federal Re­
serve Notes in actual circulation on March 29, 1922, was $109,865,055, or one-half of one per cent more than the total of
$109,276,905 a month earlier, and 29.2 per cent less than the
total of $155,131,890 outstanding on March 29, 1921.
Reports have been received directly from 82 banks in the
Sixth Federal Reserve District showing their savings deposits
on the last day of March, 1922, compared with the end of
February, and with the last day of March a year ago. The
total for all of the 82 banks on March 31, 1922, was (in even
thousands) $154,562.,000, and was 1.5 per cent larger than the
total for February 28, 1922, which was $152,298,000. The ag­
gregate on March 31st this year was only slightly below simi­
lar figures for the corresponding date last year. Florida banks
reported figures1 showing an increase of 6.6 per cent on March
31st over February 28, which may be attributed in part to the
movement of the citrus crop. Increases of 1.5 per cent and
1 per cent, respectively, were also shown over February 28
figures in Louisiana and Georgia, while Alabama, Mississippi
and Tennessee showed small decreases. Compared with savings
deposits on March 31, 1921, increases were shown in figures
reported from Florida, Louisiana and Mississippi, while de­
creases were reported from Alabama, Georgia, and Tennessee,
resulting in an aggregate decrease of 0.7 per cent for all of the
reporting banks.
Savings Deposits—March 1922
000 Omitted
Comparison
Comparison
Mar. 31
March 31 Feb. 28 Feb. 28 Mar. 31 March 31
1982
1922:
1922
1921 1921-22
Alabama (12 banks) $27,789 $27,801
----- $29,110 —4.5%
Florida (15 banks)
25,763 24,177 4 - 6.6 % 25,709 4 - 0 .2 %
Georgia (24 banks)
36,734 36,376 - f l . 0 % 36,900 —0.4%
Louisiana (11 banks) 37,064 36,528
_!.5% 36,702 -{-1.0%



7

R E V IE W

Mississippi (9 bks)
7,371
7,449 —1.0%
7,198 -{-2.4%
Tennessee (11 bks)
19,841 19,967 — 0 .6 % 20,018 —0.9%
Total (82 banks)
$154,562$15l2,298 - f 1.5%$155,637 —0.7%
DEBITS TO INDIVIDUAL ACCOUNTS—MARCH 1922
A t Fifteen Clearing House Cities—Sixth Federal Reserve
District
Four weeks
Four weeks Increase
ended
ended
or
March 29
March 30
Alabama:
1922
1921
Decrease
Birmingham ----------- 67,124,000
59,373,000
4-18.1%
Mobile ____________ 24,273,000
23,848,000
4 . 1.8%
Montgomery _______ 13,748,000
13,409,000
-|_ 2.5%
Florida:
Jacksonville -------------45,508,000
45,829,000
— 0.7%
Pensacola _________ 5,288,000
6,151,000
—pt4.0%
Tampa ------------------- 22,222,000
24,511,000
— 9.3%
Georgia:
Atlanta ----------------- 98,,009,000
94,908,000
4 . 3.3%
Augusta ----------------- 20,907,000
19,136,000
4 - 9.3%
Macon ____________ 13,239,000
15,348,000
—13.7%
Savannah -------------- 35,455,000
37,626,000
— 5.8%
Louisiana:
New Orleans ______ 225,478,000
218,651,000
+ 3.1%
Mississippi:
Vicksburg _________ 5,135,000
5,253,000
— 2.2%
Tennessee:
Chattanooga ----------- 27,237,000
37,029,000
—26.4%
Knoxville _________ , 23,397,000
23,732,000
— 1.4%
82,936,000
—27.4%
Nashville _________ 60,23.5,000
Total 6th District _____ 687,255,000
707,740,000
— 2.9%
Total U. S.................... $33,134,509,000$30,515,234,000
4 - 8 .6 %
ACCEPTANCES
Twenty-four reports regarding acceptance transactions dur­
ing March 1922 were made to the Monthly Business Review
by member banks in this District, twelve showing no transac­
tions of any kind in acceptances during March. Figures con­
tained in the other twelve reports indicate domestic accept­
ances executed during the month in amounts which represent
a decrease of 12 per cent in comparison with the amount of
domestic acceptances executed during the preceding month,
but an increase of 103.6 per cent compared with March 1921.
Foreign acceptances were executed in amounts 3.3 per cent less
than during February, but 20 per cent greater than in March
of last year. Acceptances held by the banks in their own
portfolios and not sold were 43.5 per cent larger than during
February, and more than three times the amount for March
of last year. Figures show acceptances sold by the drawer
to purchasers other than the Federal Reserve Bank 4 per cent
larger than in February, and about 20 per cent larger than
during March 1921.
Acceptances rediscounted and purchased in the open market
during March by the Federal Reserve Bank of Atlanta were
more than double the total for February, and were five times
gr ater than the corresponding figure for March 1921.

8

T H E

M O N T H L Y

B U S IN E S S

COMMERCIAL FAILU RES
Commercial failures in the Sixth Federal Reserve District,
compiled and published by R. G. Dun & Company, were smaller
in number, but slightly larger in amount of total liabilities in
March than during February. The number of failures in the
District in March was 221, which compares favorably with the
270 failures in February, but is an increase of 45.4 per cent
over the number for March 1921. Liabilities for March were
$5,559,986, which is 4.3 per cent larger than for the preceding
month, and 131.9 per cent larger than the total of $2,397,390
for March of last year.
The total number of failures in the United States during
March was 2463, which was larger than the number for Feb­
ruary, and represented an increase of 84.4 per cent over the
number for March last year, while the total amount of liabili­
ties in March, $71,608^192, was 1.4 per cent smaller than for
February, and only 6.2 per cent greater than the total of lia­
bilities for March last year.
Sixth District
United States
No.
Liabilities
No.
Liabilities
March 1922 ........... 221
$5,559,986
2,463
$71,608,192
February 1922 ___ 270
5,331,050
2,331
72,608,393
2,397,390
1,336
67,408,909
March 1 9 2 1 ______ 152
Comparison of March—
February 1922 ___ . . . —18.9% + 4.3% + 5.7% — 1.4%
Comparison of March 1922—
March 1921 .......................^45.4% +131.9% +84.4% + 6.2%
IMPORTS AND EXPORTS—U N ITED STATES
Statistics compiled and published by the Department of Com­
merce of the United States show that increases took place in
both imports and exports for the month of March in compari­
son with figures for the preceding month. Imports during
March 1922 are given at $258,000,000, a total larger than for
any month since December 1920. This represents an increase
of 19.6 per cent over imports during February 1922, and an in­
crease of 2.4 per cent over the total of $251,969,241 for March
a year ago.
Exports from the United States during March are shown at
$332,000,000, indicating an increase of 32.4 per cent over ex­
ports in February 1922, but a decrease of 14.2 per cent in com­
parison with exports during March 1921, when the total was
$386,680,346.
The excess of exports over imports for March 1922- was $74,000,000; for February $34,000,000, and for March 1921, $134,711,105.
PORT OF N EW ORLEANS
Merchandise to the value of $8,147,425 was imported at New
Orleans during the month of February 1922. This total was
somewhat lower than the total value of January imports, and
also was less than the total for February for the preceding
year. Below are shown figures indicating the volume and
value of 11 principal articles of import at New Orleans. For
8 of these articles comparative figures for February 1921 are
also shown. Of these 8 articles, 3 were imported in smaller
volume in February 1922 than last year, the other 5 showing




R E V IE W

increases; from the standpoint of value, however, decreases are
shown for 5 and increases in value in only 3 instances. The
decline in the value of the articles, therefore, is responsible
for the lower total of imports, for the bulk of articles handled
in February 1922 was larger than for the same month a year
ago. Especially large increases are noted in the receipts of
sugar and mineral oil. The actual volume of sugar imported
was 30,000,000 pounds larger, but the value was a little more
than $3,500,000 less than for February 1922. Below is shown
a statement in detail of the quantity and value of the prin­
cipal articles of import for February:
Feb. 1922
Feb. 1921
Commodity
Volume value
Volume value
Nitrate of soda
........... .............................
(tons)
2,012 $ 90,104.00
Coffee (lbs)
29,399,470 3,517,179.00 38,016,337 2,401,249.00
Sisal (tons)
8,210
70,921.00
6,447
653,713.00
Burlaps (lbs)
2,341,176
195,008.00
7,738,530
847,809.00
Bananas
(bunch)
1,28-1,429
407,140.00
1,183,832
482,788.00
Mineral Oil
(gal)
123,980,000 1,472,300.00 80,874,200 1,045,871.00
Print Paper
(lbs)
2,471,274
66,035.00
669,894
45,394.00
Mahogany (ft) 813,000*
80,879.00
1,408,000
208,977.00
Tin Plate (lbs) 880,580
37,039.00
__ ______
_______
Molasses (gal) 1,275,627
25,513.00
Sugar (lbs)
95,188,741 1,781,141.00 65,139,039 5,318,744.00
Following are the value of imports through New Orleans
during February for the years shown:
1922
----------------------------- $ 8,147,425.00
1921
11,518,660.00
1920
15,401,369.00
1919
----------_____
8,224,476.00
1918
9,772,231.00
1914 -----------------------------------6,102,733.00
1912 ------------------------------- 6,555,371.00
Total shipments of grain through the Port of New Orleans
during the month of March amounted to 7,299,976 bushels,
comparing favorably with the total of 5,702,382 bushels shipped
during February, and being an increase of 454,761 bushels over
the total of 6,845,215 bushels shipped in March 1921. March
1922 grain shipments consisted principally of 1,707,691 bushels
of wheat, and 5,444,888 bushels of corn, and also included 70,255 bushels of oats and 77,142 bushels of rye. Shipments in
March 1921 were: 3,945,584 bushels of wheat, 2*617,054 bushels
of corn, 32,710 bushels of oats, 27,010 bushels of barley and
222,857 bushels of rye. The increase in corn shipments, and
the declines of wheat and rye are noticeable.
The following figures show exports of grain in numbers of
bushels through the port of New Orleans from July 1 to March
31 for the 1922 and 1921 seasons, respectively:
1922
Wheat -------------- 29,059,630
Corn ----------------- 21,341,569
Oats ----------------448,020
Barley -------------291,110
Rye ----------------393,828

1921
56,356,835
5,808,971
568,635
4,956,183
803,714

T H E

M O N T H L Y

B U S IN E S S

BUILDING

9

R E V IE W

largest figure for any single month in recent years. Of the 21
cities for which comparative figures are available for March, 14
reported increased building permits over March a year ago, and
only 7 reported decreases.
Permits for the erection of residences still comprise a large
proportion of the total of permits issued, and housing conditions
are rapidly improving.

Evidence of the active building campaigns still being carried in
in the larger cities of this District is found in the following state­
ment showing the total value of permits issued during the month
of March. A notable increase in the value of permits issued
during March occurred at Atlanta, where the March total is the

BUILDING PERM ITS—MARCH 1922
Repairs and
Alterations
No.
Value
Alabama:
Anniston

No.

New Buildings
Value

Total

Total

March, 1922

March, 1921

Increase
Or
Decrease
4-289.9%

12

7,225

5

11,100

18,325

4,700

Birmingham--------------

187

46,454

349

653,652

700,106

665,506

M ob ile............................

4

1,200

12

50,700

51,900

60

3,809

10

72,300

-----

274

52,951

86

------

55

29,200

_____

18

20,660

56

9,842

Montgomery ...........
Florida:
Jacksonville - .
Miami

..

Orlando _____

—

4.7%

81,109

38,114

4 -112.8 %

341,865

394,816

360,470

635,800

665,000

X

X

64

238,550

259,210

123,991

4-109.1%

10

16,450

26,292

158,480

—

9.5%

00

Combined

4-

274,930

x

X

147

39,326

112

240,551

279,877

571,562

— 51.0%

-- .................

172

117,282

299

1,993,535

2,110,818

1,094,164

4 - 92.9%

------------

57

22,953

49

78,005

100.958

103,233

67,575

16,000

4-322.3%
+ 51.1%

T am pa_____
Georgia:
Atlanta

54,450

CO

St. Petersburg.............

5.2%

S

P en sacola_____

+

1

- _ ------

Augusta _
Columbus -M acon -----

-- ___

..

-------- .

___

................

Vicksburg -----------

Tennessee:
Chattanooga

30

64,950

88,889

58,841

36

16,060

34

122,450

138,510

130,600

+

6 . 1%

71,225

193

572,980

644,205

620,132

+

3.9%

4

11,650

11

47,800

59,400

61,943

—

4.1%

9

1,377

3

9,300

10,677

6.450

4 - 65.5%

85,500

25,500

-f.235.3%

.............

Combined
215

34,119

21

76,500

110,619

118,649

------

4

2,250

22

51,375

53,625

62,900

4 - 14.7%

----------

110

35,802

137

409,410

445,212

278,743

4 . 59.7%

107

21,000

51

161,900

182,900

83,300

4-119.6%

-----

Johnson City —
Knoxville --

-

23,939

53

..

Louisiana:
New Orleans

Jackson - -

—

2 .2 %

145

Savannah _____

Mississippi:
Meridian

Combined

—

N a s h v ille ..................... ...........



—

6.8 %

10

T H E

M O N T H L Y

B U S IN E S S

B B V IB W

COTTON MANUFACTURING
Cotton Cloth

MISCELLANEOUS MANUFACTURING
Cottonseed Oil

The tendency toward lessened production of cotton cloth by
mills reporting to the Monthly Business Review, whieh lias been
evident during January and February, was arrested in March,
when 43 mills produced cloth in quantities aggregating 12.8
per cent greater than the amount produced by the same mills
during February. Correspondent mills state th a t their sales are
improving, but th a t the margin of profit is still unsatisfactory.
The demand for export is reported as improving, but still far
from normal, while the demand for cloth for garment makers is
in excess of the supply. The market generally appeared quiet
during the early p a rt of the month, but during the latter p art of
the month inquiries developed in larger proportions. Business
is still being done on a hand to mouth basis, however; buyers are
making purchases smaller but more often in order to meet tlieir
needs.
March 1922 production by 43 mills was larger, also by 44.4
per cent th a t the output for the same month a year ago. Ship­
ments by these mills increased 17.2 per cent over February ship­
ments, and were 77.3 jter cent in excess of March 1921 shipments.
Orders on hand a t the end of March declined 5 per cent in com­
parison w ith the volume of orders on hand a t the end of Feb­
ruary, but were 59 per cent greater than unfilled orders a t the
close of March 1921,
March 1922 cotton cloth statistics compared with:
43 Mills
February, 1922 March, 1921
1* Cloth production
----------- _|_12.8%
J^-44.4%
2. Cloth Shipments ------------------_[_17.2%
__[_77.3%
3. Orders on hand a t end of month
— 5.0%
_j_69.1%
4. Stocks of manufactured cloth on
hand a t end of m o n th ------— 3.3%
—35.8%
Cotton Yarn
Cotton yarn was &lso manufactured in larger quantities during
March than during the preceding month, according to reports
rendered by 36 representative yarn mills. March production of
tlieser mills was 10.9 per cent greater than their output during
February, and was 37.7 per cent in excess of the output by these
s&irie mills during March a year ago.
Shipments of yarn during March by these 36 reporting mills
were 18.7 per cent greater than their shipments during February,
and 43 per cent greater than during March 1921. Orders on hand
at the end of March declined 8 per cent in comparison w ith orders
unfilled a t the close of February business, but were slightly in
excess of unfilled orders a t the end of March 1921. Stocks of
manufactured yarn showed a slight decline compared w ith Feb­
ruary, but a decrease of 19.2 per cent compared w ith stocks on
hand a t the end of March a year ago.
Correspondent mills state th a t the demand for yarns is very
quiet, and th a t it seems almost impossible to sell their output
for anything above cost of manufacture.
March 1922 Cotton Yarn statistics compared w ith :
36 Mills
February 1922 March 1921
1. Yarn Production ------------------_|_10.9%
-j-^7.7%
2. Yarn S h ip m en ts-------------------— 18.7%
J
—
_|_43.0%
3. Orders on hand a t end of month
— 8.0 %
-|- 1*4%
4. Stocks of manufactured yarn on
hand a t end of m o n th ----— 0.4 %
— 19.2%

Eight reports were made to th e Monthly Business Review by
Cottonseed Oil Mills covering their operations for the iftonth of
March. Notwithstanding the fact th a t the season of principal
manufacturing in this line is practically over with; these eight
mills report figures indicating a 14.7 per cent larger quantity
of cotton seed crushed in March than during February, an in­
crease of 10.5 per cent in crude oil manufactured over the amount
produced in February, and 18.9 per cent more cake and meal
manufactured in March than during the preceding month.
March 1922 compared with:
February 1922 March 1921
Cotton seed receiv ed ___ _________
— 18.5%
— 43.9%
Cotton seed c ru s h e d __ ____
_
+ 1 4 .7 %
— 22.5%
Cotton seed on hand a t end of month
—85.9%
— 73.9%
Crude oil m a n u fa c tu re d ___ ______
+ 1 0 .5 %
— 47.9%
Crude oil shipped
__
_____
— 15.3%
— 51.0%
Crude oil on hand a t end of month
4 -9 5.5%
— 72.8%
Cake and meal manufactured
4 -1 8.9%
— 37.9%
Cake and meal shipped __ - ............
— 13.9%
— 42.6%
Cake and meal on hand a t end of
month
________________
— 12.8%
4 -222.1%
Number employees on payroll a t end
of m o n th ________ ________
—23.3%
— 36.1%




Cotton Hosiery
Reports received frotn four cotton hosiery manufacturing plants
covering March indicate a slightly lessened output for the month
in comparison w ith the preceding month, but figures show orders
booked during the month 25 per cent in excess of those booked
during February. March output by these mills was 23.4 per
cent larger than the production in March 1921. Stocks of man­
ufactured hosiery on hand a t the end of March were & little
larger than those held on the last of February, afld 25 per cent
greater than stocks on hand the last of March 19211 The num­
.
ber of employees on the payrolls also increased over l&st month,
and was 43 per cent larger than one year ago.
March 1922 compared with:
February 1922 March 1921
Hosiery m a n u fa ctu re d ___________
— 5 .6 %
4 -2 3 .4 %
Hosiery on hand a t end of m onth—
4 -2 5 .0 %
- f 6.8%
Raw materials on hand a t end of
month - ____ _________________
(same)
4 -6 5 .0 %
_|_25.0%
Orders booked during the month----—16.6%
Unfilled orders on hand a t end of
month --------------------------------— 6.9%
— 7.5%
Number of employees on payroll a t
4 -4 3 .0 %
+ 4 .3 %
Brick
Reports from correspondent brick manufacturing firms state
th a t business in th a t line is slowly, but steadily improving. One
reporting firm whose plant was closed down during February
opened in March, and reported a substantial increase in orders
received during the month, and also in unfilled orders on hand a t
the end of the month.
Overalls
Varying reports are received from correspondent overall man­
ufacturing plants in this D istrict. Two or three reports re­

T H E

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B U S IN E S S

ceived for March state th a t trade in th a t line is dull, the plants
in question are closed down, and the outlook discouraging. Re­
ports from other plants indicate capacity operation, and indicate
th at although March business was not quite up to expectations, on
account of bad weather and other causes, buyers are still placing
small orders for goods as they are needed.
LUMBER
Improvement in lumber market conditions in the Sixth Federal
Reserve D istrict continues a t a satisfactory rate, according to
reports which have been received from correspondent lumber firms
and statistics compiled by the Southern Pine Association. The
statement published weekly by this Association shows, for the last
two weeks in March the average total of orders received by sub­
scribing mills was larger, for each of these weeks, than the
average normal production of the same mills. The total of aver­
age orders reported for the week ended March 24 was 722,883 feet,
compared with 591,745 feet for the preceding week, while for the
week ended March 24 the average normal production was 695,245
feet. The average of unfilled orders reported for th at week was
the largest average for many weeks. Of 67 mills reporting their
running time for the last week in the month, 49 were operating
full time, and 10 were operating five days a week; of the re­
maining 8 mills, five operated 4 days, and 1 mill operated 3 days,
1 operated 1 day, and 1 mill was shut down. While there has
been improvement in production, some correspondents report th at
unfavorable rainy weather interfered with their output. All De­
partments of the industry have not been affected by the improve­
ment of the past few weeks, as hardwoods are still slow, the bulk
of the demand having been for the several varieties of softwoods
generally used for construction purposes.
Following are monthly figures reported to the Southern Pine
Association for March compared with February:

Orders -------- __
----Shipments
Production ___ _____
Normal Production these
mills
____ _____
Stocks end of m o n th __
Normal stocks these m ills _
Unfilled orders a t end of
month ________

March, 1922
118 Mills
305,651,455 ft
297,134,215 ft
296,272,361 ft

February, 1922
112 Mills
247,852,100 ft
238,332,788 it
266,202,470 tt

333,373,397 ft
850,544,025 ft
897,657,586 ft

337,068,037 ft
865,918,942 ft
908,208,050 ft

198,636,480 ft

192,196,400 ft

LABOR
The survey of employment conditions for March, 1922, made
by the United States Department of Labor, shows increases in
employment a t 43 cities, and decreases a t 22 cities, among firms
usually employing 500 or more workers each, during the month.
This monthly survey is based on actual figures taken from the
larger industrial payrolls of the country, estimates and guess­
work being thus elimiated. The statistics upon which these
computations are based are gathered each month by Special
Agents of the Department in 65 principal industrial centers. In
all, 1428 firms each usually employing more than 500 workers, or



R E V IE W

11

a total of 1,600,000, on March 31st employed 39/558 more work­
ers than on F ebruary 28th, an increase of 2.5 per cent*
Industrial classifications showing increases in employment are:
Vehicles for land tra n sp o rta tio n _____ ^ ................. - 8.4%
Iron and Steel and their p ro d u c ts_____________ 5.3%
Metal products other than iron and s te e l_______ 4.9%
Miscellaneous -------------------------- -------------- ------4.2%
Stone, clay and g la s s _________________________ 1.8%
Lumber and its m a n u fa c tu re _____ _____ _____ 1.6%
Railroad repair shops _________________ _____ 1.5%
Tobacco and its m anufactures_________________ 1.4%
Liquor and beverages ________________________ .5%
Paper and P rin tin g ___________________________ .3%
The industries which show a decrease a re :
Leather and its finished p ro d u c ts______________ 4.6%
Textiles and their p ro d u c ts__________________ _ 2 .2%
Chemicals and allied p ro d u c ts_____ _____ _____ 1.2%
Food and kindred p ro d u c ts___________________ _ 1.2%
In the Sixth Federal Reserve D istrict the employment situa­
tion among these larger industrial concerns (each of which
usually employ 500 or more workers) in four cities is indicated
in the Survey by percentages as follows:
A tla n ta _________________________ ________
+ 1 0 .1 %
Birmingham __ _______________ ._______ _
+ 3.3%
Chattanooga ----------------- ------- — _________+ 1.6%
New O rle a n s _____________ ______________ —- 1.2%
Reports are also obtained by the Department from a number
of cities showing information in regard to employment conditions
among industrial concerns which ordinarily employ less than
500 workers. Figures available for cities of this Federal Reserve
D istrict for March are shown in the following table:
No. of
Firms
City
118
A tlanta ----19
Augusta _
23
Columbus __
53
Macon
—
Savannah
28
15
Chattanooga
18
Knoxville ....
42
Nashville
Birmingham . . 37
Mobile ____
7

No. Employed

No. Employed

March 15th
19,425
2,787
4,198
3,791
6,624
1,313
3,569
5,610
9,151
753

Feb. 15th
19,364
2,841
4,103
3,617
6,316
1,292
3,584
5,496
8,534
995

Increase
Or
Decrease
+ 61
— 54
_|_ 95
+ 174
+ 308
+ 21
— 15
+ 114
+ 517
—242

A slight decrease occurred in the number employed by textile
mills in Georgia during March. An increase was reported by
lumber plants, and fertilizer factories also showed a substantial
increase in the number of workers employed. In A tlanta, the
increase is reported principally in Chemicals and Food products;
textiles show a decrease, iron and steel are lagging. Seventy-five
per cent of all industries are running from one-half to twothirds time. At Savannah, notwithstanding substantial gains
reported by food, textiles, lumber, chemicals and railroad repair
shops, unemployment continues to be reported in all professions
and industries. All fertilizer plants are open and running a t full
capacity. Paving contracts let by the City are expected to fu r­

12

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nish employment for about 500 workers*. A t Macon unemployment
still exists among unskilled labor. Four-fifths of the industries
are running full time. At Augusta textiles show a noticeable
decrease, with slight changes in other industries, while a t Colum­
bus, textiles and chemicals, which includes fertilizer plants, re­
port substantial increases. Iron and steel show a small loss,
while 9ther industries report no change.
Reports from Florida state th a t unemployment is confined
principally to common laborers. Some phosphate mines are
closed, and others are running p a rt time. There is some idleness
among Naval Stores workers. At Jacksonville the unemployment
situation is not serious, being confined mostly to unskilled and
floating labor. The m ajority of concerns are running full time.
There appears to be a surplus of workers in the building trades
in Tampa; metal trades are working on a 50 per cent basis, cigar
factories p art time with about half the usual forces. There is
considerable unemployment in cigar factories in Key West, and
in the building trades and machine shops.
Marked improvement is shown in employment conditions in
the iron and steel industry and foundries and machine shops in
Alabama. Coal production in Alabama continues to show im­
provement as well as ore mining, and manufacturers of building
m aterial report much activity. Fourteen textile mills in Ala­
bama show an increase in employment in March compared with
the preceding month, while lumber mills show a decrease. In
Birmingham a substantial increase is shown in employment in
industrial concerns during March. Public work by the city and
county about to begin will afford employment for many workers.
Orders for cast iron pipe are being received in quantities from
the Pacific Coast and construction work under way and in pros­
pect is of such volume th a t cement mills are running full capacity.
At Mobile unemployment was prevalent among steel workers, but
other industries which had planned to open April 1st were ex­
pected to employ numbers of workers. At other points in Ala­
bama the situation is improving.
At New Orleans employment conditions generally are some­
what better although much idleness is noted. Idle transient
labor is decreasing. Food and kindred products are gradually
gaining. Textiles and their products are generally dull. Lumber
products have gained slightly. Railroad shops show no m aterial
betterment, most operations being much curtailed. Building
construction shows gradual improvement although confined mostly
to dwellings and small business structures. Public projects afford
only limited employment, but prospects are fairly good for ad­
ditional work.
In Mississippi there was a small increase in the number em­
ployed by textile mills, and a decrease in employment by lumber
mills. The supply of farming labor is generally more plentiful
and wages are reasonable. Exceedingly unfavorable weather has
considerably retarded production in lumber, causing some of the
smaller mills to remain closed. Reports from Meridian state
th a t conditions are improving. Railroad shops have reinstated
a number of men during the past few weeks. At other points
there is still some unemployment.

average daily output. For the first time in fourteen months total
production exceeded 2,000,000 tons, being for March 2,034,784
tons or 24.8 per cent greater than February’s output of 1,630,180
tons, and an increase of 27.6 per cent over production in March
1921 which was 1,594,866. P a rt of the gain over February pro­
duction is attributed, of course, to the fact th a t March was a 31day month while February was a 28-day month. Merchant iron
produced during March was 390,643 tons, which, compared with
the 355,455 tons of the preceding month, was a gain of 35,188
tons. Reduced to an average daily basis, this represented but
12,601 tons per day, and a loss of 93 tons from the 12,684 ton
average of February. Non-merchant and steelworks furnaces
produced 1,644,151 tons in March, a gain of 369,416 tons over
the 1,274,725 tons of the month before. On an average daily
basis, the March nonmerchant output was a t the rate of 53,037
tons per day, this being an improvement of 7.511 tons over the
45,526 tonsi of February. The improvement in March over F eb­
ruary, therefore, must clearly be assigned to nonmerchant pro­
duction. In March the production of both merchant and non­
merchant pig iron was a t the rate of 65,638 tons per day, as
compared with 58,220 tons the month before, or a gain of 7,418
tons per day. Furnaces operating on the last day of March num­
bered 155, as compared with 139 on the last day of February,
this being the largest number operating since February, 1921,
when the same number was active. This was a gain of 16 stacks
and was the largest gain made in any month since last November
when 25 furnaces were placed in operation.
In the Alabama D istrict, total production during March was
157,493 tons, compared w ith 109,865 tons produced in February,
an increase of 44 per cent. Furnaces in active operation on the
last of March in Alabama numbered 15, which is an increase
of 3 over the number in blast on the last day of February. The
pig iron m arket in the Birmingham D istrict is in better condition,
firmer prices prevail and sales have been made for delivery several
months ahead. Some iron has been sold for the th ird quarter,
for which position considerable inquiry is current. Sales for
the second quarter by one or two companies are said to be about
equal to their probable output for th a t period. Quotations have
advanced to $15.50 for No. 2 foundry, as a minimum, with some
companies selling a t $16.00. Local consumers have made pro­
visions for their needs for a little period ahead, and the melt
has been m aterially increased.
Furnace interests in the Birmingham D istrict are not affected
much by the coal-mine workers’ strike which was started in the
bituminous coal fields of the country on March 31. Some few
coal mines in this district employ union workers, and these
affect the total business but little.
As a result of the advance in pig iron quotations, manufactured
products are also advancing, sanitary pipe and fittings, for ex­
ample, having risen as much as $3.00 per ton in some sections
of the district. Reports received from correspondents in the
Birmingham district reflect general betterment in conditions
and an improved outlook in the iron and steel and allied indus­
tries of th a t section.

IRON AND STEEL

COAL

The production of pig iron showed a notable increase in March
over the preceding month, both in total production and in the

Under the stimulus of heavy demand due to the approaching
miners’ strike, coal production in the month of March passed the




T H E

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B U S IN E S S

50,000,000-ton mark. Estimates based on statements of cars
loaded place the total a t 50,193,000 net tons, against 40,951,000
tons in February. This was the highest record for any March
during the past ten years. In round numbers, March 1922 pro­
duction was an increase over the month of March 1921 of 19,800,000 tons, or 64 per cent, and it even exceeded the corresponding
month in the war years, 1917 and 1918, by more than 2,000,000
tons. For the coal year 1921-22, however, the total production
is estimated a t 434,279,000 tons, the lowest of any recent years.
The to tal production of all eoal, anthracite and bituminous, in
the first week of the strike was the lowest in modern coal history.
The output of bituminous coal dropped from 10,453,000 net tons
the last week before the strike, to approximately 3,500,000 tons
for the first week afte r the strike became effective; in the an ­
thracite region work ceased entirely. Reports made to the United
States Geological Survey indicate the number of cars loaded on
each division of 130 of the principal, coal-carrying railroads.
These reports show th a t from 60 to 64 per cent of the bitum i­
nous tonnage of the country has been closed by the strike. Of
the remaining tonnage a significant portion had not been operat­
ing recently for lack of demand. Stocks of coal in the hands
of commercial consumers on March 1, 1922, were about 52,500,000
net tons, and the record of production during March indicate th a t
stocks on April 1st were more than 63,000,000 tons. . The quanti­
ty on hand by the opening day of the strike was, therefore, equal
to the maximum stock a t the end of the war.
Production of coal in the Birmingham D istrict is reported io
have continued the increase which has been evident since the
first of the year. Correspondents state th a t the demand for steam
coal increased throughout March; the increased demand was
principally from railroads, but also from manufacturing plants
in the D istrict. Some of the increase may be attributed to the
strike in other fields called for April 1st, and an increased per­
centage of orders was received from western lines. Increased
activity in the iron and steel industry also results in larger pro­
duction of coal. The demand for domestic coal has shown no
improvement.
Reports made by carriers to the Southern Appalachian Coal
Operators’ Association indicate the loading during March of
9,140 cars, or approximately 457,000 tons of coal. This represents
an increase of 88,450 tons in excess of the loadings during Feb­
ruary, February loadings were 30,000 larger than those for Jan u ­
ary. In March there were 132 mines in operation, and 69 not run­
ning; in February 112 mines were reported operating and 91 not
running. Reports show th a t approximately fifty per cent of the
mines which were operating in March are still running, not under
any contract w ith any organization, but on arrangements made
between individual operators and their employees. Market condi­
tions in the territory of this Association are reported to be very
unsatisfactory, and notwithstanding the strike production is ex­
ceeding the present demand,




R E V IE W

13

NAVAIi STORES
The close of March brought to an end an unsatisfactory Naval
Stores year. The producing season ended a few weeks ago and
interest has since centered chiefly on the crop for the 1922-23
season which began April 1st. Considerable strength has been dis­
played recently in prices of both turpentine and rosin. Turpentine
a t Savannah rose from 78 cents on April 1 to 81 cents on the 5th,
w ith the m arket cleaned of all offerings which were limited;
all fresh supplies a t Jacksonville were also sold and along with
them more than two thousand barrels of the reserves, w ith a
demand in sight in excess of any quantities th a t may be expected
to be received. Dealers are reported to be in the m arket for
turpentine to supply both demands and foreign requirements.
Improvement has also been noted in rosins, the larger advances
being on the lower grades. The domestic demand is stronger
and the foreign demand also shows signs of betterment.
Movement of Naval Stores—March 1922
March, 1922

February, 1922

March, 1921

Receipts—Turpentine:
Savannah _____
Jacksonville ___
P e n sa c o la _____

837
1,976
591

1,551
1,637
752

2,088
4,093
1,514

Receipts—Rosin:
Savannah _____
Jacksonville ___
Pensocola --------

16,537
24,174
4,890

16,566
17,720
5,448

5,642
7,558
5,205

Shipments—Turpentine:
Savannah _____
Ja ck so n v ille___
P e n sa c o la _____

4,138
10,026
4,502

8,645
7,474
9,041

7,027
4,125

Shipments—R osin:
Savannah _____
Ja ck so n v ille___
P e n s a c o la _____

23,125
33,070
6,700

27,821
32,089
8,451

12,427
5,693

Stocks—Turpentine:
Savannah _____
Ja ck so n v ille___
P e n sa c o la _____

624
13,124
5,657

3,925
21,174
8,105

5,407
18,382
5,648

Stocks—Rosin:
Savannah _____
Jack so n v ille___
P e n sa c o la _____

65,652
151,709
64,650

72,240
160,605
66,460

67,654
176,107
58,485

14

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FEDERAL RESERVE BANK OF ATLANTA
Weekly Statement of
RESOURCES AND LIABILITIES
Resources:

April 19, 1922

April 22, 1921

Gold and Gold C ertificates--------------------------------------------------Gold Settlem ent F u n d -------------------------------------- „----------------

$

$

T otal Gold held by B a n k -------------------- --------------------------Gold w ith Federal Reserve A g e n t-----------------------------------------Gold Redemption F u n d -------------------------------------------------------

$ 30,192,266.22
86,303,005.00
2,222,681.97

$ 19,793,773.44
60,057,790.00
7,822,566.22

Total Gold R e serv e-------------- ---------------------------------------Legal Tender Notes, Silver, e t c -------------------------------------------

$118,717,953.19
4,575,296.20

$ 87,674,129.66
5,482,873.00

Total R e serv e---------------------------------------------------------------

$123,293',349.39

$ 93,157,002.66

$

8,009,690.54
32,546,519.57
1,199,664,47

$ 52,892,673.47
63,402,735.93
717,092.49

$ 41,755,874.58
113,650.00
7,199,000.00’
30,902.00

$117,013,401.89
623,950.00
15,564,000.00
878.00

Bills Discounted:
Secured by Gov't O b lig a tio n s--------------------------------------All Other ------------------------------------------------------------------Bills Bought in Open M a rk e t---------------------------------------Total Bills on H a n d -----------------------------------------------------U. S. Bonds & N o te s -----------------------------------------------------------One-year Cert of Indebtedness (P ittm an A c t ) ----------------------All other Cert, of In d eb ted n ess--------------------------------------------Total Earning A s s e ts ---------------------------------------------------Bank P re m ise s------------------------------------------------------------------Five per cent, fund against F. R. Bank Notes----------------------Uncollected i te m s _________________________________________
All other re so u rc e s -------------- i ------------------------------------------Total R esources------------------------------------------------------------

5,375,548.00
24,816',718.22

5,446,426.64
14,347,346.80'

$ 49,099,426.58

$133,202,229.89

$

$

1,210,786.34
467,550.00
25,707,799.47
121,368.65

$199,900,280.43

729,903.50
652,550.00
21,615,136.90
572,204.11

$249,929,027.06

Liabilities:
Capital paid i n -----------------------------------------------------------------$ 4,241,700.00
Surplus fund ------------------------------------------- ----------------------9,113,570.99
Reserved for Gov. Franchise T a x ------------------------------------------423,947.34
Deposits:
Government ---------------------------------------------------------------3,099,779.03
Member Banks—Reserve a c c o u n t-----------------------------------46,886,078.82
All other ____________________________ _______________
444,525,31
Total D e p o sits------------------------------------------------------------F. R. Notes in actual circ u la tio n -----------------------------------------F. R. Bank Notes in actual c irc u la tio n -------------------------------Deferred availability i te m s ------------------------------------------------All other L ia b ilitie s _______________________________________
Total Liabilities




$ 50,430,383.16
110,320,805.00
5,666,200.00
18,959,585.02
744,088.92
$199,900,280.43

$

4,066,800.00
8,343,465.31
_______________
1,429,717.62
44,032,360.83
370,810.81
$ 46,432,889.26
157,383,890.00
13,058,900.00
17,905,983.49
2,737,099.00
$249,929,027.06




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15