Full text of Economic Review (Federal Reserve Bank of Atlanta) : August 29, 1923, Volume 8, Number 8

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T H

B u sin ess

T H

L Y

R ev iew

C o v e r in g B u s in e s s 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 r v e D i s t r i c 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. 8

ATLANTA, GEORGIA, A U G U ST 29, 1923

N O . 8.

BUSINESS CONDITIONS IN THE UNITED STATES
Production of basic commodities and employment at industrial establishments decreased in July and
there was a further decline in wholesale prices. The distribution of goods, as indicated by railroad freight
shipments, maintained record totals and the sales of merchandise, though showing the usual seasonal de
cline, continued to be relatively heavy.
Production
Production in basic industries, according to the index of the Federal Reserve Board, declined one per
cent in July. Mill consumption of cotton, steel ingot production and sugar meltings were considerably
smaller than in June. New building operations during the month, as measured by the value of permits
granted and of contracts awarded, showed more than the usual seasonal decline.
Employment at industrial establishments located in various sections of the country decreased 2 per cent
during July. Manufacturers of automobile tires, and cotton goods showed large reductions in number of
employees. There were some further announcements of wage advances, but these were not as numerous as
in the three previous months. Average weekly earnings of factory workers, due to a decrease in full time op
erations, were 3 per cent less than in June.
Crop forecasts of the department of agriculture on the basis of condition on August 1 indicated that yields
of wheat and rye would be below July estimates, while large yields of cotton, corn, oats and barley were fore
cast. Due to a seasonal increase in grain shipments and continued large shipments of industrial raw mate
rials and manufactured goods, carloadings in the last week of July reached the largest total on record.
Trade
The volume of wholesale trade was about the same in July as in June, while there was a decline in
retail trade, which was largely seasonal in nature. Among the wholesale lines sales of dry goods and cloth
ing were larger than in June, while sales of groceries, hardware, and shoes were considerably smaller. Busi
ness in all reporting lines was larger than in July 1922, and the average increase, as indicated by the Fed
eral Reserve Board’s Index of Wholesale Trade, was 13 per cent. Sales of department stores were 10 per
cent larger than a year ago, while mail order sales showed a gain of 27 per cent. Stocks of department
stores, showed a seasonal reduction during July and were smaller than in any month since January.
Prices
Wholesale commodity prices declined during July for the third consecutive month and the index of the
Bureau of Labor statistics was 5 per cent below the April peak. Prices of all groups of commodities, except
house furnishings, were lower in July. The largest declines occurred in quotations of clothing, drugs and
chemicals, farm products, and building materials. During the first half of August price changes were more
moderate and quotations of cotton, spring wheat, hogs, sheep and rubber advanced.
Bank Credit
Since the middle of July the volume of Bank Credit in use has shown a reduction, largely because of the
substantial liquidation of loans on stock and bonds at New York City banks. Between July 18 and August
15 loans of member banks in leading cities secured by stocks and bonds decreased by $94,000,000 to the low
est point for the year, $25,000,000 below the amount outstanding at the beginning of the year. Commercial
loans, however, increased so that the net reduction in total loans for the period amounted to $60,000,000. Se
curity investments declined $73,000,000 to a new low level for the year. The volume of discounted paper held
at the Federal Reserve Bank showed a slight decrease, while their holdings of acceptance and United States
securities reached new low points for the year. Between the middle of July and the middle of August gold
holdings of the Federal Reserve Banks increased by $21,100,000, reflecting in part net gold imports during
July of $27,400,000. Federal Reserve Note circulation increased by about $15,000,000, and there were also
substantial increases in the volume of gold certificates and National Bank notes in circulation.
Slightly firmer tendencies in money rates during the month were reflected in a gradually increasing

proportion
of commercial paper sales at 5 1-4 per cent, as compared with 5 per cent in the previous month.

THE MONTHLY BUSINESS REVIEW
SIXTH DISTRICT SUMMARY

There have been no outstanding developments in the
business situation in the Sixth Federal Reserve Dis
trict during the past month. July has probably seen a
little more pronounced slowing up than that which
characterized the preceding month, but judging from
all information available the slackening in the pace of
business has only followed the usual trend at this sea
son of the year.
Wholesale and retail trade was somewhat smaller
in volume than in June, but most lines reported July
business this year larger than during the same month
a year ago. Reports from 38 department stores through
out the District showed their sales to be over 13 per
cent larger than in July 1922, with stocks of merchan
dise 10 per cent larger than at that time, and six lines
of wholesale trade reported their July sales greater
than during the same month a year ago. Because of
the great influence which agricultural production, and
the money returns from the crops, have upon business
conditions all through this section, there is more or

less of an attitude of waiting at present until accurate
indication of the size of the cotton crop, and other
crops, can be obtained. Cotton production, and the
price which the farmers receive for cotton, always
have a great influence upon the purchasing power, not
only of the producers, but directly or indirectly, of a
large majority of the population.
The condition of cotton declined in all of the
states of this District between June 25 and July 25,
and in all of these states except Tennessee the condi
tion on July 25 this year was lower than at the same
time last year. Increased acreage, however, has re
sulted in a higher estimated production than that of
last year.
The consumption of cotton, both in the United States,
and in the cotton growing states, was smaller in July
than in June, and production by cotton manufacturing
firms which report to the Monthly Business Review
was also smaller. The output of reporting mills manu
facturing cotton cloth was smaller by 19 per cent in
July than in June, and the output of yarn was 10.3 per

THE MONTHLY BUSINESS REVIEW
cent smaller than in June. Hosiery manufactured by
19 mills was 10.8 per cent less in July than in June,
although 15 per cent greater than in July a year ago.
Lumber production in this District showed some im
provement during July, and some of the mills report
that orders and shipments have also increased. Build
ing permits issued at sixteen important cities in the
District exceeded the total for June by a small margin,
and the July total ranks as the third largest total on
record for these cities.
Commercial failures were substantially smaller in
both number and liabilities than in July last year.
Compared with June, however, the number was small
er, but the total of liabilities was larger than in June.
Demand deposits were larger in early August than at
the same time a month earlier, and savings deposits,
while slightly smaller at the end of July than at the
close of June, continue to show an increase over the
corresponding date last year, the July comparison
showing an increase of 13.5 per cent.

RETAIL TRADE
Reports made to the Monthly Business Review for
July by 38 representative Department Stores indicate
that there has been no material change in retail condi
tions during the month. July sales, as is customary,
were smaller in almost every instance, than sales dur
ing the preceding month, but the comparison with July
1922 reveals an increase by all of the reporting stores
of 13.3 per cent in the aggregate volume of business.
The largest increase for July was reported from Chat
tanooga, where sales in July were 28.4 per cent greater
than in July last year. Detailed figures for the vari
ous cities from which three or more reports are re
ceived are shown in the table following. Stocks of
merchandise at the end of July declined only 1.3 per
cent in comparison with stocks at the close of June,
but were 10.3 per cent larger than at the same time
a year ago. The rate of turnover, as indicated by the
relation of stocks to sales, for July was only slightly
better than twice a year.

BANK CREDIT
800 MEMBER BANKS IN LEADING CITIES

BILLIONSOFDOLLARS

THE MONTHLY BUSINESS REVIEW

CONDITION OF RETAIL TRADE—JULY, 1923
Sixth Federal Reserve District
Percentage of Increase or Decrease
(1)
(2)
Comparison of inet Stocks at end of
sales with those
July 1923 compared
of
corresponding
with
period last year.

Atlanta (3) ___
Birmingham (5)
Chattanooga (4) .
Jackson (3) ___
Nashville (5)
New Orleans (5)
Savannah (3)
Other Cities (10)
District (38) __

A
July
1922

B
July 1
to date

+15.7
+23.0
+28.4
+10.7
+11.0
+ 7.9
+18.5
+11.2
+13.5

same
j

as
1-A

A
July
1922
+ 0.9
+12.0
+ 38.4
+ 3.8
+ 5.4
• +10.8
— 1.5
+ 7.8
+10.4

WHOLESALE TRADE
Wholesale trade generally in the Sixth Federal Re
serve District was smaller in July than during the
preceding month. Only two of the lines of wholesale
trade under investigation showed larger sales during
July than in Juae, while the other lines reported sales
showing declines ranging from 1.6 per cent in Drugs to
as high as 24.1 per cent in Furniture compared with
June business.
Most all lines of business experience a slowing down
during midsummer, and this has come to be expected,
and causes no alarm. There is another factor which
has much the same effect at this season, and that is the
uncertainty as to the outcome of the season’s agricul
tural production, and the uncertainty, therefore, as to
the purchasing power of a large part of the people, di
rectly or indirectly dependent upon agricultural pro
duction.
Comparison of sales during July 1923 with those in
July last year shows increases in all but two lines, dry
goods and stationery, and the decreases in those lines
are not large. Percentage comparisons are shown
below:
July 1923 compared with:
Wholesale Trad©
June 1923 July 1922
Groceries (42 reports) ----— 3.9%
+ 7.0%
+20.9%
Dry Goods (29 reports) ___
— 6.8%
Hardware (32 reports) ___
— 9.2%
+28.795
—24.1%
+35.4%
Furniture (24 reports) ___
Shoes (13 reports) _______
—17.1%
+14.7%
Stationery (4 reports) ____
— 4.6%
— 8.3fl
+21.1%
Drugs (5 reports) _______
— 1.6%
+10.9%
Farm Implements (7 reports)
+ 1.3%

(3)
Percentage of average
stocks at end of July
1923 to sales during
same period.

(4)
Percentage of ojut^
standing orders at end
of July 1923 to total
purchases during cal
endar year 1922.

581.4
459.6
633.7
590.7
657.9
609.9
574.1
606.2
587.6

4.9
6.7
6.0

B
June
1923
—
—
+
—
+
+
—
—
—

5.4
6.3
5.8
7.8
0.7
2.6
6.9
9.5
1.3

10.6
15.5
9.8
9.0
10.3

GROCERIES
Reports were made to the Review for July by 42
wholesale grocery firms, whose aggregate sales show
ed up 3.9 per cent smaller than in June, but 7 per cent
greater than in July a year ago. July sales were larger
than those for June in Vicksburg, but all other cities
reported smaller volume. Compared with July last
year, sales during the month just ended were larger in
all cities but New Orleans.
Some of the reports indicate that prices on a few
staples have shown weakness during July. All reports
state that both wholesalers and retailers are buying
cautiously. Some reports state, however, that retail
firms are placing orders in somewhat larger volume
than last year for goods they know will be needed in
the fall. Percentage comparisons are shown in the
following table:
July 1923 compared with:
June 1923 July 1922
Groceries.
+ 9.0%
Atlanta (5 reports)
_ _
— 0.4%
+ 8.8%
Jacksonville (5 reports) ----— 1.1%
+ 8.9%
Meridian (4 reports) ------— 1.0%
— 8.1%
— 9.1%
New Orleans (10 reports) —
+32.6%
+ 3.6%
Vicksburg (4 reports) ----— 6.0%
+20.1%
Other Cities (14 reports)
— 3.9i%
+ 7.0%
DISTRICT (42 reports)----DRY GOODS
Reports from 29 wholesale dry goods firms indicated
some recovery in their sales, the aggregate being 20.9
per cent larger than in June. The prevailing uncer
tainty is probably more pronounced in dry goods at

THE MONTHLY BUSINESS REVIEW
the present time than in any other line. The reports in
many instances state that the fluctuations in July in
the price of cotton caused a number of retail firms to
cancel orders already placed, but the last two weeks
of the month brought some improvement.
Nashville and New Orleans firms reported substan
tially increased business over June, while sales in the
other cities showed smaller increases. Compared
with July last year, however, business was smaller at
all points except Knoxville, where sales were 20.3 per
cent larger. Aggregate sales were 6.8 per cent smaller
than in July 1922. Percentage comparisons by cities
are shown below:
July 19.23 compared with:
Dry Goods.
June 1923 July 1922
+16.8%
—29.0%
Atlanta (4 reports) ______
+ 4.0%
+20.3%
Knoxville (3 reports) ------Montgomery (3 reports)___
+10.0%
—38.9%
Nashville (3 reports) _____
+53.3%
— 2.3%
New Orleans (5 reports)___
+39.0%
— 0.7%
Other Cities (11 reports)
+ 9.5%
— 7.1%
DISTRICT (29 reports) ___
+20.9%
— 6.8%

Hardware
Aggregate sales reported to the Review by 32 whole
sale hardware firms for July were 9.2 per cent smaller
than in June. Increased business was reported from
Atlanta and Chattanooga, but decreases at other
points. Increases were reported from all cities in
comparison with business during July last year, the
average for the district being 28.7 per cent.
The reports all indicate a disposition to buy con
servatively, because of the uncertain outcome of the
crops and the consequent effect on all lines of busi
ness. Prices during the past month have been rather
steady, according to the reports. Some firms report
that their road salesmen are sending in good orders
and that indications point to a satisfactory volume of
business in the fall. Percentage comparisons by cities
are shown below:
July 1923 sales compared with:
Hardware.
Atlanta (3 reports) ---------Chattanooga (3 reports)___
Jacksonville (3 reports) ----Montgomery (3 reports)___
Nashville (4 reports) --------New Orleans (5 reports) —
Other Cities (11 reports) -DISTRICT (32 reports)____

June 1923
+ 3.9%
+11.3%
—11.5%
— 6.3%
—15.6%
—14.6%
— 6.5%
— 9.2%

July 1922
+13.0%
+42.4%
+25.4%
+44.8%
+22.4%
+44.6%
+15.5%
+28.7%

Furniture
Furniture sales during July fell off considerably in
comparison with June, the aggregate sales by 24 whole
sale houses in the Districts being 24.1 per cent small
er than in June. The reports indicate that there has
been some weakening of prices because of a slower
demand, and because of some decline in the cost of
raw materials. Some of these reports are from man
ufacturers, and in one or two instances the statement
is made that their plants have been closed down dur
ing a part of July for vacation purposes. This accounts
for at least a part of the decline in the volume of
sales.
On the whole, the reports are fairly optimistic, and
indicate that if business during the last half of the
year turns out as good as it was during the first half,
it will be satisfactory. Reports indicate that man
ufacturers have unfilled orders which will keep them
running several weeks, and that the outlook for fall
business is promising. Comparisons by cities are
shown below:
July 1923 sales compared with:
Furniture.
June 1923 July 1922
—11.9%
+55.7%
Atlanta (8 reports) ---------Chattanooga (4 reports ___
—42.2%
+42.0%
Nashville (3 reports) _____
—14.7%
—17.1%
Other Cities (9 reports)__
—16.1%
+32.0%
DISTRICT (24 reports) ___
—24.1%
+35.4%
Shoes
Reports for July were made by 13 wholesale shoe
firms whose aggregate volume of sales was 17.1 per
cent less than in June. July business was, however,
14.7 per cent larger than last year in the aggregate.
Atlanta firms reported sales 4.3 per cent smaller than
during July a year ago, but ten reports from other
cities showed an increase of nearly 23 per cent.
Prices appear to be somewhat weaker than during
June, but no marked changes have taken place, ac
cording to these reports. Buying by the wholesalers
has been very light during July, and the reports in
dicate that retailers are waiting until the last moment
to place their orders. Comparisons are shown below:
July 1923 sales compared with:
Shoes
June 1923
July 1922
Atlanta (3 reports) ______
—37.4%
— 4.3%
Other Cities (10 reports) —
— 7.4%
+22.9%
DISTRICT (13 reports) ___
—17.1%
+14.7%
Average figures for the District in Drugs and Sta
tionery are shown in the first table. BJoth of these
lines showed a slightly smaller volume of sales dur
ing July than in June, but reports state that pros
pects are good for fall business, and that orders for
fall delivery are already being received.

THE MONTHLY BUSINESS REVIEW

AGRICULTURE
The Cotton Crop
The statement issued by the Department of Agri
culture on August 1 showed a decline in the condi
tion of the cotton crop from 69.9 per cent of normal
on June 25 to 67.2 per cent of normal on July 25.
Figures shown in the table below indicate the 'Con
dition of the crop in the various cotton producing
states. Improvement took place in Tennessee, North
Carolina, Arkansas and Missouri; the condition in
South Carolina was the same, and declines were noted
in all other states. Reports indicate that there has
been little boll weevil damage in Tennessee and North
Carolina, and that in iSouth Carolina the insect is
about under control. In southern Georgia and Florida,
however, the damage has been extensive, and the
Condition of Crop
July 25
June 25
State
1923
1923
68
Alabama_______ _66
Florida ________ _52
65
Georgia _______ _48
56
Louisiana______ _68
69
Mississippi ______65
67
Tennessee ----------69
67
Virginia _______ _88
90
North Carolina — 82
80
South Carolina
. 64
64
Texas _________ _71
77
Arkansas ______ _68
66
62
Missouri ----------- -70
Oklahoma ----------63
64
California
-------88
91
Arizona ----------- -91
92
All o th er---------- -__
__
UNITED STATES 67.2
~69~9

July 25
1922
70
65
54
70
73
85
’
80
78
60
72
81
90
75
95
86
__
708

condition in these states has shown marked decline.
Alabama’s indicated crop is reported to be 914,000
bales, compared with 823,000 bales produced last year.
The yield is 10 pounds less per acre than last year,
but the increased acreage gives an indicated increase
in output. The plant in Alabama presents an un
usually vigorous appearance; fields are well cultivated,
fruiting is heavy, but weevils are reported as quite
numerous and active. In Mississippi and Louisiana
the condition declined during the month, but increases
in acreage indicate an increased production for the
season. In Tennessee the condition improved two
points between June 25 and July 25. While some
fields are still grassy, favorable weather in most sec
tions and strenuous work on the part of the planters
have resulted in a crop that is fairly well cleaned and
looks healthy.
Production
(500 lb. bales)
Forecast
July 25, 1923
914,000
25,000
788,000
393,000
1,012,000
413,000
46,000
920,000
685,000
4,075,000
989,000
193,000
884,000
42,000
84,000
53,000
11,516,000

Final
1922
823,000
25,000
715,000
343,000
989,000
391,000
27,000
852,000
493,000
3,222,000
1,012,000
149,000
627,000
28,000
47,000
19,000
9,762,000

Citrus Fruits

Corn

The condition of oranges in Florida improved one
point during the month, being on August 1, 94 per
cent of normal. Trees are making excellent growth
and are -carrying heavy crops of oranges. Unless un
favorable factors develop, production will be heavy
next season.

The weather during early August was favorable for
corn in Alabama, especially tl*e late plantings, of
which there is quite a heavy acreage this year. In
dicated production, based on a condition of 76 on Au
gust 1, is 47,445,000 bushels, compared with 50,932,000
bushels last year. The yield of corn in Georgia is the
shortest of any year since 1909, excepting last year.
The season has been very unfavorable in most of the
state, but some sections promise splendid yields. Fore
casted output, based on condition of 70, for this year
is 49,618,000 bushels, compared with 52,620,000 bushels
last year. The condition of com in Tennessee is 77
per cent, and production estimated at 71,517,000 bush
els, compared with 86,266,000 bushels last year.

Grapefruit prospects have also improved during July,
the condition being 91 per cent on August 1, com
pared with 89 per cent a month earlier. While quite
a number of groves did not set a heavy crop of fruit,
an increased production is looked for because of the
large number of young groves coming into bearing.
Limes are being harvested and the crop is turning
out better than was expected.

THE MONTHLY BUSINESS REVIEW

Sugar and Sugar Cane
A decline of 3 points took place during July in the
condition of sugar cane in Louisiana, the condition on
August 1 being 77 per cent, compared with 80 per
cent a month earlier, and the probable production be
ing approximately 3,620,602 short tons of sugar cane
on the acreage to be used for sugar. The indicated
output of sugar is reported to be 256,158 short tons,
compared with 295,095 short tons produced last year.
Many fields are reported to be grassy. Excessive rains
earlier in the season prevented proper (Cultivation,
and many planters have never fully caught up with
their work. The shortage of labor has been an im
portant factor in preventing proper cultivation.
The following table shows the acreage in sugar cane
in the important cane producing states in 1923 com
pared with the two preceding years:
State
1923
1922
1921
9,600
9,600
8,700
South Carolina ______
COTTON MOVEMENT—JULY 1923
Georgia --------------------- 45,000
50,000
61,000
July 1923 June 1923 July 1922 Florida ______________ 26,100
29,000
34,000
RECEIPTS—PORTS:
Alabama _____________ 70,300
79,000
71,000
35,112
57,167 Mississippi----------------- 33,300
New Orleans ______ 18,147
37,000
39,200
Mobile ___________ 1,920
2.515
3,039 Louisiana ------------------ 331,700
319,600
294,500
Savannah_________ 22,652
16,945
21,718 Texas ---------------------17,300
18,800
18,000
INTERIOR TOWNS:
Arkansas ____________
3,500
3,600
3,000
Atlanta __________
966
2,776
4,312
Augusta --------------- 3,063
8,227
9,957
Eight S ta te s_______ 536,800
546,600
529,400
M acon____________
— 1,234
_________
MOVEMENT OF SUGAR—JULY 1923
Meridian _________
263
62
513
Raw Sugar
Montgomery ______ 688
*
418
401
July 1923 June 1923 Julyl922T
Vicksburg ________ 22,851
22,848
27,334 RECEIPTS:
New Orleans — 56,504,459 115,240,063 171,980,059*
SHIPMENTS—PORTS:
9,743,998 25,729,183 32,344,945
Savannah ------New Orleans ______ 40,317
62,674
130,697 SHIPMENTS:
Mobile____________ 1,580
2,090
2,957
New Orleans__ _______
728,820 ___ ___ _
Savannah ________ 30,803
21,276
63,379 MELTINGS:
INTERIOR TOWNS:
New Orleans — 50,427,181 112,669,877 161,475,093
Atlanta ___________ 9,261
15,303
11,677
Savannah ------- 15,733,977 32,430,451 38,061,898
Augusta __________ 5,231
5,266
21,310 STOCKS:
M acon____________
— 4,044
_________
New Orleans — 52,778,011 46,700,733 74,451,964
Meridian__________
741
1,154
2,042
Savannah ------7,185,870 13,175,843
Montgomery ______
1,209
1,169
1,544
Refined Sugar
Vicksburg ________ 22,968
22,328
31,685
SHIPMENTS:
July 1923
June 1923 July 1922
STOCK—PORTS:
New Orleans . . . 84,223,041 82,572,888 159,945,700
New Orleans ______ 47,870
70,040
76,166
Savannah ------- 24,121,411 30,534,059 40,537,564
Mobile____________
850
1,030
2,901 STOCKS:
Savannah _________ 12,040
20,185
45,987
New Orleans . . . 107,709,041 137,106,344 7,559,257
INTERIOR TOWNS:
Savannah ------3,893,507 11,738,122 6,710,492
Atlanta ___________ 10,648
18,943
11,969
Augusta —................. 14,237
18,960
56,688
RICE
Macon ____________ 4,013
7,971
6,979
The condition of the rice crop in Louisiana declined
Meridian__________
813
1,291
1,380 3 points during July, being on August 1, 87 per cent
Montgomery ---------- 6,476
6,995
12,125 of normal compared with 90 per cent on July l. This
Vicksburg ________ 2,839
3,476
2,975 condition on August 1 forecasts a probable yield of

Tobacco
A very much larger tobacco crop is being produced
in Georgia than for several years. The acreage is
much larger, and 10 or 12 counties are producing to
bacco on a large scale for the first time. There are
three principal types of tobacco grown in Georgia:
the cigar-wrapper tobacco, of Decatur and Grady
counties, which is grown under shade; the sun to
bacco, of the same area, wbich is used for filler; and
the bright tobacco, in the area which extends from
East Georgia to the extreme Southwestern part of the
State. In addition, there is considerable “patch” to
bacco, which is grown for home use in North Geor
gia. The Tennessee tobacco crop, while getting off
to a late start, is in very good shape, the condition
being the same as on August 1 last year. The crop
suffered for moisture the first two-thirds of July, but
rains the latter part of the month did great good.

THE MONTHLY BUSINESS REVIEW

approximately 34 bushels per acre, and a total produc
tion of 16,328,000 bushels for the state, compared with
19,980,000 bushels last year. The outlook for rice is
only fair. Early rice is heading now and looks good,
but most of it has a light stand. Blue Rose rice
comprising about 81 per cent of the total is growing
nicely and looks well.
RICE MOVEMENT—JULY 1923
Rough Rice (Sacks) Port of New Orleans
July 1923 June 1923 July 1922
Receipts __________
43,424
39,402
16,378
Shipments ________
39,336
35,597
43,459
S to ck _____________
41,967
37,679
21,184
Clean Rice (Pockets) Portof New Orleans
July 1923 June 1923 July 1922
Receipts __________
104,741
159,959
66,481
Shipments ________
163,448
131,517
135,916
S to ck ------------------133,287
191,994
240,999
Exports of rice this season toMay 31, 1923, are re
ported as follows:
1923
1922
Total exports (pockets)______ 3,269,399
4,311,117
Shipments to Porto R ic o _____ 1,537,298
1,396,383
(pockets)
Rough Rice Receipts (Barrels)

Association Mills __
New Orleans Mills_
Outside M ills_____

July 1923
46,454
43,424
14,060

Total to
July 31,
1923
5,606,924
1,233,883
2,178,377

Total to
July 31,
1922
5,254,806
1,426,332
1,738,166

103,938

9,019,184

8,419,304

Distribution of Milled Rice

July 1923
154,561
102,822
88,200

Association Mills .
New Orleans Mills- Outside Mills ------

* 345,583

Total to
July 31,
1923
5,693,424
1,464,378
1,998,282

Total to
July 31,
1922
5,342,134
1,479,119
1,829,874

9,156,084

8,651,127

Stock on Hand
Aug. 1,1923 July 1,1923 Aug. 1,1922
476,694
216,557
388,224
Association Mills .
260,083
172,207
226,985
New Orleans Mills.
184,050
262,200
36,550
Outside M ills-----

744,481

965,879

515,190

FINANCIAL
Reports received from member banks in various parts
of the District continue to be fairly optimistic as to
the outlook. July has brought a small increase in de
mands for loans in a few sections, but on the whole
there has apparently been a small decline in loans and
discounts compared with a month or six weeks ago.
Weekly reports by 39 member banks in selected cities
of the District showed a falling off in loans and dis
counts from July 3 to August 8, but an increase of
fifty million dollars in demand deposits. Accommo
dation at the Federal Reserve Bank by these 39 banks
fell off six and a half million dollars, but the volume
of bills on hand held by the Federal Reserve Bank
on August 15 was eight million dollars larger than a
month earlier, due principally to increases in pur
chased paper and loans secured by government ob
ligations.
On August 8, 1923 loans and discounts reported by
39 banks in selected cities of the District totaled $399,007,000, compared with $410,215,000 on July 3, and with
$355,618,000 on August 9, 1922.
Loans secured by government obligations on Au
gust 8 amounted to $7,797,000, compared with $7,845,000 on July 3, and with $7,688,000 on August 9, 1922.
Total loans, discounts and investments held by these
39 banks on August 8 totaled $482,569,000, compared
with $496,683,000 on July 3, and with $430,126,000 on
August 9, last year.
Demand deposits on August 8 amounted to $325,731,000, compared with $274,203,000 on July 3, and with
$248,476,000 on August 9, 1922.
Accommodation of these 39 banks at the Federal
Reserve Bank on August 8 totaled $15,211,000, com
pared with $21,850,000 on July 3, and with $4,089,000
on August 9, a year ago.
The volume of bills on hand held by the Federal
Reserve Bank of Atlanta on August 15, 1923, totaled
$50,771,192.68, compared with $44,917,867.69 on July 11,
and with $30,256,511.08 on August 16 last year. The
August 15 total is composed of $8,633,333.61 secured
by government obligations, $33,595,909,57 other bills
discounted, and $8,541,949.50 bills bought in the open
market.
Federal Reserve Notes of the Atlanta bank in actual
circulation on August 15 totaled $132,202,735, com
pared with $135,735,885 on July 11, and with $110,032,105 on August 16, 1922.
Savings deposits on July 31, 1923, held by 98 banks
in the District, are shown below, with figures for the
preceding month and corresponding month last year,
and percentage comparisons:

THE MONTHLY BUSINESS REVIEW
SAVINGS DEPOSITS—JULY 1923
July 31, 1923

June 30, 1923

Atlanta (8 banks) _____$ 30,240,246
Birmingham (5 banks)
21,420,759
Jacksonville (7 Banks).. 18,918,084
Nashville (11 banks)___ 17,802,428
New Orleans (8 banks).. 47,032,361
Other Cities (59 banks).. 80,966,964
TOTAL (98 banks)..$216,380,742

$ 31,307,474
21,954,833
19,123,220
17,466,563
48,287,542
79,902,273
$218,041,905

DEBITS TO INDIVIDUAL ACCOUNTS
Sixth Federal Reserve District

Comparison of
July 31-June 30

July 31,1922

—3.4%
—2.4%
—1.1%
+19%
—2.6%
+1.3%
—0.8%

$ 25,934,634
18,248,354
16,959,712
14,198,655
44,948,935
70,360,979
190,651,269

Comparison of
July 31
1923-1922
+16.6%
+17.4%
+11.5%
+25.4%
+ 4.6%
+15.1%
+13.5%

crease was shown over June 1923 in figures both for
thls District and for the COuntryv „
The table below sbows actual figures for the three
months under comparison, both for the District and
for the country, together with percentage comparisons.
The number of failures was smaller in July than in
j une jn au fcut two Federal Reserve Districts, but the
total of liabilities was larger than June in all but four
Districts.
Sixth District
United States
No. Liabilities
No. Liabilities
July 1923 _____
82 $1)743)751 lj231 $35,721,188
j une 19 2 3 ____
91 1,294,943 1,358 28,678,276
j uiy 1922 ____
173 2,157,713 1,753 40,010,313
Comparison of
July-June 1923 —9.9%
+34.7% —9.4%
+24.6%
Comparison of
July 1923-1922 —52.6% —19.2%—29.8%
—10.7%

Week Ended
Aug. 13,1923 July 11,1923 Aug. 16,1922
Albany, Ga-------$
816,000 $ 1,040,000 $ 838,000
Atlanta, Ga. —
24,748,000
31,190,000
24,129,000
Augusta, Ga---4,051,000
6,123,000
4,322,000
Birmingham,
Ala. ----------21,680,000
27,758,000
17,354,000
Brunswick, Ga..
714,000
710,000
575,000
Chattanooga,
Tenn. --------8,342,000
9,313,000
7,015,000
Columbus, Ga...
2,340,000
2,909,000
2,009,000
Cordele, G a .....
191,000
309,000
376,000
Dothan, Ala.
365,000
485,000
448,000
Elberton,, Ga...
248,000
199,000
127,000
Jackson, Miss—
2,502,000
4,140,000
2,070,000
Jacksonville,
Fla. ----------10,578,000
12,887,000
10,237,000
--------------------Knoxville, Tenn.
6,550,000
7,641,000
5,705,000
IMPORTS AND EXPORTS
Macon, Ga. -----3,712,000
5,632,000
3,936,000
.
„ t t
t
^
t
Meridian, Miss..
1,785,000
4,000,000
1560 000
A recent statement by the Department of Commerce
Mobile, Ala.___
5,908,000
7,399,000
5283000 glV6S the ValUe °£ merchandlse ^Ported into the
Montgomery
*
United States during June, and preliminary figures for
Ala-------- ’. . . .
Nashville, Tenn.
Newnan, Ga. . .
New Orleans,La.
Pensacola, Fla..
Savannah, Ga...
Tampa, Fla__
Valdoata, G a...
Vicksburg, Miss.

3,489,000
4,619,000
3,416,000
14,689,000
17,393,000
14,903 000
223*00
m ,m
^OOO
48,003,000
66,620,000
53,881,000
1,631,000
1,930,000
1,655,000
7,296,000
10i468’000
7,827,000
6,360,000
7,597,000
4 971000
987,000
1,258 000
836 000
1,428,000
1,747,000
1,316,000
------------- ------------’
TOTAL ------ $178,636,000 $233,800,000 $175,141,000
__________ _

COMMERCIAL FAILURES.
Commercial failures during July were smaller in
number than in either the preceding month or the
same month last year, both in the Sixth District and
in the United States at large, according to figures compiled by R. G. Dun & Co. In total of liabilities, while
showing a decrease compared with July 1922, an in-

July’ WUh comParisons- as foll™ s:
1922
--------------------------- $320,257,030
$260,460,898
284,000,000
251,771,881
Total ImP°rts for the twelve months ended with
June 1923 were $3,781,259,144, against $2,608,079,000
during the twelve months ended with June 1922. For
the seven mouths of the present calendar year, total
imPorts were-$2,371,920,079, compared with a total of
$1,671,179,649 for the first seven months of the calendar
year 1922,
June export figures with preliminary figures for
July, and figures for the same months last year, are
as follows:
1923
1922
June --------------------------- $320,038,219
$335,116,750
July --------------------------- 310,000,000
301,157,335
The total for the twelve months ended with June was
$3,957,077,933, compared with $3,771,156,489 for the
twelve months ended with June 1922, while for the
I T

THE MONTHLY BUSINESS REVIEW

first seven months of the present calendar year total
exports were $2,255,929,696, and for the same period in
1922 the total was $2,121,760,618.
Port of New Orleans
Figures have become available during the past month
showing the value of imports through the port of New
Orleans during the month of June, together with the

principal articles imported. The total value of mer
chandise imported at New Orleans during the month
was reported to be $13,334,356. This is an increase of
$361,400 over the value of goods imported during June
1922, and is higher than for any previous June, except
ing in 1920, when the value of imports at New Orleans
rose to $31,384,171, the highest on record for June.
Following are figures showing the volume and value
of the principal articles imported during June 1923.
1923

Commodity
Volume
Sugar, lb s .---------------------------------------------------------- 103,377,794
Molasses, g a l.----------------------------------------------------- 5,355,496
. 3,787,173
1,353,000
4,776,529
. 1,801,981
Bananas,
508,590
20,466,445
230,977
2,830
Sisal, tons
2,382,944
42,736,929
1,120,773
2,786,533
Creosote Oil, gal. ---2,760,800
Lemons, lbs. _______
188,341
Flaxseed, bushels ___
2,155
Ferro-manganese, tons
5,593
Bauxite, tons ______
340,067
The volume of sugar and of tin was smaller during
June this year than last, but the value is larger. . Mo
lasses, mahogany, newsprint paper, creosote oil, and
lemons showed increased volume and value, while
decreases were shown in burlaps, bananas, coffee, sisal,
mineral oil and ferro-manganese.
The figures in the following table show comparative
values of imports at New Orleans for June for the
years shown:
1923
$13,334,356
1922
12,972,956
1921
__________________________ 7,958,514
1920
31,384,171
1918 _________________________________ 9,769,838
1914
7,410,217
1913
5,212,811
Grain Exports.
Grain exports from New Orleans during July 1923
totaled 1,373,795 bushels, being less than half the total
exported during July last year. Declines were shown in
wheat, corn, oats and barley, the only increase being

1922
Value
$5,839,808
82,089
441,199
141,086
60,978
581,970
35,300
2,729,309
45,334
276,787
76,741
856,371
515,588
496,967
50,270
432,585
202,358
28,422
48,157

in rye. Following
month:

are

Volume
172,184,263
1,500,000
20,067,790
529,000
________
2,379,094
________
28,874,786
5,317
1,290,922
79,541,540
1,121,123
614,000
1,693,300
5,214

Value
$4,279,344
15,000
1,562,546
57,319
_______
807,653
_______
3,661,356
________
474,640
30,068
982,118
323,472
46,051
44,467
_______
309,961

comparative figures for the

July 1923
Wheat, bushels ______________ 1,013,977
Corn, bushels _______________
204,420
Oats, bushels _______________
28,970
Barley, bushels _____________ _______
Rye, bushels _______________
126,428
TOTAL, bushels__________

1,373,795

July 1922
2,452,605
677,384
45,415
10,428
3,185,832

BUILDING
Building permits continue to be issued in this District
in large volume. Reports were received for July from
24 cities 13 of which showed a larger volume of permits
issued than during July last year, but decreases were
reported by 11 cities.
The aggregate value of permits issued at sixteen
cities for which statistics have been carried for more
than four years was slightly larger in July than in
June, and had been exceeded only twice, the aggregate
for April and for May having been greater than the
total for July, which was $8,271,519.

THE MONTHLY BUSINESS REVIEW

BUILDING PERMITS
Sixth Federal Reserve District
Alterations & Repairs
No.
Value
ALABAMA:
7
1,900
Anniston -----------------57
40,135
Birmingham______—
53
25,831
Mobile _____________
Montgomery ------------ ........
74
38,400
FLORIDA:
76,527
Jacksonville -------------207
—
—
—
Lakeland ____________
27,300
M iami_______________ ___
65
7
Miami B ea ch ________
12,800
Orlando _____________ __
—
—
—
—
—
Pensacola ___________
52
10,996
St. Petersburg ---------29
19,350
Tampa _____________
127
40,342
GEORGIA:
Atlanta ____________
116
107,360
Augusta____________
135
11,287
Macon _____________
119
27,250
Savannah ___________ ____
22
11,500
MISSISSIPPI:
Meridian ____________ ___
2
. 2,250
Vicksburg __________ ------6
2,420
LOUISIANA:
New Orleans________ ____
50
117,475
Alexandria __________
32
6,230
TENNESSEE:
Chattanooga ________ -----169
114,076
—
Johnson C ity ________
Knoxville ___________ ____
205
¥ 7”,960
N ashville________________
81
28,288
LUMBER
Gradual improvement has been in evidence in the
lumber industry in this District during the past month.
Except for the first week in July, which included the
Fourth of July holiday, production by southern pine
mills has been above 90 per cent of normal, for the
week ended July 20 being 97 per cent of normal, while
orders and shipments have also shown up better than
during the month before. The volume of orders shown
in the weekly statements of the Southern Pine Associa
tion bear out the reports of correspondents that buy
ers are again in the market, and prospects are report
ed to be good for business during the fall months.
Building programs under way will furnish stimulus to
the mills, as reports indicate that stocks on the re
tail yards are beginning to be low and will have to be
replenished. Prices have shown some recessions dur
ing the past month or two, but now appear to be
strengthening somewhat, as the demand returns. The
supply of cars, according to reports of correspondents,
has been sufficient for the yolume of lumber moving.
Running time was reported to the Southern Pine As
sociation by 85 mills for the week ended August 3, as
follows:

New Buildings
No.
Value
9
313
19
14
64

Total
July 1923

Total Percentage
July 1922 Increase
or Decrease

12,500
605,404
46,000
117,700

14,400
645,539
71,831
156,100

8,120
711,920
93,300
47,471

+ 77.3
— 9.3
— 23.0
+228.8

332,114

505,553
101,150
367,300
173,380
56,365
20,689
354,550
214,786

— 19.2
— 18.6
+234.8
+109.9
+520.3
+ 14.9
+ 20.3
— 7.2

13
90
85

12,772
409,050
158,905

408,641
82,325
1,229,900
363,965
349,620
23,768
426,400
199,247

200
20
40
30

1,805,720
65,573
127,523
213,825

1,913,080
76,860
154,773
225,325

1,208,226
652,564
118,398
164,500

2
7

800
24,000

3,050
26,420

73,700
12,923

— 95.9
+104.4

241
20

1,307,725
19,645

1,425,200
25,875

1,880,830
130,433

— 24.2
— 80.2

21
16
99
57

235,800
24,430
549,840
399,200

—

________________

145
24

1,202,600
351,165

—

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

Mills
Mills
Mills
Mills
Mills
Mills

349,876
24,430
607,800
433,959
operating full tim e ___
operating 5 d a y s ______
operating 4 days ______
operating 3 d a y s______
operating 1 day _
shut down

177,335
50,150
367,350
985,775

+
—
+
+

+
—
+
—

58.4
88.2
30.7
37.0

97.2
51.3
65.5
56.0

The following table contains figures for the month
of July, reported to the Southern Pine Association by
the middle of August by member mills, with
figures for June, and for July 1922:
July 1923
(129 mills)
Orders _________ 247,321,171
Shipments ______ 294,574,823
Production _____ 306,456,202
Normal production of
reporting mills 321,531,092
Stocks end
of month ___ 725,020,138
Normal stocks of
reporting mills 863,574,004
Unfilled orders
end of month_ 204,603,223

June 1923
(142 mills)
262,996,279
312,905,359
343,015,786

July 1922
(128 mills)
316,840,197
321,781,557
328,576,514

360,083,209 350,256,786
813,947,843 818,649,131
967,783,350 959,295,315
268,073,520 305,643,705

THE MONTHLY BUSINESS REVIEW

Cotton Consumption—July 1923
July 1923 June 1923
Cotton Consumed:
461,575
542,166
Lint • ------------44,775
49,623
Linters ______
On Hand in Consuming Establishments:
1,345,066
L in t-------------- 1,089,230
145,285
127,418
Linters --------In Public Storage and at Compresses:
938,689
1,232,888
Lint ------------42,014
Linters _ _ ---35,876
34,843,421
Active Spindles —..34,237,887
Imports ________
6,356
13,367
Exports:
167,808
Lint ------------212,949
1,902
Linters ______
3,661
Cotton Growing States
July 1923
June 1923
Cotton Consumed-_ 308,181
350,967
On Hand in Con
suming
Estab
lishments ____
532,203
708,602
In Public Storage
& at Compresses 752,888
941,340
Active spindles —.15,871,805
16,009,615

July 1922
450,002
55,502
1,218,388
138,523
1,488,165
54,537
32,051,820
8,587
362,142
9,100
July 1922
304,676

531,312
1,123,101
15,580,642

MANUFACTURING
Cotton Cloth
Reports made to the Review for July by 33 cotton
mills manufacturing cloth indicate that there has been
some further slowing down in this industry. Produc
tion in July was smaller than in either the preceding
month or the same month a year ago. Shipments dur
ing the month, and orders on hand at the end of the
month were also smaller than in June, or in July 1922,
and stocks of manufactured cloth on hand also de
clined slightly.
Some of the reports state that the mills in some in
stances have discontinued operating night shifts, and
in other cases mills have been closed down for a part
of the month for repairs to machinery. Some of the
decline in production is attributable to this fact, while
apparently the demand has been very slack, some mills
stating they are receiving little new business, and are
selling goods at cost rather than close down. Produc
tion during July by the 33 reporting mills amounted to
24,850,479 yards of cloth, and was 19 per cent smaller
than the output of the same mills during June, but
only 5.3 per cent less than their output in July 1922.
Percentage comparisons are shown below:

1.
2.
3.
4.
5.
6.

July 1923 compared with:
June 1923 July 1922
33 Mills.
—19.0
— 5.3
Cloth Production -----------—33.5
—10.5
Cloth Shipments ________
Orders on hand at end
—39.2
—26.6
of month ____________
Stocks of cloth on hand at
— 5.9
— 2.7
end of month ----------Average time required to
—35.7
—16.0
complete orders on hand
+ 4.5
— 3.7
Number on payroll ----------

Cotton Yarn
Reports from 30 cotton yarn mills contain much the
same comment as those from cloth mills. Many of the
reporting mills state they are operating on a limited
scale in order to keep their forces intact, and are un
able to sell their product at a profit, in some instances
selling at a loss. A few of the reports indicate that
during the last week or two some improvement is no
ticeable, and that the outlook is better than it was
a month or two ago.
Production by these 30 yarn mills in July was 10.3
per cent below the output in June, and only slightly
under that for July last year. Shipments and orders on
hand at the end of July were smaller than for June, or
for July 1922. Stocks of yarn on hand increased
somewhat over June, but were smaller than at the end
of July a year ago. The output of these 30 reporting
mills in July was 6,900,818 pounds of yarns. Reports
indicate that the mills had orders on hand to keep them
running on an average of seven and one-half weeks.
Percentage comparisons are shown in the following
table:
July 1923 compared with:
30 Mills.
June 1923 July 1922
—10.3
— 1.2
1. Yarn Production ________
2. Yarn Shipments ________
— 6.9
— 2.9
3. Orders on hand at end of
month ________________
—12.4
—16.5
4. Stocks of yarn on hand at
end of month __________
—16.4
+ 7.3
5. Average time required to
complete orders on hand—
— 9.5
—13.5
6. Number on p ayroll______
— 2.7
■+ 0.1
Hosiery
Reports were made to the Review for July by 19
hosiery manufactfuring companies whose production
during that month was 10.8 per cent smaller than in
June. It was, however, 15.1 per cent greater than
the output of the same mills during July last year.
Some recovery is indicated in the reports by a small

THE MONTHLY BUSINESS REVIEW
increase in orders booked during the month, although
unfilled orders at the end of the month showed a de
cline. The output of these 19 mills was approximately
342,000 dozen pairs of hosiery during July. A few re
ports indicate that business is good, and that merchan
dise is being shipped out, in some instances by express,
as fast as it can be made. Other reports state that the
market is very quiet.
Percentage comparisons of figures reported for July,
with similar figures for June and July last year, are
shown below:
July 1923 compared with:
19 Mills
June 1923 July 1922
1. Hosiery Production______
—10.8
+15.1
2. Hosiery on hand at end
of month ______________
+ 4.3
— 2.7
3. Orders booked during month
+ 3.0
+10.5
__________
4. Cancellations
—13.2
+
5. Shipments during month__
— 4.7
+32.2
6. Unfilled orders on hand at end
of month ______________
— 9.8
+55.5
Overalls
Overall production, as indicated by reports from
six mills, more than recovered in July the ground lost
during the* month before. In June production decreas
ed 29.5 per cent compared with May, and in July the
output was 44.5 per cent larger than in June, although
smaller than in July a year ago. Stocks on hand in
creased slightly, but orders booked during the month
showed a substantial decline. Reports indicate that
there was a very light demand during July, and that
the fluctuations in the prices of raw cotton caused a
slowing up in business. Labor is reported plentiful,
wages unchanged, and prices a little lower.
Percentage comparisons of July figures, with the
preceding month, and with the same month a year ago,
are shown below:
July 1923 compared with:
6 Mills.
June 1923 July 1922
1. Overall Production ______
+44.5
—15.2
2. Overalls on hand at end of
month _______________
+ 95.7
+ 5.2
3. Orders booked during month
—47.9
—37.5
4. Cancellations ___________
—50.0
5. Unfilled orders on hand at end
of month ______________
— 6.7
— 3.4
6. Number on payroll______
— 7.3
—18.2
Brick
Reports from five brick manufacturing plants showed
a small decline in production during July, compared
with June, but an increase of 21.6 per cent over July

last year. Stocks on hand showed some increase, but
orders booked during the month, as well as orders on
hand at the end of the month, registered declines. The
reports indicate that inquiries are not showing up as
well as a month or so ago, and that although labor con
ditions have improved to some extent, plants are still
paying high wages.
Comparisons are shown below of July figures with
those for June, and for July last year:

1.
2.
3.
4.
5.

July 1923 compared with:
June 1923 July 1922
5 Plants.
— 4.3
+21.6
Brick Production ________
Brick on hand at end of
— 7.9
+ 6.2
month __ ______________
—22.1
—25.1
Orders booked during month
Unfilled orders on hand at
—43.2
— 4.5
end of m onth__________
+43.2
+ 5.9
Number on payroll ______
COAL

Reports issued by the Geological Survey indicate that
with the exception of the week ended July 7, which in
cluded the holiday on July 4, production of both bitu
minous and anthracite coal in the United States has
continued at about the same level as during recent
months. The Independence Day holiday was universal
ly observed, and the output for other days of that week
was not quite up to the average, but since then pro
duction has been well sustained.
Lack of demand is stated to be the principal factor
limiting production for the past few weektel having
gradually displaced transportation difficulties, and
while labor shortage has had some effect on output,
this factor has not assumed great importance. The
improvement in transportation conditions is stated to
be due, at least in part, to the withdrawal of many
mines from active operation and the curtailment of
running time at others. There was, as a consequence
a reduction in orders for cars, thus enabling the roads
to place more cars where the demand has been active
and resulting in quicker deliveries.
The following table shows the weekly production of
bituminous and anthracite coal in the United States
since the beginning of July:
Week Ended Bituminous Anthracite Total Output
10,322,000
July 7 _________ 8,742,000 1,580,000
July 14 ________ 10,925,000 2,051,000
12,976,000
July 21 ________ 10,676,000 2,055,000
12,681,000
July 28 ................. 10,817,000 2,080,000
12,897,000
August 4 ............... 10,565,000 2,018,000
12,583,000
The total output of soft coal during the first half of
1923, according to estimates of the Geological Survey,

THE MONTHLY BUSINESS REVIEW

is shown below, together with comparable figures for
other years:
Year Total Jan.l-June 30
Year Total Jan. 1-June 30
1914
204,690,000
1919
217,172,000
1915
193,179,000
1920
263,353,000
1916
245,783,000
1921
200,572,000
1917
272,985,000
1922
187,546,000
1918
281,739,000
1923
273,270,000
The total production for the first half of 1923 has
been exceeded only once during the past 10 years, be
ing 85,724,000 tons ahead of 1922, 9,917,000 tons ahead
of 1920, 43,601,000 tons ahead of the average for the
nine years preceding, but 8,469,000 tons behind 1918,
when production was greatly stimulated by war-time
activities.
On July 1, 1923, commercial consumers had in stor
age approximately 45,000,000 net tons of soft coal, ac
cording to estimates by the Survey. This was an in
crease over the revised figure of stocks on June 1, of
3,000,000 tons. Except in the month of February,
stocks have steadily risen since September 1, 1922, and
there is now in storage twice the quantity that was on
hand on that date. No figure is available for July 1,
1922, but the supply July 1, this year was larger than
on any date since the spring of 1922, when exception
ally heavy supplies had been accumulated in anticipa
tion of the general strike of miners that was called on
April 1, 1922.
World Production in 1922
The figures shown in the following table indicate the
total production of ccal in the world during the years
shown, and the percentage of the total produced by the
United States. Notwithstanding the five-months strike
in the United States, resulting in lowered production in
this country, an increase in the total is indicated over
1921.
Year

Production

1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922

1,160,000,000
1,189,000,000
1,249,000,000
1,342,000,000
1,207,000,000
1,189,000,000
1,257,000,000
1,325,000,000
1,331,000,000
1,168,000,000
1,319,000,000
1,136,000,000
1,208,000,000

Per cent produced
by United States
39.2
37.9
38.8
38.6
38.7
40.6
42.7
44.6
46.4
43.1
45.3
40.4
34,6

IRON AND STEEL
Notwithstanding the fact that 23 blast furnaces were
banked or blown out during July, production of pig
iron was well maintained. The total output for the
month, according to statistics compiled by the Iron
Trade Review, was 3,684,631 tons, second only to the
record attained in May. The increase over June out
put, however, was due to the fact that July was a 31day month, as the daily average production was 118,859
tons, compared with 122,262 tons in June or a decline
of about 3,500 tons per day. Detailed comparisons with
the preceding month, and with the corresponding
month a year ago, are shown in the table below. The
Iron Trade Review states that a majority of the furn
aces made inactive were banked rather than blown
out, indicating that an early resumption may be ex
pected.
The figures below show a gain in production over
June of 16,763 tons, and over July 1922 of 1,281,601
tons. The daily average was 3,408 tons less than in
June, but 41,342 tons more than in July last year, and
the number of active furnaces was 23 less than at the
end of June, but 129 greater than at the end of July
1922.
A similar tendency is shown by figures far the Ala
bama District, July production being larger than in
June due to the longer month, but somewhat less than
in May. Reports indicate that there has been little
selling of pig iron during the past month, but the price
continues at $25 to $27 for No. 2 foundry. The con
sumption of iron by foundries has decreased, and the
furnaces are placing iron on their yards, as there has
not been any material decline in production. Surplus
stocks of iron in Alabama on August 1 are reported as
83,934 tons, compared with 48,448 tons on July 1.
United States
July 1923 June 1923 July 1922
899,102
441,752
900,496
Merchant Iron ------2,784,135 2,768,766 1,961,278
Non-Merchant Iron . 3,684,631 3,667,868 2,403,030
Total Output______
122,262
77,517
Average daily output. — 118,859
299
322
170
Active Furnaces____
Alabama
Merchant Iro n ______
Non-Merchant Iron
Total Output ______
Active Furnaces___

July 1923 June 1923 July 1922
137,341
139,868
121,187
100,664
95,987
73,113
194,300
235,855
238,005
28
22
27

THE MONTHLY BUSINESS REVIEW
NAVAL STORES
Receipts of both turpentine and rosin continued
through July to show up larger, at all three of the
ports of the District, than in either June this year or
July a year ago. Shipments of turpentine during July
were substantially larger than during July last year,
but the aggregate was slightly smaller than in June,
due to a decline at Pensacola. Rosin shipments during
July were almost double those of July 1922, and sub
stantially larger than in June. Stocks of turpentine
were larger than at the end of either June this year or
July last year, and stocks of rosins, while larger than
at the close of June, were somewhat smaller than at
the end of July 1922, as shown by figures in the table
below.
Prices of both turpentine and rosin have fluctuated
during the past few weeks, and while turpentine prices
in early August were at about the same level as a
month earlier, rosin prices were somewhat lower on all
grades.
NAVAL STORES MOVEMENT—JULY 1923
July 1923 June 1923 July 1922
Receipts—Turpentine:
15,590
14,504
Savannah _______ 18,837
Jacksonville _____ 16,261
16,179
13,306
Pensacola ______
5,750
5,608
396
Total _______

40,848

37,377

28,206

Rosin:
Savannah _________
Jacksonville ______
Pensacola _________

56,628
55,040
16,081

47,129
52,854
15,266

43,322
43,153
1,090

Total _________ 127,749
Shipments—Turpentine:
Savannah _________ 11,365
Jacksonville ______ 16,926
Pensacola ________ 4,150

115,249

87,565

11,153
16,538
5,758

14,150
7,910
278

32,441

33,449

22,3318

42,516
64,025
17,175

32,779
51,932
13,710

36,841
26,624
625

Total _________ 123,716
Stocks—Turpentine:
Savannah _________ 10,142
Jacksonville ______ 8,186
Pensacola —______ 2,957

98/421

64,090

7,209
9,149
1,357

6,371
9,378
860

21,285

17,715

16,609

85,941
100,908
32,286

70,260
109,891
33,380

79,430
170,718
58,344

Total ___________ 219,135

213,531

308,492

Total ________
Rosin:
Savannah _________
^Jacksonville ______
Pensacola ________

Total _________
Rosin:
Savannah ------------Jacksonville ............
Pensacola ------------

Th e .Mo n t h l y

b u s in e s s r e v ie w

FEDERAL RESERVE BANK OF ATLANTA
Weekly Statement of
RESOURCES AND LIABILITIES
Resources:
August 15, 1923
Gold and Gold Certificates __________________________________________
$ 6,011,008.00
Gold Settlement Fund ____________________ __________________________
19,757,242.91

A u g u s t -6, 1922
$

5,389,678.00
21.388.671.17

Total Gold held by bank________________________________________

25,768,250.91

26.778.349.17

Gold with Federal Reserve A gent_____________________________________
Gold Redemption Fund______________________________________________

100,501,685.00
2,225,006.53

97,342,505.00
1,045,196.97

Total Gold Reserve ____________________________________________

128,494,942.44

125,166,051.14

Reserves other than Gold____________________________________________

4,374,648.00

Total Reserve ____________________________________ 1____________
Non-Reserve Cash _________ _________________________ .______________

132,869,590.44
6,363,991.97

131,385,405.59

Bills Discounted for Member Banks:
Secured by U. S. Government Obligations__________________________
Other Bills Discounted __________________________________________
Bills Bought in Open Market_____________________________________

S.633,333.61
33,595,909.57
8,541,949.50

1,794,031.22
27,391,506.47
1,070,973.39

50,771,192.68

30.256.511.08

Total Bills on H and____________________________________________

U. S. Bonds and N o te s ____________________________________________
270,650.00
One Year Certificate of Indebtedness (Pittman Act)_____________________
All Other Certificates of Indebtedness ____________ ___________________ ______ 934.00
Total Earning Assets __________ ________________________________

6,219,354.45

207.650.00
5,699,000.00
2,030,910.00

51.042,776.68

38.194.071.08

2,748,031.57

Bank Prem ises_____________________________________________________
Five per cent Fund against Reserve N o te s____________________________
Uncollected Items _________________________________________________
All other resources ________________________________________________

22,313,768.36
578,000.72

1,599,094.07
467.550.00
20,910,500.28
131,568.96

, Total Resources ________________________________________________

215,916,159.74

192,688,189.98

Liabilities:
Capital Paid in _____________________________________ *>_____________
Surplus Fund _____________________________________________________
Deposits:
Government ___________________________________________________
Member Banks—Reserve Account_________________________________
All Other ______________________________________________________

4,423,400.00
8,941,553.42

4,310,400.00
9,113,570.99

1,956,701.27
51,092,964.37
198,740.54

2,518,629.94
45,871,719.85
182,411.50

Total Deposits _________________________________________________

53,248,406.18

48,572,761.29

Federal Reserve Notes in actual circulation __________________________
Federal Reserve Bank Notes in actual circulation______________________
Deferred availability items __________________________________________
All other Liabilities ________________________________________________

132,202,735.00

110,032,105.00
3,863,500.00
15,661,330.03
1,134,522.67

Total Liabilities ________________________________________________

$215,916,159.74

16,090,911.59
1,009,153.55

Ratio of total Reserves to Deposits and F. R. Note Liability combined ------------------ 71.6%

$ 1 9 2 ,6 8 8 ,1 8 9 . 9 8

82.8%

Full text of Economic Review (Federal Reserve Bank of Atlanta) : August 29, 1923, Volume 8, Number 8

FRASER